Report of 2009 - Performance Audit on Commercial of Government of Rajasthan

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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 2009, the State of Rajasthan had 29 working PSUs (26 companies and 3 Statutory corporations) and 4 non-working PSUs (all companies), which employed 0.85 lakh employees. The working PSUs registered a turnover of Rs. 17,510.67 crore for 2008-09 as per their latest finalised accounts. This turnover was equal to 9.12 per cent of State GDP indicating an important role played by State PSUs in the economy.

Investments in PSUs As on 31 March 2009, the investment (Capital and long term loans) in 33 PSUs was Rs. 28,485.12 crore. It grew by over 102.35 per cent from  Rs. 14,077.15 crore in 2003-04. Power Sector accounted for nearly 93 per cent of total investment in 2008-09. The Government contributed Rs. 2,792.11 crore towards equity, loans and grants/subsidies during 2008-09.

During the year 2008-09 as per their latest finalised accounts, out of 33 working PSUs, 13 PSUs earned profit of Rs. 348.40 crore and three PSUs incurred loss of Rs. 34.41 crore while five power sector PSUs incorporated in 2000-01 prepared accounts on No Profit No Loss basis by showing revenue gap as recoverable from the Stat Government which was not as per Generally Accepted Accounting Principles (GAAP) prevailing in the country. The major contributors to profit were Rajasthan State Mines and Minerals Limited (Rs. 183.45 crore) and Rajasthan State Industrial Development and Investment Corporation Limited (Rs. 131.21 crore). Heavy losses were incurred by Rajasthan State Road Transport Corporation (Rs. 23.57 crore).

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