MIRA INFORM REPORT

Report Date :

13.06.2013

IDENTIFICATION DETAILS

Name :	CROMPTON GREAVES LIMITED
Registered Office :	6^th Floor, C.G. House, Dr. Annie Besant Road, Worli, Mumbai – 400030, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.04.1937
Com. Reg. No.:	11-002641
Capital Investment / Paid-up Capital :	Rs. 1283.000 Millions
CIN No.: [Company Identification No.]	L99999MH1937PLC002641
TAN No.: [Tax Deduction & Collection Account No.]	MUMCO5628A
PAN No.: [Permanent Account No.]	AAACC3840K
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing and Marketing of transformers, switchgears, turn-key projects, capacitors, electric motors - fractional horse power motors, LT motors, alternators, HT motors, DC machines, rail transportation, fans, luminaries, light sources, telephone instruments, telecommunication switching, transmission and access products, EPABX systems and agricultural and domestic pumps, etc.
No. of Employees :	Not Available

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 :	Exist
Comments :	Subject is a part of Thapar Group – a well established industrial house. It is a well established company having fine track record. 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

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	AA+ (Long term rating)
Rating Explanation	Very high credit quality
Date	09.08.2012

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 :	6^th Floor, C.G. House, Dr. Annie Besant Road, Worli, Mumbai – 400030, Maharashtra, India
Tel. No.:	91-22-24237777
Fax No.:	91-22-24237733
E-Mail :	minal.bhosale@cgglobal.com
Website :	http://www.cglonline.com
Plant Locations :	Power Systems Kanjur, Bhandup, Mumbai – 400042, Maharashtra, India Tel. No. 91-22-25782451 Fax No. 91-22-25783271/ 25783216 E-Mail. : vmasson@tone.cgl.co.in A/3, MIDC Area, Ambad, Nashik – 422010, Maharashtra, India Tel. No. 91-253-2382271/ 2382275 Fax No. 91-253-2381247 E-Mail. : contact@cglmail.com D-2, MIDC, Waluj, Aurangabad – 431136, Maharashtra, India Tel. No. 91-240-2554662 /2554371/ 2554372/ 2554559 Fax No. 91-240-2554697 E-Mail. : cglsg@bom4.vsnl.net.in 209, Mumbai Pune Road, Pimpri, Pune – 411018, Maharashtra, India Tel. No. 91-20-27474925 Fax No. 91-20-27474972 E-Mail. : cgt2@mantraonline.com T1+T2, MPAKVN Industrial Area, Malanpur (District Bhind) - 477716, Madhya Pradesh, India 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 – 462046, Madhya Pradesh, India 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 - 635126, Tamilnadu, India Telefax : 91-4344-2579633 Fax No. : 91-4344-2579622 E-Mail. : cgpolycrete@satyam.net.in Industrial Systems Kanjur, Bhandup, Mumbai – 400042, Maharashtra, India 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 – 414111, Maharashtra, India Tel. No. 91-241-2777372 Fax No. 91-241-2777508 E-Mail. : sc.gupta@mail.cgl.co.in Unit-2, B-110, MIDC Industrial Area, Ahmednagar – 414111, Maharashtra, India 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 - 410501, Maharashtra, India Tel. No. 91-2135-254641/2 E-Mail. feeder@cgl.co.in D-5, Industrial Area, MPAKVN, Mandideep – 462046, Madhya Pradesh, India 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 – 454775, District Dhar, Madhya Pradesh, India 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, Maharashtra, India 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 - 403526, India 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 - 403110, India Tel. No. 91-834-2395510 Fax No. 91-834-2395377 E-Mail.: cglfhpg@goatelecom.com L. B. Shastri Marg, Bhandup, Mumbai - 400078, Maharashtra, India Tel. No. : 91-22-25783865/ 3581/ 83 Fax No. : 91-22-25782877 Dr. E. Moses Road, Worli, Mumbai – 400018, Maharashtra, India Tel. No. : 91-22-24933913/ 916 Fax No.: 91-22-24951411 Consumer Products Kanjur (East), Bhandup, Mumbai – 400042, Maharashtra, India Tel. No. 91-22-25782451 Fax No. 91-22-25786046 Dr. E. Moses Road, Worli, Mumbai – 400018, Maharashtra, India Tel. No. 91-22-24951983 / 24944376/ 24977652 Fax No. 91-22-24604707 / 4708 / 24973046 E-Mail. : vrm@cgl.co.in Kural Village, Padra Taluka, Padra-Jambusar Road, District Baroda, Gujarat, India Tel. No. : 91-2662-242278 Fax No. : 91-2662-242326 E-Mail. : kvs@mail.cgl.co.in 325-326, Kundaim Industrial Estate, Ponda, Goa - 403110, India Tel. No. : 91-832-2395304 Fax No. : 91-832-2395305 A-28, MIDC, Ahmednagar - 414111, Maharashtra, India Tel. No. 91-241-2777155 