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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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Friday, 20 May 16
U.S COAL PRODUCTION FOR THE WEEK ENDED 14 MAY TOTALED 11.4 MMST; UP 3.8% W/W
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.4 million short tons (mm ...
Thursday, 19 May 16
AUSTRALIAN IRON ORE CARGOES PUSHED UP THE FREIGHT RATES FOR CAPE THIS WEEK - FEARNLEYS
Cape
It has been a big jump in the freight rates for Cape size this week, says Fearnleys in its latest weekly report. All of the Australian iron ...
Thursday, 19 May 16
DISPUTE OVER VAT ON COAL DRAGS ON, CAUSING DOUBLE-BLOW TO MINERS - JP
The dispute over the value-added tax ( VAT ) mechanism between coal miners operating under third-generation contracts and the Finance Ministry&rsqu ...
Wednesday, 18 May 16
DRY BULK OUTLOOK REMAINS GLOOMY SAYS DANISH SHIP FINANCE, AS SHIPPING NEEDS TO RETHINK BUSINESS MODEL - HELLENIC SHIPPING
Our Shipping Market Review – May 2016 is devoted to the fourth industrial revolution. To understand the truly disruptive nature of the fourth ...
Wednesday, 18 May 16
LONG TERM FUNDAMENTALS ARE SLOWLY IMPROVING FOR THE DRY BULK MARKET - INTERMODAL
As we are approaching the end of the first half of the year, there is a number of market participants over at the dry bulk sector that have started ...
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Showing 2426 to 2430 news of total 6871 |
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- Marubeni Corporation - India
- Kobexindo Tractors - Indoneisa
- Oldendorff Carriers - Singapore
- Meralco Power Generation, Philippines
- Essar Steel Hazira Ltd - India
- Indonesian Coal Mining Association
- Ministry of Transport, Egypt
- Carbofer General Trading SA - India
- GN Power Mariveles Coal Plant, Philippines
- San Jose City I Power Corp, Philippines
- Bayan Resources Tbk. - Indonesia
- Latin American Coal - Colombia
- Bhushan Steel Limited - India
- Cigading International Bulk Terminal - Indonesia
- Global Coal Blending Company Limited - Australia
- Thiess Contractors Indonesia
- Sinarmas Energy and Mining - Indonesia
- Orica Mining Services - Indonesia
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- Indian Oil Corporation Limited
- Toyota Tsusho Corporation, Japan
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Parliament of New Zealand
- Metalloyd Limited - United Kingdom
- Attock Cement Pakistan Limited
- Chamber of Mines of South Africa
- The State Trading Corporation of India Ltd
- Xindia Steels Limited - India
- Aditya Birla Group - India
- Jorong Barutama Greston.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Iligan Light & Power Inc, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bukit Baiduri Energy - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Tamil Nadu electricity Board
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Coalindo Energy - Indonesia
- Petron Corporation, Philippines
- International Coal Ventures Pvt Ltd - India
- GVK Power & Infra Limited - India
- Central Java Power - Indonesia
- Africa Commodities Group - South Africa
- ICICI Bank Limited - India
- White Energy Company Limited
- AsiaOL BioFuels Corp., Philippines
- Straits Asia Resources Limited - Singapore
- Coal and Oil Company - UAE
- Indian Energy Exchange, India
- Maharashtra Electricity Regulatory Commission - India
- Grasim Industreis Ltd - India
- Independent Power Producers Association of India
- Barasentosa Lestari - Indonesia
- Romanian Commodities Exchange
- Directorate General of MIneral and Coal - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Ministry of Mines - Canada
- Planning Commission, India
- Merrill Lynch Commodities Europe
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Videocon Industries ltd - India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Indogreen Group - Indonesia
- IEA Clean Coal Centre - UK
- Bangladesh Power Developement Board
- Neyveli Lignite Corporation Ltd, - India
- Ind-Barath Power Infra Limited - India
- Globalindo Alam Lestari - Indonesia
- Orica Australia Pty. Ltd.
