History of Crisil Ltd.
YEAR EVENTS 1987 - The Credit Rating Information Services of India Limited [CRISILs], was incorporated on January 29, as a Public Limited Company, was promoted by leading financial institutions, & a host of nationalised Banks, foreign Banks & private sector Banks, with the main promoters being The Industrial Credit & Investment Corporation of India Limited [ICICIs], Unit Trust of India [UTIs] & Housing Development Finance Corporation Limited [HDFCs]. The Company, which obtained the Certificate of Commencement of Business on 3rd March.
- The unit was set up with the objective of analysing, rating and evaluating various securities & instruments such as loans, debentures, shares etc.
- Three new centres of excellence headed by senior executives were created to cover financial sector, infrastructure sector and manufacturing sector.
1991 - The Comp. provided technical assistance & training to rating agency in Malaysia Berhad [RAMs]. In addition the Company provided technical assistance & training to MAALOT, the Israeli Securities Rating Comp. Ltd.
1992 - 42,00,000 No. of equity shares allotted to promoters ICICI along with other institutions & banks.
1993 - The Comp. launched Ratings Digest a compilation in five volumes of Crisils rating reports organised by industry categories. Also `Bancard' analysed information on select banks & `Crisilview' containing analysed information together with Crisils opinion on credit standing of any listed Comp. were launched.
- 20,00,000 new shares issued at a premium of Rs 40 per share of which the net offer to the Indian public was 16,50,000 shares.
1994 - Three new regional offices were opened at Hyderabad, Chandigarah & Pune. It was the first rating agency to rate commercial papers in 1989, debt instruments of financial institutions and banks in 1992 & asset backed securities in 1992.
- The Comp. launched its rating service for real estate developers projects. The Advisory Services Group carried out credit assessments of several state Governments & State Electricity Boards at the behest of investors setting up power project.
- The Investment Research Division introduced Ecoscan a software package representing the macroeconomic data on Indian economy through a menudriven user interface. The other product Crisilview provides opinion on the credit standing of almost any listed Comp. in India.
1996 - CRISIL also developed & launched municipal bond ratings and developed methodologies for other public bodies.
- During the year Standard and Poor Rating Services, USA signed an agreement with Asian Development Bank to acquire 9.6% interest in CRISIL that ADB owned which is subject to approval by RBI.
1997 - During the year, the Comp. introduced `Criservice' a retainership service positioned to service the total research requirements of clients, a Comp. analytical product providing earnings forecast on companies by Crisil Research & Information Services, two segment specific equity indices viz. Crisil MCN Index & the Crisil Indian Business Group Index, the real time calculation & dissemination of Crisil Equity indices & the bond valuation service to price non-traded bonds held by mutual funds.
- A joint venture agreement was entered into between CRISIL, NSE & Standard and Poor Financial Information Services for carrying out Index business & related activities.
- Credit Rating & Information Services India Ltd [Crisils] is tie-up with the Mumbai Stock Exchange [BSEs] to promote the Crisil-500 index among its members.
- Standard and Poor Rating Services, the world largest rating agency, cemented its business alliance with the Credit Rating Information Services of India Ltd [Crisils] further by acquiring a minority 9.6 per cent stake in it.
- The Credit rating Information Services of India Ltd [Crisils] has launched two segment benchmark equity indices - Crisil MNC Index & Crisil Indian Business Groups Index.
- For the first time a state government body, Gujarat Industrial Investment Corporation has planned to tie up with a credit rating agency, Crisil, to avail to their multi pronged services.
- Credit Rating and Information Services of India Ltd [Crisils] has downgraded the fixed deposit programmes of Arihant Credit Capital Ltd & Nucleus Securities limited Arihant FD programme has been downgraded from FA- to FB+ while Nucleus Securities FD programmes has been downgraded from FA to FA-.
- The Credit Rating Information Service of India Limited [CRISILs] has assigned A rating to Rs 1 billion bond issue of the Bangalore City Corporation [BCCs].
- Credit Rating Information Services of India [Crisils] has assigned an AAA [structured obligations] rating to the upcoming Rs.250-crore infrastructure bond issue of Konkan Railway Corporation [KRCLs].
- Crisil has assigned a P1 + for Rs.100-crore commercial paper issue of Asea Brown Boveri, the Rs.20-crore commercial paper of Burroughs Wellcome [Indias], the Rs.20-crore commercial paper of Nahar Spinning Mills, & the Rs.110-crore commercial paper of Ranbaxy Laboratories.
- The Credit Rating Information Services of India Ltd [Crisils] has upgraded the rating of four bond issues of Sardar Sarovar Narmada Nigam Ltd from A [sos] to A+[sos].
