annual report 2003-04 corporate · pdf fileand marketing of electrical engineering products....
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Corporate InformationCorporate InformationBoard of Directors
K.K. Nohria Chairman
G. Thapar Vice-Chairman
S.M. Trehan Managing Director
S. Bisht
O. Goswami
S. Labroo
K. Thapar
Chief Financial OfficerB.R. Jaju
Company SecretaryW. Henriques
Registered Office6th Floor, CG House
Dr. Annie Besant Road, Worli, Mumbai-400030
AuditorsSharp & Tannan
SolicitorsCrawford Bayley & Co.
BankersABN-Amro Bank N.V.
Bank of Baroda
Bank of India
Bank of Maharashtra
Canara Bank
ICICI Bank Ltd.
Corporation Bank
Oriental Bank of Commerce
Standard Chartered Bank Ltd.
State Bank of India
Syndicate Bank
UCO Bank
Union Bank of India
Vijaya Bank
Crompton Greaves Ltd.ANNUAL REPORT2003-04
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Crompton Greaves Limited (CG), a BM THAPAR Group Company, is oneof India's largest private sector enterprises engaged in the manufacture
and marketing of electrical engineering products.
Crompton Greaves Limited (CG), a BM THAPAR Group Company, is oneof India's largest private sector enterprises engaged in the manufacture
and marketing of electrical engineering products.
ProductsCG comprises four principal businesses: PowerSystems, Industrial Systems, Consumer Productsand Digital. Nearly two-third of its turnoveraccrues from product lines in which it enjoys aleadership position. CG is a single-point sourcefor a variety of electric equipment andproducts. It addresses all the segments of thepower industry from complex industrialsolutions to basic household requirements. Itsproduct lines include:
Power SystemsTransformers, Switchgear and EngineeringProjects.
Industrial SystemsMotors, Alternators and Rail Transportation.
Consumer ProductsFans, Luminaires, Light Sources and Pumps.
DigitalTelecom Equipments.
OwnershipCG is a part of the BM Thapar Group.Incorporated in 1937, CG is headquartered in aself-owned landmark building at Worli,Mumbai. As of 31st March, 2004, 52.44 percent of CG’s shareholding was owned by thepromoters (the BM Thapar Group holds 38.69per cent shareholding; 13.75 per cent is held bythe foreign promoter). The balanceshareholding is broadly distributed betweenmutual funds, institutional investors, bodiescorporate and general public.
PlantsCG’s manufacturing infrastructure covers 20facilities across five states viz: Goa, Gujarat,Karnataka, Maharashtra and Madhya Pradesh.
PresenceCG is the Indian market leader across a numberof product groups in the electrical engineeringsector. It enjoys an export presence across morethan 60 countries, which includes the emergingSouth-East Asian and Latin American markets.
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Milestones 2003-04Milestones 2003-041
3 5 7
2 46
8
An increase in the EBIDTA
return on capital employed:
from 22.7 per cent in 2002-03
to 27 per cent in 2003-04.
Upgradation of CG’s creditrating from F1 to F1+ by
FITCH Ratings India, in respect
of its commercial paper/short
term debt programme. This
rating is the highest credit
rating that can be assigned to
this category of instrument.
A significant reduction in the
interest liability by 40 per
cent, from Rs. 64.43 crores in
2002-03 to Rs. 38.48 crores in
2003-04.
A 170 per cent increase in
Profit before ExceptionalItems and Tax from Rs. 31
crores in 2002-03 to Rs. 83.69
crores in 2003-04.
Long term debt rating of
A+(Ind), assigned by FITCH
Ratings India; indicating
adequate credit quality and
timely repayment capacity.
A reduction in borrowings by
27 per cent, from Rs. 459
crores in 2002-03 to Rs. 334
crores in 2003-04.
A 151 per cent increase in the
profit after tax from
Rs. 28.17 crores in 2002-03 to
Rs. 70.83 crores in 2003-04.
An 8 per cent increase in the
turnover from Rs. 1726.39
crores in 2002-03 to
Rs. 1861.05 crores in 2003-
04. After discounting the
de-growth in the Digital
segment and the revenues
from the Industrial
Electronics, Capacitor and
Informatics Divisions, whose
operations were suspended
last year, the effective growth
is 13 per cent.
5
911 13
1517
10 12 1416
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CG has successfully
established manufacturing
facilities for 145 kV GasInsulated Switchgear in
collaboration with Hyundai,
Korea. The development and
subsequent testing of a
prototype of 145 kV, 40 kA,
2000A double bus
transmission line feeder bay is
in progress. The Industrial
Transformer Division at
Malanpur established a
unified system, incorporating
ISO 14001 and OHSAS 18001,
making it one of the few Units
in India to achieve this
distinction.
The Fans and Lighting
business acquired Superbrandstatus, a Unique Recognition
amongst the country’s 134
selected brands by
Superbrands, UK.
Exports of the IndustrialSystems Group increased
from Rs. 16.45 crores in 2002-
03 to Rs. 24.23 crores in
2003-04, an increase of 47
per cent.
Profit before Interest and Tax
of the Industrial SystemsGroup and ConsumerProducts Group increased by
75 per cent to Rs. 40.80 crores
and by 25 per cent Rs. 53.62
crores respectively in
2003-04.
An increase in order inputfrom Rs. 1779 crores in 2002-
03 to Rs. 2120 crores in 2003-
04.
Increase in share price from
Rs. 51.40 as on 31st March,
2003 to Rs. 154.05 as on 31st
March, 2004 on the Mumbai
Stock Exchange.
CG declared a dividend of
Rs. 7/- per share in 2003-04
(comprising an interim
dividend of Rs. 3/- and a final
dividend of Rs. 4/- per share).
Earnings per share improved
from Rs. 5.38 per share to
Rs.13.52 per share.
The market capitalisation as
on 31st March, 2004 was
Rs. 807 crores, an increase of
200 per cent over the previous
year.
An increase in the
Unexecuted Order Book from
Rs. 691 crores at the close of
2002-03 to Rs. 842 crores at
the close of 2003-04.
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PerformancePerformance� 8 per cent turnover growth
� 13 per cent core sector growth
� 170 per cent increase in profit beforeexceptional items and tax
� 151 per cent increase in the profit after tax
� 151 per cent improvement in earnings per share
� 70 per cent dividend for the year
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EnablersEnablersThe enablers for this performance, were theconsistent initiatives taken by CG in thefollowing areas:
✜ Launching business-enhancing products andservices
✜ Diversifying product portfolio
✜ Sharpening technology insight to makeproducts reliable, value-added and low cost
✜ Investing in a quality reputation
✜ Stringent fiscal management
✜ Nurturing its human capital
✜ Improving its manufacturing facilities
✜ Deepening its distribution network
✜ Achieving market leadership in major productsegments
✜ Leveraging its Strong Brand Equity
✜ Encouraging professionalism in managementand attitude
The above drivers are elements of the long-termstrategy for growth, evolved by CG, the initialimpact of which is already reflected in theperformance of the year.
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New revenuestreams
New revenuestreams
An ability to provide value-
enhancing products and
services is the most potent
revenue driver for a
company’s growth,
translating into enhanced
realisations and margins.
9
An increasing proportion of prospective sales of CG are likely to be brand-driven.With this objective, CG continues its efforts at prudent de-risking through a pre-
dominant focus on its core competence, the electrical engineering sector andattaining a respectable international presence.
CG has shown preparedness in meeting evolving customer expectations through itsinitiatives of continuous product creation, product upgradation and new markets.
