ICRA LimitedICRAAugust 23, 2019The BSE LimitedPhiroze Jeejeebhoy TowersDalal StreetMumbai 400 001, IndiaScrip Code: 532835The National Stock Exchange of IndiaLimitedExchange Plaza,Plot no. CIl, G BlockBandra-Kurla ComplexBandra (East)Mumbai - 400 051, IndiaSymbol: ICRADear Sir/Madam,Sub: - Annual Report for the financial year 2018-19 and notice of Annual GeneralMeetingPursuant to regulation 34 and other applicable regulations of the Securities and ExchangeBoard of India (Listing Obligations and Disclosure Requirements) Regulations, 2015,please find enclosed Annual Report for the financial year 2018-19 and notice of theTwenty-Eighth Annual General Meeting of ICRA Limited (the "Company") scheduledto be held on Saturday, September 28,2019, at 3:30 pm at Sri Sathya Sai InternationalCentre, Bhisham Pitamah Marg, Lodhi Road, New Delhi-l10003.This is for your kind information and record.Regards,Sincerely,.;(S. lakeb Rahman)Company Secretary & Compliance OfficerEnc!.: As AboveBuilding No.8, 2nd Floor, Tower ADLF Cyber City, Phase IIGurugram - 122002, HaryanaTel. : 91.124.4545300CIN : L74999DL1991 PLC042749Website : www.icra.inEmail: [email protected]: 91.124.3341580Registered Office: 1105, Kailash Building, 11'" Floor, 26 Kasturba Gandhi Marg, New Delhi - 110001. Tel. : 91.11.23357940-45RATING RESEARCH INFORMATIONP,7134


Annual Report 2018-19CONTENTSICRA at a Glance. 1Board of Directors . 6Senior Management. 8Key trends. 9Financial highlights. 11Directors’ Report . 13Corporate Governance Report . 36Auditors’ Report on Corporate Governance. 66Management Discussion and Analysis Report . 71Secretarial Audit Report . 82Dividend Distribution Policy . 85Report on Corporate Social Responsibility Activities . 87Business Responsibility Report . 90Financial StatementStandaloneIndependent Auditors’ Report . 101Balance Sheet . 108Statement of Profit and Loss . 109Cash Flow Statement . 110Notes to the Financial Statements . 113ConsolidatedIndependent Auditors’ Report . 151Balance Sheet . 157Statement of Profit and Loss . 158Cash Flow Statement . 159Notes to the Financial Statements . 162Statement containing Brief Financial Details of Subsidiary Companies. 205Shareholders Frequently Asked Questions. 206ii

Annual Report 2018-19ICRA at a GlanceICRA Limited (formerly Investment Information and Credit Rating Agency of India Limited) was set up in 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional Investment Informationand Credit Rating Agency.Today, ICRA, a full-service Credit Rating Agency with its shares listed on the BSE and the National Stock Exchange, has five subsidiaries:ICRA Management Consulting Services Limited (IMaCS); ICRA Online Limited (ICRON); PT ICRA Indonesia (ICRA Indo); ICRALanka Limited (ICRA Lanka), and ICRA Nepal Limited (ICRA Nepal). Together, ICRA and its subsidiaries, along with theirsubsidiaries, form the ICRA Group of Companies, that is, ICRA Group. ICRA is majority-held by Moody’s Group, which has 51.87%equity ownership stake in the Company.ICRA Group StructureICRA NepalICRA IndonesiaICRA LankaICRA Online LimitedICRA ManagementConsulting Services LimitedPragati DevelopmentConsulting ServicesLimitedAlliance with Moody’s Investors ServiceThe international Credit Rating Agency Moody’s Investors Service is ICRA’s largest shareholder1. ICRA and Moody’s Investors Services haveentered into a Technical Services Agreement, which is aimed at benefiting ICRA’s capabilities, through access to Moody’s global researchbase and training tools. The agreement also envisages collaborative initiatives including joint outreach activities to address issues relatingto the development of capital markets in India.The ICRA FactorFacilitating efficiency in business.ICRA information products, Ratings, and solutions reflect independent, professional and impartial opinions, which assist businesses enhancethe quality of their decisions and help issuers access a broader investor base and