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MIRA INFORM REPORT
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Report No. : |
487036 |
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Report Date : |
19.01.2018 |
IDENTIFICATION DETAILS
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Name : |
CG POWER AND INDUSTRIAL SOLUTIONS LIMITED (w.e.f. 27.02.2017) |
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Formerly Known
As : |
CROMPTON GREAVES LIMITED |
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Registered
Office : |
6th
Floor, C.G. House, Dr. Annie Besant Road, Worli, Mumbai – 400030, Maharashtra |
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Tel. No.: |
91-22-24237777 / 24237764
/ 24237765 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of Incorporation
: |
28.04.1937 |
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Com. Reg. No.: |
11-002641 |
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Capital
Investment / Paid-up Capital : |
INR 1253.500 Million |
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CIN No.: [Company Identification
No.] |
L99999MH1937PLC002641 |
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IEC No.: |
0388062916 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AAACC3840K |
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GSTIN.: |
Not Divulged |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject provides various Solutions to Utilities,
Industries, and Consumers for the Management and application of Electrical
Energy Worldwide. It operates through Power Systems, Industrial Systems, and
Automation Systems segments. ·
The Power Systems
segment offers power and Distribution Transformer, Switchgear
and Turnkey Projects. ·
The Industrial
Systems segment provides power conversion equipment of a spectrum of high and
low tension rotating machines, such as motors and alternators; and stampings,
as well as railway transportation and signaling equipment. This segment also
offers generators/alternators, drives and automation systems, traction
electronics, stampings and laminations, and SCADA. ·
The Automation
Systems segment provides protection and control systems, protection relays
and panels, control devices, smart meters, and communication devices. (Registered activity) |
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No. of Employees
: |
3351 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Maximum Credit Limit : |
USD 120000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject was incorporated in 1937 in India and it is one of the world’s leading engineering corporations. It offers power products including power and distribution transformers, switchgears, circuit breakers, vacuum interrupters, network protection and control gears and reactors, power supervisory control and data acquisition systems. As per the financial record of 2017, the company has achieved 12.70% growth in its revenue as compared to the previous year and has reported average profitability margin of 3.31%. Rating takes into consideration the company’s well-established track record of business operations along with reputed brand name in electrical products segment backed by diversified product portfolio and distribution networks. Rating also takes into account of company satisfactory financial base on standalone basis marked by its above average debt coverage indicators along with sound net worth base and average liquidity position. The company has its share price trading at around INR 94.80 on BSE as on January 18, 2018 as against the Face Value of INR 2. However, rating is constrained as the CG Power had to raise debt in India to settle overseas debt and finance overseas losses. The company’s overseas businesses debt was valued around $16,000 million before the company started disposing off its overseas assets. Business is active. Payments are reported to be slow but correct. In view of aforesaid, the company can be considered for business dealings with some caution. |
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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial
Reconstruction) LISTING STATUS
Subject’s name is
not listed as a Sick Unit in the publicly available BIFR (Board for Industrial
& Financial Reconstruction) list as of 19.01.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-22-24237777)
91-22-24237700 (NUMBER DOES NOT EXIST)
LOCATIONS
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Registered Office : |
6th
Floor, C.G. House, Dr. Annie Besant Road, Worli, Mumbai – 400030,
Maharashtra, India |
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Tel. No.: |
91-22-24237777 / 24237764
/ 24237765 / 67558645 / 67558644 |
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Fax No.: |
91-22-24237733 |
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E-Mail : |
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Website : |
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Sales Office: |
5, New Tilak Nagar, Avanti Vihar, Raipur- 493001,
Rajasthan, India |
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Plant Locations : |
POWER SYSTEMS Kanjur Marg, Bhandup, Mumbai – 400042, Maharashtra, India Tel. No. 91-22- 6755 8000 / 67558208 / 67558649 Fax No. 91-22-25783271/ 25783216 / 67558587 E-Mail. : vmasson@tone.cgl.co.in A/3, MIDC Industrial Area, Ambad, Nashik – 422010, Maharashtra, India Tel. No. 91-253-2382271/ 2382275 Fax No. 91-253-2381247 E-Mail. : mukul.srivastava@cgglobal.com
Plot No. D-2 and D1/2, MIDC, Waluj, Aurangabad – 431136, Maharashtra,
India Tel. No. 91-240-2558000, 2558081, 2558001, 2558031 Fax No. 91-240-2554697 E-Mail. : pranav.shanker@cgglobal.com 209, Mumbai Pune Road, Pimpri, Pune – 411018, Maharashtra, India Tel. No. 91-20-27474925 Fax No. 91-20-27474972 E-Mail. : cgt2@mantraonline.com Plot No. T1+T5, MPAKVN Industrial Area, Malanpur (District Bhind) -
477716, Madhya Pradesh, India Tel. No. 91-7539-301200/ 301254/ 301260 Fax No. 91-7539-283585 / 301242 E-Mail. : rakesh.kumar@cgglobal.com Plot No.29-32, New Industrial Area No.1, Mandideep – 462046, Madhya
Pradesh, India Tel. No. 91-7480-408285 / 6, 408201 Fax No. 91-7480-408208, 408255 E-Mail. shiva.kumar@cgl.co.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. 91-22-67558000, 67558208 Fax No. 91-22-2578 3845 E-Mail. : yogesh.jaiswal@cgglobal.com Plot No. 9, MPAKVN, Phase 2, New Industrial Area, Mandideep-462046 Madhya Pradesh, India Tel. No. 91-7480-400102 E-Mail. : jagdish.pant@cgglobal.com A/6-2, MIDC Industrial Area, Ahmednagar – 414111, Maharashtra, India Tel. No. 91-241-2777500, 2777372 Fax No. 91-241-2777508, 2776103 E-Mail. : vijay.lele@cgglobal.com B-108/109, MIDC Industrial Area Ahmednagar – 414111,Maharashtra, India Tel. No. 91-241-2777145 Fax No. 91-241-2777162, 2778534 E-Mail. : ravindra.bhong@cgglobal.com 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. 91-7480-400000, 400102, 400228, 403238, 400181 / 2 E-Mail. : jagdish.pant@cgglobal.com 11-B, Industrial Area 1, Pithampur – 454775, District Dhar, Madhya
Pradesh, India Tel. No. 91-7292-410121, 410107 E-Mail. : delip.wakode@cgglobal.com
D-2-21, 22, 23, Tivim Industrial Estate, Karaswada, Bardez, Goa -
403526, India Tel. No. 91-832-2257639,2257409 Fax No. 91-832-2257207 E-Mail. : jagdish.pant@cgl.co.in Plot No. 196-198, Kundaim Industrial Estate, Ponda 403115, Goa, India Tel. No. 91- 832-3983205 E-Mail.: pradip.arote@cgglobal.com STAMPINGS DIVISION B-110, 111B, 112 / 2, MIDC Industrial Area, Ahmednagar-414111, Maharashtra, India Tel. No. 91-241-6610512 / 31 Fax No. 91-241-6610511 E-Mail. : ganesh.pendse@cgglobal.com CONSUMER
PRODUCTS Transformer Division, Kanjur Marg (East), Bhandup, Mumbai – 400042, Maharashtra,
India Tel. No. 91- 67558000, 67558208 E-Mail.: yogesh.jaiswal@cgglobal.com 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
