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.
|
|
Thursday, 12 November 09
FOREIGN INVESTMENT IN RUSSIAN COAL SECTOR
Reuters reported that, Russia's coal mines, particularly in the Arctic and Far East, are attracting interest from foreign investors as commodity pr ...
Thursday, 12 November 09
BANPU TO INVEST US$ 466 M
Plan targets 33.5m tonnes of coal per year
Bangkok Post reported that, Banpu Plc, Asean's largest coal miner, is planning capital investments of ...
Wednesday, 11 November 09
NORTHSTAR TAKES 40 PER CENT OF INDONESIAN MINING COMPANY
AltAssets reported that, PT Northstar Pacific Partners, the Indonesian affiliate of US private equity firm TPG, has taken a 40 per cent stake in Ind ...
Wednesday, 11 November 09
INDONESIAN COAL MINERS SOLD BIG VOLUMES OF 2010 TO CHINA
* China has scooped up large volumes of Indonesian coal
* Total exports to China in 2010 seen to exceed 20 million T
* Chinese, Indian demand may ...
Wednesday, 11 November 09
INDIAN COAL IMPORT FROM SA IN OCTOBER
Reuters reported that India imported 2.4 million tonnes of coal from South Africa's Richards Bay Coal Terminal in October 2009, 35% of the total of ...
|
|
|
Showing 6256 to 6260 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Central Java Power - Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Mines - Canada
- Ministry of Finance - Indonesia
- SN Aboitiz Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Port Waratah Coal Services - Australia
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Sree Jayajothi Cements Limited - India
- Standard Chartered Bank - UAE
- Toyota Tsusho Corporation, Japan
- Timah Investasi Mineral - Indoneisa
- Tata Chemicals Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Kepco SPC Power Corporation, Philippines
- SMG Consultants - Indonesia
- Orica Mining Services - Indonesia
- Coalindo Energy - Indonesia
- Australian Commodity Traders Exchange
- Attock Cement Pakistan Limited
- Bukit Asam (Persero) Tbk - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Trasteel International SA, Italy
- Billiton Holdings Pty Ltd - Australia
- Manunggal Multi Energi - Indonesia
- Bangladesh Power Developement Board
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Rio Tinto Coal - Australia
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Lanco Infratech Ltd - India
- Kobexindo Tractors - Indoneisa
- Jaiprakash Power Ventures ltd
- Bahari Cakrawala Sebuku - Indonesia
- Savvy Resources Ltd - HongKong
- Coastal Gujarat Power Limited - India
- Ministry of Transport, Egypt
- Grasim Industreis Ltd - India
- The University of Queensland
- PetroVietnam Power Coal Import and Supply Company
- White Energy Company Limited
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Bharathi Cement Corporation - India
- Mercuria Energy - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Indogreen Group - Indonesia
- Vedanta Resources Plc - India
- Wood Mackenzie - Singapore
- Vizag Seaport Private Limited - India
- CNBM International Corporation - China
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Videocon Industries ltd - India
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Siam City Cement PLC, Thailand
- Globalindo Alam Lestari - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Tamil Nadu electricity Board
- Samtan Co., Ltd - South Korea
- Central Electricity Authority - India
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- SMC Global Power, Philippines
- Jindal Steel & Power Ltd - India
- Petron Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Malabar Cements Ltd - India
- Oldendorff Carriers - Singapore
- McConnell Dowell - Australia
- Karaikal Port Pvt Ltd - India
- Planning Commission, India
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Ambuja Cements Ltd - India
- Posco Energy - South Korea
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Essar Steel Hazira Ltd - India
- PTC India Limited - India
- Electricity Authority, New Zealand
- Meralco Power Generation, Philippines
- Formosa Plastics Group - Taiwan
- Parliament of New Zealand
- LBH Netherlands Bv - Netherlands
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Bhoruka Overseas - Indonesia
- Sojitz Corporation - Japan
- ICICI Bank Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Indian Oil Corporation Limited
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- The Treasury - Australian Government
- Offshore Bulk Terminal Pte Ltd, Singapore
- Orica Australia Pty. Ltd.
- GMR Energy Limited - India
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Iligan Light & Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Merrill Lynch Commodities Europe
- Directorate Of Revenue Intelligence - India
- GVK Power & Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Sakthi Sugars Limited - India
- Singapore Mercantile Exchange
- Gujarat Electricity Regulatory Commission - India
- Salva Resources Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Eastern Coal Council - USA
- Indian Energy Exchange, India
- Holcim Trading Pte Ltd - Singapore
- Kaltim Prima Coal - Indonesia
- Medco Energi Mining Internasional
- Chettinad Cement Corporation Ltd - India
- VISA Power Limited - India
- Edison Trading Spa - Italy
- Maheswari Brothers Coal Limited - India
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- Uttam Galva Steels Limited - India
- Xindia Steels Limited - India
- Indonesian Coal Mining Association
- IEA Clean Coal Centre - UK
- Indika Energy - Indonesia
- Chamber of Mines of South Africa
- Global Business Power Corporation, Philippines
- Sarangani Energy Corporation, Philippines
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Neyveli Lignite Corporation Ltd, - India
- Georgia Ports Authority, United States
- Pendopo Energi Batubara - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Riau Bara Harum - Indonesia
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Wilmar Investment Holdings
- Directorate General of MIneral and Coal - Indonesia
- Commonwealth Bank - Australia
- Mjunction Services Limited - India
- Kideco Jaya Agung - Indonesia
- Electricity Generating Authority of Thailand
- Bulk Trading Sa - Switzerland
- Borneo Indobara - Indonesia
- Australian Coal Association
- ASAPP Information Group - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Altura Mining Limited, Indonesia
- London Commodity Brokers - England
- Indo Tambangraya Megah - Indonesia
- PNOC Exploration Corporation - Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Siam City Cement - Thailand
- Goldman Sachs - Singapore
- Makarim & Taira - Indonesia
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- MS Steel International - UAE
- Intertek Mineral Services - Indonesia
- Semirara Mining Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Latin American Coal - Colombia
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Marubeni Corporation - India
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Star Paper Mills Limited - India
- Carbofer General Trading SA - India
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Power Finance Corporation Ltd., India
- Kumho Petrochemical, South Korea
- PowerSource Philippines DevCo
- Miang Besar Coal Terminal - Indonesia
- IHS Mccloskey Coal Group - USA
- Mintek Dendrill Indonesia
- India Bulls Power Limited - India
- Interocean Group of Companies - India
- Sinarmas Energy and Mining - Indonesia
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Larsen & Toubro Limited - India
- Simpson Spence & Young - Indonesia
|
| |
| |
|
