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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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- Samtan Co., Ltd - South Korea
- Attock Cement Pakistan Limited
- Bulk Trading Sa - Switzerland
- Siam City Cement PLC, Thailand
- Iligan Light & Power Inc, Philippines
- Thiess Contractors Indonesia
- Ministry of Transport, Egypt
- Planning Commission, India
- Carbofer General Trading SA - India
- Grasim Industreis Ltd - India
- Indika Energy - Indonesia
- Salva Resources Pvt Ltd - India
- Karbindo Abesyapradhi - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Mintek Dendrill Indonesia
- Price Waterhouse Coopers - Russia
- Heidelberg Cement - Germany
- Malabar Cements Ltd - India
- Bangladesh Power Developement Board
- Oldendorff Carriers - Singapore
- Indian Oil Corporation Limited
- Kepco SPC Power Corporation, Philippines
- Baramulti Group, Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Riau Bara Harum - Indonesia
- Standard Chartered Bank - UAE
- Sical Logistics Limited - India
- LBH Netherlands Bv - Netherlands
- GVK Power & Infra Limited - India
- GN Power Mariveles Coal Plant, Philippines
- Power Finance Corporation Ltd., India
- Directorate General of MIneral and Coal - Indonesia
- Kideco Jaya Agung - Indonesia
- Siam City Cement - Thailand
- Simpson Spence & Young - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Bharathi Cement Corporation - India
- Antam Resourcindo - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Madhucon Powers Ltd - India
- IEA Clean Coal Centre - UK
- Jaiprakash Power Ventures ltd
- New Zealand Coal & Carbon
- VISA Power Limited - India
- Metalloyd Limited - United Kingdom
- Meralco Power Generation, Philippines
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Cement Manufacturers Association - India
- Agrawal Coal Company - India
- Medco Energi Mining Internasional
- Maharashtra Electricity Regulatory Commission - India
- Kapuas Tunggal Persada - Indonesia
- Borneo Indobara - Indonesia
- Eastern Energy - Thailand
- India Bulls Power Limited - India
- Tamil Nadu electricity Board
- ICICI Bank Limited - India
- MS Steel International - UAE
- PTC India Limited - India
- AsiaOL BioFuels Corp., Philippines
- GAC Shipping (India) Pvt Ltd
- Uttam Galva Steels Limited - India
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Gujarat Mineral Development Corp Ltd - India
- Australian Commodity Traders Exchange
- Kartika Selabumi Mining - Indonesia
- Dalmia Cement Bharat India
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Karaikal Port Pvt Ltd - India
- Kobexindo Tractors - Indoneisa
- Coalindo Energy - Indonesia
- Gujarat Sidhee Cement - India
- Timah Investasi Mineral - Indoneisa
- Mjunction Services Limited - India
- Indogreen Group - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Port Waratah Coal Services - Australia
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Sarangani Energy Corporation, Philippines
- Tata Chemicals Ltd - India
- San Jose City I Power Corp, Philippines
- Posco Energy - South Korea
- Meenaskhi Energy Private Limited - India
- Petron Corporation, Philippines
- Chamber of Mines of South Africa
- ASAPP Information Group - India
- Kalimantan Lumbung Energi - Indonesia
- Essar Steel Hazira Ltd - India
- Gujarat Electricity Regulatory Commission - India
- Georgia Ports Authority, United States
- Bayan Resources Tbk. - Indonesia
- Renaissance Capital - South Africa
- Sojitz Corporation - Japan
- Semirara Mining and Power Corporation, Philippines
- European Bulk Services B.V. - Netherlands
- Xindia Steels Limited - India
- Ambuja Cements Ltd - India
- Aboitiz Power Corporation - Philippines
- Marubeni Corporation - India
- Lanco Infratech Ltd - India
- Maheswari Brothers Coal Limited - India
- Parliament of New Zealand
- Vedanta Resources Plc - India
- Billiton Holdings Pty Ltd - Australia
- Larsen & Toubro Limited - India
- Bukit Makmur.PT - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Eastern Coal Council - USA
- Wood Mackenzie - Singapore
- Jorong Barutama Greston.PT - Indonesia
- Indo Tambangraya Megah - Indonesia
- Global Business Power Corporation, Philippines
- PowerSource Philippines DevCo
- Cigading International Bulk Terminal - Indonesia
- Miang Besar Coal Terminal - Indonesia
- McConnell Dowell - Australia
- Pendopo Energi Batubara - Indonesia
- Directorate Of Revenue Intelligence - India
- Thai Mozambique Logistica
- Binh Thuan Hamico - Vietnam
- PNOC Exploration Corporation - Philippines
- Edison Trading Spa - Italy
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Global Green Power PLC Corporation, Philippines
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Formosa Plastics Group - Taiwan
- Chettinad Cement Corporation Ltd - India
- London Commodity Brokers - England
- Globalindo Alam Lestari - Indonesia
- Kumho Petrochemical, South Korea
- Global Coal Blending Company Limited - Australia
- Vizag Seaport Private Limited - India
- Straits Asia Resources Limited - Singapore
- Savvy Resources Ltd - HongKong
- IHS Mccloskey Coal Group - USA
- Australian Coal Association
- Orica Mining Services - Indonesia
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Trasteel International SA, Italy
- Energy Development Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Coastal Gujarat Power Limited - India
- TNB Fuel Sdn Bhd - Malaysia
- Ministry of Mines - Canada
- Banpu Public Company Limited - Thailand
- Krishnapatnam Port Company Ltd. - India
- The Treasury - Australian Government
- Mercuria Energy - Indonesia
- Indian Energy Exchange, India
- SN Aboitiz Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- Semirara Mining Corp, Philippines
- Sree Jayajothi Cements Limited - India
- Orica Australia Pty. Ltd.
- Videocon Industries ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Parry Sugars Refinery, India
- Jindal Steel & Power Ltd - India
- Latin American Coal - Colombia
- Independent Power Producers Association of India
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Kohat Cement Company Ltd. - Pakistan
- Therma Luzon, Inc, Philippines
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Wilmar Investment Holdings
- Minerals Council of Australia
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- Africa Commodities Group - South Africa
- Toyota Tsusho Corporation, Japan
- The University of Queensland
- South Luzon Thermal Energy Corporation
- Singapore Mercantile Exchange
- Mercator Lines Limited - India
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Sinarmas Energy and Mining - Indonesia
- Coal and Oil Company - UAE
- Rashtriya Ispat Nigam Limited - India
- Altura Mining Limited, Indonesia
- Kaltim Prima Coal - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Ministry of Finance - Indonesia
- Barasentosa Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- White Energy Company Limited
- The State Trading Corporation of India Ltd
- Merrill Lynch Commodities Europe
- CNBM International Corporation - China
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- Anglo American - United Kingdom
- GMR Energy Limited - India
- Manunggal Multi Energi - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Bhoruka Overseas - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Leighton Contractors Pty Ltd - Australia
- Bhushan Steel Limited - India
- Economic Council, Georgia
- International Coal Ventures Pvt Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Goldman Sachs - Singapore
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