CRISIL Limited Corporate Overview CRISIL - Making Markets Function Better Crisil Businesses
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Ready for the next level. 6,000 mark in credit ratings. 17,500 SME 11 of the world’s top 15 investment are Irevna’s clients. Strong growth in Polish and Argentinian operations.Poised to become the largest provider of equity research in India. Acquired Pipal Research to expand our footprint in the global corporate sector. Firmly positioned to make markets function better Acquired Pipal Research 11 of the world’s globally. to expand our footprint top 15 investment in the global corporate sector. banks are Strong 17,500 SME Irevna’s growth 11 of the Acquired in Polish and world’s top clients. Argentinian 15 investment are Irevna’s clients. Pipal 11 of the operations. Strong growth in Research Poised to Polish and world’s Argentinian to expand become our footprint top 15 operations. investment the largest Poised to become in the global provider the largest corporate banks are Irevna’s of equity provider sector of equity clients. research space. in India. research Firmly Strong growth Acquired in India in positioned to Pipal 2011 make Research Acquired markets to expand our footprint Pipal function in the global Research corporate to expand better sector. our footprint globally. in the global Firmly corporate positioned sector space. to make Firmly positioned markets to make function better markets globally.6,000 function better globally. 17,500 SME the world’s top 15 investment in credit 6,000 in Polish ratings. mark ratings. banks ratings. are Irevna’s mark and clients. Poised to in credit 17,500 are become the SME Irevna’s 11 Strong Poised of the growth largest ratings. clients. in Polish 11 of Strong world’s the top 15 and equity contents For more details visit www.crisil.com corporate overview 02 - CRISIL - Making markets 10 - Events function better 12 - Publications 04 - CRISIL’s Businesses 14 - Corporate Sustainability 08 - CRISIL Consolidated Ten Initiatives Year Financial Highlights a glance 2010 - financial statements 16 - Board of Directors 53 - Standalone financial statements 20 - Directors’ Report 85 - Consolidated financial 30 - Management Discussion statements and Analysis Report 111 - Notice 36 - Auditors’ Certificate for reports Corporate Governance 115 - Proxy Form and Attendance Slip 38 - Report of the Directors on Corporate Governance 48 - General Information for statutory Members We built scale in 2010, which will enable us to be a force in the financial markets as never before. 6,000 mark in credit ratings. 17,500 SME ratings makes us India’s largest SME rating agency. 11 of the world’s top 15 investment banks are Irevna’s clients. Strong growth in Polish and Argentinian operations. Poised to become the largest provider of equity research in India. Acquired Pipal Research to expand our footprint in the global corporate sector. Firmly positioned to make markets function better globally. CRISIL Limited corporate overview CRISIL - Making markets function better CRISIL Businesses CRISIL - MAKING MARKETS FUNCTION BETTER Who We Are CRISIL is a global 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. CRISIL’s majority shareholder is Standard and Poor’s (S&P). Standard & Poor’s, a part of The McGraw-Hill Companies (NYSE:MHP), is the world’s foremost provider of credit ratings. 02 Ready for the next level. 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 How We Add Value infrastructure domain. 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 help catalyse economic growth and development in these countries. 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 andAt themarket core of our credibility, built up participants to become more assiduously over the years, are our values: transparent and efficient -Integrity, by mitigating Independence, Analytical Rigour, and managing risk, taking pricing decisions,Commitment and Innovation. generating more revenue, reducing time to market and 03 enhancing returns. CRISIL Limited corporate overview CRISIL - Making markets function better CRISIL Businesses CRISIL BUSINESSES crisil Limited RATINGS RESEARCH ADVISORY* Bond Ratings GLOBAL RESEARCH CRISIL & ANALYTICS INFRASTRUCTURE Bank Loan Ratings AdVisORY Irevna SME Ratings Pipal Research CRISIL Real Estate Star Ratings Education Grading GLOBAL ANALYTicAL CRISIL RISK INDIA RESEARCH CENTRE SOLUTIONS CRISIL Centre for Economic Research Industry Research Capital Market Research Mutual Funds Fixed Income Research & Valuation Equities * Wholly-owned subsidiary - CRISIL Risk and Infrastructure Solutions Limited 04 Ready for the next level. A. RATINGS CRISIL is India’s first, largest, and most B1.a. Irevna prominent credit rating agency. CRISIL Irevna provides high-end financial pioneered the concept of credit rating in research and analytics to investment India more than 20 years ago, and has banks, insurance companies, and played a pivotal role in the development asset management firms across of India’s debt market. CRISIL has rated the world. Irevna’s teams of highly- more than 10,000 borrowers, covering trained professionals at research around 32,400 debt instruments of a value centres in Buenos Aires in Argentina, exceeding Rs.36 trillion. CRISIL has also Chennai and Mumbai in India, and rated around 17,500 Small and Medium Wroclaw in Poland, provide coverage Enterprises (SMEs), and has the highest across time zones to the world’s number of SME ratings outstanding in major financial centres. Irevna is now India. Today, CRISIL rates two-thirds of preparing to commence operations corporate bonds outstanding in India. in China. CRISIL’s Global Analytical Centre (GAC) supports the Global Resource Management initiative of Standard & Poor’s (S&P). GAC supports analytical Works with 11 of the top 15 processes and information processing, global investment banks. executes complex modelling assignments, Best-in-class service quality and assists Standard & Poor’s (S&P) in improving workflow efficiencies. and talent base. At the right locations and in the right time zones to deliver maximum value to clients. Rs. 36 trillion of debt rated. Market share in bank loan ratings exceeds 50 per cent. B1.b. Pipal Research Rates two-thirds of bonds Pipal Research is a leading outstanding in India. knowledge services firm delivering Highest number of outstanding high-quality financial and business SME ratings in India. research to organisations worldwide. Its clients include leading global firms in the telecommunications, technology, consumer packaged goods, and industrial sectors, and in the financial services space. Pipal has three research centres in India (Gurgaon, Noida and Bangalore), B. and an office in Chicago. RESEARCH CRISIL acquired Pipal in December 2010. Pipal’s services, clients and delivery locations are complementary B1. Global Research and Analytics to Irevna’s, enabling the combine to Services strengthen its leadership in the global CRISIL is the leading provider of high- research & analytics. end research and analytics to the world`s largest financial institutions and leading global corporations. Operating from seven research Client list includes 30 fortune centres around the world, CRISIL’s 500 companies, across a range Global Research & Analytics business delivers insight driven high of industries. end financial and business research. 05 CRISIL Limited corporate overview CRISIL - Making markets function better CRISIL Businesses CRISIL BUSINESSES (contd.) B2. India Research B2.c. Capital Market Research B2.a. CRISIL`s Centre for Economic Research (C-CER) CRISIL Centre for Economic Research (C-CER) offers a credible, Largest independent equity objective, and analytical view on the research house in India. Indian economy. It also provides Official provider of valuations to premium services and products based on economic analysis. all mutual funds in India. C-CER’s core