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Compliance Performance
Odisha

Report No. 3 of 2015 - Performance and Compliance Audit on PSU of Government of Odisha

Date on which Report Tabled:
Mon 24 Aug, 2015
Date of sending the report to Government
Government Type
State
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Sector -

Overview

Audit of Government Companies is governed by Section 619 of the Companies Act, 1956. Accounts of Government Companies are audited by Statutory Auditors appointed by the CAG. These accounts are also subject to supplementary audit conducted by the CAG. Audit of Statutory Corporations is governed by their respective legislations. As on 31 March 2014, the State of Odisha had 38 working PSUs (35 Companies and 3 Statutory Corporations) and 28 non-working PSUs (all Companies), of which working PSUs employed 0.20 lakh employees. Working PSUs registered a turnover of Rs 15,949.82 crore for 2013-14 as per their latest finalised accounts as on 30 September 2014. This turnover was equal to 5.53 per cent of State GDP indicating an important role played by State PSUs in the economy. Working PSUs earned an aggregate profit of ` 1,891.60 crore for 2013-14 and had accumulated profit of Rs 2,763.57 crore as on 31 March 2014.

Investment in PSUs As on 31 March 2014, investment (capital and long term loans) in 66 PSUs was Rs 10,662.02 crore. It increased by 33.27 per cent from Rs 8,000.29 crore in 2008-09 to Rs 10,662.02 crore in 2013-14. Increase in investment was mainly due to increase in capital and loan in power sector. Share of investment in power sector marginally increased from 76.27 per cent in 2008-09 to 81.58 per cent in 2013-14.

Performance of PSUs During 2013-14, out of 38 working PSUs, 27 PSUs earned profit of Rs 1,945.53 crore and seven PSUs incurred loss of Rs 53.93 crore as per their latest finalised accounts as on 30 September 2014.

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