YEAR                                                        EVENTS
 1987 - The Credit Rating Information Services of India Limited
 (CRISIL),
        was incorporated on January 29, as a Public Limited Company,
 was
        promoted by leading financial institutions, and a host of
        nationalised Banks, foreign Banks and private sector Banks,
 with
        the main promoters being The Industrial Credit and Investment
        Corporation of India Limited (ICICI), Unit Trust of India
 (UTI)
        and Housing Development Finance Corporation Limited (HDFC). 
 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 and 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 Company provided technical assistance and training to
 rating
        agency in Malaysia Berhad (RAM).  In addition the Company
        provided technical assistance and training to MAALOT, the
 Israeli
        Securities Rating Company Ltd.
 
 1992 - 42,00,000 No. of equity shares allotted to promoters ICICI
 along
        with other institutions and banks.
 
 1993 - The Company launched Ratings Digest a compilation in five
 volumes
        of Crisils rating reports organised by industry categories. 
 Also
        `Bancard' analysed information on select banks and
 `Crisilview'
        containing analysed information together with Crisils opinion
 on
        credit standing of any listed company 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
        and Pune.  It was the first rating agency to rate commercial
        papers in 1989, debt instruments of financial institutions
 and
        banks in 1992 and asset backed securities in 1992.
 
      - The company launched its rating service for real estate
        developers projects.  The Advisory Services Group carried out
        credit assessments of several state Governments and 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 company in India.
 
 1996 - CRISIL also developed and launched municipal bond ratings and
        developed methodologies for other public bodies.
 
      - During the year Standard & Poor's 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 Company introduced `Criservice' a
        retainership service positioned to service the total research
        requirements of the clients, a company analytical product
        providing earnings forecast on companies by Crisil Research &
        Information Services, two segment specific equity indices
 viz.
        Crisil MCN Index and the Crisil Indian Business Group Index,
 the
        real time calculation and dissemination of Crisil Equity
 indices
        and the bond valuation service to price non-traded bonds held
 by
        mutual funds.
 
      - A joint venture agreement was entered into between CRISIL,
 NSE
        and Standard & Poor's Financial Information Services for
 carrying
        out Index business and related activities.
 
      - Credit Rating and Information Services India Ltd (Crisil) is
        tie-up with the Mumbai Stock Exchange (BSE) to promote the
        Crisil-500 index among its members.
 
      - Standard & Poor's Rating Services, the world's largest rating
        agency, cemented its business alliance with the Credit Rating
        Information Services of India Ltd (Crisil) further by
 acquiring
        a minority 9.6 per cent stake in it.
 
      - The Credit rating Information Services of India Ltd (Crisil)
        has launched two segment benchmark equity indices - Crisil
 MNC
        Index and 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 & Information Services of India Ltd (Crisil)
 has
        downgraded the fixed deposit programmes of Arihant Credit
        Capital Ltd and Nucleus Securities Ltd. Arihant's 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
 (CRISIL)
        has assigned A rating to Rs 1 billion bond issue of the
        Bangalore City Corporation (BCC).
 
      - Credit Rating Information Services of India (Crisil) has
        assigned an AAA (structured obligation) rating to the
 upcoming
        Rs.250-crore infrastructure bond issue of the Konkan Railway
        Corporation (KRCL).
 
      - Crisil has assigned a P1 + for the Rs.100-crore commercial
 paper
        issue of Asea Brown Boveri, the Rs.20-crore commercial paper
 of
        Burroughs Wellcome (India), the Rs.20-crore commercial paper
 of
        Nahar Spinning Mills, and the Rs.110-crore commercial paper
 of
        Ranbaxy Laboratories.
 
      - The Credit Rating Information Services of India Ltd (Crisil)
        has upgraded the rating of four bond issues of Sardar Sarovar
        Narmada Nigam Ltd from A (so) to A+(so).
 
      - Credit Rating and Information Services of India ltd has
 assigned 
        an AAA rating for the Videsh Sanchar Nigam Ltd's (VSNL),
 Rs.100
        crore debt programme, indicating highest safety of timely
 payment
        of interest and principal.
 
