CRISIL an S&P Global Company
Total Page:16
File Type:pdf, Size:1020Kb
CRISIL An S&P Global Company April 18, 2019 Listing Department National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, 5th floor P J Towers Plot No. C/1, G Block Dalal Street Bandra-Kurla Complex Mumbai 400 001 Bandra (East), Mumbai 400 051 Dear Sirs, Sub.: Annual Report of CRISIL Limited Kindly be informed that the 32nd Annual General Meeting (AGM) of CRISIL Limited was held on Wednesday, April 17, 2019 at 3.30 p.m. at Rangaswar Hall, 4th floor, Yashwantrao Chavan Pratishthan, Gen. Jagannath Bhosale Marg, Next to Sachivalaya Gymkhana, Mumbai 400 021. Pursuant to Regulation 34 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith Annual Report of the Company for the financial year ended December 31, 2018. Kindly acknowledge receipt and informyour members accordingly. Yours faithfully, For CRISIL Limited Minal Bhosale Company Secretary ACS 12999 Encl.: a/a CRISIL Limited Corporate Identity Number: L67120MH1987PLC042363 Registered Office: CRISIL House, Central Avenue, Hiranandani Business Park, Powai, Mumbai - 400076. Phone: +91 22 3342 3000 I Fax: +91 22 3342 3001 www.crisil.com We are more CRISIL Limited Annual Report 2018 We are a global analytics force… Driven by quants, data scientists, fundamental analysts, technologists and other top-draw talent from around the world. We empower investors, help shape policies and regulations, and enable clients take informed decisions with conviction. CRISIL Limited Annual Report 2018 ... and we continue to be the pioneers and leaders of credit the preferred partner for ratings in India. We also provide business intelligence by global market-leading investment banks. We also provide benchmarks and high-end research indices. and risk analytics services. India’s largest, independent a credible player in infrastructure research house. advisory in emerging markets. We also provide unmatched, We also provide India’s only cross-segmental investability index for analytics to our clients. the infrastructure sector. We are more. Inside the report 02-33 Corporate 01 Overview Message from the Chairman 02 About CRISIL 04 Board of Directors 06 Performance highlights 14 CRISIL Businesses 16 Reports and publications 18 Franchise highlights 20 Employee engagement initiatives 24 Corporate social responsibility 28 35-113 Statutory 02 Reports Directors’ Report 36 Management Discussion and Analysis Report 67 Independent Auditors’ Certificate for Corporate Governance 79 Report of the Directors on Corporate Governance 80 Business Responsibility Report 98 115-228 Financial 03 Statements Consolidated Financial Statements 116 Standalone Financial Statements 174 Notice 229 Proxy Form 237 CRISIL Limited Message from the Chairman Indeed, 2018 was a year of big changes both in the Indian and global markets, with its share of changing technologies, regulations and customer needs. All these are not only CRISIL continued to redefining markets, but also creating strengthen its presence opportunities for us. During the year, CRISIL continued to strengthen its presence across across markets as markets as a leading, agile and innovative global analytics company, a leading, agile and delivering growth and improved innovative global analytics profitability. Our Ratings business continued to company, delivering growth stand tall on the back of analytical rigour, ratings quality and in delivering and improved profitability. Essential Intelligence. Coalition deepened its presence across Corporate and Investment Banking by enhancing its niche analytics offerings. India Research continued to leverage its data and analytics platform Quantix to serve emerging needs. Global Research and Analytics achieved good traction with its SMART and SPARC solutions. Throughout the year, we continued to focus on innovation. For micro, small and medium enterprises, we launched CriSidEx, India’s only sentiment index of its kind, and the CRISIL Credit Assessment Score that offers the markets and lenders insights and opinions on credit. 02 Annual Report 2018 Corporate Overview Overview Corporate We also sharpened our imprint across industries through a raft of high- impact events and thought-leadership reports. The collaboration between S&P Global and CRISIL continues to progress with several joint events being hosted in India and Singapore. I am confident that these strategic Statutory Reports Statutory pursuits powering our transformative journey will enable us to serve new client needs and fuel growth. Last but not the least, my heartfelt thanks to all our CRISIL employees. It’s their hard work and invaluable contributions that have ensured our growth and success. I look forward to your continued support, and wish you and your families a great 