MIRA INFORM REPORT

Report Date :

18.02.2011

IDENTIFICATION DETAILS

Name :	CROMPTON GREAVES LIMITED

Registered Office :	6^th Floor, C.G. House, Dr. Annie Besant Road, Worli, Mumbai-400030, Maharashtra

Country :	India

Financials (as on) :	31.03.2010

Date of Incorporation :	28.04.1937

Com. Reg. No.:	11-2641

CIN No.: [Company Identification No.]	L99999MH1937PLC002641

TAN No.: [Tax Deduction & Collection Account No.]	MUMCO5628A

PAN No.: [Permanent Account No.]	AAACC3840K

Legal Form :	It is a Public Limited Liability Company. The company’s Shares are Listed on the Stock Exchanges.

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

MIRA’s Rating :

Aa (81)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 71000000

Status :	Excellent

Payment Behaviour :	Regular

Litigation :	Clear

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.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	6^th Floor, C.G. House, Dr. Annie Besant Road, Worli, Mumbai-400030, Maharashtra, India
Tel. No.:	91-2662-242324/242278/ 24237777
Fax No.:	91-2662-242326/ 24237788
E-Mail :	kkn@cgl.co.in administrator@ho.cgl.co.in wilton@cgl.co.in wilton.henriques@cgglobla.com
Website :	http://www.cglonline.com

Plant Locations :	Power Systems Ø 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 Ø 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 Ø 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 Ø 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 Ø 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 Ø 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 Ø 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 Ø 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 Ø 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 Ø 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 Ø 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 Ø 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 Ø 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 Ø 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 Ø 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 Ø 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 Ø L. B. Shastri Marg, Bhandup, Mumbai - 400 078, Maharashtra, India. o Tel. No. : 91-22-25783865 / 3581 / 83 o Fax No. : 91-22-25782877 Ø 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 Ø Kanjur, Bhandup, Mumbai – 400 042, Maharashtra, India. o Tel. No. 91-22-2578 2451 o Fax No. 91-22-2578 6046 Ø 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 Ø 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 Ø 325-326, Kundaim Industrial Estate, Ponda, Goa - 403 110, India. o Tel. No. : 91-832-2395304 o Fax No. : 91-832-2395305 Ø 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 Ø 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 Ø 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 Ø Village and Import Export Executive Channo, Dist. Sangrur - 148 026, Punjab, India o Tel. No. 91-16732-274543 o Fax No. 91-16732-274542 Digital Group Ø 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 Ø 11A and 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 Ø Jagruti, 2^nd 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, 4^th 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 Ø 50, Chowringhee Road, Kolkata - 700 071, West Bengal, India Tel. No. 91-33-22828709 / 22820814 / 3716 Fax No. 91-33-22823715 Lighting Division Ø Dr. E. Moses Road, Worli, Mumbai - 400 018, Maharashtra, India · Tel. No. 91-22-24604701

Regional Sales Office :	Northern Region Located At: Jaipur Jalandhar Lucknow New Delhi Eastern Region Located At: Kolkata Bhubaneswar Western Region Located At: Ahmedabad Mumbai Pune Southern Region Located At: Bangalore Satellite office Located At: Coimbatore Cochin Ernakulam Chennai Madurai Vijayawada Mandapam

DIRECTORS

As on 31.03.2010

Name :	Mr. Gautam Thapar
Designation :	Chairman

Name :	Mr. S. M. Trehan
Designation :	Managing Director

Name :	Mr. S Bayman
Designation :	Director

Name :	Mr. Omkar Goswami
Designation :	Director

Name :	Mr. S. Labroo
Designation :	Director

Name :	Mr. M. Pudumjee
Designation :	Director

Name :	Mr. S P Talwar
Designation :	Director

Name :	Mr. V Von Massow
Designation :	Director

KEY EXECUTIVES

Name :	Mr. B. R. Raju
Designation :	Chief Financial Officer

Name :	Mr. W. Henriques
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2010

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	262,526,641	41.03
Sub Total	262,526,641	41.03
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	262,526,641	41.03
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	99,846,247	15.60
Financial Institutions / Banks	869,656	0.14
Central Government / State Government(s)	10,698,847	1.67
Insurance Companies	31,106,245	4.86
Foreign Institutional Investors	130,616,725	20.41
Sub Total	273,137,720	42.69
(2) Non-Institutions
Bodies Corporate	38,105,835	5.96
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	40,214,091	6.28
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	15,514,426	2.42
Any Others (Specify)	10,344,889	1.62
Non Resident Indians	1,678,607	0.26
Overseas Corporate Bodies	120,686	0.02
Foreign Corporate Bodies	8,543,571	1.34
Foreign Nationals	2,025	-
Sub Total	104,179,241	16.28
Total Public shareholding (B)	377,316,961	58.97
Total (A)+(B)	639,843,602	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	1,647,934	-
Total (A)+(B)+(C)	641,491,536	-

BUSINESS DETAILS

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.

Products :

Item Code No. (ITC Code)	Product Description
85.04	Transformers
85.35	Switchgears and Power Control Equipments
84.14	Fans, Light Sources and Luminaries
85.01	Electrical Motors and Alternators
85.17	Telecom and Networking

Exports to :

v Japan

v Korea

v USA

v Malaysia

v U.K.

v Vietnam

PRODUCTION STATUS (As on 31.03.2010)

Particulars	Unit	#Licensed Capacity	*Installed Capacity	@Actual Production
(i) Transformers, Reactors and Accessories thereof	MVA Nos.	49304 38500	31608 57000	30002 24353
(ii) Switchgear, Control Equipment and Accessories thereof	Nos.	440600	514540	322564
(iii) Energy Meters	Nos.	1000000	1000000	367301
(iv) Electric Motors and Alternators	HP Nos.	10400000 2089500	553606	4695487 432536
(v) Power driven Pumps	Nos.	460000	130000	127402
(vi) Electrical Steel Stamping and Laminates	MT	22000	22000	16881
(vii) Electric Fans, Ventilation and Pollution Control Systems	Nos.	5980000	5868400	3633821
(viii) Lighting Electric Lamps	Nos.	114988000	114988000	94437058
(ix) Other Items	Nos.	1050	1050	73

Note:

# under the liberalized industrial policy of government of India, the company obtained the capacities approved by way of acknowledgements against the IEMs submitted by it.
* Installed capacities are as certified by the managing director.
@ The production figures are as per returns submitted to the department of industrial developments.