CG has translated this into a number of business-strengthening actions:
❐ In-house R&D efforts, supplemented by technological tie-ups and consultancyarrangements for product and process upgradation
❐ An accelerated launch of new products representing new conveniences
❐ Shift in client focus from electricity boards to private sector utilities andcorporates
❐ Re-direction of efforts of the Power Systems Group towards the spares, servicingand refurbishing business, which returned higher margins
❐ Co-branding products with international manufacturers for exports
❐ Endorsing processes and practices through confidence-enhancing internationalcertifications
❐ Widening reach across countries and deepening reach within existing economies
In 2003-04, the Company created 44 new products and significant variants of itsexisting products. This supplemented the Company’s revenues during the year andwill be an avenue for future growth.
CG achieved breakthrough performance in the exports of Switchgear in the Europeanand Far East markets against stiff competition from international companies. A widerinternational footprint will help the Company reduce its dependence on the fortunesof a handful of economies. It will also help the Company leverage the evolvingstandards in specialised markets, towards better products and superior services.
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Investing in areputation for quality
Investing in areputation for quality
As countries and International
companies become increasingly
sensitive about product quality,
only those companies that can
demonstrate their commitment
to quality stand to attract
large and profitable contracts.
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Aquality trustmark has emerged as CG’s biggest brand ambassador. This isreflected through quality certifications for its products and services.
CG strengthened its quality commitment through the following initiatives:
✦ Product approvals from KEMA (Netherlands), NEMA (USA), BASEEFA (UK), CESI(Italy), DOE (Department of Energy, USA), CPRI (India) and conformity to ANSI,CEMEP and IEEMA standards for its export market
✦ Integration of the Six Sigma methodology in its manufacturing processes, withthe ultimate objective of achieving "Product Quality As Perceived By Customer"for 10 of the Company’s products which has resulted in a manifold improvementin the Critical to Quality (CTQ) parameters, with a substantial reduction indefects. This methodology will be extended to other products of the Company inthe ensuing year
✦ ISO 9001:2000 certification for 22 out of the Company’s 26 divisions/regions
✦ ISO 14001 certification for Environment Management Systems for five divisions
✦ The Industrial Transformer Division at Malanpur is amongst the few units in Indiato have achieved both ISO 14001 and OHSAS 18001 (Certification forOccupational Health and Safety Management System)
✦ The Company’s Lighting Division is one of the few business units in India’slighting industry to achieve dual certifications of ISO 9001:2000 and ISO 14001
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Stringent fiscalmanagement
Stringent fiscalmanagement
In a continuously dynamic
business environment, the
more efficient companies
progressively limit offtake of
borrowed funds and there is a
shift in emphasis from funds
mobilisation to holistic fund
management.
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Prudent fiscal management is central to CG’s strategic intent. This direction has beenachieved by a progressive reduction of the capital required to sustain the business and
an ongoing liquidation and substitution of high cost funds with low cost alternatives andjudicious funds management.
FISCAL MANAGEMENT ACHIEVEMENTS, 2003-04
✜ Upgradation to the highest credit rating of F1+ from F1, awarded by FITCHRatings India, in respect of its commercial paper/short term debt instrumentsprogramme, for a higher quantum of Rs. 40 crores, as compared with Rs. 30crores last year
✜ Long-term debt rating of A+(Ind), assigned by FITCH Ratings India; indicatingadequate credit quality and timely repayment capacity
✜ Borrowings declined by 27 per cent from Rs. 459 crores in 2002-03 to Rs. 334crores in 2003-04
✜ Interest outflow significantly reduced by 40 per cent from Rs. 64.43 crores to Rs.38.48 crores
✜ Debt-equity ratio strengthened from 1.6 to 1.0
✜ Gain on forex transactions of Rs. 6 crores, through an intelligent management offorex exposure through various instruments
✜ An improvement in the ROCE from 13.5 per cent in 2002-03 to 18.7 per cent in2003-04
✜ An improvement in the turnover: capital employed ratio from 2.11 in 2002-03 to2.50 in 2003-04
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Business-strengthening R&D
Business-strengthening R&D
R&D forms the foundation
of product innovation and
is the essential requirement
for a modernised and
diversified product
portfolio.
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Aconsistent research-directed growth has been an ongoing feature of CG’s business overthe last number of years, resulting in the absorption of world-class technologies
leading to advanced product development. A management structure that provides fortechnology development at the corporate and divisional levels and progressive investmentin R&D have strengthened CG’s research initiative.
A collaborative working of divisional technologists and corporate analysts translated intothe development of several new products. For instance, in 2003-04, CG developed 15 newproducts in the Power Systems segment, 12 in the Industrial Systems segment, 15 in theConsumer Products segment and two in the Digital segment.
PIONEERING PRODUCTS COMMERCIALISED DURING 2003-04
✦ The only Indian Company to introduce the Polymer concrete product line in the areasof Outdoor and Indoor Polycrete Encapsulated Vacuum Interrupters and various ratingsof Outdoor Vacuum Circuit Breakers with Polycrete Vacuum Interrupter poles
✦ Hermetically sealed distribution transformers with corrugated tank construction
✦ NEMA range of Motors for North American markets
✦ Flameproof Gas Group IIC Motors
✦ Trailable version of Electric Point Machine for traction application
✦ In addition to the above, a 420 kV Composite Insulator housed Current Transformerand Capacitor Voltage Transformer, the first of its kind in India, is undergoing varioustests for future commercialisation
EconomicValue Added (EVAEconomicValue Added (EVA)
16
-20
-15
-10
-5
0
5
10
15
20
25
0
2
4
6
8
10
1219.86
(14.51)
0.50%
EVA (Rs. Crores) PAT as %age to Average capital employed
3.70%
10.18%
11.83
Crompton Greaves Limited reported a positive EVA of Rs. 19.86 crores for 2003-04,an upward move with 67.88 per cent growth over 2002-03. This amply demonstratesthat the Company enhanced value for its shareholders.
The EVA is an internationally accepted value measurement tool. EVA measures theprofitability of a company after taking into account the cost of capital. It representsthe value added to shareholders by generation of operating profits (total pool ofprofits) in excess of the cost of capital employed in the business.
200420032002
Rs. C
rore
s
Perc
enta
ge
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Economic Value Added AnalysisYear Ended March 31 Unit 2004 2003 2002
1 Average capital employed (Rs. in cr) 695.58 761.93 831.11
2 Average debt (Rs. in cr) 396.44 514.97 599.02
3 Avg. debt/ Avg. capital employed 56.99% 67.59% 72.07%
4 Beta variant Number 1.9580 0.9618 1.7142
5 Risk free debt cost 6.00% 6.00% 7.30%
6 Market premium 7.00% 8.00% 8.00%
7 Cost of equity 19.71% 13.69% 21.01%
8 Cost of debt (post tax) 6.22% 7.91% 7.99%
9 Weighted average cost of capital 12.02% 9.79% 11.62%
10 PAT as a percentage to Average capital 10.18% 3.70% 0.50%employed
11 Economic Value Added (EVA)
Operating profit before tax (Rs. in cr) 122.17 95.43 84.85
Less: Tax (Current and deferred tax) (Rs. in cr) (18.69) (9.03) (2.75)
Less: Cost of capital (Rs. in cr) (83.62) (74.57) (96.61)
Economic Value Added (Rs. in cr) 19.86 11.83 (14.51)12Enterprise value
Market value of equity (Rs. in cr) 806.84 269.21 240.93
Less: Cash and cash equivalents (Rs. in cr) (76.15) (54.74) (61.20)
Add: Closing debt (Rs. in cr) 333.65 459.22 570.71
Enterprise value (Rs. in cr) 1,064.34 673.69 750.44 13Ratios
EVA as a percentage of Average capital employed 2.85% 1.55% -1.75%
Enterprise value/ Average capital employed Number 1.53 0.88 0.90
® EVA is a registered trademark of Sten Stewart & Co.
