MIRA
INFORM REPORT
|
Report Date : |
11.01.2012 |
IDENTIFICATION DETAILS
|
Name : |
CROMPTON GREAVES LIMITED |
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Registered
Office : |
6th
Floor, C.G. House, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
28.04.1937 |
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Com. Reg. No.: |
11-002641 |
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Capital
Investment / Paid-up Capital : |
Rs.1283.000 Millions
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CIN No.: [Company Identification
No.] |
L99999MH1937PLC002641 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMCO5628A |
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PAN No.: [Permanent Account No.] |
AAACC3840K |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturing and Marketing of transformers, switchgears, turn-key
projects, capacitors, electric motors - fractional horse power motors, LT
motors, alternators, HT motors, DC machines, rail transportation, fans,
luminaries, light sources, telephone instruments, telecommunication switching,
transmission and access products, EPABX systems and agricultural and domestic
pumps, etc. |
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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 |
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Maximum Credit Limit : |
USD 92000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Thapar Group - a well-established industrial
house. Directors are reported as experienced, respectable and resourceful
industrialists. Their trade relations are reported as fair. General financial position is satisfactory. Payments are usually correct and as per
commitments. The company can be considered normal for any business dealings at
usual trade terms and conditions. |
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) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered
Office : |
6th
Floor, C.G. House, |
|
Tel. No.: |
91-2662-242324/242278/
24237777 |
|
Fax No.: |
91-2662-242326/
24237788 |
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E-Mail : |
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Website : |
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Plant
Locations : |
Power Systems
Ø
Kanjur,
Bhandup, Mumbai – 400 042, 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, 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, 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
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, 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, 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, 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, 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, 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, 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, o
Tel.
No. 91-2135-254641/2 o
E-Mail. feeder@cgl.co.in Ø
D-5
Industrial Area, MPAKVN, Mandideep – 462 046, 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, 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, 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, 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, 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, o
Tel.
No. : 91-22-25783865 / 3581 / 83 o
Fax
No. : 91-22-25782877 Ø
o
Tel.
No. : 91-22-24933913 / 916 o
Fax
No.: 91-22-24951411 Consumer Products Ø
Kanjur,
Bhandup, Mumbai – 400 042, o
Tel.
No. 91-22-2578 2451 o
Fax
No. 91-22-2578 6046 Ø
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, 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, o
Tel.
No. : 91-832-2395304 o
Fax
No. : 91-832-2395305 Ø
A-28,
MIDC, Ahmednagar - 414 111, 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, 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, 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, o
Tel.
No. 91-16732-274543 o
Fax
No. 91-16732-274542 Digital Group
Ø
10-A
Jigani Industrial Estate, Jigani, Anekal, 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, 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,
2nd Floor, Kanjur Marg (East), Mumbai - 400 042, o
Tel.
No. 91-22-25782451-7/25776524 /6649/ 25776723/ 25784211-19/ 67558000 o
Fax
No. 91-22-25774066 o
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 Ø
50,
Lighting Division
Ø
·
Tel.