      - The Credit Rating Information Services of India Ltd) (Crisil)
        has downgraded the rating assigned to Bombay Dying &
        Manufacturing Company's to `AA+' (double A plus) for its Rs.
        23.35 crore NCD programme and Rs. 68.89 crore secured premium
        notes (SPN).
 
      - The Credit Rating Information Services of India Limited
 (CRISIL)
        has assigned a triple A rating to Industrial Credit and
        Investment Corporation of India Limited's (ICICI) 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 and prinicpal.  All the outstanding
 ratings
        of the ICICI have been reaffirmed.
 
      - The Credit Rating and Information Services of India Ltd
        (Crisil) has assigned P1+ ratings to the debt programmes of
        Wipro and Bajaj Auto Finance Ltd.
 
      - The Credit Rating Information Services of India Ltd (CRISIL)
 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 (CRISIL) has
        downgraded the debt programmes of Ashok Leyland, Kothari
 Sugars
        and Chemicals (KSCL), Lloyds Steel Industries (LSIL) and
 Pennar
        Aluminium Company (PALCO).
 
      - Credit Rating Information Services of India Limited (Crisil)
        has downgraded the fixed deposit programme (FDP) rating of
        Arihant Credit Capital Limited (ACCL) 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 (Crisil)
        has assigned a P1+ rating to the Rs.150-crore commercial
 paper
        (CP) programme of Indian Aluminium Company Ltd (Indal).
 
      - The Credit Rating Information Services of India Ltd (Crisil),
        has downgraded the partly convertible debentures of Hindustan
        Development Corporation and the fixed deposit programme of
        Premier Housing and Industrial Enterprises Ltd.
 
      - The Credit Rating Information Services of India Ltd (Crisil)
        has downgraded the Rs.17-crore non-convertible debenture
 (NCD)
        plan of Welspun India Ltd (WIL) from A to triple-B.
 
      - The Credit Rating Information Services of India Ltd (Crisil)
        has assigned a triple-A (SO) rating to the Rs.235-crore bond
        programme of National Capital Region Planning Board (NCRPB).
 
      - The Credit Rating and Information Services India Ltd.
 (CRISIL)
        has downgraded the credit ratings of the instruments of Cifco
        Finance Ltd. (CFL) and Rajasthan Petro Synthetics Ltd. 
 (RPSL)
        to default status from inadequate safety, a Crisil press
        release stated.  The fixed deposit rating of Cifco Finance
 has
        been lowered to FD (default) from FB (inadequate safety).
 
      - The Credit Rating Information Services of India Ltd (Crisil)
        has assigned an A-(SO) rating to the Rs.500-crore bond
        programme of Andhra Pradesh State Electricity Board (APSEB).
 
      - Credit Rating Information Services of India Ltd (Crisil) has
        assigned an `AAA' rating to New India Assurance company.
 
      - The Credit Rating Information Services of India (Crisil) has
        placed the outstanding ratings of A-plus and FAA-minus
 assigned
        to Anagram Finance Ltd's debenture issues and 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 Company Ltd.
 
      - Credit Rating Information Services of India (Crisil) 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 the Credit Rating Information Services of
        India Limited.  21/08/98
 
      - The Credit Rating and Information Services of India Ltd
 (Crisil)
        and the National Stock Exchange (NSE) have come together to
 form
        a 50:50 joint venture company called India Index Services and
        Products Ltd (IISL).
 
      - The Credit Rating Information Services of India Limited has
        assigned a `P1' rating to the Rs 500-million commercial paper
        programme of Century Textiles and Industries Limited.
 
      - Credit Rating Information Service of India Ltd (Crisil) has
        downgraded the fixed deposit and non-convertible debenture
 (NCD)
        issue programmers of Sicom.
 
      - The Credit Rating Information Services of India Limited
 (Crisil)
        has downgraded the fixed deposit programme of the 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 (Crisil) has downgraded
        Kalyani Steels Ltd's Rs 10-crore non convertible debenture
 (NCD)
        issue and the Rs 51-crore NCD issue from A to BBB+,
 indicating
        moderate safety.
 
      - The Credit Rating Information Services of India Limited
 (CRSIL)
        has assigned a P1 rating to the Rs 120 million Commercial
 Paper
        Programme of Chicago Pneumatic India Ltd (CPIL).
 
