CRISIL - Company Overview

Who We Are
We are a globally-diversified analytical company providing ratings, research, and risk and policy
advisory services.

We are India's leading ratings agency. We are also the foremost provider of high-end research to
the world's largest banks and leading corporations. With sustainable competitive advantage
arising from our strong brand, unmatched credibility, market leadership across businesses, and
large customer base, we deliver analysis, opinions, and solutions that make markets function
better.

Our defining trait is our ability to convert data and information into expert judgements and
forecasts across a wide range of domains, with deep expertise and complete objectivity.

At the core of our credibility, built up assiduously over the years, are our values: Integrity,
Independence, Analytical Rigour, Commitment and Innovation.

Our majority shareholder is Standard and Poor's. Standard & Poor's, a part of The McGraw-Hill
Companies, is the world's foremost provider of credit ratings.

Who We Serve
We address a rich and globally-diversified client base. Within India our customers range from
small enterprises to the largest corporations and financial institutions; outside India our
customers include the world's largest banks and leading corporations. We also work with
governments and policy-makers in India and other emerging markets in the infrastructure
domain.

How We Add Value

We empower our customers, and the markets at large, with independent analysis, benchmarks
and tools. These help lenders and borrowers, issuers and investors, regulators, and market
intermediaries make better-informed investment and business decisions. Our offerings allow
markets and market participants to become more transparent and efficient –
by mitigating and managing risk, taking pricing decisions, generating more revenue, reducing
time to market and enhancing returns. By helping shape public policy on infrastructure in
emerging markets, we catalyse economic growth and development in these countries.

Our People
We carefully nurture a fungible talent pool that can rotate seamlessly across businesses,
providing the domain expertise and cultural cement that holds our many businesses together. We
are able to provide business leadership opportunities to an increasing number of our talented
employees because of our rapidly-growing businesses, range of services, and geographical
footprint. Our people remain the factor that makes the totality of the CRISIL group far more
valuable than the sum of its parts.

CRISIL's values, built up assiduously over the years, is unimpeachable integrity and
independence in thought and opinion. --

CRISIL offers domestic and international customers a unique combination of local insights and
global perspectives. Its independence in information, opinion, and solutions helps clients make
well-informed business and investment decisions, enhances efficiency in markets and market
participants, and helps shape infrastructure policy and projects.

CRISIL's majority shareholder, Standard and Poor's, is the world's foremost provider of
independent credit ratings -->

CRISIL's Core Businesses

Ratings

Global Research and Analytics - Irevna

Research

Capital Markets

Infrastructure Advisory

CRISIL Risk Solutions

Ratings

CRISIL is the largest credit rating agency in India. CRISIL pioneered ratings in India more than
20 years ago, and is today the undisputed business leader, with the largest number of rated
entities and rating products: CRISIL's rating experience covers more than 37000 entities,
including 17,000 small and medium enterprises (SMEs). As on December 31, 2010, we had more
than 12,000 ratings (including over 6000 SMEs) outstanding.

Global Research and Analytics – Irevna

CRISIL-Irevna is the world's top-ranked Knowledge Process Outsourcing firm, focused on the
global financial services industry. With over 1400 employees, 75% of whom hold advanced
degrees in finance, accounting and management, across 7 offices worldwide, Irevna supports the
world's leading commercial and investment banks, insurance companies, corporations,
consulting firms, private equity players and asset management firms.
Irevna has served more than 200 financial services firms and enjoys strategic relationship with:

 11 of the top 15 global investment banks

 2 of the top 10 consulting groups
 3 of the top 10 Asset Management Companies
 3 of the top 15 insurance companies
 Several fortune 500 companies

Irevna houses the largest team of equity research analysts outside of investment banks, the
largest team of fixed income/credit analysts outside of banks/rating agencies and the largest team
of derivative analyst outside of investment banks.

Being a division of CRISIL, not only enables Irevna to access and provide domain experts to its
clients but also makes it the only player in the Knowledge Process Outsourcing (KPO) space
globally which has a pre-eminent market facing business in its group business portfolio,
significantly enhancing attraction and retention of the best talent in the market.
Global Research and Analytics – Irevna

CRISIL-Irevna is the world's top-ranked Knowledge Process Outsourcing firm, focused on the
global financial services industry. With over 1400 employees, 75% of whom hold advanced
degrees in finance, accounting and management, across 7 offices worldwide, Irevna supports the
world's leading commercial and investment banks, insurance companies, corporations,
consulting firms, private equity players and asset management firms.

