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Edelweiss Research is also available on www.edelresearch.com,
Bloomberg EDEL , Thomson First Call, Reuters and Factset. Edelweiss Securities Limited
CRISILs Q1CY14 top line at 21% YoY and PAT at 39% YoY surpassed our
estimates by 8% and 15%, respectively. Key positives were: (1) ratings
segment revenue rebounded with 16% YoY growth and research revenue
surged 26% YoY; (2) overall EBIDTA grew 35% YoY; and (3) ratings EBIT
margin grew a robust 174bps alongwith 400bps expansion in research
EBIT margin to 30%, which led to overall EBITDA margin catapulting
322bps to 33.2%. Led by strong performance in ratings and research, we
are revising our CY14E and CY15E earnings up 4.0% and 6.5% to ~14.3%
and ~18.3% growth, respectively. However, we maintain HOLD on rich
valuations.
Strong rebound in ratings, uptick in researchCRISIL reported a better-than-expected Q1CY14 with revenue growth of 21% YoY led
by 16% YoY surge in ratings and 26% YoY rise in research segment. Ratings segment
grew 5% QoQ led by pick up in bank loan ratings and SME ratings segment. Favourable
client additions in financial research, analytics & model validation, strong performance
by Coalition and launch of new products and services led to strong growth in research
segment. Advisory segment also rebounded with 11% YoY growth as CRISIL won its
largest mandates and built a strong order book.
Robust ratings and research spurs EBIT margin
The companys operating profit jumped 35% YoY due to 21% growth in ratings EBIT,
45.5% surge in research EBIT and 3.4% rise in advisory EBIT. Ratings EBIT margin
increased 174bps to 40.6%, research EBIT margin catapulted 402bps to 30% andadvisory EBIT margin was flat at 10.8%. As a result, overall EBITDA margin jumped
322bps YoY to 33.2%.
Outlook and valuations: Maintain HOLD
Led by strong rebound in ratings segment to 16% YoY from ~6.4% in CY13 and robust
surge of 26% YoY in research segment, we are revising up our earnings for CY14E and
CY15E by ~4.0% and ~6.5%, respectively. Due to rich valuation we maintain HOLD
with a revised target price of INR1,347 (INR1,265 earlier) valuing it at 28x CY15E.
RESULT UPDATE
CRISILAll round strong performance
EDELWEISS RATINGS
Absolute Rating HOLD
Investment Characteristics Growth
MARKET DATA (R: CRSL.BO, B: CRISIL IN)
CMP : INR 1,246
Target Price : INR 1,347
52-week range (INR) : 1,289 / 884
Share in issue (mn) : 70.7
M cap (INR bn/USD mn) : 88 / 1,460
Avg. Daily Vol. BSE/NSE (000) : 46.4
SHARE HOLDING PATTERN (%)
Current Q2FY14 Q1FY14
Promoters * 67.7 67.8 52.8
MF's, FI's & BKs 10.4 10.2 16.1
FII's 8.0 8.3 10.4
Others 13.9 13.7 20.7
* Promoters pledged shares
(% of share in issue)
: NIL
PRICE PERFORMANCE (%)
BSE Midcap
Index
StockStock over
Index
1 month 6.8 9.1 2.3
3 months 3.7 3.7 0.0
12 months 14.1 32.7 18.6
Shradha Sheth
+91 22 6623 3308
Manoj Bahety, CFA
+91 22 6623 3362
IndiMidcaps
India Equity Research| Credit Rating
April 21, 2014
Finanacials (INR mn)
Year to Dec. Q1CY14 Q1CY13 Growth % Q4CY13 Growth % CY13 CY14E CY15E
Revenue 3,092 2,550 21.3 3,051 1.4 11,123 12,778 14,733
EBITDA 1,028 766 34.3 1,073 (4.2) 3,579 4,205 4,920
Adj. Net profit 687 496 38.5 709 (3.1) 2,516 2,876 3,402
Adj. Dil. EPS (INR) 9.7 7.1 10.0 35.6 40.7 48.1
Diluted P/E (x) 34.9 30.5 25.8
EV/EBITDA (x) 23.3 19.5 16.4
ROAE (%) 41.8 39.1 39.0
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Credit Rating
2 Edelweiss Securities Limited
Table 1: Segment wise performance (INR mn)
Source: Company
Other highlights
Dividend:During the quarter, the company declared dividend of INR3 per share (same
as last year).
