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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, 27 April 16
INDONESIAN COAL MINER KIDECO REPORTED NET PROFIT OF US$138.1 MILLION IN 2015
COALspot.com: Kideco Jaya Agung, one of the Indonesia's leading coal miners has reported net profit of US$138.1 million on revenue of US$1.65 b ...
Tuesday, 26 April 16
INDONESIA BANNED COAL EXPORTS TO PHILIPPINES BY BARGES DUE TO SECURITY CONCERN
COALspot.com: The Ministry of Energy and Mineral Resources (ESDM) on behalf of the government of Indonesia has Freeze coal exports by barges to Phi ...
Tuesday, 26 April 16
NEWBUILDING DEMAND DOWN EVERYWHERE? - CLARKSONS
Newbuild activity provides one indication of an owner country’s likely future fleet growth, though secondhand sale and purchase and demolitio ...
Monday, 25 April 16
CHINESE STEEL PRICE SURGE NOT SUSTAINABLE - FITCH
The rapid increase in Chinese steel prices so far this year is not sustainable, as it is largely due to a seasonal pick-up in construction and elev ...
Monday, 25 April 16
WEEKLY CS (I) COAL INDICES END ALMOST FLAT
COALspot.com: Average 5000 GAR coal index of Indonesian origin up 0.05 percent week over week to averaging $38.67 per ton on this past Friday, acco ...
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- Videocon Industries ltd - India
- Kalimantan Lumbung Energi - Indonesia
- Indogreen Group - Indonesia
- Deloitte Consulting - India
- McConnell Dowell - Australia
- Kumho Petrochemical, South Korea
- Eastern Coal Council - USA
- Africa Commodities Group - South Africa
- Port Waratah Coal Services - Australia
- MS Steel International - UAE
- Rio Tinto Coal - Australia
- Antam Resourcindo - Indonesia
- The State Trading Corporation of India Ltd
- Cigading International Bulk Terminal - Indonesia
- Price Waterhouse Coopers - Russia
- Eastern Energy - Thailand
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Energy Development Corp, Philippines
- Georgia Ports Authority, United States
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Ministry of Mines - Canada
- Vizag Seaport Private Limited - India
- Aboitiz Power Corporation - Philippines
- Thai Mozambique Logistica
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Indonesian Coal Mining Association
- Dalmia Cement Bharat India
- Renaissance Capital - South Africa
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Wood Mackenzie - Singapore
- Straits Asia Resources Limited - Singapore
- Therma Luzon, Inc, Philippines
- Australian Commodity Traders Exchange
- Sakthi Sugars Limited - India
- Ministry of Finance - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- India Bulls Power Limited - India
- Makarim & Taira - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Miang Besar Coal Terminal - Indonesia
- Wilmar Investment Holdings
- Siam City Cement - Thailand
- Neyveli Lignite Corporation Ltd, - India
- Jorong Barutama Greston.PT - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Electricity Authority, New Zealand
- Interocean Group of Companies - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- PTC India Limited - India
- Kepco SPC Power Corporation, Philippines
- Heidelberg Cement - Germany
- Maheswari Brothers Coal Limited - India
- Simpson Spence & Young - Indonesia
- Manunggal Multi Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Ceylon Electricity Board - Sri Lanka
- International Coal Ventures Pvt Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Riau Bara Harum - Indonesia
- OPG Power Generation Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- Mercator Lines Limited - India
- Minerals Council of Australia
- Anglo American - United Kingdom
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Aditya Birla Group - India
- Marubeni Corporation - India
- Salva Resources Pvt Ltd - India
- Edison Trading Spa - Italy
- Mercuria Energy - Indonesia
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- London Commodity Brokers - England
- Coalindo Energy - Indonesia
- Bayan Resources Tbk. - Indonesia
- Orica Australia Pty. Ltd.
