The Cotton Textiles Export Promotion Council (Texprocil) has signed an MoU with Dun & Bradstreet Information Services India Private Limited (D&B), with the objective of offering credit rating facilities to its members.
Under the terms of the MOU, D&B will offer the "NSIC–D&B Performance and Credit Rating" and the "D&B Business Scope Rating" to SSI and Non-SSI members of Texprocil, at a preferential fee.
The "NSIC–D&B Performance and Credit Rating", offered under the Performance and Credit Rating Scheme for Small Scale Industries (SSI) adopted by the Ministry of Small Scale Industries, is meant especially for the SSI sector. While the "D&B Business Scope rating" is targeted towards non-SSI members and their non-SSI affiliates.
The MOU will provide TEXPROCIL 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, 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 D-U-N-S 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.
Mr. Prem Malik, Chairman, Texprocil, speaking at the occasion said, "These ratings will provide an edge to Indian textile exporters over their competitors in exporting their products into global markets and will also help in enhancing credibility with banks, customers, suppliers and collaborators. As an incentive for obtaining the rating, D&B is also offering the globally recognized D&B D-U-N-S Number free of cost to the members of Texprocil" he added.
Speaking at the signing of the MOU, 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."
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