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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
Certificates debentures

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
Certificates debentures

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
Non-Convertible Debentures
1996

1997

1998

19999

2000

2001

2002

2003

Citurgia Biochem

Dujodwala Prod

Elantas Beck

J F Labs.

Resonance Speci.

TOTAL

Chemicals - Pentaerythritol / Formaldehyde


NO CREDIT RATING

Chemicals - Plasticizers
Non-Convertible Debentures
1996

1997

1998

19999

2000

2001

2002

2003

Andhra Petrochem

Ganesh Benzopl.

TOTAL

Chemicals - Speciality - Large


Non-Convertible Debentures
1996

1997

1998

19999

2000

2001

2002

2003

Ciba India

Clariant Chemica

Jayant Agro Org.

NOCIL

TOTAL

Chemicals - Speciality - Medium / Small


Non-Convertible Debentures

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

Chemicals - Pentaerythritol / Formaldehyde

Chemicals - Plasticizers
Fixed Deposits
1996

1997

1998

19999

2000

2001

2002

2003

Andhra Petrochem

Ganesh Benzopl.

TOTAL

Chemicals - Speciality - Large


Fixed Deposits
1996

1997

1998

19999

2000

2001

2002

2003

Ciba India

Clariant Chemica

Jayant Agro Org.

NOCIL

TOTAL

Chemicals - Speciality - Medium / Small


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

Chemicals - Pentaerythritol / Formaldehyde

Chemicals - Plasticizers
Commercial Paper
1996

1997

1998

19999

2000

2001

2002

2003

Andhra Petrochem

Ganesh Benzopl.

TOTAL

Chemicals - Speciality - Large


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

Chemicals - Speciality - Medium / Small


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

Chemicals - Pentaerythritol / Formaldehyde

Chemicals - Plasticizers
Short Term Debt
1996

1997

1998

19999

2000

2001

2002

2003

Andhra Petrochem

Ganesh Benzopl.

TOTAL

Chemicals - Speciality - Large


Short Term Debt
1996

1997

1998

19999

2000

2001

2002

2003

Ciba India

Clariant Chemica

Jayant Agro Org.

NOCIL

TOTAL

Chemicals - Speciality - Medium / Small


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

Chemicals - Pentaerythritol / Formaldehyde

Chemicals - Plasticizers
Long Term Debts
1996

1997

1998

19999

2000

2001

2002

2003

Andhra Petrochem

Ganesh Benzopl.

TOTAL

Chemicals - Speciality - Large


Long Term Debts
1996

1997

1998

19999

2000

2001

2002

2003

Ciba India

Clariant Chemica

Jayant Agro Org.

NOCIL

TOTAL

Chemicals - Speciality - Medium / Small

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

Chemicals - Pentaerythritol / Formaldehyde

Chemicals - Plasticizers
1996

1997

1998

19999

2000

2001

2002

2003

Andhra Petrochem

Ganesh Benzopl.

TOTAL

Chemicals - Speciality - Large

Debt Progamme
1996

1997

1998

19999

2000

2001

2002

2003

Ciba India

Clariant Chemica

Jayant Agro Org.

NOCIL

TOTAL

Chemicals - Speciality - Medium / Small


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

Chemicals - Pentaerythritol / Formaldehyde


Chemicals - Plasticizers

Term Loan Programme


1996

1997

1998

19999

2000

2001

2002

2003

Andhra Petrochem

Ganesh Benzopl.

TOTAL

Chemicals - Speciality - Large


Term Loan Programme
1996

1997

1998

19999

2000

2001

2002

2003

Ciba India

Clariant Chemica

Jayant Agro Org.

NOCIL

TOTAL

Chemicals - Speciality - Medium / Small


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

Chemicals - Pentaerythritol / Formaldehyde

Chemicals - Plasticizers
Debenture
1996

1997

1998

19999

2000

2001

2002

2003

Andhra Petrochem

Ganesh Benzopl.

TOTAL

Chemicals - Speciality - Large


Debenture
1996

1997

1998

19999

2000

2001

2002

2003

Ciba India

Clariant Chemica

Jayant Agro Org.

NOCIL

TOTAL

Chemicals - Speciality - Medium / Small


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

Chemicals - Pentaerythritol / Formaldehyde

Chemicals - Plasticizers
Pass Through Certificates
1996

1997

1998

19999

2000

2001

2002

2003

Andhra Petrochem

Ganesh Benzopl.

