1. Summary Information
|
|
|
Country |
India |
|
Company Name |
CROMPTON GREAVES
LIMITED |
Principal Name 1 |
Mr. Gautam Thapar |
|
Status |
Excellent |
Principal Name 2 |
Mr. S.M. Trehan |
|
|
|
Registration # |
11-002641 |
|
Street Address |
6th Floor, C.G. House, Dr.
Annie Besant Road, Worli, Mumbai – 400 030, Maharashtra, India |
||
|
Established Date |
28.04.1937 |
SIC Code |
-- |
|
Telephone# |
91-22-24237777 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-22-24237733 |
Business Style 2 |
Marketing |
|
Homepage |
Product Name 1 |
Transformers |
|
|
# of employees |
6058 (Approximately) |
Product Name 2 |
Switchgears |
|
Paid up capital |
Rs.1282,983,000/- |
Product Name 3 |
Capacitors |
|
Shareholders |
Promoter Holding - 41.79 % Public Holding – 58.21 % |
Banking |
Union Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
75 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Aa
(81) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries |
Germany |
Emotron Lift Center GmbH |
- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
23,929,100,000 |
Current Liabilities |
18,241,200,000 |
|
Inventories |
4,496,000,000 |
Long-term Liabilities |
22,600,000
|
|
Fixed Assets |
5,961,600,000 |
Other Liabilities |
432,300,000 |
|
Deferred Assets |
0 |
Total Liabilities |
18,696,100,000 |
|
Invest& other Assets |
11,318,200,000 |
Retained Earnings |
25,725,800,000 |
|
|
|
Net Worth |
27,008,800,000 |
|
Total Assets |
45,704,900,000 |
Total Liab. & Equity |
45,704,900,000 |
|
Total Assets (Previous Year) |
40,896,200,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
64,853,800,000 |
Net Profit |
5,048,600,000 |
|
Sales(Previous yr) |
59,514,700,000 |
Net Profit(Prev.yr) |
6,943,300,000 |
MIRA
INFORM REPORT
|
Report Date : |
17.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
CROMPTON GREAVES LIMITED |
|
|
|
|
Registered
Office : |
6th
Floor, C.G. House, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
28.04.1937 |
|
|
|
|
Com. Reg. No.: |
11-002641 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1282.983 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 Share 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 108000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exists |
|
|
|
|
Comments : |
Subject is a part of Thapar Group – a well established industrial
house. It is a well established company having fine track. It is a pioneering leader in the management and application of
electrical energy with a presence in over 10 countries. It is amongst the
world’s top- ten transformer manufacturers. There appears a slight dip in the profits during 2012. Financial
position of the company appears to be sound. Directors are reported to be
well experienced, respectable and resourceful industrialists. Trade relations are reported as praiseworthy. Business is active.
Payments are reported to be regular and as per commitments. The company can be considered good for 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
6th Floor,
C.G. House, Dr. Annie Besant Road, Worli, Mumbai – 400 030, Maharashtra,
India |
|
Tel. No.: |
91-22-24237777 |
|
Mobile No.: |
Not Available |
|
Fax No.: |
91-22-24237733 |
|
E-Mail : |
|
|
Website : |
|
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|
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|
Plant
Locations : |
Power Systems
Kanjur, Bhandup,
Mumbai – 400 042, Tel. No.
91-22-25782451 Fax No. 91-22-25783271/
25783216 E-Mail. : vmasson@tone.cgl.co.in A/3 MIDC Area,
Ambad, Nashik – 422 010, Tel. No.
91-253-2382271/ 2382275 Fax No.
91-253-2381247 E-Mail. : contact@cglmail.com D-2 MIDC, Waluj, Tel. No.
91-240-2554662 /2554371/ 2554372/ 2554559 Fax No.
91-240-2554697 E-Mail. : cglsg@bom4.vsnl.net.in Tel. No.
91-20-27474925 Fax No.
91-20-27474972 E-Mail. : cgt2@mantraonline.com T1+T2 MPAKVN
Industrial Area, Malanpur (District Bhind) - 477 716, Tel. No.
91-7539-283502/ 3507/ 3470 Fax No.
91-7539-283585 E-Mail. : cgt2@mantraonline.com Plot No.29-32 New
Industrial Area No.1, Mandideep – 462 046, Tel. No.
91-7480-233306 Fax No.
91-7480-233149 E-Mail. cglt-bpl@sancharnet.in Plot No. 65,
Phase 1, SIPCOT Industrial Complex, Hosur - 635 126, Telefax :
91-4344-2579633 Fax No. :
91-4344-2579622 E-Mail. : cgpolycrete@satyam.net.in Industrial Systems
Kanjur, Bhandup,
Mumbai – 400 042, Tel. No.
91-22-2578 2451 Fax No.
91-22-2578 3845 E-Mail. : imd@cgl.co.in A/6-2, MIDC
Industrial Area, Ahmednagar – 414 111, Tel. No.
91-241-2777372 Fax No.
91-241-2777508 E-Mail. : sc.gupta@mail.cgl.co.in B-110 MIDC
Industrial Area, Ahmednagar – 414 111, Tel. No.
91-241-2778521 Fax No.
91-241-2777491 E-Mail. : gupta.r.k@mail.cgl.co.in Plot No. 4, Gate
No. 627/2, Village Kuruli, Near Chakan, Pune - 410 501, Tel. No. 91-2135-254641/2 E-Mail. feeder@cgl.co.in D-5 Industrial
Area, MPAKVN, Mandideep – 462 046, Tel. No.
91-7480-233116 / 233118 Fax No.
91-7480-233119 E-Mail. : ak.raina@mail.cgl.co.in 11-B, Industrial
Area 1, Pithampur – 454 775, District Dhar, Tel. No.
91-7292-253194/ 253258 Fax No.
91-7292-253211 E-Mail. : cglsrub@sancharnet.in C 71-72, MIDC
Industrial Area, Satpur, Nashik – 422 007, Tel. No.
