Credit Rating Agencie

Chem-Org-Large
Aarti Inds.
year
1984
YEAR OF
ISSUE
NonConvertible
Debentures
Fixed
Deposits
3/4/2003
1/17/2005
12/14/2005
1
1
1
1
Long
Term
Debts
Debt
Progamme
1
1
1
2
3
7/18/2008
9/9/2008
Short
Term
Debt
1
1
1
6/4/1998
6/23/1998
3/20/2002
Commercial
Paper
2
1
1
14-04-1998
28-08-1999
Alkyl Amines Chemicals Ltd
year
YEAR OF
ISSUE
1979
5/19/2009
NonConvertible
Debentures
Fixed
Deposits
Commercial
Paper
Short
Term
Debt
Long
Term
Debts
Debt
Progamme
4/30/2008
Excel Industries Ltd
year
YEAR OF
ISSUE
1960
7/25/2008
4/21/2008
12/13/2006
NonConvertible
Debentures
7/1/2002
12/17/2001
20-11-2001
7/19/2001
5/23/2001
2/7/2000
6/23/1998
1
1
6/4/1998
4/14/1998
05-08-1997
7/1/1997
Short
Term
Debt
Long
Term
Debts
Debt
Progamme
1
1
1
1
1
1
1
1/28/2000
8/28/1999
Commercial
Paper
2
1
1
12/19/2003
11/2/2005
Fixed
Deposits
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
1
Godrej Industries Ltd
year
YEAR OF
ISSUE
1988
11/14/2008
NonConvertible
Debentures
Fixed
Deposits
Commercial
Paper
2
1
1
1
1
1
7/11/2008
9/8/2007
9/21/2006
04-08-2005
8/20/2004
7/3/2002
Short
Term
Debt
Long
Term
Debts
Debt
Progamme
1
1
1
6/30/2001
28-02-2001
10/31/2000
1
1
8/25/2000
11-08-2000
1
1
6/30/2000
4/30/2000
1
1
1/5/2000
2/28/1998
Gwalior Chemical Industries Ltd
year
YEAR OF
ISSUE
1984
03-08-2009
NonConvertible
Debentures
Fixed
Deposits
Commercial
Paper
6/10/2009
Short
Term
Debt
Long
Term
Debts
1
1
1
1
1
02-05-2008
Debt
Progamme
1
1
Hikal Ltd
year
YEAR OF
ISSUE
1988
6/5/2009
NonConvertible
Debentures
Fixed
Deposits
Commercial
Paper
Short
Term
Debt
Long
Term
Debts
Debt
Progamme
3
3
3/3/2009
1
1
1
4/20/2005
13-09-2004
10/7/2003
Navin Fluorine International Limited
year
YEAR OF
ISSUE
1998
24-03-2009
NonConvertible
Debentures
Fixed
Deposits
Commercial
Paper
Short
Term
Debt
Long
Term
Debts
Debt
Progamme
Pidilite Industries Ltd
year
YEAR OF
ISSUE
NonConvertible
Debentures
Fixed
Deposits
Commercial
Paper
Short
Term
Debt
Long
Term
Debts
Debt
Progamme
1969
12/1/2008
3
1
5/12/2008
4/25/2008
1
1
26-03-2007
10/12/2006
1
1
1
1
1
1
1
1
1
7/10/2006
12/21/2005
5/13/2003
7/16/2002
25-01-2000
28-08-1999
23-06-1998
6/4/1998
4/14/1998
Punjab Chemicals & Crop Protection Ltd
year
YEAR OF
ISSUE
1975
31-12-2008
NonConvertible
Debentures
Fixed
Deposits
Commercial
Paper
Short
Term
Debt
Long
Term
Debts
Debt
Progamme
Chem-Org-Med/Sml
Citurgia Biochemicals Ltd
year
YEAR OF
ISSUE
1974
11/20/2001
NonConvertible
Debentures
Fixed
Deposits
Commercial
Paper
Short
Term
Debt
Long
Term
Debts
Debt
Progamme
1
1
8/24/1999
Elantas Beck India Ltd
year
YEAR OF
ISSUE
1956
6/23/1998
NonConvertible
Debentures
Fixed
Deposits
Commercial
Paper
Short
Term
Debt
Long
Term
Debts
Debt
Progamme
1
1
1
6/4/1998
4/14/1998
Dujodwala Products Ltd
year
YEAR OF
ISSUE
NonConvertible
Debentures
1981
8/26/2004
Fixed
Deposits
Commercial
Paper
Short
Term
Debt
Long
Term
Debts
Debt
Progamme
J F Laboratories Ltd
year
YEAR OF
ISSUE
NonConvertible
Debentures
1988
8/10/2004
Fixed
Deposits
Commercial
Paper
Short
Term
Debt
Long
Term
Debts
Debt
Progamme
1
1
1
1
1
1
9/30/2001
6/30/2001
10/31/2000
30-06-2000
4/30/2000
31-12-1999
10/11/1999
1
1
1
9/30/1999
28-02-1998
11/30/1997
Resonance Specialities Ltd
year
YEAR OF
ISSUE
1989
10/22/2001
19-07-2001
28-08-1999
6/30/1998
NonConvertible
Debentures
Fixed
Deposits
Commercial
Paper
Short
Term
Debt
Long
Term
Debts
Debt
Progamme
1
1
1
1
23-06-1998
4/14/1998
Chemicals - Pentaerythritol / Formaldehyde
Chemicals - Plasticizers
Andhra Petrochemicals Ltd
year
YEAR OF
ISSUE
1984
02-01-2009
NonConvertible
Debentures
Fixed
Deposits
Commercial
Paper
Short
Term
Debt
Long
Term
Debts
Debt
Progamme
Ganesh Benzoplast Ltd
year
1986
YEAR OF
ISSUE
8/28/1999
23-06-1998
NonConvertible
Debentures
1
1
6/4/1998
4/14/1998
Fixed
Deposits
Commercial
Paper
1
1
1
Short
Term
Debt
Long
Term
Debts
Debt
Progamme
Chemicals - Speciality - Large

