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 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Baramulti Group, Indonesia
- Meralco Power Generation, Philippines
- Mintek Dendrill Indonesia
- SMG Consultants - Indonesia
- Toyota Tsusho Corporation, Japan
- Port Waratah Coal Services - Australia
- Binh Thuan Hamico - Vietnam
- Ind-Barath Power Infra Limited - India
- OPG Power Generation Pvt Ltd - India
- Tata Chemicals Ltd - India
- Global Business Power Corporation, Philippines
- Bhatia International Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Goldman Sachs - Singapore
- Therma Luzon, Inc, Philippines
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- Indika Energy - Indonesia
- GAC Shipping (India) Pvt Ltd
- South Luzon Thermal Energy Corporation
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Kepco SPC Power Corporation, Philippines
- London Commodity Brokers - England
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Kalimantan Lumbung Energi - Indonesia
- Independent Power Producers Association of India
- Star Paper Mills Limited - India
- Bayan Resources Tbk. - Indonesia
- IEA Clean Coal Centre - UK
- Agrawal Coal Company - India
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- Oldendorff Carriers - Singapore
- Wilmar Investment Holdings
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Wood Mackenzie - Singapore
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Indian Energy Exchange, India
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- The State Trading Corporation of India Ltd
- Timah Investasi Mineral - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- Africa Commodities Group - South Africa
- PowerSource Philippines DevCo
- Ceylon Electricity Board - Sri Lanka
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Kideco Jaya Agung - Indonesia
- Parliament of New Zealand
- GVK Power & Infra Limited - India
- Altura Mining Limited, Indonesia
- Sakthi Sugars Limited - India
- Parry Sugars Refinery, India
- Salva Resources Pvt Ltd - India
- Mercuria Energy - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Savvy Resources Ltd - HongKong
- Alfred C Toepfer International GmbH - Germany
- India Bulls Power Limited - India
- ASAPP Information Group - India
- TeaM Sual Corporation - Philippines
- Global Coal Blending Company Limited - Australia
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Aditya Birla Group - India
- Billiton Holdings Pty Ltd - Australia
- Bangladesh Power Developement Board
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Madhucon Powers Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- Trasteel International SA, Italy
- Vizag Seaport Private Limited - India
- Borneo Indobara - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- PNOC Exploration Corporation - Philippines
- Essar Steel Hazira Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- European Bulk Services B.V. - Netherlands
- Uttam Galva Steels Limited - India
- Deloitte Consulting - India
- Australian Coal Association
- White Energy Company Limited
- Electricity Authority, New Zealand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- CNBM International Corporation - China
- Siam City Cement PLC, Thailand
- Gujarat Mineral Development Corp Ltd - India
- Maheswari Brothers Coal Limited - India
- AsiaOL BioFuels Corp., Philippines
- GMR Energy Limited - India
- Meenaskhi Energy Private Limited - India
- Australian Commodity Traders Exchange
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Directorate Of Revenue Intelligence - India
- The University of Queensland
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Lanco Infratech Ltd - India
- Samtan Co., Ltd - South Korea
- Energy Link Ltd, New Zealand
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Jindal Steel & Power Ltd - India
- IHS Mccloskey Coal Group - USA
- Thai Mozambique Logistica
- Directorate General of MIneral and Coal - Indonesia
- Vedanta Resources Plc - India
- Sinarmas Energy and Mining - Indonesia
- Marubeni Corporation - India
- Merrill Lynch Commodities Europe
- Mercator Lines Limited - India
- Sical Logistics Limited - India
- Coalindo Energy - Indonesia
- Heidelberg Cement - Germany
- Orica Australia Pty. Ltd.
- TNB Fuel Sdn Bhd - Malaysia
- Orica Mining Services - Indonesia
- McConnell Dowell - Australia
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Minerals Council of Australia
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- Rashtriya Ispat Nigam Limited - India
- Videocon Industries ltd - India
- CIMB Investment Bank - Malaysia
- The Treasury - Australian Government
- PetroVietnam Power Coal Import and Supply Company
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Bhoruka Overseas - Indonesia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Kaltim Prima Coal - Indonesia
- Electricity Generating Authority of Thailand
- Renaissance Capital - South Africa
- Carbofer General Trading SA - India
- Iligan Light & Power Inc, Philippines
- Economic Council, Georgia
- Semirara Mining Corp, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- San Jose City I Power Corp, Philippines
- Chettinad Cement Corporation Ltd - India
- Globalindo Alam Lestari - Indonesia
- Makarim & Taira - Indonesia
- Chamber of Mines of South Africa
- Central Java Power - Indonesia
- Intertek Mineral Services - Indonesia
- Dalmia Cement Bharat India
- Bhushan Steel Limited - India
- Global Green Power PLC Corporation, Philippines
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Mjunction Services Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Sidhee Cement - India
- Medco Energi Mining Internasional
- Karbindo Abesyapradhi - Indoneisa
- Central Electricity Authority - India
- Leighton Contractors Pty Ltd - Australia
- Ambuja Cements Ltd - India
- Simpson Spence & Young - Indonesia
- Tamil Nadu electricity Board
|
| |
| |
|
