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CRISIL Ltd. Annual Report 2021
58999_rns_2022-02-15_1268db67-f4a8-4f42-a95e-88308b38bd35.pdf
Annual Report
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February 15, 2022
Listing Department BSE Limited P J Towers Dalal Street Mumbai 400 001
National Stock Exchange oflndia Ltd. Exchange Plaza, 5 th floor Plot No. C/1, G Block Bandra-Kurla Complex Bandra (East) Mumbai 400 051
Dear Sirs
Sub.: Outcome of Board Meeting ofCRISIL Limited
Please take note of the following outcomes from the Meeting of the Board of Directors of the Company, held today:
a) The Board of Directors of the Company has approved the Audited Financial Results for the year ended December 31, 2021. A copy of the Audited Financial Results of the Company, along with a copy of the Auditors' Report and the Press Release in this regard are enclosed.
In accordance with Regulation 33(3 )( d) of Securities and Exchange Board oflndia (Listing Obligations and Disclosure Requirements) Regulations, 2015 read with SEBI Circular CIR/CFD/CMD/56/2016 dated May 27, 2016, a declaration in respect of unmodified opinion on Audited Financial Statements for the Financial Year ended December 31, 2021 is enclosed herewith.
- b) The Board of Directors has also recommended final dividend of Rs. 22 (including a special dividend of Rs. 7), per equity share of face value of Re 1 each, for the financial year ended December 31, 2021, subject to the approval of the shareholders at the ensuing Annual General Meeting.
- c) The Board of Directors has also approved the notice convening the 35th Annual General Meeting (AGM) of the Company which will be held on Friday, April 22, 2022 through video conferencing (VC) or other audio visual means (OA VM).
- d) The Board of Directors has also approved the re-appointment of Mis. Walker Chandiok & Co LLP, Chartered Accountants (Firm Registration No. 001076N/N500013) as Statutory Auditors of the Company for a second term of 5 (five) years commencing from conclusion of the of the 35th AGM till
Corporate Identity Number: L67120MH1987PLC042363
the conclusion of the 40th AGM of the Company, which shall be subject to the approval of the Shareholders. Further, the details as required to be disclosed in terms ofSEBI Listing Regulations read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated 09th September, 2015 are given in "Annexure A" as enclosed to this letter.
The meeting of the Board of Directors commenced at 4.30 p.m. 1ST and todays proceedings concluded at 9.45 p.m. 1ST.
Kindly take this communication on record and inform your members accordingly.
Yours sincerely, For CRISIL Limited
Minal Bhosale Company Secretary ACS 12999 Encl.: a/a
CRISIL Limited Corporate Identity Number: L67120MH1987PLC042363
Annexure A
| Particulars | Details |
|---|---|
| Reason for change viz. appointment, resignation,removal, death or otherwise | Re-appointment |
| Date of appointment / cessation ( as applicable) | Ensuing Annual General Meeting of the Company |
| Term of Appointment | Re-appointed for a second tenn of 5 (five) yearscommencing from conclusion of 35th AGMtill theconclusion of the 40th AGMwhich shall be subjectto the approval of the Shareholders. |
| Brief Profile (in case of appointment) | M/s. Walker Chandiok & Co LLP is a member firmwith Grant Thornton International Limited (GT)having presence in 13 cities in India with 53Partners and 1,500 + partners and staff. It is ranked4th in India based on number of companies auditedaccording the survey of prime data based releasedin January 2022. The firm has audit experienceacross banking and financial services sector as wellas other corporates aggregating to an overall audituniverse of over 83 entities in India. |
Press release February 15, 2022 I Mumbai
CRISIL Limited: Audited financial results for the fourth quarter and year ended December 31, 2021
Highlights for quarter and year ended December 31, 2021:
- • Income from operations up 18.2% for the quarter and 16.1 % for the year 2021
- • Profit before exceptional items and tax up 33.9% for the quarter and 24.9% for the year 2021
- • Profit after tax up 53.2% for the quarter and 31.3% for the year 2021
- • Final dividend of Rs 22 per share, including a special dividend of Rs 7 per share, recommended. Total dividend of Rs 46 per share for the year 2021 vs Rs 33 per share in 2020
The Board of Directors of CRISIL Ltd, at its meeting today, approved the audited financial results for the quarter and year ended December 31, 2021.
CRISIL's consolidated income from operations for the quarter ended December 31, 2021, rose 18.2% to Rs 706.0 crore, compared with Rs 597.2 crore in the corresponding quarter of the previous year. Consolidated total income for the quarter ended December 31, 2021, was up 17.5% to Rs 719.5 crore, compared with Rs 612.2 crore in the corresponding quarter of the previous year.
Profit before exceptional items and tax for the quarter ended December 31, 2021, increased 33.9% to Rs 179.5 crore, compared with Rs 134.1 crore in the corresponding quarter of the previous year. Profit after tax for the quarter ended December 31, 2021, increased 53.2% to Rs 168.6 crore, compared with Rs 110.0 crore in the corresponding quarter of the previous year.
CRISIL's consolidated income from operations for the year ended December 31, 2021, rose 16.1 % to Rs 2,300.7 crore, compared with Rs 1,981.8 crore in the corresponding period of the previous year. Consolidated total income for the year ended December 31, 2021, was up 14.7% to Rs 2,382.4 crore, compared with Rs 2,076.3 crore in the corresponding period of the previous year.
Profit before exceptional items and tax for the year ended December 31, 2021, increased 24.9% to Rs 572.6 crore, compared with Rs 458.3 crore in the corresponding period of the previous year. Profit after tax for the year ended December 31, 2021, increased 31.3% to Rs 465.8 crore, compared with Rs 354. 7 crore in the corresponding period of the previous year.
The results include the full-year financials of Greenwich Associates LLC (acquired on February 26, 2020), while for the same period last year, 10-month financials were considered. Profit before tax for the quarter and year ended December 31, 2021, includes Rs 45.8 crore towards profit on sale of property.
During 2021, the company paid three interim dividends totalling Rs 24 per equity share of face value of Re 1 each. The Board of Directors has recommended a final dividend of Rs 15 per share and a special dividend of Rs. 7 per share (of Re 1 face value). The total dividend for the year works out to Rs 46 per share.
Says Amish Mehta, Managing Director & CEO, CRISIL, "We witnessed growth across our businesses during the quarter. Global economies, including India, have been veering towards normalisation with demand recovering, even though inflationary pressures are elevated. Our focus on IP-led solutions and risk transformation helped us win new clients and increase our wallet share at key clients. We continue to invest in people and technology to drive sustainable growth."
