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Surya Industrial Corporation to hold AGM

Surya Industrial Corporation to hold AGM

Sep 14,2016

Surya Industrial Corporation announced that the Annual General Meeting (AGM) of the company will be held on 30 September 2016.

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Aurobindo Pharma announces plans to acquire Generis Farmaceutica SA in Portugal
Jan 07,2017

Aurobindo Pharma announced that its wholly owned step down subsidiary - Agile Pharma B.V, Netherlands has entered into an agreement to acquire 100% shareholding in Generis Farmaceutica S.A., a Portuguese Pharmaceutical company engaged in the manufacture and marketing of pharmaceutical products in Portugal. The cost of acquisition is Euro 135 million. The acquisition includes the manufacturing facility in Amadora, Portugal, which has the capacity to manufacture 1.2 billion tablets/ capsules/ sachets annually.

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Board of Elnet Technologies to consider Q3 results
Jan 07,2017

Elnet Technologies announced that a meeting of the Board of Directors of the Company will be held on 23 January 2017 to consider and take on record the Unaudited Financial Results of the Company for the third quarter ended 31 December 2016 amongst other things.

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Yuken India to consider Q3 and 9M results
Jan 07,2017

Yuken India announced that the Board Meeting of the Company is scheduled to be held on 04 February 2017, inter alia, to consider and approve the un-audited financial results for the quarter and nine months ended 31 December 2016.

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The IMF will assess a range of financial systems in 2017: large ones such as China and Japan
Jan 07,2017

In 2017, IMF will assess financial stability of Indian economy jointly with the World Bank. Others Economies whose financial stability the IMF will assess during 2017 jointly with the World Bank include Bulgaria, China, Guyana, Indonesia, Saudi Arabia, Turkey, Zambia. However, Economies whose financial stability the IMF will assess during 2017 include-Bahrain, Japan, Luxembourg, Netherlands, New Zealand, and Spain.

The Financial Sector Assessment Program remains the IMFs principal tool for assessing countries financial stability. It identifies weaknesses in a countrys financial system that could threaten its stability, as well as strengths that make the system resilient. The IMF tailors country stability assessments to analyze issues of particular interest or concern in each country.

In 2017, IMF teams of experts will focus on systemic risks, the health of banks, and contagion and spillover risks. For each economy, the IMF will make policy recommendations about how to:

n++Strengthen the monitoring of risks to the financial system as a whole

n++Improve financial oversight and the macroprudential framework for financial system safety, and

n++Prepare for stressful financial conditions

We have this handy factsheet that explains the why and how of our financial assessments. You can also read more about why we assess the 29 systemically important financial sectors every five years.

Some highlights for countries under review in 2017 include:

China

Since the global financial crisis, Chinas growth has relied increasingly on credit, especially in the corporate sector, including state-owned enterprises, and in recent months also on mortgage lending. Tensions between sustaining growth and the need to contain indebtedness, together with certain financial sector innovations, have led to increased financial sector complexity and the risk of gaps in supervision. The IMF will examine these issues from a systemic point of view.

Indonesia

Financial conglomerates play a dominant role in the financial system and the economy, and account for 70 percent of the assets of financial institutions. The IMF will look closely at the oversight of financial conglomerates, and seek to identify areas for improvement in the newly implemented integrated supervisory framework, and the recently adopted law on crisis management and resolution.

Japan

Since the 2012 assessment, the profitability of financial institutions domestic operations has weakened. This has prompted large banks and insurers to expand overseas in a search for higher yields, and smaller banks to increase their exposure to real estate and small and medium-sized enterprises. Against this background, the IMF will assess vulnerabilities associated with the international expansion of banks and insurers, as well as longer-term prospects for the financial sector in the context of demographic changes and low growth.

Luxembourg

Home to a key international central securities depository, Luxembourg has the worlds second largest investment fund industry, and the profitability of its banking industry is tied to the general health of these funds. To address some of the systemic vulnerabilities, the IMF will use stress tests and spillover analysis to assess the ability of Luxembourgs financial institutions to absorb liquidity and/or solvency shocks.

Saudi Arabia

An extended period of low oil prices is affecting the Saudi economy. Although the bank-dominated financial sector has so far been resilient, this episode is an opportunity to complete the financial reform agenda and make improvements in the functioning of the interbank market that would also help banks diversify their funding sources over the longer term. These are the key issues the IMF will explore with officials.

Spain

The assessment will look at progress and improvements made since the crisis. It will tackle banks ability to adjust to low profits due to their business models, and their ability to manage the post-crisis recovery. The IMF will also examine the emerging needs of the institutional framework, and apply enhanced methods to capture cross-border financial shocks, and account for the linkages between the economy and the financial system as a whole.

Zambia

Against a backdrop of declining economic growth due to sharply lower copper prices and an unsustainable fiscal deficit, the IMF will focus on how to maintain financial stability, including the adequacy of supervisory resources. It will also examine the adherence to international norms of the legal and regulatory framework for financial sector oversight.

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Board of Cityman to consider December quarter results
Jan 07,2017

Cityman announced that a meeting of the Board of Directors of the Company will be held on 30 January 2017, to consider and approve among other things, the Un Audited Financial Results for the Quarter Ended 31 December 2016.

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Karnataka Bank launches new version of its mobile app KBL MOBILE
Jan 07,2017

Karnataka Bank has launched user-friendly new version of mobile app KBL MOBILE, which extends the convenience of anytime and anywhere banking services with comfort and safety.

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Sadbhav Infrastructure Project plans to raise Rs 50 crore
Jan 07,2017

Sadbhav Infrastructure Project announced that the meeting of the Finance and Investment Committee will be held on 11 January 2017 to consider and approve allotment of Non-convertible Debentures amounting to Rs. 50 crore only on Private Placement basis, pursuant to special resolution passed by the shareholders of the Company at the 10th Annual General Meeting held on 28 September 2016.

