Birla Corporation Ltd has informed BSE that following the signing of the tripartite agreement among the labour unions, the Labour Department, Government of West Bengal, and the Company, Further the Company has informed that ‘Suspension of Operations’ at the Company’s Durgapur cement plant has been lifted w.e.f. July 09, 2008 and normal operations are expected to begin shortly.
Birla Corporation Ltd has informed BSE that a ‘Suspension of Operations’ has been declared with effect from 10.00 p.m. yesterday night i.e. March 11, 2008 at the Company’s Units: Durgapur Cement Works and Durga Hitech Cement, Durgapur in view of persistent acts of lawlessness and continuous defiance of lawful & reasonable instructions of the management by the workmen.
Birla Corporation Ltd has informed BSE that the Credit Analysis & Research Ltd. (CARE) has assigned the following Ratings to the Company:
- Rating of Bank Facility:
i. Long Term and Medium Term Facility of more than 1 year tenure
- Rating: “CARE AA” (Double A)
- Amount: 500 Crores
ii. Short Term Facility for tenure up to 1 year
- Rating: “PR1+” (PR One Plus)
- Amount: 500 Crores
- Rating for Short Term Debt (Incl. Commercial Paper) Programme Tenure
i. Upto 3 months
- Rating: “PR1+” (PR One Plus)
- Amount: 25 Crores
Further, the Rating Committee of Credit Analysis & Research Ltd. has reaffirmed the following:
1. “PR1+”(PR One Plus) Rating for our Short Term Debt (including CP) Programme for an amount up to Rs 50 Crores for a maturity up to 3 months.
2. “CARE AA” (Double A) Rating for the proposed Long Term Borrowing Programme of Rs 25 Crores.
Birla Corporation Ltd has informed BSE that in the limited review report of the Company for the quarter ended December 31, 2007, the Auditors of the Company have made the following observations:
“Refer note No. 1 to quarterly results stating that deferred tax liability amounting to Rs 35 lacs will be accounted for / adjusted in the Company’s annual accounts at the year 2007-08 in accordance with the order dated December 23, 2003 of Hon’ble High Court at Calcutta. Had the same been adjusted with profit in the current quarter, profit after tax for the quarter-ended December 31, 2007 would have been Rs 10605 lacs.”