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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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Thursday, 07 January 16
FOB NEWCASTLE COAL SWAPS DELIVERY Q1'16 REMAIN FLAT W-O-W; UP M-O-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $1.23 per ton (3.35%) this past week compared to the sam ...
Thursday, 07 January 16
SHIPPING WILL REMAIN VOLATILE AND INDISPENSABLE IN 2016 - MOORE STEPHENS
The ultimate definition of an optimist has been characterised as an accordion player with an answerphone. Such extreme optimism might be difficult ...
Wednesday, 06 January 16
NEW COAL PRICE PASS-THROUGH REGULATION BENEFITS CHINA IPPS - FITCH RATINGS
Fitch Ratings says the new Coal Price Pass-through Mechanism announced by the National Development and Reform Commission (NDRC) on 31 December ...
Tuesday, 05 January 16
BIG COAL MINERS PLAN HIGHER PRODUCTION THIS YEAR - THE JAKARTA POST
The country’s major coal miners plan to further boost production in 2016 although analysts estimate that an oversupply in the world’s c ...
Tuesday, 05 January 16
THE SHIPPING MARKET IN 2015 AND LOOKING FORWARD - BIMCO
Global economy: menacing clouds in the sky cast a shadow on global economic developments 2015 never really took off, even though the global economi ...
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Showing 2621 to 2625 news of total 6871 |
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- ICICI Bank Limited - India
- Coal and Oil Company - UAE
- Trasteel International SA, Italy
- Central Java Power - Indonesia
- Kideco Jaya Agung - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Electricity Generating Authority of Thailand
- GMR Energy Limited - India
- Orica Australia Pty. Ltd.
- New Zealand Coal & Carbon
- PNOC Exploration Corporation - Philippines
- Savvy Resources Ltd - HongKong
- Videocon Industries ltd - India
- Anglo American - United Kingdom
- Economic Council, Georgia
- Indika Energy - Indonesia
- Indian Energy Exchange, India
- Antam Resourcindo - Indonesia
- Pendopo Energi Batubara - Indonesia
- SMG Consultants - Indonesia
- Wood Mackenzie - Singapore
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Bharathi Cement Corporation - India
- Australian Coal Association
- Thiess Contractors Indonesia
- Meralco Power Generation, Philippines
- CIMB Investment Bank - Malaysia
- Deloitte Consulting - India
- Karaikal Port Pvt Ltd - India
- Heidelberg Cement - Germany
- Gujarat Mineral Development Corp Ltd - India
- Jindal Steel & Power Ltd - India
- Goldman Sachs - Singapore
- Barasentosa Lestari - Indonesia
- Eastern Energy - Thailand
- Minerals Council of Australia
- Uttam Galva Steels Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Xindia Steels Limited - India
- Ind-Barath Power Infra Limited - India
- Directorate Of Revenue Intelligence - India
- Essar Steel Hazira Ltd - India
- Holcim Trading Pte Ltd - Singapore
- ASAPP Information Group - India
- Cement Manufacturers Association - India
- Gujarat Electricity Regulatory Commission - India
- Global Coal Blending Company Limited - Australia
- Posco Energy - South Korea
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- Latin American Coal - Colombia
- Bukit Baiduri Energy - Indonesia
- Timah Investasi Mineral - Indoneisa
- Indian Oil Corporation Limited
- Directorate General of MIneral and Coal - Indonesia
- The University of Queensland
- Energy Development Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Global Green Power PLC Corporation, Philippines
- Riau Bara Harum - Indonesia
- Kaltim Prima Coal - Indonesia
- Samtan Co., Ltd - South Korea
- Ambuja Cements Ltd - India
- Central Electricity Authority - India
- Mjunction Services Limited - India
- Altura Mining Limited, Indonesia
- Globalindo Alam Lestari - Indonesia
- McConnell Dowell - Australia
- Kalimantan Lumbung Energi - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Pipit Mutiara Jaya. PT, Indonesia
- Straits Asia Resources Limited - Singapore
- Sical Logistics Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- PowerSource Philippines DevCo
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- MS Steel International - UAE
- Power Finance Corporation Ltd., India
- Planning Commission, India
- Bhoruka Overseas - Indonesia
- Intertek Mineral Services - Indonesia
- Bayan Resources Tbk. - Indonesia
- Merrill Lynch Commodities Europe
- Bangladesh Power Developement Board
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Maheswari Brothers Coal Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Simpson Spence & Young - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Mercuria Energy - Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- CNBM International Corporation - China
- Siam City Cement - Thailand
- Petron Corporation, Philippines
- Mintek Dendrill Indonesia
- Indo Tambangraya Megah - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GAC Shipping (India) Pvt Ltd
- Thai Mozambique Logistica
- Vedanta Resources Plc - India
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Bhatia International Limited - India
- Romanian Commodities Exchange
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Wilmar Investment Holdings
- Baramulti Group, Indonesia
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Sree Jayajothi Cements Limited - India
- Ceylon Electricity Board - Sri Lanka
- Tamil Nadu electricity Board
- Chamber of Mines of South Africa
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Interocean Group of Companies - India
- Kapuas Tunggal Persada - Indonesia
- Eastern Coal Council - USA
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Attock Cement Pakistan Limited
- Indogreen Group - Indonesia
- International Coal Ventures Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Binh Thuan Hamico - Vietnam
- Africa Commodities Group - South Africa
- Neyveli Lignite Corporation Ltd, - India
- Kobexindo Tractors - Indoneisa
- Kepco SPC Power Corporation, Philippines
- The Treasury - Australian Government
- IHS Mccloskey Coal Group - USA
- Oldendorff Carriers - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- SN Aboitiz Power Inc, Philippines
- Miang Besar Coal Terminal - Indonesia
- Banpu Public Company Limited - Thailand
- The State Trading Corporation of India Ltd
- Madhucon Powers Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- South Luzon Thermal Energy Corporation
- Rio Tinto Coal - Australia
- Global Business Power Corporation, Philippines
- Ministry of Transport, Egypt
- Price Waterhouse Coopers - Russia
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- VISA Power Limited - India
- Parry Sugars Refinery, India
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- India Bulls Power Limited - India
- Aditya Birla Group - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Jaiprakash Power Ventures ltd
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Malabar Cements Ltd - India
- Orica Mining Services - Indonesia
- Grasim Industreis Ltd - India
- LBH Netherlands Bv - Netherlands
- Energy Link Ltd, New Zealand
- Gujarat Sidhee Cement - India
- Iligan Light & Power Inc, Philippines
- Carbofer General Trading SA - India
- London Commodity Brokers - England
- Parliament of New Zealand
- European Bulk Services B.V. - Netherlands
- Vizag Seaport Private Limited - India
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Renaissance Capital - South Africa
- AsiaOL BioFuels Corp., Philippines
- Sakthi Sugars Limited - India
- Medco Energi Mining Internasional
- Therma Luzon, Inc, Philippines
- Tata Chemicals Ltd - India
- Ministry of Mines - Canada
- Formosa Plastics Group - Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Port Waratah Coal Services - Australia
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