(L to R): Anil Bhardwaj, Secy General, FISME; Hiren Israni, CFO, Microsoft India; Dinesh Rai, Chairman, WDRA; Chaitanya Kalbag, Editor, Business Today; Sanjay Agrawal, Prez & Business Head, Business Banking, YES Bank; and Vivek Kulkarni, MD, Brickwork Ratings
Accountancy and advisory firm Grant Thornton India validated the data and the processes of the survey. All SMEs with a turnover less than Rs 200 crore were eligible to apply, and were divided into two categories - small (FY2009/10 net sales less than Rs 50 crore); and medium (FY2009/10 net sales between Rs 50 crore and Rs 200 crore), though the winner profiles that follow showcase FY2010/11 data. For some award categories, there were additional criteria:
Best SME for innovation: SMEs that have spent on R&D, or have a few product/process patents
Best SME for CSR: SMEs that have funded CSR initiatives
Best green SME: SMEs that have taken measures for waste management, or have used renewable ecofriendly materials
Best SME in international trade: SMEs that have forex revenues forming part of their turnover
Best SME for corporate governance: SMEs that are listed/have complied with Clause 49 requirements
Phase II (detailed survey): For the shortlisted companies, background checks were done, interactions were held with promoters or senior executives, and annual reports were divided into Good, Satisfactory and Bad, based on quality of reporting/annexures, schedule details, etc. Additional parameters such as debt/equity ratio and current ratio were introduced to assess liquidity and leverage positions. Two finalists in each category (by size) were selected for 12 awards, except for Best SME in North-East India.
Phase III (jury meeting): The final winners were chosen by jury comprising Dinesh Rai, Chairman, Warehousing Development & Regulatory Authority; Vivek Kulkarni, Managing Director, Brickwork Ratings; Hiren Israni, CFO, Microsoft India; Anil Bhardwaj, Secretary General, FISME; and Sanjay Agrawal, President & Business Head, Business Banking, YES Bank.