Crisil has reaffirmed the A+ rating assigned to the Rs 10-crore non-convertible debenture issue of Elgi Equipments. The rating reflects Elgi's strong business position in the compressors business with a wide product range and market leadership in product categories, improved capital structure and improving operating margins. "The rating factors in significant slowdown in the domestic compressor industry and its impact on Elgi's turnover and profits, the expected increase in competition and impact of exposure taken by Elgi eequipments to one of its group companies," said a rating release issued on Wednesday.

Crisil reaffirms Finolex Cables debt ratings:

Crisil has reaffirmed the AA and P1+ ratings assigned to the Rs 60-crore non-convertible debenture programme and the Rs 75-crore commercial paper programme of Finolex Cables. "The assigned rating reflect the company's strong market position in the telecom cable and light duty electrical cablesmarket, robust cash flows in the past and a favourable capital structure," stated a Crisil release issued on Wednesday. "Partly offsetting these is the company's large dependence on JFTC segment which currently faces an oversupply situation and a high degree of competition in its major markets," it said.

Crisil downgrades Batliboi debentures rating:

Crisil has downgraded the Rs 14.3-crore and Rs 4.79-crore non-convertible debenture issue of Batliboi Ltd from B to C. "The rating revision is on account of the continuing poor operational performance of the various businesses of the company and deterioration in the financial risk profile," stated a Crisil release issued on Wednesday. According to the release, the company plans to divest certain businesses as part of its business restructuring plan and cashflows from sale of these businesses will be critical for the company in meeeting its debt obligation in a timely manner.

Assocham on insurance:

Assocham has suggested that Indian promotersbe allowed to hold 51 per cent stake in all insurance ventures instead of the present proposal of restricting their stake to 26 per cent by the end of six years from the commencement of operations.

LIC southern zone income:

The southern zone of the Life Insurance Corporation of India has topped in terms of first premium income so far during the current financial year compared to all the other zones. During the current fiscal, the southern zone has taken up new business of Rs 5,292 crore with first premium income of Rs 124.8 crore and a total of 11.6 lakh policies up to December 31, 1998. The coverage of the southern zone under various pension and group schemes at the end of third quarter was over 93,000 with a premium income of Rs 40.1 crore.

Global Trust Bank to offer finance for Indica booking:

Global Trust Bank has decided to offer finance for booking Telco's Indica. The booking finance scheme which opened on January 17 will close on January 23. As per the scheme, interest on thefinanced amount will be charged for 60 days and refund of interest will be based on the actual number of days for which the finance was availed.

Model Financial receives NBFC status:

The Reserve Bank has issued certificate of registration to Model Financial Corporation to carry on the business of a non-banking financial institution.