MIRA INFORM REPORT

Report Date :

29.05.2013

IDENTIFICATION DETAILS

Name :	CRISIL LIMITED
Registered Office :	Crisil Limited, Central Avenue, Hiranandani Business Park, Powai, Mumbai-400076, Maharashtra
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	29.01.1987
Com. Reg. No.:	11-042363
Capital Investment / Paid-up Capital :	Rs.70.235 Millions
CIN No.: [Company Identification No.]	L67120MH1987PLC042363
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Providing Ratings and Research Services.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Aa (73)

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Maximum Credit Limit :	USD 18100000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of “The McGraw-Hill Companies, Inc.” It is a global analytical company providing ratings, research, and risk and policy advisory services. It is a well-established and a reputed company having an excellent track record. The financial position of the company is outstanding. Directors are well experienced and knowledgeable businessmen. It has well established market position and very rich clientele. Trade relations are praiseworthy. Business is active. Payment terms are regular and as per commitments. The company can be considered excellent for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DECLINED

Management non co-operative. [91-22-33423000]

LOCATIONS

Registered Office :	Crisil Limited, Central Avenue, Hiranandani Business Park, Powai, Mumbai-400076, Maharashtra, India
Tel. No.:	91-22-33423000
Fax No.:	91-22-33423001
E-Mail :	neelabja.chakrabarty@crisil.com
Branch Office :	Located At: Ahmedabad Bangalore Chennai Gurgaon Hyderabad Mumbai Noida Pune
Overseas Office :	Located At: China Singapore London Poland New York Argentina

DIRECTORS

AS ON 31.12.2012

Name :	Ms. Roopa Kudva
Designation :	Managing Director and Chief Executive Officer, Crisil
Name :	Mr. Sachin Nigam
Designation :	Senior Director, SME Ratings
Name :	Mr. Manish Jaiswal
Designation :	Senior Director, CRISIL Risk Solutions

KEY EXECUTIVES

Name :	Mr. Ramraj Pai
Designation :	President, Crisil Ratings
Name :	Mr. Arun Panicker
Designation :	Chief Analytical Office, CRISIL Ratings
Name :	Mr. Sanjeev Sinha
Designation :	President, Crisil Global Research & Analytics
Name :	Mr. Mukesh Agarwal
Designation :	President, Crisil Research
Name :	Mr. Sameer Bhatia
Designation :	President, Crisil Infrastructure Advisory
Name :	Mr. Raman Uberoi
Designation :	Chief Operating Officer, CRISIL
Name :	Mr. G. V. Mani
Designation :	President, Strategy and New Initiatives, CRISIL
Name :	Mr. G. Ravishankar
Designation :	President, Human Resources, CRISIL
Allotment Committee:	Dr. Nachiket Mor, Chairman Ms. Rama Bijapurkar Ms. Roopa Kudva Mr. H. N. Sinor
Audit Committee:	Mr. H. N. Sinor, Chairman Mr. B. V. Bhargava Dr. Nachiket Mor Mr. David Pearce
Compensation Committee:	Mr. B. V. Bhargava, Chairman Ms. Rama Bijapurkar Mr. Douglas Peterson
Investment Committee:	Mr. B. V. Bhargava, Chairman Mr. David Pearce Ms. Roopa Kudva

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2013

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	37209480	52.98
Any Others (Specify)	0	0.00
Sub Total	37209480	52.98
Total shareholding of Promoter and Promoter Group (A)	37209480	52.98
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	5252451	7.48
Financial Institutions / Banks	2080580	2.96
Insurance Companies	4429207	6.31
Foreign Institutional Investors	7479492	10.65
Qualified Foreign Investor	7187	0.01
Sub Total	19248917	27.41
(2) Non-Institutions
Bodies Corporate	1305296	1.86
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	5648791	8.04
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	6469786	9.21
Any Others (Specify)	353470	0.50
Non Resident Indians	181126	0.26
Directors & their Relatives & Friends	168000	0.24
Clearing Members	4344	0.01
Sub Total	13777343	19.62
Total Public shareholding (B)	33026260	47.02
Total (A)+(B)	70235740	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	70235740	0.00

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total
1	S and P India LLC	3,12,09,480	44.44
2	Standard and Poors International LLC	60,00,000	8.54
	Total	3,72,09,480	52.98

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 1% OF THE TOTAL NUMBER OF SHARES

