About Us

  • Corporate Profile
  • Vision, Mission & Value
  • Achievements
  • Board of Directors
  • Senior Management
  • CARE's role in Indian Capital Market
  • Code Of Conduct

CARE Ratings commenced operations in April 1993 and over nearly two decades, it has established itself as the second-largest credit rating agency in India. With the rating volume of debt of around Rs. 92 lakh crores (as on March 31, 2017) , CARE Ratings is proud of its rightful place in the Indian capital market built around investor confidence. CARE Ratings has also emerged as the leading agency for covering many rating segments like that for banks, sub-sovereigns and IPO gradings.

CARE Ratings provides the entire spectrum of credit rating that helps the corporates to raise capital for their various requirements and assists the investors to form an informed investment decision based on the credit risk and their own risk-return expectations. Our rating and grading service offerings leverage our domain and analytical expertise backed by the methodologies congruent with the international best practices.

CARE Ratings’ registered office and head office, is located at 4th floor, Godrej Coliseum, Somaiya Hospital Road, Sion (East), Mumbai 400 022. In addition, CARE Ratings has regional offices at Ahmedabad, Bengaluru, Chandigarh, Chennai, Coimbatore, Hyderabad, Jaipur, Kolkata, New Delhi, Pune and Mauritius.

To enhance its scope of business CARE Ratings has been nurturing global opportunities and made forays in different forms: launched a new international credit rating agency ‘ARC Ratings’ with 4 partners from Brazil, Portugal, Malaysia and South Africa and established a subsidiary CARE Ratings (Africa) Private Limited (CRAF) in Mauritius. There is also in place a MoU with Japan Credit Rating Agency Limited and another one to establish a credit rating agency in Nepal.

“To be a respected company that provides best - in its field - quality and value services”

+ To offer a range of high-quality services to all the stakeholders in the capital market

+ To build a pre-eminent position for ourselves in India in securities analysis, research and information services and to be an international credit rating agency


"To be a respected company that provides best - in its field - quality and value services”
2013 onwards
“To be a respected company that provides best - in its field - quality and value services”

+ To offer a range of high-quality services to all the stakeholders in the capital market

+ To build a pre-eminent position for ourselves in India in securities analysis, research and information services and to be an international credit rating agency

Mr. S. B. Mainak

Independent Chairman

Mr. S. B. Mainak is an Independent Chairman of our Company. A qualified Chartered Accountant, he joined LIC as a Direct Recruit Officer in 1983 and retired as its Managing Director with effect from 1st March, 2016. During his long tenure at LIC, he acquired wide range of experience in several functions spanning Investments, Finance & Accounts and Marketing and held various positions including Senior / Branch Manager, Divisional Manager of Pension & Group Superannuation and in various capacities in the Investment department. He also had a stint in academics as Professor (Life Insurance) and Head of Finance Department in National Insurance Academy (NIA), Pune, where he was instrumental in creating new teaching programmes in finance & accounts, investment, GAAP accounting and Insurance Investment and Financial Reporting Standards. He was Deputy President of the Insurance Institute of India and member of the Governing Board of NIA. He was earlier appointed by the Government of India on the Board of Satyam Computer Services Limited as an Independent Director for restructuring the company. In 2009, he was conferred the ‘NDTV Profit Business Leadership Award’, ‘CNN-IBN Indian of the Year Award’ and ‘Dataquest IT Person of the Year Award’.

Mr. A.K. Bansal

Mr. A. K. Bansal is an Independent Director of our Company. He worked as Executive Director of Indian Overseas Bank between 2010-13. Born on 22nd May 1953, Shri A. K. Bansal is a Post Graduate in Agriculture from the renowned G B Pant Agriculture University, Pant Nagar, Nainital and recipient of ICAR Junior Research Scholarship. He joined Union Bank of India as Agricultural Field Officer at the age of 23 years in the year 1976.

He has had a highly successful and rewarding career path at Union Bank during which he was awarded Super Achiever and Star Performer status, conferred with the Chairman Club Membership and was entrusted with some of the most challenging and coveted assignments of the Bank. He was also the driving force for setting up the Bank’s Capital Market Cell at Mumbai and establishing the Bank’s first museum at M S M branch in Mumbai.

