The Hindu Business Line : Shefexil inks pact with Dun & Bradstreet India

“Recognised worldwide as a powerful standard in business and financial transactions, offered the council members a global platform in India, allowing the units to access faster credit from financial institutions.”

Mohan Padmanabhan

Kolkata, July 5

Shellac and Forest Products Export Promotion Council (Shefexil) has entered into an arrangement with Dun & Bradstreet Information Services India Pvt Ltd, a part of the D&B Corporation, for availing NSIC and D&B Performance and Credit Rating services for the benefit of its members (both SSI and non-SSI) at special terms and rates.

Businesses, armed with this business identifier rating which can act as a benchmark, can do self-assessment of strengths and weaknesses.

D&B, a provider of business-to-business credit, marketing, purchasing, collection and decision-support services in India and abroad, already has a MoU with the National Small Industries Corporation Ltd (NSIC), under the Government of India, for providing performance and credit rating services to SSIs in India.

Under the tie-up, D&B will offer the ‘NSIC-D&B Performance and Credit Rating’ service to registered SSI members of Shefexil at a subsidised rate.

Global recognition

Talking to Business Line on the advantages of such ratings, Mr Pradeep K. Shaw, Chairman, Shefexil, said the D&B Rating, recognised worldwide as a powerful standard in business and financial transactions, offered the council mem bers a global platform in India, allowing the units to access faster credit from financial institutions including banks.

He said it will also enable member-firms to become a part of the Dun & Bradstreet global database of 100 million companies.

The ‘DUNS’ number, said to be at the core of global marketing, credit and purchase transactions, was the most widely accepted standard for identifying businesses globally, and is used by the world’s most influential standard-setting organisations.

Evaluate buyers

According to Mr Shaw, the number was also required by Governments such as the EC, the US and Australia and more than 50 global industry and trade organisations, besides organisations such as the UN.

He said the D&B ratings, besides enabling the institutions to evaluate suppliers and buyers in business transactions, also provide prospective customers with a third party opinion about the company being dealt with, significantly eliminating any perceived uncertainty.

“It can keep the organisation connected with the far reaching arms of a MNC”. He added that it also enables two-way communication by which a unit can exchange views and discuss the rating with a D&B analyst.

Rating fee subsidised

Mr Shaw said for SSI member firms, D&B, by virtue of its MoU with NSIC, will offer the service at 25 per cent of the cost, with the balance rating fee subsidised by NSIC. The scheme is endorsed by IBA, which further ensures faster access to credit. Turnover-based concessional fees will be payable by Shefexil members.

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