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Crisil Ltd. Company History and Annual Growth Details

YEAR EVENTS
1987
- The Credit Rating Information Services of India Limited (CRISIL), was incorporated on January 29, as a Public Limited Company, was promoted by leading financial institutions, and a host of nationalised Banks, foreign Banks and private sector Banks, with the main promoters being The Industrial Credit and Investment Corporation of India Limited (ICICI), Unit Trust of India (UTI) and Housing Development Finance Corporation Limited (HDFC). The Company, which obtained the Certificate of Commencement of Business on 3rd March.

- The unit was set up with the objective of analysing, rating and evaluating various securities and instruments such as loans, debentures, shares etc.

- Three new centres of excellence headed by senior executives were created to cover financial sector, infrastructure sector and manufacturing sector.

1991
- The Company provided technical assistance and training to rating agency in Malaysia Berhad (RAM). In addition the Company provided technical assistance and training to MAALOT, the Israeli Securities Rating Company Ltd.

1992
- 42,00,000 No. of equity shares allotted to promoters ICICI along with other institutions and banks.

1993
- The Company launched Ratings Digest a compilation in five volumes
of Crisils rating reports organised by industry categories. Also `Bancard' analysed information on select banks and `Crisilview' containing analysed information together with Crisils opinion on
credit standing of any listed company were launched.

- 20,00,000 new shares issued at a premium of Rs 40 per share of which the net offer to the Indian public was 16,50,000 shares.

1994
- Three new regional offices were opened at Hyderabad, Chandigarah and Pune. It was the first rating agency to rate commercial papers in 1989, debt instruments of financial institutions and banks in 1992 and asset backed securities in 1992.

- The company launched its rating service for real estate developers projects. The Advisory Services Group carried out credit assessments of several state Governments and State
Electricity Boards at the behest of investors setting up power project.

- The Investment Research Division introduced Ecoscan a software package representing the macroeconomic data on Indian economy through a menudriven user interface. The other product Crisilview provides opinion on the credit standing of almost any listed company in India.

1996
- CRISIL also developed and launched municipal bond ratings and developed methodologies for other public bodies.

- During the year Standard & Poor's Rating Services, USA signed an agreement with Asian Development Bank to acquire 9.6% interest in CRISIL that ADB owned which is subject to approval by RBI.

1997
- During the year, the Company introduced `Criservice' a retainership service positioned to service the total research requirements of the clients, a company analytical product
providing earnings forecast on companies by Crisil Research & Information Services, two segment specific equity indices viz. Crisil MCN Index and the Crisil Indian Business Group Index, the real time calculation and dissemination of Crisil Equity indices and the bond valuation service to price non-traded bonds held by mutual funds.

- A joint venture agreement was entered into between CRISIL, NSE and Standard & Poor's Financial Information Services for carrying out Index business and related activities.

- Credit Rating and Information Services India Ltd (Crisil) is tie-up with the Mumbai Stock Exchange (BSE) to promote the Crisil-500 index among its members.

- Standard & Poor's Rating Services, the world's largest rating agency, cemented its business alliance with the Credit Rating Information Services of India Ltd (Crisil) further by acquiring
a minority 9.6 per cent stake in it.

- The Credit rating Information Services of India Ltd (Crisil) has launched two segment benchmark equity indices - Crisil MNC Index and Crisil Indian Business Groups Index.

- For the first time a state government body, Gujarat IndustrialInvestment Corporation has planned to tie up with a credit rating agency, Crisil, to avail to their multi pronged
services.

- Credit Rating & Information Services of India Ltd (Crisil) has downgraded the fixed deposit programmes of Arihant Credit Capital Ltd and Nucleus Securities Ltd. Arihant's FD programme
has been downgraded from FA- to FB+ while Nucleus Securities FD programmes has been downgraded from FA to FA-.

- The Credit Rating Information Service of India Limited (CRISIL) has assigned A rating to Rs 1 billion bond issue of the Bangalore City Corporation (BCC).

- Credit Rating Information Services of India (Crisil) has assigned an AAA (structured obligation) rating to the upcoming Rs.250-crore infrastructure bond issue of the Konkan Railway Corporation (KRCL).

- Crisil has assigned a P1 + for the Rs.100-crore commercial paper issue of Asea Brown Boveri, the Rs.20-crore commercial paper of Burroughs Wellcome (India), the Rs.20-crore commercial paper of Nahar Spinning Mills, and the Rs.110-crore commercial paper of Ranbaxy Laboratories.

- The Credit Rating Information Services of India Ltd (Crisil) has upgraded the rating of four bond issues of Sardar Sarovar Narmada Nigam Ltd from A (so) to A+(so).