At Indian Overseas Bank, among other portfolios, he had exclusive charge of Large Corporate, International, MSME, Planning, NPA management, Agriculture & Priority Credit, Inspection & Audit, Public Relations, Customer Service & Vigilance.

He has been conferred the “Indira Super Achiever Award” for the year 2010-11 by the Indira Group of Institutions, Pune in recognition of his high contribution value to the field of Banking and Finance during his banking CARE Ratingser.

He is also on the Board of Directors of Canara HSBC Oriental Bank of Commerce Life Insurance Company Limited.

Dr. Ashima Goyal

Dr. Ashima Goyal is an Independent Director of our company. She is a B.A. (Honours) Economics from Delhi University and M.A. and M. Phil. from Delhi School of Economics, Delhi University, and Ph.D. from Bombay University. She has rich experience in the field of open economy macroeconomics, international finance, institutional and development economics, in which she is widely published. Her research has received national and international awards. She is editor of an OUP handbook on the Indian economy and a Routledge journal on Macroeconomics and Finance. She is a Professor at Indira Gandhi Institute of Development Research, member of the Monetary Policy Technical Advisory Committee of the RBI, Vice-Chairperson and a Public Interest Director at MCX-SX, has been a member of various committees of Reserve Bank, Government of India, Governing Council of the Exchange Traded Currency Derivatives Segment (ETCD) of the Bombay Stock Exchange Ltd., and Indian Merchants Chamber, and has served on the Boards of MCX, MCX-SX Clearing Corporation, and National Institute of Bank Management.

Mr. Milind Sarwate

Mr. Milind Sarwate is an Independent Director of our company. He is the Founder & CEO of Increate Value Advisors LLP. His mission is to facilitate value creation, both business & social, using his experience of 33 years in Finance, HR and strategy in groups such as Marico & Godrej. He is an Independent Non-Executive Director in 7 companies, including Glenmark, Mindtree, Matrimony.com and House of Anita Dongre. He also plays advisory roles in several other organisations. Mr Sarwate is a Chartered Accountant, Cost Accountant & Company Secretary, a B. Com. (Honours) from the University of Mumbai, and a CII-Fulbright Fellow (Carnegie Mellon University, Pittsburgh, U S A.). He received the ICAI Award -CFO - FMCG category in 2011, and the CNBC TV-18 Best Performing CFO Award -FMCG & Retail in 2012. During 2013, the CFO India magazine inducted Milind to the CFO India Hall of Fame.

Ms. Sadhana P. Dhamane

Ms. Sadhana P. Dhamane is the Non Executive Director of our company. Currently she is working with LIC of India as In-Charge of stressed asset cell in investment department, central office. Prior to this she was Chief (Legal) & Secretary (Legal) & Secretary (P&GS) at LIC of India. During her stint at LIC she was trained at IIM, Ahmedabad & JNIDB, Hyderabad in different avenues of financial sector and was also sent to World Bank, Washington, D.C. for building expertise in infrastructure project financing. She has worked as Faculty Member at National Insurance Academy, Pune on deputation from LIC. She is M.A. L.L.B by qualification and her area of expertise is investment & legal.

Mr. Rajesh Mokashi

Rajesh Mokashi is the Managing Director and Chief Executive Officer of our Company. He holds a Bachelor's degree in Mechanical Engineering from VJTI, Mumbai and a Master of Management Studies degree from University of Bombay. He is a qualified Chartered Financial Analyst and has also cleared Level III of the CFA Program conducted by the CFA Institute, USA.

He has obtained a Diploma in Import and Export Management from Indian Institute of Materials Management. He has more than 30 years of experience in finance, commerce and credit risk sectors. He has been associated with OTIS Elevators Company (India) Limited, DSP Financial Consultants Limited and Kotak Mahindra Finance Limited in the past. He is on Board of Directors with CARE Kalypto Risk Technologies and Advisory Services Pvt. Ltd., He also Member-Empanellment Committee of NISM. He has been associated with our Company since 1993 and was appointed on the Board on August 22, 2009.

CARE Ratings’s management team is its biggest strength. Besides planning, decision making and matters of strategic importance, issues relating to development of people, etc are also taken care of by the management team. The team is instrumental in providing guidance and technical expertise thereby enabling constant improvisation in rating techniques and procedures. Under its guidance and value-added initiatives, the company has been growing consistently over the past decade, thus providing indispensable inputs to the investor community.