Activity in the lending markets improved in line with economic recovery. Companies increasingly sought to refinance debt and strengthened their liquidity positions. CRISIL Ratings continues to maintain market leading position in corporate bond ratings and added new clients during the quarter. The business also saw Increased penetration in the mid-corporate segment and traction for stressed asset offerings. Revenue at CRISIL Ratings grew 16.8% on-year in thH December quarter, and 7.5% in 2021.
Global Analytical Center (GAG) increased support to the analytical, sustainability and transformation projects of S&P Global Ratings Services. The Ratings segment revenue grew 9.5% on-year in the December quarter and 6.9% in 2021.
In Research, the Global Research & Risk Solutions (GR&RS) business saw client wins and continued to grow through the December quarter. There was increased demand for our offerings in the areas of regulatory reporting, product control, sustainability, and buy-side research. Investments in digital and regulatory-driven transformation agenda at financial institutions also spawned business opportunities.
The India Research business witnessed growth following the pick-up in economic activity. There was increased traction for data, insights, and capital market research offerings.
Revenue growth at Global Benchmarking Analytics was driven by deals with global corporate and investment banks. Greenwich Associates, which was acquired by CRISIL in the first quarter of 2020, strengthened its regional client base and expanded relationships with commercial banks. The Research segment revenue grew 21.5% on-year in the December quarter and 20.3% in 2021.
The Advisory segment saw good momentum with revenue growing 17.6% on-year in the December quarter and 14.0% in 2021. The business bagged large wins from multilaterals and expanded its overseas clients' footprint. The Business Intelligence and Risk Solutions business saw wins for its regulatory offerings.
CRISIL continued its people-first approach, while focusing on learning and talent development. The company won a host of recognitions for diversity, equity, and inclusion in 2021.
CRISIL Ratings held webinars on NBFCs, roads, renewables, gold, pharmaceuticals, and healthcare sectors. GR&RS released whitepapers on global macro environment and risk modelling. CRISIL Research hosted webinar on crop protection industry and the fourth edition of its Advisor Connect webinar series on 'Preparing investors for known and unknown investment risks'. Coalition Greenwich hosted three webinars on the US treasury market, corporate bond trading, and compliance in the capital markets.
CRISIL Foundation launched 346 centres for Financial Literacy (CFLs) across India under the Reserve Bank of India's MoneyWise Centre for Financial Literacy project.
\ Amish Mehta Managing Director & CEO DIN: 00046254 J
/
For further information contact
Sanjay Chakravartl Chief Financial Officer CRISIL Limited D: +91 22 3342 3049 B: +91 22 3342 3000
Pankaj Rawat Media Relations CRISIL Limited M: +91 99872 61199 B: +91 22 3342 3000 [email protected]
Maya Vengurlekar
Senior Director-Corporate Communications CRISIL Limited D: +91 22 3342 3130 B: +91 22 3342 3000
Hirai Jani Vasani Media Relations CRISIL Limited D: +91 22 3342 5916 M: +91 982003 9681 B: +91 22 3342 3000 Hirai. [email protected]
About CRISIL Limited
CRISIL is a leading, agile and innovative global analytics company driven by its mission of making markets function better. It is India's foremost provider of ratings, data, research, analytics and solutions with a strong track record of growth, culture of innovation, and global footprint.
It has delivered independent opinions, actionable insights, and efficient solutions to over 100,000 customers through businesses that operate from India, the US, the UK, Argentina, Poland, China, Hong Kong, Singapore, and Australia. It 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.
For more information, visit www.crlsrl.com
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DISCLAIMER
This Press Release is transmitled to you for the sole purpose of disseminalion lhrough your newspaper I magazine I agency. The Press release may be used by you in lull or in part without changing lhe meaning or context !hereof but wilh due credil to CRISIL. However, CRISIL alone has lhe sole right of distribution (whether directly or indirectly) of ils Press Releases for consideralion or otherwise lhrough any media including websites, portals etc. Certain statements in this communicalion constilute forward-looking slatemenls These forward-looking slalemenls are otten idenlified by words such as "anlicipale," ''believe," "intend," "estimate," "expect" "see," "continue," "could," "can," "may," "will," "likely,'' "depend," "should," ·would," "plan," "predict:· ·1arget," and similar expressions, and may include references to assumptions and relale 10 CRISIL's future prospec1s, developments and business stralegies. Except for the historical inlormation contained herein, lhe mailers discussed in this communication are forward-looking statements that involve risks and uncertainties that may cause CRISIL's actual results to be materially ditterent from such lorward-looking slatements CRISIL wishes to caution you that you should nol place undue reliance on such forward-looking statements, which speak only as ol the date on which !hey were made CRISIL does not undertake any obligalion lo update forward-looking statements, except as required by law.
