Anjuman-I-Islams

Allana Institute of management studies

Badruddin Tyabji Marg, OFF.92, Dr.D.N. Road, opp. CST, Mumbai 400001

Certificate
This is to certify that SHAIKH MOHAMMED ADIL, student of Anjuman-I-Islams
Allana Institute of Management Studies (AIAIMS) pursuing final Year in MMS has completed
the dissertation report on Study of credit Rating Agency (CRISIL) & its Operation in the
Academic year 2014-2015.

Date: ___________________

Place: __________________

_________________________
Prof. Dipak Abhyankar

______________________
Dr. Lukman Patel

Project Guide

Director

AIAIMS

AIAIMS

DECLERATION
Project Title: Study of Credit Rating Agency (CRISIL) & its operations
Submitted on: 01-04-2015
Under the Guidance of: Prof. Dipak Abhyankar
College: Allana Institute of management Studies (AIAIMS)

This is to decleared that I, SHAIKH MOHMMED ADIL, Student of Allana Institute of

Management Studies (AIAIMS) IV semester (FINANCE) hereby declare that I have completed
the project on Study of Credit Rating Agency (CRISIL) & its Operations In the Academic
year 2014-2015.

The information submitted is true and original to the best of my knowledge.

Date: 01-04-2015
Place: Mumbai

________________

SHAIKH MOHD ADIL

MMS II YEAR (2014-2015)
Division: B, Roll NO.: 47
Specialization- FINANCE

ACKNOWLEDGMENT
It is a matter of great satisfaction and pleasure to present this report on Study of Credit Rating
Agency (CRISIL) & its Operation. I take this opportunity to owe my thanks to all my faculty
members for their encouragement and able guidance at every stage of this report.
I wish to take this opportunity to thank our institutes director Dr. Lukman Patel, Whose
Guidance and support has been an important factor for my success in my entire MMS program.

I also wish to thank my project guide prof. Dipak Abhyankar for sparing his precious time in
putting together all the bits and pieces I brought in as a raw data to him, his contribution towards
the success of this project is unmatched.

I express my gratitude to all those who have directly or indirectly helped me to make this project.

I thank my parents who have always supported me and appreciated my work wholeheartedly and
been my inspiration.

EXECUTIVE SUMMERY
In the globe, the origin of credit rating can be traced to 1840s. First mercantile credit agency was
established in New York in 1841. In India credit rating started in 1987 with the incorporation of
Credit Rating and Information services of India limited (now CRISIL Ltd.) At present there are
three more players besides CRISIL Ltd,.They are ICRA Ltd,.Credit Analysis and Research Ltd,.
(CARE) and Fitch India private Ltd,. The main actively of these rating agencies is to rate
financial instruments. The project focuses on the various functions, benefits and limitation of the
credit rating agencies mainly Credit Rating Information services of India Limited (CRISIL). The
credit rating agencies mainly Credit Rating Information Services of India Limited (CRISIL).
CRISIL is Indias leading Ratings, Financial News, Risk and policy Advisory Company. Since
1987 when CRISIL was incorporated, CRISIL has played an integral role in Indias development
milestones. CRISIL rating rates virtually every kind of organization, including Industrial
Companies, Banks, Infrastructure entities, State government and urban local bodies. It also rate
securitized paper.

The project focuses on the various functions, benefit and limitation of the Credit rating agencies
mainly Credit Rating Information services of India Limited (CRISIL). CRISIL is Indias leading
Ratings, financial News, Risk and policy Advisory Company. Since 1987 when CRISIL was
incorporated, CRISIL has played an integral role in Indias development milestones.

Credit rating agencies have proven a major commercial success over recent years. This project
also studies the rating process and rating methodology followed by CRISIL. Also, it includes
guidelines offered by SEBI (CRA) Regulations, 1999. It highlights the code of conduct of
CRISIL.
In short this project covers the role and operations of CRISIL as a Credit rating agency. This
project tests the reliability of the ratings assigned by CRISIL.