MIRA
INFORM REPORT
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Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
CROMPTON GREAVES LIMITED |
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Registered Office : |
6th Floor,
C G House, Dr. Annie Besant Road, Prabhadevi, Mumbai- 400 025, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
28.04.1937 |
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Com. Reg. No.: |
11-2641 |
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CIN No.: [Company
Identification No.] |
L99999MH1937PLC002641 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMCO5628A |
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PAN No.: [Permanent
Account No.] |
AAACC3840K |
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Legal Form : |
It is a public limited
liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing and
Marketing of transformers, switchgears, turn-key projects, capacitors,
electric motors - fractional horse power motors, LT motors, alternators, HT
motors, DC machines, rail transportation, fans, luminaries, light sources,
telephone instruments, telecommunication switching, transmission and access
products, EPABX systems and agricultural and domestic pumps, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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Maximum Credit Limit : |
USD 26971880 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part
of Thapar Group - a well-established industrial house. Directors are reported
as experienced, respectable and resourceful industrialists. Their trade
relations are reported as fair.
General financial position is satisfactory. Payments are usually correct and as per commitments. The company can
be considered normal for any business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered
Office : |
6th
Floor, CG House, Dr. Annie Besant Road, Prabhadevi, Mumbai – 400 025, Maharashtra,
India |
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Tel. No.: |
91-2662-242324/242278 |
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Fax No.: |
91-2662-242326 |
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E-Mail : |
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Website : |
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Cable : |
CROMGRE |
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Plant
Locations : |
Power Systems
Ř Kanjur, Bhandup, Mumbai – 400 042,
Maharashtra, India. o
Tel. No.
91-22-25782451 o
Fax No.
91-22-25783271 / 25783216 o
E-Mail. : vmasson@tone.cgl.co.in Ř A/3 MIDC Area, Ambad, Nashik – 422 010,
Maharashtra, India. o
Tel. No.
91-253-2382 271 / 2382 275 o
Fax No.
91-253-2381 247 o
E-Mail. : contact@cglmail.com Ř D-2 MIDC, Waluj, Aurangabad – 431 136,
Maharashtra, India. o
Tel. No.
91-240-2554 662 /2 554 371 / 2554 372 / 2554 559 o
Fax No.
91-240-2554 697 o
E-Mail. : cglsg@bom4.vsnl.net.in Ř 209 Mumbai Pune Road, Pimpri, Pune – 411
018, Maharashtra, India. o
Tel. No.
91-20-27474925 o
Fax No.
91-20-27474972 o
E-Mail. : cgt2@mantraonline.com Ř T1+T2 MPAKVN Industrial Area, Malanpur
(Dist. Bhind), Madhya Pradesh-477 716, India. o
Tel. No.
91-7539-283502 / 3507 / 3470 o
Fax No.
91-7539-283585 o
E-Mail. : cgt2@mantraonline.com Ř Plot No. 29-32 New Industrial Area No. 1,
Mandideep – 462 046, Madhya Pradesh, India. o
Tel. No.
91-7480-233306 o
Fax No.
91-7480-233149 o
E-Mail. cglt-bpl@sancharnet.in Ř Plot No. 65, Phase 1, SIPCOT Industrial
Complex, Hosur - 635 126, Tamil Nadu, India. o
Telefax :
91-4344-2579633 o
Fax No. :
91-4344-2579622 o
E-Mail. : cgpolycrete@satyam.net.in Industrial Systems
Ř Kanjur, Bhandup, Mumbai – 400 042,
Maharashtra, India. o
Tel. No.
91-22-2578 2451 o
Fax No. 91-22-2578
3845 o
E-Mail. : imd@cgl.co.in Ř A/6-2, MIDC Industrial Area, Ahmednagar –
414 111, Maharashtra, India. o
Tel. No.
91-241-2777372 o
Fax No.
91-241-2777508 o
E-Mail. : sc.gupta@mail.cgl.co.in Ř B-110 MIDC Industrial Area, Ahmednagar –
414 111, Maharashtra, India. o
Tel. No.
91-241-2778521 o
Fax No.
91-241-2777491 o
E-Mail. : gupta.r.k@mail.cgl.co.in Ř Plot No. 4, Gate No. 627/2, Village
Kuruli, Near Chakan, Pune - 410 501, Maharashtra, India. o
Tel. No.
91-2135-254641/2 o
E-Mail. feeder@cgl.co.in Ř D-5 Industrial Area, MPAKVN, Mandideep –
462 046, Madhya Pradesh, India. o
Tel. No.
91-7480-233116 / 233118 o
Fax No.
91-7480-233119 o
E-Mail. : ak.raina@mail.cgl.co.in Ř 11-B, Industrial Area 1, Pithampur – 454
775, Dist. Dhar, Madhya Pradesh, India. o
Tel. No.
91-7292-253194 / 253258 o
Fax No.
91-7292-253211 o
E-Mail. : cglsrub@sancharnet.in Ř C 71-72, MIDC Industrial Area, Satpur,
Nashik – 422 007, Maharashtra, India. o
Tel. No.
91-253-2351067 / 69 o
Fax No.
91-253-2351492 o
E-Mail. : vrkumar@satpur2.cgl.co.in Ř D-2-21, 22, 23, Tivim Industrial Estate,
Karaswada, Bardez, Goa - 403 526, India. o
Tel.
No. 91-832-2257639 / 409 o
Fax No.
91-832-2257207 o
E-Mail. : sagar.r.k.@mail.cgl.co.in Ř 196-198, Kundaim Industrial Estate,
Kundaim, Ponda, Goa - 403 110, India. o
Tel. No.
91-834-2395510 o
Fax No.
91-834-2395377 o
E-Mail.: cglfhpg@goatelecom.com Ř L. B. Shastri Marg, Bhandup, Mumbai - 400
078, Maharashtra, India. o
Tel. No. :
91-22-25783865 / 3581 / 83 o
Fax No. :
91-22-25782877 Ř Dr. E. Moses Road, Worli, Mumbai – 400
018, Maharashtra, India. o
Tel. No. :
91-22-24933913 / 916 o
Fax No.:
91-22-24951411 Consumer Products Ř Kanjur, Bhandup, Mumbai – 400 042, Maharashtra,
India. o
Tel. No.
91-22-2578 2451 o
Fax No.
91-22-2578 6046 Ř Dr. E. Moses Road, Worli, Mumbai – 400
018, Maharashtra, India. o
Tel. No.
91-22-24951983 / 24944376/ 24977652 o
Fax No.
91-22-24604707 / 4708 / 24973046 o
E-Mail. : vrm@cgl.co.in Ř Kural Village, Padra Taluka,
Padra-Jambusar Road, District Baroda, Gujarat, India. o
Tel. No. :
91-2662-242278 o
Fax No. :
91-2662-242326 o
E-Mail. : kvs@mail.cgl.co.in Ř 325-326, Kundaim Industrial Estate, Ponda,
Goa - 403 110, India. o
Tel. No. :
91-832-2395304 o
Fax No. :
91-832-2395305 Ř A-28, MIDC, Ahmednagar - 414 111,
Maharashtra, India. o
Tel. No.
91-241-2777155 o
Fax No.
91-241-277893 o
E-Mail. uhm@cgl.co.in Ř 214-A, Kundaim Industrial Estate, Kundaim,
Goa - 403 110, India. o
Tel. No.
91-832-2395246 / 206 / 304 o
Fax No.
91-832-2395305 o
E-Mail. rsk@mail.cgl.co.in Ř Plot No. 1, IDC Industrial Estate, Bethora,
Ponda, Goa 403 409, India. o
Tel. No.
91-832-2330005 / 2330742 o
Fax No.
91-832-2313155 o
E-Mail. rsk@mail.cgl.co.in Ř Village & Import Export Executive
Channo, Dist. Sangrur - 148 026, Punjab, India o
Tel. No.
91-16732-274543 o
Fax No.
91-16732-274542 Digital Group
Ř 10-A Jigani Industrial Estate, Jigani,
Anekal, Bangalore Rural – 562 106, Karnataka, India. o
Tel. No.
91-80-7825206/7 o
Fax No.
91-80-7825210 o
E-Mail. cgl.rcd@cromption.sril.in Ř 11A & 11C Industrial Area, Pithampur –
454 775, Dist. Dhar, Madhya Pradesh, India. o
Tel. No.
91-7292-253035 / 253071 o
Fax No.
91-7292-253213 o
E-Mail. hs_sekhon@yahoo.co.in International Division
Ř Jagruti, 2nd Floor, Kanjur Marg
(East), Mumbai - 400 042, Maharashtra, India o
Tel. No.