Ciba India Ltd
year
YEAR OF
ISSUE
1997
12/23/2003
NonConvertible
Debentures
Fixed
Deposits
Commercial
Paper
Short
Term
Debt
Long
Term
Debts
Debt
Progamme
1
1
1
1
1
1
1
1
8/21/2002
20-11-2001
7/13/2001
28-08-1999
23-06-1998
6/4/1998
4/14/1998
Clariant Chemicals (India) Ltd
year
YEAR OF
ISSUE
1956
5/14/2009
6/4/2008
NonConvertible
Debentures
Fixed
Deposits
Commercial
Paper
1
1
02-03-2007
10/18/2005
02-09-2005
24-12-2002
Long
Term
Debts
Debt
Progamme
2
1
1
1
1
1
1
1
03-06-2008
4/16/2007
Short
Term
Debt
1
1
1
1
1
4/29/2002
1
1
1
1
1
20-11-2001
8/28/1999
6/23/1998
6/4/1998
4/30/1998
Jayant Agro Organics Ltd
year
YEAR OF
ISSUE
1992
15-05-2009
NonConvertible
Debentures
Fixed
Deposits
Commercial
Paper
Short
Term
Debt
Long
Term
Debts
Debt
Progamme
NOCIL Ltd
year
YEAR OF
ISSUE
NonConvertible
Debentures
Fixed
Deposits
Commercial
Paper
Short
Term
Debt
Long
Term
Debts
Debt
Progamme
1961
14-04-1998
1
1
11-09-1997
10-09-1996
Chemicals - Speciality - Medium / Small

Akzo Nobel Chemicals Ltd
year
1990
YEAR OF
ISSUE
5/28/2002
20-11-2001
7/19/2001
28-08-1999
6/23/1998
NonConvertible
Debentures
Fixed
Deposits
Commercial
Paper
Short
Term
Debt
Long
Term
Debts
Debt
Progamme
1
1
1
1
1
4/14/1998
Avon Organics Ltd
year
1993
YEAR OF
ISSUE
NonConvertible
Debentures
3/18/2009
Fixed
Deposits
Commercial
Paper
Short
Term
Debt
Long
Term
Debts
Debt
Progamme
16-03-2009
Gulshan Polyols Ltd
year
2000
YEAR OF
ISSUE
4/8/2009
2/22/2008
NonConvertible
Debentures
Fixed
Deposits
Commercial
Paper
Short
Term
Debt
Long
Term
Debts
1
1
Debt
Progamme
-Org-Large
Foreign
Currency Long Term
Term Loan
Programme
4
2
micals Ltd
Foreign
Currency Long Term
Term Loan
Programme
2
3
es Ltd
dustries Ltd
Term Loan
Programme
Foreign
Currency Long Term
Debenture
Term Loan
Programme
Foreign
Currency Long Term
Debenture
Pass
Through
Certificates
cal Industries Ltd

Term Loan
Programme
Foreign
Currency Long Term
Term Loan
Programme
Foreign
Currency Long Term
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
kal Ltd
rine International Limited

Term Loan
Programme
Foreign
Currency Long Term
Term Loan
Programme
Foreign
Currency Long Term
dustries Ltd
2
3
1
& Crop Protection Ltd
Term Loan
Programme
Foreign
Currency Long Term
Term Loan
Programme
Foreign
Currency Long Term
Term Loan
Programme
Foreign
Currency Long Term
Term Loan
Programme
Foreign
Currency Long Term
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
rg-Med/Sml
ochemicals Ltd
eck India Ltd
Products Ltd
ratories Ltd
Term Loan
Programme
Foreign
Currency Long Term
Debenture
Pass
Partly
Through convertible
Certificates debentures
Specialities Ltd
Term Loan
Programme
Foreign
Currency Long Term
Debenture
Pass
Partly
Through convertible
1
1
1
ochemicals Ltd
Term Loan
Programme
Foreign
Currency Long Term
Debenture
Pass
Through
Certificates
enzoplast Ltd
Term Loan
Programme
Foreign
Currency Long Term
Debenture
Pass
Through
Certificates
ndia Ltd
Term Loan
Programme
Foreign
Currency Long Term
Term Loan
Programme
Foreign
Currency Long Term
Term Loan
Programme
Foreign
Currency Long Term
Term Loan
Programme
Foreign
Currency Long Term
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
micals (India) Ltd
o Organics Ltd
CIL Ltd
peciality - Medium / Small
Chemicals Ltd
Term Loan
Programme
Foreign
Currency Long Term
Debenture
Pass
Partly
Through convertible
1
1
1
rganics Ltd
Term Loan
Programme
Foreign
Currency Long Term
Term Loan
Programme
Foreign
Currency Long Term
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
Polyols Ltd
instrument wise rating
Chem-Org-Large
Non-Convertible Debentures
1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
Alkyl Amines
Excel Inds.
Godrej Inds.
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
Chem-Org-Med/Sml
1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
Resonance Speci.
TOTAL