Company reported forex loss of INR30mn in Q1CY14 versus gain of INR0.47mn for
Q1CY13.
Annual report CY13 takeaways
Ratings
Announced 3,106 new bank loan ratings (BLRs; decline of 14% YoY); total BLRs
outstanding exceed 12,100.
Assigned 12,857 SME ratings during the year (up 29% YoY).
Global Analytical Centre (GAC) S&P
Increased support to Standard & Poors through the Global Analytical Centre (GAC), adding
more groups and complex analytical requirements on a larger scale.
GAC continues to be closely integrated with Standard & Poors Ratings Services, extending
the scope of its support into areas such as risk and rating operations, deepening the
engagement in structured finance ratings and broadening the scope of support in Europe
and the Asia-Pacific.
Research
Added large and marquee clients including a number of buy-side and private equity firms,
Investments in the Risk & Analytics vertical and a product-based go-to-market strategy in
Corporate Research are providing impetus to new client addition.
A mid year launch of web-based products using CRISILs proprietary framework resulted in
positive client responses and additions to the client base.
Segment wise performance (INR mn)
Q1CY14 Q1CY13 % YoY Q4CY13 %QoQ CY13 CY12 % YoY
Segment revenue
Rating Services 1153.3 994 16.0 1094.5 5.4 4,139 3,891 6.4
Advisory Services 139.5 125 11.3 170.4 (18.1) 557 553 0.6
Research Services 1797 1426 26.1 1778.4 1.0 6,411 5,260 21.9Segment EBIT
Rating Services 467.9 386 21.2 437.7 6.9 1,639 1,638 0.1
Advisory Services 15.1 15 3.4 27.1 (44.3) 76 99.70 (24.3)
Research Services 539.1 370 45.5 583.8 -7.7 2,054 1,588 29.3
Segment EBIT margin (%)
Rating Services 40.6 38.8 1.74 40.0 0.58 39.6 42.1 (2.5)
Advisory Services 10.8 11.7 (0.83) 15.9 (5.08) 13.6 18.0 (4.5)
Research Services 30.0 26.0 4.02 32.8 (2.83) 32.0 30.2 1.8
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In the Risk & Analytics vertical, CRISIL built scale of operations in model validation and
stress-testing by hiring a number of subject experts, developing robust training modules and
putting in place strong process and quality measures. These steps have resulted in positive
client feedback and opened new avenues of engagement.
In Corporate Research, the company took steps to productise the institutional knowledge
built over the years by serving global Fortune 500 companies in Key Account Managementand Competitive Intelligence. It launched two new products in the market - COMPASS, a key
account management product, and CI 360, a competitive intelligence tool. Both products
are built on strong analytical frameworks that provide actionable insights to clients. The
feedback from clients on these has been positive.
CRISILs global research centres continue to scale up. The China research centre grew rapidly
in 2013 and crossed the 50-people mark. CRISIL has expanded its client roster in Argentina
and moved into a larger facility to accommodate growth plans.
Coalition research
Coalition grew strongly by adding new global investment banks as clients and successfully
launching new products.
In 2013, it delivered a strong performance driven by its core Competitor and Client
Analytics, which reported solid growth. It recently launched RWA (Risk Weighted Assets)
Analytics, which enjoyed a strong start. A comprehensive media strategy in each region has
delivered results, leading to significant improvement in its reach among prospective clients.
