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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, 11 May 16
MARKET INSIGHT - KATERINA RESTIS
On Saturday 7th May, Riyadh replaced the long-serving oil minister of more than two decades, Ali-Al-Naimi, as part of a major government overhaul, ...
Tuesday, 10 May 16
VOLATILITY? VARIATION NO ENIGMA TO SHIPPING..... - CLARKSONS
Along with cyclicality, the other characteristic of the shipping markets which receives frequent mention is volatility. This is so evident that the ...
Monday, 09 May 16
INDONESIAN CS COAL INDICES UP CONTINUES; POSITIVE DIRECTION
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.10 percent week over week to averaging $38.82 per ton on this past Wednesday, a ...
Monday, 09 May 16
DRY BULK SHIPPING TO WITNESS STEADY PROGRESS MOVING FORWARD ON THE BACK OF GROWING TRADE VOLUMES - BIMCO
In its latest short-term analysis of the shipping markets, BIMCO reiterated its optimism on the prospects of the dry bulk market moving forward. Ac ...
Monday, 09 May 16
BALTIC DRY INDEX ENDS WEEK ON A NEGATIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities decline this week.
The freight market was weak and a ...
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- Indonesian Coal Mining Association
- McConnell Dowell - Australia
- Binh Thuan Hamico - Vietnam
- London Commodity Brokers - England
- South Luzon Thermal Energy Corporation
- Electricity Generating Authority of Thailand
- Central Java Power - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- TeaM Sual Corporation - Philippines
- Global Business Power Corporation, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Bulk Trading Sa - Switzerland
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Siam City Cement PLC, Thailand
- Bhoruka Overseas - Indonesia
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Holcim Trading Pte Ltd - Singapore
- The State Trading Corporation of India Ltd
- Dalmia Cement Bharat India
- Sakthi Sugars Limited - India
- Rio Tinto Coal - Australia
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Bangladesh Power Developement Board
- Trasteel International SA, Italy
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Economic Council, Georgia
- Tamil Nadu electricity Board
- International Coal Ventures Pvt Ltd - India
- SMG Consultants - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Videocon Industries ltd - India
- Chamber of Mines of South Africa
- Kobexindo Tractors - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- Baramulti Group, Indonesia
- The Treasury - Australian Government
- Deloitte Consulting - India
- European Bulk Services B.V. - Netherlands
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- San Jose City I Power Corp, Philippines
- Uttam Galva Steels Limited - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Sinarmas Energy and Mining - Indonesia
- Madhucon Powers Ltd - India
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Ministry of Transport, Egypt
- Intertek Mineral Services - Indonesia
- CNBM International Corporation - China
- Kideco Jaya Agung - Indonesia
- Semirara Mining Corp, Philippines
- Larsen & Toubro Limited - India
- Maheswari Brothers Coal Limited - India
- Meralco Power Generation, Philippines
- Price Waterhouse Coopers - Russia
- Wood Mackenzie - Singapore
- Grasim Industreis Ltd - India
- Thiess Contractors Indonesia
- Timah Investasi Mineral - Indoneisa
- Independent Power Producers Association of India
- Bhatia International Limited - India
- LBH Netherlands Bv - Netherlands
- Vizag Seaport Private Limited - India
- Bhushan Steel Limited - India
- Xindia Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- CIMB Investment Bank - Malaysia
- PTC India Limited - India
- Miang Besar Coal Terminal - Indonesia
- Lanco Infratech Ltd - India
- Goldman Sachs - Singapore
- Gujarat Mineral Development Corp Ltd - India
- Chettinad Cement Corporation Ltd - India
- Bayan Resources Tbk. - Indonesia
- Africa Commodities Group - South Africa
- Karbindo Abesyapradhi - Indoneisa
- Sojitz Corporation - Japan
- Coastal Gujarat Power Limited - India
- Ind-Barath Power Infra Limited - India
- Sical Logistics Limited - India