E-Mail. uhm@cgl.co.in 214-A, Kundaim Industrial Estate, Kundaim, Goa - 403 110, India 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-403409, India 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 - 148026, Punjab, India Digital Group 10-A Jigani Industrial Estate, Jigani, Anekal, Bangalore Rural - 562106, Karnataka, India E-Mail. cgl.rcd@cromption.sril.in 11A and 11C Industrial Area, Pithampur – 454775, District Dhar, Madhya Pradesh, India Tel. No. 91-7292-253035/ 253071 Fax No. 91-7292-253213 E-Mail. hs_sekhon@yahoo.co.in International Division Jagruti, 2^nd Floor, Kanjur Marg (East), Mumbai - 400 042, Maharashtra, India 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, Rani Jhansi Road, New Delhi - 110055, India Tel. No. 91-11-27516993/ 23632349 Fax No. 91-11-27514899 Engineering Projects Division Bombay Mutual Building, 4^th Floor, 232, NSC Bose Road, PO Box No.100, Chennai - 600001, Tamilnadu, India Tel No. 91-44-25341941 Fax No. 91-44-25341048 E-Mail. cglepd@vsnl.com 50, Chowringhee Road, Kolkata - 700071, West Bengal, India Tel. No. 91-33-22828709/ 22820814/ 3716 Fax No. 91-33-22823715 Lighting Division Dr. E. Moses Road, Worli, Mumbai - 400018, Maharashtra, India Tel. No. 91-22-24604701
Regional Sales Office :	Northern Region Located at: v Jaipur v Jalandhar v Lucknow v New Delhi Eastern Region Located at: v Kolkata v Bhubaneswar v Patna Western Region Located at: v Mumbai v Ahmedabad v Baroda v Indore v v Pune v Nagpur v Raipur Southern Region Located At: v Chennai v Bangalore v Secunderabad v Cochin v Coimbatore Satellite Office Located at: v Coimbatore v Cochin v Ernakulam v Chennai v Madurai v Vijayawada v Mandapam
Overseas offices :	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 1^st 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 31.03.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	255945608	39.99
Sub Total	255945608	39.99
(2) Foreign
Bodies Corporate	11505462	1.80
Sub Total	11505462	1.80
Total shareholding of Promoter and Promoter Group (A)	267451070	41.79
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	107866875	16.85
Financial Institutions / Banks	1676874	0.26
Insurance Companies	45999222	7.19
Foreign Institutional Investors	95282079	14.89
Sub Total	250825050	39.19
(2) Non-Institutions
Bodies Corporate	47873011	7.48
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	54980087	8.59
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	9297154	1.45
Any Others (Specify)	9590870	1.50
Non Resident Indians	3293097	0.51
Overseas Corporate Bodies	178806	0.03
Foreign Corporate Bodies	6116442	0.96
Foreign Nationals	2525	0.00
Sub Total	121741122	19.02
Total Public shareholding (B)	372566172	58.21
Total (A)+(B)	640017242	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	1474294	0.00
Sub Total	1474294	0.00
Total (A)+(B)+(C)	641491536	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of transformers, switchgears, turn-key projects, capacitors, electric motors – fractional horse power motors, LT motors, alternators, HT motors, DC machines, rail transportation, fans, luminaries, light sources, telephone instruments, telecommunication switching, transmission and access products, EPABX systems and agricultural and domestic pumps, etc.

Products:

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

PRODUCTION STATUS (AS ON 31.03.2011)

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

NOTE:

# Under the liberalised Industrial Policy of Government of India, the Company obtained the capacities approved by way of acknowledgements against the IEMs submitted by it.

* Installed Capacities are as certified by the Managing Director.

@ The production figures are as per returns submitted to the Department of Industrial Development.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

v Union Bank of India

v IDBI Bank Limited

v State Bank of India

v ICICI Bank Limited

v Corporation Bank

v The Royal Bank of Scotland N.V.

v Canara Bank

v Standard Chartered Bank

v Bank of Maharashtra

v Credit Agricole CIB

v Yes Bank Limited

Facilities :

Secured Loan	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Term Loan from Financial Institution	0.000	27.400
*Working Capital demand Loan -From Bank	2.000	0.000
Total	2.000	27.400

Note:

*Working capital demand loan from bank is secured against hypothecation of stocks and trade receivables, both present and future.

