SUMMER TRAINING REPORT ON “CREDIT RATING SYSTEM OF FEDERAL BANK LIMITED” Report submitted in partial fulfillment of post graduate diploma in management(PGDM) Under supervision of Ms. Anupama Tewari Asst. Manager Submitted by Durga Devi Nag Roll No-69 Batch 2009-11 Submitted to G.L BAJAJ INSTITUTE OF MANAGEMENT AND RESEARCH Plot no-2, Knowledge park III, Greater Noida-201306 Website: www.glbimr.org G.L.B.I.M.R Page 1
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SUMMER TRAINING REPORT
ON
“CREDIT RATING SYSTEM OF FEDERAL BANK LIMITED”
Report submitted in partial fulfillment of post graduate diploma in management(PGDM)
Under supervision of
Ms. Anupama Tewari
Asst. Manager
Submitted by
Durga Devi Nag
Roll No-69
Batch 2009-11
Submitted to
G.L BAJAJ INSTITUTE OF MANAGEMENT AND RESEARCH
Plot no-2, Knowledge park III, Greater Noida-201306
Website: www.glbimr.org
G.L.B.I.M.R Page 1
ACKWONLEDGEMENT
As a management student I dream it a privilege to have experience a panorama of Federal Bank Limited cherished and enviable legacy. I would like to thank all those who have directly or indirectly helped me to accomplish this project successfully.
I would like to express my deep sense of gratitude to my corporate, project guide, Ms Anupama Tewari,Asst Manager, Bhubaneswar whose support and guidance helped me, in converting my conception into visualization and also for the continuance guidance throughout the project.
Special thanks to my institute project guide Prof. Neeraj Saxena whose support and unflinching guidance and encouragement helped me a lot to go with the project.
Durga Devi Nag
(PGDM 2009-11)
G.L.B.I.M.R Page 2
DECLARATION
This is to certify that Miss Durgadevi Nag out of her project work presented in this entitled
“CREDIT RATING SYSTEM OF FEDERAL BANK LIMITED” for the award of PGDM
from G.L.Bajaj Institute of Management & Research under my supervision. The project
embodies result of original work and studies carried out by Student herself and the contents of
these do not form the basis for the award of any other degree to the candidate or to anybody else.
Ms. Anupama Tewari
Asst. Manager
G.L.B.I.M.R Page 3
TABLE OF CONTENTS Page.No
CHAPTER:- 1 INTRODUCTION TO FEDERAL BANK LTD. 1-11
CHAPTER:-2 OBJECTIVE OF THE STUDY 12
CHAPTER:-3 CREDIT RATING SYSTEM 13-61
CHAPTER:-4 RESEARCH METHODOLOGY 62
CHAPTER-5 DATA ANALYSIS & INTERPRETATION(CASE STUDY) 63-88
CHAPTER:-6 RECOMMENDATIONS 89
CHAPTER:-7 CONCLUSION 90-91
BIBLIOGRAPHY
G.L.B.I.M.R Page 4
EXECUTIVE SUMMARY
The project aims to develop a clear cut understanding of credit rating system being adopted by
Federal Bank Limited. The credit appraisal system act as a successful tool for credit assessment
in a bank and credit rating system is the backbone for assessing the risk inherent in a
credit/investment exposure. Thus identification of credit worthiness of credit limit/measurement
of credit risk can be achieved through a sound appraisal system and an appropriate credit rating
system.
At the initial stage through understanding was done as to get overview exposure as to how the
credit rating is organized, and then the parameters that are unique to the credit rating system
were identified. These factors create a major impact on the understanding of what credit should
be given to a particular project, while there prevails intense competition in the banking sector.
Credit rating has become very relevant to judge a project’s status and thereby helping the bank to
take important decisions. Various credit rating models are used by Federal Bank Limited to
assign the appropriate rating to the borrower are also studied. The project focuses more on the
models like what are the factors being used for credit rating
One case analysis is done on Displayline ltd which had applied to find out appropriate rating for
the applicant. As per the model the required parameters were consider to decide the credit rating.
G.L.B.I.M.R Page 5
CHAPTER-1
INTRODUCTION TO FEDERAL BANK LTD.
Federal Bank is a private sector bank in India. The head office of this prestigious bank is located
at Aluva, Kerala. By 2008, the Federal Bank India had successfully introduced 671 branches and
681 ATMs across the nation. In the month of March of 2008 alone, the bank had opened 26
branches across 11 Indian States.
