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Prospects of CSR: An Overview of 500 Indian Companies

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 Prospects of CSR:
An Overview of 500 Indian Companies
Leena James*

The paper examines the relationship between CSR rating and financial parameters
(sales and profit before tax) and age of companies, in India. Using a quantitative
methodology, the study found that profit is more correlated to CSR rating as compared
to sales and age of the companies.

Introduction
In the globalized world, integration of Corporate Social Responsibility (CSR) in business is one
of the great challenges faced by the firms today. Stakeholders require much more from the
company than pursuing growth and profitability. Companies which aim to be, or are, leaders
in CSR are challenged by increasing innovations, rising public expectations, heightened social
and environmental problems and continuous quality improvement. They are forced to chart
their CSR activities within a very dynamic and complex environment. Engaging in CSR is
perceived to be a good thing. CSR activities should be a part of all business organization, but
every organization should identify the effects of financial parameters on CSR activities. Hence,
this paper argues that financial parameters of the firm like sales and profit, as well as firm
characteristics like age may affect CSR practices adopted by the companies. In this paper, an
attempt has been made to refine the stream of research on the association between CSR rating
and firm characteristics. This paper begins with reviewing the extant literature on CSR, CSR
rating and the relationship between CSR rating and firm characteristics. Subsequently, it
discusses the measures used in the study and describes the data collection method. Finally, it
concludes by discussing the findings, highlighting the key limitations of the study, and providing
guidance for further research.

Literature Review
Hazlett et al. (2007) conducted a study on the relationship and synergies between quality
management and CSR. The results demonstrated the breadth and depth of activities in which
organizations engage, under the broad headings of workplace, environment, and social and
economic impact. However, while there is no doubt on the sincerity of the actions, approaches
and the activities, a strategic focus on CSR is still very much in its infancy. Jamali and Mirshak
(2007) studied CSR theory and practices in a developing country, Lebanon, and found the lack
of a focused, systematic, and institutionalized approach to CSR and that the practice and
understanding of CSR in Lebanon are still grounded in the context of philanthropic action.
* Associate Professor, Christ University, Bangalore, Karnataka, India. E-mail: [email protected]

Prospects
© of All
2012 IUP. CSR: An Overview
Rights Reserved.of 500 Indian Companies 55
Sharp and Zaidman (2010) studied the process of strategization of Israeli firms and identified
the differentiating characteristics of CSR strategization processes, including the requirement for
informative communications rather than persuasive negotiations, and the absence of resistance
within the organizational community. Harjoto and Jo (2011) found that CSR engagement
positively influences firm value and operating performance.

Hackston and Milne (1996) found that though positive relation exists between industry and
size, still profitability and reporting had no effect on the eve of disclosure. Adam and Shavit
(2008) argued that rating-based assessment method for CSR cannot provide an incentive to
firms excluded from socially responsible investment to invest in CSR. Polonsky and Jevons (2009)
conceptually developed three types of complexity—issue, organizational and communication—
in CSR strategies and found that within these three areas of complexity, there are a number of
sub-issues that must be addressed if CSR is to be strategically integrated into a global brand.
Jindrichovska and Purcarea (2011) studied environmental reporting in Czech and Romania and
found that corporate reporting process normally consists of accounting and auditing process.
Accounting process evaluates all relevant data useful in measuring the company’s social and
environmental performance against specific indicators and the auditing process is related to
assessing the information in the report.
Mittal et al. (2008) studied the link between good financial performance measure and other
indicators of corporate responsibility by regression analysis and found that CSR is negatively
related to EVA (internal measure of profitability). The relationship of CSR and MVA (an external
measure of profitability) was found to be positive and significant. Reverte (2009) conducted a
study in Spain and found that firms with higher CSR ratings present a statistically significantly
larger size and a higher media exposure, and belong to more environmentally-sensitive
industries, as compared to firms with lower CSR ratings. Angeloantonio and Francesco (2010)
made a comparative study between large and small firms and found that the CSR-SME
relationship could be better explained if the notion of social capital is taken into account and
social capital and stakeholder theory should be taken as alternative ways of explaining CSR in
both large firms and SMEs.

