ICRA - MOU between IMaCS, a wholly owned subsidiary of ICRA & Dun & Bradstreet, Philippines

ICRA Ltd has informed that ICRA Management Consulting Services Ltd (IMaCS), a wholly—owned subsidiary of the Company and Dun & Bradstreet Philippines, Inc. (DBP) have signed a Memorandum of Understanding (MoU) under which IMaCS and DBP will jointly offer advisory / consulting services in the Philippines.

In this regard the Company has issued the following Press Release:

"ICRA Management Consulting Services Ltd (IMaCS) and Dun & Bradstreet Philippines, Inc., (DBP) have signed a Memorandum of Understanding (MoU) under which IMaCS and DBP will jointly offer advisory / consulting services in the Philippines.

DBP is a partnership between Dun and Bradstreet, Inc., a New York Stock Exchange (NYSE)-listed Company, and Filipino Stock Holders. DBP is currently engaged in providing information and insights on businesses and individuals, including Financial Analysis and Due Diligence Reports. DBP has developed technical and managerial know-how and expertise for providing research and information services in the Philippines.

IMaCS, a wholly-owned subsidiary of ICRA, is a multi-line management consulting Company with experience of having worked in over 30 countries around the globe. IMaCS offers Strategy consulting, Risk analytics, Process consulting, Development consulting, and Transaction advisory services in several verticals such as Banking & Finance, Energy, Transportation, Government, Manufacturing and Services.

The MoU between IMaCS and DBP enables both Parties to pool their expertise and jointly offer advisory / consulting services in the Philippines to banks, corporates, government organisations, investors, and multi-lateral agencies. DBP and IMaCS bring complementary strengths to the relationship, with DBP having in-depth knowledge of the Philippines, and IMaCS considerable knowledge of multiple domains and practice areas.

"We are excited at the prospect of associating with IMaCS and extending sophisticated consulting services to clients in the Philippines. Given the country's robust economic growth and the increasing global investor attention that it is eliciting, we expect strong interest for consulting services in the Philippines", said Mr. Jaime Y Ladao, President of Dun & Bradstreet, Philippines.

"IMaCS is pleased to partner with Dun & Bradstreet, Philippines, to offer management consulting services in the rapidly growing economy. Going forward, I foresee good demand for consulting services in the areas of strategy, risk analytics, and development consulting coming from the banking, infrastructure, and technology sectors in the Philippines", said Mr. Raghuttama Rao, Managing Director of IMaCS."

ICRA in MoU with Bank of Maharashtra to rate Bank Loans under RBI's New Capital Adequacy Framework

ICRA Ltd has informed that the Company and Bank of Maharashtra (Bank), have signed a Memorandum of Understanding (MoU) under which the Company will assign ratings to the Bank's loans and its other exposures under the standardized approach of RBI's New Capital Adequacy Framework. The customers of Bank of Maharashtra enjoying credit facilities in excess of Rs 50 crore, to begin with, shall get their credit facilities rated under this MOU. The existing as well as potential borrowers of Bank of Maharashtra shall benefit by the rating fees specially negotiated for them by the Bank under this MOU. The Company's Line of Credit ratings would assist Bank of Maharashtra in implementing RBI's New Capital Adequacy Framework in the Bank.

In this regard the Company has issued the following Press Release:

"Credit rating agency ICRA Ltd (ICRA) and Bank of Maharashtra have signed a Memorandum of Understanding (MoU) under which ICRA will assign ratings to the Bank's loans and its other exposures under the standardized approach of RBI's New Capital Adequacy Framework. The customers of Bank of Maharashtra enjoying credit facilities in excess of Rs 50 crore, to begin with, shall get their credit facilities rated under this MOU. The existing as well as potential borrowers of Bank of Maharashtra shall benefit by the rating fees specially negotiated for them by the Bank under this MOU. ICRA's Line of Credit ratings would assist Bank of Maharashtra in implementing RBI's New Capital Adequacy Framework in the Bank."

ICRA, UCO Bank MoU

ICRA Ltd (ICRA) has informed that ICRA & UCO Bank (Bank), a premier nationalised bank headquartered in Kolkata, have signed a Memorandum of Understanding (MoU) under which ICRA will assign ratings to the Bank's loans and its other exposures under the standardized approach of RBI's New Capital Adequacy Framework for Basel-II.

In this regard the Company has issued the following press release:

"ICRA and UCO Bank (Bank), a premier nationalised bank headquartered in kolkata, have signed a Memorandum of Understanding (MoU) under which ICRA will assign ratings to the Bank's loans and its other exposures under the standardized approach of RBI's New Capital Adequacy Framework for Basel-II.

ICRA's ratings for the standardized approach would be carried out under its "Line of Credit" rating service and would enable the Bank to assess the new risk weights applicable to its borrowers under Basel-II. The risk weights would be linked to the various rating categories and would be as per RBI's above guideline. To assist potential and existing borrowers of the Bank in obtaining ratings, ICRA is offering special terms to the clients of the Bank covered by the MoU.

The MoU between ICRA and the Bank seeks to deliver benefits to the Bank as well its clients. For the Bank, ICRA's Line of Credit ratings would assist in implementing RBI's New Capital Adequacy Framework under Basel-II. For the client, an ICRA rating may place the rated entity in a superior position in terms of faster loan processing and to obtain competitive credit terms from the Bank."