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total
1	Jhunjhunwala Rakesh and Rekha	5400000	7.69
2	General Insurance Corporation of India	3030390	4.31
3	Unit Trust of India	2299504	3.27
4	State Bank of India	1901177	2.71
5	Acacia Partners LP /Acacia Institutional Partners LP / Acacia Banyan Partners / Acacia II Partners L P / Acacia Conservation Fund LP	1716880	2.44
6	Life Insurance Corporation of India	1398817	1.99
7	Franklin Templeton Investment Funds / Caisse De Depot et Placement du Quebec - Franklin Advisors Inc	1356825	1.93
8	Bright Star Investment Private Limited	810380	1.15
9	Tata Trustee Company Ltd A/c Tata Mutual Fund A.C	1150788	1.64
10	Templeton Mutual Fund A/C Franklin India (Mutual Fund)	736980	1.05
11	Fidelity Investment Trust/Advisors	865423	1.23
	Total	20667164	29.43

SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES) OF PERSONS (TOGETHER WITH PAC) BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 5% OF THE TOTAL NUMBER OF SHARES OF THE COMPANY

Sl. No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a % of grand total
1	Jhunjhunwala Rakesh and Rekha	5400000	7.69
	Total	5400000	7.69

BUSINESS DETAILS

Line of Business :

Providing Ratings and Research Services.

GENERAL INFORMATION

No. of Employees :	Information denied by the management.
Bankers :	ICICI Bank Limited Andhra Bank Citibank N.A.

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Solicitors :
Name :	Wadia Ghandy and Company
Ultimate Holding Company :	The McGraw-Hill Companies, Inc.
Subsidiaries :	Crisil Risk and Infrastructure Solutions Limited Crisil Irevna UK Limited Crisil Irevna US LLC [Subsidiary of CRISIL Irevna UK Limited] Crisil Irevna Poland Sp.z.o.o [Subsidiary of CRISIL Irevna UK Limited] Crisil Irevna Argentina S.A. Crisil Irevna Information and Technology (Hangzhou) Company Limited Pipal Research Analytics and Information Services India Private Limited Coalition Development Systems (India) Private Limited Mercator Info-Services India Private Limited Coalition Development Limited, UK [Subsidiary of CRISIL Irevna UK Limited] Coalition Development Singapore Pte Limited [Subsidiary of Coalition Development Limited, UK]
Fellow Subsidiaries :	S and P India, LLC Standard and Poor's LLC Standard and Poor's International LLC, USA Standard and Poor's South Asia Services Private Limited McGraw-Hill Education India Private Limited Standard and Poor's Australia Pty. Limited Capital IQ
Joint Venture :	India Index Services and Products Limited

CAPITAL STRUCTURE

AS ON 18.04.2013

Authorised Capital : Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.70.506 Millions

AS ON 31.12.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
100000000	Equity Shares	Re.1/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
70235740	Equity Shares [Of the above, 6,000,000 Equity Shares of Re.1 are held by Standard and Poor’s International LLC , USA (P.Y. 6,000,000 of Re.1 each) and 31,209,480 Equity Shares of Re.1 are held by S and P India, LLC (P.Y. 31,209,480 of Re. 1 each) (wholly-owned subsidiaries of The McGraw-Hill Companies, Inc., The Ultimate Holding Company)]	Re.1/- each	Rs.70.235 Millions

NOTES:

Terms/ rights attached to equity shares

The company has only one class of equity shares having par value of Re.1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

Shares held by holding/ultimate holding and/ or their subsidiaries

Out of equity shares issued by the company, shares held by its holding company, ultimate holding company and their subsidiaries/ associates are as below:

PARTICULAR	AS ON 31.12.2012 [Rs. in Millions]
6,000,000 Equity Shares of Re.1 are held by Standard & Poor's International LLC-USA, Fellow Subsidiary (P.Y. 6,000,000 of Re.1 each)	6.000
31,209,480 equity shares of Re.1 each fully paid held by S and P India, LLC, Fellow Subsidiary (P.Y. 31,209,480 of Re.1 each)	31.209

Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the reporting date:

PARTICULAR	AS ON 31.12.2012 [Rs. in Millions]
Equity shares bought back by the company
In 2010	1281560
In 2011	910000
In 2012	--

Aggregate number of bonus shares and shares issued for consideration other than cash during the period of 5 years immediately preceding the reporting date is Nil.