Cowen et al. (1987) studied Fortune 500 companies and by multiple regression analysis
found that there is a positive relation between CSR and company profitability, size, and social
responsibility. Parisi and Hockerts (2008) investigated the use of causal maps in the performance
management and measurement of CSR-related intangibles in one company and found that the
use of causal maps is expected to improve the selection of indicators for the company’s
performance measurement system, so that a financial evaluation of the returns of investments
aimed at increasing the value of CSR-related intangibles can be made. Waller and Lanis (2009)
studied the annual reports of six top companies in advertising industries to promote disclosure.
They observed CSR activities undertaken and the development of CSR index. They found that
some companies do engage and disclose their CSR activities. But the level of CSR disclosure is
different between the organizations.

56 The IUP Journal of Corporate Governance, Vol. XI, No. 4, 2012

Objective and Research Methodology
The objective of the study is to examine whether any relationship exists between CSR rating and
financial parameters and age of the companies. To achieve the objective, data of 500 Indian
companies were taken from the Karmayog website. The names of the companies are given in the
Appendix. The financial parameters used in the study include sales and Profit Before Tax (PBT). For
the purpose of examining the relationship between financial parameters and firm characteristic (age
of the firm) and CSR rating, correlation and regression analyses were performed.

Results and Analysis

As per Table 1, 32.2% of companies have moderate CSR (Level 2) practices, while high level of
CSR (Level 4) practices is found in only 2.4% companies. Further, absence of CSR practices is
found in 22.6% of the total studied companies.

Table 1: Status of CSR Rating in Indian Companies

CSR Rating Frequency Percentage Cumulative Percent

Absence of CSR 113 22.6 22.6

Level 1 (Lowest CSR) 148 29.6 52.2

Level 2 (Low CSR) 161 32.2 84.4

Level 3 (Moderate CSR) 66 13.2 97.6

Level 4 (High CSR) 12 2.4 100

Total 500 100.0 356.8

Table 2 presents the descriptive statistics of the parameters. Difference between the mean
values of sales, PBT and age of the firm is more, which is an indication that the data series are
probably not normally distributed. The spread of scores (standard deviation) is higher for sales
than it is for PBT and the age of the firm.
Table 2: Descriptive Statistics and Log Values of Parameters

Descriptive Statistics
Parameters N Minimum Maximum Mean Std. Deviation
Sales (cr) 499 946.00 277,734.00 7,473.34 20,964.41
PBT (cr) 469 1.00 30,441.00 915.54 2,500.64
Age of the Firm 500 1.00 222.00 40.03 28.21
Log Values
Sales 499 6.85 12.53 8.04 1.06
PBT 469 0.00 10.32 5.61 1.50
Age of the Firm 500 0.00 5.40 3.44 0.75

Prospects of CSR: An Overview of 500 Indian Companies 57

Correlation Analysis
Pearson correlation method is employed to find the relationship between the variables.
Out of the two financial parameters considered in this study, PBT is found to be more correlated
to CSR rating (Table 3).

Table 3: Correlation Between CSR Rating and Financial Parameters and Age of the Firm
CSR Ratings
Parameters
Pearson Correlation Sig. (1-tailed) N
Sales 0.392 0.000 499
PBT 0.424 0.000 469
Age of the Firm 0.156 0.000 500

Regression Analysis
Multiple linear regression method is employed to find the causal relationship between CSR
rating and financial parameters and age of the firm. The financial parameters and age of the
firm are considered as the independent variables, and CSR rating is taken as the dependent
variable. The linear equation is as follows:
Y  a  b1  X1  b2  X 2  b3  X 3  D1 to 3  e

where
X1 – Sales;
X2 – PBT;
X3 – Age of the firm;
D1 – Service vs. IT and ITES;
D2 – Service vs. Manufacturing;
D3 – Service vs. Others;
Y – CSR Rating Score; and
e – Error
The model summary is presented in Table 4. R explains the degree of relation of variables
such as PBT, sales and age of the firm with CSR rating. The correlation coefficient R (0.473)
exhibits a fair amount of correlation between CSR rating and the financial parameters and age
of the firm. R2 is the coefficient of determination that shows the changes occurring in the
dependent variable due to changes in the independent variables. It gives us the goodness-of-
fit of the regression model. There are in total four independent variables—two financial
parameters, age of the firm, and a sectoral dummy variable. Table 4 shows that all the selected
predictor variables in the model explain 22.1% of variation in the CSR rating.

