Prospects of CSR:

An Overview of 500 Indian Companies

Leena James*

The paper examines the relationship between CSR rating and financial parameters
of companies, such as age of the firm, sales and profit before tax in India. Its main
objective is to study the effect of financial parameters on CSR rating. 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 firm characteristics like sales, profit, and 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
Harjoto and Jo (2011) found that CSR engagement positively influences firm value and operating
performance. Hazlett et al. (2007) conducted a study on the relationship between quality
management and CSR. They found substantial evidence demonstrating the breadth and depth
* Associate Professor, Christ University, Bangalore, Karnataka, India. E-mail: [Link]@[Link]

Prospects
© of All
2012 IUP. CSR: An Overview
Rights [Link] 500 Indian Companies 1
of activities in which organizations engage, under the broad headings of workplace, Author: plz
environment, social impact and economic impact. However, while there is no doubt on the note the
change
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. 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. 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.
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. 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. 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. 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. 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.
Kolstad (2007) argued, on the one hand, that maximizing owner’s returns is the social Author: plz
responsibility of corporations and is ethically untenable. On the other hand, the argument that note the
change
CSR and profits go together is not supported by empirical evidence. 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. 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. Parisi and Hockerts (2008) investigated the use of causal
maps in the performance management and measurement of CSR-related intangibles in one

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

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 CRS-related intangibles can be
made.

Objectives of the Study

1. To find out the relationship between CSR rating and financial parameters of
companies.
2. To check the dependency of CSR rating on financial parameters.

Research Methodology and Sample Description

To achieve the above-mentioned research objectives, the data for this study was collected
through the Karmayog website. The information used in the study includes the CSR rating, sales
and profit before tax of companies for the year 2010. The information was used to examine
the relationship between CSR rating and financial parameters of the organization. A total of 500
companies from different sectors were studied. For the purpose of examining the relationship
between financial parameters and CSR rating, correlation and regression analysis were used.
Descriptive statistics was used to examine the range of minimum to maximum between CSR
rating and financial parameters.

Data Collection
Data of 500 companies were taken from the Karmayog website’s CSR rating of 2010. It provides
data regarding the CSR rating, CSR initiatives and financial parameters like sales, year of

Figure 1: Variables Under Study

Dependent Independent

Sales

CSR Rating Profit

Age of the
Firm

Prospects of CSR: An Overview of 500 Indian Companies 3

 establishment, profit, number of employees, and percentage of profit spend on CSR activities
of companies. The list of names of the companies are given in the Appendix. The variables under
study are presented in Figure 1.

Results and Analysis

Table 1 shows the CSR ratings of 500 companies as listed in Karmayog. As per Table 1, 32.2%
of companies have moderate CSR (Level 2) practices. Absence of CSR is also found in 22.6% of
the total studied companies. High Level of CSR (Level 4) practices is found in only 2.4%
companies.

Table 1: Status of CSR Rating in Indian Companies

Author: plz chk the
CSR Rating Frequency Percentage Cumulative Percent values in the col.
cumulative
Absence of CSR 113 22.6 22.6 percent is same as
Author: plz define percentages. Plz
all the four Level 1 148 29.6 29.6 suggest
levels of CSR Level 2 161 32.2 32.2
rating
Level 3 66 13.2 13.2
Level 4 12 2.4 2.4
Total 500 100.0 100.0

Table 2 presents the descriptive statistics of the financial parameters. This tells that, on Author: plz explain
the basis of this
average, sales lead to increase in CSR rating more than Profit Before Tax (PBT) and age of the statement
firm. 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
(as per the standard deviation) is higher for sales than it is for PBT and the age of the firm.
Figure 2 presents the graphical representation of the log values of the mean and standard
deviation of the financial parameters like sales, PBT, and age of the firm.

Correlation Analysis
Pearson correlation method is employed in order to find the relation between the variables. A
set of independent variables is derived from financial parameters, and CSR rating is taken as
Table 2: Descriptive Statistics and Log Values of Financial Parameters
Descriptive Statistics
Financial 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

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

 Figure 2: Graphical Representation of Descriptive Statistics

Age of the 0.75

Firm
3.44

1.50
PBT
5.61

1.06
Sales
8.04

0 2.00 4.00 6.00 8.00 10.00

Author: plz chk as

the correlation
the dependent variable. Correlation score varies from –1 to +1. Out of three independent
coefficient is variables, PBT is found to be highly correlated to CSR rating.
only 0.424 can
we write more Table 3: Correlation Between CSR Rating and Financial Parameters
correlated
instead CSR Ratings
Financial Parameter
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 financial
parameters and CSR rating. The linear equation is as follows:

