Words like ‘We’ or ‘Our’ can be understood as ‘The Company’ while reading this profile.
CRISIL (Credit Rating and Information Services of India Ltd.)
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Industry: Financial Services
Founded: 1987
Office: Global
Revenue Rs.538.994 crore (US$109.31 million) (March 2010)
Employees: 3200
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Credit Rating and Information Services of India Ltd. (CRISIL) a global analytical company providing ratings, research, and risk and policy advisory services. CRISIL's majority shareholder is Standard and Poor's. Standard & Poor's, a part of The McGraw-Hill Companies, is the world's foremost provider of credit ratings. CRISIL is the largest credit rating agency in India. CRISIL pioneered ratings in India more than 20 years ago, and is today the undisputed business leader, with the largest number of rated entities and rating products: CRISIL's rating experience covers more than 41,738 entities, including 20,000 small and medium enterprises (SMEs). As on June 30, 2011, it had more than 13,787 ratings (including over 6,800 SMEs) outstanding.
CRISIL's Global Analytical Centre (GAC) supports the Global Resource Management initiative of Standard & Poor's (S&P). Under this initiative, GAC provides resources to S&P to improve workflow efficiencies, handle end-to-end analytical jobs, process information, and execute complex modelling assignments.
CRISIL’s History:
Since its inception CRISIL has constantly redefined industry standards through best practices and innovations. Sharing with you, key milestones from its journey...
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1987 |
| - January 29: CRISIL, India's first credit rating agency, is incorporated, promoted by the erstwhile ICICI Ltd, along with UTI and other financial institutions.
- Mr. N Vaghul and Mr. Pradip Shah are CRISIL's first Chairman and Managing Director, respectively.
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1988 |
| § January 1: CRISIL commences operations within a year of its incorporation. The business environment is far from promising for the one-year old - the lending rates are fixed, and India has no such thing as a corporate bond market as yet. And, what's more, credit rating is an idea that's far ahead of its times. |
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1990 |
| - The CRISILCARD Service - providing comprehensive information and analytical opinion on India's corporate entities - is launched.
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1991 |
| - Despite the odds, and the initial lack of market acceptance of credit ratings, CRISIL's operations are now well established. It begins to acquire brand identity, with a reputation for analytical rigour and independence.
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1992 |
| - CRISIL offers technical assistance and training to help set up Rating Agency Malaysia Berhad, and MAALOT, the Israeli securities rating company.
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1993 |
| - CRISIL's IPO is a whopping success - its 20, 00,000 shares, sold at a premium of Rs.40 per share, are oversubscribed by 2.47 times.
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1994 |
| - Mr. R Ravimohan takes over as CRISIL's Managing Director.
- CRISIL diversifies business portfolio with a strategic entry into advisory services, and wins its first major mandate in the infrastructure policy advisory domain.
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1995 |
| - In partnership with the National Stock Exchange of India Ltd (NSEIL), CRISIL develops and launches the CRISIL500 Equity Index, helping investors clue in on stock price movements.
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1996 |
| - CRISIL forges a strategic business alliance with Standard & Poor's (S&P) Ratings Group. The tie-up is part of CRISIL's strategy to develop its skills and processes.
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1997 |
| - S&P acquires a 9.68 per cent stake in CRISIL. The alliance with the world's leading rating agency adds a new dimension to CRISIL's methodologies. It provides CRISIL with exposure to the international rating markets and to S&P's rating processes.
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1998 |
| - CRISIL sets up India Index Services Ltd (IISL), a joint venture with NSEIL, to provide a variety of indices and index-related services and products to India's capital markets.
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1999 |
| - CRISIL's proprietary Risk Assessment Model (RAM) becomes the banking industry standard: given the heightened regulatory focus on the banks' risk management practices, RAM serves as a customised credit rating model for the banks.
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2000 |
| - CRISIL acquires the business, and brand, INFAC, of Information Products and Research Services (India) Pvt Ltd. INFAC is a leading provider of research to India's financial sector. The acquisition strengthens CRISIL's research business, and makes it India's leading provider of integrated research.
- CRISIL launches the CRISIL Composite Performance Ranking (CRISIL~CPR) to provide performance evaluation standards and investment decision support to mutual fund houses, distributors, and investors.