GENERAL INFORMATION

Customers :

Ø Hyundai Engineering, Korea

Ø ABB, USA

Ø Siemens Limited

Ø Power Grid Corporation India Limited

Ø State Electricity Board, Mumbai, Maharashtra, India

Ø Lohia Starlinger Limited

Ø Kirloskar Bros. Limited

Ø Larsen and Toubro Limited

Ø Whirlpool India Limited

Ø Sulzer Pumps (India) Limited

Ø Boving Fouress Limited

Ø Indian Railways

Ø Municipal Corporation

Ø Jindal Steel

Ø Tata Companies

Ø Bharat Heavy Electricals Limited

Ø Alstom Power

Ø Mather and Platt (India)

Ø Life Insurance Corporation

Ø Bharat Sanchar Nigam Limited

Ø BSES Limited

No. of Employees :

Around 6058

Bankers :

v ABN Amro Bank NV

v Bank of Baroda

v Bank of India

v Bank of Maharashtra

v Canara Bank

v Corporation Bank

v ICICI Bank Limited

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

Facilities:

Secured Loan	As on 31.03.2010 (Rs. In Millions)
From Banks
Foreign Currency	138.200
Total	138.200

Unsecured Loan
Interest free sales tax deferral loans from state government	129.600
Total	129.600

Banking Relations :

Auditors :

Sharp and Tannan

Chartered Accountants

Solicitors :

Crawford Bayley and Company

Memberships :

Confederation of Indian Industry

Subsidiaries :

· CG Capital and Investments Limited

· CG Energy Management Limited

· CG PPI Adhesive Products Limited

· Malanpur Captive Power Limited

· CG International B.V.

· Pauwels Trafo Belgium N.V.

· Pauwels Transformer Inc.

· Pauwels Americas Inc.

· Pauwels Canada Inc.

· PT Pauwels Trafo Asia

· Ganz Transelektro Villamossagi Zrt.

· Microsol (UK) Limited

Associates:

· CG Lucy Switchgear Limited

· International Components India Limited

· Brook Crompton Greaves Limited

· Avantha Power and Infrastructure Limited (w.e.f. 24^th November, 2009)

Joint Ventures :

· CG Actaris Electric Management (Private) Limited

· CG Hungary Kft.

· Microsol Holdings Limited

· Microsol Limited

· Microsol Inc.

· MSE Power Systems, Inc.

· Pauwels Internatinal NV.

· Pauwels Trafo Gent NV

· Pauwels Trafo Ireoland Limited

· Pauwels France SA.

· Pauwels Middle East Limited

· Pauwels Trafo Services NV.

· Sonomatra

· Transverticum Kft.

· Tricon Controls Limited

· Vdiserge Limited

Group Company :

· Bilt Graphic Paper Products Limited

· Ballarpur International Holdings B.V.

· Ballarpur Paper Holdings B.V.

· Ballarpur International Paper Holdings B.V.

· Ballarpur International Graphic Paper Holdings B.V.

· Avantha International Holdings B.V.

· TAF Asset 2 B.V.

· Sabah Forest Industries Sdn. Bhd.

· Bilt Tree Tech Limited

· JG Containers (Malaysia) Sdn. Bhd.

· Mirabelle Holdings LLC

· Mirabelle Trading Pte. Limited

· MTP NEW Ocean (Mauritius) Limited

· Corella Investments Limited

· Lustre International Limited

· NewQuest Corporation Limited

· Bilt Paper Holdings Limited

· KCT Papers Limited

· KCT Chemicals and Electricals Limited

· APR Sacks Limited

· The Paperbase Company Limited

· Janpath Investments and Holdings Limited

· Bilt Industrial Packaging Company Limited

· Biltech Building Elements Limited

· UHL Power Limited

· Asia Aviation Limited

· Toscana Lasts Limited

· Toscana Footwear Components Limited

· NQC Global (Mauritius) Limited

· NQC International (Mauritius) Limited

· NewQuest Services Private Limited

· Avantha Technologies Limited

· NewQuest Insurance Broking Services Limited

· Avantha Power and Infrastructure Limited

· Korba West Power Company Limited

· TKS Developers Limited

· Jhabua Power Limited

· Gleneagles Healthcare Holdings Private Limited

· Prestige Wines and Spirits (Private) Limited

· Himalayan Hideaways (Private) Limited

· Global Green Company Limited

· Global Green USA Limited

· GG International N.V.

· Intergarden N.V.

· Intergarden (India) Private Limited

· Dunakiliti Kanzervuzem Kft

· Greenhouse Agraar Kft

· Floragarden Tarim Gida Sanayve Ticaret A.S.

· Solaris Holdings Limited

· Solaris Chemtech Industries Limited

· Solaris Industrial Chemicals Limited

· Salient Business Solutions Limited

· Salient Knowledge Solutions Limited

· Salient Financial Solutions Limited

· Salient Business Solutions USA, Inc.

· Sairam Infra Projects Private Limited

· Vani Agencies Private Limited

· Sohna Stud Farm Private Limited

· Imerys New Quest (India) Private Limited

· Puszta Konserv Kft Hungary

· CG Energy Management Limited

· CG Capital and Investments Limited

· CG-PPI Adhesive Products Limited

· Malanpur Captive Power Limited

· Brook Crompton Greaves Limited

· CG Actaris Electricity Management Private Limited

· CG Lucy Switchgear Limited

· International Components India Limited

· CG International B.V.

· Pauwels International N.V.

· Pauwels Americas Inc.

· PT Pauwels Trafo Asia

· Pauwels Trafo Gent N.V.

· Pauwels Canada Inc.

· Pauwels Transformers Inc.

· Pauwels Trafo Ireland Limited

· Pauwels France SA

· Pauwels Trafo Belgium N.V.

· Pauwels Trafo Service N.V.

· Pauwels Middle East Trading and

· Contracting Limited

· Crompton Greaves Hungary Kft

· Transverticum Kft

· Ganz Transelektro Villamossagi Zrt.

· Microsol Holdings Limited

· Microsol Limited

· Viserge Limited

· Microsol UK Limited

· Microsol Inc.

· Société Nouvelle de Maintenance Transformateurs

· MSE Power Systems Inc.

· MSE West LLC

· Crompton Greaves Germany GmbH.

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital:

No. of Shares

Type

Value

Amount

1300000000

Equity Shares

Rs.2/- each

Rs.2600.000

Millions

Issued, Capital:

No. of Shares	Type	Value	Amount
641533836	Equity Shares	Rs.2/- each	Rs.1283.000 Millions

Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
641491536	Equity Shares	Rs.2/- each	Rs.1283.000 Millions

Note:

Of the above shares:

1936000 issued pursuant to a contract without payment being received in cash.
81000000 issued as fully paid-up bonus shares by way of capitalization of reserves.
379658256 issued as fully paid-up bonus shares by way of capitalization of securities premium account including 274924944 shares issued during the year.
7382830 issued as fully paid-up pursuant to scheme of amalgamation and
33068750 issued as international offering of Global Depository Receipt (GDR’s) (In US Dollars.)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1283.000	733.200	733.170
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		16364.200	11685.700	8574.300
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		17647.200	12418.900	9307.470
LOAN FUNDS
1] Secured Loans		138.200	345.200	623.680
2] Unsecured Loans		129.600	191.500	251.910
TOTAL BORROWING		267.800	536.700	875.590
DEFERRED TAX LIABILITIES		834.200	639.200	522.500

TOTAL		18749.200	13594.800	10705.560

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		5338.100	5107.100	4927.080
Capital work-in-progress		330.300	129.500	225.880

