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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, 20 July 16
EDIBLE OIL MARKETS ACROSS THE GLOBE REMAIN UNDER PRESSURE - STELIOS KOLLINTZAS
The edible oil markets across the globe remain under pressure on the back of lackluster demand. Some of the main factors causing the low activity a ...
Tuesday, 19 July 16
INDONESIAN THERMAL COAL INDEXES CONTINUALLY FIRM UP ON ROBUST BUYING INTEREST - CS COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose One percent week over week to averaging $40.38 per ton this past week, shows CS ...
Monday, 18 July 16
FROM PIT TO PORT: DRY BULK NEEDS A NEW PATH TO PROFITABILITY - TOC EUROPE
During the golden years for commodities, from 2005 to 2014, high demand and big profit margins pushed companies to produce more and more, sacrifici ...
Monday, 18 July 16
BALTIC DRY INDEX REMAIN FIRM, UP BY 5.97 WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to remain firm with all segments ending in posi ...
Friday, 15 July 16
US COAL PRODUCTION DOWN 8.4% WEEK-OVER-WEEK
COALspot.com – U.S, world’s second largest coal producers has produced approximately totalled an estimated 12.9 million short tons (mms ...
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- Ind-Barath Power Infra Limited - India
- GMR Energy Limited - India
- Africa Commodities Group - South Africa
- Sindya Power Generating Company Private Ltd
- Planning Commission, India
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Salva Resources Pvt Ltd - India
- Indika Energy - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Meenaskhi Energy Private Limited - India
- Makarim & Taira - Indonesia
- CIMB Investment Bank - Malaysia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Orica Mining Services - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Bhushan Steel Limited - India
- Sojitz Corporation - Japan
- Thiess Contractors Indonesia
- European Bulk Services B.V. - Netherlands
- VISA Power Limited - India
- Marubeni Corporation - India
- OPG Power Generation Pvt Ltd - India
- IHS Mccloskey Coal Group - USA
- Central Java Power - Indonesia
- McConnell Dowell - Australia
- White Energy Company Limited
- Port Waratah Coal Services - Australia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Dalmia Cement Bharat India
- Antam Resourcindo - Indonesia
- ICICI Bank Limited - India
- Australian Coal Association
- Sree Jayajothi Cements Limited - India
- SN Aboitiz Power Inc, Philippines
- SMG Consultants - Indonesia
- Power Finance Corporation Ltd., India
- Eastern Energy - Thailand
- Mjunction Services Limited - India
- MS Steel International - UAE
- GVK Power & Infra Limited - India
- PowerSource Philippines DevCo
- Jaiprakash Power Ventures ltd
- Cement Manufacturers Association - India
- Kepco SPC Power Corporation, Philippines
- Oldendorff Carriers - Singapore
- Bukit Baiduri Energy - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Rashtriya Ispat Nigam Limited - India
- The University of Queensland
- Madhucon Powers Ltd - India
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Agrawal Coal Company - India
- South Luzon Thermal Energy Corporation
- Essar Steel Hazira Ltd - India
- Borneo Indobara - Indonesia
- Coal and Oil Company - UAE
- Sarangani Energy Corporation, Philippines
- Banpu Public Company Limited - Thailand
- Heidelberg Cement - Germany
- Jindal Steel & Power Ltd - India
- Kohat Cement Company Ltd. - Pakistan
- Malabar Cements Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sical Logistics Limited - India
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- Electricity Authority, New Zealand
- Xindia Steels Limited - India
- Kapuas Tunggal Persada - Indonesia
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- San Jose City I Power Corp, Philippines
- Gujarat Sidhee Cement - India
- Latin American Coal - Colombia
- Parry Sugars Refinery, India
- Alfred C Toepfer International GmbH - Germany
- Chettinad Cement Corporation Ltd - India
- Larsen & Toubro Limited - India
- Sakthi Sugars Limited - India
- London Commodity Brokers - England
- Kumho Petrochemical, South Korea
- Economic Council, Georgia