91-22-25782451-7/25776524 /6649/25776723/25784211-19 o
Fax No.
91-22-25774066 o
E-Mail. ashley@cgl.co.in Domestic Appliances Division
· 27, Rani Jhansi Road, New Delhi - 110 055, India Tel. No. 91-11-27516993 / 23632349 Fax No. 91-11-27514899 Engineering Projects Division
· Bombay Mutual Building, 4th Floor, 232, NSC Bose Road, PO Box No. 100, Chennai - 600 001, Tamil Nadu, India ·
Tel No.
91-44-25341941 ·
Fax No.
91-44-25341048 ·
E-Mail. cglepd@vsnl.com Ř 50, Chowringhee Road, Kolkata - 700 071,
West Bengal, India
Lighting Division
Ř Dr. E. Moses Road, Worli, Mumbai - 400
018, Maharashtra, India ·
Tel. No.
91-22-24604701 |
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Regional Sales
Office : |
Northern Region Church Road, PO
Box 173, Jaipur - 302 001, Rajasthan, India Tel. No.
91-141-2376919/2376307 Fax. No.
91-141-2365371 E-Mail. opsharma@mail.cgl.co.in 50, Mahavir Marg,
Jalandhar - 144 001, Punjab, India Tel. No.
91-181-2459467/2459478 Fax. No.
91-181-2226342 E-Mail. maniktala@mail.cgl.co.in Saran Chambers
II, 3rd Floor, 5 Park Road, Lucknow - 226 001, Uttar Pradesh,
India Tel. No.
91-522-2239443/2237007/8 Fax. No.
91-522-2237009 E-Mail. cgllko@sancharnet.in Vandana Building,
11, Tolstoy Marg, New Delhi - 110 001, India Tel. No.
91-11-23352151/23352161 Fax. No.
91-11-23324360 E-Mail. vknayyar@mail.cgl.co.in Rishyamook
Building, Block B, 2nd Floor, 85-A, Punchkuin Road, New Delhi -
110 001, India Tel. No.
91-11-23348236/41/23348425/25 Fax. No.
91-11-23734954 E-Mail. administratordelhi@cgl.co.in Eastern Region 50, Chowringhee
Road, Kolkata -700 071, West Bengal, India Tel. No.
91-33-22829681/85 Fax. No.
91-33-22829942/22824818 E-Mail. cglercal@cal.vsnl.net.in Janpath Tower, 3rd
Floor, Ashok Nagar, Unit II, Bhubaneswar - 751 009, Orissa, India Tel. No.
91-674-2533647/2531128 Fax. No.
91-674-2533521 E-Mail. yebbssd@dte.vsnl.net.in Western Region 909-916, Sarkar
II, Near Ellis Bridge, Ahmedabad - 380 006, Gujarat, India Tel. No. 91-79-6582780/6587238 Fax. No.
91-79-6586047 E-Mail. rcvatsa@mail.cgl.co.in Kanjur Marg
(East), Mumbai - 400 042, Maharashtra, India Tel. No.
91-22-25782451 Fax. No.
91-22-25794882 E-Mail. anr@wr.cgl.co.in 65A, Nhava House,
Maharashi Karve Road, Marine Lines, Mumbai - 400 002, Maharashtra, India Tel. No.
91-22-22083234/36/22014905 Fax. No.
91-22-22083244 103-B, Apollo
Trade Centre, 2B, Raigarh Kothi, Mumbai Agra Road, Indore - 452 001, Madhya
Pradesh, India Tel. No.
91-731-2498269/2498271/2498276 Fax. No.
91-731-2495667 E-Mail. sagarm@mail.cgl.co.in Surya Bhavan, 5th
Floor, Fergusson College Road, Pune - 411 005, Maharashtra, India Tel. No.
91-20-5534675-77 Fax. No.
91-20-5534684 E-Mail. siva@mail.cgl.co.in Southern Region Ground Floor,
Lakshmi Mansion, 4/02, 22nd Cross, 8th Main, III Block,
Jayanagar, Bangalore - 560 011, Karnataka, India Tel. No.
91-80-6533926 to 3928/6534170 & 73 Fax. No.
91-80-6534174 E-Mail. bukil@mail.cgl.co.in Satellite office - No. 658/664, Rajalakshmi Plaza, 100ft.
Road, Gandipuram, Coimbatore - 642 012, Tamil Nadu, India Tel. No.
91-422-2526453/2521829 Fax. No.
91-422-2525334 Cherupushpam
Building, 5th Floor, 300-6, Shanmugam Road, Ernakulam, Cochin -
682 031, Kerala, India Tel. No.
91-484-370860/3 Fax. No.
91-484-373738 E-Mail. anand.kumar.n@mail.cgl.co.in 3, Dr. M G R
Salai, (Kodambakkam High Road), Nungambakkam, Chennai - 600034, Tamil Nadu,
India Tel. No.
91-44-28257375 Fax. No.
91-44-28231973/1974 E-Mail. tahilyani.dd@mail.cgl.co.in Satellite office No. 84-B,
Mellakkall Main Road, Kochadai, Madurai - 625016, Tamil Nadu, India Tel. No.
91-452-2382711/382 Fax. No.
91-452-2382640 Minerva House, 4th
Floor, 94, Sarojini Devi Road, Secunderabad - 500 003, Andhra Pradesh, India Tel. No.
91-40-27847270/27847090 Fax. No.
91-40-27842921 E-Mail. bajwa@mail.cgl.co.in (Satellite office)
- G-3, Vijay Apartments, Moghulrajpuram, Near Madhu Kalyana Mandapam,
Vijayawada - 520010, Andhra Pradesh, India Tel. No.
91-866-2476783 Fax. No.
91-866-2473561 |
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Services
Centers : |
Northern Region 6/12, Kirti Nagar
Industrial Area, New Delhi - 110 015, India Tel. No.
91-11-25933524/25464968/25173139 Fax. No.
91-11-25173148 Church Road, PO
Box 173, Jaipur - 302001, Rajasthan, India Tel. No.
91-141-2376919/2376307 Fax. No.
91-141-2365371 E-Mail. opsharma@mail.cgl.co.in Village Khajurla,
Outside Jalandhar Octroi Post, Jalandhar - Phagwara Road, Jalandhar - 144
001, Punjab, India Tel. No.
91-181-2261009/2260387 E-Mail. maniktala@mail.cgl.co.in D-8, Transport
Nagar, Lucknow -226 012, Uttar Pradesh, India Tel. No.
91-522-2433132/2432345 E-Mail. kane@mail.cgl.co.in Eastern Region 21, RN Mukherjee
Road, Kolkata - 700 001, West Bengal, India Tel. No. 91-33-22489160/22488911 Fax. No.
91-33-22489737 E-Mail. akpaul@mail.cgl.co.in Janpath Tower
(Basement), Ashok Nagar, Unit II, Bhubaneswar - 751 009, Orissa, India Tel. No
91-674-2531592 Fax. No.
91-674-2533521 E-Mail. yebbssd@dte.vsnl.net.in Opposite Narmada
Apartment, Exhibition Road, Patna - 800 001, Bihar, India Tel. No.
91-612-2239405 Fax. No.
91-612-2212751 E-Mail. bera@mail.cgl.co.in Western Region Mathurdas Mills
Compound, Near ESIC Bhavan, NM Joshi Marg, Lower Parel, Mumbai - 400 013,
Maharashtra, India Tel. No.
91-22-24922572/24947950 Fax. No.
91-22-24931713 E-Mail. bssawant@wr.cgl.co.in Southern Region 34 Dr. MGR Salai
(Kodambakkam High Road) Nungambakkam High Road, Chennai - 600 034, Tamil
Nadu, India Tel. No.
91-44-28274610 Fax. No.
91-44-28258565 E-Mail. trevor.j.dsouza@mail.cgl.co.in No. 26, 2nd
Main Road, Trustpuram, Chennai - 600024, Tamil Nadu, India Tel. No
91-44-24724096 20, II Main Road,
New Timber Yard Layout, Mysore Road, Bangalore - 560926, Karnataka, India Tel. No.
91-80-6755723 E-Mail. bukil@mail.cgl.co.in No. 9C Jigani
Industrial Area, Jigani Anekal Taluk, Bangalore-560 926, Karnataka, India Tel. No.
91-80-7825203 Fax. No
91-80-7825205 E-Mail. rajpalp@vsnl.com 1st
Floor, 132, Industrial Area, Rasulpura, Secunderabad - 500 003, Andhra
Pradesh, India Tel. No.