INVESTMENT		6880.600	2655.200	1943.290
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3035.300	2813.200	2629.510
	Sundry Debtors	12127.900	10122.600	9562.200
	Cash & Bank Balances	5485.000	4725.100	1576.500
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	1553.700	1325.400	2794.030
Total Current Assets		22201.900	18986.300	16562.240
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9040.600	7927.600	10411.960
	Other Current Liabilities	5425.400	3949.100
	Provisions	1535.700	1406.600	2540.970
Total Current Liabilities		16001.700	13283.300	12952.930
Net Current Assets		6200.200	5703.000	3609.310

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		18749.200	13594.800	10705.560

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	52839.900	46106.600	38757.560
		Other Income	844.000	499.900	696.310
		TOTAL (A)	53683.900	46606.500	39453.870

Less	EXPENSES
		Manufacturing construction and operating expenses	36229.600	31964.200	28000.070
		Staff Expenses	2557.900	2291.400	2009.860
		Selling and administration expenses	5474.800	5470.600	3909.720
		TOTAL (B)	44262.300	39726.200	33919.650

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		9421.600	6880.300	5534.220

Less	FINANCIAL EXPENSES/ INTEREST (D)		200.000	285.500	271.140

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9221.600	6594.800	5263.080

Less/ Add	DEPRECIATION/ AMORTISATION (F)		519.000	452.100	406.560

	PROFIT BEFORE TAX (E-F) (G)		8702.600	6142.700	4856.520

Less	TAX (H)		2529.200	2171.800	1717.300

	PROFIT AFTER TAX (G-H) (I)		6173.400	3970.900	3139.220

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8114.200	5398.100	NA

Less	APPROPRIATIONS
		Transfer to General Reserve	620.000	397.100	NA
		Dividend	806.500	733.100	NA
		Tax on Dividend	137.000	124.600	NA
	BALANCE CARRIED TO THE B/S		12724.100	8114.200	NA

	EARNINGS IN FOREIGN CURRENCY
		Export of Goods (on FOB Basis) including deemed exports Rs. 2360.100 millions	12269.700	11576.500	7564.470
		Service Income	56.000	12.600	7.310
		Other Earnings	0.000	2.000	0.650
	TOTAL EARNINGS		12325.700	11591.100	7572.430

	IMPORTS
		Raw Materials	4280.200	3798.900	2834.080
		Trading Goods	425.200	437.300	338.300
		Spares Parts	16.600	31.600	85.180
		Capital Goods	38.400	135.600	113.640
	TOTAL IMPORTS		4760.400	4403.400	3371.200

	Earnings Per Share (Rs.)		8.99	6.19	8.56

QUARTERLY RESULTS (UNAUDITED)

(Rs. In Millions)

PARTICULARS	30.06.2010	30.09.2010	31.12.2010
	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	13429.100	14447.800	13985.900
Total Expenditure	11335.400	12138.700	11705.200
PBIDT (Excl OI)	2093.700	2309.100	2280.700
Other Income	147.800	199.800	221.300
Operating Profit	2241.500	2508.900	2502.000
Interest	(6.300)	0.000	23.200
Exceptional Items	0.000	0.000	0.000
PBDT	2247.800	2508.900	2478.800
Depreciation	172.400	195.100	211.100
Profit Before Tax	2075.400	2313.800	2267.700
Tax	653.700	728.900	507.400
Provisions and Contingencies	0.000	0.000	0.000
Profit After Tax	1421.700	1584.900	1760.300
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustment	0.000	0.000	0.000
Net Profit	1421.700	1584.900	1760.300