Details of shareholders holding more than 5% shares in the company

PARTICULAR	AS ON 31.12.2012
Name of the shareholder	% Holding in the Class	No. of Shares
Group Holding of the McGraw-Hill Companies
a) S and P India, LLC	44.44	31209480
b) Standard and Poor's International LLC, USA	8.54	6000000
Jhunjhunwala Rakesh and Rekha	7.69	5400000

As per of the Company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownerships of shares.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2012	31.12.2011	31.12.2010
SHAREHOLDERS FUNDS
1] Share Capital		70.236	70.058	70.968
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4474.443	3582.070	3554.087
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4544.679	3652.128	3625.055
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4544.679	3652.128	3625.055
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		966.577	1011.033	998.470
Capital work-in-progress		0.000	4.423	0.830
INVESTMENT		2316.824	1084.116	1175.057
DEFERREX TAX ASSETS		124.485	90.556	121.763
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	1083.598	849.931	964.190
	Cash & Bank Balances	374.487	2004.560	1219.896
	Other Current Assets	118.678	135.371	74.951
	Loans & Advances	1796.442	852.061	782.051
Total Current Assets		3373.205	3841.923	3041.088
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	819.676	914.802	604.041
	Other Current Liabilities	770.532	986.987	679.356
	Provisions	646.204	478.134	428.756
Total Current Liabilities		2236.412	2379.923	1712.153
Net Current Assets		1136.793	1462.000	1328.935
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		4544.679	3652.128	3625.055

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2012	31.12.2011	31.12.2010
	SALES
		Income From Operations	7365.982	6391.562	5287.120
		Other Income	226.478	430.139	736.222
		TOTAL	7592.460	6821.701	6023.342
Less	EXPENSES
		Personnel expenses	2732.630	2449.979	1989.045
		Establishment expenses	652.409	657.993	612.391
		Other expenses	1265.343	1022.195	702.642
		TOTAL	4650.382	4130.167	3304.078
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2942.078	2691.534	2719.264
Less/ Add	DEPRECIATION/ AMORTISATION		239.246	216.846	202.085
	PROFIT / (LOSS) BEFORE TAX		2702.832	2474.688	2517.179
Less	TAX		774.233	609.566	532.190
	Prior Period Expenses		0.000	0.000	27.445
	PROFIT / (LOSS) AFTER TAX		1928.599	1865.122	1957.544
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		NA	NA	2274.110
Less	APPROPRIATIONS
		Transfer to General Reserve	NA	NA	195.754
		Interim Dividend	NA	NA	1264.375
		Proposed Dividend	NA	NA	177.421
		Tax on Dividend	NA	NA	238.767
	BALANCE CARRIED TO THE B/S		NA	NA	2355.337
	IMPORTS
		Capital Goods	4.397	12.546	0.000
	TOTAL IMPORTS		4.397	12.546	0.000
	Earnings Per Share (Rs.)		27.49	26.28	27.16

QUARTERLY RESULTS

PARTICULARS	31.03.2013
Net Sales	1888.500
Total Expenditure	1233.300
PBIDT (Excl OI)	655.200
Other Income	37.600
Operating Profit	692.800
PBDT	692.800
Depreciation	56.900
Profit Before Tax	635.900
Tax	179.900
Profit After Tax	456.000
Net Profit	456.000

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
PAT / Total Income	(%)	25.40	27.34	32.50
Net Profit Margin (PBT/Sales)	(%)	36.69	38.72	47.61
Return on Total Assets (PBT/Total Assets}	(%)	60.54	50.06	60.49
Return on Investment (ROI) (PBT/Networth)		0.59	0.68	0.69
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.51	1.61	1.78

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.12.2012	31.12.2011	31.12.2010
Sundry Creditors
Current
Trade payables	671.673	773.505	0.000
Non-current
Trade payables	148.003	141.297	0.000
Others	0.000	0.000	604.041
TOTAL	819.676	914.802	604.041

NATURE OF OPERATIONS

Subject is a global analytical Company providing ratings and research services. CRISIL is India’s leading ratings agency and also the foremost provider of high-end research to the world’s largest banks and leading corporations. With sustainable competitive advantage arising from their strong brand, unmatched credibility, market leadership across businesses, and large customer base, CRISIL delivers analysis, opinions, and solutions that make markets function better.