even lesser known companies approach the money andcapital markets.The research factor.We strongly believe that quality and authenticity of information are derivatives of an organisation’s research base. Working in collaboration,our teams for Monetary, Fiscal, Industry and Sector research generate comprehensive analysis and maintain the highest standards of qualityand credibility.Committed to the development of the financial market.The focus of ICRA in the coming years will continue to be on developing innovative concepts and products in a dynamic market environment,generating and promoting wider investor awareness and interest, enhancing efficiency and transparency in the financial market, andproviding a healthier environment for market participants and regulators.Our products and services are designed to: 1Provide information and guidance to institutional and individual investors/creditors.Enhance the ability of borrowers/issuers to access the money market and the capital market for tapping a larger volume of resourcesfrom a wider range of the investing public.Assist the regulators in promoting transparency in the financial markets.Provide intermediaries with a tool to improve efficiency in the funds raising process.through its group companies, Moody’s Investment Company India Private Limited and Moody’s Singapore Pte Ltd.1

Annual Report 2018-19ICRA at a GlanceGROUP ICRAThe Services Spectrum*ICRAICRA Lanka**ICRA Nepal***RATING SERVICES Credit Rating Bank Loan Rating Structured Finance Rating Issuer Rating Rating of SSIs/SMEs Corporate Governance Rating Project Finance Rating Mutual Fund Rating Rating of Claims Paying Ability ofInsurance CompaniesRATING SERVICES Credit Rating Bank Loan Rating Structured Finance Rating Issuer Rating Project Finance Rating Mutual Fund Rating Insurance Financial StrengthRATING SERVICES Debt Rating Issuer Rating Fund Management QualityRating Equity Grading Bank Loan RatingGRADING SERVICESMicrofinanceInstitutions,Construction Entities, Real EstateDevelopers and Projects, EducationInstitutes**The operations of ICRA Lanka Limited(ICRA Lanka) are limited to the SriLankan marketRating Services to be offeredin near future Claims Paying Ability ofInsurance Companies***The operations of ICRA Nepal Limited(ICRA Nepal) are limited to the NepalesemarketINDUSTRY comIMaCSICRONContent Portfolio Analytics Pricing Solutions Scrip Level Valuations IndicesOutsourced offerings Data Management Financial & Accounting Support IT ServicesSolutions Enterprise Risk Management Advisory Credit Risk Management Solutions Internal Credit Rating Models Expected Credit Loss Calculator Credit Administration Process Operational, Credit and ALM/Market Risk Industry Research across various sectorsConsulting Tariff and Regulations and Demand Estimation Project Appraisals, Valuations and Transaction Due Diligence Financial Feasibility, Demand Modelling Risk Management Bid AdvisoryFinancial Information:Product and Services Mutual Fund Data and Content Wealth and TransactionManagement Products Research services Portfolio Analytics Investor education content IT Tools for Financial Planningand AnalyticsServices Program Management & Design Training & Support Data*The list of services is indicative and not

Annual Report 2018-19ICRA at a GlanceRange of ServicesRating ServicesAs an early entrant in the Credit Rating business, ICRA Limited (ICRA) is one of the most experienced Credit Rating Agenciesin the country today. ICRA rates rupee-denominated debt instruments issued by manufacturing companies, commercialbanks, non-banking finance companies, financial institutions, public sector undertakings and municipalities, among others.ICRA also rates structured obligations and sector-specific debt obligations such as instruments issued by Power, Telecomand Infrastructure companies. The other services offered include Corporate Governance Rating, Stakeholder Value andGovernance Rating, Credit