91-253-2351067/ 69 Fax No.
91-253-2351492 E-Mail. : vrkumar@satpur2.cgl.co.in D-2-21, 22, 23,
Tivim Industrial Estate, Karaswada, Bardez, Goa - 403 526, Tel. No. 91-832-2257639/ 409 Fax No. 91-832-2257207 E-Mail. : sagar.r.k.@mail.cgl.co.in 196-198, Kundaim
Industrial Estate, Kundaim, Ponda, Goa - 403 110, Tel. No.
91-834-2395510 Fax No.
91-834-2395377 E-Mail.: cglfhpg@goatelecom.com L. B. Shastri
Marg, Bhandup, Mumbai - 400 078, Tel. No. :
91-22-25783865/ 3581/ 83 Fax No. :
91-22-25782877 Tel. No. :
91-22-24933913/ 916 Fax No.:
91-22-24951411 Consumer Products Kanjur, Bhandup,
Mumbai – 400 042, Tel. No.
91-22-25782451 Fax No. 91-22-25786046 Tel. No.
91-22-24951983 / 24944376/ 24977652 Fax No.
91-22-24604707 / 4708 / 24973046 E-Mail. : vrm@cgl.co.in Kural Village,
Padra Taluka, Tel. No. :
91-2662-242278 Fax No. :
91-2662-242326 E-Mail. : kvs@mail.cgl.co.in 325-326, Kundaim
Industrial Estate, Ponda, Goa - 403 110, Tel. No. : 91-832-2395304 Fax No. :
91-832-2395305 A-28, MIDC,
Ahmednagar - 414 111, Tel. No.
91-241-2777155 E-Mail. uhm@cgl.co.in 214-A, Kundaim
Industrial Estate, Kundaim, Goa - 403 110, Tel. No. 91-832-2395246/
206/ 304 Fax No.
91-832-2395305 E-Mail. rsk@mail.cgl.co.in Plot No. 1, IDC
Industrial Estate, Bethora, Ponda, Goa 403 409, Tel. No.
91-832-2330005/ 2330742 Fax No.
91-832-2313155 E-Mail. rsk@mail.cgl.co.in Village and
Import Export Executive Channo, District Sangrur - 148 026, Digital Group
10-A Jigani
Industrial Estate, Jigani, Anekal, E-Mail. cgl.rcd@cromption.sril.in 11A and 11C
Industrial Area, Pithampur – 454 775, District Dhar, Tel. No.
91-7292-253035/ 253071 Fax No.
91-7292-253213 E-Mail. hs_sekhon@yahoo.co.in International
Division
Jagruti, 2nd
Floor, Kanjur Marg (East), Mumbai - 400 042, Tel. No.
91-22-25782451-7/ 25776524/ 6649/ 25776723/ 25784211-19/ 67558000 Fax No.
91-22-25774066 E-Mail. ashley@cgl.co.in Domestic
Appliances Division
27, Tel. No.
91-11-27516993/ 23632349 Fax No.
91-11-27514899 Engineering
Projects Division
Tel No.
91-44-25341941 Fax No.
91-44-25341048 E-Mail. cglepd@vsnl.com 50, Tel. No. 91-33-22828709/
22820814/ 3716 Fax No.
91-33-22823715 Lighting
Division
Tel. No.
91-22-24604701 |
|
|
|
|
Regional Sales
Office : |
Northern Region Located at: v Jaipur v Jalandhar v
v
Eastern Region Located at: v
Kolkata v
v
Western Region Located at: v Mumbai v
Ahmedabad v
v
Indore v
v
Pune v
v
Southern Region Located At: v Chennai v
v Secunderabad v
v
Satellite Office Located at: v
v
v
Ernakulam v
Chennai v
v
v
Mandapam |
|
|
|
|
Branches : |
Located at Poland |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Gautam Thapar
|
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. S.M. Trehan |
|
Designation : |
Vice Chairman
(Managing Director upto 1st 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 30.06.2012
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
255945608 |
39.99 |
|
|
255945608 |
39.99 |
|
|
|
|
|
|
11505462 |
1.80 |
|
|
11505462 |
1.80 |
|
Total shareholding of Promoter and Promoter Group (A) |
267451070 |
41.79 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
90113139 |
14.08 |
|
|
1565659 |
0.24 |
|
|
482 |
0.00 |
|
|
47687360 |
7.45 |
|
|
123376359 |
19.28 |
|
|
262742999 |
41.05 |
|
|
|
|
|
|
41368002 |
6.46 |
|
|
|
|
|
|
50327202 |
7.86 |
|
|
8313280 |
1.30 |
|
|
9797114 |
1.53 |
|
|
2773780 |
0.43 |
|
|
178806 |
0.03 |
|
|
6842003 |
1.07 |
|
|
2525 |
0.00 |
|
|
109805598 |
17.16 |
|
Total Public shareholding (B) |
372548597 |
58.21 |
|
Total (A)+(B) |
639999667 |
100.00 |
|
© Shares held by Custodians and against which Depository Receipts have
been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
1491869 |
0.00 |
|
|
1491869 |
0.00 |
|
Total (A)+(B)+(C) |
641491536 |
0.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 million 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: |
|
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
|
No. of Employees : |
6058
(Approximately) |
|||||||||||||||||||||
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|
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Bankers : |
v
Union Bank of v IDBI Bank Limited v
State Bank of v ICICI Bank Limited v Corporation Bank v
The Royal Bank of v Canara Bank v Standard Chartered Bank v
Bank of v Credit Agricole CIB v Yes
Bank Limited |
|||||||||||||||||||||
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|
|
|||||||||||||||||||||
|
Facilities : |
(Rs.
in Millions) |
|||||||||||||||||||||
|
|
Note: *Working capital demand loan from bank is secured against
hypothecation of stocks and trade receivables, both present and future. #The company has opted for the deferral scheme of sales tax, which is
payable as per the scheme framed by state Goverments. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered
Accountants |
|
|
|
|
Solicitors : |
Crawford Bayley
and Company |
|
|
|
|
Subsidiaries : |
1.
