Credit AnaIysis & Research Ltd.

(CARE)
4th FIoor, Godrej CoIiseum
Somaiya HospitaI Road
Behind Everard Nagar
Off Eastern Express Highway, Sion (E)
Mumbai 400 022



Credit Analysis S Research Ltd. (CARE Ratings) is a full service rating company that offers a wide range of rating and
grading services across sectors. CARE has an unparallel depth of expertise. CARE Ratings methodologies are in line with the
best international practices.

CARE Ratings has completed over 3844 rating assignments having aggregate value of about Rs.31130 bn (as at Narch,
2011), since its inception in April 1333. CARE is recognised by Securities and Exchange Board of !ndia (Sebi), Covernment
of !ndia (Co!) and Reserve Bank of !ndia (RB!) etc.

CARE has seven offices in !ndia located at Numbai, Delhi, Kolkata, Chennai, Hyderabad, Bangalore and Ahmedabad.


OUR v!S!ON:

O 'o be a respected company that provides bestin its field quality S value services.


OUR N!SS!ON:

O 'o offer a range of high quality services to investors, issuers of debt, equity and other instruments and other
participants in the capital market.
O 'o build a preeminent position for ourselves in !ndia in securities analysis, information and related services and to
be an international credit rating agency.
O 'o earn customer satisfaction and investor confidence through fairness and professional excellence.
O 'o be deeply committed to our customers, our employees and the community in which we serve.
O 'o apply the most advanced techniques of securities analysis and information and communications technology for
ensuring efficiency and high quality.
O 'o provide stateoftheart services of securities rating, information and related services of international standard.
OUR vALUES:

O !ntegrity S 'ransparency : A commitment to be ethical, sincere and open in our dealings.
O #ursuit of excellence: A commitment to strive relentlessly to constantly improve ourselves.
O airness: 'reat clients, employees and other stakeholders fairly.
O !ndependence: We pride our independence, are unbiased and fearless in expressing our opinion
O 'horoughness: We like to do rigorous analysis and research on every assignment that we take.
ICRA

CRA Limited (formerly nvestment nformation and Credit Rating Agency of ndia
Limited) was set up in 1991 by leading financial/investment institutions, commercial
banks and financial services companies as an independent and professional
nvestment nformation and Credit Rating Agency.
Today, CRA and its subsidiaries together form the CRA Group of Companies
(Group CRA). CRA is a Public Limited Company, with its shares listed on the
Bombay Stock Exchange and the National Stock Exchange
%he CRA Factor

FaciIitating Efficiency in Business...
CRA information products, Ratings, and solutions reflect independent, professional
and impartial opinions, which assist businesses enhance the quality of their
decisions and help issuers access a broader investor base and even lesser known
companies approach the money and capital markets.
%he Research Factor...
We strongly believe that the quality of analytical output is a derivative of an
organisation's research capabilities. We have dedicated teams for Monetary, Fiscal,
ndustry and Sector research, and a panel of Advisors to enhance our in-house
capabilities. Our research base enables us to maintain the highest standards of
quality and credibility.
Committed to the DeveIopment of the FinanciaI Market...
The focus of CRA in the coming years will continue to be on developing innovative
concepts and products in a dynamic market environment, generating and promoting
wider investor awareness and interest, enhancing efficiency and transparency in the
financial market, and providing a healthier environment for market participants and
regulators.
Our Products and Services are Designed to:
Provide information and guidance to institutional and individual investors/creditors;
Enhance the ability of borrowers/issuers to access the money market and the capital
market for tapping a larger volume of resources from a wider range of the investing
public;
Assist the regulators in promoting transparency in the financial markets; and
Provide intermediaries with a tool to improve efficiency in the funds raising process.


CRISIL
YEAR OF ESTABLISHMENT 1987
We are a global analytIcal company provIdIng ratIngs, research, and rIsk and polIcy
advIsory servIces.
We are ndIa's leadIng ratIngs agency. We are also the foremost provIder of hIghend
research to the world's largest banks and leadIng corporatIons. WIth sustaInable
competItIve advantage arIsIng from our strong brand, unmatched credIbIlIty, market
leadershIp across busInesses, and large customer base, we delIver analysIs, opInIons, and
solutIons that make markets functIon better.
Dur defInIng traIt Is our abIlIty to convert data and InformatIon Into expert judgements
and forecasts across a wIde range of domaIns, wIth deep expertIse and complete
objectIvIty.
At the core of our credIbIlIty, buIlt up assIduously over the years, are our values: ntegrIty,
ndependence, AnalytIcal FIgour, CommItment and nnovatIon.
Dur majorIty shareholder Is Standard and Poor's. Standard E Poor's, a part of The |cCraw
HIll CompanIes, Is the world's foremost provIder of credIt ratIngs.
4 0 $07;0
We address a rIch and globallydIversIfIed clIent base. WIthIn ndIa our customers range
from small enterprIses to the largest corporatIons and fInancIal InstItutIons; outsIde ndIa
our customers Include the world's largest banks and leadIng corporatIons. We also work
wIth governments and polIcymakers In ndIa and other emergIng markets In the
Infrastructure domaIn.
RICK WORK RATING




Brickwork Ratings, a SEB licensed credit rating agency, founded by bankers, credit rating professionals, former
regulators as well as professors, is committed to promoting Financial Literacy, having its corporate office in Bangalo
and branches at New Delhi, Mumbai, Chennai, Hyderabad and Pune.. While ndian financial markets have been
liberalized in the past two decades, useful information is still scarce.





Brickwork Ratings is a Bangalore-based company incorporated in 2007 with the mission of providing unbiased
information to ndian investors for making better investment decisions. Mr. Balasubramanian, Mr. Vivek Kulkarni and
Mr. Ravishankar are the founder directors of Brickwork Ratings. Mr. Balasubramanian is the former Chairman of
SDB and a pioneer in the banking industry. He was instrumental in setting up of SMERA an SME rating agency.
has tremendous credit experience with the Bank of Baroda. Mr. Ravishankar is a financial professional with a rich
experience of over 25 years in BFS segment. He was Managing Director of Asia-Pacific Risk Solutions business of
Standard and Poor's.

The initial concept of Brickwork Ratings was conceived by Mr. Vivek Kulkarni after the success of providing high-en
financial services to the global market through Brickwork ndia Pvt. Ltd. a knowledge process outsourcing compan





ssuer Ratings
For State and Local Governments, Corporates, Banks and Financial nstitutions

Short Term Ratings
For Commercial Paper, CDs of Banks and Corporate

Long Term Ratings
For Bonds, Debentures, Structured Products of Corporate

Long Term Ratings for Tier and Tier Capital of Banks

Fixed Deposit Ratings

Mutual Funds Ratings

Bank Loan Ratings*

SME Ratings

Facility Ratings

PO Grading

nsurance Company Ratings

Corporate Governance Ratings

Real Estate Proj ect Ratings

Real Estate Developer Ratings

Training Services

Brickwork Briefing Customized Training

Research Services

Risk Management Models

Accreditation of Valuation Agencies