91-40-27815938/26269001 E-Mail. bajwa@mail.cgl.co.in 35/772, South
Janata Road, Palarivattom, Cochin - 682 025, Kerala, India Tel. No.
91-484-2338102/2338856 E-Mail. anand.kumar.n@mail.cgl.co.in Sree Rajalakshmi
Plaza, 658, Dr. Rajendra Prasad Road, (100 Feet Road), Gandhipuram,
Coimbatore - 641 037, India Tel. No.
91-422-2496453 Telefax. No.
91-422-2495334 E-Mail. admincbt@mail.cgl.co.in |
DIRECTORS
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Name : |
Mr. G. Thapar |
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Designation : |
Chairman |
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Name : |
Mr. S. M. Trehan |
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Designation : |
Managing Director
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Name : |
Mr. J. Shaw |
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Designation : |
Director |
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Name : |
Mr. K. Thapar |
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Designation : |
Director |
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Name : |
Mr. S. Crowther |
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Designation : |
Director |
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Name : |
Mr. D. C. Sanghi |
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Designation : |
Director |
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Name : |
Mr. L. M. Thapar |
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Designation : |
Director |
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Name : |
Mr. S Bisht |
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Designation : |
Director |
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Name : |
Mr. P. C. Gupta |
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Designation : |
Director |
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Name : |
Mr. R. Nirula |
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Designation : |
Director |
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Name : |
Mr. S. Labroo |
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Designation : |
Director |
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Name : |
Mr. S Bayman |
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Designation : |
Director |
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Name : |
Mr. O Goswami |
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Designation : |
Director |
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Name : |
Mr. Pudumjee |
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Designation : |
Director |
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Name : |
Mr. S P Tlwar |
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Designation : |
Director |
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Name : |
Mr. V Von Massow |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. S. M. Trehan |
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Designation : |
Chief Executive
Officer |
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Name : |
Mr. B. R. Jaju |
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Designation : |
Chief Financial
Officer |
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Name : |
Mr. W. Henriques |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (31.12.2007) |
No. of Shares |
Percentage of
Holding |
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Shareholding of
promoters and Promoter Group |
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Indian |
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Individuals / Hindu Undivided Family |
220715 |
0.0604% |
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Bodies Corporate |
143440675 |
39.2834% |
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Public
Shareholding |
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Institutions |
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Mutual Funds / UTI |
74842533 |
20.4967% |
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Financial Institutions / Banks |
826415 |
0.2263% |
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Insurance Companies |
12056089 |
3.3017% |
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Foreign Institutional Investors |
59982645 |
16.4271% |
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Non Institutions
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Bodies Corporate |
14979371 |
4.1023% |
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Individual shareholders holding nominal share capital up to Rs. 0.100
million |
26249380 |
7.1888% |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
8208385 |
2.2480% |
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Non Residents |
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NRI Rep |
676262 |
0.1852% |
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NRI Non –rept |
489318 |
0.1340% |
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OCB |
40350 |
0.0111% |
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Foreign Bodies |
23129963 |
6.3345% |
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Foreign National |
1550 |
0.004% |
|
Total |
365143651 |
100.00% |
BUSINESS DETAILS
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Line of
Business : |
Manufacturing and
Marketing of transformers, switchgears, turn-key projects, capacitors,
electric motors - fractional horse power motors, LT motors, alternators, HT motors,
DC machines, rail transportation, fans, luminaries, light sources, telephone
instruments, telecommunication switching, transmission and access products,
EPABX systems and agricultural and domestic pumps, etc. |
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Products : |
The company's products
and services are as under : Power Systems
Transformers : Ř Power Transformers Ř Industrial Transformers Ř Amorphous Core Transformers Ř Dry Type Transformers Ř Freight Loco Transformers Ř Furnace Transformers Ř Rectifier Transformers Ř Reactors HT Switchgear : Ř Bulk Oil, Vacuum and SF6 Circuit Breakers
up to 400 kv Ř Vacuum Interrupters (Bottles) Ř Instrument Transformers up to 400 kv Ř On-load tap Changers Ř Condenser Bushings Ř Lightening Arresters Ř Vacuum Pressure Impregnation Plants Capacitors : Ř LT & HT Capacitors (MPP & APP) Ř APFC Panels Ř MFD Condensers Ř Reactive Power Control Panels (Wind
Generation) Ř Power Quality Solutions Engineering Projects : Ř Systems Engineering Ř Projects on turnkey basis from concept to
commissioning: Power Generation, Transmission & Distribution 400 Volts to
400 kv Ř Industrial Electrification for Process
Industries, Power, Cement, Paper Metallurgy, Steel Petrochemicals, etc Ř Control and Automation Projects for
Substations Ř Railway Traction Substations Ř Railway Overhead Electrification's Industrial Systems
Motors: Ř AC Motors from 7 Watts to 10 Megawatts -
All types including Flame Proof and Increased Safety Ř DC Motors Ř Alternators / AC Generators Ř Stampings & Laminations, Tools Rail Transportation: Ř Traction Motors Ř Signalling Relays Ř Point Machines Ř Axle Counters Ř Solid State Signalling Systems Ř Electric's for Locus, DEMUs, EMUs Consumer Products
Lighting : Ř Fluorescent Tube Lights, Compact
Fluorescent Lamps Ř Incandescent Lamps Ř Reflux Lamps, Reflux Systems Ř High Pressure Mercury/Sodium Vapour Lamps Ř Metal Halide Lamps Ř Mirror Optics Ř Streetlights, Floodlights Ř Luminaries - Domestic, Commercial,
Industrial Ř High Masts Ř Lighting Software Ř Accessories Fans : Ř Fans: Ceiling, Table, Wall Mounting and
Pedestal Ř Kitchen Fresh Air Fans Ř Cooler Kits, Heat Convertors Ř Industrial Fans: Exhaust Fan, Air
Circulator and Mancooler Pumps : Ř Domestic Ř Agriculture Ř Submersible Ř Jet Ř Industrial International : Ř Exports of all Crompton Greaves manufactured
and factored products directly and via global EPCs operating from India. Digital
Informatics : Ř Software Development and Networking Ř Value added Services and System
Integration Consultancy Services Telecommunication : Ř Public
Switching Products -CDOT - 256 Port Rural Automatic Exchanges
(RAX) -CDOT - Single Base Module (SBM), Rural
Automatic Exchanges -CDOT - Max - L Exchanges up to
10, 000 Lines -Max - XL Exchanges up to 40000
Lines Ř Private
Switching Products Digital EPABX Systems
- CORAL range up to 6000 Ports (ESI Telecom, Israel) Maintenance
support for OKL EPABX systems Ř Transmission
Products -2/8 Mbps OLTE and MUX Equipments, -2/34
Optimum Equipments, -2/140 Optimum Equipments, STM - 1 Equipments, -CDOT: TDMA-PMP Digital Multi Access, Rural Radio (Digital MARR) Equipments Ř Access
Products -CorDECT Wireless Local Loop (WLL)
Equipments, - High Bit Digital Subscriber
Line (HDSL) Equipments Ř Terminal
Products -Electronic Push Button
Telephones, - Fax Machines, - Modems (Data/Voice) Generic Names of Principal
Products/Services of the company are as under :
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Exports to : |
Japan, Korea,
USA, Malaysia, U.K. and Vietnam |
PRODUCTION STATUS (as on 31.03.2007):-
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Transformers,
Reactors & Accessories thereof |
KVA Nos. |
9000000 149687 |
25970000 27000 |
17825165 18895 |
|
Switchgear,
Controls Equipments & Accessories thereof |
Nos. |
122000 |
387300 |
299862 |
|
1.
Motors, Alternators
& Pumps |
HP Nos. |
1439250 198835 |
5531400 1090100 |
4573193 465950 |
|
2.