NO CREDIT RATING
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
Ganesh Benzopl.
TOTAL

1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
Jayant Agro Org.
NOCIL
TOTAL

1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
Avon Organics
Gulshan Polyols
TOTAL
Chem-Org-Large
Fixed Deposits
1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
Alkyl Amines
Excel Inds.
Godrej Inds.
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
Chem-Org-Med/Sml
1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
Resonance Speci.
TOTAL
Fixed Deposits
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
Ganesh Benzopl.
TOTAL

Fixed Deposits
1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
Jayant Agro Org.
NOCIL
TOTAL

Fixed Deposits
1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
Avon Organics
Gulshan Polyols
TOTAL
Chem-Org-Large
Commercial Paper
1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
Alkyl Amines
Excel Inds.
1
3
Godrej Inds.
3
1
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
10
Chem-Org-Med/Sml
Commercial Paper
1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
Resonance Speci.
TOTAL
Commercial Paper
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
Ganesh Benzopl.
TOTAL

Commercial Paper
1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
2
1
1
1
Clariant Chemica
3
3
Jayant Agro Org.
NOCIL
TOTAL

Commercial Paper
1996
Akzo Nobel Chem.
1997
0
1998
19999
0
2000
0
2001
0
2002
0
2003
Avon Organics
Gulshan Polyols
TOTAL
Chem-Org-Large
Short Term Debt
1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
Alkyl Amines
Excel Inds.
Godrej Inds.
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
Chem-Org-Med/Sml
1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
Resonance Speci.
TOTAL
Short Term Debt
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
Ganesh Benzopl.
TOTAL

Short Term Debt
1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
Jayant Agro Org.
NOCIL
TOTAL

Short Term Debt
1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
Avon Organics
Gulshan Polyols
TOTAL
Chem-Org-Large
Long Term Debts
1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
Alkyl Amines
Excel Inds.
Godrej Inds.
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
Chem-Org-Med/Sml
Long Term Debts
1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
Resonance Speci.
TOTAL
Long Term Debts
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
Ganesh Benzopl.
TOTAL

Long Term Debts
1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
Jayant Agro Org.
NOCIL
TOTAL
Long Term Debts

1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
Avon Organics
Gulshan Polyols
TOTAL
Chem-Org-Large
Debt Progamme
1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
Alkyl Amines
Excel Inds.
Godrej Inds.
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
Resonance Speci.
TOTAL
Chem-Org-Med/Sml
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
Ganesh Benzopl.
TOTAL
Debt Progamme
1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
Jayant Agro Org.
NOCIL
TOTAL

Debt Progamme
1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
Avon Organics
Gulshan Polyols
TOTAL
Chem-Org-Large
Term Loan Programme
1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
Alkyl Amines
Excel Inds.
Godrej Inds.
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
Resonance Speci.
TOTAL
Chem-Org-Med/Sml

Term Loan Programme

1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
Ganesh Benzopl.
TOTAL

Term Loan Programme
1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
Jayant Agro Org.
NOCIL
TOTAL

Term Loan Programme
1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
Avon Organics
Gulshan Polyols
TOTAL
Chem-Org-Large
Debenture
1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
Alkyl Amines
Excel Inds.
Godrej Inds.
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
Chem-Org-Med/Sml
Debenture
1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
Resonance Speci.
TOTAL
Debenture
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
Ganesh Benzopl.
TOTAL

Debenture
1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
Jayant Agro Org.
NOCIL
TOTAL

Debenture
1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
Avon Organics
Gulshan Polyols
TOTAL
Chem-Org-Large
Pass Through Certificates
1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
Alkyl Amines
Excel Inds.
Godrej Inds.
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
Resonance Speci.
TOTAL
Chem-Org-Med/Sml
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
Ganesh Benzopl.
TOTAL

1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
Jayant Agro Org.
NOCIL
TOTAL

1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
Avon Organics
Gulshan Polyols
TOTAL
Partly Convertible Debentures

Chem-Org-Large
1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
Alkyl Amines
Excel Inds.
Godrej Inds.
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
Chem-Org-Med/Sml
1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
Resonance Speci.
TOTAL
1
2
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
Ganesh Benzopl.
TOTAL

1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
Jayant Agro Org.
NOCIL
TOTAL

