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Monday, 11 April 16
FORTY INDIAN COAL IMPORTERS UNDER THE DRI SCANNER FOR OVER-INVOICING : HINDU BUSINESS LINE
 The Finance Ministry and the Directorate of Revenue Intelligence (DRI) of India are said to have stepped up investigations into the alleged over-invoicing of coal imports by 40 companies — both in the public and private sector — to the tune of 35,000 crore (approximately US$ 5.259 billion*).
“It is an issue that has been going on for the past two-three years and now we are doing a full investigation,” said a person familiar with the development, Hindu says.
The Directorate of Revenue Intelligence, as quoted by Hindu, is understood to have issued a nationwide alert asking customs offices to look into all coal imports starting this fiscal. The Finance Ministry is also understood to be looking into the issue and will take a decision based on the final DRI report.
“The Finance Ministry has been apprised. It will try to work on measures to address the problem,” said the source.
The paper further said, according to sources, the DRI found a number of companies artificially inflating the price of their coal imports from Indonesia by as much as 100 per cent to get a higher power tariff and also “siphon off” funds.
The Hindu Business Line further noted that, the inflated invoices were issued by intermediary invoicing agents in Singapore, Dubai, Hong Kong and British Virgin Islands, among other jurisdictions, according to the DRI alert notice.The average price of Indonesian coal with a gross calorific value of 3,800-4,200 Kcal/kg ranged between $38 and $49 a tonne on free-on-board (FOB) basis, according to most international indices. Adding freight and insurance charges, the CIF (cost insurance and freight) rate of Indonesian coal should be $60-55/tonne during this period, the said.
But invoices were inflated by up to 100 per cent.
Accordng to Hindu, if there has been over-invoicing, it would have resulted in electricity consumers paying more, analysts said, adding that typically coal costs are a pass through for power generators and are factored in during tariff revisions by regulators.
Every dollar increase in the per tonne cost of coal results in 4-5 paise (approximately US cents 0.0601056 - 0.0751320*) per unit increase in electricity tariff. The over-invoicing could have pushed up the tariffs by 80-90 paise (approximately US$ 0.0120211 - 0.0135238*) per unit. *(1 USD = 66.5495 INR -XE Currency Converter)
Source: The Hindu Business Line
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Monday, 29 August 16
THE 5000 GAR THERMAL COAL INDEX HAS STRENGTHENED BY 9.90% SINCE JANUARY
COALspot.com: A rally in thermal coal prices over the past few months, after years of decline, is still continuing upward and it is expected to ral ...
Monday, 29 August 16
THE FREIGHT MARKET WAS STEADY AND FIRM THIS PAST WEEK; BCI ROSE 18.74%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
Friday, 26 August 16
WEEKLY US COAL OUTPUT UP 0.7% W/W TO 16 MMST: EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16 million short tons ...
Thursday, 25 August 16
SUPRAMAXES ARE BEING FIXED IN REGION OF $9000
Supramax
Due to Chinese coal imports which continues to source much of the tonnage in SE Asia combined with a good flow of mineral exports ex Aus ...
Wednesday, 24 August 16
MARKET INSIGHT
Brazil and the world bid farewell on Sunday to the first Olympic Games in South America in the midst of a finale meant to be both one last bash and ...