Electrical
Steel Stamping & Laminates |
MT |
7500 |
20000 |
12831 |
|
Electric Fans,
Ventilation & Pollution Control Systems |
Nos. |
1000000 |
4030300 |
2292157 |
|
Lighting-Electric
Lamps |
M. Pcs. |
19.46 |
73 |
46 |
|
Communications,
Computer Systems, Software & Accessories |
Nos. Lines Terminals |
475000 120000 |
200000 51000 3000 |
27 763 1437 |
|
Other Items |
Nos. System |
2400250 700 |
5050 --- |
3407 --- |
GENERAL
INFORMATION
|
Customers : |
Ř Hyundai Engineering, Korea Ř ABB, USA Ř Siemens Limited Ř Power Grid Corporation India Limited Ř State Electricity Board, Mumbai,
Maharashtra, India Ř Lohia Starlinger Limited Ř Kirloskar Bros. Limited Ř Larsen & Toubro Limited Ř Whirlpool India Limited Ř Sulzer Pumps (India) Limited Ř Boving Fouress Limited Ř Indian Railways Ř Municipal Corporation Ř Jindal Steel Ř Tata Companies Ř Bharat Heavy Electricals Limited Ř Alstom Power Ř Mather & Platt (India) Ř Life Insurance Corporation Ř Bharat Sanchar Nigam Limited Ř BSES Limited |
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|
No. of
Employees : |
Around 6058 |
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|
|
|
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|
Bankers : |
v
ABN Amro
Bank v
Bank of
Baroda v
Bank of
India v
Bank of
Maharashtra v
Canara Bank v
Corporation
Bank v
ICICI Bank v
IDBI Bank
Limited v
Standard
Chartered Bank v
State Bank
of India v
Syndicate
Bank v
UCO Bank v
Union Bank
of India v
Vijaya
Bank v
Calyon Bank |
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Facilities: |
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Banking Relations : |
Good |
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|
Auditors : |
Sharp &
Tannan Chartered
Accountants |
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|
Subsidiaries : |
·
CG Capital
& Investments Limited ·
CG-PPI
Adhesive Products Limited ·
CTR
Manufacturing Industries Limited ·
CG Motors
Private Limited |
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|
Associates : |
·
CG Newage
Electrical Limited ·
CG Lucy
Switchgear Limited ·
PAXONET
Communications Inc. U.S.A. ·
Hitachi CG
Motor Engineering Private Limited ·
Brook
Crompton Greaves Limited ·
Power
Equipment Limited, Dubai ·
Radiant
Electronics Limited ·
CG Hometech
Limited ·
CG Comnet
Limited ·
CG Global
Limited ·
CG Glass
Limited ·
Ensave
Devices Private Limited ·
CG Igarashi
Motors Limited ·
International
Components India Limited ·
CG
Schlumberger Electricity Management Limited ·
CG Smith
Software Private Limited ·
CG Maersk
Information Technologies Private Limited ·
Karamchand
Thapar (Africa) Limited, Mauritius · CG International B.V. · Pauwels International N.V. · Pauwels Contracting Inc · Pauwels Trafo Belgium N.V. · Pauwels Trafo Ireland Ltd · Pauwels Transformer Inc · Pauwels Canada Inc · PT Pauwels Trafo Asia · Pauwels France S.A. · Pauwels Americas Inc. · Pauwels Trafo Service N.V. · CG Hungary Kft. · Ganz Transelektro Villamossagi Zrt · Transverticum Kft · Malanpur Captive Power Limited |
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|
Memberships : |
Confederation of Indian
Industry |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
625000000 |
Equity Shares |
Rs. 2/- each |
Rs.1250.000 millions |
Issued, Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
366608892 |
Equity Shares |
Rs. 2/- each
|
Rs.733.220
millions |
Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
366566592 |
Equity Shares |
Rs. 2/- each
|
Rs.733.140
millions |
|
42300 |
Add : - Equity Shares (Forfeited Shares ) |
Rs. 2/- each |
Rs. 0.030
million |
|
|
|
Total |
Rs.733.170 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
733.170 |
523.700 |
523.700 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6009.800 |
4840.070 |
3564.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6742.970 |
5363.770 |
4087.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2413.470 |
2171.150 |
2488.200 |
|
|
2] Unsecured Loans |
286.860 |
326.540 |
657.200 |
|
|
TOTAL BORROWING |
2700.330 |
2497.690 |
3145.400 |
|
|
DEFERRED TAX LIABILITIES |
375.800 |
111.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9819.100 |
7972.460 |
7233.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3899.990 |
3497.14 |
3420.400 |
|
|
Capital work-in-progress |
433.770 |
140.760 |
94.600 |
|
|
|
|
|
|
|
|
INVESTMENT |
1351.090 |
1021.310 |
682.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2470.100
|
1918.090 |
1770.900
|
|
|
Sundry Debtors |
8038.900
|
6596.410 |
5410.800
|
|
|
Cash & Bank Balances |
1735.770
|
1251.310 |
734.200
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
2363.680
|
1571.060 |
1095.100
|
|
Total
Current Assets |
14608.450
|
11336.870 |
9011.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
8893.830
|
7362.590 |
5818.300
|
|
|
Provisions |
1580.370
|
661.030 |
156.700
|
|
Total
Current Liabilities |
10474.200
|
8023.620 |
5975.000 |
|
|
Net Current Assets |
4134.250
|
3313.250 |
3036.000 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
9819.100 |
7972.460 |
7233.100 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
33676.040 |
25205.930 |
22171.600 |
|
|
Other Income |
348.750 |
327.270 |
0.000 |
|
|
Total Income |
34024.790 |
25533.200 |
22171.600 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
3070.030 |
1947.980 |
1248.100 |
|
|
Provision for Taxation |
1146.300 |
317.500 |
100.300 |
|
|
Profit/(Loss) After Tax |
1923.730 |
1630.480 |
1147.800 |
|
|
|
|
|
|
|
|
Export Value |
6162.160 |
4744.340 |
NA |
|
|
|
|
|
|
|
|
Import Value |
3390.210 |
1818.820 |
1431.200 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
25284.140 |
18238.430 |
|
|
|
Administrative Expenses |
3230.990 |
2966.700 |
|
|
|
Salaries, Wages, Bonus, etc. |
1742.570 |
1674.650 |
20923.500 |
|
|
Interest |
303.500 |
263.670 |
|
|
|
Depreciation & Amortization |
393.560 |
441.770 |
|
|
Total Expenditure |
30954.760 |
23585.220 |
20923.500 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
|
Type
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
8960.700 |
9049.900 |
9151.700 |
|
Other Income |
125.900 |
185.400 |
144.400 |
|
Total Income |
9086.600 |
9235.300 |
9296.100 |
|
Total Expenditure |
7915.800 |
7981.900 |
7992.200 |
|
Operating Profit |
1170.800 |
1253.400 |
1303.900 |
|
Interest |
65.900 |
59.600 |
71.500 |
|
Gross Profit |
1104.900 |
1193.800 |
1232.400 |
|
Depreciation |
104.800 |
113.100 |
115.000 |
|
Tax |
278.500 |
304.300 |
359.700 |
|
Reported PAT |
687.600 |
741.900 |
679.000 |
KEY RATIOS
|
Year |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
0.44 |
0.62 |
0.90 |
|
Long Term Debt-Equity Ratio |
0.31 |
0.45 |
0.50 |
|
Current Ratio |
1.26 |
1.29 |
1.15 |
|
TURNOVER RATIOS |
|||
|
Fixed Assets |
4.21 |
3.40 |
2.83 |
|
Inventory |
16.64 |
14.96 |
12.64 |
|
Debtors |
4.99 |
4.60 |
4.16 |
|
Interest Cover Ratio |
10.61 |
7.83 |
6.07 |
|
Operating Profit Margin(%) |
10.36 |
9.69 |
8.63 |
|
Profit Before Interest And Tax Margin(%) |
9.28 |
8.09 |
6.73 |
|
Cash Profit Margin(%) |
6.35 |
7.51 |
7.07 |
|
Adjusted Net Profit Margin(%) |
5.27 |
5.91 |
5.17 |
|
Return On Capital Employed(%) |
39.84 |
30.18 |
21.88 |
|
Return On Net Worth(%) |
32.59 |
35.67 |
31.99 |
LOCAL AGENCY FURTHER
INFORMATION
HISTORY
The company was incorporated on 28th April 1937 at Mumbai in
Maharashtra as a Private Limited Company having Company Registration Number
2641.
Subject was incorporated as a private limited liability company as Crompton
Parkinson (Works), it later changed to Greaves Cotton and Crompton Parkinson in
July, 1937 and subsequently after amalgamation in January, 1966, changed its
name to Crompton Greaves in August, 1966.
Subject was incorporated in the year 1937 as a 100% subsidiary of
Crompton Parkinson Limited, UK (CPL), under the name of Parkinson Works Limited
(PWL). In 1948, the L M Thapar Group company, Greaves Cotton and Company
Limited acquired 26% interest in the company, which was later increased to 50%
in 1950.
In 1966, a joint venture company (between GCCL and CPL), Greaves Cotton
and Crompton Parkinsons Limited, the sales agents of the erstwhile PWL, was
amalgamated with the PWL. The company
was renamed as Crompton Greaves Limited.
