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MIRA INFORM REPORT
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Report No. : |
497782 |
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Report Date : |
15.03.2018 |
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.: [Import-Export Code 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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GSTN : [Goods & Service Tax
Registration No.] |
27AAACC3840K1ZP |
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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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|
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No. of Employees
: |
3351 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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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 82.65 on BSE as on March 14, 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 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
INDIA RATING |
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Rating |
Long Term Loans = AA |
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Rating Explanation |
High degree of safety and very low credit risk |
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Date : |
29.06.2017 |
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Rating Agency Name |
INDIA RATING |
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Rating |
Short Term Loans = A1+ |
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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 15.03.2018.
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 BY
|
Name : |
Mr. Rahul |
|
Designation : |
Marketing Department |
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Contact No.: |
91-253-2301662 / 2301151 |
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Date : |
14.03.2018 |
MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-22-24237777 / 24237764)
91-253-2301161 / 24237777 / 24237764 (RINGING)
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 / 2301161 |
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Fax No.: |
91-22-24237733 |
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E-Mail : |
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Website : |
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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
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 16th 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
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
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 :
RAIL
TRANSPORTATION SYSTEMS 6th 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 :
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:
|
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 |
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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 |
|
Date of Appointment : |
09.11.2017 |
|
DIN No.: |
00004364 |
KEY EXECUTIVES
|
Name : |
Mr. Venkatesh Ramamoorthy Vaidyanathapuram |
|
Designation : |
Company Financial Officer (Kmp) |
|
Address : |
Rotselaerlaan 8, 3080 Tervuren, Belgium |
|
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 |
|
Date of Appointment : |
29.05.2014 |
|
PAN No.: |
ABOPA4250D |
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|
|
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 |
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|
|
|
Name : |
Shikha Kapadia |
|
Designation : |
Company Secretary |
|
Address : |
A-302, New Mohan Terrace, Kastur Park, Borivali (West), Mumbai – 400092, Maharashtra, India |
|
Date of Appointment : |
12.02.2018 |
|
PAN No.: |
AKGPB1090D |
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|
Name : |
Mr. K. N Neelkant (w.e.f 3 February, 2016) |
|
Designation : |
Chief Executive Officer |
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|
|
Name : |
Mr. Rahul |
|
Designation : |
Marketing Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on December, 2017
|
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) |
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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 : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit (30 Days), RTGS |
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Purchasing : |
L/C, Credit (30 Days), RTGS |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End users, OEMs
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No. of Employees : |