Coalition added new clients among the top 20 global investment banks and renewed its
exclusive relationship with a leading consulting firm.
Infrastructure advisory
Continued focus on international business and working with multilateral agencies resulted
in execution of a number of high-profile assignments.
Worked with central and state government departments in formulating, advising and
implementing plan and policies in urban development, coal, food and power. There was
sharper focus on Africa and Southeast Asia, which got a boost from long-term multilateral
spending programmes this year.
Risk solutions
Maintained focus on both consulting and software solutions and won 22 mandates in 2013.
CRISILs risk solutions reached out to newer markets across EMEA and Southeast Asia, got
new mandates and built a strong pipeline for future growth.
Achievements
Ratings: CRISIL Ratings instituted several innovations aimed at development of the
corporate bond market in 2013. It rated Indias first Basel III-compliant Tier-II bond,
inflation-indexed debenture, infrastructure debt fund NBFC.
Research & Analytics: CRISIL GR&A launched Collateral Management and Portfolio
Reconciliation to offer end-to-end solutions in the collateral management space.
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Credit Rating
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CRISIL GR&A (Coalition) won mandate from a Swiss Investment bank, which is one of the top
15 globally .
CRISIL GR&A won mandate from a large Europe-based buy-side firm to support its portfolio
managers in building an emerging market fund.
CRISIL GR&A (Coalition) won a mandate from one of the top 15 global investment banks in
the US.
CRISIL GR&A won mandates from two global investment banks for Model Validation.
CRISIL GR&A won mandate from a large US-based asset management company to assist in
writing investment commentaries.
CRISIL GR&A won mandates from a large global investment bank for portfolio optimisation,
a cutting-edge quant analytics work stream a Latin American wealth management and
financial services firm.
Infrastructure Advisory: The company won large and prestigious mandates in Indonesia,
Laos and Vietnam in Southeast Asia, and Tanzania, Malawi and Namibia in Africa.
CRISIL provides offshore rating services to S&P under the Global Analytical Center (GAC)
segment, which contributed ~12% (14% last year) to CRISILs overall revenue and ~32%
(36% last year) to rating revenue. In the interim, there has was a decline of 5% YoY in
CY13. This we assume should be since S&P was consolidating its position since stake
increase to 67.7% last year.
Geographically as on CY13, company has a well diversified portfolio with 35% of sales
from India, 30% of sales from Europe, 29% from North America and 6% from rest of the
world.
Outlook and valuations: Rich valuations; maintain HOLD
CRISIL, being a market leader, will be beneficiary of the under penetration in bond marketsand the governments initiatives to deepen the corporate bond market over the long term.
Given the tough economic conditions, its rating business had been impacted by the
tightening liquidity scenario with growth of mere 6.4% YoY in CY13. However, there has
been a strong rebound with 16% YoY growth in ratings. Research also surprised with 26%
YoY surge led by benefits from cost cuts by financial institutions. In the research segment,
Global Research & Analytics (GR&A), the company added marquee clients in financial
research, analytics and model validation. Also, Coalition delivered a strong performance by
growing its key client accounts and expanding product offerings.
At current valuation, CRISIL is trading at a premium to domestic peers on account of its
diversified model with strong return ratios (~39% plus RoE). Factoring in rebound in the
ratings business at 16% YoY growth (6.4% YoY for CY13), we have revised up our earnings by
4% and 6.5% in CY14E and CY15E, respectively. We continue to maintain HOLDvaluing it
at P/E of 28x CY15E, which yields a target price of INR1,347 (INR1,265 earlier).
