CARE has assigned a PR1+ rating to the proposed issue of secured floating rate debentures of IL&FS. The debentures would be redeemed at par at the end of one year from the date of allotment and would be secured by a pari passu charge on IL&FS assets. The debentures would have a put option at the end of every month. The interest rate on the debentures would be 2.25 per cent over the Mumbai inter-bank overnight average rate on a daily compounded basis with a cap of 15.25 per cent and a floor of 9.25 per cent.

Samit Ghosh is new Bank Mucat CEO, India:

Samit Ghosh has been appointed chief executive officer, India, of Bank Muscat. Bank Muscat is headquartered in Bangalore and offers a full range of banking services which includes corporate, merchant, retail and treasury. Ghosh's last assignment was as executive director, retail, at HDFC Bank. Prior to that, he was regional head of personal banking of Standard Chartered and was instrumental in launching itsretail banking and credit cards in India.

Crisil downgrades BEML debt plan:

Crisil has downgraded the Rs 21-crore non-convertible debenture programme of Bharat Earth Movers Ltd to A- from A+. The rating agency has, however, reaffirmed the P2+ rating assigned to the company's Rs 100-crore commercial paper programme. The rating reflects the outlook on BEML's declining profitability, the sustained losses of the company's railway coach division, working capital intensity of operations and limited financial flexibility.

CARE 5 rating to Nisarga scheme:

CARE has assigned a CARE 5 rating to the ongoing collective investment scheme of Nisarga Forests (India). The rating reflects the company's poor operational track record, low stake of the promoter, skewed capital structure, excessive reliance on debt, high cost of raising resources and the high degree of uncertainty associated with the schemes.

Crisil places Integrated Finance debt on rating watch:

Crisil has placed the outstandingrating of FA assigned to the fixed deposit programme of Integrated Finance Company Ltd on rating watch with negative implications. The outstanding rating has been placed on rating watch with negative implications in view of the weakening business prospects of the company on account of the continued difficult operating environment.

Three-day fixed-rate repo today:

The RBI has announced a three-day fixed-rate repo in government of India dated securities on July 10, 1998, for parties holding SGL and current accounts with it at Mumbai. The repo rate is 5 per cent annum. The RBI may accept the applications partially or fully. Payment by applicants will be on July 10, 1998, and the repurchase by the RBI on July 13, 1998.

91-day T-bills auction:

The RBI has announced the auction of the 91-day government of India treasury bills for a notified amount of Rs 150 crore. The allocation to non-competitive bidders will be outside the notified amount at the bank's discretion. Tenders will have to besubmitted in the prescribed form on July 10, 1998, and the results will be announced the same evening.

Four-day fixed-rate repo results:

The RBI received three applications amounting to Rs 2,824 crore at the four-day 5 per cent fixed-rate repos held on July 9, 1998. The central bank accepted all the three applications.

14-day T-bills auction:

The RBI has announced the auction of the 14-day government of India treasury bills for a notified amount of Rs 300 crore. The allocation to non-competitive bidders will be outside the notified amount, at the bank's discretion. Tenders should be submitted in the prescribed form on July 10, 1998, and the results will be announced the same evening. Payment by successful bidders will be on July 11, 1998.

IDBI board meet:

A meeting of the board of directors of IDBI will be held on July 23, 1998, for considering the unaudited financial accounts of the bank for the quarter ended June 30, 1998.