Risk Rating of Debt Mutual Funds, Rating of Claims Paying Ability of Insurance Companies,Project Finance Rating, Line of Credit Rating and Valuation of Principal Protected-Market Linked Debentures (PP-MLD). ICRA’salso offers an Independent Credit Evaluation (ICE) of the residual debt in entities, under the RBI’s framework for resolutionof stressed assets.ICRA Lanka Limited (ICRA Lanka), a wholly-owned subsidiary of ICRA, offers a wide range of Rating services in theSri Lankan market, putting into use parent ICRA’s accumulated experience in the areas of Credit Rating, Grading, andInvestment Information. It’s Rating focuses on entities in the financial and corporate sectors, besides long-, medium-, andshort-term debt instruments issued by borrowers from various sectors of the economy.ICRA Lanka also rates rupee-denominated debt instruments issued by commercial banks, non-banking finance companies,financial institutions, manufacturing, construction and service companies, among others. It also rates structured obligationsand sector-specific debt obligations. The other services offered include Corporate Governance Rating, Stakeholder Valueand Governance Rating, Credit Risk Rating of Debt Mutual Funds, Rating of Claims Paying Ability of Insurance Companies,Project Finance Rating, and Line of Credit Rating.ICRA Nepal Limited (ICRA Nepal), a subsidiary of ICRA, offers a wide range of Rating services in the Nepalese market.Using the accumulated experience and technical support from the holding company, it has developed capability to executethe diversified product. ICRA Nepal rates rupee-denominated long-term, medium-term and short-term debt instruments. Itsservices also include Issuer Rating, Fund Management Quality Rating and Grading of Equity Offers and Bank Loan Line ofCredit Rating. The Rating/ Grading service with current focus in the banking and finance, insurance and hydro-electricitysector is also being offered to manufacturing companies, etc. Further, ICRA Nepal will roll out the Rating of Claims PayingAbility of insurance companies in the near future.Grading ServicesThe Grading Services offered by ICRA employ pioneering concepts and methodologies, and include Grading of: MicrofinanceInstitution (MFIs); Construction Entities; Real Estate Developers and Projects. These apart, ICRA has been offering services ofGrading of the Renewable Energy Service Companies (RESCOs) and the System Integrators (SI); Grading of ManagementEducation Institutes; Grading of Engineering Colleges/Universities; Grading of Fundamental Strength and RecoveryProspects; Assessment of the fundamental and financial strength of Real Estate Entities (REEs) & Real Estate Projects (REPs);and ICRA Corporate Responsibility and Sustainable-Business Grading.Industry ResearchComplementing the credit rating services, ICRA provides research services across the economy, industry and companies.The reports are tailored to meet the requirements of banks, mutual funds, insurance companies, PEs or venture funds andcorporates.ICRA Research covers 60 plus industries with the reports providing in-depth analyses across the following areas: Businessand profitability outlook, industry analysis, competitive landscape, impact of regulatory environment, benchmarking ofcompanies, industry credit profile, company profile on listed players, etcICRA’s ‘Credit Perspectives’ provide detailed analysis on ratings assigned. These reports broadly cover the following areas:Key rating considerations, Rating sensitivity factors, Rating rationale, Company profile, Business update, Business outlook,Financial update, Financial outlook, etcConsulting ServicesICRA Management Consulting Services Limited (IMaCS), a wholly-owned subsidiary of the Company, is an Advisory andAnalytics firm with wide repertoire of domestic and global clients. IMaCS offers its services under four heads namely, (1)Content (2) Solutions (3) Consulting, and (4) Services. IMaCS’ clientele include banks and financial service companies,financial investors, corporates, governments, regulators, multilateral/bilateral development agencies, and not-for-profitorganisations.3