Banking Relations :	--
Auditors :
Name :	Sharp and Tannan Chartered Accountants
Solicitors :	Crawford Bayley and Company
Subsidiaries :	· CG Capital and Investments Limited (merged w.e.f. 20th August, 2011) · CG Energy Management Limited · CG PPI Adhesive Products Limited · CG-ZIV Power Automation Solutions Limited · CG International B.V. · CG Holdings Belgium N.V. · CG Power Systems Belgium N.V. · Pauwels Trafo Gent N.V. · CG Power Systems Ireland Limited · CG Sales Networks France SA · CG Power Systems USA Inc. · CG Sales Networks Americas Inc. · CG Power Systems Canada Inc. · CG Service Systems Curacao N.V. · PT. CG Power Systems Indonesia · CG Holdings Hungary Kft. · CG Electric Systems Hungary Zrt. · CG Power Holdings Ireland Limited · Microsol Limited · CG Automation Systems UK Limited · Viserge Limited · CG Automation Systems USA Inc (merged w.e.f. 23rd March, 2012) · CG Service Systems France SAS · CG Power Solutions USA Inc · CG Holdings Germany GmbH · CG Power Solutions UK Limited · CG Holdings USA Inc · CG Power County LLC · Power County Wind Parks LLC · Power County Wind Park North LLC · Power County Wind Park South LLC · CG Glenmore LLC (liquidated w.e.f. 17th January,2012) · CG Power Systems Brazil LTDA (formerly CG Holdings Brazil LTDA) · CG Power Solutions Saudi Arabia (formerly CG Power Systems For Saudi Arabia Company) · CG Sales Networks Singapore PTE. Limited · Crompton Greaves Holdings Mauritius Limited (w.e.f. 3rd June, 2011) · CG International Holdings Singapore PTE. Limited (w.e.f. 6th June, 2011) · CG Power Solutions Limited (w.e.f. 14th March, 2012) · CG Industrial Holdings Sweden AB (formerly Goldcup 6699 AB) · P-EM 2007 A/S · Crompton Greaves Holdings Sweden AB (formerly Emotron Invest AB) · Emotron Holding AB · CG Drives and Automation Sweden AB (formerly Emotron AB) · CG Drives and Automation Netherlands B.V. (formerly Emotron B.V.) · Emotron Drives UK Limited · Emotron El-Fi UK Limited · CG Drives and Automations Germany GmbH · Emotron Lift Center GmbH – Germany (merged w.e.f. 16th January, 2012) · Scandialogic AB · Emotron Drives AB · Emotron El-Fi AB · Emotron Latin America Inc. · CG Automation Solutions USA Inc (formerly QEI, Inc) NOTE: · Serial Nos. 29 to 31 are divested w.e.f. 30^th January, 2012 · Serial Nos. 36 to 38 are formed during the year · Serial Nos. 39 to 52 are acquired w.e.f. 11^th June, 2011 · Serial No. 53 is acquired w.e.f. 20^th 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:

	31.03.2012
Authorised share capital:	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:

Particulars	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:

Particulars	31.03.2012
	No. of Shares
shares issued as fully paid-up bonus shares	274924944

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1283.000	1283.000
(b) Reserves & Surplus	25725.800	21757.800
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) Long-term borrowings	20.600	50.800
(b) Deferred tax liabilities (Net)	432.3000	735.200
(c) Other long term liabilities	81.500	673.600
(d) long-term provisions	119.700	84.000
(4) Current liabilities
(a) Short term borrowings	2.000	0.000
(b) Trade payables	11710.300	10954.200
(c) Other current liabilities	4946.500	3748.800
(d) Short-term provisions	1383.200	1608.800
TOTAL	45704.900	40896.200
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5308.900	8201.500
(ii) Intangible Assets	652.700	551.500
(iii) Capital work-in-progress	582.900	416.600
(iv) Intangible assets under development	210.300	55.700
(b) Non-current Investments	5515.900	3790.200
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	241.200	183.600
(e) Other Non-current assets	0.000	0.000
(2) Current assets
(a) Current investments	5009.100	4026.200
(b) Inventories	4496.000	4057.200
(c) Trade receivables	17356.200	15101.800
(d) Cash and cash equivalents	3211.000	1508.900
(e) Short-term loans and advances	2631.900	2525.400
(f) Other current assets	488.800	477.600
TOTAL	45704.900	40896.200

