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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, 21 September 16
SHIPPING MARKET INSIGHT - PANOS MAKRINOS
Amidst a challenging dry bulk and tanker market, very little time has been spent on the offshore industry developments during the past couple of ye ...
Monday, 19 September 16
AFTER YEARS OF COMA, COAL BECOMES THE MOST ATTRACTIVE COMMODITY RIGHT NOW
COALspot.com: China boosted coal imports in recent months. The Chinese government’s drive to cut over capacity pushed up the demand for therm ...
Monday, 19 September 16
THE CAPE INDEX WAS UP 7.28% WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities declined and ending in a slightly negative note this past ...
Friday, 16 September 16
GLOBAL SHIPBUILDING: THE CHALLENGE TO REMAIN 'ACTIVE' - CHRISTOPHER PEARCE, CLARKSONS
The number of ‘active’ shipyards globally has more than halved since the start of 2009, falling to around 400 shipyards at the start of ...
Friday, 16 September 16
U.S. WEEKLY COAL OUTPUT DECLINED 6.2% TO 15.1 MMST, SAYS EIA
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 15.1 million short ton ...
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- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- Sakthi Sugars Limited - India
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Barasentosa Lestari - Indonesia
- Directorate Of Revenue Intelligence - India
- Bayan Resources Tbk. - Indonesia
- Videocon Industries ltd - India
- Global Business Power Corporation, Philippines
- Energy Development Corp, Philippines
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Manunggal Multi Energi - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Ambuja Cements Ltd - India
- Minerals Council of Australia
- Lanco Infratech Ltd - India
- White Energy Company Limited
- Indian Oil Corporation Limited
- Vedanta Resources Plc - India
- Parry Sugars Refinery, India
- Asmin Koalindo Tuhup - Indonesia
- SMG Consultants - Indonesia
- GVK Power & Infra Limited - India
- Ceylon Electricity Board - Sri Lanka
- Pendopo Energi Batubara - Indonesia
- MS Steel International - UAE
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Directorate General of MIneral and Coal - Indonesia
- Deloitte Consulting - India
- Dalmia Cement Bharat India
- Bukit Baiduri Energy - Indonesia
- Indonesian Coal Mining Association
- Carbofer General Trading SA - India
- Wilmar Investment Holdings
- Leighton Contractors Pty Ltd - Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Meenaskhi Energy Private Limited - India
- Timah Investasi Mineral - Indoneisa
- Orica Australia Pty. Ltd.
- Anglo American - United Kingdom
- Ministry of Finance - Indonesia
- Latin American Coal - Colombia
- Intertek Mineral Services - Indonesia
- Australian Commodity Traders Exchange
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Edison Trading Spa - Italy
- Metalloyd Limited - United Kingdom
- Indogreen Group - Indonesia
- Straits Asia Resources Limited - Singapore
- Cement Manufacturers Association - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Eastern Coal Council - USA
- Karaikal Port Pvt Ltd - India
- Tata Chemicals Ltd - India
- Attock Cement Pakistan Limited
- Bukit Makmur.PT - Indonesia
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Central Electricity Authority - India
- European Bulk Services B.V. - Netherlands
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Bahari Cakrawala Sebuku - Indonesia
- Merrill Lynch Commodities Europe
- Global Green Power PLC Corporation, Philippines
- Antam Resourcindo - Indonesia
- Borneo Indobara - Indonesia
- India Bulls Power Limited - India
- Star Paper Mills Limited - India
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Sindya Power Generating Company Private Ltd
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Neyveli Lignite Corporation Ltd, - India
- Romanian Commodities Exchange
- Coal and Oil Company - UAE
- Offshore Bulk Terminal Pte Ltd, Singapore
- Bhoruka Overseas - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Samtan Co., Ltd - South Korea
- Bhatia International Limited - India
- Marubeni Corporation - India
