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DEPARTMENT OF MANAGEMENT

Report on Summer Training

"AWARENESS OF CRlSILSME RATINGS AMONG SME'S"

Submittedto University

In partial fulfillment of theRequirements for the award of Degree of

Master of Business Administration

Submitted by:

DEPARTMENT OF MANAGEMENT

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ACKNOWLEDGEMENTS

I would like to express my sincere thanks to CRISIL Ltd., Ludhiana for giving me the

opportunity to carry out the Summer Internship Program in their organization. The whole period

spent with the organization has been of immense learning experience about the SME Ratings.

Preparing a project of such a kind is not an easy task in itself and I am sincerely thankful to all

those people who help me lot, in preparing and completing this project.

I am grateful to CRISIL Ltd. who has given me this opportunity to carry out the projectAWARENESS AND IMPLEMENTATION OF CRlSIL SME RATINGS AMONG EMERGING

SME'SA study on investors perception their behavior about equities.

I would also like to thankProf. Jyoti Sharma Faculty Guide, Lovely Professional University,

Phagwara for her valuable guidance and insight amidst his busy schedule.

Finally I would like to thank Sardar. Gurmukh Singh (Relationship Manager) my project

supervisor without his help and guidance the completion of this project would have become

difficult task.

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CHAPTER 1

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INTRODUCTION

I.1 Introduction of the company.

I.2 Business and services of the company.

I.3 Profile of the company.

I.4 History of the company.

I.5 Organization and Infrastructure.

I.6 Milestones of the company.

1.7 Product range of the company.

1.8 Performance of the company.

1.9 Benefits of SME Rating

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1.1 Introduction to CRISIL

An increased range of borrowers, increasingly complex financial transactions and large

quantum of debt borrowed in India warranted the need of provider of objective, accurate and

timely information of credit quality. To fulfill this objective, CRISIL was incorporated in 1987

as public limited company. Today CRISIL is Indias largest and most respected rating agency.

CRISILs majority share holder is standard $ Poors the worlds foremost provider of

independent credit rating, indices, risk evaluation, investment research and data. Leading

corporation worldwide are rated by S&P. S&Ps credit risk tracer (CRT) has analyzed about 10

lakh SMEs in Europe

Established in 1987, CRISIL has been promoted by leading Indian financial institutions like

The Industrial Credit and Investment Corporation of India Limited (ICICI), Unit Trust of India

(UTI) and Housing Development Finance Corporation Limited. The major shareholders include

Standard & Poor's, ICICI, UTI, Life Insurance Corporation, General Insurance Corporation and

a host of nationalized and foreign banks. CRISIL became a public limited company in

November 1993 and is presently a quoted company on the Bombay Stock Exchange and the

National Stock Exchange

.

Crisil pioneered the concept of credit rating in India and developed the framework and

methodology for rating debt in the context of the India financial, monetary and regulatory

system. CRISIL today has attained a pre-eminent position in the rating industry. It is the largest

rating agency in the South East Asia region and is amongst the four largest ratings agencies in

the world. In February 1996, CRISIL entered into a strategic alliance with Standard and

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Poors .The relationship got strengthened with S&P with CRISILs working credibility,

competence and management. The relationship got further strengthened with S&P taking up a

majority stake in CRISIL.

CRISIL started with the rating of corporate dept and other the years extended its scope of

activities. Its range of services one includes rating services, advisory services and investment

research related services.

1.2 CRISIL Business and Services

CRISIL Limited is Indias leading Ratings, Financial News, Risk & Policy Advisory Company.

CRISIL helps clients manage and mitigate business and financial risk, enables markets to

function better through benchmarks and best practices and provides workable inputs in shaping

public policy. CRISILs services and products span the entire value chain starting from data

collection and management to providing opinions and integrated solutions. These products and

services are backed by highest standards of integrity, independence and analytical rigor, making

CRISIL the most credible provider of these services in the market. CRISILs clients depend

upon it to constantly deliver objective opinions and the most workable solutions. Through a

sustained theme of innovation and thought leadership, CRISIL has led the markets with new

thoughts, new analytical frameworks and new approaches, placing it in its leading position in

the Indian market place. to all participants in the financial markets. CRISIL Infrastructure

Advisory Group provides workable policy and transaction level solution to Central and State

governments, public sector and private sector entities, that help them make the difference.

CRISIL Investment and Risk Management Group (part of CRISILs advisory services) and

Global Data Services India Ltd (GDSIL), both CRISIL subsidiaries. CRISIL Ltd provides

business knowledge through research on industries, companies and the economy, GDSIL

provides analytical data base to support CRISIL as well as external clients in there research and

analysis. CRISILs news services (CRISIL Market wire CMW) are Indias leading provider of

real time news and analysis on India debt markets.

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1.2.a CRISILSME RATING SERVICES

CRISIL commenced its SME (small & medium enterprises) rating services in April 2005.

CRISIL has two products for rating small scale industries SSIs and SMEs viz. NSIC-CRISIL

performance and credit rating for SSI and SME rating respectively CRISIL rates SSI and SMEs

on two separate rating scales as given below:

A. NSIC-CRISIL performance and credit rating for SSIs

CRISIL signed an MOU with NATIONAL SMALL INDUSTRIES CORPORATION (NSIC) to

rate SSIs in India at a subsidized cost.

An NSIC CRISIL RATING reflects CRISILs opinion on companys performance capability

and financial strength. Rating is assigned on following rating scale.