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1283.000
2] Share Application Money		0.000
3] Reserves & Surplus		16364.200
4] (Accumulated Losses)		0.000
NETWORTH		17647.200
LOAN FUNDS
1] Secured Loans		138.200
2] Unsecured Loans		129.600
TOTAL BORROWING		267.800
DEFERRED TAX LIABILITIES		834.200
TOTAL		18749.200
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5338.100
Capital work-in-progress		330.300
INVESTMENT		6880.600
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3035.300
	Sundry Debtors	12127.900
	Cash & Bank Balances	5485.000
	Other Current Assets	10.000
	Loans & Advances	1543.700
Total Current Assets		22201.900
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	9040.600
	Other Current Liabilities	5425.400
	Provisions	1535.700
Total Current Liabilities		16001.700
Net Current Assets		6200.200
MISCELLANEOUS EXPENSES		0.000
TOTAL		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	961.500	844.000
		TOTAL (A)		65597.700	60476.200	53683.900
Less	EXPENSES
		Cost of raw materials and components consumed and construction materials		34676.200	30484.500
		Purchases of stock-in-trade		12654.700	10739.300
		Employee benefits		3635.900	3101.700
		Other Expenses		6754.100	6432.500
		Changes in inventories of finished goods, work-in-progress and stock-in-trade		(73.900)	(568.400)
		TOTAL (B)		57647.000	50189.600	43858.500
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			7950.700	10286.600	9825.400
Less	FINANCIAL EXPENSES (D)			276.600	207.600	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
			1^st Interim Dividend	513.200	513.200	293.300
			2^nd Interim Dividend	128.300	513.200	513.200
			3^rd 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	30.09.2012	31.12.2012	31.03.2013
Type	1^st Quarter	2^ndQuarter	3^rd Quarter	4^th Quarter
Net Sales	16591.700	16702.100	17460.500	20598.700
Total Expenditure	15008.100	15232.000	16135.100	19178.900
PBIDT (Excl OI)	1583.600	1470.100	1325.400	1419.800
Other Income	204.700	146.700	292.000	177.200
Operating Profit	1788.300	1616.800	1617.400	1597.000
Interest	0.000	(59.300)	0.000	0.000
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	1788.300	1676.100	1617.400	1597.000
Depreciation	170.500	175.000	180.100	193.000
Profit Before Tax	1617.800	1501.100	1437.300	1404.000
Tax	415.100	384.200	375.700	326.800
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	1202.700	1116.900	1061.600	1077.200
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	1202.700	1116.900	1061.600	1077.200

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}	(%)	17.18	25.30	33.07
Return on Investment (ROI) (PBT/Networth)		0.25	0.40	0.52
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.02
Current Ratio (Current Asset/Current Liability)		0.54	0.59	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	No
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	Yes

LITIGATION DETAILS

CASE DETAILS

BENCH:– BOMBAY

Stamp No: - WPST/29105/2012 Filing Date: - 17/10/2012 Reg. No:- WP/11648/2012 Reg. Date:- 13/12/2012

Petitioner:- Nashik Municipal Corporation Respondent:- Crompton Greaves Limited

Petn. Adv.:- M.L. Patil Resp. Adv. : Aditya Chitale

District: Nashik

Bench:- Single

Status:- Admitted(Unready)

Last Date:- 20/02/2013 Stage:- For admission – fresh [civil

Last Coram:- Hon'ble Shri Justice B.R. GAVAI side matters]

Act:- Bombay Provincial Municipal Corporations Act-1949

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.

UNSECURED LOAN

Particulars	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
# interest-free sales tax deferral loans from state Governments	20.600	23.400
Total	20.600	23.400

Note:

#The company has opted for the deferral scheme of sales tax, which is payable as per the scheme framed by state Goverments.

