CRISIL Launches IPO Grading Service

Mumbai - August 10, 2006

Assigns Grades to the Proposed IPO of Two Companies

In keeping with its pioneering work in the field of rating and grading services, CRISIL has launched its IPO grading service. IPO grading is a globally unique concept introduced into the Indian market under the aegis of the Securities and Exchange Board of India (SEBI) (http://www.sebi.gov.in/faq/ipograding.html).

The CRISIL IPO grading is designed to provide investors an independent, reliable and consistent assessment of the fundamentals of new public issues. This offering may be especially useful to retail investors who are seeking to invest in companies that are unknown in the equity markets. CRISIL has played a central role in the conceptualisation and development of the idea of IPO grading and believes that a grading provided by an independent entity would be a significant addition to the presently available tools for assessing the investment attractiveness of IPO offerings. The CRISIL IPO grading includes an assessment of business and financial prospects, management quality and corporate governance; and reflects CRISIL's unique understanding of these issues, particularly corporate governance.

CRISIL IPO gradings are assigned by CRISIL Research, the research business of CRISIL. It deploys industry experts to assign the CRISIL IPO grading. CRISIL Research pioneered the concept of industry research in India and its 16-year track record has enabled it to develop significant sector knowledge and expertise. CRISIL Research works independently from CRISIL Ratings. These two divisions in CRISIL do not share any confidential information provided to them by their respective clients.

The CRISIL IPO Grading Scale
CRISIL IPO Grade	Assessment
5/5	Strong fundamentals
4/5	Above average fundamentals
3/5	Average fundamentals
2/5	Below average fundamentals
1/5	Poor fundamentals

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