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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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Tuesday, 03 May 16
HOW TO AVOID THE LATEST CARGO FRAUDS - BIMCO
BIMCO receives regular reports from members around the world about cargo fraud. This week alone we have had two reports of cargoes being fixed (or ...
Monday, 02 May 16
INDIA'S GANGAVARAM PORT SETS ALL INDIA RECORD FOR NON-COKING COAL DISCHARGE
COALspot.com: Gangavaram Port, the deepest and the most modern port in India, has created yet another historical milestone record by discharging 15 ...
Monday, 02 May 16
CS (I) 5000 GAR COAL INDEX CLOSES 0.11% HIGHER, 5700 GAR COAL RISES 0.07% W/W
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.28 percent week over week to averaging $38.78 per ton on this past Friday, acco ...
Monday, 02 May 16
FREIGHT RATES ARE EXPECTED TO BE FLAT TO SOFT THIS WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Saturday, 30 April 16
40 YEARS OF HANDLING COAL AT THE BTW IN WILHELMSHAVEN UNDER THE RHENUS FLAG
Press Release: The first bulk carrier with coal on board docked at the Bulk Terminal Wilhelmshaven (BTW), which is operated by Rhenus Midgar ...
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- Siam City Cement - Thailand
- Vedanta Resources Plc - India
- Medco Energi Mining Internasional
- Rashtriya Ispat Nigam Limited - India
- SMC Global Power, Philippines
- Kepco SPC Power Corporation, Philippines
- Dalmia Cement Bharat India
- Parry Sugars Refinery, India
- Singapore Mercantile Exchange
- Chamber of Mines of South Africa
- Port Waratah Coal Services - Australia
- Gujarat Mineral Development Corp Ltd - India
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Lanco Infratech Ltd - India
- Romanian Commodities Exchange
- Alfred C Toepfer International GmbH - Germany
- Salva Resources Pvt Ltd - India
- Cement Manufacturers Association - India
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Essar Steel Hazira Ltd - India
- Bhoruka Overseas - Indonesia
- Bulk Trading Sa - Switzerland
- Posco Energy - South Korea
- Merrill Lynch Commodities Europe
- Sinarmas Energy and Mining - Indonesia
- Eastern Energy - Thailand
- Antam Resourcindo - Indonesia
- PNOC Exploration Corporation - Philippines
- Bhatia International Limited - India
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Coal and Oil Company - UAE
- Wood Mackenzie - Singapore
- Chettinad Cement Corporation Ltd - India
- International Coal Ventures Pvt Ltd - India
- Tamil Nadu electricity Board
- PetroVietnam Power Coal Import and Supply Company
- Xindia Steels Limited - India
- Ministry of Finance - Indonesia
- Indogreen Group - Indonesia
- McConnell Dowell - Australia
- Australian Coal Association
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Holcim Trading Pte Ltd - Singapore
- Meralco Power Generation, Philippines
- Electricity Authority, New Zealand
- Georgia Ports Authority, United States
- Ind-Barath Power Infra Limited - India
- The Treasury - Australian Government
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Madhucon Powers Ltd - India
- IHS Mccloskey Coal Group - USA
- Gujarat Sidhee Cement - India
- White Energy Company Limited
- Mintek Dendrill Indonesia
- Bayan Resources Tbk. - Indonesia
- Rio Tinto Coal - Australia
- Ambuja Cements Ltd - India
- Grasim Industreis Ltd - India
- Interocean Group of Companies - India
- Siam City Cement PLC, Thailand
- CIMB Investment Bank - Malaysia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Riau Bara Harum - Indonesia
- Indian Energy Exchange, India
- European Bulk Services B.V. - Netherlands
- Attock Cement Pakistan Limited
- Formosa Plastics Group - Taiwan
- Cigading International Bulk Terminal - Indonesia
- Aboitiz Power Corporation - Philippines
- Vizag Seaport Private Limited - India
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Asmin Koalindo Tuhup - Indonesia
- Thai Mozambique Logistica
- Timah Investasi Mineral - Indoneisa
- Commonwealth Bank - Australia
- Parliament of New Zealand
- Savvy Resources Ltd - HongKong
- South Luzon Thermal Energy Corporation
- Petron Corporation, Philippines
- Ceylon Electricity Board - Sri Lanka
- Marubeni Corporation - India
- Metalloyd Limited - United Kingdom
- Aditya Birla Group - India
- Jindal Steel & Power Ltd - India
