CRISIL FUND INSIGHTS

Monthly funds newsletter from CRISIL Research

Volume 47

Investment
thoughts

March 2015

Build a nest egg with NPS, and save more tax

The buzz around the National Pension System (NPS) has increased manifold since the presentation of the Union Budget last month.
The additional tax benefit accorded to the decade-old retirement planning product has added to its attractiveness for investors.
Improving life expectancy, rising living costs and transition away from joint-family structure all make it imperative to build a retirement
corpus that can see one through the sunset years. In a country without an adequate social security net, therefore, retirement products
such as NPS become that much more indispensable.

What is NPS?
NPS is a contribution-based retirement saving scheme managed by professional fund managers that invests the corpus based on an individuals perceived risk-return
profile (life-cycle investing approach) and provides benefits of hassle-free asset allocation, flexibility and tax efficiency. The scheme offers two types of accounts - Tier I
and Tier II. The Tier I account is eligible for tax benefits, whereas the Tier II savings account is optional. The minimum monthly contribution for Tier I account is Rs 500 and
the minimum yearly contribution Rs 6,000.

How NPS helps in lifecycle investing

The lifecycle investing approach follows the asset allocation model. It is based on the premise that investments in different asset classes should be made based on risk
profiles since an investors investment needs and risk-taking ability change as she or he goes through various life stages. NPS allows investors to replicate this concept.
For investment purposes, the system provides investors the flexibility to invest in a mix of three asset classes - E (equity fund), C (corporate bond fund) and G (government
securities fund). The scheme also offers flexibility with two investment choices based on the investors wherewithal:

Active choice individual fund: Investors aware of their risk-return objectives can choose the active option, which offers flexibility to decide asset allocation
between the three asset classes (E, C and G). However, with a view to reduce downside risk, the maximum exposure to equities is restricted to 50% of the total corpus.

Auto choice lifecycle fund: This is suitable for investors who are not well-versed with asset allocation and how to change it dynamically in sync with risk-return objectives.
It is a default option and acts as a lifecycle fund wherein the asset allocation is linked to the age of the investor and changes over the life span in a pre-determined manner.
At the lowest entry age (18 years), asset allocation would be most aggressive with 50% in E, 30% in C and 20% in G until the age of 35. The ratio of investments in E and
C decreases annually while proportion of G increases with age. At 55 years, allocation will be most conservative - G will account for 80%, while E & C will fall to 10% each.

Table 1: Performance of NPS schemes

Since inception
Scheme/ benchmark
returns (%)
Scheme E Tier I*
13.66
CNX Nifty Index
16.54
Scheme C Tier I*
10.66
NPS - Corporate Bond Index^
8.90
Scheme G Tier I*
9.08
NPS Government Securities Index^
6.67
Other NPS schemes
Scheme CG
10.37
NPS Government Pattern Index^
9.41
Scheme SG
10.26
NPS Government Pattern Index^
8.89
Scheme NPS Lite*
11.78
NPS Government Pattern Index^
9.03
Scheme Corporate CG
11.56
NPS Government Pattern Index^
11.24

Performance snapshot
Inception
date
1-May-09

NPS vs traditional instruments

1-May-09
1-May-09

1-Apr-08
25-Jun-09
4-Oct-10
5-Nov-12

Annualised returns as on December 31, 2014

* Returns calculated by creating equal weighted index based on underlying schemes
^ Customised benchmarks created by CRISIL for performance comparison of NPS
schemes
Launch date of first fund under respective category is considered as the inception
date for that category

Tax benefits1

The asset classes available for investment under NPS have managed to outperform or mirror
market returns since its inception. Table 1 provides a snapshot of their performance.

For a case study, we compared the auto choice investment option of NPS with traditional
products (FDs), based on historical returns of various asset classes. And what did we find? An
investment of Rs 16,667 every month (Rs 2 lakh per annum in total to avail maximum tax rebate)
in the NPS fund was able to generate a corpus of Rs 3.7 cr in 30 years - over Rs 1.3 cr higher
than the corpus built through traditional investments. The primary push for investment in NPS was
from the higher allocation to class E at a younger age.