Vadodara-391430, Gujarat, India Tel. No. : 91-2662- 242323, 242278 Fax No. : 91-2662-242326 E-Mail. : raj_ray@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 Plot No.214-A, Kundaim Industrial Estate, Kundaim, Goa – 403115, India Tel. No. 91-832-2395305, 2395902 Fax No. 91-832-2395305 E-Mail. uday.mahajani@cgglobal.com Plot No 1, Goa IDC Industrial Estate, Bethora, Ponda, Goa – 403409, India Tel. No. 91-832-2331200, 2331256 Fax No. 91-832-2313155 E-Mail. uday.mahajani@cgglobal.com Jagruti, 2nd Floor, Kanjur Marg (East), Mumbai - 400 042, Maharashtra,
India E-Mail. manoj.verma@cgl.co.in DIGITAL GROUP 10-A Jigani Industrial Estate, Jigani, Anekal, Bangalore Rural -
562106, Karnataka, India E-Mail. cgl.rcd@cromption.sril.in AUTOMATION BUSINESS
UNIT (India) Global Village Tech Park, Block-A, Ground Floor-Right Wing Mylasandra, RVCE Post, Bangalore-560059, Karnataka, India Tel No.: 91-80-30037500 Fax No.: 91-80-30037599 |
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Regional Office : |
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Regional Sales Office / Head: |
Northern Region Located at:
Eastern Region Located at:
Western Region Located at:
Southern Region Located At:
Service Centers Northern Region Located At:
Eastern Region Located At:
Western Region Located At:
Southern Region Located At:
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DIRECTORS
AS ON 31.03.2017
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Name : |
Mr. Neelkant Narayanan Kollengode |
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Designation : |
Managing Director |
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Address : |
Flat No. 1602, Tower No. S4 The Close, South Nirvana Country, Sector 50 Gurugram-122001, Haryana, India |
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Date of Appointment : |
03.02.2016 |
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DIN No.: |
05122610 |
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Name : |
Mr. Omkar Goswami |
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Designation : |
Directors |
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Address : |
E-121, Masjid Moth, First Floor Greater Kailash-III, New Delhi-110048, India |
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Date of Appointment : |
27.01.2004 |
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DIN No.: |
00004258 |
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Name : |
Mr. Sanjay Mohan Labroo |
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Designation : |
Director |
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Address : |
6, Green Avenue Lane Off Green Avenue, Kishangarh, New Delhi-110070, India |
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Date of Appointment : |
28.10.2003 |
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DIN No.: |
00009629 |
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Name : |
Mr. Gautam Thapar |
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Designation : |
Director |
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Address : |
E-16, Pushpanjali Farms Bijwasan, New Delhi-110061, India |
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Date of Appointment : |
07.08.2005 |
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DIN No.: |
00012289 |
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Name : |
Mr. Bhuthalingam Hariharan |
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Designation : |
Director |
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Address : |
Flat No-602 B, The Magnolias, DLF Golf Links, DLF City, DLF Phase-V Gurugram-122009, Haryana, India |
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Date of Appointment : |
01.11.2012 |
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DIN No.: |
00012432 |
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Name : |
Mr. Ramni Nirula |
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Designation : |
Director |
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Address : |
A-14, Anand Niketan, New Delhi-110021, India |
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Date of Appointment : |
06.04.2016 |
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DIN No.: |
00015330 |
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Name : |
Mr. Valentin Albrecht Herwart Von Massow |
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Designation : |
Director |
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Address : |
7 Kidderpore Ave, London NW3 7SX, United Kingdom |
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Date of Appointment : |
25.01.2006 |
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DIN No.: |
00239314 |
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Name : |
Mr. Jitender Balakrishnan |
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Designation : |
Additional Director |
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Address : |
208, Tower - 2 Casa Grande Senapati Bapat Marg, Lower Parel, Mumbai- 400013, Maharashtra, India |
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Date of Appointment : |
02.05.2017 |
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DIN No.: |
00028320 |
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Name : |
Mr. Ashish Kumar Guha |
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Designation : |
Additional Director |
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Address : |
23 Poorvi Marg, First Floor, Vasant Vihar, New Delhi – 110057, India |
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Date of Appointment : |
09.11.2017 |
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DIN No.: |
00004364 |
KEY EXECUTIVES
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Name : |
Mr. Venkatesh Ramamoorthy Vaidyanathapuram |
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Designation : |
Company Financial Officer (Kmp) |
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Address : |
Rotselaerlaan 8, 3080 Tervuren, Belgium |
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Date of Appointment : |
12.08.2017 |
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PAN No.: |
AAKPV9947M |
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Name : |
Mr. Madhav Acharya |
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Designation : |
Company Financial Officer (KMP) |
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Address : |
C-1706, Oberoi Woods, Near Oberoi Mall Off Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India |
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Date of Appointment : |
29.05.2014 |
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PAN No.: |
ABOPA4250D |
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Name : |
Mr. Manoj Durganath Koul |
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Designation : |
Company Secretary |
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Address : |
Flat No. 32 Building 22A Takshshila Co-Operative Housing Society Mahakali Caves Road, Andheri (East), Mumbai-400093, Maharashtra, India |
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Date of Appointment : |
03.08.2015 |
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PAN No.: |
AMTPK3687Q |
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Name : |
Mr. K. N Neelkant (w.e.f 3 February, 2016) |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on September, 2017
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares |
|
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Promoter and Promoter Group |
215451070 |
34.42 |
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Public |
410457543 |
65.58 |
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Grand Total |
625908613 |
100.00 |
STATEMENT
SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER GROUP
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares |
|
|
A1) Indian |
0.00 |
||
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Any Other (specify) |
215451070 |
34.42 |
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Avantha Holdings Limited |
215442496 |
34.42 |
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Varun Prakashan Private Limited |
5022 |
0.00 |
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Avantha Realty Limited |
