Mandvi Cooperative Bank deposits up: The Mandvi Cooperative Bank's deposit base crossed the Rs 200 crore mark as on September 7, 1998. For the year ended March 31, 1998, its deposits grew to Rs 149 crore from Rs 113 crore in the previous year, registering a growth of 32 per cent. Advances during the year grew to Rs 64 crore from Rs 56 crore, registering a growth of 14 per cent. The bank has been granted permission by the RBI for opening four branches in Mumbai and is currently awaiting a scheduled bank status from the central bank. The bank, which was set up on June 22, 1974, iscelebrating its silver jubilee year.

Syndicate Bank-sponsored RRBs deposits: The 10 Syndicate Bank-sponsored regional rural banks have achieved a deposit level of Rs 1,912 crore and an advances level of Rs 1,471 crore for the year ended March 31, 1998. The banks together have achieved a credit-deposit ratio of 77 per cent, which is much higher than the national average of 48 per cent for other RRBs in the country. The RRBs sponsored by Syndicate Bank account for 9.17 per cent of the total deposits mobilised and 15.31 per cent of the total lendng by all the 196 RRBs in the country. The Syndicate Bank-sponsored RRBs have set an ambitious target of Rs 2,215 crore in advances and Rs 1,688 crore in deposits for the current year.

Crisil downgrades Hindusthan National Glass debt: Crisil has downgraded the Rs 10 crore non-convertible debenture programme of Hindusthan National Glass and Industries Ltd from A+ to A-. The revised rating reflects the increasing competitive pressure in the containerglass industry and the consequent impact on the company's margins and cash flows, the delay in commissioning of its power projects, its weakening financial profile and the expected strain on the company's liquidity position on account of the relatively large fund requirements in future. The rating is, however, supported by the company's sustained market leadership position in the industry, its diversified presence owing to multi-locational manufacturing units, improving operating efficiency and the expected improvement in its capital structure consequent to the planned rights issue.

Crisil assigns double-A- rating to India Glycols debt: Crisil has assigned a double-A- rating to the Rs 20 crore non-convertible debenture programme of India Glycols Ltd. The company's Rs 16 crore commercial paper and fixed deposit programmes have been reaffirmed at P1+ and FAA respectively. The ratings continue to reflect IGL's low financial risk as a result of its above-average profitability, low gearing and highinterest coverage and comfortable business position on account of its north India-based location. The ratings also take into account IGL's exposure to its affiliate companies. The exposure is likely to continue in the near to medium term.