Ministry of Micro, Small & Medium Enterprises to reimburse up to 75% costs of ratings

Ministry of Micro, Small & Medium Enterprises to reimburse up to 75% costs of ratings

NSIC in consultation with Credit Rating Agencies and Indian Banks’ Association has formulated a Performance & Credit Rating Scheme for Micro & Small Enterprises.

The National Small Industries Corporation (NSIC) has been appointed as a nodal agency by the Ministry of Micro, Small & Medium Enterprises to implement the scheme.

NSIC empanelled the leading credit rating agencies like CARE, CRISIL, Dun & Bradstreet, FITCH, ICRA, ONICRA and SME Rating Agency of India Ltd (SMERA) to conduct the rating of interested Micro & Small Enterprises under the scheme. While the criteria of finalization is left up to the individual rating agencies, the symbols and the definitions for indicating the risk score has been evolved on uniform basis for implementation by all rating agencies.

The scheme was launched on April 7, 2005 by the Finance Minister and Minister of MSME. The Rating fee to be paid is based on the turnover of the Micro & Small Enterprise and the portion of the fee to be subsidised by the Ministry is released through NSIC after submission of the Rating Report to NSIC by the Rating Agency, which is up to 75 per cent of the fee paid subject to other ceilings in different categories.

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Courtesy: Ministry of Micro, Small & Medium Enterprises release