lnforma1ion ha., been obtained by CRISIL from �ources which it considers reliable Howeve1. CRISIL does not guo.rnntee the accuracy. adequacy. 01 completeness of information on which this Press Release is based and i� not 1espoi1sible for any errors or omissions or for the results obtained fiom the use of thi� Press Release CRISIL. especially states that it has no financial liabili1y wha1soeve1101he subscribers/ usets/ 1ransmi1te1'io/ dis1ribu1ors of 1his Press Release
CRISIL An S&P Global Company
CRISIL Limited Statement of Financial Results for Ille quarter and year ended December 31, 2021
| Particulars | Consolidated | Standatone | $\frac{3}{12}$ in Gruies. | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 3 Months | 3 Months | Corresponding 3 | Year | Year | 3 Months | 3 Months | Corresponding 3 | Year | Year | |
| ended | ended | Months ended | ended | ended | ended | ended | Monthsended | ended | ended | |
| 31-Dec-21 | 30-Sep-21 | 31-Dec-20 | 31-Dec-21 | 31-Dec-20 | 31-Dec-21 | 30-Sep-21 | 31-Dec-20 | 31-Dec-21 | 31-Dec-20 | |
| Audited | Unaudited | Audited | Audited | Audited | Audited | Unaudited | Audited | Audited | Audited | |
| (Refer Note 6) | (Refer Note 6) | (Refer Note 6) | (Refer Note 6) | (Refer Note 6) | (Refer Note 6) | (Refer Note 6) | (Refer Note 6) | |||
| 1. Income | ||||||||||
| A Total revenue from operations | 706 02 | 570 96 | 597.24 | 2,300.69 | 1,981 83 | 282.70 | 27194 | 235.46 | 1,052.91 | 88878 |
| B. Other income (Refer notes 4 and 8) | 13.43 | 32 84 | 14 98 | 81.69 | 94.51 | 67 87 | 52.78 | 19 08 | 336.17 | 107 31 |
| 1. Total income (1A + 1B) | 719.45 | 603.80 | 612.22 | 2.382.38 | 2,076.34 | 350.57 | 324.72 | 254.54 | 1,389.08 | 996.09 |
| 2. Expenses | ||||||||||
| Α.Employee benefit expenses | 392 23 | 331.82 | 308 41 | 1,286 91 | 1,068.44 | 136 36 | 131 40 | 115,00 | 490 85 | 436 34 |
| B.Rent expenses | 2.75 | 1.47 | 5.24 | 1397 | 12 54 | 0.23 | 0.45 | 025 | 5.76 | 1.28 |
| C.Professional fees | 29.77 | 29 14 | 33 98 | 123 91 | 108 38 | 66 48 | 64 93 | 52.78 | 237 62 | 19743 |
| D.Travel expenses | 2 9 0 | 2.76 | $1 - 17$ | 896 | 15.83 | 0.45 | 0.50 | 1.24 | 7.41 | |
| Е.Associate service fees | 43.68 | 26.38 | 55.19 | 122.56 | 131.63 | 6.48 | 6.24 | 6.24 | 25 83 | 22.82 |
| F.Finance costs | 1.85 | 190 | 3.71 | 893 | 1439 | 0.15 | 1.78 | 1.69 | 5.67 | 6.94 |
| G.Other expenses (Refer note 4) | 42.17 | 32.88 | 39.17 | 138.54 | 145 73 | 23 55 | 12 69 | 10 32 | 63.07 | 39.86 |
| Η.Depreciation / amortization | 24 63 | 26.22 | 31.27 | 10598 | 121.11 | 1299 | 12 66 | 17.69 | 52.89 | 65.68 |
| 2. Total expenses | 539.98 | 452.57 | 478.14 | 1,809.76 | 1.618.05 | 246.69 | 230.65 | 203.97 | 682.93 | 777.76 |
| 3. Profit before exceptional items and tax (1 - 2) | 179.47 | 151.23 | 134.08 | 572.62 | 458.29 | 103.88 | 94.07 | 50.57 | 506.15 | 218.33 |
| Exceptional item (Reler note 9) | 45.82 | 45.82 | 45.82 | $\left( 2\right)$ | 45.82 | |||||
| 5. Net profit before tax $(3 + 4)$ | 225.29 | 151,23 | 134.08 | 618.44 | 458.29 | 149.70 | 94.07 | 50.57 | 551.97 | 218.33 |
| 6. Tax expense | ||||||||||
| Current taxΑ. | 43.50 | 45.10 | 17.01 | 150.04 | 11984 | 22 21 | 21 99 | (0, 23) | 83.09 | 59 28 |
| B.Delerred lax | 13.16 | (6.73) | 7.03 | 2 5 9 | (16.28) | 4.19 | (675) | 10 64 | (814) | (7.67) |
| 6. Total lax expense $(6A + 6B)$ | 56,66 | 38.37 | 24.04 | 152.63 | 103.56 | 26.40 | 15.24 | 10.41 | 74.95 | 51.61 |
| 7. Net profit for the period from continuing operations (5 - 6) | 168.63 | 112.66 | 110.04 | 465.81 | 354.73 | 123.30 | 78.63 | 40.16 | 477.02 | 166.72 |
| 8. Net Profit from discontinued operations (pertains to operations | (103, 80) | ٠ | ||||||||
| transferred to wholly owned subsidiary of CRISIL Limited (Reter | ||||||||||
| note 10)] | ||||||||||
| 9. Profit for the period $(7 + 8)$ * | 168.63 | 112.86 | 110.04 | 465.81 | 354.73 | 123.30 | 78.83 | (63, 64) | 477.02 | 166.72 |
| 10. Other comprehensive (income) expense | ||||||||||
| A. Items that will be reclassified to profit or loss | ||||||||||
| Exchange differences in translating the financial | 0.46 | 15.33 | (13.40) | (0.99) | (20.78) | G | ×. | |||
| statements of a foreign operation | ||||||||||
| The effective portion of (gains)/ loss on hedging | (9.45) | 1.30 | (0.41) | (6.32) | (6.05) | (3, 16) | (4.94) | (0.25) | (6.45) | (5, 79) |
| instruments in a cash flow hedge | ||||||||||
| Tax effect on above | 2 37 | (0.31) | 0.11 | 1.59 | 1.53 | 0.80 | 1,24 | 0.07 | 1.62 | 1.46 |
| B. Items that will not be reclassified to profit or loss | ||||||||||
| Remeasurements of the defined benefit plans | 1.46 | 0.42 | 2.86 | (1.82) | 5 13 | 1.25 | 0.77 | 1.70 | (068) | 3 9 0 |
| Equity instruments through other comprehensive | 12.51 | 10.63 | (46.36) | (25, 10) | 30 52 | 12.51 | 1063 | (46.36) | (25.10) | 30.52 |
| Tax effect on above | (0.35) | (0.13) | (0.49) | 0.61 | (1, 50) | (0.31) | (0.20) | (0.14) | 0.32 | (1, 18) |
| 10. Total other comprehensive (Income)/expense (A+B) | 7.02 | 27.24 | (57.69) | (32.03) | 8.85 | 11.09 | 7.50 | (44.98) | (30.29) | 28.91 |
| 11. Total comprehensive Income for the period (9 - 10)* | 161.61 | 85.62 | 167.73 | 497.64 | 345.88 | 112.21 | 71.33 | (18.66) | 507.31 | 137.81 |
| 12. Paid up equity share capital (Face value of ₹ 1 each) | 7 29 | 7 28 | 7.26 | 7.29 | 7.26 | 7.29 | 7.28 | 7.26 | 7.29 | 7 26 |
| 13 Other equity | 1,571,13 | 1,304.55 | 964 12 | 688.06 | ||||||
| 14. Earnings Per Share (EPS) | ||||||||||
| Continuing operations: | ||||||||||
| Basic (Not annualised) | 23 15 | 15.51 | 15.16 | 64.03 | 48.93 | 16.93 | 10.83 | 5.53 | 65.57 | 23.00 |
| Diluted (Not annualised) | 23 11 | 15.48 | 15 14 | 63.96 | 48.90 | 16 90 | 1081 | 5 5 3 | 65.50 | 22.98 |
| Discontinuing operations: | ||||||||||
| Basic (Not annualised) | (14.30) | |||||||||
