What do you think?
Rate this book
Doing what is right: The Crisil Story
This book tells the unique story of an intrepid company that made it big against all odds, relying on nothing other than its intellectual capital and the power of its vision. Founded in the regulated and stagnant Indian economy of the late 1980s, offering a credit rating service that had no takers, and without any real assets or capital, CRISIL seemed destined to fail. Instead, it became one of India s most respected companies, redefining its vision from being India-focused to playing a quiet but critical role in global markets. This is a story of razor-sharp analytics, unshakeable values and sheer grit. It is also a story of leaders with very different styles, who brought it all together over a quarter of a century. A narrative that, above all, shows that doing well can go hand in hand with doing what is right.
- GenresBiography
135 pages, Hardcover
First published December 10, 2012
64 people are currently reading
251 people want to read
Ratings & Reviews
Friends & Following
Create a free account to discover what your friends think of this book!
Community Reviews
Displaying 1 - 19 of 19 reviews
October 5, 2017
A very dramatic and contrived book that seems commissioned by the erstwhile top brass of Crisil to boost the organization's public profile and create a halo around it. Not saying that Crisil is not a fine organization; my limited point is that the book is nothing if not cringeworthy. I've read enough institutional histories to know a poorly written one and this one belongs squarely in that category.
Take for instance the anecdote where the topmost brass of Crisil is made to sit through a ppt by the Chairman of a "multi-billion dollar diversified conglomerate critical to the macroeconomics of the country" after the company in question strongly objects to the rating provided to it by Crisil and the ppt by the Chairman is worked out as a compromise solution so as to not give the impression of Crisil coming under undue influence. The two topmost guys at Crisil who were the only ones to sit through the ppt "came away bouyed by the vision shared with them" (as if Crisil's fortunes were hinged in anyway to their client's rating) and guess what...bumped up the rating by a notch. Pray where were the analysts who conducted the initial exercise?
The book constantly harps about building and grooming of leaders being a part of its founding ethos. Yet, CEO Rupa Kudva, during whose tenure the book came out, was unable to put in place a strong second line of leadership who could take over after her abrupt resignation. Senior leaders quit in droves in the run up to and after her resignation and eventually Crisil couldn't find an internal candidate to run the organization. The present CEO is a total outsider.
The book is as good as paid advertisement sought to be infused with unnecessary descriptive flourishes more fit for a novel. Anyone hoping to get some insight into how ratings are carried out will come away deeply disappointed. This book is about how Crisil was built as an organization. (not "brick-by-brick" though as the book claims because a large part of the growth came inorganically) The only saving grace is that it is a quick read, I finished it in under 4 hours. Best avoided.
Take for instance the anecdote where the topmost brass of Crisil is made to sit through a ppt by the Chairman of a "multi-billion dollar diversified conglomerate critical to the macroeconomics of the country" after the company in question strongly objects to the rating provided to it by Crisil and the ppt by the Chairman is worked out as a compromise solution so as to not give the impression of Crisil coming under undue influence. The two topmost guys at Crisil who were the only ones to sit through the ppt "came away bouyed by the vision shared with them" (as if Crisil's fortunes were hinged in anyway to their client's rating) and guess what...bumped up the rating by a notch. Pray where were the analysts who conducted the initial exercise?
The book constantly harps about building and grooming of leaders being a part of its founding ethos. Yet, CEO Rupa Kudva, during whose tenure the book came out, was unable to put in place a strong second line of leadership who could take over after her abrupt resignation. Senior leaders quit in droves in the run up to and after her resignation and eventually Crisil couldn't find an internal candidate to run the organization. The present CEO is a total outsider.
The book is as good as paid advertisement sought to be infused with unnecessary descriptive flourishes more fit for a novel. Anyone hoping to get some insight into how ratings are carried out will come away deeply disappointed. This book is about how Crisil was built as an organization. (not "brick-by-brick" though as the book claims because a large part of the growth came inorganically) The only saving grace is that it is a quick read, I finished it in under 4 hours. Best avoided.
May 21, 2017
Bought this book through a cheap Kindle deal. The book begins well explaining how Crisil tapped on to a raw opportunity of the rating business in India. How the change in leadership positions have brought parallel changes and innovation in the business model. But like all Indian corporate biographies it indulges too much in the self praise and jingoism. A decent read for people who understand or want to learn about this business side
March 13, 2018
Nothing much in the book. This book looks like more of publicity stunts rather history of an institution. Books says nothing about how rating is done. Other than few lines , there is no mention of how rating industry involved in India. Pages are full of quotes from other industry big names. Better to avoid this book unless you have literally nothing to do.
