Composites are being used in variety of applications and many of them are being manufactured to suit different working and loading environments. But since composites are made of different materials bonded and reinforced with fibres, they develop distress in the form of cracking and damage while in service and there is a need to assess their performance in terms of strength and stiffness for the remaining portion of their life. The focus of the current study is related to a typical composite INDCARF manufactured in India and its performance with cracking under different conditions. Based on coupon test results, analytical studies using non-linear finite element model were carried out to assess the influence of different characteristics of damage on failure and remaining life. The cracking parameters were identified as initiation, spread and inelastic material behavior using elastic-plastic material model. The samples were evaluated by tensile tests according to the ASTM D3039.