Four-day fixed rate repo: The RBI on Friday announced a four-day fixed rate repos in government of India dated securities for parties holding SGL and current account on November 14. The interest rate was pegged at 8 per cent. Payment by application will be on November 14 and repurchase by RBI on November 18.

DCW's debt plan downgraded: Crisil has downgraded the Rs 9.84 crore non-convertible debenture issue of DCW Ltd to triple-B+ from A. The company's fixed deposit programme has also been downgraded to FA from FA+. A P2 rating has been assignedto its Rs 15cr commercial paper programme. The revision in rating is based on the changed financial risk profile of the company on account of the continued downturn in its main business and the consequent impact on its profitability.

Crisil reaffirms Merind's debt plan: Crisil has reaffirmed and removed from rating watch the Rs 12cr non-convertible debenture issue and fixed deposit programme of Merind Ltd, which had been assigned ratings of A+ and FAA- respectively. A P1 rating has also been assigned to the company's Rs 15 crore commercial paper programme. The ratings factor in the strategic importance of Merind to Wockhardt following Wockhardt's acquisition of controlling stake in Merind. The ratings assigned also reflect the benefits expected to accrue to Merind from the synergies of the acquisition.

Mahamaya's FD plan downgraded: Crisil has downgraded the fixed deposit programme of Mahamaya Investments Ltd to FB from FA-. The revision in rating is primarily on account of the expecteddecline in the company's income during 1998-99, coupled with reduced financial flexibility arising out of the significant diminution in the value of investments held. These factors are partially offset by the low level of debt in the company.

RBI mops up Rs 40 cr via four-day repo: The RBI on Friday mopped up Rs 40 crore through a four-day fixed rate repo in government of India dated securities for parties holding SGL and current account. The central bank received only one application and accepted it. The interest rate for the four-day fixed rate repo was pegged at 8 per cent.

Indo-EU ministerial talks: The Indo-European Union troika ministerial meeting was held in Delhi on November 13 to review EU-India relations. The European Union was represented by Benita Ferrero-Waldner, Austria's minister of States for foreign affairs, Derek Fatchett, British minister of state for foreign and commonwealth affairs and Gunther Verheugen, German minister of state. The Indian side were led by minister ofstate for foreign affairs, Vasundhara Raje.

Crisil downgrades Gujarat Propack FD plan: Crisil has downgraded the fixed deposit programme of Gujarat Propack Ltd to FB from FA-. The revision in rating takes into account the increased financial risk due to high gearing and tight liquidity position, delay in stabilisation of the expansion project and the prevalent over-capacity situation in the biaxially oriented polypropylene industry.

Three firms denied NBFC status: The RBI in exercise of powers conferred on it under section 45IA of the RBI Act has rejected the application for grant of certificate of registration submitted by the three companies--VSB Leasing & Finance, AGM Portfolio and Vipul Credit & Hire Purchase. "The companies will not be able to transact the business of non banking financial institutions as defined in clause (a) of section 45IA of the RBI Act," a RBI release issued recently said.

Kolhapur Steels debt plan downgraded: Crisil has downgraded the non-convertibleportion of the Rs 24.90 lakh partly-convertible debenture issue of Kolhapur Steels to C from BB. The revised rating factors the complete erosion in the company's networth due to the substantial deterioration in its profitability on account of operating losses and write-offs of receivables.

Whirlpool debt plan gets `AAA' rating: Crisil has assigned a `AAA'(foreign structured obligation) rating to the Rs 50cr non-convertible debenture issue of Whirphool India Limited. According to a Crisil release, the rating factors in the support of an irrevocable standby letter of credit (SBLC) from Standard Chartered Bank, New York for an amount equal to all interest payment and principal repayment obligations on the proposed Rs 50cr debenture issue.

Crisil reaffirms Brakes India's CP plan rating: Crisil has reaffirmed `P1' rating to the Rs 25cr commercial paper programme of Brakes India Limited (bil). The rating factors in the dominant position of BIL in domestic market in all vehicle segments,diversified business mix with increasing significance of foundry in the domestic and export markets, fairly integrated manufacturing facilities, strong technological tie-up and the stable financial performance of the company. "The rating also takes into consideration the vulnerability of BIL to cyclicalities associated with the automobile industry," a Crisil release said.

Crisil reaffirms Venkateshwara debt rating: Crisil has reaffirmed `A', `FAA-' and `P2' rating assigned to the Rs 4 crore non convertible debenture issue, fixed deposit programme of Venkateshwara Hatcheries limited and Rs 4cr commercial paper programme.

Microsoft's BancMate: Microsoft Corporation India and Natural Software Private Limited recently announced the availability of BancMate- a Microsoft window-based bilingual banking system. "We believe that bankers can achieve true customer orientation if they can communicate in the language of the customer and at the same time automate banking business tasks," NSPL managingdirector Vinod Kumar Goel said.