3552 |
0.00 |
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Sub Total A1 |
215451070 |
34.42 |
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A2) Foreign |
0.00 |
||
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A=A1+A2 |
215451070 |
34.42 |
STATEMENT
SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares |
|
|
B1) Institutions |
0.00 |
||
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Mutual Funds/ |
155786061 |
24.89 |
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HDFC Trustee Company Limited-HDFC Equity Fund |
57788500 |
9.23 |
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Reliance Capital Trustee Company Limited A/C Reliance equity Opportunities Fund |
57717394 |
9.22 |
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Birla Sun Life Trustee Company Private Limited Ac Birla Sun Life Balanced 95 Fund |
34921629 |
5.58 |
|
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Alternate Investment Funds |
1265000 |
0.20 |
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Foreign Portfolio Investors |
130537761 |
20.86 |
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Samena Special Situations Mauritius |
25657396 |
4.10 |
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Wgi Emerging Markets Smaller Companies Fund, LLC |
15676942 |
2.50 |
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Abu Dhabi Investment Authority - Lglinv |
8970000 |
1.43 |
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Vanguard Emerging Markets Stock Index Fund, Aseries of Vanguard International Equity Inde X Fund |
7816356 |
1.25 |
|
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Financial Institutions/ Banks |
644383 |
0.10 |
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Insurance Companies |
40445507 |
6.46 |
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Life Insurance Corporation of India |
32820195 |
5.24 |
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Sub Total B1 |
328678712 |
52.52 |
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B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
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B3) Non-Institutions |
0.00 |
||
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Individual share capital upto INR 0.200 million |
56221289 |
8.98 |
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Individual share capital in excess of INR 0.200 million |
6524841 |
1.04 |
|
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NBFCs registered with RBI |
13037 |
0.00 |
|
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Any Other (specify) |
18974864 |
3.03 |
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NRI – Repat |
2136748 |
0.34 |
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NRI – Non- Repat |
1144688 |
0.18 |
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Trusts |
34081 |
0.01 |
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Overseas corporate bodies |
61600 |
0.01 |
|
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Foreign Individuals |
2983 |
0.00 |
|
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Clearing Members |
500551 |
0.08 |
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Bodies Corporate |
14141319 |
2.26 |
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Unclaimed or Suspense or Escrow Account |
952894 |
0.15 |
|
|
Sub Total B3 |
81734031 |
13.06 |
|
|
B=B1+B2+B3 |
410412743 |
65.58 |
BUSINESS DETAILS
|
Line of Business : |
Subject provides various Solutions to Utilities,
Industries, and Consumers for the Management and application of Electrical
Energy Worldwide. It operates through Power Systems, Industrial Systems, and
Automation Systems segments. ·
The Power Systems
segment offers power and Distribution Transformer, Switchgear
and Turnkey Projects. ·
The Industrial
Systems segment provides power conversion equipment of a spectrum of high and
low tension rotating machines, such as motors and alternators; and stampings,
as well as railway transportation and signaling equipment. This segment also
offers generators/alternators, drives and automation systems, traction
electronics, stampings and laminations, and SCADA. ·
The Automation
Systems segment provides protection and control systems, protection relays
and panels, control devices, smart meters, and communication devices. (Registered activity) |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
3351 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Sharp and Tannan Chartered Accountant |
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Address : |
Ravindra Annexe,
194, Churchgate Reclamation, Dinshaw Vachha Road, Mumbai-400020, Maharashtra,
India |
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Tel. No.: |
91-22-66338343 |
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Fax No.: |
91-22-66338352 |
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Joint Statutory Auditors : |
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Name : |
Chaturvedi and Shah Chartered Accountant |
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Address |
714-715, Tulsiani
Chambers, 212, Nariman Point, Mumbai-400021, Maharashtra, India |
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Tel No.: |
91-22-30218500 |
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Fax No.: |
91-22-30218595 |
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Solicitors : |
Crawford Bayley
and Company |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries Companies : |
(amalgamated with the company w.e.f. 25th
March, 2015)
(amalgamated with the company w.e.f. 25th
March, 2015)
(incorporated on 19th September, 2014)
(incorporated on 25th February, 2015 and
demerged w.e.f. 23rd March, 2016)
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Associates Companies: |
(formerly Pauwels Middle East Trading and
Contracting Private Company LLC)
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Joint Venture : |
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Other related parties in which directors are interested: |
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CAPITAL STRUCTURE
After 22.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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2038000000 |
Equity Shares |
INR 2/- Each |
INR 4076.000 Million |
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Issued, Subscribed & Paid-up Capital
|
No. of Shares |
Type |
Value |
Amount |
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|
626746142 |
Equity Shares |
INR 2/- Each |
INR 1253.492
Million |
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As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2038000000 |
Equity Shares |
INR 2/- Each |
INR 4076.000 Million |
|
|
|
|
|
Issued
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
626788442 |
Equity Shares |
INR 2/- Each |
INR 1253.500
Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
626746142 |
Equity Shares |
INR 2/- Each |
INR 1253.500
Million |
|
|
|
|
|
a)
Reconciliation of the number of the shares outstanding
at the beginning and at the end of the year:
|
|
31.03.2017 |
|
|
Authorised share capital: |
No. of Shares |
INR in Million |
|
|
|
|
|
Balance at the beginning of the year |
2038000000 |
4076.000 |
|
Balance at the end of the year |
2038000000 |
4076.000 |
|
Issued share
capital |
31.03.2017 |
|
|
|
No. of Shares |
INR in Million |
|
|
|
|
|
Balance at the beginning of the year |
626788442 |
1253.500 |
|
Balance at the end of the year |
626788442 |
1253.500 |
|
Subscribed & Paid-up |
31.03.2017 |
|
|
|
No. of Shares |
INR in Million |
|
|
|
|
|
Balance at the beginning of the year |
626746142 |
1253.500 |
|
Balance at the end of the year |
626746142 |
1253.500 |
The Company has not issued any equity shares during the current and in the previous year.
b)
Terms / rights attached to equity shares:
The Company has
only one class of share capital, i.e., equity shares having face value of INR 2
per share. Each holder of equity share is entitled to one vote per share.
