Axis Bank Business Gaurav SME Awards 2011

BANGALORE, INDIA:

Axis Bank, the third largest private sector bank in India and Dun & Bradstreet, the world’s leading provider of global business information, knowledge and insight; announced the ‘D&B — Axis Bank Business Gaurav SME Awards 2011’ on Friday, 11th November, 2011.

The awards felicitated 33 of India’s leading Small and Medium Enterprises of India for their significant achievement and contribution over the years and also marked the launch of Dun & Bradstreet’s and Axis Bank’s premier publication, Leading SMEs of India 2011

Speaking on the occasion, Ms. Shikha Sharma MD & CEO, Axis Bank said, “The SME business is the backbone of the Indian economy. At Axis Bank, we believe in partnering in the growth of our SME customers by associating with them right from the initial stage of their business lifecycle. The D&B-Axis Bank Business Gaurav SME Awards is our attempt to recognize and reward the performance of the Small & Medium Enterprises”

Speaking at the Awards ceremony, Mr. Kaushal Sampat, President & CEO — India D&B said, “Dun & Bradstreet India reinforces its commitment towards the small and medium enterprises, through the launch of the D&B —Axis Bank ‘Business Gaurav SME Awards 2011’. These awards have been envisaged as a tribute to the achievements of the leading small and medium enterprises thus acknowledging their valuable contribution in the country’s economic development.”   

Also read: Log in, make your MP listen to your woes       

“Our analysis in the publication ‘Leading SMEs of India, 2011’ revealed that the aggregate total income of the 839 SMEs covered  in the study for FY11, stood at around Rs 264.3 bn, a 24% growth y-o-y. Small-sized companies outperformed micro and medium-sized enterprises with 28% growth in total income. Aggregate net profit for the companies in the study stood at Rs 16.7 bn, a 35% growth y-o-y.

Small-sized enterprises, once again, outperformed its peers with a robust profit growth of 42%. Our analysis also reveals that despite government initiatives in the form of increased bank credit and improvement in funding options, obtaining finance continues to be one of the largest challenges for SMEs, especially in the current volatile financial market. Competition from bigger players, shortage of skilled manpower, lack of proper infrastructure facilities and technology up-gradation are the other major hindrances faced by SMEs,” he added.

{#PageBreak#}About ‘D&B-Axis Bank Business Gaurav SME Awards 2011’

The ‘D&B-Axis Bank Business Gaurav SME Awards 2011’ are a tribute to the leading small and medium enterprises for their significant achievement and notable performance over the years. A total of 34 awards are decided across 12 sectors namely auto components, chemicals & petrochemicals, food & agro products, hospitality, metal & metal products, logistics, textiles, pharmaceutical, engineering goods, plastic products, electronic goods & components and IT &ITeS.

Based on total income of FY11, the awards are classified under micro, small and medium categories in each sector. Additionally, one Overall Best Performer award is also decided across all the 12 sectors.

D&B used a proprietary model to identify potential award winners based on various qualitative and quantitative parameters. Based on computation of composite scores, the award winners were decided by a Jury comprising of industry experts and eminent professionals from relevant industry.

Also read: Understanding SME economics

About ‘Leading SMEs of India 2011’

The publication ‘Leading SMEs of India 2011’ highlights the key achievements of the award winners of ‘D&B-Axis Bank Business Gaurav SME Awards 2011’.  The publication also includes a brief overview of the aforementioned sectors and various developments associated with the sectors. Further, the Insights section provides detailed findings related to the ownership pattern, financing options, funding preferences, challenges and perspective on government initiatives among others of the small and medium enterprises.