No. 91-22-24604701 |
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Regional Sales
Office : |
Northern Region Located At: ·
Jaipur ·
Jalandhar ·
·
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 ·
·
Ernakulam ·
Chennai ·
·
·
Mandapam |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Gautam Thapar
|
|
Designation : |
Chairman |
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Name : |
Mr. S. M. Trehan |
|
Designation : |
Vice Chairman (Managing
Director upto 1 June 2011) |
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|
Name : |
Mr. L. Demortier |
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Designation : |
Managing Director
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Name : |
Mr. S Bayman |
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Designation : |
Director |
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Name : |
Mr. Omkar Goswami
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Designation : |
Director |
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Name : |
Mr. S. Labroo |
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Designation : |
Director |
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Name : |
Mr. S. Prabhu |
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Designation : |
Director |
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Name : |
Mr. M. Pudumjee |
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Designation : |
Director |
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Name : |
Mr. S P Talwar |
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Designation : |
Director |
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|
Name : |
Mr. V Von Massow |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. M. Acharya |
|
Designation : |
Chief Financial
Officer |
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|
Name : |
Mr. W. Henriques |
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Designation : |
Company Secretary |
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|
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 |
|
|
|
|
|
|
|
|
267450703 |
41.79 |
|
|
267450703 |
41.79 |
|
|
|
|
|
|
- |
- |
|
Total
shareholding of Promoter and Promoter Group (A) |
267450703 |
41.79 |
|
|
|
|
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
91041982 |
14.23 |
|
|
2589721 |
0.40 |
|
|
482 |
- |
|
|
49678958 |
7.76 |
|
|
100858849 |
15.76 |
|
|
244169992 |
38.16 |
|
|
|
|
|
|
|
|
|
|
60243346 |
9.41 |
|
|
|
|
|
|
|
|
|
|
49398483 |
7.72 |
|
|
7934404 |
1.24 |
|
|
|
|
|
|
10722799 |
1.68 |
|
|
2773950 |
0.43 |
|
|
102821 |
0.02 |
|
|
7842003 |
1.23 |
|
|
4025 |
- |
|
|
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 |
- |
- |
|
|
- |
- |
|
|
1571809 |
- |
|
|
1571809 |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
641491536 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS 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. |
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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
|
Customers : |
Ø
Ø
Ø
Siemens
Limited Ø
Power
Grid Corporation India Limited Ø
State
Electricity Board, Mumbai, Ø
Lohia
Starlinger Limited Ø
Kirloskar
Bros. Limited Ø
Larsen
and Toubro Limited Ø
Whirlpool
India Limited Ø
Sulzer
Pumps ( 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 ( Ø
Life
Insurance Corporation Ø
Bharat
Sanchar Nigam Limited Ø
BSES
Limited |
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No. of Employees : |
6058 (Approximately)
|
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|
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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 |
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Facilities : |
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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 4th October, 2010) ·
Brook
Crompton Greaves Limited (Up to 26th 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 |
|
|
|
1st Interim Dividend |
513.200 |
293.300 |
256.600 |
|
|
|
2nd Interim Dividend |
513.200 |
513.200 |
293.200 |
|
|
|
3rd 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 |
|
1st
Quarter |
2nd
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
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 Limited (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
On 6 July 2010, the Company completed the amalgamation of
its wholly-owned subsidiary, Brook Crompton Greaves Limited with it.
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
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
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, 25th
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:
·
·
Buildings
·
Plant and Equipments
·
Railway Sidings
·
Furniture and Fixtures
·
Vehicles
·
·
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
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
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",
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
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
Sonomatra Acquisition
Crompton Greaves concluded an arrangement for the acquisition of Societe
Nouvelle de Maintenance de Transformateurs (Sonomatra) of
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
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
All economic indicators
point towards the manufacturing sector being the future driver of
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
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
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
Mumbai /
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
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
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
priority after the decisions that were taken following the tsunami in
The seven companies are bundling forces for jointly developing,
operating and investing in targeted projects in the North and
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
Claire Gandadam, Communications Manager
Tel +32 2 229 26 10
Alstom
Emmanuelle Helleux (Alstom Grid) – Tel : +33 1 49 01 70 87
emmanuelle.helleux@alstom.com
Sonia Thibaut (Alstom
CG
Jan Declercq, Chief Business Development Officer
Tel: +32 15 283 240
DBE
Corporate communication:
Hubert Fiers – Tel: +32 3 250 52 20 / +32 475 29 08 29
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
Eva Suls - Tel : +32 2 546 73 78 / +32 477 48 80 09
Investor relations:
Bert Maes – Tel : +32 2 546 72 39 / +32 472 40 69 97
SAG
Markus Golde, Head of Communications
Tel: +49 6103 4858-383 / Fax: +49 6103 4858-389
About the companies
About 3E
3E is a
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
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
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
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
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,
1] INFORMATION ON
DESIGNATED PARTY
No records 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] 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.52.73 |
|
|
1 |
Rs.81.34 |
|
Euro |
1 |
Rs.67.01 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.