MIRA INFORM REPORT
|
Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
CROMPTON GREAVES LIMITED |
|
|
|
|
Registered
Office : |
6th
Floor, C.G. House, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
28.04.1937 |
|
|
|
|
Com. Reg. No.: |
11-002641 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 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
: |
6058
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (81) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Maximum Credit Limit : |
USD 108000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
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 : |
6th Floor,
C.G. House, Dr. Annie Besant Road, Worli, Mumbai – 400 030, Maharashtra,
India |
|
Tel. No.: |
91-22-24237777 |
|
Fax No.: |
91-22-24237733 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Plant
Locations : |
Power Systems
Kanjur, Bhandup,
Mumbai – 400 042, Tel. No.
91-22-25782451 Fax No.
91-22-25783271/ 25783216 E-Mail. : vmasson@tone.cgl.co.in A/3, MIDC Area,
Ambad, Nashik – 422 010, Maharashtra, India Tel. No.
91-253-2382271/ 2382275 Fax No.
91-253-2381247 E-Mail. : contact@cglmail.com D-2, MIDC, Waluj,
Aurangabad – 431 136, 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 – 411 018, 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) - 477 716, 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 – 462 046, 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 - 635 126, Telefax :
91-4344-2579633 Fax No. :
91-4344-2579622 E-Mail. : cgpolycrete@satyam.net.in Industrial Systems
Kanjur, Bhandup,
Mumbai – 400 042, Tel. No.
91-22-2578 2451 Fax No.
91-22-2578 3845 E-Mail. : imd@cgl.co.in A/6-2, MIDC
Industrial Area, Ahmednagar – 414 111, Tel. No.
91-241-2777372 Fax No.
91-241-2777508 E-Mail. : sc.gupta@mail.cgl.co.in Unit-2, B-110, MIDC
Industrial Area, Ahmednagar – 414 111, 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 - 410 501, Tel. No. 91-2135-254641/2 E-Mail. feeder@cgl.co.in D-5, Industrial
Area, MPAKVN, Mandideep – 462 046, 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 – 454 775, District Dhar, Tel. No.
91-7292-253194/ 253258 Fax No.
91-7292-253211 E-Mail. : cglsrub@sancharnet.in C 71-72, MIDC
Industrial Area, Satpur, Nashik – 422 007, Tel. No.
91-253-2351067/ 69 Fax No.
91-253-2351492 E-Mail. : vrkumar@satpur2.cgl.co.in D-2-21, 22, 23,
Tivim Industrial Estate, Karaswada, Bardez, Goa - 403 526, Tel. No. 91-832-2257639/ 409 Fax No. 91-832-2257207 E-Mail. : sagar.r.k.@mail.cgl.co.in 196-198, Kundaim
Industrial Estate, Kundaim, Ponda, Goa - 403 110, Tel. No.
91-834-2395510 Fax No.
91-834-2395377 E-Mail.: cglfhpg@goatelecom.com L. B. Shastri
Marg, Bhandup, Mumbai - 400 078, Tel. No. :
91-22-25783865/ 3581/ 83 Fax No. :
91-22-25782877 Tel. No. :
91-22-24933913/ 916 Fax No.:
91-22-24951411 Consumer Products Kanjur (East), Bhandup, Mumbai – 400 042, Maharashtra,
India Tel. No.
91-22-25782451 Fax No.
91-22-25786046 Tel. No.
91-22-24951983 / 24944376/ 24977652 Fax No.
91-22-24604707 / 4708 / 24973046 E-Mail. : vrm@cgl.co.in Kural Village,
Padra Taluka, Tel. No. :
91-2662-242278 Fax No. :
91-2662-242326 E-Mail. : kvs@mail.cgl.co.in 325-326, Kundaim
Industrial Estate, Ponda, Goa - 403 110, Tel. No. :
91-832-2395304 Fax No. :
91-832-2395305 A-28, MIDC,
Ahmednagar - 414 111, Tel. No.
91-241-2777155 E-Mail. uhm@cgl.co.in 214-A, Kundaim
Industrial Estate, Kundaim, Goa - 403 110, Tel. No.
91-832-2395246/ 206/ 304 Fax No.