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Showing 2306 to 2310 news of total 6871 |
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- Malabar Cements Ltd - India
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Gujarat Electricity Regulatory Commission - India
- Price Waterhouse Coopers - Russia
- White Energy Company Limited
- Georgia Ports Authority, United States
- Petron Corporation, Philippines
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Interocean Group of Companies - India
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Planning Commission, India
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- GMR Energy Limited - India
- Kumho Petrochemical, South Korea
- OPG Power Generation Pvt Ltd - India
- London Commodity Brokers - England
- Samtan Co., Ltd - South Korea
- Global Coal Blending Company Limited - Australia
- Krishnapatnam Port Company Ltd. - India
- Riau Bara Harum - Indonesia
- Antam Resourcindo - Indonesia
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- GVK Power & Infra Limited - India
- Vizag Seaport Private Limited - India
- Bukit Makmur.PT - Indonesia
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Economic Council, Georgia
- Manunggal Multi Energi - Indonesia
- Port Waratah Coal Services - Australia
- Indo Tambangraya Megah - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Baiduri Energy - Indonesia
- Siam City Cement PLC, Thailand
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- Kaltim Prima Coal - Indonesia
- Ambuja Cements Ltd - India
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Deloitte Consulting - India
- GN Power Mariveles Coal Plant, Philippines
- Rashtriya Ispat Nigam Limited - India
- Baramulti Group, Indonesia
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- SMC Global Power, Philippines
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Straits Asia Resources Limited - Singapore
- Globalindo Alam Lestari - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- CIMB Investment Bank - Malaysia
- Bulk Trading Sa - Switzerland
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Electricity Generating Authority of Thailand
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Meralco Power Generation, Philippines
- Dalmia Cement Bharat India
- Karaikal Port Pvt Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Karbindo Abesyapradhi - Indoneisa
- Meenaskhi Energy Private Limited - India
- Mintek Dendrill Indonesia
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Sindya Power Generating Company Private Ltd
- Coal and Oil Company - UAE
- Videocon Industries ltd - India
- Timah Investasi Mineral - Indoneisa
- Australian Commodity Traders Exchange
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Orica Mining Services - Indonesia
- Semirara Mining and Power Corporation, Philippines
- PowerSource Philippines DevCo
- Bhoruka Overseas - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Energy Development Corp, Philippines
- Simpson Spence & Young - Indonesia
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- TeaM Sual Corporation - Philippines
- Coastal Gujarat Power Limited - India
- Semirara Mining Corp, Philippines
- Attock Cement Pakistan Limited
- Ind-Barath Power Infra Limited - India
- Wilmar Investment Holdings
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Anglo American - United Kingdom
- Tamil Nadu electricity Board
- Grasim Industreis Ltd - India
- Pendopo Energi Batubara - Indonesia
- Kobexindo Tractors - Indoneisa
- Mjunction Services Limited - India
- Metalloyd Limited - United Kingdom
- Barasentosa Lestari - Indonesia
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Sical Logistics Limited - India
- Jorong Barutama Greston.PT - Indonesia
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Edison Trading Spa - Italy
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Wood Mackenzie - Singapore
- McConnell Dowell - Australia
- ICICI Bank Limited - India
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Sakthi Sugars Limited - India
- Gujarat Sidhee Cement - India
- Minerals Council of Australia
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Parry Sugars Refinery, India
- The State Trading Corporation of India Ltd
- Bhatia International Limited - India
- Essar Steel Hazira Ltd - India
- PNOC Exploration Corporation - Philippines
- Mercator Lines Limited - India
- Bayan Resources Tbk. - Indonesia
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Indogreen Group - Indonesia
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Jaiprakash Power Ventures ltd
- Sree Jayajothi Cements Limited - India
- Thiess Contractors Indonesia
- Coalindo Energy - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Thai Mozambique Logistica
- Banpu Public Company Limited - Thailand
- Salva Resources Pvt Ltd - India
- Goldman Sachs - Singapore
- Ceylon Electricity Board - Sri Lanka
- Posco Energy - South Korea
- Central Electricity Authority - India
- Pipit Mutiara Jaya. PT, Indonesia
- Eastern Energy - Thailand
- PTC India Limited - India
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Kartika Selabumi Mining - Indonesia
- Ministry of Mines - Canada
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aboitiz Power Corporation - Philippines
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement - Thailand
- Sarangani Energy Corporation, Philippines
- Uttam Galva Steels Limited - India
- Aditya Birla Group - India
- Therma Luzon, Inc, Philippines
- Carbofer General Trading SA - India
- CNBM International Corporation - China
- Marubeni Corporation - India
- Ministry of Finance - Indonesia
- Formosa Plastics Group - Taiwan
- Binh Thuan Hamico - Vietnam
- Maheswari Brothers Coal Limited - India
- Leighton Contractors Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Independent Power Producers Association of India
- Kideco Jaya Agung - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Bank of Tokyo Mitsubishi UFJ Ltd
- SN Aboitiz Power Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- The University of Queensland
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- Indian Oil Corporation Limited
- Larsen & Toubro Limited - India
- Heidelberg Cement - Germany
- Merrill Lynch Commodities Europe
- Standard Chartered Bank - UAE
- Kepco SPC Power Corporation, Philippines
- Billiton Holdings Pty Ltd - Australia
- Makarim & Taira - Indonesia
- San Jose City I Power Corp, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Tata Chemicals Ltd - India
- Vedanta Resources Plc - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- Miang Besar Coal Terminal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- European Bulk Services B.V. - Netherlands
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- MS Steel International - UAE
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- Global Green Power PLC Corporation, Philippines
- Agrawal Coal Company - India
- Jindal Steel & Power Ltd - India
- Commonwealth Bank - Australia
- Indika Energy - Indonesia
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