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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, 11 March 16
US WEEKLY COAL PRODUCTION DOWN BY 0.5 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 12.6 million shor ...
Friday, 11 March 16
FORTESCUE'S MOU WITH VALE COULD STRENGTHEN ITS BUSINESS PROFILE - FITCH
COALspot.com: Fitch Ratings says that Australia-based Fortescue Metals Group Limited's (BB+/Negative) memorandum of understanding (MOU) with Br ...
Thursday, 10 March 16
CHINA'S NEW POLICY PLAN COULD BE POSITIVE FOR SHIPPING, BUT TARGETS SEEM RATHER AMBITIOUS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
China set out its new policy plan during the course of the past weekend, but it seems to have set some very ambitious goals, which could be difficu ...
Thursday, 10 March 16
U.S. COAL EXPORTS DECLINED 23% IN 2015, AS COAL IMPORTS REMAINED STEADY
COALspot.com: The United States remains a net exporter of coal, exporting 74.0 million short tons (MMst) and importing 11 MMst in 2015.
Accord ...
Thursday, 10 March 16
IT FEELS SAFE TO SAY THAT THE MARKET IS SLOWLY AND PAINFULLY REGAINING ITS BALANCE
With the BDI marking its third consecutive positive weekly closing, it feels safe to say that the market is regaining its balance; slowly and painf ...
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Showing 2526 to 2530 news of total 6871 |
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- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Tamil Nadu electricity Board
- Global Green Power PLC Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Carbofer General Trading SA - India
- Asmin Koalindo Tuhup - Indonesia
- Latin American Coal - Colombia
- Sical Logistics Limited - India
- Interocean Group of Companies - India
- CIMB Investment Bank - Malaysia
- Kobexindo Tractors - Indoneisa
- Minerals Council of Australia
- Jindal Steel & Power Ltd - India
- TeaM Sual Corporation - Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Pendopo Energi Batubara - Indonesia
- Bhoruka Overseas - Indonesia
- McConnell Dowell - Australia
- Salva Resources Pvt Ltd - India
- Larsen & Toubro Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- VISA Power Limited - India
- GVK Power & Infra Limited - India
- Bhatia International Limited - India
- Commonwealth Bank - Australia
- Baramulti Group, Indonesia
- Bhushan Steel Limited - India
- Ind-Barath Power Infra Limited - India
- Ministry of Finance - Indonesia
- Economic Council, Georgia
- PNOC Exploration Corporation - Philippines
- Intertek Mineral Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Indian Energy Exchange, India
- Trasteel International SA, Italy
- Lanco Infratech Ltd - India
- Power Finance Corporation Ltd., India
- Indika Energy - Indonesia
- Kumho Petrochemical, South Korea
- Grasim Industreis Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Marubeni Corporation - India
- The Treasury - Australian Government
- Agrawal Coal Company - India
- Romanian Commodities Exchange
- Barasentosa Lestari - Indonesia
- Malabar Cements Ltd - India
- Dalmia Cement Bharat India
- Price Waterhouse Coopers - Russia
- Bukit Makmur.PT - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Orica Mining Services - Indonesia
- Maheswari Brothers Coal Limited - India
- Siam City Cement PLC, Thailand
- Attock Cement Pakistan Limited
- Bukit Baiduri Energy - Indonesia
- Medco Energi Mining Internasional
- Essar Steel Hazira Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- Vizag Seaport Private Limited - India
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- Madhucon Powers Ltd - India
- Riau Bara Harum - Indonesia
- Ambuja Cements Ltd - India
- European Bulk Services B.V. - Netherlands
- Mercator Lines Limited - India
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Xindia Steels Limited - India
- Global Coal Blending Company Limited - Australia
- Australian Commodity Traders Exchange
- Indo Tambangraya Megah - Indonesia
- Deloitte Consulting - India
- Pipit Mutiara Jaya. PT, Indonesia
- Samtan Co., Ltd - South Korea
- Jaiprakash Power Ventures ltd
