Overseas Sanmar Financial Ltd.

• Fixed deposit programme Rating : "FB+" (Rating watch with developing implications)                   

The outstanding rating of "FB+" (pronounced F B plus) assigned to the fixed deposit programme of Overseas Sanmar Financial Limited has been placed on "Rating Watch with Developing Implications".

The promoters of OSFL are in the process of restructuring the operations of the company. As a result of the above restructuring, the credit risk profile of the rated instrument would undergo a change. CRISIL is in dialogue with the management of OSFL to ascertain the various modalities and implications of the above initiative and will take a final view on the rating after making detailed assessment of the impact of the developments.

For the year-ended March 31, 1999, OSFL reported a PAT of Rs. 2.05 crore on an income of Rs. 45.79 crore. As of March 1999, the company had fixed deposits outstanding to the tune of Rs. 48.95 crore.