Irevna has served more than 200 financial services firms and enjoys strategic relationship with:

 11 of the top 15 global investment banks

 2 of the top 10 consulting groups
 3 of the top 10 Asset Management Companies
 3 of the top 15 insurance companies
 Several fortune 500 companies

Irevna houses the largest team of equity research analysts outside of investment banks, the
largest team of fixed income/credit analysts outside of banks/rating agencies and the largest team
of derivative analyst outside of investment banks.

Being a division of CRISIL, not only enables Irevna to access and provide domain experts to its
clients but also makes it the only player in the Knowledge Process Outsourcing (KPO) space
globally which has a pre-eminent market facing business in its group business portfolio,
significantly enhancing attraction and retention of the best talent in the market.
CRISIL Risk Solutions
CRISIL Risk Solutions* (CRS) provides comprehensive risk management services to banks,
financial institutions, and corporates across all areas of risk including: credit, market and
operational. In addition to providing innovative software products, it also extends consultancy
services and analytical insights, which are focused on helping customers become Basel II-
compliant.

Ranked as the No. 1 Risk Solution provider in the last Indian Banks' Association (IBA) Finsight
media survey, CRISIL Risk Solutions has delivered risk solutions to about 50 financial
institutions in India and abroad and has largest user base of more than 100000 users. CRS's
flagship product RAM is the largest deployed Internal risk rating solution in India.

* Effective April 1, 2007, CRISIL transferred its advisory and risk consulting business into a
wholly owned subsidiary, CRISIL Risk and Infrastructure Solutions Ltd (CRIS).
.Our History

Since its inception CRISIL has constantly redefined industry standards through best
practices and innovations.
We share with you, key milestones from our journey...

 January 29: CRISIL, India's first credit rating agency, is incorporated,

promoted by the erstwhile ICICI Ltd, along with UTI and other financial
institutions.
1987
 Mr. N Vaghul and Mr. Pradip Shah are CRISIL's first Chairman and
Managing Director, respectively.
 January 1: CRISIL commences operations within a year of its
incorporation. The business environment is far from promising for the
1988 one-year old - the lending rates are fixed, and India has no such thing as a
corporate bond market as yet. And, what's more, credit rating is an idea
that's far ahead of its times.
 The CRISILCARD Service - providing comprehensive information and
1990
analytical opinion on India's corporate entities - is launched.
 Despite the odds, and the initial lack of market acceptance of credit
1991 ratings, CRISIL's operations are now well established. It begins to acquire
brand identity, with a reputation for analytical rigour and independence.
 CRISIL offers technical assistance and training to help set up Rating
1992 Agency Malaysia Berhad, and MAALOT, the Israeli securities rating
company.
 CRISIL's IPO is a whopping success - its 20, 00,000 shares, sold at a
1993
premium of Rs.40 per share, are oversubscribed by 2.47 times.
 Mr. R Ravimohan takes over as CRISIL's Managing Director.

