CRISIL LIMITED

Since its inception CRISIL has constantly redefined industry standards through best practices and innovations.We share with you, key milestones from our journey.1987January 29: CRISIL, Indias first credit rating agency, is incorporated, promoted by the erstwhile ICICI Ltd, along with UTI and other financial institutions.Mr. N Vaghul and Mr. Pradip Shah are CRISILs first Chairman and Managing Director, respectively.1988January 1: CRISIL commences operations within a year of its incorporation. The business environment is far from promising for the one-year old - the lending rates are fixed, and India has no such thing as a corporate bond market as yet. And, whats more, credit rating is an idea thats far ahead of its times.1990The CRISILCARD Service - providing comprehensive information and analytical opinion on Indias corporate entities - is launched.1991Despite the odds, and the initial lack of market acceptance of credit ratings, CRISILs operations are now well established. It begins to acquire brand identity, with a reputation for analytical rigour and independence.1992CRISIL offers technical assistance and training to help set up Rating Agency Malaysia Berhad, and MAALOT, the Israeli securities rating company.1993CRISILs IPO is a whopping success - its 20, 00, 000 shares, sold at a premium of Rs.40 per share, are oversubscribed by 2.47 times.1994Mr. R Ravimohan takes over as CRISILs Managing Director.CRISIL diversifies business portfolio with a strategic entry into advisory services, and wins its first major mandate in the infrastructure policy advisory domain.1995In partnership with the National Stock Exchange of India Ltd (NSEIL), CRISIL develops and launches the CRISIL500 Equity Index, helping investors clue in on stock price movements.1996CRISIL forges a strategic business alliance with Standard & Poors (S&P) Ratings Group. The tie-up is part of CRISILs strategy to develop its skills and processes.1997S&P acquires a 9.68 per cent stake in CRISIL. The alliance with the worlds leading rating agency adds a new dimension to CRISILs methodologies. It provides CRISIL with exposure to the international rating markets and to S&Ps rating processes.1998CRISIL sets up India Index Services Ltd (IISL), a joint venture with NSEIL, to provide a variety of indices and index-related services and products to Indias capital markets.1999CRISILs proprietary Risk Assessment Model (RAM) becomes the banking industry standard: given the heightened regulatory focus on the banks risk management practices, RAM serves as a customised credit rating model for the banks.2000CRISIL acquires the business, and brand, INFAC, of Information Products and Research Services (India) Pvt Ltd. INFAC is a leading provider of research to Indias financial sector. The acquisition strengthens CRISILs research business, and makes it Indias leading provider of integrated research.CRISIL launches the CRISIL Composite Performance Ranking (CRISILCPR) to provide performance evaluation standards and investment decision support to mutual fund houses, distributors, and investors.2001CRISIL 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 Indias best performing mutual funds.CRISIL launches the CRISIL Young Thought Leader (CYTL) Award - to attract outstanding talent and provide a platform to Indias future business leaders to showcase their views.2002CRISIL sets up:The Centre for Economic Research - to apply economic principles to live business situationsCRISIL MarketWire - to provide real-time financial news services to help clients make pricing- and investment-related decisions2003CRISIL 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.2004CRISIL expands its global reach further with an equity investment in the worlds first regional rating agency, the Caribbean Information and Credit Rating Services Limited (CariCRIS), which CRISIL also helps set up.The CRISIL Awards for Excellence in Municipal Initiatives are instituted, to recognise outstanding programmes in urban development.2005The strategic alliance with S&P since 1996 culminates in S&Ps 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.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 Indias Small & Medium Enterprises.2006CRISIL launches IPO grading services to provide investors with independent, reliable, and consistent assessments of the fundamental strengths of new public issues.Irevna is ranked globally as the top Investment Research Outsourcing Firm by The Black Book of Outsourcing.2007Ms. Roopa Kudva takes over as Managing Director and CEO of CRISIL, following Mr. Ravimohans appointment as Managing Director and Region Head of S&P, South Asia.CRISIL assigns Indias first Bank Loan Rating under the Reserve Bank of Indias Basel-II related regulations.The Provident Fund Regulatory and Development Authority awards 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 Indias exemplary developers and builders.2008CRISIL launches Complexity Levels, an initiative to strengthen Indias capital markets by providing greater transparency to investors.CRISILs revenues cross Rs.5 billion in 2008.2009CRISILs SME Ratings group assigns its 5000th SME rating.CRISIL captures about half of Indias bank loan rating market.Irevna is ranked globally by The Black Book of Outsourcing as the No. 1 Investment Research and Analytics Outsourcing Firm.CRISIL Research launches Independent Equity Research (IER).2010CRISIL 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.CRISIL launches Real Estate Star Ratings.CRISIL acquires Pipal Research, further strengthening its leadership in the KPO industry.2011CRISIL launches Education Grading, beginning with business schoolsCRISIL Rating enhances access to funding for SMEs; Announces 20, 000th SME RatingCRISIL Ratings launches Solar gradingCRISIL Research launches Gold and Gilt IndexCRISIL Global Research & Analytics receives NASSCOM Exemplary Talent Practices Award