Standard & Poor's and CRISIL are pleased to present the "India Top 100 Corporates 2007", the second of our joint outreach publications on the emerging profile of the corporate sector in India. This year, our coverage has been widened to the top 100 companies in the Indian corporate sector, a shift from the previous
study, which focused on the individual credit profiles
of the top 50 Indian corporate entities. This would deliver a more broad-based view and point at common underlying themes as well as some of the diverging
trends. These 100 corporates have been selected on the basis of their relative size (annual revenues, total assets) and
constitute the top end of the relatively fragmented and widely dispersed corporate sector in India. A vast majority of these names are either existing issuers or potential entrants in the international bond markets, a
process that is significantly facilitated by Standard &
Poor's ratings. This study reflects our collaborative
commitment to the Indian corporate market and presents the quality and width of our coverage of Indian corporates, enriched by our partnership with CRISIL.
In this publication, Standard & Poor's highlights the key financial trends for the top 100 corporates in India in the past three years, and examines the factors driving their fundamental financial metrics such as
profitability, cash flows, and gearing levels. There are also individual commentaries from CRISIL on key sectors of the Indian economy, namely the software and IT services, pharmaceutical, real estate, auto
ancillaries, and cement sectors. Jointly with CRISIL, Standard & Poor's presents an article on the resurgent M&A activity in India, as well as a piece on the outlook for the Indian economy.