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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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- Power Finance Corporation Ltd., India
- Gujarat Sidhee Cement - India
- Directorate Of Revenue Intelligence - India
- Toyota Tsusho Corporation, Japan
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Vedanta Resources Plc - India
- GN Power Mariveles Coal Plant, Philippines
- Karaikal Port Pvt Ltd - India
- MS Steel International - UAE
- Pendopo Energi Batubara - Indonesia
- Thai Mozambique Logistica
- Sarangani Energy Corporation, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Indika Energy - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Metalloyd Limited - United Kingdom
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Indian Energy Exchange, India
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Gujarat Mineral Development Corp Ltd - India
- IEA Clean Coal Centre - UK
- Bank of Tokyo Mitsubishi UFJ Ltd
- LBH Netherlands Bv - Netherlands
- Kideco Jaya Agung - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Carbofer General Trading SA - India
- Jorong Barutama Greston.PT - Indonesia
- Kepco SPC Power Corporation, Philippines
- Economic Council, Georgia
- Star Paper Mills Limited - India
- Malabar Cements Ltd - India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Deloitte Consulting - India
- Global Green Power PLC Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Asmin Koalindo Tuhup - Indonesia
- India Bulls Power Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Coalindo Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Parliament of New Zealand
- Singapore Mercantile Exchange
- Tamil Nadu electricity Board
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Ambuja Cements Ltd - India
- Essar Steel Hazira Ltd - India
- ASAPP Information Group - India
- Dalmia Cement Bharat India
- Port Waratah Coal Services - Australia
- Petron Corporation, Philippines
- Price Waterhouse Coopers - Russia
- Timah Investasi Mineral - Indoneisa
- Bayan Resources Tbk. - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Georgia Ports Authority, United States
- Minerals Council of Australia
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Bhoruka Overseas - Indonesia
- Kobexindo Tractors - Indoneisa
- Chettinad Cement Corporation Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Coastal Gujarat Power Limited - India
- Edison Trading Spa - Italy
- Bhatia International Limited - India
- Standard Chartered Bank - UAE
- Sree Jayajothi Cements Limited - India
- Kaltim Prima Coal - Indonesia
- Indian Oil Corporation Limited
- Coal and Oil Company - UAE
- Gujarat Electricity Regulatory Commission - India
- OPG Power Generation Pvt Ltd - India
- Sical Logistics Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Semirara Mining Corp, Philippines
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Chamber of Mines of South Africa
- Energy Development Corp, Philippines
- Mintek Dendrill Indonesia
- Electricity Generating Authority of Thailand
- Kapuas Tunggal Persada - Indonesia
- CNBM International Corporation - China
- Romanian Commodities Exchange
- Central Java Power - Indonesia
- Meenaskhi Energy Private Limited - India
- Larsen & Toubro Limited - India
- Banpu Public Company Limited - Thailand
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- South Luzon Thermal Energy Corporation
- Savvy Resources Ltd - HongKong
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Siam City Cement - Thailand
- Uttam Galva Steels Limited - India
- PTC India Limited - India
- Grasim Industreis Ltd - India
- Sojitz Corporation - Japan
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- Kohat Cement Company Ltd. - Pakistan
- Ceylon Electricity Board - Sri Lanka
- Independent Power Producers Association of India
- Kumho Petrochemical, South Korea
- Bukit Makmur.PT - Indonesia
- Antam Resourcindo - Indonesia
- Therma Luzon, Inc, Philippines
- Trasteel International SA, Italy
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- VISA Power Limited - India
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- Meralco Power Generation, Philippines
- SN Aboitiz Power Inc, Philippines
- Electricity Authority, New Zealand
- Straits Asia Resources Limited - Singapore
- Kartika Selabumi Mining - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Aboitiz Power Corporation - Philippines
- Australian Coal Association
- Vizag Seaport Private Limited - India
- Makarim & Taira - Indonesia
- Bangladesh Power Developement Board
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Jindal Steel & Power Ltd - India
- Global Business Power Corporation, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Semirara Mining and Power Corporation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Intertek Mineral Services - Indonesia
- Ministry of Finance - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Ministry of Transport, Egypt
- SMG Consultants - Indonesia
- Cement Manufacturers Association - India
- GMR Energy Limited - India
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bharathi Cement Corporation - India
- Indogreen Group - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- Altura Mining Limited, Indonesia
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- CIMB Investment Bank - Malaysia
- Interocean Group of Companies - India
- Rio Tinto Coal - Australia
- Samtan Co., Ltd - South Korea
- Planning Commission, India
- Petrochimia International Co. Ltd.- Taiwan
- Xindia Steels Limited - India
- SMC Global Power, Philippines
- New Zealand Coal & Carbon
- Iligan Light & Power Inc, Philippines
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Agrawal Coal Company - India
- Attock Cement Pakistan Limited
- Borneo Indobara - Indonesia
- Barasentosa Lestari - Indonesia
- PowerSource Philippines DevCo
- Renaissance Capital - South Africa
- The State Trading Corporation of India Ltd
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- GAC Shipping (India) Pvt Ltd
- The University of Queensland
- Wood Mackenzie - Singapore
- The Treasury - Australian Government
- Sindya Power Generating Company Private Ltd
- Globalindo Alam Lestari - Indonesia
- Australian Commodity Traders Exchange
- Orica Australia Pty. Ltd.
- Karbindo Abesyapradhi - Indoneisa
- Orica Mining Services - Indonesia
- Manunggal Multi Energi - Indonesia
- Heidelberg Cement - Germany
- Formosa Plastics Group - Taiwan
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Eastern Energy - Thailand
- Siam City Cement PLC, Thailand
- Directorate General of MIneral and Coal - Indonesia
- Posco Energy - South Korea
- Central Electricity Authority - India
- Energy Link Ltd, New Zealand
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- San Jose City I Power Corp, Philippines
- McConnell Dowell - Australia
- White Energy Company Limited
- Commonwealth Bank - Australia
- Indonesian Coal Mining Association
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