Federal Bank India is well recognized for facilitating even the smaller branches consisting of
rural and partially-urbanized areas with technology enabled services.
BACKGROUND OF FEDERAL BANK:
Previously known as Travancore Federal Bank Limited, the Federal Bank Limited in its entire
span of customer services has seen both ups and downs. The bank started with an auction-chitty
business along with other banking transactions related to agriculture and industry. In the year
1945, the paid-up capital of the bank touched Rs.71000 and a new Board of Directors was
constituted. During this period, the bank also incorporated new Articles of Association. The
same year its branch was openedatAluva.
Subsequently, Federal Bank came with its branches in Angamally (1946) and Perumbavoor
(1947). However, it came with a massive expansion plan in the years 1975 and 1976 by opening
53 and 42 branches respectively.
From that time onwards till today, the bank has continued to incorporate the effective changes to
ensure smooth banking experience for its customers.
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HISTORY OF FEDERAL BANK:
The history of federal Bank dates back to the pre-independence era. Though initially it was
known as the Travancore Federal Bank, it gradually transformed into a full-fledged bank under
the able leadership of its Founder, Mr. K.P Hormis. The name Federal Bank was officially
announced in the year 1947 with its headquarters nestled on the banks on the river Periyar. Since
then there has been no looking back and the bank has become one of the strongest and most
stable banks in the country.
Vision:
Develop into a stronger and more efficient and profitable financial institution with a growing
share of the market, providing an expanding range of products and services to a growing
clientele within and outside the country, adopting best industry practices and employing
contemporary technology, and be counted among the top private banks in the country.
Mission:
Devote balanced attention to the interests and expectations of stakeholders, and in particular:
Shareholders: Achieve a consistent annual post-tax return of at least 20% on net worth.
Employees: Develop in every employee a high degree of pride and loyalty in serving the Bank.
Customers: Meet and even exceed expectation of target customers by delivering appropriate
products and services, employing as far as feasible, the single window, and 24-hour-seven-day-
week concepts, leveraging strengthening branch infrastructure , ATMs, and other alternative
distribution channels, cross selling a range of products and services to meet customer needs
varying overtime, and ensuring the highest standards of service at all times, pursue excellence in
various facets of banking.
Adopt best industry practices.
Develop, adopt, and review a well-conceived business plan for achieving realistic targets of growth,
profitability, and market share over the medium term.
Operate within a well-defined, diversified, risk profile and adopt prudent risk-management norms and
processes and effective control practices.
Employ and leverage appropriate modern information technology to: enhance the quality, speed, and
G.L.B.I.M.R Page 7
accuracy of product/service delivery; provide ‘anytime-anywhere’ banking facility; strengthen
management information and control systems and processes; improve productivity; and reduce costs.
Increase awareness of the "Federal Bank" brand among targeted customer groups through cost-effective
marketing.
Adopt a robust corporate governance code emphasizing a high degree of professionalism of the Board
and the management, and accountability and disclosure to shareholders.
Decentralise decision making with accountability for decisions made, and assign cascading profit
responsibilities to middle and junior management.
Develop a conducive and transparent work environment that fosters staff commitment, competence,
initiative, innovation, teamwork and service-orientation.
Future:
Federal bank is the fourth largest bank in India in terms of capital base and can easily boast of a
Capital Adequacy Ratio of 19.11%, one of the highest in the industry. This along with the existence in
a highly regulated environment has helped the bank to tide over the recession with minimum impact to
its financial stability.
In fact it has been expanding organically over the past few months. It believes in extending its reach to
its customers by making services available to all, 24x7. It has over 690 ATMs and 669 Branches across
India in addition to the Representative Office at Abu Dhabi that serves as a nerve centre for the NRI
customers in UAE.
We are transforming ourselves, keeping our principles in tact, into an organisation that offers service
beyond par.
Being in the service industry we are conscious of our surroundings and what happens in the society.
1931: The Federal Bank Limited (the erstwhile Travancore Federal Bank Limited) was
incorporated with an authorised capital of rupees five thousand at Nedumpuram, a place near
Tiruvalla in Central Travancore on 28/4/1931 under the Travancore Company's Act. It started
business of auction -chitty and other banking transactions connected with agriculture and
industry.The bank though successful in the earlier periods, suffered set backs and was on the
verge of liquidation.
1944: Shri K P Hormis, and his close relatives /friends obtained controlling interest in the Bank.