- Mintek Dendrill Indonesia
- White Energy Company Limited
- Singapore Mercantile Exchange
- Economic Council, Georgia
- Savvy Resources Ltd - HongKong
- Bukit Asam (Persero) Tbk - Indonesia
- Bukit Makmur.PT - Indonesia
- Meenaskhi Energy Private Limited - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Bank of Tokyo Mitsubishi UFJ Ltd
- Barasentosa Lestari - Indonesia
- Gujarat Sidhee Cement - India
- Planning Commission, India
- Cement Manufacturers Association - India
- Central Electricity Authority - India
- ICICI Bank Limited - India
- Sindya Power Generating Company Private Ltd
- Ambuja Cements Ltd - India
- Goldman Sachs - Singapore
- Grasim Industreis Ltd - India
- Mjunction Services Limited - India
- Jaiprakash Power Ventures ltd
- CIMB Investment Bank - Malaysia
- Jindal Steel & Power Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Tata Chemicals Ltd - India
- Formosa Plastics Group - Taiwan
- Global Business Power Corporation, Philippines
- GAC Shipping (India) Pvt Ltd
- Vedanta Resources Plc - India
- Standard Chartered Bank - UAE
- Posco Energy - South Korea
- Samtan Co., Ltd - South Korea
- Coastal Gujarat Power Limited - India
- Latin American Coal - Colombia
- Central Java Power - Indonesia
- Binh Thuan Hamico - Vietnam
- Sojitz Corporation - Japan
- Pendopo Energi Batubara - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Borneo Indobara - Indonesia
- Toyota Tsusho Corporation, Japan
- Billiton Holdings Pty Ltd - Australia
- Kaltim Prima Coal - Indonesia
- Ministry of Transport, Egypt
- Banpu Public Company Limited - Thailand
- Orica Mining Services - Indonesia
- Carbofer General Trading SA - India
- Holcim Trading Pte Ltd - Singapore
- Bhatia International Limited - India
- Bangladesh Power Developement Board
- Romanian Commodities Exchange
- ASAPP Information Group - India
- Semirara Mining Corp, Philippines
- Intertek Mineral Services - Indonesia
- The University of Queensland
- Electricity Generating Authority of Thailand
- The Treasury - Australian Government
- LBH Netherlands Bv - Netherlands
- Sinarmas Energy and Mining - Indonesia
- Ind-Barath Power Infra Limited - India
- Alfred C Toepfer International GmbH - Germany
- South Luzon Thermal Energy Corporation
- Lanco Infratech Ltd - India
- CNBM International Corporation - China
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Metalloyd Limited - United Kingdom
- Australian Coal Association
- Bhoruka Overseas - Indonesia
- Medco Energi Mining Internasional
- Xindia Steels Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Altura Mining Limited, Indonesia
- Rashtriya Ispat Nigam Limited - India
- SN Aboitiz Power Inc, Philippines
- Directorate General of MIneral and Coal - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Parry Sugars Refinery, India
- Sarangani Energy Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Madhucon Powers Ltd - India
- PowerSource Philippines DevCo
- Bulk Trading Sa - Switzerland
- Thiess Contractors Indonesia
- Indian Energy Exchange, India
- Bukit Baiduri Energy - Indonesia
- Sical Logistics Limited - India
- Kartika Selabumi Mining - Indonesia
- Gujarat Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Asmin Koalindo Tuhup - Indonesia
- Timah Investasi Mineral - Indoneisa
- Bahari Cakrawala Sebuku - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- TeaM Sual Corporation - Philippines
- Kideco Jaya Agung - Indonesia
- Indo Tambangraya Megah - Indonesia
- Globalindo Alam Lestari - Indonesia
- Coal and Oil Company - UAE
- Uttam Galva Steels Limited - India
- Merrill Lynch Commodities Europe
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Sree Jayajothi Cements Limited - India
- Indian Oil Corporation Limited
- Baramulti Group, Indonesia
- Kapuas Tunggal Persada - Indonesia
- Global Green Power PLC Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Trasteel International SA, Italy
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Global Coal Blending Company Limited - Australia
- Bhushan Steel Limited - India
- Star Paper Mills Limited - India
- Energy Link Ltd, New Zealand
- Meralco Power Generation, Philippines
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
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