We welcome article submissions from experts in the areas of coal, mining,
shipping, etc.
To Submit your article please click here.
|
|
|
Tuesday, 24 November 09
ICRA DOWNGRADES TNPL`S RATING TO LAA
 Credit rating agency, ICRA has revised the long term rating for the Rs 11.25 billion long-term fund-based bank facilities and Rs 1.5 billion non-convertible debenture programme of Tamil Nadu Newsprint and Papers (TNPL) to LAA- from LAA.
ICRA has reaffirmed A1+ rating assigned to Rs 2.25 billion short-term fund-based and non-fund based bank facilities of TNPL.The rating outstanding for the Rs 100 million commercial paper (CP) programme has also been reaffirmed at A1+.
The revision in long term ratings takes into account the reduction in the profit and cash accruals of the company due to decline in sales volume during H1-2010.
The decline in sales is largely attributable to softening of paper prices in the export markets, with TNPL normally exporting 15% ~20% of its production. As a result of decline in sales and build up of finished goods inventory, the cash flows from operations have declined, thereby necessitating additional debt funding which has also resulted in higher interest expenses.
With the improvement in demand for PWP in the global markets exported by the company the company is expected to clear the excess inventory in the near term.
The ratings outstanding continue to be supported by consistently high level of operating performance; leading market position in Printing & Writing Paper (PWP) segment arising out of its large size, which also results in better economies of scale; diversified sales and distribution network; and self-sufficiency in majority of its raw material requirements.
The ratings are also supported by consistent improvement in operating profitability of the company arising out of improved product mix; stable Net Sales Realisation (NSR); softening in input costs such as coal and chemicals; and benefits of Mill Development Plan (MDP).
These strengths are however partially offset by the vulnerability of the company`s profitability to cyclicality in the paper business, import duty levels and possibility of temporary supply pressures arising out of large capacity addition planned by the industry.
Since TNPL meets a significant portion of energy and bagasse (TNPL swaps bagasse with steam/coal with sugar mills) requirements by importing coal, TNPL`s profitability is susceptibility to volatility in the international coal prices as witnessed during 2008-09.
While TNPL is expected to benefit on account of decline in international coal prices in the near term, the long term rating is also constrained by project execution risks.
TNPL, which has recently completed a debt funded MDP, is currently in the midst of executing a debt funded Mill Expansion Plan (MEP); any shortfall in internal accruals may necessitate higher then estimated debt funding.
As a result of increased working capital, shortfall in cash generation and ongoing MEP, ICRA expects, the company`s gearing level to increase and debt protection metrics to modestly weaken in the medium term;. Any further decline in the profitability, cash accruals and time/cost over runs on its MEP will be key rating sensitivities going forward.
Shares of the company gained Rs 0.15, or 0.19%, to settle at Rs 79.65. The total volume of shares traded was 6,453 at the BSE
Source: Myiris
If you believe an article violates your rights or the rights of others, please contact us.
|
|
Friday, 04 December 09
KALIMANTAN GOLD AGREES TO SELL IBP COAL CONCESSION
COALspot.com ( Press Release): Kalimantan Gold Corporation Limited ("KLG" or the "Company"), which undertook drilling and had an ...
Friday, 04 December 09
JSW ENERGY TO BUY OUT PARENT FIRM'S COAL BLOCK
JSW Energy plans to buy the stake held by JSW Steel in a thermal coal block in Mozambique in an attempt to become an integrated energy company with ...
Thursday, 03 December 09
JAPAN 2010 COAL IMPORTS SEEN FLAT, INDIA'S ROBUST - INDUSTRY
* Japan's demand seen steady in 2010 at 110 mln tonnes
* India's demand seen as robust, at 70 mln tonnes
Reuters reported that, Thermal coal i ...
Thursday, 03 December 09
INDONESIA MAY ALLOW COAL SALES BELOW GOVT PRICE
Reuters reported that, Indonesia is considering giving producers some flexibility to sell coal below the government's monthly benchmark price to co ...
Thursday, 03 December 09
INDONESIA SEEKS TO INCREASE COAL SHIPMENTS TO INDIA, CHINA
Bloomberg reproted that, Indonesia, Asia’s biggest coal exporter, seeks to increase shipments to India and China as the economies improve and ...