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Financial snapshot - (Consolidated) (INR mn)
Year to March Q1CY14A Q1CY13 % change Q4CY13 % change CY13 CY14E CY15E
Revenues 3,092 2,550 21 3,051 1 11,123 12,778 14,733
Employee cost 1,399 1,211 15 1,348 4 5,155 5,861 6,725
Other expenses 666 573 16 631 5 2,390 2,712 3,088
Total expenditure 2,064 1,784 16 1,978 4 7,545 8,573 9,814
EBITDA 1,028 766 34 1,073 (4) 3,579 4,205 4,920
Depreciation 87 87 0 91 (4) 379 450 481
Other income 29 32 (10) 34 (15) 393 353 457
PBT 970 711 36 1,016 (5) 3,593 4,108 4,895
Tax 283 215 31 307 (8) 1,076 1,232 1,493
Adjusted net profit 687 496 39 709 (3) 2,516 2,876 3,402
Extraordinary items 0 0 (100) 0 462 0 0
Net profit after extraordinary items 687 496 38 709 (3) 2,978 2,876 3,402
Minority interest 0 0 0 0 0 0
Net Profit after minority interest 687 496 39 709 (3) 2,978 2,876 3,402
Equity capital (FV INR 1) 71 70 71 71 71 71
No. of shares (mn) 71 70 71 71 71 71
Adj. Core EPS (INR) 9.7 7.1 38 10.0 (3) 35.6 40.7 48.1
Diluted P/E (x) 34.9 30.5 25.8
EV/EBITDA (x) 23.3 19.5 16.4
Market cap / Revenues (x) 7.9 6.9 6.0
ROAE (%) 41.8 39.1 39.0
as % of net revenues 0.1 0.1 0.1 0.1 0.1 1.1 1.1
Staff expenses 45.2 47.5 44.2 46.3 45.9 45.6
Other expenses 21.5 22.5 20.7 21.5 21.2 21.0
EBITDA 33.2 30.0 35.2 32.2 32.9 33.4
Net profit 22.2 19.5 23.2 26.8 22.5 23.1
Change in EstimatesCY14E CY15E
New Old % change New Old % change CommentsNet Revenue 12,778 12,510 2.1 14,733 14,226 3.6 Due to 13% YoY growth in ratings
versus 11% earlier assumed in
CY14. Due to 17% YoY growth in
ratings in CY14E and 18% YoY in
CY15E versus 15% and 16% YoY
earlier assumed.
EBITDA 4,205 4,054 3.7 4,920 4,634 6.2 Due to change in ratings and
research topline assumptions
EBITDA Margin 32.9 32.4 33.4 32.6
Core profit 2,876 2,768 3.9 3,402 3,193 6.5 Due to change in ratings and
research topline assumptions
PAT Margin 22.5 22.1 23.1 22.4
Capex 450 450 0.0 450 450 0.0
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Credit Rating
6 Edelweiss Securities Limited
Company Description
CRISIL is Indias leading credit rating, research, risk & policy advisory company having
pioneered the concept of credit rating in India in 1987. S&P, the worlds leading credit rating
agency by market share, is its major shareholder (67.7%) after the recent open offer. CRISIL
is a globally diversified analytical company having ratings, research and advisory services
under its fold. With market leadership in corporate bonds, bank loan ratings and SME
ratings, company is strongly poised to gain from cyclical and structural uptick in domesticratings segment. With increased interest from parent, strong growth in off shoring services
to S&P will continue which will drive its offshore ratings segment (Global Analytic Center).
Being a global research analytics company providing off shoring services to several large
global clients like 12 of top 15 global investment banks, two of the top 10 global consulting
groups, three of the top 15 global insurance companies and 37 Fortune 500 companies,
company is expected to continue its strong momentum in research revenues.
Investment Theme
CRISIL is Indias leading credit rating company having a ~35% market share, and a strong
parentageStandard & Poor (S&P), worlds leading credit rating agency by market share.
The domestic ratings segment is estimated to grow at 13% CAGR over CY13-15E. We haveestimated off shoring to parent to grow at 11% CAGR over the same period. Going forward
there is a greater scope with increased interest from parent with parent having increased
stake to ~68% now. Research posted robust revenue CAGR of 23% over CY08-13. We believe
CRISILs strategy to offer differentiated solutions with strong association with global
investment banks will propel growth at 17% CAGR over CY13-15E.
