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, 21 January 10
MEC IN TALKS WITH TATA POWER ON COAL - TRADE
The UAE's Middle East Coal is in talks to supply coal to Tata Power, India's biggest private sector power firm, from its new Indonesian operations ...
Wednesday, 20 January 10
NALCO SEEKS CONSULTANT FOR $4 BILLION INDONESIAN SMELTER, PLANT
National Aluminium Co., India’s second-biggest producer of the metal, called for bids for a consultant on its proposed aluminum smelter and co ...
Wednesday, 20 January 10
NTPC PLANS TO SET UP ARM FOR ACQUIRING COAL ASSETS ABROAD
NTPC, the world’s second-largest independent power producer (IPP), plans to set up a new entity for acquiring coal assets abroad to secure fue ...
Wednesday, 20 January 10
CEMENT FIRMS TO BUY POWER PLANT COAL ASH
CEBU, Philippines - Cement companies in Cebu are interested to buy the coal ash that will be produced from the coal-fired power plant in Toledo City ...
Tuesday, 19 January 10
CHINA TO INCREASE THERMAL COAL IMPORTS - WEN
China's Premier Wen Jiabao said on Tuesday that China will appropriately increase imports of thermal coal to ease the country's power shortages.
...
|
|
|
Showing 6071 to 6075 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Parry Sugars Refinery, India
- Metalloyd Limited - United Kingdom
- Wood Mackenzie - Singapore
- GMR Energy Limited - India
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Bayan Resources Tbk. - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- CIMB Investment Bank - Malaysia
- AsiaOL BioFuels Corp., Philippines
- VISA Power Limited - India
- Singapore Mercantile Exchange
- Rio Tinto Coal - Australia
- Star Paper Mills Limited - India
- Deloitte Consulting - India
- Jorong Barutama Greston.PT - Indonesia
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Xindia Steels Limited - India
- Mercator Lines Limited - India
- Gujarat Sidhee Cement - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Interocean Group of Companies - India
- Energy Link Ltd, New Zealand
- Tata Chemicals Ltd - India
- Bulk Trading Sa - Switzerland
- Cigading International Bulk Terminal - Indonesia
- India Bulls Power Limited - India
- Australian Commodity Traders Exchange
- Aboitiz Power Corporation - Philippines
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Jaiprakash Power Ventures ltd
- Marubeni Corporation - India
- Uttam Galva Steels Limited - India
- Indo Tambangraya Megah - Indonesia
- Therma Luzon, Inc, Philippines
- LBH Netherlands Bv - Netherlands
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Australian Coal Association
- Kobexindo Tractors - Indoneisa
- Videocon Industries ltd - India
- Jindal Steel & Power Ltd - India
- Grasim Industreis Ltd - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Chamber of Mines of South Africa
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Agrawal Coal Company - India
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Bank of Tokyo Mitsubishi UFJ Ltd
- Thiess Contractors Indonesia
- Romanian Commodities Exchange
- Oldendorff Carriers - Singapore
- Global Green Power PLC Corporation, Philippines
- Cement Manufacturers Association - India
- Kideco Jaya Agung - Indonesia
- Electricity Authority, New Zealand
- Trasteel International SA, Italy
- GVK Power & Infra Limited - India
- Salva Resources Pvt Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Bhoruka Overseas - Indonesia
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Rashtriya Ispat Nigam Limited - India
- Ministry of Finance - Indonesia
- Miang Besar Coal Terminal - Indonesia
- IEA Clean Coal Centre - UK
- Mintek Dendrill Indonesia
- Kapuas Tunggal Persada - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Commonwealth Bank - Australia
- Siam City Cement PLC, Thailand
- Minerals Council of Australia
- Toyota Tsusho Corporation, Japan
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Kumho Petrochemical, South Korea
- Simpson Spence & Young - Indonesia
- IHS Mccloskey Coal Group - USA
- Makarim & Taira - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kartika Selabumi Mining - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bharathi Cement Corporation - India
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Barasentosa Lestari - Indonesia
- Heidelberg Cement - Germany
- Kalimantan Lumbung Energi - Indonesia
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Borneo Indobara - Indonesia
- Dalmia Cement Bharat India
- Anglo American - United Kingdom
- Samtan Co., Ltd - South Korea
- Meenaskhi Energy Private Limited - India
- Savvy Resources Ltd - HongKong
- Electricity Generating Authority of Thailand
- Carbofer General Trading SA - India
- Essar Steel Hazira Ltd - India
- GAC Shipping (India) Pvt Ltd
- Madhucon Powers Ltd - India
- Timah Investasi Mineral - Indoneisa
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- South Luzon Thermal Energy Corporation
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- Holcim Trading Pte Ltd - Singapore
- London Commodity Brokers - England
- Georgia Ports Authority, United States
- Mercuria Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Latin American Coal - Colombia
- Planning Commission, India
- Port Waratah Coal Services - Australia
- Coal and Oil Company - UAE
- Bangladesh Power Developement Board
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- European Bulk Services B.V. - Netherlands
- Indika Energy - Indonesia
- Altura Mining Limited, Indonesia
- Ambuja Cements Ltd - India
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Bukit Baiduri Energy - Indonesia
- The University of Queensland
- ICICI Bank Limited - India
- Siam City Cement - Thailand
- Directorate Of Revenue Intelligence - India
- Gujarat Mineral Development Corp Ltd - India
- New Zealand Coal & Carbon
- Wilmar Investment Holdings
- Sarangani Energy Corporation, Philippines
- PNOC Exploration Corporation - Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Antam Resourcindo - Indonesia
- Global Coal Blending Company Limited - Australia
- Ministry of Transport, Egypt
- Edison Trading Spa - Italy
- Economic Council, Georgia
- Indian Oil Corporation Limited
- Sakthi Sugars Limited - India
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Globalindo Alam Lestari - Indonesia
- Indonesian Coal Mining Association
- Asmin Koalindo Tuhup - Indonesia
- White Energy Company Limited
- Formosa Plastics Group - Taiwan
- Bukit Asam (Persero) Tbk - Indonesia
- Sojitz Corporation - Japan
- Riau Bara Harum - Indonesia
- Coalindo Energy - Indonesia
- ASAPP Information Group - India
- Merrill Lynch Commodities Europe
- Central Electricity Authority - India
- Energy Development Corp, Philippines
- Posco Energy - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Baramulti Group, Indonesia
- Iligan Light & Power Inc, Philippines
- Straits Asia Resources Limited - Singapore
- Eastern Energy - Thailand
- Petron Corporation, Philippines
- Mjunction Services Limited - India
- Karaikal Port Pvt Ltd - India
- Central Java Power - Indonesia
- Tamil Nadu electricity Board
- Ceylon Electricity Board - Sri Lanka
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- SN Aboitiz Power Inc, Philippines
- Global Business Power Corporation, Philippines
- The State Trading Corporation of India Ltd
- Semirara Mining Corp, Philippines
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- PTC India Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
|
| |
| |
|
