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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, 18 April 16
INDONESIAN 5000 GAR COAL INDEX DECLINE 1.43 PERCENT WEEK OVER WEEK - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 1.43 percent week over week to averaging $38.65 per ton on this past Friday, ac ...
Monday, 18 April 16
SOUTH KOREA STATE-OWNED UTILITY KOMIPO INVITES COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 70,000 Metric Tons of 4,600 kcal/kg NAR coal for ...
Monday, 18 April 16
SOUTH AFRICA RB1 COAL HAS LOST GROUND IN INDIA; RB2 MAY LOSE GRIP IF THE PRICE CROSSES US$ 50 A TON - TRADERS
COALspot.com: Indian coal consumers preferred to buy South Africa RB2 coal instead of RB1 coal recent months due to RB2's low CFR price level. ...
Monday, 18 April 16
CAPESIZE INDEX ROSE 44.66 PER CENT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 15 April 16
PANAMAX MARKET CONTINUES TO FIRM - FEARNLEYS
Cape
It has been a positive freight market for the past few weeks, however, this week the market is taking a small breather, says Fearnleys in it ...
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- Mercator Lines Limited - India
- Heidelberg Cement - Germany
- Ceylon Electricity Board - Sri Lanka
- Altura Mining Limited, Indonesia
- South Luzon Thermal Energy Corporation
- Indogreen Group - Indonesia
- Carbofer General Trading SA - India
- Energy Link Ltd, New Zealand
- PNOC Exploration Corporation - Philippines
- Minerals Council of Australia
- Mintek Dendrill Indonesia
- GVK Power & Infra Limited - India
- Kobexindo Tractors - Indoneisa
- Rio Tinto Coal - Australia
- Bukit Makmur.PT - Indonesia
- Indika Energy - Indonesia
- Attock Cement Pakistan Limited
- Kohat Cement Company Ltd. - Pakistan
- Eastern Coal Council - USA
- Thai Mozambique Logistica
- Port Waratah Coal Services - Australia
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Merrill Lynch Commodities Europe
- Antam Resourcindo - Indonesia
- The Treasury - Australian Government
- Indian Energy Exchange, India
- Edison Trading Spa - Italy
- ASAPP Information Group - India
- Posco Energy - South Korea
- PowerSource Philippines DevCo
- SMC Global Power, Philippines
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- Bhatia International Limited - India
- Petron Corporation, Philippines
- Larsen & Toubro Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- White Energy Company Limited
- SN Aboitiz Power Inc, Philippines
- Sojitz Corporation - Japan
- Sree Jayajothi Cements Limited - India
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- PTC India Limited - India
- Cigading International Bulk Terminal - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Singapore Mercantile Exchange
- Kumho Petrochemical, South Korea
- LBH Netherlands Bv - Netherlands
- Riau Bara Harum - Indonesia
- Kepco SPC Power Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Sindya Power Generating Company Private Ltd
- Mjunction Services Limited - India
- Oldendorff Carriers - Singapore
- Meenaskhi Energy Private Limited - India
- Georgia Ports Authority, United States
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Gujarat Mineral Development Corp Ltd - India
- Meralco Power Generation, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Aditya Birla Group - India
- Orica Mining Services - Indonesia
- Makarim & Taira - Indonesia
- Borneo Indobara - Indonesia
- Manunggal Multi Energi - Indonesia
- Economic Council, Georgia
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- GMR Energy Limited - India
- Madhucon Powers Ltd - India
- Orica Australia Pty. Ltd.
