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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, 30 November 15
ASSOCARBONI LOOKS AT COAL FROM A DIFFERENT ANGLE
ASSOCARBONI is in favour of an international mechanism to provide financial support to countries building high efficiency low emission coal plants. ...
Monday, 30 November 15
CS 5000 GAR COAL INDEX FIRM D-O-D; WEAK W-O-W
COALspot.com: The 5000 GAR CS (i) coal index up slightly day over day.
According to the system generated index, the CS 50 (5000 GAR coal) was ...
Monday, 30 November 15
CFR SOUTH CHINA COAL SWAPS REMAINED UNCHANGED FROM LAST WEEK
COALspot.com: API 8 CFR South China Coal swap for Q1’ 2016 delivery declined US$ 4.50 (9.78%) per ton month over month.
A commodity swap ...
Sunday, 29 November 15
CAPE INDEX SURGES 383 POINTS WEEK OVER WEEK, BOOSTS BALTIC DRY INDEX
COALspot.com: The Baltic Dry Index, a measure of shipping rates, fell to 498 points on 20 November and touched a 30-year low, but on 27 November th ...
Friday, 27 November 15
INDONESIA COAL SWAPS: WEEK ENDING 20 NOVEMBER CLOSED HIGHER COMPARED TO THE PREVIOUS WEEK
COALspot.com: Indonesian coal swaps for delivery Q1 2016 declined month on month and up on week over week. Coal prices seen slight improvements thi ...
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- PowerSource Philippines DevCo
- Attock Cement Pakistan Limited
- Meralco Power Generation, Philippines
- Indo Tambangraya Megah - Indonesia
- Bhatia International Limited - India
- Kohat Cement Company Ltd. - Pakistan
- India Bulls Power Limited - India
- International Coal Ventures Pvt Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Ambuja Cements Ltd - India
- Siam City Cement - Thailand
- Singapore Mercantile Exchange
- Formosa Plastics Group - Taiwan
- Heidelberg Cement - Germany
- Minerals Council of Australia
- Metalloyd Limited - United Kingdom
- Indian Energy Exchange, India
- Electricity Authority, New Zealand
- Miang Besar Coal Terminal - Indonesia
- The Treasury - Australian Government
- Binh Thuan Hamico - Vietnam
- Timah Investasi Mineral - Indoneisa
- The State Trading Corporation of India Ltd
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- IEA Clean Coal Centre - UK
- Posco Energy - South Korea
- Ceylon Electricity Board - Sri Lanka
- Petrochimia International Co. Ltd.- Taiwan
- South Luzon Thermal Energy Corporation
- Chamber of Mines of South Africa
- Malabar Cements Ltd - India
- Power Finance Corporation Ltd., India
- Krishnapatnam Port Company Ltd. - India
- Salva Resources Pvt Ltd - India
- Aboitiz Power Corporation - Philippines
- Merrill Lynch Commodities Europe
- Bhushan Steel Limited - India
- Coalindo Energy - Indonesia
- Eastern Energy - Thailand
- Mercator Lines Limited - India
- Sarangani Energy Corporation, Philippines
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- TeaM Sual Corporation - Philippines
- Ind-Barath Power Infra Limited - India
- Maheswari Brothers Coal Limited - India
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Cigading International Bulk Terminal - Indonesia
- Semirara Mining Corp, Philippines
- Petron Corporation, Philippines
- PetroVietnam Power Coal Import and Supply Company
- GVK Power & Infra Limited - India
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- IHS Mccloskey Coal Group - USA
- Independent Power Producers Association of India
- VISA Power Limited - India
- Directorate Of Revenue Intelligence - India
- Tata Chemicals Ltd - India
- Central Electricity Authority - India
- SN Aboitiz Power Inc, Philippines
- Cement Manufacturers Association - India
- ASAPP Information Group - India
- Pipit Mutiara Jaya. PT, Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Central Java Power - Indonesia
- Samtan Co., Ltd - South Korea
- Sakthi Sugars Limited - India
- Oldendorff Carriers - Singapore
- Riau Bara Harum - Indonesia
- PNOC Exploration Corporation - Philippines
- Xindia Steels Limited - India
- Makarim & Taira - Indonesia
- ICICI Bank Limited - India
- Star Paper Mills Limited - India
- Renaissance Capital - South Africa
- The University of Queensland
- Edison Trading Spa - Italy
- Straits Asia Resources Limited - Singapore
- Africa Commodities Group - South Africa
- Wood Mackenzie - Singapore
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Planning Commission, India
- Grasim Industreis Ltd - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sree Jayajothi Cements Limited - India