Key Risks
Adverse macro economy
Ratings agencies are vulnerable to downturns in the economy when capital raising activities
fall. Last year, fund raising activities dipped due to weakness in the economy and corporate
level stress, which in turn led to reduced bond issuances and bonds rating businesses.
Migration to internal ratings based approach by banks
If banks whose clients avail credit rating services under the Basel II framework migrate to
the internal rating based approach for credit risk (the IRB Approach), it could have an
adverse effect on CRISIL's rating business.
Pricing transience to fixed fee structure
Limited bond issuance and lower bank loan rating volumes pose a threat as issuances have
transcended to a fixed fee cap structure. However, this is more so pronounced only in the
BLR market and less in the CDR segment which is more profitable.
Risk of defaults
Any rating default by a client would hamper the credibility of the rating agency. However
SEBIs mandatory disclosures of default rates would keep the rating agency under control of
the watch guard.
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Financial Statements
Income statement (INR mn)
Year to December CY12 CY13 CY14E CY15E
Net revenue 9,793 11,123 12,778 14,733
Gross profit 5,403 5,969 6,917 8,008
Employee costs 4,390 5,155 5,861 6,725
Other Expenses 2,207 2,390 2,712 3,088
EBITDA 3,196 3,579 4,205 4,920
Depreciation & Amortization 343 379 450 481
EBIT 2,853 3,200 3,755 4,438
Other income 284 393 353 457
Profit before tax 3,137 3,593 4,108 4,895
Provision for tax 933 1,076 1,232 1,493
Net profit 2,204 2,516 2,876 3,402
Extraordinary income/ (loss) - 462 - -
Profit After Tax 2,204 2,978 2,876 3,402
Adj. Core EPS (INR) 31.4 35.6 40.7 48.1
CEPS (INR) 36.3 41.0 47.0 54.9
Dividend per share (INR) 16.0 19.0 20.0 23.1
Common size metrics
Year to December CY12 CY13 CY14E CY15E
Operating expenses 67.4 67.8 67.1 66.6
Depreciation 3.5 3.4 3.5 3.3
EBITDA margins 32.6 32.2 32.9 33.4
Net profit margins 22.5 22.6 22.5 23.1
Growth ratios (%)
Year to December CY12 CY13 CY14E CY15E
Revenues 21.4 13.6 14.9 15.3
EBITDA 21.9 12.0 17.5 17.0
PBT 14.0 14.5 14.4 19.2
Net profit 6.8 14.2 14.3 18.3
EPS 6.6 13.4 14.3 18.3
Key Assumptions
Year to December CY12 CY13 CY14E CY15E
Macro
GDP(Y-o-Y %) 5.0 4.8 5.4 6.3Inflation (Avg) 7.4 6.2 5.5 6.0
Repo rate (exit rate) 7.5 8.0 7.5 7.0
USD/INR (Avg) 54.5 62.0 60.0 58.0
Sector
Corporate debt market issuances growth (%) 30.7 5.0 21.0 27.0
Banking credit growth (%) 14.7 15.0 16.0 16.0
Company
Volume of debt rated (INR bn) 4,599 4,704 5,574 6,793
Number of new assigments 3,600 3,106 3,354 3,656
Nos 10,000 12,857 16,071 18,482
Rating revenues (INR mn) 3,891 4,139 4,666 5,270
Domestic Ratings 2,500 2,817 3,212 3,641
Corp. debt ratings inc. (INR mn) 1,275 1,308 1,421 1,637
Bank loan ratings inc. (INR mn) 800 922 1,056 1,160
SME 425 587 734 844
S&P Ratings 1,390 1,322 1,455 1,629
Advisory services 553 557 584 614
Research revenues (INR mn) 4,871 4,696 5,366 6,151
