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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, 18 April 16
INDONESIAN 5000 GAR COAL INDEX DECLINE 1.43 PERCENT WEEK OVER WEEK - CS (I) COAL INDEX
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 1.43 percent week over week to averaging $38.65 per ton on this past Friday, ac ...
Monday, 18 April 16
SOUTH KOREA STATE-OWNED UTILITY KOMIPO INVITES COAL BIDS FOR BORYEONG POWER PLANT
COALspot.com: South Korea state-owned utility Korea Midland Power (KOMIPO) issued a new tender for 70,000 Metric Tons of 4,600 kcal/kg NAR coal for ...
Monday, 18 April 16
SOUTH AFRICA RB1 COAL HAS LOST GROUND IN INDIA; RB2 MAY LOSE GRIP IF THE PRICE CROSSES US$ 50 A TON - TRADERS
COALspot.com: Indian coal consumers preferred to buy South Africa RB2 coal instead of RB1 coal recent months due to RB2's low CFR price level. ...
Monday, 18 April 16
CAPESIZE INDEX ROSE 44.66 PER CENT WEEK OVER WEEK
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
Friday, 15 April 16
PANAMAX MARKET CONTINUES TO FIRM - FEARNLEYS
Cape
It has been a positive freight market for the past few weeks, however, this week the market is taking a small breather, says Fearnleys in it ...
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- Coal and Oil Company - UAE
- AsiaOL BioFuels Corp., Philippines
- Videocon Industries ltd - India
- Metalloyd Limited - United Kingdom
- Neyveli Lignite Corporation Ltd, - India
- Posco Energy - South Korea
- Aboitiz Power Corporation - Philippines
- Bukit Asam (Persero) Tbk - Indonesia
- Binh Thuan Hamico - Vietnam
- Billiton Holdings Pty Ltd - Australia
- Power Finance Corporation Ltd., India
- Simpson Spence & Young - Indonesia
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Ambuja Cements Ltd - India
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- GVK Power & Infra Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Directorate Of Revenue Intelligence - India
- Wilmar Investment Holdings
- Karbindo Abesyapradhi - Indoneisa
- Minerals Council of Australia
- Energy Link Ltd, New Zealand
- Jorong Barutama Greston.PT - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Heidelberg Cement - Germany
- Tamil Nadu electricity Board
- Medco Energi Mining Internasional
- Tata Chemicals Ltd - India
- Kepco SPC Power Corporation, Philippines
- Siam City Cement - Thailand
- Marubeni Corporation - India
- London Commodity Brokers - England
- Xindia Steels Limited - India
- Savvy Resources Ltd - HongKong
- White Energy Company Limited
- Mjunction Services Limited - India
- Thiess Contractors Indonesia
- Baramulti Group, Indonesia
- SMG Consultants - Indonesia
- Siam City Cement PLC, Thailand
- Leighton Contractors Pty Ltd - Australia
- SN Aboitiz Power Inc, Philippines
- Meenaskhi Energy Private Limited - India
- Straits Asia Resources Limited - Singapore
- Indo Tambangraya Megah - Indonesia
- Bangladesh Power Developement Board
- Indian Oil Corporation Limited
- Manunggal Multi Energi - Indonesia
- European Bulk Services B.V. - Netherlands
- The Treasury - Australian Government
- Orica Australia Pty. Ltd.
