Audit Reports
Punjab
Audit Report (Commercial), Punjab for the Year 2010-11
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 Punjab had 31 working PSUs (27 companies and 4 Statutory corporations) and 22 non-working PSUs (all companies), which employed 0.71 lakh employees. The working PSUs registered a turnover of RS 24,431.81 crore for 2010-11 as per their latest finalised accounts. This turnover was equal to 10.68 per cent of the State GDP indicating an important role played by the State PSUs in the economy. However, the working PSUs incurred overall loss of RS 1,498.07 crore in 2010-11 and had accumulated losses of RS 1l,921.16 crore.
As on 31 March 2011, the investment (Capital and long term loans) in 53 PSUs was RS 14,341.28 crore. It grew by over 9.92 per cent from RS 13,046.77 crore in 2005-06. The thrust of investment in the State was mainly in power sector. Power Sector accounted for 83.23 per cent of the toted investment in 2010-11. The Government contributed RS 3,689.80 crore towards equity and grants /subsidies during 2010-11. During the year 2010-11, out of 31 working PSUs, 14 PSUs earned profit of RS 58.30 crore and 11 PSUs incurred loss of RS 1,556.37 crore.
Three working PSUs prepared their accounts on 'noprofit no loss'basis; two working PSUs have not started commercial activities and one working PSU has not prepared its first account The major contributors to profit were Punjab Small Industries and Export Corporation Limited (RS 15.94 crore), Punjab Genco Limited (RS 13.35 crore) and Punjab State Container and Warehousing Corporation Limited (RS 11.40 crore). The heavy losses were incurred by Punjab State Electricity Board (RS 1,301.52 crore), Punjab State Grains Procurement Corporation Limited (RS 137.21 crore) and Punjab State Warehousing Corporation (RS 84.58 crore).