- Credit Rating and Information Services of India ltd has assigned an AAA rating for the Videsh Sanchar Nigam Ltd's (VSNL), Rs.100 crore debt programme, indicating highest safety of timely payment of interest and principal.

- The Credit Rating Information Services of India Ltd) (Crisil) has downgraded the rating assigned to Bombay Dying & Manufacturing Company's to `AA+' (double A plus) for its Rs. 23.35 crore NCD programme and Rs. 68.89 crore secured premium notes (SPN).

- The Credit Rating Information Services of India Limited (CRISIL) has assigned a triple A rating to Industrial Credit and Investment Corporation of India Limited's (ICICI) debenture programme of Rs 30 billion with a green shoe option of additional Rs 30 billion indicating the highest safety regarding timely payment of interest and prinicpal. All the outstanding ratings of the ICICI have been reaffirmed.

- The Credit Rating and Information Services of India Ltd (Crisil) has assigned P1+ ratings to the debt programmes of Wipro and Bajaj Auto Finance Ltd.

- The Credit Rating Information Services of India Ltd (CRISIL) on Friday said it had assigned a `P1' rating to the Rs 10 crore commercial paper issue of Tata Finance Ltd.

1998 - The Credit Rating Information Services of India (CRISIL) has downgraded the debt programmes of Ashok Leyland, Kothari Sugars and Chemicals (KSCL), Lloyds Steel Industries (LSIL) and Pennar Aluminium Company (PALCO).

- Credit Rating Information Services of India Limited (Crisil) has downgraded the fixed deposit programme (FDP) rating of Arihant Credit Capital Limited (ACCL) from `FB', indicating
that the issue was either in default or was expected to be in default upon maturity.

- The Credit Rating Information Services of India Ltd (Crisil) has assigned a P1+ rating to the Rs.150-crore commercial paper (CP) programme of Indian Aluminium Company Ltd (Indal).

- The Credit Rating Information Services of India Ltd (Crisil), has downgraded the partly convertible debentures of Hindustan Development Corporation and the fixed deposit programme of Premier Housing and Industrial Enterprises Ltd.

- The Credit Rating Information Services of India Ltd (Crisil) has downgraded the Rs.17-crore non-convertible debenture (NCD)plan of Welspun India Ltd (WIL) from A to triple-B.

- The Credit Rating Information Services of India Ltd (Crisil) has assigned a triple-A (SO) rating to the Rs.235-crore bond programme of National Capital Region Planning Board (NCRPB).

- The Credit Rating and Information Services India Ltd. (CRISIL) has downgraded the credit ratings of the instruments of Cifco Finance Ltd. (CFL) and Rajasthan Petro Synthetics Ltd. (RPSL) to default status from inadequate safety, a Crisil press release stated. The fixed deposit rating of Cifco Finance has been lowered to FD (default) from FB (inadequate safety).

- The Credit Rating Information Services of India Ltd (Crisil) has assigned an A-(SO) rating to the Rs.500-crore bond programme of Andhra Pradesh State Electricity Board (APSEB).

- Credit Rating Information Services of India Ltd (Crisil) has assigned an `AAA' rating to New India Assurance company.

- The Credit Rating Information Services of India (Crisil) has placed the outstanding ratings of A-plus and FAA-minus assigned to Anagram Finance Ltd's debenture issues and fixed-deposit
programmes on rating watch with developing implications.

- Crisil has assigned a P1+ rating to the Rs.10 crore commercial paper programme of Seagram Manufacturing Pvt Ltd, a subsidiary of the Seagram Company Ltd.

- Credit Rating Information Services of India (Crisil) has assigned a P1+ rating to the Rs. 100-crore commercial paper programme of Wipro Ltd.

- The rating assigned to the fixed deposit programme of Coimbatore-based Annamalai Finance Limited has been downgraded from `Fa+" to `Fa" by the Credit Rating Information Services of India Limited. 21/08/98

- The Credit Rating and Information Services of India Ltd (Crisil) and the National Stock Exchange (NSE) have come together to form a 50:50 joint venture company called India Index Services and Products Ltd (IISL).

- The Credit Rating Information Services of India Limited has assigned a `P1' rating to the Rs 500-million commercial paper programme of Century Textiles and Industries Limited.

- Credit Rating Information Service of India Ltd (Crisil) has downgraded the fixed deposit and non-convertible debenture (NCD) issue programmers of Sicom.

- The Credit Rating Information Services of India Limited (Crisil) has downgraded the fixed deposit programme of the Srei International Finance Limited from FA + to FA.

