Advisory Services:

•Credit Reports - CARE offers credit reports on companies based on published information
and CARE's in-house data base. These confidential credit reports are useful to entities
considering financing options, joint ventures, acquisitions and collaborations with Indian
companies.

•Sector Studies - CARE from time to time conducts studies on select sectors of the Indian
economy, particularly those which were largely government controlled and funded till
recently, but have been thrown open for private investment. Studies on the Indian Power
Sector, Fertilizer Industry and Municipal Finances have been completed. CARE has also
prepared reports on twelve of the larger states of the Indian Union, which account for the
bulk of foreign direct investment into India. CARE also regularly prepares reports on
important segments of the Indian economy. These reports are used by industry
participants, financial intermediaries and also by analysts in CARE for their rating
reports.

Project Advisory Services - For financing its infrastructure, India is increasingly relying
on private sector participation. CARE uses the expertise gained in evaluating the credit
risk of projects in areas such as roads, ports, power and telecom to advise investors and
banks about the regulatory framework, the specific project risks and the ways of risk
mitigation. CARE has helped independent power producers in India understand the
functioning of the principal power purchasers, the State Electricity Boards and evaluate
options for mitigating purchaser risk. CARE has also worked closely with project
sponsors to structure their debt securities based on estimates of cash flows.

Financial Restructuring - The business risk faced by Indian companies increased following
the liberalisation of Indian economy in 1991. To compete in the changed environment,
companies have had to reassess their capital structures. CARE uses its knowledge about
various industry sectors to advise companies about the optimal capital structure and the
financial restructuring options.

•Valuation - CARE carries out enterprise valuations for company managements,

prospective and exisiting business partners or large investors. The Disinvestment
Commission, Government of India, has used CARE's services for valuing 20 state owned
enterprises.
 •Credit Appraisal Systems - CARE helps banks and non banking
finance companies to set up or modify their credit appraisal systems.
•Debt Market Review - CARE's Advisory division also publishes a

monthly bulletin "debt market review" on the happenings in the debt

market and general development in the economy in the previous month

Credit Rating Services

-CARE's Credit Rating is an opinion on the relative ability and willingness of an issuer to
make timely payments on specific debt or related obligations over the life of the
instrument.

-CARE rates rupee denominated debt of Indian companies and Indian

subsidiaries of multinational companies.

-CARE undertakes credit rating of all types of debt and related obligations (all types of
medium and long term debt securities such as debentures, bonds and convertible bonds
and all types of short term debt and deposit obligations such as commercial paper, inter-
corporate deposits, fixed deposits and certificates of deposits).

-CARE also rates quasi-debt obligations such as the ability of insurance

companies to meet policyholders obligations.
-CARE's preference share ratings measure the relative ability of a
company to meet its dividend and redemption commitment

Investment Information and Credit Rating

Agency of India

In addition to being a leading credit rating agency with expertise in virtually

every sector of the Indian economy, ICRA has broad-based its services for the
corporate and financial sectors, both in India and overseas, and currently
offers its services under the following banners:
–Rating Services Information.
–Grading and Research Services.
–Advisory Services.
–Economic Research Outsourcing.