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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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Friday, 22 January 16
WEEKLY US COAL PRODUCTION ESTIMATES ALMOST FLAT
COALspot.com – United States the world’s second largest coal producer has produced approximately totaled an estimated 13.3 million shor ...
Friday, 22 January 16
COAL PRICES TO REMAIN UNDER PRESSURE THIS YEAR
COALspot.com: Indonesian coal swap delivery Q1 2016 declined month on month and week over week. The falling trend of prices for coal was continuing ...
Friday, 22 January 16
Q3' 16 FOB RICHARDS BAY COAL SWAP CLOSED AT $ 40.80; DECLINE $ 2.80 M-O-M
COALspot.com: Q1’ 2016 API4 FOB Richards Bay Coal swap up month over month and decline week over week.
The Q1’ 2016 FOB Richards B ...
Wednesday, 20 January 16
Q3'16 FOB NEWCASTLE COAL SWAP CLOSED $ 2.40 LESSER THAN Q1'16 CLOSING PRICE OF $ 38.10
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery rose another $0.77 per ton (2.06%) this past week compared to the sam ...
Wednesday, 20 January 16
SHIPPING MARKET INSIGHT - NASOS SOULAKIS
If you believe in the “January effect”, the theory according to which the beginning of a new year has a positive effect on financial in ...
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- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- Standard Chartered Bank - UAE
- Ceylon Electricity Board - Sri Lanka
- Gujarat Sidhee Cement - India
- Altura Mining Limited, Indonesia
- SMC Global Power, Philippines
- Anglo American - United Kingdom
- ASAPP Information Group - India
- Baramulti Group, Indonesia
- Bangladesh Power Developement Board
- Aditya Birla Group - India
- Banpu Public Company Limited - Thailand
- Power Finance Corporation Ltd., India
- TeaM Sual Corporation - Philippines
- Tamil Nadu electricity Board
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- South Luzon Thermal Energy Corporation
- Kepco SPC Power Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- New Zealand Coal & Carbon
- Global Business Power Corporation, Philippines
- Bhoruka Overseas - Indonesia
- Central Java Power - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- PetroVietnam Power Coal Import and Supply Company
- Bahari Cakrawala Sebuku - Indonesia
- Formosa Plastics Group - Taiwan
- Agrawal Coal Company - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Mercuria Energy - Indonesia
- The State Trading Corporation of India Ltd
- Bank of Tokyo Mitsubishi UFJ Ltd
- Posco Energy - South Korea
- VISA Power Limited - India
- Thai Mozambique Logistica
- Attock Cement Pakistan Limited
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- London Commodity Brokers - England
- Directorate General of MIneral and Coal - Indonesia
- Pendopo Energi Batubara - Indonesia
- Georgia Ports Authority, United States
- Miang Besar Coal Terminal - Indonesia
- Uttam Galva Steels Limited - India
- Indian Oil Corporation Limited
- Vizag Seaport Private Limited - India
- Coalindo Energy - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Romanian Commodities Exchange
- Mercator Lines Limited - India
- IHS Mccloskey Coal Group - USA
- Parry Sugars Refinery, India
- Manunggal Multi Energi - Indonesia
- Jindal Steel & Power Ltd - India
- Iligan Light & Power Inc, Philippines
- Pipit Mutiara Jaya. PT, Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Ambuja Cements Ltd - India
- Kartika Selabumi Mining - Indonesia
- Rio Tinto Coal - Australia
- Neyveli Lignite Corporation Ltd, - India
- Karaikal Port Pvt Ltd - India
- Ministry of Finance - Indonesia
- Ministry of Transport, Egypt
- Star Paper Mills Limited - India
- CIMB Investment Bank - Malaysia
- Goldman Sachs - Singapore
- Samtan Co., Ltd - South Korea
- Tata Chemicals Ltd - India
- Sakthi Sugars Limited - India
- Kapuas Tunggal Persada - Indonesia
- Carbofer General Trading SA - India
- International Coal Ventures Pvt Ltd - India
- Coal and Oil Company - UAE
- Economic Council, Georgia
- Energy Development Corp, Philippines
- Mjunction Services Limited - India
- European Bulk Services B.V. - Netherlands
- Asmin Koalindo Tuhup - Indonesia
- Directorate Of Revenue Intelligence - India
- Eastern Energy - Thailand
- Orica Mining Services - Indonesia
- Chettinad Cement Corporation Ltd - India
- ICICI Bank Limited - India
- Bayan Resources Tbk. - Indonesia
- AsiaOL BioFuels Corp., Philippines
- Ministry of Mines - Canada
- Africa Commodities Group - South Africa
