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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, 29 June 16
THE DRY BULK INDICES, OPPOSITE TO MOST GLOBAL MARKET INDICES, ROSE END OF LAST WEEK
Last week closed off with a massive shockwave for markets across the world following the British referendum, the result of which will mark the begi ...
Tuesday, 28 June 16
WEEKLY CS COAL INDICES ROSE ON RENEWED DEMAND FROM CHINA
COALspot.com: Average 5000 GAR coal index of Indonesian origin was up by 0.66 percent week over week to averaging $39.65 per ton this past week, sh ...
Tuesday, 28 June 16
CHINA'S IRON ORE IMPORTS: HOW MUCH MORE WORK FOR CAPES? - CLARKSONS
Chinese iron ore imports account for around two thirds of global seaborne iron ore shipments, making it the key driver of Capesize employment. Whil ...
Monday, 27 June 16
LATEST NEWS ON BIMCO'S CONTRACTS AND CLAUSES
BIMCO is currently updating several of its most widely used charter parties including SUPPLYTIME and BARECON. New developments include the Standard ...
Monday, 27 June 16
BREXIT RESULT COULD SEE UK FACING AN EXODUS OF MARITIME TALENT - FASTSTREAM
The UK’s decision to leave the EU has the potential to drive many of its maritime employees away, according to the results of a survey issued ...
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- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Pendopo Energi Batubara - Indonesia
- Sree Jayajothi Cements Limited - India
- Rio Tinto Coal - Australia
- London Commodity Brokers - England
- Vedanta Resources Plc - India
- Tamil Nadu electricity Board
- Gujarat Sidhee Cement - India
- Ministry of Transport, Egypt
- Samtan Co., Ltd - South Korea
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Tata Chemicals Ltd - India
- Eastern Energy - Thailand
- Kalimantan Lumbung Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kaltim Prima Coal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Central Java Power - Indonesia
- Makarim & Taira - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Chamber of Mines of South Africa
- Mercuria Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Vizag Seaport Private Limited - India
- Ambuja Cements Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Parry Sugars Refinery, India
- Sinarmas Energy and Mining - Indonesia
- Port Waratah Coal Services - Australia
- Madhucon Powers Ltd - India
- Iligan Light & Power Inc, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Bukit Makmur.PT - Indonesia
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- Bank of Tokyo Mitsubishi UFJ Ltd
- Meralco Power Generation, Philippines
- Sarangani Energy Corporation, Philippines
- VISA Power Limited - India
- Oldendorff Carriers - Singapore
- Ministry of Finance - Indonesia
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Latin American Coal - Colombia
- Africa Commodities Group - South Africa
- Kumho Petrochemical, South Korea
- Planning Commission, India
- Krishnapatnam Port Company Ltd. - India
- Marubeni Corporation - India
- Indika Energy - Indonesia
- Kartika Selabumi Mining - Indonesia
- GMR Energy Limited - India
- Coal and Oil Company - UAE
- Miang Besar Coal Terminal - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Indian Oil Corporation Limited
- IHS Mccloskey Coal Group - USA
- Intertek Mineral Services - Indonesia
- Aboitiz Power Corporation - Philippines
- Wilmar Investment Holdings
- PTC India Limited - India
- Indonesian Coal Mining Association
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Trasteel International SA, Italy
- Barasentosa Lestari - Indonesia
- Australian Commodity Traders Exchange
- Kideco Jaya Agung - Indonesia
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Star Paper Mills Limited - India
- Orica Australia Pty. Ltd.
- Sical Logistics Limited - India
- SMC Global Power, Philippines
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Chettinad Cement Corporation Ltd - India
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Petron Corporation, Philippines
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- CIMB Investment Bank - Malaysia
- San Jose City I Power Corp, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Eastern Coal Council - USA
- Energy Link Ltd, New Zealand
- ICICI Bank Limited - India
- PetroVietnam Power Coal Import and Supply Company
- Bayan Resources Tbk. - Indonesia
- Globalindo Alam Lestari - Indonesia
- The University of Queensland
- Georgia Ports Authority, United States
- International Coal Ventures Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Coastal Gujarat Power Limited - India
- Coalindo Energy - Indonesia
- SMG Consultants - Indonesia
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Karaikal Port Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Toyota Tsusho Corporation, Japan
- Indogreen Group - Indonesia
- Riau Bara Harum - Indonesia
- Merrill Lynch Commodities Europe
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- New Zealand Coal & Carbon
- Alfred C Toepfer International GmbH - Germany
- Ceylon Electricity Board - Sri Lanka
- Anglo American - United Kingdom
- Kepco SPC Power Corporation, Philippines
- Therma Luzon, Inc, Philippines
- Bukit Baiduri Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- McConnell Dowell - Australia
- Wood Mackenzie - Singapore
- Billiton Holdings Pty Ltd - Australia
- Essar Steel Hazira Ltd - India
- Manunggal Multi Energi - Indonesia
- Central Electricity Authority - India
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Commonwealth Bank - Australia
- Electricity Generating Authority of Thailand
- South Luzon Thermal Energy Corporation
- Xindia Steels Limited - India
- Electricity Authority, New Zealand
- The Treasury - Australian Government
- Videocon Industries ltd - India
- TeaM Sual Corporation - Philippines
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Asmin Koalindo Tuhup - Indonesia
- MS Steel International - UAE
- Borneo Indobara - Indonesia
- Economic Council, Georgia
- Baramulti Group, Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- LBH Netherlands Bv - Netherlands
- Independent Power Producers Association of India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Power Finance Corporation Ltd., India
- Antam Resourcindo - Indonesia
- Dalmia Cement Bharat India
- Thai Mozambique Logistica
- Mercator Lines Limited - India
- Bharathi Cement Corporation - India
- Singapore Mercantile Exchange
- Simpson Spence & Young - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Sindya Power Generating Company Private Ltd
- Orica Mining Services - Indonesia
- Energy Development Corp, Philippines
- CNBM International Corporation - China
- Parliament of New Zealand
- Jindal Steel & Power Ltd - India
- Directorate Of Revenue Intelligence - India
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- Savvy Resources Ltd - HongKong
- Goldman Sachs - Singapore
- Indian Energy Exchange, India
- Timah Investasi Mineral - Indoneisa
- Uttam Galva Steels Limited - India
- OPG Power Generation Pvt Ltd - India
- Medco Energi Mining Internasional
- Leighton Contractors Pty Ltd - Australia
- White Energy Company Limited
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Standard Chartered Bank - UAE
- AsiaOL BioFuels Corp., Philippines
- Deloitte Consulting - India
- Binh Thuan Hamico - Vietnam
- Bhushan Steel Limited - India
- Attock Cement Pakistan Limited
- Posco Energy - South Korea
- Larsen & Toubro Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Interocean Group of Companies - India
- The State Trading Corporation of India Ltd
- Renaissance Capital - South Africa
- Romanian Commodities Exchange
- Lanco Infratech Ltd - India
- Altura Mining Limited, Indonesia
- India Bulls Power Limited - India
- Semirara Mining Corp, Philippines
- Edison Trading Spa - Italy
- Formosa Plastics Group - Taiwan
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Neyveli Lignite Corporation Ltd, - India
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Ministry of Mines - Canada
- Global Business Power Corporation, Philippines
- Sakthi Sugars Limited - India
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Gujarat Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- IEA Clean Coal Centre - UK
- Minerals Council of Australia
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