ICRA Ltd is one of the most experienced Credit Rating Agencies in India. The company rates rupee-denominated debt instruments issued by manufacturing companies, commercial banks, non-banking finance companies, financial institutions, public sector undertakings and municipalities. They also rates structured obligations and sector-specific debt obligations such as instruments issued by Power, Telecom and Infrastructure companies. The other services offered by them include Corporate Governance Rating, Stakeholder Value and 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. They are operating their business from their offices located in Delhi, Gurgaon, Mumbai, Kolkata, Chennai, Ahmedabad, Bangalore and Pune._x000D_ _x000D_ ICRA Ltd was incorporated on January 16, 1991 by leading financial/investment institutions, commercial banks and financial services companies as an independent and professional Investment Information and Credit Rating Agency with the name Investment Information and Credit Rating Agency of India Ltd. The company launched Credit Rating Service on September 1, 1991._x000D_ _x000D_ In the year 1993, the company launched Investment Information Service and Research Publications and in the year 1995, they launched the services of Credit Assessment for small and medium scale industries and Earning Prospects and Risk Analysis for Equity Investor. In the year 1996, they signed an agreement with Moody's Risk Management Services to provide credit education, risk management software, credit research and consulting services to commercial banks, financial and investment institutions, financial services companies and mutual funds in India._x000D_ _x000D_ In the year 1997, the company launched ICRA Bulletin and in the year 1998, they introduced a Rating Methodology for the Claims Paying Ability of General Insurance companies in India. In the year 1999, the company became the first Indian Rating Agency to rate all Non-Life Insurance companies in the country. Also, they launched Rating service for Debt Fund Scheme and Grading Service for entities involved in construction projects._x000D_ _x000D_ In the year 2001, Moody's Investment Company India (Pvt) Ltd became the largest shareholder in the company. In the same year, the company launched their Corporate Governance Ratings for the Indian Market. Also, they joined with National Real Estate Development Council and launched the ICRA-NAREDCO Grading System for real estate developers and projects._x000D_ _x000D_ In the year 2002, the company launched Grading scheme for Healthcare institutions in India and in the year 2003, they launched Project Finance Assessment/ Rating Service. Also, the company entered into a shareholder and subscription agreement with Online IndiaCapital.com._x000D_ _x000D_ In the year 2004, the company launched the services of Grading of Mutual Fund Management Quality and Maritime Training Institutes in India. In the year 2005, they launched NSIC-ICRA Performance and Credit Rating Scheme for Small Scale Enterprises in India. _x000D_ _x000D_ In the year 2006, the company demerged their Consulting Division and transferred to ICRA Management Consulting Services Ltd with effect form April 1, 2005. Also they acquired ICRA Online Ltd and Computer Exchange Pvt Ltd which was renamed as ICRA Techno Analytics Ltd. During the year 2006-07, the company acquired the balance shares of ICRA Online Ltd and converting ICRA Online Ltd to a wholly-owned subsidiary company._x000D_ _x000D_ During the year 2007-08, ICRA Techno Analytics Ltd, a wholly owned subsidiary company incorporated ICRA Techno Analytics, Inc in US and also acquired a Kolkata based software services company namely, Axiom Technologies Pvt Ltd. ICRA Management Consulting Services Ltd, a wholly owned subsidiary company signed a MoU with Dun & Bradstreet Philippines Inc. and Virtus Global Partners Inc for offering advisory/consulting services in Philippines and USA respectively._x000D_