CARE undertakes rating exercise based on information provided by the company, in-house
database and data from other sources that CARE considers reliable.
+ Debt Ratings
+ Bank Loan
+ Issuer Ratings +
Corporate Governance Rating
+ Recovery Rating
Financial Sector Ratings
CARE’s ratings factor in the array of risks that have an effect on the Financial
Sector company viz business risks, legal risk, financial risks and management risks.
+ Credit Quality Rating
+ Capital Protection Oriented Scheme Ratings
+ Insurance + NBFCs
+ Housing Finance
Public Finance Ratings
CARE has comprehensive framework for the assessment of the credit quality of states
and local bodies.
+ Urban Local Bodies
CARE’s Project Finance Ratingis an independent opinion on the risks associated with
the project on a standalone basis and after considering the sponsor’s strength.
+ Project Finance
Infrastructure Sector Ratings
CARE’s Infrastructure Sector Rating encompasses the ratings assigned to debt programmes
of issuers in the power, roads, telecommunications and other such infrastructure-related
CARE's Valuation of PPMLD structures are opinions on the valuation of a given instrument based on CARE's analysis of the structure and the impact of underlying market variables affecting the structure on the given valuation date.
CARE’s SME Vertical
Value-added services for SMEs
+ Wide product offerings
+ Database of more than 6,000 SME entities
+ Quarterly publications for analytical inputs
+ Daily publication on news in SME sector
+ Operating from ten branches across India
+ MoU with leading banks for interest & rating fee concession
+ A team of qualified analyst
+ Click here to view Services in MSME Segment
Indian SMEs face growth constraints due to lack of adequate& timely finance and difficulty to establish credible relations with its stakeholders.
CARE’s SME vertical with its sound data base and analytical abilities offers the various products in this segment to bridge this gap.
+ NSIC-CARE Performance & Credit
Rating for MSEs + SME Ratings
+ SME Fundamental Grading
+ Bank Loan Ratings
+ Due Diligence Service
+ Channel Partner
EQUIGRADE is a flagship product under equity research and grading services offered
+ Read More
Real Estate Star Rating
CARE undertakes the Real Estate Star Rating exercise by implementing its plethora
of analytical expertise.
CARE EDU GRADE is a grading product for Educational Institutes.
CARE’s IPO grading is a service aimed at facilitating the assessment of equity issues
offered to public.
ITI Grading is a grading product for Industrial Training Institutes.
+ Read More
CARE's MFI grading is a one-time assessment of a Micro Finance Institution's (MFI)
operational and financial capability…
CARE’s Rating of REIT fund is an opinion on the REIT’s investment quality, based on the fundamental assessment of the REIT.…
CARE has been empanelled by MNRE for carrying out the Accreditation/Grading exercise
for Renewable Energy Service Companies (RESCOs)…
The ESCOs specializes in energy audits and implement energy efficiency practices
in a particular organization…
+ Shipyard Grading
+ Construction Grading
+ Maritime Grading
Rating Symbols & Definition
+ Bank Loan Ratings
+ Corporate Governance Rating
+ Construction Grading
+ Corporate Governance Rating
Rating/Statistics – Regulatory Disclosure
+ Credit Rating History and Default
+ Structured Finance Product
+ Outstanding Rating
+ Brief Rationale
+ Complexity Level of Rated Instruments
+ FAQs on
+ Fee Structure
The Economics Department is known for its regular and almost real-time domestic
and global economy-related updates, opinions as well as analytical Studies and Surveys.
Analyses of developments in areas such as GDP, industrial growth, inflation, agricultural
growth, trade etc.
The reports in this section assess the impact of various policy measures by different
countries on India’s economy and so on.
Surveys that capture expectations of the key players in the industry; from various
fields like banking, automobile, entertainment, etc., on various economic developments.
In-depth analytical Studies to ascertain trends in various facets of the economy.
Debt Market Update
A free monthly bulletin about the happenings in the debt market.
+ Audited Financial Results
+ Unaudited Financial Results
+ Annual Reports
+ BSE Stock Watch + NSE Market Tracker
+ Registrar and Share Transfer
The rating process takes about two to three weeks, depending on the complexity of
the assignment and the flow of information from the client. Ratings are assigned
by the Rating Committee.
CARE undertakes a rating exercise based on information provided by the company,
in-house databases and data from other sources that CARE considers reliable. CARE
does not undertake unsolicited ratings.
Rating fees are computed separately on each instrument issued. Issuers are liable
to pay rating fees, regardless of whether they accept CARE's rating or not. Full
rating fee is to be paid up front.
Why CARE Ratings? Why is credit rating necessary at all? Why do rating agencies
use symbols like AAA, AA, rather than give marks or descriptive credit opinion?
+ View More
Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act was enacted to facilitate Banks to recover their non-performing assets without the intervention of the Court. The Act provides three alternative methods for recovery of non-performing assets, namely securitisation, asset reconstruction and enforcement of security without the intervention of the Court. This facilitates resolution of long-drawn legal matters in recovery cases and involves professional expertise by way of involving securitisation companies (SCs) / asset reconstruction companies (ARCs) in the recovery process. Security Receipts (SRs) are instruments issued under ‘The SARFAESI Act’ by SCs/ARCs (against the acquired financial assets) after acquisition of assets to Qualified Institutional Buyers (QIBs). RBI has issued guidelines for declaration of NAVs on these SRs issued by SCs/ARCs with the objective of enabling QIBs value their investment in SRs in accordance with the applicable guidelines. For the purpose of arriving at NAV, the rating serves as an important objective tool. Recovery rating is based on the ‘recovery risk (probability of recovery)’ and not the ‘default risk (probability of default)’. Value of underlying security and its recoverability is of prime importance in recovery rating, whereas, cash flow adequacy and future volatility in cash flows hold significance in credit rating including various other financial parameters.
CARE vets the assumptions made by the SC/ARC in arriving at valuation of SRs and modifies these wherever required. CARE arrives at Present Value of all cash flows from SRs till their maturity. CARE uses an indicative yield as the discounting rate for valuation of SRs. Once CARE arrives at an expected valuation, it assigns appropriate recovery rating (the ratings gives the range of recovery possible), which indicates the recovery expected from the underlying loan (and SRs), with respect to the face value of the SR, within a predefined band.
CARE considers the following criteria for arriving at the rating of SRs:
Methodology for rating pooled assets
At times, the SC/ARC bundle more than one small loan from different accounts into a portfolio and issue SRs common to the whole portfolio. At the time of valuation of SRs issued under such portfolios, valuation of all individual assets in the portfolio is required to be done. Based on these individual valuations, weighted average valuation of SRs is arrived at and the recovery rating of the SRs is determined accordingly.
CARE’s ratings are opinions on credit quality and are not recommendations to sanction, renew, disburse or recall the concerned bank facilities or to buy, sell or hold any security. CARE has based its ratings on information obtained from sources believed by it to be accurate and reliable. CARE does not, however, guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. Most entities whose bank facilities/instruments are rated by CARE have paid a credit rating fee, based on the amount and type of bank facilities/instruments.
The rating process takes about two to three weeks, depending on the complexity of the assignment and the flow of information from the client. Ratings are assigned by the Rating Committee.
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