91-832-2395305 E-Mail. rsk@mail.cgl.co.in Plot No. 1, IDC
Industrial Estate, Bethora, Ponda, Goa-403 409, 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 - 148 026, Digital Group
10-A Jigani
Industrial Estate, Jigani, Anekal, Bangalore Rural - 562 106, Karnataka,
India E-Mail. cgl.rcd@cromption.sril.in 11A and 11C
Industrial Area, Pithampur – 454 775, District Dhar, Tel. No.
91-7292-253035/ 253071 Fax No.
91-7292-253213 E-Mail. hs_sekhon@yahoo.co.in International Division
Jagruti, 2nd
Floor, Kanjur Marg (East), Mumbai - 400 042, Tel. No.
91-22-25782451-7/ 25776524/ 6649/ 25776723/ 25784211-19/ 67558000 Fax No.
91-22-25774066 E-Mail. ashley@cgl.co.in Domestic Appliances Division
27, Tel. No.
91-11-27516993/ 23632349 Fax No.
91-11-27514899 Engineering Projects Division
Tel No.
91-44-25341941 Fax No.
91-44-25341048 E-Mail. cglepd@vsnl.com 50, Tel. No.
91-33-22828709/ 22820814/ 3716 Fax No.
91-33-22823715 Lighting Division
Tel. No.
91-22-24604701 |
|
|
|
|
Regional Sales
Office : |
Northern Region Located at: v Jaipur v Jalandhar v v Eastern Region Located at: v Kolkata v v Western Region Located at: v Mumbai v Ahmedabad v v Indore v v Pune v v Southern Region Located At: v Chennai v v Secunderabad v v Satellite Office Located at: v v v Ernakulam v Chennai v v v
Mandapam |
|
|
|
|
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 1st June, 2011) |
|
|
|
|
Name : |
Mr. L. Demortier |
|
Designation : |
Managing Director
|
|
|
|
|
Name : |
Mr. S. Bayman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Omkar Goswami
|
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. Labroo |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. Prabhu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. Pudumjee |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S.P. Talwar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V. Von Massow |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. M. Acharya |
|
Designation : |
Chief Financial
Officer |
|
|
|
|
Name : |
Mr. W. Henriques |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. L. Demortier |
|
Designation : |
Chief Executive
Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2012
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
255945608 |
39.99 |
|
|
255945608 |
39.99 |
|
|
|
|
|
|
11505462 |
1.80 |
|
|
11505462 |
1.80 |
|
Total
shareholding of Promoter and Promoter Group (A) |
267451070 |
41.79 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
91696193 |
14.33 |
|
|
1299804 |
0.20 |
|
|
46656249 |
7.29 |
|
|
114774220 |
17.93 |
|
|
254426466 |
39.75 |
|
|
|
|
|
|
46542193 |
7.27 |
|
|
|
|
|
|
53155152 |
8.31 |
|
|
9036093 |
1.41 |
|
|
9406268 |
1.47 |
|
|
3108495 |
0.49 |
|
|
178806 |
0.03 |
|
|
6116442 |
0.96 |
|
|
2525 |
0.00 |
|
|
118139706 |
18.46 |
|
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 |
|
|
0 |
0.00 |
|
|
1474294 |
0.00 |
|
|
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: |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
#Licensed Capacity |
*Installed Capacity |
@Actual Production |
|
|
|
|
|
|
|
Transformers, Reactors and Accessories
thereof |
MVA Nos. |
49304 38500 |
39700 61000 |
35810 24879 |
|
Switchgear, Control Equipment and Accessories thereof |
Nos. |
440600 |
514540 |
367695 |
|
Energy Meters |
Nos. |
1000000 |
100000 |
367301 |
|
Traction Electronic, Industrial Drives and SCADA |
Nos. |
3334 |
3334 |
329 |
|
Electric Motors and Alternators
and Drives Panels |
HP Nos. |
10520000 2089500 |
6380000 597862 |
5418088 485395 |
|
Power driven Pumps |
Nos. |
460000 |
140000 |
125405 |
|
Electrical Steel Stamping and
Laminates |
MT |
22000 |
22000 |
17080 |
|
Electric Fans, Ventilation and
Pollution Control Systems |
Nos. |
5980000 |
6052900 |
4261893 |
|
Electric Lamps |
Nos. |
114988000 |
115228000 |
104424858 |
|
Other Items |
Nos. |
1050 |
1050 |
37 |
NOTE:
# Under the liberalised Industrial Policy of Government of India, the
Company obtained the capacities approved by way of acknowledgements against the
IEMs submitted by it.
