Audit Reports
Kerala
Report of 2010 - Financial Audit on Commercial of Government of Kerala
Overview
Overview of Government companies and Statutory corporations Audit of Government companies is governed by Section 619 of the Companies Act, 1956. The accounts of Government companies are audited by Statutory Auditors appointed by CAG. These accounts are also subject to supplementary audit conducted by CAG. Audit of Statutory corporations is governed by their respective legislations. As on 31 March 2010, the State of Kerala had 96 working PSUs (91 companies and 5 Statutory corporations) and 27 non-working PSUs (all companies), which employed 1.10 lakh employees. The working PSUs registered a turnover of Rs. 12,349.97 crore for 2009-10 as per their latest finalised accounts. This turnover was equal to 5.76 per cent of State GDP indicating an important role played by State PSUs in the economy. The PSUs had accumulated loss of Rs. 1,212.70 crore as per their latest finalised accounts.
As on 31 March 2010, the investment (Capital and long term loans) in 123 PSUs was Rs.8,080.69 crore. Power Sector accounted for nearly 36.20 per cent of total investment in 2009- 10. The Government contributed Rs. 726.40 crore towards equity, loans and grants / subsidies during 2009-10.
As per the latest finalised accounts, out of 96 working PSUs, 45 PSUs earned profit of Rs. 728.61 crore and 46 PSUsincurred loss of Rs. 377.44 crore. The major contributors to profit were Kerala State Electricity Board (Rs. 217.42 crore), Kerala State Beverages (Manufacturing & Marketing) Corporation Limited (Rs. 109.67 crore), Steel Complex Limited (Rs. 49.83 crore), The Kerala Minerals and Metals Limited (Rs. 60.63 crore) and The Plantation Corporation of Kerala Limited (Rs. 33.66 crore). Heavy losses were incurred by Kerala State Road Transport Corporation (Rs. 136.39 crore), The Kerala State Cashew Development Corporation Limited (Rs. 125.41 crore), Kerala State Development Corporation for Scheduled Castes and Scheduled Tribes Limited (Rs. 31.52 crore) and The Kerala State Civil Supplies Corporation Limited (Rs. 19.57 crore).