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Time of India
a day ago
- Business
- Time of India
CAG flags inventory handling lapses at SAIL
Advt Advt Join the community of 2M+ industry professionals. Subscribe to Newsletter to get latest insights & analysis in your inbox. Get updates on your preferred social platform Follow us for the latest news, insider access to events and more. The Comptroller and Auditor General (CAG) of India has flagged discrepancies in inventory handling practices of Steel Authority of India Limited (SAIL) from 2016 to to the auditor's report tabled in the Rajya Sabha on Tuesday, this led to loss of time and money at the public sector undertaking during this CAG found that faulty price fixation adopted by SAIL in the agreement for sale of blast furnace slag, a by-product of steel-making process, was detrimental to the financial interest of the of slag at a lower rate resulted in inability to earn revenue of ₹441.40 crore between 2016 and 2023. 'Market price of slag was between ₹500 and ₹1,220 per tonne during 2009-14, whereas the rate provided in the agreement was between ₹336.65 and ₹444.24 per tonne,' the CAG said in a statement. The slag was provided by Bokaro Steel Plant during this another anomaly, CAG said SAIL had not fixed any benchmark for inventory carrying cost per tonne of raw material, semi-finished material and finished goods. This is even though on an average, SAIL had an inventory of ₹21,698 crore from 2016-17 to 2022-23, which constitutes about 67 per cent of its current also failed to maintain stock levels of raw materials like iron ore, coke and sinter due to which blast furnace was put under off-blast state, resulting in inability to produce 932,000 tonnes of hot metal and earn potential revenue of ₹1,231.52 crore at Rourkela, Bokaro and Durgapur plants, the auditor to CAG, while all five integrated steel plants of SAIL have implemented SAP-ERP system, it was yet to be implemented in all units or offices of SAIL.
Economic Times
2 days ago
- Business
- Economic Times
CAG points to inventory handling lapses at SAIL
The Comptroller and Auditor General (CAG) of India has flagged discrepancies in inventory handling practices of Steel Authority of India Limited (SAIL) from 2016 to to the auditor's report tabled in the Rajya Sabha on Tuesday, this led to loss of time and money at the public sector undertaking during this CAG found that faulty price fixation adopted by SAIL in the agreement for sale of blast furnace slag, a by-product of steel-making process, was detrimental to the financial interest of the company. Sale of slag at a lower rate resulted in inability to earn revenue of ₹441.40 crore between 2016 and 2023. "Market price of slag was between ₹500 and ₹1,220 per tonne during 2009-14, whereas the rate provided in the agreement was between ₹336.65 and ₹444.24 per tonne," the CAG said in a statement. The slag was provided by Bokaro Steel Plant during this period. Highlighting another anomaly, CAG said SAIL had not fixed any benchmark for inventory carrying cost per tonne of raw material, semi-finished material and finished goods. This is even though on an average, SAIL had an inventory of ₹21,698 crore from 2016-17 to 2022-23, which constitutes about 67% of its current assets. SAIL also failed to maintain stock levels of raw materials like iron ore, coke and sinter due to which blast furnace was put under off-blast state, resulting in inability to produce 932,000 tonnes of hot metal and earn potential revenue of ₹1,231.52 crore at Rourkela, Bokaro and Durgapur plants, the auditor to CAG, while all five integrated steel plants of SAIL have implemented SAP-ERP system, it was yet to be implemented in all units or offices of SAIL.
Time of India
2 days ago
- Business
- Time of India
CAG points to inventory handling lapses at SAIL
The Comptroller and Auditor General (CAG) of India has flagged discrepancies in inventory handling practices of Steel Authority of India Limited (SAIL) from 2016 to 2023. According to the auditor's report tabled in the Rajya Sabha on Tuesday, this led to loss of time and money at the public sector undertaking during this period. Explore courses from Top Institutes in Please select course: Select a Course Category Finance Cybersecurity Data Analytics Public Policy Degree Technology Healthcare healthcare Product Management PGDM Others others Data Science Data Science Digital Marketing MCA Project Management MBA Leadership Operations Management Management CXO Artificial Intelligence Design Thinking Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Fintech & Blockchain India Starts on undefined Get Details Skills you'll gain: Duration: 9 Months IIM Calcutta SEPO - IIMC CFO India Starts on undefined Get Details The CAG found that faulty price fixation adopted by SAIL in the agreement for sale of blast furnace slag, a by-product of steel-making process, was detrimental to the financial interest of the company. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Senior Living Homes in Jigatala May Surprise You Senior Living | Search Ads Undo Sale of slag at a lower rate resulted in inability to earn revenue of ₹441.40 crore between 2016 and 2023. "Market price of slag was between ₹500 and ₹1,220 per tonne during 2009-14, whereas the rate provided in the agreement was between ₹336.65 and ₹444.24 per tonne," the CAG said in a statement. The slag was provided by Bokaro Steel Plant during this period. Highlighting another anomaly, CAG said SAIL had not fixed any benchmark for inventory carrying cost per tonne of raw material, semi-finished material and finished goods. This is even though on an average, SAIL had an inventory of ₹21,698 crore from 2016-17 to 2022-23, which constitutes about 67% of its current assets. Live Events SAIL also failed to maintain stock levels of raw materials like iron ore, coke and sinter due to which blast furnace was put under off-blast state, resulting in inability to produce 932,000 tonnes of hot metal and earn potential revenue of ₹1,231.52 crore at Rourkela, Bokaro and Durgapur plants, the auditor noted. According to CAG, while all five integrated steel plants of SAIL have implemented SAP-ERP system, it was yet to be implemented in all units or offices of SAIL.
