Annual Report - 2005-06 - GAIL (India)
Annual Report - 2005-06 - GAIL (India)
Annual Report - 2005-06 - GAIL (India)
Create successful ePaper yourself
Turn your PDF publications into a flip-book with our unique Google optimized e-Paper software.
Addendum to the Directors’ <strong>Report</strong><br />
Management Replies to the Comments of the Comptroller and Auditor General of <strong>India</strong> under Section 619(4) of the Companies Act, 1956 on<br />
the Accounts of <strong>GAIL</strong> (<strong>India</strong>) Limited for the year ended March 31, 20<strong>06</strong><br />
Para Comments of the Comptroller and Management Replies<br />
No. Auditor General of <strong>India</strong><br />
1. Balance Sheet<br />
Current Liabilities and Provisions (Schedule-8)<br />
Current Liabilities<br />
Other Liabilities - Rs.762.93 Crores<br />
The above includes Rs.3.62 Crores towards share of other Oil<br />
Marketing Companies for publication in various newspapers<br />
regarding launching of a serial initiative “The Maha Suraksha Yojna”.<br />
This has resulted into overstatement of other liabilities and<br />
understatement of profits by Rs.3.62 Crores.<br />
Noted and corrective action taken.<br />
3. Fixed Assets (Schedule 4)<br />
Gross Block<br />
i) Land and Building - Rs. 762.12 Crores<br />
This includes Rs.4.85 Crores in respect of Land and Building lying<br />
idle at various locations for which disposal action duly approved<br />
by the Board of Directors has been initiated by the Company.<br />
The Company has not disclosed these assets separately as per provisions<br />
of Accounting Standard – 10.<br />
Sd/-<br />
(A. K. Singh)<br />
Principal Director of Commercial Audit<br />
& Ex.-Officio Member Audit Board – II<br />
Although the assets are held for disposal but has not<br />
been retired from active use. Therefore, no seprate<br />
disclosure has been made. However, the observation<br />
of the audit has been noted.<br />
For and on behalf of the Board of Directors<br />
(Proshanto Banerjee)<br />
Chairman & Managing Director<br />
2. Current Assets, Loans and Advances<br />
(Schedule-7)- Rs.7326.88 Crores<br />
Place: New Delhi<br />
Place: New Delhi<br />
Dated: June 20, 20<strong>06</strong> Dated: June 30, 20<strong>06</strong><br />
The above includes the following amounts which have not<br />
been separately disclosed.<br />
(i) An amount of Rs.49.29 Crores outstanding from Assam State<br />
Electricity Board for the period 1991-92 to November 2002 for<br />
which the proposed tripartite agreement for securitization scheme<br />
by the Government of <strong>India</strong> has not materialized so far.<br />
(i) Noted<br />
(ii) Rs.3.01 Crores spent on GDR issue in 1999 which<br />
has not been paid by the Ministry of Disinvestment<br />
for last seven years.<br />
(ii) Noted<br />
COMMENTS OF C&AG<br />
130 Winning Momentum 131
Change language