Y  a  b1  X1  b2  X 2  b3  X 3  D1 to D3 e Author: plz chk

should it be
where ... D 1 to 3 +e
instead
X1 – Sales;
X2 – PBT;
X3 – Age of the firm;
D1 – Service vs. IT and ITES;
D2 – Service vs. Manufacturing;

Prospects of CSR: An Overview of 500 Indian Companies 5

 D3 – Service vs. Others;
Y – CSR Rating Score; and
e – Error
There are in total four independent variables. Regression analysis was used to find the effect
of financial parameters on CSR ratings of the companies. 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. The correlation coefficient R (0.473) exhibits a fair amount of correlation between
the independent variables (financial parameters) and the dependent variable (CSR rating). 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. That is, all the selected predictor variables in the model explain 22.1% [R2(%) = 0.221 Author: plz
note the
* 100 = 22.1%] of variation in the dependent variable (CSR rating). change

Table 4: Regression Model

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

The ANOVA basically tells us whether the regression equation is explaining a statistically
significant portion of the variability in the dependent variable (CSR rating) due to variability in
the independent variables (sales, PBT and age of the firm). The results show the significance of
all variables as F-ratio is 22.16 and its associated significance level is small (Sig < 0.05) (Table
5). Hence, the model framed is significant at 5% level.

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 and Sectoral classification
Dependent variable: CSR Rating.

Author: plz state the Table 6 shows the relationship between the financial parameters and CSR rating. Since the
significance
significance value is less than 0.05, it is statistically significant at 5% level. The signs of the
values refer to
which variable coefficients are also as expected. In terms of sector, there is a statistically significant difference
coefficients between services and IT and ITES sectors in comparison to services and manufacturing and
services and others. Hence, there is a statistically linear relationship between the financial
parameters and CSR rating.
The standardized beta coefficients show a significant relationship between the independent
variables, sales, PBT, age and the dependent variable, 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). It also shows the

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

 Table 6: Regression Coefficients
Unstandardized Standardized
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
significant difference between the sectors. The beta value of Services vs. IT and ITES (0.101) Author: plz
note the
is significant. Hence, the sectors are significantly different, while Services vs. Manufacturing and change
Services vs. Others are not significantly different.

Conclusion
This research paper examines the relationship between CSR rating and financial parameters,
namely, sales, PBT and age of the companies. For this purpose, 500 companies in India
registered with Karmayog were selected. The findings of the study show that profit is highly Author: plz chk
correlated to CSR rating. On the other side, CSR practices of the companies help to increase this result is not
discussed in
the profitability of the companies. Regression model also shows that there is a relationship the paper
between financial parameters (sales, PBT and age of the firm) and CSR rating of companies.

References
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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
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Prospects of CSR: An Overview of 500 Indian Companies 7

 6. Hackston D and Milne M J (1996), “Some Determinants of Social and Environmental
Disclosures on New Zealand Companies”, Accounting, Auditing and Accountability Journal,
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in a Developing Country Context”, Journal of Business Ethics, Vol. 72, pp. 243-262. missing
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10. 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,
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.
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13. Reverte C (2009), “Determinants of Corporate Social Responsibility Disclosure Ratings by
Spanish Listed Firms”, Journal of Business Ethics, Vol. 88, pp. 351-366.
14. Sharp Z and Zaidman N (2010), “Strategization of CSR”, Journal of Business Ethics, Vol. 93,
pp. 51-71.
15. Waller D S and Lanis R (2009), “Corporate Social Responsibility (CSR) Disclosure of Plz provide the
missing vol.
Advertising Agencies”, Journal of Advertising, pp. 109-121. and issue
nos.

