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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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Saturday, 09 January 16
BALTIC DRY INDEX SINKS 10% WEEK OVER WEEK TO AN ALL-TIME LOW OF 429 POINTS
COALspot.com: The Baltic Exchange’s main sea freight index, which tracks rates for ships carrying dry bulk commodities, decline around 10% we ...
Friday, 08 January 16
FOB INDONESIA COAL SWAP FOR DELIVERY H1'16 REMAIN FLAT AS DEMAND DROPS OFF
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month, flat week over week. The price for coal has been in a Dull Market sinc ...
Friday, 08 January 16
FOB RICHARDS BAY COAL SWAP FOR Q2'16 DELIVERY CLOSED UP $0.13 AT $45.50 PER TON
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap decline month over month and slightly up week over week.
The Q1’ 2016 FOB R ...
Friday, 08 January 16
WEEKLY US COAL PRODUCTION DECLINES 1.6% TO 11.7 MMST, SAYS EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.7million short ...
Friday, 08 January 16
DRY BULK MARKET'S CRISIS DEEPENS AS RATES ARE DROPPING TO NEW RECORD LOWS BY THE DAY - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
Just when you would think that the dry bulk market is reaching its bottom, even as it has long surpassed all-time lows, each day that passes by at ...
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Showing 2616 to 2620 news of total 6871 |
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- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Sojitz Corporation - Japan
- Sakthi Sugars Limited - India
- Lanco Infratech Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Parliament of New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Edison Trading Spa - Italy
- Ceylon Electricity Board - Sri Lanka
- SMG Consultants - Indonesia
- Straits Asia Resources Limited - Singapore
- Energy Link Ltd, New Zealand
- Gujarat Mineral Development Corp Ltd - India
- South Luzon Thermal Energy Corporation
- Africa Commodities Group - South Africa
- Aditya Birla Group - India
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Iligan Light & Power Inc, Philippines
- AsiaOL BioFuels Corp., Philippines
- Central Java Power - Indonesia
- Medco Energi Mining Internasional
- Bahari Cakrawala Sebuku - Indonesia
- Meenaskhi Energy Private Limited - India
- Sarangani Energy Corporation, Philippines
- Pendopo Energi Batubara - Indonesia
- Global Green Power PLC Corporation, Philippines
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- International Coal Ventures Pvt Ltd - India
- Australian Commodity Traders Exchange
- TNB Fuel Sdn Bhd - Malaysia
- Alfred C Toepfer International GmbH - Germany
- Independent Power Producers Association of India
- Kobexindo Tractors - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Grasim Industreis Ltd - India
- Meralco Power Generation, Philippines
- Bukit Baiduri Energy - Indonesia
- Sree Jayajothi Cements Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Banpu Public Company Limited - Thailand
- Siam City Cement PLC, Thailand
- Eastern Coal Council - USA
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- SN Aboitiz Power Inc, Philippines
- Thai Mozambique Logistica
- Coal and Oil Company - UAE
- Bukit Makmur.PT - Indonesia
- Deloitte Consulting - India
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Metalloyd Limited - United Kingdom
- Indo Tambangraya Megah - Indonesia
- Tata Chemicals Ltd - India
- Karaikal Port Pvt Ltd - India
- Chettinad Cement Corporation Ltd - India
- CNBM International Corporation - China
- Kapuas Tunggal Persada - Indonesia
- Therma Luzon, Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bangladesh Power Developement Board
- PTC India Limited - India
- Siam City Cement - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- MS Steel International - UAE
- Samtan Co., Ltd - South Korea
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- Indonesian Coal Mining Association
- Georgia Ports Authority, United States
- Commonwealth Bank - Australia
- The Treasury - Australian Government
- Dalmia Cement Bharat India
- Kideco Jaya Agung - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Mjunction Services Limited - India
- Simpson Spence & Young - Indonesia
- Timah Investasi Mineral - Indoneisa
- Global Business Power Corporation, Philippines
- Indian Energy Exchange, India
- Savvy Resources Ltd - HongKong
- Wood Mackenzie - Singapore
- Orica Australia Pty. Ltd.
- Altura Mining Limited, Indonesia
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Bayan Resources Tbk. - Indonesia
- Romanian Commodities Exchange
- Central Electricity Authority - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Gujarat Electricity Regulatory Commission - India
- VISA Power Limited - India
- Coalindo Energy - Indonesia
- Mercator Lines Limited - India
- The State Trading Corporation of India Ltd
- Australian Coal Association
- European Bulk Services B.V. - Netherlands
- Ambuja Cements Ltd - India
- New Zealand Coal & Carbon
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Vijayanagar Sugar Pvt Ltd - India
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Carbofer General Trading SA - India
- Star Paper Mills Limited - India
- Energy Development Corp, Philippines
- Semirara Mining and Power Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Vizag Seaport Private Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Barasentosa Lestari - Indonesia
- Parry Sugars Refinery, India
- Maheswari Brothers Coal Limited - India
- Bharathi Cement Corporation - India
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Malabar Cements Ltd - India
- Salva Resources Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Bhushan Steel Limited - India
- SMC Global Power, Philippines
- Singapore Mercantile Exchange
- Marubeni Corporation - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Cement Manufacturers Association - India
- PetroVietnam Power Coal Import and Supply Company
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- GMR Energy Limited - India
- Trasteel International SA, Italy
- McConnell Dowell - Australia
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- London Commodity Brokers - England
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Power Finance Corporation Ltd., India
- Jindal Steel & Power Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Authority, New Zealand
- Price Waterhouse Coopers - Russia
- India Bulls Power Limited - India
- Ministry of Transport, Egypt
- Indika Energy - Indonesia
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- LBH Netherlands Bv - Netherlands
- White Energy Company Limited
- ASAPP Information Group - India
- Madhucon Powers Ltd - India
- Globalindo Alam Lestari - Indonesia
- Eastern Energy - Thailand
- Ministry of Finance - Indonesia
- Borneo Indobara - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Binh Thuan Hamico - Vietnam
- Gujarat Sidhee Cement - India
- Antam Resourcindo - Indonesia
- OPG Power Generation Pvt Ltd - India
- Electricity Generating Authority of Thailand
- Merrill Lynch Commodities Europe
- Bulk Trading Sa - Switzerland
- Interocean Group of Companies - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Kumho Petrochemical, South Korea
- Ministry of Mines - Canada
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Attock Cement Pakistan Limited
- TeaM Sual Corporation - Philippines
- Anglo American - United Kingdom
- Coastal Gujarat Power Limited - India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Sindya Power Generating Company Private Ltd
- Essar Steel Hazira Ltd - India
- Standard Chartered Bank - UAE
- Tamil Nadu electricity Board
- Directorate General of MIneral and Coal - Indonesia
- Latin American Coal - Colombia
- Rashtriya Ispat Nigam Limited - India
- Mintek Dendrill Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Semirara Mining Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- San Jose City I Power Corp, Philippines
- Minerals Council of Australia
- Larsen & Toubro Limited - India
- Jaiprakash Power Ventures ltd
- Kartika Selabumi Mining - Indonesia
- Economic Council, Georgia
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