| Diluted (Not annualised) | × | (14.30) | × | ¥. | ||||||
| Continuing and Discontinuing operations:Basic (Not annualised) | 23.15 | 15.51 | 15.16 | 64 03 | 48 93 | 16 93 | 10 83 | 65 57 | 2300 | |
| Oiluted (Not annualised) | 23.11 | 15.48 | 15.14 | 63 96 | 48.90 | 10.81 | (8.77) | |||
| 16.90 | (8.77) | 65.50 | 22 98 |
"Represents 100% a!tnbutablo lo lhe shareholders of lhe Company
Statement of Segment Results for the quarter and year ended December 31, 2021
| (₹ in crores) | ||||||
|---|---|---|---|---|---|---|
| Particulars | Consolidated3 Months3 MonthsCorresponding 3Year | |||||
| ended | ended | Monthsended | ended | Yearended | ||
| 31-Dec-21 | 31-Dec-20 | 31-Dec-21 | 31-Dec-20 | |||
| Audited | 30-Sep-21Unaudited | Audited | Audited | Audited | ||
| (Refer Note 6) | (Refer Note 6) | (Refer Note 6) | (Refer Note 6) | |||
| 1. Operating revenue | ||||||
| A. Rating services | 164.98 | 153.62 | 150.66 | 604.11 | 565.04 | |
| B. Research services | 494.28 | 381.73 | 406.82 | 1.543.69 | 1,282.71 | |
| C. Advisory services | 46.76 | 35.61 | 39.76 | 152.89 | 134.08 | |
| 1. Total revenue from operations | 706.02 | 570.96 | 597.24 | 2,300.69 | 1,981.83 | |
| 2. Less: Inter segment revenue | ||||||
| 3. Net income from operations $(1 - 2)$ | 706.02 | 570.96 | 597.24 | 2,300.69 | 1,981.83 | |
| 4. Segment profits | ||||||
| A. Rating services | 65.97 | 64.41 | 57.98 | 252.70 | 226.72 | |
| B. Research services | 107.50 | 83.51 | 71.09 | 324.08 | 209.01 | |
| C. Advisory services | 8.83 | 0.81 | 6.42 | 16.60 | 10.07 | |
| 4. Total operating profit | 182.30 | 148.73 | 135.49 | 593.38 | 445.80 | |
| 5. Add / (less) | ||||||
| i. Interest | 0.06 | (0.07) | ¢ | (0.01) | (0.29) | |
| ii. Net other unallocable income/(expenditure) (Refer note 4) | 9.87 | 15.47 | 12.31 | 30.83 | 64.55 | |
| iii, Depreciation / amortisation (unallocable) | (12.76) | (12.90) | (13.72) | (51.58) | (51.77) | |
| 6. Net profit from ordinary activities before tax $(4 + 5)$ | 179,47 | 151.23 | 134.08 | 572.62 | 458.29 | |
| 7. Exceptional item (Refer note 9) | 45.82 | 45.82 | ||||
| 8. Net profit before tax $(6 + 7)$ | 225.29 | 151.23 | 134.08 | 618.44 | 458.29 | |
| Segment assets (Refer note 5)A. Rating services | 192.70 | 248.70 | 84.01 | 192.70 | 84.01 | |
| B. Research services | 1.127.49 | 1,128.85 | 1.039.61 | 1.127.49 | 1.039.61 | |
| C. Advisory services | 150.12 | 128.05 | 149.25 | 150.12 | 149.25 | |
| D. Unallocable (net) | 1.033.56 | 866.89 | 933.78 | 1.033.56 | 933.78 | |
| Segment liabilities (Refer note 5) | ||||||
| A. Rating services | 161 28 | 191.58 | 167.64 | 161.28 | 167.64 | |
| B. Research services | 484.34 | 459.85 | 454.30 | 484.34 | 454.30 | |
| C. Advisory services | 48.33 | 36.99 | 55.69 | 48.33 | 55.69 | |
| D. Unallocable (net) | 231.50 | 208.39 | 217.21 | 231.50 | 217.21 | |
| Capital employed (Refer note 5) | ||||||
| A. Rating services | 31.42 | 57.12 | (83.63) | 31.42 | (83.63) | |
| B. Research services | 643.15 | 669.00 | 585.31 | 643.15 | 585.31 | |
| C. Advisory services | 101.79 | 91.06 | 93.56 | 101.79 | 93.56 | |
| D. Unallocable (net) | 802.06 | 658.50 | 716.57 | 802.06 | 716.57 |
Statement of Assets and Liabilities as at December 31, 2021
| (' in crores) | |||||
|---|---|---|---|---|---|
| Particulars | Consolidated | Standalone | |||
| As at | As al | As at | As at | ||
| 31-Dec-21 | 31-Dec-20 | 31-Dec-21 | 31-Dec-20 | ||
| Audited | Audited | Audited | Audited | ||
| A. Assets | |||||
| 1. Non-current assets | |||||
| (a) Property, plant and equipment | 40.34 | 41.02 | 27.04 | 31.01 | |
| (b) Right-of-use-assets | 127.00 | 209.06 | 106.35 | 106.97 | |
| (c) Goodwill | 372.67 | 375.66 | |||
| (d) Intangible assets | 120 81 | 136.56 | 9.51 | 7.95 | |
| (e) Intangible assets under development | 5.49 | 13.57 | 4.63 | 9.79 | |
| (I) Financial assets | |||||
| i. Investments | 195.38 | 170,26 | 404,31 | 379.21 | |
| ii. Loans | 29.89 | 24,55 | 29.45 | 23.17 | |
| iii. Other financial assets | 0.41 | 1.06 | 0.05 | 0.61 | |
| (g) Deferred tax assets (net) | 59.21 | 64.06 | 30.53 | 24.33 | |
| (h) Tax assets | 115,70 | 79.69 | 71.64 | 41.45 | |
| (i) Other non-current assets | 3.31 | 6 54 | 1.61 | 3.72 | |
| Sub-total non-current assets | 1,070.21 | 1,122.29 | 685.12 | 628.21 | |
| 2. Current assets | |||||
| (a) Financial assets | |||||
| i. Investments | 449.46 | 305.74 | 302.98 | 292.96 | |
| ii. Trade receivables | 398.54 | 307.36 | 159.69 | 117.23 | |
| iii. Cash and cash equivalents | 289.92 | 274.88 | 102,72 | 97.75 | |
| 4.43 | 3.80 | 2.22 | 1.68 | ||
| iv. Other bank balances | 7.15 | 21.21 | 2.94 | 66.85 | |
| v. Loans | 156.82 | 101.76 | 68 01 | 103.87 | |
| vi. Other financial assets | 127.34 | 66.43 | 64.66 | 27 54 | |
| (b) Other current assetsSub-total current assets | 1,433.66 | 1,081.18 | 703.44 | 707.90 | |
| 3. Asset held tor sale | 3.18 | 3.18 | |||
| TOTAL· Assets | 2,503.87 | 2,206.65 | 1,388.56 | 1,339.29 | |
| B. Equity and liabilities | |||||
| 1. Equity | 7.29 | 7.26 | 7.29 | 7.26 | |
| (a) Equity share capital | 1,571.13 | 1,304.55 | 964.12 | 688.06 | |
| (b) Other equitySub-total Equity | 1,578.42 | 1,311.81 | 971.41 | 695.32 | |
| 2. Non-current liabilities | |||||
| (a) Financial liabilities | 102.05 | 184.61 | 71.78 | 78.96 | |
| i.Other financial liabilities | 21.39 | 16.47 | 16.88 | ||
| (b) Provisions | 21.150.50 | 0.41 | |||
| (c) Other non-current liabilities | 123.70 | 206.00 | 88.66 | 95.84 | |
| Sub-total non-current liabilities | |||||
| 3. Current liabilities | |||||
| (a) Financial liabilities | |||||
| i. Trade payables | 0.09 | ||||
| - to micro enterprises and small enterprises | 0.13 | 0.10 | 0.0568.50 | 54.86 | |
