The document provides details on CRISIL Research's proposed methodology to assess city-wise market opportunity for Ready-Mix Concrete (RMC) over the next 5 years across 30 cities in India. The methodology involves analyzing both supply and demand factors. On the supply side, CRISIL will estimate historical and current RMC production and capacities. On the demand side, CRISIL will forecast RMC demand by analyzing key end-user industries in each city and translating investments into cement and concrete consumption. CRISIL will then provide a relative ranking of each city based on demand and supply parameters to determine their attractiveness for RMC business.

1. CRISIL Customised Research
July 2015
City-wise assessment of RMC
opportunity

2. About CRISIL Limited
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.
About CRISIL Research
CRISIL Research is India's largest independent and integrated research house. We provide insights, opinions, and analysis on
the Indian economy, industries, capital markets and companies. 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 India's largest provider of valuations of fixed income
securities, serving the mutual fund, insurance, and banking industries. We are 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 India'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. We deliver our research
through an innovative web-based research platform. Our talent pool comprises economists, sector experts, company analysts,
and information management specialists.
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Last updated: August, 2014
Disclaimer
CRISIL Research, a division of CRISIL Limited (CRISIL), has taken due care and caution in preparing this Report based on the
information obtained by CRISIL from sources which it considers reliable (Data). However, CRISIL does not guarantee the
accuracy, adequacy or completeness of the Data / Report and is not responsible for any errors or omissions or for the results
obtained from the use of Data / Report. This Report is not a recommendation to invest / disinvest in any company covered in
the 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 / CRISIL Risk and Infrastructure Solutions Limited (CRIS), which may, in their regular operations,
obtain information of a confidential nature. The views expressed in this Report are that of CRISIL Research and not of CRISIL’s
Ratings Division / CRIS. No part of this Report may be published / reproduced in any form without CRISIL’s prior written
approval.

3. 1 | P a g e
1. BACKGROUND AND OBJECTIVE OF THE ASSIGNMENT................................... 2
2. SCOPE AND DELIVERABLES ................................................................................ 3
3. APPROACH AND METHODOLOGY ....................................................................... 5
Supply analysis............................................................................................................................................5
Demand analysis .........................................................................................................................................6
City-wise RMC ranking................................................................................................................................7
3. PROJECT TIMELINE & DELIVERABLE FORMAT ................................................14
4. ENGAGEMENT TEAM ............................................................................................15
5. COMMERCIALS......................................................................................................17
5.1 Charges................................................................................................................................................ 17
5.2 Payment Schedule.............................................................................................................................. 17
5.3 Taxes and Statutory Levies ............................................................................................................... 17
5.4 CRISIL Rights...................................................................................................................................... 18
6. ABOUT CRISIL LIMITED AND CRISIL RESEARCH..............................................19
6.1 About CRISIL Limited......................................................................................................................... 19
6.2 About CRISIL Research ..................................................................................................................... 21
Contents

4. 2 | P a g e
1. BACKGROUND AND OBJECTIVE OF THE ASSIGNMENT
CRISIL Research intends to undertake a Syndicated Study to assess city wise market opportunity for Ready-Mix
Concrete (RMC) for next 5 years across 30 cities. The study will also entail assessing RMC penetration, industry
structure, costs and profitability and key player profiles.
This study would enable our clients in their decision making process with respect to the following areas:
o Cement players can decide upon forward integration into RMC
o Identify attractive regions based on future RMC penetration
o Identify cities that are potential markets for RMC
o Identify city-wise market segments

