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