CRISIL assigns 'P1' rating to Dorf Ketal's commercial paper prog

Mumbai, Mar 28 (UNI) Crisil has assigned a 'P1' rating to Dorf Ketal Chemicals (I) Private Limited's Rs 15 crore commercial paper (CP) programme.

Dorf Ketal is a globally-copmpetitive player in a variety of specialty chemicals and supplies its products to companies in the UAE, South Korea, Saudi Arabia, Brazil, Japan, Kuwait and the USA.

The company's CP rating derives its strength from its significant domestic and global presence in its niche product segments, strong competitive position diven by R&D and customised products and services, a CRISIL release said today.

The company's domestic clients include Reliance Industries Limited and other leading public sector refiners.

However, the rating is constrained by the company's high revenue concentration and low capitalisation.

Overseas sales comprised a sizeable 55 per cent of its business on a consolidated basis in FY 05 with the company being the market leader in the domestic market.

The rating of Dorf Ketal will be sensitive to the nature of new business risk and the extent of debt funding of such acquisitions, the release added.

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