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1945:The paid up capital was increased to Rs.71000.The Board of Directors of the Bank was
reconstituted in 1945 and fresh Articles of Association adopted. On 18-5-1945, the Regd.Office
of the Bank was shifted to Aluva and the Bank commenced business by opening its first branch
at Aluva.
1946:The Bank opened its second branch at Angamally on 26-1-1946
1947:In the Board Meeting held on 24-3-1947, it was resolved to change the name of the Bank as
"The Federal Bank Limited". The third branch of the Bank was opened at Perumbavoor on 18-4-
1947
1959:The Bank was licensed under Sec.22 of the Banking Companies Act, 1949 on 11-7-1959.
Bank floated several kuries one after another. It also introduced several new deposit schemes.
These strategies helped the Bank to grow at a greater pace
1964:The Bank embarked for a massive take over bids, which accelerated its growth horizontally
and vertically. In that process it took over the assets and liabilities of the following banks
1. The Chalakudy Public Bank Ltd., Chalakudy
2. The Cochin Union Bank Ltd., Trichur
3. The Alleppey Bank Ltd., Alleppey
1965:The St. George Union Bank Ltd. Puthenpally was merged with the Bank
1968:The Marthandom Commercial Bank Ltd. Trivandrum was amalgamated with the Bank
1970:The Bank became a Scheduled Commercial Bank in 1970, which also coincided with the
Silver Jubilee Year, since the Bank commenced its operation in Aluva
1972:Witnessed expansion beyond the home state. The Bank became an Authorised Dealer in
Foreign Exchange in 1972.International Banking Department started functioning from Mumbai
in 1973.Since then, the Bank could substantially increase its market share of the NRI business.
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The International Banking Department was later shifted to Cochin in 1982 as part of
consolidation and centralisation of activities
1973 to 1977:During the period, the bank adopted a massive branch expansion and growth
oriented programmes. To reflect the bank's approach towards the Industrial finance it adopted a
new emblem -Farmer in action encircled by an industrial wheel. A few hallmarks of the period:
In the year 1973,there was a quantum jump in deposits to the tune of 67% and in advances to the
tune of 56% over that of the previous year. The deposits grew by 52% while the advances
registered an increase of 45%. Increase in Priority sector advances was by 63%.
1975:Bank opened 53 branches and in 1976 it opened 42 branches. The total number of branches
reached 276 from a position of 114 in 1973
1977:The paid up capital was increased to Rs.100 Lakhs from a position of Rs.10.66 Lakhs.
1980:Mr.V Verghese took over the reigns of the bank as Chairman and Chief Executive Officer
on 2/7/1980.Having worked long years in State Bank of Travancore with well established
traditions, systems and methods, he placed his faith in introducing time tested and well proven
methods of organisation into the Bank
1983:1. Shri. V.K.Syamasundaran after long innings in Reserve Bank of India took over as
Chairman and Chief Executive Officer of the Bank as a successor to Mr.V.Verghese on 16/7/83.
2. The foundation stone of the multi-storied Administrative Building was laid by the Founder
Shri K.P.Hormis on 26-12-83
1984:As part of the organisation redesigning recommended by National Institute of Bank
Management in November, 1984, Bank has introduced Three Tier Organisational Setup with
Head Office, Regional Offices and Branches. Agricultural Finance Department was set up in
Head Office with technically qualified personnel at central office and field level. Bank's
performance in the field of agricultural and priority sector lending improved substantially
thereafter.