NSIC rating scale TABLE NO .1

Financial Strength

High Moderate Low

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Performance

Capability

Highest SE 1A SE 1B SE 1C

High SE 2A SE 2B SE 2C

Moderate SE 3A SE 3B SE 3C

Weak SE 4A SE 4B SE 4C

Poor SE 5A SE 5B SE 5C

For example, a company with high Performance Capability and high Financial Strength will be

rated 'SE2A', while one with weak Performance Capability and low Financial Strength will be

rated 'SE4C'.

B. SME RATING

CRISIL SME Ratings will reflect the level of creditworthiness of an SME, adjudged in relation

to other SMEs. CRISIL SME Ratings will be assigned with the following rating definition:

"The rating indicates that the level of creditworthiness of an SME, adjudged in relation to

other SMEs is " (as per table below)

TABLE NO .2

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CRISIL SME Rating Definition

SME 1 Highest

SME 2 High

SME 3 Above Average

SME 4 Average

SME 5 Below AverageSME 6 Inadequate

SME 7 Poor

SME 8 Default

1.2b CRISIL Rating Symbols For Long Term Ratings

AAA

(Triple A) HighestSafety

Instruments rated 'AAA' are judged to offer the highest degree of safetywith regard to timely payment of financial obligations. Any adversechanges in circumstances are most unlikely to affect the payments onthe instrument

AA

(Double A) HighSafety

Instruments rated 'AA' are judged to offer a high degree of safety withregard to timely payment of financial obligations. They differ onlymarginally in safety from `AAA' issues.

A

Adequate SafetyInstruments rated 'A' are judged to offer an adequate degree of safetywith regard to timely payment of financial obligations. However,changes in circumstances can adversely affect such issues more than

those in the higher rating categories.BBB

(Triple B) ModerateSafety

Instruments rated 'BBB' are judged to offer moderate safety with regardto timely payment of financial obligations for the present; however,changing circumstances are more likely to lead to a weakened capacityto pay interest and repay principal than for instruments in higher ratingcategories.

BB Instruments rated 'BB' are judged to carry inadequate safety with regard

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(Double B)Inadequate Safety

to timely payment of financial obligations; they are less likely to defaultin the immediate future than instruments in lower rating categories, butan adverse change in circumstances could lead to inadequate capacity tomake payment on financial obligations.

B

High RiskInstruments rated 'B' are judged to have high likelihood of default; whilecurrently financial obligations are met, adverse business or economicconditions would lead to lack of ability or willingness to pay interest orprincipal.

C

Substantial RiskInstruments rated 'C' are judged to have factors present that make themvulnerable to default; timely payment of financial obligations is possibleonly if favourable circumstances continue.

D

DefaultInstruments rated 'D' are in default or are expected to default onscheduled payment dates.

NM

Not MeaningfulInstruments rated 'NM' have factors present in them, which render theoutstanding rating meaningless. These include reorganisation or

liquidation of the issuer, the obligation being under dispute in a court oflaw or before a statutory authority etc.

ABOUT- NSIC

National Small Industries Corporation Ltd. (NSIC), an ISO 9001 certified company, since its

establishment in 1955, has been working to fulfill its mission of promoting, aiding and fostering

the growth of small scale industries and industry related small scale services/business

enterprises in the country. Over a period of five decades of transition, growth and development,

NSIC has proved its strength within the country and abroad by promoting modernization, up

gradation of technology, quality consciousness, strengthening linkages with large medium

enterprises and enhancing exports - projects and products from small industries.

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NSIC operates through 9 Zonal Offices, 33 Branch Offices, 14 Sub Offices, 10 NSIC Business

Development Extension Offices, 5 Technical services Centers, 3 Extension Centers and 2

Software Technology Parks supported by a team of over 500 professionals spread across the

country. To manage operations in African countries, NSIC operates from its office in

Johannesburg.

NSIC carries forward its mission to assist small enterprises with a set of specially tailored

schemes designed to put them in a competitive and advantageous position. The schemes

comprise of facilitating marketing support, credit support, technology support and other support

services.

NSIC carries forward its mission to assist small enterprises with a set of specially tailored

schemes designed to put them in a competitive and advantageous position. The schemes

comprise of facilitating marketing support, credit support, technology support and other support

services.

RATING FEES

NSIC-CRSIL PERFORMANCE AND CREDIT RATING FOR SSIs

Turnover (Rs . Lakh)

< 50

Turnover (Rs. Lakh)

50-200

Turnover (Rs.

Lakh) > 200

Rating fees (Rs.) 40,000 45,000 60,000

Service tax @10.30% (Rs.)

4,120 4,635 6,180

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Total fees (Rs.) 44,120 49,635 66,180

Subsidy from NSIC(Rs.)

25,000 30,000 40,000

Amount payable bySSIs (Rs.)

19,120 19,635 26,180

*Concessional Fees 7,456 9,927 13,236

*concessional fees are applicable for CRISILs partner MOU bank customers andindustry association members. The fees mentioned above are inclusive of all expenses CRISILwill occur in connection with the exercise.

RATING FEES FOR CRISIL SME RATING

Companies under Operations

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Turnover (Rs .

Crore)

< 10

Turnover

(Rs. Crore)

10-25

Turnover

(Rs. Crore)

25-50

Tunover (Rs.

Crore)

50-75

Turnover

(Rs. Crore)

>75

Rating fees(Rs.)

60,000 65,00070,000 85,000 110,000

Service tax 6,180 6,695 7,2108,755 11,330

Total fees (Rs.) 66,180 71,695 77,21093,755 121,330

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CRISIL

CRISIL has set up a dedicated team of specialists in SME rating, and designed separate

rating scale for rating SMEs and SSIs (entities with valid SSI certificates). CRISILs SME

Rating has a team of 25 professionals and a company wide network to provide the rating

services to SMEs and SSIs in any part of the country.