Case Study: Growth of monthly investment of Rs 16,667 in NPS vs FDs

Age
30 years
35 years
40 years
45 years
50 years
55 years
60 years

Total
Contribution
(Rs)
16,667
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000

NPS Asset allocation (%)

Class E

Class C

Class G

50%
50%
40%
30%
20%
10%
10%

30%
30%
25%
20%
15%
10%
10%

20%
20%
35%
50%
65%
80%
80%

NPS
Total
(Rs)

FDs
Asset
allocation (%)

FDs
Total
(Rs)

16,667
1,362,492
3,650,567
7,400,526
13,347,293
22,510,963
36,681,634

100%
100%
100%
100%
100%
100%
100%

16,667
1,223,566
3,021,387
5,662,975
9,544,334
15,247,324
23,626,887

Asset allocation is per auto choice lifecycle fund

1

NPS also helps save tax. The Union Budget granted exclusive tax Calculation made assuming 15%, 8% and 9% annualised growth for class E, C and G, respectively and 8% for FDs
benefit to the plan. Now, in addition to the Rs 1.5 lakh exemption
allowed under Section 80CCE (which comes under the broader section of 80C) for investments in NPS, one can get a deduction under 80CCD (1B) of Rs 50,000 for
investment in NPS alone. This additional exemption enables saving Rs 5,150, Rs 10,300 or Rs 15,450 (including cess), depending on the tax bracket he is in (10%, 20%
or 30%, respectively). Further, salaried individuals can avail tax deduction under Section 80CCD (2) in addition to the Rs 2 lakh investment limit explained above if their
employers contribute to NPS. Investments under this section are, however, restricted to 10% of the basic salary plus dearness allowance.

Summing up
To be able to enjoy financial independence post-retirement, it is imperative that one works to a targeted savings and investment plan that can build a wholesome corpus.
NPS offers one of the best platforms for retirement planning with the benefits of life-cycle investing, flexibility, low cost, professional management and tax-efficiency.

Growth rate assumptions based on: 20-year average daily rolling returns of S&P BSE Sensex since July 1979 for equity; 10-year average daily rolling returns of CRISIL AAA Long Term Bond Index since
inception (April 2002) for corporate bonds; 10-year average daily rolling returns of CRISIL Gilt Index since inception (January 1997) for government securities; Average of term deposit interest rates (5 years &
above maturity) since 2000-01 for fixed deposits (Source: RBI)

CRISIL FUND INSIGHTS

Market - Overview
February

January

Absolute

28,2015

30, 2015

Change

Change

Indices
CNX Nifty

8901.85

8808.90

92.95

1.06

S&P BSE Sensex

29361.50

29182.95

178.55

0.61

Indicators

February 27, 2015

January 30, 2015

10 year Gsec

7.72%

7.69%

Monthly CPI Inflation

5.37%

5.19%

Indian equity indices stayed in the positive territory in February. The key benchmarks CNX Nifty and S&P BSE
Sensex rose 1.06% and 0.61%, respectively, albeit lower than 6.35% and 6.12% in January.

The gains were owing to several positive domestic cues including the key economic events (Union Budget and
Economic Survey) and positive GDP growth estimate (due to change in the methodology for calculating
domestic growth).

The market rose after the government announced several measures such as increased spending on the
country's infrastructure, deferral of General Anti Avoidance Rule (GAAR) by two years, proposed cut in
corporate tax to 25% from 30% over four years and implementation of the Goods and Service Tax (GST) from
April 2016.

Positive signs from India's Economic Survey including growth rate of 8.1-8.5% in FY16 on new GDP
calculation formula and medium-term fiscal deficit target of 3% of GDP also augured well for the market.