The company came out with an IPO in 1967. From a single located company manufacturing ceiling fans and AC
industrial motors, subject has grown into a multinational, multi product
company. Since 1978, CGL entered into
various technical collaboration agreements with renowned companies from USA,
UK, Europe and Japan. While many of these companies are being amalgamated with
the company, it is also divesting stake in many a company for realizing cash.
The company has collaboration with Westinghouse Electric Corporation,
USA, for 400-kv transformers, Emile Haefely, Switzerland, for bushings, Hunt
and Weber, Germany for air-circuit breakers; Mitsubishi, Japan for gas-circuit
breakers; etc. Also, collaboration has been entered into for its telecom
division with Graphite and SDI, USA, for fax mail. The company has ten
full-fledged ultra-modern facilities/laboratories for updating technology,
adapting application and helping production. The company has submitted its bid
to the DoT for provision of cellular services in seven circles in association
with Millicone, Luxembourg. Crompton
Greaves Corporate Finance and Administration has been awarded ISO 9002
certification by KPMG quality registrar, USA.
During 1996-97, Indocom Industries and Lumino Lamps were amalgamated
with the company and GDR were issued for US $ 50 millions, which was fully
subscribed at Rs. 265/- per GDR. The Kersons Manufacturing Company of India and
Goa Electrical and Fans were also amalgamated with the company during the
year1997-98, during 1999-2000 CG Polycrete and Punjab Power Generation Machines
were amalgamated with the company and they ceased to be the company's
subsidiaries.
In September, 2000 the company disinvested its shareholding in Skycell
Communications for Rs. 1240 millions and recently, it completed the transaction
for sale of its low tension control gear unit in Nasik for a consideration of
Rs.760 millions to a French multinational, Schneider Electric, thereby making a
profit of Rs. 300 millions. The company has disinvested its shareholding in CG
Glass Limited, CG Elin Power Systems Limited.
During the year 2002 Ensave Devices Private Limited and LEC India
Software Centre Private Limited have been amalgamated with CG Maersk
Information Technology Private Limited. The company has suspended its Capacitors
Division at Pune, Informatics Division at Bangalore and Industrial Electronics
Division at Nasik.
Biodata
The company is a BM Thapar Group Company, incorporated in Apr.'37 as a
private limited company as Crompton Parkinson (Works), it later changed to Greaves
Cotton and Crompton Parkinson in Jun.'37 and subsequently after amalgamation in
Jan.'66, changed its name to Crompton Greaves in Aug.'66.
It is mainly concentrating in Power Systems, Industrial Systems and Consumer
Products and Digital business. The company is mainly engaged in the
manufacture, distribution and sale of electrical and electronic equipment/
systems. The company's products include Transformers, Switchgears, Motors,
Alternators, Fans, Lighting, Pumps, Electrical Steel Stamping and Laminates,
Telecom Business Solutions and Computer Systems and Software etc.
It is the market leader in number of products in the Electrical Engineering
Sector. The company is the market leader in the Transformers Business with a
market share of 18%. The company's Stampings Division and Fan Business is a
market leader with 23% market share and 21% market shares respectively. The
company enjoys market leadership for AC Motors and the second position in AC
Generators and DC Motors.
Its manufacturing base covers in 22 locations across five states (Goa, Gujarat,
Karnataka, Maharashtra and Madhya Pradesh) in India. The Company is also having
Engineering Project Division in Chennai and this was relocated to Gurgaon
during 2004-05. The subsidiaries of CGL are CG Capital and Investments Limited,
CG-PPi Adhesive Products Limited and CG Motors Private Limited it exports its
products to 60 countries worldwide.
The company designs and manufactures the widest range of Power and Distribution
Transformers and Reactors from 160 kVA to 415 kVA, 500kV Class to fulfill the
specific demands of the Power and Industrial Sector and the Railways. Further
the division has capability to manufacture transformers from 400 kVA to 900000
kVA (in a bank) 3.3 kVA to 500 KVA class. The company's LT Motors division is
the first in India to develop 110-to 160 kVA aluminum body Alternators. Further
the company has developed Motors and Alternators for the modern 4000 HP Broad
Gauge Diesel Electric Locomotives and also commercialized 630 frames.
The Company is having Joint Venture agreement with Brook Crompton Greaves
Limited, CG Lucy Switchgear Limited and Hitachi CG Motor Engineering Private
Limited During Sep'04, the company has acquired the entire holding of 816000
shares of Rs.10 each in Hitachi CG Motor Engineering Private Limited (HCME)
which was earlier held by Hitachi Limited and consequently HCME become the
subsidiary of Crompton Greaves Limited
The company has collaboration with Westinghouse Electric Corporation, US, for
400-kv transformers; Emile Haefely, Switzerland, for bushings; Hundt and Weber,
Germany for air-circuit breakers; Mitsubishi, Japan, for gas-circuit breakers;
etc. Also, collaborations have been entered into for its telecom division with Graphnet
and SDI, US, for fax mail.
Indocom Industries and Lumino Lamps were amalgamated with the company during
1996-97. The Kersons Manufacturing Company of India and Goa Electrical and Fans
were also amalgamated with the company during the year 1997-98. During 99-00,
CG Polycrete and Punjab Power Generation Machines were amalgamated with the
company and they ceased to be the company's subsidiaries. During 2002 Ensave
Devices Private Limited and LEC India Software Centre Private Limited has been
amalgamated with CG Maersk Information Technology Private Limited
During May 2005 the company has completed the acquisition of the Belgium-based
Pauwels Group which is having its manufacturing facilities in Belgium, Ireland,
Canada, USA and Indonesia. Pauwels transformer range is upto 500 Kv as against
400 kV for the company. This acquisition was done under the name of a company
CG International BV that was incorporated in April 2005, in Amsterdam,
Netherlands.
In Sep. 2000, the company disinvested its shareholding in Skycell
Communications for a consideration of Rs 760 millions to a French
multinational, Schneider Electric, thereby making a profit of Rs 300 millions
The Company has disinvested its shareholding in CG Glass Limited, CG Elin Power
Systems Limited During 2002 the company has suspended its Capacitors Division
at Pune, Informatics Division at Bangalore and Industrial Electronics Division
at Nasik.
During 2004-05, CG Capital and Investments Limited, which is a 100% subsidiary
of the Company, divested its 82.06% shareholding consisting of 228098 equity
shares of Rs.100/- each in one its subsidiaries, CTR Manufacturing Industries
Limited Consequently, CG-PPI Adhesive Products Limited is the only subsidiary
of CG Capital and Investments Limited
During 2004-05 the company's LT Motors Division has commissioned an EOU
facility to manufacture AC Motors from frame 62 to 300, which will increase
capacity by a further 60000 Motors per annum. Further the Stampings Divisions
has taken a major step in capacity expansion, cost reduction and better
competitiveness by setting up an independent, 5000 MT per annum unit at
Ahmednagar. The Fans Divisions has taken steps to set up an additional facility
for manufactures of fans at Baddi in Himachal Pradesh.
MANAGEMENT DISCUSSION
AND ANALYSIS
2006-07 was a year in which Crompton Greaves Limited (`Crompton Greaves' or `the Company') took major strides in its journey of consolidation, integration and eminence as a world-class player in all its businesses.
AS MENTIONED IN last year's Annual Report, on 13 May 2005, subject acquired the
Belgium-based Pauwels Group, a company internationally known for its
transformer manufacturing and service capabilities. Pauwels has manufacturing
facilities in Belgium, Ireland, Canada, USA and Indonesia with a global sales
and marketing network. Its power and distribution transformer products
complement those of Crompton Greaves; and together, the two entities
effectively cover all key global geographies.
Within a very short time of the acquisition, several teams from Crompton
Greaves and Pauwels have jointly worked on many initiatives to best utilise
their technologies, manufacturing skills and marketing capabilities to drive
more business, achieve greater efficiencies and earn higher profits as an
integrated Power Solutions entity.
In its quest for becoming an end-to-end full solutions provider in the power
transmission and distribution business, The company has been continuously
scanning the market for technologies and manufacturing capabilities that can
add to the width and depth of its offerings. This is what led to the
acquisition of Ganz Transelektro Villamossagi Zrt. and its associate company,
Transverticum Kft. in Hungary in 2006-07 for an enterprise value of
approximately Euro 35 million.