REVIEW OF OPERATIONS – 2012

1. RATINGS

HIGHLIGHTS

• Announced 3,600 new bank loan ratings (BLRs); tally of BLRs outstanding exceeds 11,500

• Assigned more than 10,000 small and medium enterprise (SME) ratings during the year

• Launched annual series of seminars for the bond Market

• Increased support through Global Analytical Centre (GAC) to new business groups and meeting more complex requirements of analytics for S and P Ratings

OPERATIONS

CRISIL Ratings maintained its market leadership in 2012, backed by strong performance in the BLR and SME ratings businesses. CRISIL announced 3,600 new BLRs and 10,000 SME ratings during the year. CRISIL has assigned more than 11,500 BLRs and 46,000 SME ratings / assessments so far. CRISIL Real Estate Star Ratings (CREST), launched in 2010, has been well accepted in the real estate sector and witnessed significant demand this year, with leading developers across cities choosing to get their projects graded by CRISIL.

In 2012, CRISIL Ratings launched the annual series of seminars on the bond market. The inaugural seminar ‘Expanding India’s Corporate Bond Market’ was hosted in 2012. The keynote address at the seminar was made by Dr. Subir Gokarn, Deputy Governor, Reserve Bank of India. They presented investors and regulators with a compendium showcasing 507 CRISIL A-rated companies. CRISIL Ratings released ‘Industry Insights’ for 22 key industries covering more than 5,000 clients, showcasing the depth of their analytics and breadth of their client base.

Their article on the importance of liquidity back-up for commercial paper was well received by investors and even prompted mutual funds to revise their internal policies on liquidity. Their article on the importance of evaluating credit rating agencies received positive feedback from market participants and influencers. CRISIL Ratings published quarterly updates on its rating portfolio, and on the corporate credit quality and default rates

CRISIL Ratings has continued to conduct regular outreach programmes to provide value to investors and market participants. A large number of events, including leadership conclaves, bankers’ meetings, investor discussion forums and seminars were conducted, which helped CRISIL to reach around 15,000 stakeholders, including companies and bankers across the country.

CRISIL Ratings organised a series of discussion forums during the year to increase awareness on the developing

market trends and the impact on the capital markets. These discussion forums covered capital market entities, the telecom sector, gold loan, non-banking finance companies (NBFCs), and loan restructuring by banks. The forums saw excellent market participation and received extensive media coverage. They also engaged proactively with regulators in providing opinion on key sectoral and economic trends, and participated in several regulatory committees and forums.

GAC further consolidated its relationship with S and P Ratings, and extended support to business groups across geographies and higher-end analytical tasks.

2. RESEARCH

B.1. GLOBAL RESEARCH AND ANALYTICS (GR and A)

(Includes Irevna, Pipal Research and Coalition)

HIGHLIGHTS

• Acquired Coalition, a leading U.K.-based analytics firm in July 2012

• Added large new clients, including several global and regional financial institutions, and Fortune 500 companies

• Published a comprehensive report, ‘Big Data – The Next Big Thing’ in association with NASSCOM

• Received NASSCOM’s Next award, for the second year in a row, for their talent management practices

• Strengthened their position as a global analytical company by rebranding of Irevna and Pipal Research as CRISIL Global Research and Analytics

OPERATIONS

CRISIL acquired Coalition, a U.K.-based firm providing high-end analytics, mainly to leading global investment banks. This marks their entry into proprietary research outside India. Coalition complements their offerings to the financial institutions - while they offer research and analytics services in trading and risk management to banks, Coalition works with the same financial institutions’ top management and strategy teams.

They have consolidated their leadership position in the research and analytics space, adding numerous new clients in 2012, including banks and Fortune 500 companies. Their high-end research has enabled clients to improve their rankings, increase research coverage, enter new markets, get better business insights, and deliver path-breaking research. Their regulatory and risk management practice has helped clients comply with regulations.

They won special recognition at the NASSCOM Exemplary Talent (NExT) Awards for the second year in a row in ‘The Talent Magnets’ category, in recognition of their compelling and differentiated employee value proposition.

The rebranding of Irevna and Pipal Research to CRISIL GR and A has strengthened their position as a global analytics provider. The new positioning leverages on the strong CRISIL brand, and has received positive reception from stakeholders, including customers, employees and industry bodies.

Their franchise-building initiatives gained momentum during the year. They published ‘Big Data - The Next Big Thing’, the most comprehensive study on the subject in India, jointly with NASSCOM. They actively participated in

several global conferences and seminars, in addition to hosting roundtables in London and San Francisco that were attended by chief risk officers, risk practitioners and regulators.

Their global business model has continued to scale up well to support demand from clients. Their research centres in Hangzhou (China), and Buenos Aires (Argentina) and their quantitative research centres in Wroclaw (Poland) have grown significantly.