CG Capital & Investments Limited (merged
w.e.f. 20th August, 2011) 2.
CG Energy Management Limited 3.
CG PPI Adhesive Products Limited 4.
CG-ZIV Power Automation Solutions Limited 5.
CG International B.V. 6.
CG Holdings Belgium N.V. 7.
CG Power Systems Belgium N.V. 8.
Pauwels Trafo Gent N.V. 9.
CG Power Systems Ireland Limited 10.
CG Sales Networks France SA 11.
CG Power Systems USA Inc. 12.
CG Sales Networks Americas Inc. 13.
CG Power Systems Canada Inc. 14.
CG Service Systems Curacao N.V. 15.
PT. CG Power Systems Indonesia 16.
CG Holdings Hungary Kft. 17.
CG Electric Systems Hungary Zrt. 18.
CG Power Holdings Ireland Limited 19.
Microsol Limited 20.
CG Automation Systems UK Limited 21.
Viserge Limited 22.
CG Automation Systems USA Inc (merged w.e.f. 23rd
March, 2012) 23.
CG Service Systems France SAS 24.
CG Power Solutions USA Inc 25.
CG Holdings Germany GmbH 26.
CG Power Solutions UK Limited 27.
CG Holdings USA Inc 28.
CG Power County LLC 29.
Power County Wind Parks LLC 30.
Power County Wind Park North LLC 31.
Power County Wind Park South LLC 32.
CG Glenmore LLC (liquidated w.e.f. 17th
January,2012) 33.
CG Power Systems Brazil LTDA (formerly CG Holdings Brazil LTDA) 34.
CG Power Solutions Saudi Arabia (formerly CG Power Systems For Saudi
Arabia Company) 35.
CG Sales Networks Singapore PTE. Limited 36.
Crompton Greaves Holdings Mauritius Limited
(w.e.f. 3rd June, 2011) 37.
CG International Holdings Singapore PTE. Limited
(w.e.f. 6th June, 2011) 38.
CG Power Solutions Limited (w.e.f. 14th March,
2012) 39.
CG Industrial Holdings Sweden AB (formerly Goldcup 6699 AB) 40.
P-EM 2007 A/S 41.
Crompton Greaves Holdings Sweden AB (formerly Emotron Invest AB) 42.
Emotron Holding AB 43.
CG Drives and Automation Sweden AB (formerly Emotron AB) 44.
CG Drives and Automation Netherlands B.V. (formerly Emotron B.V.) 45.
Emotron Drives UK Limited 46.
Emotron El-Fi UK Limited 47.
CG Drives and Automations Germany GmbH 48.
Emotron Lift Center GmbH – Germany (merged w.e.f.
16th January, 2012) 49.
Scandialogic AB 50.
Emotron Drives AB 51.
Emotron El-Fi AB 52.
Emotron Latin America Inc. 53.
CG Automation Solutions USA Inc (formerly QEI, Inc) NOTE: ·
Serial Nos. 29 to 31 are divested w.e.f. 30th
January, 2012 ·
Serial Nos. 36 to 38 are formed during the year ·
Serial Nos. 39 to 52 are acquired w.e.f. 11th
June, 2011 ·
Serial No. 53 is acquired w.e.f. 20th June, 2011 |
|
|
|
|
Associates: |
·
CG
Lucy Switchgear Limited ·
Avantha
Power and Infrastructure Limited |
|
|
|
|
Related Parties: |
·
Ballarpur Industries Limited ·
Solaris ChemTech Industries Limited ·
BILT Graphic Paper Products Limited ·
Asia Aviation Limited ·
Avantha Holdings Limited ·
Salient Business Solutions Limited ·
Avantha Realty Limited ·
Korba West Power Company Limited ·
Sabah Forest Industries Sdn. Bhd. ·
Malanpur Captive Power Limited ·
Avantha Technologies Limited ·
Corella Investments Limited ·
Lustre International Limited ·
Varun Prakashan Private Limited |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1805000000 |
Equity Shares |
Rs. 2/- Each |
Rs.3610.000 Millions |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
641533836 |
Equity Shares |
Rs. 2/- Each |
Rs.1283.068 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
641491536 |
Equity Shares |
Rs. 2/- Each |
Rs.1282.983 Millions |
|
|
|
|
|
Notes:
(a) Reconciliation of the number of the shares outstanding at the
beginning and at the end of the year:
|
Authorised share capital: |
As at 31.03.2012 |
|
|
|
No. of Shares |
Rs. in Millions |
|
Balance at the beginning of the year |
1380000000 |
2760.000 |
|
Amalgamation of wholly owned subsidiary with the company (Refer note
below) |
425000000 |
850.000 |
|
Balance at the end of the year |
1805000000 |
3610.000 |
During the year,
the company’s authorised share capital has increased from Rs. 2760.000 Millions
to Rs. 36100.00 Millions comprising of 1,80,50,00,000 number of equity shares of
Rs. 2 each on amalgamation of CG capital and investments limited, a wholly
owned subsidiary, with the company on 20th august, 2011.
The company has not issued any equity shares during the current and in
the previous year.
(b) Details shareholders holding more than 5% shares in the Company:
|
|
As at 31-03-2012 |
|
|
|
% |
No. of Shares |
|
1. Avantha Holdings limited |
39.90 |
255937034 |
|
2. HDFC Trustee company limited |
8.39 |
53842070 |
|
3. life insurance corporation of India |
5.81 |
37282492 |
(c) There are no shares reserved for issue under options and contracts /
commitments for the sale of shares / disinvestment.
