MIRA INFORM REPORT

Report No. :	489084
Report Date :	31.01.2018

IDENTIFICATION DETAILS

Name :	CG POWER AND INDUSTRIAL SOLUTIONS LIMITED (w.e.f. 27.02.2017)
Formerly Known As :	CROMPTON GREAVES LIMITED
Registered Office :	6^th Floor, C.G. House, Dr. Annie Besant Road, Worli, Mumbai – 400030, Maharashtra
Tel. No.:	91-22-24237777 / 24237764 / 24237765
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	28.04.1937
Com. Reg. No.:	11-002641
Capital Investment / Paid-up Capital :	INR 1253.500 Million
CIN No.: [Company Identification No.]	L99999MH1937PLC002641
IEC No.:	0388062916
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACC3840K
GSTIN.:	27AAACC3840K1ZP
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
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)
No. of Employees :	3351 (Approximately)

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Exist
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 91.75 on BSE as on January 31, 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. The company has sold its US-based step-down subsidiary CG Power USA, which is primarily a transformer manufacturer to Brazilian firm WEG at an enterprise value of $37 million. The deal is part of company’s strategy of reducing debt by selling its business abroad (except in Indonesia) as the company intends to focus its core operations and core market in India. Business is active. Payments are seems to be slow but correct. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition.

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	INDIA RATING
Rating	Long Term Loans = AA
Rating Explanation	High degree of safety and very low credit risk
Date :	29.06.2017
Rating Agency Name	INDIA RATING
Rating	Short Term Loans = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	29.06.2017

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 31.01.2018.

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 PARTED BY

Name :	Mr. Abhay Kashikar
Designation :	Finance Department
Contact No.:	91-253-2301161
Date :	30.01.2018

