MIRA INFORM REPORT

Report Date :

17.11.2011

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) :	31.03.2011
Date of Incorporation :	28.04.1937
Com. Reg. No.:	11-002641
Capital Investment / Paid-up Capital :	Rs.1283.000 Millions
CIN No.: [Company Identification No.]	L99999MH1937PLC002641
TAN No.: [Tax Deduction & Collection Account No.]	MUMCO5628A
PAN No.: [Permanent Account No.]	AAACC3840K
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
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.
No. of Employees :	6058 (approximately)

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 92000000
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 – September 30, 2011

Country Name

Previous Rating (30.06.2011)

Current Rating (30.09.2011)

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 minal.bhosale@cgglobal.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, Tamilnadu, 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 · Patna Western Region Located At: · Mumbai · Ahmedabad · Baroda · Indore · Pune · Nagpur · Raipur Southern Region Located At: · Chennai · Bangalore · Secunderabad · Cochin · Coimbatore Satellite office Located At: · Coimbatore · Cochin · Ernakulam · Chennai · Madurai · Vijayawada · Mandapam

DIRECTORS

AS ON 31.03.2011

Name :	Mr. Gautam Thapar
Designation :	Chairman
Name :	Mr. S. M. Trehan
Designation :	Vice Chairman (Managing Director upto 1 June 2011)
Name :	Mr. L. Demortier
Designation :	Managing Director
Name :	Mr. S Bayman
Designation :	Director
Name :	Mr. Omkar Goswami
Designation :	Director
Name :	Mr. S. Labroo
Designation :	Director
Name :	Mr. S. Prabhu
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. M. Acharya
Designation :	Chief Financial Officer
Name :	Mr. W. Henriques
Designation :	Company Secretary
Name :	Mr. L. Demortier
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2011)

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	267450703	41.79
Sub Total	267450703	41.79
(2) Foreign	-	-
Total shareholding of Promoter and Promoter Group (A)	267450703	41.79
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	91041982	14.23
Financial Institutions / Banks	2589721	0.40
Central Government / State Government(s)	482	-
Insurance Companies	49678958	7.76
Foreign Institutional Investors	100858849	15.76
Sub Total	244169992	38.16
(2) Non-Institutions
Bodies Corporate	60243346	9.41
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	49398483	7.72
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	7934404	1.24
Any Others (Specify)	10722799	1.68
Non Resident Indians	2773950	0.43
Overseas Corporate Bodies	102821	0.02
Foreign Corporate Bodies	7842003	1.23
Foreign Nationals	4025	-
Sub Total	128299032	20.05
Total Public shareholding (B)	372469024	58.21
Total (A)+(B)	639919727	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	1571809	-
Sub Total	1571809	-
Total (A)+(B)+(C)	641491536	100.00

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

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	#Licensed Capacity	*Installed Capacity	@Actual Production
Transformers, Reactors and Accessories thereof	MVA Nos.	49304 38500	39700 61000	35810 24879
Switchgear, Control Equipment and Accessories thereof	Nos.	440600	514540	367695
Energy Meters	Nos.	1000000	100000	367301
Traction Electronic, Industrial Drives and SCADA	Nos.	3334	3334	329
Electric Motors and Alternators and Drives Panels	HP Nos.	10520000 2089500	6380000 597862	5418088 485395
Power driven Pumps	Nos.	460000	140000	125405
Electrical Steel Stamping and Laminates	MT	22000	22000	17080
Electric Fans, Ventilation and Pollution Control Systems	Nos.	5980000	6052900	4261893
Electric Lamps	Nos.	114988000	115228000	104424858
Other Items	Nos.	1050	1050	37

NOTE:

# Under the liberalised 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 Development.

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 :

6058 (approximately)

Bankers :

· Union Bank of India

· IDBI Bank Limited

· State Bank of India

· ICICI Bank Limited

· Corporation Bank

· The Royal Bank of Scotland N.V.

