About the Company

CARE Ratings commenced operations in April 1993 and has established itself as the second-largest credit rating agency in India. CARE Ratings is proud of its rightful place in the Indian capital market built around investor confidence. The company has emerged as the leading agency for covering many rating segments including manufacturing, infrastructure, financial sector including banks, non-financial services among others.

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 and Pune.

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.
  • Established a subsidiary CARE Ratings (Africa) Private Limited (CRAF) in Mauritius with equity partnership from African Development Bank (AfDB). CRAF is recognized by Bank of Mauritius as an External Credit Assessment Institution.
  • Established a subsidiary “CARE Ratings Nepal Ltd” to undertake rating services in Nepal which is licensed by the Securities Board of Nepal. CRNL provides credit ratings and related services inthe geography of Nepal.
  • Entered into strategic alliance with Japan Credit Ratings Agency (JCR).
  • Signed a Memorandum of Understanding (MoU) with Russian Rating Agency - Analytical Credit Rating Agency (ACRA) to assist each other towards developing a multilateral credit rating framework and undertake joint analytical research work.

Business area of the company

The company 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. Its rating and grading service offerings leverage its domain and analytical expertise backed by the methodologies congruent with the international best practices.



  • Launched ‘CARE Loan Ratings’ for rating term loans
  • Ventured into Advisory business and bagged 13 assignments
  • Initially started rating for Debt Mutual Funds
  • Obtained registration with SEBI when rating agencies came under its purview


  • Founding member of Association of Credit Rating Agency in Asia (ACRAA)
  • Launched Corporate Governance and Value Creation Rating
  • Signed MOU with NSIC for empanelment as an approach rating agency for small scale industries


  • IPO grading launched
  • Received ECAI recognition
  • Signed MOU with 19 banks to provide rating facilities under BASE II
  • Received mandate from Ministry of Urban Development for rating 13 ULBs under JNNURM
  • Completed 5,000 assignments


  • Made an IPO in 2012. Subscribed 34.05 times.
  • Listed on BSE and NSE.
  • Rated debt volume crossed Rs. 10 trillion
  • Foray in Maldives
  • Acquired Kalypto Risk Technologies Pvt. Ltd
  • Obtained 9001:2008 certification


  • CARE Ratings signs MoU with Russian Rating Agency - Analytical Credit Rating Agency (ACRA).
  • CARE Ratings assigned India’s First Consumer Durable Asset Pool Securitisation Rating.
  • Winner of The Financial Express CFO Platinum Award (1st rank in services category for companies with turn-over of less than 500 crore)
  • Launched “Expected Loss” rating for Infrastructure Projects
  • Launched CARE Advisory Research and Training Ltd, a subsidary of CARE Ratings, which Provides Financial Advisory and Management Consultancy services
  • CARE Ratings signs MoU to establish Credit Rating Agency in Nepal
  • CARE Ratings enters into a strategic alliance with Japan Credit Rating Agency, Ltd. (JCR) – 29/12/2015
  • Obtained a license for doing business in Mauritius and will operate under the banner of CARE Ratings (Africa) Private Limited (CRAF). CRAF was launched on 3rd August 2015.
  • Empanelled by Government of Karnataka for rating of Tourism sector in the state
  • Rated the first Green Infrastructure bond
  • Launched rating of Real Estate Investment Trusts (REITs)
  • Developed and launched a Debt Quality Index called CDQI. The Index denotes the quality of debt in the country that can be interpreted over time and juxtaposed with other developments in the financial sector.
  • In terms of rating business penetration attained highest share in BS top 1000 companies (45%), ET top 500 companies (54%) and FE top 500 companies (52%).
  • Partnered with four other domestic credit rating agencies in Brazil, Malaysia, Portugal and South Africa, to form an international credit rating agency called ARC Ratings.ARC Ratings was launched on January 2014 in London
  • Assigned rating to India’s first Alternate Investment Fund (AIF)
  • Rated India’s First Securitization Transaction backed by Mortgage Guarantee


  • CARE Ratings signs MoU with Tresata Inc a world leader in AI software.
Parent OrganizationCare Ratings Ltd.Managing DirectorMehul Pandya
Founded1993NSE SymbolCARERATING