In association with NSIC, CRISIL is now rating small scale industries (SSI) on special

rating scale. NSIC provides subsidy for rating of SSIs. CRISIL has already rated 350

SMEs SSIs on the NSIC-CRISIL and the SME rating scale. More than 100 additional

mandates are under the process of execution. CRISIL has conducted studies on 19 SME

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clusters across 8 industries. CRISILs SME risk assessment model installed in 8 reputed

public and private sector banks. CRISIL provided its expertise in the SME sector for

emerging India award 2006, organized by ICICI Banks and CNBC. Of 35000 entries

received for the awards, best SMEs were identified across 10 categories.

Besides marketing the rating services directly to the SMEs through one-to-one contact, other

alternative approaches were adopted to develop the business. To address the large number of

SMEs (including SSIs) in India, CRISIL adopted an aggregator approach wherein SMEs could

be accessed in groups through an aggregator like a bank, an industry association, or a large

corporate with several SME dealers or vendors

Since bank in India have large SME portfolios as part of their priority sector business, and

SMEs depends substantially on banks for their fund requirements, CRISIL decided to enter into

national level tie-ups with banks to provide rating services to their SME borrowers

CRISIL SME Ratings

Partner Banks

CRISIL has partnered with 29 banks and two financial organisations to extend the special

concessional rating fees to its customers.

The following partner banks and financial organisations are giving interest rate benefits to thecustomers rated by CRISIL.

1. National Small Industries Corporation2. Bank of India3. Canara Bank

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4. Central Bank of India5. Corporation Bank6. Punjab National Bank7. Syndicate Bank8. UCO Bank

9. Union Bank of India10. United Bank of India11. Vijaya Bank12. Kerala Financial Corporation13. J&K Bank

In addition to the above banks, CRISIL has partnered with the following 16 banks to givespecial concessional fees to rate their customers.

1. Allahabad Bank2. Andhra Bank3. Bank of Baroda

4. Bank of Maharashtra5. Dena Bank6. The Federal Bank Limited7. HDFC Bank Limited8. Indian Bank9. Indian Overseas Bank10. State Bank of Bikaner & Jaipur11. State Bank of Hyderabad12. State Bank of India13. State Bank of Indore14. State Bank of Mysore

15. State Bank of Saurashtra16. State Bank of Travancore

It is in discussion with other banks to enter into similar tie-ups. CRISIL rating provide banks a

ready reliable third party credit opinion and facilitate lending decision by helping fix

appropriate quantum of loans, rate of interest, margin and security. As per these MOUs, CRISILcharges fees at concessional rates (as low as Rs. 7456 for small companies) to the banks,

customers and the bank in turn offer favorable terms to entities with high CRISIL Ratings. UCO

bank, United and Union bank have already announced reduced interest rates for highly rated

entities.

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Though SMEs in India are dispersed across the country. There are certain pockets with

concentrations of SMEs. These are called SMEs clusters. The SMEs in cluster or otherwise

have organized themselves into industry associations which work as a platform for the welfare

of members. CRISIL has reached an understanding with several industry associations across the

country to provide rating service to their members at attractive terms.

Similarly, large companies in India deals with several SMEs in their supply chain as dealers for

selling finished goods, and the vendors for procuring raw material or sub-assemblies. CRISIL

has signed agreements with such companies for grading their deals or rating their vendors.

CRISIL, with its reliability, width, and depth of experience in rating services, made a world of

difference to the corporate sector when it is pioneered the concept of rating in India. CRISIL

believes it will make the same difference to the SME sector with its SME sector rating.

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1.2.c An overview of the SME\SSI sector in India

In the India market, the common concept was that of small scale industry (SSI); the definition

of a medium enterprises is of more recent origin. The government of India has historically

tracked the profile and growth of the SME sector in terms of SSIs. SSIs are a vibrant and

important sector of the Indian economy. They make significant contribution to the annual GDP,

exports and employment. In an environment of sustained high economic growth, economic

reforms and economic liberalization, the role and the importance of the SSI sector will be even

more significant in the future.

The small scale sector has grown rapidly over the years. The growth rate during the various plan

periods has been very impressive. The number of small scale units has increased many folds

over the years. Currently there are about 118 SSIs in India.

The sector accounts for around 95 percent of the industrial units in the country, contributing

40% of the manufacturing sector output and approximately 35% of the nation exports. The total

value of production by SSI units for the year 2004-2005 was approximately Rs. 418300 crore.

In addition to the contribution of 40% towards direct export, the SSI contributes around 15% to

export in directly.

It has been estimated that an investment of Rs. 10 lakh in fixed assets in the small scale sector

reduces Rs. 46.2 lakh worth of goods or services.

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SSI sector in India creates the largest employment opportunities for the Indian populace, next

only to agriculture. It has been estimated that investment of Rs. 1 lakh in fixed assets in the

small scale sector generates employment for four persons. Overall, the sector currently employs

around 2.83 crore people.

Small Scale Industries

As defined by the ministry of SSI, government of India, the policy making and promoting body

for SSIs in India, an SSI is defined as:

An industrial undertaking in which the investment is fixed assets in plant and machinery,

whether held on ownership terms, on lease, or on high purchase, does not exceed Rs. 1 crore,

subject to the condition that the unit is not owned or controlled by, or a subsidiary of, any other

industrial undertaking.

SSI units mostly belong to the manufacturing sector. However some service enterprises such as

software development enterprises, cold storage units etc. Have also been included under the SSI

umbrella. Previously the ministry of SSI also defined small scale services and business

enterprises (SSSBEs) as enterprises having investment equipment excluding investment in land

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and building up to Rs.10 lakh. SSSBEs include enterprises working in close association with

manufacturing enterprises like CAD\CAM blueprinting, and industrial consulting etc.