LOCATIONS

Registered Office :	6^th Floor, C.G. House, Dr. Annie Besant Road, Worli, Mumbai – 400030, Maharashtra, India
Tel. No.:	91-22-24237777 / 24237764 / 24237765 / 67558645 / 67558644 / 2301161
Fax No.:	91-22-24237733
E-Mail :	abhay.kashikar@cgglobal.com minal.bhosale@cgglobal.com manoj.koul@cgglobal.com investorservices@cgglobal.com ho.secretarial@bgglobal.com
Website :	http://www.cgglobal.com
Plant Locations :	POWER SYSTEMS TRANSFORMER DIVISION Kanjur Marg (East) Mumbai – 400042, Maharashtra – India Tel. No. 91-22- 6755 8000 / 67558208 E-Mail. : abhilash.mishra@cgglobal.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. : surajit.roy@cgglobal.com Plot No.29, 31 and 32 New Industrial Area No.1, AKVN, Mandideep  Raisen – 462046, Madhya Pradesh, India Tel. No. 91-7480-408285 / 86, 408201 Fax No. 91-7480-408208, 408255 E-Mail. anirban.saha@cgglobal.com SWITCHGEAR DIVISION A/3, MIDC Industrial Area, Ambad, Nashik – 422010, Maharashtra, India Tel. No. 91-253-2382271-75 Fax No. 91-253-2381247 E-Mail. : mukul.srivastava@cgglobal.com S6 AND POWER QUALITY Vacuum Interrupters and Instrument Transformer Division No. D-2, MIDC, Waluj, Aurangabad – 431136, Maharashtra, India Tel. No. 91-240-2558000 / 2558081 / 2558001 / 2558031 Fax No. 91-253-2381247 E-Mail. : delip.wakode@cgglobal.com ENGINEERING PROJECT DIVISION 16^th Floor, Tower A, Building No. 5, DLF Cyber City, Sector 25 – A, DLF Phase III, Gurugram – 122002, Haryana, India Tel. No. 91-124-3047700 / 3047999 Fax No. 91-124-3047777 E-Mail. : sanjay.sahni@cgglobal.com INDUSTRIAL SYSTEMS LARGE AND TRACTION MACHINES (UNIT 1) D-5, Industrial Area, MPAKVN, Mandideep – 462046, Madhya Pradesh, India Tel. No. 91-7480-400000, 400102, 400228, 403238, 400181 / 2 E-Mail. : ashok.kulkarni@cgglobal.com LARGE MOTORS AND GENERATOR (UNIT II) Plot No. 9, MPAKVN, Phase 2, New Industrial Area, Mandideep-462046 Madhya Pradesh, India Tel. No. 91-7480-400102 E-Mail. : ashok.kulkarni@cgglobal.com INDUSTRIAL SYSTEMS A/6-2, MIDC Industrial Area, Ahmednagar – 414111, Maharashtra, India Tel. No. 91-241-6626150 E-Mail. : ramesh.kumar@cgglobal.com LT MOTORS (UNIT II) B-108/109, MIDC Industrial Area, Ahmednagar – 414111, Maharashtra, India Tel. No. 91-241-2777145 E-Mail. : gautam.suvarnpathaki@cglobal.com LT MOTORS (UNIT III) S-14-15, Colvale Industrial Estate, Colvale, Bardez – 403513, Goa, India Tel. No. 91-832-3014000 E-Mail. : harish.savaikar@cgglobal.com INDUSTRIAL SYSTEM 196-198 Kundaim Industrial Estate Ponda, Kundaim – 403115, Goa, India Tel. No. 91-832-3983205 E-Mail. : pradip.arote@cgglobal.com DRIVES AND AUTOMATION Plot No 9, MPAKVN Phase II, New Industrial Area, Mandideep – 462046, Madhya Pradesh, India Tel. No. 91-7480-400102 E-Mail. : rajendra.kankal@cgglobal.com RAIL TRANSPORTATION AND TRACTION ELECTRONICS Plot No 9, MPAKVN Phase II, New Industrial Area, Mandideep – 462046, Madhya Pradesh, India Tel. No. 91-7480-426400 / 426401 / 400102 E-Mail. : ranjan.singh@cgglobal.com RAILWAY SIGNALLING DIVISION 11 B, 112/2, MIDC Industrial Area, Ahmednagar – 414111, Maharashtra, India Tel. No. 91-7292-410121 / 410107 E-Mail. : murlidhar.nikam@cgglobal.com STAMPING DIVISION B-110, 111B, 112/2, MIDC Industrial Area, Ahmednagar – 414111, Maharashtra, India Tel. No. 91-7292-410121 / 410107 E-Mail. : murlidhar.nikam@cgglobal.com BRANCH AND MARKETING OFFICES NORTHERN REGION Located at : Regional Head Office Gurugram Jaipur Jalandhar Lucknow RAIL TRANSPORTATION SYSTEMS 6^th Floor, Vatika City Point, M. G. Road, Gurugram - 122002, Haryana, India Tel. No. 91-124-4392000 / 4392001 Fax No. 91-124-4287039 / 4376496 E-Mail. : salil.kuamar@cgglobal.com EASTERN REGION Located at : Regional Head Office Kolkata WESTERN REGION Located at : Regional Head Office : Mumbai Ahmedabad Baroda (Satellite Office) Indore Pune Nagpur Raipur SOUTHERN REGION Located at : Regional Head Office : Chennai Bangalore Cochin Secunderabad SERVICE CENTERS NORTHERN REGION Located At: Gurugram Jaipur Jalandhar Lucknow EASTERN REGION Located At: Kolkata Bhubaneshwar Patna Ranchi Guwahati WESTERN REGION Located At: Mumbai Ahmedabad Indore Pune Nagpur Raipur SOUTHERN REGION Located At: Chennai Bangalore Secunderabad Cochin

