Crisil marks down 15 NBFCs

Credit Rating Information Services of India (Crisil) has downgraded ratings assigned to 15 nonbanking finance companies in view of the difficult business environment in which they are operating and the assetliability mismatch they are facing. The companies include leading players in the sector such as Kotak Mahindra Finance, 20th Century Finance Corporation, Alpic Finance, Cholamandalam Investment and Finance, Anagram Finance, Ashok Leyland Finance, Gujarat Lease Finance, VLS Finance and Whirlpool Financial.

I-T raids on Marico Ind

Officials of the Income-Tax Department on Thursday raided several offices of Marico Industries Ltd across the country. Marico Industries is involved in the production of Saffola, Sweekar and Parachute brand coconut oil. According to sources in the Income-Tax Department, 13 offices in Mumbai, three in Pune, two each in Kanjikot (Kerala) Hyderabad, Calcutta and Delhi were raided. The details of seizure and unaccounted money is yet to be ascertained, sources, added.

Export house criteria relaxed further

The commerce ministry has relaxed the criteria in terms of export performance for recognition as Export House/Trading House /Star Trading House and Super Star Trading House, besides effecting a few amendments to the Exim Policy to make it transparent and exporter-friendly. While the criteria for 1997-98, based on three years average free-on-board value of exports is the same as that presented during the policy period 1996-97, the recognition based on one year f.o.b. value of exports should be 1.5 times of the value prescribed on three years’ average basis.