CRISIL Ltd is a global analytical company providing ratings research and risk and policy advisory services. The company is India's leading ratings agency. They are also the foremost provider of high-end research to the world's largest banks and leading corporations. CRISIL is 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.CRISIL operates through two segments: Ratings and Research. Rating services include credit ratings for corporates banks small and medium enterprises (SME) training in the credit rating field credit analysis services grading services and global analytical services. Research segment provides equity research industry reports customized research assignments subscription to data services and initial public offer grading. It operates from seven research centers worldwide.CRISIL was incorporated in the year 1987 with the name Credit Rating Information Services of India Ltd. The company was promoted by leading financial institutions nationalised banks foreign banks and private sector banks. During the year 1995-96 they formed a strategic alliance with Standard & Poor's rating group New York. They also made a tie up with International Information Vendors for dissemination of CRISIL Ratings. The company launched CRISIL 500 equity index during the year. During the year 1996-97 the company introduced the ratings on mutual funds bank loan ratings and public finance ratings. During the next year they developed and launched municipal bond ratings and also launched financial strength rating for insurance companies. The company with National Stock Exchange set up a joint venture company with the name IISL for undertaking index business and related activities. They also launched Crisil MNC Index and Crisil Indian Business Groups Index during the year.During the year 1999-2000 the company acquired the business of Information Products and Research Services (India) Pvt Ltd alongwith their brand INFAC. During the next year they introduced mutual fund ranking service for the domestic mutual fund market. They also launched Crisil-Naredco ratings initiative for the real estate sector.During the year 2001-02 the company launched Crisil MarketWire which is a real time financial news service. During the year 2002-03 they set up Investment and Risk Management Services which is an independent division and also offer evaluation services for film and TV software producers.During the year 2003-04 the company name was changed from Credit Rating Information Services of India Ltd to Crisil Ltd. They acquired Gas strategies Group Ltd a London based company engaged in as consulting information and training/ conferences. Also they made an equity investment in the Caribbean Information & Credit Rating Services Ltd which is the first regional rating agency in the world.During the year 2004-05 Irevna group of companies was acquired by the company. The company transferred the Advisory Business of the company to Crisil MarketWire Ltd with effect from April 01 2007. Crisil Research & Information Services Ltd Global Data Services of India Ltd and Irevna Research Services Ltd merged with the company with effect from April 1 2007.In February 2008 the company reached a preliminary understanding with Equifax Inc USA and Tata Capital Ltd for setting up a Credit Information Company in India. They also proposed to set up a subsidiary in Poland and Duabi through their wholly owned subsidiary Irevana Ltd UK.In the year 2008 CRISIL Infrastructure Advisory was reorganised with the seperation of business development and delivery functions. They completed a large number of international engagements. The company divested 90% of their equity in their UK subsidiary Gas Strategies Group Ltd (GSG) to the GSG management team. The company now has a 10% shareholding in the company. In the year 2009 the company launched a first-of-its-kind publication India's Top 50 Microfinance Institutions profiling the leading microfinance institutions in India. They assigned India's first-ever rating for securitisation of microfinance receivables. They introduced CreditAlerts to provide Insights to market participants on trends in specific sectors. They extended operations at Global Analytical Centre to 24/6 to provide real-time support o Standard& Poor's during Us market hour.In the year 2010 the company launched Real Estate Star Ratingsa first-of-its-kind service for retail investors in the real estate sector. They expanded operations at Global Analytical Centre (GAC) to support Standard & Poor's (S&P). In September 22 2010 the company signed agreements for the acquisition of the assets of Pipal Research Corporation (PRC) including 100% of the share capital of Pipal Research Analytics and Information Services India Pvt Ltd. After completion of all conditions precedent the transaction was completed with effect from December 3 2010.In the year 2011 the company launched Education Grading Solar Grading and Gold and Gilt Index. CRISIL Global Research & Analytics received NASSCOM Exemplary Talent Practices Award.In 2012 CRISIL achieved a landmark of assigning its 10000th bank loan rating. In 2013 McGraw Hill Financial Increased Stake in CRISIL to 67.8%. During the year CRISIL launched CRISIL Inclusix India's most comprehensive financial inclusion index which accurately measures the extent of financial inclusion in the country right down to each of the 632 districts.In 2014 CRISIL assigned rating for India's first Commercial Mortgage Backed Securities. During the year CRISIL introduced Fund Management Capability Ratings for the mutual fund industry. In 2015 CRISIL approved the proposal to invest in financial technology companies in areas/sectors that are deemed strategic for CRISIL. CRISIL Ltd. has approved the Scheme of Amalgamation of its three wholly owned subsidiary companies with the Company. During the year CRISIL assigned rating to an innovative partially guaranteed debenture issue of a passive infrastructure SPV backed by first-loss partial guarantee from IIFCL.In 2016 CRISIL launched the first hybrid issuance ratings in the insurance sector. During the year CRISIL launched first Infrastructure Rating on the `Expected Loss' scale.In 2017 CRISIL launched smefirst an online platform that allows SMEs easy access to ratings and other related services. During the year CRISIL acquired 8.9% stake in rival credit rating agency CARE Ratings. During the year CRISIL launched India's first infrastructure investability index. Small Industries Development Bank of India (SIDBI) and CRISIL signed a MoU to launch India's first MSME Sentiment index named CriSidEx. During the year CRISIL launched rankings for unit linked insurance plans (ULIPs).Also during the year CRISIL entered into a definitive agreement to acquire 100% stake in Pragmatix Services Private Limited a data analytics company. Headquartered in Mumbai Pragmatix provides analytics and solutions to retail and commercial banks financial institutions asset managers insurers and telecom companies. Pragmatix provides solutions across the risk sales and finance domains in India Middle East and North America. Pragmatix's intellectual property includes a proprietary enterprise data analytics platform with pre-configured data models KPIs and algorithms that offer accelerated business solutions.In 2018 CRISIL launched India's first index to benchmark performance of investments of foreign portfolio investors (FPI) in the fixed-income market in both rupee and dollar versions.On 21 May 2018 CRISIL announced that it has assigned India's first rating for road projects based on the toll-operate-transfer (TOT) model. The rating `Provisional CRISIL AA-(SO)/Stable1' was assigned to the bank facilities of nine special purpose vehicles (SPVs) sponsored by Macquarie Asia Infrastructure Fund 2 (MAIF 2) under the TOT model.