While SELF proposes to raise Rs 78 crore, LMF has lined up plans to raise Rs 3 crore under the collective investment scheme (CIS). SELF, which was promoted in November 1995, is engaged in goat farming near Nagpur. CARE has said that the operating performance of the company has not been satisfactory and the tangible networth of the company is negative.

The company has some ambitious projects on the anvil involving a capital outlay of about Rs 100 crore. The rating reflects, among others, the operational track record, the very low stake of the promoters, heavy dependence on funds mobilised through CIS, high cost of fund mobilisation and the high rates of return promised. LMF is engaged in managing plantations of teak and mango trees and the cultivation of pineapple andvegetables using funds raised under CIS. The rating reflects the low promoters' stake in the business, high cost of mobilising CIS funds and a high degree of uncertainty associated with the returns from the project.

CARE has, meanwhile, assigned a triple-A rating to the proposed issue of non-convertible debentures amounting to Rs 150 crore by Grasim Industries Ltd. The NCDs carrying a coupon of 12.5 per cent or thereabouts would be redeemable in three annual instalments commencing at the end of the fifth year from the date of allotment. CARE has also reaffirmed the triple-A ratings assigned to two outstanding NCD issues of Grasim amounting to Rs 300 crore.

CARE has also assigned a PR1+ rating to the Rs 10-crore commercial paper (CP) programme of Rhone Poulenc Agrochemicals (I) Ltd. The company, which is promoted by Rhone Poulenc (I) Ltd and Rhone Poulenc Agrochimie group of France, is engaged in the manufacture and marketing of specialty crop protection chemicals targeted at niche market segments. Thecompany has entered into long-term arrangements with its French parent for raw material sourcing and technical expertise.