* Installed Capacities are as certified by the Managing Director.
@ The production figures are as per returns submitted to the Department
of Industrial Development.
GENERAL INFORMATION
|
No. of Employees : |
6058
(Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
v Union
Bank of v IDBI Bank Limited v State
Bank of v ICICI Bank Limited v Corporation Bank v The
Royal Bank of v Canara Bank v Standard Chartered Bank v Bank
of v Credit Agricole CIB v Yes
Bank Limited |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
(Rs.
in Millions) |
|||||||||||||||||||||
|
|
Note: *Working capital demand loan from bank is secured against
hypothecation of stocks and trade receivables, both present and future. #The company has opted for the deferral scheme of sales tax, which is
payable as per the scheme framed by state Goverments. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered
Accountants |
|
|
|
|
Solicitors : |
Crawford Bayley
and Company |
|
|
|
|
Subsidiaries : |
NOTE:
|
|
|
|
|
Associates: |
|
|
|
|
|
Related Parties: |
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1805000000 |
Equity Shares |
Rs. 2/- Each |
Rs.3610.000 Millions |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
641533836 |
Equity Shares |
Rs. 2/- Each |
Rs.1283.068 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
641491536 |
Equity Shares |
Rs. 2/- Each |
Rs.1282.983 Millions |
|
|
|
|
|
Notes:
(a) Reconciliation of the number of the shares outstanding at the
beginning and at the end of the year:
|
Authorised share capital: |
As at 31.03.2012 |
|
|
|
No. of Shares |
Rs. in Millions |
|
Balance at the beginning of the year |
1380000000 |
2760.000 |
|
Amalgamation of wholly owned subsidiary with the company (Refer note
below) |
425000000 |
850.000 |
|
Balance at the end of the year |
1805000000 |
3610.000 |
During the year,
the company’s authorised share capital has increased from Rs. 2760.000 Millions
to Rs. 36100.00 Millions comprising of 1,80,50,00,000 number of equity shares
of Rs. 2 each on amalgamation of CG capital and investments limited, a wholly owned
subsidiary, with the company on 20th august, 2011.
The company has not issued any equity shares during the current and in
the previous year.
(b) Details shareholders holding more than 5% shares in the Company:
|
|
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:
|
|
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 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1283.000 |
1283.000 |
1283.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
25725.800 |
21757.800 |
16364.200 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
27008.800 |
23040.800 |
17647.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2.000 |
82.300 |
138.200 |
|
|
2] Unsecured Loans |
20.600 |
51.700 |
129.600 |
|
|
TOTAL BORROWING |
22.600 |
134.000 |
267.800 |
|
|
DEFERRED TAX LIABILITIES |
432.300 |
735.200 |
834.200 |
|
|
|
|
|
|
|
|
TOTAL |
27463.700 |
23910.000 |
18749.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5961.600 |
8753.000 |
5338.100 |
|
|
Capital work-in-progress |
793.200 |
476.900 |
330.300 |
|
|
|
|
|
|
|
|
INVESTMENT |
10525.000 |
7816.400 |
6880.600 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4496.000
|
4057.200
|
3035.300
|
|
|
Sundry Debtors |
17356.200
|
15101.800
|
12127.900
|
|
|
Cash & Bank Balances |
3211.000
|
1508.900
|
5485.000
|
|
|
Other Current Assets |
488.800
|
8.600
|
10.000
|
|
|
Loans & Advances |
2873.100
|
3173.400
|
1543.700
|
|
Total
Current Assets |
28425.100
|
23849.900
|
22201.900 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
11710.300
|
10090.400
|
9040.600
|
|
|
Other Current Liabilities |
5028.000
|
5203.000
|
5425.400
|
|
|
Provisions |
1502.900
|
1692.800
|
1535.700
|
|
Total
Current Liabilities |
18241.200
|
16986.200
|
16001.700
|
|
|
Net Current Assets |
10183.900
|
6863.700
|
6200.200
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
27463.700 |
23910.000 |
18749.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
