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Compliance Performance

West Bengal

Report No. 3 of 2013 - Performance and Compliance Audit on Public Sector Undertakings of Government of West Bengal

Date on which Report Tabled:

Thu 10 Jul, 2014

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 2012, the State of West Bengal had 74 working PSUs (65 companies and 9 Statutory corporations) and 15 non-working PSUs (14 companies and one corporation), which employed 0.64 lakh employees. The 27 working PSUs registered a turnover of RS 29,457.81 crore as per their finalised accounts for 2011-12. This turnover was equal to 5.36per cent of State GDP indicating an important role played by State PSUs in the economy.

As on 31 March 2012, the investment (capital and long term loans) in 89 PSUs was RS 40,697.68 crore. It grew by over 15.17 per cent from RS 35,377.55 crore in 2006-07. Power and finance sectors accounted for nearly 81.56 percent of total investment in 2011-12. The Government contributed RS 1,044.27 crore towards equity, loans and grants/ subsidies during 2011-12.

Out of 74 working PSUs, 27 had prepared accounts for 2011-12. During the year 2011-12, 13 PSUs earned profit of RS 674.35 crore and 14 PSUs incurred loss of RS 968.58 crore. The major contributors to profit were West Bengal Power Development Corporation Limited (RS 380.30 crore), West Bengal State Electricity Transmission Company Limited (RS 171.67 crore) and West Bengal State Electricity Distribution Company Limited (RS 73.48 crore). Heavy losses were incurred by Haldia Petrochemicals Limited (RS 746.39 crore), The Durgapur Projects Limited (RS 87.49 crore) and The Calcutta Tramways Company (1978) Limited (RS 52.58 crore).

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Report No. 3 of 2013 - Full Report
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