PSU Performance – CAG's Report
The Comptroller and Auditor General has presented his report to Parliament on the performance of PSUs.
Government of India had invested Rs. 1 ,47,126 crore directly in the equity capital of 281 government companies and corporations and three deemed government companies. Loans amounting to Rs. 75,799 crore had also been received by the PSUs from the Government of India as on 31 March 2008.
Return on Investment
Out of the 281 government companies and corporations where data has been analysed in this Report, 185 government companies and corporations earned profits during the year and 70 government companies suffered losses excluding Food Corporation of India and Inland Waterways Authority of India where deficits are reimbursed by the Government of India as subsidy/grant. The remaining 24 companies were not in operation. The total profit earned by 185 government companies and corporations was Rs.97,919 crore of which, as much as 76.03 per cent ( Rs.74,446 crore ) was contributed by 48 government companies and corporations under five sectors viz., Petroleum, Power, Coal & Lignite, Steel and Minerals & Metals. Out of the 185 government companies and corporations which earned profit, 117 government companies and corporations declared dividend for the year 2007-08 amounting to Rs.29,308 crore . Out of this, Rs.20 ,761 crore were paid/ payable to the Government of India. The dividend paid to Government of India represented 14.12 per cent return on the total investment by the Government of India (i.e. Rs.1 ,47,033 crore ) in all government companies and corporations.
Government companies under the Ministry of Petroleum and Natural Gas, operating partially under the administered/ regulated prices, contributed Rs.10 ,015 crore representing 34.17 per cent of the total dividend declared by all government companies.
The Chairman of the Audit Committee of eight companies did not attend Annual General Meeting of the respective company. Further, no system of preparation of Annual Report on the working of Audit Committee and providing training to the members of Audit Committee was noticed in 14 companies.