October 25, 2016
Every business goes through difficult phases but which ones survive the downturns depends greatly on the quality of the management. This book which takes us through the Crisil's life from a startup to a bluechip company highlights the above point.
June 13, 2017
Self boasting book !!
June 13, 2020
CRISIL scores in all areas. From stepping in the virgin areas of indian industry to positioning itself as adaptive to global industry nuances and standards, CRISIL has come a long way. The thing i like about its HR practices is the opportunity it gives to its employees, who get exposure and gain knowledge about the wide spectrum of it's business. CRISIL's honest and unwavering hold on ethical practices is very much commendable. Finally, CRISIL is the idea, that helps everyone make right business decisions. Man, I love this company!
January 20, 2019
I would have given it 4 starts had I not been concerned about
a) Excessive self praise and chauvinistic writing
b) The gravity of mistakes committed by CRISIL as an organisation as elucidated in the penultimate chapter . To my mind, those errors almost outweighed the diplay of brilliance shown in earlier times. Got the feeling that serendipity had a huge role to play in earlier days - not to mention presence of Mr. Vaghul, Parekh etc helped.
a) Excessive self praise and chauvinistic writing
b) The gravity of mistakes committed by CRISIL as an organisation as elucidated in the penultimate chapter . To my mind, those errors almost outweighed the diplay of brilliance shown in earlier times. Got the feeling that serendipity had a huge role to play in earlier days - not to mention presence of Mr. Vaghul, Parekh etc helped.
July 25, 2018
I'm not sure whether it is due to plain style of writing or because this book should actually be blog post which made it difficult to finish. It is an okay book if you want to understand about corporate governance of crisil in the past, it will help you understand very little about business model of it and future prospects of it. Skip it and read summary and you'll be better off.
May 8, 2018
A good book to understand foundation of first credit rating agency in india.
June 22, 2018
Would have expected a more detailed analysis of the company, it is just a publicity catalog of the company.
April 18, 2020
It isn’t amazing or a must read in anyway but it is definitely worth your time.
February 6, 2017
Revisited the book after a cursory reading in 2012. Having read hardcover earlier picked up super cheap INR39 Kindle edition this time.
This book introduced me to CRISIL and ratings business in India which is such a wonderful business. Been a rewarding journey as a shareholder since then.
The book gives good insights into working and ethics within crisil. Could have added more details about other ratings players and about S&Ps journey with CRISIL
This book introduced me to CRISIL and ratings business in India which is such a wonderful business. Been a rewarding journey as a shareholder since then.
The book gives good insights into working and ethics within crisil. Could have added more details about other ratings players and about S&Ps journey with CRISIL
September 1, 2016
Its a boring story of Crisil and there is nothing much about "Doing what is right". They have highlighted few things which went wrong but this book itself is a flopshow of Crisil. They have scared to mention the name of some companies who have challenged them in their rating decision. They have given an indication that if some big company challenges and their chairman gives a presentation, the rating can be upgraded. Overall it looks like an attempt to enhance the individual brand image of top management of Crisil especially of the CEO more than the company's brand image.
September 3, 2015
I was curious to know who are the people engaged in world of finance( behind the scenes) in India . It helped me get a better understanding of how western ( structured and complicated) corporate finance evolved in India . I also got to know how municipal corporations, companies can raise finance ( via bonds ) and who all are involved in ecosystem .
Also, it gave me a fair idea of how to build an enterprise and take it global . Somehow, I am not convinced why Indians sell out institutions to global biggies
Also, it gave me a fair idea of how to build an enterprise and take it global . Somehow, I am not convinced why Indians sell out institutions to global biggies
April 15, 2014
A must read for all financial professional of current generation and last decade. This will give good insight as to how the credit rating business evolved in the Country and what all it went through.
The book also gives insight as to what all goes to build a successful company.
personal qualities of 3 different leaders at different point of time made difference to the Company.
The book also gives insight as to what all goes to build a successful company.
personal qualities of 3 different leaders at different point of time made difference to the Company.