The figures above are based on Indian GAAP financial statements.
OperationsYour Company has maintained a steady pace of growth, in its business areas,validating the effectiveness of its business strategies. The Company recorded aturnover growth of 8 per cent this year. The profit after tax has increasedsignificantly by 151 per cent as compared with last year.
Financial Highlights
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Directors’ Report Directors’ Report
To
The Members,
The Directors present their Sixty-seventh Report with the audited accounts for theyear ended 31st March, 2004.
Particulars 31.03.04 31.03.03 Growth Rs.crores Rs.crores %
(a) Gross Sales 1861.05 1726.39 8(b) Less: Excise Duty 149.73 139.37
1711.32 1587.02
(c) Less: Operating Expenses 1553.75 1430.21
(d) Operating Profit 157.57 156.81(e) Add: Dividend and Other Income 27.02 13.46
(f) Profit before Interest, Depreciation, Amortisation, 184.59 170.27Exceptional Items and Taxes
(g) Less: Interest 38.48 64.43
(h) Profit before Depreciation, Amortisation, 146.11 105.84Exceptional Items and Taxes
(i) Less: Depreciation 44.22 45.25
(j) Less: Miscellaneous Expenditure Amortised/ Charged 18.20 29.59
(k) Profit before Exceptional Items and Taxes 83.69 31.00 170(l) Add: Exceptional Items (Net) 5.83 6.20
(m) Profit Before Tax 89.52 37.20 141(n) Less: Provision for Current Year Tax 6.76 0.25
(o) Less: Provision for Deferred Tax 11.93 8.78
(p) Profit After Taxcarried to Profit & Loss Account 70.83 28.17 151
(q) Transfer to/from General Reserve -12.17 -2.76
(r) Interim Dividend -15.71 0.00
(s) Final Dividend -20.95 0.00
(t) Corporate Tax on Dividend -4.69 0.00
(u) Balance brought forward from previous year -13.49 -38.90
Balance Carried To Balance Sheet 3.82 -13.49
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The Profit before Interest and Tax of the respective Business Groups, compared withlast year is given below:
A detailed review of the operations and performance of each Business Group iscontained in the Management Discussion & Analysis Report, which forms a part ofthis Report.
DividendThe Board of Directors at its Meeting held on 28th October, 2003, declared anInterim Dividend of Rs. 3/- per equity share (30 per cent) aggregating to a totalDividend payout of Rs.15.71 crores; the Record Date for this purpose was 21stNovember, 2003 and the Interim Dividend was paid on 24th November, 2003.
The Board of Directors recommends a Final Dividend of Rs. 4/- per equity share (40per cent) for the year under review.
Thus the total Dividend for the year amounts to Rs. 7/- per equity share (70 percent).
ReservesDuring the year, the Company implemented a Scheme of Capital Reduction, pursuantto which an amount of Rs. 1,52,05,62,049/- out of the Securities Premium Accountwas utilised for adjustment of the un-amortised miscellaneous expenditure, deferredtax asset and carried forward debit balance in the Profit & Loss Account, as on 31stJuly, 2003. The Scheme was approved by the Members at the last Annual GeneralMeeting held on 22nd July, 2003 and by the Hon’ble High Court of Judicature atMumbai by its Order dated 15th September, 2003.
The Reserves at the beginning of the year were Rs. 389.65 crores. The Reserves at theend of the year are Rs. 288.11 crores, after making a provision of Rs. 10.27 crores onaccount of Deferred Tax Liability.
DirectorateThe Life Insurance Corporation of India withdrew its nomination of Mr PC Gupta’sdirectorship on the Company’s Board of Directors, consequent to which Mr Guptaceased to be a Director with effect from 27th December, 2003. The Board places onrecord its appreciation for the guidance, support and valuable contributions of MrGupta during his tenure as a Director of the Company.
Mr G Thapar was appointed as Vice Chairman of the Company with effect from 27thJanuary, 2004. Mr Thapar retires by rotation at the forthcoming Annual GeneralMeeting, and being eligible, offers himself for re-appointment to the Board.
SBU 2003-04 2002-03Power Systems 64.03 63.04
Industrial Systems 40.80 23.37
Consumer Products 53.62 42.95
Digital -10.36 3.65
(Rs. Crores)
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Mr S Labroo and Dr O Goswami were appointed as Additional Directors on theCompany’s Board of Directors with effect from 28th October, 2003 and 27th January,2004 respectively. They hold office upto the date of the forthcoming Annual GeneralMeeting, and considering that the Company will benefit from their continuance asDirectors, their appointments are being recommended.
In terms of Clause 49 of the Listing Agreement with Stock Exchanges, the details ofthe Directors to be re-appointed and appointed are contained in the accompanyingNotice of the forthcoming Annual General Meeting.
Research and DevelopmentSustenance and continuous enhancement of technological competitiveness of ourproducts and processes forms the basis for our Research and Development (R&D)activities. This has resulted in development of new products and technologies, manyof which have already been commercialised. During the year, the R&D activitiesfocused on the development of new products and processes, and, improvement ofreliability, performance and cost effectiveness of present products and processes. Ourcontinuous investment in R&D has increased the competitive advantage of ourproducts and technologies in the domestic and international markets. Detailedinformation on the new products and processes developed through R&D arechronicled in the Annexure to this Report.
Subsidiary CompaniesCG-PPI Adhesive Products Ltd and CTR Manufacturing Industries Ltd are subsidiariesof CG Capital & Investments Ltd, which is a 100 per cent subsidiary of the Company.Hence, in terms of the provisions of the Companies Act, 1956, these companies arealso the Company’s subsidiaries.
The Company has obtained an exemption under Section 212 of the Companies Act,1956, from annexing to this Report, the Annual Reports of the above three subsidiarycompanies for the year ended 31st March, 2004. However, if any Member of theCompany or its subsidiaries so desires, the Company will make available, the annualaccounts of the subsidiaries to them, on request. The same will also be available forinspection at the Registered Office of the Company and of its subsidiaries, duringworking hours upto the date of the Annual General Meeting.
Consolidation of AccountsAs required by Accounting Standards AS-21 and AS-23 of the Institute of CharteredAccountants of India, the financial statements of the Company reflecting theconsolidation of the Accounts of the Company, its three Subsidiaries mentionedabove, and six Associate Companies, are annexed to this Report. The AssociateCompanies are Brook Crompton Greaves Ltd, CG Lucy Switchgear Ltd, CG MaerskInformation Technologies Pvt Ltd, CG Smith Software Pvt Ltd, InternationalComponents India Ltd and Hitachi CG Motor Engineering Pvt Ltd.
For the purposes of this disclosure, all Joint Venture Companies have been treated asAssociate Companies. These consolidated financial statements conform to therequirements of both these Accounting Standards.
Conservation of Energy, Technology Absorption andForeign Exchange Earnings and OutgoAs required by the Companies (Disclosure of Particulars in the Report of Board ofDirectors) Rules, 1988, the relevant data pertaining to conservation of energy,
21
technology absorption and foreign exchange earnings and outgo are given in theprescribed format as an Annexure to this Report.
