Since the Nationalization, Coal Industry had traversed a path of unwavering progress. Coal India Limited(CIL) is the apex body with seven wholly owned coal producing subsidiary companies and one consultancy company encompassing the whole gamut of coal extraction, identification of coal reserves, detailed exploration followed by projectisation, design and implementation and optimizing operations in its mines. CIL was formed in November 1975. The producing companies are Eastern Coalfields Limited (ECL), Sanctoria, West Bengal; Bharat Coking Coal Limited (BCCL), Dhanbad, Jharkhand; Central Coalfields Limited (CCL), Ranchi, Jharkhand; South Eastern Coalfields Limited (SECL), Chattisgarh; Western Coalfields Limited (WCL), Nagpur, Maharashtra; Northern Coalfields Limited (NCL), Singrauli, Madhya Pradesh; and Mahanadi Coalfields Limtied (MCL), Sambalpur, Orissa; The consultancy company is Central Mine Planning and Design Institute Limited (CMPDIL), Ranchi, Jharkhand.
Largest Corporate EmployerWith its mining operations spread across the country, Coal India operates through its seven subsidiaries and one mine planning and design institute with 79 areas and 465 mines (as on 1-04-2006) and 284 underground mines. There are 144 opencast mines and 37 mixed mines and it owns 19 coal washeries. There are 200 other establishments like workshops, hospitals and captive power plants. Coal India employs 4,44,488 manpower (as on 1.11.06). This makes it the largest corporate employer in India.
“The Mission of Coal India Limited is to produce the planned quantity of coal efficiently and economically with due regard to safety, conservation and quality.” And its vision is to be the most dominant energy supplier in India with best practices from Mine to Market.
Highlights of Coal IndiaCoal India Limited is the single largest coal producing company in the world. India is the third largest coal producing country in the world and Coal India contributes about 84% of coal produced.
During 2005-06 CIL earned a profit of Rs.86.77 Billion with a gross turn over of Rs.340 Billion. CIL Proposes to produce 363.80 Million Tonnes of coal during 2006-07.
Ratings
CRISIL Rating Agency has re-affirmed AAA rating for Coal India’s long-term debt programme and P1+ for its short term debt. This is the second consecutive year that CIL achieved this feat. Incidentally, CRISIL has upgraded its rating on Coal India’s long-term debt programme from AA to AAA, the highest rating and reaffirmed its rating of the short-term debt programme as P1+ in 2005. The present re-affirmation is an indictor of CIL’s high credit rating and reflect Coal India’s strong financial risk profile and favourable business prospects – given India’s burgeoning energy demands.
ICRA Limited has upgraded the rating assigned to CIL’s borrowing credibility from LAA+ to “LAAA”. Incidentally, this rating indicates the highest credit quality. The rated instrument carries the lowest credit risk and the outlook on the rating is stable.
*Inputs from Coal India Limited, Ministry of Coal.