Small enterprises both manufacturing and service sector are eligible for receiving subsidy in the

rating fees norms national small industries corporation limited (NSIC)

As per the new SMED (small and medium enterprises development) act the limited for

investment in plant and machinery in small enterprises has been increased to rs. 5 crore. the new

act is expected to become operational with effect from oct,2,2006.

Consideration the growing importance of the service sector in the countrys economy, the

SMED Act defined the small enterprises in the service sector as one having investment in

equipment(excluding investment in land and building) up to RS. 2 crore

Small and Medium Enterprises

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The SMED Act defines a Medium Enterprises as one with investment in the plant machinery in

excess of the SSI limit and up to Rs.10 crore. Before this there was no commonly accepted

definition of medium enterprises.

The SMED Act defines a medium enterprises in the service sector as one having investment in

equipment (in excluding investment in land and building) up to Rs.5 crore.

Medium enterprises, which are relatively bigger in size, have different credit needs. Looking at

this, CRISIL has developed a separate scale for rating these enterprises (an 8 point scale as

given in the brochure for SME rating). For rating the medium enterprises, CRISIL goes by the

definition of such enterprises by the banks.

Tabular representation of ceiling in investment for enterprises in manufacturing and

service sector as per the new SMED Act:

TABLE NO .3Manufacturing enterprisesInvestment in Plant and Machinery

Services EnterprisesInvestment in Equipment

Micro Up to Rs.25 lakh Up to Rs.10 lakh

Small Above Rs. Lakh up to Rs.5 crore Above Rs.10 lakh up toRs.2crore

Medium Above Rs.5 crore up to Rs.10 crore Above Rs.2 crore up toRs.5crore

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1.3 PROFILE OF THE COMPANY

CRISIL is India's leading Ratings, Research, Risk and Policy Advisory Company. CRISIL

offers domestic and international customers a unique combination of local insights and global

perspectives, delivering independent information, opinions and solutions that help them make

better informed business and investment decisions, improve the efficient Locations.

CRISIL Headquarters Address

Crisil House (Pinnacle Chambers) 121/122 Andheri Kurla Road Andheri (East)

Mumbai,Maharashtra,400093

India

Phone:-912256913001

Fax: 91 22 56913000

Headquarters Bombay Area, India

Industry Financial Services

Type Public Company

Status Operating

Company Size 2,000 employees

Revenue 2,873 mil [INR] (65%)

Founded 1987

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Website www.crisil.com

Parent company Standard & Poors

subsidiaries Irevna

1.4. HISTORY OF THE COMPANY

Year Milestone

1987 CRISIL is incorporated

Pradip Shah is Managing Director

1987-88 Commences the rating of Companies

1990-91 Establishes the Information Services Group

1991-92 Provides technical assistance and training to Rating Agency

Malaysia Berhard and MAALOT, the Israeli Securities RatingCompany Ltd.

1993-94 Makes public offering of 20,00,000 equity shares of Rs. 10each at a premium of Rs. 40 per share. The offer isoversubscribed by 2.47 times

1994-95 Mr. R Ravimohan takes over as Managing Director

Sets up the Advisory Services Group

1995-96 Forges a strategic alliance with Standard & Poor's Ratings Group.

1996-97 Standard & Poors' acquires 9.68% shareholding in CRISIL

1997-98 Sets up IISL, a Joint Venture between CRISIL and National StockExchange for undertaking index business and related activities. Thenew Company enters into a Consultancy and License Agreementwith Standard & Poors'

1998-99 Develops a framework for rating debt obligations supported bycredit enhancements based on overseas guarantees called Foreign

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Structured Obligations

Launches the Risk Assessment Model (RAM)

Develops a web presence, launches the official website

1999-

2000 Acquires the business of Information Products and Research Services

(India) Pvt. Ltd. along with its brand INFAC

Secures the Certificate of Registration under SEBI (CreditRating Agencies) Regulations, 1999

2001-2002

Launches CRISIL Market Wire, a real-time financial news service

Launches Mutual Fund Composite Performance Rankings(CRISIL CPRs), Fund Risk Analytics Model and CRISIL MutualFunds Portfolio Tracker

2003-2004

Change of name of the company from "The Credit RatingInformation Services of India Limited" to "CRISIL Limited"

Rates the first CDO transaction of working capital facilities in theAsia Pacific

Makes an equity investment in the Caribbean Information & CreditRating Services Limited (CariCRIS), (click here for more details)the first regional rating agency in the world, covering 19 countries.

Acquires Gas Strategies Group Limited (earlier known asEconoMatters Limited), a London-based company engaged in gasconsulting, information and training/conferences

AMFI mandates CRISIL to provide daily fund indices asbenchmarking standards for the mutual fund industry

2004-2005

S&P acquires 3,120,948 equity shares of CRISIL from CRISILshareholders through an Open Offer taking S&P holding in CRISILto 58.46%

CRISIL Board approves proposal to acquire Irevna group ofcompanies

2006

CRISIL transfers assets and staff of CRISIL Market Wire to TV18

CRISIL constitutes a new team to achieve greater integration withStandard & Poor's (S&P) in brand franchise, market developmentand sales efforts.

Irevna ranked the top investment research outsourcing firm by buy-side firms according to a recent survey by the Brown-Wilson Group;sets up second delivery centre in Buenos Aires

Inter-company agreements signed between CRISIL andStandard & Poor's - CRISIL now known as a Standard &Poor's Company

2007 CRISIL transfers its advisory business (CRISIL Infrastructure

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Advisory and CRISIL Investment & Risk Management Services)into a 100% subsidiary CRISIL Risk and Infrastructure SolutionsLimited.

