Siltap Chemicals Ltd.

• Non Convertible Debenture - Rs. 66.7 million Rating : Upgraded from A- to A

The "A-" (pronounced ' single A minus') rating assigned to the Rs.66.7 million Non Convertible Debenture programme of Siltap Chemicals Limited (SCL) has been upgraded to "A" (pronounced single A).

The upward revision in the rating reflects an improvement in the financial risk profile of SCL, due mainly to an improvement in its sales and profitability for 1998-99, over the previous year. The rating also favourably factors in SCL's strong market position in the domestic tarpaulin and sacks industry and its superior technical capabilities. The rating however continues to be constrained by the limited pricing flexibility of the players in the industry and an increase in raw material prices, which might have a bearing on the company's future financial performance.