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infrastructure has also been upgraded. The Company has also redesigned its website<br />
with several additional user-friendly features. The expanded coverage of the website<br />
and ease of use, has already yielded the desired response, as evidenced by the<br />
increased access to this website by customers, dealers and business associates.<br />
Internal Control Systems<br />
The Management Reporting System on various business performance indicators is<br />
considered adequate, and enables corrective action by Management, through a<br />
mechanism of regular reviews. Competition is also studied to facilitate evaluation of<br />
the Company’s performance as <strong>com</strong>pared with <strong>com</strong>petitors. The Company’s Systems<br />
and Processes in all areas are regularly reviewed by the Internal Audit and their<br />
reports are placed for consideration by the Audit Committee of the Board of<br />
Directors, which has met four times during the year. The rating system for its<br />
Divisions/Regions initiated last year, has been strengthened during the year.<br />
Outlook<br />
The growth in the Power Sector and the Industrial growth in general having<br />
accelerated, gives reasonable certainty for demand augmentation of transmission<br />
and distribution equipment, which augurs well for the Power Systems Group. The<br />
Government’s APDRP Programme will also be a considerable driver for the Switchgear<br />
business. Power Systems already has a substantial export presence for transformers.<br />
The year ahead, will witness Switchgear’s efforts at breakthrough exports. The setting<br />
up of new Industries and OEMs in the medium and large sectors, is expected to<br />
realise additional demand for the Industrial Systems Group. LT Motors have already<br />
equipped themselves with several International Certifications, which has yielded<br />
them a manifold increase in exports; the International market capture will be<br />
intensified during the forth<strong>com</strong>ing year. The threat from the small scale and<br />
unorganised sectors will continue for the Consumer Products Group; however, the<br />
challenge for this Group, will be to access customer segments with higher disposable<br />
in<strong>com</strong>es, the housing sector, the architect segment, the energy cost conscious<br />
consumers and also the huge demand for exterior lighting from large projects.<br />
On behalf of the Board of Directors<br />
Mumbai, 26th May, <strong>2004</strong><br />
KK NOHRIA<br />
Chairman<br />
Joint Ventures<br />
Period : April <strong>2003</strong> to March <strong>2004</strong><br />
(Rs. Crores)<br />
Sr Name of Company Turnover PBT Subscribed CG %<br />
No Capital Holding<br />
1 Brook Crompton Greaves Ltd @ 11.70 0.67 16.00 49.00<br />
2 CG Lucy Switchgear Ltd 17.10 4.69 1.20 50.00<br />
3 Hitachi CG Motor Engineering Pvt Ltd 0.03 (0.09) 1.60 49.00<br />
4 Paxonet Communications Inc, USA + ** 8.29 (4.54) 6.50 20.00<br />
5 Power Equipment Ltd, Dubai # # # #<br />
@ Financial Period 1st January, <strong>2003</strong> to 31st December, <strong>2003</strong><br />
+ Investment in US $ @ US $ : Rs. 43.64 ** Provisional # Activities suspended<br />
50
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