CRISIL's subsidiaries CRISIL Research & Information ServicesLimited (CRIS), Global Data Services of India Limited, CRISILProperties Limited and Irevna Research Services Limited mergedinto CRISIL Limited (CRISIL).

Ms. Roopa Kudva takes over as Managing Director & CEO ofCRISIL following Mr. R. Ravimohan's appointment asManaging Director & Region Head of Standard & Poor'sSouth Asia

2008 CRISIL announces sale of shareholding in Gas Strategies Group Ltd.

CRISIL launches its formal sustainable development programmedfor Corporate Social Responsibility

Launches the CRISIL Complexity Levels Service - an initiativeaimed at strengthening Indian capital markets through greatertransparent for investors

1.5 MILESTONES OF THE COMPANY

CRISIL is 23. At this important milestone, we reflect on our journey thus far and look intothe horizon beyond. We began our journey as India's first rating agency. Today, we are adiversified global analytical platform with leadership positions in the ratings, research andadvisory domains. Along the way, our growth has been closely intertwined with India'sdevelopment milestones.

We started in 1987 as a credit rating agency , at a time when lending rates in Indiawere fixed, and there was, therefore, little demand for credit ratings. We firmly establishedourselves as the country's leading rating agency, respected for our fiercely independent, highlycredible, and analytically rigorous views. Shouldering the mantle of a pioneer and a marketleader, we facilitated the development of India's credit market and built investor confidence in

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our risk assessment capabilities.

India's transformation into a market-led economy greatly increased its need forcapital, and required extensive reforms and institution building. Accordingly, we diversifiedinto the infrastructure advisory and business research domains, and quickly built up a

reputation for independent, reliable and incisive information, research, models and advisoryservices. Today, our services are key inputs in informed decision-making and the shaping ofpublic policy in India.

With increasing globalization, we also focused on making our income streams moreglobal. We acquired Irevna, a pioneer in the investment research outsourcing space; Irevnahas since been voted No.1 in high-end investment research and analytics outsourcing by theUS-based Brown and Wilson Group two years in a row in 2006 and 2007. We have a thrivingbusiness that meets increasing global demand for better understanding of the Indian businessenvironment, through the services offered by our research and advisory groups.

Guided by our core values of integrity, independence, innovation, analytical rigor andcommitment, we are proud to have built a globally-acknowledged institution of repute overthese 20 years. We have facilitated the setting up of credit rating agencies in several countriesaround the world. Our association and integration with Standard & Poor's has furtherenhanced our capabilities and opened up newer vistas of opportunity, for our businesses andpeople.

The macro environment trends, both in India and globally, present myriad businessopportunities. At a youthful 20, we are ideally positioned to service the needs of ourexpanding client base by maintaining our focus on our mission:

Making markets function better.

Helping clients manage and mitigate business and financial risks.

Shaping public policy.

1.6 PRODUCT OF THE COMPANY

Ratings

CRISIL Ratings

CRISIL Ratings is the only ratings agency in India to operate on thebasis of sectoral specialization. It reflects our sharpness of analysis, theresponsiveness of the process and the large-scale dissemination ofopinion.

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The Rating Criteria & Product Development Centre, responsible for policy research, newproduct development and ratings' quality assurance, has developed new ratings methodologiesfor debt instruments and innovative structures across sectors.

CRISIL Ratings provides technical know-how to clients worldwide. We have helped

set up ratings agencies in Malaysia (RAM), Israel (MAALOT) and in the Caribbean.

1.7 CRISIL's Performance at a glance

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How CRISIL SME/SSI ratings can be useful Banks

Creates a strong platform for well rated SMEs to obtain CRISIL ratings under Basel IIover a period of time

An independent assessment of the SME portfolio will help in improving asset quality

Client retention : Bank will be able to retain its good customers by providing interestrate concessions to highly rated entities

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(Rs. Lacs) Year ended Year ended

Particulars Dec. 31, 2009 Dec. 31, 2008

Total Income for the year was 40,389.03 27,088.00

Profit before depreciation and taxes was 18,696.71 10,481.23

Deducting there from depreciation of 1,184.38 1,333.87

Profit before tax was17,512.33 9,147.36

Deducting there from taxes of 3,774.52 2,080.28

Profit after tax was 13,737.81 7,067.08

The proposed appropriations are:

Dividend 5,057.50 1,806.25

Corporate Dividend Tax 859.52 337.07

General Reserve 1,373.78 706.71

Balance carried forward 17,663.64 8,775.36

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Ratings could be used for all green-field projects where CRISILs appraisal skills will beuseful in evaluating the unique project risks

Mapping of the banks internal rating scale with CRISIL rating will reduce the appraisal

process significantly for the branch managers and enable them to undertake quick andaccurate decisions

BENEFITS OF CRISIL SME RATING

1. FASTER AND EASIER AVAILABILITY OF LOANS -:

Banks appreciate the independence and analysis involved in CRISILs rating

exercise. More than 31 banks have entered into a formal agreement with CRISILSME ratings, under which, they extend favorable terms and conditions, toCRISIL rated units, including lower rate of interest.

2. INCREASED CREDIBILITY WITH BANKERS, CUSTOMERS ANDBUSINESS ASSOCIATES -:

An SME rating from CRISIL, increases the credibility of the rated unit, indomestic and international markets, by providing the bank, customers, andbusiness, associates with credible information about the company.This increases their confidence in the unit and helps in increasing business and

building better relationships.