 1999 - Credit Rating and Information Services of India Ltd (Crisil),
 has
        decided not to make ratings issued for private placements of
 debt
        public any longer.
 
      - Credit Rating & Information Services India Ltd (Crisil) has
        developed a software for uniform valuation of non-traded debt
        securities of mutual funds.
 
      - The Andhra Pradesh State Electricity Board (APSEB) has
        commissioned the services of Credit Rating Information
 Services
        of India Ltd.  (CRISIL) to undertake an evaluation of the
        escalation in capital cost of the 235 MW gas-fired private
 power
        station in Jegurupadu.
 
      - The rating assigned to SAIL's FD programme has also been
        downgraded from `FA-' to `FB+', again reflecting inadequate
        safety.
 
      - The Credit Rating Information Services of India Limited
 (Crisil)
        today entered into an agreement with the National Real Estate
        Developers Council (Naredco) 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 and an `FA-' rating for its fixed deposit programme.
 
 2000 - Credit Rating Information Services of India Ltd. has assigned
              `AAA' (triple A) rating to the Rs 1-billion debenture
 issue of
              Larsen & Toubro Ltd.
 
           - Crisil has upgraded `A' rating assigned to the Rs
 175-crore
              non-convertible debenture (NCD) issue of Bharti Cellular
 to AA-
              (high safety with relatively lower standing within the
 category)
              rating.
 
           - The Board approved the formation of a new subsidiary,
 Crisil.com
              Ltd. Crisil has launched a Web site to provide
 comprehensive
              information and decision support system for business and
 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 category) 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 (CP) 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' (Nm) for all of its three existing rating
 scales.
 
           - The Company has assigned a `AAA (SO)' rating to the first
  ever
              issue of mortgage-based securities backed by mortgages
 originated
              by HDFC.
 
           - The Company has suspended `Fd' rating indicating default,
 for the
              fixed deposit programme of Synergy Financial Exchange
 Ltd. and
              Shoppers' Investment and Finance Company Ltd.
 
           - The Crisil has assigned an A (SO) 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 Ltd. and Aravali Securities and
 Finance Ltd.
 
           - Credit Rating Information Services of India Ltd has
 upgraded the Rs 29.4 
              crore non-convertible debentures (NCDs) issue of
 pharmaceutical firm 
              Wockhardt Ltd to AA+ from AA.
 
            - The Company has downgraded the ratings of Eicher Ltd's
 Rs 31.6 crore 
               non-convertible debenture NCD issue and the fixed
 deposit FD programme.
 
            - Investment Information and Credit Rating Agency Ltd has
 assigned an `A1 +' 
              rating to the Rs. 5-crore commercial paper programme of
 Liberty shoes Ltd.
 
           - The Company 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-eX), general debt funds index
 (Crisil Fund-dX) and general
              balanced funds index (Crisil Fund-bX).
 
            - The Company has placed the `AAA' rating assigned to the
 bond issues of Small
               Industries Development Bank of India and 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 and 
 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 and
 verification services called TrustMe for businesses and the service
 industry.
 
 -Board approves for the allotments of 65000 shares to the employees
 and 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's loan securitisation program
 worth Rs. 28.41cr.
 
 -Mr A V Rajwade ceases to be the Director on the Board of the
 company.
 
 -Crisil Infrastructure Advisory undertakes integrated infrastructure
 development projects.
 
 -According to its Research Centre, the GDP of the country will grow
 at 5.52% and 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 the board allots 9200 equity shares of Rs.10
 each of the company to the employees under ESOP scheme.
 
 -Crisil grants permission and allots 67500 number of options to the
 employees and wholetime directors.
 
 -Housing Finance Sector disbursements grow 54% between April -
 December.
 
 -The Draft Paper envisages the differential power tarrifor both peak
 and off-peak hours for the development of demand side management.
 
 -Board approves for the change in the name of the company 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 and begins that guarantors fund the
 liabilities.
 
 -OpenheimerFunds acquires 3,13,233 shares of the company representing
 5.02% of the 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 and
 fixed deposits floated by corporates.
 