Among positive global cues, news of ceasefire agreement in Ukraine and optimism about Greece's debt deal
aided market gains. Investors also cheered the dovish tone of the US Federal Reserve Chief Janet Yellen after
she said that the US central bank would be patient about raising interest rates.

Further gains were capped due to discouraging quarterly earnings from some of the index heavyweights. Weak global cues such as disappointing Chinese trade data, Greece
debt deal uncertainty and worries about an earlier-than-expected interest rate hike in the US also pulled down the market.
CNX indices recorded a mixed performance in February. CNX IT index was the top gainer - up 7.06% on defensive buying and strong earnings and upbeat guidance from
Cognizant Technology Solutions.
CNX Metal index rose 3.45% after some companies won mines in the ongoing coal blocks auction.
CNX Media Index was the top laggard in the month falling 5.34% followed by CNX PSU Bank index - down 4.67%.

Market Overview
Top Stock Exposures February 2015

11.8

78,000

11.0

26,000

10.3
-26,000

9.5

Feb-15

Jan-15

Dec-14

Oct-14

Net flows (RHS)

Nov-14

Sep-14

Aug-14

Jul-14

Jun-14

-130,000

Apr-14

8.0

May-14

-78,000

Mar-14

8.8

(Net Flow s Rs cr)

130,000

Feb-14

(AUM Rs lakh cr)

12.5

1. Banks

2. ICICI Bank Ltd.

2. Computers - Software

3. Infosys Ltd.

3. Pharmaceuticals

4. State Bank Of India

4. Refineries/Marketing

5. Larsen & Toubro Ltd.

5. Cement

6. Axis Bank Ltd.

6. Engineering

7. Maruti Suzuki India Ltd.

7. Commercial Vehicles

8. Reliance Industries Ltd.

8. Passenger/Utility Vehicles

9. Tata Consultancy Services Ltd.

10. ITC Ltd.

Industry AUM

Top Sector Exposures February 2015

1. HDFC Bank Ltd.

9. Power Equipment
10. NBFC

Note: The month-end portfolios as of February 2015 have been considered for the report.
Absolute Monthly Returns%
Feb-2015
Jan-2015
-0.22
3.22

Category returns
CRISIL AMFI Large Cap Fund Performance Index

New Stocks Entries and Exits in Mutual Fund Portfolios February 2015
Entries

Exits

3.04

Mold-Tek Packaging Ltd.

Maestros Electronics and Telecommunication Systems

Ltd.

0.25

3.36

Take Solutions Ltd.

Man Industries (India) Ltd.

-0.09

2.30

Shivam Autotech Ltd.

Samkrg Pistons & Rings Ltd.

-0.09

1.91

Ashiana Housing Ltd.

Suncity Synthetics Ltd.

CRISIL AMFI Gilt Fund Performance Index

0.41

1.98

AXISCADES Engineering Technologies Ltd.

CRISIL AMFI Debt Fund Performance Index

0.40

1.27

Mahanagar Telephone Nigam Ltd.

CRISIL AMFI Short Term Debt Fund Performance Index

0.43

0.91

BF Investment Ltd.

CRISIL AMFI Ultra Short Fund Performance Index

0.58

0.56

CRISIL AMFI Liquid Fund Performance Index

Hester Biosciences Ltd.

0.64

0.51

Triton Valves Ltd.

Gold Funds (ETFs and FoFs)

-4.52

3.04

CRISIL AMFI Diversified Equity Fund Performance Index

-0.24

2.78

CRISIL AMFI Small & Midcap Fund Performance Index

0.42

CRISIL AMFI ELSS Fund Performance Index

CRISIL AMFI Balance Fund Performance Index
CRISIL AMFI MIP Fund Performance Index

The Indian mutual fund industry's assets under management (AUM) rose 1.76% or
by Rs 20,840 cr to Rs 12.02 lakh cr in February 2015, according to the monthly
numbers released by the Association of Mutual Funds in India (AMFI).

