1. Introduction

About AIM

AIM (the Ahimsa Investment Movement) is a community of individuals who believe in the principle of ahimsa — non-harm — and who work to promote ethical investment through research, education and engagement. AIM is an initiative of the AhimsaGain Foundation, a Section 8 (not-for-profit) company based in Mumbai, India.

Purpose of this Document

This document explains the framework, the rules and the process AIM uses to classify publicly listed companies according to how much their business kills or harms animals.

In today’s connected economy, almost no company is completely free from causing some harm. The aim is therefore not to find companies that are 100% ahimsak, but to help investors send their money towards companies that cause relatively less harm to animals — and away from those that cause more.

2. Our Goal

To help money flow towards relatively ahimsak (non-harming) business activities, and away from companies that harm animals. We do this by:

• Educating retail investors about cruelty-free and ahimsa-aligned investing, through research, content and social media.
• Working with financial institutions — helping them build lists of ahimsak stocks and design cruelty-free financial products.

3. Understanding Ahimsa Quotient (AQ)

Ahimsa means non-violence — avoiding harm to living beings. Two words are used throughout this document:

• Himsak — harm-causing; an activity, ingredient or product that kills or harms living beings.
• Ahimsak — non-harming; an activity that avoids or reduces harm to living beings.

Because ahimsa is a personal and subjective value, the AQ framework does not try to give a single exact score. Instead it sorts each company into one of three colour bands that broadly show how much its business adds to harm i.e. whether it is High AQ (Green), Medium AQ (Orange) or Low AQ (Red).

4. The Main Test — What a Company Actually Does

This is the single most important rule, and every decision below follows from it:

“We rate a company on what its business actually does — the products it makes and the money it earns — not on every possible indirect link.”

Put simply:

• If making or selling an animal product, or running a harmful activity, is a real and significant part of the business, the company moves to a worse band of AQ (Red or Orange).
• If the animal link is very small, easily replaced, or only a far-fetched possibility, it does not move the company down — the company stays Green, i.e. High AQ.

To keep this consistent, we use these plain meanings throughout:

• A real and significant part — the animal product or activity is a proper product line, or earns a meaningful share of revenue. It is not a one-off.
• Very small — a tiny amount of an ingredient, or a side activity that earns almost nothing.
• Easily replaced — the animal ingredient can be swapped for a plant or mineral one with no real change to the product.
• Far-fetched link — a link that is only theoretically possible, such as “someone, somewhere, might use our product on an animal.”

Two companies in the same industry can land in different bands because what matters is the company’s own business mix—not the name of its sector.

5. The Three Colour Bands of AQ

AIM places every company into one of three bands (Red, Orange, Green), based on how directly and how much a company aligns with ahimsa towards animals. Each band has a corresponding Ahimsa Quotient (AQ)—a broad indicator of AQ is currently shown as High, Medium or Low. Over time we plan to develop a numeric AQ score for finer details.

Band	AQ	What it Means	Typical Examples
RED	Low AQ	The business directly harms animals, earns a significant share of revenue from animal-based products, or is built on a core animal-harm activity. Also covers harmful “vice” products.	Meat, poultry, fish, eggs and dairy; leather, wool and silk goods; animal feed; drug and cosmetic makers; animal-testing labs; insecticide makers; alcohol, tobacco, weapons and gambling.
ORANGE	Medium AQ	The business is mostly animal-neutral but has one real, smaller animal-based product line, or directly sells/serves some animal food. Also most finance companies, because they put money into a wide mix of industries that includes animal-based ones.	Hotels and amusement parks serving non-veg food; an FMCG firm with a small honey/ghee line; a clothing house with a small leather line; banks, NBFCs, broking, asset-management and holding/investment companies.
GREEN	High AQ	Very little or no animal involvement—only a tiny ingredient, a far-fetched link, or none at all.	Software and IT; telecom and media; auto parts; most chemicals; cement; machinery; hospitals; mining and oil & gas; synthetic-leather makers; home-loan companies; insurers and stock exchanges.

The Ahimsa Quotient (AQ)

Band	AQ	Meaning
GREEN	High	Minimal or no involvement in animal harm.
ORANGE	Medium	A genuine but smaller animal-linked involvement, or money spread across the economy (finance).
RED	Low	Direct, significant, or core involvement in animal harm.