| - to others | 133.57 | 105.26 | 116.77 | 380,33 | |
| ii, Other financial liabilities | 290.41 | 245.41 | 57.22 | 55.57 | |
| (b) Provisions | 61.52 | 63.68 | |||
| ( c) Tax liabilities | 5.28 | 16.20 | 57.28 | ||
| (d) Other current liabilities | 290.64 | 237.99 | 65.95328.49 | 548.13 | |
| Sub-total current liabilltles | 801.75 | 688.84 | |||
| TOT AL· Eaultv and llabilltles | 2,503.87 | 2,206.65 | 1,388.56 | 1,339 29 |
CRISIL Limited Statement of Cash flow statement tor the year ended Deceni>er 31, 20 21
| (fin crores)Standalone | ||||||
|---|---|---|---|---|---|---|
| Particulars | Consolidated | Year endedVear ended | ||||
| Vear ended | Vear ended | |||||
| 31-Dec-21Audited | 31-Dec-20Audfted | 31-Dec-21Audited | 31-Dec-20Audited | |||
| Cash flow from operating actlvilies:A. | ||||||
| Profit before tax | 618.44 | 458 29 | 551 97 | 218.33 | ||
| Adjustments for : | ||||||
| Depreciation/ amortisation | 105.98 | 121 11 | 62 09 | 74 73 | ||
| Interest income on financial assets carried at amortized cost | (O.� | (2.57) | (1.95) | (2.49) | ||
| Waiver of lease liability | (7 94) | (2.08) | (0.531 | (1.67) | ||
| Exchange difference on translation of assets and liabilities including hyperinflation | 3 13 | 1 21 | ||||
| impact | ||||||
| Unrealised foreign exchange loss | 2 27 | (5.77) | 1 98 | (7.,01) | ||
| (Profit)/ loss on sale ol property, plant and equipment | (46,61) | (0.09) | (46 45) | 0,01 | ||
| (Prollt)/ loss on sate of currenl investments | (10.'10) | (703) | (5.74) | (6.98) | ||
| (Profit)/ loss on la:r valuat,on QI currenl Investments | (313) | (2 681 | (2.05) | (2.52) | ||
| Provlsion for doubilul debts I bad debts | 3 08 | 094 | 2.28 | 1 40 | ||
| Provision for doubtful security deposits | 0.13 | 0.45 | 0 09 | 0 28 | ||
| Excess provision written back | (13.83) | (3.95) | (3.64) | (3 95) | ||
| Interest on bank deposits | (3.00) | (1 73) | (0 19) | (0.46) | ||
| Interest on income tax refund | (0,15) | (0.03) | ||||
| Share based payment to employees | 157 | 2 48 | 1 57 | 0 76 | ||
| Dividend on investments | (4.29) | (4.411 | (257 88) | (4.41) | ||
| Interest on lease liability | 8,93 | 14.10 | 7,26 | 6 91 | ||
| Interest on bank overdraft | 0 29 | 0 03 | ||||
| Interest on loan from subsidiaries | 10 821 | 18.11) | ||||
| Operating profit before working capitaf changes | 653.62 | 568.53 | 307.99 | 264.85 | ||
| Movements in working capital | ||||||
| (lncrease)ldecrease in trade receivables- | (95.96) | (47.38) | (44 74) | 34 62 | ||
| (�crease)/decrease in 1oans- | 4 89 | (2.21) | 3 60 | 4 69 | ||
| (h1crease)ldecrease in other non current assets- | 0 75 | 060 | 1 57 | 1 00 | ||
| (lnorease)ldeorease in other current financial assets- | [52.07) | 29.08 | 115. 271 | (55 62) | ||
| (lncreaseJ/decre�se in olherc·urrenl .issels- | (5925) | 6 77 | (37-34) | (4 23) | ||
| lncreasel(dectease) in trade payables- | 42 11 | 15 33 | 37 45 | (12.49) | ||
| lncrease/(decrease) in provisions- | (0 78) | 18.87 | 1 92 | 2,05 | ||
| lncreasel(decrease) in other current financial liabilities- | 4713 | (712) | (273 53) | 276 93 | ||
| lncrease/(decrease) rn other current liabilities- | 51 88 | 32 03 | 8.67 | (71 92) | ||
| • lncrease/(decrease) rn other non current linancial liabilities | 7 27 | 10 99 | 4.54 | (0.40) | ||
| lncrease/(decrease) 1n olher non current liabilities- | 050 | D 41 | ||||
| Cash generated from' (used tn) operations | 600.09 | 625.49 | (4.73) | 439.48 | ||
| Taxes paid- | (196.971 | (125.02) | 1113;201 | 152.581 | ||
| Net cash generated from' (used in) operating activities· (A)Cash flow from investing activities : | 403.12 | 500.47 | (118.01) | 386.90 | ||
| Purchase of property, plant and equipment and intangible assets (including movementof intangible assets under development and capital advances) | (22 79) | (3482) | (15 85) | (25.76) | ||
| Proceeds from sale of property, plant and equipment and intangible assetsProceed received from Sales of Business Unit (Ratings) | 49.79 | 0.88 | 51 1251,70 | on | ||
| Proceed$ from sale of mutual funds (net) | (130.19) | (43,78) | (2.21) | (31 23) | ||
| Payment made for acquisition of Greenwich Associates LLC | (251 17) | |||||
| Amount received on net working capital adjustment of Greenwich Associates LLC | 7 49 | |||||
| Interest on income tax refund | 0.15 | 0.03 | ||||
| Interest on bank deposits | 2,96 | 1,77 | 0,15 | 047 | ||
| Interest on loan from subsidiaries | 240 | 6 54 | ||||
| Loan repaid by/ (given to) subsidiaries (net) | 50,89 | (47 64) | ||||
| Fixed deposits matured/ (placed) | 005 | (0.08) | (0,02) | (0 07) | ||
| Investment in CRISIL Ratings Limited | (26.00) | |||||
| D,Vldend on investments | 4.29 | 4 41 | 257.88 | 4 41 | ||
| Net cash generated from' (used in) investing activities - (B) | (88.25\ | (322,86\ | 396.06 | (118.51) | ||
| C. Cash flow from financing activities: | ||||||
| Proc�eds on account of share application money pending allotment | 2 23 | 2 23 | ||||
| Receipts from subsidiaries lor Employee stock option scheme (ESOS) | 0 75 | 1,71 | ||||
| Receipts from issuance of share capital on account of exercise of ESOS | 41.46 | 35 22 | 41 46 | 35 22 | ||
| Repayment of borrowings | (0,09) | |||||
| Dividend and dividend tax paid | 1276.49) | (232.03) | (276 49) | (232.03) | ||
| Payment of lease liability | (58.23) | (67 911 | (41,03) | (46.79) | ||
| Fir1ance cost | 10.29) | (0.031 | ||||
| Net cash used in financing activities· (C) | (291.03 ) | (265.10) | 1273.08) | (241.921 | ||
| Net Increase/ (decrease) in cash and cash eaulvalents IA+B+Cl | 23,84 | [87.49) | 4.97 | 26.47 | ||
