Audit Reports
West Bengal
Report No. 3 of 2014 – Performance Audit on Public Sector Undertakings of Government of West Bengal
Overview
Audit of Government companies is governed by Section 619 of the Companies Act, 1956. Accounts of Government companies are audited by Statutory Auditors appointed by the CAG. These accounts are also subject to supplementary audit conducted by the CAG. Audit of Statutory corporations is governed by their respective legislations. As on 31 March 2013, the State of West Bengal had 74 working PSUs (65 companies and nine Statutory corporations) and 17 non-working PSUs (16 companies and one corporation), which employed 0.65 lakh employees. The 31 working PSUs that finalised accounts for 2012-13 registered a turnover of RS 36,755.18 crore. This turnover was equal to 6.37 per cent of State GDP.
As on 31 March 2013, investment (capital and long term loans) in 91 PSUs was RS 41,074.93 crore. It grew over RS 34,754.79 crore in 2007-08, at a compound annual growth rate of 3.4per cent. Power sector accounted for nearly 65.11 per cent of total investment in 2012-13. Government contributed RS 968.91 crore towards equity, loans and grants/ subsidies during 2012-13.
Out of 74 working PSUs, 31 prepared accounts for 2012-13. During the year 2012-13,19 PSUs earned profit of RS 688.28 crore and 11 PSUs incurred loss of RS 1,231.24 crore. Major contributors to profit were West Bengal State Electricity Transmission Company Limited.