B.2. INDIA RESEARCH

HIGHLIGHTS

• Commenced valuation of market-linked debentures (MLDs) for the first time in India and covered more than 10 issuers. These valuations are available on the CRISIL website

• Launched India’s first SME Fundamental Grading service for enterprises proposing to raise equity capital through SME exchanges

• Released two special reports: covering 16 lessknown sectors that are in a phase of strong growth and offer significant scope for lenders and investors; and on 68 SME clusters across 30 sectors

• Prepared research reports on 1,442 companies listed and traded on the National Stock Exchange of India Limited (NSE); these reports are available to investors free-of-cost on the NSE website

• Launched, together with Sri Lanka’s NDB Investment Bank, a group of four indices for Sri Lanka’s government securities market, to help investors benchmark investments and allocate assets better

OPERATIONS

CRISIL Research continued to build on its powerful value proposition – of timely and relevant research. The revamped subscription-based web platform (www. crisilresearch.com) provides near-real-time access to research, and continues to attract growing usage by clients.

CRISIL Research continues to proactively launch products that address evolving market dynamics and customer requirements. During the year, the Industry Research business expanded coverage by adding more sectors through two special reports – the first report was on 16 less-known, high-growth sectors, and the second was on 68 SME clusters in 30 sectors. In addition, CRISIL Research, in association with Kotak Wealth Management, launched the second edition of the ‘Top of the Pyramid’ report, which highlights insightful features about the spending, investing and income patterns of India’s Ultra High Networth Households.

The Equity Research segment completed another year of preparing research reports on 1,442 companies listed and traded on NSE. It also launched India’s first SME Fundamental Grading service for enterprises proposing to raise equity capital through the SME exchanges. Through a tie-up with NSE, IPOs of all SMEs proposing to be listed on EMERGE (NSE’s SME platform) will have CRISIL SME Fundamental Grading. CRISIL Research will also release IER reports on these SMEs.

The Funds and Fixed Income Research segment commenced valuation of market-linked debentures (MLDs), making CRISIL the first rating agency in the country to provide these valuations. During the year, valuations (available on the CRISIL website) have been released for more than 10 issuers.

In addition, having completed the prestigious assignment of selecting fund managers to manage the Employee Provident Fund Organisation (EPFO) corpus, CRISIL Research continues to assist EPFO in evaluating the performance of its fund managers.

The CRISIL Centre for Economic Research (C-CER) continued to focus on research on the macroeconomic situation in India and the Asia Pacific, consistently building CRISIL’s franchise in Indian and foreign media, and positioning the Company as the foremost analyticsbased commentator on the economy in the region.

C-CER published 10 special reports in its series, Economy Insight, covering contemporary macroeconomic issues such as inflation, exchange rate, role of the private sector in the economy, and impact of the Eurozone crisis on India’s growth. A report analysing rural consumption patterns in India, titled ‘Sustaining the rural consumption boom’, received extensive coverage in the national and regional print media and drew the attention of policymakers. During the year, C-CER also released a new indicator of core inflation for India – CRISIL Core Inflation Indicator.

3. INFRASTRUCTURE ADVISORY AND RISK SOLUTIONS

CRISIL conducts its infrastructure advisory and risk solutions business through its subsidiary, CRISIL Risk and Infrastructure Solutions Limited (CRIS).

C.1. CRISIL INFRASTRUCTURE ADVISORY BUSINESS

HIGHLIGHTS

• Assisted the Ministry of Coal, Government of India, in formulating a methodology to fix the floor and reserve prices for coal block auctions under captive mining

• Helped Indonesia Infrastructure Guarantee Fund (IIGF) as the Financial and Transaction Advisory Consultant for Puruk Cahu Bangkuang Coal Rail Project in Indonesia

• Advised Asian Development Bank (ADB) in preparing a strategic framework for a slum-free New Delhi

• Acted as advisors to the Central Electricity Supply Utility of Odisha on smart grid solutions for energy management and energy efficiency

OPERATIONS

The business won significant mandates from government and urban local bodies. The advisory business had a challenging year in the energy and natural resources verticals. Their focus on the international business – especially in South-East Asia and Africa – has helped maintain growth during the year.

C.2. CRISIL RISK SOLUTIONS (CRS)

HIGHLIGHTS

• Diversified client base with a third of revenues coming from non-banking segment, and a third each from the overseas market and risk consulting, respectively

• Extended flagship internal rating solution Risk Assessment Model (RAM) to cover the entire credit process in financial institutions
• Successfully entered markets in Europe, the Middle East and Africa (EMEA) and South East Asia in collaboration with S and P Risk Solutions.