Particulars of Employees The statement of particulars required pursuant to Section 217(2A) of the CompaniesAct, 1956 read with the Companies (Particulars of Employees) (Amendment) Rules,2002, forms a part of this Report. However, as permitted by the Companies Act,1956, the Report and Accounts are being sent to all Members and other entitledpersons excluding the above Statement. Those interested in obtaining a copy of thesaid Statement may write to the Company Secretary at the Registered Office and thesame will be sent by post. The Statement is also available for inspection at theRegistered Office during working hours upto the date of the Annual General Meeting.
Auditors’ Report & CertificateThe Company's explanations to the Auditors' observations in their Report have beendetailed in Notes Nos. 1, 27 and 34(a) in the Notes on Accounts contained inSchedule B to the Accounts, which forms part of the Annual Report. The Auditorshave also certified the Company’s compliance of the requirements of CorporateGovernance in terms of Clause 49 of the Listing Agreement and the same is enclosedas an Annexure to the Report on Corporate Governance.
Directors’ Responsibility StatementThe Directors would like to assure the Members that the financial statements for theyear under review conform in their entirety to the requirements of the CompaniesAct, 1956.
The Directors confirm that:
♣ the Annual Accounts have been prepared in conformity with the applicableAccounting Standards;
♣ the Accounting Policies selected and applied on a consistent basis, give a trueand fair view of the affairs of the Company and of the profit for the financialyear;
♣ sufficient care has been taken that adequate accounting records have beenmaintained for safeguarding the assets of the Company; and for prevention anddetection of fraud and other irregularities;
♣ the Annual Accounts have been prepared on a going concern basis.
AuditorsThe Company's Auditors, Sharp & Tannan, hold office upto the conclusion of theforthcoming Annual General Meeting and, being eligible, are recommended for re-appointment on terms to be negotiated by the Audit Committee of the Board ofDirectors. They have furnished the requisite certificate to the effect that their re-appointment, if effected, will be in accordance with Section 224(1B) of theCompanies Act, 1956.
Fixed DepositsCurrently, the Company has discontinued acceptance of fresh deposits and alsorenewal of existing deposits. 500 persons had not claimed repayment of theirmatured deposits amounting to Rs. 55.70 lacs as at 31st March, 2004. At the date ofthis Report, an amount of Rs. 20.77 lacs therefrom has been claimed and repaidand/or renewed.
22
Intime Spectrum Registry Limited continue to be the Company’s Registrars for allmatters related to the Company’s Fixed Deposit Scheme. The contact details of IntimeSpectrum are mentioned in the Report on Corporate Governance annexed hereto.
Share Registrar & Transfer AgentThe Company’s share registry function is being looked after by Sharepro Services,which is a SEBI-registered Registrar & Transfer Agent. The contact details of ShareproServices are mentioned in the Report on Corporate Governance annexed hereto.
Investors are requested to address their queries, if any, in this regard, to ShareproServices; however, in case of difficulties, they are welcome to contact the Company’sInvestor Services Department, the contact particulars of which are contained in theaccompanying Notice of the forthcoming Annual General Meeting.
Health & Safety PolicyThe Company accords high priority to the health, safety and environment of itsfactories and establishments and has in place a Health & Safety Policy, whichaddresses the regulatory requirements and includes preventive measures in respectthereof. The Company’s Industrial Transformer Division at Malanpur received theOHSAS 18001 Certification for its occupational health and safety managementsystem; the Company is planning certification of its other Divisions as well. Safetyawareness programmes are regularly undertaken, which, together with safety auditsand continual safety training form an integral part of the systems and processesimplemented in this area.
Listing ArrangementsAfter obtaining the approval of the Members at the last Annual General Meeting heldon 22nd July, 2003 and in accordance with the Securities and Exchange Board ofIndia (Delisting of Securities) Guidelines, 2003, the Company made an application fordelisting of its shares to Calcutta, Delhi and Madras Stock Exchanges. Delisting fromthe Delhi and Madras Stock Exchanges has been approved; the Company’s approvalfrom the Calcutta Stock Exchange is expected shortly. Hence, the Company’s sharesare effectively listed and traded on the Mumbai and National Stock Exchanges. TheCompany’s GDRs are listed on the London Stock Exchange. The payment of listingfees is up-to-date.
AcknowledgementsThe Directors take this opportunity to express their sincere appreciation for thededicated service and contributions of the employees towards the stability andgrowth of the Company.
The Directors also thank all the members, dealers, customers, suppliers, financialinstitutions, bankers and other business associates for their continued supporttowards the efficient operations of the Company.
On behalf of the Board of Directors
KK NOHRIAMumbai, 26th May, 2004 Chairman
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Directors’ Report Directors’ Report Annexure to
Under Section 217(1)(e) of the Companies Act, 1956
A. Conservation of Energy(a) Energy conservation measures taken:
The thrust on energy conservation continued with increasing usage of naturalgas for heating, smart switching for lighting, controlling of air conditioningloads, and maintenance of power factor upto 0.99.
The typical initiatives taken in changing over to energy efficientmanufacturing processes are:
� Introduction of magnetic saver flux unit for canteen and thermopacs
� Installation of automatic power factor correction and thyristorised capacitor control panels
� Installation of soft starter for 75 HP compressor motor
� Optimisation of hydraulic power packs for machines
(b) Additional investments and proposals, if any, being implemented forreduction in consumption of energy:
The captive generating unit running on gas procured for Baroda Lamps WorksDivision, at an investment of Rs.300 lacs, will be operational in the year2004-05.
(c) Impact of the measures at (a) and (b) for reduction of energyconsumption and consequent impact on the cost of production:
Through better energy efficient manufacturing process and better powerquality management, considerable cost savings have been achieved. Thissaving, however, has no appreciable impact on the cost of goods as theproduction processes are not energy intensive.
B. Technology AbsorptionResearch and Development (R&D)
1. Specific areas of significance in which R&D is carried out by the Company
During the year under review, R&D activities were focused on design analysisand automation, development of new products and processes, and enhancingreliability and performance of existing products.
