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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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Tuesday, 12 April 16
NO FURTHER SIGNIFICANT COAL PRICE DECLINES IN THE FUTURE - FITCH
COALspot.com: Fitch does not expect further significant coal price declines because producers sector-wide are suffering losses while China and Indo ...
Monday, 11 April 16
ON THE TIGHTROPE, IT CAN BE HARD TO KEEP YOUR BALANCE.... - CLARKSONS
Today’s headlines often point towards the impact of the demand side on the state of health of the shipping markets. But despite the fact that ...
Monday, 11 April 16
WEEKLY CS (I) COAL INDEX FOR 5700 GAR COAL UP 0.03 CENTS, OR ABOUT 0.06 PERCENT, TO $48.21 A TON
COALspot.com: Average 5000 GAR coal index of Indonesian origin fell 0.15 percent week over week to averaging $38.82 per ton on this past Friday, ac ...
Monday, 11 April 16
COAL IS NOT THE ENEMY TO FIGHT - ANDREA CLAVARINO, ASSOCARBONI
COALspot.com: “Coal is not the enemy to fight and electricity production from coal has an environmental impact in its lifecycle similar to na ...
Monday, 11 April 16
BDI ROSE TO ITS HIGHEST LEVEL IN FOUR MONTHS
COALspot.com: The Baltic Exchange, tracking rates for ships carrying dry bulk commodities continued to rose this week.
The freight market was ...
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- Commonwealth Bank - Australia
- OPG Power Generation Pvt Ltd - India
- IEA Clean Coal Centre - UK
- The Treasury - Australian Government
- Therma Luzon, Inc, Philippines
- Indonesian Coal Mining Association
- Madhucon Powers Ltd - India
- Anglo American - United Kingdom
- Chettinad Cement Corporation Ltd - India
- Directorate General of MIneral and Coal - Indonesia
- Coalindo Energy - Indonesia
- Kapuas Tunggal Persada - Indonesia
- Miang Besar Coal Terminal - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Power Finance Corporation Ltd., India
- Larsen & Toubro Limited - India
- Eastern Energy - Thailand
- Coastal Gujarat Power Limited - India
- GMR Energy Limited - India
- Gujarat Electricity Regulatory Commission - India
- Lanco Infratech Ltd - India
- Ind-Barath Power Infra Limited - India
- Posco Energy - South Korea
- Barasentosa Lestari - Indonesia
- Ministry of Transport, Egypt
- Metalloyd Limited - United Kingdom
- Samtan Co., Ltd - South Korea
- Xindia Steels Limited - India
- Kaltim Prima Coal - Indonesia
- Central Java Power - Indonesia
- Jindal Steel & Power Ltd - India
- PNOC Exploration Corporation - Philippines
- Ministry of Finance - Indonesia
- Aboitiz Power Corporation - Philippines
- Uttam Galva Steels Limited - India
- LBH Netherlands Bv - Netherlands
- Agrawal Coal Company - India
- Salva Resources Pvt Ltd - India
- Sojitz Corporation - Japan
- Petron Corporation, Philippines
- Riau Bara Harum - Indonesia
- International Coal Ventures Pvt Ltd - India
- Banpu Public Company Limited - Thailand
- Kepco SPC Power Corporation, Philippines
- Malabar Cements Ltd - India
- Petrochimia International Co. Ltd.- Taiwan
- Standard Chartered Bank - UAE
- Mercuria Energy - Indonesia
- Indo Tambangraya Megah - Indonesia
- Minerals Council of Australia
- Kumho Petrochemical, South Korea
- Energy Development Corp, Philippines
- VISA Power Limited - India
- Kobexindo Tractors - Indoneisa
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- SN Aboitiz Power Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Orica Australia Pty. Ltd.
