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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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Monday, 25 April 16
BALTIC DRY INDEX ENDS WEEK ON A POSITIVE NOTE
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 22 April 16
U.S WEEKLY DOMESTIC COAL OUTPUT UP 8.2 PER CENT - EIA
COALspot.com – U.S the world’s second largest coal producer has produced approximately totaled an estimated 11.1 million short tons (mm ...
Thursday, 21 April 16
PANAMAX: A VERY HEALTHY NORTH ATLANTIC FOR BOTH ROUNDS AND FRONTHAUL
Capesize
Correcting after last week's quadrupling.
This year's highest daily average of USD 8000 came on the back of substantial pro ...
Wednesday, 20 April 16
2017 IS EXPECTED TO BE A MUCH BETTER YEAR FOR THE SHIPPING INDUSTRY - INTERMODAL
Some months ago we noted that all projections anticipated 2016 to be a better year from a macroeconomic point of view when compared to 2015. As we ...
Tuesday, 19 April 16
STARS STILL SHINING? KEY IMPORTERS THROUGH THE TELESCOPE - CLARKSONS
As the pace of growth in Chinese seaborne imports has slowed, and prospects for a return to stronger rates of expansion appear to have diminished, ...
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- Singapore Mercantile Exchange
- Pipit Mutiara Jaya. PT, Indonesia
- Minerals Council of Australia
- Ministry of Mines - Canada
- Holcim Trading Pte Ltd - Singapore
- Maharashtra Electricity Regulatory Commission - India
- ASAPP Information Group - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Maheswari Brothers Coal Limited - India
- VISA Power Limited - India
- Grasim Industreis Ltd - India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Barasentosa Lestari - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Renaissance Capital - South Africa
- International Coal Ventures Pvt Ltd - India
- Vedanta Resources Plc - India
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Electricity Generating Authority of Thailand
- Kaltim Prima Coal - Indonesia
- Agrawal Coal Company - India
- Anglo American - United Kingdom
- Vijayanagar Sugar Pvt Ltd - India
- Thai Mozambique Logistica
- Wilmar Investment Holdings
- Bahari Cakrawala Sebuku - Indonesia
- Petron Corporation, Philippines
- Bangladesh Power Developement Board
- Gujarat Sidhee Cement - India
- Kumho Petrochemical, South Korea
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kapuas Tunggal Persada - Indonesia
- Coal and Oil Company - UAE
- Simpson Spence & Young - Indonesia
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Bhatia International Limited - India
- GAC Shipping (India) Pvt Ltd
- Toyota Tsusho Corporation, Japan
- Iligan Light & Power Inc, Philippines
- Tamil Nadu electricity Board
- Rashtriya Ispat Nigam Limited - India
- PNOC Exploration Corporation - Philippines
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Thiess Contractors Indonesia
- The University of Queensland
- Vizag Seaport Private Limited - India
- Planning Commission, India
- SN Aboitiz Power Inc, Philippines
- Parry Sugars Refinery, India
- Uttam Galva Steels Limited - India
- European Bulk Services B.V. - Netherlands
- Aboitiz Power Corporation - Philippines
- Tata Chemicals Ltd - India
- Central Java Power - Indonesia
- Sakthi Sugars Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Sindya Power Generating Company Private Ltd
- Binh Thuan Hamico - Vietnam
- Madhucon Powers Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Cigading International Bulk Terminal - Indonesia
- Australian Coal Association
- Larsen & Toubro Limited - India
- GMR Energy Limited - India
- Star Paper Mills Limited - India
- AsiaOL BioFuels Corp., Philippines
- Indian Energy Exchange, India
- Dalmia Cement Bharat India
- Ceylon Electricity Board - Sri Lanka
- Global Business Power Corporation, Philippines
- Kartika Selabumi Mining - Indonesia
- Jindal Steel & Power Ltd - India
- Ministry of Transport, Egypt
- Chettinad Cement Corporation Ltd - India
- Global Coal Blending Company Limited - Australia
- Baramulti Group, Indonesia
- CIMB Investment Bank - Malaysia
- PetroVietnam Power Coal Import and Supply Company
- Independent Power Producers Association of India
- Petrochimia International Co. Ltd.- Taiwan
- Borneo Indobara - Indonesia
- Karaikal Port Pvt Ltd - India
- Medco Energi Mining Internasional
- Sical Logistics Limited - India
- Meralco Power Generation, Philippines
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Alfred C Toepfer International GmbH - Germany
- SMC Global Power, Philippines
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Timah Investasi Mineral - Indoneisa
- Oldendorff Carriers - Singapore
- Parliament of New Zealand
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Trasteel International SA, Italy
- Indonesian Coal Mining Association
- Kideco Jaya Agung - Indonesia
- SMG Consultants - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Posco Energy - South Korea
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Commonwealth Bank - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Karbindo Abesyapradhi - Indoneisa
- GN Power Mariveles Coal Plant, Philippines
- Bukit Baiduri Energy - Indonesia
- Carbofer General Trading SA - India
- Mjunction Services Limited - India
- Xindia Steels Limited - India
- Orica Australia Pty. Ltd.
