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FE NEWS SERVICE
CARE suspends ratings of 4 NBFCs: CARE has suspended, with immediate effect, the ratings assigned to the fixed deposit programmes of four non-banking finance companies, as they have not furnished the information required for monitoring the rating. The companies include Pontiac Leasing, JJ Finance Corporation, Jagsonpal Finance & Leasing and Crystal Credits Corporation. All four companies had outstanding ratings of BB+ on their fixed deposit programmes.
91-day T-bills auction: RBI has announced the auction of 91-day government of India treasury bills for a notified amount of Rs 400 crore. The auction will be conducted using the "uniform price auction" method. Tenders will have to be submitted in the prescribed form on November 20, 1998 before 2.30 pm and the results will be announced the same evening. The payment by successful bidders will be on November 21.
Aptech NCDs rated AA: Icra has assigned a double-A rating to the Rs 25 crore non-convertible debenture programme of Aptech Ltd and an A1+ rating to the company's commercial paper programme. The double-A rating assigned to Aptech's existing Rs 30 crore non-convertible debenture programme has been reaffirmed.
Pinnacle Finance ratings re-affirmed: Crisil has reaffirmed the FA- rating assigned to the fixed deposit programme of Pinnacle Finance. The rating reflects the continued slowdown in operations, net loss in 1997-98 on account of the high level of provisioning for non-performing assets and declining gross spreads of the company. The rating continues to be supported by the strong capital structure, effective monitoring and control systems of the company and the financial and managerial support from the Lalbhai group of companies.
T-bills auction: RBI has announced the auction of 14-day government of India treasury bills for a notified amount of Rs 100 crore. The allocation to non-competitive bidders will be outside the notified amount, at the discretion of the central bank. Tenders will have to be submitted in the prescribed form on Friday before 2.30 pm and the results will be announced the same evening.
Bombay Mercantile office opened: The corporate office of the Bombay Mercantile Co-operative Bank was inaugurated on November 16, 1998 by Edulji H Turel, chairman of the bank in the presence of other board members. The corporate office will be under the charge of Jimmy Chinoy, a retired general manager of Central Bank of India. The new office will deal in advances to corporate bodies and will organise facilities to develop relations by providing the best services to them.
Controls & Switchgear rated A1 plus: Icra has assigned an A1+ rating to the Rs 2.5 crore commercial paper programme of Controls and Switchgear Company Ltd (CSCL). CSCL is engaged in the manufacture of low-tension switchgear and busducts for more than 25 years. The company's products reach the market across the country through a well-spread distribution network. CSCL currently has a comfortable order book position and ICRA expects it to capitalise on this growth due to its established market position.
Tata Tea NCDs rated AAA: Icra has assigned a triple-A rating to the Rs 75 crore non-convertible debenture programme of Tata Tea Ltd. The rating reflects the company's position as an established player in the packet tea segment with well established brands, diversified nature of operations, steadily rising gross sales and operating margins, low gearing, high coverage and comfortable liquidity position. The rating also takes into account the high financial flexibility enjoyed by the company by virtue of its large investment portfolio.
GIC Housing rated A1: Icra has assigned an A1 rating to the Rs 5 crore short-term debt programme of GIC Housing Finance. The rating takes into account the significant presence of the company in the individual housing loan segment with about 73 per cent of the outstanding loans of Rs 403 crore as on March 1998.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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