- Medco Energi Mining Internasional
- Formosa Plastics Group - Taiwan
- TNB Fuel Sdn Bhd - Malaysia
- Bhoruka Overseas - Indonesia
- Timah Investasi Mineral - Indoneisa
- Siam City Cement - Thailand
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Videocon Industries ltd - India
- Globalindo Alam Lestari - Indonesia
- Goldman Sachs - Singapore
- McConnell Dowell - Australia
- Holcim Trading Pte Ltd - Singapore
- Eastern Coal Council - USA
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Sarangani Energy Corporation, Philippines
- Siam City Cement PLC, Thailand
- Renaissance Capital - South Africa
- Heidelberg Cement - Germany
- Indogreen Group - Indonesia
- Interocean Group of Companies - India
- Vizag Seaport Private Limited - India
- Kideco Jaya Agung - Indonesia
- Wilmar Investment Holdings
- Gujarat Sidhee Cement - India
- Sakthi Sugars Limited - India
- Bukit Makmur.PT - Indonesia
- Directorate Of Revenue Intelligence - India
- Cement Manufacturers Association - India
- MS Steel International - UAE
- Thiess Contractors Indonesia
- Rashtriya Ispat Nigam Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Electricity Authority, New Zealand
- Sindya Power Generating Company Private Ltd
- Energy Link Ltd, New Zealand
- Neyveli Lignite Corporation Ltd, - India
- Leighton Contractors Pty Ltd - Australia
- Mjunction Services Limited - India
- Port Waratah Coal Services - Australia
- Edison Trading Spa - Italy
- Star Paper Mills Limited - India
- Bukit Asam (Persero) Tbk - Indonesia
- Global Business Power Corporation, Philippines
- Vijayanagar Sugar Pvt Ltd - India
- SMC Global Power, Philippines
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Pendopo Energi Batubara - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Ceylon Electricity Board - Sri Lanka
- Simpson Spence & Young - Indonesia
- Coal and Oil Company - UAE
- Manunggal Multi Energi - Indonesia
- Bulk Trading Sa - Switzerland
- Merrill Lynch Commodities Europe
- Dalmia Cement Bharat India
- The State Trading Corporation of India Ltd
- Aditya Birla Group - India
- SMG Consultants - Indonesia
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Marubeni Corporation - India
- Central Electricity Authority - India
- Straits Asia Resources Limited - Singapore
- Bukit Baiduri Energy - Indonesia
- Cigading International Bulk Terminal - Indonesia
- London Commodity Brokers - England
- Maharashtra Electricity Regulatory Commission - India
- Ministry of Mines - Canada
- Intertek Mineral Services - Indonesia
- Chamber of Mines of South Africa
- Oldendorff Carriers - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Toyota Tsusho Corporation, Japan
- Makarim & Taira - Indonesia
- Parliament of New Zealand
- CNBM International Corporation - China
- Price Waterhouse Coopers - Russia
- Mintek Dendrill Indonesia
- Latin American Coal - Colombia
- Sree Jayajothi Cements Limited - India
- Borneo Indobara - Indonesia
- Jaiprakash Power Ventures ltd
- ICICI Bank Limited - India
- GAC Shipping (India) Pvt Ltd
- Trasteel International SA, Italy
- Sical Logistics Limited - India
- Economic Council, Georgia
- ASAPP Information Group - India
- Orica Mining Services - Indonesia
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- New Zealand Coal & Carbon
- The University of Queensland
- Attock Cement Pakistan Limited
- AsiaOL BioFuels Corp., Philippines
- Semirara Mining and Power Corporation, Philippines
- Bangladesh Power Developement Board
- Vedanta Resources Plc - India
- Georgia Ports Authority, United States
- Kartika Selabumi Mining - Indonesia
- TeaM Sual Corporation - Philippines
- Romanian Commodities Exchange
- White Energy Company Limited
- Australian Coal Association
- Planning Commission, India
- CIMB Investment Bank - Malaysia
- Mercator Lines Limited - India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- Global Green Power PLC Corporation, Philippines
- GVK Power & Infra Limited - India
- Rio Tinto Coal - Australia
- European Bulk Services B.V. - Netherlands
- IHS Mccloskey Coal Group - USA
- Wood Mackenzie - Singapore
- Savvy Resources Ltd - HongKong
- Bhatia International Limited - India
- Deloitte Consulting - India
- Essar Steel Hazira Ltd - India
- Bhushan Steel Limited - India
- Sinarmas Energy and Mining - Indonesia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Meralco Power Generation, Philippines
- Global Coal Blending Company Limited - Australia
- Tata Chemicals Ltd - India
- Asmin Koalindo Tuhup - Indonesia
- Independent Power Producers Association of India
- Carbofer General Trading SA - India
- Bahari Cakrawala Sebuku - Indonesia
- Bayan Resources Tbk. - Indonesia
- Indian Energy Exchange, India
- India Bulls Power Limited - India
- Karaikal Port Pvt Ltd - India
- Antam Resourcindo - Indonesia
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- PTC India Limited - India
- Kohat Cement Company Ltd. - Pakistan
- Alfred C Toepfer International GmbH - Germany
- Africa Commodities Group - South Africa
- Altura Mining Limited, Indonesia
- San Jose City I Power Corp, Philippines
- Billiton Holdings Pty Ltd - Australia
- Parry Sugars Refinery, India
- Iligan Light & Power Inc, Philippines
- Thai Mozambique Logistica
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Maheswari Brothers Coal Limited - India
- PowerSource Philippines DevCo
- Bank of Tokyo Mitsubishi UFJ Ltd
- Binh Thuan Hamico - Vietnam
- Bharathi Cement Corporation - India
- Baramulti Group, Indonesia
- Indika Energy - Indonesia
- Grasim Industreis Ltd - India
- Electricity Generating Authority of Thailand
- Indian Oil Corporation Limited
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