2019. Warm regards, Financial Statements John L Berisford Chairman 03 CRISIL Limited About CRISIL Who we are CRISIL is a leading, agile and We are India’s foremost provider of the United States (US), the United innovative global analytics ratings, data, research, analytics, Kingdom (UK), Argentina, Poland, company driven by its mission and solutions. A strong track record China, Hong Kong, Singapore, and the of making markets function of growth, culture of innovation and United Arab Emirates (UAE). better. global footprint sets us apart. We have delivered independent opinions, We are majority owned by S&P Global actionable insights, and efficient Inc., a leading provider of transparent solutions to over 100,000 customers. and independent ratings, benchmarks, Our businesses operate from India, analytics, and data to the capital and commodity markets worldwide. Who we serve CRISIL’s clients range from Our clients range from micro, small players and asset management MSMEs to large corporates, and medium companies to large companies globally. investors, and top global corporates, investors, and top global financial institutions. financial institutions. We work with We also work with governments and commercial and investment banks, policy makers in the infrastructure insurance companies, private equity space in India and in other emerging markets. How we add value Our market-leading ratings, We help clients manage and mitigate policy on infrastructure in emerging benchmarks, analytics and risks, take pricing and valuation markets, CRISIL helps catalyse solutions empower lenders, decisions, reduce time to market, economic growth and development borrowers, issuers, investors, generate more revenue, and enhance in these geographies. regulators and intermediaries to returns. By helping shape public make decisions with conviction. 04 Annual Report 2018 05 Board of Directors Mr John L Berisford Ms Ashu Suyash Mr Ravinder Singhania Ms Vinita Bali Ms Martina L Cheung Mr Ewout Steenbergen Ms Arundhati Bhattacharya Mr Girish Paranjpe Mr M Damodaran 06 Annual Report 2018 Mr John L Berisford Previously, Mr Berisford served as Before joining the Company in 2011, CHAIRMAN Executive Vice President of Human Mr Berisford spent 22 successful years Resources for the Company. In this at PepsiCo where he spearheaded Mr John Berisford is President of S&P role, he was instrumental in creating a number of important global Global Ratings. He is responsible for and executing the Company’s growth initiatives and transformations. Among Overview Corporate all aspects of the business, including and value plan, resulting in the other strategic projects, he led the commercial, analytical, control and creation of McGraw Hill Financial and integration after PepsiCo acquired the operations. the sale of McGraw-Hill Education. independent Pepsi Bottling Group into He led the initiative to create the its overall corporate structure. S&P Global Ratings is regulated in Company’s focused business unit many of the countries in which it operating model, while strengthening Mr Berisford holds a bachelor’s degree operates, and Mr Berisford is a director the human resource function with new in political science from West Liberty of two of its largest legal entities capabilities to support the Company’s College in West Virginia and a master’s - Standard & Poor’s Credit Market growth and performance goals. Mr degree in labour and industrial Services Europe Limited and Standard Berisford also drove the succession relations from West Virginia University. & Poor’s Financial Services LLC. process that enabled a seamless CEO transition in 2013. Statutory Reports Statutory Mr M Damodaran of Information and Broadcasting, board performance. Mr Damodaran DIRECTOR (INDEPENDENT) Government of India; and Chief is the Chairman of Glocal Healthcare Secretary, Government of Tripura. Systems, a pioneering pan-India Mr M. Damodaran, a former Indian effort to provide quality healthcare Administrative Service officer, has held During his tenure at SEBI, he at affordable cost to Indians in a number of important positions in was elected the Chairman of the underserved rural areas. He is also the both central and state governments, 80-member Emerging Markets Non-Executive Chairman of InterGlobe and in India’s financial sector, before Committee, International Organisation Aviation Limited. demitting office as the Chairman, of Securities Commissions. As SEBI Securities and Exchange Board Chairman, Mr Damodaran brought He was the Chairman of the of India (SEBI), in February 2008. several best practices to India’s Government of India-constituted task Prior to that, he was the Chairman securities market. force for setting up the Resolution of Unit Trust of India and Industrial Corporation