Annual Report 2018-19ICRA at a GlanceIMaCS offers part of its Programme Management services through its wholly-owned subsidiary, Pragati DevelopmentConsulting Services Limited.Outsourced ServicesIncorporated in 1999, ICRA Online Limited (ICRON) is a wholly-owned subsidiary of ICRA Limited with delivery centresin Kolkata and Mumbai. ICRON has three lines of businesses that offer outsourcing solutions in Data Services, Content andAnalytics to global and domestic clients.The Data Services segment offers data management and financial and accounting services in areas of data sourcing,extraction, aggregation, populating chart of accounts, through automated and semi-automated processes, validation, ratioanalysis, accounting adjustments, data interpretation, etc.The Content segment engages in content of mutual funds and offers fund fact sheets and product notes, customizednewsletters based on domestic and global capital market trends, performance scorecards of mutual fund schemes, fundreviews, bespoke reports, investor education content, etc. It also offers data and content for ULIPs.ICRON is an ISO 9001:2015 and 27001: 2013 certified organisation.4

Annual Report 2018-19Chairman EmeritusMr. D.N. GhoshBoard of DirectorsMr. Arun DuggalChairman, Independent DirectorMs. Ranjana AgarwalIndependent DirectorMs. Radhika Vijay HaribhaktiIndependent DirectorDr. Min YeNon Executive and Non Independent DirectorStrategy CommitteeMr. Thomas John Keller Jr., ChairmanDr. Min YeMr. David Brent PlattMr. Naresh TakkarBuyback CommitteeMr. Arun DuggalMs. Ranjana AgarwalMr. Naresh TakkarInvestment and Real Estate CommitteeMs. Ranjana Agarwal, ChairpersonDr. Min YeMr. Naresh TakkarMr. Navneet AgarwalNon Executive and Non Independent DirectorRisk Management CommitteeMr. Thomas John Keller Jr., ChairmanMs. Ranjana AgarwalMs. Radhika Vijay HaribhaktiMr. David Brent PlattMr. Navneet AgarwalMr. Naresh TakkarMr. David Brent PlattAdditional Director, Non Executive andNon IndependentStatutory AuditorsB S R & Co. LLPChartered AccountantsMr. Naresh TakkarManaging Director & Group CEOInterim Chief Operating Officer &Group Chief Financial OfficerMr. Vipul AgarwalMr. Thomas John Keller Jr.Non Executive and Non Independent DirectorBoard CommitteesAudit CommitteeMs. Ranjana Agarwal, ChairpersonMs. Radhika Vijay HaribhaktiMr. Arun DuggalDr. Min YeNomination and Remuneration CommitteeMs. Radhika Vijay Haribhakti, ChairpersonMs. Ranjana AgarwalMr. Thomas John Keller Jr.Stakeholders Relationship CommitteeMr. Navneet Agarwal, ChairmanMs. Ranjana AgarwalMr. Naresh TakkarCorporate Social Responsibility CommitteeMs. Ranjana Agarwal, ChairpersonMr. David Brent PlattMr. Navneet AgarwalMr. Naresh TakkarGeneral CounselMr. Amit GuptaCompany Secretary & Compliance OfficerMr. S. Shakeb RahmanBankersHDFC Bank LimitedKotak Mahindra Bank LimitedAxis Bank LimitedICICI Bank LimitedState Bank of IndiaRegistrar and Share Transfer AgentLink Intime India Private LimitedRegistered Office1105, Kailash Building11th Floor, 26,Kasturba Gandhi MargNew Delhi – 110 001Corporate OfficeBuilding No. 8, 2nd Floor,Tower A, DLF Cyber City,Phase II, Gurugram – 122 002,Haryana5