5. 3 | P a g e
2. SCOPE AND DELIVERABLES
1. Introduction to RMC
 RMC manufacturing process and inputs used
 Product types and applications
 Cost comparison site mix concrete (SMC) and ready mix concrete (RMC): per cubic meter of concrete
2. Market size and opportunity
 All India demand review and forecast (till 2019-20)
o Regional composition of RMC demand for 2014-15 and 2019-20
o RMC demand mix by city category (Tier I and Tier II) for 2014-15 and 2019-20
o All India RMC penetration for previous and next 5 years
o Region wise RMC penetration for next 5 years
 Supply analysis
o All India Capacity review till 2014-15
o Current Region-wise distribution of RMC capacities
o Current Player category-wise break-up of RMC capacities
o Qualitative insights on Reasons for captive players preferring to opt for captive model rather than
purchasing from commercial RMC players
o Cost of producing 1 cu. M. RMC through Captive vs. Commercial RMC plant
o Operational models in captive RMC market
o Capital cost of a RMC batching plant
o Best practices of organized and unorganized players in terms of:
 Transit mixer trucks (Hired/Owned)
 Labor (Owned/ Contractual)
 Training & development to maintain quality
 R&D activities
 Quality and safety standards
o Regulatory Framework
o Key success factors for RMC business
 Demand review and forecast for 30 cities
o Trend in RMC capacity and demand
o Potential demand for RMC till 2019-20
o Current Share of organized and unorganized players and qualitative directional outlook
o Current Share of commercial and captive players and qualitative directional outlook
o Qualitative insights regarding availability of raw materials such as cement, aggregates
Annexures
 City-level SMC and RMC for 2014-15 and 2019-20
 City-level commercial and captive RMC demand for 2014-15 and 2019-20

6. 4 | P a g e
3. City-wise RMC Attractiveness: Relative ranking of 30 cities based on defined parameters of demand and
supply
4. Porter analysis
5. Cost structure and margins
 Operating cost structure and Operating margins for organized players
 Qualitative insights in terms of differential in margins between organized and unorganized players
 Raw material cost and volume break-up of RMC
6. Key Player Profiles
 Operational Details
 Financials (in case of listed players on best effort basis)
 Recent developments/Future Plans
List of 30 cities
Regions States covered 30 cities
Northern Delhi, Haryana, Punjab, Uttar Pradesh Delhi, Gurgaon, Faridabad, Noida, Greater
Noida, Ghaziabad, Chandigarh, Mohali,
Panchkula and Lucknow
Western Gujarat and Maharashtra
Mumbai, Navi Mumbai, Thane, Pune,
Ahmedabad and Surat
Southern
Karnataka, Kerala, Andhra Pradesh
and Tamil Nadu
Bangalore, Hyderabad, Chennai, Kochi,
Coimbatore, Mangalore and Vishakapatnam
Central
Madhya Pradesh, Rajasthan and
Chhattisgarh
Indore, Jaipur and Raipur
Eastern West Bengal, Orissa and Jharkhand Kolkata, How rah, Bhubanesw ar and Ranchi
Source: CRISIL Research

7. 5 | P a g e
3. APPROACH AND METHODOLOGY
o CRISIL Research will adopt a multi-pronged approach to assess the outlook for RMC industry. We will
analyse the supply scenario primarily based on detailed industry interactions and understanding of city-
wise markets whereas the analysis of demand would entail a comprehensive state-wise study of real estate
(housing, commercial, retail), infrastructure (roads, rail, Metro Rail, power, ports, irrigation, water supply
and sanitation, airports etc.) and industrial segments (oil & gas, auto, cement etc.) and their respective
RMC demand patterns.
o The overall demand and market size of the following 16 states and 30 cities will be assessed in this report.
Further, tier I cities are defined as cities, where population exceeds 1 million as per Census of India, 2011.
These tier I cities include Ahmedabad, Surat, Mumbai, Pune, Delhi, Faridabad, Lucknow, Indore, Jaipur,
Hyderabad, Vishakapatnam, Bengaluru, Kochi, Chennai, Coimbatore and Kolkata.
o We will also presented a relative ranking of the 30 cities (considered as a part of our study) in terms of
overall business (demand and supply scenario). This ranking aids us in understanding the attractiveness
and sustainability of RMC business across cities on a relative scale.
States and cities covered in the report
Supply analysis
o We will estimate the historical and current RMC consumption in the country by assessing the typical
duration of operation of a RMC plant and the respective capacity growth potential through detailed
interactions with multiple RMC players, construction and real estate players, cement players in each of the
target cities. Accordingly, we will estimate the historical and current RMC production and demand figures
for each city. City-wise past RMC demand trends and state level concrete demand outlook (as explained in
the following section) will then form the basis for preparing the outlook for city-level RMC demand.
Regions States covered 30 cities
Northern Delhi, Haryana, Punjab, Uttar Pradesh Delhi, Gurgaon, Faridabad, Noida, Greater
Noida, Ghaziabad, Chandigarh, Mohali,
Panchkula and Lucknow
Western Gujarat and Maharashtra
Mumbai, Navi Mumbai, Thane, Pune,
Ahmedabad and Surat
Southern
Karnataka, Kerala, Andhra Pradesh
and Tamil Nadu
Bangalore, Hyderabad, Chennai, Kochi,
Coimbatore, Mangalore and Vishakapatnam
Central
Madhya Pradesh, Rajasthan and
Chhattisgarh
Indore, Jaipur and Raipur
Eastern West Bengal, Orissa and Jharkhand Kolkata, How rah, Bhubanesw ar and Ranchi
Source: CRISIL Research

