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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, 12 April 16
NO FURTHER SIGNIFICANT COAL PRICE DECLINES IN THE FUTURE - FITCH
COALspot.com: Fitch does not expect further significant coal price declines because producers sector-wide are suffering losses while China and Indo ...
Monday, 11 April 16
ON THE TIGHTROPE, IT CAN BE HARD TO KEEP YOUR BALANCE.... - CLARKSONS
Today’s headlines often point towards the impact of the demand side on the state of health of the shipping markets. But despite the fact that ...
Monday, 11 April 16
WEEKLY CS (I) COAL INDEX FOR 5700 GAR COAL UP 0.03 CENTS, OR ABOUT 0.06 PERCENT, TO $48.21 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.15 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 11 April 16
COAL IS NOT THE ENEMY TO FIGHT - ANDREA CLAVARINO, ASSOCARBONI
COALspot.com: “Coal is not the enemy to fight and electricity production from coal has an environmental impact in its lifecycle similar to na ...
Monday, 11 April 16
BDI ROSE TO ITS HIGHEST LEVEL IN FOUR MONTHS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
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- SMC Global Power, Philippines
- Sinarmas Energy and Mining - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Ambuja Cements Ltd - India
- Africa Commodities Group - South Africa
- Holcim Trading Pte Ltd - Singapore
- Tata Chemicals Ltd - India
- Sindya Power Generating Company Private Ltd
- Sree Jayajothi Cements Limited - India
- IEA Clean Coal Centre - UK
- ICICI Bank Limited - India
- Kartika Selabumi Mining - Indonesia
- Larsen & Toubro Limited - India
- Anglo American - United Kingdom
- Jindal Steel & Power Ltd - India
- Mercuria Energy - Indonesia
- Energy Link Ltd, New Zealand
- Ministry of Finance - Indonesia
- The Treasury - Australian Government
- The University of Queensland
- GVK Power & Infra Limited - India
- SMG Consultants - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kepco SPC Power Corporation, Philippines
- Indian Oil Corporation Limited
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Siam City Cement - Thailand
- Xindia Steels Limited - India
- Kobexindo Tractors - Indoneisa
- Thai Mozambique Logistica
- European Bulk Services B.V. - Netherlands
- Bayan Resources Tbk. - Indonesia
- San Jose City I Power Corp, Philippines
- Riau Bara Harum - Indonesia
- Bhoruka Overseas - Indonesia
- Merrill Lynch Commodities Europe
- Coal and Oil Company - UAE
- Salva Resources Pvt Ltd - India
- Bukit Baiduri Energy - Indonesia
- Semirara Mining Corp, Philippines
- Posco Energy - South Korea
- Port Waratah Coal Services - Australia
- Kaltim Prima Coal - Indonesia
- Heidelberg Cement - Germany
- IHS Mccloskey Coal Group - USA
- Economic Council, Georgia
- Aboitiz Power Corporation - Philippines
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Orica Mining Services - Indonesia
- Indo Tambangraya Megah - Indonesia
- GMR Energy Limited - India
- Indonesian Coal Mining Association
- Borneo Indobara - Indonesia
- ASAPP Information Group - India
- Kideco Jaya Agung - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Grasim Industreis Ltd - India
- Simpson Spence & Young - Indonesia
- Carbofer General Trading SA - India
- Global Coal Blending Company Limited - Australia
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Barasentosa Lestari - Indonesia
- Rio Tinto Coal - Australia
- McConnell Dowell - Australia
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- Oldendorff Carriers - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Global Business Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Karaikal Port Pvt Ltd - India
- Toyota Tsusho Corporation, Japan
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Directorate General of MIneral and Coal - Indonesia
- Marubeni Corporation - India
- Tamil Nadu electricity Board
- Meralco Power Generation, Philippines
- Kumho Petrochemical, South Korea
- Asia Pacific Energy Resources Ventures Inc, Philippines
- London Commodity Brokers - England
- TeaM Sual Corporation - Philippines
- Kapuas Tunggal Persada - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Globalindo Alam Lestari - Indonesia
- Vedanta Resources Plc - India
- Commonwealth Bank - Australia
- Karbindo Abesyapradhi - Indoneisa
- Binh Thuan Hamico - Vietnam
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Latin American Coal - Colombia
- Orica Australia Pty. Ltd.
