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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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- Mintek Dendrill Indonesia
- Iligan Light & Power Inc, Philippines
- IEA Clean Coal Centre - UK
- PNOC Exploration Corporation - Philippines
- Attock Cement Pakistan Limited
- Parliament of New Zealand
- Grasim Industreis Ltd - India
- Trasteel International SA, Italy
- Timah Investasi Mineral - Indoneisa
- Indonesian Coal Mining Association
- Australian Coal Association
- Dalmia Cement Bharat India
- Larsen & Toubro Limited - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Cigading International Bulk Terminal - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Vijayanagar Sugar Pvt Ltd - India
- Intertek Mineral Services - Indonesia
- Georgia Ports Authority, United States
- Sical Logistics Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tamil Nadu electricity Board
- Price Waterhouse Coopers - Russia
- Madhucon Powers Ltd - India
- VISA Power Limited - India
- Rio Tinto Coal - Australia
- Mercuria Energy - Indonesia
- Meenaskhi Energy Private Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Kaltim Prima Coal - Indonesia
- Antam Resourcindo - Indonesia
- Star Paper Mills Limited - India
- Chettinad Cement Corporation Ltd - India
- The Treasury - Australian Government
- Anglo American - United Kingdom
- Semirara Mining Corp, Philippines
- Toyota Tsusho Corporation, Japan
- Videocon Industries ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Interocean Group of Companies - India
- Petron Corporation, Philippines
- Lanco Infratech Ltd - India
- Merrill Lynch Commodities Europe
- Neyveli Lignite Corporation Ltd, - India
- Alfred C Toepfer International GmbH - Germany
- Bayan Resources Tbk. - Indonesia
- Coal and Oil Company - UAE
- Sojitz Corporation - Japan
- Indian Oil Corporation Limited
- Kobexindo Tractors - Indoneisa
- Siam City Cement PLC, Thailand
- Bhushan Steel Limited - India
- Salva Resources Pvt Ltd - India
- SMC Global Power, Philippines
- Aditya Birla Group - India
- Indo Tambangraya Megah - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Electricity Authority, New Zealand
- Global Green Power PLC Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- SMG Consultants - Indonesia
- The State Trading Corporation of India Ltd
- Minerals Council of Australia
- Romanian Commodities Exchange
- ICICI Bank Limited - India
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Power Finance Corporation Ltd., India
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Directorate General of MIneral and Coal - Indonesia
- Maheswari Brothers Coal Limited - India
- Sree Jayajothi Cements Limited - India
- Makarim & Taira - Indonesia
- Bulk Trading Sa - Switzerland
- AsiaOL BioFuels Corp., Philippines
- Electricity Generating Authority of Thailand
- Gujarat Sidhee Cement - India
- Chamber of Mines of South Africa
- Goldman Sachs - Singapore
- Globalindo Alam Lestari - Indonesia
- CNBM International Corporation - China
- Standard Chartered Bank - UAE
- Edison Trading Spa - Italy
- Deloitte Consulting - India
- Medco Energi Mining Internasional
- GVK Power & Infra Limited - India
- Banpu Public Company Limited - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Samtan Co., Ltd - South Korea
- Baramulti Group, Indonesia
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- Orica Mining Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Mercator Lines Limited - India
- Global Coal Blending Company Limited - Australia
- Formosa Plastics Group - Taiwan
- Economic Council, Georgia
- Wood Mackenzie - Singapore
- Sarangani Energy Corporation, Philippines
- Meralco Power Generation, Philippines
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Commonwealth Bank - Australia
- Africa Commodities Group - South Africa
- Jaiprakash Power Ventures ltd
- Kumho Petrochemical, South Korea
- Billiton Holdings Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- Bhatia International Limited - India
- Indian Energy Exchange, India
- Pendopo Energi Batubara - Indonesia
- Essar Steel Hazira Ltd - India
- McConnell Dowell - Australia
- Thiess Contractors Indonesia
- Kohat Cement Company Ltd. - Pakistan
- PowerSource Philippines DevCo
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Directorate Of Revenue Intelligence - India
- PTC India Limited - India
- TeaM Sual Corporation - Philippines
- Bukit Baiduri Energy - Indonesia
- Renaissance Capital - South Africa
- OPG Power Generation Pvt Ltd - India
- Vedanta Resources Plc - India
- LBH Netherlands Bv - Netherlands
- Straits Asia Resources Limited - Singapore
- Eastern Coal Council - USA
- Xindia Steels Limited - India
- London Commodity Brokers - England
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- San Jose City I Power Corp, Philippines
- Singapore Mercantile Exchange
- Bangladesh Power Developement Board
- Altura Mining Limited, Indonesia
- Marubeni Corporation - India
- Jorong Barutama Greston.PT - Indonesia
- Borneo Indobara - Indonesia
- Sakthi Sugars Limited - India
- Malabar Cements Ltd - India
- Barasentosa Lestari - Indonesia
- IHS Mccloskey Coal Group - USA
- Coalindo Energy - Indonesia
- Posco Energy - South Korea
- Parry Sugars Refinery, India
- Savvy Resources Ltd - HongKong
- Simpson Spence & Young - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Karbindo Abesyapradhi - Indoneisa
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Asmin Koalindo Tuhup - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Link Ltd, New Zealand
- White Energy Company Limited
- Energy Development Corp, Philippines
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Central Java Power - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Aboitiz Power Corporation - Philippines
- Miang Besar Coal Terminal - Indonesia
- ASAPP Information Group - India
- Binh Thuan Hamico - Vietnam
- Kalimantan Lumbung Energi - Indonesia
- The University of Queensland
- Bukit Makmur.PT - Indonesia
- European Bulk Services B.V. - Netherlands
- Manunggal Multi Energi - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Therma Luzon, Inc, Philippines
- Eastern Energy - Thailand
- Orica Australia Pty. Ltd.
- Heidelberg Cement - Germany
- MS Steel International - UAE
- Kartika Selabumi Mining - Indonesia
- CIMB Investment Bank - Malaysia
- Mjunction Services Limited - India
- Ministry of Finance - Indonesia
- Independent Power Producers Association of India
- Leighton Contractors Pty Ltd - Australia
- Wilmar Investment Holdings
- Australian Commodity Traders Exchange
- Karaikal Port Pvt Ltd - India
- Ministry of Transport, Egypt
- Agrawal Coal Company - India
- Siam City Cement - Thailand
- Cement Manufacturers Association - India
- Indika Energy - Indonesia
- Ambuja Cements Ltd - India
- Carbofer General Trading SA - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Ministry of Mines - Canada
- Semirara Mining and Power Corporation, Philippines
- Thai Mozambique Logistica
- SN Aboitiz Power Inc, Philippines
- Indogreen Group - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Uttam Galva Steels Limited - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Riau Bara Harum - Indonesia
- Metalloyd Limited - United Kingdom
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Central Electricity Authority - India
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