- Australian Coal Association
- Leighton Contractors Pty Ltd - Australia
- Latin American Coal - Colombia
- Karbindo Abesyapradhi - Indoneisa
- Standard Chartered Bank - UAE
- Barasentosa Lestari - Indonesia
- Kepco SPC Power Corporation, Philippines
- Sinarmas Energy and Mining - Indonesia
- Kideco Jaya Agung - Indonesia
- Toyota Tsusho Corporation, Japan
- Anglo American - United Kingdom
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- European Bulk Services B.V. - Netherlands
- SMC Global Power, Philippines
- Chettinad Cement Corporation Ltd - India
- White Energy Company Limited
- Sindya Power Generating Company Private Ltd
- Neyveli Lignite Corporation Ltd, - India
- Global Coal Blending Company Limited - Australia
- Georgia Ports Authority, United States
- Kaltim Prima Coal - Indonesia
- New Zealand Coal & Carbon
- Pendopo Energi Batubara - Indonesia
- Energy Link Ltd, New Zealand
- Alfred C Toepfer International GmbH - Germany
- Bharathi Cement Corporation - India
- Intertek Mineral Services - Indonesia
- Mintek Dendrill Indonesia
- Parry Sugars Refinery, India
- Mercuria Energy - Indonesia
- GMR Energy Limited - India
- Antam Resourcindo - Indonesia
- Bukit Makmur.PT - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- Rashtriya Ispat Nigam Limited - India
- McConnell Dowell - Australia
- Directorate General of MIneral and Coal - Indonesia
- Interocean Group of Companies - India
- Meenaskhi Energy Private Limited - India
- Baramulti Group, Indonesia
- Carbofer General Trading SA - India
- Rio Tinto Coal - Australia
- Sojitz Corporation - Japan
- Siam City Cement PLC, Thailand
- Indian Oil Corporation Limited
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Bhoruka Overseas - Indonesia
- CIMB Investment Bank - Malaysia
- Orica Australia Pty. Ltd.
- AsiaOL BioFuels Corp., Philippines
- Orica Mining Services - Indonesia
- Commonwealth Bank - Australia
- Ministry of Finance - Indonesia
- Madhucon Powers Ltd - India
- Dalmia Cement Bharat India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Essar Steel Hazira Ltd - India
- Medco Energi Mining Internasional
- Banpu Public Company Limited - Thailand
- Bahari Cakrawala Sebuku - Indonesia
- Ministry of Mines - Canada
- OPG Power Generation Pvt Ltd - India
- Global Business Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Iligan Light & Power Inc, Philippines
- Mjunction Services Limited - India
- Larsen & Toubro Limited - India
- Energy Development Corp, Philippines
- MS Steel International - UAE
- TNB Fuel Sdn Bhd - Malaysia
- Karaikal Port Pvt Ltd - India
- Jaiprakash Power Ventures ltd
- Eastern Coal Council - USA
- Coastal Gujarat Power Limited - India
- Jindal Steel & Power Ltd - India
- Videocon Industries ltd - India
- Global Green Power PLC Corporation, Philippines
- Trasteel International SA, Italy
- Electricity Generating Authority of Thailand
- Agrawal Coal Company - India
- Indogreen Group - Indonesia
- Coal and Oil Company - UAE
- Kartika Selabumi Mining - Indonesia
- SMG Consultants - Indonesia
- GAC Shipping (India) Pvt Ltd
- PTC India Limited - India
- Thiess Contractors Indonesia
- Bangladesh Power Developement Board
- Gujarat Electricity Regulatory Commission - India
- Savvy Resources Ltd - HongKong
- London Commodity Brokers - England
- Goldman Sachs - Singapore
- Uttam Galva Steels Limited - India
- Vedanta Resources Plc - India
- Kumho Petrochemical, South Korea
- Kobexindo Tractors - Indoneisa
- Bulk Trading Sa - Switzerland
- San Jose City I Power Corp, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Vizag Seaport Private Limited - India
- Sical Logistics Limited - India
- Ministry of Transport, Egypt
- Romanian Commodities Exchange
- Globalindo Alam Lestari - Indonesia
- Tamil Nadu electricity Board
- GN Power Mariveles Coal Plant, Philippines
- Bayan Resources Tbk. - Indonesia
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Vijayanagar Sugar Pvt Ltd - India
- Holcim Trading Pte Ltd - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Altura Mining Limited, Indonesia
- Lanco Infratech Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- Aditya Birla Group - India
- Marubeni Corporation - India
- Bukit Asam (Persero) Tbk - Indonesia
- Jorong Barutama Greston.PT - Indonesia
- Deloitte Consulting - India
- Borneo Indobara - Indonesia
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