1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
Avon Organics
Gulshan Polyols
TOTAL
Chem-Org-Large
Foreign Currency - Long Term
1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
Alkyl Amines
Excel Inds.
Godrej Inds.
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
Resonance Speci.
TOTAL
Chem-Org-Med/Sml
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
Ganesh Benzopl.
TOTAL

1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
Jayant Agro Org.
NOCIL
TOTAL

1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
Avon Organics
Gulshan Polyols
TOTAL
CODE
CARE
CRISIL
ICRA
FITCH
Chem-Org-Large
1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
1 (B)
1 (B)
Alkyl Amines
Excel Inds.
2 (B)
1 (B)
4 (B)
1 (B)
Godrej Inds.
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
Fixed Deposits
1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
Alkyl Amines
Excel Inds.
0 2 (B)
Godrej Inds.
Gwalior Chem.
3 (B)
1 (B)
2 (B)
2 (B)
1 (B)
0
1 (B)
Hikal
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
Commercial Paper
1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
3 (B)
1 (B)
1 (B)
Alkyl Amines
Excel Inds.
3 (B)
1 (B)
1 (B)
Godrej Inds.
4( C)
1( C)
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
3(B)
1(B)
1 (B)
1 (B)
1 (B)
Punjab Chemicals
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
1(B)
Alkyl Amines
Excel Inds.
Godrej Inds.
1 ( C)
3 ( C)
2 ( C)
Gwalior Chem.
Hikal
1(B)
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
Short Term Debt
Long Term Debts

1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
Alkyl Amines
Excel Inds.
Godrej Inds.
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
1996
1997
1998
19999
2000
2002
2003
Debt Progamme
2001
Aarti Inds.
Alkyl Amines
Excel Inds.
Godrej Inds.
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
Alkyl Amines
Excel Inds.
Godrej Inds.
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
Alkyl Amines
Excel Inds.
1(B)
Godrej Inds.
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
Alkyl Amines
Excel Inds.
Godrej Inds.
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
Term Loan Programme
Punjab Chemicals
TOTAL
Debenture

1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
Alkyl Amines
Excel Inds.
Godrej Inds.
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Aarti Inds.
Alkyl Amines
Excel Inds.
Godrej Inds.
Gwalior Chem.
Hikal
Navin Fluo.Intl.
Pidilite Inds.
Punjab Chemicals
TOTAL
Chem-Org-Med/Sml
1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
Resonance Speci.
1 (B)
1 (B)
2 (B, )
TOTAL
Fixed Deposits
1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
Resonance Speci.
TOTAL
Commercial Paper
1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
1(B)
1(B)
Dujodwala Prod
Elantas Beck
3(B)
J F Labs.
Resonance Speci.
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
Resonance Speci.
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
1( C)
3( C)
3( C)
2( C)
Resonance Speci.
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
Resonance Speci.
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
Resonance Speci.
TOTAL
1996
1997
1998
19999
2000
2001
Short Term Debt
Long Term Debts
Debt Progamme
Term Loan Programme
Debenture
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
Resonance Speci.
1 (B)
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
Resonance Speci.
TOTAL

1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
1 ( C)
Resonance Speci.
2 (B)
TOTAL

1996
1997
1998
19999
2000
2001
2002
2003
Citurgia Biochem
Dujodwala Prod
Elantas Beck
J F Labs.
Resonance Speci.
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
Ganesh Benzopl.
2 (B)
1 (B)
TOTAL
Fixed Deposits
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
Ganesh Benzopl.
0 2 (B)
TOTAL
1(B)
Commercial Paper
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
Ganesh Benzopl.
1(B)
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
Ganesh Benzopl.
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
Ganesh Benzopl.
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
Ganesh Benzopl.
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
1( C)
Ganesh Benzopl.
TOTAL
1996
1997
1998
19999
2000
2001
Short Term Debt
Long Term Debts
Debt Progamme
Term Loan Programme
Debenture
2002
2003
Andhra Petrochem
Ganesh Benzopl.
1 (B)
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
1 ( C)
Ganesh Benzopl.
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
Ganesh Benzopl.
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Andhra Petrochem
Ganesh Benzopl.
TOTAL

1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
1 (B)
Jayant Agro Org.
NOCIL
TOTAL
Fixed Deposits
1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
Jayant Agro Org.
NOCIL
1(B)
1 (B)
TOTAL
Commercial Paper
Ciba India
1996
1997
1998
19999
2000
2001
2002
2003
3(B)
1(B)
2(B)
1(B)
1(B)
Clariant Chemica
3(B)
1(B)
1(B)
Jayant Agro Org.
NOCIL
1(B)
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
2 (B)
Jayant Agro Org.
NOCIL
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
Jayant Agro Org.
NOCIL
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
Jayant Agro Org.
NOCIL
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
Jayant Agro Org.
NOCIL
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
Jayant Agro Org.
NOCIL
TOTAL
Short Term Debt
Long Term Debts
Debt Progamme
Term Loan Programme
Debenture

1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
Jayant Agro Org.
NOCIL
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
Jayant Agro Org.
NOCIL
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Ciba India
Clariant Chemica
Jayant Agro Org.
NOCIL
TOTAL

