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West Bengal

Report of 2011 - Performance Audit on Commercial of Government of West Bengal

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State
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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 2011, the State of West Bengal had 72 working PSUs (63 companies and 9 Statutory corporations) and 18 non-working PSUs (17 companies and one corporation), which employed 0.68 lakh employees. The working PSUs registered a turnover of RS 23,319.08 crore for 2010-11 as per their latest finalised accounts. This turnover was equal to 5.07 per cent of State GDP indicating an important role played by State PSUs in the economy.

As on 31 March 2011, the Investment (Capital and Long Term Loans) in 90 PSUs was RS 39,535.91 crore. It grew by over 15.83 per cent from RS 34,131.73 crore in 2005-06. Power and finance sectors accounted for nearly 80.88 per cent of total Investment in 2010-11. The Government contributed RS 982.83 crore towards Equity, Loans and Grants/Subsidies during 2010-11.

During the year 2010-11, out of 72 working PSUs,30 PSUs earned Profit of RS 550.58 crore and 40 PSUs incurred Loss of RS 812.38 crore while one PSU prepared accounts on 'no Profit no Loss' basis, while one PSU had not finalised their first accounts. The major contributors to profit were West Bengal State Electricity Transmission Company Limited (RS 174.49 crore), Haldia Petrochemicals Limited (RS 134.64 crore), West Bengal State Electricity Distribution Company Limited (RS 95.13 crore) and West Bengal Power Development Corporation Limited (RS 65.40 crore). Heavy Losses were incurred by The Calcutta Tramways Company (1978) Limited (RS 208.25 crore), The Durgapur Projects Limited (RS 183.50 crore), Calcutta State Transport Corporation (RS 46.98 crore) and West Bengal Surface Transport Corporation Limited (RS 47.47 crore).

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Last updated: 24 Nov 2024
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