Commenting on the service alliances, Crisil's executive director Hemant Joshi said: "Yarnsand-Fibers is a pioneering brand in the yarns B2B exchanges and expressed confidence that these services would be useful for the clients of YarnsandFibers.com"

YarnsandFibers.com CEO Sanjiv Khandelwal said: "Crisil's expertise and leadership in the rating business will be utilised to offer e-commerce ratings and evaluation services for our clients and especially, this will help, the small and medium sized participants."

Crisil, through Creditibility-First, has introduced new services that will help domestic companies to access new business through the Internet medium. Crisil's services will be available on request to all registered participants of the exchange who would like to assess the business and trade credentials of prospective business partners.

Over a period, the Crisil services will create an eco-system of known and profile e-participants on the yarns and fibers.

The textile industry, despite being a major contributor to the national economy, has remained slow in technology adoption. This is now fast changing in the light of the increased globalisation and lowering of tariff barriers. Companies realise the need for doing quicker and more efficient transactions.

Participants rating is a natural tool that these companies will have to arm themselves with, to face the new global economy, the sources said.Yarns and fibres are at the foundation of all things textile and `YarnsandFibers.com' has taken it upon itself to educate the Indian textile industry, the need for such ratings.