- Credit Rating & Information Services of India ltd has assigned an AAA rating for Videsh Sanchar Nigam Ltd [VSNLs], Rs.100 crore debt programme, indicating highest safety of timely payment of interest & principal.
- The Credit Rating Information Services of India Ltds] [Crisils] has downgraded the rating assigned to Bombay Dying & Manufacturing Company to `AA+' [double A pluss] for its Rs. 23.35 crore NCD programme & Rs. 68.89 crore secured premium notes [SPNs].
- The Credit Rating Information Services of India Limited [CRISILs] has assigned a triple A rating to Industrial Credit and Investment Corporation of India Limited [ICICIs] debenture programme of Rs 30 billion with a green shoe option of additional Rs 30 billion indicating the highest safety regarding timely payment of interest & prinicpal. All the outstanding ratings of ICICI have been reaffirmed.
- The Credit Rating & Information Services of India Ltd [Crisils] has assigned P1+ ratings to the debt programmes of Wipro & Bajaj Auto Finance Ltd.
- The Credit Rating Information Services of India Ltd [CRISILs] on Friday said it had assigned a `P1' rating to the Rs 10 crore commercial paper issue of Tata Finance Ltd.
1998 - The Credit Rating Information Services of India [CRISILs] has downgraded the debt programmes of Ashok Leyland, Kothari Sugars & Chemicals [KSCLs], Lloyds Steel Industries [LSILs] & Pennar Aluminium Comp. [PALCOs].
- Credit Rating Information Services of India Limited [Crisils] has downgraded the fixed deposit programme [FDPs] rating of Arihant Credit Capital Limited [ACCLs] from `FB', indicating that the issue was either in default or was expected to be in default upon maturity.
- The Credit Rating Information Services of India Ltd [Crisils] has assigned a P1+ rating to the Rs.150-crore commercial paper [CPs] programme of Indian Aluminium Comp. Ltd [Indals].
- The Credit Rating Information Services of India Ltd [Crisils], has downgraded the partly convertible debentures of Hindustan Development Corporation & the fixed deposit programme of Premier Housing & Industrial Enterprises Ltd.
- The Credit Rating Information Services of India Ltd [Crisils] has downgraded the Rs.17-crore non-convertible debenture [NCDs] plan of Welspun India Ltd [WILs] from A to triple-B.
- The Credit Rating Information Services of India Ltd [Crisils] has assigned a triple-A [SOs] rating to the Rs.235-crore bond programme of National Capital Region Planning Board [NCRPBs].
- The Credit Rating & Information Services India limited [CRISILs] has downgraded the credit ratings of instruments of Cifco Finance limited [CFLs] & Rajasthan Petro Synthetics limited [RPSLs] to default status from inadequate safety, a Crisil press release stated. The fixed deposit rating of Cifco Finance has been lowered to FD [defaults] from FB [inadequate safetys].
- The Credit Rating Information Services of India Ltd [Crisils] has assigned an A-[SOs] rating to the Rs.500-crore bond programme of Andhra Pradesh State Electricity Board [APSEBs].
- Credit Rating Information Services of India Ltd [Crisils] has assigned an `AAA' rating to New India Assurance company.
- The Credit Rating Information Services of India [Crisils] has placed the outstanding ratings of A-plus & FAA-minus assigned to Anagram Finance Ltd debenture issues & fixed-deposit programmes on rating watch with developing implications.
- Crisil has assigned a P1+ rating to the Rs.10 crore commercial paper programme of Seagram Manufacturing Pvt Ltd, a subsidiary of the Seagram Comp. Ltd.
- Credit Rating Information Services of India [Crisils] has assigned a P1+ rating to the Rs. 100-crore commercial paper programme of Wipro Ltd.
- The rating assigned to the fixed deposit programme of Coimbatore-based Annamalai Finance Limited has been downgraded from `Fa+' to `Fa' by Credit Rating Information Services of India Limited. 21/08/98
- The Credit Rating & Information Services of India Ltd [Crisils] & the National Stock Exchange [NSEs] have come together to form a 50:50 joint venture Comp. called India Index Services and Products Ltd [IISLs].
- The Credit Rating Information Services of India Limited has assigned a `P1' rating to the Rs 500-million commercial paper programme of Century Textiles & Industries Limited.
- Credit Rating Information Service of India Ltd [Crisils] has downgraded the fixed deposit & non-convertible debenture [NCDs] issue programmers of Sicom.
- The Credit Rating Information Services of India Limited [Crisils] has downgraded the fixed deposit programme of Srei International Finance Limited from FA + to FA.
- Crisil has assigned a P1 + rating to the Rs 19.35-crore commercial paper programme of Parke-Davis.