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	11.50	8.52	7.96

Net Profit Margin (PBT/Sales)	(%)	16.47	13.32	12.53

Return on Total Assets (PBT/Total Assets}	(%)	31.60	23.66	26.24

Return on Investment (ROI) (PBT/Networth)		0.49	0.49	0.52

Debt Equity Ratio (Total Liability/Networth)		0.92	1.26	1.39

Current Ratio (Current Asset/Current Liability)		1.39	1.38	1.28

LOCAL AGENCY FURTHER INFORMATION

HISTORY

Subject is a part of the Avantha Group was established in the year 1937 as a private sector under the name of Crompton Parkinson Works Limited, has become synonymous with electricity in India. India's largest private sector enterprise, extensively engaged in designing, manufacturing and marketing high technology electrical products and services related to power generation, transmission, distribution as well as executing turnkey projects. The wide range of products that the company offers is canalized through its four business units- These are Power Systems, Industrial Systems and Consumer Products with headquartered in a self-owned landmark building at Worli, Mumbai. Such products as power and industrial transformers, HT circuit breakers, LT and HT motors, DC motors, traction motors, alternators/ generators, railway signaling equipments, lighting products, fans, pumps and public switching, transmission and access products. CG's business operations consist of 22 manufacturing divisions spread across in Gujarat, Maharashtra, Goa, Madhya Pradesh and Karnataka, supported by well knitted marketing and service network through 14 branches in various states under overall management of four regional sales offices located in Delhi, Kolkata, Mumbai and Chennai. The company is in quality range by having many certifications in the ISO 9000/9001:2000/14001 series. Greaves Cotton and Crompton Parkinson Limited, Mumbai was amalgamated with the Company in the year 1966, after the amalgamation, the Company's name was changed from Crompton Parkinson (Works) Limited to the present name Crompton Greaves Limited The company had technical collaboration agreement with Hitachi Limited, Japan for the manufacture of moulded case circuit breakers in the year 1975. CG entered into various technical collaboration agreements with several renowned manufacturers from U.S.A., U.K., Europe and Japan during the year 1978. Kerala Electric Lamp Works Limited (formerly Toshiba Anand Lamps Limited,) was became a subsidiary of the Company in the year 1981. During the period of 1986, CG promoted one company under the name Punjab Power Generation Machines Limited jointly with the Punjab state Industrial Development Corporation Limited for the manufacture of hydro turbines upto 20 MW in Punjab. And also in the same year promoted another one company under the name of Goa Electricals and Fans Limited, for the manufacture of ceiling fans in Goa jointly with Economic Development Corporation of Goa, Daman and Diu Limited In the year 1987, an up-to-date plant for the manufacture of vacuum interrupters and manufacture of industrial electronic items, signaling systems was commissioned at Aurangabad and Nasik respectively. An instrument relays project was commissioned at Pithampur. CG developed and introduced supervisory control and data acquisition and programmable logical controllers in the year 1988 and also the Company commissioned under joint venture, plants for the manufacture of telematics at Goa and television receivers at Pithampur. The rural telecommunication unit at Bangalore, the transformers unit at Malanpur, M.P and vacuum fluid purifier plant at Aurangabad were commissioned during the year 1990. CG and Teltec of Denmark promoted a joint venture company in the same year 1990 under the name of CG-Teltec Limited, with foreign equity participation for the manufacture of radio communication equipment at Bangalore. Kerala Electric Lamp Works Limited (KELW) was amalgamated with the company. The R and D unit of the company developed new products like DC/AC current sensor and mixed dielectric insulation system for 220 KV coupling capacitors in the year 1992, also a joint venture project for manufacture of electric meters at Gurgaon and Company's plant for manufacture of lithium batteries at Goa were commissioned. In 1994, the Company submitted its bid to DOT for provision of cellular services in seven circles in association with Millicons of Luxembarg and the CG Communication Private Limited was promoted in the same year to provide cellular mobile telephone services in the telecom services in India. A modern transformer factory with the latest manufacturing equipment was set up in the year 1995 at Bhopal. Hind Condensor Limited, Goa Telematics Limited (GTL) and Northern Digital Exchanges Limited (NODE) were amalgamated with the Company in the year itself. In 1996, CG was restructured in four main business group viz. Power system, Industrial system, consumer products and Digital to ensure enhanced focus and effectiveness. The Indocom Industries Limited, a 100% subsidiary of the company and Lumino Lamps Limited were amalgamated with the Company. Crompton Greaves and Thapar Group Company has formed a joint venture in the year 1997 with ELIN Energieversorgung (ELIN) of Austria to manufacture gas and steam turbine driven generators, up to 45 MVA capacity, and hydel generators. The Kersons Manufacturing Company of India Limited (Kersons) and Goa Electricals and Fans Limited (GEFL) were amalgamated with the Company. CG has joined hands with the billion NEC of Japan to set up a joint venture for the manufacture of microwave radio equipment. During the year 1998, for the manufacture the medium voltage vacuum switchgear at Dubai, the company formed an alliance with Link Middle East Limited (LMEL). CG has signed a MoU in the year 1999 with Israel based Tadiran Telecommunications Limited for marketing and servicing Tadiran's Coral range of telecommunication product in the Indian subcontinent and also the company has entered into a technical collaboration with Allied Signal Inc. for manufacturing Amorphous Metal Transformers (AMT) in the same year. In the year 2000, the informatics division of Crompton Greaves has tied up with Remedy Corporation for consultation, implementation and training of eCRM and eBusiness infrastructure solutions in India. The Company has signed an agreement with French company Schneider Electric for selling its low-tension control gear business located in Nasik in Maharashtra and also has entered into an agreement for sale of its Low Tension Control Gear division located at Satpur, Nashik to Schneider Electric India Limited for approximately Rs 76 crore. CG-Digital, a business unit of Crompton Greaves, has launched a new range of digital and KTS/EPABX systems in the year 2001 to suit varying needs of communication. In a bid to reduce its manufacturing costs, LM Thapar Group Company of Crompton Greaves has begun importing electrical components from Chinese manufacturers for its consumer products division. In 2002, the Company has divested its shareholding of 38% in CG Newage Electrical Limited to Cummins India Limited with the consideration of Rs 220.50 per share. During 2003, In May 2005, Crompton Greaves 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, and together, the two entities effectively cover all key global geographies. During 2005-06, Crompton Greaves had implemented the SAP 4.7 platform across all locations in India. The Company's switchgear complex at Ambad won the Frost and Sullivan India Manufacturing Excellence (IMEA) Gold Award for 2006. The acquisition of Ganz Transelektro Villamossagi Zrt and its associate company, Transverticum Kft in Hungary during the 2006-07 led to the company in an enterprise value of approximately ?35 million. In 2006-07, Crompton Greaves' Indian Power Systems business succeeded in opening 9 new International markets for its products. The HT motors division of the company 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 computerized equipment, and additions to the testing bays, which can now test up to 5 MW HT machines. CG has set up a captive glass shell manufacturing unit and a new line for FTL at Baroda. Transformer Group (DOMESTIC) enhanced its significance in HYDRO Business and also it bags Landmark Order. CG Global R and D Centre Bags the Golden Peacock Innovative Award Product/Service Award 2007. CG wins Best Product award for its Dream Transformer and Appreciation Certificate for Transformer with Improved Voltage Regulations At the 'Best Product Competition (Indian Exhibitors)' in Elecrama 2008. Crompton helps electricity boards and other utilities to reach electricity to the last home and factory. Therefore, every individual in India who uses electricity can be considered as Crompton customer, continues to further and consolidate the initiatives that Colonel Crompton set into motion by focusing on meeting increasing customer demands for products that are eco-friendly, energy efficient and with intelligent monitoring and control systems. However, several measures that the company has already taken and it's plans for the future, together with business impact of the Pauwels acquisition, will equip the company to respond in adequate measure to this competitive pressure.

OPERATIONS

After the world-wide economic and financial turmoil of 2008, the global economic outlook has improved with a positive growth of above 3% predicted for 2010 after a decline of 1.1% in 2009. Global trade showed signs of bouncing back in the second half of 2009. However, the Sustainability of credit revival after the withdrawal of stimulus packages across the world is still to be tested.

Regarding the transmission and distribution (T and D) segment - to which the company pre-dominantly belongs the story is somewhat mixed. There are two clear positives. First, the power transformer business is seeing significant growth in India, China, South-East Asia and the Middle East. Second, there is a definite surge in demand for renewable, especially wind. This is true everywhere, but especially so in Europe, the USA and Canada. Equally, there is a negative factor. The housing sector in Europe and the USA remains in doldrums. Consequently, the distribution transformers segment continues to be badly affected.

Overall, however, demand is growing, with power transformers, wind and renewable, and the business of providing end-to-end solutions doing well, and counteracting the decline in sale of distribution transformers. An overriding focus on public as well as private investment in transmission systems by many countries, and the drive for energy efficiency, have so far kept the T and D market reasonably buoyant - although not as it was in 2006-07 and 2007-08.

In response to market conditions, the company has enhanced its competitive momentum by forcefully targeting the growth oriented utility power transformer segment to offset the slowdown in industry demand for distribution transformers and motors. The Company’s order backlog of Rs.63700.000 Millions is marginally lower than the position a year ago. However, a healthy order intake growth of 21 % in the last quarter suggests that the momentum is accelerating.

The Company is also building competencies and pursuing new attractive segments such as renewable energy, ultra high voltage and energy automation. Its SL IM. transformers remain a market leader in wind farm installations. The Company secured major long term agreements from Siemens Wind Power, Enercon, Multibrid and other players in this market. Besides its product strengths, the Company made a successful foray into turnkey solutions for the renewable segment. Its maiden project of designing and building the transmission grid connection for a 165 MW offshore windpark'Belwind', located 50 kilometers into the coastal waters of Belgium, in consortium with other reputed players is making good progress and will be commissioned in September 2010.

Emerging market economies including India have led the global recovery, driven by domestic demand and recovering exports. The reforms announced by the United Progressive Alliance Government in 2009-10 have set the agenda for India's growth. Pushed to a low growth level of 6.7% in 2008-09 by the consequences of the worldwide slowdown, after averaging over 9% in the preceding three years, the Indian economy has grown more than 7% in 2009-10. During April-January 2009-10, Index of Industrial Production (IIP) growth was 9.6% compared to 3.3% during April January 2008-09.