2. Benefits derived as a result of the above R&D
New products developedPower Systems✜ Advanced static VAR compensator and active harmonic filter (STATCOM)
✜ Upgradation of Cast Resin dry type transformers upto 1600 kVA
✜ 420 kV current transformer and capacitor voltage transformer housed in composite insulator – first time in India
24
✜ 72kV, 145kV and 170kV bushing, type tested at KEMA, Netherlands
✜ 230kV inductive voltage transformers and 230kV current transformers conforming to ANSI standards
✜ Standard voltage transformer for 50 Hz and 60 Hz, type tested at KEMA
✜ Magnetic actuator mechanism for 25kV, single pole, SF6 circuit breaker
✜ Upgradation of spring/spring SF6 gas circuit breaker upto 245 kV, 40 kA, type tested at CESI-Italy
✜ 72.05 kV, 31.5/40 kA, spring/spring SF6 gas circuit breaker, type tested at KEMA for IEC 62271-100
✜ 36 kV outdoor, 12kV and 36 kV indoor, polycrete encapsulated vacuum interrupter, first time in India
✜ 12 kV, 20 kA, 1250 A and 36 kV, 26.3 kA, 2000 A, outdoor vacuum circuit breakers with polycrete vacuum interrupter poles, type tested for short circuit tests at CPRI- Bhopal
✜ Range extensions: 12 kV polycrete current transformers – 5 frames, 36 kV polycrete current transformers – 3 frames
✜ 12, 24 and 36 kV polycrete potential transformer
✜ 12 kV, indoor and outdoor vacuum contactor
✜ 12 kV damping reactor, a power quality product
Industrial Systems❐ Trailable version of electric point machine for traction application
❐ 875 kW, 4 pole, 6.6 kV safety motor with pre-start purging
❐ 3400kW, 4 pole, 6.6 kV slip ring motor
❐ Extension of global series energy efficient motors – new frame GD450
❐ Upto 1800 HP, 8 pole, 6.6 kV motors in frame KMR 560 for re-rolling mill applications
❐ Drip-proof range of low voltage internal slip-ring motors
❐ Special 30 kW DC motor for dynamic breaking resistor application used in Railways
❐ 0.8 PF 3/4 HP single-phase improved efficiency motors for petrol pumps
❐ Improved version of motors for front-loading type washing machines
❐ Pole stampings for windmill generator, segmental and pole stampings for hydraulic and thermal generators, maximum width of 900 mm
❐ Lightweight and compact 125 to 160 kVA brushless alternators, with aluminium body construction
❐ Six new signalling relays of different specifications for application in Railways
25
Consumer Products✦ Harmonic-free remote control regulator for fan
✦ Ceiling fans - improved version 24" Whirlwind, 48" HS Decora, 48"/56" Whirlwind Decora, 48" Olga, 48"/56" Cool Breeze
✦ High-speed ceiling fans with metallic shade/lacquer coat, with and without light – Neptune and Venus
✦ Plastic pedestal/wall fans – 16" Hi-Flo
✦ Decorative, aesthetic and cost effective luminaires for fluorescent lamps (Mini Lite and Impression)
✦ Street Lights – Die-cast aluminium with better optical control (Citivision) and staircase optics with better ingress protection (Acceleration)
✦ Landscape Lighting – for junction and garden lighting (Lotus) and post toplantern with rotational moulded bowl (Orchid)
✦ Flood Lights – compact (Floodlux), economical (Twinlux), hoardings and area lighting (Profile 1 and Profile 2)
✦ Energy Efficient Luminaires – low voltage 100V (Cromstart Plus), retrofit gear to switch energy consumption based on need from 250W to 150W between peak to off-peak hours (Street Smart), long-life energy efficient VPIT open type fluorescent ballast (Ultra Low Loss)
✦ Reduced glare (Decor) and ultra-slim mirrorlite luminaires (Ecor)
✦ Emergency power packs for fluorescent tubelights
✦ Pumps – MBDL12 (1 HP) 1phase centrifugal moonset with riveted impellers, CSA approved Mini II; Mini II R - 0.5 HP, cost effective 100 mm and 78 mm borewell pumps, 150 mm Eco series submersible pumps
✦ 12.5 HP to 30.0 HP submersible moonset pumps for use in open wells
✦ De-watering pumps for solid handling and for effluent treatment plants
✦ 1.5 HP petrol-start-kerosene-run engine pumpset
Digital• New version 2/34 Mbps Optimux system
• 2 Mbps optical modem that supports single mode and multi-mode optical fibre with G.703, V.35, V.11 user interfaces for low capacity datacom networks
New processes implemented
✦ Improved impregnation process cycle for higher productivity of HT motors
✦ Progression tooling for stamping laminations of medium frame motors
✦ Modified heat treatment cycle for steel with high percentage ofphosphorus and silicon using CO/CO2 environment
✦ Modified coating process of oxide layer for insulation (blueing) of semiprocessed steel by using dry steam
26
✦ Automated version of expandable mandrel for smoother boring of statorcore packs, to ensure uniform air gap and stator/rotor concentricity
Technology competence achieved♣ A novel partial-discharge detection system for performance evaluation of
inverter fed induction motors
♣ Prediction of temperature rise of stator winding for three-phase inductionmotor
♣ Design of low noise cooling fans for TEFC induction motors
♣ 3-D modeling of power transformers
♣ Analytical capability for power transformer’s electrical design for 3-Dleakage, field distribution, stray loss control, transient voltage andcirculating current distribution
♣ Analytical capability with solid-edge software to enhance 3-D designcapabilities of switchgear products
♣ Structural design of seismic withstand capability under dynamicconditions by 3-D FEM on ‘ANSYS’ software for power transformer
♣ Design of point machines with different strokes and load parameters
♣ Design of special low RPM (250-RPM) DC motors in 500/3 frame
♣ Fastec auto-stitch tooling with auto skewing of rotor, using servo motorand CNC controls for high speed lines
♣ Multi-part tooling for segmental and pole stampings upto width of 900mm
PatentsDuring the year the Company filed one patent application. In addition tothis, five applications made in the previous years are pending registration.
3. Future plan of action
In the coming year, the Company’s focus will be on meeting increasingcustomer demands for products that are eco-friendly, energy efficient andwith intelligent monitoring and control systems. Development of materialsand processes is another major area of activity to improve productperformance and to enhance productivity. Focus will also be on developmentof packages and tools for design and performance prediction to enable fasterresponse to market requirements.
31st March, 2004(a) Capital 2.86
(b) Revenue 13.25
(c) Total (a + b) 16.11(d) Total R&D expenditure:
• as a percentage of total turnover 0.86 %
• as a percentage of profit before tax 18.00 %
(Rs. Crores)4. Expenditure on R&D
27
Technology absorption, adaptation and innovation
1. Efforts and Benefits
Efforts by the Company’s in-house research and development team andnetworking with the various collaborators have resulted in improved design,development and production of the Company’s indigenous products andprocesses and related cost effectiveness. This has led to increasedcompetitiveness and acceptability in markets, both in India and abroad. Newproducts on the anvil are intelligent electronic devices for power apparatus,brushless DC motors for consumer appliances and pumps, wind generators and dry type distribution transformers.
Import substitution during the year
Indigenisation of imported raw materials viz., HID discharge tubes, fluorescentpower for light sources.
2. Imported Technology
Year of Product Imported Status ofImport from Absorption
2001-2002 Gas Insulated Hyundai Heavy Industries In progress.Switchgear Co. Ltd., Korea.
Total foreign exchange earned 282.60
Total foreign exchange used 111.80
Rs. Crores
C. Foreign Exchange Earnings and Outgo(a) Activities relating to exports; initiatives taken to increase exports; development
of new export markets for products and services; and export plans:
The Company’s activities and initiatives relating to exports are contained inthe Management Discussion and Analysis Report that forms a part of theAnnual Report.
(b) Total foreign exchange earned and used :
On behalf of the Board of Directors
KK NOHRIAMumbai, 26th May, 2004 Chairman
28
Corporate GovernanceCorporate Governance
1. Company’s Philosophy on Corporate Governance
Your Company continues to manage its business affairs with integrity,openness and accountability to the best possible advantage of its shareholders,whilst simultaneously balancing the interests of its other stakeholders.
As a reinforcement of this commitment, and as a formal expression thereof,the Company:
♣ has already codified a ‘Rules of Procedure for Management’, whichdocuments the decision-making levels with respect to areas of importancein the Company’s day-to-day operations.
♣ is in an advanced stage of finalising a ‘CG Values’ document, whichenshrines the five CG Values of Performance Excellence, Leading EdgeKnowledge, Nurturance, Customer Orientation and Intellectual Honesty.
