Audit Reports
Tamil Nadu
Report of 2009 - Performance Audit on Commercial of Government of Tamilnadu
Overview
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 2009, the State of Tamil Nadu had 64 working PSUs (62 companies and 2 Statutory corporations) and 11 non-working PSUs (all companies), which employed 2.75 lakh employees. The State PSUs registered a turnover of Rs.42,535.07 crore as per their latest finalised accounts. This turnover was equal to 18.62 per cent of State's GDP indicating the important role played by State PSUs in the economy. The PSUs had accumulated loss of Rs.13,207.60 crore as per their latest finalised accounts.
As on 31 March 2009, the investment (Capital and long term loans) in 75 PSUs was Rs.28,549.79 crore. Power Sector accounted for 78.60 per cent of total investment and Service Sector 10.64 per cent in 2008-09. The Government contributed Rs.7,138.23 crore towards equity, loans and grants/subsidies during 2008-09.
As per latest finalised accounts, out of 64 working PSUs, 38 PSUs earned a profit of Rs.565.96 crore and 20 PSUs incurred a loss of Rs.4,303.23 crore. The major contributors to profit were Tidel Park Limited, Chennai (Rs.163.82 crore), Tamil Nadu Newsprint and Papers Limited (Rs.107.39 crore), State Industries Promotion Corporation of Tamil Nadu Limited (Rs.64.54 crore) and Tamil Nadu Small Industries Corporation Limited (Rs.52.37 crore). The heavy losses were incurred by Tamil Nadu Electricity Board (Rs.3,512.08 crore), Tamil Nadu State Transport Corporation (Madurai) Limited (Rs.180.53 crore), Tamil Nadu State Transport Corporation (Coimbatore) Limited (Rs.124.73 crore) and Metropolitan Transport Corporation (Chennai) Limited (Rs.100.12 crore).