8. 6 | P a g e
Demand analysis
o To forecast RMC demand, we will analyze the key end-user industries of RMC i.e., real estate (includes
residential, commercial and retail), infrastructure (segments such as roads, bridges, flyovers, water supply
storage systems etc) and industrial construction. This analysis is based on CRISIL’s in-depth
understanding of the real estate scenario of various prominent cities in India and the expected growth in
each of the industrial and infrastructure segments in the respective states supported by our in-depth
understanding and exhaustive project level data available with us for these sectors.
o These state-wise investments towards construction activity will be translated in to state-wise cement
consumption trends, by applying cement intensity across each of the segments, respectively. The cement
intensity for different segments will be assessed through several factors including primary interactions with
cement manufacturers, developers and infrastructure players supported by our in-house understanding of
these sectors.
Framework of analysis
Source: CRISIL Research

9. 7 | P a g e
o Further, state-wise cement consumption will be converted to concrete consumption by applying the
relevant concrete intensity and appropriate aggregates factor for RMC. The state-wise concrete demand
will be then benchmarked with historical data to forecast city-wise RMC demand.
City-wise RMC ranking
o In order to carry out the ranking of RMC business across 30 cities, we will develop a comprehensive
framework that incorporates various parameters that have a bearing on the overall business. We base our
analysis on both demand and supply related characteristics. Each of these broad parameters further
consists of factors influencing each of them respectively (as discussed below). On each parameter, each of
the 30 cities will be given a score on a scale of 1 to 5, with 5 representing the most favourable situation.
The scale used to evaluate every parameter across all states is shown below:
o The aforesaid scales will be determined for each parameter based on their extent of deviation from the
mean data point (for the respective parameter). We will also ensure that the intervals within the defined
scales are spaced equally to result in greater degree of fairness. However, in certain cases, the scales will
be modified so as to ensure appropriate and balanced distribution of scores.
o These parameters will be assigned weights based on its importance and the extent to which it can
influence the RMC market dynamics.
1 Unattractive
2 Moderately unattractive
3 Neutral
4 Moderately attractive
5 Highly Attractive
Scale

10. 8 | P a g e
Framework of analysis
Source: CRISIL Research
o
Demand dynamics
Supply Characteristics
Demand Dynamics
Demand
size
Supply Characteristics
Parameters to
analyse RMC
Attractiveness
for a city
Commerical
demand
Demand
growth
Organised
Market
Supply
growth
Profitability
Raw
Material
constraint
Scoring each parmater as per the defined scale
Weightage for each parameter
Cummulative score for each city and ranking of cities based on the
resultant scores
Parameter Description Weightage
Demand size Estimate size of market in terms of voulme in 2012-13 25%
Demand grow th Expected demand grow th in next 5 year period from 2012-13 to 2017-18 15%
Commercial demand Proportion of demand arising from commercial segment in 2012-13 10%
Source: CRISIL Research
Parameter Description Weightage
Supply grow th Grow th in terms of supply for past 5 years from 2008-09 to 2012-13 10%
Organised Market Proportion of organised player in the market in 2012-13 10%
Raw material constraints Based on availability, accessability and regulation for raw material supply 20%
Profitability Operating profit margin estimated based on market interactions 10%
Source: CRISIL Research

11. 9 | P a g e
Note:
1) In case of city reports, we will consider the population of the district to which the respective city belongs
and our estimates of demand and market size assume a business as usual scenario (BAU) in a given city.
Thus, for instance any slowdown in RMC consumption on account of any unprecedented event in a city will
not been factored in our analysis and vice versa.
2) It is to be noted that all figures relating to the period 2010-11 to 2014-15 are estimated while those relating
to the period 2015-16 to 2019-20 are projected.

