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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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Tuesday, 06 September 16
INDO GOVT. SETS SEPTEMBER COAL REFERENCE PRICE AT US$ 63.93 PER TON; JUMP 20.17% YTD
COALspot.com: The Indonesia coal benchmark price hits to its highest level since April 2015. The government declared benchmark prices f ...
Tuesday, 06 September 16
CAPESIZE: THE PACIFIC BASIN WAS THE MAIN REGION KEEPING UP WITH THE POSITIVE SUPPORT - ALLIED
Capesize
Despite some mixed feelings being seen early on in the week, we managed to see a positive week-on-week close on Friday with some positiv ...
Monday, 05 September 16
INDIA BECAME ADARO'S SECOND LARGEST MARKET IN 1H' 16
COALspot.com: The Wara Balangan blend product has been well received by customers in China and India - AI
In the second quarter of 2 ...
Monday, 05 September 16
POOR FREIGHT RATES DESPITE STRONG DEMAND GROWTH FROM CHINA - BIMCO
Demand
The dry bulk commodity imports into and exports out of China we have seen in the first half of 2016 are very positive – and nothing ...
Monday, 05 September 16
FREIGHT RATE FROM INDONESIA TO INDIA IS EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities rose and ending in a positive note this past week except ...
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- McConnell Dowell - Australia
- Intertek Mineral Services - Indonesia
- Lanco Infratech Ltd - India
- Ministry of Finance - Indonesia
- Planning Commission, India
- Malabar Cements Ltd - India
- ICICI Bank Limited - India
- Iligan Light & Power Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- TNB Fuel Sdn Bhd - Malaysia
- Thiess Contractors Indonesia
- Sindya Power Generating Company Private Ltd
- Kepco SPC Power Corporation, Philippines
- Romanian Commodities Exchange
- Meralco Power Generation, Philippines
- The State Trading Corporation of India Ltd
- Marubeni Corporation - India
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Coalindo Energy - Indonesia
- Dalmia Cement Bharat India
- Directorate Of Revenue Intelligence - India
- Energy Link Ltd, New Zealand
- SMG Consultants - Indonesia
- Chamber of Mines of South Africa
- Heidelberg Cement - Germany
- Essar Steel Hazira Ltd - India
- Formosa Plastics Group - Taiwan
- Bukit Makmur.PT - Indonesia
- Australian Commodity Traders Exchange
- Binh Thuan Hamico - Vietnam
- White Energy Company Limited
- Maharashtra Electricity Regulatory Commission - India
- Mercator Lines Limited - India
- South Luzon Thermal Energy Corporation
- Sical Logistics Limited - India
- Cigading International Bulk Terminal - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Siam City Cement - Thailand
- GAC Shipping (India) Pvt Ltd
- LBH Netherlands Bv - Netherlands
- Merrill Lynch Commodities Europe
- Wilmar Investment Holdings
- IHS Mccloskey Coal Group - USA
- VISA Power Limited - India
- San Jose City I Power Corp, Philippines
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Aboitiz Power Corporation - Philippines
- Madhucon Powers Ltd - India
- GVK Power & Infra Limited - India
- Global Coal Blending Company Limited - Australia
- India Bulls Power Limited - India
- Sinarmas Energy and Mining - Indonesia
- Mintek Dendrill Indonesia
- Larsen & Toubro Limited - India
- Wood Mackenzie - Singapore
- Bahari Cakrawala Sebuku - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Indonesian Coal Mining Association
- AsiaOL BioFuels Corp., Philippines
- Toyota Tsusho Corporation, Japan
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Pipit Mutiara Jaya. PT, Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Bangladesh Power Developement Board
- Global Business Power Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Simpson Spence & Young - Indonesia
- London Commodity Brokers - England
- Africa Commodities Group - South Africa
- Medco Energi Mining Internasional
- Bayan Resources Tbk. - Indonesia
- Ministry of Transport, Egypt
- Bhushan Steel Limited - India
- Indian Oil Corporation Limited
- Videocon Industries ltd - India
- Bharathi Cement Corporation - India
- Barasentosa Lestari - Indonesia
- Global Green Power PLC Corporation, Philippines
- The University of Queensland
- Renaissance Capital - South Africa
- Altura Mining Limited, Indonesia
- Independent Power Producers Association of India
- Pendopo Energi Batubara - Indonesia
- Meenaskhi Energy Private Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Central Electricity Authority - India
- OPG Power Generation Pvt Ltd - India
- Samtan Co., Ltd - South Korea
- Gujarat Mineral Development Corp Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Port Waratah Coal Services - Australia
- Parliament of New Zealand
- Indika Energy - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Australian Coal Association
- Krishnapatnam Port Company Ltd. - India
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Metalloyd Limited - United Kingdom
- Georgia Ports Authority, United States
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Antam Resourcindo - Indonesia
- Attock Cement Pakistan Limited
- Jorong Barutama Greston.PT - Indonesia
- Bulk Trading Sa - Switzerland
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Savvy Resources Ltd - HongKong
- Billiton Holdings Pty Ltd - Australia
- Semirara Mining and Power Corporation, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Goldman Sachs - Singapore
- Kumho Petrochemical, South Korea
- CNBM International Corporation - China
- Semirara Mining Corp, Philippines
- Indian Energy Exchange, India
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Commonwealth Bank - Australia
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Grasim Industreis Ltd - India
- Sree Jayajothi Cements Limited - India
- Maheswari Brothers Coal Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Sojitz Corporation - Japan
- Uttam Galva Steels Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Eastern Energy - Thailand
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- Petron Corporation, Philippines
- Salva Resources Pvt Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- SMC Global Power, Philippines
- Star Paper Mills Limited - India
- Miang Besar Coal Terminal - Indonesia
- Bhoruka Overseas - Indonesia
- Energy Development Corp, Philippines
- Mercuria Energy - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- PNOC Exploration Corporation - Philippines
- Singapore Mercantile Exchange
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Bhatia International Limited - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Orica Mining Services - Indonesia
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Makarim & Taira - Indonesia
- Alfred C Toepfer International GmbH - Germany
- SN Aboitiz Power Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- ASAPP Information Group - India
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- Banpu Public Company Limited - Thailand
- Electricity Generating Authority of Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Ceylon Electricity Board - Sri Lanka
- Agrawal Coal Company - India
- Siam City Cement PLC, Thailand
- Kaltim Prima Coal - Indonesia
- Carbofer General Trading SA - India
- IEA Clean Coal Centre - UK
- Jindal Steel & Power Ltd - India
- Vedanta Resources Plc - India
- Interocean Group of Companies - India
- Therma Luzon, Inc, Philippines
- Ministry of Mines - Canada
- Karbindo Abesyapradhi - Indoneisa
- Globalindo Alam Lestari - Indonesia
- Kartika Selabumi Mining - Indonesia
- Vizag Seaport Private Limited - India
- Parry Sugars Refinery, India
- PowerSource Philippines DevCo
- Posco Energy - South Korea
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Minerals Council of Australia
- Standard Chartered Bank - UAE
- Power Finance Corporation Ltd., India
- Orica Australia Pty. Ltd.
- Electricity Authority, New Zealand
- CIMB Investment Bank - Malaysia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Cement Manufacturers Association - India
- Manunggal Multi Energi - Indonesia
- Edison Trading Spa - Italy
- Aditya Birla Group - India
- Xindia Steels Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Sarangani Energy Corporation, Philippines
- Latin American Coal - Colombia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
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