Reliance Capital gets top ratings from Crisil, Icra

While Crisil has assigned an ‘A1+’ rating to Reliance Capital’s Rs6,000 crore short-term debt programme, Icra has also revalidated its ‘A1+’ rating for the company’s Rs10,000 crore short-term debt programme

New Delhi: Two leading rating agencies, Crisil and Icra, have assigned highest-credit quality ratings to the short-term debt programmes of financial services major Reliance Capital, reports PTI.

While Crisil has assigned an ‘A1+’ rating to Reliance Capital’s Rs6,000 crore short-term debt programme, Icra has also revalidated its ‘A1+’ rating for the company’s Rs10,000 crore short-term debt programme.

Icra, an associate of global rating agency major Moody’s, said that it was the “highest-credit quality rating assigned by Icra to short-term debt instruments” and the rating would remain valid till September 2012.

On the other hand, Crisil said that its ‘A1+’ rating for Reliance Capital’s debt programme indicated a “very strong degree of safety regarding timely payment of financial obligations” with lowest level of credit risk.

Yesterday, another rating agency Fitch had also reaffirmed its ratings for Reliance Capital. However, the agency said that it was withdrawing these ratings as the company has decided not to participate in Fitch rating process.

“The ratings have been reaffirmed and withdrawn as Reliance Capital has chosen to stop participating in the rating process. Therefore, Fitch will no longer have sufficient information to provide ratings or analytical coverage of Reliance Capital,” Fitch Ratings said in a statement.

Reliance Capital has interests in a range of financial services sectors including asset management, mutual funds, portfolio management services, life and general insurance.

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EGoM decide sugar exports in 1st week of Nov: Food minister

While the food ministry has pegged sugar production in the 2011-12 marketing year (October-September) at 24.6 million tonnes, the agriculture ministry’s forecast is slightly higher at 25 million tonnes. The industry estimates are even higher, at 26 million tonnes

New Delhi: An Empowered Group of Ministers (EGoM) on Food is expected to take a call on sugar exports in the 2011-12 marketing year in the first week of November, reports PTI quoting food minister K V Thomas.

The previous meeting was deferred as the food ministry had not firmed up its decision on sugar exports in the absence of correct production estimates for the sweetener for the year.

“I am meeting the officers of the agriculture ministry in a day or two to reconcile the sugar production estimates.

Based on that, I will prepare a note on sugar exports by the month-end. In the first week of November, the EGoM may take a decision on this,” Mr Thomas told reporters after releasing the Operations Report of Food Corporation of India for 2010-11.

While the food ministry has pegged sugar production in the 2011-12 marketing year (October-September) at 24.6 million tonnes, the agriculture ministry’s forecast is slightly higher at 25 million tonnes. The industry estimates are even higher, at 26 million tonnes.

“I will verify sugar output figures. We want to be advised by the agriculture ministry on this issue,” he said.

Asked if the government will allow wheat and rice exports from government godowns which are overflowing with huge stocks, the minister said, “No. We want to be cautious.”

He explained that the government procures only 30% of the country’s production and cannot allow exports as it has to maintain foodgrain stocks of up to three years for implementation of the proposed National Food Security Act.

The minister further said it makes no sense to permit exports from government godowns as the remaining 70% of the country’s production is sold in the open market.

Last month, the government allowed the export of 2 million tonnes each of wheat and common rice under the open general licence (OGL) scheme.

Presently, the central pool has foodgrain stocks of around 60 million tonnes owing to the high level of procurement in the past three years.

Last year, foodgrain production stood at a record 241.56 million tonnes.

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Repro India Q2 FY11-12 net profit rises to Rs9.4 crore

Repro India Q2FY2012 net profit rise to Rs9.40 crore; up 84%, revenue at Rs77.36 crore; jumps 18%

Repro India, a value added end-to-end print solution provider for domestic and international customers, reported 84% rise in its net profit at Rs9.40 crore for the quarter ended 30 September 2011 compared to Rs5.10 crore reported in the same period of last year.

Revenue for the quarter stood at Rs77.36 crore, a rise of 18% against Rs65.46 crore in the corresponding quarter. EBIDTA margin for the quarter stood at 17% as compared to 15% in Q2FY11. EBIDTA margin during the quarter rose 13% to Rs13.08 crore.
EPS for the quarter stood at Rs8.69 compared to Rs4.66 for the corresponding quarter of last year.

Commenting on the Q2FY12 performance Mukesh Dhruve, director, Repro India Ltd said, “With a focused strategy towards making our service solutions available globally, we have expanded geographies across continents, meeting the requirements of corporate and publishers around the world. This quarter, we added Baker & Taylor, BPP and Random House to our client list.”

“There are lots of opportunities for large integrated printers in India. While India is currently 12th largest printing market globally, it is poised to climb to 8th position if the current growth curve continues,” added Dhruve.

In the early afternoon, Repro India was trading at around Rs169.75 per share on the Bombay Stock Exchange, 2.44% down from the previous close.

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