Alchemist what are your thoughts on rating agencies? How do you rate the business itself and this scrip compared with CRISIL?

My calculations state that it looks a good buy in small quantity?

It has 261 employees who generate a profit of 22 lakhs per employee vs 2800 employees of CRISIL who generate a profit of 8 lakhs per head.

Both are debt free companies.

ICRA has less market share with 30% of market space vs crisil.

Crisil has NPM of 30% while ICRA has 25%.

ICRA trades at P/E of 17 and Crisil at 34.