Small Industries Development Bank of India (Sidbi) and private infrastructure development firm, IL&FS, have jointly taken the initiative to impart training to financial accountants engaged in the local leather industry.

Also Read   Related Stories News Now - Sidbi wants to rev up distressed assets market - Delay in signing MoU with SIDBI hinders OSFC revival - SIDBI, Export Promotion Council to set up SPV for handicrafts sector   Also Read   Related Stories News Now - Sensex makes remarkable recovery, regains 17K - S C Kalia takes over as Union Bank ED - PNB may acquire majority stake in Kazakh bank - Maoist hindering land acquisition for Tata steel project: Raman - Koda says he will report to ED only after Jharkhand polls More

The move is aimed at enabling entrepreneurs to make the most of various government sops and schemes by maintaining their financial records proficiently.

IL&FS regional manager Jayant Prakash told Business Standard that over 150 small and medium leather manufacturers of the city were facing imminent closure due to the mass cancellation of export orders from European countries. Moreover, poor maintenance of financial records has rendered them non-creditworthy.

“We will form a committee of experienced financial executives to impart assistance to these smaller entrepreneurs in maintaining their records, apart from disseminating information regarding the latest aid schemes being run by the government,” he said.

The chartered accountants will be provided short-term training in basic accounting, leather industry-specific accounting, financing-based accounting, drafting proposals for getting finance and business communication by the committee.

Abhishek Mishra, a practicing chartered accountant who looks after the financial records of Irfan Tannery in Jajmau area here, said the initiative would help record keepers show the real business volume to gain better rating and related subsidies.

According to Prakash, small manufacturers usually focus their attention on saving taxes, whereby they attempt to show minimum profit and business, which hampers the SME rating points.

“We will create awareness regarding the various government schemes and subsidies for the leather industry, apart from training them to obtain high SME ratings,” he added.

The training expense of around Rs 7,000 per head will be borne jointly by the bank and industrialists, who need to pay only15 per cent of the amount.

Other Stories      - Sensex makes remarkable recovery, regains 17K - S C Kalia takes over as Union Bank ED - PNB may acquire majority stake in Kazakh bank - Maoist hindering land acquisition for Tata steel project: Raman - Koda says he will report to ED only after Jharkhand polls More

Tags : (Sidbi) | Jayant Prakash | IL&FS   Read Business news in  Advertisements   Get financial advisory and solutions for your projects   Holidays starting at a delightful EMI of Rs 3481   Switch on and say hello to Monday morning !   Your dream home can now be a reality.   Visit Fortis for a preventive health check-up & get a 20% discount.   Follow the ups and downs of your investments. Try our new Portfolio Tracker   Kolkata Dock \ Freight contract for the British Gurkhas Nepal   Find how Midsize Businesses use ERP to gain competitive advantage   Trading in Forex is now as easy as 1-2-3   Discover an economical and cost effective way to market your products and services   Giftwithlove.com: Same day delivery of Flowers and Cakes to India   Download the E-book on the Future of Business Intelligence   Learn Best Practices for improving customer satisfaction   Know your customers better... download the free e-book on CRM