3351 (Approximately) |
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Bankers : |
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Facilities : |
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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 |
|
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|
|
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 |
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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 : INR 4076.000 Million
Issued, Subscribed & Paid-up Capital : 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 |
31.12.2017 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
|
1ST Quarter |
2nd Quarter |
3rd Quarter |
|
|
|
|
|
|
Net Sales |
12606.800 |
12085.000 |
11793.800 |
|
Total Expenditure |
11953.800 |
11313.900 |
10922.700 |
|
PBIDT (Excl OI) |
653.000 |
771.100 |
871.100 |
|
Other Income |
428.200 |
614.700 |
454.400 |
|
Operating Profit |
1081.200 |
1385.900 |
1325.500 |
|
Interest |
525.000 |
541.400 |
535.700 |
|
Exceptional Items |
124.900 |
(189.400) |
(425.800) |
|
PBDT |
681.100 |
655.000 |
364.000 |
|
Depreciation |
229.200 |
265.300 |
262.300 |
|
Profit Before Tax |
451.900 |
389.700 |
101.700 |
|
Tax |
142.000 |
(2.000) |
9.600 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
309.900 |
391.700 |
92.100 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net
Profit |
309.900 |
91.700 |
92.100 |
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 82.05/- 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 |
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 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 NINE
MONTHS ENDED 31ST DECEMBER, 2017
(INR in Million)
|
Particulars |
31.12.2017 (Quarter Ended) |
30.09.2017 (Quarter Ended) |
31.12.2017 (Nine Months Ended) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Net Sales |
11793.800 |
12085.000 |
36485.600 |
|
Other Operating Income |
454.400 |
614.700 |
1497.300 |
|
Total
Income from Operations |
12248.200 |
12699.700 |
37982.900 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
8771.200 |
8063.700 |
24723.300 |
|
Purchase of Stock in Trade |
115.200 |
120.300 |
398.100 |
|
Changes in inventories of finished goods and
work-in-progress |
(287.500) |
707.700 |
981.400 |
|
Excise duty |
0.000 |
0.000 |
984.000 |
|
Employee benefits expense |
919.300 |
886.200 |
2660.000 |
|
Finance Costs |
535.700 |
541.400 |
1602.100 |
|
Depreciation and Amortization expenses |
262.300 |
265.300 |
756.800 |
|
Other Expenditure |
1404.500 |
1536.000 |
4443.600 |
|
Total
Expenses |
11720.700 |
12120.600 |
36549.300 |
|
|
|
|
|
|
Profit/(Loss)
before Exceptional items |
527.500 |
579.100 |
1433.600 |
|
Exceptional items |
(425.800) |
(189.400) |
(490.300) |
|
Profit
/ (Loss) before Tax |
101.700 |
389.700 |
943.300 |
|
Tax Expense |
9.600 |
(2.000) |
149.600 |
|
Profit
from continuing operation after tax |
92.100 |
391.700 |
793.700 |
|
Loss
from discontinued operation after tax |
0.000 |
(300.000) |
(300.000) |
|
Tax expense on discontinued operation |
0.000 |
0.000 |
0.000 |
|
Loss
from discontinued operation after tax |
0.000 |
(300.000) |
(300.000) |
|
|
|
|
|
|
Net
Profit for the period / year |
92.100 |
91.700 |
493.700 |
|
|
|
|
|
|
Other
Comprehensive Income : |
|
|
|
|
Items that will not be reclassified to profit or loss |
(20.100) |
(20.100) |
(60.300) |
|
Income tax relating to items that will not be reclassified
to profit or loss |
2.700 |
12.200 |
20.800 |
|
Total
Comprehensive Income after tax |
74.700 |
83.800 |
454.200 |
|
|
|
|
|
|
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 |
0.15 |
0.79 |
STANDALONE SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES FOR THE
QUARTER ENDED 30TH SEPTEMBER, 2017
(INR in Million)
|
Sr. No. |
Particular |
31.12.2017 (Quarter Ended) |
30.09.2017 (Quarter Ended) |
31.12.2017 (Nine Months Ended) |
|
1. |
Segment Revenue |
|
|
|
|
|
Power systems |
5965.500 |
6805.200 |
19760.700 |
|
|
Industrial systems |
58248.400 |
5280.700 |
16728.500 |
|
|
Total |
64213.900 |
12085.900 |
36489.200 |
|
|
|
|
|
|
|
|
Less: Inter
segment revenue |
0.100 |
0.900 |
3.600 |
|
|
|
|
|
|
|
|
Total income from
operations |
11793.800 |
12085.000 |
36485.600 |
|
|
|
|
|
|
|
2. |
Segment Result |
|
|
|
|
|
[Profit / (loss) before tax and finance costs from each segment] |
|
|
|
|
|
Power systems |
435.300 |
447.100 |
1318.100 |
|
|
Industrial systems |
546.500 |
433.800 |
1219.000 |
|
|
Total |
981.800 |
880.900 |
2537.100 |
|
|
|
|
|
|
|
|
Less : i.