In the Eleventh Five Year Plan, the Government of India has fixed an ambitious target of 78,700 MW of power capacity addition. It is pursuing, through the Central Transmission Utility of India, the 765kV Ultra High Voltage (UHV) upgrading of the current infrastructure. For a couple of years now, the company has been harnessing its technological competence in the UHV segment. In partnership with its Hungarian subsidiary and ZTR Ukraine, it has secured major orders from the Power Grid Corporation of India Limited (PGCIL) in this area. These projects - won against stiff global competition from Indian and multinational companies - denote a strategic entry of the Company in the UHV market. With the PGCIL orders, your Company has become the first Indian corporation to firmly establish itself as a major and reliable player in the UHV segment.

For the Indian business, the most encouraging event was the recovery of capital goods industry with 11.1 % growth and resurgence of the consumer durables industry with 12.5% growth - which resulted in growth for the Company's Industrial Systems and Consumer Products businesses. The Company's Industrial Systems SBU grew by 11.3% over previous year through introduction of new products for different markets, such as small motors for agro applications and extension of range up to 5 MW of large rotating machines for several industrial applications. Capacity expansion for several models of traction machines were undertaken during the year. The company became the largest supplier of alternators in the domestic market for the smaller range. Specially designed Slip Ring alternators were introduced in the rural market, amidst stiff operating conditions.

The Company's Consumer Products SBU grew by 22%, growing 1.5 times the market. The business has made an entry into Integrated Security and Home Automation, Light Emitting Diode (LED) lighting systems, industrial fans and industrial pumps during the year. A focus area for the Consumer Products business is tapping the vast potential of the Indian rural markets, estimated at Rs.650000.000 Millions for FMCG products and Rs.50000.000 Millions for consumer durables. To implement this, changes have been made in the SBU's organisation structure, with a dedicated Head of Rural Marketing and his team of managers.

Margin expansion continued to be a thrust area. This has been driven by several factors: various value engineering initiatives, better product designs, higher efficiencies in supply chain management and cycle time reduction undertaken by the businesses during the year. The Company-wide global sourcing initiative for critical components, including renegotiation of prices with suppliers and approving new supply sources, resulted in substantial reduction in operations costs - thus ensuring the Sustainability of the Company's margin expansion.

Through all these expansion activities, the Company retained its focus on quality. It implemented the One World Quality, Manufacturing Excellence and Project Unipower initiatives, with rigour. The Company's Consumer business renewed its thrust on enhanced after-sales service by commissioning its Customer Call Centre and a network of franchisee-based 'Authorised Service Centres' in metro locations. It also formalized its service promise of 'Respond in 6 hours and Resolve in 72 hours'.

On 15.10.2009, the Company unveiled its new Brand Identity, 'CG'. Today, CG is the common brand expression across all the Company's subsidiaries, operating in various businesses, in diverse geographies across the world. The new brand reflects the ability of the Company to provide 'Smart solutions' and the value that is placed on 'Strong relationships' across all its businesses, geographies and customers. The new brand identity is an important step in the integration of newly acquired companies, reflecting the effective transition of the Company from an India based electrical equipment manufacturer to a global solutions organisation.

To enhance its solutions capabilities, the CG Group acquired one more company towards the end of the year. On 29 March 2010, the Company acquired Power Technology Solutions Limited (PTS), located in the United Kingdom. PTS is a high voltage electrical engineering company which provides consultancy, technical and engineering support to Regional Electricity Companies (RECs) including, but not limited to conceptual engineering/ system studies and also complete EPC detailed engineering, spanning electrical (relay/control, SCADA and sub-station automation) and civil/structural (site foundation, development and structural design).

The above initiatives have enabled the Company to achieve a stand-alone net turnover of Rs.52840.000 Millions , during the year, as compared with Rs.46110.000 Millions during the previous year 2008-09, a rise of 15%.The consolidated net turnover of the Company increased from Rs.87370.000 Millions to Rs.91410.000 Millions , an increase of 5%.

The Company has recorded a noteworthy stand-alone Profit Before Tax (before extraordinary item) of Rs.8700.000 Millions, an increase of 42% as compared with last year. The consolidated Profit Before Tax (before extraordinary item) increased from Rs.8670.000 Millions to Rs. 11890.000 Millions . The Company has also recorded a significant stand-alone Profit After Tax (before extraordinary item) of Rs.5770.000 Millions , an increase of 45% as compared with last year, and Profit After Tax (including an extraordinary item) of Rs.6170.000 Millions , an increase of 55% as compared with last year. The consolidated Profit After Tax (before extraordinary item) increased from Rs.5630.000 Millions to Rs.8240.000 Millions and Profit After Tax, minority interest, share of profit / loss in associate companies (including an extraordinary item) increased from Rs.5600.000 Millions to Rs.8600.000 Millions.

MANAGEMENT DISCUSSION AND ANALYSIS

THE MAIN GLOBAL ACQUISITIONS HAVE BEEN:

● 2005, PAUWELS: The Company acquired the Pauwels group of Belgium, which operates in the areas of power and distribution transformers, with manufacturing facilities at Belgium, Ireland, the USA, Canada and Indonesia.

● 2006, GANZ: A high technology company in Hungary, with a consistent track record in power transformers, GIS switchgear and rotating machines, as well as in the supporting areas of design, erection and commissioning.

● 2007, MICROSOL: With operations in Ireland, the USA and the UK, Microsol’s expertise is in sub-station automation for medium voltage (MV) and high voltage (HV) sub-stations.

● 2008, SONOMATRA: Located in France, Sonomatra specialises in providing services of on-site maintenance/repair of power transformers and on-load tap changers, oil analysis, oil treatment and retro-filling.

● 2008, MSE: Based in the USA, MSE is engaged in engineering, procurement and construction (EPC) of high voltage electric power applications. It is a systems integrator in international EPC business, especially in the renewable energy (wind) segment. In addition, CG India has three main businesses:

● POWER SYSTEMS: Manufacturing a large range of transformers, switchgear, and providing transmission and distribution (T and D) solutions with its engineering projects and services capabilities.

● INDUSTRIAL SYSTEMS: Producing a wide spectrum of high tension (HT) and low tension (LT) rotating machines, namely motors and generators, as well as related solutions.

● CONSUMER PRODUCTS: Manufacturing and marketing a large variety of industrial and household solutions in lighting, fans, pumps and home appliances. Today, CG is a market leader in most business areas, and has over 8,000 employees worldwide, spanning various nationalities and cultures. It has enhanced and consolidated its global footprint by emphasising a corporate culture built on values, quality and customer service. Till 15.10.2009, all CG’s foreign entities had their individual corporate brand names. To amalgamate these entities into the CG family, the Company first integrated processes, systems and technologies across all its operations worldwide. That was not enough. The Company needed to discover that one single inspirational idea common to all companies in the CG fold – an idea that represented a shared philosophy through which CG could present one unified face to the world, and speak with one consistent voice. The first step in this discovery was extensive research among all CG’s stakeholders worldwide, to identify common beliefs. It helped CG to ascertain its shared philosophy, which was “Their core strength is the value they place on relationships, and the ability to provide solutions, which, in turn, strengthen these relationships”. Significant traits that also emerged across all the companies in the CG family were that they are passionate, responsive, down-to-earth and trustworthy. The next step was choosing a corporate brand name. They chose ‘CG’ because it links all our foreign companies with CG. It establishes their common lineage, and unites every company in their family with a common face. Their shared philosophy – the value they place on relationships and solutions – was translated into the new brand identity through:

● A VISUAL: Two equal forces, ‘C’ and ‘G’, which unite to create a synergic new form, ‘CG’ – where the whole is greater than the sum-total of its parts.