OPERATIONS

CRS maintained its focus on both consulting and software solutions, and won and executed 32 mandates in 2012.

CRS offerings are geared to cover Basel III requirements in all areas of risk (credit, market, liquidity, operational and ICAAP). In 2012, the focus was to add modules and features to keep products in line with global practices. During the year, they added new modules to the RAM / credit risk evaluator, developed and implemented a comprehensive loan origination system; developed, and began implementing a system to help banks meet reporting requirements for automated data flow and enhanced features of the existing product suite. CRS has also:

Enhanced operational risk system (CORE) with advanced statistical techniques for banks looking to move to the AMA approach

Strengthened credit risk capital computation system (CAM Retail) with advanced techniques to pool retail assets

Improved the market risk capital computation system (CAM Market) to cover multiple instruments and all approaches in estimating value at risk (VaR) The business continues to maintain internal process standards at ISO 9001:2008 certification levels.

CRS partnered with S and P Risk Solutions to bid for, and win, projects in the EMEA and South East Asia. The partnership won its first assignment in July in the U.A.E., and has since won one assignment each in Saudi Arabia and Malaysia. There are multiple assignments in the pipeline for 2013.

Multiple franchise initiatives were undertaken during the year: these included co-sponsoring an operational risk seminar in Dubai, participating in a global risk conference in New York, serving as knowledge partner in CGD Innovative Products and Services Conclave 2012, making a presentation at Platts Commodity Week in Mumbai, showcasing their operational risk offerings to the RBI DBOD team, and participating in an SME event organised by the Small Business Banking Network in Dubai.

4. COLLABORATION WITH S AND P

CRISIL and S and P jointly released the Standard and Poor’s Indices Versus Active (SPIVA) reports for the Indian mutual funds industry. This report, a bi-annual publication, compares the performance of indices and active mutual funds.

CRS partnered with S and P Risk Solutions to bid for, and win, projects in Europe, the Middle East and Africa (EMEA), and South East Asia. The partnership won the first assignment in July in the U.A.E., and has since won one deal each in Saudi Arabia and Malaysia.

CRISIL was involved with S and P in rebalancing and maintaining the S and P ESG (Environment, Social and Corporate Governance) India Index. The 50-stock Index, developed by a consortium of Standard and Poor’s, CRISIL and KLD Research and Analytics, is a financial tool for investors who look beyond financial criteria, to integrate the social, environmental and governance conduct of firms into their investment decisions. The universe for S and P ESG India Index includes the top 500 Indian companies as per market capitalisation and listed on the National Stock Exchange of India Limited. In addition to this, CRISIL also worked with S and P to develop a new ESG methodology for creating / launching of global S and P ESG indices.

As part of the collaborative efforts, C-CER published 4 reports / articles on Asia-Pacific economies for S and P they also brought out 4 issues of the South Asia Economic Outlook to provide an overview of and insights on the

South Asian economies in the region, along with the key initiatives of Standard and Poor’s in the region.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

CRISIL BUSINESS

CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. They are India’s leading ratings agency. They are also the foremost provider of high-end research to the world’s largest banks and leading corporations. With sustainable competitive advantage arising from their strong brand, unmatched credibility, market leadership across businesses, and large customer base, they deliver analysis, opinions, and solutions that make markets function better. CRISIL’s majority shareholder, Standard and Poor’s, is the world’s foremost provider of independent credit ratings. Standard and Poor’s is a part of The McGraw- Hill Companies.

CRISIL RATINGS

The domestic environment remained challenging during 2012 with slowing demand, high inflation and interest rates, and tight liquidity. The global macroeconomic conditions deteriorated, with recession in the Eurozone, and slackening in the US economy. These factors resulted in a weak investment climate, and subdued debt markets in India. The corporate bond market had very few new issuers. The securitisation market, however, revived in the second half of 2012, with issuers and investors getting accustomed to the new guidelines issued by the Reserve Bank of India. The bank loan ratings (BLRs) showed healthy growth over the previous year and is expected to remain buoyant on the back of the growing trend among small companies to get their loans rated. The bond market may remain sluggish in the first half of 2013, on account of slowdown in the global business environment and the persistently high inflation. However, reform measures announced by the Government of India to spur domestic growth, and expected revival in investments in the second half of 2013 may strengthen the long-term prospects for the bond market.

The demand for Small and Medium Enterprise (SME) ratings was steady during the year. Enhanced awareness about the benefits of ratings, the banks’ growing acceptance of CRISIL’s SME ratings, and CRISIL’s intensive outreach initiatives and expansion into new markets and territories are expected to continue spurring demand for SME ratings in 2013, despite the challenging business environment.