G.L.B.I.M.R Page 10
1985: In tune with the NIBM recommendation, Personnel and Industrial Relations Department
was set up in July, 1985. With the active assistance of Tata Consultancy Service, bank also set up
its computer department. A WIPRO computer was installed at our Head Office on July, 1985
paving the way for computerisation of the Bank. Later, a PSI microcomputer was installed at our
International Banking Department at Cochin. The first Advanced Ledger Posting Machine
(ALPM-a Wipro banker) was installed at Br. Aluva-Bank Junction branch
1987: The long cherished dream of the Federal Family, the multi-storied administrative building
complex was inaugurated by Shri. A Ghosh, Dy. Governor, Reserve Bank of India
1988: Shri. M.P.K.Nair , a seasoned commercial banker trained in the Union Bank of India
assumed the captaincy of the Bank on 1-7-1988 as its Chairman and Chief Executive Officer
1989: Commenced Merchant Banking Operations
1992: Deposits crossed Rs.10,000 Million. Adopted profit sector banking as its slogan
1993: Roped in ICICI group as a shareholder through private placement
1994: Tapped the Capital Market with a public issue in March, 1994. The issue oversubscribed
by about 60 times. Started Leasing Business
1995: Registered 142.44% increase in PAT in FY 94-95.Bank registered a CAGR of 78.13% in
PAT during the period 1991-96. Emerged as a perfect banking partner with diverse products,
global reach and focus on automation and HRM. Deposits cross Rs.35,000 Million
1996: Shri. K Nandan, a veteran banker from State Bank of India took the stewardship on 1-1-
1996: The bank had steady growth. The bank's business crossed Rs.100000 Million mark as on
31/3/98 for the first time
1997: Bank's first ATM was inaugurated at Ernakulam North on 27-02-97
1999:1. On 1-1-1999, Shri. K.P.Padmakumar, the Executive Director of the Bank took over the
baton from Shri. K Nandan. He thus became the first Chairman and Chief Executive Officer of
the bank risen from the rank and file
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2. Bank's 400th branch was inaugurated at Calcutta- Shakespeare Sarani on 19.2.1999. The total
business of the bank exceeded Rs.110000 Million as on 31/03/99
2000:1. On 24.1.2000 Bank started Any Where Banking at Bangalore connecting all branches
located in the Bangalore metro
2. Launched Depository Services in association with NSDL on 24.2.2000
3. The Bank has commenced Internet Banking 'FedNet' on 28th April 2000 with software support
from Infosys Technologies Ltd
4. Federal Millennium CD is released on 18.9.2000
2001:In March 2001, Wide Area Network was launched connecting Regional Offices at
Mumbai, Bangalore, Chennai, Ernakulam and Chennai F & I with Head Office
2002:1. All the 412 branches of the Bank were fully computerised (using FedSoft) as on
31.03.2002
2. The Installation of switch for networking all the ATMs, already installed/proposed to be
installed, started from 17/08/2002
3. Dec 10 2002 Federal Bank introduces FedAlerts, and FedMobile, another first of its kind
service among traditional banks in India. Real time transaction alerts across the globe, and
customisable options make the service unique
2003: International Debit Cards launched
January 2004: Federal Bank becomes the first traditional bank to network all its branches and
attain 100% connectivity
February 2004: Co-branded credit cards launched in association with ICICI Bank
October 2004: RTGS is enabled in all branches of the Bank and becomes the first bank in India
to implement RTGS facility in all the branches. Online Railway Reservation through FedNet
launched. The First Kiosk inaugurated at the Marine Drive ( Kochi) branch
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December 2004:1. First Bank to launch automated telephone bill payment through Interactive
Voice Response System (IVR). Bank launched an innovative product 'Fed-e-Pay' for automated
payment of utility Bills
2. The Bank issued Bonus shares in the ratio of 2:1
February 2005: Federal Bank is awarded for Best Use of Information Technology in Retail
Banking by IBA and Infosys. The runner up status reveals the strength and innovation in
technology initiatives
May 2005: Shri.M Venugopalan joined the Bank as Chairman and Chief Executive Officer Prior
to joining the Bank, he was the Chairman and Managing Director of Bank of India, one of the
leading public sector banks in India, from August 2003 to April 2005, and was an executive
director of the Union Bank of India immediately prior to joining the Bank of India
June 2005: Federal Bank in association with AMRITA super specialty hospital launches
Fed+Amrita, an innovative online system for fixing medical consultation, Health check up, and
inpatient payments from anywhere
January 2006: Federal Bank becomes the first traditional bank to successfully issue GDR.
While the issue of 18 million Global Depository Receipts realised $71.46 million, the green shoe
option of 2 million GDR was also fully subscribed, bringing in a total of $80 million to the bank.
The GDR, each representing an underlying equity share, were priced at $3.97 each — working
out to approximately Rs.175 per share. The issue was subscribed by major banks and Financial
Institutions across the globe.
