Appraisal CAM-2026-0402 · Rating and recommendation

Recommendation and risk rating

The model produced a first cut. The rating that leaves this screen is the analyst's, and any move from the first cut is recorded with a reason.

Internal risk rating

CCB rating model v3.1 · first cut CCB-4 (watch), financial score CCB-3 with a one-notch evidence-quality overlay

Each factor resolves to the evidence it was scored on.

Turnover CAGR of 21.5% over three years
INR 96.42 cr to INR 142.31 cr with an order book anchored on a tier-1 OEM contract to March 2028.
Financial score +1 notch
Leverage and coverage inside policy
TOL/TNW 2.34x against a 3.00x ceiling and DSCR 1.61x against a 1.25x floor, with net worth built from retained earnings.
Financial score neutral to positive
Clean conduct and filing record
CMR-4 with no overdues in 24 months, 24 of 24 GST returns filed, no cheque returns in the assessed window.
Behavioural score neutral
Declared turnover contradicted by two independent sources
Gap of INR 22.48 cr to GST and INR 20.87 cr to bank credits, present in all twelve months. Evidence-quality overlay applies a one-notch downgrade.
Overlay −1 notch
Undisclosed Crestline Financial Services obligation
INR 52.50 lakh a year not in the declared obligations; restated DSCR falls from 1.61x to 1.44x and TOL/TNW rises to 2.40x.
Financial score −0.5 notch, disclosure concern
Working capital cycle lengthened by 16 days
87 days in FY2025; growth is being funded on the cash conversion cycle and the current ratio has fallen in each of three years.
Financial score −0.5 notch

This text becomes section 8 of the memo, signed in the analyst's name.

The model informs; the call is yours. Confirmation is attributed to Elena Rossi, Credit Analyst.