Corporate Governance Ratings
ICRA’s Corporate Governance Rating (CGR) is meant to indicate the relative level to which an organisation accepts and follows the codes and guidelines of corporate governance practices. The corporate governance practices prevalent in a company reflect the distribution of rights and responsibilities among different participants in the organisation such as the Board, management, shareholders and other financial stakeholders, and the rules and procedures laid down and followed for making decisions on corporate affairs. The emphasis of ICRA’s CGR is on a corporate’s business practices and quality of disclosure standards that address the requirements of the regulators and are fair and transparent for its financial stakeholders. The emphasis of ICRA’s Stakeholder Value and Governance (SVG) Rating, on the other hand, is on value creation and value management for all stakeholders of a company, besides the company’s corporate governance practices. An SVG Rating considers a company’s actual performance and the accrual of the benefits of such performance among all its stakeholders, apart from the quality of the company’s corporate governance practices. It is the combined assessment of stakeholder value creation and management and the quality of corporate governance practices that determines the SVG Rating. ICRA’s CGR and SVG Ratings may help the Rated corporate entity in raising funds; listing on the stock exchange; dealing with third parties like creditors; providing comfort to regulators; improving image/credibility; improving valuation; and bettering corporate governance practices through benchmarking.
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All

Company Name Sector Name Long Term Medium Term Short Term Issuer Outlook
Andhra Bank
Rationale / Rating Methodologies
Bank CGR2 -- -- --
Bank of Baroda
Rationale / Rating Methodologies
Bank * -- -- --
Bank of India
Rationale / Rating Methodologies
Bank CGR2 -- -- --
Bharat Financial Inclusion Limited
Rationale / Rating Methodologies
Microfinance Institution CGR2+* -- -- --
Central Bank of India
Rationale / Rating Methodologies
Bank * -- -- --
Cyient Limited
Rationale / Rating Methodologies
Information Technology and BPO CGR2+ -- -- --
Godrej Consumer Products Limited
Rationale / Rating Methodologies
FMCG CGR2+ -- -- --
Godrej Consumer Products Limited
Rationale / Rating Methodologies
FMCG -- SVG1 -- --
Kewal Kiran Clothing Limited
Rationale / Rating Methodologies
Textiles -- ^ -- --
United Spirits Limited
Rationale / Rating Methodologies
Breweries and Distilleries CGR2 -- -- --