- Credit Rating Information Services [Crisils] has downgraded Kalyani Steels Ltd Rs 10-crore non convertible debenture [NCDs] issue & the Rs 51-crore NCD issue from A to BBB+, indicating moderate safety.
- The Credit Rating Information Services of India Limited [CRSILs] has assigned a P1 rating to the Rs 120 million Commercial Paper Programme of Chicago Pneumatic India Ltd [CPILs].
1999 - Credit Rating & Information Services of India Ltd [Crisils], has decided not to make ratings issued for private placements of debt public any longer.
- Credit Rating and Information Services India Ltd [Crisils] has developed a software for uniform valuation of non-traded debt securities of mutual funds.
- The Andhra Pradesh State Electricity Board [APSEBs] has commissioned the services of Credit Rating Information Services of India limited [CRISILs] to undertake an evaluation of the escalation in capital cost of 235 MW gas-fired private power station in Jegurupadu.
- The rating assigned to SAIL FD programme has also been downgraded from `FA-' to `FB+', again reflecting inadequate safety.
- The Credit Rating Information Services of India Limited [Crisils] today entered into an agreement with the National Real Estate Developers Council [Naredcos] to rate real estate projects.
- Crisil had assigned a `BBB' rating for Ballarpur Industries's non-convertible debenture programmes amounting to Rs. 179.99 crores & an `FA-' rating for its fixed deposit programme.
2000 - Credit Rating Information Services of India limited has assigned `AAA' [triple As] rating to the Rs 1-billion debenture issue of Larsen and Toubro Ltd.
- Crisil has upgraded `A' rating assigned to the Rs 175-crore non-convertible debenture [NCDs] issue of Bharti Cellular to AA- [high safety with relatively lower standing within the categorys] rating.
- The Board approved the formation of new subsidiary, Crisil.com limited Crisil has launched a Web site to provide comprehensive information & decision support system for business & personal investment needs.
- Crisil has downgraded the FA+ rating assigned to the fixed deposit programme of New Kenilworth Hotel to FA.
- Crisil has assigned BBB+ [moderate safety with relatively higher standing within the categorys] rating to the two non convertible debenture issues aggregating Rs 6.66 crore of Stone India on rating watch with development implications.
- Crisil has upgraded the FA- rating assigned to the FD programme of Andhra Bank Housing Finance to FA.
- Crisil has assigned a P1+ rating to the Rs 26.80 crore commercial paper [CPs] programme of Parke Davis India.
- Criril has reaffirmed the AAA rating assigned to a Rs 150 crore NCD issue of ITI.
- Crisil has assigned a P1+ rating to the CP programme of Highway Cycle Industries for an enhanced amount of Rs 11 crore.
- Crisil has assigned a P1+ rating to the proposed Rs 10 crore short term debenture programme of GMAC-TCFC Finance.
- Crisil has introduced a new rating category titled `not meaningful' [Nms] for all of its three existing rating scales.
- The Comp. has assigned a `AAA [SOs]' rating to the first ever issue of mortgage-based securities backed by mortgages originated by HDFC.
- The Comp. has suspended `Fd' rating indicating default, for the fixed deposit programme of Synergy Financial Exchange limited and Shoppers' Investment & Finance Comp. Ltd.
- The Crisil has assigned an 'A [SOs]' rating to the proposed Rs 3500 crore programme of Andhra Pradesh Power Finance Corporation.
- Crisil has suspended the ratings assigned to the fixed deposit programmes of Allianz Capital of management Services Ltd, BCL Financial Services limited & Aravali Securities & Finance Ltd.
- Credit Rating Information Services of India Ltd has upgraded the Rs 29.4 crore non-convertible debentures [NCDss] issue of pharmaceutical firm Wockhardt Ltd to AA+ from AA.
- The Comp. has downgraded the ratings of Eicher Ltd Rs 31.6 crore non-convertible debenture NCD issue & the fixed deposit FD programme.
- Investment Information & Credit Rating Agency Ltd has assigned an `A1 +' rating to the Rs. 5-crore commercial paper programme of Liberty shoes Ltd.
- The Comp. has launched economic data tool EcoPlus.
- CRISIL is set to launch a composite index to reflect NAVs of all diversified equity funds.
- Crisil has launched three mutual fund indices for open-end funds - general equity funds index [Crisil Fund-eXs], general debt funds index [Crisil Fund-dXs] & general balanced funds index [Crisil Fund-bXs].
- The Comp. has placed the `AAA' rating assigned to the bond issues of Small Industries Development Bank of India & the `FAAA' rating assigned to the fixed deposit programme of SIDBI on rating watch with negative implications.
2001 - Crisil, has entered into an alliance with Teauction.com, a leading B2B online tea exchange, to provide e-commerce evaluation & e-commerce rating services for Teauction.com exchange participants.
