Supreme Petro's BBB- rating to Company's Rs 525.40 million NCD reaffirmed

Credit Rating Information Services of India Ltd (Crisil) has informed BSE that the 'BBB-' rating assigned to the Rs 525.40 million Non Convertible Debenture (NCD) issue of Supreme Petrochem Ltd (SPL) has been reaffirmed. The rating reaffirmation primarily factors in the Company's established position in the domestic polystyrene (PS) industry, support from both its promoters-Mr. M.P.Taparia of the Supreme group and Mr Rajan Raheja, and the recent commissioning of its PS expansion project. However, these factors are offset by a significant over capacity situation in the domestic PS industry necessitating large export and decline in the domestic PS demand during the first 8 months of the current financial year 2000-01. Further the financial risk profile of SPL is constrained by its high gearing, low interest coverage ratios, and large debt repayments over the short to medium term future. The company's profitability would continue to be vulnerable to the movement in the international prices of PS and Styrene.

CRISIL downgrades Welspun India's Rs 170 million NCD issue

Credit Rating Investment Services of India Ltd (CRISIL) has informed BSE that the 'B'rating assigned to Non-Convertible Debentures (NCD) Issue of Welspun India Ltd has been downgraded to 'D'. The rating revision indicates that the instrument is in default. The Company is in the process of rescheduling its entire debt including interest payment and has obtained its entire debt including interest payments and has obtained the approval of the lenders for the proposed Scheme of Compromise and/or Arrangement.

Kishore Chitalia & Kaushal Mehta resign from Board of IT Microsystems

IT Microsystems (India) Ltd has informed BSE that Mr. Kishore Chitalia and Mr. Kaushal Mehta has resigned from the Board of Directors of the Company. The resignation is with effect from February 20, 2001.

Crisil assigns its first rating to an offshore securitisation transaction

Credit Rating Information Services of India Ltd (CRISIL) has informed BSE that the company had added another first to its string of firsts in rating innovative instruments with its rating of an offshore securitisation transaction. Being the first rating agency to rate innovative financial instruments like Assets Backed Securities, Mortgage Backed Securities, Other Structured Financial Obligations and Financial Strength Ratings of Insurance Companies, CRISIL has now become the first Indian credit rating agency to assign a credit to an offshore securitisation transaction. A 'AAA' rating has been assigned to the Pass Through Certificated (PTC) to be issued under the securitisation programme of Jet Airways (India) Ltd. The PTC would be issued in several tranches and the proceeds would be used by Jet Airways to finance its purchase of 737 aircrafts from Boeing. The PTCs would be backed by aircraft hire purchase receivable from Jet Airways. Jet Airways is planning to acquire 10 aircrafts by this mode of financing.

Knoll Pharma FY 2000 net up by 5.37%

Knoll Pharmaceuticals Ltd has posted a net profit of Rs 722 million for the financial year ended December 31, 2000 as against Rs 685.20 million in the year ended December 31, 1999. Net sales have increased by 14.53% at Rs 3333.10 million in FY 2000 as against Rs 2910.30 million in FY 99. Other income stood at Rs 310 million in FY 2000 as compared to Rs 109.70 million in the previous year. During the financial year ended December 31, 2000 the Company has earned an extraordinary profit on sale of a portion of the property consisting of the Company's Sion Undertaking amounting to Rs 131.50 million. The Board of Directors of the Company has recommended a final dividend of Rs 15 per share for the year ended December 31, 2000.

Shreyas Shipping announces Rs 5.11 million as net profit for DQ 2000

Shreyas Shipping Ltd has reported a net profit of Rs 5.11 million in the quarter ended December 31, 2000 as compared to a net loss of Rs 33.43 million in the quarter ended December 31, 99. Net Sales/Income from Operations is down from Rs 305 million in the quarter ended December 31, 99 to Rs 166.62 million in the quarter ended December 31, 2000. Other Income for the quarter ended December 31, 2000 is at Rs 0.19 million as against Rs 0.36 million in the quarter ended December 31, 99. The Company has reported that it has chartered out five vessels from February 2000 which have been on service during the calendar year 1999 due to which figures for the quarter ended December 31, 2000 are not are not strictly comparable with those of period.