February 2006: Federal Bank wins two prestigious awards for BEST USE OF IT IN RETAIL
BANKING & BEST PAYMENTS INITATIVE from IBA and TFCI. This is the second
consecutive time that the Bank has won the award for best use of IT in Retail Banking. More
details available here
September 2006:1. Amalgamation of Ganesh Bank of Kurundwad with Federal Bank
2. Bank’s Total No. of Branches crossed 500
November 2006: Bank entered into Life Insurance Joint Venture with IDBI & FORTIS
G.L.B.I.M.R Page 13
January 2007: Bank won the award under category “Best Clearing & Settlement System” in the
Banking Technology Awards 2006 instituted by IBA, Infosys & TFCI
Mar 2007: A full fledged Data Center was set up by the Bank
June 2007: Bank formed a Centralized Processing Centre for centralizing the account opening
process to make it quick and efficient.
September 2007:All branches/offices of the Bank were migrated to Centralised Banking
Solution (CBS), Finacle
January 2008:1. Successfully completed 1:1 Rights Issue
2. Opened first overseas Representative Office at Abu Dhabi, UAE.
March 2008:1. Bank’s Total No. of Branches crossed 600
2. The Asian Banker, together with the Technology Advisory Council of The Asian Banker
Summit, has affirmed Federal Bank as sole recipient of the Best Core Banking Project Award
2007
September 2008: Bank started providing Online Stock Trading facility to the customers in
association with M/s Geojit Financial Services
January 2009: Bank won the award under category 'Best Customer Relationship Achievement'
in the Banking Technology awards 2008 instituted by IBA, Infosys & TFCI for the outstanding
achievements in technology infusion and dissemination. The Bank was winning IBA-TFCI
awards for the fourth time
March 2009:1. Total Business of the Bank crossed Rs.50,000/- Crores
2. Bank becomes BASEL-II compliant
August 2009: Bank has taken an important step in customer Service by dedicating 24 X 7
Contact Center to the customers. Started offering NEFT/RTGS facility through Internet Banking.
Bank started offering Telebanking facility through a Toll-free number
G.L.B.I.M.R Page 14
PRODUCTS AND SERVICES OF FEDERAL BANK LIMITED:
Federal Bank launched its International Debit Cards in the year 2004. The same year, it also
provided Real Time Gross Settlement (RTGS) facility in all the branches, followed by Online
Railway Reservation (with the first kiosk at the Marine Drive branch of Kochi). One year later,
the bank launched Fed+Amrita, an online system for fixing medical consultation, health check
up, and in-patient payments, from anywhere. In 2006, Federal Bank issued GDRs, becoming the
first traditional bank to do so.
Federal Bank also provides the following services:
Advances
BSNL Bill Payment
Cash Management Services
Cash -On- Line Express Cash Remittance
Credit Cards
Depository Services
Easy Pay-On-line Fee Payment System
E-shopping Payment Gateway
Export Credit Insurance Products in association with ECGC
Express Remittance Facility from Abroad - FEDFAST
General Insurance Products in association with United India Insurance
Life Insurance Products, in association with ICICI Prudential
Lock Box Service for NRI's in the US
Merchant Banking Services
NRI Services
Online Kiosks for Customers
Online LIC Insurance Payment
Online Railway Reservation System
Structured Derivative Products
G.L.B.I.M.R Page 15
The Firsts
First traditional bank in India to launch Internet Banking Service (FedNet)
First traditional bank in India to have all its branches automated
First and the only traditional bank in India to have all its branches inter-connected
First bank to launch Electronic Telephone Bill Payment in India
First and only one of the older banks with e-shopping payment gateway
First traditional bank in India introduce Mobile Alerts and Mobile Banking service
First bank in India to implement an Express Remittance Facility from Abroad
First bank in India to provide RTGS facility in all its branches
G.L.B.I.M.R Page 16
CHAPTER-2
OBJECTIVE OF THE STUDY
Nowadays, everyone has become increasingly dependent upon credit, and therefore it's essential
to understand what is a credit rating, why it is important, and how can we maintain a good credit
rating. Most people finance their homes with mortgages and pay for their cars with loans. Young
people often obtain loans to pay for college. And, of course, lots of people make purchases with
credit cards.You can't expect to receive credit as a matter of course, however. You must apply
for it. And just as you would hesitate to lend money to a stranger, banks, retailers, or finance
companies will not grant you credit without knowing something about you.
The main objective of the study of credit rating system is-
To understand about the credit rating system at Federal Bank Ltd.
To know about various advances that Federal Bank Ltd. disburse to its customer.
To determine the level of risk attached with an investment.
To know about the various ratings policy used by the federal bank ltd.
To know about the various rating agencies in india.