· Canara Bank

· Standard Chartered Bank

· Bank of Maharashtra

· Credit Agricole CIB

· Yes Bank Limited

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
From Financial Institution
Foreign Currency	82.300	138.200
Total	82.300	138.200
Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Interest free sales tax deferral loans from state government (Due within one year Rs.24.800 millions)	51.700	129.600
Total	51.700	129.600

Banking Relations :	--
Auditors :
Name :	Sharp and Tannan Chartered Accountants
Solicitors :
Name :	Crawford Bayley and Company
Memberships :	Confederation of Indian Industry
Subsidiaries :	· CG Capital and Investments Limited · CG Energy Management Limited · CG PPI Adhesive Products Limited · CG-ZIV Power Automation Solutions Limited · CG International B.V. · CG Power Systems USA Inc. · CG Sales Networks Americas Inc. · CG Sales Networks France SA · CG Power Systems Belgium N.V. · CG Power Systems Canada Inc. · CG Holdings Belgium N.V. · CG Electric Systems Hungary Zrt. · CG Automation Systems UK Limited · PT. CG Power Systems Indonesia
Associates:	· CG Lucy Switchgear Limited · International Components India Limited (Up to 4^th October, 2010) · Brook Crompton Greaves Limited (Up to 26^th August 2009) · Avantha Power and Infrastructure Limited
Other Related Parties in which a director is interested:	· Ballarpur Industries Limited · Solaris Chem Tech Industries Limited · BILT Graphic Paper Products Limited · Asia Aviation Limited · Avantha Holdings Limited · Salient Business Solutions Limited · Avantha Technologies Limited · Avantha Realty Limited (formerly Janpath Investments and Holdings Limited) · Korba West Power Company Limited · Corella Investments Limited · Lustre International Limited · Solaris Holding Limited · KCT Chemicals and Electricals Limited · Sabah Forest Industries Sdn. Bhd. · International Components India Limited · Malanpur Captive Power Limited

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital:

No. of Shares	Type	Value	Amount
1,380,000,000	Equity Shares	Rs.2/- each	Rs.2760.000 Millions

Issued, Capital:

No. of Shares	Type	Value	Amount
641,533,836	Equity Shares	Rs.2/- each	Rs.1283.000 Millions

Subscribed and Paid-up Capital :

No. of Shares	Type	Value	Amount
641,491,536	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 nil 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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1283.000	1283.000	733.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		21757.800	16364.200	11685.700
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		23040.800	17647.200	12418.900
LOAN FUNDS
1] Secured Loans		82.300	138.200	345.200
2] Unsecured Loans		51.700	129.600	191.500
TOTAL BORROWING		134.000	267.800	536.700
DEFERRED TAX LIABILITIES		735.200	834.200	639.200
TOTAL		23910.000	18749.200	13594.800
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8753.000	5338.100	5107.100
Capital work-in-progress		476.900	330.300	129.500
INVESTMENT		7816.400	6880.600	2655.200
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4057.200	3035.300	2813.200
	Sundry Debtors	15101.800	12127.900	10122.600
	Cash & Bank Balances	1508.900	5485.000	4725.100
	Other Current Assets	8.600	10.000	0.000
	Loans & Advances	3173.400	1543.700	1325.400
Total Current Assets		23849.900	22201.900	18986.300
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	10090.400	9040.600	7927.600
	Other Current Liabilities	5203.000	5425.400	3949.100
	Provisions	1692.800	1535.700	1406.600
Total Current Liabilities		16986.200	16001.700	13283.300
Net Current Assets		6863.700	6200.200	5703.000
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		23910.000	18749.200	13594.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	59514.700	52839.900	46106.600
		Other Income	960.800	844.000	499.900
		TOTAL (A)	60475.500	53683.900	46606.500
Less	EXPENSES
		Manufacturing construction and operating expenses	41733.100	36229.600	31964.200
		Staff Expenses	3101.700	2557.900	2291.400
		Selling and administration expenses	5354.800	5474.800	5470.600
		Extra ordinary Item	0.000	(403.800)	0.000
		TOTAL (B)	50189.600	43858.500	39726.200
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10285.900	9825.400	6880.300
Less	FINANCIAL EXPENSES (D)		206.900	200.000	285.500
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10079.000	9625.400	6594.800
Less/ Add	DEPRECIATION/ AMORTISATION (F)		808.900	519.000	452.100
	PROFIT BEFORE TAX (E-F) (G)		9270.100	9106.400	6142.700
Less	TAX (H)		2326.800	2933.000	2171.800
	PROFIT AFTER TAX (G-H) (I)		6943.300	6173.400	3970.900
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		12724.100	8114.200	5398.100
Add	Amount transferred on amalgamation of a subsidiary		78.400	--	--
Less	APPROPRIATIONS
		Transfer to General Reserve	700.000	620.000	397.100
		1^st Interim Dividend	513.200	293.300	256.600
		2^nd Interim Dividend	513.200	513.200	293.200
		3^rd Interim Dividend	384.900	0.000	183.300
		Corporate Dividend Tax	232.900	137.000	124.600
	BALANCE CARRIED TO THE B/S		17401.600	12724.100	8114.200
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods (on FOB Basis) including deemed exports Rs.2360.100 millions	10555.700	12269.700	11576.500
		Service Income	149.100	56.000	12.600
		Other Earnings	0.000	0.000	2.000
	TOTAL EARNINGS		10704.800	12325.700	11591.100
	IMPORTS
		Raw Materials	4525.100	4280.200	3798.900
		Trading Goods	703.900	425.200	437.300
		Spares Parts	54.500	16.600	31.600
		Capital Goods	83.900	38.400	135.600
	TOTAL IMPORTS		5367.400	4760.400	4403.400
	Earnings Per Share (Rs.)		10.82	8.99	6.19