● A BRAND LINE: ‘Smart solutions. Strong relationships.’ The entire group’s commitment to the new brand identity can be gleaned from a simple fact. In just one day, 15.10.009, the new corporate brand was implemented across all group companies throughout the world. From that day, every official document, presentation, letterhead, e-mail, visiting card, advertisement, poster, billboard, communication and all else that underscored the common corporate brand carried the new brand identity. Today, it has become a part of the group’s DNA.

CG Power India: Financial Performance:

There is a clear difference in the demand for power equipment and services between Asia and India on the one hand, and the western developed nations on the other. In India, demand has been growing for and D equipment and solutions. And CG Power India has performed very well in FY2010. The financial performance of CG Power India is given in Table 2. Net sales of CG Power India grew by 13% over last year to reach Rs.25100.000 Millions EBIDTA increased by 31% to Rs.4840.000 Millions. EBIT rose by 32% to Rs.4620.000 Millions. Return on year-end capital employed (ROCE) was at 92.8% – up 11.6 per cent points over the previous year. The unexecuted order book (UEOB) grew by 25% to Rs.30380.000 Millions. CG Power Overseas: Financial Performance The financial performance of the CG Power Overseas is given in Table 3. Driven by falling demand for distribution transformers (DT), the top-line of CG Power Overseas shrank by 7% to reach Rs.37330.000 Millions (US$ 782 million). Despite this, EBIDTA rose by 17% to Rs.4000.000 Millions (US$ 84 million). EBIT grew by 11% to Rs.3070.000 Millions (US$ 64 million). ROCE grew by 1 percent point to 26%. Adverse demand conditions show up in the unexecuted order book (UEOB) which, as on 31.03.2010, fell by 21% to Rs.29490.000 Millions (US$ 618 million).

FINANCIAL PERFORMANCE:

They first highlight CG’s stand-alone results, after which we discuss the financial performance of overseas entities and, finally, the consolidated financials for the Company as a whole. CG: Stand-alone Performance the stand-alone results of CG for the year ended 31.03.2010 is detailed in Table 6. Table 7 gives the key ratios (profi tability, assets efficiency and leverage ratios) of the stand-alone entity for FY2009 and FY2010.

● Gross sales grew by over 12% to reach Rs.55160.000 Millions. Net sales increased by 15% to Rs.52840.000 Millions.

● Manufacturing, construction and operating expenses as a percentage to net sales has remained constant at 69%.

● Operating earnings before interest, depreciation, amortisation and taxes (operating EBIDTA) grew by 34% over the previous year to Rs.8570.000 Millions. Operating EBIDTA to net sales margin increased by 240 basis points, from 13.8% in FY2009 to 16.2% in FY2010.

● Other income (OI) increased from Rs.360.000 Millions in FY2009 to Rs.690.000 Millions in FY2010, largely on account of exchange rate gain.

● Operating profit before taxes (operating PBT) grew by 39% to Rs.8010.000 Millions in FY2010.

● Profit after tax (PAT) grew 55% to Rs.6170.000 Millions. Excluding extraordinary item, PAT increased by 45% to Rs.5770.000 Millions.

● Return on year end capital employed (ROCE) was 46.6%; and return on networth (RONW) stood at 35%. Earnings per share before extraordinary item increased from Rs.6.2 for each Rs.2 share in FY2009 to Rs.9 in FY2010. After extraordinary item, the EPS is Rs.9.6.

● As a stand-alone entity, CG is a debt free company, with an interest coverage ratio that exceeds 231.

CG Overseas:

The consolidated financial performance of all overseas entities is given in Table 8. For the CG overseas entities:

● Net sales reduced by 7% in rupee terms to clock Rs.38240.000 Millions in FY2010. This has much to do with the uncertainties in Western Europe and the US in the aftermath of the global economic and financial crisis. In US$ terms, it decreased by 10% to US$ 801 million.

● Even so, there was a growth in profitability. Operating EBIDTA grew by 14% to reach Rs.3820.000 Millions in FY2010; and by 11% in US$ to US$ 80 million.

● PBT grew by 24% in rupees to Rs.3000.000 Millions; and by 21% in US$ to US$ 63 million.

● PAT increased by 47% to Rs.2330.000 Millions; and by 44% to US$ 49 million.

OUTLOOK:

The outlook for FY2011 is somewhat mixed. CG sees significant growth in its power systems business in India and Asia; but less so in Europe and the Americas. This is due to the muted outlook of the housing markets in the developed world – which affects the Company’s distribution transformers business. The good news is that wind energy is back in the fray, and CG should be able to leverage its strengths in this sector to increase its market potential. While it is difficult to give a definite estimate of growth in FY2011, it is becoming increasingly clear that success in the future will depend upon being an end to-end solutions provider, especially in the power business. Given CG’s acquisitions up to date, and potential acquisitions that it is pursuing, the Company is well poised to becoming such an end-to-end solutions provider.

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2010

(Rs. in Millions)

Particulars	Quarter ended	Nine Months ended
	31.12.2010 Unaudited	31.12.2010 Unaudited
Sales / income from operations	24748.900	73325.400
Less: Excise duty	779.000	2354.600
Net Sales / income from operations	23969.900	70970.800
Expenditure
a. (Increase)/Decrease in stock in trade and work in progress	423.000	(1103.900)
b. Consumption of raw materials	11983.500	36792.200
c. Purchase of traded goods	2489.800	8028.200
d. Employee Cost	3005.100	9092.300
f. Depreciation / Amortisation	466.700	1339.600
g. Other expenditure	2667.000	8455.000
Total Expenditure	21035.100	62603.400

Profit from Operations before Other Income, Interest	2934.800	8367.400

Other Income	120.300	531.100

Profit before Interest	3055.100	8898.500

Interest (Net)	38.500	137.100

Profit /Loss from Ordinary Activities before tax	3016.600	8761.400

Tax Expense :
Provision for Current Tax
(a) Current Tax	788.200	2386.100
(b) Deferred Tax	(84.800)	30.600
Total Tax Expenses	703.400	2416.700

Net Profit /Loss from ordinary Activities after tax before minority interest and share of profit/(loss) in associate companies	2313.200	6344.700
Minority Interest	(0.600)	(1.600)
Share of profit in associates	15.400	29.300
Net profit from ordinary activities after tax, minority interest and share of profit /(loss) in associates companies	2328.000	6372.400
Extraordinary item	--	--