3. DETAILED RATING REPORT -:

Each CRISIL rated SME receives a rating report which provides comprehensivedetails about the rated unit, its functioning, as well as the organizations strengthsand weaknesses.This rating report can be used by the unit in dissemination of credibleinformation about their company to a wide variety of business associates,including, collaborators, joint venture partners and other market participants.Besides, the rating report also serves as a guide to focus on areas of improvement

and enables the SME to benchmark against competition.

4. INCREASED PUBLICITY -:

CRISIL SME ratings are listed on CRISILs website and on CRISILs monthlypublications, the CRISIL SME CONNECT. This serves as a good source ofpublicity for the rated entity and further enhances the credibility of the unit, awide variety of banks, financial institutions and, foreign counterparties use the

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CRISIL PUBLICATION and website, to identify and research companies ingreater detail.

5. SUPPORT FOR EXPORT INITIATIVES -:

For exporters, CRISILs International Linkage offers an additional advantage:-STANDARD & POORs, a globally respected rated agency, is the majorityshareholder in CRISIL, therefore, a CRISIL rating will help establish thecredentials with international customers.

6. A TOOL FOR SELF IMPROVEMENT -:

Along with its ratings, CRISIL provides detailed analytical reports on theStrengths and Weaknesses of rated entities. Based on CRISIL reports, one cantake steps to strengthen their operations and become more efficient.Each repots provides reliable and independent feedback from customers,

suppliers and, banks.

7. AFFORDABLE -:

CRISIL SME rating services, while being highly credible, are also very muchaffordable. CRISIL offers an attractive concession in the rating fee for smallenterprises. Also, NSIC Ltd., which is a corporation under the ministry ofMSME, GOVT, OF INDIA, provides 75% subsidy in rating fee for smallenterprises.Thus, the rating fee payable by the small enterprises ranges from Rs.7456 toRs.13236. for enterprises not registered as small enterprises, the fee is higher, as

the subsidy is not available from NSIC.

CRISIL, with its reliability, width, and its depth of experience in rating services made a worldof difference to the corporate sector, when it pioneeredthe concept of rating in India. CRISILbelieves, it will make same difference to the SME Sector, with its SME sector ratings.

HOW RATING DONE

Step 1: Collect and process preliminary information

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Step 2: Analyze and assign the rating

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Step 3: Communication and publication of the rating

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CRISIL RATING REPORT

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CONTENTS

1.NSIC-CRISIL PERFORMANCEAND CREDIT

2.RATING GRID

3.FACT SHEET

4.STRENGTH AND RISK FACTORS

5.MANAGEMENT PROFILE

6.FUTURE PLANS

7.OWNERSHIP PATTERN

8.MANUFACTURING FACILITIES

9.BUSINESS PROFILE

10.PRODUCT PROFILE

11. CAPACITY UTILISATION

12.SUPPLIER INFORMATION

13.CUSTOMER INFORMATION

14.ORDERS IN HAND

15.MARKETING ARRANGEMENTS

16.OTHER INFORMATIONS17.BANK AND INSURANCEDETAIL

18.FINANCIAL PERFORMANCE

19.PROFIT & LOSS ACCOUNT

20. GRAPHS

21.BALANCE SHEETS

22. KEY RATIOS

23.SITE VISIT INFORMATION

24.PROMOTORS DETAIL

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Chapter - IIINTRODUCTION TO THEPROJECT

II.1 OBJECTIVE OF THE PROJECT.

II.2 REASON FOR CHOICE OF PROJECT

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OBJECTIVES:

To find the level of awareness among industries about of credit ratings.

To impart the knowledge about credit rating to the industrialists of Kathua .

To check the awareness level of industrialist regarding various government schemesof the Ministry of MSME for the development of MSMEs.

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III.1 INTRODUCTION TO MARKETING RESEARCH

Market research and marketing research are often confused. Market research is simply research

into a specific market. It is a very narrow concept. Marketing research is much broader. It not

only includes market research, but also areas such as research into new product, or modes of

distribution such as via the internet. Here are a couple of definitions:

Marketing research is the function that links the consumer, customer, and public to the marketer

through information information used to identify and define marketing opportunities and

problems; generate, refine, and evaluate marketing actions; monitor marketing performance;

and improve understanding of marketing as a process.

Marketing research specifies the information required to address these issues, designs the

methods for collecting information, manages and implements the data collection process,

analyzes, and communicates the findings and their implication.

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III.2 RESEARCH METHDOLOGY

The present study was undertaken To Study the awareness of crisil SME rating knowledge

in focal point Kathua City. This chapter gives as research design, data collection method,

sampling techniques, fieldwork carried out, limitations inherent in the project and finally

coverage of research work.

Research Design

The research design is the pattern or an outline of research project working. It is a statement of

only the essentials of study being conducts follows a descriptive research design.

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Data collection

Primary data was collected with the help of questionnaires provided by the company The

questionnaire consisted of Multiple choice questions, close ended questions, open ended

question, so as to gain the information from the respondent.

The secondary data was collected through various websites, books, journals etc.

Sampling Plan

Sampling is an effective step of collection of primary data and has a great influence on the

quality of results. The sampling plan includes the population, sampling size and sampling

design.

Population:

The study aimed to include the industrialist of focal point Kathua as to study, the awareness of

CRISIL SME RATING KNOWLEDGE in Kathua.

.

Sample Size:

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The sample size for the research was 100.

Sample Technique:

Tree sampling technique is used.

Time:

The research was conducted in the months of June and July, 2011.

Data Analysis & Interpretation:

In the view of the present study, the required data was collected through structured

questionnaire designed by the company. The data so collected has been processed manually by

editing, coding and tabulating. For analyzing the data, various statistical techniques used to

draw meaningful results.