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

 Appendix
List of the Companies Studied
1. 3i Infotech 24. Andhra Bank Ltd.
2. 3M India Ltd. 25. Anik Industries Ltd.
3. Aarti Industry Ltd. 26. Ankur Drugs and Pharma
4. Aban Offshore Ltd. 27. Apar Industries Ltd.
5. ABB India Ltd. 28. Apollo Hospital Enterprise
6. ABG Shipyard Ltd. 29. Apollo Tyre Ltd.
7. Abhishek Industries 30. Areva T&D India Ltd.
8. ACC Ltd. 31. ARSS Infrastructure
9. Adani Enterprises Ltd. 32. Arvind Ltd.
10. Adhunik Metaliks Ltd. 33. Asahi India Glass Ltd.
11. Aditya Birla Nuvo Ltd. 34. Ashok Leyland Ltd.
12. Ahluwalia Contracts (India) Ltd. 35. Asian Paints Ltd.
13. AIA Engineering 36. Asian Star Company Ltd.
14. Akzo Nobel India Ltd. 37. Atlas Copco (India) Ltd.
15. Alembic Ltd. 38. Atul Ltd.
16. Allahabad Bank 39. Aurobindo Pharma Ltd.
17. Alcargo Global Logistic 40. Aventis Pharma Ltd.
18. Alok Industries Ltd. 41. Axis Bank Ltd.
19. Alstom Projects (India) Ltd. 42. B.L. Kashyap & Sons
20. Amara Raja Batteries 43. Bajaj Auto Ltd.
21. Ambuja Cements Ltd. 44. Bajaj Electricals Ltd.
22. Amrapali Industries 45. Bajaj Finserv Ltd.
23. Amtek Auto 46. Bajaj Hindustan Ltd.

Prospects of CSR: An Overview of 500 Indian Companies 9

 Appendix (Cont.)

47. Balkrisha Industries 81. Carborundum Universal

48. Ballarpur Industries 82. Castrol India Ltd.
49. Balrampur Chini Mill 83. Ceat Ltd.
50. Bank of Baroda 84. Central Bank of India
51. Bank of India Ltd. 85. Century Plyboards (India) Ltd.
52. Bank of Maharashtra 86. Century Textiles & Industries
53. BASF India Ltd. 87. CESC Ltd.
54. Bata India Ltd. 88. Chambal Fertilisers
55. Bayer Crop Science Ltd. 89. Chemplast Sanmar Ltd.
56. BEML Ltd. 90. Chennai Petroleum Company
57. Berger Paints (India) Ltd. 91. Chettinad Cement Corporation
58. BGR Energy Systems Ltd. 92. Cipla Ltd.
59. Bharat Electronics Ltd. 93. City Union Bank Ltd.
60. Bharat Forge Ltd. 94. Colgate-Pamolive (India) Ltd.
61. Bharat Heavy Electrical Ltd. 95. Compuage Infocom Ltd.
62. Bharat Petroleum Corporation 96. Consolidated Construction
63. Bharti Shipyard Ltd. 97. Container Corporation Ltd.
64. Bharti Airtel Ltd. 98. Coromandel International
65. Bhushan Steel Ltd. 99. Corporation Bank Ltd.
66. Bilcare Ltd. 100. Century Enka Ltd.
67. Binani Cement Ltd. 101. Cosmo Films Ltd.
68. Biocon Ltd. 102. Crompton Greaves Ltd.
69. Birla Corporation Ltd. 103. Cummins India Ltd.
70. BLB Ltd. 104. D B Crop Ltd.
71. Blue Star Ltd. 105. D B Realty Ltd.
72. Bombay Burmah Trading 106. Dabur India Ltd.
73. Bombay Dyeing & Manufacturing 107. Dalmia Cement Ltd.
74. Bombay Rayon Fashion 108. DCM Shriram Consolidated Ltd.
75. Bosch Ltd. 109. DCW Ltd.
76. Britannia Industries 110. Deccan Chronicle Holdings Ltd.
77. Cadila Healthcare Ltd. 111. Deepak Fertilisers & Petrochemicals
78. Carin India Ltd. 112. Dena Bank Ltd.
79. Cambridge Solution Ltd. 113. Dewan Housing Finance
80. Canara Bank Ltd. 114. Dhampur Sugar Mills

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

 Appendix (Cont.)

