Page 223 - DCOM304_INDIAN_FINANCIAL_SYSTEM

Indian Financial System

Notes Let us know a brief about each of them

1. Credit Rating Information Services of India Limited (CRISIL): Established in 1987, CRISIL
is India's leading Ratings, Research, Risk and Policy Advisory company. CRISIL delivers
opinions and solutions that:
(a) Make markets function better,
(b) Help clients mitigate and manage their business & financial risks, and
(c) Help shape public policy.

CRISIL offers domestic and international customers a unique combination of local insights
and global perspectives, delivering independent information, opinions and solutions that
help them make better informed business and investment decisions, improve the efficiency
of markets and market participants, and help shape infrastructure policy and projects. Its
integrated range of capabilities includes credit ratings; research on India's economy,
industries and companies; investment research outsourcing; fund services; risk
management and infrastructure advisory services.
2. Investment Information and Credit Rating Agency of India (ICRA): ICRA Limited (formerly
Investment Information and Credit Rating Agency of India Limited) was set up in 1991 by
leading financial/investment institutions, commercial banks and financial services
companies as an independent and professional Investment Information and Credit Rating
Agency. The international Credit Rating Agency Moody's Investors Service is ICRA's
largest shareholder. The participation of Moody's is supported by a Technical Services
Agreement, which entails Moody's providing certain high-value technical services to
ICRA. Specifically, the agreement is aimed at benefiting ICRA's in-house research
capabilities, and providing it with access to Moody's global research base. Today, ICRA
and its subsidiaries together form the ICRA Group of Companies (Group ICRA). ICRA is
a Public Limited Company, with its shares listed on the Bombay Stock Exchange and the
National Stock Exchange.

ICRA information products, Ratings, and solutions reflect independent, professional and
impartial opinions, which assist businesses enhance the quality of their decisions and help
issuers access a broader investor base and even lesser known business entities approach
the money and capital markets.
As an early entrant in the Credit Rating business, ICRA Limited is one of the most experienced
Credit Rating Agencies in the country today. ICRA Rates rupee denominated debt instruments
issued by manufacturing companies, commercial banks, non-banking finance companies,
financial institutions, public sector undertakings and municipalities, among others. ICRA
also Rates structured obligations and sector-specific debt obligations such as instruments
issued by Power, Telecom and Infrastructure companies. The other services offered include
Corporate Governance Rating, Stakeholder Value and Governance Rating, Corporate
Governance Assessment, Credit Risk Rating of Debt Mutual Funds, Rating of Claims Paying
Ability of Insurance Companies, Project Finance Rating, and Line of Credit Rating. ICRA,
along with National Small Industries Corporation Limited (NSIC), has launched a
Performance and Credit Rating Scheme for Small Scale Enterprises in India. The service is
aimed at enabling Small and Medium Enterprises (SMEs) improve their access to institutional
credit, increase their competitiveness, and raise their market standing.

3. Credit Analysis & Research Limited (CARE): Credit Analysis & Research Ltd. (CARE
Ratings) is a full service rating company that offers a wide range of rating and grading
services across sectors. CARE Ratings methodologies are in line with the best international
practices.

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