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2001 |
| - CRISIL sets up subsidiary, Global Data Services of India Ltd, to standardise published financial data for analysis.
- CRISIL launches Mutual Fund Awards in association with CNBC-TV18 - a benchmark award for India's best performing mutual funds.
- CRISIL launches the CRISIL Young Thought Leader (CYTL) Award - to attract outstanding talent and provide a platform to India's future business leaders to showcase their views.
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2002 |
| CRISIL sets up: - The Centre for Economic Research - to apply economic principles to live business situations
- CRISIL MarketWire - to provide real-time financial news services to help clients make pricing- and investment-related decisions
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2003 |
| - CRISIL sets up its investment and risk management services group to offer integrated risk management solutions and advice to banks and corporates.
- CRISIL follows it up with its first overseas acquisition - EconoMatters Ltd (later the Gas Strategies Group), a London-based company providing natural gas related consulting, information and training, and conference-organising services.
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2004 |
| - CRISIL expands its global reach further with an equity investment in the world's first regional rating agency, the Caribbean Information and Credit Rating Services Limited (CariCRIS), which CRISIL also helps set up.
- The CRISIL Awards for Excellence in Municipal Initiatives are instituted, to recognise outstanding programmes in urban development.
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2005 |
| - The strategic alliance with S&P since 1996 culminates in S&P's acquiring majority control of CRISIL.
- CRISIL makes its second overseas acquisition, of Irevna, thus adding equity research to its wide canvas of work. Irevna is a leading global equity research and analytics company.
- CRISIL launches Small and Medium Enterprise (SME) Ratings to serve the specialised needs of the SME sector.
- CRISIL partners CNBC-TV18 for Emerging India Awards - the first platform to recognize and reward the achievements of India's Small & Medium Enterprises.
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2006 |
| - CRISIL launches IPO grading services to provide investors with independent, reliable, and consistent assessments of the fundamental strengths of new public issues.
- Irevna is ranked globally as the top Investment Research Outsourcing Firm by The Black Book of Outsourcing.
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2007 |
| - Ms. Roopa Kudva takes over as Managing Director and CEO of CRISIL, following Mr. Ravimohan's appointment as Managing Director and Region Head of S&P, South Asia.
- CRISIL assigns India's first Bank Loan Rating under the Reserve Bank of India's Basel-II related regulations.
- The Provident Fund Regulatory and Development Authority awards CRISIL with a prestigious mandate to assist in the selection of Fund Managers under the New Pension Scheme.
- The Black Book of Outsourcing ranks Irevna the No. 1 Financial Services Industry Analytics Outsourcing Firm.
- CRISIL launches Real Estate Awards with CNBC AWAAZ. The award honors India's exemplary developers and builders.
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2008 |
| - CRISIL launches Complexity Levels, an initiative to strengthen India's capital markets by providing greater transparency to investors.
- CRISIL's revenues cross Rs.5 billion in 2008.
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2009 |
| - CRISIL's SME Ratings group assigns its 5000th SME rating.
- CRISIL captures about half of India's bank loan rating market.
- Irevna is ranked globally by The Black Book of Outsourcing as the No. 1 Investment Research and Analytics Outsourcing Firm.
- CRISIL Research launches Independent Equity Research (IER).
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2010 |
| - CRISIL moves into a new, corporate head office - the new CRISIL House, at Powai, Mumbai, is a state-of-the-art, green building.
- CRISIL SME Ratings crosses its 15,000th SME rating.
- CRISIL launches Real Estate Star Ratings.
- CRISIL acquires Pipal Research, further strengthening its leadership in the KPO industry.
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CRISIL is India's leading ratings agency. It is also the foremost provider of high-end research to the world's largest banks and leading corporations. With sustainable competitive advantage arising from its strong brand, unmatched credibility, market leadership across businesses, and large customer base, it delivers analysis, opinions, and solutions that make markets function better. The CRISIL addresses a rich and globally-diversified client base. Within India CRISIL’s customers range from small enterprises to the largest corporations and financial institutions; outside India its customers include the world's largest banks and leading corporations. It also works with governments and policy-makers in India and other emerging markets in the infrastructure domain.
