Credit Analysis & Research Ltd (CARE Ratings) is a full service rating company that offers a wide range of rating and grading services across sectors. The company is recognized by Securities and Exchange Board of India (Sebi), Government of India (GoI) and Reserve Bank of India (RBI) etc. They have Nine offices in India located at Mumbai, New Delhi, Kolkata, Chennai, Hyderabad, Bangalore , Ahmedabad, Jaipur, Pune and international operation in Male in the Republic of Maldives. Credit Analysis & Research Ltd was established in the year 1993. The company was promoted by major Banks/ FIs (financial institutions) in India. The three largest shareholders of CARE are IDBI Bank, Canara Bank and State Bank of India. The company has completed 19,058 rating assignments and has rated Rs. 44,036.03 billion of debt as of September 30, 2012. The company carries out rating of the debt instruments, namely structured obligations, Commercial paper, Debentures, Fixed deposits and Bonds, covering the full spectrum of Universe comprising Industrial Companies, Service companies, Infrastructure companies, Banks, Financial Institutions (FIs), Non-Bank Finance companies (NBFCs), Public Sector Undertakings (PSUs), State Government Undertakings, Municipal Corporations, Structured Finance Transactions, Securitization Transactions, SMEs, SSI and Micro Finance Institutions. In addition to debt ratings, the company has experience in providing specialized grading/rating services, such as Corporate Governance ratings, IPO grading, Mutual Fund Credit quality Ratings, Insurance Claims Paying Ability Ratings, Issuer Ratings, Grading of Construction entities, Grading of Maritime training institutes and LPG/ SKO Ratings. The company'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. The Research and Information division of CARE provides contemporary research and information covering various industries and financial markets. Publications include Industry Research Reports with Updates, Debt Market Review, Budget Analysis, other policy impact analysis, and special commentaries on topical issues. The company had established the Research Division in June 2006. During the financial year 2007-08, the company entered into an agreement to provide technical assistance to a rating agency in one of the Latin American countries. During the year 2008-09, the Research Division added 5 new sector reports, namely Gems & Jewellery, Shipbuilding, Retail, Construction and Coal. During the year 2009-10, CARE Research launched reports in respect of sectors such as banking, two wheelers, passenger vehicles, sugar, man-made fibres and natural gas. They developed a new product known as 'Industry Risk Scores' which gives ranking to each industry on a five-point scale on both structural and financial parameters. Also, they launched CARE Online Reports Distribution System, whereby the reports can be purchased by subscribers by making online payment. The reports can be viewed online. During the year 2010-11, CARE acquired license to operate credit rating operations in Maldives and launched new products including equigrade, ESCO grading, RESCO grading and financial strength grading of shipyards, edugrade and real estate project star ratings. The company also started rating services for perpetual bonds issued by non financial service companies. In 2011-12, CARE has acquired 75.13% of the issued and paid up equity share capital of `Kalypto Risk Technologies Private Limited'. Kalypto is engaged in the business of providing risk management software solutions and offers products with exclusive focus on banking and financial services domain and addressing the areas of enterprise risk management. During the year, the company also acquired indirect recognition as an external credit assessment institution from Hong Kong Monetary Authority.