This is the first time the industry's assets have crossed the Rs 12 lakh cr mark.
Gains were led by inflows into equity, balanced, gilt and liquid funds.

Positive sentiment for the underlying asset class helped equity funds attract net
inflows (Rs 5,840 cr) for the tenth consecutive month in February. The category's
assets rose 1.41% to close at a record high of Rs 3.46 lakh cr.

Balanced funds also continued to benefit from the upbeat sentiment in the equity
market and attracted net inflows for the ninth consecutive month. The category's
AUM was up by Rs 715 cr to Rs 26,507 cr - its record high asset tally.

Hopes of easing interest rates by the Reserve Bank of India (RBI) pushed gilt funds
to touch a new peak of Rs 13,180 cr in February. AUM increased 19% or by Rs
2,105 cr primarily due to inflows of Rs 2,058 cr (sixth consecutive rise) in the month.
While the RBI did not cut its interest rate in the scheduled policy review meet in the
first week of February, it cut the repo rate under the liquidity adjustment facility (LAF)
by 25 bps to 7.50% on March 4, 2015. This is the second time the central bank has
surprised the market in the current year with an in-between policy review cut; it had

Fund News

cut the repo rate by 25 bps in January too.

Liquid/ money market funds reported net inflows of Rs 8,784 cr, giving a boost to the
total industry assets. Inflows into the category are a part of the cyclical inflows which
occur in the first two months of the quarter (January-February) before being
withdrawn for quarter-end requirements (to pay corporate advance tax) in the last
month of the quarter (March). The category's AUM rose 4.04% or by Rs 10,712 cr to
Rs 2.76 lakh cr.

Income funds' assets rose to a new high of Rs 5.22 lakh cr, up 0.41% or Rs 2,132
cr, due to mark-to-market (MTM) gains in the underlying assets. Open-ended and
interval schemes posted net inflows of Rs 8,486 cr and Rs 164 cr, respectively,
while closed-ended schemes posted net outflows of Rs 8,802 cr, resulting in net
marginal outflows of Rs 152 cr for the category.

On the regulatory front, SEBI plans to tighten its grip on mutual funds; it may cap
upfront commission to distributors.

AMFI has sent a proposal to all fund houses to cap the upfront commission at 1%.
AMFI has approached the SEBI to simplify the current MF advertising norms.

Yes Bank said it will enter the mutual fund business next fiscal through either the organic or inorganic route.
Reliance Capital Asset Management (RCAM) completed the regulatory clearance process for the sale of an additional stake to
Japans Nippon Life; Nippon Life hiked its stake in RCAM to 35% by acquiring an additional 9% stake for Rs 657 cr.

CRISIL Fund Rank 1 Schemes - Hybrid

Fund Focus

Mutual Funds' Performance Report

Point to Point Returns %
1
3
6
Month Month Month

Scheme Name

1
Year

3
Since
Years Inception

Inception
Date

Average
AUM
(Rs.Crore)

Style
Box

Std.
Deviation Sharpe
(%)
Ratio

Balanced
HDFC Balanced Fund

-1.41 5.24

Tata Balanced Fund - Plan A

2.40

Birla Sun Life MIP II - Wealth 25 Plan

0.14

ICICI Prudential MIP 25 - Regular Plan

14.65 52.63 23.90 17.89

11-Sep-00 2658.93

12.27

1.92

10.59 22.12 62.08 27.30 16.16

5-Jan-96

13.15

2.15

5.37

14.58 31.18 16.11 10.44

22-May-04 353.26

6.26

2.22

-0.23 4.69

11.15 26.45 13.91 10.70

30-Mar-04

6.03

1.82

1437.90

MIP Aggressive

905.82

Birla Sun Life MIP II - Wealth 25 Plan (CRISIL FUND

RANK 1)
Birla Sun Life MIP II - Wealth 25 Plan, launched in May 2004, has
average assets under management (AUM) of Rs 353 cr as of
October-December 2014. The fund is hybrid in nature with
predominant investments in debt designed to provide income to
investors in the form of dividends at a regular frequency. It has
been ranked CRISIL Fund Rank 1 (top 10 percentile of the peer
set) for two consecutive quarters - September and December
2014.