The CRISIL empowers its customers, and the markets at large, with independent analysis, benchmarks and tools. These help lenders and borrowers, issuers and investors, regulators, and market intermediaries make better-informed investment and business decisions. The company’s offerings allow markets and market participants to become more transparent and efficient - by mitigating and managing risk, taking pricing decisions, generating more revenue, reducing time to market and enhancing returns. By helping shape public policy on infrastructure in emerging markets, CRISIL catalyses economic growth and development in these countries.
CRISIL Research is India's largest independent research house. Through constant innovation, and comprehensive research offerings, covering the economy, industry and companies, CRISIL Research meets the requirements of more than 750 Indian and global clients. Apart from off-the-shelf research reports, CRISIL also provides incisive, customised research that allows clients to take informed business and investment decisions.
1. CRISIL Equities 2. Mutual Fund Research 3. Indices - IISL India Index Services and Products Ltd (IISL), a joint venture between NSE and CRISIL Ltd., was set up in May 1998 to provide a variety of indices and index related services and products for the Indian capital markets. It has a consulting and licensing agreement with Standard and Poor's (S&P), the world's leading provider of investible equity indices, for co-branding equity indices.
CRISIL offers domestic and international customers (CRISIL Global Research and Analytics consisting of Irevna and Pipal Research caters to international clients) with independent information, opinions and solutions related to credit ratings and risk assessment; energy, infrastructure and corporate advisory; research on India's economy, industries and companies; global equity research; fund services; and risk management.
CRISIL Infrastructure Advisory* provides practical and innovative solutions to governments, donor funded agencies and leading organizations in over 20 emerging economies across the world to help improve infrastructure service delivery transform performance of public institutions and sector efficiency design and strengthen reform programs to catalyze private sector participation
CRISIL's Core Businesses
Ratings
CRISIL is the largest credit rating agency in India. CRISIL pioneered ratings in India more than 20 years ago, and is today the undisputed business leader, with the largest number of rated entities and rating products: CRISIL's rating experience covers more than 45,676 entities, including 23,500 small and medium enterprises (SMEs). As on September 30, 2011, CRISIL had more than 15,643 ratings (including over 8000 SMEs) outstanding.
Global Research & Analytics: (Irevna, Pipal Research)
CRISIL Global Research & Analytics (GR&A) is the largest and top-ranked provider of high end research and analytics services to the world's leading commercial and investment banks, insurance companies, corporations, consulting firms, private equity players and asset management firms. CRISIL GR&A operates from research centers in Argentina, China, India and Poland, providing research support across several time zones and in multiple languages to global organizations.
The CRISIL GR&A team has deep expertise in the areas of equity research, fixed income research (covering global economies, 150 global sectors and over 3000 global companies), valuations, pricing complex derivatives, structured finance, risk management, actuarial analysis and business intelligence. This expertise enables its clients enhance revenues, accelerate time to market, take pricing decisions and improve operational efficiencies.
Being part of the CRISIL platform enables CRISIL GR&A to attract and retain top quality talent. CRISIL GR&A has over 2,000 employees, 75% of whom hold advanced degrees in finance, accounting and management. It has the largest teams of equity research analysts and derivative analysts outside of investment banks and the largest team of fixed income/credit analysts outside of banks/rating agencies.
CRISIL GR&A has served more than 500 firms over the last decade.
CRISIL’s clients include:
· 12 of the top 15 global investment banks
· 2 of the top 10 global consulting groups
· 3 of the top 10 global Asset Management Companies
· 3 of the top 15 global insurance companies
· Several fortune 500 companies
Research
CRISIL Research is India's largest independent research house. Through constant innovation, and comprehensive research offerings covering economy, industry, companies CRISIL Research meets the requirements of more than 750 Indian and global clients. Apart from off the shelf research reports, CRISIL also provides incisive, customised research that allows clients to take informed business and investment decisions.
Comprehensive research coverage on over 65 industries and 150 corporates makes CRISIL a preferred service provider to -
- 90% of India's commercial banks
- 4 of the world's largest consulting firms
- All the leading brokers, investment banks and private equity players
Capital Markets
CRISIL is an eminent player in the capital markets space with detailed perspective covering both debt and equity markets. CRISIL's capital market offerings can be categorised under equity research, initial public offer grading, mutual fund services, and fixed income services. Additionally, CRISIL provides customised research solutions as well.