12. Page | 14
3. PROJECT TIMELINE & DELIVERABLE FORMAT
The broad proposed timelines for the assignment is 8 weeks from date of commencement of the same.
The report will be in MS Word format. Soft copy and hard copy of the report will be shared.

13. Page | 15
4. ENGAGEMENT TEAM
 Mr. Manoj Mohta heads the Customised Research division of CRISIL
Research. He has over 15 years of experience specialising in industry
research, financial analysis and forecasting. He has been instrumental in
handling assignments pertaining to demand assessments, market sizing,
company research and business strategy.
 He has extensive experience in analysing the cement, automobile, logistics,
metals, banking and telecommunications sectors, and has led research
initiatives across diverse sectors.
 Prior to CRISIL Research, he worked as Head Financial Research at a venture
capital funded firm that provided financial research services for global I-
bankers, hedge fund and corporate clients.
 He holds a Master of Business Administration (MBA) degree from
Northeastern University, Boston, USA and a Bachelor of Engineering degree
from Roorkee University (an IIT), India.
Manoj Mohta, Director
Key sectors:
Auto, metals, commodities,
textiles
Project Reviewer
Mr. Prasad Koparkar
Project Leader
Mr. Manoj Mohta
Analyst Analyst Analyst
Support Analyst Support Analyst Support Analyst
Project Manager
Vimal Nadar

14. Page | 16
 Mr. Vimal Nadar is a qualified Chartered Accountant, with over 7 years
of experience.
 He has been primarily engaged in analyzing Economics, BFSI,
Infrastructure, and Construction sectors and has been actively
involved in execution of key customized assignments spanning across
Economics Research, Infrastructure, Construction, BFSI and Cement
sectors in the areas relating to demand-supply assessment, market
entry strategy, etc.
Vimal Nadar, Associate
Director
The core team members described in the previous section will be supported by a Review Committee manned by Mr.
Prasad Koparkar, Senior Director, CRISIL Research. As members of the review committee, their role will be to
ensure that the conclusions of the core team are robust: backed by sufficient data and evidence, and a product of
analytical rigour.
 Mr. Prasad Koparkar heads the operations of Industry and Customised
Research division at CRISIL. He has an overall experience of more than 20
years in credit ratings, equity research, fund advisory and information
business.
 In his previous role as Head – Operations, CRISIL Risk and Infrastructure
Solutions Limited, he was responsible for overseeing a team of about 50
professionals responsible for execution of Advisory Assignments.
 Prior to this, Prasad headed the Structured Finance and Rating Criteria &
Product development team in CRISIL’s rating business.
 He is a CA, ICWA, CFA (USA) and Global Association of Risk Professional
(GARP), USA.
Prasad Koparkar,
Senior Director

15. Page | 17
5. COMMERCIALS
5.1 Charges
1. Fees: The lump sum professional fees payable to CRISIL Limited for the scope of work outlined
above shall be INR 4,50,000 (Rupees Four Lakhs Fifty Thousand Only)
2. Other Amounts Payable (set out below where applicable):
a. Taxes and statutory levies shall be as stated in section 5.3 of this Proposal.
5.2 Payment Schedule
1. Client shall pay in accordance with the payment schedule set out below:
Payment Milestone Fee Break-up
Commencement fee 50%
Post Submission of the Report 50%
2. Client shall pay each invoice within 15 working days from the date of invoice. All payments will be made
by cheque or other normal banking channels to the order of CRISIL Limited payable at par in Mumbai. If
Client wishes to remit money by online transfer or similar mode, Client may do so to the credit of CRISIL
Limited, the details of which are given below:
a. Name of the Bank: ICICI Bank Limited
b. Account Number: 003205000032
c. Account Type: Current
d. SWIFT Code: ICICINBBCTS
e. IFSC Code: ICIC0000032
f. Branch Code: 0032
5.3 Taxes and Statutory Levies
1. In addition to Fees, Client shall pay CRISIL all taxes and statutory levies as may apply, such that after
paying the applicable taxes and statutory levies (other than those that apply on CRISIL’s net income), the
Fees that CRISIL receives, is not less than as set out in section 5.1 (1)
2. Where Client is located in India and makes payment under the Agreement out of its offices in India (and not
otherwise) the following provisions shall apply with respect to payment of Fees:
 Client may deduct income tax at source from its payment of Fees (and other Charges if applicable)
under this Agreement at the least rate required for the Client to comply with applicable tax laws (TDS).
 In the case of each TDS, Client shall within the timeline specified under law (or if no timeline is
specified under law, within the earlier of 3 months from the date Client deducts TDS or 1 month from

