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Compliance Financial Performance
Maharashtra

Report No. 2 of 2013 - Performance Audit on Public Sector Undertakings of Government of Maharashtra

Date on which Report Tabled:
Thu 18 Apr, 2013
Date of sending the report to Government
Government Type
State
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Sector Finance,Transport & Infrastructure,Power & Energy,Industry and Commerce,Art, Culture and Sports,Agriculture and Rural Development

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 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 2012, the State of Maharashtra had  5 working Public Sector Undertakings (PSUs) (61 companies and four Statutory corporations) and 22 non-working PSUs (all Companies), which employed 2.09 lakh employees. The working PSUs registered a turnover of Rs.62,315.03 crore in 2011-12 as per their latest finalised accounts. This turnover was equal to 4.99 per cent of the State GDP indicating the important role played by  the State PSUs in the economy. The working  SUs earned an overall profit of Rs. 1,601.76 crore in 2011-12 and had accumulated losses of Rs.10,286.38 crore as on 31 March 2012.

As on 31 March 2012, the investment (Capital and long term loans) in 87 PSUs was Rs.78,346.12 crore. It grew by 107.28 per cent from Rs. 37,796.91 crore in 2006-07 mainly because of increase in investment in power sector. Power Sector accounted for 86.59 per cent of the total investment in 2011-12. The Government contributed Rs. 7,084.13 crore towards equity, loans and grants/subsidies during 2011-12.

During the year 2011-12, out of 65working PSUs, 38 PSUs earned profit of Rs. 2,043.34 crore and 17 PSUs incurred loss of Rs. 441.58 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 Electricity Transmission Company Limited (Rs. 882.58 crore) and Maharashtra State Power Generation Company Limited (Rs. 800.02 crore). Heavy losses were incurred by MSEB Holding Company Limited (Rs. 248.23 crore) and Maharashtra State Road Development Corporation Limited (Rs. 129.51 crore).

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