Table 4: Model Summary

R R 2
Adjusted R2 Std. Error of the Estimate
0.473 0.221 0.201 0.92278

58 The IUP Journal of Corporate Governance, Vol. XI, No. 4, 2012

 The ANOVA basically tells us whether the regression equation is explaining a statistically
significant portion of the variability in the CSR rating due to variability in the independent
variables. The results reveal significance of all variables as F-ratio is 22.16 and its associated
significance level < 0.05, i.e., the model framed is significant at 5% level (Table 5).

Table 5: Results of ANOVA

Sum of Squares df Mean Square F-Value Sig.
Regression 113.216 6 18.869 22.160 0.000
Residual 392.553 461 0.852
Total 505.769 467
Note: Predictors: Financial parameters, age of the firm and sectoral classification
Dependent variable: CSR Rating.

Table 6 shows the regression coefficients of the parameters. The standardized beta
coefficients show a significant relationship between sales, PBT, and age of the firm and the CSR
rating. PBT with a beta value of 0.295 has more impact on CSR in comparison to sales (0.188)
and age (0.098). The beta value of Services vs. IT and ITES (0.101) is significant. Hence, the
sectors are significantly different, while Services vs. Manufacturing and Services vs. Others are
not significantly different.

Table 6: Regression Coefficients

Unstandardized Standardized
Parameters Coefficients Coefficients t-Value Sig.
B Std. Error Beta
Constant –1.753 0.373 –4.700 0.000
Sales 0.183 0.057 0.188 3.208 0.001
PBT 0.205 0.041 0.295 4.975 0.000
Age of the Firm 0.136 0.058 0.098 2.327 0.020
Service vs. IT and ITES 0.559 0.236 0.101 2.366 0.018
Service vs. Manufacturing 0.195 0.104 0.089 1.871 0.062
Service vs. Others 0.103 0.113 0.044 0.913 0.362

Conclusion
This research paper examines the relationship between CSR rating and financial parameters and
age of the firm, by using the data of 500 companies in India. The findings of the study show
that PBT is more correlated to CSR rating than the other independent variables. Regression
model also shows that there is a relationship between sales, PBT and age of the firm and CSR
rating of companies. In terms of sectoral dummy variable, a statistically significant difference
is obtained between services and IT and ITES sectors in comparison to services and
manufacturing, and services and others. Thus, there exists a statistically linear relationship
between the financial parameters and CSR rating. 

Prospects of CSR: An Overview of 500 Indian Companies 59

References
1. Adam A M and Shavit T (2008), “How Can a Ratings-Based Method for Assessing Corporate
Social Responsibility (CSR) Provide an Incentive to Firms Excluded from Socially Responsible
Investment Indices to Invest in CSR?”, Journal of Business Ethics, Vol. 82, pp. 899-905.

2. Angeloantonio Russo and Francesco Perrini (2010), “Investigating Stakeholder Theory and
Social Capital: CSR in Large Firms and SMEs”, Journal of Business Ethics, Vol. 91, No. 2,
pp. 207-221.

3. Cowen S S, Ferreri L B and Parker L D (1987), “The Impact of Corporate Characteristics

on Social Responsibility Disclosure: A Typology and Frequency-Based Analysis”. Accounting,
Organization and Society, Vol. 12, No. 2, pp. 111-122.

4. Hackston D and Milne M J (1996), “Some Determinants of Social and Environmental

Disclosures on New Zealand Companies”, Accounting, Auditing and Accountability Journal,
Vol. 9, No. 1, pp. 77-108.

5. Harjoto M A and Jo H (2011), “Corporate Governance and CSR Nexus”, Journal of Business
Ethics, Vol. 100, pp. 45-67.

6. Hazlett S, McAdam R and Murray L (2007), “From Quality Management to Socially

Responsible Organisations: The Case for CSR”, International Journal of Quality & Reliability
Management, Vol. 24, No. 7, pp. 669-682.