Ganz Transelektro (or `Ganz') has 125 years of experience in the production of
high voltage switchgear, power transformers, and in the turnkey implementation
of various power transmission and distribution projects including substations. The
company also has considerable experience in retrofitting and maintenance of
power plants, substations and electrical systems. In addition, it designs and
manufactures asynchronous and traction motors - which complement Crompton
Greaves' High Tension (HT) motors business. Naturally, Ganz was a very good fit
with Crompton Greaves and Pauwels. Accordingly, the acquisition was formalised
on 17 October 2006.
This acquisition, and the process of creating an integrated `CG Power' group -
comprising the transformer, switchgear and engineering projects businesses of
Crompton Greaves (India), and the power product and solution portfolios of
Pauwels and Ganz - has not only widened the Company's suite of products and
services but also improved its competitiveness and speed of response to global
opportunities. The unified presence of `CG Power' as an integrated customer
servicing entity offering products, systems, automation and services has become
a powerful and recognised force in the global transmission and distribution (T
and D) arena. This business now caters to all global markets as a `single point
of reference' for its diversified portfolio of products and solutions - and
thus leverages many synergies to generate deeper customer interface, and
greater shareholder value.
In the end of May 2007, subject concluded an agreement to purchase the shares
of Microsol Holdings Limited (`Microsol' or `MHL') for an enterprise value of
Euro 10.5 million. Headquartered in Ireland, Microsol is engaged in providing
automated solutions for medium voltage and high voltage substations - for new
units as well as for retrofitting existing substations. MHL has a significant
business presence in the UK and the USA; and its acquisition will reinforce CG
Power's ability to design, build and service world-class substations with
state-of-the-art automation. It is yet another example of the Company acquiring
to go up the value chain and become an end-to-end full solutions provider in
power transmission and distribution. The financial and operational benefits of
the Microsol acquisition will come into play in 2007-08.
The acquisition of Pauwels and Ganz has attracted considerable attention from
investors, analysts and the financial press. No doubt, there have been many
positive developments on the CG Power front. Equally, the Company has performed
extremely well in its other areas of business. Both the Industrial Systems and
Consumer Products businesses of the company have not only successfully set up
new capacities and introduced novel products, but also significantly grown
revenues and profits.
Last year's Annual Report discussed the three phases of subject'
transformational journey since 2000-01. These were: (i) turning around the
Company's fortunes through operational excellence, (ii) leveraging the gains
from operational excellence to generate significantly greater all-round growth
in revenues and profits, and (iii) building on International acquisitions to
achieve global leadership.
Today, the company is clearly in its third phase. It involves getting the best
value out of all its assets across the world, creating a global leadership
platform in each of its businesses, and searching for acquisitions that
strengthen and enlarge the Company's product, services and solutions portfolio.
To appreciate how Crompton Greaves has moved on to the third phase, it is
useful to look at its consolidated financial performance in 2006-07.
The Company's goal remains the same as last year: to be a global leader in the
power transmission and distribution business; to lead across most of
Asia-Pacific in motors and drives; and to be the South-Asian leader in consumer
electrical products and appliances.
Consolidated
Financial Highlights for 2006-07
Gross Sales and Income from Services grew over 36% to Rs.59340 million in 2006-07, or US$ 1.37 billion. This translates to a compounded annual growth rate (CAGR) of over 65% over the last three years.
CG POWER i.e. the transformer, switchgear and engineering projects businesses
of Crompton Greaves (India), Pauwels and Ganz, has contributed Rs.40313 million
in 2006-07 or US$ 927 million - growing revenues by more than 43% over the
previous year.
Gross Revenue from the Industrial Systems Business grew by 31% in 2006-07 to Rs.8971 million, or US$ 206 million.
Gross Revenue from the Consumer Products Business increased by over 22% in
2006-07 to Rs.9940 million, or US$ 229 million.
Operating EBIDTA (operating earnings before interest, depreciation, taxation
and amortisation) for Crompton Greaves grew by almost 49% to over Rs.4827
million, or US$ 111 million. Including non-operating income, EBIDTA increased
by 51% to over Rs.5880 million, or US$ 135 million.
PROFIT BEFORE TAX (PBT) grew by almost 57% to Rs.4360 million in 2006-07, or
US$ 100 million.
PROFIT AFTER TAX (PAT) net of minority interests and share of associate
companies stood at Rs.2817 million, or US$ 65 million.
ROCE the consolidated return on capital employed at the end of the year was
25.9% in 2006-07.
RONW Consolidated return on net worth was 34.6%.
CONSOLIDATED EARNINGS PER SHARE
(EPS) on fully diluted basis rose from Rs.6.4 in 2005-06 to Rs.7.7 in 2006-07. Cash EPS increased from Rs.8.8 to Rs.11.2 over the same period.
POWER
SYSTEMS includes the transformer, switchgear and engineering projects
businesses of Crompton Greaves in India, all of Pauwels and the power business
of Ganz. It involves the manufacture of power and distribution transformers,
switchgear, lightning arrestors, circuit breakers, substation equipment, and
design, servicing, power solutions and execution of turnkey T and D and
substation projects. Its facilities are located in different parts of India,
Belgium, Ireland, Canada, the USA, Indonesia and Hungary.
INDUSTRIAL
SYSTEMS consists of HT and LT motors, alternators, drives, stampings, railway
transportation and signalling equipment. The facilities are spread across India
and Hungary.
CONSUMER
PRODUCTS is in the business of fans, light sources and luminaires, pumps and
household electrical appliances such as geysers, mixers, grinders, toasters and
lanterns, with plants based in different locations in India. Chart A gives the
break-up of the three major businesses on a consolidated basis.
PERFORMANCE OF THE
INDIAN POWER SYSTEMS BUSINESS
CG Power's Indian facilities are located at Kanjur Marg (Mumbai), Malanpur and Mandideep (both in Madhya Pradesh), Nasik and Aurangabad (both in Maharashtra). In addition, there is the Engineering Projects Division at Gurgaon (Haryana). The Company's Power Systems business operating out of India has performed extremely well.
Its
return on year-end capital employed stood at 44.2%, which is possibly higher
than any other T and D operation in the world. And its UEOB has grown by 42% to
Rs.17388 million.
There
have been several key developments in the Power Systems business in India - all
of which position it for even better performance in the future.
WIDENING
THE PRODUCT PORTFOLIO.
At its facility in Kanjur Marg, Crompton Greaves designed,
developed and manufactured the first 500 kV auto transformer in India, which
was shipped to Malaysia. This signalled the Company's entry into a niche,
technologically sophisticated, high value added market. It also developed a 765
kV transformer at Mandideep. Using Pauwels technology, a prototype of the first
990 kVA transformer was successfully tested, and delivered to a major client -
who has subsequently placed repeat orders. The Company's Switchgear Division at
Ambad (Nasik, Maharashtra) developed India's first 420kV Inductive Voltage
Transformer (IVT). With this, Crompton Greaves now has the complete range of
IVTs. It has also developed a new range of 420 kV Current Transformers (CT) up
to 3000 amperes. The division is also testing resin impregnated paper for bushings,
which will improve efficiencies and reduce overall product costs. These product
innovations have not only helped Crompton Greaves to bag significantly large
orders both in India and overseas, but will also play a role in deepening and
broadening its global market penetration over the next few years.
AWARDS.
The Company's switchgear complex at Ambad won the Frost and Sullivan India Manufacturing Excellence (IMEA) Gold Award for 2006, after having won the Silver in 2005. And the division at Aurangabad, after having achieved 16 consecutive quarters of growth and the highest number of patents and design registrations within Crompton Greaves, again won the Frost and Sullivan Gold Award in 2006 - as it did in 2005.
Since
Pauwels was acquired on 13 May 2005 and the FY 2006 numbers are based on the
performance of 10.5 months, the growth rates of gross sales and PBIT have been
calculated by annualising the numbers for 2005-06. The growth in capital
employed in FY 2007 is largely on account of the Ganz acquisition.
The
growth in capital employed in FY 2007 is largely on account of the Ganz
acquisition. Growing at over 27% in 2006-07, the Pauwels and Ganz operations
have added Rs.23322 million to the top-line of Crompton Greaves as a
consolidated entity. And with almost 56% increase in UEOB, there are
significant growth prospects for the future.
There is improvement in profits. PBIT has grown by over 58% to Rs.1493 million
in 2006-07. With the integration of these operations proceeding on schedule,
the Company expects significant increases in revenues, PBIT, profitability and
return on operating capital in the years ahead.
Industrial
Systems
Crompton Greaves' Industrial Systems business consists of motors (low tension, LT, and high tension, HT), alternators and drives, railway transportation and signalling equipment, stampings and fractional horse power (FHP) motors. Its facilities are located at Mandideep and Pithampur (both in Madhya Pradesh), Kanjur Marg and Ahmednagar (both in Maharashtra), Tivim and Kundaim (both in Goa) and, most recently, at Tapioszele (near Budapest, Hungary).