- Thiess Contractors Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- OPG Power Generation Pvt Ltd - India
- Sree Jayajothi Cements Limited - India
- Meralco Power Generation, Philippines
- Meenaskhi Energy Private Limited - India
- Vijayanagar Sugar Pvt Ltd - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- Commonwealth Bank - Australia
- Larsen & Toubro Limited - India
- Cigading International Bulk Terminal - Indonesia
- Mintek Dendrill Indonesia
- Port Waratah Coal Services - Australia
- Xindia Steels Limited - India
- Coastal Gujarat Power Limited - India
- PTC India Limited - India
- Kaltim Prima Coal - Indonesia
- White Energy Company Limited
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- GAC Shipping (India) Pvt Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Billiton Holdings Pty Ltd - Australia
- Heidelberg Cement - Germany
- San Jose City I Power Corp, Philippines
- Grasim Industreis Ltd - India
- Global Coal Blending Company Limited - Australia
- The University of Queensland
- Siam City Cement - Thailand
- Price Waterhouse Coopers - Russia
- GMR Energy Limited - India
- Riau Bara Harum - Indonesia
- Semirara Mining Corp, Philippines
- Sindya Power Generating Company Private Ltd
- Renaissance Capital - South Africa
- Makarim & Taira - Indonesia
- Indonesian Coal Mining Association
- Indo Tambangraya Megah - Indonesia
- Australian Coal Association
- Kohat Cement Company Ltd. - Pakistan
- Madhucon Powers Ltd - India
- India Bulls Power Limited - India
- Wilmar Investment Holdings
- Straits Asia Resources Limited - Singapore
- Vedanta Resources Plc - India
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Borneo Indobara - Indonesia
- Medco Energi Mining Internasional
- Kobexindo Tractors - Indoneisa
- PNOC Exploration Corporation - Philippines
- Rashtriya Ispat Nigam Limited - India
- Deloitte Consulting - India
- Antam Resourcindo - Indonesia
- Energy Link Ltd, New Zealand
- Petrochimia International Co. Ltd.- Taiwan
- Globalindo Alam Lestari - Indonesia
- Chamber of Mines of South Africa
- Electricity Generating Authority of Thailand
- Therma Luzon, Inc, Philippines
- Marubeni Corporation - India
- Kideco Jaya Agung - Indonesia
- Independent Power Producers Association of India
- Maharashtra Electricity Regulatory Commission - India
- GN Power Mariveles Coal Plant, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Planning Commission, India
- Electricity Authority, New Zealand
- SN Aboitiz Power Inc, Philippines
- Edison Trading Spa - Italy
- CNBM International Corporation - China
- Krishnapatnam Port Company Ltd. - India
- Toyota Tsusho Corporation, Japan
- Intertek Mineral Services - Indonesia
- Metalloyd Limited - United Kingdom
- Alfred C Toepfer International GmbH - Germany
- Bukit Baiduri Energy - Indonesia
- Aboitiz Power Corporation - Philippines
- Orica Australia Pty. Ltd.
- Binh Thuan Hamico - Vietnam
- Petron Corporation, Philippines
- Videocon Industries ltd - India
- Latin American Coal - Colombia
- Bharathi Cement Corporation - India
- Oldendorff Carriers - Singapore
- Singapore Mercantile Exchange
- IEA Clean Coal Centre - UK
- Salva Resources Pvt Ltd - India
- Essar Steel Hazira Ltd - India
- Sarangani Energy Corporation, Philippines
- Wood Mackenzie - Singapore
- Ind-Barath Power Infra Limited - India
- Indian Energy Exchange, India
- PowerSource Philippines DevCo
- Kumho Petrochemical, South Korea
- McConnell Dowell - Australia
- Sojitz Corporation - Japan
- Interocean Group of Companies - India
- Gujarat Electricity Regulatory Commission - India
- LBH Netherlands Bv - Netherlands
- Dalmia Cement Bharat India
- Merrill Lynch Commodities Europe
- Jorong Barutama Greston.PT - Indonesia
- Barasentosa Lestari - Indonesia
- Bhatia International Limited - India
- Timah Investasi Mineral - Indoneisa
- Semirara Mining and Power Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- GVK Power & Infra Limited - India
- The Treasury - Australian Government
- Indika Energy - Indonesia
- Central Electricity Authority - India
- Gujarat Mineral Development Corp Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Trasteel International SA, Italy
- Simpson Spence & Young - Indonesia
- Indogreen Group - Indonesia
- Parliament of New Zealand
- Leighton Contractors Pty Ltd - Australia
- Minerals Council of Australia
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Jaiprakash Power Ventures ltd
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