Audit Reports
Commercial
Report No. 2 of 2010-11 - Compliance Audit on Financial Reporting by Central Public Sector Undertakings of Union Government, Commercial
Overview
As on 31 March 2010, there were 451 Central Government Public Sector Undertakings (CPSUs) under the audit jurisdiction of the Comptroller and Auditor General of India. These included 329 government companies, 116 deemed government companies and six statutory corporations. This Report deals with 404 PSUs comprising 302 government companies, 96 deemed government companies and six statutory corporations. Forty seven companies are not covered in this report. Out of them, accounts of seven PSUs were in arrears for three years or more, two PSUs had not submitted their first accounts, 35 PSUs were defunct/under liquidation and accounts of three PSUs were not due.
The accounts of 404 PSUs (352 for current year and 52 for earlier years) indicated that the Government of India had invested Rs.1,73,057 crore directly in the equity capital of 308 government companies and corporations and Rs.143 crore in four deemed government companies. Loans amounting to Rs.60,174 crore had also been received by the PSUs directly from the Government of India as on 31 March 2010. Compared to the previous year, investment in equity of PSUs, including deemed government companies, by the Government of India registered a net increase of Rs.11,478 crore and loans given to them increased by Rs.350 crore.
The market value of shares of 42 listed government companies as per prices prevailing in stock markets on 31 March 2010 stood at Rs.14,31,135 crore. Market value of shares held by the Government of India in 37 companies stood at Rs.11,55,267 crore as on 31 March 2010. Market value of shares held by government companies in five subsidiaries stood at Rs.16,055 crore as on 31 March 2010 Out of the 308 government companies and corporations where data has been analysed in this Report, 189 government companies and corporations earned profits during the year and 98 government companies suffered losses excluding Food Corporation of India,Inland Waterways Authority of India and National Highways Authority of India. These three statutory corporations prepare accounts on no profit/no loss basis. While shortfall of income over expenditure in respect of Food Corporation of India and Inland Waterways Authority of India is shown as receivable from Government of India, National Highways Authority of India capitalised the amount of excess of expenditure over income during 2009-10. The remaining 18 companies were not in operation. The total profit earned by 189 government companies and corporations was Rs.1,05,906 crore of which, as much as 66 per cent (Rs.69,445 crore) was contributed by 36 government companies and corporations under three sectors viz., Petroleum and Natural Gas, Power and Coal and Lignite.