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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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Monday, 12 September 16
THE CAPE MARKET HAS GAINS ON WEEK; THE CAPE INDEX SETTLING AT 1566 POINTS ON FRIDAY
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week. The BD ...
Friday, 09 September 16
U.S. WEEKLY COAL OUTPUT DECLINED SLIGHTLY TO 16.1 MMST, EIA SAYS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 16.1 million short ton ...
Friday, 09 September 16
CAPESIZE: THE SENTIMENT IS SOLID, SAYS FEARNLEYS
Supramax
A quiet start with Labour Day celebrations in the United States leading to very little being reported from the Atlantic basin. Supramaxe ...
Thursday, 08 September 16
U.S. COAL EXPORTS IN JUNE 2016 UP 29% COMPARED TO MAY 2016, SAYS EIA
U.S. coal production in August was 71 million short tons (MMst), which is 6 MMst (9%) higher than in the previous month and 12 MMst (14%) lower tha ...
Wednesday, 07 September 16
WEEKLY MARKET (TANKER) REPORT - INTERMODAL
What goes around comes around! The Shipping industry is infamous for its seasonality and cyclicality and the tanker sector is no exception to these ...
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- Riau Bara Harum - Indonesia
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Bukit Makmur.PT - Indonesia
- Vedanta Resources Plc - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PNOC Exploration Corporation - Philippines
- Carbofer General Trading SA - India
- Intertek Mineral Services - Indonesia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Global Business Power Corporation, Philippines
- Indonesian Coal Mining Association
- Central Electricity Authority - India
- Formosa Plastics Group - Taiwan
- Coalindo Energy - Indonesia
- VISA Power Limited - India
- Thai Mozambique Logistica
- Uttam Galva Steels Limited - India
- Chamber of Mines of South Africa
- Antam Resourcindo - Indonesia
- Bhatia International Limited - India
- Meenaskhi Energy Private Limited - India
- India Bulls Power Limited - India
- Manunggal Multi Energi - Indonesia
- Karaikal Port Pvt Ltd - India
- Australian Coal Association
- Interocean Group of Companies - India
- Ceylon Electricity Board - Sri Lanka
- Heidelberg Cement - Germany
- Mjunction Services Limited - India
- CNBM International Corporation - China
- Ministry of Transport, Egypt
- Madhucon Powers Ltd - India
- Georgia Ports Authority, United States
- CIMB Investment Bank - Malaysia
- Ind-Barath Power Infra Limited - India
- Kepco SPC Power Corporation, Philippines
- McConnell Dowell - Australia
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Bulk Trading Sa - Switzerland
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Krishnapatnam Port Company Ltd. - India
- PTC India Limited - India
- Salva Resources Pvt Ltd - India
- Leighton Contractors Pty Ltd - Australia
- GAC Shipping (India) Pvt Ltd
- Sindya Power Generating Company Private Ltd
- Meralco Power Generation, Philippines
- New Zealand Coal & Carbon
- Coal and Oil Company - UAE
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Kapuas Tunggal Persada - Indonesia
- Anglo American - United Kingdom
- IHS Mccloskey Coal Group - USA
- Globalindo Alam Lestari - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Africa Commodities Group - South Africa
- Bhushan Steel Limited - India
- Independent Power Producers Association of India
- ASAPP Information Group - India
- The State Trading Corporation of India Ltd
- Vijayanagar Sugar Pvt Ltd - India
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Bharathi Cement Corporation - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Directorate Of Revenue Intelligence - India
- Global Coal Blending Company Limited - Australia
- Kartika Selabumi Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Cement Manufacturers Association - India
- Mercator Lines Limited - India
- Central Java Power - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- San Jose City I Power Corp, Philippines
- London Commodity Brokers - England
- White Energy Company Limited
- Baramulti Group, Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Electricity Generating Authority of Thailand
- Indo Tambangraya Megah - Indonesia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
- Makarim & Taira - Indonesia
- SN Aboitiz Power Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Indian Energy Exchange, India
- Gujarat Sidhee Cement - India
- Economic Council, Georgia
- Kumho Petrochemical, South Korea
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Rio Tinto Coal - Australia
- Simpson Spence & Young - Indonesia
- Maheswari Brothers Coal Limited - India
- Jindal Steel & Power Ltd - India
- Renaissance Capital - South Africa
- Siam City Cement - Thailand
- Billiton Holdings Pty Ltd - Australia
- IEA Clean Coal Centre - UK
- Goldman Sachs - Singapore
- Ministry of Mines - Canada
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Port Waratah Coal Services - Australia
- Orica Australia Pty. Ltd.
- Thiess Contractors Indonesia
- OPG Power Generation Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Marubeni Corporation - India
- Binh Thuan Hamico - Vietnam
- Videocon Industries ltd - India
- Tamil Nadu electricity Board
- Petron Corporation, Philippines
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Orica Mining Services - Indonesia
- Aditya Birla Group - India
- Eastern Coal Council - USA
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Sarangani Energy Corporation, Philippines
- TeaM Sual Corporation - Philippines
- Siam City Cement PLC, Thailand
- Bukit Baiduri Energy - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Larsen & Toubro Limited - India
- Medco Energi Mining Internasional
- Edison Trading Spa - Italy
- Bank of Tokyo Mitsubishi UFJ Ltd
- Energy Development Corp, Philippines
- Singapore Mercantile Exchange
- Electricity Authority, New Zealand
- Romanian Commodities Exchange
- Eastern Energy - Thailand
- Posco Energy - South Korea
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indika Energy - Indonesia
- The Treasury - Australian Government
- Bukit Asam (Persero) Tbk - Indonesia
- Malabar Cements Ltd - India
- Vizag Seaport Private Limited - India
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- South Luzon Thermal Energy Corporation
- Oldendorff Carriers - Singapore
- Therma Luzon, Inc, Philippines
- Grasim Industreis Ltd - India
- Price Waterhouse Coopers - Russia
- Deloitte Consulting - India
- GVK Power & Infra Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Petrochimia International Co. Ltd.- Taiwan
- Sical Logistics Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Mercuria Energy - Indonesia
- Parliament of New Zealand
- Kohat Cement Company Ltd. - Pakistan
- Jorong Barutama Greston.PT - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Borneo Indobara - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Dalmia Cement Bharat India
- Essar Steel Hazira Ltd - India
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- The University of Queensland
- Planning Commission, India
- Directorate General of MIneral and Coal - Indonesia
- Savvy Resources Ltd - HongKong
- Straits Asia Resources Limited - Singapore
- Iligan Light & Power Inc, Philippines
- Wilmar Investment Holdings
- GN Power Mariveles Coal Plant, Philippines
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Indogreen Group - Indonesia
- Timah Investasi Mineral - Indoneisa
- Parry Sugars Refinery, India
- Merrill Lynch Commodities Europe
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- ICICI Bank Limited - India
- Indian Oil Corporation Limited
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Jaiprakash Power Ventures ltd
- Metalloyd Limited - United Kingdom
- Standard Chartered Bank - UAE
- PowerSource Philippines DevCo
- Karbindo Abesyapradhi - Indoneisa
- Wood Mackenzie - Singapore
- European Bulk Services B.V. - Netherlands
- Kobexindo Tractors - Indoneisa
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