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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, 04 April 16
CAPE INDEX JUMPED 70% WEEK ON WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 01 April 16
ASSESSING THE DRY BULK MARKET AT ROCK BOTTOM - CLARKSONS
While the opening months of the year are typically a weak period for the dry bulk market, the downturn so far this year has been severe. Earnings h ...
Friday, 01 April 16
NINE AM - TIME TO GET AN INDONESIAN LANGUAGE VERSION OF YOUR CHARTERPARTIES - CLYDE & CO
KNOWLEDGE TO ELEVATE
For several years, Indonesian law (Article 31, Law Number 24 of 2009) has required that memoranda of understanding (" ...
Friday, 01 April 16
U.S. COAL PRODUCTION UP SLIGHTLY WEEK OVER WEEK - EIA
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 11.6 million shor ...
Thursday, 31 March 16
CAPE: ANOTHER UNEVENTFUL WEEK WITH FIXTURES CONCLUDED AT LAST DONE LEVELS - FEARNLEYS
Cape
Another uneventful week with fixtures concluded at last done levels, CS levels remain around the USD 3 mark, whilst C3 is still just short o ...
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- Banpu Public Company Limited - Thailand
- Offshore Bulk Terminal Pte Ltd, Singapore
- McConnell Dowell - Australia
- GAC Shipping (India) Pvt Ltd
- GMR Energy Limited - India
- The University of Queensland
- Energy Link Ltd, New Zealand
- Merrill Lynch Commodities Europe
- Thai Mozambique Logistica
- Mintek Dendrill Indonesia
- Australian Coal Association
- Goldman Sachs - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Bhatia International Limited - India
- Intertek Mineral Services - Indonesia
- Sindya Power Generating Company Private Ltd
- Salva Resources Pvt Ltd - India
- Mercator Lines Limited - India
- Carbofer General Trading SA - India
- Wood Mackenzie - Singapore
- Rashtriya Ispat Nigam Limited - India
- Ambuja Cements Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Malabar Cements Ltd - India
- Orica Australia Pty. Ltd.
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Formosa Plastics Group - Taiwan
- Indonesian Coal Mining Association
- Mjunction Services Limited - India
- Sical Logistics Limited - India
- Larsen & Toubro Limited - India
- Semirara Mining and Power Corporation, Philippines
- Independent Power Producers Association of India
- Karbindo Abesyapradhi - Indoneisa
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- Gujarat Sidhee Cement - India
- Wilmar Investment Holdings
- Bukit Baiduri Energy - Indonesia
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- Energy Development Corp, Philippines
- Medco Energi Mining Internasional
- Indian Energy Exchange, India
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Siam City Cement PLC, Thailand
- Global Coal Blending Company Limited - Australia
- Planning Commission, India
- CNBM International Corporation - China
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- South Luzon Thermal Energy Corporation
- Siam City Cement - Thailand
- Ind-Barath Power Infra Limited - India
- AsiaOL BioFuels Corp., Philippines
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Trasteel International SA, Italy
- Cement Manufacturers Association - India
- PowerSource Philippines DevCo
- Xindia Steels Limited - India
- Kumho Petrochemical, South Korea
- IHS Mccloskey Coal Group - USA
- Lanco Infratech Ltd - India
- Electricity Authority, New Zealand
- Edison Trading Spa - Italy
- London Commodity Brokers - England
- Vizag Seaport Private Limited - India
- Electricity Generating Authority of Thailand
- White Energy Company Limited
- Therma Luzon, Inc, Philippines
- Posco Energy - South Korea
- Pipit Mutiara Jaya. PT, Indonesia
- Australian Commodity Traders Exchange
- TeaM Sual Corporation - Philippines
- Economic Council, Georgia
- Ministry of Finance - Indonesia
- Cigading International Bulk Terminal - Indonesia
- Anglo American - United Kingdom
- Aboitiz Power Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- International Coal Ventures Pvt Ltd - India
- Kapuas Tunggal Persada - Indonesia
- SMC Global Power, Philippines
- India Bulls Power Limited - India
- Parliament of New Zealand
- Attock Cement Pakistan Limited
