Compliance Financial Performance

Report of 2011 - Report of the Comptroller & Auditor General of India, Commercial, Government of Odisha

Date on which Report Tabled:
Thu 29 Mar, 2012
Date of sending the report to Government:
Government Type:
Sector Power & Energy,Industry and Commerce,Agriculture and Rural Development


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 Odisha had 35 working PSUs (32 companies and 3 Statutory corporations) and 30 non-working PSUs (all companies), of which working PSUs employed 0.25 lakh employees. The working PSUs registered a turnover of RS 9,320.78 crore for 2010-11 as per their latest finalised accounts as on 30 September 2011. This turnover was equal to five per cent of State GDP indicating an important role played by State PSUs in the economy. The working PSUs earned an aggregate profit of RS 1,112.83 crore for 2010-11 and had accumulated profits of RS 2,524.48 crore.

As on 31 March 2011, the investment (capital and long term loans) in 65 PSUs was RS 10,224.98 crore. It increased by 3.34 per cent from RS 9,894.44 crore in 2005-06 to RS 10,224.98  crore in 2010-11. The increase in investment was mainly due to increase in capital and loan in power sector. The share of investment in power sector marginally declined from 81.49 per cent in 2005-06 to 80.60 per cent in 2010-11.

During the year 2010-11, out of 35 working PSUs, 24 PSUs earned profit of RS 1,400.25 crore and six PSUs incurred loss of RS 287.42 crore as per their latest finalised accounts as on 30 September 2011. The major contributors to profit were The Orissa Mining Corporation Limited (RS 1,089.32  crore), Orissa Power Generation Corporation Limited (RS 166.44 crore), Orissa Hydro Power Corporation Limited (RS 46.93 crore) and Orissa State Beverages Corporation Limited (RS 40.02 crore). Heavy losses were incurred by GRIDCO Limited (RS 146.53 crore) Orissa Power Transmission Corporation Limited (RS 71.37 crore), IDCOL Kalinga Iron Works Limited (RS 39.61 crore) and Orissa Rural Housing and Development Corporation Limited (RS 28.68 crore).

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