Time of India
2 days ago
- Business
- Time of India
CAG flags financial loss due to SAIL's poor inventory management from 2016-23
According to the CAG, while all the five integrated steel plants of SAIL have implemented SAP-ERP system, the same was yet to be implemented in all units or offices of SAIL. Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads The Comptroller and Auditor General ( CAG ) of India has flagged discrepancies in inventory handling practices of Steel Authority of India Limited SAIL ) from 2016-2023. According to the auditor's report tabled in the Rajya Sabha on Tuesday, this led to loss of time and money at the public sector undertaking during this found that faulty price fixation adopted by SAIL in the agreement for sale of Blast Furnace slag (a byproduct of steel making) was detrimental to the financial interest of the Company. Sale of slag at a lower rate resulted in inability to earn revenue of Rs 441.40 crore during 2015 to 2023.'Market price of slag was between Rs 500 and Rs 1,220 per tonne during 2009-14, whereas the rate provided in the agreement was between Rs 336.65 and Rs 444.24 per tonne,' a CAG statement said. The slag in question was provided by Bokaro Steel Plant during this another anomaly, India's supreme audit institution said SAIL had not fixed any benchmark for inventory carrying cost per tonne of raw material, semi-finished material and finished goods. This is even though on an average, SAIL had an inventory of Rs 21,698 crore during 2016-17 to 2022-23 which constitutes about 67 per cent of its current also failed to maintain stock levels of raw materials like iron ore, coke, sinter due to which Blast Furnace was put under off-blast state resulting in inability to produce Hot Metal of 9.32 lakh tonnes and to earn potential revenue of Rs 1,231.52 crore at Rourkela, Bokaro and Durgapur Steel Plants, the auditor to the CAG, while all the five integrated steel plants of SAIL have implemented SAP-ERP system, the same was yet to be implemented in all units or offices of SAIL. 'The IT systems in each Plant were running in isolation which led to various control issues like non-availability of real time data on stock of raw materials, absence of centralised vendor database and manual intervention in SAP-ERP system,' the auditor these, the stock verification report was not prepared as prescribed in the guidelines on stock verification of the Central Marketing Organisation. 'In 46 out of 49 stockyards, stock verification was not conducted on half yearly basis, as prescribed in the policy, in one or more years during 2016-17 to 2022-23,' the CAG said while adding in 10 stockyards, stock verification had not been conducted at all during this period.
Time of India
14-06-2025
- Business
- Time of India
PMC's e-office system adoption remains slow, only 15 of 60 depts use it
1 2 Pune: The Pune Municipal Corporation (PMC)'s e-office system, launched to digitise file management and speed up work, is moving at a snail's pace with only 20% of the 60 departments adopting it since its launch in Jan 2023. Activists have blamed the delay on civic officials' lethargy, suggesting that they resisted transparency that the system offered. Only 15 out of 60 departments and sub-departments have started using the online system, despite PMC investing around Rs 50 lakh. The system was supposed to be implemented by June 20. PMC officials said the e-office system was adopted to streamline workflows, cut paperwork and boost decision-making speed. "It enables digital documentation, approval tracking and inter-departmental collaboration, aiming to increase efficiency and transparency in municipal administration," an official said. The official said the administration was speeding up the implementation. "Training at the head of department levels are being given to clarify doubts and ease the system's implementation," the official said. PMC commissioner Naval Kishore Ram has ordered its expansion across all departments and ward offices, saying, "The system should start across the departments. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like USDJPY đang đi lên không? IC Markets Đăng ký Undo It should also be implemented at the ward offices." A senior civic official said PMC has initiated steps to incorporate e-sign technology, allowing officials to digitally sign and approve documents securely. "This will further enhance document management by eliminating the need for physical signatures, accelerating approvals and fostering paperless governance," the official said. The activists said civic officials were deliberately going slow on the system's implementation. "Some civic officials have vested interests in delaying the works. If the system starts tracking their work, they will be held accountable for any delays," Sanjay Shitole of Pune City Eye, a citizens' group, said. "If an automated system is introduced, citizens will not need to visit the civic office every now and then for tracking their works. The civic staff members, who misuse their discretionary powers, were reluctant to use it," said Santosh Deshmukh, a resident of Shivajinagar. BIG FUTURE PLANS TO EASE WORKING PMC plans to implement SPARROW (Smart Performance Appraisal Report Recording Online Window), a digital system for employee performance appraisals, ensuring timely and transparent evaluations within the civic body The civic administration has also rolled out the SAP-ERP system, which brings together financial management, procurement, inventory tracking and document management on single platform This system streamlines vendor payments, budget control and asset tracking, boosting efficiency across departments Follow more information on Air India plane crash in Ahmedabad here . Get real-time live updates on rescue operations and check full list of passengers onboard AI 171 .