- Semirara Mining Corp, Philippines
- Sarangani Energy Corporation, Philippines
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Indika Energy - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Coalindo Energy - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- India Bulls Power Limited - India
- Tata Chemicals Ltd - India
- Sree Jayajothi Cements Limited - India
- Iligan Light & Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- Binh Thuan Hamico - Vietnam
- OPG Power Generation Pvt Ltd - India
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Intertek Mineral Services - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Vijayanagar Sugar Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Heidelberg Cement - Germany
- The State Trading Corporation of India Ltd
- Bukit Baiduri Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- Pendopo Energi Batubara - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Oldendorff Carriers - Singapore
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Eastern Coal Council - USA
- GMR Energy Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- ICICI Bank Limited - India
- ASAPP Information Group - India
- Ministry of Transport, Egypt
- Mercator Lines Limited - India
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Indian Oil Corporation Limited
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Kartika Selabumi Mining - Indonesia
- Kapuas Tunggal Persada - Indonesia
- SMG Consultants - Indonesia
- Global Coal Blending Company Limited - Australia
- TeaM Sual Corporation - Philippines
- LBH Netherlands Bv - Netherlands
- Ministry of Mines - Canada
- Anglo American - United Kingdom
- Global Green Power PLC Corporation, Philippines
- Deloitte Consulting - India
- Miang Besar Coal Terminal - Indonesia
- Sindya Power Generating Company Private Ltd
- Karaikal Port Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Gujarat Electricity Regulatory Commission - India
- Borneo Indobara - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Altura Mining Limited, Indonesia
- Sojitz Corporation - Japan
- Straits Asia Resources Limited - Singapore
- CNBM International Corporation - China
- Larsen & Toubro Limited - India
- Baramulti Group, Indonesia
- Independent Power Producers Association of India
- Mjunction Services Limited - India
- PowerSource Philippines DevCo
- Maharashtra Electricity Regulatory Commission - India
- Directorate Of Revenue Intelligence - India
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Economic Council, Georgia
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Standard Chartered Bank - UAE
- Indonesian Coal Mining Association
- Coastal Gujarat Power Limited - India
- Star Paper Mills Limited - India
- GAC Shipping (India) Pvt Ltd
- Maheswari Brothers Coal Limited - India
- Bukit Makmur.PT - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Energy Development Corp, Philippines
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Sakthi Sugars Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Samtan Co., Ltd - South Korea
- Carbofer General Trading SA - India
- Central Electricity Authority - India
- Kohat Cement Company Ltd. - Pakistan
- PTC India Limited - India
- Barasentosa Lestari - Indonesia
- Power Finance Corporation Ltd., India
- Minerals Council of Australia
- Bahari Cakrawala Sebuku - Indonesia
- Agrawal Coal Company - India
- Planning Commission, India
- Therma Luzon, Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- SN Aboitiz Power Inc, Philippines
- MS Steel International - UAE
- Electricity Generating Authority of Thailand
- Semirara Mining and Power Corporation, Philippines
- Orica Mining Services - Indonesia
- London Commodity Brokers - England
- Toyota Tsusho Corporation, Japan
- Orica Australia Pty. Ltd.
- Central Java Power - Indonesia
- Malabar Cements Ltd - India
- Kideco Jaya Agung - Indonesia
- Latin American Coal - Colombia
- Wilmar Investment Holdings
- Edison Trading Spa - Italy
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bangladesh Power Developement Board
- Pipit Mutiara Jaya. PT, Indonesia
- The University of Queensland
- Leighton Contractors Pty Ltd - Australia
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kalimantan Lumbung Energi - Indonesia
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