StanChart relaunches CricketCard: Standard Chartered Bank has relaunched its CricketCard credit card with a set of additional benefits that the bank expects will make the product even more unique. Some of the features that are available on this card are a facility that allows card members to reserve their tickets in advance for cricket matches in select stadiums in India, a discount of 10 per cent for one year on purchases of any Adidas product and a range of cricket memorabilia in the form of a mail-order catalogue. Salaried individuals with annual incomes of Rs 60,000 and self-employed individuals with annual incomes of Rs 50,000 will be eligibleto apply for the card.

Crisil downgrades Lakshmi Mills debt issue: Crisil has downgraded the Rs 6.27-crore partly convertible debenture issue of The Lakshmi Mills Company Ltd to double-B from triple-B+. The rating revision reflects the steep increase in LMC's business risk and the consequent impact on its financial position. On the business front, LMC's poor operating efficiencies, and consequently, the uncompetitive cost structure, are expected to impact volumes and profitability given the weak outlook for the industry.

Sidbi preparing report on SSI sector: Sidbi is currently working on a report on the small-scale industries on the lines of the economic survey brought out by the government. "This is the first attempt being made by any organisation to focus on small-scale industry status, prospects and outlook, particularly in the context of the changed economic scenario," said Sidbi executive director PN Nimbalkar.

Grade V rating for Swarnbhumi Plantation: Crisil has assigned agrade-V rating to the collective investment scheme of Swarnabhumi Plantation (India) Ltd. The rating indicates high uncertainty over whether the collective investment scheme will provide assured returns in the form of produce or cash. The rating reflects the company's small size, negligible capitalisation levels, incipient stage of operations and the high degree of uncertainty associated with returns from agriculture due to long time horizons and inherent vulnerability to climatic conditions and vagaries of nature.

Aiboa plea to finance ministry on RRBs: The All India Bank Officers Association has urged the finance ministry to transfer the ownership of regional rural banks to sponsor banks. "RRBs sponsored by banks should be merged with the respective sponsor banks," an association release issued recently said. The association has suggested recapitalising sponsor banks which need the capital in order to take over the equities of the central and state governments.

Ind D2 rating for SoundcraftIndustries CP plan: Duff & Phelps India has assigned an Ind D2 rating to the proposed Rs 4-crore commercial paper programme of Soundcraft Industries. "The rating indicates good certainty of timely payment and the risk factors are small," said a company release issued recently.

Gudur Co-operative Bank application rejected: The RBI has rejected the application submitted by the Gudur Co-operative Bank Ltd, a Nellore-based bank, for carrying out banking business. The bank is precluded from transacting the business of banking as defined in the Banking Regulations Act, 1949, and it will not be in order for it, among other things, to accept deposits from the public and allow withdrawals by cheque, draft order or otherwise.

Goa Urban Co-operative Bank net up: The Goa Urban Co-operative Bank Ltd has posted a 5 per cent increase in its net profit for the year ended March 31, 1998. Net profit, which stood at Rs 1 crore in 1996-97, has inched up to Rs 1.05 crore during 1997-98. The board ofdirectors of the bank has recommended a dividend of 12 per cent. During the year, deposits grew by 14 per cent to Rs 193.85 crore, while advances and investments rose to Rs 210 crore, indicating a 16 per cent rise.

S&S Industries on rating watch: Duff & Phelps India has downgraded the rating assigned to the fixed deposit programme of S&S Industries and Enterprises Ltd from Ind AA to Ind A- and has put the company on rating watch with negative implications. The rating firm has also downgraded the rating assigned to the company's Rs 10-crore non-convertible debenture issue from Ind AA- to Ind A-. "The revised rating indicates that the protection factors are adequate. However, risk factors are more variable and greater in periods of economic stress," it said.

Koduvayur Bank application rejected: The RBI has rejected the application submitted by the Koduvayur Co-operative Urban Bank Ltd, a Palakkad-based bank, for carrying out banking business. The bank is precluded from transacting the businessof banking as defined in the Banking Regulation Act, 1949, and it will not be in order for it, among other things, to accept deposits from the public and allow withdrawals by cheque, draft order or otherwise.