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
c)
Details shareholders holding more than 5% shares in
the Company:
|
Particulars |
31.03.2017 |
|
|
% |
No. of Shares |
|
|
1. Avantha Holdings limited |
34.37 |
215442496 |
|
2. Reliance Capital Trustee Company Limited A/c Reliance Equity Opportunities Fund |
7.43 |
46569874 |
|
3. HDFC Trustee company limited – (HDFC Rajiv Gandhi Equity Savings Scheme Series – 1 Feb, 2013) |
9.22 |
57809500 |
|
4. Life Insurance Corporation of India |
5.24 |
32820195 |
d)
There
are no shares reserved for issue under options and contracts / commitments for
the sale of shares / disinvestment.
e)
Aggregate number of bonus shares issued bought back
during the period of five years immediately preceding the reporting date:
|
Particulars |
31.03.2017 |
|
No. of Shares |
|
|
|
|
|
Shares bought back |
14745394 |
|
|
|
a)
Aggregate number of bonus shares issued as GDRs:
|
Particulars |
31.03.2017 |
|
|
% |
No. of Shares |
|
|
The Bank of New York |
0.14 |
882329 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1253.500 |
1253.500 |
1253.500 |
|
(b) Reserves &
Surplus |
40739.400 |
40027.000 |
44900.200 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
41992.900 |
41280.500 |
46153.700 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
5036.000 |
41.500 |
84.100 |
|
(b) Deferred tax
liabilities (Net) |
2147.500 |
2402.500 |
3014.000 |
|
(c) Other long term
liabilities |
11.000 |
12.100 |
27.300 |
|
(d) long-term provisions |
597.700 |
527.000 |
599.000 |
|
Total Non-current
Liabilities (3) |
7792.200 |
2983.100 |
3724.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
7102.300 |
5781.800 |
562.200 |
|
(b) Trade payables |
10913.300 |
10474.000 |
9489.400 |
|
(c) Other current
liabilities |
5413.300 |
4675.500 |
16239.400 |
|
(d) Short-term provisions |
687.500 |
756.200 |
625.000 |
|
(e) Liabilities
associated with group of assets classified As held for sale and
discontinued operations |
9.800 |
301.000 |
0.000 |
|
Total Current Liabilities
(4) |
24126.200 |
21988.500 |
26916.000 |
|
|
|
|
|
|
TOTAL |
73911.300 |
66252.100 |
76794.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
12327.800 |
12960.400 |
14920.100 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
946.800 |
|
(iii) Capital
work-in-progress |
82.300 |
20.000 |
26.700 |
|
(iv) Intangible assets
under development |
280.100 |
379.500 |
300.500 |
|
(b) Non-current
Investments |
4406.500 |
4816.900 |
10050.400 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
66.400 |
94.400 |
143.100 |
|
(e) Other Non-current
assets |
963.000 |
957.400 |
685.600 |
|
Total Non-Current Assets |
18126.100 |
19228.600 |
27073.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
52.200 |
9.500 |
1606.200 |
|
(b) Inventories |
7507.600 |
4071.700 |
3686.600 |
|
(c) Trade receivables |
14803.700 |
16429.900 |
18545.200 |
|
(d) Cash and cash
equivalents |
5557.500 |
5120.300 |
2963.400 |
|
(e) Short-term loans and
advances |
14669.700 |
10510.500 |
9803.500 |
|
(f) Other current assets |
11588.200 |
8365.600 |
13116.000 |
|
(e) Assets classified as
held for sale and discontinued operations |
1606.300 |
2516.000 |
0.000 |
|
Total Current Assets |
55785.200 |
47023.500 |
49720.900 |
|
|
|
|
|
|
TOTAL |
73911.300 |
66252.100 |
76794.100 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
47614.300 |
42248.400 |
45236.000 |
|
|
Other Income |
2004.100 |
2263.300 |
1293.000 |
|
|
TOTAL |
49618.400 |
44511.700 |
46529.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
31447.100 |
27670.900 |
28901.400 |
|
|
Purchases of
Stock-in-Trade |
2251.200 |
1182.900 |
1881.200 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1681.200) |
(635.900) |
400.000 |
|
|
Employees benefits
expense |
3583.200 |
3626.900 |
3713.900 |
|
|
Exceptional items |
998.000 |
14517.100 |
(1496.900) |
|
|
Exchange gain/ (loss) |
0.000 |
0.000 |
474.200 |
|
|
Other expenses |
8894.100 |
8153.900 |
7684.500 |
|
|
TOTAL |
45492.400 |
54515.800 |
41558.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
4126.000 |
(10004.100) |
4970.700 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
1638.300 |
397.700 |
426.700 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
2487.700 |
(10401.800) |
4544.000 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
917.400 |
986.300 |
1128.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1570.300 |
(11388.100) |
3415.700 |
|
|
|
|
|
|
|
Less |
TAX |
(7.000) |
453.000 |
(35.000) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1577.300 |
(11841.100) |
3450.700 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
6694.600 |
8337.000 |
8890.900 |
|
|
Freight |
|
|
|
|
|
Insurance |
|
|
|
|
|
TOTAL EARNINGS |
6694.600 |
8337.000 |
8890.900 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
4820.200 |
4605.900 |
5931.200 |
|
|
Service income |
44.500 |
23.400 |
31.300 |
|
|
Capital Goods |
22.300 |
3.900 |
30.100 |
|
|
TOTAL IMPORTS |
4887.000 |
4633.200 |
5992.600 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
1.99 |
(17.53) |
9.40 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
1197.400 |
2333.500 |
1537.200 |
|
Cash (used in) / from operations |
(6533.000) |
(10134.200) |
(7552.300) |
|
Net cash flow from operating activity |
(7035.000) |
(11100.600) |
(9735.400) |
QUARTERLY
RESULTS
|
PARTICULARS |
|
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
|
Audited
/ Unaudited |
|
|
|
|
|
|
|
|
|
Net Sales |
|
12606.800 |
12085.000 |
|
Total Expenditure |
|
11953.800 |
11313.900 |
|
PBIDT (Excl OI) |
|
653.000 |
771.100 |
|
Other Income |
|
428.200 |
614.700 |
|
Operating Profit |
|
1081.200 |
1385.900 |
|
Interest |
|
525.000 |
541.400 |
|
Exceptional Items |
|
124.900 |
(189.400) |
|
PBDT |
|
681.100 |
655.000 |
|
Depreciation |
|
229.200 |
265.300 |
|
Profit Before Tax |
|
451.900 |
389.700 |
|
Tax |
|
142.000 |
(2.000) |
|
Provisions and contingencies |
|
NA |
NA |
|
Profit After Tax |
|
309.900 |
391.700 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net
Profit |
|
309.900 |
91.700 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
113.48 |
141.94 |
149.64 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
3.22 |
2.57 |
2.44 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
118.21 |
132.50 |
112.52 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.55 |
(2.46 |
1.35 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.33 |
(0.75) |
0.31 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.41 |
