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Tamil Nadu

Report No. 1 of 2014 – Performance Audit on Public Sector Undertakings of Government of Tamilnadu

Date on which Report Tabled:
Tue 12 Aug, 2014
Date of sending the report to Government:
Government Type:
State
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Sector -

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 die CAG. These accounts are also subject to supplementary audit conducted by the CAG. Audit of Statutory Corporations is governed by their respective legislations. As on 31 March 2013, the State of Tamil Nadu had 64 working PSUs (63 companies and one Statutory Corporation) and 13 non-working PSUs (all companies), which employed 2.80 lakh employees. The State PSUs registered a turnover of RS 70,673.64 crore as per their latest jinalised accounts. This turnover was equal to 9.49 per cent of State's Gross Domestic Product indicating the important role played by State PSUs in the economy. The PSUs had accumulated losses of RS 38,233.61 crore as per their latest Jinalised accounts.

As on 31 March 2013, the investment (capital and long term loans) in 77 PSUs was RS 83,235.55 crore. Power sector accounted for 92.23 per cent of total investment and Service sector 3.20 per cent in 2012-13. The Government contributed RS 13,917.89 crore towards equity, loans and grants/subsidies during 2012-13. As per latest finalised accounts, out of 64 working PSUs, 43 PSUs earned a profit of RS 615.29 crore and 19 PSUs incurred a loss of RS 14,232.03 crore.

The major contributors to profit were State Industries Promotion Corporation of Tamil Nadu Limited (RS 182.32 crore), Tamil Nadu Power Finance and Infrastructure Development Corporation Limited (RS 95.72 crore), Tamil Nadu Newsprint and Papers Limited (RS 91.48 crore), Tamil Nadu Industrial Investment Corporation Limited (RS 35.04 crore) and TIDEL Park Limited, Chennai (RS 34.98 crore). In respect of Tamil Nadu Civil Supplies Corporation Limited and Tamil Nadu Transmission Corporation Limited, the loss is compensated by the State Government and Tamil Nadu Generation and Distribution Corporation Limited, respectively. Heavy losses were incurred by Tamil Nadu Generation and Distribution Corporation Limited (RS 13,321.33 crore) and all the eight State Transport Corporations (RS 856.52 crore).

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Last updated: 22 Nov 2024
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