7. Jamali D and Mirshak R (2007), “Corporate Social Responsibility (CSR): Theory and Practice
in a Developing Country Context”, Journal of Business Ethics, Vol. 72, pp. 243-262.
8. Jindrichovska I and Purcarea I (2011), “CSR and Environmental Reporting in the Czech
Republic and Romania: Country Comparison of Rules and Practices”, Accounting and
Management Information Systems, Vol. 10, No. 2, pp. 202-227.
9. Mittal R K, Sinha N and Singh A (2008), “An Analysis of Linkage Between Economic Value Added
and Corporate Social Responsibility”, Management Decision, Vol. 46, No. 9, pp. 1437-1443,
10. Parisi C and Hockerts K N (2008), “Managerial Mindsets and Performance Measurement
Systems of CSR-Related Intangibles”, Measuring Business Excellence, Vol. 12, No. 2, pp. 51-67.
11. Polonsky M and Jevons C (2009), “Global Branding and Strategic CSR: An Overview of Three
Types of Complexity”, International Marketing Review, Vol. 26, No. 3, pp. 327-347.
12. Reverte C (2009), “Determinants of Corporate Social Responsibility Disclosure Ratings by
Spanish Listed Firms”, Journal of Business Ethics, Vol. 88, pp. 351-366.
13. Sharp Z and Zaidman N (2010), “Strategization of CSR”, Journal of Business Ethics, Vol. 93,
pp. 51-71.
14. Waller D S and Lanis R (2009), “Corporate Social Responsibility (CSR) Disclosure of
Advertising Agencies”, Journal of Advertising, Vol. 38, No. 1, pp. 109-121.

60 The IUP Journal of Corporate Governance, Vol. XI, No. 4, 2012

 Appendix
Names of the Companies Studied
1. 3i Infotech 35. Asian Paints Ltd.
2. 3M India Ltd. 36. Asian Star Company Ltd.
3. Aarti Industry Ltd. 37. Atlas Copco (India) Ltd.
4. Aban Offshore Ltd. 38. Atul Ltd.
5. ABB India Ltd. 39. Aurobindo Pharma Ltd.
6. ABG Shipyard Ltd. 40. Aventis Pharma Ltd.
7. Abhishek Industries 41. Axis Bank Ltd.
8. ACC Ltd. 42. B.L. Kashyap & Sons
9. Adani Enterprises Ltd. 43. Bajaj Auto Ltd.
10. Adhunik Metaliks Ltd. 44. Bajaj Electricals Ltd.
11. Aditya Birla Nuvo Ltd. 45. Bajaj Finserv Ltd.
12. Ahluwalia Contracts (India) Ltd. 46. Bajaj Hindustan Ltd.
13. AIA Engineering 47. Balkrisha Industries
14. Akzo Nobel India Ltd. 48. Ballarpur Industries
15. Alembic Ltd. 49. Balrampur Chini Mill
16. Allahabad Bank 50. Bank of Baroda
17. Alcargo Global Logistic 51. Bank of India Ltd.
18. Alok Industries Ltd. 52. Bank of Maharashtra
19. Alstom Projects (India) Ltd. 53. BASF India Ltd.
20. Amara Raja Batteries 54. Bata India Ltd.
21. Ambuja Cements Ltd. 55. Bayer Crop Science Ltd.
22. Amrapali Industries 56. BEML Ltd.
23. Amtek Auto 57. Berger Paints (India) Ltd.
24. Andhra Bank Ltd. 58. BGR Energy Systems Ltd.
25. Anik Industries Ltd. 59. Bharat Electronics Ltd.
26. Ankur Drugs and Pharma 60. Bharat Forge Ltd.
27. Apar Industries Ltd. 61. Bharat Heavy Electrical Ltd.
28. Apollo Hospital Enterprise 62. Bharat Petroleum Corporation
29. Apollo Tyre Ltd. 63. Bharti Shipyard Ltd.
30. Areva T&D India Ltd. 64. Bharti Airtel Ltd.
31. ARSS Infrastructure 65. Bhushan Steel Ltd.
32. Arvind Ltd. 66. Bilcare Ltd.
33. Asahi India Glass Ltd. 67. Binani Cement Ltd.
34. Ashok Leyland Ltd. 68. Biocon Ltd.