(d) Aggregate number of bonus shares issued during the period of five years
immediately preceding the reporting date:
|
|
As at 31-03-2012 |
|
shares issued as fully paid-up bonus shares |
No. of Shares |
|
|
274924944 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1283.000 |
1283.000 |
1283.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
25725.800 |
21757.800 |
16364.200 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
27008.800 |
23040.800 |
17647.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.000 |
82.300 |
138.200 |
|
|
2] Unsecured Loans |
20.600 |
51.700 |
129.600 |
|
|
TOTAL BORROWING |
22.600 |
134.000 |
267.800 |
|
|
DEFERRED TAX LIABILITIES |
432.300 |
735.200 |
834.200 |
|
|
|
|
|
|
|
|
TOTAL |
27463.700 |
23910.000 |
18749.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5961.600 |
8753.000 |
5338.100 |
|
|
Capital work-in-progress |
793.200 |
476.900 |
330.300 |
|
|
|
|
|
|
|
|
INVESTMENT |
10525.000 |
7816.400 |
6880.600 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4496.000
|
4057.200
|
3035.300
|
|
|
Sundry Debtors |
17356.200
|
15101.800
|
12127.900
|
|
|
Cash & Bank Balances |
3211.000
|
1508.900
|
5485.000
|
|
|
Other Current Assets |
488.800
|
8.600
|
10.000
|
|
|
Loans & Advances |
2873.100
|
3173.400
|
1543.700
|
|
Total
Current Assets |
28425.100
|
23849.900
|
22201.900 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
11710.300
|
10090.400
|
9040.600
|
|
|
Other Current Liabilities |
5028.000
|
5203.000
|
5425.400
|
|
|
Provisions |
1502.900
|
1692.800
|
1535.700
|
|
Total
Current Liabilities |
18241.200
|
16986.200
|
16001.700
|
|
|
Net Current Assets |
10183.900
|
6863.700
|
6200.200
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
27463.700 |
23910.000 |
18749.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
64853.800 |
59514.700 |
52839.900 |
|
|
|
|
Other Income |
743.900 |
960.800 |
844.000 |
|
|
|
|
TOTAL (A) |
65597.700 |
60475.500 |
53683.900 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of raw
materials and components consumed and construction materials |
34676.200 |
-- |
-- |
|
|
|
|
Manufacturing
construction and operating expenses |
-- |
41733.100 |
36229.600 |
|
|
|
|
Purchases of stock-in-trade |
12654.700 |
-- |
|
|
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(73.900) |
-- |
-- |
|
|
|
|
Selling and
administration expenses |
-- |
5354.800 |
5474.800 |
|
|
|
|
Employee benefits |
3635.900 |
3101.700 |
2557.900 |
|
|
|
|
Other Expenses |
6754.100 |
- |
-- |
|
|
|
|
Extra ordinary Item |
-- |
- |
(403.800) |
|
|
|
|
TOTAL (B) |
57647.000 |
50189.600 |
43858.500 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7950.700 |
10285.900 |
9825.400 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
276.600 |
206.900 |
200.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7674.100 |
10079.000 |
9625.400 |
||
|
|
|
|
|
|
||
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
907.100 |
808.900 |
519.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6767.000 |
9270.100 |
9106.400 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
1718.400 |
2326.800 |
2933.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT AFTER TAX
(G-H) (I) |
5048.600 |
6943.300 |
6173.400 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
17401.600 |
12724.100 |
8114.200 |
||
|
|
|
|
|
|
||
|
Add |
Amount
transferred on amalgamation of a subsidiary |
-- |
78.400 |
-- |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
680.000 |
700.000 |
620.000 |
|
|
|
|
1st Interim Dividend |
513.200 |
513.200 |
293.300 |
|
|
|
|
2nd Interim Dividend |
128.300 |
513.200 |
513.200 |
|
|
|
|
3rd Interim Dividend |
256.600 |
384.900 |
0.000 |
|
|
|
|
Corporate Dividend Tax |
145.700 |
232.900 |
137.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
20726.400 |
17401.600 |
12724.100 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export of Goods (on FOB Basis) including deemed exports Rs.2360.100
millions |
8719.600 |
10555.700 |
12269.700 |
|
|
|
|
Service Income |
131.000 |
149.100 |
56.000 |
|
|
|
|
Other Earnings |
138.700 |
0.000 |
0.000 |
|
|
|
TOTAL EARNINGS |
8989.300 |
10704.800 |
12325.700 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
5579.800 |
4525.100 |
4280.200 |
|
|
|
|
Trading Goods |
951.500 |
703.900 |
425.200 |
|
|
|
|
Spares Parts |
33.200 |
54.500 |
16.600 |
|
|
|
|
Capital Goods |
336.000 |
83.900 |
38.400 |
|
|
|
TOTAL IMPORTS |
6900.500 |
5367.400 |
4760.400 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
7.87 |
10.82 |
8.99 |
||
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
|
Type |
1st
Quarter |
|
Net Sales |
16591.700 |
|
Total Expenditure |
15008.100 |
|
PBIDT (Excl OI) |
1583.600 |
|
Other Income |
204.700 |
|
Operating Profit |
1788.300 |
|
Interest |
0.000 |
|
Exceptional Items |
0.000 |
|
PBDT |
1788.300 |
|
Depreciation |
170.500 |
|
Profit Before Tax |
1617.800 |
|
Tax |
415.100 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
1202.700 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
1202.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total
Income |
(%) |
7.70
|
11.48 |
11.50 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.43
|
15.58 |
17.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.68
|
28.43 |
33.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.40 |
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.68
|
0.74 |
0.92 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.40 |
1.39 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-------- |
|
26] |
Buyer visit details |
-------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION
DETAILS
CASE
DETAILS: Bench – Bombay.
|
Stamp
No: - CAFST/18328/2012 Filing Date: - 09.07.2012
Reg. No:- CAF/2535/2012 Reg. Date:- 27.07.2012 |
|
Stamp No:- FAST/16394/2012 Main Matter
Reg No.:-FA/1110/2012 |
|
Petitioner:- M/S SACHIN
ELECTRICALS
Respondent:- M/S CROMPTON GREAVES LIMITED Petn.
