Page 225 - DCOM304_INDIAN_FINANCIAL_SYSTEM

Indian Financial System

Notes and Natural Gas (MoPNG), Government of India (GoI), National Housing Bank (NHB),
National Bank for Agriculture and Rural development (NABARD), National Small Scale
Industries Commission (NSIC). CARE Ratings has also been recognized by RBI as an
Eligible Credit Rating Agency (ECRA) for Basel II implementation in India.
CARE Ratings has significant presence in all sectors including Banks / FIs, Corporate, Public
finance. Coverage of CARE Ratings has extended to more than 1075 entities over the past
decade and is widely accepted by investors, issuers and other market participants. CARE
Ratings have evolved into a valuable tool for credit risk assessment for institutional and
other investors, and over the years CARE has increasingly become a preferred rating agency.
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 ratings are not recommendations to buy/sell or hold
any security.
4. Duff & Phelps Credit Rating India Private Ltd. (DCR India): CR India or Duff & Phelps
Credit Rating India Private Ltd. is one of the top credit rating agencies in India. Over the
years, DCR India has been providing excellent services to its clients.

Duff & Phelps Credit Rating India Private Ltd. (DCR India) has played an important role
in rating India's forex debt obligations. The services provided by Duff & Phelps Credit
Rating India Private Ltd. (DCR India) are considered to be at par with other leading
providers of credit rating services in India like Credit Rating Information Services of
India Limited (CRISIL), ONICRA Credit Rating Agency of India Ltd., Investment
Information and Credit Rating Agency of India (ICRA), Operation Research Group &
Marketing & Research Group and Credit Analysis & Research Limited (CARE).
5. ONICRA Credit Rating Agency of India Ltd.: ONICRA, a path breaking innovative
organization analysis data and provides individual credit rating solutions that enable the
lender or service provider to take a valued judgment on financial and other transactions .
ONICRA facilitates over 100,000 transactions per day through a single window clearance
on a national basis in the TELECOM, BANKING, INSURANCE, HEALTH AND EDUCATION
SECTOR.
Over the years, ONICRA has developed a long list of esteemed clients. The client list of
ONICRA includes some of India's top 500 companies like Airtel, Mahindra & Mahindra,
Reliance, Volkswagen, HDFC and Genpact, etc.
ONICRA has been acknowledged as pioneers in this field by the Ministry of Finance in the
Economic Survey (1993-1994) .It is also recognized and empanelled by the likes of NSIC
(National Small Industries Corporation) for SSI (Small Scale Industry) assessment. Their
ratings have also been accepted by the Indian Banks Association.
Self Assessment

Fill in the blanks:
1. A credit rating for an issuer takes into consideration the issuer's …………………… .
2. CARE's Credit Rating is an opinion on the relative …………………… and ……………………
of an issuer to make timely payments on specific debt or related obligations over the life
of the instrument.
3. Credit rating agencies are registered and regulated by the …………………… .
4. The Board may appoint one or more persons as inspecting officers, to undertake inspection
of the books of account, ………………… and ………………… of the credit rating agencies.

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