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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, 08 February 16
DRY-BULK SHIPPING DIVING DEEP
COALspot.com: The freight markets continued to fall this past week.
The Baltic Dry Index (BDI) of dry-bulk shipping freights, a measure of glo ...
Monday, 08 February 16
DRY BULK: SHIPBROKER SEES BDI MARKET REACHING LOW POINT OF 236 POINTS - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS
The endless pit that is the dry bulk market over the past two months, has been the issue of debate among ship owners, shipbroker and analysts alike ...
Friday, 05 February 16
COAL INDIA EYES COAL MINES IN SOUTH AFRICA - PTI
“Coal India Ltd has plans of acquiring coal mines in South Africa,” an official said. It is looking at acquiring mines in partnership w ...
Friday, 05 February 16
U.S. WEEKLY COAL OUTPUT ROSE 4.2% TO 13.6 MMST
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.6 million shor ...
Thursday, 04 February 16
CAPESIZE: WEST AUSTRALIAN TO CHINA HAS BEEN CONCLUDED AT US$ 2.85 PMT AND THE C3 MARKET REMAINS INACTIVE - FEARNLEYS
Capesize
As everyone is getting ready for the Chinese new year, already depressed rates are under further pressure.
According to Fearnleys, ...
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- Minerals Council of Australia
- Global Coal Blending Company Limited - Australia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Bhoruka Overseas - Indonesia
- MS Steel International - UAE
- Bangladesh Power Developement Board
- Bukit Asam (Persero) Tbk - Indonesia
- European Bulk Services B.V. - Netherlands
- Star Paper Mills Limited - India
- Uttam Galva Steels Limited - India
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Coalindo Energy - Indonesia
- Agrawal Coal Company - India
- Bharathi Cement Corporation - India
- Bukit Baiduri Energy - Indonesia
- Economic Council, Georgia
- Bhushan Steel Limited - India
- Meenaskhi Energy Private Limited - India
- Central Java Power - Indonesia
- Coastal Gujarat Power Limited - India
- San Jose City I Power Corp, Philippines
- Oldendorff Carriers - Singapore
- Indogreen Group - Indonesia
- Sinarmas Energy and Mining - Indonesia
- Global Business Power Corporation, Philippines
- Kaltim Prima Coal - Indonesia
- Jindal Steel & Power Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Ministry of Transport, Egypt
- Maheswari Brothers Coal Limited - India
- Videocon Industries ltd - India
- Billiton Holdings Pty Ltd - Australia
- Standard Chartered Bank - UAE
- TeaM Sual Corporation - Philippines
- GN Power Mariveles Coal Plant, Philippines
- Iligan Light & Power Inc, Philippines
- The University of Queensland
- Eastern Energy - Thailand
- Sree Jayajothi Cements Limited - India
- Rashtriya Ispat Nigam Limited - India
- Indian Energy Exchange, India
- Neyveli Lignite Corporation Ltd, - India
- Metalloyd Limited - United Kingdom
- Simpson Spence & Young - Indonesia
- Meralco Power Generation, Philippines
- Electricity Generating Authority of Thailand
- Australian Coal Association
- Coal and Oil Company - UAE
- Globalindo Alam Lestari - Indonesia
- White Energy Company Limited
- Ministry of Finance - Indonesia
- Riau Bara Harum - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Kartika Selabumi Mining - Indonesia
- Timah Investasi Mineral - Indoneisa
- Vedanta Resources Plc - India
- Anglo American - United Kingdom
- GMR Energy Limited - India
- LBH Netherlands Bv - Netherlands
- Rio Tinto Coal - Australia
- Lanco Infratech Ltd - India
- Miang Besar Coal Terminal - Indonesia
- Tamil Nadu electricity Board
- Power Finance Corporation Ltd., India
- Goldman Sachs - Singapore
- Karbindo Abesyapradhi - Indoneisa
- Merrill Lynch Commodities Europe
- Energy Development Corp, Philippines
- Indonesian Coal Mining Association
- Offshore Bulk Terminal Pte Ltd, Singapore
- Xindia Steels Limited - India
- Bulk Trading Sa - Switzerland
- Africa Commodities Group - South Africa
- Baramulti Group, Indonesia
- Kobexindo Tractors - Indoneisa
- Barasentosa Lestari - Indonesia
- Pendopo Energi Batubara - Indonesia
- Ambuja Cements Ltd - India
- Attock Cement Pakistan Limited
- PetroVietnam Power Coal Import and Supply Company
- Semirara Mining Corp, Philippines
- Wood Mackenzie - Singapore
- Toyota Tsusho Corporation, Japan
- Krishnapatnam Port Company Ltd. - India
- Jorong Barutama Greston.PT - Indonesia
- Thai Mozambique Logistica
- Eastern Coal Council - USA