- Jindal Steel & Power Ltd - India
- Wilmar Investment Holdings
- Jaiprakash Power Ventures ltd
- Indogreen Group - Indonesia
- Agrawal Coal Company - India
- Coal and Oil Company - UAE
- Sree Jayajothi Cements Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Globalindo Alam Lestari - Indonesia
- Simpson Spence & Young - Indonesia
- Eastern Coal Council - USA
- Kartika Selabumi Mining - Indonesia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- GVK Power & Infra Limited - India
- Mercator Lines Limited - India
- Aboitiz Power Corporation - Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Makarim & Taira - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Marubeni Corporation - India
- Petron Corporation, Philippines
- Kohat Cement Company Ltd. - Pakistan
- Standard Chartered Bank - UAE
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- VISA Power Limited - India
- New Zealand Coal & Carbon
- Borneo Indobara - Indonesia
- Romanian Commodities Exchange
- Global Green Power PLC Corporation, Philippines
- Star Paper Mills Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Ministry of Mines - Canada
- Directorate Of Revenue Intelligence - India
- Vijayanagar Sugar Pvt Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Energy Link Ltd, New Zealand
- Antam Resourcindo - Indonesia
- Commonwealth Bank - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Samtan Co., Ltd - South Korea
- Kumho Petrochemical, South Korea
- Sindya Power Generating Company Private Ltd
- Global Coal Blending Company Limited - Australia
- MS Steel International - UAE
- Banpu Public Company Limited - Thailand
- Ceylon Electricity Board - Sri Lanka
- Kaltim Prima Coal - Indonesia
- Barasentosa Lestari - Indonesia
- Parliament of New Zealand
- Indian Oil Corporation Limited
- TNB Fuel Sdn Bhd - Malaysia
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Cigading International Bulk Terminal - Indonesia
- Malabar Cements Ltd - India
- Ministry of Finance - Indonesia
- Tata Chemicals Ltd - India
- Iligan Light & Power Inc, Philippines
- Mercuria Energy - Indonesia
- Port Waratah Coal Services - Australia
- Therma Luzon, Inc, Philippines
- Orica Australia Pty. Ltd.
- GAC Shipping (India) Pvt Ltd
- Pipit Mutiara Jaya. PT, Indonesia
- PowerSource Philippines DevCo
- Essar Steel Hazira Ltd - India
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Renaissance Capital - South Africa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Kalimantan Lumbung Energi - Indonesia
- Bukit Baiduri Energy - Indonesia
- Posco Energy - South Korea
- Savvy Resources Ltd - HongKong
- The University of Queensland
- Heidelberg Cement - Germany
- GMR Energy Limited - India
- Georgia Ports Authority, United States
- Mintek Dendrill Indonesia
- Leighton Contractors Pty Ltd - Australia
- PetroVietnam Power Coal Import and Supply Company
- IEA Clean Coal Centre - UK
- Attock Cement Pakistan Limited
- Coalindo Energy - Indonesia
- Minerals Council of Australia
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- Bukit Makmur.PT - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Australian Coal Association
- Karaikal Port Pvt Ltd - India
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- India Bulls Power Limited - India
- Aditya Birla Group - India
- Siam City Cement - Thailand
- Riau Bara Harum - Indonesia
- Bharathi Cement Corporation - India
- Kepco SPC Power Corporation, Philippines
- Mjunction Services Limited - India
- AsiaOL BioFuels Corp., Philippines
- Rashtriya Ispat Nigam Limited - India
- Indo Tambangraya Megah - Indonesia
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Energy Development Corp, Philippines
- Manunggal Multi Energi - Indonesia
- Latin American Coal - Colombia
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Carbofer General Trading SA - India
- Medco Energi Mining Internasional
- Eastern Energy - Thailand
- Petrochimia International Co. Ltd.- Taiwan
- Metalloyd Limited - United Kingdom
- Bukit Asam (Persero) Tbk - Indonesia
- White Energy Company Limited
- Parry Sugars Refinery, India
- Kapuas Tunggal Persada - Indonesia
- Asmin Koalindo Tuhup - Indonesia
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