Mr. Rajesh Mokashi
Managing Director & CEO
Mr. T.N. Arun Kumar
Executive Director
Mr. Mehul Pandya
Executive Director
Ms. Revati Kasture
Senior Director
Mr. Milind Gadkari
Senior Director
Ms. Swati Agrawal Jain
Senior Director
Mr. Sanjay Kumar Agarwal
Senior Director
Mr. Amod Khanorkar
Senior Director
Mr. Madan Sabnavis
Chief Economist
Mr. Saikat Roy
Mr. Umesh Ikhe
Chief Technology Officer
Mr. Chandresh Shah
Chief Financial Officer

Capital Market, both primary and secondary segments, play a vital role in economic development because of its linkages with the banking systems and investment communities (including foreign capital flows). The vibrancy of capital market comes from its volume and varieties of trades of financial instruments, its liquidity and ability to raise capital by attracting fresh investments, which are derivatives of sound investor confidence and transparency. CARE Ratings is committed to play a key role by providing professional, insightful and independent informed opinion through various grading and rating services, which can serve as a valuable input to build investor confidence.

CARE Ratings’s credit rating for debt instruments (viz debentures, bonds, asset-backed securities etc) is a highly-valued credit risk opinion, which helps the investors to effectively monitor and manage investments based on their respective risk-return policies. On the other hand, it imparts the issuers with financial flexibility for wider access to funds at a market-determined cost related to their credit risk. It can also provide a helping hand for establishing business relationships (including collaborations) and awarding contracts to the counter parties.

CARE Ratings’s grading products viz IPO Grading and Equi-Grade have proved to be valuable means for primary and secondary market development respectively. IPO Grading, through its opinion on fundamentals, works as one of the important inputs to form long-term equity investment decision for public offerings. On the other hand, the investor community can have an unbiased and analytical opinion on the fundamentals and valuations of any listed entity through Equi-Grade product.

For the regulators, CARE Ratings’s rating services facilitate in determining the eligibility criteria and entry barriers for different types of securities, to monitor financial soundness of borrowers and to promote overall efficiency in the debt market. Our Equi-Grade product can also be useful to the stock exchanges for investor education and improve liquidity in the secondary market. Thus, services of CARE Ratings Ratings increase the transparency, leading to a healthy development of the capital market.

“To be a respected company that provides best - in its field - quality and value services”

+ To offer a range of high-quality services to all the stakeholders in the capital market

+ To build a pre-eminent position for ourselves in India in securities analysis, research and information services and to be an international credit rating agency

Best Practices

I. Code Of Conduct (Code Of Ethics) For Directors And Senior Management

II. ACRAA Best Practices Checklist - CARE Ratings's Position

III. CARE Ratings’s Code Of Conduct – IOSCO Compliance

Code Of Conduct (Code Of Ethics) For Directors And Senior Management

A credit rating agency is expected to observe highest standards of integrity and fairness in all its dealings. The directors and senior management personnel are expected to articulate the high standards of honesty, integrity, ethical and law abiding behaviour in the organisation. All the Directors and Senior Management personnel of the Company are expected to read and understand the Code of Conduct and follow these standards in performance of their duties and comply with all applicable laws, rules and regulations. All the Board members and Senior Management personnel shall affirm compliance with the Code on an annual basis. For this purpose, “Senior Management” shall mean members of management at the level of Deputy General Manager and above.

Honesty and Integrity

The Directors/senior management shall act honestly and with integrity in all of their dealings for the company. They should not make any promise or commitments which the company does not intend to or would be unable to honour. Directors and senior management will not use company information obtained by them for personal gain whether financial or otherwise or for the benefits for any other person or business.


Directors and senior management will ensure that confidential information relating to customers, employees and Company’s operations is not given either inadvertently or deliberately to third parties without consent of the Company obtained in writing and subject to confidentiality agreement entered into with the client..

Conflict of interest

Directors and senior management shall fully disclose active private or other business interests promptly and any other matters which may lead to potential or actual conflicts of interests with CARE Ratings. No personal benefit shall be derived by influencing any decisions of the company on any commercial transaction.

Protection and proper use of assets

The Company expects each Director and Senior Management Personnel to use all reasonable endeavours to protect any Company asset and to ensure its efficient use.