1994  CRISIL diversifies business portfolio with a strategic entry into advisory
services, and wins its first major mandate in the infrastructure policy
advisory domain.
 In partnership with the National Stock Exchange of India Ltd (NSEIL),
1995 CRISIL develops and launches the CRISIL500 Equity Index, helping
investors clue in on stock price movements.
1996  CRISIL forges a strategic business alliance with Standard & Poor's (S&P)
Ratings Group. The tie-up is part of CRISIL's strategy to develop its skills
 and processes.
 S&P acquires a 9.68 per cent stake in CRISIL. The alliance with the
world's leading rating agency adds a new dimension to CRISIL's
1997
methodologies. It provides CRISIL with exposure to the international
rating markets and to S&P's rating processes.
 CRISIL sets up India Index Services Ltd (IISL), a joint venture with
1998 NSEIL, to provide a variety of indices and index-related services and
products to India's capital markets.
 CRISIL's proprietary Risk Assessment Model (RAM) becomes the
banking industry standard: given the heightened regulatory focus on the
1999
banks' risk management practices, RAM serves as a customised credit
rating model for the banks.
 CRISIL acquires the business, and brand, INFAC, of Information Products
and Research Services (India) Pvt Ltd. INFAC is a leading provider of
research to India's financial sector. The acquisition strengthens CRISIL's
research business, and makes it India's leading provider of integrated
research.
2000
 CRISIL launches the CRISIL Composite Performance Ranking
(CRISIL~CPR) to provide performance evaluation standards and
investment decision support to mutual fund houses, distributors, and
investors.
 CRISIL sets up subsidiary, Global Data Services of India Ltd, to
standardise published financial data for analysis.
 CRISIL launches Mutual Fund Awards in association with CNBC-TV18 -
a benchmark award for India's best performing mutual funds.
2001
 CRISIL launches the CRISIL Young Thought Leader (CYTL) Award - to
attract outstanding talent and provide a platform to India's future business
leaders to showcase their views.
CRISIL sets up:

 The Centre for Economic Research - to apply economic principles to live

2002 business situations

 CRISIL MarketWire - to provide real-time financial news services to help

clients make pricing- and investment-related decisions
2003  CRISIL sets up its investment and risk management services group to
offer integrated risk management solutions and advice to banks and
corporates.
  CRISIL follows it up with its first overseas acquisition - EconoMatters Ltd
(later the Gas Strategies Group), a London-based company providing
natural gas related consulting, information and training, and conference-
organising services.
 CRISIL expands its global reach further with an equity investment in the
world's first regional rating agency, the Caribbean Information and Credit
Rating Services Limited (CariCRIS), which CRISIL also helps set up.
2004
 The CRISIL Awards for Excellence in Municipal Initiatives are instituted,
to recognise outstanding programmes in urban development.
 The strategic alliance with S&P since 1996 culminates in S&P's acquiring
majority control of CRISIL.
 CRISIL makes its second overseas acquisition, of Irevna, thus adding
equity research to its wide canvas of work. Irevna is a leading global
equity research and analytics company.
2005  CRISIL launches Small and Medium Enterprise (SME) Ratings to serve
the specialised needs of the SME sector.

 CRISIL partners CNBC-TV18 for Emerging India Awards - the first

platform to recognize and reward the achievements of India's Small &
Medium Enterprises.
 CRISIL launches IPO grading services to provide investors with
independent, reliable, and consistent assessments of the fundamental
strengths of new public issues.
2006
 Irevna is ranked globally as the top Investment Research Outsourcing Firm
by The Black Book of Outsourcing.
 Ms. Roopa Kudva takes over as Managing Director and CEO of CRISIL,
following Mr. Ravimohan's appointment as Managing Director and
Region Head of S&P, South Asia.
 CRISIL assigns India's first Bank Loan Rating under the Reserve Bank of
India's Basel-II related regulations.
 The Provident Fund Regulatory and Development Authority awards
2007 CRISIL with a prestigious mandate to assist in the selection of Fund
Managers under the New Pension Scheme.
 The Black Book of Outsourcing ranks Irevna the No. 1 Financial Services
Industry Analytics Outsourcing Firm.

 CRISIL launches Real Estate Awards with CNBC AWAAZ. The award
honors India's exemplary developers and builders.
2008  CRISIL launches Complexity Levels, an initiative to strengthen India's
 capital markets by providing greater transparency to investors.

 CRISIL's revenues cross Rs.5 billion in 2008.

 CRISIL's SME Ratings group assigns its 5000th SME rating.
 CRISIL captures about half of India's bank loan rating market.
 Irevna is ranked globally by The Black Book of Outsourcing as the No. 1
2009
Investment Research and Analytics Outsourcing Firm.

 CRISIL Research launches Independent Equity Research (IER).

 CRISIL moves into a new, corporate head office - the new CRISIL House,
at Powai, Mumbai, is a state-of-the-art, green building.
 CRISIL SME Ratings crosses its 15,000th SME rating.
2010  CRISIL launches Real Estate Star Ratings.

 CRISIL acquires Pipal Research, further strengthening its leadership in the

KPO industry.