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 |
|
 |
|
|
|
|
| |
|
 |
|
|
| |
|
- Offshore Bulk Terminal Pte Ltd, Singapore
- Oldendorff Carriers - Singapore
- Australian Commodity Traders Exchange
- McConnell Dowell - Australia
- Power Finance Corporation Ltd., India
- PetroVietnam Power Coal Import and Supply Company
- Bukit Baiduri Energy - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Globalindo Alam Lestari - Indonesia
- Savvy Resources Ltd - HongKong
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Attock Cement Pakistan Limited
- South Luzon Thermal Energy Corporation
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Goldman Sachs - Singapore
- Sree Jayajothi Cements Limited - India
- Aboitiz Power Corporation - Philippines
- Xindia Steels Limited - India
- Baramulti Group, Indonesia
- Bhatia International Limited - India
- Sindya Power Generating Company Private Ltd
- VISA Power Limited - India
- White Energy Company Limited
- Medco Energi Mining Internasional
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Carbofer General Trading SA - India
- Bharathi Cement Corporation - India
- Bhoruka Overseas - Indonesia
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Banpu Public Company Limited - Thailand
- Coastal Gujarat Power Limited - India
- The State Trading Corporation of India Ltd
- Ministry of Transport, Egypt
- LBH Netherlands Bv - Netherlands
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Kartika Selabumi Mining - Indonesia
- SMC Global Power, Philippines
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Salva Resources Pvt Ltd - India
- Global Business Power Corporation, Philippines
- PTC India Limited - India
- Edison Trading Spa - Italy
- Ambuja Cements Ltd - India
- Kepco SPC Power Corporation, Philippines
- Ind-Barath Power Infra Limited - India
- Australian Coal Association
- Barasentosa Lestari - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Electricity Authority, New Zealand
- Eastern Coal Council - USA
- Anglo American - United Kingdom
- Chamber of Mines of South Africa
- Bulk Trading Sa - Switzerland
- Binh Thuan Hamico - Vietnam
- Altura Mining Limited, Indonesia
- SMG Consultants - Indonesia
- Indian Oil Corporation Limited
- ASAPP Information Group - India
- Karbindo Abesyapradhi - Indoneisa
- The University of Queensland
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Posco Energy - South Korea
- Bukit Asam (Persero) Tbk - Indonesia
- Energy Development Corp, Philippines
- Pendopo Energi Batubara - Indonesia
- Interocean Group of Companies - India
- Standard Chartered Bank - UAE
- Rashtriya Ispat Nigam Limited - India
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- The Treasury - Australian Government
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Economic Council, Georgia
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Cement Manufacturers Association - India
- Petrochimia International Co. Ltd.- Taiwan
- Riau Bara Harum - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Deloitte Consulting - India
- Wilmar Investment Holdings
- GVK Power & Infra Limited - India
- Manunggal Multi Energi - Indonesia
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- Mjunction Services Limited - India
- Singapore Mercantile Exchange
- Karaikal Port Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Sojitz Corporation - Japan
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Larsen & Toubro Limited - India
- Gujarat Electricity Regulatory Commission - India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- ICICI Bank Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Antam Resourcindo - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Orica Mining Services - Indonesia
- India Bulls Power Limited - India
- Metalloyd Limited - United Kingdom
- Miang Besar Coal Terminal - Indonesia
- PNOC Exploration Corporation - Philippines
- Indian Energy Exchange, India
- Minerals Council of Australia
- Leighton Contractors Pty Ltd - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Intertek Mineral Services - Indonesia
- Madhucon Powers Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Petron Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Ministry of Mines - Canada
- International Coal Ventures Pvt Ltd - India
- OPG Power Generation Pvt Ltd - India
- Parry Sugars Refinery, India
- Heidelberg Cement - Germany
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
- Malabar Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Billiton Holdings Pty Ltd - Australia
- Price Waterhouse Coopers - Russia
- Port Waratah Coal Services - Australia
- Vedanta Resources Plc - India
- Simpson Spence & Young - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Sakthi Sugars Limited - India
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Parliament of New Zealand
- Mercator Lines Limited - India
- Thai Mozambique Logistica
- Kumho Petrochemical, South Korea
- Coal and Oil Company - UAE
- Rio Tinto Coal - Australia
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Central Java Power - Indonesia
- Energy Link Ltd, New Zealand
- Planning Commission, India
- Coalindo Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Krishnapatnam Port Company Ltd. - India
- Bayan Resources Tbk. - Indonesia
- Meenaskhi Energy Private Limited - India
- Siam City Cement - Thailand
- Siam City Cement PLC, Thailand
- Latin American Coal - Colombia
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Maharashtra Electricity Regulatory Commission - India
- Bangladesh Power Developement Board
- Dalmia Cement Bharat India
- San Jose City I Power Corp, Philippines
- Kideco Jaya Agung - Indonesia
- Eastern Energy - Thailand
- AsiaOL BioFuels Corp., Philippines
- Georgia Ports Authority, United States
- Videocon Industries ltd - India
- Global Coal Blending Company Limited - Australia
- Orica Australia Pty. Ltd.
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Romanian Commodities Exchange
- Bahari Cakrawala Sebuku - Indonesia
- Samtan Co., Ltd - South Korea
- Kaltim Prima Coal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Indonesian Coal Mining Association
- CNBM International Corporation - China
- IHS Mccloskey Coal Group - USA
- PowerSource Philippines DevCo
- Borneo Indobara - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Merrill Lynch Commodities Europe
- TeaM Sual Corporation - Philippines
- Ceylon Electricity Board - Sri Lanka
- Gujarat Mineral Development Corp Ltd - India
- Essar Steel Hazira Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Tata Chemicals Ltd - India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Sical Logistics Limited - India
- Marubeni Corporation - India
- Straits Asia Resources Limited - Singapore
- Meralco Power Generation, Philippines
- Mercuria Energy - Indonesia
- Independent Power Producers Association of India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining Corp, Philippines
- IEA Clean Coal Centre - UK
- Indogreen Group - Indonesia
|
| |
| |
|