DIRECTORS

AS ON 31.03.2017

Name :	Mr. Neelkant Narayanan Kollengode
Designation :	Managing Director
Address :	Flat No. 1602, Tower No. S4 The Close, South Nirvana Country, Sector 50 Gurugram-122001, Haryana, India
Date of Appointment :	03.02.2016
DIN No.:	05122610
Name :	Mr. Omkar Goswami
Designation :	Directors
Address :	E-121, Masjid Moth, First Floor Greater Kailash-III, New Delhi-110048, India
Date of Appointment :	27.01.2004
DIN No.:	00004258
Name :	Mr. Sanjay Mohan Labroo
Designation :	Director
Address :	6, Green Avenue Lane Off Green Avenue, Kishangarh, New Delhi-110070, India
Date of Appointment :	28.10.2003
DIN No.:	00009629
Name :	Mr. Gautam Thapar
Designation :	Director
Address :	E-16, Pushpanjali Farms Bijwasan, New Delhi-110061, India
Date of Appointment :	07.08.2005
DIN No.:	00012289
Name :	Mr. Bhuthalingam Hariharan
Designation :	Director
Address :	Flat No-602 B, The Magnolias, DLF Golf Links, DLF City, DLF Phase-V Gurugram-122009, Haryana, India
Date of Appointment :	01.11.2012
DIN No.:	00012432
Name :	Mr. Ramni Nirula
Designation :	Director
Address :	A-14, Anand Niketan, New Delhi-110021, India
Date of Appointment :	06.04.2016
DIN No.:	00015330
Name :	Mr. Valentin Albrecht Herwart Von Massow
Designation :	Director
Address :	7 Kidderpore Ave, London NW3 7SX, United Kingdom
Date of Appointment :	25.01.2006
DIN No.:	00239314
Name :	Mr. Jitender Balakrishnan
Designation :	Additional Director
Address :	208, Tower - 2 Casa Grande Senapati Bapat Marg, Lower Parel, Mumbai- 400013, Maharashtra, India
Date of Appointment :	02.05.2017
DIN No.:	00028320
Name :	Mr. Ashish Kumar Guha
Designation :	Additional Director
Address :	23 Poorvi Marg, First Floor, Vasant Vihar, New Delhi – 110057, India
Date of Appointment :	09.11.2017
DIN No.:	00004364
Name :	Mr. Jitender Balakrishnan
Designation :	Director
Address :	208, Tower - 2 Casa Grande Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Date of Appointment :	02.05.2017
DIN No.:	00028320

KEY EXECUTIVES

Name :	Mr. Venkatesh Ramamoorthy Vaidyanathapuram
Designation :	Company Financial Officer (Kmp)
Address :	Rotselaerlaan 8, 3080 Tervuren, Belgium
Date of Appointment :	12.08.2017
PAN No.:	AAKPV9947M
Name :	Mr. Madhav Acharya
Designation :	Company Financial Officer (KMP)
Address :	C-1706, Oberoi Woods, Near Oberoi Mall Off Western Express Highway, Goregaon (East), Mumbai-400063, Maharashtra, India
Date of Appointment :	29.05.2014
PAN No.:	ABOPA4250D
Name :	Mr. Manoj Durganath Koul
Designation :	Company Secretary
Address :	Flat No. 32 Building 22A Takshshila Co-Operative Housing Society Mahakali Caves Road, Andheri (East), Mumbai-400093, Maharashtra, India
Date of Appointment :	03.08.2015
PAN No.:	AMTPK3687Q
Name :	Mr. K. N Neelkant (w.e.f 3 February, 2016)
Designation :	Chief Executive Officer
Name :	Mr. Abhay Kashikar
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.12.207

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares
Promoter and Promoter Group	215451070	34.42
Public	410457543	65.58
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
Any Other (specify)	215451070	34.42
Avantha Holdings Limited	215442496	34.42
Varun Prakashan Private Limited	5022	0.00
Avantha Realty Limited	3552	0.00
Sub Total A1	215451070	34.42
A2) Foreign		0.00
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
Mutual Funds/	155786061	24.89
HDFC Trustee Company Limited-HDFC Equity Fund	57788500	9.23
Reliance Capital Trustee Company Limited A/C Reliance equity Opportunities Fund	57717394	9.22
Birla Sun Life Trustee Company Private Limited Ac Birla Sun Life Balanced 95 Fund	34921629	5.58
Alternate Investment Funds	1265000	0.20
Foreign Portfolio Investors	130537761	20.86
Samena Special Situations Mauritius	25657396	4.10
Wgi Emerging Markets Smaller Companies Fund, LLC	15676942	2.50
Abu Dhabi Investment Authority - Lglinv	8970000	1.43
Vanguard Emerging Markets Stock Index Fund, Aseries of Vanguard International Equity Inde X Fund	7816356	1.25
Financial Institutions/ Banks	644383	0.10
Insurance Companies	40445507	6.46
Life Insurance Corporation of India	32820195	5.24
Sub Total B1	328678712	52.52
B2) Central Government/ State Government(s)/ President of India		0.00
B3) Non-Institutions		0.00
Individual share capital upto INR 0.200 million	56221289	8.98
Individual share capital in excess of INR 0.200 million	6524841	1.04
NBFCs registered with RBI	13037	0.00
Any Other (specify)	18974864	3.03
NRI – Repat	2136748	0.34
NRI – Non- Repat	1144688	0.18
Trusts	34081	0.01
Overseas corporate bodies	61600	0.01
Foreign Individuals	2983	0.00
Clearing Members	500551	0.08
Bodies Corporate	14141319	2.26
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)

