On the occasion of ICRAs Silver Jubilee I would like to express my sinceregratitude to all our shareholders clients present and past the investing community atlarge and the regulatory agencies for the support and good wishes we have received fromyou all along.
It has been an eventful journey since 1991 when ICRA was set up as an independent andprofessional credit rating agency. From a single-product enterprise to a listedfull-service credit rating agency with extensive coverage across sectors we have come along way indeed. Today ICRA through its subsidiaries offers consulting outsourcing andprofessional and IT services.
As I reflect over the twenty-five years that have gone by it gives me greatsatisfaction to see ICRA standing secure on the solid foundation of integrityindependence and professionalismour core values. While it is only natural that overthe past quarter of a century there have been a few ups and downs we have never deviatedfrom our core values and never have we wavered in our pursuit of excellence.
Looking ahead as the needed structural changes get under way in the Indian financialmarket the future appears quite promising. Given your support and trust in us our closerassociation with our majority-owners Moodys Investors Service and our highlymotivated talent pool I assure you of continued and sustained excellence in service inthe coming years.
Managing Director & Group CEO