Mumbai, Sept. 30 -- Crisil Ratings stated that the rating continues to reflect the established position of the Keva group in the flavours and fragrances industry, the extensive experience of the promoters, strong research and development (R&D) capabilities and a healthy financial risk profile.

These strengths are partially offset by exposure to intense competition and moderately high working capital requirement.

The operating performance of the Keva group will remain healthy, supported by growth in the flavours segment in international markets, continued client addition and contribution from Creative Flavours and Fragrances SpA (CFF) and Holland Aromatics BV.

Revenue is expected to continue grow in double digits in medium term, with st...