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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, 03 February 16
DRY BULK MARKET CONTINUES TO BE UNDER PRESSURE - INTERMODAL
The Dry Bulk market continues to be under pressure, with the BDI remaining in search of even the slightest support, which seems to be delaying more ...
Tuesday, 02 February 16
RECORD EXPORTS THROUGH SOUTH AFRICA'S RICHARDS BAY COAL TERMINAL MADE AT EXPENSE OF SMALLER RIVALS, IHS SAYS
Five percent increase in coal exports through South Africa’s dominant Richards Bay Coal Terminal in 2015 unlikely to accelerate country&rsquo ...
Tuesday, 02 February 16
SETTING ASIDE, STRIKING OUT AND APPEALS TO THE COURT OF APPEAL IN SHIP ARRESTS - RAJAH & TANN ASIA LLP
KNOWLEDGE TO ELEVATE
The Singapore Court of Appeal once again has had to grapple with ship arrest, setting aside and appeals to the Court unde ...
Monday, 01 February 16
DRY BULK SUFFERS FROM POSEIDON'S POTENT PRONGS - CLARKSONS
It has been a grim start to 2016 for the bulkcarrier market, with the Baltic Dry Index sliding to new record lows on almost every day of the year s ...
Monday, 01 February 16
INDONESIA'S SECOND LARGEST COAL MINER ADARO ENERGY HAS PRODUCED 51.46 MT IN 2015; 8% LOWER COMPARED TO FY14
COALspot.com: Adaro Energy, the Indonesia’s second largest coal producer by volume has produced 51.46 Mt in 2015, 8% lower compared to ...
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- McConnell Dowell - Australia
- Interocean Group of Companies - India
- Mercuria Energy - Indonesia
- Mintek Dendrill Indonesia
- Lanco Infratech Ltd - India
- Grasim Industreis Ltd - India
- The University of Queensland
- India Bulls Power Limited - India
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Goldman Sachs - Singapore
- LBH Netherlands Bv - Netherlands
- Simpson Spence & Young - Indonesia
- Indian Oil Corporation Limited
- Dalmia Cement Bharat India
- Sarangani Energy Corporation, Philippines
- Global Coal Blending Company Limited - Australia
- Petrochimia International Co. Ltd.- Taiwan
- Indika Energy - Indonesia
- Jindal Steel & Power Ltd - India
- Uttam Galva Steels Limited - India
- Central Java Power - Indonesia
- Kalimantan Lumbung Energi - Indonesia
- Bank of Tokyo Mitsubishi UFJ Ltd
- Heidelberg Cement - Germany
- Energy Development Corp, Philippines
- Makarim & Taira - Indonesia
- Vijayanagar Sugar Pvt Ltd - India
- Ministry of Mines - Canada
- Bhatia International Limited - India
- Minerals Council of Australia
- Electricity Authority, New Zealand
- The State Trading Corporation of India Ltd
- Bhushan Steel Limited - India
- OPG Power Generation Pvt Ltd - India
- Australian Coal Association
- Siam City Cement - Thailand
- Maharashtra Electricity Regulatory Commission - India
- Manunggal Multi Energi - Indonesia
- Orica Australia Pty. Ltd.
- Chamber of Mines of South Africa
- CIMB Investment Bank - Malaysia
- Renaissance Capital - South Africa
- Ceylon Electricity Board - Sri Lanka
- Edison Trading Spa - Italy
- Power Finance Corporation Ltd., India
- Kaltim Prima Coal - Indonesia
- Directorate Of Revenue Intelligence - India
- Parry Sugars Refinery, India
- ICICI Bank Limited - India
- Ambuja Cements Ltd - India
- Australian Commodity Traders Exchange
- The Treasury - Australian Government
- Indogreen Group - Indonesia
- Thai Mozambique Logistica
- Georgia Ports Authority, United States
- Anglo American - United Kingdom
- South Luzon Thermal Energy Corporation
- New Zealand Coal & Carbon
- Miang Besar Coal Terminal - Indonesia
- Metalloyd Limited - United Kingdom
- Antam Resourcindo - Indonesia
- Straits Asia Resources Limited - Singapore
- GN Power Mariveles Coal Plant, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Karbindo Abesyapradhi - Indoneisa
- Energy Link Ltd, New Zealand
- Wood Mackenzie - Singapore
- Bukit Asam (Persero) Tbk - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bulk Trading Sa - Switzerland
- Bukit Makmur.PT - Indonesia
- Aboitiz Power Corporation - Philippines
- Savvy Resources Ltd - HongKong
- IEA Clean Coal Centre - UK
- Indian Energy Exchange, India
- Barasentosa Lestari - Indonesia
- MS Steel International - UAE
- AsiaOL BioFuels Corp., Philippines
- Borneo Indobara - Indonesia
- Banpu Public Company Limited - Thailand
- Bhoruka Overseas - Indonesia
- Sindya Power Generating Company Private Ltd
- Singapore Mercantile Exchange
- Agrawal Coal Company - India
- Sinarmas Energy and Mining - Indonesia
- Neyveli Lignite Corporation Ltd, - India
- Pipit Mutiara Jaya. PT, Indonesia
- Ministry of Finance - Indonesia
- Posco Energy - South Korea
