The Directors have pleasure in presenting the Eighteenth Annual Report
of your Company together with the Audited Annual Accounts for the year
ended 31 st March, 2012.
1. FINANCIAL RESULTS
(Rupees in Lacs.)
Partlculars Year for Year for
Income 2401.43 2758.19
Depreciation 33.45 46.87
Profit/Loss before Tax 67.85 75.40
Profit/Loss after Tax 45.43 50.79
BUSINESS REVIEW & FUTURE OUTLOOK :
During the year under review Company has recorded net profit of Rs.
45.43 Lakhs, as compared to Rs. 50.79 Lakhs during the previous year.
In spite of slowdown in the industry, your director''s sensible decision
in carrying out the viable projects resulted in profitability growth.
Rapid economic growth has created a growing need for dependable and
reliable supplies of electricity. Due to the fast-paced growth of
India''s economy, the country''s energy demand has grown over the past 30
years. The country''s annual energy production still increasing more and
more to fulfill the required necessity. There are many offers from the
side of the Indian government too to interest to set a modest target on
opening up Ultra Mega Power Projects (UMPP) for private investments and
encouraging to tie-up with Public Private Partnership to increase the
production level of power. In these regard your Directors are making
their best efforts to move parallel with the conditions.
ADDITIONAL INFORMATION AS REQUIRED U/S 217(1)(e) OF THE COMPANIES ACT,
(a) Conservation of Energy: The Company is monitoring the consumption
of energy and is identifying measures for conservation of energy
(b) (i) Technology Absorption, adaptation and innovation:-
No technology either
indigenous or Foreign is involved
(ii) Research and Development (R & D): No research and Development has
been carried out
(c) i) Foreign exchange earnings : NIL ii) Foreign exchange out go NIL
PARTICULARS OF EMPLOYES :
In pursuance of the provisions of section 217(2A) of the Companies Act,
1956 read with the Companies (Particulars of Employees) Amendment Rules
2011, the Directors are to report that no employee was in receipt of
remuneration of Rs.60,00,000/- or more per annum or Rs.5,00,000/- or
more per month where employed for a part of the year.
1. Shri K. Srinivasa Rao retires by rotation and being eligible offers
himself for Re-Appointment.
2. Sri Manoj Shivprasad Chokda Resigned from the Board with effect
from 10th August, 2012
M/s P. Murali & Co Chartered Accountants, Statutory Auditors of the
company hold office until the conclusion of the ensuing Annual General
Meeting and are eligible for re-appointment. The company has received
letters from the Auditors to the effect that their appointment, if
made, would be with in the prescribed limits under section 224 (1B) of
the Companies Act, 1956 and that they are not disqualified for such re
appointment with in the meaning of section 226 of the said act.
The board of Directors of the Company has recommended their appointment
for the year 2012-2013. The observations made by the Auditors in their
report read with the Notes on Accounts are self are self explanatory
and do not require any comments from Directors.
FIXED DEPOSITS :
The Company has not accepted any Fixed Deposits, falling with in the
purview of Section 58A of the Companies Act, 1956.
DIRECTORS RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217 (2AA) of the Companies
Act, 1956 with respect to the Directors'' Responsibility Statement, it
is hereby confirmed that:
i) in the preparation of the Annual Accounts, the applicable accounting
standards have been followed along with proper explanation relating to
ii) we have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs of
the Company at the end of the financial year and/or of the Profit or
Loss of the company for that period;
iii) we have taken proper and sufficient care for the maintenance of
adequate accounting records in accordance with the provisions of the
Act, for safeguarding the assets of the Company and for preventing and
detecting fraud and other irregularities;
iv) we have prepared the annual accounts on a going concern basis.
STATEMENT PURSUANT TO THE LISTING AGREEMENT :
Presently the company''s Equity Shares are listed at the Bombay Stock
Exchange of India limited, Mumbai (BSE) and the company paid the Annual
Listing Fee up-to 2012-2013
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
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 Of Directors
M/s. VENUS POWER VENTURES (INDIA) LIMITED
(M.SRINIVAS RAO) (V.SRIKRISHNA)
MANAGING DIRECTOR DIRECTOR
DATE : 05-09-2012