Adv.:- P.B.GUJAR District: PUNE |
|
Bench:- SINGLE Status:- Pre-Admission
Category:- FOR STAY Last Date:- 07.08.2012
Stage:- FOR ADMISSION – FRESH [CIVIL Last Coram:- HONBLE SMT.JUSTICE R.P.SONDURBALDOTA SIDE MATTERS] |
|
Act:-
Other Act |
|
Stamp
No: - FAST/16394/2012 Filing
Date: - 21.06.2012 Reg. No:- FA/1110/2012 Reg.
Date:- 17.07.2012 |
|
Petitioner:- M/S
SACHIN ELECTRICALS Respondent:- M/S
CROMPTON GREAVES LIMITED Petn.
Adv.:- P.B.GUJAR
AND RIYAZ SHAIKH District: PUNE |
|
Bench:- SINGLE Status:- Pre-Admission Stage:- FOR ADMISSION – FRESH [CIVIL Next Date:-
12.09.2012
SIDE MATTERS] Coram:- HON’BLE SMT.JUSTICE
R.P.SNDURBALDOTA
Last Date:- 07.08.2012
Stage:- FOR ADMISSION – FRESH [CIVIL Last Coram:- HONBLE SMT.JUSTICE R.P.SONDURBALDOTA SIDE MATTERS] |
|
Act:-
Indian Evidence Act |
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 2011-2012 grew by 12.4% at Rs.112490.000
Millions, as compared with Rs.100050.000 Millions last year. The Company has
achieved a stand-alone net turnover of Rs.64850.000 Millions, during the year,
as compared with Rs.59510.000 Millions during the previous year, a rise of 9%.
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 year’s Directors Report.
ACQUISITION OF EMOTRON GROUP AND QEI INC:
On 19 May 2011,
the Company acquired Emotron of Sweden for an enterprise value equivalent to Û
57.800 million. Emotron has an excellent track record in West European markets
especially Germany and the Benelux countries. This company manufactures Low
Voltage AC Drives and Soft Starters with latest technology. With this
acquisition, the Company has taken a big step in expanding its offering of
energy saving solutions to the global market with state-of-the-art power
electronics technology. On 27 May 2011, the Company acquired QEI Inc of USA for
an enterprise value equivalent to US$30 million. With this acquisition, CG has
further strengthened its position in SCADA and automation. The acquisition of
QEI will further strengthen the Company’s penetration in the North American
automation market, and creating potential capabilities for distribution
automation in India and Europe.
CONSERVATION
OF ENERGY:
Energy
Conservation Measures taken:
The
thrust on energy conservation continued this year with focused initiatives at
manufacturing plants to reduce cycle time of energy intensive processes,
maintenance of power factor close to unity and substitution of traditional
sources of energy such as coal and gas with renewable energy.
The typical
measures taken towards energy conservation are:
·
Reduction of cycle time of autoclave
processes by installation of new electric oven
·
Installation of solar pumping system
for borewell operations, resulting in electricity savings of 3Ð 4 hrs daily
·
Introduction of new drying process in
transformers which reduced energy usage by 12% annually
·
Development of CRCA (Cold rolled
Continuous Annealed) material for motor lamination which would result in energy
saving of about 20% due to lower
annealing cycles
·
Introduction of new impregnating cycle
in the winding process of large machines to reduce cycle time by 20%
·
Replacement of in house lighting
requirements at certain units with LED based light sources which were more
energy efficient
·
Usage of thermocole free packaging for
Consumer BU products
Besides the
internal actions for energy conservation, offering energy efficient products
and solutions to customers has become a standard for all R&D efforts.
During the year, the Company launched several 4 and 5 BEE rated fans and
appliances and LED based lighting systems which are at least 20% more energy
efficient than existing products.
Additional investments
and proposals, if any, being implemented for reduction in consumption of
energy:
The
following processes are under implementation for reducing energy consumption:
·
Installation of precision temperature
controlling equipment in drying ovens to avoid unnecessary overheating
·
Installation of human sensor for
switching of lights when not in use
·
Installation of air curtains for
improving the air conditioning
·
Usage of energy efficient motors in
operations
·
Up-gradation of force cooling system
for autoclaves
·
Modification of autoclave condensers to
reduce cycle time
·
Addition of thyistor modules for heat
treatment furnace, calcinantion furnace and binder removal furnace
Impact of the
measures at (a) and (b) for reduction of energy consumption and consequent impact
on the cost of production:
The above measures
have resulted in optimization of the energy consumption and savings for the
Company in the energy cost. However, since the Company’s manufacturing
processes are not energy intensive, the energy conservation measures have a
negligible impact on the Company’s overall cost of production of goods.
TECHNOLOGY
ABSORPTION:
Research and
Development:
Specific areas of
significance in which R&D is carried out by the Company:
The Company’s
R&D efforts are primarily influenced by the Company’s long-term business
plans, with a focus on New Products identified from the annual strategy
exercise.
Several projects
were conducted in the areas of superconducting, nanotechnology, motors design,
smart systems, asset management, electronics, materials, insulation systems and
process optimization.