1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
1 (B)
1 (B)
2 (B)
Avon Organics
Gulshan Polyols
TOTAL
Fixed Deposits
1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
Avon Organics
Gulshan Polyols
TOTAL
1998
19999
0
2000
0
Commercial Paper
1996
Akzo Nobel Chem.
1997
0
2001
0
2002
0
2003
0
Avon Organics
Gulshan Polyols
TOTAL
Short Term Debt

1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
Avon Organics
Gulshan Polyols
TOTAL
Long Term Debts

1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
Avon Organics
Gulshan Polyols
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
Avon Organics
Gulshan Polyols
TOTAL
1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
Avon Organics
Gulshan Polyols
TOTAL
Debt Progamme
Term Loan Programme
Debenture
1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
1 (B)
Avon Organics
Gulshan Polyols
TOTAL

1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
Avon Organics
Gulshan Polyols
TOTAL

1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
2 (B)
Avon Organics
Gulshan Polyols
TOTAL

1996
1997
1998
19999
2000
2001
2002
2003
Akzo Nobel Chem.
Avon Organics
Gulshan Polyols
TOTAL
most of the co. hve been rated on crisil
Chem-Org-Large
nvertible Debentures
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
m-Org-Med/Sml
aerythritol / Formaldehyde
ticizers
es
- Speciality - Large
es
eciality - Medium / Small
es
2004
2005
2006
2007
2008
2009
0
Chem-Org-Large
Fixed Deposits
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
m-Org-Med/Sml
als - Plasticizers
Fixed Deposits
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
Fixed Deposits
Fixed Deposits
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
0
2005
0
2006
0
2007
0
2008
0
2009
0
2004
2005
2006
2007
2008
2009
8
2
0
0
4
1
0
1
20
Chem-Org-Large
hort Term Debt
m-Org-Med/Sml
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2
4
2004
2005
2006
2007
2008
2009
1
1
l / Formaldehyde
als - Plasticizers
hort Term Debt
Medium / Small
Chem-Org-Large
ong Term Debts
2004
2005
2006
2007
2008
2009
2
1
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
m-Org-Med/Sml
ong Term Debts
l / Formaldehyde
als - Plasticizers
ong Term Debts
ong Term Debts

2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2
6
2004
2005
2006
2007
2008
2009
Chem-Org-Large
Debt Progamme
Chem-Org-Med/Sml
Pentaerythritol / Formaldehyde
emicals - Plasticizers
2004
2005
2006
2007
2008
2009
icals - Speciality - Large
e
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
16
2004
2005
2006
2007
2008
2009
ity - Medium / Small
Chem-Org-Large
m Loan Programme
0
m-Org-Med/Sml
als - Plasticizers
m Loan Programme
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
m Loan Programme
m Loan Programme
em-Org-Large
Debenture
m-Org-Med/Sml
Debenture
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
als - Plasticizers
Debenture
Medium / Small
Chem-Org-Large
Through Certificates
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2005
2006
2007
2008
2009
m-Org-Med/Sml
als - Plasticizers
vertible Debentures
Chem-Org-Large
2004
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
m-Org-Med/Sml
als - Plasticizers
Medium / Small
bentures
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
m-Org-Med/Sml
als - Plasticizers
2004
2005
2006
2007
2008
2009
Chem-Org-Large
2004
2005
2006
2007
2008
2009
2 (B)
2 (B)
1 (B)
1 (B)
3 (B)
1 (B)
20
Fixed Deposits
2004
2005
2006
2007
2008
2009
0 1 (B)
1(B)
0 3 (B)
2004
2005
2006
2007
2008
2009
1 ( C)
1 ( C)
1 ( C)
1 ( C)
2 ( C)
1 (B)
1 (B)
2004
2005
2006
2007
2008
2009
2(B)
5(B)
2(B)
8 ( C)
2 ( C)
2 (A) (B)
1(B)
1 (A)
1(B)
1(B)
4(B)
1(A)
20
2004
2005
2006
2007
2008
2009
1(B)
2(B)
1 ( C)
1 ( C)
2004
2005
2006
2007
2008
2009
17
12
hort Term Debt
33
ong Term Debts
2(B)
2(B)
6 ( C)
2004
2005
2006
2007
2008
2009
6(B)
3(B)
2(B)
2(B)
5(B)
16
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
1 ( C)
1(B)
10
m Loan Programme
18
Debenture
onvertible Debentures
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
1 (B)
1(C)
m-Org-Med/Sml
s
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
ong Term Debts
Debenture
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
ormaldehyde
ticizers
es
Fixed Deposits
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
m Loan Programme
Debenture
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2 (B)
2 (B)
1 (B)
1 (B)
es
Fixed Deposits
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2 (B)
2 (B)
1 (B)
2 (B)
4 (B)
2004
2005
2006
2007
2008
2009
2 (B)
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
hort Term Debt
ong Term Debts
m Loan Programme
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
1 (B)
es
Fixed Deposits
2004
2005
2006
2007
2008
2009
2004
0
2005
0
2006
0
2007
0
2008
0
2009
0
2004
2005
2006
2007
2008
2009
1(A)
1(A)
1(A)
2004
2005
2006
2007
2008
2009
1 (B)
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
ong Term Debts
m Loan Programme
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
2004
2005
2006
2007
2008
2009
1 (B)
bentures
% of different Instruments Rated in chemical industry
NonConvertible
Debentures
Fixed
Deposits
Commercial Short Term