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011
Type	1^st Quarter	2^nd Quarter
Net Sales	14688.300	14514.700
Total Expenditure	12821.700	12900.700
PBIDT (Excl OI)	1866.600	1614.000
Other Income	156.600	168.200
Operating Profit	2023.200	1782.200
Interest	14.300	0.500
Exceptional Items	0.000	0.000
PBDT	2008.900	1781.700
Depreciation	285.800	267.100
Profit Before Tax	1723.100	1514.600
Tax	432.900	391.400
Provisions and contingencies	0.000	0.000
Profit After Tax	1290.200	1123.200
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	1290.200	1123.200

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	11.48	11.50	8.52
Net Profit Margin (PBT/Sales)	(%)	15.58	16.47	13.32
Return on Total Assets (PBT/Total Assets}	(%)	28.43	31.60	23.66
Return on Investment (ROI) (PBT/Networth)		0.40	0.49	0.49
Debt Equity Ratio (Total Liability/Networth)		0.74	0.92	1.26
Current Ratio (Current Asset/Current Liability)		1.40	1.39	1.38

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 760.000 millions . 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.

THE YEAR IN RETROSPECT

The consolidated net revenue of the Company during 2010-2011 grew by 9.5% at Rs.100050.000 millions , as compared with Rs.91410.000 millions last year. The Company has achieved a stand-alone net turnover of Rs.59510.000 millions , during the year, as compared with Rs.52840.000 millions during the previous year, a rise of 12.6%. Whilst order input has grown at a rate of 11.1% at a consolidated level during the year; growth in revenue has been, and is expected to be subdued on account of delayed off-takes by customers in the Power and Industrial segments. Stand-alone Power Systems grew by 1.8%, whilst consolidated Power Systems grew by 16.9% in Euro terms. A healthy growth in the slim transformer, gas insulated switchgear and project business in the Power Systems segment were the key growth drivers for this segment. The Industrial Systems segment grew quite significantly, by 18.9% during the year, largely due to revival in demand from steel, cement, fertilizers, oil & gas and other end user industries. The Company has successfully integrated the businesses of traction electronics, SCADA and drives which it acquired from Nelco last year; and is poised to increase its offering in this segment as a part of its larger vision to transform itself from a Product company to a Solutions Provider status. It has established a new plant dedicated to the manufacture of drives and automation, spread over 30,000 sq feet, equipped with modern equipment. The plant adds a new frontier to the technological capabilities of the Company as a Solutions Provider. The Consumer Products segment continued to outperform the market, with a growth of 25.4% fuelled by higher disposable incomes and the continuing growth in the construction sector. Consolidated profit before tax increased to Rs.12290.000 millions , as compared with Rs.11890.000 millions in the previous year, an increase of 3.4% over last year. Stand-alone profit before tax increased from Rs.870 millions to Rs.9270.000 millions , an increase of 6.5% over last year. Stiff competition from Korean and Chinese players created continuing margin pressures, which was further aggravated by rising prices of key materials. The Company has succeeded in sustaining operating margins largely on account of productivity enhancements, upgradation of production facilities, R and D-led savings in raw material consumption, process technology improvements, global sourcing initiatives, better working capital management and a debt free financial structure. Consolidated profit after tax (before extraordinary items) increased to Rs.9270.000 millions as compared with Rs.8250.000 millions in the previous year, an increase of 12.4 %

Over last year. Consolidated profit after tax increased to Rs.8890.000 millions compared with Rs.8600.000 millions in the previous year, an increase of 3.3% over last year. The Company recorded a stand-alone profit after tax of Rs.6940.000 millions , an increase of 20.3% as compared with last year.