0.37 |
0.37 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.32 |
0.20 |
0.05 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.57 |
0.53 |
0.58 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.30 |
0.32 |
0.35 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
2.52 |
(25.15) |
11.65 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
((PAT / Sales) * 100) |
% |
3.31 |
(28.03) |
7.63 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
2.13 |
(17.87) |
4.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
3.76 |
(28.68) |
7.48 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
2.31 |
2.14 |
1.85 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
2.00 |
1.95 |
1.71 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.57 |
0.62 |
0.60 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
10.64 |
6.51 |
1.74 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
2.31 |
2.14 |
1.85 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 2.00/- each |
|
Market Value |
INR 94.80/- each |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
1253.500 |
1253.500 |
1253.500 |
|
Reserves & Surplus |
44900.200 |
40027.000 |
40739.400 |
|
Net
worth |
46153.700 |
41280.500 |
41992.900 |
|
|
|
|
|
|
Long Term borrowings |
84.100 |
41.500 |
5036.000 |
|
Short Term borrowings |
562.200 |
5781.800 |
7102.300 |
|
Current Maturities of Long term debt |
1537.200 |
2333.500 |
1197.400 |
|
Total
borrowings |
2183.500 |
8156.800 |
13335.700 |
|
Debt/Equity
ratio |
0.047 |
0.198 |
0.318 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
45236.000 |
42248.400 |
47614.300 |
|
|
|
(6.604) |
12.701 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
45236.000 |
42248.400 |
47614.300 |
|
Profit/
(Loss) |
3450.700 |
(11841.100) |
1577.300 |
|
|
7.63% |
(28.03%) |
3.31% |
ABRIDGED
BALANCE SHEET – (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1253.500 |
1253.500 |
|
(b) Reserves &
Surplus |
|
39857.400 |
44718.100 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
41110.900 |
45971.600 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
5038.000 |
5990.200 |
|
(b) Deferred tax liabilities
(Net) |
|
2623.000 |
3427.100 |
|
(c) Other long term
liabilities |
|
20.800 |
75.900 |
|
(d) long-term provisions |
|
712.100 |
527.700 |
|
Total Non-current
Liabilities (3) |
|
8393.900 |
10020.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
7106.700 |
6922.100 |
|
(b) Trade payables |
|
13831.400 |
13026.500 |
|
(c) Other current
liabilities |
|
9605.200 |
7860.700 |
|
(d) Short-term provisions |
|
840.800 |
804.300 |
|
(e) Liabilities associated
with group of assets classified |
|
20992.100 |
25778.100 |
|
Total Current Liabilities
(4) |
|
52376.200 |
54391.700 |
|
|
|
|
|
|
TOTAL |
|
101881.000 |
110384.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
13762.900 |
15007.400 |
|
(ii) Intangible Assets |
|
3283.300 |
10869.200 |
|
(iii) Capital
work-in-progress |
|
281.800 |
142.300 |
|
(iv) Intangible assets
under development |
|
333.000 |
754.700 |
|
(b) Non-current
Investments |
|
2039.200 |
2303.200 |
|
(c) Deferred tax assets
(net) |
|
266.200 |
898.700 |
|
(d) Long-term Loan and Advances |
|
66.500 |
94.400 |
|
(e) Other Non-current
assets |
|
32.100 |
9.700 |
|
Total Non-Current Assets |
|
20065.000 |
30079.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
52.200 |
9.500 |
|
(b) Inventories |
|
8821.000 |
5850.100 |
|
(c) Trade receivables |
|
18771.500 |
20770.100 |
|
(d) Cash and cash
equivalents |
|
7607.100 |
7968.900 |
|
(e) Short-term loans and
advances |
|
762.500 |
319.500 |
|
(f) Other current assets |
|
14563.300 |
8477.700 |
|
|
|
31238.400 |
36908.800 |
|
Total Current Assets |
|
81816.000 |
80304.600 |
|
|
|
|
|
|
TOTAL |
|
101881.000 |
110384.200 |
PROFIT
& LOSS ACCOUNT– (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
61197.500 |
55949.500 |
|
|
Other Income |
|
687.000 |
1114.900 |
|
|
TOTAL |
|
61884.500 |
57064.400 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
39458.800 |
34766.700 |
|
|
Purchases of
Stock-in-Trade |
|
2364.100 |
1181.600 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
(1681.700) |
167.800 |
|
|
Employees benefits
expense |
|
5371.000 |
5590.100 |
|
|
|
|
15.700 |
(12.000) |
|
|
Exceptional items |
|
727.300 |
1112.600 |
|
|
Other expenses |
|
10983.200 |
9941.300 |
|
|
TOTAL |
|
57238.400 |
52748.100 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
4646.100 |
4316.300 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
1880.300 |
799.700 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
|
2765.800 |
3516.600 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
1499.900 |
1716.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
1265.900 |
1800.100 |
|
|
|
|
|
|
|
Less |
TAX |
|
166.000 |
667.300 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
1099.900 |
1132.800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
1.75 |
1.83 |
LEGAL CASES
|
Case Details |
|
Bench:- Bombay |
|
Presentation Date:- 26/07/2016 |
|||||||||
|
Lodging No.:- |
ITXAL/841/2016 |
Filing Date:- |
26/07/2016 |
Reg. No.:- |
ITXA/42/2017 |
Reg. Date:- |
06/01/2017 |
||
|
Petitioner: |
THE PR. COMMISSIONER OF IMCOME TAX - 6- |
Respondent:- |
M/S CROMPTON GREAVES LIMITED |
|
|
Petn. Adv:- |
A R MALHOTRA (I3164) |
Resp. Adv :- |
SAMEER DALAL (I3965) |
|
|
District:- |
MUMBAI |
|||
|
Bench:- |
DIVISION |
|||
|
Status:- |
Pre-Admission |
Category:- |
TAX APPEALS |
|
|
Next Date:- |
28/06/2017 |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
|
|
Coram:- |
ACCORDING TO
SITTING LIST ACCORDING TO
SITTING LIST |
|||
|
Act :- |
Income Tax Act, 1961 |
Under Section:- |
260A |
|
|
Case Details |
|
Bench:- Bombay |
|
Presentation Date:- 07/10/2016 |
|||||
|
Lodging No.:- |
CEXAL/258/2016 |
Filing Date:- |
07/10/2016 |
||
|
Petitioner: |
THE COMMISSIONER OF CENTRAL EXCISE, MUMBAI-III |
Respondent:- |
M/S CROMPTON GREAVES LIMITED |
|
|
Petn. Adv:- |
SHALAKA GUJAR (I13940) |
|||
|
District:- |
MUMBAI |
|||
|
Bench:- |
SINGLE |
|||
|
Status:- |
Pre-Admission |
Category:- |
CENTRAL EXCISE APPEAL (CEXA) |
|
|
Last Date:- |
02/02/2017 |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
|
|
Last Coram:- |
REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
|||
|
Act :- |
Central Excise & Salt Act |
Under Section:- |
35 G |
|
|
Case Details |
|
Bench:- Bombay |
|
Presentation Date:- 25/10/2016 |
|||||||||
|
Lodging No.:- |
NMAL/3159/2016 |