6. What Does NOT Move a Company to a Worse Band

• Serving many industries. Generic supply, services, software, logistics, transport, utilities, rent or advertising sold to many industries—even if some customers harm animals. Only products made specifically FOR an animal industry count.
• Tiny processing helpers. A small, usually plant- or mineral-based helper used while making the product (for example, stearic acid used as a grinding or vulcanising aid) that is not a real part of the finished product.
• Running-the-machinery items. Things like lubricants and cutting fluids used to keep machines running—these are not a product, are not animal-specific, and are almost always mineral or synthetic.
• Environmental impact. Damage to habitat or environment (for example, from mining or extraction) does not by itself change the AQ band. Environmental concerns are noted, but AQ measures harm to animals.
• Economy-wide safety testing. Animal testing that the law requires before many ordinary products (chemicals, agrochemicals) can be registered is a standard, economy-wide step—not a basis. (The exception for drug and cosmetic makers and testing labs is in Section 8.)
• Distant or far-fetched links. Lending to, investing in, supplying or serving an industry that uses animals—by itself—does not make a company Red. (For finance, see Section 9.)

7. The Core-vs-Minority Test

When a company does have some animal link, this simple ladder decides the AQ band:

• Core or large share → Red (Low AQ). The animal product or activity is the heart of the business, or earns a large share of revenue.
• Real but smaller line → Orange (Medium AQ). It is a genuine product line, but only a minority part of an otherwise animal-neutral business.
• Tiny, replaceable or far-fetched → Green (High AQ). The link is very small, easily swapped for a non-animal option, or only a distant possibility.

The same animal material can therefore land a company in any of the three bands, depending on how big a part of the business it is. The table below shows this with real examples:

Animal Material Classification Examples

The same animal material can therefore place a company in any of the three AQ bands, depending on how significant it is within the overall business. The table below illustrates this using real company examples.

Animal Material	Core → Red (Low AQ)	Minor Line → Orange (Medium AQ)	Tiny / None → Green (High AQ)
Leather	Bata, Metro Brands — leather footwear is the core product.	Titan — a small leather-goods line beside its gold jewellery.	Relaxo, Campus — non-leather (rubber / PU / EVA) footwear.
Dairy / Honey	Nestlé, Britannia — dairy is a core business.	Emami, Patanjali — a small honey / ghee line.	Tata Consumer, Marico — plant-based, only a negligible honey line.
Wool / Silk	Raymond (worsted wool), Sai Silks (silk sarees) — the core material.	Vardhman — a small wool line within a cotton / poly business.	Page, Lux, most cotton / synthetic apparel makers.
Non-veg Food	Meat processors; Zomato (Hyperpure meat distribution).	Hotels, Imagicaa, Wonderla — serve non-veg as a minor line.	Pure-veg snack makers; businesses that serve no food.

8. Special Rules by Situation

A small set of specific rules keeps similar cases treated the same way:

Situation	How it is Applied	Examples
Harmful “Vice” Products	Alcohol, tobacco, weapons / explosives and gambling are Red on harmful-product grounds on their own, regardless of any animal link. This covers weapons, munitions and military platforms only. A maker of civil-aircraft components with no weapons (for example, parts for Airbus or Boeing) remains Green.	Breweries and distilleries; cigarette makers; defence, explosives and warship builders; casino / gaming operators.
Insecticides and Rodenticides	Products designed to kill insects or rodents (which are animals) are classified as Red. Makers of only herbicides or fungicides are not moved down on this basis.	Coromandel, Bharat Rasayan (insecticide lines); Godrej’s Good Knight / HIT household pest control.
Made Specially for Animal Industries	Products created specifically for animal-rearing or animal processing move the company down. If this is the core business → Red. If it is only a small line → Orange.	Animal / poultry / aqua feed and vet inputs (core) → Red. Small animal-nutrition or leather-chemicals lines → Orange (Jubilant Ingrevia, Rossari, Balmer Lawrie).
Drug & Cosmetic Makers and Testing Labs	A company whose core business is making drugs or cosmetics relies on large-scale, legally required live-animal testing and is therefore Red. Contract Research Organisations (CROs) and biotech firms that conduct animal testing or depend on animal-derived lab materials are also Red. Hospitals merely using medicines remain Green.	Pharma and cosmetic makers → Red. Testing CROs such as Syngene and Indegene → Red. Hospitals → Green.
Pharma Inputs, Herbal / AYUSH & OTC Makers	Suppliers of pharma inputs only (mineral excipients, salts or intermediates) remain Green if they do not manufacture finished drugs or conduct animal testing. Ayurveda / AYUSH businesses are assessed based on their ingredients. OTC and consumer-health drug makers continue to follow the drug-maker rule.	Sudeep Pharma → Green. Jeena Sikho → Green. Sanofi Consumer Healthcare → Red.