64853.800 |
59514.700 |
52839.900 |
|
|
|
|
Other Income |
743.900 |
960.800 |
844.000 |
|
|
|
|
TOTAL (A) |
65597.700 |
60475.500 |
53683.900 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of raw
materials and components consumed and construction materials |
34676.200 |
-- |
-- |
|
|
|
|
Manufacturing
construction and operating expenses |
-- |
41733.100 |
36229.600 |
|
|
|
|
Purchases of stock-in-trade |
12654.700 |
-- |
|
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(73.900) |
-- |
-- |
|
|
|
|
Selling and
administration expenses |
-- |
5354.800 |
5474.800 |
|
|
|
|
Employee benefits |
3635.900 |
3101.700 |
2557.900 |
|
|
|
|
Other Expenses |
6754.100 |
- |
-- |
|
|
|
|
Extra ordinary Item |
-- |
- |
(403.800) |
|
|
|
|
TOTAL (B) |
57647.000 |
50189.600 |
43858.500 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
7950.700 |
10285.900 |
9825.400 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
276.600 |
206.900 |
200.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7674.100 |
10079.000 |
9625.400 |
||
|
|
|
|
|
|
||
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
907.100 |
808.900 |
519.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6767.000 |
9270.100 |
9106.400 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
1718.400 |
2326.800 |
2933.000 |
||
|
|
|
|
|
|
||
|
|
PROFIT AFTER TAX
(G-H) (I) |
5048.600 |
6943.300 |
6173.400 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
17401.600 |
12724.100 |
8114.200 |
||
|
|
|
|
|
|
||
|
Add |
Amount
transferred on amalgamation of a subsidiary |
-- |
78.400 |
-- |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
680.000 |
700.000 |
620.000 |
|
|
|
|
1st Interim Dividend |
513.200 |
513.200 |
293.300 |
|
|
|
|
2nd Interim Dividend |
128.300 |
513.200 |
513.200 |
|
|
|
|
3rd Interim Dividend |
256.600 |
384.900 |
0.000 |
|
|
|
|
Corporate Dividend Tax |
145.700 |
232.900 |
137.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
20726.400 |
17401.600 |
12724.100 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export of Goods (on FOB Basis) including deemed exports Rs.2360.100
millions |
8719.600 |
10555.700 |
12269.700 |
|
|
|
|
Service Income |
131.000 |
149.100 |
56.000 |
|
|
|
|
Other Earnings |
138.700 |
0.000 |
0.000 |
|
|
|
TOTAL EARNINGS |
8989.300 |
10704.800 |
12325.700 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
5579.800 |
4525.100 |
4280.200 |
|
|
|
|
Trading Goods |
951.500 |
703.900 |
425.200 |
|
|
|
|
Spares Parts |
33.200 |
54.500 |
16.600 |
|
|
|
|
Capital Goods |
336.000 |
83.900 |
38.400 |
|
|
|
TOTAL IMPORTS |
6900.500 |
5367.400 |
4760.400 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
7.87 |
10.82 |
8.99 |
||
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
16591.700 |
16702.100 |
17460.500 |
|
Total Expenditure |
15008.100 |
15232.000 |
16135.100 |
|
PBIDT (Excl OI) |
1583.600 |
1470.100 |
1325.400 |
|
Other Income |
204.700 |
146.700 |
292.000 |
|
Operating Profit |
1788.300 |
1616.800 |
1617.400 |
|
Interest |
0.000 |
(59.300) |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1788.300 |
1676.100 |
1617.400 |
|
Depreciation |
170.500 |
175.000 |
180.100 |
|
Profit Before Tax |
1617.800 |
1501.100 |
1437.300 |
|
Tax |
415.100 |
384.200 |
375.700 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1202.700 |
1116.900 |
1061.600 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1202.700 |
1116.900 |
1061.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total
Income |
(%) |
7.70
|
11.48 |
11.50 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.43
|
15.58 |
17.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.68
|
28.43 |
33.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.40 |
0.52 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.01 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.40 |
1.39 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-------- |
|
26] |
Buyer visit details |
-------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
CASE
DETAILS: Bench – Bombay.