Filing Date:- |
25/10/2016 |
Reg. No.:- |
NMA/2971/2016 |
Reg. Date:- |
19/12/2016 |
||
|
Main Matter |
|||||||||
|
Lodging No.:- |
CEXAL/258/2016 |
|||
|
Petitioner: |
THE COMMISSIONER OF CENTRAL EXCISE, MUMBAI-III |
Respondent:- |
M/S CROMPTON GREAVES LIMITED |
|
|
Petn. Adv:- |
SHALAKA GUJAR (I13940) |
|||
|
District:- |
MUMBAI |
|||
|
Bench:- |
DIVISION |
|||
|
Status:- |
Pre-Admission |
Category:- |
NOTICE OF MOTION (APPEAL) |
|
|
Next Date:- |
12/06/2017 |
Stage:- |
NOTICE OF MOTION FOR HEARING [ORIGINAL SIDE MATTERS] |
|
|
Coram:- |
HON'BLE SHRI JUSTICE S.C. DHARMADHIKARI HON'BLE SHRI JUSTICE PRAKASH DEU NAIK |
|||
|
Act :- |
Central Excise & Salt Act |
|||
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners / Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
Litigations that the firm/promoter
involved in |
Yes |
|
32 |
Market information |
-- |
|
33 |
Payments terms |
No |
|
34 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
The company, formerly known as Crompton Greaves Limited is limited company incorporated and domiciled in India whose shares are publicly traded. The registered office is located at 6th Floor, CG house, Dr. Annie Besant Road, Worli, Mumbai – 400030, India. The company has changed its name from Crompton Greaves Limited to CG Power and Industrial Solution Limited w.e.f. 27th February, 2017.
The Company is a global enterprise providing end-to-end solutions to utilities, industries and consumers for the management and application of efficient and sustainable electrical energy. It offers products, service and solutions in three main business segments, viz. Power Systems, Industrial Systems and Automation Systems for the year ended 31st March 2017.
The financial statements of the company for the year ended 31st March, 2017 were authorized for issue accordance with resolution of the directors on 26th May, 2017.
MANAGEMENT DISCUSSION
AND ANALYSIS
With effect from 1st October 2015, Crompton Greaves Limited (CGL) completed the demerger of its erstwhile Consumer Products business into a separate company, namely Crompton Greaves Consumer Electricals Limited (CGCEL). Each shareholder of CGL was allotted one equity share of CGCEL for every equity share of CGL held as on the record date of 16 March 2016. From 13 May 2016, the shares of CGCEL Listed on the BSE Limited and the National Stock Exchange of India Limited (NSE). In addition, Avantha Holdings Limited, belonging to the promoter group and holding 34.38% of CGL, divested its entire shareholding in CGCEL. After that, CGCEL formed neither a part of CGL nor of the Avantha Group. Thus, CGL became a pure B2B Company from 1October 2015, the appointed date of the demerger. Given this context, CGL approached the Ministry of Corporate Affairs, Government of India, for a name change that would more accurately reflect the Company’s change in status of becoming a pure power and industrial systems B2B player. To this effect, it sought approval of its Shareholders through Postal Ballot on 25 January 2017. On 27 February 2017, the Registrar of Companies, Mumbai, approved the name change to CG Power and Industrial Solutions Limited, and issued a fresh Certificate of Incorporation taking into account the new corporate name.
Thus, the corporate entity is now called CG Power and Industrial Solutions Limited (‘CG’ or ‘the Company’). It is a pure B2B enterprise spanning two major businesses. These are:
- Power transmission and distribution equipment and system solutions (or the Power Systems business unit), covering a wide span of differentiated products and services from ultra-high voltage (UHV), high voltage (HV), medium voltage (MV) and low voltage (LV).
- The Industrial Systems business unit, consisting of rotating machines (motors and alternators) across a wide spectrum of power and ratings, automated AC, DC and variable frequency drives and control systems as well as traction electronics and machines, signalling and coach products as well as integrated solutions for railway transportation.
The third business segment, Automation solutions for electricity distribution, was largely run through CG’s international subsidiary, ZIV in Spain, or more formally, ZIV Aplicaciones y Tecnologia, S.L. ZIV—along with its subsidiaries and related automation businesses in the UK, Ireland, France and India—was sold to Alfanar Electric LLC on 6 March 2017, consequent to the binding offer from Alfanar Electric Systems Co., Saudi Arabia, for an enterprise value of €120 million. This is in line with CG’s overall debt reduction strategy. Proceeds of the sale have been used to reduce CG’s international debt, thus strengthening its consolidated balance sheet and increasing shareholder value. Customers of the B2B segments consist of major utilities and industries across the globe—in power generation, transmission, distribution and renewables, in oil and gas, cement, metals and mining, and in railways and the transportation sector. As mentioned earlier, CG’s offerings are built around its two business units (BUs): Power and Industrial Systems. Each BU is responsible for revenue growth, profitability and capital efficiency levers and business activities. These involve geographical expansion of markets and the manufacturing footprint, design, technology, supply chain, sales support, tendering and quotations, contract management, installation, testing and commissioning of the products and systems.
NAME CHANGE
Pursuant to the Scheme of Arrangement between the Company and Crompton Greaves Consumer Electricals Limited (CGCEL) as sanctioned by the Hon’ble High Court of Bombay on 20 November 2015, inter-alia, the trademarks associated with the Company’s erstwhile consumer products business viz ‘Crompton’ and ‘Crompton Greaves’ were transferred to CGCEL. Since the Company, consequent to demerger of its erstwhile consumer products business, operates in a fully integrated B2B segment comprising of Power Transmission, Distribution and Industrial Businesses, the registered trademark ‘CG’ associated with the B2B business has been retained by the Company.
As a consequence of the above and pursuant to approval of
the Members of the Company vide Special Resolution dated 25 January
2017 and the Central Government / Registrar of Companies, Mumbai on 27 February
2017, the company changed its name from ‘Crompton Greaves Limited’ to
‘CG Power and Industrial Solutions Limited’ effective 27 February 2017.