AMALGAMATIONS

The Board of Directors at their meeting held on 28 January 2011, approved the amalgamation of CG Capital and Investments Ltd (CG Capital), the Company’s wholly-owned subsidiary with the Company. After divesting most of its portfolio of investments, CG Capital was practically dormant; and administratively, it was felt more convenient to manage the residual investments of CG Capital through the Company directly, instead of maintaining a separate entity. Pursuant to the Scheme of Amalgamation, filed by CG Capital with the High Court of Judicature at Bombay, the regulatory procedures are in an advanced stage of progress.

On 6 July 2010, the Company completed the amalgamation of its wholly-owned subsidiary, Brook Crompton Greaves Limited with it, as reported in the previous years Directors Report.

THE MAIN GLOBAL ACQUISITIONS HAVE BEEN:

● POWER SYSTEMS:

● INDUSTRIAL SYSTEMS:

● CONSUMER PRODUCTS:

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30.09.2011

(RS. IN MILLIONS)

Particulars	Quarter ended	Half Year ended
	30.09.2011 Unaudited	30.09.2011 Unaudited
Sales / Income from operations	15333.600	30771.200
Less: Excise duty	818.900	1568.200
Net Sales / income from operations	14514.700	29203.000
Expenditure
a. (Increase)/Decrease in stock in trade and work in progress	298.400	[495.900]
b. Consumption of raw materials	7692.000	16001.600
c. Purchase of traded goods	2502.200	5398.700
d. Employee Cost	892.000	1810.100
f. Depreciation / Amortisation	267.100	552.900
g. Other expenditure	1516.100	3007.900
Total Expenditure	13167.800	26275.300
Profit from Operations before Other Income, Interest	1346.900	2927.700
Other Income	168.200	324.800
Profit before Interest	1515.100	3252.500
Interest (Net)	0.500	14.800
Profit /Loss from Ordinary Activities before tax	1514.600	3237.700
Tax Expense :
Provision for Current Tax
(a) Current Tax	401.700	820.400
(b) Deferred Tax	[10.300]	3.900
Total Tax Expenses	391.400	824.300
Net Profit for the period	1123.200	2413.400
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)
(a) Basic and diluted	1.75	3.76
Public Shareholding *
- Number of shares	374040833	374040833
- Percentage of shareholding	58.31	58.31
Promoters and promoter group Shareholdings
a) Pledged / Encumbered
- Number of shares	13505300	13505300
- Percentage of shares (as a percentage of the total shareholding of promoter and promoter group)	5.05	5.05
- Percentage of shares (as a percentage of the total share capital of the company)	2.10	2.10
b) Non-Encumbered
- Number of shares	253945403	253945403
- Percentage of shares (as a percentage of the total shareholding of promoter and promoter group)	94.95	94.95
- Percentage of shares (as a percentage of the total share capital of the company)	39.59	39.59
* Public Shareholding includes shares held by custodians of Global Depository Receipts issued.

STANDALONE SEGMENTWISE REVENUE, RESULS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30.09.2011

(RS. IN MILLIONS)

Particulars	Quarter ended	Half Year ended
	30.09.2011 (Unaudited)	30.09.2011 Unaudited
SEGMENT REVENUE (net of excise duty)
(a) Power Systems	5987.900	11674.100
(b) Consumer Products	4801.400	10238.100
(c) Industrial Systems	3765.700	7382.900
(d) Others	30.200	58.300
TOTAL	14585.200	29353.400
LESS: Inter segment Revenue	70.500	150.400
Net Sales / Income From Operations	14514.700	29203.000
SEGMENT RESULT:
[Profit / (loss) before tax and Interest from each segment]
(a) Power Systems	671.600	1388.500
(b) Consumer Products	542.700	1296.400
(c) Industrial Systems	590.800	1166.300
(d) Others	2.900	6.400
TOTAL	1808.000	3857.600
LESS: (i) Interest (net)	0.500	14.800
(ii) Other un-allocable expenditure net of un-allocable income	292.900	605.100
Profit from Ordinary Activities before tax	1514.600	3237.700
CAPITAL EMPLOYED :
(segment Assets – segment Liabilities)
(a) Power Systems	8393.300	8393.300
(b) Consumer Products	1069.500	1069.500
(c) Industrial Systems	3361.700	3361.700
(d) Others	12896.800	12896.800
TOTAL	25721.300	25721.300