115. Dhunseri Petrochemical & Tea Ltd. 149. Gitanjali Gems Ltd.
116. Dish TV India Ltd. 150. GlaxoSmithKline Construction
117. Divis Laboratories Ltd. 151. Glenmark Pharmaceutical
118. DFL Ltd. 152. GMR Infrastructure
119. Dr. Reddys Laboratory 153. Godfrey Phillips Industries
120. Edelweiss Capital Ltd. 154. Godrej Consumer Products
121. Educomp Solution Ltd. 155. Godrej Industries Ltd.
122. Eicher Motors Ltd. 156. Gokaldas Exports Ltd.
123. EID Parry (India) Ltd. 157. Gokul Refoils and Solvent Ltd.
124. EIH LTD. 158. Goodyear India Ltd.
125. Elecon Engineering Companies 159. Graphite India Ltd.
126. Electrosteel Casting 160. Grasim Industries Ltd.
127. Eectrotherm (India) 161. Great Eastern Shipping
128. Emami Ltd. 162. Great Offshore Ltd.
129. EMCO Ltd. 163. Greaves Cotton Ltd.
130. Engineers India Ltd. 164. Greenply Industries
131. Era Infra Engineering 165. GTL Ltd.
132. Escorts Ltd. 166. Gujarat Alkalies & Chemicals
133. Essar Oil Ltd. 167. Gujarat Ambuja Exports Ltd.
134. Essar Shipping Ports 168. Gujarat Fluorochemic
135. Essel Propack Ltd. 169. Gujarat Gas Company
136. Eveready Industries India Ltd. 170. Gujarat Industries Power Company Limited
137. Exide Industries Ltd. 171. Gujarat Mineral Development
138. Federal Bank Ltd. 172. Gujarat Narmada Valley Fertilizers
139. Fertilizers & Chemical 173. Gujarat NRE Coke Ltd.
140. Finolex Industries Ltd. 174. Gujarat State Petronet
141. Firstsource Solution 175. Gulf Oil Corporation
142. Force Motors Ltd. 176. H T Media Ltd.
143. Fortis Healthcare Ltd. 177. Hatsun Agro Product
144. GAIL (India) Ltd. 178. Havells India Ltd.
145. Gammon India Ltd. 179. HBL Power Systems Ltd.
146. Garden Silk Mills Ltd. 180. HCL Infosystems Ltd.
147. Gayatri Projects Ltd. 181. HCL Technologies Ltd.
148. GHCL Ltd. 182. HDFC Bank Ltd.

Prospects of CSR: An Overview of 500 Indian Companies 11

 Appendix (Cont.)

183. HEG Ltd. 217. Infosys Technologies Ltd.

184. Heidelberg Cement Industries 218. Infotech Enterprises
185. Hero Honda Motors Ltd. 219. Infrastructure Development Ltd.
186. Hexaware Technologies 220. ING Vysya Bank Ltd.
187. Himatsingka Seide Ltd. 221. Ipca Laboratories Ltd.
188. Hindalco Industries 222. Ircon International
189. Hindustan Construction 223. ISMT Ltd.
190. Hindustan Copper Ltd. 224. Ispat Industries Ltd.
191. Hindustan Petroleum 225. ITC Ltd.
192. Hindustan Unilever Ltd. 226. ITD Cementation India
193. Hindustan Zinc Ltd. 227. ITI Ltd.
194. Hindusthan National 228. IVRCL Infrastructure
195. Honeywell Automation 229. J K Cements Ltd.
Author: plz chk the 196. Housing Development 230. Jagran Prakashan Ltd.
company names
are same 197. Housing Development 231. Jai Balaji Industries
198. ICICI Bank Ltd. 232. Jain Irrigation System
199. Finolex Cables 233. Jaiprakash Associate
200. ICSA (India) Ltd. 234. Jammu and Kashmir Bank
201. IDBI Bank Ltd. 235. Jayaswal Neco Industries Ltd.
202. Idea Cellular Ltd. 236. JBF Industries Ltd.
203. IFCI Ltd. 237. Jet Airways (India)
204. IL&FS Engineering Services 238. Jindal Drilling & Industries Ltd.
205. IL&FS Transportation 239. Jindal Poly Films Ltd.
206. India Cements Ltd. 240. Jindal Saw Ltd.
207. India Glycols Ltd. 241. Jindal Steel & Power Ltd.
208. India Infoline Ltd. 242. JK Lakshmi Cement Ltd.
209. Indiabulls Financial 243. JK Paper Ltd.
210. Indian Bank 244. JK Tyre & Industries
211. Indian Hotels Co. Ltd. 245. JMC Projects (India)
212. Indian Oil Corporation 246. JSL Ltd.
213. Indian Overseas Bank 247. JSW Energy Ltd.
214. Indo Rama Synthetics 248. JSW Steel Ltd.
215. Indraprastha Gas Ltd. 249. Jubilant Life Science Ltd.
216. IndusInd Bank Ltd. 250. JVL Agro Industries

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

 Appendix (Cont.)

