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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, 23 September 16
"COLLATERAL LIES" DO NOT NECESSARILY UNDERMINE AN INSURANCE CLAIM
KNOWLEDGE TO ELEVATE
An insured was not precluded from recovering under an insurance policy even though it had made a false statement during t ...
Friday, 23 September 16
EIA SEES U.S. COAL WEEKLY OUTPUT INCREASE
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Thursday, 22 September 16
CHINA IS THE PRICE-SETTING COUNTRY FOR GLOBAL THERMAL COAL
COALspot.com: China has been the driver of global coal growth since 2009. When China became the largest coal importer in 2011, the country also has ...
Thursday, 22 September 16
SUPRAMAXES ARE ACHIEVING AROUND $7000 FOR A TRIP WITH SINGAPORE DELIVERY VIA INDONESIA TO CHINA
Supramax
A slow start to the week in the Supramax segment in the Atlantic with not much being reported.
In the Blacksea Supramaxes are getti ...
Wednesday, 21 September 16
THE CAPESIZE MARKET HAS BEEN ON A RALLYING TREND SINCE THE END OF AUGUST - GEORGE LAZARIDIS
The Capesize market has been on a rallying trend since the end of August, fuelled mainly by the chase by traders to pre-stock before the typical pi ...
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- Rashtriya Ispat Nigam Limited - India
- Coastal Gujarat Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Gujarat Sidhee Cement - India
- Australian Commodity Traders Exchange
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Kapuas Tunggal Persada - Indonesia
- Tata Chemicals Ltd - India
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Petrochimia International Co. Ltd.- Taiwan
- Directorate Of Revenue Intelligence - India
- Siam City Cement - Thailand
- Global Green Power PLC Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- International Coal Ventures Pvt Ltd - India
- Wilmar Investment Holdings
- Ind-Barath Power Infra Limited - India
- PTC India Limited - India
- Planning Commission, India
- Intertek Mineral Services - Indonesia
- Formosa Plastics Group - Taiwan
- Kideco Jaya Agung - Indonesia
- Samtan Co., Ltd - South Korea
- New Zealand Coal & Carbon
- Binh Thuan Hamico - Vietnam
- Star Paper Mills Limited - India
- The University of Queensland
- Manunggal Multi Energi - Indonesia
- Ministry of Transport, Egypt
- Economic Council, Georgia
- Central Electricity Authority - India
- Interocean Group of Companies - India
- Vedanta Resources Plc - India
- Oldendorff Carriers - Singapore
- Attock Cement Pakistan Limited
- White Energy Company Limited
- Indian Energy Exchange, India
- Semirara Mining and Power Corporation, Philippines
- Straits Asia Resources Limited - Singapore
- Minerals Council of Australia
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Timah Investasi Mineral - Indoneisa
- Latin American Coal - Colombia
- Savvy Resources Ltd - HongKong
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Siam City Cement PLC, Thailand
- Kalimantan Lumbung Energi - Indonesia
- South Luzon Thermal Energy Corporation
- Meenaskhi Energy Private Limited - India
- Tamil Nadu electricity Board
- GVK Power & Infra Limited - India
- Aboitiz Power Corporation - Philippines
- Pendopo Energi Batubara - Indonesia
- Singapore Mercantile Exchange
- Sinarmas Energy and Mining - Indonesia
- Baramulti Group, Indonesia
- Ceylon Electricity Board - Sri Lanka
- Parry Sugars Refinery, India
- Therma Luzon, Inc, Philippines
- Toyota Tsusho Corporation, Japan
- Global Coal Blending Company Limited - Australia
- Bukit Baiduri Energy - Indonesia
- Australian Coal Association
- Mjunction Services Limited - India
- Power Finance Corporation Ltd., India
- Malabar Cements Ltd - India
- Sakthi Sugars Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- AsiaOL BioFuels Corp., Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kartika Selabumi Mining - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Anglo American - United Kingdom
- IEA Clean Coal Centre - UK
- Billiton Holdings Pty Ltd - Australia
- Edison Trading Spa - Italy
- Port Waratah Coal Services - Australia
- TeaM Sual Corporation - Philippines
- Antam Resourcindo - Indonesia
- Energy Development Corp, Philippines
- Eastern Coal Council - USA
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Trasteel International SA, Italy
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Cigading International Bulk Terminal - Indonesia
- Cement Manufacturers Association - India
- Xindia Steels Limited - India
- Sindya Power Generating Company Private Ltd
- Indian Oil Corporation Limited
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Global Business Power Corporation, Philippines
- Holcim Trading Pte Ltd - Singapore
- Carbofer General Trading SA - India
- Kepco SPC Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Alfred C Toepfer International GmbH - Germany
- Central Java Power - Indonesia
- PNOC Exploration Corporation - Philippines
- Deloitte Consulting - India
- Riau Bara Harum - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Kaltim Prima Coal - Indonesia
- Orica Mining Services - Indonesia
- Iligan Light & Power Inc, Philippines
- Jindal Steel & Power Ltd - India
- Metalloyd Limited - United Kingdom
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
- Madhucon Powers Ltd - India
- Mercator Lines Limited - India
- ICICI Bank Limited - India
- European Bulk Services B.V. - Netherlands
- Meralco Power Generation, Philippines
- Gujarat Mineral Development Corp Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bhushan Steel Limited - India
- MS Steel International - UAE
- Bhatia International Limited - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- Vizag Seaport Private Limited - India
- Heidelberg Cement - Germany
- Energy Link Ltd, New Zealand
- Coalindo Energy - Indonesia
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- Uttam Galva Steels Limited - India
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Indonesian Coal Mining Association
- Sojitz Corporation - Japan
- GAC Shipping (India) Pvt Ltd
- Asia Pacific Energy Resources Ventures Inc, Philippines
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Bulk Trading Sa - Switzerland
- Maheswari Brothers Coal Limited - India
- Ministry of Finance - Indonesia
- Coal and Oil Company - UAE
- Indogreen Group - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Kobexindo Tractors - Indoneisa
- Ambuja Cements Ltd - India
- Kumho Petrochemical, South Korea
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- OPG Power Generation Pvt Ltd - India
- McConnell Dowell - Australia
- Essar Steel Hazira Ltd - India
- Altura Mining Limited, Indonesia
- Sical Logistics Limited - India
- Barasentosa Lestari - Indonesia
- India Bulls Power Limited - India
- PowerSource Philippines DevCo
- Vijayanagar Sugar Pvt Ltd - India
- Medco Energi Mining Internasional
- Agrawal Coal Company - India
- Standard Chartered Bank - UAE
- SMG Consultants - Indonesia
- IHS Mccloskey Coal Group - USA
- Simpson Spence & Young - Indonesia
- VISA Power Limited - India
- Jaiprakash Power Ventures ltd
- SN Aboitiz Power Inc, Philippines
- Jorong Barutama Greston.PT - Indonesia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- London Commodity Brokers - England
- Indika Energy - Indonesia
- Videocon Industries ltd - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- San Jose City I Power Corp, Philippines
- Rio Tinto Coal - Australia
- Wood Mackenzie - Singapore
- Marubeni Corporation - India
- Directorate General of MIneral and Coal - Indonesia
- SMC Global Power, Philippines
- Renaissance Capital - South Africa
- The Treasury - Australian Government
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Semirara Mining Corp, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bukit Asam (Persero) Tbk - Indonesia
- Dalmia Cement Bharat India
- Borneo Indobara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Krishnapatnam Port Company Ltd. - India
- LBH Netherlands Bv - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Lanco Infratech Ltd - India
- Sarangani Energy Corporation, Philippines
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