Investment Style
CRISIL Mutual Fund Ranks as of December 2014

Monthly Income Plans (MIPs) are debt-oriented hybrid funds with a

portion of AUM invested in equity and the rest in debt and money
market instruments. They vary allocation between equity and debt
based on the fund managers views on equity and interest rates.

Style Box Legend

Point to Point Returns are as on February 27, 2015

Value

Returns are annualised for periods above 1-year, otherwise actualised

Large

Risk Ratios are annualised; period for risk ratios is three years; risk free rate:
8.56% (average T-bill auction cut off rate during the period)

Small & Midcap

Blend

Growth

Diversified

Average AUM is 3-months average number as disclosed by AMFI for the period
October-December 2014

CREDIT QUALITY
High

Medium

Low
High

INTEREST

Medium

RATE

Low

SENSITIVITY

(FOR MIP AGGRESSIVE SCHEMES)

The risk profile of the fund falls between that of a pure debt fund
and a balanced fund (greater than 50% allocation to equity). This is
beneficial to investors looking for a small equity exposure but with
stable monthly returns. The higher debt component seeks to
provide the necessary stability in returns. Over five years, the fund
has distributed dividends in almost all the 60 months, indicating
consistency in terms of regular dividend payouts. The average
dividend yield of the fund over this period is 0.48%.

Performance
The fund has given CAGR (compounded annual growth rate)
returns of 10.4% since its inception. The performance over the last
one year has been notable with 29.1% returns vis--vis 17.4%
returns by the benchmark index (CRISIL MIP Blended Fund Index)
and 21.2% returns by its peers (MIP Aggressive Funds as per
CRISIL ranking December 2014). In the long-term period of 10
years, the fund returned 10.3% vis--vis 8.4% by the benchmark
index and nearly 10% by peers (Chart 1).

Chart 1: Performance as on March 13, 2015

Annualized Returns (%)

40

Average Assets under Management - A Bird's Eye View

Mutual Fund Name

Oct - Dec

Jul - Sep

2014

2014

Change

(Rs.Crore) (Rs.Crore) (Rs.Crore) Change

Mutual Fund Name

Oct - Dec

Jul - Sep

2014

2014

Change

(Rs.Crore) (Rs.Crore) (Rs.Crore) Change

HDFC Mutual Fund

150468

141481

8987

6.35

PRINCIPAL Mutual Fund

4926

4754

172

3.62

ICICI Prudential Mutual Fund

136763

127664

9100

7.13

Taurus Mutual Fund

4082

4411

-328

-7.45

Reliance Mutual Fund

126069

122068

4001

3.28

BNP Paribas Mutual Fund

3697

3921

-224

-5.72

Birla Sun Life Mutual Fund

107968

102616

5352

5.22

Indiabulls Mutual Fund

3087

2905

182

6.26

UTI Mutual Fund

87390

83250

4140

4.97

BOI AXA Mutual Fund

3021

2519

502

19.94

SBI Mutual Fund

72141

72850

-709

-0.97

Union KBC Mutual Fund

2873

3192

-319

-10.00

Franklin Templeton Mutual Fund

63643

55611

8032

14.44

Pramerica Mutual Fund

1972

2060

-88

-4.30

IDFC Mutual Fund

47920

45738

2182

4.77

Mirae Asset Mutual Fund

1527

1245

282

22.66

Kotak Mahindra Mutual Fund

38796

37445

1351

3.61

Peerless Mutual Fund

1515

2494

-979

-39.27

DSP BlackRock Mutual Fund

37532

37483

49

0.13

Motilal Oswal Mutual Fund

1461

1048

413

39.45

Tata Mutual Fund

24251

24544

-293

-1.19

IL&FS Mutual Fund (IDF)