Prospects of CSR: An Overview of 500 Indian Companies 61

 Appendix (Cont.)
69. Birla Corporation Ltd. 104. D B Crop Ltd.
70. BLB Ltd. 105. D B Realty Ltd.
71. Blue Star Ltd. 106. Dabur India Ltd.
72. Bombay Burmah Trading 107. Dalmia Cement Ltd.
73. Bombay Dyeing & Manufacturing 108. DCM Shriram Consolidated Ltd.
74. Bombay Rayon Fashion 109. DCW Ltd.
75. Bosch Ltd. 110. Deccan Chronicle Holdings Ltd.
76. Britannia Industries 111. Deepak Fertilisers & Petrochemicals
77. Cadila Healthcare Ltd. 112. Dena Bank Ltd.
78. Carin India Ltd. 113. Dewan Housing Finance
79. Cambridge Solution Ltd. 114. Dhampur Sugar Mills
80. Canara Bank Ltd. 115. Dhunseri Petrochemical & Tea Ltd.
81. Carborundum Universal 116. Dish TV India Ltd.
82. Castrol India Ltd. 117. Divis Laboratories Ltd.
83. Ceat Ltd. 118. DFL Ltd.
84. Central Bank of India 119. Dr. Reddy’s Laboratory
85. Century Plyboards (India) Ltd. 120. Edelweiss Capital Ltd.
86. Century Textiles & Industries 121. Educomp Solution Ltd.
87. CESC Ltd. 122. Eicher Motors Ltd.
88. Chambal Fertilisers 123. EID Parry (India) Ltd.
89. Chemplast Sanmar Ltd. 124. EIH LTD.
90. Chennai Petroleum Company 125. Elecon Engineering Companies
91. Chettinad Cement Corporation 126. Electrosteel Casting
92. Cipla Ltd. 127. Eectrotherm (India)
93. City Union Bank Ltd. 128. Emami Ltd.
94. Colgate-Pamolive (India) Ltd. 129. EMCO Ltd.
95. Compuage Infocom Ltd. 130. Engineers India Ltd.
96. Consolidated Construction 131. Era Infra Engineering
97. Container Corporation Ltd. 132. Escorts Ltd.
98. Coromandel International 133. Essar Oil Ltd.
99. Corporation Bank Ltd. 134. Essar Shipping Ports
100. Century Enka Ltd. 135. Essel Propack Ltd.
101. Cosmo Films Ltd. 136. Eveready Industries India Ltd.
102. Crompton Greaves Ltd. 137. Exide Industries Ltd.
103. Cummins India Ltd. 138. Federal Bank Ltd.

62 The IUP Journal of Corporate Governance, Vol. XI, No. 4, 2012

 Appendix (Cont.)
139. Fertilizers & Chemical 174. Gujarat NRE Coke Ltd.
140. Finolex Cables 175. Gujarat State Petronet
141. Finolex Industries Ltd. 176. Gulf Oil Corporation
142. Firstsource Solution 177. H T Media Ltd.
143. Force Motors Ltd. 178. Hatsun Agro Product
144. Fortis Healthcare Ltd. 179. Havells India Ltd.
145. GAIL (India) Ltd. 180. HBL Power Systems Ltd.
146. Gammon India Ltd. 181. HCL Infosystems Ltd.
147. Garden Silk Mills Ltd. 182. HCL Technologies Ltd.
148. Gayatri Projects Ltd. 183. HDFC Bank Ltd.
149. GHCL Ltd. 184. HEG Ltd.
150. Gitanjali Gems Ltd. 185. Heidelberg Cement Industries
151. GlaxoSmithKline Construction 186. Hero Honda Motors Ltd.
152. Glenmark Pharmaceutical 187. Hexaware Technologies
153. GMR Infrastructure 188. Himatsingka Seide Ltd.
154. Godfrey Phillips Industries 189. Hindalco Industries
155. Godrej Consumer Products 190. Hindustan Construction
156. Godrej Industries Ltd. 191. Hindustan Copper Ltd.
157. Gokaldas Exports Ltd. 192. Hindustan Petroleum
158. Gokul Refoils and Solvent Ltd. 193. Hindustan Unilever Ltd.
159. Goodyear India Ltd. 194. Hindustan Zinc Ltd.
160. Graphite India Ltd. 195. Hindusthan National
161. Grasim Industries Ltd. 196. Honeywell Automation
162. Great Eastern Shipping 197. Housing Development & Infrastructure Ltd.
163. Great Offshore Ltd. 198. Housing Development Finance Corp.
164. Greaves Cotton Ltd. 199. ICICI Bank Ltd.
165. Greenply Industries 200. ICSA (India) Ltd.
166. GTL Ltd. 201. IDBI Bank Ltd.
167. Gujarat Alkalies & Chemicals 202. Idea Cellular Ltd.
168. Gujarat Ambuja Exports Ltd. 203. IFCI Ltd.
169. Gujarat Fluorochemic 204. IL&FS Engineering Services
170. Gujarat Gas Company 205. IL&FS Transportation
171. Gujarat Industries Power Company Limited 206. India Cements Ltd.
172. Gujarat Mineral Development 207. India Glycols Ltd.
173. Gujarat Narmada Valley Fertilizers 208. India Infoline Ltd.