Every CG employee is expected to practice with sincerity and consistency, theprinciples contained in these two documents, as his/her contribution towardsthe Company’s journey of good governance.
The Company’s systems are constantly reviewed and enhanced for greatercontrol, reliability and integration, better product and service quality, costefficiencies and information transparency. These endeavours are expected tolead to higher operational efficiencies and optimise shareholder value in thelong term.
2. Board of Directors
As on 31st March, 2004, the Board of Directors comprised the ManagingDirector and six Non-Executive Directors.
During the year, five Board Meetings were held, on 22nd April, 2003; 22ndMay, 2003; 22nd July, 2003; 28th October, 2003 and 27th January, 2004. TheCompany’s last Annual General Meeting was held on 22nd July, 2003.
The particulars of Directors, their attendance during the financial year 2003-04and also other Directorships (including Private Limited Companies, but excluding
Report on
29
Alternate Directorships) and Board Committee Representations of Public LimitedCompanies are as under:
3. Audit Committee
The Audit Committee comprises four Independent Non-Executive Directors. Afterwithdrawal of Mr PC Gupta’s nomination by the Life Insurance Corporation ofIndia with effect from 27th December, 2003, Mr S Labroo and Dr O Goswamiwere appointed as Members of the Audit Committee at the Board Meeting heldon 27th January, 2004. Presently, the Committee comprises Mr KK Nohria(Chairman), Mr S Bisht, Dr O Goswami and Mr S Labroo. The Chief FinancialOfficer, the Chief of Internal Audit and a representative of the Statutory Auditorsattend the meetings of the Audit Committee. The Company Secretary is Secretaryto the Committee.
During the year, besides the regular review of the financial reporting processes,financial statements and internal control systems of the Company, the AuditCommittee focussed on the effective implementation of the rating system for theCompany’s Divisions, devised last year and issues arising therefrom. Other areasfor attention were materials consumption analysis, evaluation of the benefitsfrom e-sourcing, creditors analysis and review of risk exposure in various businessareas. The Committee held regular interactions with external Auditors to benefitfrom their professional views on the Company’s Accounts.
During the financial year 2003-04, four Audit Committee Meetings were held on22nd May, 2003, 22nd July, 2003, 28th October, 2003 and 27th January 2004.
Name of the Particulars Attendance Other BoardDirector Board Last Representations
Meetings AGM Directorships Committees
Mr KK Nohria Non-Executive; 5 ✓ 18 3
Chairman Independent
Mr G Thapar Indian Promoter Nominee; 5 ✓ 10 6
Vice Chairman Non-Executive
Mr SM Trehan Executive 5 ✓ 6 1
Managing Director
Mr S Bisht Institutional Nominee; 5 ✕ 2 3
Non-Executive; Independent
Dr O Goswami Non-Executive; 1 NA 4 5
(From 27.01.2004) Independent
Mr P C Gupta Institutional Nominee; 4 ✓ NA NA
(Upto 27.12.2003) Non-Executive; Independent
Mr S Labroo Non-Executive; 1 NA 13 1
(From 28.10.2003) Independent
Mr J Shaw Foreign Promoter Nominee; - NA NA NA
(Upto 22.05.2003) Non-Executive
Mr K Thapar Indian Promoter Nominee; 5 ✓ 11 5
Non-Executive
30
The composition and details of attendance of the Audit Committee are as under:
4. Remuneration Committee & Directors’ Remuneration
Although not mandatory in terms of the Listing Agreement with Stock Exchanges,the Company has a Remuneration Committee comprising three Non-ExecutiveDirectors. After, the withdrawal of Mr PC Gupta’s nomination by the LifeInsurance Corporation of India, Mr G Thapar was appointed as member of theRemuneration Committee at the Board Meeting held on 26th May, 2004.Presently, the Committee comprises: Mr KK Nohria (Chairman), Mr S Bisht and MrG Thapar.
Although the Listing Agreement requires the Remuneration Committee to onlyreview the remuneration paid to Executive Directors, the Committee, as part of itsterms of reference, also reviews the remuneration of Senior Executives. Duringthe financial year, the Committee met on 22nd July, 2003, at which all themembers were present.
Executive Directors
The Members, at the 65th Annual General Meeting of the Company held on 28thAugust, 2002, had approved a remuneration package comprising salary and abasket of perquisites for Mr SM Trehan, Managing Director. In view of theconsiderable improvement in the Company’s business operations and financialposition by virtue of Mr Trehan’s notable efforts, the Board of Directors haveproposed a revision to the remuneration package of the Managing Director asindicated below:
(a) commencing with the year ended 31st March, 2004, the Managing Director beentitled to earn performance incentive/commission, subject to a maximum ofsix months’ salary;
(b) In addition to the above, an amount of Rs. 30 lacs be paid to the ManagingDirector in recognition of his contributions as Managing Director, to theCompany’s financial and operational turnaround; such amount, be treated asremuneration for the year ended 31st March, 2004.
The above proposals, approved by the Board of Directors, are being placed beforethe Members, at the forthcoming Annual General Meeting of the Company.Performance incentive/commission is a variable component of the remunerationpackage; the Board of Directors have decided the actual amount for the year.
Name of the Status No. of Meetings Director attended
Mr KK Nohria Chairman 4
Mr S Bisht Member 3
Dr O Goswami Member NA(From 27.01.2004)
Mr PC Gupta Member 3(Upto 27.12.2003)
Mr S Labroo Member NA(From 27.01.2004)
31
The details of remuneration paid to the Managing Director for the financial year2003-04 is as under:
A service contract exists with the Managing Director which contains his serviceterms and conditions including remuneration, notice period, severance fees etc, asapproved by the Members.
Non-Executive Directors
The Members, at the 63rd Annual General Meeting of the Company held on 10thAugust, 2000, approved payment of commission to Non-Executive Directors notexceeding 1 per cent of the net profits of the Company per annum, computed inthe manner provided in Section 309(5) of the Companies Act, 1956. In terms ofthis approval, the Board of Directors has decided the actual amount ofcommission and its distribution amongst the Non-Executive Directors.
With effect from 27th January, 2004, as permitted by Article 113(2) of theCompany’s Articles of Association read with Notification No. GSR 580(E) dated24th July, 2003, issued by the Department of Company Affairs, the sitting feespaid to Non-Executive Directors were increased to Rs. 20,000/- per Board andCommittee Meeting, in the context of the increasing demands on the time of andcontributions required from Non-Executive Directors.
The details of remuneration paid to the Non-Executive Directors for the financialyear 2003-04 is as under:
The apportionment of commission to Mr G Thapar and Mr K Thapar is higher, inview of their significant additional involvement in Company matters, as comparedto other Non-Executive Directors, in their role as members of the ManagementCommittee.
The Company presently does not have any Stock Option Plans or Schemes thereunder.
Salary Perquisites Retirement Performance Others TotalRs. Rs. Benefits Incentive/ Rs. Rs.
Rs. Commission Rs.Mr SM Trehan, 48,00,000 7,98,191 12,99,200 24,00,000* 30,00,000* 1,22,97,391Managing Director
*The remuneration amounts under ‘Performance Incentive/Commission’ and‘Others’ are subject to Members approval at the 67th Annual General Meeting.
Name of the Director Sitting Fees Commission TotalRs. Rs. Rs.
