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CRB seeks time to refund investors' money:
During the hearing of the writ petition against the CRB group of companies in the Mumbai high court, the group requested four-weeks' time to chalk out plan to refund investors' money. The next hearing is adjourned till October 14.
CARE downgrades Gujarat Alkalies debentures:
CARE has downgraded the Rs 173.60 crore partly convertible debenture and Rs 45 crore non-convertible debenture programmes of Gujarat Alkalies and Chemicals from double-A+ to double-A. The downgrade takes into account the sharp fall in the company's capacity utilisation, turnover and profits in 1997-98 and a further deterioration in the company's performance during the first quarter of the current year. Profitability has been affected due to lower realisations and a steep increase in power cost.
CARE downgrades Goetze India debt plan:
CARE has downgraded the Rs 40 crore commercial paper programme of Goetze India Ltd to PR1 from PR1+. The revision in rating is mainlyon account of recession in the automobile industry, which has adversely affected the company's operations during 1997-98. CARE feels that the prospects for an early recovery in the company's customer segments are low in the short term. However, the company's high share in the replacement market and its dominant market position are expected to provide a higher degree of protection to its operational cash flows, in comparison to other players in the industry.
Four-day repos today:
The RBI has announced four-day 8 per cent fixed-rate repos in Government of India dated securities on September 17 for parties holding SGL and current accounts. Payment by application will be on September 16 and repurchase by the RBI on September 19.
Three-day repos results:
The RBI on Wednesday did not receive any application for three-day 8 per cent fixed-rate repos in Government of India dated securities for parties holding SGL and current accounts.
Crisil downgrades S&S Power rating:
Crisil hasdowngraded the rating assigned to the fixed deposit programme of S&S Power Switchgear to FB from FA. "The revised rating factors in the sluggish demand growth in the domestic electrical products industry and its impact on the demand growth of the company, relatively small size of operations, continued poor financial performance and the strained liquidity position," it stated.
14-, 91-day T-bills auction tomorrow:
The RBI on Wednesday announced the auction of the 14-day and 91-day treasury bills. Tenders should be submitted in the prescribed form on September 18 and payment by bidders on September 19.
Crisil, Invest India to hold conference:
Crisil and Invest India Economic Foundation are jointly hosting the second annual conference and workshop on September 22 and 23 in Mumbai on ``The Future of India's Debt Market.'' The conference will be sponsored by Warburg Dillion Read, the National Stock Exchange and the Primary Dealers Association of India. The conference will be chaired byShankar Acharya, chief economic advisor at the ministry of finance. Invest India will also organise a workshop on debt market under this convention on September 17.
Crisil reaffirms Addison debenture rating:
Crisil has reaffirmed the double-A- rating awarded to the Rs 10 crore non-convertible debenture programme of Addison & Company Ltd. The double-A rating assigned to the company's fixed deposit programme has also been reaffirmed by the rating agency. The ratings reflect the strong market position of the company in the cutting tools industry, conservative capital structure and support of the Amalgamations group. The rating also factors in the dependence on the automobile and general engineering segments, high fixed-cost nature of operations and the increased risk owing to commencement of the debt funded greenfield broach project.
Crisil rates Pagoda Forests debt:
Crisil has assigned a Grade V rating to the collective investment scheme of Pagoda Forests Ltd. The rating is based on thecompany's unfavourable capital structure, limited track record in cultivation and marketing of produce, dependence of income on cash crop cultivation, lack of adequate control systems and uncertainties associated with any agricultural operation on account of the inherent vulnerability to climatic conditions and vagaries of nature. The rating also factors the precarious financial position of the company characterised by past losses and high dependence on CIS funds to sustain its operations.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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