Benefits derived
as a result of the above R&D: NEW PRODUCTS COMMERCIALISED
Power Systems:
·
270 MVA, 420/21 kV, single phase
generator transformer for Korba Power GSU with new design
·
200 MVA & 235 MVA, 500/18 kV, 3
phase, generator transformer
·
315 MVA auto transformer ICT (inter
connecting transformer), boltless core in 5 limb construction
·
66 MVA,161/34/5 kV station transformer
·
40 MVAr, 500 kV, single phase, shunt reactor
·
500 MVA, 765 kV, single phase, auto
transformer with two wound limb
·
80 MVAr, 765 kV single phase, shunt
reactor
·
110 MVAr, 765 kV single phase, shunt
reactor
·
333 MVA, 1150 kV 3 phase, auto
transformer
·
950 KVA, 33/0.4 kV sealed wind mill
transformer
·
33 kV cast resin transformer
·
800 kV, 50 kA spring pneumatic gas
circuit breaker with controlled switching
·
Circuit breaker technology suitable for
-60Deg application
·
12 kV, 20 kA, 1250 Amp Vacuum
Interrupter
·
36 kV, 26.3 kA, 1250 Amp Vacuum
Interrupter
·
12 kV, 50 kA, 2500 Amp Vacuum
Interrupter
Industrial Systems:
·
Cylindrical pole synchronous generator
up to 8 MVA
·
N Series vertical closed air circuit
air cooled motors from 450 to 630 frame size
·
N Series water cooled motors
·
Lift drive technology
·
IGBT based 130x3 KVA auxiliary
alternator
·
Integrated power supply unit
·
0.5 thk, 0.65 thk S0 grade stamping
material with customizable properties for multiple stamping applications of
rotating machines
·
New series of wet grinder motors
·
E-lite series aluminum motors
·
Eco series motors
·
Flange motors
·
Cooler kit motors
·
Ustad series alternator
·
808 frame mill duty motors
·
Single phase alternators
·
M1 range IE2 motors
·
A1 & A2 range IE2 motors
·
Agnita series flame proof motor for gas gr. IIC
applications
Consumer Products:
·
Range of ceiling fans in metallic
colours 1) - 25 models launched with different aesthetic appeal viz ZAPAR,
Flora Hi Speed, Avancer, Decora Elegenza, Taurus. 2)- Brushed Steel, Brushed
Gun Metal, Brushed Copper - 48 - 3 Blade, Riviera
·
Highly efficient 5 Star rated 50 W
ceiling fan
·
Fire fighting system utilizing 3HP-10HP
monobloc and engine driven end suction pumps
·
Submersible pump range to cater to new
sewage treatment market
·
Economic 4Ó submersible CG/W series
pumps
·
Mini series pumps with superior cooling
system based on polymeric fans
·
Semi open type solid handling
end-suction process pumps for industrial application
·
Heavy duty chemical process pump in
total stainless steel construction
·
Recessed commercial luminaire Flute MLF
series suitable for 3x14 W T5 lamp
·
Surface downlighter suitable for
2x18/26 W CFL
·
In-direct Post top luminaire suitable
for 70/150 W CDM-T lamp
·
Linear highbay luminaire suitable for
4x28/54 W T5
·
Under canopy light suitable for 85 W
induction lamp
·
200 W induction highbay
·
Orion range 36/50 W LED tile
·
Helios Ð 12/18 W square down lighter
·
Street light automation solutions
R&D (OVERSEAS
LOCATIONS):
The Company has
also benefited from the Research and Development work undertaken at CG Power
& CG Industrial (Overseas locations) as under:
CG Power:
·
A new four winding transformer design
for step-up solar inverter application
·
Reconnectable station and generator
stepup (GSU) transformers (i.e. multipurpose units)
·
Bio-Slim KFWF cooling for multi MW wind
turbines
·
4 MVA double stock winding for solar
industry
·
Very low noise power transformers
·
Power transformer for offshore
substations
·
New type of 765 kV transformer with
regulation winding on auxiliary limb (return limb)
·
Intelligent cooling concept and an
algorithm to simulate the used life time of transformers
·
ePAQ 9410/9420 : 9420: multi-function
gateway series for substation automation
·
CG SCADA studio (HMI software)
·
EXP-9430 automation system
·
New ‘low loss’ design HVDC convertor
transformer
·
Smart transformer using existing
monitoring systems providing an operational data stream separated from the
maintenance data stream
CG Industrial:
·
30-37 kW low voltage, new generation
IP54 AC drives
·
Customized motor mounted AC drive for
large pump manufacturer
·
Extended fieldbus communication for AC
drives and soft starters (EtherCat)
NEW PROCESSES
IMPLEMENTED AND PROCESSES IMPROVED:
·
Improvement in annealing process of
stamping packs
·
Reduction of autoclave process for MVIT
products
·
Polymer coating processes for high
pressure water heaters
·
PVD/CVD coating processes for
enhancement of tool life for higher productivity and reduced production costs
·
Unified sintering cycles for vacuum
interrupter production
TECHNOLOGY
COMPETENCE ACHIEVED
·
EHV and UHV design methodology
·
72.5 kV vacuum technology
·
Unification of sintering processes
·
Alteration process of soft magnetic
materials to suit different requirements of CG drives
·
Nano based coating technology and
application processes
·
Insulation technology for HV rotating
machines
·
Permanent magnet drive technology for
FHP, LV and MV machines
·
Technology for gas insulated switchgear
·
Condition monitoring systems
·
Usage of iso-parafinic oil for
insulation
·
Superconducting technology for power
system products
Patents:
During the year,
three patents have been granted in India.
During the year,
the Company filed 138 patents in India and 8 patents overseas through Patent
Co-operation Treaty process, which together with 546 patents filed earlier, are
pending for registration.
Future Plan of Action:
The Company’s
future R&D efforts will comprise consolidating its efforts towards
development of intelligent consumer products and energy efficient power systems
and industrial systems. The Company also plans to leverage its external
collaborations to shorten the life cycle of technology development, develop key
platform technologies, plan new R&D establishments at overseas locations
and greater number of collaborative projects with academia, suppliers and
research houses.
FINANCIAL PERFORMANCE:
CG: Standalone Financial Performance:
The
standalone results of CG for the year ended 31 March 2012 and 2011 are detailed
in Table 6. Table 7 gives the key ratios (profitability, assets efficiency and leverage
ratios) of the standalone entity for FY2011 and FY2012.