Paper
Debt
Long Term
Debts
Debt
Progamme
Chem-Org-Large
Aarti Inds.
24%
20%
Alkyl Amines
Excel Inds.
32%
28.50%
31.70%
29.26%
Godrej Inds.
12.19%
19.51%
50%
36.36%
Gwalior Chem.
9.09%
28.57%
42.85%
28.57%
Hikal
30%
10%
60%
Navin Fluo.Intl.
50%
50%
Pidilite Inds.
4.54%
40.90%
27.27%
Punjab Chemicals
Chem-Org-Med/smal
Citurgia Biochem
Dujodwala Prod
100%
100%
Elantas Beck
J F Labs.
Resonance Speci.
100%
9.09%
81.81%
57.14%
Chemicals Pentaerythri
tol /
Formaldehy
de
Chemicals Plasticizers
Andhra Petrochem
Ganesh Benzopl.
37.50%
37.50%
12.50%
Chemicals Speciality Large

Ciba India
Clariant Chemica
100%
33.33%
23.80%
Jayant Agro Org.
42.85%
66.66%
NOCIL
66.66%
33.33%
Chemicals Speciality Medium /

Small
Akzo Nobel Chem.
Avon Organics
62.50%
50%
50%
33.33%
Gulshan Polyols
50%
25%
List of Instruments Upgraded & Downgraded

where:
Numbers given in single are downgraded.
Numbers given in () are stable.
Numbers in []single are upgraded
Aarti Inds.
year
YEAR OF
ISSUE
NonConvertible
Debentures
1984
2008
(2).
(5).
2005
[2]
(2).
2003
(1).
2002
(1).
Fixed
Deposits

Paper
Debt
Long Term
Debts
Debt
Progamme
Long Term
Debts
Debt
Progamme
(1).
(1).
1999
(1).
1998
(3).
Alkyl Amines Chemicals Ltd
year
YEAR OF
ISSUE
1979
2009
NonConvertible
Debentures
Fixed
Deposits

Paper
Debt
(2 ).
2008
Excel Industries Ltd
year
YEAR OF
ISSUE
NonConvertible
Debentures
2008
(3).
Fixed
Deposits

Paper
Debt
1960
Long Term
Debts
Debt
Progamme
Long Term
Debts
Debt
Progamme
(8).
2007
2006
(1).
2005
(1).
2004
2003
(1).
(0).
2002
(1).
(1).
2001
(4).
[2]
2000
(2).
(1).
1999
[1]
(1).
(1).
1998
1997
(2).
(3).
(2).
(2).
Godrej Industries Ltd
year
YEAR OF
ISSUE
NonConvertible
Debentures
Fixed
Deposits

Paper
Debt
1988
2008
(2).
2007
(1).
2006
(1).
2005
(1).
2004
(1).
2002
(1).
2001
(2).
(3).
2000
(3).
(2).
1998
(1).
(1).
Gwalior Chemical Industries Ltd
(2).
year
YEAR OF
ISSUE
NonConvertible
Debentures
Fixed
Deposits

Paper
Debt
Long Term
Debts
Debt
Progamme
(2).
(2).
1984
2009
(2).
2008
(1).
Hikal Ltd
year
YEAR OF
ISSUE
NonConvertible
Debentures
Fixed
Deposits

Paper
Debt
Long Term
Debts
Debt
Progamme
(1).
(5). 1

Paper
Debt
(1).
Long Term
Debts
(1).
Debt
Progamme

Paper
Debt
Long Term
Debts
Debt
Progamme
1988
2009
2005
(0).
2004
(1).
2003
(1).
Navin Fluorine International Limited
year
1998
YEAR OF
ISSUE
2009
NonConvertible
Debentures
Fixed
Deposits
Pidilite Industries Ltd
year
YEAR OF
ISSUE
NonConvertible
Debentures
2008
(1).
Fixed
Deposits
1969
(4).
2007
(1).
2006
(1).
2005
(1).
2003
(1).
2002
(1).
2000
(1).
1999
1998
(1).
(3).
Punjab Chemicals & Crop Protection Ltd
(1).
year
YEAR OF
ISSUE
1975
2008
NonConvertible
Debentures
Fixed
Deposits

Paper
Debt
(1).
Long Term
Debts
Debt
Progamme
(1).
Chem-Org-Med/Sml
Citurgia Biochemicals Ltd
NonConvertible
Debentures
year
YEAR OF
ISSUE
Fixed
Deposits

Paper
Debt
Long Term
Debts
Debt
Progamme
1974
2001
(1).
1999
(1).
Long Term
Debts
Debt
Progamme

Paper
Debt
Long Term
Debts
Debt
Progamme

Paper
Debt
Long Term
Debts
Debt
Progamme
Elantas Beck India Ltd
year
YEAR OF
ISSUE
1956
2008
NonConvertible
Debentures
Fixed
Deposits