Products :

Item Code No.	Product Description
27103	Low Tension Motors
27102	Power Transformers and Reactors
27900	Switchgears

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Products :

Finiished Goods

Countries :

• South African Countries
• United States of America
• Latin America

Imports :

Products :

Raw Material

Countries :

• China
• United Kingdom
• United States of America

Terms :

Selling :

L/C, Credit (30 Days), RTGS

Purchasing :

L/C, Credit (30 Days), RTGS

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

End users, OEMs

Reference :	Not Divulged
Name of the Person :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

No. of Employees :

3351 (Approximately)

Bankers :

Bank Name	Corporation Bank
Branch	Bharat House No. 104, ground Floor, Fort, Mumbai – 400023, Maharashtra, India
Person Name (With Designation)	91-22-22671181
Contact Number	--
Name of Account Holder	--
Account Number	44300401930017 (Not Confirmed with Bank)
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	Number is continuously ringing.

• State Bank of India
• Axis Bank Limited
• Bank of Maharashtra
• Canara Bank
• ICICI Bank
• IDBI Bank
• Credit Agricole CIB
• Standard Chartered Bank
• Yes Bank Limited
• The Royal Bank of Scotland

Facilities :

Secured Loan	31.03.2017 (INR in Million)	31.03.2016 (INR in Million)
Long-term Borrowings
Term loans
From banks	3904.100	0.000
Short-term borrowings
From Bank, Cash Credit, Packing Credit, etc.	2298.200	1272.700
Total	6202.300	1272.700

Auditors :
Name :	Sharp and Tannan Chartered Accountant
Address :	Ravindra Annexe, 194, Churchgate Reclamation, Dinshaw Vachha Road, Mumbai-400020, Maharashtra, India
Tel. No.:	91-22-66338343
Fax No.:	91-22-66338352
Joint Statutory Auditors :
Name :	Chaturvedi and Shah Chartered Accountant
Address	714-715, Tulsiani Chambers, 212, Nariman Point, Mumbai-400021, Maharashtra, India
Tel No.:	91-22-30218500
Fax No.:	91-22-30218595
Solicitors :	Crawford Bayley and Company
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries Companies :	CG Energy Management (amalgamated with the company w.e.f. 25th March, 2015) CG-ZIV Power Automation Solutions Limited (amalgamated with the company w.e.f. 25th March, 2015) CG Power Solutions Limited Crompton Greaves Consumer Products Limited (incorporated on 19th September, 2014) Crompton Greaves Consumer Products Limited (incorporated on 25th February, 2015 and demerged w.e.f. 23rd March, 2016) CG International B. V. CG-PPI Adhesive Products Limited CG Holdings Belgium N. V. CG Power Systems Belgium N. V. CG Power Systems Ireland Limited CG Sales Networks Frances SA CG Power Systems Canada Inc. PT. CG Power Systems Indonesia CG Holding Hungary Kft. CG Electric Systems Hungary Zrt. CG Power Holdings Ireland Limited (liquidity w.e.f. 11th April, 2014) Microsol Limited CG Automation Sysytems UK Limited CG Service Systems France SAS CG Power USA Inc CG Power Solutions UK Limited CG Power Country LLC CG Power Systems Brazil Limited CG Power Solutions Saudi Arabia Limited Crompton Greaves Holdings Maturities Limited (liquidity w.e.f. 14th December, 2015) CG International Holdings Singapore Pte. Limited CG Industrial Holdings Sweden AB CG Drives and Automation Sweden AB CG Drives and Automation Netherlands B. V. CG Drives and Automation Germany GmbH Emotron Latin America Inc. (liquidity w.e.f. 14th April, 2014) ZIV Applicaciones y Tecnologies S. L. ZIV Metering Solutions S. L. ZIV Grid Automation S. L. ZIV Communications S. A. ZIV USA Inc. (liquidity w.e.f. 22nd April, 2014) ZIV Do Brazil Limited ZIV I+D Smart Energy Networks CG Middle East FZE ZIV France, SASU (incorporated on 3rd November, 2015) Crompoton Greaves Sales Network Malaysia Sdn.Bhd.
Associates Companies:	CG International BV TR and Cont. Private Company LLC (formerly Pauwels Middle East Trading and Contracting Private Company LLC) Saudi Power Transformers Company Limited K.K. El fi Company Limited
Joint Venture :	CG Lucy Switchgear Limited (Ceased w.e.f. 8th October, 2015) PT Crompton Prima Switchgear Indonesia (Incorporated on 12th May, 2014)
Other related parties in which directors are interested:	Ballarpur Industries Limited Solaris Chem Tech Industries Limited BILT Graphic Paper Products Limited Avantha Holdings Limited Salient Business Solutions Limited Avantha Realty Limited Korba West Power Company Limited Sabah Forest Industries Sdn. Bhd. Malanpur Captive Power Limited Corella Investments Limited Lustre International Limited Varun Prakashan Private Limited Jhabua Power Limited KEC International Limited Infosys Limited Thermax Limited Avantha Foundation Asahi India Glass Limited Ambuja Cements Limited

