Audit Reports
West Bengal
Report of 2010 - Performance Audit on Commercial of Government of West Bengal
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 2010, the State of West Bengal had 72 working PSUs (63 companies and 9 Statutory corporations) and 20 non-working PSUs (19 companies and one corporation), which employed 0.72 lakh employees. The working PSUs registered a turnover of RS 21,669.75 crore for 2009-10 as per their latest finalised accounts. This turnover was equal to 5.89 per cent of State GDP indicating an important role played by State PSUs in the economy.
As on 31 March 2010, the investment (Capital and long term loans) in 92 PSUs was RS 41,810.57 crore. It grew by over 22.76 per cent from RS 34,057.55 crore in 2004-05. Power and finance sector accounted for nearly 80.50 per cent of total investment in 2009-10. The Government contributed RS 1,205.10 crore towards equity, loans and grants/subsidies during 2009-10.
Performance of PSUs During the year 2009-10, out of 72 working PSUs, 32 PSUs earned profit of RS 562.87 crore and 36 PSUs incurred loss of RS 644.31 crore while three PSUs prepared accounts on 'no profit no loss' basis, while one PSU had not finalised its first accounts. The major contributors to profit were West Bengal State Electricity Transmission Company Limited (RS 174.68 crore), Haldia Petrochemicals Limited (RS 134.64 crore), West Bengal Rural Energy Development Corporation Limited (RS 99.41 crore) and West Bengal State Electricity Distribution Company Limited (RS 71.05 crore). Heavy losses were incurred by The Durgapur Projects Limited (RS 172.57 Crore), The Calcutta Tramways Company (1978) Limited (RS 110.19 crore), Calcutta State Transport Corporation (RS 46.98 crore), and The Kalyani Spinning Mills Limited (RS 41.72 crore).