| Add I (less) : adjustment towards acquisi1lon - (D) | 25.30 | |||||
| Net increase/ (decrease) in cash and cash eaulvafents (A+B+C+D) | 23.84 | (62.19) | 4.97 | 26.47 | ||
| Cash �nd cash equivalents - Opening balance | 274 88 | 339.11 | 97.75 | 71 27 | ||
| Add Exchange difference on translation of foreign currency cash and cash equivalents | (8 80) | (2.04) | 0 01 | |||
| Cash and cash equivalents - Closing balance | 289.92 | 274.88 | !02.72 | 9775 | ||
| Net lncrease/ /decrease) In cash and cash eaulvalents | 23.84 | (62.191 | 4.97 | 26.47 | ||
| Components of cash and cash eqwvalenfs | ||||||
| Cash on hand and balances with banks on current account | 205,44 | 268.22 | 102.72 | 97 75 | ||
| o�sits w11h or.nll')al ma11,rltv o1185s 1han,three monlhs | 84.48 | 6.66 | p. " | |||
| To1al | 289.92 | 274.88 | 102.72 | 17,�S· |
i{( � ·I', lt.11
Notes to Financial Results
- The above results have been reviewed by the Audit Committee and subsequently approved by the Board of Directors of the Company at its meeting held on February 15, 2022.
- 2 The Board of Directors have recommended a linal dividend of � 15 per share and a special dividend of � 7 per share having face value of � 1 each.
- 3 The consolidated financial results include financial results of CRISIL Limited and its wholly owned subsidiaries (together referred as 'the Group').
- 4 Details of foreign exchange gain or loss recorded in the respective periods in financial results are as under:
| Particulars | Consolidated | ||||
|---|---|---|---|---|---|
| StandaloneForex gain or loss included under | |||||
| Other income Other expenses | Other income | Other exoenses | |||
| Quarter ended December 30, 2021 | 1.25 | Nil | 2.67 | Nil | |
| Quarter ended September 30, 2021 | 4.89 | Nil | Nil | 2.39 | |
| Quarter ended December 31, 2020 | Nil | 5.45 | 2.43 | Nil | |
| Year ended December 31, 2021 | 11.38 | 4.67 | 10.28 | 3.89 | |
| Year ended December 31, 2020 | 20.38 | 11 36 | 18.78 | 3,36 |
- 5 The Group's operations predominantly relate to providing rallng, research and advisory seNlces. Accordingly, revenues earned through rendering ot these services lepresent the pdmaiy basis of segment Information set out above Assets and liab lilies used interchangeably between segments has been classified as unallocable. The Group believes that it Is currently nol praclicabte to allocate all assets and liabilities since a meaningful segregation or the available dale ls not feasible. In accordance with Ind MS 108 · 'Operating Segmems·, the Company has presemed segrnent ,nformation along wllh the consoltdated rlnancial rasults or the Group.
- 6 tn compliance with Regulation 33 of tt,e Securities and Exchange Board of India (Listing Obligations and Djsclosure Requirements) Regulalions, 2015, an audit ot the results has been carried out by the Statutory Auditors of the Company. The figures of the quarter ended December 31. 2021 and December 31. 2020 are the balancing figures between audited figures of the full year ended December 31, 2021 and December 31. 2020 and unaudited published year to date figures up to lhe period ended September 30 of the respective years.
- 7 The results for the year ended December 31, 2021, include full year flnancials of Greenwich Associates LLC, acquired on February 2020, as against ten-month numbers considered in the same period of the previous year.
- 8 During the quarter ended December 31, 2021 and September 30, 2021, the Company has received dividend income from its subsidiaries amounting to � 43.00 crores and � 35.59 crores respectively. This is included under 'Other income' in the slandalone financial results.
- 9 Exceptional item for the quarter and year ended December 31, 2021 consists of profit on sale of Immovable property.
- 1 O Transfer ol Iha Ratings business to CRISIL Ratings Limited. a wholly owned subsidiary of the CRISIL Limiled has been undertaken lhrough a Sct,eme or arrangement in terms of Section 230 to 232 of the Companies Ai;I. 2013 ('Scheme'). The Scheme has been sanctioned by the National Company Law Tribunal INGLT) with appolnted date·as January 1, 2020 and on approvals received lrom various authorities. Iha Sctierne became eflect1ve on December 31, 2020. Accordingly, standalone financial results for the quarter ended December 31, 2020 includes nel profil from discontinued operations pertainmg to operations transferred to CRISIL Ratings Limited.
- 11 The management has approved arrangement ror ,imalgamation of two wholly owned subsidiaries (''CRISIL Risk end lnfrastruclure Solutions Limited and Pragmahx Services Prlvale limited . Transferor Company") as a going concern with the Company (the "Transf�ree Company'11n its meetrng held on December 13, 2021. Following the closing of the aforesaid amalgamation, lhe amalgamated entity will continue Its operations under the name of CRISIL Limited. The Company has already filed necessary appllcat,ons to the National Company Law Tribune( (NCLT) on December 27, 2021 and awaiting for required regulalory approvals.
- 12 The Group has considered Internal and external information and has performed sensitivity analyses based on current esllmates, In assessing the recoverab11ily of receivables, unbilled revenues, goodwill, nlang,ble assets, o\her financial assets (Including cash liquidity), and the prolllabllity or the GroLJp. Whilst the s,watlon continues to b1:1 e�trernely dynamic. at present the Group does not see any mat1:1rial Impact on Iha above. However, the ectu,;11 impact ol the pandemic on the Group's financial per'formance·may dltter froni what ts estimated. and the Group continues to monitor changes to future economic conditions.