Annual Report 2018-19ICRA Board of DirectorsMr. Arun DuggalMs. Ranjana AgarwalMs. Radhika HaribhaktiMr. Arun Duggal is the Non-ExecutiveChairman and an Independent Director ofICRA Limited. He is also a Visiting Professorat the Indian Institute of Management,Ahmedabad where he teaches a course onVenture Capital, Private Equity and BusinessEthics. He is an experienced internationalBanker and has advised companies PrivateEquity firms and financial institutionson Financial Strategy, M&A and CapitalRaising. He, as an Angel Investor hassupported several Entrepreneurs.Ms. Ranjana Agarwal is an IndependentDirector on the board of ICRA Limited andchairs their Audit and CSR committees. Sheis also on the board of KDDL Ltd., IndoRama Synthetics (India) Ltd., ShubhamHousing Development Finance Co. Ltd.,Joyville Shapoorji Housing Ltd., UgroCapital Limited, ICRA ManagementConsulting Services Limited and ICRAOnline Limited.Ms. Radhika Vijay Haribhakti is anIndependent Director on the board ofICRA Limited. Ms. Haribhakti has over 30years of experience in Commercial andInvestment Banking with Bank of America,JM Morgan Stanley and DSP Merrill Lynch.She has advised several large corporatesand led their Equity and Debt offerings indomestic as well as international capitalmarkets. She now heads RH Financial, aboutique Advisory Firm focused on M&Aand Private Equity.Mr. Duggal is also Chairman of Boardof Directors of International AssetReconstruction Company Private Limited andMangalore Chemicals & Fertilizers Limited.He is on the Boards of ITC Limited, Info Edgeand Jubilant Pharma Limited, Singapore.Mr. Duggal had a 26 years career withBank of America, mostly in the U.S., HongKong and Japan. His last assignment wasas Chief Executive of Bank of America inIndia from 1998 to 2001. He is an expertin international finance and from 19811990 he was head of Bank of America’s(oil & gas) practice handling relationshipswith companies like Exxon, Mobil, etc.From 1991-94 as Chief Executive of BAAsia Limited, Hong Kong he looked afterInvestment Banking activities for the Bankin Asia. In 1995, he moved to Tokyo asthe Regional Executive, managing Bank ofAmerica’s business in Japan, Australia andKorea.Mr. Duggal is involved in several initiativesin social and education sectors. For airpollution abatement in Delhi, Mr. Duggal isthe founder of newly established - ‘Centreof Excellence for Research on Clean Air(CERCA)’ at Indian Institute of Technology,Delhi, India. He was erstwhile Chairmanof the American Chamber of Commerce,India.A Mechanical Engineer from the prestigiousIndian Institute of Technology, Delhi,Mr. Duggal holds an MBA from the IndianInstitute of Management, Ahmedabad(recipient of Distinguished Alumnus Award).6Ms. Agarwal is the founder and managingpartner of Vaish & Associates, CharteredAccountants and has over 30 years ofexperience in audit, tax and relatedservices including succession planning andbusiness valuations. She was also a partnerin CC Chokshi & Co. and Deloitte Haskins& Sells until 2000.Ms. Agarwal was the national presidentof the women wing of FICCI and currentlychairs their ‘FLO women directors’programme. She also started the Indiachapter of ‘Women Corporate Directors’,USA.Ms. Agarwal is on the governing bodyof Mobile Crèches, VAPW Trust, HVKFoundation and has been doing work in thefield of education, health care and medicalassistance to handicapped persons.Ms. Ranjana Agarwal is a graduate inEconomics from Lady Shri Ram College,Delhi University and has done her CAtraining from Price Waterhouse Coopers.She is on the Boards of Directors of AdaniPorts and Special Economic Zone Limited,EIH Associated Hotels Limited, MahanagarGas Limited, Navin Fluorine InternationalLimited and Rain Industries Limited. Atthese companies, she is a member ofseveral board committees, including somewhich she chairs.Ms. Haribhakti has also been closelyassociated with issues of womenempowerment and financial inclusion andhas served on the Boards of non profitsfor over 18 years, including 12 years asChairperson. She is the former Chair ofFriends of Women’s World Banking (FWWB)and Swadhaar Finaccess, both non profitsengaged in providing financial solutionsto women in economically disadvantagedcommunities. She has also served on theGoverning Council of Citigroup MicroEnterprise Award and CII’s NationalCommittee on Women Empowerment.Ms Haribhakti is a graduate in Commercefrom Gujarat University and a PostGraduate in Management from the IndianInstitute of Management (IIM), Ahmedabad.

