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ICRA Ltd. Company History and Annual Growth Details

Our Company was incorporated on January 16, 1991 under the
Companies Act as "Investment Information and Credit Rating Agency
of India Limited" and obtained its certificate of commencement of
business on March 15, 1991. The name of our Company was changed
to ICRA Limited by a special resolution passed in the AGM held on
September 29, 1994 and it obtained fresh certificate of incorporation
consequent to change of name on February 3, 1995.

At the time of incorporation our registered office was situated at Scope
Complex, Core V, 7 Lodhi Road, 1st Floor, New Delhi 110 003.
However, on February 18, 1993 our registered office was shifted to
4th Floor, Kailash Building, 26 Kasturba Gandhi Marg, New Delhi
110 001, and thereafter to our present registered office at 1105, Kailash
Building, 11th Floor, 26 Kasturba Gandhi Marg, New Delhi 110 001 on
July 18, 2006.

Scheme of Demerger

In 2005, by a scheme of arrangement between our Company and IMaCS,
sanctioned by the High Court of Delhi by an order dated March 29, 2006,
the whole of the advisory service division of our Company was demerged
and transferred on a going concern basis to IMaCS and in consideration for
the same IMaCS would issue 5,164,786 equity shares of Rs. 10 each to our
Company.

Key events and milestones relating to the Company

Year Key events, milestones and achievements

1991 * Incorporation of our Company.
* Launched credit rating service on September 1, 1991.

1996 * Entered into an agreement with Financial Proformas Inc., a
Moody's Group company, to provide, inter alia, credit education,
risk management software, credit research and consulting services
to commercia l banks, financial and investment institutions, financial
service companies and mutual funds in India.

1999 * Moody's India, an indirect subsidiary of Moody's Corporation,
invested in our Company. Moody's Investors Service, a wholly
owned subsidiary of Moody's Corporation, entered into the Technical
Services Agreement.

2001 * Entered into a technical services agreement with Credit Rating &
Collection, Kuwait.

2003 * Acquired minority stakes in and entered into technical services
agreement with Online India Capital.Com (subsequently, name
changed to ICRA Online Limited).
* Entered into a technical collaboration agreement with Credit Rating
Agency of Bangladesh Limited.

2004 Launched Outsourced Services Division.

2005 Entered into an MOU with National Small Industries Corporation
Limited for launching NSIC-ICRA performance and credit rating
scheme for small-scale enterprises in India.

2006 * Acquired Computer Exchange Private Limited (subsequently name
changed to ICRA Techno Analytics Limited).
* Acquired a majority stake in ICRA Online.
* Demerged our advisory division and transferred to IMaCS, our
wholly-owned subsidiary, with effect from April 1, 2005.
2007

-ICRA Ltd has appointaed Ms. Jennifer Elliott as Additional Director of the Company with effect from May 23, 2007.

-ICRA Ltd has and Vijaya Bank, a premier nationalised bank headquartered in Bangalore, have signed a Memorandum of Understanding (MoU) under which the Company will assign ratings to Small Scale Industries (SSIs) and Small and Medium Enterprises (SMEs) that are borrowers of the above bank.

-ICRA Ltd and Indian Bank (Bank), a premier nationalised bank headquartered in Chennai, have signed a Memorandum of Understanding (MoU) under which the Company will assign ratings to the Bank's loans and its other exposures under the standardized approach of RBI's New Capital Adequacy Framework for Basel-II and also to Small Scale Industries (SSIs) and Small and Medium Enterprises (SMEs).

-ICRA Ltd and Dena Bank have signed a Memorandum of Understanding (MoU) under which ICRA will assign ratings to the Bank's loans and its other exposures under the standardized approach of RBI's New Capital Adequacy Framework for Basel-II and also to Small Scale Industries (SSIs) and Small and Medium Enterprises (SMEs).

- Company name has been changed from Investment & Credit Rating Agency to ICRA Ltd.

2008

-ICRA Ltd (ICRA) and State Bank of Saurashtra have signed a Memorandum of Understanding (MoU) under which ICRA will assign ratings to the Bank's loans and its other exposures under the standardized approach of RBI's New Capital Adequacy Framework for Base-II.

-ICRA Ltd has informed that ICRA Ltd (ICRA) and Central Bank of India (Central Bank) have signed a Memorandum of Understanding (MoU) under which ICRA will assign ratings to the Bank's loans and its other exposures under the standardized approach of RBI's New Capital Adequacy Framework for Basel-II.

-ICRA Ltd (ICRA) has informed that ICRA and State Bank of Hyderabad have signed a Memorandum of Understanding (MoU) under which ICRA will assign ratings to the Bank's loans and its other exposures under the standardized approach of RBI's New Capital Adequacy Framework for Basel-II.

- Icra Limited has appointed Mr. Chetan Modi as Alternate Director for Mr. Frederic Walter Jacques Drevon with effect from May 28, 2008.

2009

- ICRA, is setting up a joint venture in Nepal to replicate some of its rating businesses there. The company signed a Memorandum of Understanding with Himalayan Infrastructure Fund Limited (HIFL) of Nepal at Kathmandu on Monday. ICRA will hold the majority stake in the proposed joint venture.

2010

- ICRA - ICRA Online seals Strategic Alliance with IDEAcarbon.

- ICRA - ICRA to offer rating services in Indonesia.

2011

- ICRA Ltd has informed BSE regarding a Press Release dated September 07, 2011 titled "PT ICRA Indonesia obtains central bank recognition".

- ICRA Ltd has informed BSE that the Company has been granted a letter of intent (LoI) by the Securities Board of Nepal to establish a Credit Rating Agency in Nepal.

- ICRA Ltd has informed BSE that ICRA Lanka Ltd, a wholly owned subsidiary of ICRA Ltd has been granted registration to function as a Credit Rating Agency by the Securities and Exchange Commission of Sri Lanka.

In this regard, the Company has submitted the a copy of the Press Release.

2012

- Indian rating services major ICRA today said its software solutions affiliate ICRA Techno Analytics (ICTEAS) has picked up a majority stake in a California-based global business consulting and software technology services firm, BPA Technologies Inc.

- ICRA Ltd has informed BSE that ICRA Techno Analytics Limited (ICTEAS), a wholly owned subsidiary of ICRA Limited (ICRA), is picking up a majority stake in BPA Technologies, Inc., a California-based global business consulting and software technology services firm with development centres in Chennai and Visakhapatnam, besides sales and customer service centre in Singapore. In this regard, the Company has issued a Press Release dated May 08, 2012 titled "ICRA Techno Analytics Picking Up Majority Stake in US Tech Firm".

2013
-ICRA Ltd IMaCS and Cambridge Systematics, Inc. Announce Strategic Partnership.

2014
-ICRA has recommended a dividend of Rs. 23 per Equity Share of the face value of Rs. 10 each.

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