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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, 25 May 16
DRY BULK SNP MARKET DISPLAYS SIGNS OF STRENGTH - GEORGE ILIOPOULOS
Only a couple of weeks away from the world’s most prominent maritime event, the market for tankers displays an evident lack of confidence in ...
Tuesday, 24 May 16
WEEKLY CS COAL INDICES NEGATIVE FOR ALL TYPES OF COAL EXCEPT 3800 GAR COAL
COALspot.com: Average 5000 GAR coal index of Indonesian origin was down 0.10 percent week over week to averaging $38.90 per ton this past week, sho ...
Monday, 23 May 16
A PERFECT STORM FOR INDONESIAN STEAM COAL EXPORTS - CLARKSON RESEARCH
Indonesia is the world’s leading steam coal exporter, accounting for over 40% of global seaborne steam coal exports since 2010. However in 20 ...
Monday, 23 May 16
THE PANAMAX INDEX WAS UP 17 POINTS W/W
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose this week.
The freight market was firm and all ...
Friday, 20 May 16
SHIPBUILDING CONTRACTS: CAN I CANCEL? SHOULD I CANCEL? - THE SHIPOWNER CLUB
KNOWLEDGE TO ELEVATE
There are many circumstances in which a buyer of a new-build vessel might want to terminate or cancel their contract with ...
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Showing 2421 to 2425 news of total 6871 |
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- PNOC Exploration Corporation - Philippines
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Antam Resourcindo - Indonesia
- Ambuja Cements Ltd - India
- Edison Trading Spa - Italy
- Bharathi Cement Corporation - India
- Simpson Spence & Young - Indonesia
- White Energy Company Limited
- Gujarat Electricity Regulatory Commission - India
- Ministry of Transport, Egypt
- International Coal Ventures Pvt Ltd - India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Planning Commission, India
- Orica Mining Services - Indonesia
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Ministry of Mines - Canada
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Attock Cement Pakistan Limited
- Agrawal Coal Company - India
- Energy Link Ltd, New Zealand
- Directorate Of Revenue Intelligence - India
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Mjunction Services Limited - India
- Global Green Power PLC Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Uttam Galva Steels Limited - India
- Leighton Contractors Pty Ltd - Australia
- Sojitz Corporation - Japan
- PowerSource Philippines DevCo
- Vedanta Resources Plc - India
- Krishnapatnam Port Company Ltd. - India
- Mintek Dendrill Indonesia
- Kartika Selabumi Mining - Indonesia
- Samtan Co., Ltd - South Korea
- Medco Energi Mining Internasional
- IHS Mccloskey Coal Group - USA
- Savvy Resources Ltd - HongKong
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Formosa Plastics Group - Taiwan
- CNBM International Corporation - China
- Timah Investasi Mineral - Indoneisa
- London Commodity Brokers - England
- Bhatia International Limited - India
- IEA Clean Coal Centre - UK
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- India Bulls Power Limited - India
- Merrill Lynch Commodities Europe
- GN Power Mariveles Coal Plant, Philippines
- Jindal Steel & Power Ltd - India
- Energy Development Corp, Philippines
- Kumho Petrochemical, South Korea
- Siam City Cement - Thailand
- Parliament of New Zealand
- Price Waterhouse Coopers - Russia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- Mercator Lines Limited - India
- The University of Queensland
- Cement Manufacturers Association - India
- San Jose City I Power Corp, Philippines
- Global Coal Blending Company Limited - Australia
- Eastern Coal Council - USA
- Chamber of Mines of South Africa
- Coastal Gujarat Power Limited - India
- Siam City Cement PLC, Thailand
- Madhucon Powers Ltd - India
- Tamil Nadu electricity Board
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Rashtriya Ispat Nigam Limited - India
- Bhushan Steel Limited - India
- Interocean Group of Companies - India
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Electricity Generating Authority of Thailand
- Neyveli Lignite Corporation Ltd, - India
- Eastern Energy - Thailand
- GMR Energy Limited - India
- Therma Luzon, Inc, Philippines
- Global Business Power Corporation, Philippines
- Jaiprakash Power Ventures ltd
- Videocon Industries ltd - India
- Aboitiz Power Corporation - Philippines
- Makarim & Taira - Indonesia
- Meenaskhi Energy Private Limited - India
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- Orica Australia Pty. Ltd.
- Bayan Resources Tbk. - Indonesia
- Minerals Council of Australia
- Baramulti Group, Indonesia
- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- ASAPP Information Group - India
- Anglo American - United Kingdom
- PetroVietnam Power Coal Import and Supply Company
- Metalloyd Limited - United Kingdom
- Power Finance Corporation Ltd., India
- Offshore Bulk Terminal Pte Ltd, Singapore
- VISA Power Limited - India
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- Coal and Oil Company - UAE
- Sinarmas Energy and Mining - Indonesia
- Wilmar Investment Holdings
- Kaltim Prima Coal - Indonesia
- Essar Steel Hazira Ltd - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Sindya Power Generating Company Private Ltd
- Electricity Authority, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- Iligan Light & Power Inc, Philippines
- Intertek Mineral Services - Indonesia
- Bukit Makmur.PT - Indonesia
- Indonesian Coal Mining Association
- Manunggal Multi Energi - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Globalindo Alam Lestari - Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- Tata Chemicals Ltd - India
- Rio Tinto Coal - Australia
- MS Steel International - UAE
- Cigading International Bulk Terminal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Coal Association
- Singapore Mercantile Exchange
- Indogreen Group - Indonesia
- Parry Sugars Refinery, India
- Meralco Power Generation, Philippines
- The Treasury - Australian Government
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Banpu Public Company Limited - Thailand
- Thai Mozambique Logistica
- Kapuas Tunggal Persada - Indonesia
- Straits Asia Resources Limited - Singapore
- Carbofer General Trading SA - India
- Barasentosa Lestari - Indonesia
- TeaM Sual Corporation - Philippines
- Binh Thuan Hamico - Vietnam
- Sical Logistics Limited - India
- Sarangani Energy Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Economic Council, Georgia
- Salva Resources Pvt Ltd - India
- Australian Commodity Traders Exchange
- Independent Power Producers Association of India
- Dalmia Cement Bharat India
- Lanco Infratech Ltd - India
- Mercuria Energy - Indonesia
- PTC India Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Posco Energy - South Korea
- Xindia Steels Limited - India
- The State Trading Corporation of India Ltd
- Oldendorff Carriers - Singapore
- Altura Mining Limited, Indonesia
- Holcim Trading Pte Ltd - Singapore
- SMC Global Power, Philippines
- SMG Consultants - Indonesia
- ICICI Bank Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Port Waratah Coal Services - Australia
- Africa Commodities Group - South Africa
- Romanian Commodities Exchange
- Karaikal Port Pvt Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Trasteel International SA, Italy
- LBH Netherlands Bv - Netherlands
- Pendopo Energi Batubara - Indonesia
- Ministry of Finance - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Riau Bara Harum - Indonesia
- SN Aboitiz Power Inc, Philippines
- Star Paper Mills Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Alfred C Toepfer International GmbH - Germany
- Thiess Contractors Indonesia
- GVK Power & Infra Limited - India
- New Zealand Coal & Carbon
- Bukit Baiduri Energy - Indonesia
- Toyota Tsusho Corporation, Japan
- Gujarat Sidhee Cement - India
- Renaissance Capital - South Africa
- Kideco Jaya Agung - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- OPG Power Generation Pvt Ltd - India
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