Financial Performance
Punjab

Report No. -2 of 2014 Government of Punjab - Report of the Comptroller and Auditor General of India on Public Sector Undertakings (Social, General and Economic Sectors)

Date on which Report Tabled:
Tue 22 Jul, 2014
Date of sending the report to Government
Government Type
State
Sector Transport & Infrastructure,Power & Energy,Social Infrastructure

Overview

This Report contains thirteen paragraphs, two performance audits on 'Procurement and custom milling of paddy in Punjab State Civil Supplies Corporation Limited', Fuel Management in power generating stations of Punjab State Power Corporation Limited' and an Information technology audit of 'e-procurement system' in Punjab Information and Communication Technology Corporation Limited involving controllable losses/ avoidable expenditure to the extent of RS 3285.09 crore due to non compliance with rules, directives and procedures; non safeguarding their financial interests; defective/ deficient planning and inadequate/deficient monitoring etc.

As on 31 March 2013, the investment in 52 PSUs was RS 20,678.63 crore consisting of RS 7,838.80 crore as capital and RS 12,839.83 crore as long term loans. The capital investment has grown by 104.64 per cent from RS 3,830.56 crore in 2008-09 to RS 7,838.80 crore in 2012-13 whereas the loan investment has grown by 9.21 percent from RS 11,756.98 crore in 2008-09 to RS 12,839.83 crore in 2012-13. The thrust of investment in the State was mainly in power sector. Power Sector accounted for 85.19 per cent of the total investment in 2012-13. The Government contributed RS 3,743.87 crore towards equity and grants/ subsidies during 2012-13.

Out of 31 working PSUs for which the accounts were received upto 30 September 2013, 14 PSUs earned profit of RS 66.53 crore and 12 PSUs incurred loss of RS 2,121.81 crore. Three working PSUs prepared their accounts on 'no profit no loss' basis and two working PSUs are yet to start commercial activities. The major contributors to profit were four PSUs viz. Punjab State Forest Development Corporation Limited (RS 16.99 crore), Punjab Genco Limited (RS 13.75 crore), Punjab State Container and Warehousing Corporation Limited (RS 13.24 crore), and Punjab Financial Corporation (RS 7.33 crore). The heavy losses were incurred by four PSUs viz. Punjab State Power Corporation Limited (RS 1,639.77 crore), Punjab State Warehousing Corporation (RS 222.02 crore), Punjab State Grains Procurement Corporation Limited (RS 129.72 crore), and Punjab State Transmission Corporation Limited (RS 56.47 crore).

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