STATEMENT OF STANDALONE ASSETS AND LIABILITIES

Rs. in millions

Particulars		30.09.2011 (Unaudited)	30.09.2011 Unaudited
SHAREHOLDERS FUNDS
Share Capital		1283.000	1283.000
Reserves & Surplus		23539.000	18867.600
LOAN FUNDS
Secured Loans		202.500	110.700
Unsecured Loans		50.100	130.800
Deferred tax liabilities [Net]		646.700	885.300
TOTAL		25721.300	21277.400
FIXED ASSETS [Net Block]		8669.600	7982.200
INVESTMENT		6163.100	7673.200
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5111.000	4860.200
	Sundry Debtors	15271.500	13045.600
	Cash & Bank Balances	925.300	2222.400
	Other Current Assets	0.100	15.800
	Loans & Advances	6521.800	2103.600
		27829.700	22247.600
Less : CURRENT LIABILITIES & PROVISIONS
	Liabilities	15174.300	14450.200
	Provisions	1766.800	2175.400
		16941.100	16625.600
Net Current Assets		10888.600	5622.000
TOTAL		25721.300	21277.400

Notes on standalone financial results:

1. The above unaudited financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 19th October, 2011, are subjected to Limited Review by the Statutory Auditors.

2. The Honourable High Court of Judicature at Bombay, has vide its Order dated 20th August, 2011, sanctioned the Scheme of Amalgamation of CG Capital and Investments Limited (CGCIL or the Transferor Company) with the Company. The appointed date of the Scheme is 1st April, 2010 and the effective date of the Scheme is 20th September, 2011. In accordance with the said Scheme and as per the approval of the Honourable High Court:

a. The amalgamation has been accounted for under the pooling of interests method as prescribed by Accounting Standard (AS) 14 Accounting for Amalgamations specified by the Companies (Accounting Standards) Rules, 2006. As stipulated under the said Scheme, the reserves of the Transferor Company as at 31st March, 2010 has been transferred to the respective reserves. The profit after tax of CGCIL for the year 2010-11, net of appropriations, has been credited to the balance of the Profit and Loss Account;

b. CGCIL, being a 100% subsidiary of the Company, the entire paid-up equity share capital and preference share capital would be cancelled and the Transferor Company stands dissolved without winding-up; and

c. The amalgamation would result into increase in the Authorised Share capital of the Company by Rs. 850.000 millions comprising 425,000,000 Equity Shares of Rs.2 each.

Figures for the quarter ended 30th September, 2011 include the results of the erstwhile CGCIL, subsequent to it's amalgamation with the Company. Figures of the corresponding quarter and the financial year for the year ended 31st March, 2011 do not include the figures of the erstwhile CGCIL.

3. During the quarter, the Company has invested `Rs.1943.400 millions in Crompton Greaves Holdings Mauritius Limited, comprising of 42,134,142 ordinary shares of US $ 1 each, for acquisition of the Emotron Group in Sweden.

4. The Company has declared an interim dividend of `Rs.0.80 per share on 641,491,536 Equity Shares of ` 2 each for the financial year 2011-12.

5. The Company has received and satisfactorily resolved one investor complaint during the quarter. No complaints were pending at the beginning and at the end of the quarter.

6. Figures of the previous period / year have been regrouped and reclassified, wherever necessary.

Notice is hereby given pursuant to Section 154 of the Companies Act, 1956 that the record date for the interim dividend will be Tuesday, 25^th October, 2011 and the date for payment will be Friday, 4th November, 2011.