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 AND YEAR ENDED 31 ST MARCH 2013

PART I

(Rs. In millions)

Sr. No.	Particulars	Quarter ended			Year ended
		31.03.2013	31.12.2012	31.03.2013
		Audited	Unaudited	Audited
1	Income from operations Net sales / Income from operations (Net of excise duty)	20598.700	17460.500	71353.000
	Net Sales / Income from operations	20598.700	17460.500	71353.000
2	Expenses (a) Cost of materials consumed (b) Purchases of stock-in-trade (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (d) Employee benefits (e) Depreciation and amortisation (f) Other expenses	9798.100 5526.200 416.100 1076.200 193.000 2362.300	8556.300 4534.500 68.000 1011.700 180.100 1964.600	35652.800 18118.000 (429.900) 4111.700 718.600 7954.300
	Total expenses	19371.900	16315.200	66125.500
3	Profit from operations before other income and finance costs	1226.800	1145.300	5227.500
4	Other income	90.800	259.700	530.700
5	Profit before finance costs	1317.600	1405.000	5758.200
6	finance costs (net)	(86.400)	(32.300)	(202.000)
7	Profit from ordinary activities after finance costs before tax	1404.000	1437.300	5960.200
8	Tax expense	326.800	375.700	1501.800
9	Net profit from ordinary activities after tax	1077.200	1061.600	4458.400
10	Paid-up equity share capital (Face value of equity share of Rs. 2 each)	1283.000	1283.000	1283.000
11	Reserves excluding Revaluation Reserve as per balance sheet			29147.300
12	Earnings Per Share (of Rs. 2 each) Basic and diluted	1.68	1.66	6.95

SELECT INFORMATION FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2013

PART II

Sr. No.	Particulars	Quarter ended			Year ended
		31.03.2013	31.12.2012	31.03.2013
A	PARTICULARS OF SHAREHOLDING
1	Public shareholding *
	- Number of shares	374040466	374040466	374040466
	- Percentage of shareholding	58.31	58.31	58.31
2	Promoters and promoter group
	Shareholding
	a) Pledged / Encumbered
	- Number of shares	164697000	127997000	164697000
	- Percentage of shares	61.58	47.86	61.58
	(as a percentage of the total shareholding of promoter and promoter group)
	- Percentage of shares (as a percentage of the total share capital of the Company)	25.67	19.95	25.67
	b) Non-encumbered
	- Number of shares	102754070	139454070	102754070
	- Percentage of shares (as a percentage of the total shareholding of promoter and promoter group)	38.42	52.14	38.42
	- Percentage of shares (as a percentage of the total share capital of the Company)	16.02	21.74	16.02

	Particulars	Quarter ended 31.03.2013
B	INVESTOR COMPLAINTS (Nos.)
	Pending at the beginning of the quarter	Nil
	Received during the quarter	4
	Disposed off during the quarter	4
	Remaining unresolved at the end of the	Nil
	quarter

STANDALONE SEGMENT-WISE REVENUE. RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND YEAR ENDED 31ST MARCH. 2013

(Rs. In millions)

Sr. No.	Particulars	Quarter ended			Year ended
		31.03.2013	31.12.2012	31.03.2013
		Audited	Unaudited	Audited
1.	Segment Revenue (net of excise duty): (a) Power Systems	8361.600	6701.300	27247.100
	(b) Consumer Products	7476.600	6069.600	25927.100
	(c) Industrial Systems	3952.200	3764.200	14994.400
	(d) Others	967.000	1031.400	3767.900
	Total Less: Inter Segment Revenue	20757.400 158.700	17566.500 106.000	71936.500 583.500
	Net Sales / Income from operations	20598.700	17460.500	71353.000
2.	Segment Results: [Profit / (loss) before tax and finance costs from each segment]
	(a) Power Systems	594.200	530.400	2306.100
	(b) Consumer Products	740.300	633.300	2780.700
	(c) Industrial Systems	522.700	576.200	2130.000
	(f) Others	(20.100)	23.700	106.200
	Total Less:	1837.100	1763.600	7323.000
	(i) Finance costs (net)	(86.400)	(32.300)	(202.000)
	(ii) Other un-allocable expenditure net of un-allocable income	519.500	358.600	1564.800
	Profit from Ordinary Activities before tax	1404.000	1437.300	5960.200
3.	Capital Employed: (Segment Assets - Segment Liabilities)
	(a) Power Systems	7804.500	9189.100	7804.500
	(b) Consumer Products	1103.300	745.100	1103.300
	(c) Industrial Systems	3918.300	4022.500	3918.300
	(d) Others	674.900	484.300	674.900
	(e) Unallocable	17706.400	16164.800	17706.400
	Total	31207.400	30605.800	31207.400

STANDALONE STATEMENT OF ASSETS AMD LIABILITIES

(Rs. In millions)