- 13 The financial results have been prepared in accordance with the applicable accounting standards, as notified under the Companies (Indian Accounting Standards) Rules, 2015 and as specified in Section 133 of the Companies Act, 2013.
- 14 Previous year figures have been regrouped/ reclassified wherever necessary, to conform to current period classificaion.
For and on behalf of the Board of Directors of CR/SIL Limited
Amish tv'ehta Managing Director and Chief Executive Officer DIN : 00046254 Mimbai, February 15, 2022
• Further details in connection with this Release are available on website of the Company at www.crisil.com and also on the websites of BSE Limited (www.bseindia.com) and National Stock Exchange of India Limited (www.nseindia.com).
Walker Chandiok &.Co LLP
Walker Chandiok & Co LLP
11th Floor, Tower II, One International Center, S B Marg, Prabhadevi (W), Mumbai - 400013 Maharashtra, India T +91 22 6626 2699 F +91 22 6626 2601
Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
To the Board of Directors of CRISIL Limited
Opinion
-
- We have audited the accompanying consolidated annual financial results ('the Statement') of CRISIL Limited ('the Holding Company') and its subsidiaries (the Holding Company and Its subsidiaries together referred to as 'the Group'), for the year ended 31 December 2021, attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Dlsclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'), including relevant circulars issued by the SEBI from time to time.
-
- In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of other auditors on separate audited financial statements and branch of a subsidiary, as referred to in paragraph 12 below, the Statement:
- (i) includes the annual financial results of the following entities listed in Annexure 1;
- (ii) presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations, and
- (iii) gives a true and fair view in conformity with the applicable Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 ('the Act') read with relevant rules issued thereunder, and other accounting prlnclples generally accepted in India, of the consolidated net profit after tax and other comprehensive income and other financial Information of the Group for the year ended 31 December 2021.
Basis for Opinion
- We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statement section of our report. We are Independent of the Group, Its associates and joint ventures, in accordance with the Code of Ethics /ssued by the Institute of Chartered Accountants o·f India ('the /CAI') together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and that obtained by the other auditors in terms of their reports referred to in paragraph 12 of the Other Matter section below, is sufficient and appropriate to provide a basis for our opinion.
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Offices in Bengaluru, Chandiga-h, Che,mai, Gurugram, Hyderabad, Kochi, Ko1ka1a, Mumbai, New Delhi, Naida and Pune
Walker Chandiok & Co LLP is registered with limiled liability with identification number AAC-2085 and has ils registered office al L-41, Connaught Circus, Outer Circle, New Delhi, 110001. India
Chartered Accountants
Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
Responsibilities of Management and Those Charged with Governance for the Statement
-
- The Statement, which is the responsibility of the Holding Company's management and has been approved by the Holding Company's Board of Directors, has been prepared on the basis of the consolidated annual audited financial statemehts. The Holding Company's Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the consolidated net profit or loss after tax and other comprehensive income, and other financial information of the Group in accordance with the accounting principles generally accepted in India, including the Ind AS prescribed under section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Holding Company's Board of Directors Is also responsible for ensuring accuracy of records including financial information considered necessary for the preparation of the Statement Further, in terms of the provisions of the Act, the respective Board of Directors/ management of the companies included in the Group covered under the Act, are responsible tor maintenance of adequate accounting records In accordance with the provisions of the Act. for safeguarding of the assets of the Group and for preventing and detecting frauds and other Irregularities; selection and application of appropriate accounting policies; making Judgments and estimates that are reasonable and prudent; and design, Implementation and maintenance of adequate internal financial controls, that were operating effectively, tor ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial results, that give a true and fair view and are free from material misstatement, whether due to fraud or error. These financial results have been used for the purpose of preparation of the Statement by the Directors of the Holding Company, as aforesaid.
-
- In preparing the Statement, the respective Board of Directors of the companies included in the Group and of its associates and Joint ventures, are responsible for assessing the ability of the Group and of its associates and Joint ventures, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting, unless the respective Board of Directors/ management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
-
- The respective Board of Directors/ management of the companies included in the Group are responsible for overseeing the financial reporting process of the companies included in the Group.
Auditor's Responsibilities for the Audit of the Statement
-
- Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing, specified under section 143(10) of the Act, will always detect a material misstatement, when it exists. Misstatements can arise from fraud or error, and are considered material if, individually, or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement
-
- As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit We also:
- Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our _opinion. The risk of not detecting a material misstatement resulting from fraud is hfgher than for one resulting from error, as fraud may involve collusion, forgery, intentional orniss1ons, misrepresentations, or the override of internal control.
Page 2 of 5
Charlered hcountants
Offices In Bengaluru, Chandigarh, Chennai, Gurng,am, Hyderabad, Kochi, Kolkala, M1.1nbai, New Delhi, Noida and Puna
Walker Chandiok & Co LLP is registered with limited liability with identificalion number MC-2085 and has its registered office al L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India
Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
- Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associates and joint ventures, to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its associates and joint ventures to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial results/ financial information/ financial statements of the entities within the Group, and its associates and joint ventures, to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Statement, of which we are the independent auditors. For the other entities included in the Statement, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
-
- We communicate with those charged with governance of the Holding Company and such other entities included in the Statement, of which we are the independent auditors, regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
-
- We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
-
- We also performed procedures in accordance with SEBI Circular CIR/CFD/CMD1/44/2019 dated 29 March 2019, issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable.
Other Matter
- We did not audit the annual financial statements of 2 subsidiaries included in the Statement, one branch included in the audited separate annual financial statements of the entities included in the Group, whose financial information reflects total assets of � 6295,29 lakhs as at 31 December 2021, total revenues of � 4950.16 lakhs, total net profit after tax of� 316.42 lakhs, total comprehensive income of� 309.20 lakhs, and cash flows (net) of � 351.07 lakhs for the year ended on that date, as considered in the Statement as considered in the respective audited separate annual financial statements of the entities included in the Group, These annual financial statements have been audited by other auditors and branch auditor whose audit reports have been furnished to us by the management, and our opinion in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and branch is based solely on the audit reports of such other auditors and branch auditor, and the procedures performed by us as stated in paragraph 11 above.
