Mumbai, March 6 -- The agency has also affirmed the company's short-term rating at '[ICRA] A2'.

ICRA stated that the reaffirmation of ratings of NGL Fine-Chem (NGL) factors in the company's established operational track record, the extensive experience of its management in the animal health active pharmaceutical ingredients (API) segment, its diversified geographical presence in domestic and international markets and its well-established client base built over the years.

Also, NGL continues to maintain a strong market share for its top three APIs (diminazene, clorsulon and buparvaquone), supported by a competitive cost proposition since it is partly backward integrated for basic chemicals.

Going forward, topline growth is expected tobe...