TOTAL

Chemicals - Speciality - Large


Pass Through Certificates
1996

1997

1998

19999

2000

2001

2002

2003

Ciba India

Clariant Chemica

Jayant Agro Org.

NOCIL

TOTAL

Chemicals - Speciality - Medium / Small


Pass Through Certificates
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
Partly Convertible Debentures
1996

1997

1998

19999

2000

2001

2002

2003

Citurgia Biochem

Dujodwala Prod

Elantas Beck

J F Labs.

Resonance Speci.

TOTAL

1
2

Chemicals - Pentaerythritol / Formaldehyde

Chemicals - Plasticizers
Partly Convertible Debentures
1996

1997

1998

19999

2000

2001

2002

2003

Andhra Petrochem

Ganesh Benzopl.

TOTAL

Chemicals - Speciality - Large


Partly Convertible Debentures
1996

1997

1998

19999

2000

2001

2002

2003

Ciba India

Clariant Chemica

Jayant Agro Org.

NOCIL

TOTAL

Chemicals - Speciality - Medium / Small


Partly Convertible Debentures
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

Chemicals - Pentaerythritol / Formaldehyde

Chemicals - Plasticizers
Foreign Currency - Long Term
1996

1997

1998

19999

2000

2001

2002

2003

Andhra Petrochem

Ganesh Benzopl.

TOTAL

Chemicals - Speciality - Large


Foreign Currency - Long Term
1996

1997

1998

19999

2000

2001

2002

2003

Ciba India

Clariant Chemica

Jayant Agro Org.

NOCIL

TOTAL

Chemicals - Speciality - Medium / Small


Foreign Currency - Long Term
1996

1997

1998

19999

2000

2001

2002

2003

Akzo Nobel Chem.

Avon Organics

Gulshan Polyols

TOTAL

CODE
CARE

CRISIL

ICRA

FITCH

Chem-Org-Large
Non-Convertible Debentures
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

Pass Through Certificates

Partly 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

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

Foreign Currency - Long Term

Chem-Org-Med/Sml
Non-Convertible Debentures
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

Pass Through Certificates

Partly Convertible Debentures


1996

1997

1998

19999

2000

2001

2002

2003

Citurgia Biochem

Dujodwala Prod

Elantas Beck

J F Labs.

1 ( C)

Resonance Speci.

2 (B)

TOTAL

Foreign Currency - Long Term


1996

1997

1998

19999

2000

2001

2002

2003

Citurgia Biochem

Dujodwala Prod

Elantas Beck

J F Labs.

Resonance Speci.

TOTAL

Chemicals - Pentaerythritol / Formaldehyde

Chemicals - Plasticizers
Non-Convertible Debentures
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

Pass Through Certificates

Partly Convertible Debentures

Foreign Currency - Long Term

Chemicals - Speciality - Large


Non-Convertible Debentures
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

Pass Through Certificates


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

Partly Convertible Debentures

Foreign Currency - Long Term

Chemicals - Speciality - Medium / Small


Non-Convertible Debentures
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

Pass Through Certificates


1996

1997

1998

19999

2000

2001

2002

2003

Akzo Nobel Chem.

Avon Organics

Gulshan Polyols

TOTAL

Partly Convertible Debentures


1996

1997

1998

19999

2000

2001

2002

2003

Akzo Nobel Chem.

2 (B)

Avon Organics

Gulshan Polyols

TOTAL

Foreign Currency - Long Term


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

nvertible Debentures

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

aerythritol / Formaldehyde

als - Plasticizers

Fixed Deposits

2004

2005

2006

2007

2008

2009

2004

2005

2006

2007

2008

2009

- Speciality - Large

Fixed Deposits

eciality - Medium / Small

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

- Speciality - Large

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

- Speciality - Large

ong Term Debts

eciality - Medium / Small

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

aerythritol / Formaldehyde

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

- Speciality - Large

m Loan Programme

eciality - Medium / Small

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

aerythritol / Formaldehyde

als - Plasticizers
Debenture

- Speciality - Large

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

aerythritol / Formaldehyde

als - Plasticizers

Through Certificates

- Speciality - Large

Through Certificates

Through Certificates

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

aerythritol / Formaldehyde

als - Plasticizers

- Speciality - Large

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

aerythritol / Formaldehyde

als - Plasticizers

- Speciality - Large

2004

2005

2006

2007

2008

2009

eciality - Medium / Small

Chem-Org-Large
Non-Convertible Debentures
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

Through Certificates

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

nvertible Debentures

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)

Through Certificates

- Speciality - Large

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

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

1 (B)

eciality - Medium / Small

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

Through Certificates
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

Commercial Short Term


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

Commercial Short Term


Paper
Debt
(2 ).