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Central Java Power - Indonesia
- Indian Oil Corporation Limited
- Kohat Cement Company Ltd. - Pakistan
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Bahari Cakrawala Sebuku - Indonesia
- ICICI Bank Limited - India
- Sojitz Corporation - Japan
- Georgia Ports Authority, United States
- Bangladesh Power Developement Board
- Parry Sugars Refinery, India
- Renaissance Capital - South Africa
- Power Finance Corporation Ltd., India
- VISA Power Limited - India
- Bharathi Cement Corporation - India
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- The Treasury - Australian Government
- Ceylon Electricity Board - Sri Lanka
- Tata Chemicals Ltd - India
- Star Paper Mills Limited - India
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bulk Trading Sa - Switzerland
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Port Waratah Coal Services - Australia
- Leighton Contractors Pty Ltd - Australia
- Kideco Jaya Agung - Indonesia
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- European Bulk Services B.V. - Netherlands
- Semirara Mining Corp, Philippines
- Vedanta Resources Plc - India
- New Zealand Coal & Carbon
- ASAPP Information Group - India
- Bayan Resources Tbk. - Indonesia
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- Deloitte Consulting - India
- Commonwealth Bank - Australia
- Thiess Contractors Indonesia
- Makarim & Taira - Indonesia
- Videocon Industries ltd - India
- Miang Besar Coal Terminal - Indonesia
- SN Aboitiz Power Inc, Philippines
- Karaikal Port Pvt Ltd - India
- Altura Mining Limited, Indonesia
- Sree Jayajothi Cements Limited - India
- Ministry of Transport, Egypt
- PNOC Exploration Corporation - Philippines
- Baramulti Group, Indonesia
- Samtan Co., Ltd - South Korea
- Timah Investasi Mineral - Indoneisa
- Ministry of Mines - Canada
- Neyveli Lignite Corporation Ltd, - India
- Price Waterhouse Coopers - Russia
- Kaltim Prima Coal - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Krishnapatnam Port Company Ltd. - India
- Manunggal Multi Energi - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Meenaskhi Energy Private Limited - India
- Jorong Barutama Greston.PT - Indonesia
- Toyota Tsusho Corporation, Japan
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- Borneo Indobara - Indonesia
- Orica Mining Services - Indonesia
- CIMB Investment Bank - Malaysia
- Eastern Energy - Thailand
- Jaiprakash Power Ventures ltd
- Bukit Asam (Persero) Tbk - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Kartika Selabumi Mining - Indonesia
- Kepco SPC Power Corporation, Philippines
- Tamil Nadu electricity Board
- Sarangani Energy Corporation, Philippines
- Bhushan Steel Limited - India
- Africa Commodities Group - South Africa
- Metalloyd Limited - United Kingdom
- Heidelberg Cement - Germany
- Holcim Trading Pte Ltd - Singapore
- LBH Netherlands Bv - Netherlands
- MS Steel International - UAE
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Interocean Group of Companies - India
- OPG Power Generation Pvt Ltd - India
- PTC India Limited - India
- Madhucon Powers Ltd - India
- Global Business Power Corporation, Philippines
- Asmin Koalindo Tuhup - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Minerals Council of Australia
- Gujarat Electricity Regulatory Commission - India
- Dalmia Cement Bharat India
- Maharashtra Electricity Regulatory Commission - India
- IEA Clean Coal Centre - UK
- Marubeni Corporation - India
- Mercuria Energy - Indonesia
- Simpson Spence & Young - Indonesia
- Coastal Gujarat Power Limited - India
- Singapore Mercantile Exchange
- Coalindo Energy - Indonesia
- Barasentosa Lestari - Indonesia
- Sakthi Sugars Limited - India
- Standard Chartered Bank - UAE
- Central Electricity Authority - India
- Chettinad Cement Corporation Ltd - India
- Oldendorff Carriers - Singapore
- Directorate Of Revenue Intelligence - India
- Petron Corporation, Philippines
- Indogreen Group - Indonesia
- Indo Tambangraya Megah - Indonesia
- Maheswari Brothers Coal Limited - India
- Romanian Commodities Exchange
- Bhoruka Overseas - Indonesia
- Chamber of Mines of South Africa
- SMG Consultants - Indonesia
- Coal and Oil Company - UAE
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