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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, 25 November 15
BIG CHINESE COPPER PROCESSORS DEFEND MARGINS THROUGH R&D, SAYS FITCH
Large Chinese copper processors are focusing on higher value-added products and investing in R&D to enhance their technical know-how to maintai ...
Wednesday, 25 November 15
BIMCO LAUNCHES ANTI-CORRUPTION CLAUSE FOR SHIPPING CONTRACTS WORLDWIDE
COALspot.com: BIMCO, is the world’s largest international shipping association, with 2,200 members in around 130 countries, has now launched ...
Wednesday, 25 November 15
TANKER MARKET INSIGHT - GEORGE VASTARDIS
We have already noticed obvious signs of activity mainly West of Suez, which are currently driving the clean MR market to higher levels. Over the p ...
Tuesday, 24 November 15
COAL SUPPLY PRESSURE PUTS INDONESIAN HBA IN FREE FALL
The coal industry is slowly recognizing that, the current coal price level is not a decrease in price, but a change in pricing to corresp ...
Tuesday, 24 November 15
COAL PRICES SET TO REMAIN UNDER PRESSURE UNTIL 2016 DUE TO OVER SUPPLY GLUT; H1 '16 COAL SWAPS DOWN 13% M-M
COALspot.com: API 5 FOB Newcastle Coal swap for Q1’ 2016 delivery slid $5 per ton (12.05%) month over month to US$ 36.50 per ton. The s ...
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- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Kaltim Prima Coal - Indonesia
- Thai Mozambique Logistica
- Electricity Generating Authority of Thailand
- CNBM International Corporation - China
- Holcim Trading Pte Ltd - Singapore
- Vijayanagar Sugar Pvt Ltd - India
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Bharathi Cement Corporation - India
- Gujarat Electricity Regulatory Commission - India
- Medco Energi Mining Internasional
- Barasentosa Lestari - Indonesia
- Thiess Contractors Indonesia
- Toyota Tsusho Corporation, Japan
- Ambuja Cements Ltd - India
- Planning Commission, India
- Eastern Energy - Thailand
- Bukit Asam (Persero) Tbk - Indonesia
- Wood Mackenzie - Singapore
- Mercator Lines Limited - India
- Sakthi Sugars Limited - India
- Essar Steel Hazira Ltd - India
- Indika Energy - Indonesia
- Rashtriya Ispat Nigam Limited - India
- Kalimantan Lumbung Energi - Indonesia
- Bhoruka Overseas - Indonesia
- Madhucon Powers Ltd - India
- Minerals Council of Australia
- Salva Resources Pvt Ltd - India
- Tata Chemicals Ltd - India
- International Coal Ventures Pvt Ltd - India
- Goldman Sachs - Singapore
- Australian Coal Association
- Rio Tinto Coal - Australia
- Bahari Cakrawala Sebuku - Indonesia
- Attock Cement Pakistan Limited
- GN Power Mariveles Coal Plant, Philippines
- Global Business Power Corporation, Philippines
- Singapore Mercantile Exchange
- PetroVietnam Power Coal Import and Supply Company
- Coalindo Energy - Indonesia
- Ind-Barath Power Infra Limited - India
- Jindal Steel & Power Ltd - India
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Coastal Gujarat Power Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Cigading International Bulk Terminal - Indonesia
- Formosa Plastics Group - Taiwan
- Posco Energy - South Korea
- Kobexindo Tractors - Indoneisa
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Petrochimia International Co. Ltd.- Taiwan
- European Bulk Services B.V. - Netherlands
- Banpu Public Company Limited - Thailand
- Siam City Cement - Thailand
- Parry Sugars Refinery, India
- Kartika Selabumi Mining - Indonesia
- Energy Link Ltd, New Zealand
- Power Finance Corporation Ltd., India
- Central Java Power - Indonesia
- Eastern Coal Council - USA
- Timah Investasi Mineral - Indoneisa
- Kumho Petrochemical, South Korea
- The University of Queensland
- Trasteel International SA, Italy
- The State Trading Corporation of India Ltd
- GAC Shipping (India) Pvt Ltd
- Larsen & Toubro Limited - India
- Offshore Bulk Terminal Pte Ltd, Singapore
- Anglo American - United Kingdom
- Indian Energy Exchange, India
- Global Green Power PLC Corporation, Philippines
- Maheswari Brothers Coal Limited - India
- ICICI Bank Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Simpson Spence & Young - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bayan Resources Tbk. - Indonesia
- Price Waterhouse Coopers - Russia
- Vizag Seaport Private Limited - India
- Mercuria Energy - Indonesia
- SMG Consultants - Indonesia
- Antam Resourcindo - Indonesia
- Vedanta Resources Plc - India
- Carbofer General Trading SA - India
- Globalindo Alam Lestari - Indonesia
- CIMB Investment Bank - Malaysia
- VISA Power Limited - India
- Africa Commodities Group - South Africa
- Kideco Jaya Agung - Indonesia
- Ceylon Electricity Board - Sri Lanka
- AsiaOL BioFuels Corp., Philippines
- PowerSource Philippines DevCo
- Edison Trading Spa - Italy
- Asmin Koalindo Tuhup - Indonesia
- Energy Development Corp, Philippines
- South Luzon Thermal Energy Corporation
- Bangladesh Power Developement Board
- Sinarmas Energy and Mining - Indonesia
- Orica Australia Pty. Ltd.
