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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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Wednesday, 30 March 16
MINISTRY OF ENERGY AND MINERAL RESOURCES OF INDONESIA TO REVISE METHODOLOGY TO DETERMINE THE SELLING PRICE OF COAL TO MINE-MOUTH POWER PLANTS
COALspot.com: Ministry of Energy and Mineral Resources (ESDM) of Indonesia to review to revise methodology to determine the selling price of co ...
Wednesday, 30 March 16
VALEMAXES: THE BIGGEST NIGHTMARE OF TODAY'S DRY BULK MARKET - INTERMODAL
At a time that Europe is still dealing with the aftermath of the terrorist attacks in Brussels our society is daily bombarded with news of terroris ...
Tuesday, 29 March 16
BULK CARRIER VENTILATION - CAPTAIN PAUL R. WALTON
KNOWLEDGE TO ELEVATE
Moisture damage is a source of many cargo claims. Claimants allege that it is brought about by the ship’s failure t ...
Monday, 28 March 16
INDONESIAN WEEKLY CS50 COAL INDEX CLOSED SLIGHTLY FIRM; CS 57 INDEX CLOSED WEAK
COALspot.com: Average 5000 GAR coal index of Indonesian origin rose 0.03 percent week over week to averaging $38.91 per ton on this past Thursday, ...
Monday, 28 March 16
THE SUPRAMAX INDEX WAS UP TWENTY-FOUR POINTS TO 473 POINTS
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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- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Samtan Co., Ltd - South Korea
- White Energy Company Limited
- Indian Oil Corporation Limited
- Wood Mackenzie - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Miang Besar Coal Terminal - Indonesia
- Madhucon Powers Ltd - India
- Binh Thuan Hamico - Vietnam
- Power Finance Corporation Ltd., India
- Star Paper Mills Limited - India
- Sical Logistics Limited - India
- Eastern Coal Council - USA
- Georgia Ports Authority, United States
- Neyveli Lignite Corporation Ltd, - India
- PNOC Exploration Corporation - Philippines
- Kobexindo Tractors - Indoneisa
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Gujarat Electricity Regulatory Commission - India
- New Zealand Coal & Carbon
- Ceylon Electricity Board - Sri Lanka
- PetroVietnam Power Coal Import and Supply Company
- Altura Mining Limited, Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Siam City Cement PLC, Thailand
- Indika Energy - Indonesia
- Latin American Coal - Colombia
- Uttam Galva Steels Limited - India
- Manunggal Multi Energi - Indonesia
- Parry Sugars Refinery, India
- Indogreen Group - Indonesia
- Ministry of Mines - Canada
- Minerals Council of Australia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Jindal Steel & Power Ltd - India
- Attock Cement Pakistan Limited
- Sindya Power Generating Company Private Ltd
- Maharashtra Electricity Regulatory Commission - India
- Mintek Dendrill Indonesia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Coalindo Energy - Indonesia
- Vizag Seaport Private Limited - India
- Energy Link Ltd, New Zealand
- Renaissance Capital - South Africa
- Sree Jayajothi Cements Limited - India
- Pendopo Energi Batubara - Indonesia
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Essar Steel Hazira Ltd - India
- Ind-Barath Power Infra Limited - India
- Central Java Power - Indonesia
- GVK Power & Infra Limited - India
- Romanian Commodities Exchange
- Chamber of Mines of South Africa
- Timah Investasi Mineral - Indoneisa
- Barasentosa Lestari - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Merrill Lynch Commodities Europe
- Xindia Steels Limited - India
- CIMB Investment Bank - Malaysia
- MS Steel International - UAE
- Riau Bara Harum - Indonesia
- Economic Council, Georgia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Banpu Public Company Limited - Thailand
- SN Aboitiz Power Inc, Philippines
- Kaltim Prima Coal - Indonesia
- TeaM Sual Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Bhatia International Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Thai Mozambique Logistica
- OPG Power Generation Pvt Ltd - India
- Deloitte Consulting - India
- Coastal Gujarat Power Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Australian Coal Association
- Coal and Oil Company - UAE
- Savvy Resources Ltd - HongKong
- Holcim Trading Pte Ltd - Singapore
- Bayan Resources Tbk. - Indonesia
- Anglo American - United Kingdom
- Kumho Petrochemical, South Korea
- San Jose City I Power Corp, Philippines
- Cigading International Bulk Terminal - Indonesia
- Directorate General of MIneral and Coal - Indonesia