CRISIL Equities
Offerings under CRISIL Equities are classified as - independent equity research (globally a unique concept) and initial public offer (IPO) grading. CRISIL equities also provide equity outsourcing and customised research for information memoranda and offer documents that are prepared by companies as part of their fund-raising initiatives.
Mutual Fund Services
CRISIL Fund Services (CFS) is India's leading provider of rankings, desktop and valuation tools, indices and market benchmarks and customised investment research. Its Mutual Fund Rankings have been the industry standard for mutual fund evaluation in India for more than a decade.
CFS has executed various policy level prestigious assignments -
- Assisted Employee Provident Fund Organisation (EPFO) in selection of fund managers to manage the EPFO's funds and provide better returns to its members.
- Assisted Provident Fund Regulatory and Development Authority (PFRDA) in framing regulations under the PFRDA act.
Infrastructure Advisory:
CRISIL Infrastructure Advisory* provides practical and innovative solutions to governments, donor funded agencies and leading organizations in over 20 emerging economies across the world to:
- Transform efficiency of public institutions and sector
- Design and strengthen reform programmes to catalyse private sector participation
- Improve infrastructure service delivery
Some of the key assignments executed :
- CRISIL Infrastructure Advisory strategized the takeout finance scheme - a method of making long term debt financing available to large infrastructure projects for India Infrastructure Company Ltd (IIFCL).
- CRISIL Infrastructure Advisory's Energy Practice has designed and implemented first of its kind novel Electricity Distribution Franchisee Contract in Maharashtra.
* Effective April 01, 2007, CRISIL transferred its advisory and risk consulting business into a wholly owned subsidiary, CRISIL Risk and Infrastructure Solutions Ltd (CRIS).
CRISIL Risk Solutions
CRISIL Risk Solutions* (CRS) provides comprehensive risk management services to banks, financial institutions, and corporates across all areas of risk including: credit, market and operational. In addition to providing innovative software products, it also extends consultancy services and analytical insights, which are focused on helping customers become Basel II-compliant.
Ranked as the No. 1 Risk Solution provider in the last Indian Banks' Association (IBA) Finsight media survey, CRISIL Risk Solutions has delivered risk solutions to about 50 financial institutions in India and abroad and has largest user base of more than 100000 users. CRS's flagship product RAM is the largest deployed Internal risk rating solution in India.
Corporate Social Responsibility (CSR)
At CRISIL - 'Making the markets function better' - is not limited to its business services. It is applied, in large part, also to its commitment to society, and in its initiatives to foster self reliance and a better future for the next generation. CRISIL also recognises its responsibility to increase financial awareness and education in order that economic opportunities may be more equitably distributed. Thus, CRISIL has consistently made significant investments in ensuring that its business remains relevant to the larger societal roles, and fulfils its part as a responsible corporate citizen.
I. Financial Awareness
One of the principal areas of intervention by CRISIL is increasing financial awareness, to ensure greater financial inclusion. Its key initiatives in this regard include making rating services available and affordable to a large mass of small and medium enterprises, engaging in research and publishing reports that enable better assessment and decision making for capital providers, and encouraging transparency and financial conscientiousness through interactive events. These include:
a. Microfinance Industry Analysis India's Top 50 Microfinance Insitutions a publication by CRISIL includes a comprehensive and incisive commentary that facilitates a structured evolution of the MFI sector which leads to increased transparency.
b. Creating and disseminating information for retail investors CRISIL's Financial Awareness team conceptualised and created a large repository of educational material, customised to the needs of the general public. It is now working on the distribution plans to implement and reach out to a wide audience that stands to benefit from this material.
c. CRISIL Complexity Levels - A Global First CRISIL proactively monitors the debt market for issuances and analyses these to determine the complexity levels of instruments issued, and makes it publicly available free of cost.
