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, 26 November 09
CIL EYES OVERSEAS ACQUISITIONS TO BRIDGE SUPPLY GAP
Coal Minister Sriprakash Jaiswal on Wednesday said that state-run coal major Coal India is looking to acquire coal blocks in the US and
othe ...
Wednesday, 25 November 09
NAPOCOR SCRAPS AWARD OF 715,000 TONS COAL
Top Philippine electricity producer National Power Corp. (Napocor) said on Wednesday it had cancelled plans to award 715,000 tons in coal supply con ...
Wednesday, 25 November 09
RISING FREIGHT RATES HIT COAL IMPORTERS
While state-owned NTPC’s 12.5 million tonne coal import order may have been aimed at plugging the shortage of coal at its thermal power plants ...
Wednesday, 25 November 09
CSN TO BUY RIVERSDALE STAKE TO BOOST COAL SUPPLIES
Cia. Siderurgica Nacional SA plans to buy 16.3 percent of Australian coal-exploration company Riversdale Mining Ltd. for about A$190.5 million ($175 ...
Monday, 23 November 09
INDONESIA MINING RULE THREATENS INVESTMENT DRIVE
A new Indonesian mining rule, limiting contract work that can be outsourced and favouring local players, is shaping up as a new blow to plans ...
|
|
|
Showing 6226 to 6230 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Interocean Group of Companies - India
- Sical Logistics Limited - India
- Bukit Makmur.PT - Indonesia
- VISA Power Limited - India
- Gujarat Electricity Regulatory Commission - India
- Parry Sugars Refinery, India
- Wood Mackenzie - Singapore
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Karaikal Port Pvt Ltd - India
- Bhatia International Limited - India
- PNOC Exploration Corporation - Philippines
- ICICI Bank Limited - India
- Posco Energy - South Korea
- The State Trading Corporation of India Ltd
- Mercator Lines Limited - India
- Billiton Holdings Pty Ltd - Australia
- Meralco Power Generation, Philippines
- Makarim & Taira - Indonesia
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Neyveli Lignite Corporation Ltd, - India
- Coastal Gujarat Power Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Mjunction Services Limited - India
- SMG Consultants - Indonesia
- Vedanta Resources Plc - India
- GMR Energy Limited - India
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Bukit Baiduri Energy - Indonesia
- Sojitz Corporation - Japan
- Heidelberg Cement - Germany
- TNB Fuel Sdn Bhd - Malaysia
- Directorate Of Revenue Intelligence - India
- Attock Cement Pakistan Limited
- Bhushan Steel Limited - India
- Bharathi Cement Corporation - India
- Kartika Selabumi Mining - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Holcim Trading Pte Ltd - Singapore
- Global Coal Blending Company Limited - Australia
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Indonesian Coal Mining Association
- White Energy Company Limited
- Sinarmas Energy and Mining - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Timah Investasi Mineral - Indoneisa
- Sakthi Sugars Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Karbindo Abesyapradhi - Indoneisa
- CNBM International Corporation - China
- New Zealand Coal & Carbon
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Ind-Barath Power Infra Limited - India
- Meenaskhi Energy Private Limited - India
- Leighton Contractors Pty Ltd - Australia
- Straits Asia Resources Limited - Singapore
- Electricity Generating Authority of Thailand
- Wilmar Investment Holdings
- Kumho Petrochemical, South Korea
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Larsen & Toubro Limited - India
- Essar Steel Hazira Ltd - India
- Iligan Light & Power Inc, Philippines
- Binh Thuan Hamico - Vietnam
- Ministry of Mines - Canada
- Rio Tinto Coal - Australia
- Borneo Indobara - Indonesia
- Rashtriya Ispat Nigam Limited - India
- South Luzon Thermal Energy Corporation
- Grasim Industreis Ltd - India
- London Commodity Brokers - England
- Vijayanagar Sugar Pvt Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Kaltim Prima Coal - Indonesia
- Australian Commodity Traders Exchange
- GN Power Mariveles Coal Plant, Philippines
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- Tata Chemicals Ltd - India
- Tamil Nadu electricity Board
- Thai Mozambique Logistica
- International Coal Ventures Pvt Ltd - India
- Standard Chartered Bank - UAE
- PTC India Limited - India
- Romanian Commodities Exchange
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Ministry of Finance - Indonesia
- Port Waratah Coal Services - Australia
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Asmin Koalindo Tuhup - Indonesia
- Baramulti Group, Indonesia
- Jaiprakash Power Ventures ltd
- MS Steel International - UAE
- Sree Jayajothi Cements Limited - India
- Power Finance Corporation Ltd., India
- Madhucon Powers Ltd - India
- Banpu Public Company Limited - Thailand
- Semirara Mining Corp, Philippines
- Trasteel International SA, Italy
- Central Electricity Authority - India
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- TeaM Sual Corporation - Philippines
- SMC Global Power, Philippines
- Mintek Dendrill Indonesia
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- CIMB Investment Bank - Malaysia
- Metalloyd Limited - United Kingdom
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- GAC Shipping (India) Pvt Ltd
- Indian Oil Corporation Limited
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- Edison Trading Spa - Italy
- Pipit Mutiara Jaya. PT, Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Eastern Coal Council - USA
- Pendopo Energi Batubara - Indonesia
- Central Java Power - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Merrill Lynch Commodities Europe
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Thiess Contractors Indonesia
- Xindia Steels Limited - India
- GVK Power & Infra Limited - India
- Eastern Energy - Thailand
- Global Green Power PLC Corporation, Philippines
- SN Aboitiz Power Inc, Philippines
- Cigading International Bulk Terminal - Indonesia
- Orica Australia Pty. Ltd.
- Ambuja Cements Ltd - India
- Electricity Authority, New Zealand
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Anglo American - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement PLC, Thailand
- Toyota Tsusho Corporation, Japan
- AsiaOL BioFuels Corp., Philippines
- Therma Luzon, Inc, Philippines
- Altura Mining Limited, Indonesia
- Africa Commodities Group - South Africa
- Indo Tambangraya Megah - Indonesia
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Maheswari Brothers Coal Limited - India
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Riau Bara Harum - Indonesia
- Simpson Spence & Young - Indonesia
- McConnell Dowell - Australia
- Global Business Power Corporation, Philippines
- Bangladesh Power Developement Board
- The University of Queensland
- Lanco Infratech Ltd - India
- Aditya Birla Group - India
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Energy Development Corp, Philippines
- Salva Resources Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Goldman Sachs - Singapore
- The Treasury - Australian Government
- Commonwealth Bank - Australia
- Coal and Oil Company - UAE
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Renaissance Capital - South Africa
- Sindya Power Generating Company Private Ltd
- Indika Energy - Indonesia
- ASAPP Information Group - India
- Intertek Mineral Services - Indonesia
- Star Paper Mills Limited - India
- India Bulls Power Limited - India
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- PetroVietnam Power Coal Import and Supply Company
- Economic Council, Georgia
|
| |
| |
|