G.L.B.I.M.R Page 17
CHAPTER-2
CREDIT RATING SYSTEM
A credit rating assesses the credit worthiness of an individual, corporation, or even a country. It
is an evaluation made by credit bureaus of a borrower’s overall credit history. Credit ratings are
calculated from financial history and current assets and liabilities. Typically, a credit rating tells
a lender or investor the probability of the subject being able to pay back a loan. However, in
recent years, credit ratings have also been used to adjust insurance premiums, determine
employment eligibility, and establish the amount of a utility or leasing deposit. A poor credit
rating indicates a high risk of defaulting on a loan, and thus leads to high interest rates or the
refusal of a loan by the creditor.
Importance of credit ratings:-
Crediting a watch list
Value investing
Smart investing
Learn about market
Developing a trading plan
Maximize your profits
Choosing investment software
Trading opportunities
When to sell?
Finding a broker
Investment clubs
Gearing into a SMSF
Stock selection
Biotech market
Private equity investing
Protected equity loans
Conservatives option strategies
G.L.B.I.M.R Page 18
Evaluating new floats
Tax implication
Investing overseas
Corporate governance
1. Trade cancellation policy
OBJECTIVES OF CREDIT RATING:
The main objective is to provide superior and low cost information to investor for taking a
decision regarding risk return trade off, but it also helps to market participants in the following
ways :-
Improve a healthy discipline on borrowers
Lends greater credence to financial and other representation,
Facilitates formulation of public guidelines on institutional investment
Helps merchant bankers, brokers, regulatory authorities etc. in discharging their functions
related to debt issues,
Encourages greater information disclosure, better accounting standard and improve
financial information (helps investors protection),
May reduce interest cost for highly rated companys,
Acts as a market tool
CREDIT RATING AGENCIES IN INDIA
1. Credit Rating Information Services India limited(CRISIL)
2. Investment Information and Credit Rating Agency of India(ICRA)
3. Credit Analysis and Research(CARE)
4. Duffs Phelps Credit Rating Pvt. Ltd. (DCR India) and
5. Onicra Credit Rating Agency of India Ltd. is an established player in individual credit
assesment and scoring services space in the Indian market.
G.L.B.I.M.R Page 19
CREDIT RATING AND INFORMATION SERVICES OF INDIA LTD. (CRISIL) is
India’s leading Ratings, Research, Risk and Policy Advisory Company. CRISIL’s majority
shareholder is standard &poor’s, a division of The MCGRAW-HILL Companies and the world's
foremost provider of financial market intelligence.
CRISIL offers domestic and international customers 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.
We began our journey as India's first rating agency. Today, we are a diversified global analytical
platform with leadership positions in the ratings, research and advisory domains. Along the way,
our growth has been closely intertwined with India's development milestones.
We started in 1987 as a credit rating agency, at a time when lending rates in India were fixed,
and there was, therefore, little demand for credit ratings. We firmly established ourselves as the
country's leading rating agency, respected for our fiercely independent, highly credible, and
analytically rigorous views. Shouldering the mantle of a pioneer and a market leader, we
facilitated the development of India's credit market and built investor confidence in our risk
assessment capabilities.
India's transformation into a market-led economy greatly increased its need for capital, and
required extensive reforms and institution building. Accordingly, we diversified into the
infrastructure advisory and business research domains, and quickly built up a reputation for
independent, reliable and incisive information, research, models and advisory services. Today,
our services are key inputs in informed decision-making and the shaping of public policy in
India.
With increasing globalization, we also focused on making our income streams more global. We
acquired Irevna, a pioneer in the investment research outsourcing space; Irevna has since been
G.L.B.I.M.R Page 20
voted no.1in high-end investment research and analytics outsourcing by the US-based Brown
and Wilson Group two years in a row in 2006 and 2007. We have a thriving business that meets
increasing global demand for better understanding of the Indian business environment, through
the services offered by our research and advisory groups.
Guided by our core values of integrity, independence, innovation, analytical rigor and
commitment, we are proud to have built a globally-acknowledged institution of repute over these
20 years. We have facilitated the setting up of credit rating agencies in several countries around
the world. Our association and integration with standard & poor’s has further enhanced our
capabilities and opened up newer vistas of opportunity, for our businesses and people.
The macro environment trends, both in India and globally, present myriad business
opportunities. At a youthful 20, we are ideally positioned to service the needs of our expanding
client base by maintaining our focus on our mission:
» Making markets function better
» Helping clients manage and mitigate business and financial risks