CAPITAL STRUCTURE

After 22.09.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
2038000000	Equity Shares	INR 2/- Each	INR 4076.000 Million

Issued, Subscribed & Paid-up Capital

No. of Shares	Type	Value	Amount
626746142	Equity Shares	INR 2/- Each	INR 1253.492 Million

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	30.09.2017
Audited / Unaudited	Unaudited	Unaudited
	1^ST Quarter	2^nd Quarter
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
Net Profit Margin ((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 91.75/- 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 As held for sale and discontinued operations	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	Yes
8	Designation of contact person	Yes
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
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	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	Yes
35	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 6^th 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 31^st March, 2017 were authorized for issue accordance with resolution of the directors on 26th May, 2017.

MANAGEMENT DISCUSSION AND ANALYSIS

With effect from 1^st 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:

1. 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).

2. 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 30^TH SEPTEMBER, 2017

(INR in Million)

Particulars	30.09.2017 (Unaudited)	30.06.2017 (Unaudited)	30.09.2017 (Unaudited)
	Quarter ended	Quarter ended	Six Months ended
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 30^TH SEPTEMBER, 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

STATEMENT OF ASSETS AND LIABILITIES

(INR in Million)

SOURCES OF FUNDS	30.09.2017
	(Unaudited)
ASSETS
Non-Current Assets
(a) Property, Plant and Equipment	12123.000
(b) Capital Work-in-progress	127.600
(c) Investment property	0.000
(d) Other Intangible Assets	596.000
(e) Intangible assets under development	283.400
(e) Financial Assets
(i) Investment	4136.500
(ii) Loans	65.100
(iii) Other Financial Assets	238.600
(e) Other Non-Current Assets	14.500
Total Non- Current Assets
Current Assets	5875.400
(a) Inventories
(b) Financial Assets
(i) Current Investment	0.100
(ii) Trade Receivables	17507.000
(iii) Cash and cash equivalents	6733.400
(iv) Bank Balance other than (iii) above	12.600
(v) Loans	18798.300
(vi) Other Financial Assets	424.200
(c) Current Tax Assets	241.900
(d) Other Current Assets	9006.100
Total Current Assets	68599.000
Assets classified as held for sale and discounted operations	1306.100
TOTAL ASSETS	77489.800
(B) EQUITY AND LIABILITIES
1 EQUITY
(a) Equity Share Capital	1253.500
(b) Other Equity	41118.900
Total Equity	42372.400
2. Non-current Liabilities
(a) Financial Liabilities	8001.200
(i) Other Financial Liabilities	13.000
(b) Long Term Provisions	613.000
(c) Deferred tax Liabilities	1917.800
Total Non-current Liabilities	10545.000
2.Current Liabilities
(a) Financial Liabilities
(i) Borrowing	6956.300
(ii) Trade payables	11362.200
(iii) Other Financial Liabilities	2948.200
(b) Other Current Liabilities	2288.100
(c) Provisions	1007.900
Total Current Liabilities	24562.700
TOTAL EQUITY AND LIABILITIES	77489.800

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. 

b. The Company had concluded the sale transaction of its B2B Automation business, which was transferred under slump sale transaction agreement of ZIV Automation India Limited (a wholly owned subsidiary) to Alfanar on March 06, 2017. Consequently, the Company had recorded the loss of INR 71.500 Million in the year ended March 31, 2017 which is disclosed under the Discontinued Operations.

c. The Board of Directors of the Company vide resolution dated August 11, 2017 has accepted the binding offer for sale of the Assets and Shares of the Company's businesses in Hungary {excluding switchgear business) comprised in its overseas step-down subsidiary, CG Electric Systems Hungary Zrt.(ESHU) for an Enterprise Value of Euro 38 million from prospective buyers, which comprise Ganz Villamossagi Zrt. and Alester Holdings Limited.

