Bhubaneswar: The Comptroller and Auditor General's report (2006-07) both of revenue receipts and commerce was tabled on the floor of the Assembly on Monday. The most revealing part of the CAG report was">
17 PSUs earn profit: CAG report
Monday, March 17, 2008
17 PSUs earn profit: CAG report

Bhubaneswar: The Comptroller and Auditor General's report (2006-07) both of revenue receipts and commerce was tabled on the floor of the Assembly on Monday. The most revealing part of the CAG report was that the total investment in working Public Sector Units (PSUs) decreased from Rs 9,745 crore as on 31 March 2006 to Rs 9,398.67 crore as on March 2007.

The total investment in non-working PSUs increased from Rs 149.23 crore as on March 2006 to Rs 154.71 crore as on March 31, 2007.

The budgetary support in the form of capital, loans, grants and subsidy disbursed to the working PSUs increased from Rs 78.47 crore in 2005-06 to Rs 283.38 crore in 2006-07.

As on March 31, 2007, the State had 64 Public Sector Undertakings (PSUs) comprising 61 Government companies and their statutory corporations. Of these, 29 Government companies and three statutory corporations were working and the remaining 32 were non-working Government companies. Out of these, 17 working PSUs (14 Government companies and three statutory corporations) earned aggregate profit of Rs 462.91 crore. Against this, 13 working Government companies incurred aggregate loss of Rs 65.12 crore. Of the loss incurring working government companies, eight companies had accumulated losses amounting to Rs 260.69 crore which exceeded their paid -up capital Rs 31.86 crore.

Though the Orissa Bridge and Construction Corporation Limited (OBCCL) obtained 75 works, the company could able to complete 35 works during five periods ending March 2007.

It also criticised the performance of the Orissa Tourism Development Corporation Ltd (OTDCL). The company's share of domestic and foreign tourist was insignificant and ranged between 1.54 to 4.70 per cent during 2002-03 to 2006-07 as compared to the total tourists who had visited the State during the above period. It could not achieve overall occupancy targets. On the works of the Orissa State Seeds Corporation Ltd, the CAG in its report said the company failed to achieve the targeted sale during 2001-02 to 2005-06 leading to seeds becoming substandard resulting in loss of Rs 4.63 crore on its sale.

It further said the Orissa Mining Corporation Ltd (OMC) extended undue benefit of Rs 14.82 crore to the contractor due to payment of dewatering charges disregarding the actual deployment of pumps. It also failed to make timely arrangement for transportation of chrome ore which led to loss of revenue of Rs 2.30 crore. It also critcised the IDCO.

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