 -Allots 4000 equity shares of Rs.10 each of the company under ESOP
 scheme.
 
 -Mr Rakesh Jhunjhunwala along with wife Rekha Jhunjhunwala acquire
 10000 shares of the company amounting to 0.16% of the total paid up
 capital of the company.
 
 -Allotted 19300 equity shares of the Company on exercising Stock
 Options granted to employees under the Employees Stock Option Scheme
 of the Company.
 
 -CRISIL acquires leading Global Gas Advisory & Information Company
 
 -The Credit Rating Information Services Of India Ltd has informed
 that The Central Government has approved the change of the name of
 the Company 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
 the 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 the Company on January 2, 2004 and his share holding is NIL.
 
 - Rating agency Crisil Ltd announced its strategic equity investment
 in the Caribbean Information and Credit Rating Agency Ltd. Caribbean
 Information is a .5 million entity and multilateral agencies hold a
 stake in it. Crisil has picked up around nine per cent in the share
 capital of the Caribbean company for  lakh. It will also provide
 technical assistance to the agency to establish and stabilise its
 operations.
 
 - Crisil introduces net rating system for public floats
 
 2005
 
 -Kotak Mahindra Captial Company Limited (Manager to the Offer), has
 informed that The Mc-Graw-Hill Companies,Inc., a company incorporated
 under the laws of the State of new York in the United States of
 America (MHC) and S&P India LLC,a company incorporated under the laws
 of the state of Delware in the United sates of America,acting (S&P
 India and, collectively with MHC, Acquirers),acting in concert with
 each other pursuant to an in compliance with, among others,
 regulations 10 and 12 of the SEBI(Substantial Acquisition of shares
 and Takeovers)Regulations 1997,as amended(Regualtions) are making
 this voluntary offer to acquire up to 3,534,488 fully paid up equity
 shares(Offer Size) of CRISIL Limited(Target Company) representing
 55.67% of the voting equity capital(Share Capital) of the target
 company as on December 31,2004 at a price of Rs.680 for each share of
 the target company (such price,theOffer Price) to be paid in cash
 accordance with the Regulations.
 
 -S&P acquires 3,120,948 equity shares of CRISIL from CRISIL
 shareholders through an Open Offer taking S&P holding in CRISIL to
 58.46%
  
 -CRISIL Board approves proposal to acquire Irevna group of companies
 
 
 2006
 
 -CRISIL Ltd has informed that Mr. Michael Petit was appointed as
 Alternate Director to Ms Vickie Tillman on the Board of the Company
 with effect from October 12, 2006.
 
 -CRISIL constitutes a new team to achieve greater integration with
 Standard & Poor's (S&P) in brand franchise, market development and
 sales efforts.
 
 -CRISIL transfers assets and staff of CRISIL MarketWire to TV18
 
 -Irevna ranked the top investment research outsourcing firm by
 buy-side firms according to a recent survey by the Brown-Wilson
 Group; sets up second delivery centre in Buenos Aires
 
 -Inter-company agreements signed between CRISIL and Standard & Poor's
 - CRISIL now known as a Standard & Poor's Company
 
 2007
 
 -CRISIL transfers its advisory business (CRISIL Infrastructure
 Advisory and CRISIL Investment & Risk Management Services) into a
 100% subsidiary CRISIL Risk and Infrastructure Solutions Limited.
 
 -CRISIL's subsidiaries CRISIL Research & Information Services Limited
 (CRIS), Global Data Services of India Limited, CRISIL Properties
 Limited and Irevna Research Services Limited merged into CRISIL
 Limited (CRISIL).
 
 --Ms. Roopa Kudva takes over as Managing Director & CEO of CRISIL
 following Mr. R. Ravimohan's appointment as Managing Director &
 Region Head of Standard & Poor's South Asia
 2008
 
 -CRISIL announces sale of shareholding in Gas Strategies Group Ltd.
 
 -CRISIL launches its formal sustainable development programme for
 Corporate Social Responsibility
 
 -Launches the CRISIL Complexity Levels Service - an initiative aimed
 at strengthening Indian capital markets through greater transparenct
 for investors
 
 2009
 
 -CRISIL introduces 'P4+' rating in its short-term rating scale