II. Making and facilitating Donations
CRISIL's initiative to foster the 'Culture of Giving to Society' within every CRISILite continues to receive enthusiastic support. CRISIL partnered with NGOs during the year, to provide a diverse range of opportunities to CRISILites to donate to, and participate in worthy causes. These included continuation of the successful payroll-linked giving programme in association with GiveIndia, creating greater awareness about exercise of the right to vote, blood donation camps, tree plantation drives, home repair and construction, donations of clothes and toys, and an opportunity to play Santa Claus to orphans.
a. Product display by NGO On CRISIL's Annual Day in February, the National Association for the Blind was invited to display and sell handicraft products made by blind children. This received an enthusiastic response from CRISILites.
b. Franchise Awareness campaign CRISIL conducted a campaign to make its employees aware of the importance of exercising their franchise in the general elections, and provided necessary assistance in the documentation and other formalities associated with enrolment in the voters' list.
c. Blood donation camps In response to an urgent request by the Indian Red Cross Society for blood donation for Thalassemia affected children, a blood donation camp was organised in CRISIL's Mumbai Corporate Office. Over 90 CRISILites donated blood to the cause.
d. 'Build' and 'Tree Plantation' Drives As part of the McGraw-Hill (MGH) Global Volunteer Day (GVD) activities, CRISIL partnered with Habitat for Humanity and organised a 'Build' and 'Tree Plantation' drive in Mumbai. In the 'Build' drive, volunteers along with skilled masons and the beneficiaries and their families, helped in building homes.
e. 'Joy of Giving' Week CRISIL undertook a 3-week campaign, titled 'Joy of Giving', to encourage new recruits to align themselves with the CRISIL payroll programme (in association with GiveIndia) that was initiated in 2008.
f. The 'Clothes and Toys Donation' Drive As part of the 'Clothes and Toys Donation' drive (in association with Goonj) a large number of CRISILites contributed towards enhancing the joy of the less fortunate by donating clothes and toys during the festive season.
g. 'An opportunity to play Santa' CRISIL's initiative, 'An opportunity to play Santa' saw 30 CRISILites spend time with, entertain, and present gifts to, a delightful group of 300 orphans at St. Catherine's Home, Mumbai.
III. Accreditation of NGOs CRISIL has always worked towards fostering transparency in the Voluntary Organisation (VO) sector through a reliable accreditation process. To fulfill this aim, CRISIL worked with the Task Force on Accreditation of Voluntary Organisations, appointed by the Planning Commission.
CRISIL assisted the task force in the following areas:
• Defining the procedure for accreditation of VOs
• Identifying the possibility and mechanism of grading of VOs/non-governmental organisations (NGOs)
• Suggesting viable financial models for accrediting VOs/ NGOs
IV. Green initiatives
CRISIL has also sought to ensure that its operations do not impact the environment adversely. CRISIL recently moved its offices in Mumbai to CRISIL House, Hiranandani, Powai. This 211,610 square-feet office building is an environment friendly building. It is designed to optimise consumption of scarce resources such as water, fuel and energy. The design also makes use of recyclable/renewable material, thus reducing its carbon footprint. There is a large green cover and a roof garden to ensure minimal CO2 emissions. There is a provision for allowing ample sunlight, thus reducing electricity consumption.
At the operations level, CRISIL has consolidated its data centres by reducing the number of physical servers to a fourth of the original number, by virtualisation of servers and by providing an enclosed cooling space for the servers. Video conferencing and other modern telecommunications technologies are employed to reduce travelling requirements. CRISIL uses low power-consuming desktop virtualization concepts in cases where full-fledged PCs are not required. These measures are expected to reduce CRISIL's energy consumption by upto 20 per cent, and water consumption by upto 30 per cent.
CRISIL also encourages its employees to be conscious of the environment, and provides common transport as well as promotes the concept of carpooling. During the recent Earth Hour, employees of CRISIL participated by switching off lights and air conditioners in all offices worldwide.
CRISIL Awards
CRISIL Young Thought Leader (CYTL) Awards: 
Launched in 2001, the CRISIL Young Thought Leader (CYTL) Awards is a nationwide competition that invites dissertations from post-graduate and graduate students on a spectrum of topical themes. In 2008, 177 students from 61 business schools and 5 colleges across the country submitted dissertations on diverse domains and topics, spanning the Indian and global economy, capital markets and sectors.
CRISIL's senior management is involved at every stage - from carefully selecting topics, to objectively evaluating the hundreds of dissertations that it receives - of this endeavour to promote innovative and incisive thinking in the nation's emerging business leader.
CRISIL Real Estate Awards 
CRISIL's Real Estate Awards, given in association with television channel, CNBC Awaaz, are India's biggest and most credible realty sector awards. The awards celebrate sterling performances in the realty industry: they identify and honour professionals who have envisioned and created India's marvels in architecture, development, and interiors.