16. Page | 18
the end of the then current taxation year) provide CRISIL with a properly rendered certificate or
relevant document evidencing the Client having complied with applicable tax laws with respect to the
TDS (TDS Certificate).
 If Client fails to provide the TDS Certificate as stated afore, Client shall pay CRISIL such amount as
would after TDS be equivalent to the amount covered TDS Certificate not provided by the Client.
Client agrees that such amount shall be recoverable as a debt from the Client.
5.4 CRISIL Rights
In the event Client fails to pay any Charges when due, the following terms shall apply (without limiting CRISIL’s
rights under law or the Agreement):
1. CRISIL may at its discretion withhold any Deliverables not handed over to Client. However, if CRISIL has
anyway has provided any Deliverables to Client, it will not operate as a waiver of CRISIL’s right to receive
payment of Charges. Where CRISIL withholds any Deliverables in accordance with this section 5.4, it shall not
be considered a breach of CRISIL’s obligations under the Agreement.
2. Client agrees that it is not entitled to use the Deliverables unless and until Client has paid the Charges in full.

17. Page | 19
6. ABOUT CRISIL LIMITED AND CRISIL RESEARCH
6.1 About CRISIL Limited
Who We Are
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. With sustainable competitive advantage arising from our strong brand,
unmatched credibility, market leadership across businesses, and large customer base, we deliver analysis,
opinions, and solutions that make markets function better.
Our defining trait is our ability to convert data and information into expert judgements and forecasts across a wide
range of domains, with deep expertise and complete objectivity.
At the core of our credibility, built up assiduously over the years, are our values: Integrity, Independence, Analytical
Rigour, Commitment and Innovation.
CRISIL’s majority shareholder is Standard and Poor’s (S&P). Standard & Poor’s, a part of The McGraw-Hill
Companies (NYSE:MHP), is the world’s foremost provider of credit ratings.
Who We Serve
We address a rich and globally diversified client base. Within India our customers range from small enterprises to
the largest corporations and financial institutions; outside India our customers include the world’s largest banks and
leading corporations. We also work with governments and policy-makers in India and other emerging markets in
the infrastructure domain.
How We Add Value
We empower our customers, and the markets at large, with independent analysis, benchmarks and tools. These
help lenders and borrowers, issuers and investors, regulators, and market intermediaries make better-informed
investment and business decisions. Our offerings allow markets and market participants to become more
transparent and efficient - by mitigating and managing risk, taking pricing decisions, generating more revenue,
reducing time to market and enhancing returns. By helping shape public policy on infrastructure in emerging
markets, we help catalyse economic growth and development in these countries.

18. Page | 20
Ratings
 India's first, largest, and most prominent credit rating agency
 Rs. 36 trillion of debt rated
 Market share in bank loan ratings exceeds 50 per cent
 Rates two-thirds of bonds outstanding in India
 Highest number of outstanding SME ratings in India
Global Research & Analytics
 Largest and top ranked provider of high-end research and analytics to the world’s largest financial
institutions and leading global corporations
 Works with 12 of the top 15 global investment banks
 Client list includes 30 Fortune 500 companies, across a range of industries
Research
 India's largest independent research house, providing comprehensive research coverage to more
than 1200 Indian and global customers
 Provides coverage on 86 industries
 90 per cent of India's commercial banks are our customers
 Largest independent equity research house in India
 Official provider of valuations to all mutual funds in India
 Helps Employees' Provident Fund Organisation (EPFO) select fund managers
CRISIL Risk and Infrastructure Solutions (CRIS) *Wholly-owned subsidiary of CRISIL
 Offers a wide range of solutions focused on infrastructure policy, corporate advisory, integrated
risk management and associated consulting services
 Serves a variety of clients, including government bodies, multilaterals, banks and infrastructure
companies
 Practical and innovative solutions in 31 countries
 Client roster includes 50 financial institutions in India and abroad
 Flagship product, RAM, is India’s leading internal risk rating solution