- Crisil has assigned a P1 + rating to the Rs 19.35-crore commercial paper programme of Parke-Davis.

- Credit Rating Information Services (Crisil) has downgraded Kalyani Steels Ltd's Rs 10-crore non convertible debenture (NCD) issue and the Rs 51-crore NCD issue from A to BBB+, indicating moderate safety.

- The Credit Rating Information Services of India Limited (CRSIL) has assigned a P1 rating to the Rs 120 million Commercial Paper Programme of Chicago Pneumatic India Ltd (CPIL).

1999
- Credit Rating and Information Services of India Ltd (Crisil), has decided not to make ratings issued for private placements of debt public any longer.

- Credit Rating & Information Services India Ltd (Crisil) has developed a software for uniform valuation of non-traded debt securities of mutual funds.

- The Andhra Pradesh State Electricity Board (APSEB) has commissioned the services of Credit Rating Information Services of India Ltd. (CRISIL) to undertake an evaluation of the
escalation in capital cost of the 235 MW gas-fired private power station in Jegurupadu.

- The rating assigned to SAIL's FD programme has also been downgraded from `FA-' to `FB+', again reflecting inadequate safety.

- The Credit Rating Information Services of India Limited (Crisil) today entered into an agreement with the National Real Estate Developers Council (Naredco) to rate real estate projects.

- Crisil had assigned a `BBB' rating for Ballarpur Industries's non-convertible debenture programmes amounting to Rs. 179.99 crores and an `FA-' rating for its fixed deposit programme.

2000
- Credit Rating Information Services of India Ltd. has assigned `AAA' (triple A) rating to the Rs 1-billion debenture issue of Larsen & Toubro Ltd.

- Crisil has upgraded `A' rating assigned to the Rs 175-crore non-convertible debenture (NCD) issue of Bharti Cellular to AA- (high safety with relatively lower standing within the category)
rating.

- The Board approved the formation of a new subsidiary, Crisil.com Ltd. Crisil has launched a Web site to provide comprehensive information and decision support system for business and personal investment needs.

- Crisil has downgraded the FA+ rating assigned to the fixed deposit programme of New Kenilworth Hotel to FA.

- Crisil has assigned BBB+ (moderate safety with relatively higher standing within the category) rating to the two non convertible debenture issues aggregating Rs 6.66 crore of Stone India on
rating watch with development implications.

- Crisil has upgraded the FA- rating assigned to the FD programme of Andhra Bank Housing Finance to FA.

- Crisil has assigned a P1+ rating to the Rs 26.80 crore commercial paper (CP) programme of Parke Davis India.

- Criril has reaffirmed the AAA rating assigned to a Rs 150 crore NCD issue of ITI.

- Crisil has assigned a P1+ rating to the CP programme of Highway Cycle Industries for an enhanced amount of Rs 11 crore.

- Crisil has assigned a P1+ rating to the proposed Rs 10 crore short term debenture programme of GMAC-TCFC Finance.

- Crisil has introduced a new rating category titled `not meaningful' (Nm) for all of its three existing rating scales.

- The Company has assigned a `AAA (SO)' rating to the first ever issue of mortgage-based securities backed by mortgages originated by HDFC.

- The Company has suspended `Fd' rating indicating default, for the fixed deposit programme of Synergy Financial Exchange Ltd. and Shoppers' Investment and Finance Company Ltd.

- The Crisil has assigned an "A (SO)" rating to the proposed Rs 3500 crore programme of Andhra Pradesh Power Finance Corporation.

- Crisil has suspended the ratings assigned to the fixed deposit programmes of Allianz Capital of management Services Ltd, BCL Financial Services Ltd. and Aravali Securities and Finance Ltd.

- Credit Rating Information Services of India Ltd has upgraded the Rs 29.4 crore non-convertible debentures (NCDs) issue of pharmaceutical firm Wockhardt Ltd to AA+ from AA.

- The Company has downgraded the ratings of Eicher Ltd's Rs 31.6 crore non-convertible debenture NCD issue and the fixed deposit FD programme.

- Investment Information and Credit Rating Agency Ltd has assigned an `A1 +' rating to the Rs. 5-crore commercial paper programme of Liberty shoes Ltd.

- The Company has launched economic data tool EcoPlus.

- CRISIL is set to launch a composite index to reflect NAVs of all diversified equity funds.

- Crisil has launched three mutual fund indices for open-end funds - general equity funds index (Crisil Fund-eX), general debt funds index (Crisil Fund-dX) and general balanced funds index (Crisil Fund-bX).

- The Company has placed the `AAA' rating assigned to the bond issues of Small Industries Development Bank of India and the `FAAA' rating assigned to the fixed deposit programme of SIDBI on rating watch with negative implications.