CONTINGENT LIABILITY:

Particular	31.03.2011 (Rs. In Millions)	As on 31.03.2010 (Rs. In Millions)
Claims against the company not acknowledged as debts	13.500	122.000
Sales tax liability that may arise in respect of matters in appeal	54.500	43.500
Excise duty / service tax liability that may arise in respect of matters in appeal preferred by the company	70.800	60.800
Excise duty / service tax liability that may arise in respect of matters preferred by the department	33.200	15.600
Income tax liability that may arise in respect of matters in appeal preferred b the department	84.700	43.100
Guarantees / securities given on behalf of subsidiary companies.	1237.000	2181.100
Bill discounted	1008.700	833.800
		3299.9

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).

JOINT PRESS RELEASE

30 September 2011

Eleanore project launched: 3E, Alstom Grid, CG, CMI, DEME Blue Energy, Eurogrid International and SAG bring their engagement to foster the development of future offshore grids in Europe one step further

3E, Alstom Grid, CG, CMI, DEME Blue Energy, Eurogrid International (a holding company owned by Transmission System Operator Elia and infrastructure funds specialist IFM), and SAG are each in their specific areas actively involved in enabling the development and integration of renewable energy in response to the European energy and climate protection targets. They today confirm the cooperation agreement that they had announced on a preliminary basis on December 9, 2010 to bundle resources within the project Eleanore.

The seven European companies, all active in the electricity transmission industry, including system operations development, financing, installation, operation and maintenance of such systems, and/or of renewable energy generation take a further step in their engagement to bundle competences and strengths to actively contribute to the development of future offshore grid infrastructure, more specifically in the North and Baltic Seas, the English Channel, the Celtic Sea and the Irish Sea.

The key contribution that will be delivered by offshore grids to the European energy strategy has gained focus and generates a consensus at the level of Europe and of each of the member states. The massive integration of renewable energy generated at sea – and the importance of electricity grids in this regard – has indeed become a

priority after the decisions that were taken following the tsunami in Japan.

The seven companies are bundling forces for jointly developing, operating and investing in targeted projects in the North and Baltic Seas, the English Channel, the Celtic Sea and the Irish Sea, in addition to providing joint combined services, products and investments to develop, operate and maintain the required marine infrastructure.

By bringing their cooperation agreement one step further, the seven companies demonstrate their strong support for the initiatives taken by the European, national and/or regional authorities to enhance the development of offshore wind generation and show the willingness of the sector to proactively and clearly contribute to the “North Seas Countries Offshore Grid Initiative”, the Memory of Understanding signed at the end of last year by the Ministers of the North Seas Countries: Belgium, Denmark, France, Germany, Ireland, Luxembourg, the Netherlands, Sweden and the United Kingdom.

For more information:

3E

Bruce Douglas, Marketing and Communications Director

Tel: +32 2 217 58 68

bruce.douglas@3E.eu)

Claire Gandadam, Communications Manager

Tel +32 2 229 26 10

Claire.Grandadam@3e.eu

Alstom

Emmanuelle Helleux (Alstom Grid) – Tel : +33 1 49 01 70 87

emmanuelle.helleux@alstom.com

Sonia Thibaut (Alstom Belgium) – Tel: +32 (0)71 44 56 11

sonia.thibaut@crn.alstom.com

CG

Jan Declercq, Chief Business Development Officer

Tel: +32 15 283 240

Jan.declercq@cgglobal.com

www.cgglobal.com

DBE

Corporate communication:

Hubert Fiers – Tel: +32 3 250 52 20 / +32 475 29 08 29

Fiers.hubert@deme.be

www.deme.be

CMI

Brigitte Coppens, Chief Communication Officer

Tel: +32 4 330 22 98 / + 32 475 30 22 98

brigitte.coppens@cmigroupe.com

Eurogrid

Media Relations:

Axelle Pollet – Tel: +32 2 546 75 11 / +32 475 84 38 91

axelle.pollet@elia.be

Eva Suls - Tel : +32 2 546 73 78 / +32 477 48 80 09

eva.suls@elia.be

Investor relations:

Bert Maes – Tel : +32 2 546 72 39 / +32 472 40 69 97

bert.maes@elia.be

www.elia.be

SAG

Markus Golde, Head of Communications

Tel: +49 6103 4858-383 / Fax: +49 6103 4858-389

markus.golde@sag.eu

www.sag.eu

About the companies

About 3E

3E is a Brussels based international research and engineering company specialized in renewable energy. 3E is actively involved in defining the strategy and technologies required to enable the transition to an intelligent, cost-effective renewable powered energy future. The company is leading research on offshore grid topology and design, energy economics and network intelligence for grids with high penetration of renewable. Day to day, 3E also accompanies stakeholders in the development and control of wind and solar energy projects worldwide and provides products and services to optimize energy consumption and improve energy system performance. 3E is a key contributor to the European and Belgian blueprints for Northern European offshore grids. A member of Friends of the Super grid the company is also currently working on the European project Offshore Grid

About Alstom

Alstom is a global leader in the world of power generation, power transmission and rail infrastructure and sets the benchmark for innovative and environmentally friendly technologies. Alstom builds the fastest train and the highest capacity automated metro in the world. It provides turnkey integrated power plant solutions and associated services for a wide variety of energy sources, including hydro, nuclear, gas, coal and wind, and it offers a wide range of solutions for power transmission, with a focus on smart grids. The Group employs 92,000 people in 100 countries and had sales of €20.9 billion in 2010/11.

Alstom Grid has over 100 years of expertise in electrical grids. Whether for utilities or electro-intensive industries or facilitating the trading of energy, Alstom Grid brings power to its customers’ projects. Alstom Grid ranks among the top 3 in electrical transmission sector with an annual sales turnover of more than €4 billion. It has 20,000 employees and over 90 manufacturing and engineering sites worldwide. At the heart of the development of Smart

Grid, Alstom Grid offers products, services and integrated energy management solutions across the full energy value chain—from power generation, through transmission and distribution grids and to the large end user.

About CG

CG, one leading electrical engineering corporations, offers its customers end-to-end solutions in the effective use of electrical power. CG has more than 75 years experience in the engineering and manufacturing of cost efficient electrical equipment from transformers, switchgear, motors, drives and personal electrical appliances. CG is a fully listed company part of the Avantha group. CG employs more than 10000 people in 21 countries. CG is organized in three Business Units focusing on the key electrical market segments: CG Power focusing on Transmission and Distribution as well as Smart Grid solutions and Renewable Energy integration, CG Industrial focusing on motors and drives solutions and CG Consumers focusing on electrical appliances and equipment for personal comfort.

About CMI (Cockerill Maintenance and Ingénierie)

CMI designs, modernises and overhauls equipment for the energy, defense, steel-making and other industry markets. CMI offers solutions that help improving the economical and technical performance of its customer’s manufacturing processes as well as reducing their environmental footprint. CMI has developed a range of technologies and services such as solar receivers for thermo solar power plants, furnaces for wood torrefaction, assembly and maintenance of wind turbines on and offshore. CMI Group can rely on a strong team of more than 3200 technicians and engineers and operates units based in Europe, the United States, Brazil, Russia, India and China.

About DEME Blue Energy (DBE)

DBE is a specialized company that focuses on the generation and transport of renewable energy and more in particular the research, development, construction and operation and maintenance of renewable ‘blue energy’ technology and projects. This could be either the generation of energy from waves, tidal movements and currents or electro-osmosis or biomass harvested from seaweed and algae thus in general from water. Also the marine electrical infrastructure to transport the generated electrical power is part of DBE’s scope of services. The company offers a full services package including the promotion and development of relevant projects, the partnership in ad-hoc Special Purpose Companies (SPC) that design, develop, implement, construct and operate the technology, the support in project financing for renewable energy projects, the exploitation and maintenance of blue energy structures and the facilitation of the construction of projects via participation in companies that construct at sea, in rivers, canals and installations that produce or transport energy. DBE relies on the resources of the multidisciplinary DEME-Group (Dredging, Environmental and Marine Engineering) that has made a substantial contribution to the development of systems and structures for the generation of renewable energy at sea in the last decade.

