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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, 23 December 15
FOB NEWCASTLE COAL SWAP CLOSES FIRM
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery up $0.45 per ton (1.22%) month over month to US$ 37.20 per ton. The swap wa ...
Tuesday, 22 December 15
3800 GAR INDEX CLOSED AT US$ 22.03 PER TON; DOWN 0.15% W-O-W
COALspot.com: The 5000 GAR CS (i) coal index decline US$ 0.03 per ton (-0.07 %) week over week.
According to the CS (i) coal (system generated ...
Monday, 21 December 15
Q3' 2016 CFR SOUTH CHINA COAL SWAP CLOSED SLIGHTLY LOWER COMPARE TO Q1'16 CLOSING PRICE
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery up US$ 0.20 (0.48%) per ton month over month.
A commodity swap is a ...
Sunday, 20 December 15
THE FREIGHT RATES FROM INDONESIA TO INDIA IS EXPECTED TO BE SOFT NEXT WEEK
COALspot.com: The BDI facing all time low's this week. The bulk dry index closed at 477 points on 18 December 2015.
The cape index was als ...
Friday, 18 December 15
WHEN IS A MASTER ENTITLED TO REFUSE DAMAGED CARGO? A REMINDER - THE STANDARD CLUB
KNOWLEDGE TO ELEVATE
A master’s authority to clause bills of lading issued by or on his behalf can sometimes become the cause of disagreeme ...
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- Romanian Commodities Exchange
- Karbindo Abesyapradhi - Indoneisa
- Grasim Industreis Ltd - India
- Krishnapatnam Port Company Ltd. - India
- Planning Commission, India
- Antam Resourcindo - Indonesia
- McConnell Dowell - Australia
- Energy Development Corp, Philippines
- Carbofer General Trading SA - India
- Siam City Cement - Thailand
- Directorate General of MIneral and Coal - Indonesia
- Petron Corporation, Philippines
- Energy Link Ltd, New Zealand
- Indogreen Group - Indonesia
- Central Java Power - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Minerals Council of Australia
- Price Waterhouse Coopers - Russia
- Gujarat Mineral Development Corp Ltd - India
- Straits Asia Resources Limited - Singapore
- Thiess Contractors Indonesia
- Kapuas Tunggal Persada - Indonesia
- New Zealand Coal & Carbon
- Sinarmas Energy and Mining - Indonesia
- Miang Besar Coal Terminal - Indonesia
- The State Trading Corporation of India Ltd
- Jaiprakash Power Ventures ltd
- Altura Mining Limited, Indonesia
- Deloitte Consulting - India
- Ministry of Transport, Egypt
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Chettinad Cement Corporation Ltd - India
- Interocean Group of Companies - India
- Timah Investasi Mineral - Indoneisa
- Videocon Industries ltd - India
- Aditya Birla Group - India
- Kideco Jaya Agung - Indonesia
- Maharashtra Electricity Regulatory Commission - India
- Orica Australia Pty. Ltd.
- Simpson Spence & Young - Indonesia
- Indo Tambangraya Megah - Indonesia
- Economic Council, Georgia
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Kartika Selabumi Mining - Indonesia
- Sindya Power Generating Company Private Ltd
- San Jose City I Power Corp, Philippines
- Karaikal Port Pvt Ltd - India
- Edison Trading Spa - Italy
- Vijayanagar Sugar Pvt Ltd - India
- Globalindo Alam Lestari - Indonesia
- India Bulls Power Limited - India
- Indian Energy Exchange, India
- Ceylon Electricity Board - Sri Lanka
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Ministry of Mines - Canada
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Vizag Seaport Private Limited - India
- GMR Energy Limited - India
- CNBM International Corporation - China
- Sojitz Corporation - Japan
- Pipit Mutiara Jaya. PT, Indonesia
- GVK Power & Infra Limited - India
- Xindia Steels Limited - India
- Pendopo Energi Batubara - Indonesia
- Larsen & Toubro Limited - India
- CIMB Investment Bank - Malaysia
- Indika Energy - Indonesia
- Bhushan Steel Limited - India
- The University of Queensland
- Mjunction Services Limited - India
- Indonesian Coal Mining Association
- Gujarat Sidhee Cement - India
- Riau Bara Harum - Indonesia
- Binh Thuan Hamico - Vietnam
- Heidelberg Cement - Germany
- White Energy Company Limited
- Wilmar Investment Holdings
- Orica Mining Services - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Makarim & Taira - Indonesia
- Dalmia Cement Bharat India
- Meenaskhi Energy Private Limited - India
- Coal and Oil Company - UAE
- MS Steel International - UAE
- Madhucon Powers Ltd - India
- PetroVietnam Power Coal Import and Supply Company
- Agrawal Coal Company - India
- PowerSource Philippines DevCo
- Sarangani Energy Corporation, Philippines