- Kepco SPC Power Corporation, Philippines
- Meralco Power Generation, Philippines
- Port Waratah Coal Services - Australia
- TNB Fuel Sdn Bhd - Malaysia
- Standard Chartered Bank - UAE
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- Manunggal Multi Energi - Indonesia
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- Asia Pacific Energy Resources Ventures Inc, Philippines
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- India Bulls Power Limited - India
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- Dalmia Cement Bharat India
- Samtan Co., Ltd - South Korea
- Interocean Group of Companies - India
- Cement Manufacturers Association - India
- Australian Commodity Traders Exchange
- San Jose City I Power Corp, Philippines
- Mintek Dendrill Indonesia
- Siam City Cement PLC, Thailand
- Ministry of Transport, Egypt
- Georgia Ports Authority, United States
- Kapuas Tunggal Persada - Indonesia
- Indogreen Group - Indonesia
- Independent Power Producers Association of India
- Deloitte Consulting - India
- Ministry of Mines - Canada
- Romanian Commodities Exchange
- PTC India Limited - India
- Baramulti Group, Indonesia
- Mjunction Services Limited - India
- Indo Tambangraya Megah - Indonesia
- Sindya Power Generating Company Private Ltd
- IEA Clean Coal Centre - UK
- Gujarat Mineral Development Corp Ltd - India
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Directorate General of MIneral and Coal - Indonesia
- Coal and Oil Company - UAE
- Bhatia International Limited - India
- Bukit Makmur.PT - Indonesia
- Economic Council, Georgia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pendopo Energi Batubara - Indonesia
- Central Electricity Authority - India
- Agrawal Coal Company - India
- Directorate Of Revenue Intelligence - India
- Gujarat Sidhee Cement - India
- Star Paper Mills Limited - India
- Borneo Indobara - Indonesia
- PNOC Exploration Corporation - Philippines
- Tamil Nadu electricity Board
- Savvy Resources Ltd - HongKong
- Petron Corporation, Philippines
- GVK Power & Infra Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Indian Oil Corporation Limited
- New Zealand Coal & Carbon
- Uttam Galva Steels Limited - India
- Krishnapatnam Port Company Ltd. - India
- Chamber of Mines of South Africa
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Sarangani Energy Corporation, Philippines
- Miang Besar Coal Terminal - Indonesia
- Xindia Steels Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Makarim & Taira - Indonesia
- Bhushan Steel Limited - India
- Semirara Mining and Power Corporation, Philippines
- Merrill Lynch Commodities Europe
- Global Coal Blending Company Limited - Australia
- Marubeni Corporation - India
- Latin American Coal - Colombia
- SMC Global Power, Philippines
- Grasim Industreis Ltd - India
- White Energy Company Limited
- Sree Jayajothi Cements Limited - India
- IHS Mccloskey Coal Group - USA
- London Commodity Brokers - England
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- The Treasury - Australian Government
- Jaiprakash Power Ventures ltd
- Intertek Mineral Services - Indonesia
- Aditya Birla Group - India
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- LBH Netherlands Bv - Netherlands
- Sical Logistics Limited - India
- Wilmar Investment Holdings
- Malabar Cements Ltd - India
- Metalloyd Limited - United Kingdom
- Bank of Tokyo Mitsubishi UFJ Ltd
- Karaikal Port Pvt Ltd - India
- TeaM Sual Corporation - Philippines
- Indonesian Coal Mining Association
- MS Steel International - UAE
- Altura Mining Limited, Indonesia
- Straits Asia Resources Limited - Singapore
- Binh Thuan Hamico - Vietnam
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Finance - Indonesia
- Videocon Industries ltd - India
- Parliament of New Zealand
- Meenaskhi Energy Private Limited - India
- Sojitz Corporation - Japan
- Aboitiz Power Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Jorong Barutama Greston.PT - Indonesia
- McConnell Dowell - Australia
- Lanco Infratech Ltd - India
- Commonwealth Bank - Australia
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