Compliance with laws, regulations, policies and procedures

Each Director and Senior Management Personnel must:

i)comply with applicable laws, rules and regulations;

ii)comply with the policies and procedures of the Company, including its corporate code of conduct and code of conduct for insider trading; and

iii)encourage other officers and employees to do the same.

Reporting of any illegal or unethical behaviour

Directors and senior management shall promptly contact the Chairman of the Audit Committee or Managing Director or the Compliance Officer if any director or senior management personnel believe that he or she has observed illegal or unethical behaviour by any employee, officer or director, or by anyone purporting to be acting on Company’s behalf. Whistle Blower policy of the Company provides adequate protection to employees raising bonafide issues.

Payments, Gifts, Entertainment and Travel

Directors and senior management shall not use their status to seek personal gain from those doing business or seeking to do business with the Company. Directors and senior management shall not accept any gift or other benefits except those extended as a part of social custom.

Waivers and Modifications

Waivers of this code of Conduct will be granted only when determined to be appropriate under the circumstances and in accordance with applicable law, and only upon approval by the Board of Directors or an authorised committee thereof. This Code of Conduct is also subject to modification by the Board of Directors at any time in order to ensure continued compliance with applicable laws, rules and regulations.

ACRAA Best Practices Checklist - CARE Ratings Position

CARE Ratings is a founder member of Association of Credit Rating Agencies in Asia (ACRAA). ACRAA was formed on September 14, 2001 by Asian Credit Rating Agencies and it is assisted by Asian Development Bank (ADB). ACRAA was formed to promote::

exchange of skills and ideas amongst Asian rating agencies

establishment of best practices and norms of conduct among Asian rating agencies

development of financial markets in Asia

significant initiative undertaken by the Best Practices Committee of ACRAA was to create the ACRAA Best Practices Checklist. All Member Agencies are expected to declare their positions on each of the items in the checklist. CARE Ratings position on these items is set out below.


1) Specification and description of Rating Process and Criteria

CARE Ratings has a clearly specified and publicly disclosed rating processes and criteria for arriving at a rating.

2) Published and explicit Ratings Review / Appeal Process

CARE Ratings has put in place a structured review and appeal process.

3) Policy on Rating Withdrawals

Ratings are normally withdrawn only when the rated instrument is fully repaid or extinguished. Exceptions are made only in the specific instruments/ratings which tend to be perpetual in nature, these ratings are withdrawn upon specific notice of withdrawal.. In extreme cases of issuer non co-operation, CARE Ratings suspends ratings with due notice to the issuer and the reason for suspension is disclosed publicly.

4) Policy on Disclosure of unaccepted ratings

In terms of the provision of the rating mandate, unaccepted ratings are not published. However, as an exception, they would be revealed only to regulatory authorities, if required and formally requested for by the agencies. Such exceptional revelation is provided for in the rating mandate from issuers.

5) Policy on surveillance

CARE Ratings credit ratings are normally kept under surveillance during the life of the instrument with a detailed annual review involving interaction and discussion with the management of the rated entity. Rating review can also be triggered by any major development in the company or in the industry, which may have a significant bearing on the creditworthiness of the issuer. Private ratings which are carried out on a one time basis may not be placed on surveillance.

6) Policy on code of ethics of ratings agency and its staff

All our staff members are governed by staff rules which also includes ethical conduct. Staff members, directors and rating committee members required to comply with an elaborate code of conduct . As per company’s policy, compliance of the code of conduct has to be certified annually by all staff members, directors and rating committee members.

7) Validity of ratings

Once accepted, CARE Ratings credit ratings are valid for the life of instrument, till withdrawn or suspended. Also, a rating may be revised based on a periodic review by CARE during the life of the instrument

8) Publication on the Limitations of

i) Rating Rigour

ii) Information adequacy

iii) Currency

Limitations of rating are disclosed in our brochure and website http://www.careratings.com/.

9) Assurance or guarantee of ratings

CARE does not, either implicitly or explicitly, give any assurance or guarantee of a particular rating prior to a rating assessment. This policy, however, does not preclude us from developing prospecting assessments used in structured finance and similar transactions.

10) Policy on Compliance Officer

We have policies and procedures that specify the role of a compliance officer. Policies have also been instituted that encourage employees to report activities illegal, unethical, or in any way contrary to the CRA’s code of conduct to the Compliance Officer.