- Aboitiz Power Corporation - Philippines
- TeaM Sual Corporation - Philippines
- Kohat Cement Company Ltd. - Pakistan
- Australian Commodity Traders Exchange
- Central Electricity Authority - India
- Kumho Petrochemical, South Korea
- Gujarat Electricity Regulatory Commission - India
- GAC Shipping (India) Pvt Ltd
- TNB Fuel Sdn Bhd - Malaysia
- Thai Mozambique Logistica
- Tata Chemicals Ltd - India
- Maheswari Brothers Coal Limited - India
- Bukit Baiduri Energy - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Kalimantan Lumbung Energi - Indonesia
- Bukit Makmur.PT - Indonesia
- Attock Cement Pakistan Limited
- Leighton Contractors Pty Ltd - Australia
- Iligan Light & Power Inc, Philippines
- Port Waratah Coal Services - Australia
- Eastern Coal Council - USA
- SN Aboitiz Power Inc, Philippines
- Electricity Generating Authority of Thailand
- Sree Jayajothi Cements Limited - India
- Semirara Mining Corp, Philippines
- Power Finance Corporation Ltd., India
- PNOC Exploration Corporation - Philippines
- Cigading International Bulk Terminal - Indonesia
- Wood Mackenzie - Singapore
- Samtan Co., Ltd - South Korea
- Billiton Holdings Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- ICICI Bank Limited - India
- Borneo Indobara - Indonesia
- Parliament of New Zealand
- Siam City Cement PLC, Thailand
- Marubeni Corporation - India
- Malabar Cements Ltd - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- The Treasury - Australian Government
- Intertek Mineral Services - Indonesia
- Singapore Mercantile Exchange
- Vedanta Resources Plc - India
- Electricity Authority, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Star Paper Mills Limited - India
- Salva Resources Pvt Ltd - India
- Anglo American - United Kingdom
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sical Logistics Limited - India
- AsiaOL BioFuels Corp., Philippines
- Ministry of Finance - Indonesia
- Coastal Gujarat Power Limited - India
- Barasentosa Lestari - Indonesia
- IEA Clean Coal Centre - UK
- Mercuria Energy - Indonesia
- Cement Manufacturers Association - India
- Mintek Dendrill Indonesia
- Renaissance Capital - South Africa
- Offshore Bulk Terminal Pte Ltd, Singapore
- Chamber of Mines of South Africa
- PTC India Limited - India
- Tamil Nadu electricity Board
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parry Sugars Refinery, India
- Standard Chartered Bank - UAE
- Kaltim Prima Coal - Indonesia
- Independent Power Producers Association of India
- Manunggal Multi Energi - Indonesia
- IHS Mccloskey Coal Group - USA
- Bhoruka Overseas - Indonesia
- Australian Coal Association
- Eastern Energy - Thailand
- Georgia Ports Authority, United States
- Bharathi Cement Corporation - India
- Directorate Of Revenue Intelligence - India
- Africa Commodities Group - South Africa
- Global Coal Blending Company Limited - Australia
- Global Business Power Corporation, Philippines
- SMC Global Power, Philippines
- Sakthi Sugars Limited - India
- Bayan Resources Tbk. - Indonesia
- GN Power Mariveles Coal Plant, Philippines
- Savvy Resources Ltd - HongKong
- Jorong Barutama Greston.PT - Indonesia
- Bhatia International Limited - India
- Merrill Lynch Commodities Europe
- Therma Luzon, Inc, Philippines
- Bangladesh Power Developement Board
- Global Green Power PLC Corporation, Philippines
- Posco Energy - South Korea
- Latin American Coal - Colombia
- ASAPP Information Group - India
- Banpu Public Company Limited - Thailand
- Rio Tinto Coal - Australia
- Toyota Tsusho Corporation, Japan
- South Luzon Thermal Energy Corporation
- Bahari Cakrawala Sebuku - Indonesia
- Indian Oil Corporation Limited
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Coalindo Energy - Indonesia
- Formosa Plastics Group - Taiwan
- Baramulti Group, Indonesia
- Oldendorff Carriers - Singapore
- Semirara Mining and Power Corporation, Philippines
- Medco Energi Mining Internasional
- Ambuja Cements Ltd - India
- Bukit Asam (Persero) Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- European Bulk Services B.V. - Netherlands
- International Coal Ventures Pvt Ltd - India
- LBH Netherlands Bv - Netherlands
- Commonwealth Bank - Australia
- Bulk Trading Sa - Switzerland
- London Commodity Brokers - England
- Lanco Infratech Ltd - India
- Essar Steel Hazira Ltd - India
- Trasteel International SA, Italy
- VISA Power Limited - India
- OPG Power Generation Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- SMG Consultants - Indonesia
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