Mr KK Nohria 1,00,000 2,25,000 3,25,000
Mr G Thapar 45,000 32,85,000 33,30,000
Mr S Bisht 75,000 2,25,000 3,00,000
Dr O Goswami 20,000 50,000 70,000(From 27.01.2004)Mr PC Gupta 40,000 1,80,000 2,20,000(Upto 27.12.2003)Mr S Labroo 5,000 50,000 55,000(From 28.10.2003)Mr K Thapar 45,000 32,85,000 33,30,000
32
5. Shareholders/Investors Grievance Committee
The Committee comprises Mr KK Nohria (Chairman) and Mr SM Trehan, ManagingDirector. Mr W Henriques, Company Secretary, has been designated by the Boardas the Compliance Officer. The Committee reviews the redressal of shareholders’and investors’ complaints related to transfers and transmission of shares, non-receipt of annual reports, dividends and other share related matters, theperiodicity and effectiveness of the share transfer process, statutory certifications,depository related issues and activities of the Registrar and Transfer Agent. Inaddition to review by this Committee, the Company continues its existing practiceof reporting to the Directors at each Board Meeting, the number and category ofshareholder complaints received and the status of their resolution.
The Company has received six shareholders’ complaints during the financial year,which were satisfactorily resolved; there are no outstanding complaints or sharespending transfer as on 31st March, 2004.
6. General Body Meetings
The details of the last three Annual General Meetings are as under:
Special Resolutions transacted at the last three Annual General Meetings held on:
� 24th July, 2001
Location of the Register and Index of Members and Debenture Holders andthe other documents mentioned in Section 163 of the Companies Act, 1956,being shifted from the Company’s Registered Office to any office of a ShareTransfer Agent registered with Securities and Exchange Board of India, withinMumbai, if appointed.
� 28th August, 2002
• Re-appointment of Mr SM Trehan as Managing Director for a period ofthree years from 3rd May, 2002 to 2nd May, 2005, as per terms andconditions set out in the Explanatory Statement annexed to theResolution.
• Location of the Register and Index of Members and Debenture Holders andother documents mentioned in Section 163 of the Companies Act, 1956,at the Company’s Administrative Office situated at Kanjur Marg (East),Mumbai 400 042, instead of at its Registered Office.
� 22nd July, 2003
• Amendment of the Company’s Articles of Association to permit utilisationof Securities Premium Account for any application as permitted by Lawand approval to the Company for implementation of a Scheme of CapitalReduction by utilising the Securities Premium Account for adjustment ofMiscellaneous Expenditure to the extent not written off or adjusted,Deferred Tax Asset, and Debit balance in the Profit & Loss Account as at
Financial Year Location Date Time2000-2001 Patkar Hall, Mumbai 400 020 24th July, 2001 4.00 p.m.
2001-2002 Patkar Hall, Mumbai 400 020 28th August, 2002 3.30 p.m.
2002-2003 Patkar Hall, Mumbai 400 020 22nd July, 2003 3.30 p.m.
33
31st March, 2003 and variations thereto upto 31st July, 2003.
• Voluntary delisting of the Company’s shares from the Calcutta StockExchange Association Limited, Delhi Stock Exchange Association Limitedand Madras Stock Exchange Limited.
No Special Resolutions were implemented through postal ballot during the yearunder review, nor are any Resolutions presently proposed.
7. Disclosures
✦ Considering the size and nature of operations, there were no related partytransactions of a materially significant nature in terms of the ListingAgreement with Stock Exchanges, that may have a potential conflict with theinterests of the Company at large.
✦ The Company has complied with all requirements of the Listing Agreementwith Stock Exchanges as well as the Regulations and Guidelines prescribed bySEBI. There were no penalties or strictures imposed on the Company by anystatutory authorities for non-compliance on any matter related to capitalmarkets, during the last three years.
8. Means of Communication
The Company’s quarterly results in the format prescribed by the Stock Exchangesare approved and taken on record by the Board within the prescribed time frame,and sent immediately to all Stock Exchanges on which the Company’s shares arelisted. These results are published in leading newspapers – The Economic Times,Financial Express and Business Standard in English and the Maharashtra Times invernacular, and are also uploaded on the Electronic Data Information Filing AndRetrieval System, as required by the Listing Agreement with Stock Exchanges.
Information about the Company in general, its financial results, and otherinformation including official press releases can be accessed at the Company’swebsite www.cglonline.com.
Meetings are held with institutional investors and research analysts, as necessary.
The Management Discussion and Analysis Report forms an integral part of theAnnual Report.
9. General Shareholder Information✜ Annual General Meeting Thursday, 22nd July, 2004 at 3.30 p.m.
Date, time and venue Patkar Hall, Nathibai Thackersey Road, New Marine Lines, Mumbai 400 020
✜ Financial Calendar First Quarter Results end July
Second Quarter Results end October
Third Quarter Results end January
Last Quarter Results and
Annual Audited Results May
✜ Dates of Book Closure 10th July, 2004 to 22nd July, 2004
✜ Dividend Payment Date In respect of both physical as well as shares in demat form, the final
dividend, if declared, will be paid before Friday, 30th July, 2004, to those
Members whose names appear in the Company records at the close of
the business hours on Friday, 9th July, 2004.
34
✜ Listing DetailsAfter obtaining the approval from Members at the last Annual General Meetingheld on 22nd July, 2003, the Company made an application for delisting of itsshares to the Calcutta Stock Exchange, Delhi Stock Exchange and Madras StockExchange. Approval from the Delhi and Madras Stock Exchanges have beenreceived and the approval from the Calcutta Stock Exchange is expectedshortly. Hence, the Company’s shares are effectively listed and traded on theMumbai and National Stock Exchanges only. The Company’s GDRs are listed onthe London Stock Exchange. The details of the Stock Exchanges on which the Company’s shares are listed areas under:
The Company’s payment of listing fees are up-to-date.International Securities Identification Number (ISIN)INE067A01011 (NSDL & CDSL)
✜ Market Price Data – The Stock Exchange, Mumbai
Name Address Stock Code
The Stock Exchange, Mumbai Phiroze Jeejeebhoy Towers, 500093
Dalal Street, Mumbai 400 001
National Stock Exchange of India Ltd Exchange Plaza, Bandra-Kurla Complex, CROMPGREAV
Bandra (E), Mumbai 400 051
Month Highest (Rs.) Lowest (Rs.) Closing (Rs.)of the Month of the Month (1st trading day
of the Month)April 2003 64.90 51.75 54.05
May 2003 66.50 55.35 61.00
June 2003 86.80 59.55 60.55
July 2003 87.50 70.00 83.60
August 2003 110.50 74.00 75.05
September 2003 117.00 88.00 105.55
October 2003 115.70 93.00 101.10
November 2003 142.60 108.00 109.60
December 2003 183.00 135.00 138.95
January 2004 176.90 136.20 168.50
February 2004 144.00 128.30 131.15
March 2004 165.75 131.25 157.25
25
75
125
175
2000
3000
4000
5000
6000
1/4/
03
2/5/
03
2/6/
03
1/7/
03
1/8/
03
1/9/
03
1/10
/03
3/11
/03
1/12
/03
1/1/
04
3/2/
04
1/3/
04
31/3
/04
Clo
sing
Sha
re P
rices
in (
Rs.
)
Sen
sex
Crompton Sensex
✜ Share Performance Vs BSE Sensex
35
✜ Registrar and Agents
For Shares
The entire share registry activities of the Company are handled by a SEBIregistered Registrar & Transfer Agent - Sharepro Services. The contact detailsof Sharepro Services are as under:
For Fixed DepositsThe Registrar details are as under:
Intime Spectrum Registry LimitedC-13 Pannalal Silk Mills Compound, LBS Marg, Bhandup (West), Mumbai 400 078.Tel: 25923837Fax: 25672693Email: [email protected]
✜ Share Transfer SystemThe Company’s shares are compulsorily traded in dematerialised form. In thecase of transfers in physical form which are lodged at the Registrar & TransferAgent’s Office, these are processed within a maximum period of 30 days fromthe date of receipt.
