Audit Reports
Tamil Nadu
Report No. 4 of 2011 - Performance Audit on Commercial of Government of Tamilnadu
Overview
Audit of Government compines is governed by Section 619 of the Companies Act, 1956. The accounts of Government compines 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 2011, the State of Tamil Nadu had 67 working PSUs (66 compines and one Statutory Corporation) and 9 non-working PSUs (all compines), which employed 2.29 lakh employees. The State PSUs registered a turnover of RS 55,194 crore as per their latest finalised accounts. This turnover waseqal to 10.09 per cent of State's GDP indicating the importent role played by State PSUs in the economy.
The PSUs had Accumulated Loss of RS 33,621.12 crore as per their latest finalised accounts. As on 31 March 2011, the Investment(Capital and Long Term Loans) in 76 PSUs was RS 56,553.61 crore. Power sector accounted for 89.32 per cent of total investment and Service sector 4.14 per cent in 2010-11. The Government contributed RS 12,694.04 crore towards Equity, Loans and Grants/ Subsidies during 2010-11. As per latest finalised accounts out of 67 working PSUs, 40 PSUs earned a Profit of RS 592.09 crore and 23 PSUs incurred a Loss of RS 11,923.59 crore.
The major contributors to Profit were Tamil Nadu Newsprint and Papers Limited (RS 149.00 crore), State Industries Promotion Corporation of Tamil Nadu Limited (RS 82.84 crore), Tamil Nadu Industrial Investment Corporation Limited(RS 52.82 crore) and Tamil Nadu Power Finance and Infrastructure Development Corporation Limited (RS 64.43 crore). Heavy losses were incurred by Tamil Nadu Electricity Board (RS 10,294.64 crore) and all the eight State Transport Corporations (RS 1,575.26 crore).