Page 3 of 5
Offices in Bengaluru, Chandig1:th, Channa!, Gurugram, Hyderabad, Kochi, Kolkala, Mumbai, New Deihl, Naida and Puna
Walker Chandiok & Co LLP is registered with limited liability with identification number AAC·2085 and has its registered office al L-41, Connaughl Circus, Outer Cirde, New Delhi, 110001, India
Chartered Accountants
CRISIL Limited Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
Further, all subsidiaries and branch mentioned above are located outside Jndia, whose annual financial statements have been prepared in accordance with accounting principles generally accepted in their respective countries, and which have been audited by other auditors and branch auditor under using generally accepted auditing standard applicable in their respective countries, The Holding Company's management has converted the flnanclal statements of such subsidiaries arid branch from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion, In so far as ft relates to the balances and affairs of these subs.idiaries and branch, is based on the audit report bf other auditors and branch auditor and the conversion adjustments prepared by the management of the Holding Company and audited by us,
Our opinion is not modified in respect of this/these matter with respect to our reliance on the work done by and the reports of the other auditors.
- The Statement Includes the consolidated financial results for the quarter ended 31 December 2021, being the balancing figures between the audited eonsolidated figures in respect of the full financial year and the published unaudited year-to-date consolidated figures up lo the third quarter of the current financial year, which were subject to limited review by us.
For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No:001076N/N500013
Kh� Partner Membership No:042423
UDIN:22042423ACIQQQ7570
Place: Mumbai Date: 15 February 2022
Page 4 of 5
Walker Chandiok & Co LLP is registered with limited lfabilfty with identification number MC-2085 and has its registered office at L -41, ConnaughtCircus, Ouler Circle, New Delhi, 110001, India
Chartered Accountants
Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Nofda and Pune
CRISIL Limited Independent Auditor's Report on Consolidated Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
Annexure 1
List of entities included in the Statement
-
- CRISIL Risk and Infrastructure Solutions Limited
-
- CRISIL lrevna UK Limited
-
- CRISIL lrevna US LLC
-
- CRISIL lrevna Poland Sp.Z.oo.
-
- CRISIL lrevna Information Technology (Hangzhou) Co. Ltd.
-
- Coalition Development Limited
-
- Coalition Development Singapore Pte. Ltd.
-
- CRISIL lrevna Argentina S.A
-
- Pragmatix Services Private Limited
-
- CRISIL Ratings Limited
-
- Greenwich Associates LLC
-
- Greenwich Associates Singapore Pte. Limited
-
- Greenwich Associates Japan K.K.
-
- Greenwich Associates Canada, ULC
-
- Greenwich Associates UK Limited
-
- Greenwich Associates UK (Holdings) Ltd (till 13 October 2021)
-
- CRISIL lrevna Australia Pty Ltd
Page 5 of 5
Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkala, Mooibai, New Delhi, Noida and Puna
Walker Chandiok & Co LLP is registered with limiled liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Outer Circle, New Delhi, 110001, India
Chartered Accountants
Walker Chandiok &.Co LLP
Walker Chandiok & Co LLP 11th Floor, Tower II, One International Center, S B Marg, Prabhadevi {W), Mumbai - 400013 Maharashtra, India T +91 22 6626 2699 F +91 22 6626 2601
Independent Auditor's Report on Standalone Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
To the Board of Directors of CRISIL Limited
Opinion
-
- We have audited the accompanying standalone annual financial results ('the Statement') of CRISIL Limited ('the Company') for the year ended 31 December 2021, attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) ('Listing Regulations'), including relevant circulars issued by the SEBI from time to time.
-
- In our opinion and to the best of our information and according to the explanations given to us, the Statement:
- (i) presents financial results in accordance with the requirements of Regulation 33 of the Listing Regulations; and
- (ii) gives a true and fair view in conformity with the applicable Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 ('the Act'). read with relevant rules issued thereunder, and other accounting principles generally accepted in India, of the standalone net profit after tax and other comprehensive income and other financial information of the Company for the year ended 31 December 2021.
Basis for Opinion
- We conducted our audit in accordance with the Standards on Auditing ('SAs') specified under section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Statement section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ('the ICAI') together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us, is sufficient and appropriate to provide a basis for our opinion.
Page 1 of 3
Offices in Bongaluru, Chancfigah, Chennai, Gurugram, Hyderabad, Kochi, Kolkala, Mumbai, New Delhi, Naida and Pune
Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L -41, Connaught Circus, Outer Circle, New Delhi, 110001, India
Cha.'lered Accounlanls
Independent Auditor's Report on Standalone Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
Responsibilities of Management and Those Charged with Governance for the Statement
-
- This Statement has been prepared on the basis of the standalone annual audited financial statements and has been approved by the Company's Board of Directors. The Company's Board of Directors is responsible for the preparation and presentation of the Statement that gives a true and fair view of the net profit/loss and other comprehensive income and other financial information of the Company in accordance with the accounting principles generally accepted in India, including Ind AS prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India, and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that gives a true and fair view and is free from material misstatement, whether due to fraud or error.
-
- In preparing the Statement, the Board of Directors is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
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- The Board of Directors is also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the Audit of the Statement
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- Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with Standards on Auditing, specified under section 143(10) of the Act, will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.
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- As part of an audit in accordance with the Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. "
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has in place adequate internal financial controls with reference to financial statements and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.
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Offices in Bengaluru, Chandigarh, Chennai, Gurugram, Hyderabad, Kochi, Kolkata, Mumbai, New Delhi, Naida and Pune
Walker Chandiok & Co LLP is registered with limited liability with identification number AAC-2085 and has its registered office at L-41, Connaught Circus, Ouler Circle, New Delhi, 110001, India
Chartered Accountants
Independent Auditor's Report on Standalone Annual Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
- Conclude on the appropriateness of the management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.
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- We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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- We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matter
- The Statement includes the financial results for the quarter ended 31 December 2021, being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subject to limited review by us.
For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No:001076N/N500013
Khushroo B. Panthaky Partner Membership No:042423
UD1N:22042423ACIPRY6148
Place: Mumbai Date: 15 February 2022
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Offices in Bengaluru, Chandigarh, Charmai, Gurugram, Hyderabad, Kochi, Kolkala, Mumbai, New Delhi, Noida and Pune
Chartered Accountmts
February 15, 2022
Listing Department National Stock Exchange of India Ltd. Exchange Plaza, 5 1 " floor Plot No. C/1, G Block Bandra-Kurla Complex Bandra (East) Mumbai 400 051
Listing Department BSE Limited P J Towers Dalal Street Mumbai 400 00 I
Dear Sirs,
Sub.: Declaration in respect of Unmodified opinion on Audited Financial Statements for the Financial Year ended December 31, 2021
In terms of SEBI Circular CIR/CFD/CMD/56/2016 dated May 27, 2016, we hereby declare and confirm that the Statutory Auditors of the Company, Mis. Walker Chandiok & Co. LLP, have issued an unmodified audit report on Standalone and Consolidated Financial Results of the Company for the year ended December 31, 2021.
Kindly take this communication on record and inform your members accordingly.
l[rmited Yours faithfully, 1(
SanJay Chakravarti Chief Financial Officer