- Vijayanagar Sugar Pvt Ltd - India
- Mjunction Services Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Orica Mining Services - Indonesia
- Malabar Cements Ltd - India
- Planning Commission, India
- The Treasury - Australian Government
- Global Green Power PLC Corporation, Philippines
- Karaikal Port Pvt Ltd - India
- Sindya Power Generating Company Private Ltd
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Carbofer General Trading SA - India
- Cigading International Bulk Terminal - Indonesia
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Central Electricity Authority - India
- Vizag Seaport Private Limited - India
- Formosa Plastics Group - Taiwan
- Medco Energi Mining Internasional
- Indika Energy - Indonesia
- Essar Steel Hazira Ltd - India
- The State Trading Corporation of India Ltd
- Gujarat Sidhee Cement - India
- Gujarat Mineral Development Corp Ltd - India
- SMG Consultants - Indonesia
- Sical Logistics Limited - India
- Petron Corporation, Philippines
- Savvy Resources Ltd - HongKong
- Romanian Commodities Exchange
- Sakthi Sugars Limited - India
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Australian Commodity Traders Exchange
- Deloitte Consulting - India
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- ICICI Bank Limited - India
- Antam Resourcindo - Indonesia
- Indo Tambangraya Megah - Indonesia
- Kumho Petrochemical, South Korea
- Salva Resources Pvt Ltd - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Bank of Tokyo Mitsubishi UFJ Ltd
- Directorate Of Revenue Intelligence - India
- London Commodity Brokers - England
- CNBM International Corporation - China
- PowerSource Philippines DevCo
- Bhatia International Limited - India
- OPG Power Generation Pvt Ltd - India
- South Luzon Thermal Energy Corporation
- Latin American Coal - Colombia
- Holcim Trading Pte Ltd - Singapore
- Indian Oil Corporation Limited
- Grasim Industreis Ltd - India
- Heidelberg Cement - Germany
- Posco Energy - South Korea
- Tata Chemicals Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- ASAPP Information Group - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Petrochimia International Co. Ltd.- Taiwan
- PTC India Limited - India
- Straits Asia Resources Limited - Singapore
- Edison Trading Spa - Italy
- Georgia Ports Authority, United States
- Ceylon Electricity Board - Sri Lanka
- Mercuria Energy - Indonesia
- Jaiprakash Power Ventures ltd
- Electricity Authority, New Zealand
- Energy Link Ltd, New Zealand
- Trasteel International SA, Italy
- Ministry of Mines - Canada
- Directorate General of MIneral and Coal - Indonesia
- Mintek Dendrill Indonesia
- Sarangani Energy Corporation, Philippines
- Parry Sugars Refinery, India
- Siam City Cement - Thailand
- Independent Power Producers Association of India
- IHS Mccloskey Coal Group - USA
- Interocean Group of Companies - India
- Samtan Co., Ltd - South Korea
- PNOC Exploration Corporation - Philippines
- Altura Mining Limited, Indonesia
- Price Waterhouse Coopers - Russia
- Dalmia Cement Bharat India
- SMC Global Power, Philippines
- McConnell Dowell - Australia
- Larsen & Toubro Limited - India
- Siam City Cement PLC, Thailand
- Therma Luzon, Inc, Philippines
- New Zealand Coal & Carbon
- Mercator Lines Limited - India
- Marubeni Corporation - India
- Chamber of Mines of South Africa
- Aboitiz Power Corporation - Philippines
- SN Aboitiz Power Inc, Philippines
- GAC Shipping (India) Pvt Ltd
- AsiaOL BioFuels Corp., Philippines
- Orica Australia Pty. Ltd.
- Wilmar Investment Holdings
- Binh Thuan Hamico - Vietnam
- IEA Clean Coal Centre - UK
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Leighton Contractors Pty Ltd - Australia
- Commonwealth Bank - Australia
- Banpu Public Company Limited - Thailand
- International Coal Ventures Pvt Ltd - India
- Cement Manufacturers Association - India
- Kalimantan Lumbung Energi - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Manunggal Multi Energi - Indonesia
- Parliament of New Zealand
- Kepco SPC Power Corporation, Philippines
- India Bulls Power Limited - India
- CIMB Investment Bank - Malaysia
- Sojitz Corporation - Japan
- Intertek Mineral Services - Indonesia
- Thiess Contractors Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- Kapuas Tunggal Persada - Indonesia
- Singapore Mercantile Exchange
- VISA Power Limited - India
- Renaissance Capital - South Africa
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