Global Analytical Centre (GAC) will continue to play a critical role for S&P Ratings, driven by S and P’s focus on service excellence in ratings.

FIXED ASSETS:

Intangibles Assets:

• Goodwill

Tangibles Assets:

• Buildings
• Furniture and Fixtures
• Office Equipments
• Computers
• Vehicles

STATEMENT OF FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2013

Rs. in Millions

Sr. No.	Particular	3 Months Ended	Corresponding 3 Months Ended
		Unaudited	Unaudited
1.	Net Sales/Income from Operations	1881.200	1868.500
	Other Operating Income	7.300	5.000
	Total Income From Operations (Net)	1888.500	1873.500
2.	Expenditure
	Staff Expenses	705.100	622.400
	Rent Expense	89.900	99.800
	Establishment Expense	69.800	57.400
	Professional Fees	161.200	139.300
	Travel Expenses	41.000	39.400
	Professional Fees - Associate Services	51.100	57.500
	Other Expenses	115.200	106.200
	Depreciation / Amortization	56.900	57.400
	Total Expenses	1290.200	1179.400
3.	Profit From Operations before Other Income, Interest and Exceptional Items (1-2)	598.300	694.100
4.	Other Income	37.600	45.000
5.	Profit Before Interest and Exceptional Items (3+4)	635.900	739.100
6.	Interest	--	--
7.	Profit After Interest but before Exceptional Items (5-6)	635.900	739.100
8.	Exceptional Items	--	--
9.	Profit from Ordinary Activities before Tax (7+8)	635.900	739.100
10.	Tax Expense	179.900	200.600
11.	Net Profit from Ordinary Activities after Tax (9-10)	456.000	538.500
12.	Extraordinary Item (net of expense)	--	--
13.	Net Profit for the period (11-12)	456.000	538.500
14.	Paid-up Equity Share Capital (Face Value of Re.1/- Each)	70.200	70.100
15.	Reserves Excluding Revaluation Reserve	--	--
16.	Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised
	a) Basic and diluted EPS before extraordinary items	6.49	7.69
	b) Basic and diluted EPS after extraordinary items	6.47	7.64
17.	Public Shareholding
	-Number of Shares	33026260	32848960
	- Percentage of Shareholding	47.02	46.89
18.	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	Nil	Nil
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	Nil	Nil
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	Nil	Nil
	b) Non Encumbered
	- Number of Shares	37209480	37209480
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	100%	100%
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	52.98	53.11

Particulars	3 Months Ended 31.03.2013
Pending at the beginning of the quarter	Nil
Received during the quarter	25
Disposed of during the quarter	25
Remaining unresolved at the end of the quarter	Nil

STATEMENT OF SEGMENT RESULTS FOR THE QUARTER ENDED MARCH 31, 2013

Rs. in Millions

Particular	3 Months Ended	Corresponding 3 Months Ended
	Unaudited	Unaudited
Operating Revenue
A. Rating Services	994.000	1012.200
B. Advisory Services	0.000	0.000
C. Research Services	887.200	856.300
Total Operating Revenue from operations	1881.200	1868.500
Less: Inter Segment Revenue	0.000	0.000
Net Income from Operations	1881.200	1868.500
Segment Profits
A. Rating Services	386.000	470.200
B. Advisory Services	0.000	0.000
C. Research Services	266.300	299.100
Total Operating profit	652.300	769.300
Add / ( Less )
i. Interest	0.000	0.000
ii. Other unallocable income net of unallocable expenditure	40.500	27.200
iii. Depreciation / Amortisation	(56.900)	(57.400)
Net Profit from ordinary activities before tax	635.900	739.100
Capital Employed
A. Rating Services	232.800	(45.600)
B. Advisory Services	0.000	0.000
C. Research Services	2022.900	1742.700
D. Unallocable (Net)	2798.800	2595.900

NOTES:

1. The above results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on April 18, 2013.

2. The Board has declared an interim dividend of Rs 3 per share having nominal value of Re. 1 each.

3. The Company’s operations predominantly relate to providing rating, advisory and research services. Accordingly, revenues earned through rendering of these services represent the primary basis of segment information set out above.

4. Assets and liabilities used interchangeably between segments has been classified as unallocable. The Company believes that it is currently not practicable to allocate all assets and liabilities since a meaningful segregation of the available data is not feasible.

