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| Only 4 PSUs of JK earn profit:CAG | | | EARLY TIMES REPORT
Jammu,April 2 : According to the CAG report, state’s 14 PSUs run on loss. The report has identified only 4 PSUs that earn profits.
The CAG says during the year 2009-10 only 4 PSU's out of 20 working PSU''s in the state earned a profit of Rs 514.89 crore and 14 other PSU's incurred a combined loss of Rs 158.86 crore. One working PSU Jammu and Kashmir Cable car corporation Limited had not prepared the profit and loss account while one PSU Jammu and Kashmir State Forest Corporation had not submitted its account since its audit was entrusted in 1996-97 to CAG.
The report further says that Jammu and Kashmir Bank Ltd earned a profit of Rs 512.38 crore and J&K Cements Limited earned a profit of Rs 1.53 crore.
The state road transport corporation incurred heavy losses to the tune of Rs 54.67 crore and Jammu and Kashmir State Power Development corporation limited earned losses to the tune of Rs 39.05 crore followed by Jammu and Kashmir Industries limited which earned a loss of 36. 32 crore during the same period.
The CAG report has also revealed that the losses are mainly attributable to deficiencies in financial management, planning, implementation of projects, running their operations and monitoring.
A review of latest Audit reports of the CAG shows that the state PSU's incurred losses to the tune of Rs 19.72 crore which were controllable with better management.In the end the CAG report has noted that the quality of accounts of PSU's need improvement.
Most of the PSU's had failed to finalise even one account in each year causing accumulation of the arrears. The main reason for non-finalisation of the accounts were non-constitution of the baords, non holding of regular board meetings and delay in finalization of accounts.
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