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Saturday, Apr 22, 2006

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ICRA upgrades Coal India rating

Our Bureau

Kolkata , April 21

Coal India Ltd (CIL) got another boost for its rating with ICRA upgrading the rating assigned to CIL's borrowed credibility from LAA+ to "LAAA".

Incidentally, this rating indicates the highest credit quality. The rated instrument carries the lowest credit risk and then outlook on the rating is stable. Earlier, CIL received highest credit rating of AAA from CRISIL for its long-term debt programme.

The enhanced rating has been approved by the rating committee of ICRA after due consideration of latest developments in CIL. However, the duel rating bears testimony to CIL's growing stature.

Production up

Meanwhile, CIL achieved raw coal production of about 343 million tonnes (mt) against the last year's achievement of about 323 mt. Coal production during 2005-06 increased by 19.79 mt as compared to last year, representing a growth of over 6.12 per cent.

Raw coal offtake during the year was about 333.54 mt. Offtake increased by about 12 mt over the previous year's achievement of about 322 mt. Of the total dispatch, about 256 mt sent to power houses.

CIL's provisional profit during the year under review was around Rs 8,388 crore against a budgetary profit of about Rs 7,201 crore and a profit before tax and depreciation of about Rs 4,801 crore in 2004-05. All subsidiary companies of CIL have made profit.

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