About Eurogrid International

Eurogrid is a holding company of Elia (60%), the Belgian electricity transmission system operator, and Industry Funds Management (IFM) (40%), an Australian based infrastructure investment funds management business. It owns a 100% interest in 50Hertz Transmission GmbH (50Hertz), one of the four transmission system operators in Germany. Elia is the Belgian transmission system operator, transmitting electricity efficiently, reliably and securely from producers to distribution system operators and major industrial users. Elia is responsible for importing and exporting electricity from and to neighbouring countries. Elia owns the entire Belgian very high voltage grid (150 to 380 kV) and some 94% (ownership and user rights) of the Belgian high-voltage grid (30 to 70 kV). The Elia grid comprises 5,608 km of overhead lines and 2,775 km of underground connections and is a key link between electricity markets in northern and southern Europe. It also links Belgian producers and consumers. Belgium's recent investment in interconnection capacity with its neighbors makes it one of the most open and interconnected grids in Europe. Elia has recently expanded its activities on a broader European level and, following its acquisition of German TSO 50Hertz and in cooperation with Industry Funds Management (IFM), is now one of the top five transmission system operators in Europe.

About SAG Group

For more than 90 years the SAG Group is the leading partner for energy related infrastructure of public utilities and industrial companies. SAG provides manufacturer-independent services and systems for the generation, transmission and distribution of electricity, gas and water networks. Approx. 8,300 employees generated revenues of around € 1 billion. SAG GmbH, headquartered in Langen, Germany, is present nationwide in Germany with over 120 locations. Subsidiaries in France, Poland, Hungary, Czech Republic and Slovakia also form a part of the SAG Group. In October 2010, SAG has strengthened its successful market position by acquiring Bohlen and Doyen (Germany), a construction and service company offering end-to-end services, from planning to maintenance and supervision of projects, among other areas including cabling and piping in tideland.

CG Q2 FY12 EARNINGS RELEASE

CONSOLIDATED Q2 FY12 ORDER INTAKE UP 33 % AT RS 22600 MILLIONS OVER Q1 FY12

CONSOLIDATED NET SALES UP 11% OVER Q1 FY12

EBIDTA AT 8.4% AS AGAINST 7.5% IN Q1 FY12

NET PROFIT UP 47 % AT RS 1170 MILLIONS OVER Q1 FY12

INTERIM DIVIDEND OF 40% (RS. 0.80 per share)

Mumbai- October 19, 2011—Crompton Greaves Limited (CG), the global electrical solution provider announced a robust order intake of Rs 22600 millions in the quarter ended September 30th, 2011, a jump of 33% over Q1FY12, which stood at Rs 17040 millions.

The sharp rise in order intake was on account of power business both in the domestic and in the international market. CG booked orders for the delivery of electrical connection for Offshore Wind Farm projects in Germany and for 765 KV High Voltage sub-stations for Power Grid Corporation of India Limited (PGCIL).

Consolidated Net Sales for Q2 FY12 was at Rs 27060 millions a rise of 11 % over Q1 FY12, which was at Rs 24380 millions. During the quarter the revenues from Power business rose by 16 % to Rs 17610 millions and revenue from Industrial business was up 23 % at Rs 4660 millions as compared to Q1 FY12.

The EBIDTA during the quarter was at 8.4 % as against 7.5% in Q1 FY12.

The Net Profit for the quarter was at Rs 1170 millions, a rise of 47 % over Q1 FY12 , which stood at Rs 790 millions.

Commenting on the results, Laurent Demortier, CEO and Managing Director, CG said: “In a challenging global business environment we are pleased to see that our latest innovated products such as Wind Farm Offshore connection, Solar Distribution Transformer and High Voltage Motors and Equipments have been well received by customers globally.

“Going forward, we will pursue our effort to reduce operation cost and expect our energy efficient products and solutions to support our planned growth prospect,” Mr. Demortier added.

The Board of Directors also approved an Interim Dividend of Rs 0.80 per share (on face value of Rs 2/-).

About CG:

CG, is a leading engineering and equipment manufacturer for electrical infrastructure and offers its customers end-to-end solutions in the effective use of electrical power. It has an experience of 75 years in the engineering and manufacturing of cost efficient electrical equipment from transformers, switchgear, motors, drives and personal electrical appliances. CG employs 10000 people in 10 countries.

CG is organized in three business units focusing on the key electrical market segments - CG Power focusing on Transmission and Distribution as well as Smart Grid solutions and Renewable Energy integration, CG Industrial focusing on motors and drives solutions and CG Consumer focusing on electrical appliances and equipment for personal comfort.

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.50.90
UK Pound	1	Rs.80.30
Euro	1	Rs.68.47

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.