Irevna 3,684 4,327 4,976 5,722
Pipal Research 326 327 343 377
India Research 861 43 47 52
Coalition Development 389 1,715 2,143 2,679
Total Revenues (INR mn) 9,315 9,392 10,616 12,035
Rating revenues (%) 41.8 44.1 44.0 43.8
Domestic Ratings 26.8 30.0 30.3 30.3S&P Ratings 14.9 14.1 13.7 13.5
Advisory services 5.9 5.9 5.5 5.1
Research revenues (%) 52.3 50.0 50.5 51.1
Irevna 39.5 46.1 46.9 47.5
Pipal Research 3.5 3.5 3.2 3.1
India Research 9.2 0.5 0.4 0.4
Coalition Development 4.2 18.3 20.2 22.3
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Credit Rating
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Peer comparison valuation
Market cap Diluted PE (X) Price/BV (X) ROAE (%)
Name (USD mn) CY14E CY15E CY14E CY15E CY14E CY15E
Crisil 1,460 30.5 25.8 11.0 9.3 39.1 39.0
Credit Analysis and Research 386 15.8 13.4 4.4 4.0 29.6 31.4
ICRA 312 23.0 19.0 4.4 3.9 20.7 22.1
Median 386 23.0 19.0 4.4 4.0 29.6 31.4
AVERAGE 719 23.1 19.4 6.6 5.7 29.8 30.8
Source: Edelweiss research
Cash flow metrics
Year to December CY12 CY13 CY14E CY15E
Operating cash flow 2,233 3,065 3,489 3,912
Investing cash flow (1,182) (204) (450) (450)
Financing cash flow (1,108) (1,558) (1,640) (1,894)
Net cash flow (57) 1,303 1,399 1,568
Capex (430) (204) (450) (450)
Dividends paid (1,203) (1,558) (1,640) (1,894)
Profitability & efficiency ratios
Year to December CY12 CY13 CY14E CY15E
ROAE (%) 46.6 41.8 39.1 39.0
ROACE (%) 95.2 85.6 101.7 118.4
ROA 48.1 43.3 40.3 36.7
Total debt / Capital employed (%) 85.4 68.9 62.3 54.7
Operating ratios
Year to December CY12 CY13 CY14E CY15ETotal asset turnover 2.1 1.9 1.8 1.7
Fixed asset turnover 2.8 2.4 2.8 3.3
Equity turnover 2.1 1.8 1.7 1.7
Valuation parameters
Year to December CY12 CY13 CY14E CY15E
Adj. Core EPS (INR) 31.4 35.6 40.7 48.1
Y-o-Y growth (%) 6.6 13.4 14.3 18.3
CEPS (INR) 36.3 41.0 47.0 54.9
Diluted PE (x) 39.6 29.5 30.5 25.8
Price/BV (x) 16.5 13.0 11.0 9.3
EV/Sales (x) 8.6 7.5 6.4 5.5
EV/EBITDA (x) 26.5 23.3 19.5 16.4
Dividend yield (%) 1.3 1.5 1.6 1.9
Market Capitalisation 87,277 87,848 87,848 87,848
Balance sheet (INR mn)
As on 31st December CY12 CY13 CY14E CY15E
Equity capital 70 71 71 71
Reserves & surplus 5,220 6,674 7,910 9,418
Shareholders funds 5,290 6,745 7,981 9,488
Deferred tax liability (175) (229) (229) (229)
Sources of funds 5,115 6,516 7,752 9,260
Tangible assets 1,065 1,342 1,342 1,311
Intangible assets 3,603 3,150 3,150 3,150
Total net fixed assets 4,668 4,493 4,493 4,462
Non current investments 66 56 56 56
Current Investments 1,084 2,387 2,387 2,387
Cash and equivalents 1,528 1,900 3,299 4,867
Sundry debtors 1,172 1,195 1,365 1,574
Loans and advances 703 691 691 691
Other current assets 434 516 516 516
Total current assets (ex cash) 2,309 2,402 2,572 2,781
Trade payable 1,300 1,280 1,614 1,851
Others current liabilities 3,240 3,442 3,442 3,442
Total current liabilities & 4,541 4,721 5,055 5,293
Net current assets (ex cash) (2,232) (2,319) (2,483) (2,512)
Uses of funds 5,115 6,516 7,752 9,260