- Aditya Birla Group - India
- Iligan Light & Power Inc, Philippines
- Kumho Petrochemical, South Korea
- Semirara Mining Corp, Philippines
- Meenaskhi Energy Private Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Leighton Contractors Pty Ltd - Australia
- Kepco SPC Power Corporation, Philippines
- Semirara Mining and Power Corporation, Philippines
- Mjunction Services Limited - India
- Coal and Oil Company - UAE
- Pendopo Energi Batubara - Indonesia
- Independent Power Producers Association of India
- Xindia Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Offshore Bulk Terminal Pte Ltd, Singapore
- Kobexindo Tractors - Indoneisa
- Gujarat Electricity Regulatory Commission - India
- Cigading International Bulk Terminal - Indonesia
- Ministry of Transport, Egypt
- Jaiprakash Power Ventures ltd
- PNOC Exploration Corporation - Philippines
- Merrill Lynch Commodities Europe
- Africa Commodities Group - South Africa
- Coalindo Energy - Indonesia
- Samtan Co., Ltd - South Korea
- Vizag Seaport Private Limited - India
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Binh Thuan Hamico - Vietnam
- Globalindo Alam Lestari - Indonesia
- Bayan Resources Tbk. - Indonesia
- Ind-Barath Power Infra Limited - India
- Planning Commission, India
- Maheswari Brothers Coal Limited - India
- IHS Mccloskey Coal Group - USA
- Wilmar Investment Holdings
- Indonesian Coal Mining Association
- Economic Council, Georgia
- SMG Consultants - Indonesia
- Trasteel International SA, Italy
- Coastal Gujarat Power Limited - India
- GAC Shipping (India) Pvt Ltd
- Cement Manufacturers Association - India
- Altura Mining Limited, Indonesia
- Global Green Power PLC Corporation, Philippines
- Bukit Baiduri Energy - Indonesia
- ASAPP Information Group - India
- Latin American Coal - Colombia
- Global Business Power Corporation, Philippines
- GVK Power & Infra Limited - India
- Thiess Contractors Indonesia
- PetroVietnam Power Coal Import and Supply Company
- Larsen & Toubro Limited - India
- Star Paper Mills Limited - India
- Vedanta Resources Plc - India
- Kartika Selabumi Mining - Indonesia
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Baramulti Group, Indonesia
- VISA Power Limited - India
- Siam City Cement PLC, Thailand
- Bangladesh Power Developement Board
- International Coal Ventures Pvt Ltd - India
- Formosa Plastics Group - Taiwan
- Essar Steel Hazira Ltd - India
- TeaM Sual Corporation - Philippines
- Chettinad Cement Corporation Ltd - India
- Parliament of New Zealand
- Kapuas Tunggal Persada - Indonesia
- Billiton Holdings Pty Ltd - Australia
- Commonwealth Bank - Australia
- Intertek Mineral Services - Indonesia
- Timah Investasi Mineral - Indoneisa
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Sidhee Cement - India
- Tata Chemicals Ltd - India
- Romanian Commodities Exchange
- London Commodity Brokers - England
- TNB Fuel Sdn Bhd - Malaysia
- Sojitz Corporation - Japan
- CNBM International Corporation - China
- Bharathi Cement Corporation - India
- Deloitte Consulting - India
- Central Electricity Authority - India
- PTC India Limited - India
- Holcim Trading Pte Ltd - Singapore
- Medco Energi Mining Internasional
- Sree Jayajothi Cements Limited - India
- Eastern Energy - Thailand
- Marubeni Corporation - India
- Therma Luzon, Inc, Philippines
- Krishnapatnam Port Company Ltd. - India
- Oldendorff Carriers - Singapore
- Port Waratah Coal Services - Australia
- PowerSource Philippines DevCo
- Malabar Cements Ltd - India
- White Energy Company Limited
- Karaikal Port Pvt Ltd - India
- Price Waterhouse Coopers - Russia
- Meralco Power Generation, Philippines
- Rashtriya Ispat Nigam Limited - India
- Riau Bara Harum - Indonesia
- Attock Cement Pakistan Limited
- Mercator Lines Limited - India
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Rio Tinto Coal - Australia
- Petron Corporation, Philippines
- Sical Logistics Limited - India
- Videocon Industries ltd - India
- Jorong Barutama Greston.PT - Indonesia
- Sakthi Sugars Limited - India
- San Jose City I Power Corp, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Kideco Jaya Agung - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Orica Mining Services - Indonesia
- SMC Global Power, Philippines
- Eastern Coal Council - USA
- Madhucon Powers Ltd - India
- Gujarat Mineral Development Corp Ltd - India
- Tamil Nadu electricity Board
- Electricity Generating Authority of Thailand
- Standard Chartered Bank - UAE
- European Bulk Services B.V. - Netherlands
- GMR Energy Limited - India
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