251. Jyoti Structures Ltd. 285. Mahindra Forgings Ltd.

252. K E C International Ltd. 286. Mahindra Ugine Steel
253. K S Oils Ltd. 287. Man Industries (India) Ltd.
254. Kalpataru Power Transmission Ltd. 288. Manaksia Ltd.
255. Kalyani Steels Ltd. 289. Mangalore Chemicals
256. Kansai Nerolac Paint Ltd. 290. Mangalore Refinery and Petrochemicals Ltd.
257. Karnataka Bank Ltd. 291. Marico Ltd.
258. Karur Vysya Bank Ltd. 292. Maruti Suzuki India
259. KEI Industries Ltd. 293. Max India Limited
260. Kesoram Industries Ltd. 294. Mcleod Russel India
261. Kingfisher Airlines 295. McNally Bharat Engineering
262. Kirloskar Brothers Ltd. 296. Mercator Lines Ltd.
263. Kirloskar Electric Company Ltd. 297. Mindtree Ltd.
264. Kotak Mahindra Bank 298. MIRC Electronics Ltd.
265. Koutons Retail India 299. MMTC Ltd.
266. KRBL Ltd. 300. Monnet Ispat & Energy Ltd.
267. KSL and Industries Ltd. 301. Moser Baer (India) Ltd.
268. Kwality Dairy (India) Ltd. 302. Motherson Sumi System Ltd.
269. L T Foods Ltd. 303. MphasiS Ltd.
270. Lakshmi Energy & Food Ltd. 304. MRF Ltd.
271. Lakshmi Machine Work 305. Mukand Ltd.
272. Lakshmi Vilas Bank Ltd. 306. Mundra Port and Special Economic Zone Ltd.
273. Lanco Infratech Ltd. 307. Munjal Showa Ltd.
274. Larsen & Toubro Ltd. 308. Nagarjuna Construction
275. LIC Housing Finance 309. Nahar Industrial Entertainment
276. Lloyds Steel Industries 310. Nahar Spinning Mills
277. Lupin Ltd. 311. Nakoda Ltd.
278. Madhucon Projects Ltd. 312. National Aluminium Company Ltd.
279. Madras Cements Ltd. 313. National Fertilizer
280. Madras Fertilizers Ltd. 314. National Steel & Agriculture
281. Mahanagar Telephone Nigam Ltd. 315. Nava Bharat Ventures
282. Maharashtra Seamless Ltd. 316. Nestle India Ltd.
283. Mahindra & Mahindra Financial Services Ltd. 317. Neyveli Lignite Corporation
284. Mahindra & Mahindra Ltd. 318. NHPC Ltd.

Prospects of CSR: An Overview of 500 Indian Companies 13

 Appendix (Cont.)

319. NIIT Ltd. 353. Prithvi Information

320. Nilkamal Ltd. 354. PSL Ltd.
321. Nirma Ltd. 355. PTC India Ltd.
322. NMDC Ltd. 356. Punj Lloyd Ltd.
323. NTPC Ltd. 357. Punjab National Bank
324. OCL India Ltd. 358. Rain Commodities Ltd.
325. Oil & Natural Gas Corporation 359. Rajesh Exports Ltd.
326. Oil India Ltd. 360. Ramsarup Industries
327. Omaxe Ltd. 361. Rashtriya Chemicals
328. Opto Circuits (India) Ltd. 362. Ratnabali Capital Markets Ltd.
329. Oracle Financial Services 363. Raymond Ltd.
330. Orchid Chemicals & Pharmaceuticals Ltd. 364. Redington India Ltd.
331. Orient Paper & Industries 365. REI Agro Ltd.
332. Oriental Bank of Commerce 366. Reliance Capital Ltd.
333. Panacea Biotech Ltd. 367. Reliance Communication
334. Pantaloon Retail (India) Ltd. 368. Reliance Industries
335. Parker Agrochem Exports Ltd. 369. Reliance Infrastructure
336. Parsvnath Developers 370. Religare Enterprises
337. Patel Engineering Ltd. 371. Rico Auto Industries
338. Patni Computer System 372. Rolta India Ltd.
339. Petronet LNG Ltd. 373. RSWM Ltd.
340. Phillips Carbon Black Ltd. 374. Ruchi Infrastructure
341. Pidilite Industries 375. Ruchi Soya Industries
342. Piramal Glass Ltd. 376. Rural Electrification
343. Piramal Healthcare Ltd. 377. [Link] Nationwide
344. Plethico Pharmaceutical 378. Sadbhav Engineering
345. Polaris Software Lab 379. Sakthi Sugars Ltd.
346. Polyplex Corporation 380. Samruddhi Cement Ltd.
347. Power Finance Corporation 381. Samtel Colour Ltd.
348. Power Grid Corporation 382. Sanwaria Agro Oils Ltd.
349. Pradip Overseas Ltd. 383. Saraswati Industrial
350. Prakash Industries Ltd. 384. Satluj Jal Vidyut Nigam
351. Pratibha Industries 385. Savita Oil Technology
Author: plz
352. Prism Cement Ltd. 386. Manufacturing Company
chk

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

 Appendix (Cont.)