813

792

21

2.67

Axis Mutual Fund

24115

22508

1606

7.14

PineBridge Mutual Fund

589

666

-77

-11.53

Deutsche Mutual Fund

22670

22508

163

0.72

Edelweiss Mutual Fund

588

380

208

54.76

L&T Mutual Fund

21336

20673

663

3.21

Quantum Mutual Fund

545

490

55

11.28

Religare Invesco Mutual Fund

19832

17647

2184

12.38

PPFAS Mutual Fund

516

479

37

7.65

Sundaram Mutual Fund

19564

18944

621

3.28

IIFCL Mutual Fund (IDF)

320

314

2.07

JM Financial Mutual Fund

14240

11976

2264

18.90

IIFL Mutual Fund

280

202

78

38.77

JPMorgan Mutual Fund

14124

15380

-1256

-8.17

Escorts Mutual Fund

255

253

0.93

HSBC Mutual Fund

9101

8878

224

2.52

Sahara Mutual Fund

148

148

-1

-0.42

Baroda Pioneer Mutual Fund

7793

7101

692

9.74

Shriram Mutual Fund

32

29

8.31

LIC NOMURA Mutual Fund

7618

8158

-540

-6.62

Grand Total

1106279

1059738

46541

4.39

Canara Robeco Mutual Fund

7065

8785

-1720

-19.58

AAUM is the quarterly average number and excludes Fund of Funds Data

Goldman Sachs Mutual Fund

6832

6498

334

5.14

IDBI Mutual Fund

6802

7097

-295

-4.16

sorted on latest average AUM numbers

Birla Sun Life MIP II - Wealth 25 Plan

Crisil MIP Blended Fund Index
MIP Aggressive funds

30
20
10
0
1 Year

3 Years

5 Years

7 Years

10 Years

(Period)

An investment of Rs 1,000 in the fund since inception (May 22,

2004) would have grown to Rs 2,921 on March 13, 2015. The
same amount invested in the peer group would have returned Rs
2,804 and in the benchmark Rs 2,346. This depicts the funds
growth over the long term.

Portfolio Analysis
The scheme had an average equity exposure of about 29% over
the past three years ended February 2015, the highest among its
peers (averaged 21% during the period). On the asset quality front,
the fund has maintained an average 72% of its total debt holdings
in top rated papers (AAA and P1+) and government securities. The
modified duration of the debt portfolio is nearly four years for the
three-year period ended February 2015.

Fund Manager
Satyabrata Mohanty, a CA and CFA, has over 15 years of
experience in finance and research. Kaustubh Gupta, a B.Com
graduate and a CA, has over eight years of experience.

Every month, Fund Focus will feature one of the

CRISIL Mutual Fund Rank 1 or 2 Schemes

Union Budget - Scheme merger made tax neutral

Chart 1: Pre- and post-budget scenario of tax neutrality for
scheme mergers
Investor invested money in scheme A and
the same was merged with scheme B. Tax
implications

The Union Budget 2015-16 was a mixed bag for the mutual fund industry with
some positives and negatives. One of biggest positive for the industry was to
make the merger of schemes non-taxable for unit holders. However, on one
condition that the consolidation should be of two or more schemes of an
equity-oriented fund or two or more schemes of a fund other than equityoriented fund. As per the new regulation, the merger will not be regarded as
transfer and, hence, it will not lead to capital gains for the underlying investor.
For instance, in the earlier regime if an investor had invested in an equityoriented scheme, say, towards the end of 2014 and in 2015 the scheme was