With UEOB increasing by 42% to over Rs.3405 million, the Industrial Systems business is poised for a period of attractive double-digit growth.
In 2006-07, the HT motors division succeeded in extending the 11 kV range of HT
motors to 1,750 kW. It also obtained and executed several new orders for
refineries and cement plants. The division's facility at Mandideep was
significantly enhanced by a new machine shop with computerised equipment, and
additions to the testing bays, which can now test up to 5 MW HT machines.
A new 450 mm frame has been developed for industrial duty DC motors, especially
for steel mills and the sugar industry. A new traction motor, C1001 TM, was
developed for diesel electric locomotives. The division also received an order
for traction electrics from Indian Railways for its Diesel Electrical Multiple
Units (DEMU).
The low tension (LT) motors division successfully focused on obtaining
project orders from large steel and cement plants. Four new models were
introduced during the year including the 400 frame, SPDP bar-wound slip-ring
motor and the new FLP motor in the 160/180/200 frame. The division also
introduced AC drives during the year. Ranging from 0.25 kW to 630 kW, these
drives address a wide range of industry applications, and should be a future
growth engine for this business.
Thanks to volume growth of higher value added products, the stampings division
at Kanjur Marg also showed impressive growth in its top-line and PBIT. The
second stampings plant set up at Ahmednagar with a capacity of 10,000 MTPA, is
now on-stream, and is further contributing to the growth of this division. The
stampings business has also developed a number of new products - both for
in-house consumption as well as for new applications in the wind and
hydroelectric power areas.
Consumer
Products
Crompton Greaves' Consumer Products SBU is in the business of fans, lighting (light sources and luminaires), household electrical appliances and pumps, and sells its products largely within India. With facilities at Bethora and Kundaim (Goa), Baddi (Himachal Pradesh), Kanjur Marg and Ahmednagar (Maharashtra) and Baroda (Gujarat), it is the second largest business unit of the Company - accounting for almost 27% of standalone revenues of 2006-07, and 17% of consolidated global revenues.
Gross sales of the Consumer Products division grew by almost 22% to Rs.9940 million in 2006-07. This is a significantly higher growth rate than that of the consumer electrical industry in India. Profits have done just as well. PBIT increased by almost 23% to Rs. 955 million. At 9.6% in 2006-07, the business' PBIT to sales ratio is not only higher than what it was in the previous year, but also the best among the organised industry in India. Moreover, it is the Company's leading cash generator. With a very lean capital base, it earns an excellent return on operating capital: 123% in 2006-07, despite a sizeable increase in capital employed.
The Company's sales of fans and appliances continued to grow faster than the
market. During 2006-07, the company introduced 24 new designs in fans and 14
new products in appliances. Its plant at Baddi now operates at almost full
capacity, and contributes a large share of the SBU's fans and appliances
business. Given the demand for Crompton fans, the capacity at Baddi will be
significantly increased in 2007-08. Sales of Crompton Greaves' mixers, grinders
and electric irons have shown excellent volume growth, and, in the course of
the year, the Company introduced different models under three new product
categories: wet grinders, toasters and emergency lanterns.
The Fans division won the Frost and Sullivan (India) Manufacturing Excellence
Gold award for 2006 - after having won the Silver a year earlier.
Crompton Greaves' pumps enjoy strong brand equity in the domestic market.
This,
in addition to improvements in plant-level efficiency, has enabled pumps to
grow the business at 21% over last year's sales. The Company continues to be
the market leader for domestic pumps within the organised sector.
The Company's Lighting division manufactures light sources (bulbs, fluorescent
tube lights or FTL, sodium vapour lamps, compact fluorescent lamps or CFL) and
sells luminaires (fittings for the light sources). In 2006-07, with a sales
growth of 22%, the division increased its market share. It also made concerted
efforts at growing the export market, especially to Sri Lanka, through a tie-up
with one of Sri Lanka's leading brands of light sources.
In order to cater to increasing demand, Crompton Greaves has set up a captive
glass shell manufacturing unit and a new line for FTL at Baroda.
This
new line is automated, and is expected to significantly improve productivity.
The glass plant has started to operate at over 80% capacity utilisation within
three months of production.
Corporate Social
Responsibility
Corporate Social Responsibility (CSR) initiatives define responsible and evolved business organisations. Subject believes that in addition to maximising long term shareholder value, the Company must consistently make a positive impact not only on the lives of its employees and immediate stakeholders, but also over a wider social sphere.
Towards the end of last year, the Company defined and circulated its `Statement
of Intent' for CSR, which expresses its intention to achieve commercial success
in a socially responsible and balanced manner - honouring ethical values and
improving the quality of life of its employees, their families and the
communities in which it operates, as well as the environment.
The Statement of Intent has three dimensions:
IN THE WORKPLACE.
The Company has a declared Health and Safety Policy based on which it conducts its business, as elaborated in the paragraph on `Environment, Health and Safety' in the Directors' Report. To further this cause, all factories and premises of Crompton Greaves have been declared as `No Smoking Zones'. The Company also encourages medical consultations for diagnosis of socially unacceptable ailments such as sexually transmitted diseases and HIV/AIDS, whilst ensuring total confidentiality together with employment protection.
IN THE COMMUNITY.
The Company strives to being a good corporate citizen by focusing on the communities that surround its facilities at various locations, and doing so by adopting need-based plans to improve the environment and quality of life. It supports projects by sponsoring identified community initiatives and providing them with necessary resources. Employees are actively encouraged to participate in these programmes.
IN THE ENVIRONMENT
International certifications such as ISO 14001 and OHSAS 18001 are actively pursued as a base threshold. All Units of Crompton Greaves have been so certified. Thus, the stage has been set to attain even higher environmental standards. Continuous energy savings, waste reduction, promoting reuse/recycling, minimising pollution and planting of trees are key pillars in this area.
2006-07 started with a three-fold focus: SIGMA, HIV/AIDS workplace programmes
and Unit-specific projects. A fourth area - support to the cause of affirmative
action - was added during the year. Given below are some details.
SIGMA AND BUILDING HUMAN
CAPACITIES
SIGMA stands for Stimulating, Inspiration, Guidance and Mentorship Association - a pioneering movement to increase the academia-industry interface. It presently covers four colleges, through which it aims to alter the existing pedagogy of the country's higher education by bringing in active industry collaboration.
In doing so, senior executives of Crompton Greaves double up as guest lecturers
in these colleges; the Company's training facilities and corporate training
programmes are extended to the college faculty; students are given internships
to have an exposure to industry; and they make factory visits and attend the
Company's annual general meeting.
During the year, over 250 students visited the Company's plants to understand
the workings of manufacturing units; 60-odd students and faculty attended
various training programmes at Crompton Greaves' Management Development Centre
at Mulshi; the Company held various seminars and workshops at the participating
colleges; and over 100 students attended the last annual general meeting. In
the process, Crompton Greaves has touched the lives of some 1400 students and
75 faculty during 2006-07.
In addition to SIGMA, the Company's expertise in electrical engineering is
regularly shared and showcased to students and faculty of many other
institutes/colleges through structured plant visits. Many of our engineers and
managers serve as guest lecturers at different engineering and management
institutes. Moreover, at many of our Units, computer labs have been set up to
encourage families of employees to become computer literate.
At
Kanjur Marg, this initiative has been extended to the village of Kanjur Marg,
with the computer training lab being made available to the children of the
village.
UNIT-LEVEL
CSR PROJECTS
To identify projects that would create a lasting impact on
the community, Needs Surveys were conducted at several locations. Based on
their findings, specific projects have been undertaken - where only a minimal
amount is contributed by the community with predominant support from Crompton
Greaves. Given below are some such projects.
THE SWITCHGEAR COMPLEX (AMBAD) has adopted the village of Nandurvaidhya at
Igatpuri. Based on the findings of a Needs Survey, the reservoir that supplied
water to the village was reinforced and renewed, together with water pumping
facilities; and the immediate surrounding area was developed into a garden.
Health programmes including HIV/AIDS awareness are regularly conducted for the
villagers, in addition to self employment capability enhancement programmes.
Several village youth have been sponsored for a six-month electricians' course
at the ITI Nasik to strengthen their employability.