The new name ‘CG Power and Industrial Solutions Limited’
appropriately represents and reflects the business in which the Company is
presently engaged and the existing registered trademark / logo used by the
Company. The change of Company name does not result in change of the legal status,
constitution, operations, activities of the Company, nor does it affect any
rights, liabilities or obligations of the Company.
UNSECURED LOAN
|
Unsecured Loan |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
From banks |
1131.900 |
0.000 |
|
Finance lease obligation |
0.000 |
41.500 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Working capital
loan from bank: |
|
|
|
Demand loan |
3917.900 |
3000.000 |
|
Factoring loan |
0.000 |
957.100 |
|
Supplier finance facility |
886.200 |
552.000 |
|
|
|
|
|
Total |
5936.000 |
4550.600 |
INDEX
OF CHARGES:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G50959758 |
100117051 |
Axis Bank Limited |
20/07/2017 |
- |
- |
500000000.0 |
Corporate Banking Branch12, Mittal Towers, A Wing,1st Floor, Nariman PointMumbaiMH400021IN |
|
2 |
G44130516 |
100054853 |
YES BANK LIMITED |
22/09/2016 |
09/05/2017 |
- |
5000000000.0 |
NEHRU CENTRE, 9TH FLOOR, DISCOVERY OF INDIA,DR A.B. ROAD, WORLIMUMBAIMH400018IN |
|
3 |
G09667759 |
100044997 |
STATE BANK OF INDIA |
11/08/2016 |
- |
- |
26300000000.0 |
CAG -BKC BRANCH, MUMBAI "THE CAPITAL" 16TH FLOOR,A WING, BANDRA KURLA COMPLEX, BANDRA (EAST)MUMBAIMH400051IN |
|
4 |
C42729632 |
80015435 |
UNION BANK OF INDIA LIMITED |
29/10/1987 |
19/01/2015 |
- |
33000000000.0 |
INDUSTRIAL FINANCE BRANCH , UNION BANK BHAVAN1ST FLOOR , VIDHAN BHAVAN MARG, NARIMAN POINTMUMBAIMH400021IN |
|
5 |
B44085272 |
80065325 |
International Finance Corporation |
05/05/2005 |
05/05/2005 |
30/06/2012 |
690000000.0 |
2121 Pennsylvania Avenue. N.WWashington D.CWashingtonNA20433US |
|
6 |
A72109689 |
80056328 |
COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEEN BANK B.A. |
29/10/2004 |
- |
07/10/2009 |
460000000.0 |
77 RABINSON ROAD # 09-00,SIA BUILDINGSINGAPORENA068896SG |
|
7 |
A39126388 |
80045570 |
EXPORT-IMPORT BANK OF INDIA |
22/03/2005 |
24/06/2005 |
12/05/2008 |
750000000.0 |
CENTRE ONE, WORLD TRADE CENTRE,CUFFE PRADEMUMBAIMH400005IN |
|
8 |
A32157703 |
80041710 |
STANDARD CHARTERED BANK |
30/10/2003 |
- |
05/02/2008 |
230000000.0 |
90, M.G.ROAD,FORT,MUMBAIMH400001IN |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the company not acknowledged as debts |
90.100 |
56.800 |
|
Sales tax/VAT liability that may arise in respect of matters in appeal |
420.600 |
444.900 |
|
Excise duty/ customs duty/ service tax liability that may arise in respect of matters in appeal |
63.500 |
65.100 |
|
Income tax liability that may arise in respect of matters in appeal preferred by the department |
42.700 |
81.300 |
FIXED ASSETS
- Freehold Land
- Leasehold Land
- Buildings
- Plant and Machinery
- Railway sidings
- Furniture and Fixtures
- Office Equipment’s
- Aircrafts
- Vehicles
- Goodwill
- Computer Software
- Technical Know – how
- Commercial rights
- Research and Development
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED QUARTER AND SIX
MONTHS ENDED 30TH SEPTEMBER, 2017
(INR in Million)
|
Particulars |
Quarter ended |
Quarter ended |
Six Months ended |
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
12085.000 |
12606.800 |
24691.800 |
|
Other Operating Income |
614.700 |
428.200 |
1042.900 |
|
Total
Income from Operations |
12699.700 |
13035.000 |
25734.700 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
8063.700 |
7888.400 |
15952.100 |
|
Purchase of Stock in Trade |
120.300 |
162.600 |
282.900 |
|
Changes in inventories of finished goods and
work-in-progress |
707.700 |
561.200 |
1268.900 |
|
Excise duty |
0.000 |
0.0000 |
984.000 |
|
Employee benefits expense |
886.200 |
854.500 |
1740.700 |
|
Finance Costs |
541.400 |
525.000 |
1066.400 |
|
Depreciation and Amortization expenses |
265.300 |
229.200 |
494.500 |
|
Other Expenditure |
1536.000 |
2487.100 |
3039.100 |
|
Total
Expenses |
12120.600 |
12708.000 |
24828.600 |
|
Profit/(Loss)
before Exceptional items |
579.100 |
327.000 |
906.100 |
|
Exceptional items |
(189.400) |
124.900 |
(64.500) |
|
Profit
/ (Loss) before Tax |
389.700 |
451.900 |
841.600 |
|
Tax Expense |
(2.000) |
142.000 |
140.000 |
|
Profit
/ (Loss) after Tax |
391.700 |
309.900 |
701.600 |
|
Other
Comprehensive Income : |
|
|
|
|
Items that will not be reclassified subsequently to profit
or loss |
(300.000) |
(20.100) |
(40.200) |
|
Income tax relating to items that will not be reclassified
subsequently to profit or loss |
0.000 |
5.900 |
18.100 |
|
Total
Comprehensive Income after tax |
(300.000) |
295.700 |
379.500 |
|
Paid-up Equity Share Capital (Face value INR 2/- per
share) |
1253.500 |
1253.500 |
1253.500 |
|
Basic
and Diluted EPS (in INR) |
0.15 |
0.49 |
0.64 |
STANDALONE SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE
QUARTER ENDED 30TH JUNE, 2017
(INR in Million)
|
Sr. No. |
Particular |
Quarter ended |
Quarter ended |
Six Months ended |
|
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1. |
Segment Revenue |
|
|
|
|
|
Power systems |
6805.200 |
6990.000 |
13795.200 |
|
|
Industrial systems |
5280.700 |
5619.400 |
10900.100 |
|
|
Total |
12085.900 |
12609.400 |
24695.300 |
|
|
|
|
|
|
|
|
Less: Inter
segment revenue |
0.900 |
2.600 |
3.500 |
|
|
|
|
|
|
|
|
Total income from
operations |
12085.000 |
12606.800 |
26491.800 |
|
|
|
|
|
|
|
2. |
Segment Result |
|
|
|
|
|
[Profit / (loss) before tax and finance costs from each segment] |
|
|
|
|
|
Power systems |
447.100 |
435.700 |
882.800 |
|
|
Industrial systems |
433.800 |
238.700 |
672.500 |
|
|
Total |
880.900 |
674.400 |
1555.300 |
|
|
|
|
|
|
|
|
Less : i.