- Independent Power Producers Association of India
- Toyota Tsusho Corporation, Japan
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Mercator Lines Limited - India
- Semirara Mining Corp, Philippines
- Electricity Generating Authority of Thailand
- Billiton Holdings Pty Ltd - Australia
- New Zealand Coal & Carbon
- Leighton Contractors Pty Ltd - Australia
- Grasim Industreis Ltd - India
- Altura Mining Limited, Indonesia
- Romanian Commodities Exchange
- Indogreen Group - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Directorate Of Revenue Intelligence - India
- Singapore Mercantile Exchange
- Eastern Coal Council - USA
- Goldman Sachs - Singapore
- Anglo American - United Kingdom
- The Treasury - Australian Government
- AsiaOL BioFuels Corp., Philippines
- Miang Besar Coal Terminal - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Global Green Power PLC Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Metalloyd Limited - United Kingdom
- Bangladesh Power Developement Board
- Kalimantan Lumbung Energi - Indonesia
- Price Waterhouse Coopers - Russia
- Barasentosa Lestari - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Vizag Seaport Private Limited - India
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Iligan Light & Power Inc, Philippines
- Ministry of Finance - Indonesia
- Bhatia International Limited - India
- Vedanta Resources Plc - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- Ministry of Transport, Egypt
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Indonesian Coal Mining Association
- Global Business Power Corporation, Philippines
- IEA Clean Coal Centre - UK
- SMC Global Power, Philippines
- Simpson Spence & Young - Indonesia
- CNBM International Corporation - China
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Lanco Infratech Ltd - India
- Global Coal Blending Company Limited - Australia
- Wood Mackenzie - Singapore
- Posco Energy - South Korea
- India Bulls Power Limited - India
- Deloitte Consulting - India
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Mercuria Energy - Indonesia
- Bharathi Cement Corporation - India
- Mintek Dendrill Indonesia
- Indian Oil Corporation Limited
- Trasteel International SA, Italy
- Attock Cement Pakistan Limited
- Rio Tinto Coal - Australia
- Krishnapatnam Port Company Ltd. - India
- Gujarat Mineral Development Corp Ltd - India
- GAC Shipping (India) Pvt Ltd
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- ASAPP Information Group - India
- Bhoruka Overseas - Indonesia
- Minerals Council of Australia
- Carbofer General Trading SA - India
- Interocean Group of Companies - India
- Tata Chemicals Ltd - India
- Medco Energi Mining Internasional
- Savvy Resources Ltd - HongKong
- Indo Tambangraya Megah - Indonesia
- Kaltim Prima Coal - Indonesia
- The State Trading Corporation of India Ltd
- Energy Link Ltd, New Zealand
- Bukit Makmur.PT - Indonesia
- Commonwealth Bank - Australia
- Orica Australia Pty. Ltd.
- Intertek Mineral Services - Indonesia
- Standard Chartered Bank - UAE
- Pendopo Energi Batubara - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Tamil Nadu electricity Board
- TNB Fuel Sdn Bhd - Malaysia
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Bayan Resources Tbk. - Indonesia
- Chamber of Mines of South Africa
- Star Paper Mills Limited - India
- International Coal Ventures Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- Sinarmas Energy and Mining - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- LBH Netherlands Bv - Netherlands
- Vijayanagar Sugar Pvt Ltd - India
- Ceylon Electricity Board - Sri Lanka
- Aditya Birla Group - India
- Meralco Power Generation, Philippines
- Samtan Co., Ltd - South Korea
- Parliament of New Zealand
- Semirara Mining and Power Corporation, Philippines
- Manunggal Multi Energi - Indonesia
- Australian Commodity Traders Exchange
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Formosa Plastics Group - Taiwan
- Uttam Galva Steels Limited - India
- Siam City Cement - Thailand
- Maheswari Brothers Coal Limited - India
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Gujarat Electricity Regulatory Commission - India
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