Crisil has assigned a P1+ rating to the Rs 50-crore commercial paper programme of Dr Reddy's Laboratory. The rating is assigned to the enhanced CP programme of the company, which was earlier Rs 30 crore. The rating has taken into account the expected difficulties in the recovery of the comany's sizable recievables from the CIS countries and the uncertainties involved in the returns from the company's sizeable investments in basic research.

Crisil reaffirms Godfrey Philips rating:

Crisil has reaffirmed the P1+ rating assigned to the Rs 25-crore commercial paper programme of Godfrey Philips India Ltd. The rating also factors in the company's strong position in the cigarettes industry, mainly in northern and western India. The rating also factors in the company's association with Philip Morris Inc, US.

Crisil downggrades Premier Auto Electric deposits:

Crisil has downgraded the fixed deposit programme of Premier Auto Electric Ltd to FA from FAA.The rating revision is on account of the stagnation in operating revenues, deterioration in operating margins, large write-offs and deferred tax impact arising out of past leasing transactions and the reduced growth prospects in the light of the ongoing downturn in the automobile industry, a Crsil press release stated.

Three-day repos results:

The RBI received Rs 395 crore worth of applications for the three-day 8 per cent fixed-rate repos held on Wednesday. All the applications were accepted, an RBI press release stated.

Gilts sale price list:

The RBI has set the sale price of the 11.78 per cent government security maturing in 2003 at Rs 100.15 while the price of the 12.25 per cent gilt maturing in 2008 has been set at 100.15. The price list is effective from December 8, 1998.

Visa appoints new country manager:

Rahul Khosla has been appointed as the new country manager of Visa International (south Asia), based in Bangalore. Khosla was earlier with BankAm where he wasresponsible for managing the consumer assets businesses, along with retail, finance and treasury for BankAm's retail operations. Current Visa International country manager (south Asia) Chandra Agnihotri will assume a different functional role within Visa and continue to be based in Singapore, a Visa International press release stated. Visa executive vice-president for south-east Asia and greater China James G Murray said that the move to appoint an in-market country manager for south Asia reflects the continued growth of Visa's operations in the region and particularly in India.

New Rs 100 notes:

The RBI will shortly issue Rs 100 notes in the Mahatma Gandhi series bearing the signature of Bimal Jalan, governor, with capital letter L inset in both numbering panels and incorporating words "Mahatma Gandhi" instead of "MK Gandhi" below the portrait of the Mahatma. Except for these changes, the design of the Rs 100 notes to be issued now is similar in all respects to those issued earlier in the MahatmaGandhi series, an RBI press release stated.

Triveni Greenery barred from accepting deposits:

The RBI has prohibited Triveni Greenery Finlease (India) Ltd, a Jaipur-based company, from accepting deposits with effect from December 1, 1998. The company has also been prohibited from accepting deposits from the existing depositors in any form, whether by way of fresh deposits or by renewal of existing deposits.

Three finance firms' registration rejected:

The RBI has rejected the applications for grant of certificates of registration to three finance companies. These companies are Dashmesh Leasing Pvt Ltd, Sterling Holiday Finvest Ltd and Sterling Securities & Futures Ltd. The companies have been directed not to transact the business of non-banking financial institutions.

Stanchart opens branch in Pune:

Standard Chartered Bank opened a new branch at Pune recently. The branch, which is located at Junglee Maharaj Road in the city, was inaugurated by Martin Fish, chief executive,India. The branch is the bank's 23rd in the country and will offer the entire range of personal banking services including priority banking for affluent customers, automated teller machines and the full range of account services.

Ravikiran Urban Bank licence application rejected:

The RBI has rejected the license application of the Ravikiran Urban Co-operative Bank, Mumbai, to conduct banking business in India, in view of its extremely unsatisfactory financial position.

Icra downgrades VCK Capital debt rating:

Icra has downgraded the fixed deposit rating of VCK Capital Market Services Ltd from MB- to MC. The rating indicates that the instrument is risk prone and susceptibility to default is high. The rating takes into account the poor quality of the company's assets. The company has not made any disbursements towards lease and hire purchase for the last three years, leading to a sharp decline in its fund-based income.

Icra rates Endowment Forests scheme:

Icra has assigned a CS5rating to the collective investment scheme of Endowment Forests (India) Ltd. The high risk rating takes into account the uncertainty regarding the land acquisition plans of the company and large repayment obligations in year 2004 when the scheme matures. Till March 31, 1998, the company had raised a sum of Rs 25 lakh from the public but has not yet commenced any plantation activity.

CARE rates Gujarat Toll Roads bonds:

CARE has assigned a triple-B+ rating to the proposed Rs 10.90-crore institutional bond issue of Gujarat Toll Roads Co Ltd. The bonds will carry a coupon rate of 15 per cent per annum to be repayable in 12 equal quarterly instalments after a moratorium period of five years. The institutional bonds shall be secured by a pari passu first charge on project assets.

Crisil reaffirms Garden Reach debt rating:

Crisil has reaffirmed the P1+ rating assigned to the short-term debt programme of Garden Reach Shipbuilders & Engineers Ltd. The rating continues to factor the company'sownership by the government of India, its strategic role as a supplier of warships to the Indian navy, the business and financial support provided by the navy, its favourable capital structure and strong liquidity position.

Crisil reaffirms Metrochem debenture rating:

Crisil has reaffirmed the A rating assigned to the Rs 15-crore non-convertible debenture issue of Metrochem Industries Ltd. The FA+ rating assigned to the company's fixed deposit programme has also been reaffirmed. The rating takes into account the company's established position in the reactive dyestuffs industry, high proportion of export sales and price competitiveness arising from its large installed capacities, backward integration into the manufacture of key intermediates and high process synergy.