	Particulars	As at 31.03.2013
		Audited
A	EQUITY AND LIABILITIES
1	Shareholders' funds:
	(a) Share capital	1283.000
	(b) Reserves and surplus	29285.500
	Sub-total - Shareholders' funds	30568.500
2	Non-current liabilities:
	(a) Long-term borrowings	7.500
	(b) Deferred tax liabilities (net)	498.300
	(c) Other long-term liabilities	273.300
	(d) Long-term provisions	380.900
	Sub-total - Non-current liabilities	1160.000
3	Current liabilities:
	(a) Short-term borrowings	129.300
	(b) Trade payables	15143.100
	(c) Other current liabilities	4216.600
	(d) Short-term provisions	1478.700
	Sub-total - Current liabilities	20967.700
	TOTAL - EQUITY AND LIABILITIES	52696.200
B	ASSETS
1	Non-current assets:
	(a) Fixed assets	7752.600
	(b) Non current investments	5545.800
	(c) Long-term loans and advances	181.000
	Sub-total - Non-current assets	13479.400
2	Current assets:
	(a) Current investments	5004.600
	(b) Inventories	5485.000
	(c) Trade receivables	18406.200
	(d) Cash and bank balances	2887.900
	(e) Short-term loans and advances	6935.700
	(f) Other current assets	497.400
	Sub-total - Current assets	39216.800
	TOTAL - ASSETS	52696.200

NOTE

Standalone financial results:

The above audited standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 24th May, 2013.

The Company has, during the year, declared interim dividends of Rs. 0.80 per share on 641,491,536 Equity Shares of Rs. 2 each for the financial year 2012-13. The Company has recommended a final dividend of Rs. 0.40 per share, subject to approval of the shareholders at the ensuing Annual General Meeting.

The Company, during the quarter, has acquired the balance 30% share holding in CG-ZIV Power Automation Solutions Limited (CG-ZIV) consisting of 3000000 shares @ Rs. 10.05 per share making CG-ZIV its wholly owned subsidiary. Further, at its meeting held on 18th April, 2013, the Board has approved a Scheme of Amalgamation between the Company and CG-ZIV, effective from 1st April, 2013 (Appointed Date), subject to receipt of all regulatory approvals.

PRESS RELEASE:

BWI: CG WINS “DUN AND BRADSTREET CORPORATE AWARD 2012”

JUNE 04, 2013

Avantha Group Company CG was honoured as the top Indian company in the Power Equipments sector for the year 2012 by Dun and Bradstreet (D&B) at their Corporate Awards event held in Mumbai. The award recognized and felicitated corporate India's leading companies from various sectors.

The awards methodology was developed through a proprietary financial model, by D&B basis eight parameters viz; total income, net profit, net worth, net profit margin, return on net worth, average market capitalization for FY12, growth in total income and growth in net profit.

Commenting on receiving the award, Avantha Group Company CG's CEO & Managing Director, Mr. Laurent Demortier said: "We are very pleased to receive the 2012 Dun & Bradstreet Corporate Award. It is indeed a proud moment for us to be the sole recipient of this award in the Power Equipments sector. CG is well positioned to lead by example in the power equipment sector and is focused on leveraging India's value differential in cost effective manufacturing and talent resource pool to offer its global customers innovative and energy efficient electrical products."

About Avantha Group Company CG

Avantha Group Company CG is a global pioneering leader in the management and application of electrical energy. With more than 15,000 employees across its operations in around 85 countries, CG provides electrical products, systems and services for utilities, power generation, industries, and consumers. The company is organized into three business groups: Power, Industrial, and Consumer. CG clocks US$ 2.3 billion in revenues from product lines that cover the entire value chain of engineering offerings.

About Avantha

The US$4bn Avantha Group is one of India's leading business conglomerates. Its successful entities include BILT, Crompton Greaves, The Global Green Company, Avantha Power & Infrastructure, Solaris ChemTech Industries, Biltech Building Elements, Salient Business Solutions and Avantha Technologies. With a global footprint, the Group operates in 90 countries with more than 25,000 employees worldwide. The Group has business interests in diverse areas including power transmission and distribution equipment and services, paper and pulp, energy and infrastructure, food processing, farm forestry, insurance, chemicals, IT and ITES. Led by Gautam Thapar, Avantha demonstrates strong leadership globally and emerges as a focused corporate, leveraging its knowledge, leadership and operations, adding lasting value for its stakeholders and investors.

CG ANNOUNCES Q4 RESULTS. REPORTS STRONG SALES AND SOLID ORDER INTAKE

MAY 24, 2013

Avantha Group Company CG reported its audited financial results for the 4th quarter and year ended March 31, 2013.