Finance Costs |
541.400 |
525.000 |
1066.400 |
|
|
ii. Other Un-allocable expenditure net off un-allocable expenditure |
(239.600) |
(177.600) |
(417.200) |
|
|
Add: Exceptional
items (net) |
(189.400) |
124.900 |
(64.500) |
|
|
|
|
|
|
|
|
Total Profit/(Loss)
before tax |
389.700 |
451.900 |
1403.500 |
|
|
|
|
|
|
|
3. |
Segment Assets |
|
|
|
|
|
Power systems |
22977.300 |
22881.200 |
22977.300 |
|
|
Industrial systems |
10667.600 |
9919.300 |
10667.600 |
|
|
Unallocable |
42538.800 |
41564.600 |
42538.800 |
|
|
Discontinued operations |
1306.100 |
1606.100 |
1306.100 |
|
|
Total segment asset |
77489.800 |
75971.200 |
77489.800 |
|
|
|
|
|
|
|
|
Segment Liabilities |
|
|
|
|
|
Power systems |
9740.100 |
9609.000 |
9740.100 |
|
|
Industrial systems |
4665.300 |
4258.500 |
4665.300 |
|
|
Unallocable |
2291.900 |
2567.500 |
2291.900 |
|
|
Discontinued operations |
9.700 |
9.700 |
9.700 |
|
|
Total segment
liabilities |
16707.000 |
16444.700 |
16707.000 |
Note:
1. The above unaudited standalone results have been reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 11th August, 2017. The statutory auditors have carried out a limited review of the financial results of the Company as required under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (the ‘Listing Regulations’).
2. Exceptional items includes the following:
(INR in Million)
|
Particulars |
Quarter ended 30.09.2017 |
Quarter ended 30.06.2017 |
Six months ended 30.09.2017 |
|
Amount paid towards final settlement of Litigation claims |
(279.400) |
-- |
(279.400) |
|
Unrealised exchange gain / (loss) on loans and advances |
3.900 |
124.900 |
514.900 |
|
Provision made against loan given to subsidiary |
(300.000) |
-- |
(300.000) |
|
Total |
(189.400) |
124.900 |
(64.500) |
3. Other comprehensive income is in respect of fair
valuation of other investment and employee benefits.
4. Discontinued Businesses:
a. In respect of discontinued Distribution Franchise business (Jalgaon), the
Company and Maharashtra State Electricity Distribution Company Limited (MSEDCL)
have raised demand on each other and the matter is under dispute. The Company
and MSEDCL are in the process of constituting a Permanent Dispute Resolution
Body (PDRB) to arrive at a solution in near future. The Company does not expect
any adverse impact with respect to above. The Company had concluded the
sale transaction of its B2B Automation business, which was transferred under
slump sale transaction agreement to ZIV Automation India Limited (a wholly
owned subsidiary) to Alfanar on 6th March, 2017. Consequently, the Company had
recorded the loss of INR 71.500 Million in the year ended 31st March, 2017
which is disclosed under the Discontinued Operations.
PRESS RELEASE
CROMPTON GREAVES OUT
OF KENSTAR RACE
Homegrown private equity group Everstone will enter in exclusive talks with the promoters of home appliances brand Kenstar to acquire it after Advent International and Temasek-backed Crompton Greaves BSE 2.05 % pulled out of the race, said two people with direct knowledge of the deal.
Last month, ET had reported how Crompton Greaves and Ever stone were the only two contenders left to acquire the Videocon BSE 4.43 % Group company that is being valued at around INR 13500.000-14000.000 Million. While Crompton Greaves had bid at INR 14000.000 Million, Ever stone Capital has offered INR 13000.000 Million for the company.
“Crompton Greaves Consumer Electricals has pulled out their bid to acquire the company. Everstone Capital is the lone contender now,” said one of the persons with direct knowledge of the deal.
“The promoters-Dhoot family will sign exclusivity with Everstone Capital soon.”
The deal that has been running for a year now has seen many suitors such as Orient Electric, Symphony, Havell
BSE -0.43 %, Voltas, among others.
Started in 1995, kitchen and home appliances brand Kenstar is part of the Dhoot family owned Videocon Group. The company sells air conditioners, air coolers, mixer grinders and electric kettles and booked a loss of INR 264.200 Million on the back of INR 19395.0000 Million of operating income in the financial year ended March 31, 2015. Kenstar commands a healthy market share in different segments and has a strong dealer network.
The promoters initially expected a value of about INR 18000.000-20000.000 Million, however, since no bidder was ready to pay the price, the tag has been brought down to INR 15000.000-16000.000 Million. Investment bank Credit Suisse is advising the Dhoot family on the stake sale.
Emailed query sent to the spokesperson of Everstone Capital did not elicit any response. When contacted, the
spokesperson for Videocon declined to comment.
Weighed down by a debt pile of INR 430000.000 Million, the group has been forced to consider sale of some of its assetto deleverage its balance sheet.
Last year, the lenders put pressure on the promoters to sell its Mozambique oil assets to state-run Oil and Natural Gas (ONGC) for $2.475 billion and its direct-to-home business to Dish TV.
According to a July 2017 report by Indian Brand Equity Foundation, in 2015, revenue from consumer durables sector in India stood at $9.7 billion, which increased to $12.5 billion in FY16.
The consumer durable market is expected to grow at CAGR of 13% from FY 05 to FY 20 with around two third of the total revenue being generated from urban population and rest is generated from rural population.
Companies such as Godrej group, Onida Electronics, Blue Star and Videocon Industries are a few of the major domestic players operating in India consumer durable market. Private equity funds are upbeat about the consumer durables sector in India.
In 2015, Advent International and Temasek took over the company for INR 20000.000 Million. Everstone Capital has put more than $2 billion across vehicles in Indian market. Some of its portfolio companies include, Burger King, Servion, Faces, Regen, You Look Great, Modern Foods, Hinduja Leyland Finance and Ozone Overseas among many others.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 63.98 |
|
|
1 |
INR 88.13 |
|
Euro |
1 |
INR 78.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
NYT |
|
|
|
|
Report Prepared
by : |
KJL |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.