ICRA Limited

ICRA Limited (ICRA) is an Indian independent and professional investment information and credit rating agency.[2] It was established in 1991, and was originally named Investment Information and Credit Rating Agency of India Limited (IICRA India).

ICRA Limited
TypePublic
BSE: 532835
NSE: ICRA
IndustryFinancial services
Founded1991 (1991)
Headquarters
Gurgaon
,
India
Key people
Arun Duggal, Non-Executive chairman and independent director.
ServicesCredit ratings
Financial consulting
Revenue₹2.28 billion (US$32 million)[1]
OwnerMoody's Corporation
Websitewww.icra.in

It was a joint-venture between Moody's and various Indian commercial banks and financial services companies. The company changed its name to ICRA Limited, and went public on 13 April 2007, with a listing on the Bombay Stock Exchange and the National Stock Exchange.[3] As of end December 2020, Moody's Corporation owns a 51.86% majority stake.[4]

ICRA Credit Rating

ICRA's credit ratings are symbolic representations of its current opinion on the relative credit risks associated with the rated debt obligations/issues. These ratings are assigned on an Indian (that is, national or local) credit rating scale for Indian Rupee denominated debt obligations. ICRA ratings may be understood as relative rankings of credit risk within India. ICRA ratings are not designed to enable any rating comparison among instruments across countries; rather, these address the relative credit risks within India.

ICRA's ratings (other than Structured Finance Ratings) in the investment grade convey the relative likelihood of default, i.e., the possibility of the debt obligation not being met as promised. All other ratings, including Structured Finance Ratings, reflect both the probability of default and the severity of loss on default, i.e., the expected loss against the rated debt obligation.

Credit ratings aside, ICRA also assigns Corporate Governance Ratings, besides Performance Ratings, Gradings and Rankings to mutual funds, construction companies and hospitals.

Group Companies

As of August 2020, ICRA Ltd. operates the following subsidiaries:

  1. ICRA Lanka Limited (ICRA Lanka; www.icralanka.com) - credit rating agency licensed by the Securities and Exchange Commission of Sri Lanka (SEC) incorporated in December 2010 and was granted license by the SEC in May 2011.[5]
  2. ICRA Nepal Limited (ICRA Nepal; www.icranepal.com) - first Credit Rating Agency in Nepal incorporated on November 11, 2011 and granted licence by the Securities Board of Nepal (SEBON) on October 3, 2012.[6]
  3. ICRA Analytics Limited (https://icraanalytics.com/) - solutions, analytics and digital platforms for risk management, market data, consulting and knowledge services.[7] ICRA Analytics was formed from the merger of ICRA Online Limited (ICRON) and ICRA Management Consulting Services Limited (IMaCS) in October 2019.[8]

The following business formerly were part of the ICRA Group of Companies:

  1. PT ICRA Indonesia (ICRAIndo; www.icraindonesia.com) - ICRA pulled out of the Indonesia market in June 2015.[9]
  2. ICRA Techno Analytics Limited (ICTEAS; www.icteas.com) - ICTEAS was acquired by Pune-based global consulting and IT services solutions integrations company Nihilent Technologies in August 2016 for INR 687.5 million (USD 10 million)[10][11] and renamed Nihilent Analytics.[12]

References
  1. "Annual Report 2010-11" (PDF). ICRA Limited. Retrieved 26 August 2011.
  2. "Profile". ICRA Limited. Retrieved 26 August 2011.
  3. "Frequently Asked Questions" (PDF). ICRA Limited. Retrieved 26 August 2011.
  4. "Quarter 3 Ended December 31, 2020" (PDF). ICRA Limited - Shareholding Pattern. 31 December 2020. Retrieved 28 January 2021.
  5. "ICRA - ICRA Lanka". www.icra.in. Retrieved 18 August 2020.
  6. "ICRA - ICRA Nepal". www.icra.in. Retrieved 18 August 2020.
  7. "ICRA - ICRA Analytics Ltd". www.icra.in. Retrieved 18 August 2020.
  8. "ICRA announces merger of ICRA Online & ICRA Management Consulting Services". www.indiainfoline.com. Retrieved 18 August 2020.
  9. "Rating agency ICRA Ltd pulls out services from Indonesia". The Economic Times. Retrieved 18 August 2020.
  10. "Nihilent Acquires ICRA Controlled Leading IT and Analytics Services Provider". Nihilent. Retrieved 18 August 2020.
  11. "Nihilent acquires ICRA controlled leading IT and Analytics services provider". The Economic Times. Retrieved 18 August 2020.
  12. "ICTEAS now renamed Nihilent Analytics Limited". www.thehansindia.com. 25 October 2016. Retrieved 18 August 2020.
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