11) 11)Separation of analyst compensation and revenue from issuer

The compensation of individual analysts is not based on the amount of revenue that the CRA derives from the issuers that the analysts rate or with whom the analysts regularly interacts.


12) Published Policy on dependence on third parties:

i) Auditors

i) Trustees

i) Consultants

i) Experts

CARE generally relies on authenticated information furnished to it while undertaking the rating exercise. Nevertheless, reasonable due diligence is carried out to cross check and verify the reliability of information. CARE also makes suitable adjustments to the financial statements, where required to ensure that a meaningful rating exercise is done.

13) Disclosure of Interests

In case CARE's rating committee/board and the board of the rated entity have any common member, such members do not participate in the rating process of the concerned entity. This is also disclosed publicly wherever applicable.

14) Separation of businesses

Our credit rating business and rating analysts are operationally separated from any other business that may have a potential for conflict of interest.

15) Disclosure of general nature of fee arrangements with rated entities

We disclose the general nature of fee arrangements with rated entities on our website.

16) Disclosure of non-rating revenues from rated entities

CARE’s Rating and Non-rating businesses (advisory business) were separate and operated independently . Since February 2008, CARE has decided to phase-out its advisory business.

17) Trading Policy for CRA employees

CARE’s code of conduct for its employees includes trading policy, which, amongst other things, prohibits employees from transacting in securities when they possess confidential information concerning the issuer.

18) Policy on employees directly involved in the rating process initiating, or participating in, discussions regarding fees or payments with the rated entity.

It is our policy to exclude rating analysts from business development activities. The business development team and senior management are involved in Business development.


19) The Ownership of the agency

The ownership profile of CARE is disclosed on our website.

20) The agency’s Management and Board Structure

Composition of board members is disclosed on our website and in corporate brochures. Analyst contact is also available on the web site.

21) Constitution of the Rating Committee

Composition of rating committee is disclosed on our website and in corporate brochure.

22) Disclosure of what Ratings issued by the agency mean

CARE ratings for debt instruments indicate the probability of default of the rated instruments.

CARE also carries out performance evaluation for various entities, some of which include construction entities, parallel marketers of LPG/Kerosene. These are not credit ratings and carry specific definitions. In addition, CARE carries out claims paying ability ratings of insurance companies and corporate governance ratings which have separate, specific definitions. These definitions are available on our website and in corporate brochure and other publications.

23) Policy on time to communicate ratings

New ratings are normally made public on acceptance by the issuer with a few exceptions where regulations require all ratings to be made public or the rating exercise is carried out for private use. With regard to surveillance of outstanding ratings, it is CARE's policy to disseminate rating decisions immediately after advising the issuer. Reasonable time is provided to issuers to appeal for a review.

24) Guidelines on Rating Rationale: timeliness

CARE's rating rationale is published simultaneously with the announcement of rating.

25) Guidelines on Rating Rationale: content

Our rating rationales include factors taken into account in arriving at the rating, financial and operating information, management details, market position of the issuer, outlook and key rating sensitivities.

26) Publication of Default and Transition statistics

Rating transition and Default statistics are regularly compiled and disseminated to public.

27) Existence and publication of a Policy on Unsolicited Ratings: whether they will be undertaken, if so based on what information.

CARE does not undertake unsolicited ratings.

28) Policy on preserving confidentiality of privileged information (and exceptions for regulatory queries)

CARE does not reveal confidential information obtained during the rating exercise to anyone under any circumstances, except when required by law to specified authorities.


29) Publication of the CRA code of conduct

CARE has an elaborate code of conduct for its staff members, directors and rating committee members. The code of conduct for Board/Senior Management of CARE is disclosed on our web site.

30) Existence of a dedicated function/group within the organization charged with informing market participants and public regarding any questions, concerns, or complaints that the CRA may receive.

Senior Management and Sector Heads interact/respond to market participants and public regarding any questions, concerns or complaints that CARE may receive.


CARE has aligned its code of conduct with ‘Code of Conduct Fundamentals for credit rating agencies’ (the ‘IOSCO Code’) issued by the International Organization of Securities Commissions (IOSCO), as amended upto March 2015. The same is attached here.

“To be a respected company that provides best - in its field - quality and value services”

+ To offer a range of high-quality services to all the stakeholders in the capital market

+ To build a pre-eminent position for ourselves in India in securities analysis, research and information services and to be an international credit rating agency