Audit Reports
Rajasthan
Report of 2011 - Performance Audit on Commercial of Government of Rajasthan
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 Rajasthan had 42 working PSUs (39 companies and 3 Statutory corporations) and 3 non-working PSUs.
As on 31 March 2011, the investment (Capital and long term loans) in 45 PSUs was RS 47144.61 crore. It grew by over 192.41 per cent from RS 16122.90 crore in 2005-06. Power Sector accounted for nearly 93 per cent of total investment in 2010-11. The Government contributed RS 3546.82 crore towards equity, loans and grants/subsidies during 2010-11.
During the year 2010-11, out of 42 working PSUs, 12 PSUs earned profit of RS 529.68 crore and 19 PSUs incurred loss of RS 1077.82 crore while three power sector PSUs incorporated in 2000-01 prepared accounts on No profit no loss basis by showing revenue gap as recoverable from the State 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 143.54 crore) and Rajasthan State Industrial Development and Investment Corporation Limited (RS 292.18 crore). The heavy losses were incurred by Rajasthan Rajya Vidyut Prasaran Nigam Limited (RS 815.94 crore) and Rajasthan State Road Transport Corporation (RS 186.84 crore).