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Board of Tamilnadu Jai Bharath Mills to appoint company secretary
Jan 07,2017

Tamilnadu Jai Bharath Mills announced that a meeting of Board of Directors of the Company is proposed to be held on 13 January 2017 to consider the appointment of M.V.Mahadevan, Company Secretary as per the provisions of Section 203 of the Companies Act, 2013 and Compliance Officer as per Clause 47 (a) of the Listing Agreement.

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VST Tillers Tractors announces sales figures
Jan 07,2017

VST Tillers Tractors has sold 1407 units of power tillers and 611 units of tractors in the month of December 2016.

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Dewan Housing Finance Corporation to consider Q3 results and private placement of NCDs
Jan 07,2017

Dewan Housing Finance Corporation announced that the meeting of the Board of Directors of the Company is scheduled to be held on 16 January 2017, inter alia, to consider and approve the following :

1. Un-audited Financial Results of the Company for the Third Quarter / Nine Months ended 31 December 2016 along with Limited Review Report thereon by the Statutory Auditors of the Company.

2. Pursuant to the authority entrusted upon the Board of Directors and within the limits as approved by the Members of the Company vide Special Resolution passed at the 32nd Annual General Meeting held on July 20, 2016, under the provisions of Section 42 and 71 of the Companies Act, 2013, the Board shall also consider the issuance of Non-Convertible Secured/Unsecured Debentures (NCDs) upto an amount of Rs. 5,000 crore, and Non-Convertible Subordinated Unsecured Debentures upto an amount of Rs. 1,000 crore, on private placement basis, till the date of next Board Meeting.

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Syncom Healthcare to hold EGM
Jan 07,2017

Syncom Healthcare announced that the Extra Ordinary General Meeting (EGM) of the Company will be held on 30 January 2017.

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Pneumatic Holdings to announce December quarter results
Jan 07,2017

Pneumatic Holdings announced that a meeting of the Board of Directors of the Company will be held on 19 January 2017, inter alia, to consider and take on record Standalone Un-audited Financial Results for the quarter and nine months ended 31 December 2016.

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Eros International Media provides update on ratings for NCDs
Jan 07,2017

Eros International Media announced that on Companys request, ICRA (ICRA) has withdrawn the ICRA A+ rating assigned to the Non Convertible Debentures (for Rs. 750 crore) of the Company. The Company had voluntarily requested for such withdrawal since the Company has not raised funds against the rated instrument.

The rating by Credit Analysis and Research (CARE) CARE A+ assigned to Non Convertible Debentures (for Rs. 400 crore) remains unchanged.

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Apar Industries fixes record date for buyback of shares
Jan 07,2017

Apar Industries has fixed 20 January 2017 as the Record Date for the purpose of Buyback of equity shares of the Company.

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India Ratings Affirms India Dyeing Mills at GÿIND AG; Outlook Stable
Jan 07,2017

India Ratings and Research (Ind-Ra) has affirmed India Dyeing Mills Pvt. Ltd.s (IDMPL) Long-Term Issuer Rating at GIND A. The Outlook is Stable. Instrument wise rating actions are given below: Instrument TypeDate of issuanceCoupon RateMaturity DateSize of the issue (million)Rating/OutlookRating ActionTerm loans---INR259.8 (increased from INR221)IND A/StableAffirmedFund-based working capital---INR50IND A/StableAffirmedFund-based working capital---INR50IND A1AffirmedNon-fund-based working capital---INR91.9 (increased from INR70)IND A1Affirmed

Key Rating Drivers

Strong Linkages with Eastman Group: The affirmation continues to reflect IDMPLs assured business with Eastman Exports Global Clothing Pvt Ltd (EEGCPL; GIND A; Outlook Stable), which contributes around 80% to the companys revenue. Since IDMPL was set up as a backward integration for EEGCPL, the companys strategy and operations are closely guided by those of EEGCPL, thus reflecting strong operational linkages. Hence, the ratings will continue to move in tandem with EEGCPL.

Comfortable Credit Metrics: Net adjusted leverage improved to 1x in FY16 (FY15: 1.2x) and interest cover to 10x (9.4x), owing to an increase in revenue, coupled with a fairly stable EBITDA margin and a marginal decline in debt. Ind-Ra expects revenue to grow at a moderate pace in the near term, with EBITDA margin sustaining at the current level. Additionally, debt which comprises primarily of term loans is likely to decline with no significant debt-funded capex on the anvil. These factors are likely to aid in a gradual improvement in the credit metrics during FY17-FY19.

Adequate Liquidity: IDMPL has consistently generated positive cash flow from operations, despite an increase in working capital cycle. The companys working capital cycle increased to 29 days in FY16 (FY15: 22 days) on account of stretched payments from EEGCPL. However, free cash flow turned positive to INR44 million (FY15: negative INR178 million) on the back of higher EBITDA and moderate capex. Ind-Ra expects the free cash flow to be positive over the medium term given the absence of major capex and strong cash flow from operations.

Strong Track Record: The ratings continue to be supported by IDMPLs founders over 30-year-long track record in the textile business. Strong pollution control system in IDMPLs dyeing facility, which makes it attractive to exporters, also continues to be a positive factor.

Rating Sensitivities

Positive: Future developments that could lead to a positive rating action include an upgrade in EEGCPLs ratings, coupled with IDMPL maintaining the current credit profile.

Negative: Future developments that could, individually or collectively, lead to a negative rating action include:

-+ - any substantial debt-financed capex or margin reduction leading to the financial leverage exceeding 2x

-+ - a downgrade of EEGCPLs ratings

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