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| Non performing PSUs cause loss of Rs 1, 524.86 cr to pubic exchequer | | JKSRTC witnesses maximum erosion, records negative net worth of Rs 969.75 cr | | Early Times Report
Jammu, Jan 27: The capital investment, accumulated losses and free reserves of 20 State PSUs other than power sector were Rs525.68 crore, Rs2,150.57 crore and Rs100.03 crore respectively, resulting in negative net worth of Rs1,524.86 crore.
Analysis of investment and accumulated losses disclosed that net worth was eroded fully in ten out of these 20 PSUs as the capital investment and accumulated losses of these PSUs were Rs341.53 crore and Rs2,242.53 crore, respectively. Of these ten PSUs, the maximum net worth erosion was in Jammu and Kashmir State Road Transport Corporation (Rs969.75 crore), Jammu and Kashmir Industries Limited (Rs513.13 crore), Jammu and Kashmir State Industrial Development Corporation Limited (Rs112.18 crore) and Jammu and Kashmir State Handloom Development Corporation Limited (Rs81.52 crore). Of these ten PSUs where net worth had been fully eroded, two PSUs (Jammu and Kashmir State Horticultural Produce Marketing and Processing Corporation Limited and Jammu and Kashmir Small Scale Industries Development Corporation Limited) earned profit during the year 2017-18 although there were substantial accumulated losses.The growth decreased from Rs1,183.33 crore in 2013-14 to Rs1,524.86 crore in 2017-18. Out of 20 PSUs, 9 PSUs which are (1) Jammu and Kashmir Bank Limited (2) Jammu and Kashmir Bank Financial Services Limited (3) Jammu and Kashmir Scheduled Castes, Scheduled Tribes and Other Backward Classes Development Corporation Limited (4) Jammu and Kashmir State Women’s Development Corporation Limited (5) Jammu and Kashmir Small Scale Industries Development Corporation Limited (6) Jammu and Kashmir Police Housing Corporation Limited (7) Jammu and Kashmir Cements Limited (8) Jammu and Kashmir State Tourism Development Corporation Limited and (9) Jammu and Kashmir State Cable Car Corporation Limited showed positive net worth and net worth of 10 PSUs was negative during 2013-14, while one PSU namely Jammu and Kashmir Overseas Employment Corporation Limited has not prepared its profit and loss account.
During 2013-14, the net worth of Jammu and Kashmir Projects Construction Corporation Limited was negative and thereafter remained positive during 2014-18, whereas thecnet worth of Jammu and Kashmir Small Scale Industries Development Corporation Limited was positive during 2013-16 and thereafter remained negative during 2016-18. During 2013-14 to 2017-18, the net worth of ten PSUs decreased whereas eight PSUs recorded an increase in net worth. As of 31 March 2018, nine PSUs had positive net worth whereas ten PSUs had negative net worth and in respect of one PSU viz. Jammu and Kashmir State Overseas Employment Corporation Limited, though one account of 2010-11 was finalised during 2013-18 but its net worth could not be worked out due to non-submission of profit and loss account. |
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