CRISIL is 20. At this important milestone, we reflect on our journey thus far and look into the horizon beyond.

We began our journey as India's first rating agency. Today, we are a diversified global analytical platform with leadership positions in the ratings, research and advisory domains. Along the way, our growth has been closely intertwined with India's development milestones.

We started in 1987 as a credit rating agency, at a time when lending rates in India were fixed, and there was, therefore, little demand for credit ratings. We firmly established ourselves as the country's leading rating agency, respected for our fiercely independent, highly credible, and analytically rigorous views. Shouldering the mantle of a pioneer and a market leader, we facilitated the development of India's credit market and built investor confidence in our risk assessment capabilities.

India's transformation into a market-led economy greatly increased its need for capital, and required extensive reforms and institutionbuilding. Accordingly, we diversified into the infrastructure advisory and business research domains, and quickly built up a reputation for independent, reliable and incisive information, research, models and advisory services. Today, our services are key inputs in informed decision-making and the shaping of public policy in India.

With increasing globalisation, we also focused on making our income streams more global. We acquired Irevna, a pioneer in the investment research outsourcing space; Irevna has since been voted No.1 in highend investment research and analytics outsourcing by the US-based Brown and Wilson Group two years in a row in 2006 and 2007. We have a thriving business that meets increasing global demand for better understanding of the Indian business environment, through the services offered by our research and advisory groups.

Guided by our core values of integrity, independence, innovation, analytical rigour and commitment, we are proud to have built a globally-acknowledged institution of repute over these 20 years. We have facilitated the setting up of credit rating agencies in several countries around the world. Our association and integration with Standard & Poor's has further enhanced our capabilities and opened up newer vistas of opportunity, for our businesses and people.

The macro environment trends, both in India and globally, present myriad business opportunities. At a youthful 20, we are ideally positioned to service the needs of our expanding client base by maintaining our focus on our mission:
» Making markets function better
» Helping clients manage and mitigate business and financial risks
» Shaping public policy

CRISIL Ratings is the only ratings agency in India to operate on the basis of sectoral specialisation. It reflects our sharpness of analysis, the responsiveness of the process and the large-scale dissemination of opinion. CRISIL Ratings plays a leading role in the development of the debt markets in India.

The Rating Criteria & Product Development Centre, responsible for policy research, new product development and ratings' quality assurance, has developed new ratings methodologies for debt instruments and innovative structures across sectors.

CRISIL Ratings provides technical know-how to clients worldwide. We have helped set up ratings agencies in Malaysia (RAM), Israel (MAALOT) and in the Caribbean.

To learn more about CRISIL Ratings, click here.

CRISIL Research is India's largest independent integrated research house providing accurate and reliable research, analysis and forecasts on the Indian economy, industries and companies to over 500 Indian and international clients across financial, corporate, consulting and public sectors.
CRISIL Research leverages on its unique, integrated research platform and capabilities spanning the entire economy-industry-company spectrum to deliver superior perspectives and insights to its clients, through both, subscription products and customised solutions. To learn more about economy, industry and company research services, click here.

CRISIL Research also offers consistent, high quality financial data analysis to users within and outside the CRISIL group, enhancing the efficacy of the conventional financial analysis frameworks adopted in the marketplace.

To learn more about the financial data analysis business, click here.

CRISIL FundServices is India's leading provider of fund evaluation services and risk solutions to the mutual fund industry. Through innovative analytics, benchmarks and analytical tools, CRISIL FundServices plays a significant role in shaping investor confidence and facilitating the introduction of best practices in the mutual fund industry.

Widely reputed as the industry standard, CRISIL Fund Services is the official provider of valuation tools and market benchmarks.

To learn more about CRISIL’s services to Treasuries and Funds, click here.

The Centre for Economic Research is uniquely positioned to provide benchmarks and analyses for India's policy and business decision makers.

Manned by a team of senior economists, the Centre applies economic principles to live business applications, creating conceptual and contextual linkages that are unique to CRISIL.

The Centre also works with other CRISIL businesses, contributing to both the range and depth of products, services and consulting assignments that CRISIL offers.

To learn more about The Centre for Economic Research, click here.

Irevna CRISIL has recently added equity research to its wide canvas of work, by acquiring Irevna, a leading global equity research and analytics company.

Irevna, a division of CRISIL, provides high-end customised equity research and analytics, and knowledge process outsourcing, to the world’s leading financial institutions, investment banks, private equity firms and consulting companies, helping them achieve sustainable competitive advantage.

Irevna offers investment research services to the world's leading investment banks and financial institutions. Founded in 2001, Irevna pioneered the 'outsourced research' concept, where the firm helps large financial institutions to carry out investment research, at a time when accepted wisdom did not consider this possible.

Our Infrastructure Advisory enhances CRISIL's franchise in the areas of policy-making and economic development. Our spectrum of activities includes catalysing economic development through creation of appropriate policy frameworks, sector reforms, regulatory support, project structuring and global competitive bid process management for large and complex projects.

CRISIL Infrastructure Advisory blends the best global practices with analytical excellence and a deep understanding of the local environment to provide policy, regulatory and transaction level advice to governments and leading organisations across sectors.

We work closely with our clients to facilitate an environment for public-private partnerships and ensure the success of projects undertaken.

To learn more about the CRISIL Infrastructure Advisory, click here.

CRISIL Risk Solutions business provides integrated risk management solutions and advice to Banks and Corporates by leveraging the experience and skills of CRISIL in the areas of credit and market risk. Taking cognisance of the market needs for integrated solutions that quantify and manage complex risks, CRISIL Risk Solutions uses cutting-edge research and

methodologies. Also, the Group brings together the experience of all business teams to offer modular or integrated solutions and advisory services that are customised to meet client needs.

To learn more about CRISIL Risk Solutions, click here.