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Financial
Pondicherry

Report of 2010 - Financial Audit on Commercial of Government of Pondicherry

Date on which Report Tabled:
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. 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 2010, the State of Orissa had 35 working PSUs (32 companies and 3 Statutory corporations) and 33 non-working PSUs (all companies), of which working PSUs employed 0.25 lakh employees. The working PSUs registered a turnover of Rs. 8,573.26 crore for 2009-10 as per their latest finalised accounts as on 30 September 2010. This turnover was equal to 5.68 per cent of State GDP indicating an important role played by State PSUs in the economy. The working PSUs earned an aggregate profit of RS 2,175.29 crore for 2009-10 and had accumulated profits of RS 2,350.4 7 crore.

As on 31 March 2010, the investment (capital and long term loans) in 68 PSUs was RS 8,014 crore. It decreased by 21.78 per cent from RS 10,245.64 crore in 2004-05 to RS 8,014 crore in 2009-10 due to repayment of loan in power sector. The thrust of PSU investment was mainly in power sector though percentage share of investment in power sector declined from 81.03 in 2004-05 to 76.10 in 2009-10.

During the year 2009-10, out of 35 working PSUs, 22 PSUs earned profit of RS 2,241.30 crore and seven PSUs incurred loss of RS 66.01 crore as per their latest finalised accounts as on 30 September 2010. The major contributors to profit were Orissa Mining Corporation Limited (RS 1,890.22 crore), Orissa Power Generation Corporation Limited (RS 126.25 crore), GRIDCO Limited (RS 98.14 crore) and Orissa Hydro Power Corporation Limited (RS 32.74 crore). Heavy losses were incurred by IDCOL Kalinga Iron Works Limited (RS 39.61 crore), Orissa Power Transmission Corporation Limited (RS 18.30 crore) and Orissa Rural Housing and Development Corporation Limited (RS 5.45 crore).

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