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
+ Rating Committee
+ 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
India has 7,517-km long coastline with 13 major ports and 187 minor/intermediate ports, which handle bulk of India’s international trade. The primary responsibility of development and management of major ports is with Central Government. These ports are governed by the Major Port Trusts Act, 1963. The non-major ports are administratively under the state government and are governed by the Indian Ports Act, 1908. Operations of the Indian ports are characterised by full utilization of capacities at the major ports, inefficient handling, poor maintenance, labour issues and draft constraints. On the other hand, development of new minor ports have been affected by inadequate connectivity with the hinterland, absence of multi-modal connectivity to and from ports and the differential royalties and revenue-sharing models of ports. Permission for 100% FDI in port sector and encouragement for PPP in non-major ports has helped in growing private participation in the sector. Besides, Government of India is working towards corporatization of a few ports.
With a view to streamline the operations of the ports and to enable India increase its share in global trade, the port sector requires huge investments over the next few years. Most of this investment is envisaged from the private sector depending upon the commercial viability of the project.
CARE has developed a rating methodology for port projects keeping in view the operating environment for Indian ports.
CARE examines the broad parameters of the project based on the detailed project report submitted by the client. The major areas covered are:
Project Implementation Risk
The risk associated with the completion of a greenfield project on time is generally high due to long set-up time and large financial outlays. In this regard, the following issues are examined.
During project implementation, CARE would monitor the progress vis-a-vis the initial cost and time estimates to determine the effect of variations from schedule on the ability to meet debt servicing obligations.
Focus on demand and potential variation of demand due to economic changes, is the most essential ingredient for commercially viable operations. The aspects examined are:
Evaluation of cargo-mix
CARE evaluates the cargo-mix closely to assess the port’s vulnerability to competition and the stability of revenue streams.
CARE evaluates the management from different perspectives like
Port operations carry the following unique operating risks which CARE analyses in detail:
An in-depth analysis of the projected operations is undertaken to assess the ability of the port operations to service its debt obligations. This would also entail a critical examination of the underlying assumptions in context of the above factors. CARE would also examine the following as part of its financial evaluation:
CARE analyses each of the above factors and their linkages to arrive at the overall assessment of credit quality. The reduction in credit risk due to any credit enhancement provided is carefully evaluated before assigning the final rating.
While the methodology encompasses comprehensive analysis of the project implementation risks, demand analysis, regulatory framework, management evaluation and financial analysis, the credit rating is awarded on the basis of an overall assessment of all aspects.
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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