CRISIL rates Cambridge Technology Enterprises Limited (CTE) at SME1
Rating secured by CTE is the highest ranking for SMEs
Hyderabad, September 22nd, 2008: Cambridge Technology Enterprises Limited (CTE), the leading provider of SOA based solutions and Enterprise Transformation applications to mid-size enterprises, today announced that it has been awarded highest rating in SME sector by CRISIL, which is India’s largest rating agency. The company has secured SME1 rank, which indicates the highest level of creditworthiness, adjusted in relation to other SMEs.
Credit evaluation in the SME sector needs a specialized approach, as the issues and drivers of credit quality are different from those applicable for large companies. The entire process of rating took more than four weeks during which CRISIL interacted with the promoters and top management of CTE and then analyzed the information obtained during the interactions. The analysis included comprehensive details about CTE, its functioning, the sustainability of business plans and long term viability of units , assessment of promoter’s competence and track record , an evaluation of size (scale and net worth), profitability, efficiency of capital and working capital management, and credit protection measures. After an extensive analysis of strengths and weaknesses, CRISIL awarded CTE a rating of ‘SME 1′ which is the highest rating for SME’s. This CRISIL SME rating is provided as a one-time assessment and rating is valid for one year from the report date.
This year, CTE was among the top three companies in the IT /ITeS and ICT section at Emerging India Award 2008 organized by CNBC-TV18 and ICICI Bank. In addition, CTE was also ranked as the third fastest growing technology company by Data Quest in its latest survey of Top 200 IT Companies.
Bhaskar Panigrahi, CEO Cambridge Technology Enterprises, said, “We at CTE have been working hard to achieve and maintain the highest standards, therefore, we are glad and excited that CRISIL has given us the highest ranking. Their rating report will also serve as a guide to focus on areas of improvement and enable us to excel further. “
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