February 10, 2013
Decent capture of CRISIL - author found a good company to tell one of the successful stories of india.
April 2, 2017
Enjoyed every page of this
It's a lovely story to read. It's like watching a child taking birth and then growing up to his teens. You see the ups and downs and the events that shape up his character. In the process, you learn the art of marketing, change management, qualities of great leaders, spotting talent etc.
It also tells what it takes do the right thing. For doing the right thing is easier said than done.
It's a lovely story to read. It's like watching a child taking birth and then growing up to his teens. You see the ups and downs and the events that shape up his character. In the process, you learn the art of marketing, change management, qualities of great leaders, spotting talent etc.
It also tells what it takes do the right thing. For doing the right thing is easier said than done.
April 28, 2017
It's a good book to get initial insights about ratings and research business in India.
It has covered a lot of details about the culture and working of CRISIL. However, I felt the extent of praise and glorification of it's 3 CEOs was a bit too much. Also more details about the business of ratings would have been desirable
It has covered a lot of details about the culture and working of CRISIL. However, I felt the extent of praise and glorification of it's 3 CEOs was a bit too much. Also more details about the business of ratings would have been desirable
November 30, 2017
The book starts by explaining its origin from the eighties, along with its growth of 32% CAGR.
It foccuses on how CRISIL emerged from a simple credit rating agency to Analytics and research Company. The company also put its thumb into risk assessment, dividened forecastng and a full-fledged derivatives service business; everything was supported by reasons. It describes the core principles on which CRISIL was founded and how they upheld those core values inspite of big companies and corporates criticising their rating methods, aong with their first mover advantage. This in tuen helped them be successful and reach the position that they enjoy today.
The business idea was based on filling a gap which existed in the market - an institution that could regulate the market, by providing regulations which would help the investors to take their decisions.
Also, the regulation method was what awarded therating. if the rating were down, the investment would go down and vice-versa.
But CRISIL made sure that there was uniformity in ther process. Here, the Payer had no control over the rating even they were paying CRISIL for a service. This was in counter with the prevailing relationship between a service provider andthe customer. This in turn guaranteed an increase in the efficiency of the market, which was what CRIIL was and is still focussed on. the payer could not in anyway influence the rating that was awarded to them.
It also focussed on taking help from the governement in incentivising companies to get them rated.
The way the book explains their core ideology of 'thinking you're the first may or may not work. But we can be first'. If deposits go up, lending go up, this increases the debt capital applcants, increase in companies wating to get rated and this in turn increases the total clients of CRISIL. The idea was simple and CRISIL always focussed on improving the market efficiency, thus increasing its profits; meaning profits wasn;t its major goal.
One major learning was about the game of 'enciero', the bull racing game.
Acquisitions also held a major part in making CRISIL, one of the largest credit rating agencies in the world.
It foccuses on how CRISIL emerged from a simple credit rating agency to Analytics and research Company. The company also put its thumb into risk assessment, dividened forecastng and a full-fledged derivatives service business; everything was supported by reasons. It describes the core principles on which CRISIL was founded and how they upheld those core values inspite of big companies and corporates criticising their rating methods, aong with their first mover advantage. This in tuen helped them be successful and reach the position that they enjoy today.
The business idea was based on filling a gap which existed in the market - an institution that could regulate the market, by providing regulations which would help the investors to take their decisions.
Also, the regulation method was what awarded therating. if the rating were down, the investment would go down and vice-versa.
But CRISIL made sure that there was uniformity in ther process. Here, the Payer had no control over the rating even they were paying CRISIL for a service. This was in counter with the prevailing relationship between a service provider andthe customer. This in turn guaranteed an increase in the efficiency of the market, which was what CRIIL was and is still focussed on. the payer could not in anyway influence the rating that was awarded to them.
It also focussed on taking help from the governement in incentivising companies to get them rated.
The way the book explains their core ideology of 'thinking you're the first may or may not work. But we can be first'. If deposits go up, lending go up, this increases the debt capital applcants, increase in companies wating to get rated and this in turn increases the total clients of CRISIL. The idea was simple and CRISIL always focussed on improving the market efficiency, thus increasing its profits; meaning profits wasn;t its major goal.
One major learning was about the game of 'enciero', the bull racing game.
Acquisitions also held a major part in making CRISIL, one of the largest credit rating agencies in the world.
Displaying 1 - 19 of 19 reviews