Global university ranking for graduates, not research

I work at a university that gives a small number of scholarships to PhD students to pay their fees and tuition. Currently, the decision for who to give these to is based on their undergraduate transcript and the global ranking of the university they attended as an undergraduate.

Unfortunately, one consequence of this system is that graduates from certain countries, for example India, are grossly disadvantaged. The highest ranked Indian university is ranked below 250 in the main international tables (and below 400 in Excellence at http://ift.tt/1ywUvJE*) . As far as I can tell, this is mostly because the ranking measures research output and many of the top Indian students go on to graduate school in the US.

Now we can all say how ridiculous it is to be doing this in the first place but that isn't going be helpful. I feel that in order to help address this question I need to give them an easy alternative.

Are there any more relevant league tables that might measure the quality of graduates on a fairer global basis, rather than the quality of research output from the relevant department?