19. Page | 21
6.2 About CRISIL Research
Who We Are
CRISIL Research is a division of CRISIL Limited. CRISIL Research is India's largest independent and integrated
research house providing comprehensive research coverage to more than 1200 Indian and global customers. We
provide insights, opinions, and analysis on the Indian economy, industries, capital markets and companies.
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 India's largest provider of valuations of fixed income
securities, serving the mutual fund, insurance, and banking industries. We are 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 India'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 macroeconomics and our extensive sector coverage to
provide unique insights on micro-macro and cross-sector linkages.
We deliver our research through an innovative web-based research platform. Our talent pool comprises
economists, sector experts, company analysts, and information management specialists.
Who We Serve
We serve more than 1,200 Indian and global clients. These include banks, exchanges, companies, mutual funds,
insurance companies, wealth managers, brokers, private equity firms, investment banks, consultants, industry
associations, and educational institutions. Our clients include:
 90 per cent of India’s banks
 15 of the top 25 Indian companies (by market capitalization)
 The entire Indian mutual fund industry
 22 of the 24 life insurance companies
 Top 5 global consulting firms
How We Add Value
Our opinions and insights help our clients to take informed lending, investment and strategic decisions, thereby
mitigating and managing risk.

20. Page | 22
Our fixed income valuations and indices provide greater transparency in the fixed income markets and empower
investors with independent benchmarks to evaluate the performance of their investments.
Our independent equity and company research reports provide insights to investors on under-researched
companies. Our reports have improved transparency levels and trading volumes in India's equity markets.
Our Research offerings
CRISIL Research provides the most comprehensive and independent coverage on Indian economy, industries and
companies. This integrated offering of research under these three verticals along with customised research is one
of the key differentiators of CRISIL Research.
Economy Research: Covers an in- depth analysis of short and medium term trends and outlook on key
macroeconomic variables, events, policies and key economic issues.
Industry Research: Covers detailed research on 86 industries. These reports are either on-going research reports
on various industries or are special detailed analysis on topical sectors such as real estate, infrastructure, logistics,
and SME, and on emerging segments of the economy.
Our extensive coverage on 86 industries; provides comprehensive analysis encompassing:
 Growth forecasts
 Profitability analysis
 Emerging trends
 Expected investments
 Industry structure
 Regulatory frameworks
Company Reports: Covers data analysis of the top-150 listed companies.
Customised Research: Customised Research typically addresses client needs in the areas of business planning,
market sizing, demand and price forecasting, project and location feasibility assessments and specific company
credit reports.

21. Page | 23
Industry Research: Snapshot of CRISIL Research Industry Coverage
CRISIL Research has been tracking 86 sectors backed by:
 Unique ability to correlate economic and sectoral factors
 Advantage of cross-sectoral linkages
 Propriety models, knowledge database and robust research methodologies
 Extensive data and information sourcing network across industry experts, dealers, suppliers and other
intermediates

22. Page | 24
Customised Research Services
CRISIL Research leverages on its proprietary information networks, database and methodologies to provide its
clients with customised research inputs and conclusions for business planning, monitoring and decision-making
purposes.
We believe we are ideally positioned to successfully undertake research assignments because over the past 20
years, we have acquired and refined:
 An in-depth understanding of the Indian economy, industries, companies and financial markets
 Rich insights into the information requirements of players in the real and financial sector, and of those involved
in policy, strategic, lending and investment decisions
 An extensive network of around 5,000 primary sources, among corporates, industry participants, dealers,
associations, departments and ministries have been built to acquire their perspectives.
CRISIL Research usually adopts a two stage model to analyse the specific objective of clients across industries.
The first stage primarily involves gathering information through interactions across the entire value chain of the
industry. Further we utilize published industry information from in-house databases and public information sources
to support our analysis. We strongly leverage our knowledge base across multiple industries developed over the
period of two decades. Equipped with insights from our internal databases and from various stakeholders, we
analyse critical data points and build an informed view.