During the quarter ended 30th September, 2017 the Company has made a provision of Rs. 30.00 crore against loan given to ESHU, a wholly owned step-down subsidiary, by its immediate holding Company, which is disclosed under the Exceptional items.

d. Details of the discontinued businesses as on September 30, 2017 included therein are given below in terms of the requirement of Indian Accounting Standard (Ind AS) 105:

(INR in Million)

Particulars	Quarter ended 30.09.2017	Quarter ended 30.06.2017	Six months ended 30.09.2017
Revenue from operations	--	--	--
Profit / (Loss) before tax	(300.000)	--	(300.000)
Net Profit / (Loss) after tax	(300.000)	--	(300.000)

5. The Company is liable to Goods and Service Tax (GST) with effect from July 01, 2017. The Revenue for the quarter ended September 30, 2017 is net of such GST. However, the revenue for the quarter ended 30th June 2017, comparative quarter ended September 30, 2016, year-to-date revenues for the period ended September 30, 2017 and year-to-date revenue for the period ended September 30, 2016 and year ended March 31, 2017 are inclusive of excise duty. The comparable figures for Revenue from operations (net of excise duty) are as under:

(INR in Million)

Particulars	Quarter ended 30.09.2017	Quarter ended 30.06.2017	Six months ended 30.09.2017
Net Revenue from operations	12085.000	11622.800	23707.800

There is no impact of the above on the profit before tax and profit after tax.

6. Figures of the previous quarters / period have been regrouped, wherever necessary to correspond with the current quarter / period. Hence, the corresponding component figures are comparable with all respective quarter / period of the financial results. For CG Power and Industrial Solutions Limited.

PRESS RELEASE

CG POWER SELLS US BUSINESS TO BRAZIL FIRM FOR $37 MILLION

January 12, 2018 

Move aimed at paring debt; company to focus on core operations, market

MUMBAI, JUNE 21

Mumbai-headquartered CG Power and Industrial Solutions, manufacturer of power and distribution transformers and a part of Avantha Group, is selling its United States business to Brazilian firm WEG at an enterprise value of $37 million.

CG, formerly known as Crompton Greaves (CG), has accepted a binding offer of WEG, a large manufacturer of energy equipment and electric components, to acquire its US-based step-down subsidiary CG Power United States of America, which is primarily a transformer manufacturer.

A stock purchase agreement for sale of its 100 per cent stake in the United States company was executed on June 20 by CG Power Systems Belgium, another overseas subsidiary of CG, the company said in a regulatory filing on Wednesday. The deal is expected to be closed by July 31.

CG Power United States of America, along with facilities in Belgium, Ireland, Canada and Indonesia, was a part of Pauwels Group that CG acquired in 2005 at an enterprise value of €32.10 million.

The deal is part of CG’s strategy of reducing debt by selling its businesses abroad (except in Indonesia) as the company intends to focus on its core operations and core market in India.

When contacted, an Avantha Group spokesperson declined to comment either on the deal or on the company’s further divestment program.

Commenting on the deal then, KN Neelkant, Avantha Group Company CG’s CEO and Managing Director, said for CG, this was a significant strategic action intended to meet its objective of debt reduction, strengthening balance sheet and building a financially stronger company.

“The divestment is also a step towards our strategy to focus on our core products and markets that provide a significant growth opportunity with improved profitability,” he added then.

CG’s Q4 standalone revenue was at INR 7040.000 Million, while the full 2017 financial year revenue stood at INR 26840.000 Million, up 10 per cent from the previous year.

In the Indian market, the company has seen a 14 per cent order book growth from INR 43590.000 Million in FY-16 to INR 49810.000 Million in FY-17 as well as 12.5 per cent sales growth.

The company’s overseas businesses debt was valued at around INR 16000.000 Million before the company started disposing off its overseas assets.

According to the company’s latest interaction with analysts, CG Power had to raise debt in India to settle overseas debt and finance overseas losses.

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 63.75
UK Pound	1	INR 89.39
Euro	1	INR 78.75

INFORMATION DETAILS

Information Gathered by :	SUP
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)

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

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