Page 257 - DMGT512_FINANCIAL_INSTITUTIONS_AND_SERVICES

Financial Institutions and Services

Notes 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.

Duff & Phelps Credit Rating India Private Ltd. (DCR India)

DCR 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).

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,
Volkswagon, 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.

Case Study Indian Insurers' Credit Ratings seen Stable

'Ownership change likely if foreign partners can't provide more capital'.
Mumbai, Sept. 24 The credit ratings of Indian insurance companies - both life and
non-life - are unlikely to be affected in the near future despite the global financial crisis
affecting the foreign stakeholders of these companies.

But if the foreign partners are unable to bring in additional capital in the long term due to
the global slowdown, it could mean a change of ownership for Indian insurance companies,
said analysts.
Contd...

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