ICRA - ICRA Online launches ICRA Mpower

ICRA Ltd has informed that ICRA Online Ltd, a wholly-owned subsidiary of ICRA Ltd is announcing the launch of ICRA Mpower, a web-based platform for mutual fund distributors and financial advisors, which provides all the tools required for making the distribution business more effective and efficient. A cost effective solution for setting up the business, ICRA Mpower offers mutual fund distributors a gamut of financial tools to cater for both the pre- and post-investment requirements of clients, thereby paving the path for distributors to build enduring relationships with clients on the strength of quality service and appropriate advice.

In this regard the Company has issued the following press release:

"ICRA Online Ltd, a wholly-owned subsidiary of credit rating major ICRA Ltd (an Associate of Moody's Investors Service Inc.), on September 21, 2007 announced the launch of ICRA Mpower, a web-based platform for mutual fund distributors and financial advisors, which provides all the tools required for making the distribution business more effective and efficient. A cost effective solution for setting up the business, ICRA Mpower offers mutual fund distributors a gamut of financial tools to cater for both the pre- and post-investment requirements of clients, thereby paving the path for distributors to build enduring relationships with clients on the strength of quality service and appropriate advice.

Speaking on the occasion, Mr. P K Choudhury, Vice-Chairman & Group CEO, ICRA said, "The wealth management industry in India has been growing at a very rapid pace. The stupendous growth in the stock markets over the last couple of years has generated a lot of interest in mutual funds among retail participants. With more and more investors investing in mutual funds, the number of mutual fund distributors has also increased sharply. We see ICRA Mpower as a facilitator for mutual fund distributors."

A web-based solution, ICRA Mpower provides mutual fund distributors with:

- A decision support system by way of research reports, fund performance analysis etc. to help distributors provide recommendations based on scientific analysis

- Financial planning and asset allocation tools to help invest in a portfolio that best suits the investor

- A versatile CRM tool to track a client's portfolio and generate exhaustive reports on portfolio performance

- A back office solution that offers ease and convenience by allowing import of all clients' transactions directly from the Registrar's files, computation of brokerage, reconciliation of the same with the entitlements, and generation of various important reports on AUM, profitability, individual clients, etc.

"As a distributor, one needs to produce high quality research reports, guide the investor through a proper financial plan and provide regular service by way of periodic portfolio performance and valuation reports. Over and above this, a distributor also needs to manage his back office operations well to plug leakage of income and generate critical MIS. To set up the entire operation, a distributor needs to invest a substantial amount of time and resources in building the infrastructure, and putting in place the right technology and right people. Needless to add, the whole thing calls for a heavy investment, which is generally out of reach of a small financial advisor. ICRA Mpower will provide mutual fund distributors a complete end-to-end solution at a very nominal cost," Mr. Choudhury added.

ICRA Mpower is being offered by ICRA Online, an independent and credible organisation providing information services and software solutions to the financial services community. The effective combination of high quality data, technical expertise and efficient support, differentiates ICRA Online from its competitors. Currently, the Company serves over 250 clients in the country, including major Mutual Funds, Banks, Financial Institutions, Third Party Products Distributors, Investment Advisors, Stock Brokers, Portfolio Managers, Treasury Managers and Academic Institutions. The Company has developed various innovative products to satisfy the varied needs of its audience, and these have found a high level of acceptance.

ICRA Online's earlier products like MFI Explorer, a mutual fund research and analysis product that has been subscribed to by major mutual funds, distributors and multinational banks, has been the market leader in the country. The Company's website MutualFundsIndia.com has also been rated among the best 150 sites in the world by Forbes.

ICRA Online provides customised solutions after a systematic and careful analysis of the business requirements of its clients. The participation of ICRA Ltd reinforces ICRA Online's quality standards and provides further reassurance on the high level of professional and ethical standards followed in providing services to clients. Besides, ICRA's participation allows ICRA Online to leverage the knowledge base of the rating agency in conducting research and assessing market requirements."

ICRA Ltd

ICRA Ltd has informed that ICRA Ltd (ICRA) and Dena Bank have signed a Memorandum of Understanding (MoU) under which ICRA will assign ratings to the Bank's loans and its other exposures under the standardized approach of RBI's New Capital Adequacy Framework for Basel-II and also to Small Scale Industries (SSIs) and Small and Medium Enterprises (SMEs).

In this regard the Company has issued the following press release:

"ICRA Ltd (ICRA) and Dena Bank have signed a Memorandum of Understanding (MOU) under which ICRA will assign ratings to the Bank's loans and its other exposures under the standardized approach of RBI's New Capital Adequacy Framework for Basel-II and also to Small Scale Industries (SSIs) and Small and Medium Enterprises (SMEs).

ICRA's ratings for the standardized approach would be carried out under its "Line of Credit" rating service and would enable Dena Bank to assign the new risk weights applicable to its borrowers under Basel-II. The risk weights would be linked to the various rating categories and would be as per RBI's above guideline.

The SSI ratings will be carried out under the National Small Industries Corporation - ICRA (NSIC - ICRA) Performance and Credit Rating Scheme for SSIs. The SME ratings on the other hand will be assigned under the ICRA-SME Rating Scale.

To assist potential and existing borrowers of Dena Bank in obtaining ratings, ICRA is offering special terms to the clients of Dena Bank covered by the MoU.

The MoU between ICRA and Dena Bank seeks to deliver a number of benefits to the Dena Bank as well its clients. For Dena Bank, ICRA's Line of Credit ratings would assist in implementing RBI's New Capital Adequacy Framework under Basel-II."