387. Sesa Goa Ltd. 421. Su-Raj Diamonds & Jewellery Limited
388. Shipping Corporation 422. Suashish Diamonds Ltd.
389. Shiv-Vani Oil & Gas 423. Sujana Metal Product
390. Shopper’s Stop Ltd. 424. Sujana Universal Industries
391. Shree Cement Ltd. 425. Sun Pharmaceuticals
392. Shree Ganesh Jewellery 426. Sun TV Network Ltd.
393. Shree Renuka Sugars 427. Sundaram Clayton Ltd.
394. Shrenuj & Company Ltd. 428. Sundaram Fasteners Ltd.
395. Shri Lakshmi Cotsyn Ltd. 429. Sundaram Finance Ltd.
396. Shriram City Union Finance 430. Sunflag Iron & Steel
397. Shriram EPC Ltd. 431. Supreme Industries Ltd.
398. Shriram Transport Finance 432. Supreme Petrochem Ltd.
399. Siemens Ltd. 433. Surana Corporation Ltd.
400. Simplex Infrastructure 434. Surana Industries Ltd.
401. Sintex Industries Ltd. 435. Surya Pharmaceutical
402. SKF India Ltd. 436. Surya Roshni Ltd.
Author: plz note
403. Sobha Developers Ltd. 437. Sutlej Textiles and Industries Ltd. the change
404. Sonata Software Ltd. 438. Suzlon Energy Ltd.
405. South Indian Bank Ltd. 439. Syndicate Bank Ltd.
406. Spanco Limited 440. Tamil Nadu Newsprint
407. Spice Mobility Ltd. 441. Tamil Nadu Petro Products Limited
408. SpiceJet Ltd. 442. Tata Chemicals Ltd.
409. SPML Infra Ltd. 443. Tata Coffee Ltd.
410. SRF Ltd. 444. Tata Communications
411. State Bank of Bikaner 445. Tata Consultancy Services
412. State Bank of India 446. Tata Global Beverage
413. State Bank of Mysore 447. Tata Metaliks Ltd.
414. State Bank of Travancore 448. Tata Motors Ltd.
415. State Trading Corporation 449. Tata Power Company Ltd.
416. Steel Authority of India Ltd. 450. Tata Steel Ltd.
417. Sterling Biotech Ltd. 451. Tata Teleservices (Maharashtra) Ltd.
418. Sterlite Industries 452. Tech Mahindra Ltd.
419. Sterlite Technologies 453. Temptation Foods Ltd.
420. Strides Arcolab Ltd. 454. Texmaco Ltd.

Prospects of CSR: An Overview of 500 Indian Companies 15

 Appendix (Cont.)

455. Thermax Ltd. 478. Ushdev International

456. TIL Ltd. 479. Uttam Galva Steels Ltd.
457. Time Technoplast Limited 480. Value Industries Ltd.
458. Titan Industries Ltd. 481. Vardhman Textiles Ltd.
459. Torrent Pharmaceutical 482. Varun Industries Ltd.
460. Torrent Power Ltd. 483. Videocon Industries
461. Transport Corporation 484. Vijaya Bank Ltd.
462. Trent Ltd. 485. Visa Steel
463. Triveni Engineering 486. VLS Finance Ltd.
464. Tube Investments of India Ltd. 487. Voltas Ltd.
465. Tulip Telecom Ltd. 488. Welspun Corp Ltd.
466. TVS Motor Company Ltd. 489. Welspun India Ltd.
467. UCO Bank Ltd. 490. Wheels India Ltd.
468. Uflex Ltd. 491. Whirlpool of India Ltd.
469. UltraTech Cement Ltd. 492. Wipro Ltd.
470. Union Bank of India 493. Wockhardt Ltd.
471. Unitech Ltd. 494. Yes Bank Ltd.
472. United Bank of India 495. Zee Entertainment Enterprises Ltd.
473. United Breweries Ltd. 496. Zensar Technologies
474. United Phosphorus Limited 497. Zuari Industries Ltd.
475. United Spirits Ltd. 498. Zylog Systems Ltd.
476. Unity Infraprojects 499. Nagarjuna Fertilizer
477. Usha Martin Ltd. 500. GlaxoSmithKline Pharmaceutical

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

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