|
Stamp
No: - CAFST/18328/2012 Filing Date: - 09.07.2012
Reg. No:- CAF/2535/2012 Reg. Date:- 27.07.2012 |
|
Stamp No:- FAST/16394/2012 Main Matter
Reg No.:-FA/1110/2012 |
|
Petitioner:- M/S
SACHIN ELECTRICALS Respondent:- M/S
CROMPTON GREAVES LIMITED Petn.
Adv.:- P.B.GUJAR District: PUNE |
|
Bench:- SINGLE Status:- Pre-Admission
Category:- FOR STAY Last Date:- 07.08.2012
Stage:- FOR ADMISSION – FRESH [CIVIL Last Coram:- HONBLE SMT.JUSTICE R.P.SONDURBALDOTA SIDE MATTERS] |
|
Act:-
Other Act |
|
Stamp
No: - FAST/16394/2012 Filing
Date: - 21.06.2012 Reg. No:- FA/1110/2012 Reg.
Date:- 17.07.2012 |
|
Petitioner:- M/S SACHIN
ELECTRICALS
Respondent:- M/S CROMPTON GREAVES LIMITED Petn.
Adv.:- P.B.GUJAR
AND RIYAZ SHAIKH District: PUNE |
|
Bench:- SINGLE Status:- Pre-Admission Stage:- FOR ADMISSION – FRESH [CIVIL Next Date:-
12.09.2012
SIDE MATTERS] Coram:- HON’BLE SMT.JUSTICE
R.P.SNDURBALDOTA
Last Date:- 07.08.2012
Stage:- FOR ADMISSION – FRESH [CIVIL Last Coram:- HONBLE SMT.JUSTICE R.P.SONDURBALDOTA SIDE MATTERS] |
|
Act:-
Indian Evidence Act |
HISTORY:
Subject is a part of the Avantha Group was established in the year 1937 as a private sector under the name of Crompton Parkinson Works Limited, has become synonymous with electricity in India. India's largest private sector enterprise, extensively engaged in designing, manufacturing and marketing high technology electrical products and services related to power generation, transmission, distribution as well as executing turnkey projects. The wide range of products that the company offers is canalized through its four business units- These are Power Systems, Industrial Systems and Consumer Products with headquartered in a self-owned landmark building at Worli, Mumbai. Such products as power and industrial transformers, HT circuit breakers, LT and HT motors, DC motors, traction motors, alternators/ generators, railway signaling equipments, lighting products, fans, pumps and public switching, transmission and access products. CG's business operations consist of 22 manufacturing divisions spread across in Gujarat, Maharashtra, Goa, Madhya Pradesh and Karnataka, supported by well knitted marketing and service network through 14 branches in various states under overall management of four regional sales offices located in Delhi, Kolkata, Mumbai and Chennai. The company is in quality range by having many certifications in the ISO 9000/9001:2000/14001 series. Greaves Cotton and Crompton Parkinson Limited, Mumbai was amalgamated with the Company in the year 1966, after the amalgamation, the Company's name was changed from Crompton Parkinson (Works) Limited to the present name Crompton Greaves Limited The company had technical collaboration agreement with Hitachi Limited, Japan for the manufacture of moulded case circuit breakers in the year 1975. CG entered into various technical collaboration agreements with several renowned manufacturers from U.S.A., U.K., Europe and Japan during the year 1978. Kerala Electric Lamp Works Limited (formerly Toshiba Anand Lamps Limited,) was became a subsidiary of the Company in the year 1981. During the period of 1986, CG promoted one company under the name Punjab Power Generation Machines Limited jointly with the Punjab state Industrial Development Corporation Limited for the manufacture of hydro turbines upto 20 MW in Punjab. And also in the same year promoted another one company under the name of Goa Electricals and Fans Limited, for the manufacture of ceiling fans in Goa jointly with Economic Development Corporation of Goa, Daman and Diu Limited In the year 1987, an up-to-date plant for the manufacture of vacuum interrupters and manufacture of industrial electronic items, signaling systems was commissioned at Aurangabad and Nasik respectively. An instrument relays project was commissioned at Pithampur. CG developed and introduced supervisory control and data acquisition and programmable logical controllers in the year 1988 and also the Company commissioned under joint venture, plants for the manufacture of telematics at Goa and television receivers at Pithampur. The rural telecommunication unit at Bangalore, the transformers unit at Malanpur, M.P and vacuum fluid purifier plant at Aurangabad were commissioned during