Академический Документы
Профессиональный Документы
Культура Документы
Net Profit (2011-12) 1300.80* 1227.74* 2403.26 174.57 271.46 385.11 22.13 48.40 632.92
Note: Amount in Rs. Crores *For ACC and Ambuja Cements Limited, net profit signifies consolidated net profit after minority interest for CY 2011 Source: CCIs order, Annual reports of companies, ICRAs estimates
As shown in Table 1, the penalties imposed by CCI are quite significant in relation to the profitability of the aforementioned companies. CCIs order would directly impact the cashflows and capital structure of these companies. However, most of the companies plan to contest CCIs order in Competition Appellate Tribunal which may result in a long-drawn litigation process. ICRA would continue to monitor the developments in this regard and its impact on the sector. Any adverse judgement would continue to remain an event-based risk for the industry participants till such time the matter is resolved. Madras Cements Limited is the only company amongst the entities rated by ICRA which has been penalized by CCIs order. ICRA also notes that apart from the direct impact on the cashflows and capital structure of the aforementioned companies, CCIs rulings may also impact the pricing dynamics in the industry and could result in lower margins going forward. ICRA will continue to closely monitor the developments in the cement industry, including both the final outcome of the aforesaid action impacting the 11 companies named as well as the impact on the pricing in the industry which would affect the entire industry.
PRESS RELEASE
Page 1
ICRA has classified various instruments based on their complexity as "Simple", "Complex" and "Highly Complex". The classification of instruments according to their complexity levels is available on the website www.icra.in
Disclaimer: ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA
Ratings are subject to a process of surveillance, which may lead to revision in ratings. Please visit our website (www.icra.in) or contact any ICRA office for the latest information on ICRA Ratings outstanding.
I C R A Limited
(An Associate of Moodys Investor Service)
ICRAs ratings in the cement industry are as follows: Table 2: List of Cement Companies with ICRA-Assigned Ratings Outstanding (as on June 24, 2012) Name of Company Long-Term Medium-Term Short-Term Outlook Rating Rating Rating Bhavya Cements Limited [ICRA]BB+ [ICRA]A4+ Stable Bheema Cements Limited [ICRA]D [ICRA]D BMM Cements Limited [ICRA]BB+ [ICRA]A4+ Stable Dalmia Cement Bharat Limited [ICRA]AAMAA [ICRA]A1+ Stable Dalmia Cement Ventures Limited [ICRA]BBB[ICRA]A3 Stable Deccan Cements Limited [ICRA]BBB [ICRA]A2 Negative Hi Bond Cement (India) Private Limited [ICRA]B [ICRA]A4 Hills Cement Company Limited [ICRA]D [ICRA]D K.D. Cements [ICRA]B+ KJS Cement Limited [ICRA]BB+ Stable Madras Cements Limited [ICRA]A+ [ICRA]A1+ Stable NCL Industries Limited [ICRA]BB+ [ICRA]A4+ Stable OCL India Limited [ICRA]AA[ICRA]A1+ Stable Orient Paper & Industries Limited [ICRA]A1+ Parasakthi Cements Industries Limited [ICRA]BBB[ICRA]A3 Stable Prism Cement Limited [ICRA]A+ [ICRA]A11 Stable Sri Mata Infratech Limited [ICRA]BB[ICRA]A4 Stable Topcem India [ICRA]BBBStable Toshali Cements Private Limited [ICRA]B+ Source: ICRA
Analyst Contacts: Mr. Anjan Ghosh (Tel No. +91-22-30470006) aghosh@icraindia.com Analyst Contacts: Mr. Sabyasachi Majumdar (Tel. No. +91 124 4545304) sabyasachi@icraindia.com
PRESS RELEASE
Page 2
ICRA has classified various instruments based on their complexity as "Simple", "Complex" and "Highly Complex". The classification of instruments according to their complexity levels is available on the website www.icra.in
Disclaimer: ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA
Ratings are subject to a process of surveillance, which may lead to revision in ratings. Please visit our website (www.icra.in) or contact any ICRA office for the latest information on ICRA Ratings outstanding.
I C R A Limited
(An Associate of Moodys Investor Service) Registered Office ICRA Limited 195, Kailash Building, 11th Floor, 96, Kasturba Gandhi Marg, New Delhi 19001 Tel: +91-11-93357940-50, Fax: +91-11-93357014 Corporate Office Mr. Vivek Mathur Mobile: 9871221122 Email: vivek@icraindia.com Building No. 8, 2nd Floor, Tower A, DLF Cyber City, Phase II, Gurgaon 199009 Ph: +91-124-4545310 (D), 4545300 / 4545800 (B) Fax; +91- 124-4050424 Mumbai Mr. L. Shivakumar Mobile: 9821086490 Email: shivakumar@icraindia.com 3rd Floor, Electric Mansion, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 095 Ph : +91-99-9433 946/ 953/ 969/ 974/ 986/ 987 Fax : +9199-9433 1390 Chennai Mr. Jayanta Chatterjee Mobile: 9845099459 Email: jayantac@icraindia.com Kolkata Mr. Jayanta Chatterjee Mobile: 9845099459 Email: jayantac@icraindia.com
5th Floor, Karumuttu Centre, 498 Anna Salai, Nandanam, Chennai-600035. Tel + (91 44) 45964300, Fax + (91 44) 9434 3663 Bangalore Mr. Jayanta Chatterjee Mobile: 9845099459 Email: jayantac@icraindia.com 'The Millenia', Tower B, Unit No. 904, 9th Floor, Level 9, 19-14, 1 & 9, Murphy Road, Bangalore - 560 008 Tel:91-80- 43396400 Fax:91-80-43396409 Pune Mr. L. Shivakumar Mobile: 989986490 Email: shivakumar@icraindia.com 5A, 5th Floor, Symphony, S.No. 99, CTS 3909, Range Hills Road, Shivajinagar,Pune-411 090 Tel : (91 90) 9556 1194 -96; Fax : (91 90) 9556 1931
5th Floor, Karumuttu Centre, 498 Anna Salai, Nandanam, Chennai-600035. Tel + (91 44) 45964300, Fax + (91 44) 9434 3663 Ahmedabad Mr. L. Shivakumar Mobile: 989986490 Email: shivakumar@icraindia.com 907 & 908 Sakar -II, Ellisbridge, Ahmedabad- 380006 Tel: +91-79-96585494, 96589008,96585049, 96584994 TeleFax:+91-79- 9648 4994 Hyderabad Mr. M.S.K. Aditya Mobile: 9963953777 Email: adityamsk@icraindia.com 301, CONCOURSE, 3rd Floor, No. 7-1-58, Ameerpet, Hyderabad 500 016. Tel: +91-40-9373 5061 /7951 Fax: +91-40- 9373 5159
PRESS RELEASE
Page 3
ICRA has classified various instruments based on their complexity as "Simple", "Complex" and "Highly Complex". The classification of instruments according to their complexity levels is available on the website www.icra.in
Disclaimer: ICRA Ratings should not be treated as recommendation to buy, sell or hold the rated debt instruments. ICRA
Ratings are subject to a process of surveillance, which may lead to revision in ratings. Please visit our website (www.icra.in) or contact any ICRA office for the latest information on ICRA Ratings outstanding.