Book value per share (INR) 75.3 95.4 112.9 134.2
Free cash flow (INR mn)
Year to December CY12 CY13 CY14E CY15E
Net profit 2,204 2,516 2,876 3,402
Depreciation 343 379 450 481
Others (583) 339 327 58
Gross cash flow 1,965 3,235 3,653 3,941
Less: Changes in WC (268) 170 164 29
Operating cash flow 2,233 3,065 3,489 3,912
Less: Capex 430 204 450 450
Free cash flow 1,803 2,861 3,039 3,462
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Insider TradesReporting Data Acquired / Seller B/S Qty Traded
29 Aug 2013 Roopa Kudva Sell 160000.00
29 Jul 2013 Roopa Kudva Sell 160000.00
*as per last available data
Bulk DealsData Acquired / Seller B/S Qty Traded Price
14 Jun 2013 Jhunjhunwala Rekha R Sell 400000 1158.60
*as per last available data
Holding Top10Perc. Holding Perc. Holding
S & p india llc 44.17 Mcgraw-hill asian ho 15.04
S & p international 8.49 Jhunjhunwal rakesh r 5.66
General insurance co 4.01 Jhunjhunwala rekha 2.69
Unit trust of india 2.56 Uti asset management 2.56
Ruane cunniff & gold 2.43 Acacia partners lp 2.43
*as per last available data
Additional Data
Directors DataRoopa Kudva Managing Director & Chief Executive Officer M. Damodaran Independent Non Executive Director
H.N Sinor Independent - Non-Executive Director Ms. Vinita Bali Independent - Non-Executive Director
Douglas Peterson Non-Executive Chairman Dr.Nachiket Mor Independent - Non-Executive Director
David Pearce Non-Independent - Non-Executive Director Yann Le Pallec Non-Independent - Non-Executive Director
Auditors - S. R. Batliboi & Co
*as per last available data
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Credit Rating
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Edelweiss Securities Limited, Edelweiss House, off C.S.T. Road, Kalina, Mumbai 400 098.
Board: (91-22) 4009 4400, Email: [email protected]
Vikas Khemani Head Institutional Equities [email protected] +91 22 2286 4206
Nischal Maheshwari Co-Head Institutional Equities & Head Research [email protected] +91 22 4063 5476
Nirav Sheth Head Sales [email protected] +91 22 4040 7499
Coverage group(s) of stocks by primary analyst(s):Credit Rating
Credit Analysis and Research, Crisil, ICRA
Distribution of Ratings / Market Cap
Edelweiss Research Coverage Universe
Rating Distribution* 133 40 16 190
* 1 stocks under review
Market Cap (INR) 126 55 9
> 50bn Between 10bn and 50 bn < 10bn
Date Company Title Price (INR) Recos
Buy Hold Reduce Total
Recent Research
21-Feb-14 ICRA Moodys offer to hike stake a
positive;
EdelFlash
1,588 Buy
17-Feb-14 CRISIL Slight improvement in ratings,
research rebounds;
Result Update
1,120 Hold
27-Jan-14 ICRA Margin uptick in ratings;
Result Update
1,543 Buy
Rating Interpretation
Buy appreciate more than 15% over a 12-month period
Hold appreciate up to 15% over a 12-month period
Reduce depreciate more than 5% over a 12-month period
Rating Expected to
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DISCLAIMER
General Disclaimer:
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