the year 1990. CG and Teltec of Denmark promoted a joint venture company in the same year 1990 under the name of CG-Teltec Limited, with foreign equity participation for the manufacture of radio communication equipment at Bangalore. Kerala Electric Lamp Works Limited (KELW) was amalgamated with the company. The R and D unit of the company developed new products like DC/AC current sensor and mixed dielectric insulation system for 220 KV coupling capacitors in the year 1992, also a joint venture project for manufacture of electric meters at Gurgaon and Company's plant for manufacture of lithium batteries at Goa were commissioned. In 1994, the Company submitted its bid to DOT for provision of cellular services in seven circles in association with Millicons of Luxembarg and the CG Communication Private Limited was promoted in the same year to provide cellular mobile telephone services in the telecom services in India. A modern transformer factory with the latest manufacturing equipment was set up in the year 1995 at Bhopal. Hind Condensor Limited, Goa Telematics Limited (GTL) and Northern Digital Exchanges Limited (NODE) were amalgamated with the Company in the year itself. In 1996, CG was restructured in four main business group viz. Power system, Industrial system, consumer products and Digital to ensure enhanced focus and effectiveness. The Indocom Industries Limited, a 100% subsidiary of the company and Lumino Lamps Limited were amalgamated with the Company. Crompton Greaves and Thapar Group Company has formed a joint venture in the year 1997 with ELIN Energieversorgung (ELIN) of Austria to manufacture gas and steam turbine driven generators, up to 45 MVA capacity, and hydel generators. The Kersons Manufacturing Company of India Limited (Kersons) and Goa Electricals and Fans Limited (GEFL) were amalgamated with the Company. CG has joined hands with the billion NEC of Japan to set up a joint venture for the manufacture of microwave radio equipment. During the year 1998, for the manufacture the medium voltage vacuum switchgear at Dubai, the company formed an alliance with Link Middle East Limited (LMEL). CG has signed a MoU in the year 1999 with Israel based Tadiran Telecommunications Limited for marketing and servicing Tadiran's Coral range of telecommunication product in the Indian subcontinent and also the company has entered into a technical collaboration with Allied Signal Inc. for manufacturing Amorphous Metal Transformers (AMT) in the same year. In the year 2000, the informatics division of Crompton Greaves has tied up with Remedy Corporation for consultation, implementation and training of eCRM and eBusiness infrastructure solutions in India. The Company has signed an agreement with French company Schneider Electric for selling its low-tension control gear business located in Nasik in Maharashtra and also has entered into an agreement for sale of its Low Tension Control Gear division located at Satpur, Nashik to Schneider Electric India Limited for approximately Rs 760.000 millions. CG-Digital, a business unit of Crompton Greaves, has launched a new range of digital and KTS/EPABX systems in the year 2001 to suit varying needs of communication. In a bid to reduce its manufacturing costs, LM Thapar Group Company of Crompton Greaves has begun importing electrical components from Chinese manufacturers for its consumer products division. In 2002, the Company has divested its shareholding of 38% in CG Newage Electrical Limited to Cummins India Limited with the consideration of Rs 220.50 per share. During 2003, In May 2005, Crompton Greaves acquired the Belgium-based Pauwels Group, a company internationally known for its transformer manufacturing and service capabilities. Pauwels has manufacturing facilities in Belgium, Ireland, Canada, USA and Indonesia, and together, the two entities effectively cover all key global geographies. During 2005-06, Crompton Greaves had implemented the SAP 4.7 platform across all locations in India. The Company's switchgear complex at Ambad won the Frost and Sullivan India Manufacturing Excellence (IMEA) Gold Award for 2006. The acquisition of Ganz Transelektro Villamossagi Zrt and its associate company, Transverticum Kft in Hungary during the 2006-07 led