Prospects of CSR: An Overview of 500 Indian Companies 63

 Appendix (Cont.)
209. Indiabulls Financial 244. JK Tyre & Industries
210. Indian Bank 245. JMC Projects (India)
211. Indian Hotels Co. Ltd. 246. JSL Ltd.
212. Indian Oil Corporation 247. JSW Energy Ltd.
213. Indian Overseas Bank 248. JSW Steel Ltd.
214. Indo Rama Synthetics 249. Jubilant Life Science Ltd.
215. Indraprastha Gas Ltd. 250. JVL Agro Industries
216. IndusInd Bank Ltd. 251. Jyoti Structures Ltd.
217. Infosys Technologies Ltd. 252. K E C International Ltd.
218. Infotech Enterprises 253. K S Oils Ltd.
219. Infrastructure Development Ltd. 254. Kalpataru Power Transmission Ltd.
220. ING Vysya Bank Ltd. 255. Kalyani Steels Ltd.
221. Ipca Laboratories Ltd. 256. Kansai Nerolac Paint Ltd.
222. Ircon International 257. Karnataka Bank Ltd.
223. ISMT Ltd. 258. Karur Vysya Bank Ltd.
224. Ispat Industries Ltd. 259. KEI Industries Ltd.
225. ITC Ltd. 260. Kesoram Industries Ltd.
226. ITD Cementation India 261. Kingfisher Airlines
227. ITI Ltd. 262. Kirloskar Brothers Ltd.
228. IVRCL Infrastructure 263. Kirloskar Electric Company Ltd.
229. J K Cements Ltd. 264. Kotak Mahindra Bank
230. Jagran Prakashan Ltd. 265. Koutons Retail India
231. Jai Balaji Industries 266. KRBL Ltd.
232. Jain Irrigation System 267. KSL and Industries Ltd.
233. Jaiprakash Associate 268. Kwality Dairy (India) Ltd.
234. Jammu and Kashmir Bank 269. L T Foods Ltd.
235. Jayaswal Neco Industries Ltd. 270. Lakshmi Energy & Food Ltd.
236. JBF Industries Ltd. 271. Lakshmi Machine Work
237. Jet Airways (India) 272. Lakshmi Vilas Bank Ltd.
238. Jindal Drilling & Industries Ltd. 273. Lanco Infratech Ltd.
239. Jindal Poly Films Ltd. 274. Larsen & Toubro Ltd.
240. Jindal Saw Ltd. 275. LIC Housing Finance
241. Jindal Steel & Power Ltd. 276. Lloyds Steel Industries
242. JK Lakshmi Cement Ltd. 277. Lupin Ltd.
243. JK Paper Ltd. 278. Madhucon Projects Ltd.