2008

Excel Industries Ltd

year

YEAR OF
ISSUE

NonConvertible
Debentures

2008

(3).

Fixed
Deposits

Commercial Short Term


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

Commercial Short Term


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

Commercial Short Term


Paper
Debt

Long Term
Debts

Debt
Progamme

(2).

(2).

1984
2009

(2).

2008

(1).

Hikal Ltd

year

YEAR OF
ISSUE

NonConvertible
Debentures

Fixed
Deposits

Commercial Short Term


Paper
Debt

Long Term
Debts

Debt
Progamme

(1).

(5). 1

Commercial Short Term


Paper
Debt
(1).

Long Term
Debts
(1).

Debt
Progamme

Commercial Short Term


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

Commercial Short Term


Paper
Debt
(1).

Long Term
Debts

Debt
Progamme

(1).

Chem-Org-Med/Sml
Citurgia Biochemicals Ltd

NonConvertible
Debentures

year

YEAR OF
ISSUE

Fixed
Deposits

Commercial Short Term


Paper
Debt

Long Term
Debts

Debt
Progamme

1974

2001

(1).

1999

(1).

Long Term
Debts

Debt
Progamme

Commercial Short Term


Paper
Debt

Long Term
Debts

Debt
Progamme

Commercial Short Term


Paper
Debt

Long Term
Debts

Debt
Progamme

Elantas Beck India Ltd

year

YEAR OF
ISSUE

1956

2008

NonConvertible
Debentures

Fixed
Deposits

Commercial Short Term


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

Commercial Short Term


Paper
Debt

Long Term
Debts

Debt
Progamme

Commercial Short Term


Paper
Debt

Long Term
Debts

Debt
Progamme

Commercial Short Term


Paper
Debt

Long Term
Debts

Debt
Progamme

Long Term
Debts

Debt
Progamme

1989

Chemicals - Pentaerythritol / Formaldehyde

Chemicals - Plasticizers
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).

Chemicals - Speciality - Large


Ciba India Ltd

year
1997

YEAR OF
ISSUE

NonConvertible
Debentures

Fixed
Deposits

Commercial Short Term


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

Commercial Short Term


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

Commercial Short Term


Paper
Debt
(4).

(2).

NOCIL Ltd

year

YEAR OF
ISSUE

NonConvertible
Debentures

Fixed
Deposits

Commercial Short Term


Paper
Debt

1961
2008

(1).

2007

(1).

2006

(1).

Chemicals - Speciality - Medium / Small

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

Commercial Short Term


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

Commercial Short Term


Paper
Debt

1993
(1).

Gulshan Polyols Ltd

year

YEAR OF
ISSUE

NonConvertible
Debentures

Fixed
Deposits

Commercial Short Term


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

Commercial Short Term


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

Chemicals Pentaerythri
tol /
Formaldehy
de

Chemicals Plasticizers
Andhra Petrochem
Ganesh Benzopl.

5.00

Chemicals Speciality Large


Ciba India

240.00

1052.00

Clariant Chemica

140.00

100.00

335.00

Jayant Agro Org.

184.00

NOCIL

26.00

55.00

Chemicals Speciality Medium /


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
Partly Convertible Debentures

(1).

(2).

Term Loan
Programme
(1).

Term Loan
Programme

Bonds

Foreign
Currency Long Term

Bonds

Foreign
Currency Long Term

Debenture

Debenture

Pass
Through
Certificates
Partly Convertible Debentures
(1).

Pass
Through
Certificates
Partly Convertible Debentures

(1).

Term Loan
Programme

Bonds

Foreign
Currency Long Term

Debenture

Pass
Through
Certificates
Partly Convertible Debentures

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
Partly Convertible Debentures

Debenture

Pass
Through
Certificates
Partly Convertible Debentures

Debenture

Pass
Through
Certificates
Partly Convertible Debentures

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
Partly Convertible Debentures

(1).
(1).

Debenture

Pass
Through
Certificates
Partly Convertible Debentures

Debenture

Pass
Through
Certificates
Partly Convertible Debentures

(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


operating efficiency

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

Chemicals Pentaerythri
tol /
Formaldehy
de

Chemicals Plasticizers
192.00

197.00
Chemicals Speciality Large

1080.00

Chemicals Speciality Medium /


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
operating efficiency

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