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About
CRISIL Limited
CRISIL is an agile and innovative,
global analytics company driven by its mission of making markets
function better. We are India’s foremost provider of ratings, data,
research, analytics and solutions. A strong track record of growth,
culture of innovation and global footprint sets us apart. We have
delivered independent opinions, actionable insights, and efficient
solutions to over 100,000 customers.
We are majority owned by
S&P Global Inc., a leading provider of transparent and
independent ratings, benchmarks, analytics and data to the capital
and commodity markets worldwide.
For more information,
visit http://www.crisil.com/
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About
CRISIL Ratings
CRISIL Ratings is part of CRISIL Limited
(“CRISIL”). We pioneered the concept of credit rating in India in
1987. CRISIL is registered in India as a credit rating agency with
the Securities and Exchange Board of India (“SEBI”). With a
tradition of independence, analytical rigour and innovation, CRISIL
sets the standards in the credit rating business. We rate the entire
range of debt instruments, such as, bank loans, certificates of
deposit, commercial paper, non-convertible / convertible / partially
convertible bonds and debentures, perpetual bonds, bank hybrid
capital instruments, asset-backed and mortgage-backed securities,
partial guarantees and other structured debt instruments. We have
rated over 24,500 large and mid-scale corporates and financial
institutions. CRISIL has also instituted several innovations in
India in the rating business, including rating municipal bonds,
partially guaranteed instruments and microfinance institutions. We
also pioneered a globally unique rating service for Micro, Small and
Medium Enterprises (MSMEs) and significantly extended the
accessibility to rating services to a wider market. Over 1,10,000
MSMEs have been rated by us.
CRISIL PRIVACY
NOTICE
CRISIL respects your privacy. We use your
contact information, such as your name, address, and email id, to
fulfil your request and service your account and to provide you with
additional information from CRISIL and other parts of S&P Global
Inc. and its subsidiaries (collectively, the “Company) you may find
of interest.
For further information, or to let us know your
preferences with respect to receiving marketing materials, please
visit www.crisil.com/privacy. You can view the Company’s Customer
Privacy at https://www.spglobal.com/privacy
Last updated:
April 2016
DISCLAIMER
This
disclaimer forms part of and applies to each credit rating report
and/or credit rating rationale that we provide (each a “Report”).
For the avoidance of doubt, the term “Report” includes the
information, ratings and other content forming part of the Report.
The Report is intended for the jurisdiction of India only. This
Report does not constitute an offer of services. Without limiting
the generality of the foregoing, nothing in the Report is to be
construed as CRISIL providing or intending to provide any services
in jurisdictions where CRISIL does not have the necessary licenses
and/or registration to carry out its business activities referred to
above. Access or use of this Report does not create a client
relationship between CRISIL and the user.
We are not aware
that any user intends to rely on the Report or of the manner in
which a user intends to use the Report. In preparing our Report we
have not taken into consideration the objectives or particular needs
of any particular user. It is made abundantly clear that the Report
is not intended to and does not constitute an investment advice. The
Report is not an offer to sell or an offer to purchase or subscribe
for any investment in any securities, instruments, facilities or
solicitation of any kind or otherwise enter into any deal or
transaction with the entity to which the Report pertains. The Report
should not be the sole or primary basis for any investment decision
within the meaning of any law or regulation (including the laws and
regulations applicable in the US).
Ratings from CRISIL Rating
are statements of opinion as of the date they are expressed and not
statements of fact or recommendations to purchase, hold, or sell any
securities / instruments or to make any investment decisions. Any
opinions expressed here are in good faith, are subject to change
without notice, and are only current as of the stated date of their
issue. CRISIL assumes no obligation to update its opinions following
publication in any form or format although CRISIL may disseminate
its opinions and analysis. CRISIL rating contained in the Report is
not a substitute for the skill, judgment and experience of the user,
its management, employees, advisors and/or clients when making
investment or other business decisions. The recipients of the Report
should rely on their own judgment and take their own professional
advice before acting on the Report in any way.
Neither CRISIL
nor its affiliates, third party providers, as well as their
directors, officers, shareholders, employees or agents
(collectively, “CRISIL Parties”) guarantee the accuracy,
completeness or adequacy of the Report, and no CRISIL Party shall
have any liability for any errors, omissions, or interruptions
therein, regardless of the cause, or for the results obtained from
the use of any part of the Report. EACH CRISIL PARTY DISCLAIMS ANY
AND ALL EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED
TO, ANY WARRANTIES OF MERCHANTABILITY, SUITABILITY OR FITNESS FOR A
PARTICULAR PURPOSE OR USE. In no event shall any CRISIL Party be
liable to any party for any direct, indirect, incidental, exemplary,
compensatory, punitive, special or consequential damages, costs,
expenses, legal fees, or losses (including, without limitation, lost
income or lost profits and opportunity costs) in connection with any
use of any part of the Report even if advised of the possibility of
such damages.
CRISIL Ratings may receive compensation for its
ratings and certain credit-related analyses, normally from issuers
or underwriters of the instruments, facilities, securities or from
obligors. CRISIL’s public ratings and analysis as are required to be
disclosed under the regulations of the Securities and Exchange Board
of India (and other applicable regulations, if any) are made
available on its web sites, www.crisil.com (free of charge). Reports
with more detail and additional information may be available for
subscription at a fee – more details about CRISIL ratings are
available here: http://www.crisilratings.com/.
CRISIL
and its affiliates do not act as a fiduciary. While CRISIL has
obtained information from sources it believes to be reliable, CRISIL
does not perform an audit and undertakes no duty of due diligence or
independent verification of any information it receives and / or
relies in its Reports. CRISIL keeps certain activities of its
business units separate from each other in order to preserve the
independence and objectivity of the respective activity. As a
result, certain business units of CRISIL may have information that
is not available to other CRISIL business units. CRISIL has
established policies and procedures to maintain the confidentiality
of certain non-public information received in connection with each
analytical process. CRISIL has in place a ratings code of conduct
and policies for analytical firewalls and for managing conflict of
interest. For details please refer to:
http://www.crisil.com/ratings/highlightedpolicy.html
CRISIL’s
rating criteria are generally available without charge to the public
on the CRISIL public web site, www.crisil.com. For latest rating
information on any instrument of any company rated by CRISIL you may
contact CRISIL RATING DESK at CRISILratingdesk@crisil.com, or at
(0091) 1800 267 1301.
This Report should not be reproduced or
redistributed to any other person or in any form without a prior
written consent of CRISIL.
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