Consolidated Performance Highlights- 4th Quarter FY 2013

Q4 FY13 Orders Received Rs. 29830.000 millions, up by 32% over Q3 FY2013

Q4 FY13 Revenue at Rs. 33870.000 millions, up by 14% Q3 FY2013

Net Profit at Rs. 250.000 millions for Q4 FY13, as compared to loss of Rs. 1890.000 millions Q3 FY2013

Consolidated order backlog of Rs. 91260.000 millions as on March 31, 2013

Consolidated Performance Highlights- Financial Year 2013

FY13 Orders Received (For Power and Industrial) Rs. 105440.000 millions, up by 3% over last year

FY13 Revenue at Rs. 120940.000 millions, up by 8% over last year

CG has declared a final dividend of 20 % amounting to Rs 0.40 per share for the financial year ended 31st March 2013.

Despite tough market conditions CG recorded a strong order intake and sales performance. In India, orders were driven by Industrial and Consumer activities, reporting growth of 20% and 22% respectively. International operations benefited from the successful market penetration in fast growing geographies like Middle East and Africa (Order intake Rs. 17530.000 millions, +230% y-o-y) and Latin America (Order intake Rs. 3670.000 millions +190% y-o-y).

Profitability of the business was impacted by restructuring of Power Transformers activity in Europe. The restructuring of Belgium operations has been completed during the year. The new European manufacturing platform in Hungary was scaled up as planned.

CEO and Managing Director, Laurent Demortier of Avantha Group Company CG said “2012-13 has been a year of transition for CG. The growth has enabled necessary structural changes to face new market conditions. Several new high-value adding activities have been launched (UHV, Power electronics, automation). We are now focused on penetrating high growth potential geographies by leveraging our cost effective manufacturing hub in India.”

CG SIGNS JV FOR SETTING UP SWITCHGEAR MANUFACTURING BASE IN INDONESIA, WILL CATER TO SOUTH-EAST ASIAN AND PACIFIC MARKETS

MAY 2, 2013

Will localize entire range of switchgear for the network – from 70kV to 500kV

Market base of HV and EHV switchgear equipment in SEAP predicted to grow to $500 million by 2017

Avantha Group Company CG and PLNE (PT Prima Layanan Nasional Enjinring) have signed a joint venture agreement to manufacture and commercialize High Voltage (HV) and Extra High Voltage (EHV) switchgear in Indonesia. PLNE is an engineering company owned by PLN (Perusahaan Listrik Negara), an Indonesian government-owned Sole Electricity Utility Company.  The joint venture will be owned 51% by CG and 49% by PLNE and will be a part of CG’s global organisation.

The JV includes a technology transfer by CG over a period of five years for the production of the entire range of switchgear for the network – from 70kV to 500kV – and will be localized through CG‘s new manufacturing base in Indonesia. Production is expected to commence in 24 months. The focus of the collaboration is to enhance the sustainable operation of the entire transmission and distribution grid in Indonesia. CG’s equipment portfolio will also include the production of HV and EHV Switchyard equipment, the range of SF6 Circuit Breakers, Current Transformers, Inductive Voltage Transformers, Capacitor Voltage Transformers and Lightning Arresters. The products manufactured in the new facility in Indonesia will be distributed through CG’s marketing network in the South-East Asian markets and the Pacific Region.

CEO and Managing Director, Laurent Demortier of Avantha Group Company CG said, “This joint venture is an important milestone in CG’s expansion strategy. We are very proud to team up with PLNE to set up a state-of–the-art manufacturing base in Indonesia.  We believe our collaboration will allow the development of a new series of products well-suited for the Indonesian and South East Asian markets”

CG has been committed to the Indonesian market since 1992 and has been a preferred local and principal manufacturer of power transformers – with an installed capacity of 10,000 MVA per annum in Indonesia. Indonesia is the fastest growing economy, with a GDP close to a trillion US$. The installed generation capacity of Indonesia is expected to double to 84 GW by 2020. The estimated market base of HV and EHV switchgear equipment in South-East Asia and the Pacific Region is predicted to exceed $500 million in the coming years.

INTERACTIVE FINANCIAL GRAPHS AND SHARES SECTIONS ON CG WEBSITE

21TH FEBRUARY 2013

The Investor Section of the CG Global website www.cgglobal.com is regularly visited by investors and stakeholders researching on CG as a current or potential investment.