Net Profit for the period	2328.000	6372.400

Paid-up equity share capital (Face Value of Rs.2/- each )	1283.000	1283.000

Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year	--	--

Earnings Per Share (EPS)
-Basic (Rs.)	3.63	9.93
-Diluted (Rs.)	3.63	9.93

CONSOLIDATED SEGMENTWISE REVENUE, RESULS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 31.12.2010

(Rs. in millions)

Particulars	Quarter ended	Nine Months Ended
	31.12.2010 (Unaudited)	31.12.2010 (Unaudited)
SEGMENT REVENUE (net of excise duty)
(a) Power Systems	15451.800	45794.000
(b) Consumer Products	4751.300	14703.600
(c) Industrial Systems	3809.100	10625.400
(d) Others	57.000	231.800
TOTAL	24069.200	71354.800
LESS: Inter segment Revenue	99.300	384.000
Net Sales / Income From Operations	23969.900	70970.800

SEGMENT RESULT:
[Profit / (loss) before tax and Interest from each segment]
(a) Power Systems	2007.600	5498.000
(b) Consumer Products	665.900	2139.500
(c) Industrial Systems	693.700	1993.100
(d) Others	(144.700)	(118.800)
TOTAL	3222.500	9511.800
LESS: (i) Interest (net)	38.500	137.100
(ii) Other un-allocable expenditure net of un-allocable income	167.400	613.300
Profit from Ordinary Activities before tax	3016.600	8761.400

CAPITAL EMPLOYED :
(segment Assets – segment Liabilities)
(a) Power Systems	20159.500	20159.500
(b) Consumer Products	689.200	689.200
(c) Industrial Systems	4201.800	4201.800
(d) Others	10606.600	10606.600
TOTAL	35657.100	35657.100

Contingent Liability:

Particular	As on 31.03.2010 (Rs. In Millions)	As on 31.03.2009 (Rs. In Millions)
Claims against the company not acknowledged as debts	122.000	116.500
Sales tax liability that may arise in respect of matters in appeal	43.500	12.600
Excise duty / service tax liability that may arise in respect of matters in appeal preferred by the company	60.800	62.200
Excise duty / service tax liability that may arise in respect of matters preferred by the department	15.600	13.500
Income tax liability that may arise in respect of matters in appeal preferred b the department	43.100	43.100
Guarantees / securities given on behalf of subsidiary companies.	2181.100	5190.500
Bill discounted	833.800	2311.600
Total	3299.900	7750.000

FIXED ASSETS:

Freehold Land
Buildings
Plant and Equipments
Railway Sidings
Furniture and Fixtures
Vehicles
Leasehold Land
Computer Software

WEBSITE DETAILS:

Introduction

Subject is part of the US$ 3 bn Avantha Group, a conglomerate with an impressive global footprint.

Since its inception, subject has been synonymous with electricity. In 1875, a Crompton 'dynamo' powered the world's very first electricity-lit house in Colchester, Essex, U.K. CG's India operations were established in 1937, and since then the company has retained its leadership position in the management and application of electrical energy.

Today, subject is India's largest private sector enterprise. It has diversified extensively and is engaged in designing, manufacturing and marketing technologically advanced electrical products and services related to power generation, transmission and distribution, besides executing turnkey projects. The company is customer-centric in its focus and is the single largest source for a wide variety of electrical equipments and products.

With several international acquisitions, Crompton Greaves is fast emerging as a first choice global supplier for high quality electrical equipment.

History

The history of Crompton Greaves goes back to 1878 when Col. R.E.B. Crompton founded R.E.B.Crompton and Company. The company merged with F.A Parkinson in the year 1927 to form Crompton Parkinson Limited, (CPL). Greaves Cotton and Co (GCC) was appointed as their concessionaire in India. In 1937, CPL established, it's wholly owned Indian subsidiary viz. Crompton Parkinson Works Limited, in Bombay, along with a sales organization, Greaves Cotton and Crompton Parkinson Limited, in collaboration with GCC. In the year 1947, with the dawn of Indian independence, the company was taken over by Lala Karamchand Thapar, an eminent Indian industrialist. Crompton Greaves is headquartered in a self-owned landmark building at Worli, Mumbai.

Products and Services Offered

The company is organized into three business groups viz. Power Systems, Industrial Systems, Consumer Products. Nearly, two-thirds of it's turnover accrues from products lines in which it enjoys a leadership position. Presently, the company is offering wide range of products such as power and industrial transformers, HT circuit breakers, LT and HT motors, DC motors, traction motors, alternators/ generators, railway signaling equipments, lighting products, fans, pumps and public switching, transmission and access products. In addition to offering broad range of products, the company undertakes turnkey projects from concept to commissioning. Apart from this, CG exports it's products to more than 60 countries worldwide, which includes the emerging South-East Asian and Latin American markets.

Thus, the company addresses all the segments of the power industry from complex industrial solutions to basic household requirements. The fans and lighting businesses acquired "Superbrand" status in January 2004. It is a unique recognition amongst the country's 134 selected brands by "Superbrands", UK.

Acquisitions - Subject, now an Indian MNC

Pauwels Acquisition

Crompton Greaves has completed the acquisition of the Belgium-based Pauwels on 13th May 2005. The group has manufacturing facilities in Belgium, Ireland, Canada, USA and Indonesia and well spread distribution network across the globe. The acquisition catapults the company amongst top ten transformer manufacturers in the world. It has truly transformed into an Indian MNC making a long-cherished dream finally come true.

Apart from strengthening it's foothold in the Indian market, Crompton Greaves acquisition of the Pauwels Group and it's transformer manufacturing facilities in five countries is expected to provide a significant impetus to the company's international presence.

The additional turnover of approximately Rs.13800.000 millions of Pauwels Group for it's last financial year is expected to increase Crompton Greaves' International business to around 50% of it's turnover, making the company a force to reckon with, in the international market.

Ganz Acquisition

Crompton Greaves have also successfully acquired Hungarian based Ganz (GTV), engaged in the manufacture of EHV Transformers, Switchgear, Gas Insulated Switchgear (GIS), Rotating Machines and Contracting businesses and Transverticum Kft (TV), engaged in the supporting areas of design, erection, commissioning and commercial activities on 17.10.2006;TV being a subsidiary of GTV.

Microsol Acquisition

The acquisition of Microsol Holdings Limited (MHL) and its associate companies in May 2007 is yet another significant stride in CG's journey towards positioning itself as a Global T and D Solutions Provider.

MHL, based in Ireland with facilities in UK and USA, is engaged in the business of providing sub-station and distribution automation for the utility industry including MV and HV sub-stations, new sub-stations and retro-fitting solutions for existing sub-stations. The acquisition reinforces CG's ability to design, build and service world-class sub-stations, with state-of-the-art automation and high-end engineering.

