Mumbai, Aug. 24 -- Crisil Ratings stated that the ratings continues to reflect the extensive experience of the promoters in the power electronic equipment industry, strong orderbook providing revenue visibility and comfortable financial risk profile of the company.

These strengths are partially offset by large working capital requirement and exposure to risk posed by the tender-based nature of business and concentration in the end-user industry base.

The agency further said that significant increase in revenues of around 25-30% while maintaining stable operating margin, leading to higher cash accruals and improvement in the working capital cycle leading to improved liquidity could lead to a positive rating action.

However, a decline in...