As many as 11 public sector units have understated their losses by Rs 328.28 crore while another 11 overstated their profits by Rs 84.93 crore in their audited balance sheets.
Four out of the nine public sector Navratna companies over-stated their assets by Rs 377.43 crore in the year 2001-02. Three under-stated their liabilities by Rs 74.38 crore.
A test check on accounts of Navratnas as well as another 26 PSUs by the Comptroller & Auditor General of India (CAG) revealed that one Navratna PSU under-stated its assets by Rs 312 crore.
As many as eight PSUs under-stated profits by Rs 243.22 crore. One PSU overstated losses by Rs 15.29 crore.
CAG said aggregate value of assets as on 31 March 2002 was overstated by Rs 232.86 crore in 18 PSUs and understated by Rs 267.44 crore in four PSUs.
Similarly liabilities were understated by Rs 402.83 crore by 14 PSUs and overstated by Rs 22.79 crore by two PSUs.
CAG had asked for clarification from the companies. The replies were not tenable. Subsequently CAG held that there had been deviations.
BHEL overstated profits by Rs 10 crore and GAIL by another Rs 11 crore. MTNL overstated it by 19 crore and ONGC by Rs 29 crore.
Indian Oil Corporation understated profits by Rs 312 crore for the year 2001-02. Companies like Dredging Corporation of India, Mahanadi Coalfields and Northern Coal Fields along with Bharat Heavy Electrical overstated profits by Rs 22 crore, Rs 19 crore, Rs 18 crore and Rs 9 crore respectively.
On the asset front, ONGC overstated assets by Rs 28 crore, while GAIL overstated it by Rs 11 crore and MTNL by Rs 6 crore.
Indian Oil Corporation understated assets by Rs 312 crore. MTNL understated liabilities by Rs 13 crore while HPCL understated it by Rs 1.47 crore.
SCIL, BEL and Nuclear Power Corporation overstated profits by Rs 18 crore, Rs 13 crore and Rs 12 crore respectively.
Central Coalfield, Hindustan Shipyard, Bharat Coking Coal under-stated their losses by Rs 14 crore, Rs 11 crore and Rs 5 crore respectively.
FCI which finalised accounts for 1998-99 recently overstated assets by Rs 57 crore, while Hindustan Steelworks Construction overstated assets by Rs 44 crore, as did IIBI by Rs 28 crore, SCIL by Rs 16 crore and Bharat Electronics Ltd (BEL) by Rs 13 crore.
Airports Authority of India understated assets by Rs 180 crore as did Mecon by Rs 84 crore.
Liabilities were understated by companies like Mecon (Rs 158 crore), AAI (Rs 75 crore), Hindustan Steel Works (Rs 70 crore) and Indian Airlines (Rs 56 crore).
Hindustan Steelworks Construction understated losses by Rs 114 crore, MECON by Rs 73 crore, IA by Rs 56 crore and IIBI by Rs 30 crore.