- Karaikal Port Pvt Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Barasentosa Lestari - Indonesia
- Maheswari Brothers Coal Limited - India
- Port Waratah Coal Services - Australia
- International Coal Ventures Pvt Ltd - India
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- SMC Global Power, Philippines
- Energy Development Corp, Philippines
- Parliament of New Zealand
- Krishnapatnam Port Company Ltd. - India
- Indian Energy Exchange, India
- Sree Jayajothi Cements Limited - India
- Larsen & Toubro Limited - India
- Lanco Infratech Ltd - India
- Salva Resources Pvt Ltd - India
- Kaltim Prima Coal - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Romanian Commodities Exchange
- Australian Coal Association
- Electricity Authority, New Zealand
- GMR Energy Limited - India
- Petrochimia International Co. Ltd.- Taiwan
- Mercator Lines Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- ASAPP Information Group - India
- Indogreen Group - Indonesia
- Edison Trading Spa - Italy
- Australian Commodity Traders Exchange
- Thai Mozambique Logistica
- Trasteel International SA, Italy
- Africa Commodities Group - South Africa
- The State Trading Corporation of India Ltd
- Georgia Ports Authority, United States
- ICICI Bank Limited - India
- Ministry of Mines - Canada
- Merrill Lynch Commodities Europe
- Kobexindo Tractors - Indoneisa
- Coastal Gujarat Power Limited - India
- Carbofer General Trading SA - India
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Petron Corporation, Philippines
- Central Electricity Authority - India
- IHS Mccloskey Coal Group - USA
- Bayan Resources Tbk. - Indonesia
- Mercuria Energy - Indonesia
- Electricity Generating Authority of Thailand
- PetroVietnam Power Coal Import and Supply Company
- GN Power Mariveles Coal Plant, Philippines
- New Zealand Coal & Carbon
- Deloitte Consulting - India
- Altura Mining Limited, Indonesia
- Bukit Baiduri Energy - Indonesia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Bahari Cakrawala Sebuku - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Mintek Dendrill Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Therma Luzon, Inc, Philippines
- Indika Energy - Indonesia
- Commonwealth Bank - Australia
- Rio Tinto Coal - Australia
- Directorate General of MIneral and Coal - Indonesia
- Banpu Public Company Limited - Thailand
- Chettinad Cement Corporation Ltd - India
- Borneo Indobara - Indonesia
- Iligan Light & Power Inc, Philippines
- Global Coal Blending Company Limited - Australia
- Orica Mining Services - Indonesia
- Pipit Mutiara Jaya. PT, Indonesia
- Riau Bara Harum - Indonesia
- Wood Mackenzie - Singapore
- Star Paper Mills Limited - India
- Holcim Trading Pte Ltd - Singapore
- MS Steel International - UAE
- Global Green Power PLC Corporation, Philippines
- Central Java Power - Indonesia
- TNB Fuel Sdn Bhd - Malaysia
- Bulk Trading Sa - Switzerland
- Global Business Power Corporation, Philippines
- Standard Chartered Bank - UAE
- Semirara Mining and Power Corporation, Philippines
- LBH Netherlands Bv - Netherlands
- Timah Investasi Mineral - Indoneisa
- Sindya Power Generating Company Private Ltd
- Pendopo Energi Batubara - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Malabar Cements Ltd - India
- India Bulls Power Limited - India
- Formosa Plastics Group - Taiwan
- Intertek Mineral Services - Indonesia
- Ministry of Transport, Egypt
- TeaM Sual Corporation - Philippines
- CIMB Investment Bank - Malaysia
- South Luzon Thermal Energy Corporation
- Bharathi Cement Corporation - India
- Cigading International Bulk Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Sical Logistics Limited - India
- GAC Shipping (India) Pvt Ltd
- Coalindo Energy - Indonesia
- Aditya Birla Group - India
- Kumho Petrochemical, South Korea
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Madhucon Powers Ltd - India
- Samtan Co., Ltd - South Korea
- Maharashtra Electricity Regulatory Commission - India
- Miang Besar Coal Terminal - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Eastern Energy - Thailand
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- Meralco Power Generation, Philippines
- Cement Manufacturers Association - India
- The University of Queensland
- Economic Council, Georgia
- Singapore Mercantile Exchange
- Goldman Sachs - Singapore
- VISA Power Limited - India
- Ceylon Electricity Board - Sri Lanka
- Sinarmas Energy and Mining - Indonesia
- McConnell Dowell - Australia
- Jaiprakash Power Ventures ltd
- Planning Commission, India
- Toyota Tsusho Corporation, Japan
- Grasim Industreis Ltd - India
- CNBM International Corporation - China
- PNOC Exploration Corporation - Philippines
- Globalindo Alam Lestari - Indonesia
- Renaissance Capital - South Africa
- Jindal Steel & Power Ltd - India
- Ind-Barath Power Infra Limited - India
- Sojitz Corporation - Japan
- Attock Cement Pakistan Limited
- Indonesian Coal Mining Association
- Oldendorff Carriers - Singapore
- Sarangani Energy Corporation, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Price Waterhouse Coopers - Russia
- Latin American Coal - Colombia
- Antam Resourcindo - Indonesia
- Independent Power Producers Association of India
- Makarim & Taira - Indonesia
- Bukit Makmur.PT - Indonesia
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Chamber of Mines of South Africa
- Bhatia International Limited - India
- Anglo American - United Kingdom
- Kideco Jaya Agung - Indonesia
- Uttam Galva Steels Limited - India
- San Jose City I Power Corp, Philippines
- Dalmia Cement Bharat India
- Vizag Seaport Private Limited - India
- Asmin Koalindo Tuhup - Indonesia
- Sakthi Sugars Limited - India
- Semirara Mining Corp, Philippines
- Parry Sugars Refinery, India
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