Finance Costs |
535.700 |
541.400 |
1602.100 |
|
|
ii. Other Un-allocable expenditure net off un-allocable expenditure |
(81.400) |
(239.600) |
(498.600) |
|
|
Add: Exceptional
items (net) |
(425.800) |
(189.400) |
(490.300) |
|
|
|
|
|
|
|
|
Total Profit/(Loss)
before tax |
101.700 |
389.700 |
943.300 |
|
|
|
|
|
|
|
3. |
Segment Assets |
|
|
|
|
|
Power systems |
24675.300 |
22977.300 |
24675.300 |
|
|
Industrial systems |
10903.700 |
10667.600 |
10903.700 |
|
|
Unallocable |
44357.300 |
42538.800 |
44357.300 |
|
|
Discontinued operations |
1306.100 |
1306.100 |
1306.100 |
|
|
Total segment asset |
81242.400 |
77489.800 |
81242.400 |
|
|
|
|
|
|
|
|
Segment Liabilities |
|
|
|
|
|
Power systems |
9573.900 |
9740.100 |
9573.900 |
|
|
Industrial systems |
4888.800 |
4665.300 |
4888.800 |
|
|
Unallocable |
3175.800 |
2291.900 |
3175.800 |
|
|
Discontinued operations |
9.700 |
9.700 |
9.700 |
|
|
Total segment
liabilities |
17648.200 |
16707.000 |
17648.200 |
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 12th February, 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 30.12.2017 |
Quarter ended 30.09.2017 |
Nine months ended 30.12.2017 |
|
Amount paid towards final settlement of Litigation claims |
0.000 |
(279.400) |
(279.400) |
|
Unrealised exchange gain / (loss) on loans and advances |
(25.800) |
3.900 |
489.100 |
|
Provision made against loan given to subsidiary |
(400.000) |
(300.000) |
(700.000) |
|
Total |
(425.800) |
(189.400) |
(490.300) |
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.
b. The Company has 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 has recorded the loss of ` 7.15 crore which is
disclosed under the Discontinued Operation.
c. The Board of Directors of the Company had at its meeting
held on 11th August, 2017 accepted a binding offer for sale of Assets and
Shares of the Company's business in Hungary (excluding switchgear business)
comprised in its overseas wholly owned step-down subsidiary, CG Electric
Systems Hungary Zrt. (ESHU) for an Enterprise value of Euro 38 million.
Consequent to the said acceptance, the Company's subsidiaries have on 12th
February, 2018, signed with the prospective buyers, Ganz Villamossagi Zrt. and
Alester Holdings Limited, a Business Transfer Agreement and Share Purchase
Agreement (Agreements) respectively, for the said sale. The sale, subject to
requisite approvals and consents, is expected to close by 31st March, 2018.
The Company had made a provision of Rs. 30.00 crore during the quarter ended
30th September, 2017 and additional provision of Rs. 40.00 crore in the quarter
ended 31st December, 2017 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 31st December, 2017 included
therein are given below in terms of the requirement of Indian Accounting
Standard (Ind AS) 105:
(INR in Million)
|
Particulars |
Quarter ended 30.12.2017 |
Quarter ended 30.09.2017 |
Nine months ended 30.12.2017 |
|
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 1st July, 2017. The Revenue for the quarter ended 31st December, 2017 and 30th September, 2017 is net of such GST. However the revenue for the comparative quarter ended 31st December 2016, year-to-date revenues for the period ended 31st December, 2017 and year-to-date revenue for the period ended 31st December, 2016 and year ended 31st March, 2017 are inclusive of excise duty. The comparable figures for Revenue from operations (net of excise duty) are as under: (For Table, kindly refer Corporate Announcements on :
(INR in Million)
|
Particulars |
Quarter ended 30.12.2017 |
Quarter ended 30.09.2017 |
Nine months ended 30.12.2017 |
|
Net Revenue from operations |
11793.800 |
12085.000 |
35501.600 |
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.
PRESS RELEASE
CG POWER SYSTEMS WINS $55 MN ORDER FROM INDONESIAN
FIRM
February 12,
2018
CG Power and Industrial Solutions Ltd said on Monday its wholly-owned subsidiary has won an order worth $55 million from state-run Indonesian utility PT PLN (Persero) to manufacture and supply 64 units of power transformers.
CG Power Systems Indonesia is a wholly owned subsidiary of Avantha Group company CG Power and Industrial Solutions, formerly Crompton Greaves.
"CG Power Systems Indonesia has bagged an order from ... PT PLN (Persero) for manufacturing and supply of 64 units of power transformers valued at $55 million," the company said.
"This project is the first of its kind to be funded by the Islamic Development Bank to support PLN's ambitious goal to enhance its transmission grid performance," it added.
CG Power said it will complete the supplies against the order by December 2018.
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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 64.99 |
|
|
1 |
INR 90.83 |
|
Euro |
1 |
INR 80.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
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.