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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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Wednesday, 24 August 16
DRY BULK VESSELS FACE CONTINUED DISTRESS - CLEAR ASSET
Dry bulk vessels have faced extreme distress in recent years. With a combination of factors including newer vessels being ordered with up to 5-year ...
Tuesday, 23 August 16
4200 GAR COAL INDEX CLIMB 15.96% YEAR TO DATE - CS COAL INDEX
COALspot.com: Average 4200 GAR coal index of Indonesian origin rose 1.65 % week over week to averaging $31.46 per ton this past week, shows CS (i) ...
Tuesday, 23 August 16
KOMIPO TO IMPORT 250K OF 5,700 KCAL/KG NAR COAL FOR Q4' 16
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for total 250,000 Metric Tons of Bituminous Coal for ...
Monday, 22 August 16
INDONESIA'S CS 5000 GAR THERMAL COAL INDEX, ROSE TO A 57-WEEKS HIGH TO TOP $43.47 A TON
COALspot.com: Indonesia’s CS 5000 GAR thermal coal index, rose to a 57-weeks high to top $US43. 47 a ton in the latest week, extending a 18-w ...
Monday, 22 August 16
THE FREIGHT MARKET WAS STEADY THIS PAST WEEK; CAPE INDEX DECLINE 5.38%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
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Showing 2311 to 2315 news of total 6871 |
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- Posco Energy - South Korea
- Simpson Spence & Young - Indonesia
- Coalindo Energy - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Indian Energy Exchange, India
- Semirara Mining Corp, Philippines
- Kapuas Tunggal Persada - Indonesia
- McConnell Dowell - Australia
- Star Paper Mills Limited - India
- Krishnapatnam Port Company Ltd. - India
- Petron Corporation, Philippines
- Edison Trading Spa - Italy
- Rio Tinto Coal - Australia
- Barasentosa Lestari - Indonesia
- Global Coal Blending Company Limited - Australia
- Antam Resourcindo - Indonesia
- Manunggal Multi Energi - Indonesia
- Toyota Tsusho Corporation, Japan
- Coal and Oil Company - UAE
- IHS Mccloskey Coal Group - USA
- Aboitiz Power Corporation - Philippines
- OPG Power Generation Pvt Ltd - India
- Central Electricity Authority - India
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- GMR Energy Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- VISA Power Limited - India
- Sree Jayajothi Cements Limited - India
- Mintek Dendrill Indonesia
- Indonesian Coal Mining Association
- Metalloyd Limited - United Kingdom
- Semirara Mining and Power Corporation, Philippines
- Heidelberg Cement - Germany
- Gujarat Sidhee Cement - India
- New Zealand Coal & Carbon
- Straits Asia Resources Limited - Singapore
- Jindal Steel & Power Ltd - India
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- AsiaOL BioFuels Corp., Philippines
- PetroVietnam Power Coal Import and Supply Company
- Parry Sugars Refinery, India
- Baramulti Group, Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Aditya Birla Group - India
- International Coal Ventures Pvt Ltd - India
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Kohat Cement Company Ltd. - Pakistan
- Kumho Petrochemical, South Korea
- GAC Shipping (India) Pvt Ltd
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- Meralco Power Generation, Philippines
- London Commodity Brokers - England
- Dalmia Cement Bharat India
- Global Business Power Corporation, Philippines
- Planning Commission, India
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- GVK Power & Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Tata Chemicals Ltd - India
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Videocon Industries ltd - India
- Interocean Group of Companies - India
- Carbofer General Trading SA - India
- Karaikal Port Pvt Ltd - India
- Larsen & Toubro Limited - India
- Ministry of Finance - Indonesia
- SMC Global Power, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Siam City Cement PLC, Thailand
- European Bulk Services B.V. - Netherlands
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- SMG Consultants - Indonesia
- Sindya Power Generating Company Private Ltd
- Cigading International Bulk Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- GN Power Mariveles Coal Plant, Philippines
- Borneo Indobara - Indonesia
- South Luzon Thermal Energy Corporation
- Trasteel International SA, Italy
- Marubeni Corporation - India
- Deloitte Consulting - India
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- Anglo American - United Kingdom
- Indika Energy - Indonesia
- Kepco SPC Power Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Essar Steel Hazira Ltd - India
- Kartika Selabumi Mining - Indonesia
- Iligan Light & Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Commonwealth Bank - Australia
- LBH Netherlands Bv - Netherlands
- Economic Council, Georgia
- Bulk Trading Sa - Switzerland
- Bhatia International Limited - India
- Sinarmas Energy and Mining - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Attock Cement Pakistan Limited
- Makarim & Taira - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Indo Tambangraya Megah - Indonesia
- The University of Queensland
- PNOC Exploration Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- SN Aboitiz Power Inc, Philippines
- India Bulls Power Limited - India
- ICICI Bank Limited - India
- Goldman Sachs - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Romanian Commodities Exchange
- Eastern Coal Council - USA
- Indian Oil Corporation Limited
- Australian Coal Association
- Global Green Power PLC Corporation, Philippines
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- Independent Power Producers Association of India
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Ministry of Mines - Canada
- Wilmar Investment Holdings
- Bharathi Cement Corporation - India
- White Energy Company Limited
- Price Waterhouse Coopers - Russia
- Bhoruka Overseas - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- IEA Clean Coal Centre - UK
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Pipit Mutiara Jaya. PT, Indonesia
- PTC India Limited - India
- Kideco Jaya Agung - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Merrill Lynch Commodities Europe
- Power Finance Corporation Ltd., India
- Riau Bara Harum - Indonesia
- Vedanta Resources Plc - India
- San Jose City I Power Corp, Philippines
- Bukit Makmur.PT - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Salva Resources Pvt Ltd - India
- Singapore Mercantile Exchange
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Electricity Authority, New Zealand
- Indogreen Group - Indonesia
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Rashtriya Ispat Nigam Limited - India
- Africa Commodities Group - South Africa
- Central Java Power - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Madhucon Powers Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Uttam Galva Steels Limited - India
- Australian Commodity Traders Exchange
- Electricity Generating Authority of Thailand
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Mercator Lines Limited - India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- CNBM International Corporation - China
- Kalimantan Lumbung Energi - Indonesia
- Sojitz Corporation - Japan
- Bayan Resources Tbk. - Indonesia
- Altura Mining Limited, Indonesia
- Orica Australia Pty. Ltd.
- Bank of Tokyo Mitsubishi UFJ Ltd
- Renaissance Capital - South Africa
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- Sarangani Energy Corporation, Philippines
- Parliament of New Zealand
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Malabar Cements Ltd - India
- Eastern Energy - Thailand
- Miang Besar Coal Terminal - Indonesia
- Energy Development Corp, Philippines
- Ind-Barath Power Infra Limited - India
- PowerSource Philippines DevCo
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