2001 - Crisil, has entered into an alliance with Teauction.com, a leading B2B online tea exchange, to provide e-commerce evaluation and e-commerce rating services for Teauction.com exchange participants.

- The Credit Rating Information Services of India has downgraded the outstanding "FA+" rating on fixed deposit rating programme of SAI Service Station to "FA".

2002

-Starts the rating services to Healthcare companies.

-Ties up with Getit Infomediary Ltd to offer certification and verification services called TrustMe for businesses and the service industry.

-Board approves for the allotments of 65000 shares to the employees and wholetime directors.

-Mr R Ravimohan gives resignation as MD of Crisil.

-Five states together form 50% aggregate state level guarantees to encounter aggregate debt servicing obligation.

-Assigns highest rating to Citibank's loan securitisation program worth Rs. 28.41cr.

-Mr A V Rajwade ceases to be the Director on the Board of the company.

-Crisil Infrastructure Advisory undertakes integrated infrastructure development projects.

-According to its Research Centre, the GDP of the country will grow at 5.52% and inflation would touch 3.5 - 4% in the fiscal year.

2003

-Demotes Rs.600 cr bonds issue of Bank of Baroda from AAA to AA+.

-Allotment Committee of the board allots 9200 equity shares of Rs.10 each of the company to the employees under ESOP scheme.

-Crisil grants permission and allots 67500 number of options to the employees and wholetime directors.

-Housing Finance Sector disbursements grow 54% between April - December.

-The Draft Paper envisages the differential power tarrifor both peak and off-peak hours for the development of demand side management.

-Board approves for the change in the name of the company to 'CRISIL Limited'.

-Launches the 'Crisil Awards for excellence in Municipal Initiatives' .

-Tightens the methods of assessing the credit worthiness of state governments guaranteed papers and begins that guarantors fund the liabilities.

-OpenheimerFunds acquires 3,13,233 shares of the company representing 5.02% of the paid up capital.

-Rating trends indicates the improvement in the Indian Economy would continue to grow at 7.1%.

-Launches 'rating outlooks' on ratings of long term instruments and fixed deposits floated by corporates.

-Allots 4000 equity shares of Rs.10 each of the company under ESOP scheme.

-Mr Rakesh Jhunjhunwala along with wife Rekha Jhunjhunwala acquire 10000 shares of the company amounting to 0.16% of the total paid up capital of the company.

-Allotted 19300 equity shares of the Company on exercising Stock Options granted to employees under the Employees Stock Option Scheme of the Company.

-CRISIL acquires leading Global Gas Advisory & Information Company

-The Credit Rating Information Services Of India Ltd has informed that The Central Government has approved the change of the name of the Company from 'The Credit Rating Information Services of India Ltd' to 'CRISIL LIMITED' w.e.f December 15, 2003.

-Crisil buys out London-based gas advisory firm

2004

-The Credit Rating Information Services Of India Ltd has informed that the BOD at their meeting held on January 02, 2004, appointed Mr H N Sinor as additional director to hold the office upto the date of the ensuing AGM.

-CRISIL makes strategic equity investment in NCDEX

-The Credit Rating Information Services Of India Ltd has informed that Mr. H.N. Sinor was appointed as Additional Director on the Board of the Company on January 2, 2004 and his share holding is NIL.

- Rating agency Crisil Ltd announced its strategic equity investment in the Caribbean Information and Credit Rating Agency Ltd. Caribbean Information is a $3.5 million entity and multilateral agencies hold a stake in it. Crisil has picked up around nine per cent in the share capital of the Caribbean company for $3 lakh. It will also provide technical assistance to the agency to establish and stabilise its operations.

- Crisil introduces net rating system for public floats

2005

-Kotak Mahindra Captial Company Limited ("Manager to the Offer"), has informed that The Mc-Graw-Hill Companies,Inc., a company incorporated under the laws of the State of new York in the United States of America ("MHC") and S&P India LLC,a company incorporated under the laws of the state of Delware in the United sates of America,acting ("S&P India" and, collectively with MHC, "Acquirers"),acting in concert with each other pursuant to an in compliance with, among others, regulations 10 and 12 of the SEBI(Substantial Acquisition of shares and Takeovers)Regulations 1997,as amended("Regualtions") are making this voluntary offer to acquire up to 3,534,488 fully paid up equity shares("Offer Size") of CRISIL Limited("Target Company") representing 55.67% of the voting equity capital("Share Capital") of the target company as on December 31,2004 at a price of Rs.680 for each share of the target company (such price,the"Offer Price") to be paid in cash accordance with the Regulations.

