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.
|
|
Wednesday, 11 November 09
INDONESIA ASKS DOMESTIC COAL FIRMS TO SET ASIDE 30PCT OF OUTPUT
Indonesian government said that it had asked domestic coal producers to set aside 30% of their output next year to meet demand from new coal fired p ...
Wednesday, 11 November 09
MINING ACQUISITIONS BECOMING MORE STRATEGIC - E&Y
Mining Weekly reported that, Although miners around the world are looking to position themselves for growth, companies are being more selective when ...
Tuesday, 10 November 09
THAI COAL MINER BANPU Q3 NET UP, BEATS FORECAST
Reuters reported that, Thailand's top coal miner, Banpu, said on Tuesday its third-quarter net earnings rose a higher-than-expected 22 percent, hel ...
Monday, 09 November 09
NAPOCOR DEFERS 50,000 T COAL TENDER
Top Philippine electricity producer National Power Corp. (Napocor) has indefinitely postponed a tender for supply of 50,000 tons of steam coal sched ...
Monday, 09 November 09
SAM'S SEAFOOD HOLDINGS SET TO COMMENCE DRILLING AT INDONESIAN COAL PROJECT
Proactive Investors reported that, Sam's Seafood Holdings is preparing to kick off diamond drilling at the company's Indonesian coal project after ...
|
|
|
Showing 6261 to 6265 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- GN Power Mariveles Coal Plant, Philippines
- CIMB Investment Bank - Malaysia
- Global Business Power Corporation, Philippines
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Economic Council, Georgia
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Jindal Steel & Power Ltd - India
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Indonesian Coal Mining Association
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- International Coal Ventures Pvt Ltd - India
- Energy Link Ltd, New Zealand
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Africa Commodities Group - South Africa
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- The University of Queensland
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Directorate Of Revenue Intelligence - India
- Sojitz Corporation - Japan
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- Bangladesh Power Developement Board
- Australian Coal Association
- The State Trading Corporation of India Ltd
- Leighton Contractors Pty Ltd - Australia
- Edison Trading Spa - Italy
- Sree Jayajothi Cements Limited - India
- Australian Commodity Traders Exchange
- Krishnapatnam Port Company Ltd. - India
- Videocon Industries ltd - India
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Malabar Cements Ltd - India
- New Zealand Coal & Carbon
- Mintek Dendrill Indonesia
- PTC India Limited - India
- Jaiprakash Power Ventures ltd
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Anglo American - United Kingdom
- Riau Bara Harum - Indonesia
- San Jose City I Power Corp, Philippines
- Globalindo Alam Lestari - Indonesia
- Central Java Power - Indonesia
- Barasentosa Lestari - Indonesia
- Energy Development Corp, Philippines
- Wilmar Investment Holdings
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Sindya Power Generating Company Private Ltd
- Kapuas Tunggal Persada - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Carbofer General Trading SA - India
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bharathi Cement Corporation - India
- South Luzon Thermal Energy Corporation
- Billiton Holdings Pty Ltd - Australia
- Ind-Barath Power Infra Limited - India
- Eastern Energy - Thailand
- TeaM Sual Corporation - Philippines
- Banpu Public Company Limited - Thailand
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Indian Oil Corporation Limited
- Rashtriya Ispat Nigam Limited - India
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Karaikal Port Pvt Ltd - India
- SMG Consultants - Indonesia
- Siam City Cement - Thailand
- India Bulls Power Limited - India
- White Energy Company Limited
- Meenaskhi Energy Private Limited - India
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Mjunction Services Limited - India
- Vedanta Resources Plc - India
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- Minerals Council of Australia
- Orica Mining Services - Indonesia
- Oldendorff Carriers - Singapore
- Marubeni Corporation - India
- Madhucon Powers Ltd - India
- Chamber of Mines of South Africa
- Renaissance Capital - South Africa
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Semirara Mining and Power Corporation, Philippines
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Coalindo Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Trasteel International SA, Italy
- Mercuria Energy - Indonesia
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Salva Resources Pvt Ltd - India
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Medco Energi Mining Internasional
- Toyota Tsusho Corporation, Japan
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Grasim Industreis Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Ceylon Electricity Board - Sri Lanka
- Sakthi Sugars Limited - India
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Gujarat Sidhee Cement - India
- Indo Tambangraya Megah - Indonesia
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- VISA Power Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Indogreen Group - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bank of Tokyo Mitsubishi UFJ Ltd
- Xindia Steels Limited - India
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Romanian Commodities Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Rio Tinto Coal - Australia
- The Treasury - Australian Government
- GMR Energy Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Iligan Light & Power Inc, Philippines
- Planning Commission, India
- Ministry of Mines - Canada
- Miang Besar Coal Terminal - Indonesia
- Kartika Selabumi Mining - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- IEA Clean Coal Centre - UK
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Maharashtra Electricity Regulatory Commission - India
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Binh Thuan Hamico - Vietnam
- Vizag Seaport Private Limited - India
- Chettinad Cement Corporation Ltd - India
- Baramulti Group, Indonesia
- Bhoruka Overseas - Indonesia
- Simpson Spence & Young - Indonesia
- Petron Corporation, Philippines
- Interocean Group of Companies - India
- Wood Mackenzie - Singapore
- Bhushan Steel Limited - India
- Uttam Galva Steels Limited - India
- Indika Energy - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ministry of Transport, Egypt
- Tata Chemicals Ltd - India
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Kaltim Prima Coal - Indonesia
- McConnell Dowell - Australia
- Metalloyd Limited - United Kingdom
- Bulk Trading Sa - Switzerland
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Antam Resourcindo - Indonesia
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Orica Australia Pty. Ltd.
- Therma Luzon, Inc, Philippines
- GVK Power & Infra Limited - India
- Samtan Co., Ltd - South Korea
- Semirara Mining Corp, Philippines
- IHS Mccloskey Coal Group - USA
- Cement Manufacturers Association - India
- Singapore Mercantile Exchange
- Port Waratah Coal Services - Australia
- Larsen & Toubro Limited - India
|
| |
| |
|
