Compliance Financial Performance

Report No. 2 of 2014 - Performance Audit on Public Sector Undertakings of Government of Maharashtra

Date on which Report Tabled:
Sat 14 Jun, 2014
Date of sending the report to Government:
Government Type:
Sector Finance,Transport & Infrastructure,Power & Energy,Industry and Commerce,Education, Health & Family Welfare


Audit of Government companies is governed by Section 619 of the Companies Act, 1956. The accounts of Government companies are audited by Statutory Auditors appointed by Comptroller and Auditor General of India (CAG). These accounts are also subject to supplementary audit conducted by CAG. Audit of Statutory corporations is governed by their respective Legislations. As on 31 March 2013, the State of Maharashtra had 65 working Public Sector Undertakings (PSUs) (61 companies and four Statutory corporations) and 2 non-working PSUs (all   ompanies), which employed 2.02 lakh employees. The working PSUs registered a turnover of Rs.67,382.90 crore in 2012-13 as per their latest finalised accounts. This turnover was equal to 4.91 per cent of the State GDP indicating the important role played by the State PSUs in the economy. Though the working PSUs earned an overall profit of Rs.1,796.38 crore in 2012-13 they had accumulated losses of Rs.9,880.05 crore as on 31 March 2013.

As on 31 March 2013, the investment (Capital and long term loans) in 87 PSUs was Rs.94,619.69 crore. It grew by 121.91 per cent from Rs.42,639.48 crore in 2007-08 mainly because of increase in investment in power sector. Power Sector accounted for 87.60 per cent of the total investment in 2012-13. The Government contributed Rs.9,990.57 crore towards equity, loans and grants/subsidies during 2012-13.

During the year 2012-13, out of 65 working PSUs, 43 PSUs earned profit of Rs.2,268.27 crore and 12 PSUs incurred loss of Rs.471.89 crore. Four PSUs prepared their accounts on no profit no loss basis and six PSUs were under construction and had not prepared profit and loss account. The major contributors to profit were Maharashtra State Power Generation Company Limited (Rs.927.76 crore) and Maharashtra State Electricity Transmission Company Limited (Rs.882.58 crore). Heavy losses were incurred by Maharashtra State Road Development Corporation Limited (Rs.257.49 crore) and MSEB Holding Company Limited (Rs.192.83 crore).

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