- Lanco Infratech Ltd - India
- LBH Netherlands Bv - Netherlands
- Interocean Group of Companies - India
- TNB Fuel Sdn Bhd - Malaysia
- Bukit Asam (Persero) Tbk - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- Borneo Indobara - Indonesia
- Deloitte Consulting - India
- Kideco Jaya Agung - Indonesia
- Kaltim Prima Coal - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Energy Link Ltd, New Zealand
- Banpu Public Company Limited - Thailand
- PowerSource Philippines DevCo
- SN Aboitiz Power Inc, Philippines
- Australian Commodity Traders Exchange
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- South Luzon Thermal Energy Corporation
- Heidelberg Cement - Germany
- Standard Chartered Bank - UAE
- The University of Queensland
- Antam Resourcindo - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Wood Mackenzie - Singapore
- Global Business Power Corporation, Philippines
- GMR Energy Limited - India
- Formosa Plastics Group - Taiwan
- Mercator Lines Limited - India
- Singapore Mercantile Exchange
- European Bulk Services B.V. - Netherlands
- Alfred C Toepfer International GmbH - Germany
- Simpson Spence & Young - Indonesia
- Intertek Mineral Services - Indonesia
- Rio Tinto Coal - Australia
- PNOC Exploration Corporation - Philippines
- Gujarat Sidhee Cement - India
- VISA Power Limited - India
- Malabar Cements Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Sree Jayajothi Cements Limited - India
- Meenaskhi Energy Private Limited - India
- Central Electricity Authority - India
- ASAPP Information Group - India
- Mercuria Energy - Indonesia
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Siam City Cement PLC, Thailand
- Sical Logistics Limited - India
- Bhatia International Limited - India
- Renaissance Capital - South Africa
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Australian Coal Association
- New Zealand Coal & Carbon
- India Bulls Power Limited - India
- Edison Trading Spa - Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Georgia Ports Authority, United States
- Maheswari Brothers Coal Limited - India
- CIMB Investment Bank - Malaysia
- Parry Sugars Refinery, India
- Binh Thuan Hamico - Vietnam
- Trasteel International SA, Italy
- MS Steel International - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bank of Tokyo Mitsubishi UFJ Ltd
- Medco Energi Mining Internasional
- Eastern Coal Council - USA
- Vedanta Resources Plc - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- Coastal Gujarat Power Limited - India
- Sarangani Energy Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Agrawal Coal Company - India
- Uttam Galva Steels Limited - India
- Billiton Holdings Pty Ltd - Australia
- McConnell Dowell - Australia
- Thai Mozambique Logistica
- Commonwealth Bank - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kumho Petrochemical, South Korea
- Jaiprakash Power Ventures ltd
- Electricity Generating Authority of Thailand
- Minerals Council of Australia
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Indo Tambangraya Megah - Indonesia
- Cement Manufacturers Association - India
- Dalmia Cement Bharat India
- Kalimantan Lumbung Energi - Indonesia
- Semirara Mining Corp, Philippines
- Sakthi Sugars Limited - India
- Siam City Cement - Thailand
- Sojitz Corporation - Japan
- Wilmar Investment Holdings
- Miang Besar Coal Terminal - Indonesia
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Samtan Co., Ltd - South Korea
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Bukit Makmur.PT - Indonesia
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- SMG Consultants - Indonesia
- Semirara Mining and Power Corporation, Philippines
- London Commodity Brokers - England
- Larsen & Toubro Limited - India
- Kepco SPC Power Corporation, Philippines
- Indika Energy - Indonesia
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Timah Investasi Mineral - Indoneisa
- Power Finance Corporation Ltd., India
- Ambuja Cements Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Star Paper Mills Limited - India
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Pendopo Energi Batubara - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- CNBM International Corporation - China
- Sindya Power Generating Company Private Ltd
- Energy Development Corp, Philippines
- Bharathi Cement Corporation - India
- Tata Chemicals Ltd - India
- Holcim Trading Pte Ltd - Singapore
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