Rating Rationale
May 09, 2017 | Mumbai
Sasken Technologies Limited
Rating Withdrawn
 
Rating Action
Total Bank Loan Facilities Rated Rs.62 Crore
Short Term Rating CRISIL A1+ (Withdrawal)
1 crore = 10 million
Refer to annexure for Details of Instruments & Bank Facilities
Detailed Rationale

CRISIL has withdrawn its rating on  the short-term bank facilities of Sasken Technologies Limited (Sasken; part of the Sasken group; formerly known as Sasken Communication Technologies Limited) after completion of 90 days' notice of withdrawal. The rating action is in line with CRISIL's policy on withdrawal of bank loan ratings.

About the Group

Established in 1989, Sasken, promoted by Mr. Rajiv Mody, provides engineering research and development and productised information technology services to customers in the communications and devices, retail, insurance, and independent software segments. Global Fortune 500 and tier-I companies in these segments are part of its clientele. Besides independently developing various technologies, the company is a member of premier technology bodies including ISA, Genivi, Network Intelligence Alliance, ITU, 3GPP, GCF, and Open Handset Alliance. Operations are spread across the US, the UK, France, China, South Korea, Finland, Sweden, Germany, and Japan.

For fiscal 2016, the group had a profit after tax (PAT) of Rs 206 crore on net sales of Rs 483 crore, against a PAT of Rs 119 crore on net sales of Rs 428 crore for fiscal 2015. For the three months ended March 2017, PAT was Rs 35.57 crore on net sales of Rs 118 crore, against Rs 174.63 crore and Rs 120 crore, respectively, for the previous corresponding period.

Any other information: Not applicable

Note on complexity levels of the rated instrument:
CRISIL complexity levels are assigned to various types of financial instruments. The CRISIL complexity levels are available on www.crisil.com/complexity-levels. Users are advised to refer to the CRISIL complexity levels for instruments that they consider for investment. Users may also call the Customer Service Helpdesk with queries on specific instruments.
Annexure - Details of Instrument(s)
ISIN Name of Instrument Date of Allotment Coupon Rate (%) Maturity Date Issue Size (Rs. Cr) Rating Assigned with Outlook
NA Letter of credit & Bank Guarantee NA NA NA 12 Withdrawal
NA Packing Credit NA NA NA 50 Withdrawal
Annexure - Rating History for last 3 Years
  Current 2017 (History) 2016  2015  2014  Start of 2014
Instrument Type Quantum Rating Date Rating Date Rating Date Rating Date Rating Rating
Fund-based Bank Facilities  LT/ST  50  Withdrawal    No Rating Change    No Rating Change    No Rating Change    No Rating Change  CRISIL A1+ 
Non Fund-based Bank Facilities  LT/ST  12  Withdrawal    No Rating Change    No Rating Change    No Rating Change    No Rating Change  CRISIL A1+ 
Table reflects instances where rating is changed or freshly assigned. 'No Rating Change' implies that there was no rating change under the release.
Annexure - Details of various bank facilities
Current facilities Previous facilities
Facility Amount (Rs.Crore) Rating Facility Amount (Rs.Crore) Rating
Letter of credit & Bank Guarantee 12 Withdrawal Letter of credit & Bank Guarantee 12 CRISIL A1+(Notice of Withdrawal)
Packing Credit 50 Withdrawal Packing Credit 50 CRISIL A1+(Notice of Withdrawal)
Total 62 -- Total 62 --
Links to related criteria
CRISILs Approach to Financial Ratios
CRISILs Bank Loan Ratings - process, scale and default recognition
Rating criteria for manufaturing and service sector companies
Rating Criteria for Software Industry
CRISILs Criteria for Consolidation

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