Dissecting the business model, sector dynamics, risks, and management signals behind a slow-growth but high-margin rating franchise. CARE Ratings: A Tollbooth on India’s Credit Market with a Scarred Track Record CARE Ratings makes most of its money by charging companies, banks, and bond issuers fees to rate their debt and then charging smaller annual fees to keep those ratings updated. Almost all revenue comes from this ratings work in India, so the business is asset‑light w

Caplin Point provides affordable, high-quality generic medicines to millions of people in countries such as Guatemala, El Salvador, Nicaragua, and Ecuador, where access to healthcare is limited. Pharmacy for underserved populations Caplin Point Laboratories is an Indian pharmaceutical company that has carved out a unique niche by focusing on emerging markets (primarily Latin America and Africa) rather than competing head-to-head with giants in the crowded US or Indian market