Operations
The Company has effectively capitalised opportunities presented by
a favourable market through its product profile, strengthening its operational
excellence practices and further extending its market reach, to achieve a
record turnover of Rs.36599.8 million, during the year under review, as
compared with Rs.27385.8 million during the previous year 2005-06, representing
a heartening growth of 33.6%. As demand preferences shift from a products to a
solutions domain, the Company is building capabilities to fulfill customer
expectations with integrated solutions that combine information systems, people
and processes, in contrast to its earlier emphasis, which was more product
oriented. Towards this objective, it took actions to further equip itself with
a more complete product, market and solutions portfolio, by acquiring Ganz
Transelektro Villamossagi Zrt. and Transverticum Kft., Hungary in October 2006.
This acquisition has provided the necessary technological superiority to the
Company for manufacture of higher ranges of EHV transformers, GIS switchgear
and HT motors. In the end of May 2007, the Company concluded an agreement to
purchase the shares of Microsol Holdings Limited, headquartered in Ireland,
which is engaged in providing automated solutions for medium voltage and high
voltage substations, for new units as well as for retrofitting existing
substations. The Company is well on its way, as it positions itself to becoming
a respected Global Corporation, optimising on its core competencies, and
unifying the Company's own markets with the International markets of Pauwels
and Ganz. Whilst in the past, the Company has taken pride in its cost
competitiveness, the game for the future will be played on technology and
costs, being the dual objectives for a firmer foothold in International
markets. Even as the Company takes strides for advancement in International
markets, it is conscious of the need to increase capacities and achieve cost
economies through sourcing, value engineering, process automation and supply
chain management, which has resulted in an impressive profit before tax and
profit after tax of Rs.3070.0 million and Rs.1923.7 million respectively, an
increase of 57.6% and 18.0% respectively, as compared with last year.
The synergies released by the Pauwels and Ganz integrations in the areas
of manufacturing, design, marketing, sourcing and quality are apparent with the
consolidated turnover of the Company increasing from Rs.43463.0 million to
Rs.59340.4 million, an increase of 36.5% and the consolidated profit before tax
increasing from Rs.2773.2 million to Rs.4359.6 million. A major ingredient for
the success of the integration is the importance and priority attached to this
initiative at the highest level of the Company's Board of Directors and the
Management Teams at CG, Pauwels and Ganz. The integration has now entered more
intricate arenas of information systems, organizational structure and
governance. The Company has already restructured its transformer, switchgear
and engineering projects businesses of Crompton Greaves in India, and the power
product and solution portfolios of Pauwels and Ganz into a new SBU-`CG Power',
which will be the unified face for its `Transmission and Distribution' business
worldwide; this new SBU is expected to further realise benefits of co-ordinated
sourcing, marketing and greater value extraction from larger scale synchronized
operations in the long run. Though not as large as Power Systems, the Company
is steadfastly supported in its spirited journey of growth by a stable and
profitable Industrial Systems business, and a low cost, high cash flow oriented
Consumer Products business. With a unique combination of these three
businesses, the Company is well poised to capitalize on future global growth
opportunities.
The company also has Joint Ventures with
different companies listed here under:
Ř
CG Glass
Limited
Ř
CG
Programmable Solutions Private Limited
Ř
CG Igarashi
Motors Limited
Ř
International
Components India Limited
Ř
CG PPI
Adhesive Products Limited
Ř
CG
Schlumberger Electricity Management Limited
Ř
CG Lucy
Switchgear Limited
Ř
CG Smith
Software Limited
Ř
CoreEL
Microsystems Inc., USA
Ř
CG Maersk
Information Technologies Limited
Ř
Hitachi CG
Motor Engineering Limited
Ř
CG Elin Power
Systems Limited
Ř
CG Brook
Hansen Electric Motors Limited
Ř
Power
Equipment Limited, Dubai
Ř
Brook Crompton
Greaves Limited
Ř
CG Newage Electrical
Limited
Ř
Paxonet
Communications Inc, U.S.A.
The company is in trade terms with :
Ř
Advance
Diecast
Ř
Glostar
Electricals Private Limited
Ř
Ashapura
Enterprises
Ř
Aqua Flow
Ř
Bestlite
Electricals Private Limited
Ř
Govik
Electricals
Ř
National Wire
and Metal Limited
Ř
Navnath
Fabricators
Ř
Desai and
Brothers
Ř
Amit
Industries
Ř
Anant
Engineering Works
Ř
Gee Cee Oswal
Enterprises
Ř
Rushabh
Enterprises
Ř
RK Lighting
Private Limited
Ř
Paras
Enterprise
Ř
Paras Pump
Private Limited
Ř
Sundara
Industries (India)
Ř
United Industrial
Components
Ř
Vishgral
Industries
Ř
J S
Engineering Works
Ř
Suraj
Foundries Limited
Ř
Jayanti
Castings Private Limited
Ř
Shakti
Enterprises
Ř
Hindustan
Forging and Steel
Ř
Govik
Electricals Private Limited
Ř
Shailesh
Engineering Company
Ř
Kelin
Electricals Private Limited
Ř
Letter
Emporium
Ř
Mitsubishi
Electric Corporation, Japan
Ř
Allied Signal
Technologies Inc, USA
Ř
Hyundai Heavy
Industries Company Limited, Korea
The company has
been accredited with ISO 9001 and ISO 14001 Certifications.
The company also
received approvals from the CESI, CSA, BASEEFA and CE for some of its products.
The company has technical collaboration with
the following :
Ř VNIIIS, Russia
Ř Hitachi Limited, Japan
Ř Eurogen, Italy
Ř Siemens Limited, Germany
Ř Mitsubishi Electric Corporation, Japan
FIXED ASSETS
· Freehold Land
· Buildings
· Plant and Equipments
· Railway Sidings
· Furniture and Fixtures
· Vehicles
· Leasehold Land
· Computer Software
· Technical Know - how
OTHER INFORMATION:
|
Contingent
Liabilities |
31.03.2007 (Rs.
in millions) |
|
Claims against
the Company not acknowledged as debts |
94.800 |
|
Sales Tax liability that may arise in
respect of matters in appeal |
23.600 |
|
Excise duty/Service tax liability that may
arise in respect of matters in appeal preferred by the Company |
150.400 |
|
Excise
duty/Service tax liability that may arise in respect of matters disputed by
the Department |
33.900 |
|
Income tax liability that may arise in
respect of matters in appeal preferred
by the Company |
42.400 |
|
Guarantees given
on behalf of subsidiary Companies |
5094.400 |
|
Guarantees given
on behalf of Associate Company |
47.340 |
|
Bills discounted |
981.500 |
FURTHER DETAILS:-
Crompton
Greaves wins India Manufacturing Excellence Awards
Crompton
Greaves wins three India Manufacturing Excellence Awards instituted by Frost
& Sullivan. The study benchmarks CG's manufacturing processes at its
various units.
Based
on the findings of the assessment, Frost & Sullivan awarded the Gold award
to the S6 & Power Quality Business, Aurangabad unit while the Fans &
Appliances Division, Bethora and the Switchgear Complex, Nashik, were chosen
for the silver Award in the Engineering Category.
The
awards ceremony was held on the same day and Mr. AN Ravichandran, Vice-President,
Fans, Mr. JG Kulkarni, Vice-President Switchgear and Dr. R Venkatesh, General
Manager S6 & Power Quality Business received the awards on behalf of their
respective Divisions.
From Crompton Greaves, 7 (seven) Best Practices were identified
by Frost & Sullivan, and a presentation on Implementation and Benefit of
MOST/CGPS in improving productivity was done by Mr. N Krishnan, General Manager
Engineering (Transformers) on 9th December 2005.
Crompton
Greaves one of 21 Indian Firms to take on the world.
A
joint study by CII and Boston Consulting Group, an internationally reputed
consulting firm reveals that some of the most feared global challengers to be
growing in India.
A
dozen rapidly developing economies (RDEs)-including India, China, Russia,
Brazil, Hungary and Turkey-are home to about 100 companies that are tearing
down old business bastions, says the study. The study hints that the 100, with
21 Indian and 44 Chinese firms, are only the vanguard.
The
study mentions that Crompton Greaves (Thapar Group) has made a dramatic
turnaround under Gautam Thapar's leadership. Crompton Greaves has gone through
a dramatic overhaul and was now preparing to compete globally with peers like
ABB and Siemens.
The study clubs Crompton Greaves with L & T as
the emerging global challengers in the Engineering segment and with the Bharat
Forge in assuming global category leadership in specific narrow product areas.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The
Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.64 |
|
UK Pound |
1 |
Rs.83.00 |
|
Euro |
1 |
Rs.66.00 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history (10%) Market
trend (10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|