Care Scales Down Mah Ugine Ncd

Credit Analysis and Research (CARE) yesterday said it has downgraded Mahindra Ugine Steel Co's Rs 14.7 lakh non-convertible debenture (NCDs) to A from AA-. It said the downgrade was due to the bleak outlook for the company. "Due to the present downtrend in the steel and automobile industries, the average sales realisations of both the steel division and MPU (metal pressing unit) fell sharply in the five-month period ended August 1997," a CARE statement said.

Care has awarded AA rating for the non convertible debentures India Cements Ltd. The debentures being rated are of Rs 135 crore which have a tenure of seven years.

Hoechst Schering AgrEvo Ltd has been assigned PR1+ ration for Rs 20 crore commercial paper by Care.

The company is engaged in manufacturing and marketing of synthetic pesticides and with low level of pesticides consumption in the country, the long term growth potential for the industry is considered to be good, said Care.

It has awarded PR1+ rating for the short term secured non convertible debentures program series H 97 of Infrastructure Leasing & Financial Services Ltd for Rs 100 crore.

Monsanto Chemicals of India Ltd has been awarded PR1+ rating for the commercial paper of Rs 40 crore.

The rating agency has said that the agrochemical industry is working capital intensive, but MCIL's is comfortable due to the support of Monsanto in extending credit on raw material supplies.