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Compliance Performance
Rajasthan

Report of 2010 - Performance Audit on Commercial of Government of Rajasthan

Date on which Report Tabled:
Wed 23 Mar, 2011
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 2010, the State of Rajasthan had 37 working PSUs (34 companies and 3 Statutory corporations) and 4 non-working PSUs (all companies), which employed 0.70 lakh employees. The working PSUs registered a turnover of RS 25,275.63 crore for 2009-10 as per their latest finalised accounts. This turnover was equal to 11.50 per cent of State GDP indicating an important role played by State PSUs in the economy.

As on 31 March 2010, the investment (Capital and long term loans) in 41 PSUs was RS 35,277.13 crore. It grew by over 155.30 per cent from RS 13,817.95 crore in 2004-05. Power Sector accounted for nearly 94 per cent of total investment in 2009-10. The Government contributed RS 5,780.11 crore towards equity, loans and grants/subsidies during 2009-10.

During the year 2009-10, out of 37 working PSUs, 10 PSUs earned profit of RS 361.34 crore and eleven PSUs incurred loss of RS 1,562.24 crore while three power sector PSUs incorporated in 2000-01 prepared accounts on No profit no loss basis by showing revenue gap as recoverable from the State Government which was not as per Generally Accepted Accounting Principles (GAAP) prevailing in the country. The major contributors to profit were Rajasthan State Mines and Minerals Limited (RS 174.57 crore) and Rajasthan State Industrial Development and Investment Corporation Limited (RS 142.56 crore). The heavy losses were incurred by Rajasthan Rajya Vidyut Prasaran Nigam Limited (RS 860.77 crore) and Rajasthan Rajya Vidyut Utpadan Nigam Limited (RS 495.54 crore).

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