Finolex Industries Board recommends introduction of ESOS

Finolex Industries Ltd has informed BSE that the Board of Directors of the Company has decided to recommend the introduction of Employee Stock Options Scheme within the Company. The Board has recommended the reserving of not more than 5 million shares of Rs 10 each in this regard. For this purpose, the Board of Directors have authorised the Chairman to finalise the said scheme in consultation with the Company's solicitors.

Sanra Computers to issue 1.80 million equity shares on preferential basis

The Board of Directors of Sanra Computers (India) Ltd has decided to issue a further 1.80 million equity shares to promoters and its associates. Extra Ordinary General Meeting of the company will be held on March 19, 2001.

Natura Hue Chem Members to consider issue of delisting from two stock exchanges

Natura Hue Chem Ltd has informed the BSE that a General Meeting of the members would be held on March 19, 2001 to consider delisting the securities of the Company from the Stock exchanges of Ahmedabad and Jaipur. The aforesaid meeting will also consider empowering the Board of Directors to give loans and /or make investments in excess of the limit laid down U/s 372-A of the Companies Act 1956 and to pass necessary resolutions in this regard.

Diamines and Chem Board approve amalgamation of Alkyl Finance & Trg

The Board of Directors of the Diamines and Chemicals Ltd at its meeting held on February 20,2001 has approved the scheme of amalgamation of Alkyl Finance & Trading Ltd . The scheme is subject to approval of the High Court and the shareholders. As per the scheme, it is proposed to issue 2,25,000 equity shares of Rs 10 of the Company to the shareholders of Alkyl Finance & Trading Ltd.

Moschip Semiconductors identifies Netmos Tech Corp for acquisiton

The Board of Directors of Moschip Semiconductor Ltd, at its meeting held today (February 21, 2001) has identified Netmos Technology Corporation, USA as a target company of acquisition. The Company shall now proceed further subject to the approval of the Netmos Corporation. This possible acquisition brings in advantage of vertical growth in its line of business. Netmos specializes in supplying Semiconductor in the area of PCL bus peripherals while MosChip concentrates in the area of Consumer electronics and Data communications. MosChip will be benefited with expanded customer base such as Mega Power, Kouwell, Titan, Sun Rich, Speed Dragon, based at Taiwan, Hong Kong and China. The proposed acquisition sees no cash out flow since it is proposed in Stock Swap Mode. The Company has further stated that Mr K.Ramachandra Reddy, Chairman of MosChip has stake of 29% in Netmos Technology Corp. Price Water House & Company has been appointed for carrying out the requisite valuations in this regard. The Board has also appointed Ms.Priya Reddy as an alternate Director to Dr.S.Siva Kumar, Director of the Company.

Crisil 'BBB' rating to Standard Ind Debenture Issue withdrawn

Credit Rating Information Services of India Ltd (CRISIL) has informed BSE that the 'BBB' rating assigned to the Rs 324.40 million Partially Convertible Debentures Issue of Standard Industries Ltd has been withdrawn as the instrument stands repaid in full.

Wockhardt Q4 net up by 8.72%, FY 2000 net up by 28.54%

Wockhardt Ltd has announced a net profit of Rs 212 million in the quarter ended December 31, 2000 as compared to Rs 195 million in the same period last fiscal. Total Income is up by 25.61%, from Rs 1195 million in DQ 99 to Rs 1501 million in DQ 2000. The Company has also reported a net profit of Rs 716 million in the year ended December 31, 2000 as compared to Rs 557 million in the year ended December 31, 99. Total Income is higher by 34.21%, at Rs 5614 million in DQ 2000 as against Rs 4183 million in DQ 99. The Board of Directors of the Company has recommended a Dividend of Rs 3.00 per equity share for the year ended December 31, 2000. This is in addition to the Interim Dividend of Rs 3 per share on 36, 261, 652 equity shares aggregating to Rs 108.78 million distributed during the year.

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