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Compliance Financial Performance
Uttar Pradesh

Report of the Comptroller and Auditor General of India No. 4 Commercial for the year ended 31 March 2011, Government of Uttar Pradesh

Date on which Report Tabled:
Wed 30 May, 2012
Date of sending the report to Government:
Government Type:
State
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Sector Finance,Transport & Infrastructure,Power & Energy,Industry and Commerce

Overview

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 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 2011, the State of Uttar Pradesh had 83 working PSUs (76 companies and seven Statutory corporations) and 40 non-working PSUs (all  companies), which employed 0.74 lakh employees. The working PSUs registered a turnover of RS 39,298.30 crore for 2010-11 as per their latest finalised Accounts. This turnover was equal to 6.68 per cent of the State GDP indicating a moderate role played by the State PSUs in the economy. However, the working   PSUs incurred overall Loss of RS 3,714.44 crore in 2010-11 and had Accumulated Losses of RS 21,448.03 crore.

As on 31 March 2011, the Investment (Capital and  Long  Term  Loans) in 123 PSUs was RS 82,911.80 crore. It grew by over 196.04 per cent from RS 28,007.35  crore in 2005-06 to RS 82,911.80 crore in 2010-11 mainly because of increase in Investment in Power Sector which accounted for 92.51 per cent of the total Investment in 2010-11. The Government contributed RS 7,233.22 crore towards Equity, Loans and Grants/Subsidies during 2010-11.

During the year 2010-11, out of 83 working PSUs, 31 PSUs earned Profit of RS 1,003.75 crore and 24 PSUs incurred Loss of RS 4,718.19 crore. Two working PSUs, which were incorporated during 2006-07 had not submitted their first Accounts whereas 26 companies maintained their Accounts on "No Profit No Loss" basis. The major contributors to Profit were Uttar Pradesh Avas Evam Vikas Parishad (RS 338.46 crore), Uttar Pradesh Rajkiya Nirman Nigam Limited (RS 195.64 crore), Uttar Pradesh State Industrial Development Corporation Limited (RS 97.01 crore) and Uttar Pradesh Fore Corporation (RS 115.67 crore). The heavy losses were incurred by three Power Sector companies (total RS 3025.58 crore).

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Last updated: 22 Nov 2024
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