Annual Report 2018-19ICRA Board of DirectorsDr. Min YeMr. Thomas John Keller JrMr. David Brent PlattMr. Navneet AgarwalDr. Min Ye is a NonIndependent Director ofICRA Limited. He is theManaging Director and theRegional Head of Moody’sAsia Pacific. He is responsiblefor formulating businessgrowth initiatives, budgetingand planning, managingMoody’s offices and affiliaterelations, and monitoringthe regulatory environmentin the Asia Pacific region.Earlier, he was the ManagingDirector and the CountryManager for Moody’s China,as well as the Chief ExecutiveOfficer of China ChengxinInternational Credit RatingCo. Ltd., a Moody’s affiliatein China. Dr. Min Ye, whojoined Moody’s as a SeniorAnalyst and Vice Presidentin 1994, has also workedas the Managing Director ofthe Structured Finance Groupfor Asia Pacific (ex-Japan) inHong Kong.Mr. Thomas John Keller Jr. isa Non-Independent and NonExecutive Director of ICRA Limited.Mr. David Brent Platt is anAdditional Director of ICRALimited under the categoryofNon-Executive,NonIndependent Director. Mr. Plattcurrently serves as SVP & ChiefStrategy Officer for Moody’sCorporation, with responsibilityfor Corporate Development,GlobalCommunicationsand Moody’s CSR activities.Previously, Mr. Platt served asManaging Director and Headof Corporate Development forMoody’s from January 2013 toNovember 2018.Mr. Navneet Agarwal is aNon-Independent and NonExecutive Director of ICRALimited. Mr. Agarwal is aManagingDirectorandhead of Moody’s StructuredFinance Primary Ratings forthe Americas in addition toOther Permissible Services forstructured finance globally.Previously,Mr.Agarwalhas led the US RMBS newratings,thesurveillancefunction for Moody’s U.S.Asset Finance Group anda CLO surveillance team.He has also served on theGlobal Structured FinanceCredit Committee and actedas a Group Credit Officer.Mr. Agarwal has publishedand spoken extensively onMoody’s behalf and has alsoserved in various analyticcapacities in the RMBS, ABSand Structured Credit Ratingsteams.Dr. Min Ye has a BE and anME in Electrical Engineeringfrom the Tsinghua Universityin Beijing. He also hasa Ph.D. in Electrical andComputerEngineeringfrom the Carnegie MellonUniversity, USA.Mr. Keller recently retired fromhis dual role as ManagingDirector and Head of both theCommercial Group and RegionalManagementofMoody’sInvestors Service (MIS), leaving theCommercial role in January 2019and the Regional Managementrole June 30, 2019.As Head of the CommercialGroup, Mr. Keller drove MIS’ssales and marketing efforts,productdevelopmentandstrategic initiatives. As Headof the Regional Managementorganization, he provided globalleadership to advance, executeandcommunicatestrategiesacross regions in which MISoperates. In addition, he oversawthe relationships with MIS’snon-Moody’s-branded affiliatesto manage risk exposure andenhance cooperation. He was alsothe executive sponsor of Moody’sLGBTA Employee Resource Groupand a board member of theHetrick-Martin Institute.Prior to these roles, Mr. Keller helda number of leadership positionsin the company, including headof sovereign ratings, managingdirector for the Global Public,Project and Infrastructure FinanceGroup, head of MIS Asia Pacific,and representative director ofMoody’s Japan. Mr. Keller joinedthe company in 1992 as a senioranalyst. Prior to Moody’s, heworked at Chemical Bank andManufacturers Hanover TrustCompany. He earned a B.B.A.from the University of RhodeIsland and an M.B.A. from IonaCollege.Prior to joining Moody’s, Mr. Plattprovided M&A and corporatefinance advisory services toclients, including Moody’s, from2010 to 2012. Previously, heserved as a Managing Directorin the M&A Group at DeutscheBank from 2007 to 2009,advising companies and boardsacross a range of industries.Prior to Deutsche Bank, Mr. Plattserved as a Managing