- Maheswari Brothers Coal Limited - India
- Australian Coal Association
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kartika Selabumi Mining - Indonesia
- Karaikal Port Pvt Ltd - India
- Central Electricity Authority - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- VISA Power Limited - India
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Renaissance Capital - South Africa
- Wilmar Investment Holdings
- Bangladesh Power Developement Board
- Wood Mackenzie - Singapore
- Globalindo Alam Lestari - Indonesia
- Energy Development Corp, Philippines
- Deloitte Consulting - India
- Sical Logistics Limited - India
- Gujarat Electricity Regulatory Commission - India
- Electricity Generating Authority of Thailand
- Directorate Of Revenue Intelligence - India
- Indonesian Coal Mining Association
- Romanian Commodities Exchange
- Ind-Barath Power Infra Limited - India
- Global Business Power Corporation, Philippines
- Tata Chemicals Ltd - India
- Parliament of New Zealand
- Indo Tambangraya Megah - Indonesia
- Bayan Resources Tbk. - Indonesia
- Bhoruka Overseas - Indonesia
- Australian Commodity Traders Exchange
- Star Paper Mills Limited - India
- Power Finance Corporation Ltd., India
- Price Waterhouse Coopers - Russia
- TeaM Sual Corporation - Philippines
- India Bulls Power Limited - India
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Aboitiz Power Corporation - Philippines
- Ministry of Finance - Indonesia
- Siam City Cement - Thailand
- CIMB Investment Bank - Malaysia
- Coalindo Energy - Indonesia
- Malabar Cements Ltd - India
- AsiaOL BioFuels Corp., Philippines
- Petrochimia International Co. Ltd.- Taiwan
- Vedanta Resources Plc - India
- Lanco Infratech Ltd - India
- Trasteel International SA, Italy
- Intertek Mineral Services - Indonesia
- International Coal Ventures Pvt Ltd - India
- San Jose City I Power Corp, Philippines
- CNBM International Corporation - China
- Bukit Asam (Persero) Tbk - Indonesia
- Latin American Coal - Colombia
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- Mercuria Energy - Indonesia
- Standard Chartered Bank - UAE
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Simpson Spence & Young - Indonesia
- Straits Asia Resources Limited - Singapore
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- IEA Clean Coal Centre - UK
- Holcim Trading Pte Ltd - Singapore
- The University of Queensland
- Directorate General of MIneral and Coal - Indonesia
- Formosa Plastics Group - Taiwan
- Jorong Barutama Greston.PT - Indonesia
- The State Trading Corporation of India Ltd
- Commonwealth Bank - Australia
- Binh Thuan Hamico - Vietnam
- Kaltim Prima Coal - Indonesia
- Dalmia Cement Bharat India
- Goldman Sachs - Singapore
- Salva Resources Pvt Ltd - India
- Chamber of Mines of South Africa
- ICICI Bank Limited - India
- Banpu Public Company Limited - Thailand
- Leighton Contractors Pty Ltd - Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- MS Steel International - UAE
- Xindia Steels Limited - India
- Neyveli Lignite Corporation Ltd, - India
- Miang Besar Coal Terminal - Indonesia
- Ambuja Cements Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Semirara Mining and Power Corporation, Philippines
- Baramulti Group, Indonesia
- GAC Shipping (India) Pvt Ltd
- European Bulk Services B.V. - Netherlands
- Cement Manufacturers Association - India
- SMG Consultants - Indonesia
- Central Java Power - Indonesia
- Bharathi Cement Corporation - India
- Kideco Jaya Agung - Indonesia
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Billiton Holdings Pty Ltd - Australia
- Sakthi Sugars Limited - India
- Rashtriya Ispat Nigam Limited - India
- Bukit Baiduri Energy - Indonesia
- Electricity Authority, New Zealand
- Marubeni Corporation - India
- Essar Steel Hazira Ltd - India
- Kalimantan Lumbung Energi - Indonesia
- London Commodity Brokers - England
- Jaiprakash Power Ventures ltd
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Chettinad Cement Corporation Ltd - India
- Metalloyd Limited - United Kingdom
- Uttam Galva Steels Limited - India
- Therma Luzon, Inc, Philippines
- Coal and Oil Company - UAE
- Gujarat Sidhee Cement - India
- Bhushan Steel Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Ministry of Mines - Canada
- Iligan Light & Power Inc, Philippines
- Sinarmas Energy and Mining - Indonesia
- Savvy Resources Ltd - HongKong
- Barasentosa Lestari - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- IHS Mccloskey Coal Group - USA
- New Zealand Coal & Carbon
- Tamil Nadu electricity Board
- Ministry of Transport, Egypt
- Global Green Power PLC Corporation, Philippines
- Siam City Cement PLC, Thailand
- Sarangani Energy Corporation, Philippines
- Semirara Mining Corp, Philippines
- GN Power Mariveles Coal Plant, Philippines
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
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