·
Gross sales or revenue from operations
grew by 9.1% to Rs.68500.000 Millions in FY2012. Net sales and services
increased by 9% to Rs.64850.000 Millions.
·
Thanks to the sharp rise in the cost of
key inputs such as steel and copper, raw material costs as a share of net sales
increased from 68.3% in FY2011 to 72.9% in FY2012. This played a major role in
the 22.7% fall in operating EBIDTA Ñ from Rs.9330.000 Millions in FY2011 to
Rs.721 crore in FY2012.
·
Due to a rise in depreciation on
account of additional commissioned investments in plant and machinery,
operating PBT reduced by 26.1% to Rs.6270.000 Millions in FY2012.
·
PAT decreased by 27.3% to Rs.505 crore.
·
The ratio of operating EBIDTA to net
sales reduced from 15.7% in FY2011 to 11.1% in FY2012. This was in line with
the managements estimates as discussed with shareholders and analysts at the
end of the second, third and fourth quarters of the year.
·
RONW reduced by 11.4 percent points to
18.7% in FY2012. This still remains the highest RONW among the key players in
the industry.
·
Given the fall in EBIT and some
increase in capital employed, ROCE declined by 14.2 percent points to 24.7% at
the end of FY2012. It needs stating that 24.7% is the highest ROCE among all
significant competitors in the sectors that CG India operate.
·
As a standalone entity, CG is
effectively a debt free company, with an interest coverage ratio that stood at
Rs.2095.000 Millions in FY2012.
OUTLOOK:
The global
economic scenario for FY2013 remains depressed. There are serious concerns
about the fate of Greece and what that may bring to some other nations within
the Euro zone, such as Spain and Portugal. Though better than Europe, the US
economy has still a long way to go before getting back to a steady-state GDP
growth of around 3% per year; and it is unlikely that there will be significant
action on the economic front
before the new
President assumes office in January 2013.
In this difficult
situation, the emerging economies are still performing creditably. By all
accounts, China should post a GDP growth of around 8% in 2012. And while
India’s growth has fallen to a new low of 6.1% in FY2012, there is a
possibility of an uptick in the coming year, bringing growth up to the range of
6.5% to 6.8%. Though lower than 9%, it will still be a healthy rate of growth.
One pattern is becoming clear: the demand for end-to-end power solutions and
industrial solutions is growing rapidly throughout emerging economies. CG is
positioning itself as a significant global player in this space. By creating a
‘One CG’ across all its locations, markets and businesses, and by leveraging
capacities, engineering skills, R&D cost as well as quality synergies, CG
is soundly placed to be a power and industrial systems major across much of the
relatively fast growing emerging markets. To this, one needs to add the
Company’s core skills and success in selling consumer products across India.
Therefore, despite overall economic constraints and concerns, CG looks well
placed to achieve double-digit top-line growth in FY2013. And to deliver higher
profits than FY2012. All efforts within the Company are geared to meet
precisely these targets.
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED 31ST JUNE, 2012
(Rs. in Millions)
|
Particulars |
Quarter ended |
|
31.06.2012 Unaudited |
|
|
1. Income from
operations |
|
|
Net Sales / Income from operations (net of excise duty) |
16591.700 |
|
Net Sales / Income from operations |
16591.700 |
|
|
|
|
2. Expenses |
|
|
(a) Cost of materials consumed |
8886.000 |
|
(b) Purchases of stock-in-trade |
4213.200 |
|
(c) Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(881.200) |
|
(d) Employee benefits |
1014.200 |
|
(e) Depreciation and amortisation |
170.500 |
|
(f) Other expenses |
1775.900 |
|
Total Expenses |
15178.600 |
|
3. Profit from Operations before other income and
finance costs |
1413.100 |
|
4. Other Income |
180.700 |
|
5. Profit before finance costs |
1593.800 |
|
6. Finance
costs |
(24.000) |
|
7. Profit from ordinary activities after finance
costs before tax |
1617.800 |
|
8. Tax expenses
|
415.100 |
|
9. Net profit from ordinary activities after tax |
1202.700 |
|
10. Paid-up
equity share capital (Face Value of
equity share of Rs.2/- each ) |
1283.000 |
|
11. Reserves
excluding Revaluation Reserves as per balance sheet |
0.000 |
|
12. Earnings Per Share (of Rs.2 each) Basic and diluted (not
annualized) |
1.87 |
|
A. PARTICULARS OF SHAREHOLDING |
|
|
1.
Public shareholding * |
|
|
- Number of shares |
374040466 |
|
- Percentage of shareholding |
58.31 |
|
2. Promoters and
promoter group Shareholdings |
|
|
a) Pledged / Encumbered |
|
|
- Number of shares |
13855300 |
|
- Percentage of shares (as a percentage of the total shareholding of promoter and
promoter group) |
5.18 |
|
- Percentage of shares (as a percentage of the total share capital of the
company) |
2.16 |
|
b) Non-Encumbered |
|
|
- Number of shares |
253595770 |
|
- Percentage of shares (as a percentage of the total shareholding of promoter and
promoter group) |
94.82 |
|
- Percentage of shares (as a percentage of the total share capital of the
company) |
39.53 |
* Public
Shareholding includes shares held by custodians of Global Depository Receipts
issued.
|
Particulars |
Quarter Ended |
|
B. INVESTOR
COMPLAINTS |
31.06.2012 |
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
4 |
|
Disposed off during the quarter |
4 |
|
Remaining unresolved at the end of the quarter |
-- |
STANDALONE SEGMENT-WISE
REVENUE, RESULS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 31ST
JUNE, 2012
(Rs. in Millions)
|
Particulars |
Quarter Ended |
|
31.06.2012 Unaudited |
|
|
1.