Pre-Budget

Post-Budget

merged; since the investment duration is less than one year, the short-term
gains made by the scheme would be applicable to the investor, which would
be subject to tax of 16.995% (applicable for equity-oriented schemes). Thus,
even though there was no sale of units, investor still had a tax liability.
However, under the new regime, the investor need not pay any tax in the event
of a merger. The investor will be liable to pay tax only while selling the merged

Investors units were

transferred from Scheme A
to Scheme B. The transfer
was considered as sale and
the gains made were
treated as capital gains for
the investor. Investor were
liable to pay capital gains
tax* based on the holding
period and the type of
scheme

There will be no incidence

of capital gains for the
investor in case of merger
of Scheme A with Scheme
B. Investor doesnt pay any
tax during merger. The sale
of merged entity units will
attract tax on the basis of
the holding period

entity units on the basis of the holding period and not at the time of the merger.
This measure will help mutual funds to consolidate similar types of schemes
which, in turn, would meet the long-term aim of the regulator to reduce
duplication and confusion in investments.
*Equity-oriented funds
Long-term capital gains tax is nil for investments with holding period > one year
Short-term capital gains tax is 16.995% for holding period < one year
*Debt-oriented funds
Long-term capital gains tax for holding period > three years is 22.66% with
indexation
Short-term capital gains tax for investments < three years is taxed as per
individual income tax slabs of 10%, 20% and 30% respectively

CRISIL PRIVACY NOTICE

About CRISIL Limited

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 McGraw Hill Financial
you may find of interest.

CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading
ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations.

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 McGraw Hill Financials
Customer Privacy Policy at http://www.mhfi.com/privacy.
Last updated: August 2014

Contact Details
Deepak Mittal : +91 22 3342 8031; deepak.mittal@crisil.com
Anjali Nataraj: +91 22 3342 8047; anjali.nataraj@crisil.com
Dinesh Agarwal: +91 22 3342 3440; dinesh.agarwal@crisil.com

About CRISIL Research

CRISIL Research is India's largest independent integrated research house. We provide insights, opinion and analysis on the
Indian economy, industry, capital markets and companies. We also conduct training programs to financial sector professionals
on a wide array of technical issues. We are India's most credible provider of economy and industry research. Our industry
research covers 86 sectors and is known for its rich insights and perspectives. Our analysis is supported by inputs from our
network of more than 5,000 primary sources, including industry experts, industry associations and trade channels. We play a
key role in India's fixed income markets. We are the largest provider of valuation of fixed income securities to the mutual fund,
insurance and banking industries in the country. We are also the sole provider of debt and hybrid indices to India's mutual fund
and life insurance industries. We pioneered independent equity research in India, and are today the country's largest
independent equity research house. Our defining trait is the ability to convert information and data into expert judgements and
forecasts with complete objectivity. We leverage our deep understanding of the macro-economy and our extensive sector
coverage to provide unique insights on micro-macro and cross-sectoral linkages. Our talent pool comprises economists, sector
experts, company analysts and information management specialists.

Disclaimer
CRISIL Research, a Division of CRISIL Limited has taken due care and caution in preparing this Report. Information has been obtained by CRISIL from sources which it considers reliable.
However, CRISIL does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such
information. CRISIL is not liable for investment decisions which may be based on the views expressed in this Report. CRISIL especially states that it has no financial liability whatsoever to the
subscribers/ users/ transmitters/ distributors of this Report. CRISIL Research operates independently of, and does not have access to information obtained by CRISIL's Ratings Division, which
may, in its regular operations, obtain information of a confidential nature which is not available to CRISIL Research. No part of this Report may be published / reproduced in any form without
CRISIL's prior written approval.

Stay Connected | CRISIL Website |

Twitter

LinkedIn

YouTube

Facebook

CRISIL Limited
CRISIL House, Central Avenue,
Hiranandani Business Park, Powai, Mumbai 400076. India
Phone: +91 22 3342 3000 | Fax: +91 22 3342 8088
www.crisil.com
CRISIL Ltd is a Standard & Poor's company