CRISIL Mutual Fund Awards CRISIL Mutual Fund Awards, given in association with television channel, CNBC-TV18, celebrate India's best performing mutual funds. The awards function brings together leaders from various Indian and global fund houses, and luminaries from the financial services sector, including senior regulators, leading economists and industry analysts. The selections for the award are underpinned by CRISIL FundServices' Mutual Fund Ranking methodology.
CRISIL Emerging India Awards
India's biggest business award recognises and rewards the nation's best small and medium enterprises (SMEs). The award singles out SMEs that exhibit world-class leadership, outstanding business acumen, best practices, and exemplary vision, creating a legacy for others to emulate. The Emerging India Awards celebrate tomorrow's leaders, today. Emerging India Awards has been acknowledged as India's biggest business award by the Limca Book of Records.
Life @ CRISIL : CRISIL has what it takes to be your choice for the best place to work in. Its core values of Analytical Rigour, Independence, Integrity, Innovation, and Commitment have helped it become India's leading Ratings, Research, Risk and Policy Advisory Company. These values have also enabled CRISIL to become the preferred workplace for its employees.
The CRISIL strives to place the careers of quick learners on fast track. The Company entrusts its people with responsibility and freedom to operate, and empower them by creating an environment that is conducive to performance and career progression.
The Company’s people are exposed to the various verticals and horizontals in CRISIL's businesses, and thus, have opportunities to enhance their skill sets. Our people also have a choice of training programmes and modules, all of which are designed to help develop the individual. In addition, it has a culture of celebrating the top performers from each business vertical across the organisation.
CRISIL has offices in 15 locations around the globe. This allows CRISIL access to a truly global and dynamic workforce. Its people are the most vital part of the organisation, and contribute to its growth by directly or indirectly influencing major decisions across businesses. Our people take pride in the challenges at work and in their job profiles.
These factors, perhaps, explain why CRISIL is a sought-after company among candidates seeking employment.
Career Programs
CRISIL Certified Analyst Programme (CCAP):
CCAP is a two-year, intensive entry-level programme. It combines coursework, job assignments and interactive seminars that equip the learner with exceptional financial and business skills. The programme is aimed at developing world-class financial professionals for analyst positions in CRISIL.
CRISIL Young Thought Leader (CYTL):
CYTL is a nationwide competition that invites dissertations from post graduate and graduate students on contextual topics. Over the years, it has attracted intellectual papers across a broad spectrum of issues.
CRISIL House,
Central Avenue,
Hiranandani Business Park,
Powai, Mumbai- 400 076, INDIA
Phone : 91-22-3342 3000
Fax : 91-22-3342 3810
Ahmedabad
706, Venus Atlantis
Nr. Reliance Petrol Pump
Prahladnagar, Ahmedabad, INDIA
Phone : 91-79-4024 4500
Fax : 91-79-2755 9863
Bengaluru
W-101, Sunrise Chambers,
22, Ulsoor Road,
Bengalore - 560 042, INDIA
Phone : 91-80-2558 0899 /
91-80-2559 4802 /
91-80-4244 5399
Fax : 91-80-2559 4801
Chennai
Thapar House,
43/44, Montieth Road,
Egmore,
Chennai - 600 008, INDIA
Phone : 91-44-2854 6205 - 06 /
91-44-2854 6093
Fax : 91-44-2854 7531
Hyderabad
3rd Floor, Uma Chambers
Plot No. 9&10, Nagarjuna Hills,
(Near Punjagutta Cross Road)
Hyderabad - 500 482, INDIA
Phone : 91-40-2335 8103 - 05
Fax : 91-40-2335 7507
Kolkata
Horizon, Block 'B', 4th Floor
57 Chowringhee Road
Kolkata - 700 071, INDIA
Phone : 91-33-2289 1949 - 50 /
91-33-4011 8200 - 28
Fax : 91-33-2283 0597
New Delhi
The Mira,
G-1, 1st Floor, Plot No. 1 & 2
Ishwar Nagar, Mathura Road,
New Delhi - 110 065, INDIA
Phone : 91-11-4250 5100 /
91-11-2693 0117 - 121
Fax : 91-11-2684 2212 (Ratings)
91-11-2684 2213 (Advisory)