Paper
Debt
(2). [1]
Dujodwala Products Ltd
year
1981
YEAR OF
ISSUE
2004
NonConvertible
Debentures
(1).
Fixed
Deposits
J F Laboratories Ltd
year
YEAR OF
ISSUE
NonConvertible
Debentures
2004
(1).
Fixed
Deposits
1988
2001
(2).
1000
(3).
1999
[1]
1998
(1).
1997
[1]
Resonance Specialities Ltd
year
YEAR OF
ISSUE
NonConvertible
Debentures
2001
(1).
1999
(1).
1998
(1).
Fixed
Deposits

Paper
Debt
Long Term
Debts
Debt
Progamme

Paper
Debt
Long Term
Debts
Debt
Progamme

Paper
Debt
Long Term
Debts
Debt
Progamme
Long Term
Debts
Debt
Progamme
1989
Andhra Petrochemicals Ltd
year
1984
YEAR OF
ISSUE
2009
NonConvertible
Debentures
Fixed
Deposits
Ganesh Benzoplast Ltd
year
YEAR OF
ISSUE
NonConvertible
Debentures
Fixed
Deposits
1986
1999
(1).
(1).
1998
(1). [1]
(1). [1]
(1).

Ciba India Ltd
year
1997
YEAR OF
ISSUE
NonConvertible
Debentures
Fixed
Deposits

Paper
Debt
2003
(1).
2002
(1).
2001
(2).
1999
1998
(1).
(3).
Clariant Chemicals (India) Ltd
year
YEAR OF
ISSUE
NonConvertible
Debentures
2009
(1).
(2).
2008
(1).
(1).
2007
(2).
(2).
2005
(2).
(2).
2002
(1).
Fixed
Deposits

Paper
Debt
Long Term
Debts
Debt
Progamme
Long Term
Debts
Debt
Progamme
1956
(2).
2001
(1).
1999
1998
(1).
(3).
Jayant Agro Organics Ltd
year
YEAR OF
ISSUE
1992
2009
NonConvertible
Debentures
Fixed
Deposits

Paper
Debt
(4).
(2).
NOCIL Ltd
year
YEAR OF
ISSUE
NonConvertible
Debentures
Fixed
Deposits

Paper
Debt
1961
2008
(1).
2007
(1).
2006
(1).
Long Term
Debts
Debt
Progamme
Akzo Nobel Chemicals Ltd
year
YEAR OF
ISSUE
NonConvertible
Debentures
2002
(0).
2001
(2).
1999
1998
1
(1).
Fixed
Deposits

Paper
Debt
Long Term
Debts
Debt
Progamme
Long Term
Debts
Debt
Progamme
Long Term
Debts
Debt
Progamme
1990
Avon Organics Ltd
year
YEAR OF
ISSUE
NonConvertible
Debentures
2009
(1).
Fixed
Deposits

Paper
Debt
1993
(1).
Gulshan Polyols Ltd
year
YEAR OF
ISSUE
NonConvertible
Debentures
Fixed
Deposits

Paper
Debt
2000
2009
2008
(1).
(1).
(1).
Most of the instruments issued have a stable rating

less then 10 instruments are uppgraded
less then 5 instruments are downgraded
Reasons for upgrading & Downgrading of Instuments:

Reasons for upgrading
Reasons for Downgrading
financial risk profile following larger than

expected debt funded capital expenditure
(capex) , and lower profitability
the companys capital structure deteriorates,

and slowdown in cash accruals, thereby
weakening its debt protection measures.
cash accruals to be under pressure because
of weaker demand from end-user industries
Amount raised by Instruments Rated in chemical industry
NonConvertible
Debentures
Fixed
Deposits

Paper
Debt
Long Term
Debts
Chem-Org-Large
Aarti Inds.
320.00
34.00
2000.00
121.56
100.00
119.60
500.00
350.00
Alkyl Amines
53.10
Excel Inds.
Godrej Inds.
Gwalior Chem.
140.00
210.00
Hikal
30.00
101.74
Navin Fluo.Intl.
55.00
104.30
Pidilite Inds.
150.00
435.00
Punjab Chemicals
Chem-Org-Med/smal
Citurgia Biochem
8.00
Dujodwala Prod
2.30
Elantas Beck
J F Labs.
Resonance Speci.
9.00
-
4.80
tol /
Formaldehy
de
Andhra Petrochem
Ganesh Benzopl.
5.00

Ciba India
240.00
1052.00
Clariant Chemica
140.00
100.00
335.00
Jayant Agro Org.
184.00
NOCIL
26.00
55.00

Small
Akzo Nobel Chem.
11.03
Avon Organics
20.00
20.00
Gulshan Polyols
749.69
1506.00
126.00
40.58
4464.70
482.62
The higest amount raised is by Arti inds. Through short term debts ie Rs.200crores
the lowest amount is raised by Dujodwala Prod. Through non convertible debentures ie. Rs.2.30 lakh
Reasons for upgrading & Downgrading of Instruments:

Reasons for Upgrading & Downgrading of Instruments by CRISIL
Reasons for
Upgrading
--
--
--
Common Reasons
for Upgrading
Reasons for
Downgrading
Common Reasons
for Downgrading
sustained
deterioration in the
companys capital
structure or liquidity.
financial risk profile

following larger-than-
expected debt-funded
capital expenditure
(capex), and lower
profitability
the company
undertakes any larger-
than-expected capex
programme, leading
to further
deterioration in the
financial risk profile.
slowdown in cash
accruals
slowdown in cash
accruals
Reasons for Upgrading & Downgrading of Instruments by CARE:
Reasons for
Upgrading
Common Reasons
for Upgrading
Reasons for
Downgrading
Low proportion of
long term contracts.
Competition from
other players.
Common Reasons
for Downgrading
the experience of promoters,

established
volatility in agrobased raw material
Strong Financial Risk
Term Loan
Programme
Bonds
Foreign
Currency Long Term
Debenture
Pass
Through
Certificates
Partly
Convertible
Debentures
24%
71.42%
4.87%
2.43%
4.54%
22.72%
4.54%
800%
9.09%
28.57%
14.28%
50%
50%
12.50%
12.50%
25%
25%
Term Loan
Programme
Bonds
Foreign
Currency Long Term
Bonds
Foreign
Currency Long Term
(6).
Term Loan
Programme
(2 ).
(3 ).
Term Loan
Programme
Bonds
Foreign
Currency Long Term
Debenture
(2).
(1).
Term Loan
Programme
Bonds
Foreign
Currency Long Term
Debenture
Pass
Through
Certificates
(1).
Term Loan
Programme
Term Loan
Programme
Term Loan
Programme
Term Loan
Programme
(5).
Bonds
Foreign
Currency Long Term
Bonds
Foreign
Currency Long Term
Bonds
Foreign
Currency Long Term
Bonds
Foreign
Currency Long Term
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
(1).
Term Loan
Programme
Term Loan
Programme
Term Loan
Programme
Term Loan
Programme
Term Loan
Programme
Bonds
Foreign
Currency Long Term
Bonds
Foreign
Currency Long Term
Bonds
Foreign
Currency Long Term
Bonds
Foreign
Currency Long Term
Bonds
Foreign
Currency Long Term
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
Partly
Convertible
Debentures
(1).
Term Loan
Programme
Bonds
Foreign
Currency Long Term
Debenture
Pass
Through
Certificates
(1).
(2).
Term Loan
Programme
(1).
Term Loan
Programme
Bonds
Foreign
Currency Long Term
Bonds
Foreign
Currency Long Term
Debenture
Debenture
Pass
Through
Certificates
(1).
Pass
Through
Certificates
(1).
Term Loan
Programme
Bonds
Foreign
Currency Long Term
Debenture
Pass
Through
Certificates
Term Loan
Programme
Term Loan
Programme
Term Loan
Programme
Bonds
Foreign
Currency Long Term
Bonds
Foreign
Currency Long Term
Bonds
Foreign
Currency Long Term
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
Term Loan
Programme
Bonds
Foreign
Currency Long Term
Debenture
(1).
Term Loan
Programme
Term Loan
Programme
Bonds
Foreign
Currency Long Term
Bonds
Foreign
Currency Long Term
Pass
Through
Certificates
(1).
(1).
Debenture
Pass
Through
Certificates
Debenture
Pass
Through
Certificates
(1).
r Downgrading
Reason For Stability
profile following larger than

bt funded capital expenditure
d lower profitability
aaaressive capital structure, and

its highly working capitalintensive operations that have
result in a moderate liquidity
position for the company
strong market position and
operating efficiency
strong market position and

s capital structure deteriorates,

n in cash accruals, thereby
s debt protection measures.
s to be under pressure because

mand from end-user industries
Debt
Term Loan
Progamme Programme
Bonds
Foreign
Currency Long Term
Debenture
Pass Through
Certificates
Partly
Convertible
Debentures
500.00
67.76
68.00
790.00
87.69
60.00
468.00
454.00
27.24
Chem-Org-Large
8398.99
Chem-Org-Med/smal
24.10
tol /
Formaldehy
de
192.00
197.00
1080.00

Small
217.61
1318.00
1281.76
m debts ie Rs.200crores
on convertible debentures ie. Rs.2.30 lakh
Common
Reasons
for
Stability
Reasons for
Stability
Company will
maintain leadership
position in the future.
aggressive capital
structure, and its

highly working capitalintensive operations
that have resulted in
a moderate liquidity
position for the
company.
established market
position and
diversified revenue
profile
capital structure, and

its highly working
capital-intensive
operations that have
resulted in a
moderate liquidity
position for the
company.
114.93
capital structure, and

its highly working
capital-intensive
operations that have
resulted in a
moderate liquidity
position for the
company.
companys strong
market position and
Reasons for
Stability
Common
Reasons
for
Stability
the strength of the

payment structure
and credit quality
well equipped
fluorochemicals
segment,
experienced
Research &
Development (R&D)
team,
Chem-Org-Large
Chem-Org-Med/smal

Credit Rating Agencie

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