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Compliance Financial Performance
Odisha

Report of 2009 - Report of the Comptroller and Auditor General of India, Commercial, Government of Orissa

Date on which Report Tabled:
Tue 16 Mar, 2010
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 2009, the State of Orissa had 33 working PSUs (30 companies and 3 Statutory corporations) and 33 non-working PSUs (all companies), which employed 0.25 lakh employees. The working PSUs registered a turnover of Rs. 8,093.78 crore for 2008-09 as per their latest finalised accounts. This turnover was equal to 6.63 per cent of state GDP indicating an important role played by State PSUs in the economy. The PSUs earned an aggregate profit of Rs. 1,177.42 crore and had accumulated profit of Rs. 1,269.44 crore for 2008-09.

As on 31 March 2009, the investment (capital and long term loans) in 66 PSUs was Rs. 8,000.29 crore. It decreased by 35.57 per cent from Rs. 12,416.95 crore in 2003-04 to Rs. 8,000.29 crore in 2008-09 due to repayment of loan in power sector. Power sector accounted for nearly 76.27 per cent of total investment in 2008-09. The Government contributed Rs. 715.20 crore towards equity, loans and grants/subsidies during 2008-09.

During the year 2008-09, out of 33 working PSUs, 20 PSUs earned profit of Rs. 1,231.53 crore and nine PSUs incurred loss of Rs. 40.37 crore. The major contributors to profit were Orissa Mining Corporation Limited (Rs. 879.26 crore), Orissa Power Generation Corporation Limited (Rs. 161.29 crore), GRIDCO Limited (Rs. 98.14 crore) and Industrial Promotion and Investment Corporation of Orissa Limited (Rs. 24.91 crore). Heavy losses were incurred by Orissa Power Transmission Corporation Limited (Rs. 15.22 crore), Orissa Rural Housing and Development Corporation Limited (Rs. 12.40 crore) and Orissa Forest Development Corporation Limited (Rs. 5.59 crore).

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