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CRISIL has assigned its ‘P3+’ rating to Jupiter Dyechem Pvt Ltd’s (Jupiter Dyechem’s) bank facilities. The rating reflects Jupiter Dyechem’s established market position in the organic chemicals industry, the benefits that the company derives from its promoters’ industry experience. The rating is underpinned by the robust practices that the company has adopted to contain inventory and receivables risks. These rating strengths are, however, partially offset by the company’s modest capital base.
About the Company
Jupiter Dyechem was set up in 1976 by Mr. Ramesh Chokhani and his brother Mr. Ashok Chokhani. The company is a distributor of various organic chemicals such as methanol, acetic acid, propylene glycol, toluene, and styrene monomer. The company has sourcing arrangements with globally renowned petrochemicals manufacturers. The company derives more than 50 per cent of its revenues from the distribution of methanol. Mr. Ramesh Chokhani’s son, Mr. Nimesh Chokhani, is also part of the company’s management team.
Jupiter Dyechem reported a profit after tax (PAT) of Rs.23.7 million on net sales of Rs.2091.8 million for 2008-09 (refers to financial year, April 1 to March 31), against a PAT of Rs.13.4 million on net sales of Rs.1579.2 million for 2007-08.
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Analytical Contacts
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CRISIL Rating Desk
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Mitu Samar
Head, Market Development & Communications
CRISIL Limited
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Email: msamar@crisil.com
Tanuja Abhinandan
Market Development & Communications
CRISIL Limited
Tel: +91-22- 3342 1818
Email: tabhinandan@crisil.com
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Gurpreet S Chhatwal
Director - CRISIL Ratings
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Email: gchhatwal@crisil.com
Vinayak Nayak
Senior Manager - CRISIL Ratings
Tel: +91-22-4047 2240
Email: vnayak@crisil.com
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Email: CRISILratingdesk@crisil.com
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