Situation	How it is Applied	Examples
Animal Materials Built into a Product	Where an animal-derived material is built into a device or item (for example, cattle tissue, pig heart valves or heparin), the manufacturer is classified as Red. By contrast, device or contraceptive makers with no animal material built in (such as latex condoms, water-based lubricants or diagnostic kits) remain Green.	Medical-device maker using animal tissue (Poly Medicure).
Selling or Serving Animal Food Directly	A company that itself sells or serves animal food moves down, even if it represents only a minority of revenue. Core meat businesses or meat distributors are Red, while side menus or smaller product lines are Orange. Businesses providing only logistics or storage remain Green.	Restaurants / meat distribution (Devyani, Zomato) → Red. Hotels and parks serving non-veg → Orange. Cold-chain logistics → Green.
Online Platforms — Delivery, Quick-Commerce & Marketplaces	Online platforms are rated according to whether they themselves sell or distribute animal products. Dedicated B2B meat or seafood distribution businesses are classified as Red. Consumer platforms directly retailing packaged non-vegetarian products or marketplaces monetising catalogues containing leather, silk or wool are classified as Orange. Neutral infrastructure providers such as payment rails, listings, classifieds or freight services remain Green.	Red: Zomato via Hyperpure Orange: Swiggy, Meesho Green: IndiaMART, CarTrade, BlackBuck
Holding & Diversified Companies	Groups are classified according to their dominant business rather than simply because they are holding companies. AIM looks through the corporate structure to identify where the primary value is generated.	Bombay Burmah via Britannia → Red. E.I.D. Parry via Coromandel → Red. Eicher via Royal Enfield → Orange.
Synthetic Substitutes	Synthetic products that replace animal-derived materials help save animal lives and are therefore treated as Green and considered investible.	Synthetic (PVC / PU) leather, plant-based alternatives and synthetic substitutes.
Jewellery & Accessories	Gold, diamond and gemstone jewellery are considered animal-neutral and classified as Green. A genuine product line using leather goods, pearls or coral moves the company to Orange. An occasional pearl or shell product is too small to affect the classification.	Kalyan, Senco (gold / diamond) → Green. Ethos (pearl / coral line) → Orange.

9. Finance Companies — Orange or Green

Finance companies are judged according to what their money ultimately supports. The AQ depends on whether money is spread across many industries (including animal-based businesses) or is restricted to one animal-neutral purpose.

• Orange (Medium AQ) — Money spread across the economy. Finance companies that lend or invest across a wide mix of industries, including animal-based businesses.
• Green (High AQ) — Money restricted to one animal-neutral purpose, or companies providing neutral market infrastructure that does not itself direct capital into animal businesses.

Band	Which Finance Companies
ORANGE	Banks (private, public and others), NBFCs, consumer-finance lenders, microfinance companies, stock-broking firms, asset-management / mutual-fund companies, and holding or investment companies.
GREEN	Home-loan / housing-finance companies, insurers, single-sector financiers tied to an animal-neutral purpose (IRFC, IREDA, HUDCO), stock exchanges, depositories and clearing houses.

10. Guiding Principle: Prioritisation

What is harmful to one is ultimately harmful to all. In the short term, however, the interests of different living beings do not always align. Where these interests conflict, AIM gives priority to saving life now over longer-term or indirect harm.