to the company in an enterprise value of approximately 35 million. In 2006-07, Crompton Greaves' Indian Power Systems business succeeded in opening 9 new International markets for its products. The HT motors division of the company succeeded in extending the 11 kV range of HT motors to 1,750 kW. It also obtained and executed several new orders for refineries and cement plants. The division's facility at Mandideep was significantly enhanced by a new machine shop with computerized equipment, and additions to the testing bays, which can now test up to 5 MW HT machines. CG has set up a captive glass shell manufacturing unit and a new line for FTL at Baroda. Transformer Group (DOMESTIC) enhanced its significance in HYDRO Business and also it bags Landmark Order. CG Global R and D Centre Bags the Golden Peacock Innovative Award Product/Service Award 2007. CG wins Best Product award for its Dream Transformer and Appreciation Certificate for Transformer with Improved Voltage Regulations At the 'Best Product Competition (Indian Exhibitors)' in Elecrama 2008. Crompton helps electricity boards and other utilities to reach electricity to the last home and factory. Therefore, every individual in India who uses electricity can be considered as Crompton customer, continues to further and consolidate the initiatives that Colonel Crompton set into motion by focusing on meeting increasing customer demands for products that are eco-friendly, energy efficient and with intelligent monitoring and control systems. However, several measures that the company has already taken and it's plans for the future, together with business impact of the Pauwels acquisition, will equip the company to respond in adequate measure to this competitive pressure.
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 UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND
NINE MONTHS END
(Rs. in Millions)
|
particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2012 Unaudited |
30.09.2012 Unaudited |
31.12.2012 Unaudited |
|
|
1. Income from
operations |
|
|
|
|
Net Sales / Income from operations (net of excise duty) |
17460.500 |
16702.100 |
50754.300 |
|
Net Sales / Income from operations |
17460.500 |
16702.100 |
50754.300 |
|
|
|
|
|
|
2. Expenses |
|
|
|
|
(a) Cost of materials consumed |
8556.300 |
8412.400 |
25854.700 |
|
(b) Purchases of stock-in-trade |
4534.500 |
3844.100 |
12591.800 |
|
(c) Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
68.000 |
(32.800) |
(846.000) |
|
(d) Employee benefits |
1011.700 |
1009.600 |
3035.500 |
|
(e) Depreciation and amortisation |
180.100 |
175.000 |
525.600 |
|
(f) Other expenses |
1964.600 |
1998.700 |
5642.700 |
|
Total Expenses |
16315.200 |
15407.000 |
46804.300 |
|
3. Profit from Operations before other income and
finance costs |
1145.300 |
1295.100 |
3950.000 |
|
4. Other Income |
259.700 |
146.700 |
490.600 |
|
5. Profit before finance costs |
1405.000 |
1441.800 |
4440.600 |
|
6. Finance
costs |
(32.300) |
(59.300) |
(115.600) |
|
7. Profit from ordinary activities after finance
costs before tax |
1437.300 |
1501.100 |
4556.200 |
|
8. Tax expenses
|
375.700 |
384.200 |
1175.000 |
|
9. Net profit from ordinary activities after tax |
1061.600 |
1116.900 |
3381.200 |
|
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 Reserves as per balance sheet |
|
|
|
|
12. Earnings Per Share (of Rs.2 each) Basic and diluted (not annualized) |
1.66 |
1.74 |
5.27 |
|
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 Shareholdings |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of shares |
127997000 |
92732000 |
127997000 |
|
- Percentage of shares (as a percentage of the total shareholding of promoter and
promoter group) |
47.86 |
34.67 |
47.86 |
|
- Percentage of shares (as a percentage of the total share capital of the
company) |
19.95 |
14.46 |
19.95 |
|
b)
Non-Encumbered |
|
|
|
|
- Number of shares |
139454070 |
174719070 |
139454070 |
|
- Percentage of shares (as a percentage of the total shareholding of promoter and
promoter group) |
52.14 |
65.33 |
52.14 |
|
- Percentage of shares (as a percentage of the total share capital of the
company) |
21.74 |
27.23 |
21.74 |
* Public Shareholding includes shares held by custodians of Global Depository Receipts issued.