- Gujarat Mineral Development Corp Ltd - India
- The University of Queensland
- Cigading International Bulk Terminal - Indonesia
- ASAPP Information Group - India
- MS Steel International - UAE
- Siam City Cement - Thailand
- Indogreen Group - Indonesia
- Electricity Generating Authority of Thailand
- Timah Investasi Mineral - Indoneisa
- PTC India Limited - India
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- Straits Asia Resources Limited - Singapore
- Goldman Sachs - Singapore
- CNBM International Corporation - China
- Planning Commission, India
- Kepco SPC Power Corporation, Philippines
- Parliament of New Zealand
- Eastern Energy - Thailand
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Sojitz Corporation - Japan
- New Zealand Coal & Carbon
- Thiess Contractors Indonesia
- Gujarat Electricity Regulatory Commission - India
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Coalindo Energy - Indonesia
- Central Electricity Authority - India
- Globalindo Alam Lestari - Indonesia
- Toyota Tsusho Corporation, Japan
- Aboitiz Power Corporation - Philippines
- Sakthi Sugars Limited - India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- SMC Global Power, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Mines - Canada
- Central Java Power - Indonesia
- Gujarat Sidhee Cement - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Therma Luzon, Inc, Philippines
- Kalimantan Lumbung Energi - Indonesia
- Sindya Power Generating Company Private Ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Vedanta Resources Plc - India
- Maharashtra Electricity Regulatory Commission - India
- Formosa Plastics Group - Taiwan
- Chamber of Mines of South Africa
- PetroVietnam Power Coal Import and Supply Company
- South Luzon Thermal Energy Corporation
- Bank of Tokyo Mitsubishi UFJ Ltd
- Billiton Holdings Pty Ltd - Australia
- Anglo American - United Kingdom
- Independent Power Producers Association of India
- Energy Development Corp, Philippines
- Thai Mozambique Logistica
- Coastal Gujarat Power Limited - India
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Energy Link Ltd, New Zealand
- Iligan Light & Power Inc, Philippines
- Kapuas Tunggal Persada - Indonesia
- Meenaskhi Energy Private Limited - India
- Global Business Power Corporation, Philippines
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- GAC Shipping (India) Pvt Ltd
- OPG Power Generation Pvt Ltd - India
- The State Trading Corporation of India Ltd
- Ceylon Electricity Board - Sri Lanka
- Kohat Cement Company Ltd. - Pakistan
- Bangladesh Power Developement Board
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Coal and Oil Company - UAE
- Krishnapatnam Port Company Ltd. - India
- Leighton Contractors Pty Ltd - Australia
- Oldendorff Carriers - Singapore
- Metalloyd Limited - United Kingdom
- Sinarmas Energy and Mining - Indonesia
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Makarim & Taira - Indonesia
- Simpson Spence & Young - Indonesia
- Wood Mackenzie - Singapore
- Bharathi Cement Corporation - India
- Karaikal Port Pvt Ltd - India
- Meralco Power Generation, Philippines
- Savvy Resources Ltd - HongKong
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Antam Resourcindo - Indonesia
- Heidelberg Cement - Germany
- Renaissance Capital - South Africa
- Bayan Resources Tbk. - Indonesia
- Mintek Dendrill Indonesia
- SN Aboitiz Power Inc, Philippines
- Posco Energy - South Korea
- Africa Commodities Group - South Africa
- London Commodity Brokers - England
- Mjunction Services Limited - India
- Kaltim Prima Coal - Indonesia
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Port Waratah Coal Services - Australia
- Uttam Galva Steels Limited - India
- Australian Coal Association
- Directorate Of Revenue Intelligence - India
- Manunggal Multi Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Eastern Coal Council - USA
- White Energy Company Limited
- ICICI Bank Limited - India
- Semirara Mining Corp, Philippines
- Cement Manufacturers Association - India
- Binh Thuan Hamico - Vietnam
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