To provide our investors with the necessary insights and interactive tools to clearly understand CG business, we have inaugurated following new areas in the Investor Section of the CG Global website

Financials : Interactive Charts : An investor can view graphs relating to Income and Profitability, Balance Sheet & Equity position,  Ratios, Share returns, Cash Flow evolution etc in this area. Graphs are available for all the quarters of this financial year, with a comparison to last year. These data series can be downloaded into Excel for reference and use.

Share related: Share Price Information : An investor can now view CG’s share prices live on the CG website. In addition, investors can view the share price movements over the previous day, week, month, quarter, half-yearly, upto the last five years. Key share ratios such as P/E, EPS, Yields are just a click away. Historical share prices can be download for future use.

CG OPENS FIRST POWER TRANSFORMER FACTORY IN KINGDOM OF SAUDI ARABIA

12TH FEBRUARY 2013

Mumbai February 12, 2013. SPTC, a joint venture between CG and STC (Saudi Transformer Company) since 2010, is inaugurating its flagship Power Transformer factory in Dammam Industrial City in the Kingdom of Saudi Arabia on February 12, 2013.

The joint venture is dedicated to design, engineering and manufacture of Power Transformers and Mobile Sub-stations and offers full service capabilities for products installed in Saudi Arabia. 

The factory has a capacity of 5000 MVA. The first transformer manufactured will leave the factory by mid-April, 2013. The joint venture has already received a five-year framework contract for sub-station services. The first orders are for one Mobile Sub-station and six 25 MVA Power Transformers. The products will be delivered to Saudi Electricity Company (SEC).

As one of the world`s leading electrical manufacturers and engineering corporations, CG has been partnering with companies worldwide to enhance its portfolio and offer its clients the best of global technologies and end-to-end solutions. Saudi Arabia is the largest market in the Middle East with a $4 billion T&D market. CG is the first company to establish a Power Transformer plant and commence Mobile Substation activities in Saudi Arabia.

CG has transferred its well-proven technology in Power Transformer design and manufacturing to the new facility.

Mohammed Alsamari, CEO of SPTC, said "I thank our partners CG and STC for the launch of this venture. The factory has been built in a record time of 12 months. We have built a state-of-the-art facility and employed the finest technician and engineers in the field along with the best available technology. We are ready to support Saudi customers in their quest for high quality and efficient Power Transformers."

Laurent Demortier, CEO and Managing Director of CG, said, “Saudi Arabia is a strategic market for CG. SEC and the other leading utilities and industry customers are innovative companies and the growth challenges that they face require deep technical interactions with leading suppliers. We do believe that the localization of our activity in Saudi will bring a high level of responsiveness and understanding of the specific needs of our Saudi customers and will pave the way for a strong long-term relationship.”

CG TO SUPPLY SMART GRID-ENABLED TRANSFORMERS TO TRANSPOWER NEW ZEALAND

4TH FEBRUARY 2013

Mumbai, February 4, 2013: CG, has signed a long term supply relationship agreement with Transpower NZ Ltd, owners and operators of the New Zealand national grid. With this agreement, CG becomes the first of three preferred vendors to supply transformers to Transpower, with the potential to scale to orders worth US$15 million annually. The transformers are being manufactured in CG’s Jakarta, Indonesia facility.

As utility companies turn to transformers that optimize the supply of electricity and improve energy efficiency, CG’s state-of-the-art, smart grid-enabled transformers are helping them provide reliable power. A recognition of CG’s operations in South-east Asia and Australasia and its expertise in transformer technology, this tie-up in New Zealand will boost the company’s position in the region, especially in the promising smart grid technologies.

CG CEO and Managing Director Laurent Demortier said, “I thank Transpower for the trust placed in CG’s capabilities. The long-term agreement with Transpower is recognition of our long relationship with them. Our expansion to 500kV transformers for large customers in SEA built a high degree of confidence with Transpower, and led to the inking of this agreement. This deal serves to strengthen CG’s position and will help us win new orders in this emerging and fast-growing geography.”

The agreement will remain in force for five years with the possibility of two extensions of two years each. This award is the result of an intense collaboration between Transpower NZ Ltd and the CG team which have been successfully optimised for Transpower needs. 

Transpower’s technical personnel and the CG team provided quality improvement direction to CG’s Indonesia factory while working closely with CG’s technical specialists to perfect transformers best-suited to serve New Zealand’s requirements.

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, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No 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.58.27
UK Pound	1	Rs.91.16
Euro	1	Rs.77.50

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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		81

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

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

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