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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, 23 March 16
THE PANAMA CANAL - WILL THE MELTING OF POLAR ICE CAPS CREATE RIVAL NAVIGATIONAL WATERWAYS THROUGH THE ARCTIC? - INTERMODAL
The Panama Canal, 102 years after its initial opening, is now about to have its expansion completed with a cost of USD5.25 Billion. It is a project ...
Tuesday, 22 March 16
FOUR NEW MARKET MEMBERS HAVE JOINED GLOBALCOAL
globalCOAL® announced yesterday that four new Market Members have joined its international trading community.
Ferrocadia DMCC is an intern ...
Monday, 21 March 16
INDONESIAN 4200 GAR COAL INDEX ROSE $0.12 OR, 0.44% WEEK OVER WEEK; INDEX CLOASED AT $27.19 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.21 percent week over week to averaging $38.90 per ton on this past Friday, ac ...
Monday, 21 March 16
THE BALTIC DRY INDEX ROSE SLIGHTLY WEEK OVER WEEK; BCI UP 11.93%
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued rose this week helped by higher rates for Cape ...
Friday, 18 March 16
OUTLOOK ON GLOBAL SHIPPING SECTOR TURNS NEGATIVE AS SUPPLY-DEMAND GAP WIDENS AND EBITDA DECLINES - MOODY'S
Moody’s Investors Service (Moody’s) has changed its outlook on the global shipping sector to negative as it expects supply growth to ou ...
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Showing 2511 to 2515 news of total 6871 |
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- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Banpu Public Company Limited - Thailand
- Timah Investasi Mineral - Indoneisa
- Kideco Jaya Agung - Indonesia
- Coal and Oil Company - UAE
- Kobexindo Tractors - Indoneisa
- Baramulti Group, Indonesia
- Alfred C Toepfer International GmbH - Germany
- Karbindo Abesyapradhi - Indoneisa
- VISA Power Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- White Energy Company Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Jaiprakash Power Ventures ltd
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Africa Commodities Group - South Africa
- Krishnapatnam Port Company Ltd. - India
- India Bulls Power Limited - India
- Rashtriya Ispat Nigam Limited - India
- PetroVietnam Power Coal Import and Supply Company
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- The University of Queensland
- Cement Manufacturers Association - India
- Electricity Generating Authority of Thailand
- The State Trading Corporation of India Ltd
- Uttam Galva Steels Limited - India
- Price Waterhouse Coopers - Russia
- Orica Mining Services - Indonesia
- Wilmar Investment Holdings
- PNOC Exploration Corporation - Philippines
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Directorate Of Revenue Intelligence - India
- Marubeni Corporation - India
- Borneo Indobara - Indonesia
- McConnell Dowell - Australia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Intertek Mineral Services - Indonesia
- Grasim Industreis Ltd - India
- Merrill Lynch Commodities Europe
- Gujarat Electricity Regulatory Commission - India
- Makarim & Taira - Indonesia
- Electricity Authority, New Zealand
- Economic Council, Georgia
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Straits Asia Resources Limited - Singapore
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Kaltim Prima Coal - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Oldendorff Carriers - Singapore
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Australian Coal Association
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- Mintek Dendrill Indonesia
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- Indo Tambangraya Megah - Indonesia
- Posco Energy - South Korea
- Altura Mining Limited, Indonesia
- Meenaskhi Energy Private Limited - India
- International Coal Ventures Pvt Ltd - India
- Trasteel International SA, Italy
- Asmin Koalindo Tuhup - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bulk Trading Sa - Switzerland
- Central Electricity Authority - India
- Sakthi Sugars Limited - India
- Global Coal Blending Company Limited - Australia
- Manunggal Multi Energi - Indonesia
- The Treasury - Australian Government
- Australian Commodity Traders Exchange
- Sindya Power Generating Company Private Ltd
- TeaM Sual Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Carbofer General Trading SA - India
- Samtan Co., Ltd - South Korea
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Toyota Tsusho Corporation, Japan
- Vedanta Resources Plc - India
- SN Aboitiz Power Inc, Philippines
- Globalindo Alam Lestari - Indonesia
- Thiess Contractors Indonesia
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Eastern Energy - Thailand
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Bukit Baiduri Energy - Indonesia
- GVK Power & Infra Limited - India
- Ambuja Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Thai Mozambique Logistica
- Goldman Sachs - Singapore
- Karaikal Port Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Indian Energy Exchange, India
- New Zealand Coal & Carbon
- Simpson Spence & Young - Indonesia
- European Bulk Services B.V. - Netherlands
- Antam Resourcindo - Indonesia
- Parry Sugars Refinery, India
- Formosa Plastics Group - Taiwan
- Miang Besar Coal Terminal - Indonesia
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- IEA Clean Coal Centre - UK
- Mjunction Services Limited - India
- Planning Commission, India
- Xindia Steels Limited - India
- Vizag Seaport Private Limited - India
- Indika Energy - Indonesia
- Eastern Coal Council - USA
- Salva Resources Pvt Ltd - India
- Kartika Selabumi Mining - Indonesia
- Lanco Infratech Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- Indian Oil Corporation Limited
- Parliament of New Zealand
- Wood Mackenzie - Singapore
- Siam City Cement - Thailand
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Sinarmas Energy and Mining - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- Edison Trading Spa - Italy
- CIMB Investment Bank - Malaysia
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Ind-Barath Power Infra Limited - India
- Attock Cement Pakistan Limited
- Global Business Power Corporation, Philippines
- Anglo American - United Kingdom
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Ministry of Transport, Egypt
- Savvy Resources Ltd - HongKong
- Bharathi Cement Corporation - India
- Georgia Ports Authority, United States
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Metalloyd Limited - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Dalmia Cement Bharat India
- Bhoruka Overseas - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Deloitte Consulting - India
- Maheswari Brothers Coal Limited - India
- Bangladesh Power Developement Board
- Holcim Trading Pte Ltd - Singapore
- Neyveli Lignite Corporation Ltd, - India
- Semirara Mining and Power Corporation, Philippines
- Star Paper Mills Limited - India
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- IHS Mccloskey Coal Group - USA
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- Minerals Council of Australia
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- GMR Energy Limited - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Barasentosa Lestari - Indonesia
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- Malabar Cements Ltd - India
- Larsen & Toubro Limited - India
- Mercuria Energy - Indonesia
- Power Finance Corporation Ltd., India
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Sree Jayajothi Cements Limited - India
- Riau Bara Harum - Indonesia
- Indogreen Group - Indonesia
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Medco Energi Mining Internasional
- Kepco SPC Power Corporation, Philippines
- Bhushan Steel Limited - India
- Standard Chartered Bank - UAE
- Ministry of Mines - Canada
- AsiaOL BioFuels Corp., Philippines
- Energy Development Corp, Philippines
- OPG Power Generation Pvt Ltd - India
- Heidelberg Cement - Germany
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