Sonomatra Acquisition

Crompton Greaves concluded an arrangement for the acquisition of Societe Nouvelle de Maintenance de Transformateurs (Sonomatra) of France in June 2008. Sonomatra provides on-site maintenance and repair of power transformers and on-load tap changers, oil analysis, oil treatment and retro filling. The approximate enterprise value of this acquisition is €1.30 mn. This acquisition will enhance Crompton Greaves' capabilities in the services segment of its transmission and distribution business and is the company's fourth international acquisition.

Manufacturing, Marketing and Servicing Network

CG's business operations consist of 22 manufacturing divisions spread across in Gujarat, Maharashtra, Goa, Madhya Pradesh and Karnataka, supported by well knitted marketing and service network through 14 branches in various states under overall management of four regional sales offices located in Delhi, Kolkata, Mumbai and Chennai. The company has a large customer base, which includes State Electricity Boards, Government bodies and large companies in private and public sectors.

Future Outlook

The quality of households is enhanced when their money is invested into products such as fans and lighting for basic comforts. Their lives are literally touched by delight. Similarly, Crompton helps electricity boards and other utilities to reach electricity to the last home and factory. Therefore, every individual in India who uses electricity can be considered as Crompton customer. Hence, the company continues to further and consolidate the initiatives that Colonel Crompton set into motion by focusing on meeting increasing customer demands for products that are eco-friendly, energy efficient and with intelligent monitoring and control systems.

All economic indicators point towards the manufacturing sector being the future driver of India's economic growth. India is today preferred destination for sourcing various engineering goods not only due to low cost but also due to high quality of products. Although, the climate for the manufacturing sector is bright, the concern is the threat of imminent competition from global players who are already in the process of setting up manufacturing facilities in India. The market is expected to remain competition with an added element of competition from imported products.

However, several measures that the company has already taken and it's plans for the future, together with business impact of the Pauwels acquisition, will equip the company to respond in adequate measure to this competitive pressure.

PRESS RELEASES

Mutually beneficial deal enables both companies to focus on key competencies in wind energy management

Albany, NY (April 19, 2010) - CG Automation, a wholly owned subsidiary of MSE Power Systems, Inc., today announced the acquisition of ADMS Wind SCADA and wind turbine monitoring systems technology from Second Wind Systems Inc. of Somerville, Mass. Combining this SCADA technology with its vast expertise in utility automation, MSE Power Systems and CG Automation are now positioned to offer more robust, feature-rich interconnection systems that are essential for smart grid solutions.

CG Automation is a worldwide leader in providing utility automation products and systems to the electric utility and renewable energy industries. Ownership of Second Wind's technology complements CG Automation's portfolio and broadens its services to the renewable energy market. "Integrating Second Wind's ADMS with our XCell Substation Automation products and services will enable CG Automation to provide our customers with sophisticated wind farm management and interoperability that today's smart grid initiatives demand," said Sam Sciacca, CEO of CG Automation. "In addition we see potential applications for this technology in the solar market."

"Our ADMS Wind SCADA and Wind Turbine Monitoring Systems are excellent technologies with a significant purpose in today's growing renewable energy market," said Second Wind CEO Larry Letteney. "We wanted to work with a partner that not only had the expertise, but the passion to grow and continually enhance this important solution because it is vital to the continued development of new energy sources. This deal also gave us the opportunity to put a laser -focus on our remote sensing product, Triton, which has seen tremendous market acceptance and deployment in the two years since we launched."

About MSE Power Systems

MSE Power Systems, a subsidiary of Crompton Greaves (CG), employs 150 professionals in nine offices across North America. The company provides electrical infrastructure engineering and full turnkey EPC services to the utility and renewable power generation industries. MSE is a leader in renewable energy, with a particular niche in wind power. To date, MSE is responsible for interconnecting 8700+ MW of wind power in the U.S. alone, which represents nearly 25 percent of current U.S. wind power. Several of MSE's completed wind power projects involved providing a bridge from the Second Wind SCADA technology to the utility grid. "Our acquisition of both this technology and CG Automation allows MSE to expand our scope of services to cover the complete integration of renewable generation into the utility grid, which we believe offers tremendous benefits to our clients," said Mark Scher, MSE Power Systems' CEO.

About Crompton Greaves

Crompton Greaves (CG) is part of the U.S. $4B Avantha Group, a global conglomerate with 20,000 employees operating in over 10 countries. "We intend to use CG's global footprint to take this technology worldwide, especially to Asia and Europe, where renewable energy growth is exponential," said Vijay Pargaonkar, VP of Business Development for CG.

About Second Wind Systems Inc.

Second Wind develops wind measurement solutions that make wind power facilities more efficient and profitable. With its ability to measure and record wind patterns in a wide variety of locations, Second Wind's sensors and profilers benefit businesses, investors and consumers by supporting the construction of commercially viable wind farms that provide a reliable energy stream. At nearly a million hours of collected data, Second Wind's Triton sonic wind profiler is the industry-leading remote sensing system. For more information about Somerville, Mass.-based Second Wind

Crompton Greaves Limited acquires UK based company PTS for GBP 30 mn

Mumbai / New Delhi, 30.03.2010: Crompton Greaves Limited (CG), part of the US$ 4 bn Avantha Group, today announced acquisition of U.K.-based Power Technology Solutions Limited (PTS). The approximate Enterprise Value of this acquisition is £ 30 mn.

Avantha Chairman and CEO Mr. Gautam Thapar said, "CG is one of the country's most globalised companies, with half its assets and more than 50% of its sales coming from abroad. This strategic investment will contribute as much to CG's product portfolio as it will to our overall growth plans."

Mr. S.M. Trehan, Managing Director, Crompton Greaves Limited said, "At CG, we are always exploring opportunities of growth and expansion that offer a strategic fit and right value. With the acquisition of Power Technology Solutions, CG will gain significant consolidation in the engineering, procurement and maintenance (EPM) segment in UK and get access to newer markets. This acquisition is a step forward towards achieving our revenue goal of US$ 8 bn by 2015."

This is CG's sixth acquisition in a span of five years (beginning 2005); the other acquisitions being Pauwels (2005), Ganz (2006), Microsol (2007), Sonomatra (2008) and MSE Power Systems (2008).

Established in 1999, PTS is a high voltage electrical engineering company which provides consultancy, technical and engineering support to regional electricity companies, including, but not limited to conceptual engineering / system studies and also complete EPC detailed engineering, spanning electrical (relay/control, SCADA and substation automation) and civil/structural (site foundation, development and structural design).

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.45.38
UK Pound	1	Rs.73.08
Euro	1	Rs.61.60

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	NO
--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	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
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

Power Systems

Industrial Systems

Digital Group

International Division

Domestic Appliances Division

Engineering Projects Division

Lighting Division

3035.300

2813.200

2629.510

12127.900

10122.600

9562.200

5485.000

4725.100

1576.500

0.000

0.000

0.000

1553.700

1325.400

2794.030

22201.900

18986.300

16562.240

9040.600

5425.400

3949.100

1535.700

1406.600

2540.970

16001.700

13283.300

12952.930

6200.200

5703.000

3609.310

7.96

12.53

26.24

0.52

1.39

1.28

Unit