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The Credit Rating Information Services of India Limited
U
NAUDITEDF
INANCIALR
ESULTS FOR THE QUARTER ENDEDJ
UNE30, 2002
JULY 19, 2002 The Board of Directors of The Credit Rating Information Services of India Limited (CRISIL) at its meeting held today approved the Unaudited Financial Results for the quarter ended June 30, 2002. The total income was Rs. 15.08 crores as against Rs 13.41 crores (12%)* in the corresponding quarter of the previous year. Profit before depreciation and taxation stood at Rs. 6.62 crores as against Rs 6.20 crores (7%) in the corresponding quarter of the previous year. After providing for depreciation of Rs. 1.57 crores and taxation of Rs 1.90 crores, the net profit after tax was Rs 3.15 crores as against Rs. 2.82 crores (12%) in the corresponding quarter of the previous year.
Crisil’s rating business grew satisfactorily during the quarter. The Company took several new initiatives including a rating assigned to the first on tap securitisation programme in the country for a multinational bank. Crisil enhanced its Risk Assessment Model (RAM) offering to banks to include the facility to grade SSI units, trading Companies and non-banking finance companies. Crisil’s launch of Hospital Grading’s has been well received in the health care industry and is currently grading around a dozen health care institutions all over India.
Crisil Advisory Services (CAS) has made substantial progress in the execution of the various multilateral assignments that it had won in the face of international competition. CAS continues to work on numerous policy making and infrastructure development assignments in the area of ports, airport, power, SEZ etc. and delivers workable solutions in all its engagements. The Banking & Financial Sector advisory is working on strategic assignments for a foreign bank and a central bank.
Cris-Risk & Information Solutions Company Limited (Cris-Risc), the wholly owned subsidiary of Crisil, launched the Crisil Mutual Fund Portfolio Tracker and the MF Performance Benchmarks for four debt fund categories. These have been well received in the market and have further enhanced Cris-Risc’s brand equity in the Mutual Funds industry. Cris-Risc also successfully launched a new NewsService on Mutual Funds industry. This Company has achieved break even this quarter.
Global Data Services of India Limited, the wholly owned subsidiary of Crisil, launched
‘CRIS Finalyssis’ – a product giving giving financial analysis of companies. The product was well received by the analytical community.
In the spirit of enhancing transparency, Crisil will, beginning with this quarter, also provide consolidated financials for the group as a whole. Though the current accounting standards do not require it, Crisil believes such consolidated accounts offers a more transparent view of the Company’s financials.
R. Ravimohan Managing Director & Chief Executive Officer
* figures in parenthesis represent growth over previous year.
Press Release - July 19, 2002
India Business Watch ..2
Unaudited Financial Results for the quarter ended June 30, 2002
(Rs. in lacs)
Particulars Quarter ended
June 30, 2002
Quarter ended June 30, 2001
Year ended March 31, 2002 (audited)
Income from Operations 1464.22 1300.28 6677.37
Other Income 44.22 40.81 160.80
Extraordinary Income - - 91.29
Total Income 1508.44 1341.09 6929.46
Total Expenditure 846.55 721.18 3315.94
(A) Staff Expenses 403.38 308.36 1538.60
(B) Establishment Exps 137.68 165.76 635.97
(C) Professional Fees 108.49 111.50 522.62
(D) Other Expenses 197.00 135.56 618.75
Interest - - -
Extraordinary Expenses - - -
Provision for contingencies - - 50.00
Depreciation 156.75 175.00 701.25
Profit before Tax 505.14 444.91 2862.27
Income Tax arrears - 524.51
Provision for Taxation 190.00 162.47 1030.00
Net Profit after Tax 315.14 282.44 1307.76
Paid up Equity Share Capital (face value of each share – Rs.10/-)
620.00 620.00 620.00
Reserves (Excluding Revaluation Reserves)
- - 6497.73
Earnings Per Share (E.P.S.) Rs. 5.08 4.56 21.09
Segmental Reporting (Rs. in lacs)
Particulars Quarter Quarter Year ended
Ended Ended March 31, 2002 June 30, 2002 June 30, 2001 (audited) 1. Segmental Revenue
A. Rating services 1088.75 938.45 4943.12
B. Advisory services 248.52 253.37 1196.41
C. Research & Information services 126.95 108.46 537.84
Total 1464.22 1300.28 6677.37
Less: Inter segment revenue --- --- ----
Net Income from Operations 1464.22 1300.28 6677.37 2. Segmental Profits
A. Rating services 604.59 567.68 3177.94
B. Advisory services 86.36 82.73 424.63
C. Research & Information services 1.61 1.97 25.36
Total 692.56 652.38 3627.93
Less:
1. Interest
2. Other unallocable expenditure net of unallocable income
30.67 32.47 14.41
Total Profit before Tax 661.89 619.91 3613.52
Press Release - July 19, 2002
India Business Watch ..3
Press Release - July 19, 2002
India Business Watch ..4
Consolidated Profit & Loss Account
(Rs. in lacs) Quarter ended Quarter ended June30,2002 June30,2001
Income from Operations 1,562.73 1,311.42
Other Income 45.17 40.86
Total Income 1,607.90 1,352.28
Expenses
- Staff Expenses 523.69 394.89
- Establishment Expenses 177.72 192.77
- Other Expenses 232.98 190.15
Total Expenses 934.39 777.81
Profit before Depreciation 673.51 574.47
Depreciation 164.25 181.50
Profit before Tax 509.26 392.97
Provision for Taxation 196.25 164.36
Profit after Tax 313.01 228.61
Notes :
• The above results were taken on record at the meeting of the Board of Directors of the Company held on July 19, 2002.
• Previous year’s figures have been restated to conform with the change in the method of accounting in respect of initial rating fees. Crisil now recognises initial rating fee fully on completion of rating assignment instead of accruing over 12 months as done in the past.
• The Company does not have any deferred tax liability for the quarter ended June 30, 2002.
• The company’s operations predominantly relate to providing rating, advisory and research and information services. Accordingly, revenues earned through rendering of these services represents the primary basis of segmental information set out above.
• Fixed assets used in the company’s business or liabilities contracted have not been identified to any of the reportable segments as the fixed assets and services are used interchangeably between segments. The company believes that it is currently not practicable to provide segment disclosure relating to total assets and liabilities since a meaningful segregation of available data is onerous.
• Consolidated Profit and Loss Accounts includes accounts of The Credit Rating Information Services of India Ltd., Crisil Research and Information Services Ltd., Cris – Risk & Information Solutions Company Ltd., Global Data Services of India Ltd. and Crisil Properties Ltd.
For and on behalf of the Board R. Ravimohan Mumbai, July 19, 2002 Managing Director & Chief Executive Officer