- The Credit Rating Information Services of India has downgraded the outstanding 'FA+' rating on fixed deposit rating programme of SAI Service Station to 'FA'.
2002
-Starts the rating services to Healthcare companies.
-Ties up with Getit Infomediary Ltd to offer certification & verification services called TrustMe for businesses & the service industry.
-Board approves for allotments of 65000 shares to the employees & wholetime directors.
-Mr R Ravimohan gives resignation as MD of Crisil.
-Five states together form 50% aggregate state level guarantees to encounter aggregate debt servicing obligation.
-Assigns highest rating to Citibank loan securitisation program worth Rs. 28.41cr.
-Mr A V Rajwade ceases to be the Director on the Board of company.
-Crisil Infrastructure Advisory undertakes integrated infrastructure development projects.
-According to its Research Centre, the GDP of country will grow at 5.52% & inflation would touch 3.5 - 4% in the fiscal year.
2003
-Demotes Rs.600 cr bonds issue of Bank of Baroda from AAA to AA+.
-Allotment Committee of board allots 9200 equity shares of Rs.10 each of Comp. to the employees under ESOP scheme.
-Crisil grants permission & allots 67500 number of options to the employees & wholetime directors.
-Housing Finance Sector disbursements grow 54% between April - December.
-The Draft Paper envisages the differential power tarrifor both peak & off-peak hours for development of demand side management.
-Board approves for change in the name of Comp. to 'CRISIL Limited'.
-Launches the 'Crisil Awards for excellence in Municipal Initiatives' .
-Tightens the methods of assessing the credit worthiness of state governments guaranteed papers & begins that guarantors fund the liabilities.
-OpenheimerFunds acquires 3,13,233 shares of Comp. representing 5.02% of paid up capital.
-Rating trends indicates the improvement in the Indian Economy would continue to grow at 7.1%.
-Launches 'rating outlooks' on ratings of long term instruments & fixed deposits floated by corporates.
-Allots 4000 equity shares of Rs.10 each of Comp. under ESOP scheme.
-Mr Rakesh Jhunjhunwala along with wife Rekha Jhunjhunwala acquire 10000 shares of Comp. amounting to 0.16% of total paid up capital of company.
-Allotted 19300 equity shares of Comp. on exercising Stock Options granted to employees under the Employees Stock Option Scheme of Company.
-CRISIL acquires leading Global Gas Advisory and Information Company
-The Credit Rating Information Services Of India Ltd has informed that The Central Government has approved the change of name of Comp. from 'The Credit Rating Information Services of India Ltd' to 'CRISIL LIMITED' w.e.f December 15, 2003.
-Crisil buys out London-based gas advisory firm
2004
-The Credit Rating Information Services Of India Ltd has informed that the BOD at their meeting held on January 02, 2004, appointed Mr H N Sinor as additional director to hold the office upto the date of ensuing AGM.
-CRISIL makes strategic equity investment in NCDEX
-The Credit Rating Information Services Of India Ltd has informed that Mr. H.N. Sinor was appointed as Additional Director on the Board of Comp. on January 2, 2004 & his share holding is NIL.
- Rating agency Crisil Ltd announced its strategic equity investment in the Caribbean Information & Credit Rating Agency limited Caribbean Information is a $3.5 million entity & multilateral agencies hold a stake in it. Crisil has picked up around nine per cent in the share capital of Caribbean Comp. for $3 lakh. It will also provide technical assistance to the agency to establish & stabilise its operations.
- Crisil introduces net rating system for public floats
2005
-Kotak Mahindra Captial Comp. Limited ['Manager to the Offer's], has informed that The Mc-Graw-Hill Companies,Inc., a Comp. incorporated under the laws of State of new York in the United States of America ['MHC's] & S&P India LLC,a Comp. incorporated under the laws of state of Delware in the United sates of America,acting ['S&P India' and, collectively with MHC, 'Acquirers's],acting in concert with each other pursuant to an in compliance with, among others, regulations 10 & 12 of SEBI[Substantial Acquisition of shares & Takeoverss]Regulations 1997,as amended['Regualtions's] are making this voluntary offer to acquire up to 3,534,488 fully paid up equity shares['Offer Size's] of CRISIL Limited['Target Company's] representing 55.67% of voting equity capital['Share Capital's] of target Comp. as on December 31,2004 at a price of Rs.680 for each share of target Comp. [such price,the'Offer Price's] to be paid in cash accordance with the Regulations.
2006
-CRISIL Ltd has informed that Mr. Michael Petit was appointed as Alternate Director to Ms Vickie Tillman on the Board of Comp. with effect from October 12, 2006.
