Audit Reports
Maharashtra
Report No. 2 of 2015 - Performance Audit on Public Sector Undertakings of Government of Maharashtra
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 Comptroller and Auditor General of India (CAG). These accounts are also subject to supplementary audit conducted by CAG. Audit of Statutory corporations is governed by their respective Legislations.
The working results of 87 State PSUs comprising of 83 State Government companies and four Statutory corporations are discussed in this report. The turnover of 65 working PSUs was Rs.77,462.56 crore in 2013-14 as per their latest finalised accounts. This turnover was equal to 5.25 per cent of the State Gross Domestic Product indicating the important role played by the State PSUs in the economy. Though, the working PSUs earned an overall profit of Rs.1,973.15 crore in 2013-14 they had accumulated losses ofRs.8,665.45 crore as on 31 March 2014.
As on 31 March 2014, the investment (Capital and long term loans) in 87 PSUs was Rs.97,137.39 crore. It grew by 105.50 per cent from Rs.47,268.03 crore in 2008-09 mainly because of increase in investment in power sector. The Government contributed Rs.8,026.11 crore towards equity, loans and grants/subsidies during 2013-14.
Fifty one working PSUs had arrears of 116 accounts as of September 2014. The extent of arrears was one to eight years. There are 22 non-working companies of which two are under liquidation.