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III.3 LIMITATIONS OF THE STUDY

Though every care has been taken to make this report authentic in every sense, yet there were a

few uncomfortable factors, which might have their influence on the final report. Linking factors

can be stated as:-

Time constraint

Due to lack of time i.e. 6 weeks, it was not possible to deeply study every aspect of customers

and devote enough time for research work. But still sincere efforts were put to reach to the

reliable conclusion.

Data collection constraints

There were many problems regarding the collection of primary data which are as follows:

1. As the questioners were filled during the working hours, the respondents had little time to

devote for filling the questionnaires.

2. Some respondents did not have their serious attitude towards the questionnaire and hencetheir responses may not reflect the real picture

3. Some of the respondents were not candid enough to reveal all the required information. They

might have given inflated or wrong data.

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4. The survey was conducted in the focal point region of Ludhiana city. Thus the respondent

belonged only to this region of country. This could have brought biasness into the study.

5. However all the efforts were made to remove the biasness but it cannot be denied that there is

no possibility of individual biasness on the part of respondent.

CHAPTER-IVANALYSIS ANDFINDINGS

FINDINGS AND ANALYSIS OF MARKET RESEARCH

PROJECT FINDINGS

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TO KNOWABOUTCRISIL SME RATING KNOWLEDGE:

TABLE NO.4 1 (showing sme rating knowledge)

KNOWLEDGE NO.OF PERSONS PERCENTAGE

YES 15 15%

NO 85 85%

This is evident from the table number-1 that there are very less industrialists who have

knowledge about SME rating. Only 15% of people have knowledge whereas rest 85% is

unaware.

Figure .1 ( showing the graphical representation of table no. 4.1)

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TO KNOW THE MARKET SHARE OF (MOU) BANKS :

TABLE NO. 4.2 (showing the market share of the (MOU) banks.)

BANK NAME NO. OF PERSON HAVINGACCOUNT IN THESEBANKS

PERCENTAGE

SBI 5 5%

PNB 19 19%

J&K 55 55%

CBI 2 2%

ICICI 4 4%

OTHER 15 15%

From the table no. 4.2 it is clear that major part of the industry have their accounts in MOU

banks specially J&K with 55% market share followed by PNB.

Figure 2 (showing the graphical representation of the table no. 4.2)

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To know about the TURNOVER of the various company in (lakh):

TO KNOW THE CERTIFICATION OF THE COMPANIES BY VARIOUS

AGENCIES :

TABLE NO. 4.4(showing the number of companies certified)

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According to the survey it is found that 40% of units are SSI certified and approximate 25%

units have DIC have certificate and 7% of units have not been registered under any certificate.

Figure 3(showing the graphical representation of the table no. 4.3)

25%

8%

25%

20%

7%

SSI

ISO

DIC

OTHER

NONE

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AGENCIES NO. OF COMPANIESCERTIFIED

PERCENTAGE

SSI 40 25%

ISO 8 8%

DIC 25 25%OTHER 20 20%

NONE 7 7%

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TO KNOW THE NUMBER OF EMOPLOYED PERSONS:

TABLE NO. 4.5 (showing the number of employed persons)

NUMBER OF COMPANY PERCENTAGE

5-10 8 8%

10-15 9 9%

15-20 13 13%

20-ABOVE 70 70%

In the table number 4.5 it is shown that most of the industries in focal point have more than 20

employees working with them and only 14% of units have 15-20 employees and only 6% of

units have 5-10 employees.

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Figure 4(showing the graphical representation of the table 4.5)

THOSE HAVING SME-RATING KNOWLEDGE AND ARE CERTIFIED

WITH ISO OR SSI:

TABLE NO.4.6(SHOWING HAVING KNOWLEDGE AND ARE CERTIFIED)

ISO SSI OTHERS

14 4 3

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67% 27% 6%

In table number 4.6 it is shown that 67% of industries those which are aware about crisil SME

rating are being certified by ISO and 27% of industries which are aware have SSI number.

Figure 5(showing the graphical representation of the table 4.5)

RELATIONSHIP BETWEEN TURNOVER AND HAVING KNOWLEDGE

ABOUT SME RATING:

TABLE NO. 4.7(showing the relationship between the turnover and having knowledge aboutsme rating)

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TURNOVER NO. OFPERSONS

PERCENTAGE

100 200 lakh 17 %

200 above 14 93% 49

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From the above stated data it is found that major chunks of industrial area which have

knowledge about CRISIL SME RATING have turnover more than 200 lakh

Figure 6(showing the graphical representation of the table no.4.7)

FINDINGS:

* The knowledge of SME rating is found to be very less in the city.

* Most of the industrial units deal with banks which are connected with CRISIL.

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* The turnover of most of the units is less than 2 crore.

* I found that companies mostly have more than 20 employees working with them.

* I have found that units which have knowledge about SME rating are being ISO certified.

* Units having turnover more than 20 crore are aware of SME rating knowledge.

CHAPTER V

SUGGESTIONS AND RECOMMENDATION

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SUGGESTIONS

* As people are not much aware about SME rating, so company should work on it.

* They should organize more industrial meetings so that people should know more aboutCRISIL.

* Company should work with banks to give more interest rate benefit.

* Company should request NSIC to give more subsidies to the SMEs.

* Company should more advertise the rated companies so they can get more business.

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CHAPTER- VICONCLUSION

Conclusion:

After collecting data we found that the awareness of CRISIL SME credit rating is very lessamong the industrialist of KATHUA. Industries which are being rated are satisfied but they arealso not aware about all the benefits which they can get from it so if we make them aware aboutbenefits it will be just like customer delight.

MOU banks have high market share specially SBI and CBI which have very strong hold overthe market so there are more chances for company to catch the customer. The support from

NSIC also very good as they are providing more than 60% subsidy for the rating.

