Audit Reports

Assuming th at Gross State Domestic Product (GSDP) is the good indicator of the performance of the Sta te’s economy, major fiscal aggregates like tax and non-tax revenue, revenue and capital expend iture, internal debt and revenue and fiscal deficits have been presented as percentage t o the..................

on working capital, (iv) Depreciation, (v) Operation a nd Maintenance expenses, (vi) Foreign exchange rate variation, (vii) All statutor y levies and taxes, if any, excluding taxes on income. 9 Roj-ka-Meo and HSIIDC Rai. Chapter II-Power Sector-Performance Audit 35 completion date of nine SSs was..................

assess how effectively management is using sharehol ders’ fund to create profits and is calculated by dividing net income ( i.e., net profit after taxes) by shareholders' fund. It is expressed as a percent age and can be calculated for any company if net income and shareholders' fund ar e both..................

As per their latest finalised accounts, the four po wer sector PSUs earned aggregate profit of ` 687.91 crore (after interest and taxes) during 201 8-19 but none of them considered declaring dividend. During the year 2018-19, HVPNL and HPGCL despite having accumulated profit of ` 490.61 crore..................

net profit after taxes) by shareholders' fund. It is expressed as a percent age and can be calculated for any company if net income and shareholders' fund ar e both positive numbers. Shareholders’ fund of a Company is calculated by ad ding paid up capital and free reserves net of accumulated..................

ROCE is calculated by dividing a company’s earnings before interest and taxes (EBIT) by the capital employed 25 . The details of ROCE of all the five Power Sector Undertakings during the period from 20 14-15 to 2018-19 are given in table below: 24 As per annual accounts of the respective..................

6 As per System Requirement Specification of PFC, the Company can declare a project area as ‘Go live’ once it has placed the IT mechani sm for online data transfer for facilitating the energy audit without any human int ervention. Report No. 2 of 2020 on PSUs (Social, General and Economic..................

Overview ix Overview This Report contains 14 paragraphs and one performance audit on ‘Assessment of activities of Punjab Small Industrie s and Export Corporation Limited’ having a financial implication of ` 1,226.91 crore. Some of the...

v PREFACE This Report has been prepared for submission to the Governor of the State of Punjab under Article 151 of the Constituti on. Chapters I and II of the Report contain audit obser vations on matters arising from examination of Finance Accounts ...

vii EXECUTIVE SUMMARY Background This Report on the finances of the Government of Punjab is brought out to assess the financial performance of the State durin g the year 2018-19 vis-à-vis the Budget Estimates, the targets as recommended by the...

Disbursements 2017-18 2018-19 2017-18 2018-19 Section A: Revenue Revenue receipts 53,009.58 62,269.08 Revenue expend iture 62,464.85 75,403.71 Tax revenue 30,423.25 31,574.28 General services 34 ,499.50 36,930.51 Non-tax revenue 4,318.39 7,582.29 Social services 15,469.74 18,320.37..................

Further, SA, Bishalgarh also stated that online Ide ntity Document (ID) not being created for Direct Benefit Transfer (DBT) was also one of the reasons for not providing the cash assistance. This part of the re ply is not acceptable as the creation of ID for DBT was the responsibility of the..................

(Paragraph 3.2) Failure of the Assessing Authorities to detect conc ealment of purchase turnover by the dealers resulted in short levy of tax of ` 28.03 lakh, non-levy of interest of ` 18.01 lakh and penalty of ` 2.80 lakh. (Paragraph 3.3) Failure of the Assessing Authority to detect concea lment..................

AS-2 (Valuation of inventories), AS-6 (Depreciation acco unting), AS-9 (Revenue recognition), AS-15 (Employee Benefits) and AS-22 ( Accounting for Taxes on Income). Similarly, the only Statutory Corporation in the St ate (viz. Tripura Road Transport Corporation) for which the C&AG is the sole..................

of t he PAC made between 2010-11 and 2017-18 were awaited from the administr ative departments concerned, of which, 15 pertained to Finance (Excise & Taxatio n) Department, 11 to Social Welfare and Social Education Department, nine each to Urban Development Department and Public Works (Roads &..................

Development EnviroEnergy Services on 2 November 2019 to carryout mandatory E nergy Audit. Energy Audit work was commenced by the Accredited Auditor. It was evident from the reply of Management that th e Company failed to take up the mandatory Energy Audit within the stipulated schedu le..................

In order to improve operational processes, in Febru ary 2016, a one-stop shop was envisaged in the form of an online end-to-end procurement sys tem for Government buyers. Based on the recommendations of a Group of Secretaries, it was decided to set up a dedicated e-market for different goods..................

Air India Limited 2.3 Irregular absorption by Air India Limited towar ds ground handling services charged by Air India SATS Airport Services Private Limited Air India SATS Airport Services Private Limited (AI SATS), a joint venture company of Air India Limited (AIL) is providing Ground Hand..................

Report No. 18 of 2020 10 CHAPTER III: MINISTRY OF COAL Mahanadi Coalfields Limited 3.1 Excess payment to the contractor under mining contract Mahanadi Coalfields Limited, under mining contract, allowed excess payment to a contractor of ` `` `45.17...

6.3.2.6 Non-furnishing of information to State auth orities for calculation of Holding Tax As per the agreement with RMC in July 1991, HEC was paying a lump sum amount of `0.08 crore/ annum as Holding Tax (HT). It was also agreed that the RMC would not levy any tax on constructions..................

analy sis was done and it was seen that 297 records pertained to LC/ Forex arrangement payments , 1,344 records were statutory payments made through online banking and 1,130 reco rds pertain to OVL/ OBV Company codes. Report No. 18 of 2020 162 Audit recommended Management to review the cases wh..................

Report No. 18 of 2020 177 Damodar Valley Corporation 10.1 Avoidable loss due to under-recovery of capaci ty charges Decision of Damodar Valley Corporation towards redu ction of the quantum of power of PPA with Kerala State Electricity Board in...

Report No. 18 of 2020 181 CHAPTER XI: MINISTRY OF ROAD TRANSPORT AND HIGHWAYS National Highways Authority of India 11.1 Improper contract management by NHAI resulted in loss of revenue Failure of National Highways Authority of India to enforce the...

i Contents Preface vi Executive Summary vii Chapter I Summary of financial performance of Central Public Sector Enterprises 1.1 Introduction 1 1.2 Investment in Government Companies and Corporations 4 1.3 Return from Government Companies and...

This resulted in understatement of expenses and loss for the year by `8.23 crore.  Interest on luxury tax paid for the period 2010-11 to 2015-16 amounting to `5.55 crore was booked as prior period expense instead of current year expense, which was not in line with Ind AS 8. This resulted in..................

company’s profitability and the efficiency with which its capital is used and is calculated by dividing company’s earnings before interest and taxes by capital employed. Return on Equity is a measure of performance calculated by dividing net profit after tax by shareholders’ fund . These..................

for corrective action, in cases where there was breach of milestones;  the Company had a web based Project Monitoring System (PMS) envisaged for online monitoring of different activities/projects from planning to execution stage. However, PMS did not capture pre - construction planning..................

Output from a DTC is transmitted by a distributor conductor for power supply to the end consumers through a small cable (called service mains) at the nearest electric pole . A typical power distribution system consisting of Distribution subst ation, feeders, Transformer Centres and end user..................

Paid up capital plus Free Reserves) and long term borrowings less accumulated loss . ∞ Return on Equity has been worked out as Profit after tax / (Paid -up capital plus Free Reserves). Audit Report –PSUs for the year ended 31 March 2019 168 Appendix – 4(b) Summarised financial position..................