Directorin the M&A Group at Bank ofAmerica and held similar rolesin the M&A Groups at Citigroupand Donaldson, Lufkin & Jenrettefrom 1997 to 2007. From 1992to 1997, Mr. Platt was a SeniorInvestment Analyst in the MoneyMarket Fixed Income Divisionat Fidelity Investments wherehisresponsibilitiesincludedcredit risk assessment, setting ofexposure limits and investmentoversight for a broad range ofcorporate and municipal creditsas well as structured products.Mr. Platt holds an M.B.A. fromthe University of Chicago, a B.A.from the University of California,Berkeley in Political Economiesof Industrialized Societies andearned the CFA designation.Prior to joining Moody’s, Mr.Agarwal spent seven years asthe head of debt syndicationwith a boutique investmentbank in India, where he alsomanaged a proprietary book.He has also has worked withUnit Trust of India as aninvestment manager andBanc of America Securities.Mr. Agarwal received anM.B.A. with Honors from TheUniversity of Chicago, BoothSchool of Business. He hasan MMS from the Universityof Mumbai and a BBS fromthe University of Delhi. He isalso a CFA charter holder.7

Annual Report 2018-19ICRA Board of DirectorsMr. Naresh TakkarMr. Naresh Takkar is theManaging Director & GroupCEO of ICRA. Prior toholding this position he wasJoint Managing Director &Chief Rating Officer of ICRA.He is also a Non ExecutiveChairman of ICRA OnlineLimited and a Director on theBoards of ICRA ManagementConsulting Services Limitedand ICRA Lanka Limited. Hejoined ICRA as an analyst in1991. Before joining ICRA,he was with Tata ConsultancyServices for three years in theSystem Consulting Division.Mr. Takkar is a CharteredAccountant from The Instituteof Chartered Accountants ofIndia and holds a Bachelor’sDegree in Commerce fromthe University of Delhi.Senior ManagementMr. Vipul AgarwalInterim Chief OperatingOfficer & Group ChiefFinancial OfficerMr. Vivek MathurExecutive Vice-President &Head Rating OperationsMr. L. ShivakumarExecutive Vice-President& Head InstitutionalCorporate GroupMr. Jayanta ChatterjeeExecutive Vice-President& Head Strategic andEmerging Corporate GroupMr. Anjan Deb GhoshExecutive Vice-President &Chief Rating OfficerMr. Subrata RaySenior Group Vice-PresidentMr. Amit GuptaGeneral CounselMs. Sheetal SandhuGroup HR HeadMr. S. Shakeb RahmanCompany Secretary &Compliance Officer8

Annual Report 2018-19ICRA : Key TrendsTrend in Operating Income (in Rs. lakh)Trend in Profit after Tax (in Rs. lakh)2015-162017-18 2018-19Trend in EPS (basic) (in Rs.)2016-172015-162016-172017-18 898.36102.0199.5062.5351.442017-18 2018-1910% CAGR2014-152015-162016-17Trend in Net Worth (in Rs. lakh)18% .5621,090.002014-152016-1757,085.762015-1617% CAGR50,184.442014-1519,536.6318,124.536% CAGR2017-18 2018-19Trend in Dividend Payout (%)(Including Corporate Dividend Tax)Trend in Book Value per Share (in Rs.)2014-152017-18 2018-192015-162016-173635324957568.06576.432017-18 2018-19Trend in Dividend (%)2014-152015-162016-17300300(Dividend for the year 2018-19 is subject to approval of 376.9911% CAGR2017-18 2018-199

Annual Report 2018-19Group ICRA : Key TrendsTrend in Total Income (in Rs. .6436,823.2734,814.652% CAGR2017-18 2018-19Segment-wise revenue 2018-19 (in Rs. lakh)7,485.41Outsourced and Information ServicesConsulting Services1,899.1623,421.43Rating, research and other servicesTrend in profit after tax (before minority interest) (in Rs. lakh)10,458.2610,118.258,877.65Trend in EPS (basic) (in Rs.)2017-18 2018-191

Governance Rating, Credit Risk Rating of Debt Mutual Funds, Rating of Claims Paying Ability of Insurance Companies, Project Finance Rating, Line of Credit Rating and Valuation of Principal Protected-Market Linked Debentures (PP-MLD). . The reports are tailored to meet the requirements of banks, mutual funds, insurance companies, PEs or .