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.
|
|
Friday, 13 November 09
API4 IGNORES LOW COAL TRADES - SWISS SINGAPORE
* Jan, Feb S.Africa coal prices hit 12-month highs
* Indian trader says deals done dollars below index
Reuters reported that, the physical coal ...
Thursday, 12 November 09
INDONESIA'S BUMI COAL PRODUCTION TO INCREASE
The sale is predicted to jump 14 percent to 58 million tons.
Viva News reported that, PT Bumi Resources Tbk. (BUMI) projected that the company's ...
Thursday, 12 November 09
INDIA'S BHEL IS IN INDONESIA NOW WITH THE COST EFFECTIVE CFBC BASED BOILER TURBINE PACKAGES
COALspot.com(Indonesia): BHEL, the largest engineering and manufacturing enterprise in India in the energy-related / infrastructure sector, is now f ...
Thursday, 12 November 09
NTPC FARAKKA AND KAHALGAON UNITS SHUT DOWN ON COAL SHORTAGE
Operations at two units each of power major NTPC Ltd’s 1600 MW Farakka and the 2340 MW Kahalgaon stations have ground to a halt due to an acut ...
Thursday, 12 November 09
GANGAVARAM PORT SETS RECORD BY DISCHARGING 80,514 TONNE OF COAL CARGO
Gangavaram Port, the deepest port in the country with water depth of 20 meters, has achieved an unprecedented milestone by discharging 80,514 metric ...
|
|
|
Showing 6251 to 6255 news of total 6871 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Petron Corporation, Philippines
- Electricity Authority, New Zealand
- Star Paper Mills Limited - India
- Heidelberg Cement - Germany
- Jorong Barutama Greston.PT - Indonesia
- Standard Chartered Bank - UAE
- Rio Tinto Coal - Australia
- IEA Clean Coal Centre - UK
- TNB Fuel Sdn Bhd - Malaysia
- Bhushan Steel Limited - India
- Deloitte Consulting - India
- Energy Development Corp, Philippines
- PNOC Exploration Corporation - Philippines
- Jindal Steel & Power Ltd - India
- Ministry of Mines - Canada
- Indika Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bulk Trading Sa - Switzerland
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- Ambuja Cements Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Larsen & Toubro Limited - India
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Malabar Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- Thiess Contractors Indonesia
- Semirara Mining Corp, Philippines
- Lanco Infratech Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Karaikal Port Pvt Ltd - India
- Carbofer General Trading SA - India
- Savvy Resources Ltd - HongKong
- Tata Chemicals Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Toyota Tsusho Corporation, Japan
- Mjunction Services Limited - India
- Mintek Dendrill Indonesia
- Ceylon Electricity Board - Sri Lanka
- Baramulti Group, Indonesia
- Sarangani Energy Corporation, Philippines
- Siam City Cement - Thailand
- SMG Consultants - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Vizag Seaport Private Limited - India
- Miang Besar Coal Terminal - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Central Java Power - Indonesia
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Riau Bara Harum - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Tamil Nadu electricity Board
- Australian Coal Association
- Uttam Galva Steels Limited - India
- Samtan Co., Ltd - South Korea
- The University of Queensland
- Coastal Gujarat Power Limited - India
- Grasim Industreis Ltd - India
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- TeaM Sual Corporation - Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Jaiprakash Power Ventures ltd
- Billiton Holdings Pty Ltd - Australia
- Kobexindo Tractors - Indoneisa
- Bhoruka Overseas - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Leighton Contractors Pty Ltd - Australia
- McConnell Dowell - Australia
- Sree Jayajothi Cements Limited - India
- Chamber of Mines of South Africa
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- ICICI Bank Limited - India
- Formosa Plastics Group - Taiwan
- Eastern Coal Council - USA
- Economic Council, Georgia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Minerals Council of Australia
- SMC Global Power, Philippines
- Altura Mining Limited, Indonesia
- Salva Resources Pvt Ltd - India
- Gujarat Sidhee Cement - India
- Bukit Makmur.PT - Indonesia
- New Zealand Coal & Carbon
- OPG Power Generation Pvt Ltd - India
- ASAPP Information Group - India
- European Bulk Services B.V. - Netherlands
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Pendopo Energi Batubara - Indonesia
- Bhatia International Limited - India
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Maheswari Brothers Coal Limited - India
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- India Bulls Power Limited - India
- Romanian Commodities Exchange
- Indian Oil Corporation Limited
- White Energy Company Limited
- South Luzon Thermal Energy Corporation
- Port Waratah Coal Services - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- San Jose City I Power Corp, Philippines
- Sical Logistics Limited - India
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- The State Trading Corporation of India Ltd
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Iligan Light & Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Maharashtra Electricity Regulatory Commission - India
- Gujarat Mineral Development Corp Ltd - India
- Medco Energi Mining Internasional
- Cigading International Bulk Terminal - Indonesia
- Coal and Oil Company - UAE
- Banpu Public Company Limited - Thailand
- Cement Manufacturers Association - India
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Essar Steel Hazira Ltd - India
- Bharathi Cement Corporation - India
- Sojitz Corporation - Japan
- Manunggal Multi Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Independent Power Producers Association of India
- Global Coal Blending Company Limited - Australia
- Indonesian Coal Mining Association
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- Latin American Coal - Colombia
- Neyveli Lignite Corporation Ltd, - India
- Vedanta Resources Plc - India
- Central Electricity Authority - India
- Ministry of Finance - Indonesia
- Eastern Energy - Thailand
- Commonwealth Bank - Australia
- Oldendorff Carriers - Singapore
- Thai Mozambique Logistica
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Planning Commission, India
- PTC India Limited - India
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- GAC Shipping (India) Pvt Ltd
- Electricity Generating Authority of Thailand
- Global Green Power PLC Corporation, Philippines
- Bangladesh Power Developement Board
- Chettinad Cement Corporation Ltd - India
- Sakthi Sugars Limited - India
- Intertek Mineral Services - Indonesia
- Indogreen Group - Indonesia
- Goldman Sachs - Singapore
- Semirara Mining and Power Corporation, Philippines
- Kepco SPC Power Corporation, Philippines
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Timah Investasi Mineral - Indoneisa
- Wilmar Investment Holdings
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Videocon Industries ltd - India
- Alfred C Toepfer International GmbH - Germany
- Directorate Of Revenue Intelligence - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Binh Thuan Hamico - Vietnam
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Dalmia Cement Bharat India
- Gujarat Electricity Regulatory Commission - India
- Africa Commodities Group - South Africa
- Kalimantan Lumbung Energi - Indonesia
- Meenaskhi Energy Private Limited - India
- Aboitiz Power Corporation - Philippines
- Wood Mackenzie - Singapore
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Orica Australia Pty. Ltd.
- Antam Resourcindo - Indonesia
- Interocean Group of Companies - India
- Metalloyd Limited - United Kingdom
- Straits Asia Resources Limited - Singapore
- Coalindo Energy - Indonesia
|
| |
| |
|
