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About Crisil

Crisil is a global, insights-driven analytics company. Our extraordinary domain expertise and analytical rigour help clients make mission-critical decisions with confidence.

Large and highly respected firms partner with us for the most reliable opinions on risk in India, and for uncovering powerful insights and turning risks into opportunities globally. We are integral to multiplying their opportunities and success.

Headquartered in India, Crisil is majority owned by S&P Global.

Founded in 1987 as India’s first credit rating agency, our expertise today extends across businesses: Crisil Ratings, Crisil Intelligence, Crisil Coalition Greenwich and Crisil Integral IQ.

Our globally diverse workforce operates in the Americas, Asia-Pacific, Europe, Australia and the Middle East, setting the standards by which industries are measured.

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About Regulated Research provided by Crisil Limited

Crisil Limited is registered as a Research Analyst with SEBI (Registration No INH000007854), herein referred to as “Crisil Intelligence”. We provide insights, opinion, analysis, and data on the Indian economy, industry, capital markets, and companies.

We are the largest valuation agency for fixed income securities, and a prominent debt and hybrid index provider in India. We publish rankings for mutual fund schemes, and provide granular portfolio analysis services for asset managers, financial intermediaries, retirement funds and institutional investors.

Our data and analytics platforms - Alphatrax and Quantix - enable our clients to assess Industry and Company level risks based on Crisil’s proprietary models.

Our Company reports (that combine select financial and non-financial data, analytics from our proprietary risk models, and commentary on company’s financial performance) are used by commercial banks, financial institutions, and non-banking finance companies as part of their credit/ risk management process.

Our SME Gradings, used by lenders, assess creditworthiness of SME enterprises relative to the peers leveraging our proprietary grading model. The framework includes assessment of entity-level financial and operating performance, as well as industry-level drivers.

Registration granted by SEBI and certification from NISM in no way guarantee performance of the intermediary or provide any assurance of returns to investors

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Analyst Disclosure

Notwithstanding any member(s) of the team, who are involved in the preparation of this Report and/or whose names are published as part of this Report and their relatives, having financial interest or actual/ beneficial ownership in the form of securities holding (of less than 1%), at an individual level, if any, with any of the members having served as officers, directors, or employees of the companies in the last 6 months or having engaged in market making activities, in the subject companies, there exists no material conflict of interest which can affect the neutrality or bias the output of the Report, given the deployed procedural safeguards including but not limited to objective methodology followed in the process of execution with no influence at an analyst level and the outputs being executed at a portfolio level, with no separate analysis for an individual company.

Members of the team (including their relatives) involved in the preparation of this report and whose names are published as part of this report, as may be required, hereby affirm that 

• There exists no conflict of interest (including any financial interest or actual/ beneficial ownership of 1% or more of the securities of the subject companies) that can bias the output of the Report. 
• Neither the members have served as officers, directors, or employees of the companies analyzed in the report in the last 6 months nor have they engaged in market making activities for the subject companies. 
• None of the members of the team involved in the preparation of this report have received any compensation whatsoever from the subject company or third party in the past twelve months in connection with the research report.

None of the members involved in the preparation of this report have managed or co-managed public offering of securities for the subject company in the past twelve months

Terms and Conditions

This Report is based on data publicly available or from sources considered reliable. Crisil Intelligence does not represent that the Report is accurate or complete and hence, it should not be relied upon as such. Opinions expressed herein are our current opinions as on the date of this report. Nothing in this report constitutes investment, legal, accounting or tax advice or any solicitation, whatsoever. The subscriber/ user assumes the entire risk of any use made of this data/ report. Crisil especially states that, it has no financial liability whatsoever, to the subscribers/ users of this report.

This Report is additionally subject to your contractual terms with Crisil.

The report is for use within the jurisdiction of India only. Nothing in this report is to be construed as Crisil providing, or intending to provide, any services in other jurisdictions where Crisil does not have the necessary permissions and/ or registration to carry out its business activities. The user will be solely responsible for ensuring compliance for use of the report, or part thereof, outside India.

Crisil Limited operates independently of, and does not have access to information obtained by Crisil Ratings Limited, which may, in their regular operations, obtain information of a confidential nature. The views expressed in this Report are that of Crisil Intelligence, and not of Crisil Ratings Limited. 

Company Disclosure 

• Crisil Intelligence or its associates do not provide investment banking or merchant banking or brokerage or market making services. 
• Crisil Intelligence encourages independence in research report preparation and strives to minimize conflict in preparation of research reports through strong governance architecture comprising of policies, procedures, and disclosures. 
• Crisil Intelligence prohibits its analysts, persons reporting to analysts, and their relatives from having any financial interest in the securities or derivatives of companies that the analysts cover. 
• Crisil Intelligence or its associates collectively may own 1% or more of the equity securities of the Company mentioned in the report as of the last day of the month preceding the publication of the research report. 
• Crisil Intelligence or its associates may have financial interest in the form of holdings in the subject company mentioned in this report. 
• Crisil receives compensation from the company mentioned in the report or third party in connection with preparation of the research report. 
• As a provider of ratings, grading, data, research, analytics and solutions, infrastructure advisory, and benchmarking services, Crisil or its associates are likely to have commercial transactions with the company and may receive compensation for the services provided. 
• Crisil Intelligence or its associates do not have any other material conflict of interest at the time of publication of the report.
• No material disciplinary action has been taken against Crisil Intelligence or its analysts by any Regulatory Authority impacting Research Analyst activities. 
• Crisil Intelligence may have commercial interests with one or more asset management companies whose funds have been considered for analysis in this Report, provided that nothing herein shall affect the neutrality or bias the output of the Report due to reasons including but not limited to deployed procedural safeguards such as objective methodology and criteria followed in the process of execution with no influence at an analyst level.