- Cigading International Bulk Terminal - Indonesia
- New Zealand Coal & Carbon
- Semirara Mining and Power Corporation, Philippines
- South Luzon Thermal Energy Corporation
- OPG Power Generation Pvt Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kartika Selabumi Mining - Indonesia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Interocean Group of Companies - India
- GAC Shipping (India) Pvt Ltd
- Alfred C Toepfer International GmbH - Germany
- Kepco SPC Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- Chettinad Cement Corporation Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Gujarat Sidhee Cement - India
- Kideco Jaya Agung - Indonesia
- Altura Mining Limited, Indonesia
- Meralco Power Generation, Philippines
- Africa Commodities Group - South Africa
- Larsen & Toubro Limited - India
- Holcim Trading Pte Ltd - Singapore
- Central Java Power - Indonesia
- Mintek Dendrill Indonesia
- Jindal Steel & Power Ltd - India
- Coalindo Energy - Indonesia
- Bulk Trading Sa - Switzerland
- The State Trading Corporation of India Ltd
- Port Waratah Coal Services - Australia
- Kapuas Tunggal Persada - Indonesia
- PTC India Limited - India
- Coastal Gujarat Power Limited - India
- Bharathi Cement Corporation - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Thiess Contractors Indonesia
- Billiton Holdings Pty Ltd - Australia
- Jaiprakash Power Ventures ltd
- Indian Energy Exchange, India
- The University of Queensland
- Vijayanagar Sugar Pvt Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Thai Mozambique Logistica
- Kalimantan Lumbung Energi - Indonesia
- Simpson Spence & Young - Indonesia
- San Jose City I Power Corp, Philippines
- Heidelberg Cement - Germany
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- PNOC Exploration Corporation - Philippines
- CIMB Investment Bank - Malaysia
- Makarim & Taira - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kobexindo Tractors - Indoneisa
- Vizag Seaport Private Limited - India
- Oldendorff Carriers - Singapore
- SN Aboitiz Power Inc, Philippines
- PowerSource Philippines DevCo
- Georgia Ports Authority, United States
- Electricity Generating Authority of Thailand
- Global Coal Blending Company Limited - Australia
- Mjunction Services Limited - India
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Renaissance Capital - South Africa
- Agrawal Coal Company - India
- ASAPP Information Group - India
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Power Finance Corporation Ltd., India
- GMR Energy Limited - India
- Ind-Barath Power Infra Limited - India
- Mercuria Energy - Indonesia
- Globalindo Alam Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Siam City Cement - Thailand
- Electricity Authority, New Zealand
- Uttam Galva Steels Limited - India
- AsiaOL BioFuels Corp., Philippines
- Bhushan Steel Limited - India
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Maheswari Brothers Coal Limited - India
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Mercator Lines Limited - India
- Essar Steel Hazira Ltd - India
- Eastern Energy - Thailand
- Price Waterhouse Coopers - Russia
- Standard Chartered Bank - UAE
- Singapore Mercantile Exchange
- Ministry of Transport, Egypt
- SMC Global Power, Philippines
- Energy Link Ltd, New Zealand
- IEA Clean Coal Centre - UK
- Karbindo Abesyapradhi - Indoneisa
- Posco Energy - South Korea
- Semirara Mining Corp, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Independent Power Producers Association of India
- Australian Coal Association
- Orica Mining Services - Indonesia
- Wood Mackenzie - Singapore
- Kohat Cement Company Ltd. - Pakistan
- The Treasury - Australian Government
- Iligan Light & Power Inc, Philippines
- Petron Corporation, Philippines
- McConnell Dowell - Australia
- London Commodity Brokers - England
- Bangladesh Power Developement Board
- VISA Power Limited - India
- Planning Commission, India
- Formosa Plastics Group - Taiwan
- Toyota Tsusho Corporation, Japan
- Madhucon Powers Ltd - India
- Goldman Sachs - Singapore
- Baramulti Group, Indonesia
- Sical Logistics Limited - India
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