- India Bulls Power Limited - India
- Bukit Makmur.PT - Indonesia
- PowerSource Philippines DevCo
- Neyveli Lignite Corporation Ltd, - India
- Petron Corporation, Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Ministry of Transport, Egypt
- OPG Power Generation Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Parry Sugars Refinery, India
- Goldman Sachs - Singapore
- Iligan Light & Power Inc, Philippines
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- Indika Energy - Indonesia
- Straits Asia Resources Limited - Singapore
- Pipit Mutiara Jaya. PT, Indonesia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- MS Steel International - UAE
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Indian Energy Exchange, India
- Chamber of Mines of South Africa
- Australian Coal Association
- Wood Mackenzie - Singapore
- Thiess Contractors Indonesia
- Krishnapatnam Port Company Ltd. - India
- Price Waterhouse Coopers - Russia
- Parliament of New Zealand
- Alfred C Toepfer International GmbH - Germany
- Medco Energi Mining Internasional
- Bharathi Cement Corporation - India
- Kohat Cement Company Ltd. - Pakistan
- Trasteel International SA, Italy
- Mintek Dendrill Indonesia
- LBH Netherlands Bv - Netherlands
- Bulk Trading Sa - Switzerland
- Samtan Co., Ltd - South Korea
- Power Finance Corporation Ltd., India
- Bhushan Steel Limited - India
- VISA Power Limited - India
- Wilmar Investment Holdings
- Directorate Of Revenue Intelligence - India
- Lanco Infratech Ltd - India
- South Luzon Thermal Energy Corporation
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- Ind-Barath Power Infra Limited - India
- Leighton Contractors Pty Ltd - Australia
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Eastern Energy - Thailand
- Australian Commodity Traders Exchange
- Miang Besar Coal Terminal - Indonesia
- Ministry of Mines - Canada
- Manunggal Multi Energi - Indonesia
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Altura Mining Limited, Indonesia
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Malabar Cements Ltd - India
- CIMB Investment Bank - Malaysia
- Siam City Cement PLC, Thailand
- Romanian Commodities Exchange
- Makarim & Taira - Indonesia
- Gujarat Sidhee Cement - India
- Vizag Seaport Private Limited - India
- Georgia Ports Authority, United States
- Timah Investasi Mineral - Indoneisa
- Cement Manufacturers Association - India
- Uttam Galva Steels Limited - India
- Sical Logistics Limited - India
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Mercator Lines Limited - India
- Chettinad Cement Corporation Ltd - India
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhatia International Limited - India
- Eastern Coal Council - USA
- Energy Development Corp, Philippines
- Aditya Birla Group - India
- Singapore Mercantile Exchange
- Sojitz Corporation - Japan
- Edison Trading Spa - Italy
- Maharashtra Electricity Regulatory Commission - India
- Planning Commission, India
- New Zealand Coal & Carbon
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- PNOC Exploration Corporation - Philippines
- AsiaOL BioFuels Corp., Philippines
- Minerals Council of Australia
- Renaissance Capital - South Africa
- Central Electricity Authority - India
- Deloitte Consulting - India
- Kalimantan Lumbung Energi - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- Star Paper Mills Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Intertek Mineral Services - Indonesia
- Interocean Group of Companies - India
- Electricity Authority, New Zealand
- Coastal Gujarat Power Limited - India
- Billiton Holdings Pty Ltd - Australia
- Mjunction Services Limited - India
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Pendopo Energi Batubara - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
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