11. Sources Used for Classification

AIM uses publicly available information together with company-published disclosures while determining company classifications. These sources include:

• Annual reports, investor presentations and segment disclosures.
• Company websites and product catalogues.
• Regulatory filings and stock-exchange disclosures.
• Sustainability, ESG and integrated reports.
• Industry reports, market research and credible media sources.
• Information published by government agencies and recognised industry associations.

Before relying on any assumption, AIM verifies the underlying facts. For example, it checks whether Indian sugar refining uses bone char (it does not, as Indian mills use the sulphitation process), whether a company described as a leather manufacturer actually produces animal leather or synthetic alternatives, and whether products such as meat masalas contain meat (they do not, as they are plant-based spice blends). Where evidence is limited or conflicting, AIM temporarily assigns the safer (higher-harm) band until better information becomes available.

12. The Classification Process

Every company is evaluated through a structured classification process to ensure consistency, transparency and fairness.

13. Worked Examples

The examples below show how the rules work in practice, using real companies alongside common company types.

Company / Type	Band	Why
Meat, poultry or dairy processor (e.g. Nestlé, Britannia)	Red (Low AQ)	Directly processes animals or sells animal-based food as a core business.
Leather footwear or silk-saree house (Bata, Sai Silks)	Red (Low AQ)	The animal-derived material is the core product identity.
Pharmaceutical maker; animal-testing lab (Syngene)	Red (Low AQ)	Core business depends on large-scale, legally required live-animal testing.
Insecticide / crop-protection maker (Coromandel)	Red (Low AQ)	Insecticides are designed to kill insects (animals) — direct animal harm.
Brewery, distillery, tobacco, defence or casino (Delta Corp)	Red (Low AQ)	Harmful “vice” category — Red regardless of any animal link.
Animal-feed / poultry-feed maker	Red (Low AQ)	A product made specifically for the animal-rearing industry, as a core business.
Hotel or amusement park (serves non-veg)	Orange (Medium AQ)	Mainly rooms or rides, but directly serves non-veg food as a minor line.
Bank, NBFC, broker or holding company	Orange (Medium AQ)	Money is spread across a wide mix of industries that includes animal-based ones.
FMCG with a small honey / ghee line (Emami)	Orange (Medium AQ)	Mostly plant / mineral products, with a genuine but smaller animal-based line.
Jewellery house with a small leather line (Titan)	Orange (Medium AQ)	Mostly gold and diamond (neutral), with a real but smaller leather-goods line.
Synthetic (PVC / PU) “leather” maker	Green (High AQ)	A leather substitute — no animal hide; it saves animal lives.
Paint or tyre maker (Asian Paints, Apollo Tyres)	Green (High AQ)	Synthetic and mineral materials; stearic acid is a tiny, replaceable, largely plant-based helper.
Software / IT services firm	Green (High AQ)	Digital services — serving many industries (some of which use animals) is not a basis.
Hospital	Green (High AQ)	Life-saving human care; medicines and consumables are a side input, not animal-harm revenue.
Sugar mill	Green (High AQ)	Indian mills decolourise sugar by the sulphitation process, not bone char — so it is plant-based.
Home-loan company or insurer (IRFC, ICICI Lombard)	Green (High AQ)	Money is locked to a single animal-neutral use; any livestock cover is a tiny sub-line.
Mining or oil-and-gas extraction	Green (High AQ)	Inorganic extraction; habitat / environmental impact is outside the animal-harm band.

14. Important Considerations & Disclaimer

This framework is a good-faith tool for raising awareness and guiding ethical investment.

• The aim is to raise awareness of ahimsa and to help investors choose companies that cause relatively less harm to animals.
• This classification is neutral with respect to religion, caste and region, and rests on the single question of himsa (harm) or ahimsa (non-harm).
• Ahimsa is a deeply subjective idea; no classification can be fully objective. The colour band and Ahimsa Quotient (AQ) provide a broad indication rather than an exact measurement.
• Many companies operate across several business segments where himsak and ahimsak revenue cannot be separated precisely. In such situations, the AQ band is assigned using the best available judgement while looking through to the company’s principal business activity.
• Ratings rely on publicly available information together with reasonable judgement and may change as additional or more detailed information becomes available.
• Institutions and individual investors should exercise their own discretion while using this framework. If any discrepancy or new evidence is identified, AIM welcomes feedback and will review and revise the classification where appropriate.