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INDUSTRY STRUCTURE AND DEVELOPMENTS
The Power Sector has been getting 18-20% of the total Public Sector outlay in initial plan periods. The Power development is the key to the economic development. The power Sector has been receiving adequate priority ever since the process of planned development began in 1950. Over the years (since 1950) the installed capacity of Power Plants (Utilities) has increased to 89090 MW (31.3.98) from meager 1713 MW in 1950, Similarly, the electricity generation increased from about 5.1 billion units to 420 Billion units - 82 fold increase. Remarkable growth and progress have led to extensive use of electricity in all the sectors of economy in the successive five years plans.
About 85% of the villages have been electrified except far-flung areas in North Eastern states, where it is difficult to extend the grid supply. The per capita consumption of electricity in the country also increased from 15 kWh in 1950 to about 338 kWh in 1997-98, which is about 23 times. In the field of Rural Electrification and pump set energisation, country has made a tremendous progress. The drop in the real estate market and subsequently impact of meltdown in the global economy and commodity market combined with a reduction of 15% in real estate. This is the ever best opportunity to entering in the field of power generation and increasing the power productions to meet out all hindrances to enabling the business entity to become stronger.
India now ranks third amongst the coal producing countries in the world. Being the most abundant fossil fuel in India till date, it continues to be one of the most important sources for meeting the domestic energy needs. It accounts for 55% of the countrys total energy supplies. The development of core infrastructure sectors like power, steel, and cement are dependent on coal. About 75% of the coal in the country is consumed in the power sector. As a result increase in the number of projects launched in the last several years. We will see better projects developments by reputed power projects to produce the power generations.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The internal control systems are aimed at promoting operational efficiencies. The Company is conducting internal audit at regular intervals to ensure that :
a) Transactions are executed in accordance with the Companys policies and authorizations.
b) Deployment of funds is in accordance with the Companys policies.
The internal audit is conducted as per the requirement of the Company and the report is submitted to the Audit committee and to the Management. It reviews the policies and procedures followed.
The Audit Committee with three independent and non-executive directors meets regularly to investigate any matter relating to the internal control system and reviews the Internal Audit. The committee reviews the quarterly and half yearly financials before they are submitted to the Board of Directors.
The Company believes that a right workforce makes all the difference in maneuvering an organization to the highest levels of success and achievement. The works out sourced are monitored by the team of quality inspectors and as per the future strategy it will be required to hire and nurture core professionals in the field of proposed operations of the company. A qualified technical team is at the core of our operations. Having acquired expertise in their niche areas, they are trained in-house, on a regular basis, on diverse emerging trends and products.
CORPORATE GOVERNANCE :
In order to bring more transparency in the conduct of business, the Stock Exchanges have amended the listing agreement incorporating the code of corporate governance to listed companies. Your Company has always been committed to the best practices in the governance of its affairs. Your company had taken steps and complied with most of the recommendations during the year. For the year under review, the Compliance Report is provided in the Corporate Governance section in this Report. The Auditors Certificate on compliance with the mandatory requirements of Corporate Governance is given in "Annexure "A" to this Report."
The Relation between the management and the staff were very cordial throughout the year under view your Directors take this opportunity to record their appreciation for the co-operation and loyal services rendered by the employees.
Your Directors take this opportunity to express their grateful appreciation for the cooperation and assistance by Central and State Governments, and business associates as well as shareholders. Your Directors also place on record their appreciation for the devoted services rendered by all employees.
|For and on behalf of the Board 0f Directors|
|M/s. VENUS POWER VENTURES (INDIA) LIMITED|