|
|
|
Showing 6206 to 6210 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Miang Besar Coal Terminal - Indonesia
- Larsen & Toubro Limited - India
- San Jose City I Power Corp, Philippines
- PowerSource Philippines DevCo
- Meenaskhi Energy Private Limited - India
- Wood Mackenzie - Singapore
- Indian Oil Corporation Limited
- SMC Global Power, Philippines
- Parliament of New Zealand
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- VISA Power Limited - India
- IHS Mccloskey Coal Group - USA
- Indonesian Coal Mining Association
- Bulk Trading Sa - Switzerland
- Pendopo Energi Batubara - Indonesia
- Straits Asia Resources Limited - Singapore
- Thai Mozambique Logistica
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Renaissance Capital - South Africa
- Leighton Contractors Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Manunggal Multi Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Tata Chemicals Ltd - India
- Power Finance Corporation Ltd., India
- Makarim & Taira - Indonesia
- Mjunction Services Limited - India
- Cigading International Bulk Terminal - Indonesia
- Tamil Nadu electricity Board
- Latin American Coal - Colombia
- Kohat Cement Company Ltd. - Pakistan
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Sindya Power Generating Company Private Ltd
- Wilmar Investment Holdings
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- Petron Corporation, Philippines
- Grasim Industreis Ltd - India
- Kepco SPC Power Corporation, Philippines
- Indian Energy Exchange, India
- Deloitte Consulting - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Simpson Spence & Young - Indonesia
- Sinarmas Energy and Mining - Indonesia
- LBH Netherlands Bv - Netherlands
- Global Coal Blending Company Limited - Australia
- Samtan Co., Ltd - South Korea
- Orica Mining Services - Indonesia
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Banpu Public Company Limited - Thailand
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Sakthi Sugars Limited - India
- New Zealand Coal & Carbon
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- GVK Power & Infra Limited - India
- Baramulti Group, Indonesia
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Central Java Power - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Vedanta Resources Plc - India
- OPG Power Generation Pvt Ltd - India
- Coal and Oil Company - UAE
- Commonwealth Bank - Australia
- Attock Cement Pakistan Limited
- Maharashtra Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Maheswari Brothers Coal Limited - India
- Bhatia International Limited - India
- GMR Energy Limited - India
- Indogreen Group - Indonesia
- Antam Resourcindo - Indonesia
- Bayan Resources Tbk. - Indonesia
- Heidelberg Cement - Germany
- GN Power Mariveles Coal Plant, Philippines
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- GAC Shipping (India) Pvt Ltd
- Indo Tambangraya Megah - Indonesia
- Rio Tinto Coal - Australia
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Australian Commodity Traders Exchange
- Carbofer General Trading SA - India
- Cement Manufacturers Association - India
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Bukit Asam (Persero) Tbk - Indonesia
- TeaM Sual Corporation - Philippines
- Directorate General of MIneral and Coal - Indonesia
- Edison Trading Spa - Italy
- South Luzon Thermal Energy Corporation
- Gujarat Sidhee Cement - India
- Savvy Resources Ltd - HongKong
- Electricity Authority, New Zealand
- Posco Energy - South Korea
- Minerals Council of Australia
- Coalindo Energy - Indonesia
- The University of Queensland
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Therma Luzon, Inc, Philippines
- Kideco Jaya Agung - Indonesia
- Star Paper Mills Limited - India
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Australian Coal Association
- PTC India Limited - India
- Kartika Selabumi Mining - Indonesia
- Siam City Cement - Thailand
- International Coal Ventures Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Metalloyd Limited - United Kingdom
- Ind-Barath Power Infra Limited - India
- Uttam Galva Steels Limited - India
- Karaikal Port Pvt Ltd - India
- Merrill Lynch Commodities Europe
- London Commodity Brokers - England
- Kalimantan Lumbung Energi - Indonesia
- Medco Energi Mining Internasional
- CNBM International Corporation - China
- Jindal Steel & Power Ltd - India
- Bharathi Cement Corporation - India
- PNOC Exploration Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Anglo American - United Kingdom
- Kapuas Tunggal Persada - Indonesia
- Global Business Power Corporation, Philippines
- Central Electricity Authority - India
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- The Treasury - Australian Government
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Eastern Coal Council - USA
- Semirara Mining Corp, Philippines
- Rashtriya Ispat Nigam Limited - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Thiess Contractors Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Kobexindo Tractors - Indoneisa
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Madhucon Powers Ltd - India
- White Energy Company Limited
- CIMB Investment Bank - Malaysia
- Vijayanagar Sugar Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Chettinad Cement Corporation Ltd - India
- Xindia Steels Limited - India
- Sarangani Energy Corporation, Philippines
- IEA Clean Coal Centre - UK
- Energy Link Ltd, New Zealand
- Bhoruka Overseas - Indonesia
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Billiton Holdings Pty Ltd - Australia
- Interocean Group of Companies - India
- Parry Sugars Refinery, India
- Ministry of Finance - Indonesia
- Romanian Commodities Exchange
- Siam City Cement PLC, Thailand
- Bank of Tokyo Mitsubishi UFJ Ltd
- AsiaOL BioFuels Corp., Philippines
- Jaiprakash Power Ventures ltd
- Coastal Gujarat Power Limited - India
- Aditya Birla Group - India
|
| |
| |
|