- Sree Jayajothi Cements Limited - India
- The State Trading Corporation of India Ltd
- Wood Mackenzie - Singapore
- Krishnapatnam Port Company Ltd. - India
- Straits Asia Resources Limited - Singapore
- Asmin Koalindo Tuhup - Indonesia
- Ind-Barath Power Infra Limited - India
- Mintek Dendrill Indonesia
- Salva Resources Pvt Ltd - India
- PTC India Limited - India
- CNBM International Corporation - China
- Goldman Sachs - Singapore
- Marubeni Corporation - India
- Heidelberg Cement - Germany
- Mercuria Energy - Indonesia
- Edison Trading Spa - Italy
- Intertek Mineral Services - Indonesia
- London Commodity Brokers - England
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Cement Manufacturers Association - India
- Sarangani Energy Corporation, Philippines
- IHS Mccloskey Coal Group - USA
- Orica Mining Services - Indonesia
- Formosa Plastics Group - Taiwan
- Videocon Industries ltd - India
- Bhoruka Overseas - Indonesia
- Port Waratah Coal Services - Australia
- Latin American Coal - Colombia
- Bayan Resources Tbk. - Indonesia
- Kepco SPC Power Corporation, Philippines
- MS Steel International - UAE
- Neyveli Lignite Corporation Ltd, - India
- Energy Link Ltd, New Zealand
- Therma Luzon, Inc, Philippines
- Siam City Cement PLC, Thailand
- Electricity Authority, New Zealand
- Billiton Holdings Pty Ltd - Australia
- Indo Tambangraya Megah - Indonesia
- Price Waterhouse Coopers - Russia
- Bharathi Cement Corporation - India
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- IEA Clean Coal Centre - UK
- Power Finance Corporation Ltd., India
- Georgia Ports Authority, United States
- OPG Power Generation Pvt Ltd - India
- Eastern Energy - Thailand
- Kohat Cement Company Ltd. - Pakistan
- Bhushan Steel Limited - India
- South Luzon Thermal Energy Corporation
- Bulk Trading Sa - Switzerland
- Meenaskhi Energy Private Limited - India
- The Treasury - Australian Government
- Pendopo Energi Batubara - Indonesia
- TeaM Sual Corporation - Philippines
- ICICI Bank Limited - India
- India Bulls Power Limited - India
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- Indika Energy - Indonesia
- Lanco Infratech Ltd - India
- Rio Tinto Coal - Australia
- Manunggal Multi Energi - Indonesia
- San Jose City I Power Corp, Philippines
- Sojitz Corporation - Japan
- Economic Council, Georgia
- Banpu Public Company Limited - Thailand
- Bukit Makmur.PT - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Essar Steel Hazira Ltd - India
- Ministry of Finance - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Malabar Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Metalloyd Limited - United Kingdom
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- White Energy Company Limited
- Savvy Resources Ltd - HongKong
- Gujarat Electricity Regulatory Commission - India
- Semirara Mining Corp, Philippines
- Coalindo Energy - Indonesia
- Siam City Cement - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- Central Electricity Authority - India
- Mercator Lines Limited - India
- McConnell Dowell - Australia
- LBH Netherlands Bv - Netherlands
- Indian Oil Corporation Limited
- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Antam Resourcindo - Indonesia
- Standard Chartered Bank - UAE
- Aditya Birla Group - India
- Makarim & Taira - Indonesia
- Riau Bara Harum - Indonesia
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