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.
|
|
Sunday, 01 November 09
THE COAL MOVEMENT TO INDIA FROM SOUTH AFRICA AND INDONESIA WOULD BE CONTINUE INCREASE - VISTAAR SINGAPORE
COALspot.com (Singapore): The BDI continued to be firm with an increase of 60 points and closed at 3,103 points.
The cape index also was firm an ...
Sunday, 01 November 09
INDONESIA ADARO Q3 NET PROFIT JUMPS ON COAL DEMAND
* Q3 net profit up 131.6 percent to 1.27 trillion rupiah
* Q3 revenue up 56.8 percent to 7.12 trillion rupiah
Reuters reported that, Indonesia' ...
Sunday, 01 November 09
PT INDIKA MAY BUY STAKES IN BHPB INDONESIA OPERATIONS
Dow Jones reported that Indonesian coal producer PT Indika Energy may buy stakes in BHP Billiton Limited's Indonesian coal operations and in local ...
Sunday, 01 November 09
ADAVALE RESOURCES MAKES COAL ACQUISITIONS IN INDONESIA
Adavale Resources Limited has entered into an agreement to acquire the rights to two thermal coal projects Tapan and Jambi in Sumatra Indonesia, hel ...
Saturday, 31 October 09
PRODUCERS BENEFIT FROM COAL'S TIGHT SUPPLY AND STRONG DEMAND
The Jakarta Post reported that, The outlook for Indonesian coal producers appears promising with strong volume growth coming from both the domestic ...
|
|
|
Showing 6281 to 6285 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Uttam Galva Steels Limited - India
- New Zealand Coal & Carbon
- Power Finance Corporation Ltd., India
- Timah Investasi Mineral - Indoneisa
- Riau Bara Harum - Indonesia
- Africa Commodities Group - South Africa
- Sree Jayajothi Cements Limited - India
- Latin American Coal - Colombia
- Barasentosa Lestari - Indonesia
- Sical Logistics Limited - India
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Straits Asia Resources Limited - Singapore
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- Grasim Industreis Ltd - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Mjunction Services Limited - India
- Agrawal Coal Company - India
- Neyveli Lignite Corporation Ltd, - India
- Bukit Baiduri Energy - Indonesia
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Ministry of Mines - Canada
- IEA Clean Coal Centre - UK
- Trasteel International SA, Italy
- Samtan Co., Ltd - South Korea
- ASAPP Information Group - India
- Borneo Indobara - Indonesia
- IHS Mccloskey Coal Group - USA
- Indika Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- PetroVietnam Power Coal Import and Supply Company
- Kideco Jaya Agung - Indonesia
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Madhucon Powers Ltd - India
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Xindia Steels Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Karbindo Abesyapradhi - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Thiess Contractors Indonesia
- Attock Cement Pakistan Limited
- Pipit Mutiara Jaya. PT, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Price Waterhouse Coopers - Russia
- CIMB Investment Bank - Malaysia
- Global Coal Blending Company Limited - Australia
- Star Paper Mills Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- TeaM Sual Corporation - Philippines
- Energy Link Ltd, New Zealand
- Aboitiz Power Corporation - Philippines
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Chamber of Mines of South Africa
- Miang Besar Coal Terminal - Indonesia
- Vedanta Resources Plc - India
- TNB Fuel Sdn Bhd - Malaysia
- Globalindo Alam Lestari - Indonesia
- Eastern Coal Council - USA
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Wilmar Investment Holdings
- Bhushan Steel Limited - India
- India Bulls Power Limited - India
- Electricity Authority, New Zealand
- GVK Power & Infra Limited - India
- CNBM International Corporation - China
- ICICI Bank Limited - India
- Toyota Tsusho Corporation, Japan
- Bharathi Cement Corporation - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dalmia Cement Bharat India
- Baramulti Group, Indonesia
- Coal and Oil Company - UAE
- The Treasury - Australian Government
- Indonesian Coal Mining Association
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Port Waratah Coal Services - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Coalindo Energy - Indonesia
- Therma Luzon, Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Sakthi Sugars Limited - India
- Australian Commodity Traders Exchange
- Central Java Power - Indonesia
- Minerals Council of Australia
- Independent Power Producers Association of India
- Tata Chemicals Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Orica Australia Pty. Ltd.
- Vizag Seaport Private Limited - India
- Ind-Barath Power Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Metalloyd Limited - United Kingdom
- Marubeni Corporation - India
- Coastal Gujarat Power Limited - India
- Holcim Trading Pte Ltd - Singapore
- Romanian Commodities Exchange
- Planning Commission, India
- Singapore Mercantile Exchange
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Anglo American - United Kingdom
- Parry Sugars Refinery, India
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Salva Resources Pvt Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Manunggal Multi Energi - Indonesia
- GMR Energy Limited - India
- Ministry of Finance - Indonesia
- Tamil Nadu electricity Board
- Antam Resourcindo - Indonesia
- Parliament of New Zealand
- Bhatia International Limited - India
- Indogreen Group - Indonesia
- Bukit Makmur.PT - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Semirara Mining and Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Lanco Infratech Ltd - India
- Maharashtra Electricity Regulatory Commission - India
- International Coal Ventures Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- Karaikal Port Pvt Ltd - India
- Siam City Cement PLC, Thailand
- McConnell Dowell - Australia
- Edison Trading Spa - Italy
- Binh Thuan Hamico - Vietnam
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Indo Tambangraya Megah - Indonesia
- Semirara Mining Corp, Philippines
- Altura Mining Limited, Indonesia
- Renaissance Capital - South Africa
- Indian Oil Corporation Limited
- San Jose City I Power Corp, Philippines
- Bangladesh Power Developement Board
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Meenaskhi Energy Private Limited - India
- VISA Power Limited - India
- Energy Development Corp, Philippines
- Rio Tinto Coal - Australia
- White Energy Company Limited
- Iligan Light & Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Leighton Contractors Pty Ltd - Australia
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- Krishnapatnam Port Company Ltd. - India
- Cement Manufacturers Association - India
- Siam City Cement - Thailand
- MS Steel International - UAE
- Mintek Dendrill Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Global Green Power PLC Corporation, Philippines
- AsiaOL BioFuels Corp., Philippines
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Global Business Power Corporation, Philippines
- Deloitte Consulting - India
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Interocean Group of Companies - India
- SN Aboitiz Power Inc, Philippines
- Goldman Sachs - Singapore
- SMC Global Power, Philippines
- Jaiprakash Power Ventures ltd
- Petron Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Sojitz Corporation - Japan
- PTC India Limited - India
- Banpu Public Company Limited - Thailand
- SMG Consultants - Indonesia
- Sarangani Energy Corporation, Philippines
- Eastern Energy - Thailand
- Indian Energy Exchange, India
- Aditya Birla Group - India
- Formosa Plastics Group - Taiwan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Central Electricity Authority - India
- Oldendorff Carriers - Singapore
|
| |
| |
|
