The Reserve Bank of India (RBI) has not received any application for 4-day 6.00 per cent fixed rate repos held here today, according to an RBI release issued in Mumbai on Thursday.

MMTC assigned `P1'

Crisil has assigned a `P1' rating to the Rs 50 crore short-term debt programme of MMTC Ltd. The rating takes into account MMTC's role as the sole canalising agency for export of higher grade iron ore, its strong performance in bullion imports, established trading infrastructure, its strong liquidity position, high non-operating income and low gearing. The rating is, however, constrained by increased competition for bullion imports, expected investment into joint venture projects, fluctuating turnover, declining profitability and dependence of business performance on government policies.

Crisil clarification

Crisil has clarified that Orient Creamics' Rs 7.2 crore non-convertible debenture has been downgraded by two notches--from `BBB' to `B'. "Crisil press release issuedon Wednesday, had wrongly mentioned as `BB'," a clarification issued by the agency said.

Crisil rates TCIL

The rating assigned to the Rs 50 crore non-convertible debenture programme of Telecommunications Consultants India Ltd (TCIL) has been upgraded by Crisil from `AA' to `AAA'. Meanwhile, it has reaffirmed `P1' rating to the Rs 50 crore short term debt programme of TCIL. The ratings are based on TCIL's competitive position in the international market for external plant networks project execution, its status as the main contractor to DoT for domestic business, support from DoT in terms of business and access to DoT's personnel. "The company's favourable financial profile is reflected in continued growth in income, healthy cash accruals and low gearing. These factors adequately offset TCIL's low operating margins and the relatively moderate networth of the company," a crisil release said.