The credit rating agency has always been a good option for small and medium enterprises because it helps in get the finance.
As per RBI report only 15% of the registered SMEs have right to take finance from official sources.
However rating agencies in India evaluate a company’s financial capability and feasibility to credit business debt, render imminent into its sales, operational and monetary composition, and by this means evaluate the risk factor, and bring to light the overall health of the enterprise. They also benchmark its performance within the
Rating agencies assess a firm's financial feasibility and capability to honor business obligations, provide an insight into its sales, operational and financial composition, thereby assessing the risk element, and highlights the overall health of the enterprise.
In addition the credit Rating agencies typically have ten grades, range from SME 1-10, and 1 stand for the uppermost and 10 lowly.
In return these agencies ask a fee, which could be based on company annual revenue. In general they charge around 50k to 1.5 lakh.
They rating or grades that are given to a company would be valid for year and can be renewed each year by extending fee. Also good rating increases the chance of getting loan.
The superior rating help you get quicker and reasonable credit for your endeavor or project.
The rating agencies in India that renders rating for SMEs- Fitch, SME rating agency in India ( SMERA) , Onicra, ICRA, Crisil ratings, credit analysis & research( CARE)- have lace-up with some banks to offer privileged interest rates based on ratings.
The grade aid companies get loan on lower interest rates and also lessen the loan dispensation time.
In other words if a company is first-rated, then may come up to a different banks to get lower interest rates on loan than existing financer or bank.
The credit rating agencies do unprejudiced assessment or even work as third party. It not only assists in get credit but also makes you more credible or eligible while applying for tender.
The government also favors those companies which are highly rated by rating agencies.
It also shows up strong point and weak point about any organization, which further help them in correcting them, and builds confidence amongst shareholders and customers of the company.
Therefore Credit Rating Agencies are beneficial not only for company but stakeholders and customers also. At present there are various rating agencies in India.
Author Bio: The author of this article is a consultant at one of the preeminent credit rating agencies in India. He suggests facilitating of foremost rating agencies in India.
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