- Global Green Power PLC Corporation, Philippines
- Malabar Cements Ltd - India
- Sarangani Energy Corporation, Philippines
- Global Business Power Corporation, Philippines
- Petron Corporation, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- TNB Fuel Sdn Bhd - Malaysia
- South Luzon Thermal Energy Corporation
- Tata Chemicals Ltd - India
- Meralco Power Generation, Philippines
- Trasteel International SA, Italy
- Toyota Tsusho Corporation, Japan
- Kohat Cement Company Ltd. - Pakistan
- Cement Manufacturers Association - India
- Kapuas Tunggal Persada - Indonesia
- Posco Energy - South Korea
- Karaikal Port Pvt Ltd - India
- Siam City Cement - Thailand
- Bukit Baiduri Energy - Indonesia
- Dalmia Cement Bharat India
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Kideco Jaya Agung - Indonesia
- McConnell Dowell - Australia
- Independent Power Producers Association of India
- Aditya Birla Group - India
- Larsen & Toubro Limited - India
- Ministry of Transport, Egypt
- Global Coal Blending Company Limited - Australia
- Bharathi Cement Corporation - India
- Electricity Authority, New Zealand
- Chettinad Cement Corporation Ltd - India
- GN Power Mariveles Coal Plant, Philippines
- Sakthi Sugars Limited - India
- SMC Global Power, Philippines
- Tamil Nadu electricity Board
- Orica Mining Services - Indonesia
- SMG Consultants - Indonesia
- Gujarat Sidhee Cement - India
- Ministry of Finance - Indonesia
- Kartika Selabumi Mining - Indonesia
- Indonesian Coal Mining Association
- The Treasury - Australian Government
- Borneo Indobara - Indonesia
- Bhushan Steel Limited - India
- Indo Tambangraya Megah - Indonesia
- CNBM International Corporation - China
- Vedanta Resources Plc - India
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Bulk Trading Sa - Switzerland
- Antam Resourcindo - Indonesia
- GAC Shipping (India) Pvt Ltd
- Bukit Makmur.PT - Indonesia
- PTC India Limited - India
- Ambuja Cements Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Singapore Mercantile Exchange
- Australian Commodity Traders Exchange
- Parliament of New Zealand
- Sojitz Corporation - Japan
- Price Waterhouse Coopers - Russia
- Vijayanagar Sugar Pvt Ltd - India
- Interocean Group of Companies - India
- Simpson Spence & Young - Indonesia
- Aboitiz Power Corporation - Philippines
- Formosa Plastics Group - Taiwan
- ICICI Bank Limited - India
- London Commodity Brokers - England
- PowerSource Philippines DevCo
- Rashtriya Ispat Nigam Limited - India
- Semirara Mining Corp, Philippines
- Goldman Sachs - Singapore
- GMR Energy Limited - India
- AsiaOL BioFuels Corp., Philippines
- Eastern Energy - Thailand
- Makarim & Taira - Indonesia
- Therma Luzon, Inc, Philippines
- Mercuria Energy - Indonesia
- Semirara Mining and Power Corporation, Philippines
- VISA Power Limited - India
- Bangladesh Power Developement Board
- Energy Development Corp, Philippines
- Edison Trading Spa - Italy
- Gujarat Mineral Development Corp Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- International Coal Ventures Pvt Ltd - India
- Oldendorff Carriers - Singapore
- Grasim Industreis Ltd - India
- ASAPP Information Group - India
- Standard Chartered Bank - UAE
- Metalloyd Limited - United Kingdom
- Carbofer General Trading SA - India
- LBH Netherlands Bv - Netherlands
- Meenaskhi Energy Private Limited - India
- Maheswari Brothers Coal Limited - India
- Marubeni Corporation - India
- Rio Tinto Coal - Australia
- Kepco SPC Power Corporation, Philippines
- Intertek Mineral Services - Indonesia
- Baramulti Group, Indonesia
- Heidelberg Cement - Germany
- Salva Resources Pvt Ltd - India
- Planning Commission, India
- Mercator Lines Limited - India
- Bhoruka Overseas - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Medco Energi Mining Internasional
- Directorate Of Revenue Intelligence - India
- Alfred C Toepfer International GmbH - Germany
- Commonwealth Bank - Australia
- Wilmar Investment Holdings
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Lanco Infratech Ltd - India
- Indian Energy Exchange, India
- IEA Clean Coal Centre - UK
- Thiess Contractors Indonesia
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Agrawal Coal Company - India
- European Bulk Services B.V. - Netherlands
- Central Electricity Authority - India
- The University of Queensland
- Port Waratah Coal Services - Australia
- Krishnapatnam Port Company Ltd. - India
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