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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, 29 February 16
BALTIC INDEX INCHES UP THIS PAST WEEK AS SMALLER VESSELS LEND SUPPORT
COALspot.com: The freight markets rose slightly this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of global ...
Monday, 29 February 16
LOSS OF EARNINGS IN THE WAKE OF A COLLISION - GARD
KNOWLEDGE TO ELEVATE
A shipowner’s loss of earnings can form a significant part of a collision claim. Awareness of the ways of calculati ...
Friday, 26 February 16
U.S WEEKLY COAL PRODUCTION UP SLIGHTLY
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.4 million shor ...
Thursday, 25 February 16
DRY BULKERS ARE SCRAPPED AT RECORD PACE - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The newbuilding market is at a lull these days, as ship owners are focusing on two fronts, getting rid of excess dry bulk tonnage and snapping up b ...
Wednesday, 24 February 16
HOW IS THE FUEL MIX FOR U.S. ELECTRICITY GENERATION CHANGING? - EIA
In recent years, there have been changes in the mix of fuels used to generate electricity in the United States. Natural gas and renewable energy so ...
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- Coalindo Energy - Indonesia
- Renaissance Capital - South Africa
- Indo Tambangraya Megah - Indonesia
- Bulk Trading Sa - Switzerland
- Mintek Dendrill Indonesia
- Interocean Group of Companies - India
- Heidelberg Cement - Germany
- Metalloyd Limited - United Kingdom
- Formosa Plastics Group - Taiwan
- Kohat Cement Company Ltd. - Pakistan
- Sojitz Corporation - Japan
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Indian Oil Corporation Limited
- Georgia Ports Authority, United States
- Directorate General of MIneral and Coal - Indonesia
- Uttam Galva Steels Limited - India
- Bhatia International Limited - India
- Riau Bara Harum - Indonesia
- Anglo American - United Kingdom
- London Commodity Brokers - England
- Indika Energy - Indonesia
- PTC India Limited - India
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- IEA Clean Coal Centre - UK
- Madhucon Powers Ltd - India
- Bhoruka Overseas - Indonesia
- Savvy Resources Ltd - HongKong
- Toyota Tsusho Corporation, Japan
- Rashtriya Ispat Nigam Limited - India
- Sarangani Energy Corporation, Philippines
- Commonwealth Bank - Australia
- Dalmia Cement Bharat India
- Standard Chartered Bank - UAE
- Kartika Selabumi Mining - Indonesia
- Malabar Cements Ltd - India
- Siam City Cement PLC, Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Karaikal Port Pvt Ltd - India
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- OPG Power Generation Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Semirara Mining and Power Corporation, Philippines
- Attock Cement Pakistan Limited
- Oldendorff Carriers - Singapore
- Sinarmas Energy and Mining - Indonesia
- Merrill Lynch Commodities Europe
- Semirara Mining Corp, Philippines
- Jaiprakash Power Ventures ltd
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- SN Aboitiz Power Inc, Philippines
- Meralco Power Generation, Philippines
- Eastern Energy - Thailand
- Thiess Contractors Indonesia
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Price Waterhouse Coopers - Russia
- SMC Global Power, Philippines
- Timah Investasi Mineral - Indoneisa
- Simpson Spence & Young - Indonesia
- Global Business Power Corporation, Philippines
- Cement Manufacturers Association - India
- Orica Australia Pty. Ltd.