|
|
Particulars |
Quarter |
|
|
|
ended |
|
B |
INVESTOR COMPLAINTS |
31.12.2012 |
|
|
Pending
at the beginning of the quarter |
Nil |
|
|
Received
during the quarter |
Nil |
|
|
Disposed
off during the quarter |
Nil |
|
|
Remaining
unresolved at the end of the |
|
|
|
quarter |
Nil |
STANDALONE SEGMENT-WISE REVENUE. RESULTS AND CAPITAL EMPLOYED FOR THE
QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2012
(Rs. in Millions)
|
particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2012 Unaudited |
30.09.2012 Unaudited |
31.12.2012 Unaudited |
|
|
1. Segment Revenue (net of excise duty): |
|
|
|
|
(a) Power Systems |
6701.300 |
6235.900 |
18885.500 |
|
(b) Consumer Products |
6069.600 |
5843.900 |
18450.500 |
|
(c) Industrial Systems |
3764.200 |
3892.100 |
11042.200 |
|
(d) Others |
1031.400 |
912.100 |
2800.900 |
|
TOTAL |
17566.500 |
16884.000 |
51179.100 |
|
Less: Inter segment Revenue |
106.000 |
181.900 |
424.800 |
|
Net Sales / Income From Operations |
17460.500 |
16702.100 |
50754.300 |
|
|
|
|
|
|
2. Segment Result: [Profit / (Loss) before tax and finance costs from each segment] |
|
|
|
|
(a) Power Systems |
530.400 |
616.900 |
1711.900 |
|
(b) Consumer Products |
633.300 |
556.800 |
2040.400 |
|
(c) Industrial Systems |
576.200 |
601.300 |
1607.300 |
|
(d) Others |
23.700 |
64.600 |
126.300 |
|
TOTAL |
1763.600 |
1839.600 |
5485.900 |
|
Less: (i) Finance costs |
(32.300) |
(59.300) |
(115.600) |
|
(ii) Other un-allocable expenditure net of un-allocable income |
358.600 |
397.800 |
1045.300 |
|
Profit from
Ordinary Activities before tax |
1437.300 |
1501.100 |
4556.200 |
|
|
|
|
|
|
3. Capital Employed : (Segment Assets – Segment Liabilities) |
|
|
|
|
(a) Power Systems |
9189.100 |
9245.700 |
9189.100 |
|
(b) Consumer Products |
745.100 |
670.100 |
745.100 |
|
(c) Industrial Systems |
4022.500 |
4290.200 |
4022.500 |
|
(d) Others |
16649.100 |
15021.500 |
16649.100 |
|
TOTAL |
30605.800 |
29227.500 |
30605.800 |
Notes on
standalone financial results:
The above unaudited standalone financial results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 29th January, 2013. The statutory auditors have carried out a limited review of the financials of the Company as required under Clause 41 of the Listing Agreement and the related report is being forwarded to the Stock Exchanges.
The Company has, on 14th January, 2013 entered into a definitive agreement for the acquisition of the Compact Fluorescent Lamps (CFL) business of Karma Industries located at Baddi, Himachal Pradesh, at an approximate enterprise value of Rs. 1450.000 millions. The acquisition will help the Company to increase its capacity in CFL business by twofold and will also enable it to better serve its customers and channel partners through expanded reach in the Indian market.
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
PRESS RELEASE:
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.
CG
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 four business groups: Power, Automation, Industrial, and Consumer. CG clocks US$2.3 billion in revenues from product lines that cover the entire value chain of engineering offerings
About Avantha
The US$ 4 bn Avantha Group is one of India`s leading business conglomerates. Its successful entities include BILT, Crompton Greaves, The Global Green Company, Avantha Power and Infrastructure, Solaris ChemTech Industries, Biltech Building Elements, Salient Business Solutions and Avantha Technologies. With an impressive global footprint, Avantha operates in more than twenty countries, employing over 22,000 people 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.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.54.10 |
|
|
1 |
Rs.82.47 |
|
Euro |
1 |
Rs.70.49 |
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 |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.