Birla Global Finance has reported a gross income of Rs 17.65 crores and a net profit of Rs 0.11 crores for the quarter ended March 31, 1999. A press release issued in Mumbai on Monday stated that the company's gross income for the two-quarters ending March 31, 1999 stood at Rs 38.89 crores, down from Rs 46.62 crores in the corresponding quarter of last year. "The decline in gross profit this year was due to the adverse market conditions," the company release added. Birla Global has also recieved FIPB approval for its tie-up with Sun Life Assurance Company of Canada for a wide range of financial services, the release added.

RBI rejects Cee Kay's registration

The Reserve Bank of India (RBI) has rejected the application for certificate of registration submitted by Dehradun based non-banking finance company, Cee Kay Leasing and Finance ltd, on April 23, 1999. According to an RBI release, the company cannot transact the business of an NBFC institution under RBI act, 1934.

Crisil downgrades BCL

The rating of fixed deposit programme of Bansal Credits Limited (BCL) has been downgraded by Crisil from `FB' to `FB+', which is in the speculative grade and signifies inadequate safety. The revision in rating reflects the increasing overall risk profile of BCL on account of pressure on margins, decline in profitability and limited financial flexibility of the company. The rating also factors in the relatively small size of the company and limited business prospects in view of the heightened competition, declining spreads and pressure on asset quality, in view of the difficult conditions being faced by the non-banking finance companies sector, according to a Crisil release issued in Mumbai on Monday.