64 The IUP Journal of Corporate Governance, Vol. XI, No. 4, 2012

 Appendix (Cont.)
279. Madras Cements Ltd. 314. National Steel & Agriculture
280. Madras Fertilizers Ltd. 315. Nava Bharat Ventures
281. Mahanagar Telephone Nigam Ltd. 316. Nestle India Ltd.
282. Maharashtra Seamless Ltd. 317. Neyveli Lignite Corporation
283. Mahindra & Mahindra Financial Services Ltd. 318. NHPC Ltd.
284. Mahindra & Mahindra Ltd. 319. NIIT Ltd.
285. Mahindra Forgings Ltd. 320. Nilkamal Ltd.
286. Mahindra Ugine Steel 321. Nirma Ltd.
287. Man Industries (India) Ltd. 322. NMDC Ltd.
288. Manaksia Ltd. 323. NTPC Ltd.
289. Mangalore Chemicals 324. OCL India Ltd.
290. Mangalore Refinery and Petrochemicals Ltd. 325. Oil & Natural Gas Corporation
291. Marico Ltd. 326. Oil India Ltd.
292. Maruti Suzuki India 327. Omaxe Ltd.
293. Max India Limited 328. Opto Circuits (India) Ltd.
294. Mcleod Russel India 329. Oracle Financial Services
295. McNally Bharat Engineering 330. Orchid Chemicals & Pharmaceuticals Ltd.
296. Mercator Lines Ltd. 331. Orient Paper & Industries
297. Mindtree Ltd. 332. Oriental Bank of Commerce
298. MIRC Electronics Ltd. 333. Panacea Biotech Ltd.
299. MMTC Ltd. 334. Pantaloon Retail (India) Ltd.
300. Monnet Ispat & Energy Ltd. 335. Parker Agrochem Exports Ltd.
301. Moser Baer (India) Ltd. 336. Parsvnath Developers
302. Motherson Sumi System Ltd. 337. Patel Engineering Ltd.
303. MphasiS Ltd. 338. Patni Computer System
304. MRF Ltd. 339. Petronet LNG Ltd.
305. Mukand Ltd. 340. Phillips Carbon Black Ltd.
306. Mundra Port and Special Economic Zone Ltd. 341. Pidilite Industries
307. Munjal Showa Ltd. 342. Piramal Glass Ltd.
308. Nagarjuna Construction 343. Piramal Healthcare Ltd.
309. Nahar Industrial Entertainment 344. Plethico Pharmaceutical
310. Nahar Spinning Mills 345. Polaris Software Lab
311. Nakoda Ltd. 346. Polyplex Corporation
312. National Aluminium Company Ltd. 347. Power Finance Corporation
313. National Fertilizer 348. Power Grid Corporation

Prospects of CSR: An Overview of 500 Indian Companies 65

 Appendix (Cont.)
349. Pradip Overseas Ltd. 384. Satluj Jal Vidyut Nigam
350. Prakash Industries Ltd. 385. Savita Oil Technology
351. Pratibha Industries 386. SEL Manufacturing Company Ltd.
352. Prism Cement Ltd. 387. Sesa Goa Ltd.
353. Prithvi Information 388. Shipping Corporation
354. PSL Ltd. 389. Shiv-Vani Oil & Gas
355. PTC India Ltd. 390. Shopper’s Stop Ltd.
356. Punj Lloyd Ltd. 391. Shree Cement Ltd.
357. Punjab National Bank 392. Shree Ganesh Jewellery
358. Rain Commodities Ltd. 393. Shree Renuka Sugars
359. Rajesh Exports Ltd. 394. Shrenuj & Company Ltd.
360. Ramsarup Industries 395. Shri Lakshmi Cotsyn Ltd.
361. Rashtriya Chemicals 396. Shriram City Union Finance
362. Ratnabali Capital Markets Ltd. 397. Shriram EPC Ltd.
363. Raymond Ltd. 398. Shriram Transport Finance
364. Redington India Ltd. 399. Siemens Ltd.
365. REI Agro Ltd. 400. Simplex Infrastructure
366. Reliance Capital Ltd. 401. Sintex Industries Ltd.
367. Reliance Communication 402. SKF India Ltd.
368. Reliance Industries 403. Sobha Developers Ltd.
369. Reliance Infrastructure 404. Sonata Software Ltd.
370. Religare Enterprises 405. South Indian Bank Ltd.
371. Rico Auto Industries 406. Spanco Limited
372. Rolta India Ltd. 407. Spice Mobility Ltd.
373. RSWM Ltd. 408. SpiceJet Ltd.
374. Ruchi Infrastructure 409. SPML Infra Ltd.
375. Ruchi Soya Industries 410. SRF Ltd.
376. Rural Electrification 411. State Bank of Bikaner
377. S.Kumars Nationwide 412. State Bank of India
378. Sadbhav Engineering 413. State Bank of Mysore
379. Sakthi Sugars Ltd. 414. State Bank of Travancore
380. Samruddhi Cement Ltd. 415. State Trading Corporation
381. Samtel Colour Ltd. 416. Steel Authority of India Ltd.
382. Sanwaria Agro Oils Ltd. 417. Sterling Biotech Ltd.
383. Saraswati Industrial 418. Sterlite Industries

