Kathmandu. It has come to light that the state-owned Vishal Bazaar Company Limited has not been audited for the last five fiscal years. According to the annual report of the corporation made public by the government, the company has not been audited since the fiscal year 2077÷78 till now.

The prolonged absence of auditing by a state-owned institution is seen as a question of fiscal discipline and transparency. Due to the lack of audit, the company’s actual income, expenses, profits, losses, assets and liabilities have not been made public.

The company has an authorized paid-up capital of Rs 4.01 billion. According to the data available, the company has earned a net profit of Rs 13.17 crore in the fiscal year 2081/82. Similarly, the consolidated profit stood at Rs 85.59 crore and net worth Rs 4.88 billion.

The company has said that it has not yet paid the principal and interest of the loan to the Government of Nepal. Similarly, there is no outstanding principal and interest liability against the banks and financial institutions.

However, it has not been found that the amount of Rs 68.85 lakh has been arranged for the fund management of the company. Out of the 75 posts approved for employee management, the company has a total of 34 employees, including 13 permanent and 21 on service contract. Currently, 41 positions are vacant in the company.