-S&P acquires 3,120,948 equity shares of CRISIL from CRISIL shareholders through an Open Offer taking S&P holding in CRISIL to 58.46%

-CRISIL Board approves proposal to acquire Irevna group of companies

2006

-CRISIL Ltd has informed that Mr. Michael Petit was appointed as Alternate Director to Ms Vickie Tillman on the Board of the Company with effect from October 12, 2006.

-CRISIL constitutes a new team to achieve greater integration with Standard & Poor's (S&P) in brand franchise, market development and sales efforts.

-CRISIL transfers assets and staff of CRISIL MarketWire to TV18

-Irevna ranked the top investment research outsourcing firm by buy-side firms according to a recent survey by the Brown-Wilson Group; sets up second delivery centre in Buenos Aires

-Inter-company agreements signed between CRISIL and Standard & Poor's - CRISIL now known as a Standard & Poor's Company

2007

-CRISIL transfers its advisory business (CRISIL Infrastructure Advisory and CRISIL Investment & Risk Management Services) into a 100% subsidiary CRISIL Risk and Infrastructure Solutions Limited.

-CRISIL's subsidiaries CRISIL Research & Information Services Limited (CRIS), Global Data Services of India Limited, CRISIL Properties Limited and Irevna Research Services Limited merged into CRISIL Limited (CRISIL).

--Ms. Roopa Kudva takes over as Managing Director & CEO of CRISIL following Mr. R. Ravimohan's appointment as Managing Director & Region Head of Standard & Poor's South Asia
2008

-CRISIL announces sale of shareholding in Gas Strategies Group Ltd.

-CRISIL launches its formal sustainable development programme for Corporate Social Responsibility

-Launches the CRISIL Complexity Levels Service - an initiative aimed at strengthening Indian capital markets through greater transparenct for investors

2009

-CRISIL introduces 'P4+' rating in its short-term rating scale

2010

- Crisil launches project-specific real estate ratings.

-Registered Office of the Company has been shifted To CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai- 400 076.

2011

- Gabriel David has been appointed as the Global Head of Business Development and Marketing by Crisil.

-Letter to the shareholders relating to sub-division of nominal face value of equity shares of the Company from Rs.10/- per share to Re.1/- per share.

- Appointed Mr. Douglas L. Peterson as an additional Director and Chairman of the Board of Directors.

-Company has splits its Face value of Shares from Rs 10 to Re 1

2012

- Allotment of Shares under Employees Stock Option Scheme.

- Appointment of Mr. Yann Le Pallec as an Additional Director.

-Appointment of Mr. Ravinder Singhania as an Alternate Director.

2013
-Crisil - Voluntary Open offer for acquisition of equity shares.
-Crisil - McGraw Hill Financial Increases Stake in CRISIL to 67.8%.
-CRISIL to sell its equity stake in IISL to NSE Strategic Investment Corp.

2015
-CRISIL Ltd has approved the proposal to invest in financial technology companies in areas/sectors that are deemed strategic for CRISIL
-CRISIL Ltd. has approved the Scheme of Amalgamation of its three wholly owned subsidiary companies, with the Company

2017

-CRISIL Foundation launches 20 financial literacy centres.
-CRISIL launches IndiaÂs first infrastructure investability index.
- CRISIL buys 8.9% stake in CARE Ratings.

2018

-The company had informed that execution of a binding agreements to acquire 100% of the equity share capital of Pragmatix Services Pvt. Ltd.,and pleased to inform that the closing formalities in relation to the said agreements for acquisition have been completed and consequently, Pragmatix Services Private Limited has become a wholly owned subsidiary of the Company..

-Honourable Finance minister Shri Arun Jaitley today launched CriSidEx, IndiaÂs first sentiment index for micro and small enterprises (MSEs) developed jointly by CRISIL and SIDBI.

-CRISIL has been awarded the National CSR Award 2018 in the category ÂCSR in Challenging Circumstances, North EastÂ for its flagship project Mein Pragati Assam. The award was conferred by the President of India, Ramnath Kovind.

2019

-The company will acquire proprietary benchmarking data provider Greenwich Associates LLC and its subsidiaries, at a consideration of USD 40 million (around Rs 284.3 crore).

2020

-CRISIL Limited has informed the Exchange about the update on the Scheme of Arrangement between CRISIL Limited ( the Transferor Company or CRISIL ) and CRISIL Ratings Limited (a company incorporated as a wholly owned subsidiary of CRISIL LIMITED) ( the Transferee Company or CRISIL Ratings ) and their respective Shareholders ( the Scheme )

2022

--CRISIL wins the prestigious global RiskTech award for model validation.

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