MEDIA RELEASE
Dun & Bradstreet Signs MoU with Federation of Indian Micro and Small & Medium Enterprises
New Delhi, May 14, 2007: Dun & Bradstreet, the world’s leading provider of global business information, knowledge and insight and global leader in business ratings today signed a Memorandum of Understanding (MOU) with the Federation of Indian Micro and Small & Medium Enterprises (FISME), one of the chief representative bodies of SMEs in India. Under the terms of the MOU, D&B will offer FISME’s registered SSI members and their affiliate SSI entities the NSIC–D&B Performance and Credit Rating at a subsidised fee and non-SSI members a D&B Business Scope Rating at a preferential price.
This rating, offered under the Performance and Credit Rating Scheme for Small Scale Industries (SSI) adopted by the Ministry of Small Scale Industries of the Government of India is meant especially for the Small Scale Industries sector.
The MOU will provide FISME members with the globally accepted D&B rating at a special rate, thus helping them establish their credibility on a global platform. They will also receive D&B’s globally recognised Data Universal Numbering System Number (D&B D-U-N-S® Number), along with the Rating.
The D&B D-U-N-S® Number is a unique nine-digit identification number that facilitates global recognition for businesses. It is used extensively for vendor pre-qualification by Fortune 500 Companies and is also widely used to link corporate family structures together. The D&B DUNS number is recognized, recommended, and/or required by 50 global industry and trade associations including: The United Nations, European Commission, International Standards Organization, Australian Government and US Government among others.
Speaking at the signing of the MOU in New Delhi, Mr. Kaushal Sampat, Chief Operating Officer - Dun & Bradstreet, India said, “Accessing adequate, timely and economical financing is one of the key constraints that confronts small and medium businesses in India today. Simultaneously, globalisation has put tremendous pressure on these businesses to adopt best practices in order to become globally competitive. The D&B Rating not only enhances the SSI’s ability to access finance easily, but also helps establish their credibility on a global platform. The signing of this MOU further reiterates Dun & Bradstreet’s commitment to facilitating the interface between Indian business and global customers and buyers. We are pleased to partner with an organization of the stature of FISME and look forward to a long and fruitful association.”
Mr. Ramji Suneja, President, Federation of Indian Micro and Small & Medium Enterprises, signing the MOU said, “The D&B-FISME alliance would significantly help progressive SMEs to improve market access because all SMEs rated by D&B would be given the unique DUNS number which is solely provided by D&B globally. The DUNS number is increasingly becoming an important pre-requisite to enter into global supply chains especially in the largest market for Indian goods - USA", he added.
Benefits of obtaining a D&B Rating:
Easier Access to Finance: A D&B Rating enhances a company’s ability to access finance from banks and financial institutions. The Indian Banking Association (IBA) has endorsed this scheme and has communicated the same to its members. Several banks have signed an MOU with D&B, offering interest rate benefits to companies with a good D&B rating.
Global Acceptability: A D&B rating helps a business establish credibility on a global platform and provides easy access to global markets.
Affordable: The scheme makes Ratings affordable to SSIs since 75% of the rating fees are subsidised.
Global Listing: Provides the business with an opportunity to get listed in D&B’s global database of over 106 million companies, one of the world’s largest B2B trade facilitators.
Validation: Leading global companies insist on a D&B rating in order to authenticate /validate their prospective and existing suppliers.
Credibility: Companies globally examine D&B reports before making collaboration and equity investment decisions.
Dun & Bradstreet has rated the maximum number of SSI units under the NSIC-D&B Performance & Credit Rating Scheme since its inception.
About Dun & Bradstreet (D&B):
Dun & Bradstreet (NYSE:DNB), the world’s leading source of global business information, knowledge and insight, has been enabling companies to Decide with Confidence® for 165 years. D&B’s global commercial database contains more than 100 million business records. The database is enhanced by D&B’s proprietary DUNSRight® Quality Process, which transforms the enormous amount of data collected daily into decision-ready insight. Through the D&B Worldwide Network – an unrivaled alliance of D&B and leading business information providers around the world –customers gain access to the world’s largest and highest quality global commercial business information database.
Customers use D&B Risk Management Solutions to mitigate risk, increase cash flow and drive increased profitability, D&B Sales & Marketing Solutions to analyse markets, locate prospects and increase revenue from new and existing customers; D&B Export Marketing Solutions to gain significant insight into overseas markets and increase sales; D&B Financial Education Solutions to facilitate professional growth and excellence among their executives and D&B Economic Analysis Group to derive pragmatic and solution-oriented analyses of strategic economic and business developments, thereby aiding informed decision making.
D&B features on FORTUNE Magazine's Most Admired Companies Industry List, ranking first in the Financial Data Services category. D&B ranked first in the areas of employee talent, financial soundness, long-term investment, quality of management and use of corporate assets. D&B has achieved this distinction for the second consecutive year.
About the Federation of Indian Micro and Small & Medium Enterprises:
The Federation of Indian Micro and Small and Medium Enterprises (FISME) is one of the chief representative bodies of SMEs in India. Head quartered in New Delhi, it is an umbrella organization of state level SSI associations and product specific associations. Set up in 1995, FISME represents the face of progressive SMEs in India. Widely networked nationally and internationally, it remains focused on enhancing the capabilities of SMEs in achieving competitiveness and market access.
For further information kindly contact:
Metabelle Lobo(Mob: +91 98335 53039)
Lavina Chawla (Mob: +91
98197 10293)
Dun & Bradstreet