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CRISIL has suspended its ratings on the bank facilities of Moser Baer India Ltd (MBIL). This is because MBIL has not been providing any information on its operations and financials to CRISIL. The suspension reflects CRISIL’s inability to maintain a valid rating in the absence of information from MBIL.
About the Company
MBIL, promoted in 1983 by Mr. Deepak Puri, began manufacturing time recorder units in technical collaboration with Maruzen Corporation, Japan, and Moser Baer Sumiswald, Switzerland. MBIL diversified into optical data storage in 1986, and has evolved into the leading manufacturer of removable data storage media such as floppy disks, compact discs (CDs), and digital versatile discs (DVDs). MBIL is India’s largest, and among the world’s three largest optical storage media manufactures, with a capacity to manufacture 4.8 billion discs per annum at its manufacturing facilities at Noida and Greater Noida (both in Uttar Pradesh).
In October 2005, the company announced plans to enter the photo voltaic (PV) business through its wholly owned subsidiaries – Moser Baer Photo Voltaic Ltd (MBPV) and Moser Baer Solar Limited (MBSL; formerly, PV Technologies India Ltd). MBIL has invested around Rs.3 billion between 2006-07 (refers to financial year, April 1 to March 31) and 2009-10 in MBPV and MBSL. As a forward integration move, the company has entered content distribution (home entertainment) of selling content (movies) on CDs/DVDs manufactured at its optical storage facilities.
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Media Contacts
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Analytical Contacts
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CRISIL Rating Desk
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Mitu Samar
Head, Communications and Brand Management
CRISIL Limited
Tel: +91-22- 3342 1838
E-mail: msamar@crisil.com
Tanuja Abhinandan
Communications and Brand Management
CRISIL Limited
Tel: +91-22- 3342 1818
Email: tabhinandan@crisil.com
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Nagarajan Narasimhan
Director - CRISIL Ratings
Tel: +91-22-3342 3536
Email:nnarasimhan@crisil.com
Anuj Sethi
Head - CRISIL Ratings
Tel: +91-44-6656 3108
Email: ansethi@crisil.com
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Tel: +91-22-3342 3047/3342 3064
Email:CRISILratingdesk@crisil.com
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Note:
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About CRISIL Limited
CRISIL is a global analytical company providing ratings, research, and risk and policy advisory services. We are India's leading ratings agency. We are also the foremost provider of high-end research to the world's largest banks and leading corporations.
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Last updated: March 31, 2011
Disclaimer: A CRISIL rating reflects CRISIL's current opinion on the likelihood of timely payment of the obligations under the rated instrument and does not constitute an audit of the rated entity by CRISIL. CRISIL ratings are based on information provided by the issuer or obtained by CRISIL from sources it considers reliable. CRISIL does not guarantee the completeness or accuracy of the information on which the rating is based. A CRISIL rating is not a recommendation to buy, sell, or hold the rated instrument; it does not comment on the market price or suitability for a particular investor. All CRISIL ratings are under surveillance. Ratings are revised as and when circumstances so warrant. CRISIL is not responsible for any errors and especially states that it has no financial liability whatsoever to the subscribers / users / transmitters / distributors of this product. CRISIL Ratings’ rating criteria are available without charge to the public on the CRISIL web site, www.crisil.com. For the latest rating information on any instrument of any company rated by CRISIL, please contact CRISIL RATING DESK at CRISILratingdesk@crisil.com, or at (+91 22) 3342 3000.
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