April 7: The third rating company has come into operation in Nepal. Securities Board of Nepal (SEBON) issued credit rating license to Infomerics Credit Rating Nepal Limited on March 20.

Established as a subsidiary of India's rating agency Infomerics Valuation and Rating Pvt Ltd, the company has a paid-up capital of Rs 100 million. According to the Credit Rating Rules 2068, in order to establish a credit rating company in Nepal, it is mandatory to have partnership with an organization that has done rating work abroad.

Accordingly, 51% share of the company is held by Infomerics Valuation and Rating Pvt Ltd and the rest belongs to the local partners.

There is a need for a new rating company in Nepal as the Nepal Rastra Bank has made arrangements for rating even for loans of more than Rs 500 million.

The company’s office is located at Baneshwor Heights. Chief Executive Officer of Informerics Credit Rating Nepal, Rabin Pudasaini, assured that the service of the company will be of high quality.

The number of rating companies in Nepal is currently three. The other two rating companies in operation are Care Rating Nepal and ICRA Nepal.