Segment Revenue (net of excise duty): |
|
|
(a) Power Systems |
6805.300 |
|
(b) Consumer Products |
6520.700 |
|
(c) Industrial Systems |
3385.900 |
|
(d) Others |
16.700 |
|
TOTAL |
16728.600 |
|
Less: Inter segment Revenue |
136.900 |
|
Net
Sales / Income From Operations |
16591.700 |
|
|
|
|
2.
Segment Result: [Profit / (Loss) before tax and finance costs from
each segment] |
|
|
(a) Power Systems |
603.400 |
|
(b) Consumer Products |
834.000 |
|
(c)
Industrial Systems |
429.800 |
|
(d) Others |
15.500 |
|
TOTAL |
1882.700 |
|
Less: (i) Finance costs |
(24.000) |
|
(ii) Other un-allocable expenditure net of un-allocable income |
288.900 |
|
Profit
from Ordinary Activities before tax |
1617.800 |
|
|
|
|
3.
Capital Employed : (Segment
Assets – Segment Liabilities) |
|
|
(a) Power Systems |
9629.500 |
|
(b) Consumer Products |
623.800 |
|
(c) Industrial Systems |
4229.700 |
|
(d) Others |
13906.900 |
|
TOTAL |
28389.900 |
NOTES ON
STANDALONE FINANCIAL RESULTS:
1. The above
unaudited standalone financial results have been reviewed by the Audit Committee
and approved by the Board of Directors at its meeting held on 20th July, 2012. The statutory
auditors have carried out a limited review of the financials of the company as
required under Clause 41 of the Listing Agreement and the related report is
being forwarded to the Stock Exchanges.
2. The Company has
changed its accounting policy effective April 1, 2012 in respect of goodwill
arising on acquisition of business. The company would be doing an annual
impairment testing for goodwill instead of the current practice of
amortization. The Management believes, this change in accounting policy aligns
well with leading international practices and reflects enduring benefits to be
derived from goodwill arising on acquisitions.
3. The Company has
declared an interim dividend of Rs.0.40
per share on 641,491,536 Equity Shares of Rs.2 each for the financial year 201 2-1 3.
4. Figures of the
previous quarters / year have been regrouped and reclassified, wherever
necessary.
Notice is hereby given pursuant to Section 154 of the
Companies Act, 1956 that the Book Closure from Saturday, 28th July,
2012 to Friday, 3rd August, 2012 which is fixed for the Annual
General Meeting to be held on Friday, 3rd August, 2012 is also to be
considered for payment of this interim dividend and the date of payment will be
Wednesday, 8th August, 2012.
PRESS RELEASE:
CG ACQUIRES TECHNOLOGY LEADER IN SMART GRID
AUTOMATION - ZIV GROUP
Mumbai, July 27,
2012-
Crompton Greaves
Ltd (CG) has acquired 100% of ZIV, a global leader in the high value Smart Grid
and Automation Solutions segments for Industrial and utilities companies, for
an Enterprise Value equivalent to Euro 150 million. ZIV is a provider of
digital equipment for Grid Automation and Advanced Metering Infrastructure
(AMI). ZIV operates in more than 50 countries, with major operations located in
Brazil (Rio de Janeiro), India (Bangalore), Spain (Madrid, Barcelona, Bilbao)
and the USA (Chicago). ZIV, created in 1993, has installed more than 1.4 million
IEDs for Utilities and Industries across the world.
CG is a leader in
electrical transmission and distribution equipment with significant market
share in the Americas, Europe, the Middle East, India and South East Asia. In
previous years, CG has been expanding its activities into the systems arena,
providing integrated solutions for utilities and industries. ZIV will
complement CG’s offering for Grid Automation, further enhancing its
differentiated offering in its core businesses.
In addition, the ZIV smart grid platform will be the basis for rapid
expansion across Europe, India and the Americas. ZIV has
delivered one of the largest and cost-effective smart
grid projects in Europe, with over 500000 connection points, providing
integrated solutions, from smart metering, through two-way communication
infrastructure to innovative distribution automation.
By 2020, the global smart grid market has been estimated (Source: BCG /
FutuRed report, 2012) to reach 90 BEURO (North America: 35 BEURO; Asia-Pacific:
29 BEURO; Europe 15 BEURO) with a projected growth over the period 2012 -2020
of 3.5 times.
Mr. Norberto Santiago Elustondo, CEO of ZIV, commented: “We
feel very confident about the next phase of our relationship with CG as we know
very well our colleagues as a result of the Joint Venture in India. This
development will be a catalyst to grow the ZIV activities in new parts of the
World Market. By this fusion with CG, together we will get the most from ZIV’s
innovative technology”.
Commenting on the acquisition, Mr. Laurent Demortier, CEO &
Managing Director of CG said: “We are very happy to welcome all ZIV
employees into the CG family. We have been working with ZIV for some time
and are impressed by not only the technology and track record in the development
of Smart Grid Solutions but also by the creativity and dynamism of the entire
staff. This acquisition opens a new chapter in the development of the CG
Group. With the exciting growth in the Smart Grid around the World, CG is now
well positioned to effectively compete in this fast growing segment.”
About CG:
CG is a pioneering leader in the management and application of
electrical energy. CG operates globally, is present in 21 countries and employs
more than 12000 employees. CG provides electrical products, systems and
services for Utilities, Power Generation, Industrial and Consumers. The company
is organized into three business groups: Power, Industrial and
Consumer. Nearly, two-thirds of its turnover accrues from Product Lines
in which it enjoys a leadership position. CG is a part of the US$ 4 Bn Avantha
Group. The Avantha Group has an impressive global footprint and comprises 8
successful, diverse entities.
FIXED ASSETS:
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Railway sidings
· Furniture and Fixtures
· Office Equipments
· Aircrafts
· Vehicles
· Goodwill
· Computer Software
· Technical Know – how
· Commercial rights
· Research and Development
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.55.99 |
|
|
1 |
Rs.87.55 |
|
Euro |
1 |
Rs.68.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
|
|
|
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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--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 |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.