- Indogreen Group - Indonesia
- ICICI Bank Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- McConnell Dowell - Australia
- Kepco SPC Power Corporation, Philippines
- Planning Commission, India
- Gujarat Sidhee Cement - India
- Sical Logistics Limited - India
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- GN Power Mariveles Coal Plant, Philippines
- Orica Mining Services - Indonesia
- Intertek Mineral Services - Indonesia
- Deloitte Consulting - India
- Bhushan Steel Limited - India
- Bukit Baiduri Energy - Indonesia
- SMG Consultants - Indonesia
- Coastal Gujarat Power Limited - India
- Africa Commodities Group - South Africa
- South Luzon Thermal Energy Corporation
- Samtan Co., Ltd - South Korea
- Chettinad Cement Corporation Ltd - India
- PowerSource Philippines DevCo
- Bangladesh Power Developement Board
- Bharathi Cement Corporation - India
- Parry Sugars Refinery, India
- Borneo Indobara - Indonesia
- Marubeni Corporation - India
- Kalimantan Lumbung Energi - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Coal and Oil Company - UAE
- Petron Corporation, Philippines
- Neyveli Lignite Corporation Ltd, - India
- Krishnapatnam Port Company Ltd. - India
- Minerals Council of Australia
- Tamil Nadu electricity Board
- Alfred C Toepfer International GmbH - Germany
- Vedanta Resources Plc - India
- Ministry of Mines - Canada
- Binh Thuan Hamico - Vietnam
- Mercator Lines Limited - India
- Tata Chemicals Ltd - India
- IHS Mccloskey Coal Group - USA
- Ministry of Transport, Egypt
- Sindya Power Generating Company Private Ltd
- Barasentosa Lestari - Indonesia
- The Treasury - Australian Government
- Altura Mining Limited, Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Siam City Cement - Thailand
- Holcim Trading Pte Ltd - Singapore
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- PNOC Exploration Corporation - Philippines
- Medco Energi Mining Internasional
- Goldman Sachs - Singapore
- Manunggal Multi Energi - Indonesia
- Kumho Petrochemical, South Korea
- Star Paper Mills Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Bukit Makmur.PT - Indonesia
- GAC Shipping (India) Pvt Ltd
- Baramulti Group, Indonesia
- Therma Luzon, Inc, Philippines
- CIMB Investment Bank - Malaysia
- Gujarat Electricity Regulatory Commission - India
- Independent Power Producers Association of India
- Australian Commodity Traders Exchange
- Vijayanagar Sugar Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Global Coal Blending Company Limited - Australia
- Global Green Power PLC Corporation, Philippines
- Kideco Jaya Agung - Indonesia
- Australian Coal Association
- Aboitiz Power Corporation - Philippines
- VISA Power Limited - India
- Lanco Infratech Ltd - India
- Thai Mozambique Logistica
- Leighton Contractors Pty Ltd - Australia
- Bukit Asam (Persero) Tbk - Indonesia
- International Coal Ventures Pvt Ltd - India
- Grasim Industreis Ltd - India
- Xindia Steels Limited - India
- Globalindo Alam Lestari - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Billiton Holdings Pty Ltd - Australia
- LBH Netherlands Bv - Netherlands
- Singapore Mercantile Exchange
- Indonesian Coal Mining Association
- Mercuria Energy - Indonesia
- European Bulk Services B.V. - Netherlands
- Aditya Birla Group - India
- Maheswari Brothers Coal Limited - India
- India Bulls Power Limited - India
- Bayan Resources Tbk. - Indonesia
- Directorate Of Revenue Intelligence - India
- Ambuja Cements Ltd - India
- Eastern Coal Council - USA
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Trasteel International SA, Italy
- Port Waratah Coal Services - Australia
- ASAPP Information Group - India
- GMR Energy Limited - India
- Agrawal Coal Company - India
- Antam Resourcindo - Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- CNBM International Corporation - China
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Jorong Barutama Greston.PT - Indonesia
- San Jose City I Power Corp, Philippines
- Economic Council, Georgia
- MS Steel International - UAE
- Makarim & Taira - Indonesia
- Latin American Coal - Colombia
- Central Electricity Authority - India
- TeaM Sual Corporation - Philippines
- Parliament of New Zealand
- Kobexindo Tractors - Indoneisa
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Central Java Power - Indonesia
- New Zealand Coal & Carbon
- Essar Steel Hazira Ltd - India
- Electricity Generating Authority of Thailand
- Miang Besar Coal Terminal - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Iligan Light & Power Inc, Philippines
- Wood Mackenzie - Singapore
- Edison Trading Spa - Italy
- Karbindo Abesyapradhi - Indoneisa
- Cigading International Bulk Terminal - Indonesia
- The University of Queensland
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Carbofer General Trading SA - India
- White Energy Company Limited
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- The State Trading Corporation of India Ltd
- Pendopo Energi Batubara - Indonesia
- Videocon Industries ltd - India
- Indian Energy Exchange, India
- AsiaOL BioFuels Corp., Philippines
- Kapuas Tunggal Persada - Indonesia
- Ceylon Electricity Board - Sri Lanka
- Salva Resources Pvt Ltd - India
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