The marketing team of city is working very hard but still lot of effort is required by thecompany to show commanding presence in the market.

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BIBLIOGRAPHY

BOOKS:

Kotler, Philip, Marketing Management, (2004) Prentice Hall, India

Kothari .C.R., Research Methodology Method and Technology, New Age InternationalPublication,

Beri. G.S, Marketing Research, Tata Mc-Graw Hill, New Delhi.

WEBSITES:

WWW.CRISIL.COM

WWW.NSIC.COM

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ANNEXURES

Survey on Awareness Level among MSMEs

Date: ________________________

Name of the company_____________________________________________________________

Product _____________________________________________________________

Place ___________________________________________________________________________

Contact Person and Designation____________________________________________________

Mobile: _________________________ Contact number:

_________________________________

E-mail: _________________________________________

Banker________________________________________

1. Have you heard of Credit Rating for MSMEs?a) Yes b) No

2. Has any Credit Rating Agency approached you for rating? (pleasename if yes if No refer to Ques. 9)

___________________________________________________________________

3. If Yes, have you undergone the Credit Rating exercise for yourenterprise?a) Yes b) No

(IF NO, MOVE TO QUES.9)

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4. If Yes, what motivated you to opt for the rating?

a) Interest rate concession

b) Credibility among customers and suppliers

c) Reputed third-party opiniond) All of the above

e) Any other (please specify)___________________________________________________________

_____________________________________________________________________________________

5. Has the rating helped you in bringing improvement to yourbusiness?a) Yes b) No

6. If Yes, what was the kind of improvement?a) Management Strategy

b) Finance

c) Human Resource (HR)

d) Marketing

e) Production Process

f) All of the above

7. Has the rating helped you with your lenders and bankers?a) Yes b) No

8. If Yes, how did the rating help you in meeting your financialneeds?

a) Getting adequate quantum of loan from bank

b) Concession in interest rates

c) Relaxation in providing collaterals

d) Reduction in transaction cost

e) Faster decision on the part of the lenders

f) All of the above

9. If No, are you interested to go for rating and know the benefits ofcredit rating?a) Yes b) No

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10.Are you aware about the various government schemes of theMinistry of MSME for the development of MSMEs?a) Yes b) No

11.Have you heard of or taken assistance under any of the followinggovernment schemes in the past?

a) No b) if Yes, Kindly tick

1. International Cooperation Scheme2. Performance and Credit Rating Scheme3. Technology Up gradation Fund Scheme (TUFS) for the textile

sector4. Marketing Assistance Scheme

5. Rajiv Gandhi Udyami Mitra Yojana (RGUMY)6. Trade Related Entrepreneurship Assistance and Development(TREAD) Scheme for Women

7. Credit Linked Capital Subsidy Scheme for Technology Upgradation

8. Credit Guarantee Scheme9. ISO 9000/ISO 14001 Certification Reimbursement Scheme10.National Manufacturing Competitiveness Programme (NMCP)

Schemes Under XI Plan: there are 10 schemes under NMCP likeMarketing Support, Lean Manufacturing, Mini Tool rooms, etc

11.Micro & Small Enterprises Cluster Development Programme(MSE-CDP)

12.MSME MDA13.Mini Tool Rooms14.Scheme of National Award

12.How many government schemes are you aware of?a) Noneb) 1-5 schemesc) 6-10 schemesd) More than 10 schemes

13. If yes, how would you rate the usefulness of the schemes?

a) Very usefulb) Moderately usefulc) Not useful

14. Some of these schemes are operated through banks. Have thebanks been supportive in channelizing assistance under theseschemes?a) Highly supportive b) Somewhat supportive c) Not supportive

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http://rgumy.nic.in/http://www.dcmsme.gov.in/schemes/Credit_link_Scheme.htmhttp://www.dcmsme.gov.in/schemes/Credit_link_Scheme.htmhttp://www.dcmsme.gov.in/schemes/sccrguarn.htmhttp://www.dcmsme.gov.in/schemes/sciso9000.htmhttp://www.dcmsme.gov.in/schemes/NMCPDetail.htmlhttp://www.dcmsme.gov.in/schemes/NMCPDetail.htmlhttp://www.dcmsme.gov.in/MSE-CDProg.htmhttp://www.dcmsme.gov.in/MSE-CDProg.htmhttp://www.dcmsme.gov.in/schemes/MSME_MDA_Guidelines.pdfhttp://www.dcmsme.gov.in/schemes/scminitool.htmhttp://www.dcmsme.gov.in/schemes/award_scheme.htmhttp://rgumy.nic.in/http://www.dcmsme.gov.in/schemes/Credit_link_Scheme.htmhttp://www.dcmsme.gov.in/schemes/Credit_link_Scheme.htmhttp://www.dcmsme.gov.in/schemes/sccrguarn.htmhttp://www.dcmsme.gov.in/schemes/sciso9000.htmhttp://www.dcmsme.gov.in/schemes/NMCPDetail.htmlhttp://www.dcmsme.gov.in/schemes/NMCPDetail.htmlhttp://www.dcmsme.gov.in/MSE-CDProg.htmhttp://www.dcmsme.gov.in/MSE-CDProg.htmhttp://www.dcmsme.gov.in/schemes/MSME_MDA_Guidelines.pdfhttp://www.dcmsme.gov.in/schemes/scminitool.htmhttp://www.dcmsme.gov.in/schemes/award_scheme.htm

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15. Which media do you think will be most effective to makethese schemes better known among the MSMEs?a) Radiob) TVc) Newspaperd) Websitee) Any other suggestions .

16.Do you have any suggestions for the government to address