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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, 25 July 16
STRONG BUYER DEMAND PUSHING UP INDONESIAN THERMAL COAL INDICES
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.73 percent week over week to averaging $40.83 per ton this past week, shows C ...
Monday, 25 July 16
THE BDI FELL ON WEAKER RATES FOR CAPESIZE & PANAMAX VESSELS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities slide slightly as Cape and Panamax segments ending in neg ...
Friday, 22 July 16
U.S COAL OUTPUT ROSE 17.2% WEEK OVER WEEK - EIA
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 15.1 million short tons (mms ...
Thursday, 21 July 16
WHAT TO DO WHEN YOU DON'T GET PAID - SHIPOWNERS CLUB
Present market conditions have led to an increase in claims related to unpaid hire. To recover unpaid hire, Owners need to fully understand who the ...
Thursday, 21 July 16
CONSTRUCTIVE TOTAL LOSS: WHAT GOES IN TO CALCULATING QUANTUM? - HILL DICKINSON
KNOWLEDGE TO ELEVATE
The Commercial Court recently delivered its judgment in an important case (Connect Shipping Inc and Machrimar Management ...
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- Gujarat Electricity Regulatory Commission - India
- Sarangani Energy Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Timah Investasi Mineral - Indoneisa
- Rio Tinto Coal - Australia
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Borneo Indobara - Indonesia
- Kartika Selabumi Mining - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- McConnell Dowell - Australia
- Bukit Makmur.PT - Indonesia
- Central Java Power - Indonesia
- Formosa Plastics Group - Taiwan
- India Bulls Power Limited - India
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Port Waratah Coal Services - Australia
- Minerals Council of Australia
- Makarim & Taira - Indonesia
- Iligan Light & Power Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- Indogreen Group - Indonesia
- Mercuria Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Kepco SPC Power Corporation, Philippines
- SMC Global Power, Philippines
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Kohat Cement Company Ltd. - Pakistan
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- Romanian Commodities Exchange
- Coalindo Energy - Indonesia
- Global Green Power PLC Corporation, Philippines
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Neyveli Lignite Corporation Ltd, - India
- Siam City Cement PLC, Thailand
- The University of Queensland
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Orica Australia Pty. Ltd.
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- Aditya Birla Group - India
- PTC India Limited - India
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Star Paper Mills Limited - India
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Globalindo Alam Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Parry Sugars Refinery, India
- Australian Commodity Traders Exchange
- The State Trading Corporation of India Ltd
- Kaltim Prima Coal - Indonesia
- ICICI Bank Limited - India
- Indian Energy Exchange, India
- White Energy Company Limited
- Kapuas Tunggal Persada - Indonesia
- Kumho Petrochemical, South Korea
- Toyota Tsusho Corporation, Japan
- Mercator Lines Limited - India
- Leighton Contractors Pty Ltd - Australia
- Merrill Lynch Commodities Europe
- Pendopo Energi Batubara - Indonesia
- Petron Corporation, Philippines
- Vizag Seaport Private Limited - India
- Thiess Contractors Indonesia
- Intertek Mineral Services - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- SMG Consultants - Indonesia
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- IHS Mccloskey Coal Group - USA
- Xindia Steels Limited - India
- Wood Mackenzie - Singapore
- Maheswari Brothers Coal Limited - India
- Electricity Generating Authority of Thailand
- Mjunction Services Limited - India
- Energy Development Corp, Philippines
- Cement Manufacturers Association - India
- Attock Cement Pakistan Limited
- Kalimantan Lumbung Energi - Indonesia
- Parliament of New Zealand
- Gujarat Sidhee Cement - India
- Indonesian Coal Mining Association
- Larsen & Toubro Limited - India
- Chettinad Cement Corporation Ltd - India
- Bharathi Cement Corporation - India
- Sinarmas Energy and Mining - Indonesia
- Sakthi Sugars Limited - India
- Thai Mozambique Logistica
- PNOC Exploration Corporation - Philippines
- Energy Link Ltd, New Zealand
- Georgia Ports Authority, United States
- Salva Resources Pvt Ltd - India
- Standard Chartered Bank - UAE
- Africa Commodities Group - South Africa
- Billiton Holdings Pty Ltd - Australia
- Gujarat Mineral Development Corp Ltd - India
- Banpu Public Company Limited - Thailand
- Ministry of Mines - Canada
- Ministry of Transport, Egypt
- Aboitiz Power Corporation - Philippines
- Maharashtra Electricity Regulatory Commission - India
- Meralco Power Generation, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Lanco Infratech Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Eastern Coal Council - USA
- GAC Shipping (India) Pvt Ltd
- International Coal Ventures Pvt Ltd - India
- Chamber of Mines of South Africa
- Krishnapatnam Port Company Ltd. - India
- Carbofer General Trading SA - India
- Petrochimia International Co. Ltd.- Taiwan
- Alfred C Toepfer International GmbH - Germany
- PetroVietnam Power Coal Import and Supply Company
- Jorong Barutama Greston.PT - Indonesia
- Vedanta Resources Plc - India
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Dalmia Cement Bharat India
- Semirara Mining Corp, Philippines
- Ind-Barath Power Infra Limited - India
- Miang Besar Coal Terminal - Indonesia
- Independent Power Producers Association of India
- Jindal Steel & Power Ltd - India
- Straits Asia Resources Limited - Singapore
- Heidelberg Cement - Germany
- PowerSource Philippines DevCo
- Binh Thuan Hamico - Vietnam
- Riau Bara Harum - Indonesia
- VISA Power Limited - India
- Electricity Authority, New Zealand
- Commonwealth Bank - Australia
- Videocon Industries ltd - India
- South Luzon Thermal Energy Corporation
- Central Electricity Authority - India
- Cigading International Bulk Terminal - Indonesia
- Sical Logistics Limited - India
- Indo Tambangraya Megah - Indonesia
- New Zealand Coal & Carbon
- Goldman Sachs - Singapore
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Trasteel International SA, Italy
- Antam Resourcindo - Indonesia
- Marubeni Corporation - India
- Altura Mining Limited, Indonesia
- Bhoruka Overseas - Indonesia
- Grasim Industreis Ltd - India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- GMR Energy Limited - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- LBH Netherlands Bv - Netherlands
- TeaM Sual Corporation - Philippines
- TNB Fuel Sdn Bhd - Malaysia
- Siam City Cement - Thailand
- Coastal Gujarat Power Limited - India
- Essar Steel Hazira Ltd - India
- Global Coal Blending Company Limited - Australia
- Latin American Coal - Colombia
- Ministry of Finance - Indonesia
- Australian Coal Association
- Renaissance Capital - South Africa
- Savvy Resources Ltd - HongKong
- Karaikal Port Pvt Ltd - India
- Barasentosa Lestari - Indonesia
- Kobexindo Tractors - Indoneisa
- Directorate Of Revenue Intelligence - India
- Meenaskhi Energy Private Limited - India
- CNBM International Corporation - China
- Anglo American - United Kingdom
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- European Bulk Services B.V. - Netherlands
- ASAPP Information Group - India
- Indika Energy - Indonesia
- Price Waterhouse Coopers - Russia
- Planning Commission, India
- Ceylon Electricity Board - Sri Lanka
- Mintek Dendrill Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Wilmar Investment Holdings
- Bulk Trading Sa - Switzerland
- Oldendorff Carriers - Singapore
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