5. Other expenses for the quarter ended March 31, 2013 includes foreign exchange loss of Rs. 43.800 Millions as against a loss of Rs. 28.600 Millions in the corresponding previous quarter ended March 31, 2012. Other income for the quarter ended December 31, 2012 includes foreign exchange gain of Rs. 40.200 Millions.

6. In the corresponding previous quarter, there was a one-time impact of Rs. 73.000 Millions in rating revenue pertaining to 2011 on account of certain price renegotiations with retrospective effect.

7. The promoters have not pledged any shares owned by them.

8. The figures of the quarter ended December 31, 2012 are the balancing figures between audited figures of the full year ended December 31, 2012 and the unaudited published year to date figures up to the third quarter of the respective year.

9. The standalone unaudited financial results of the Company for the quarter ended March 31, 2013 has only been subjected to limited review by the auditors.

10. CRISIL completed the acquisition of Coalition Development Limited (Coalition), a UK-based analytics firm, on July 4, 2012. The financials of Coalition and its subsidiary has been consolidated with those of CRISIL with effect from the said date. Coalition provides high-end analytics, mainly to leading global investment banks, and is a dynamic high-growth company with a firmly established premium brand.

11. The Consolidated accounts include accounts of CRISIL Limited and its wholly owned subsidiaries - CRISIL Risk and Infrastructure Solutions Limited, Pipal Research Analytics and Information Services India Private Limited, Coalition Development Systems (India) Private Limited, Mercator Info-Services India Private Limited, CRISIL Irevna Information and Technology (Hangzhou) Company Limited, CRISIL Irevna UK Limited and its subsidiary CRISIL Irevna US LLC, CRISIL Irevna Argentina S.A., CRISIL Irevna Poland Sp.Zo.o., Coalition Development Limited, UK and Coalition Development Singapore Pte. Limited and proportionate share in income and expenses of joint venture - India Index Services and Products Limited.

12. Previous year / quarter figures have been regrouped where necessary to conform to current year / quarter classification.

PRESS RELEASE:

CRISIL LIMITED: UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31, 2013

APRIL 18, 2013

MUMBAI

The Board of Directors of CRISIL Limited, at its meeting held today, approved the Unaudited Financial Results for the first quarter ended March 31, 2013.

CRISIL registered a consolidated income from operations of Rs. 2550.000 Millions for the quarter ended March 31, 2013, as against Rs. 2297.400 Millions in the corresponding quarter of the previous year, an increase of 11 per cent.

The consolidated profit after tax for the quarter was Rs. 495.700 Millions as against Rs. 569.800 Millions in the corresponding quarter of the previous year. In the corresponding quarter of the previous year, there was a onetime revenue impact of Rs.73.000 Millions on account of certain price renegotiations .The Board of Directors has declared an interim dividend of Rs. 3 per share on face value of Re.1 per equity share for the financial year ended December 31, 2013.

The operating environment in India, the US and Europe, the principal markets for CRISIL, remained challenging during the quarter. While India witnessed muted economic growth with a weak overall investment climate, there was continued pressure on the global banking industry. Despite the challenging environment, growth in CRISIL Global Research & Analytics (GR and A) business was driven by the acquisition of Coalition and new client additions. In India, revenue growth was driven by SME Ratings and a pick-up in the securitization transactions towards the end of the quarter.

The CRISIL Research business, too, has been impacted by the slowdown in the economy and volatility in the capital markets. However, during the quarter, CRISIL Research won a prestigious mandate from the National Pension Systems (NPS) Trust, set up under Pension Fund Regulatory and Development Authority (PFRDA), to review the performance of the pension fund managers under the NPS.

CRISIL Risk and Infrastructure Solutions Limited (CRIS), a wholly-owned subsidiary of CRISIL Limited, houses the infrastructure advisory and risk solutions business. The uncertain investment climate and delayed decision-making have also had a bearing on the infrastructure advisory and risk solutions businesses. However, the Company won several prestigious assignments in the urban infrastructure space, cementing its position as the leading provider of advisory services in the urban sector in India.

During the quarter, the Company launched the CRISIL Foundation, a Corporate Social Responsibility platform for achieving its twin goals of increasing financial awareness and conserving the environment. In its first year, the CRISIL Foundation will partner with non-profit organizations ‘Educate Girls’ and ‘RGVN’ respectively to positively impact the lives of more than 50,000 women and youth by teaching them the basics of personal finance.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.55.74
UK Pound	1	Rs.84.17
Euro	1	Rs.72.03

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT / DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		73

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.