66 The IUP Journal of Corporate Governance, Vol. XI, No. 4, 2012

 Appendix (Cont.)
419. Sterlite Technologies 454. Texmaco Ltd.
420. Strides Arcolab Ltd. 455. Thermax Ltd.
421. Su-Raj Diamonds & Jewellery Limited 456. TIL Ltd.
422. Suashish Diamonds Ltd. 457. Time Technoplast Limited
423. Sujana Metal Product 458. Titan Industries Ltd.
424. Sujana Universal Industries 459. Torrent Pharmaceutical
425. Sun Pharmaceuticals 460. Torrent Power Ltd.
426. Sun TV Network Ltd. 461. Transport Corporation
427. Sundaram Clayton Ltd. 462. Trent Ltd.
428. Sundaram Fasteners Ltd. 463. Triveni Engineering
429. Sundaram Finance Ltd. 464. Tube Investments of India Ltd.
430. Sunflag Iron & Steel 465. Tulip Telecom Ltd.
431. Supreme Industries Ltd. 466. TVS Motor Company Ltd.
432. Supreme Petrochem Ltd. 467. UCO Bank Ltd.
433. Surana Corporation Ltd. 468. Uflex Ltd.
434. Surana Industries Ltd. 469. UltraTech Cement Ltd.
435. Surya Pharmaceutical 470. Union Bank of India
436. Surya Roshni Ltd. 471. Unitech Ltd.
437. Sutlej Textiles and Industries Ltd. 472. United Bank of India
438. Suzlon Energy Ltd. 473. United Breweries Ltd.
439. Syndicate Bank Ltd. 474. United Phosphorus Limited
440. Tamil Nadu Newsprint 475. United Spirits Ltd.
441. Tamil Nadu Petro Products Limited 476. Unity Infraprojects
442. Tata Chemicals Ltd. 477. Usha Martin Ltd.
443. Tata Coffee Ltd. 478. Ushdev International
444. Tata Communications 479. Uttam Galva Steels Ltd.
445. Tata Consultancy Services 480. Value Industries Ltd.
446. Tata Global Beverage 481. Vardhman Textiles Ltd.
447. Tata Metaliks Ltd. 482. Varun Industries Ltd.
448. Tata Motors Ltd. 483. Videocon Industries
449. Tata Power Company Ltd. 484. Vijaya Bank Ltd.
450. Tata Steel Ltd. 485. Visa Steel
451. Tata Teleservices (Maharashtra) Ltd. 486. VLS Finance Ltd.
452. Tech Mahindra Ltd. 487. Voltas Ltd.
453. Temptation Foods Ltd. 488. Welspun Corp Ltd.

Prospects of CSR: An Overview of 500 Indian Companies 67

 Appendix (Cont.)
489. Welspun India Ltd. 495. Zee Entertainment Enterprises Ltd.
490. Wheels India Ltd. 496. Zensar Technologies
491. Whirlpool of India Ltd. 497. Zuari Industries Ltd.
492. Wipro Ltd. 498. Zylog Systems Ltd.
493. Wockhardt Ltd. 499. Nagarjuna Fertilizer
494. Yes Bank Ltd. 500. GlaxoSmithKline Pharmaceutical

Reference # 04J-2012-10-04-01

68 The IUP Journal of Corporate Governance, Vol. XI, No. 4, 2012

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