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NSIC – CARE Performance and Credit Rating for MSEs

NSIC – CARE Performance and Credit Rating for MSEs

This rating indicates the relative level of financial strength and performance capability of an MSE entity compared to other MSEs. It is an issuer-specific rating and not a loan/bank facility-specific rating. It is a one-time assessment of the rated entity.

NSIC – CARE Rating Scales

List of Documents to be submitted with the Application Form

Benefits of NSIC-CARE Performance & Credit Rating for MSEs

Tangible Benefits:

Intangible Benefits:

Eligibility & Fees
All registered micro or small enterprises can take advantage of this rating. An MSE certificate issued by the District Industries Center (DIC) authority is a valid proof of eligibility. All types of business entities including limited companies, partnership firms, and proprietorships, trusts, etc are eligible for this rating.

Turnover Wise Rating Fee Structure

(Units with audited results of one complete year of operations)

# For Customers of banks with MOUs with CARE

Turnover wise Fee Structure
Turnover (Rs Lakh) < 50 50-200 > 200
Rating Fees Under the scheme 27000 45000 60000
Add:Service tax @ 15% 4050 6750 9000
Total Fees 31050 51750 69000
Less: Subsidy From NSIC (Maximum 75%) 15000 30000 40000
Balance Application Fee from MSEs 16050 21750 29000
Concessional Fees # 12000 15000 18000


CARE would provide a rating letter followed by a certificate and rating report on completion of the assignment.

Rating Letter

On completion of the assignment CARE would issue the rating letter which would contain the details pertaining to the rating assigned to the client, its definition and validity of the rating.

Rating Report

CARE would also provide the soft copy of rating report which would contain the key rating considerations, brief snapshot of the rated entity, its business profile and the financial performance analysis.


A certificate containing the name of the client along with the assigned rating, its definition and the validity date would be issued.


MSEs rating is valid for one year from the date of the rating, provided no significant changes/events occur during this period that could materially affect the business or financial parameters of the organization. The entity may approach CARE for review on happening of such event and CARE may review the rating for a predetermined fee.

Rating Process

MSEs desirous of getting themselves rated will need to submit the application in a specified format, in duplicate. The Application form should include documents as specified therein. Duly completed application form, addressed to CARE, can be submitted to the nearest NSIC / CARE office. Following this, the rating process will start and the interaction with the management would be initiated. The rating team may require extra information in order to complete the rating exercise. The rating is a one-time assessment based on the information and documents submitted by the entity.The entire process will take about 2-3 weeks after the receipt of full information.



Head – SME
4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai – 400 022.
Tel: +91-22-6754 3456
Fax: +91-22-6754 3457
E-mail: saikat.roy@careratings.com

For more information, please contact the business development cell at Head Office or respective Regional / Branch Heads :


Anand Jha
Mobile: 9925142264
Tel: +79-4026 5656
E-mail: anand.jha@careratings.com


Aakash Jain
Mobile: 8106400001
Tel: +91-80-4115 0455 / 4165 4529
E-mail: aakash.jain@careratings.com


Ankur Garg
Mobile: 93104 11888
Tel: +91-0172-5171100
E-mail: Ankur.garg@careratings.com


Senthil Kumar
Mobile: 9600070393
Tel: 91-44- 28490876 / 28490811l
E-mail: senthil.kumar@careratings.com


Senthil Kumar
Mobile: 9600070393
Tel: +91-422-4332399 / 4502399
E-mail: senthil.kumar@careratings.com


Munish Dhawan
Mobile: 8527687666
Tel: +91-11-4533 3200
E-mail: munish.dhawan@careratings.com


Aakash Jain
Mobile: 8106400001
Tel:+91- 40-4010 2030
E-mail: aakash.jain@careratings.com


Nikhil Soni
Mobile: +91 9549033222
Tel: +91-141-4020213 / 4020214
E-mail: nikhil.soni@careratings.com


Sambit Das
Mobile: 9836419507
Tel: +91-33- 4018 1600 / 22831803
E-mail: sabmit.das@careratings.com


RaviKiran Apte
Mobile: 7738945934
Tel: 91-22-6754 3456
E-mail: ravikiran.apte@careratings.com


Rahul Nigam
Mobile: 9970264025
Tel: +91-20- 4000 90000
E-mail: rahul.nigam@careratings.com

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