All share transfers and other share related issues are approved by a Directorauthorised by the Board; approvals are on a weekly basis; during the financialyear 2003-04, 53 approvals were obtained.
The total number of shares in physical form transferred during the year underreview was 70,504.
✜ Distribution of Shareholding as on 31st March, 2004
No of shares No of shareholders % of shareholdersUp to 500 33,537 93.71
501 - 1000 1,318 3.69
1001 - 2000 501 1.40
2001 - 3000 151 0.43
3001 - 4000 58 0.16
4001 - 5000 34 0.09
5001 - 10000 76 0.21
10001 and above 110 0.31
35,785 100.00
Sharepro ServicesUnit: Crompton Greaves LtdSatam Estate, 3rd Floor, Above Bank of Baroda, Chakala, Andheri (E), Mumbai 400 099Tel: 28215168/28215169Fax: 28375646Email: [email protected]
Sharepro ServicesUnit: Crompton Greaves Ltd912, Raheja CentreFree Press Journal RoadNariman Point, Mumbai 400 021Tel: 22881568/69,22825163Fax: 22825484Email: [email protected]
36
✜ Categories of Shareholders on 31st March, 2004
✜ Dematerialisation of Shares
As on 31st March, 2004, 96.31 per cent of the total shares of the Companyhave been dematerialised.
✜ Outstanding GDRs/Warrants or any Convertible Instruments
The outstanding GDRs are represented by underlying equity shares that are apart of the existing equity capital. No convertible instruments are outstandingas on 31st March, 2004, and therefore there will be no consequential impacton equity.
✜ Plant Locations
Detailed information on plant locations, products, establishments and servicecentres with their contact details, is provided at the end of the Annual Report.
✜ Address for Correspondence
Corporate Secretarial Department
The Corporate Secretarial Department is located at the Company’s RegisteredOffice situated at 6th Floor, CG House, Dr Annie Besant Road, Worli,Mumbai 400 030.
Investor Services Department
In addition to the Share Registrar & Transfer Agent, our Investor ServicesDepartment, which is located at the Company’s Registered Office, will behappy to assist, in case investors experience any difficulties in theirinteraction with Sharepro Services.
✜ Non Mandatory Requirements
The Company has implemented the following non mandatory requirements recommended under Clause 49 of the Listing Agreement:
✦ Chairman’s Office
A Chairman’s Office with requisite facilities is provided and maintained atthe Company’s expense for use by its Non-Executive Chairman. The
Category No of shares of Rs.10/- each %Promoters* Indian (including persons acting in concert) 2,02,59,660 38.69* Foreign 72,00,000 13.75
Indian Institutional Investors 36,38,415 6.95
Bodies Corporate 13,78,854 2.63
Foreign Institutional Investors 16,43,362 3.14
NRIs, OCBs, GDRs 10,35,724 1.98
Mutual Funds 1,10,28,179 21.07
General Public 59,29,936 11.31
Directors 2,52,526 0.48
5,23,66,656 100.00
Contact person : Mr AR Patil, Deputy Manager - Corporate Secretarial
Time : 2.00 pm to 5.00 pm (Mondays to Fridays)
Tel : 24237804, 24237805
Fax : 24237788
E-mail : [email protected]
37
Company also reimburses all expenses incurred in furtherance of theCompany’s business interests.
✦ Remuneration Committee
A Remuneration Committee comprising three Non-Executive Directors is already functional, for review and decisions on remuneration packages ofExecutive Directors and Senior Executives of the Company.
Financial results as published in the newspapers are made available to theMembers on request.
ToThe MembersCrompton Greaves LimitedCG HouseDr Annie Besant RoadWorliMumbai 400 030
Dear Sirs,
We have reviewed the implementation of the requirements of Corporate Governanceby the Company, as prescribed by the Listing Agreement with Stock Exchanges, forthe year ended 31st March, 2004, with the relevant records and other documentsmaintained by the Company, furnished to us for our review and the report onCorporate Governance as approved by the Board of Directors.
On the basis of the above and according to the information and explanations givento us, in our opinion, the Company has complied with Clause 49 of the ListingAgreement with Stock Exchanges, in respect thereof.
On behalf of the Board of Directors
KK NOHRIAMumbai, 26th May, 2004 Chairman
SHARP & TANNANChartered Accountants
L. VaidyanathanPartner
Mumbai, 26th May, 2004 Membership No: 16368
Corporate GovernanceCorporate GovernanceCertificate on
Revenues grew 8per cent whilstprofit after taxaccelerated by 151per cent.
ManagementDiscussion and Analysis Report
ManagementDiscussion and Analysis Report
38
The Company is in the consolidation stage in its journey of growth. In 2003-04,revenues grew 8 per cent to Rs. 1861.05 crores, whilst profit after tax accelerated by151 per cent from Rs. 28.17 crores to Rs. 70.83 crores.
The Company’s primary businesses concentrate on the engineering sector. A growthof these segments is largely linked to the national economic growth in general andthe performance of the manufacturing, power generation & agricultural sectors andgovernment expenditure in infrastructure in particular, all of which are showing signsof recovery. In addition to specific corporate initiatives, this external impetus has alsoplayed a role in the Company’s improved performance.
As at March 2003, the Company had certain amounts of Unamortised MiscellaneousExpenditure, Deferred Tax Asset and Debit Balance of Profit & Loss Account in itsBalance Sheet. It was considered desirable that the Company’s financials for futureyears reflect the realistic Financial Results arising out of operations, and the annualamortised burden of such items be averted, thus resulting in better shareholder value.To achieve this, the Company implemented a Capital Reduction Scheme, which wasapproved by the Members at the last Annual General Meeting held on 22nd July,2003 and by the Hon’ble High Court of Judicature at Mumbai by its Order dated 15thSeptember, 2003.
The Company’s business is divided into four Strategic Business Units. A comparativeperformance table of the business units for the year under review is given below:
The SBU-wise performance indicators for the last year have been recast wherevernecessary, to make them comparable with those of the year under review.
Power Industrial Consumer DigitalSystems Systems Products
Sales 755.32 439.70 611.88 54.15
PBIT 64.03 40.80 53.62 -10.36
Net Capital Employed 274.09 95.11 37.91 40.81
ROCE (%) 23.4 42.9 141.4 -25.4
Contribution to Company turnover (%) 40 24 33 3
Last years’ contribution (%) 40 22 31 7
% Sales 2003-04
% Sales 2002-03(Rs. Crores)
39
IndustrialSystems24%
PowerSystems
40%
ConsumerProducts33%
Digital3%
IndustrialSystems22%
PowerSystems
40%
ConsumerProducts31%
Digital7%
40
Power SystemsPerformance of the SBU for the year
This SBU is engaged in the business of Power and Distribution Transformers,Switchgear and Turnkey projects. This SBU is the largest contributor to theCompany’s revenues.
The Company maintained its market dominance in the domestic market in its mainbusinesses of Transformers, HT Switchgear as well as Vacuum Interrupters throughsuperior technology and higher market acceptability.
The Company is the only Indian Company to introduce the Polymer concrete productline in the areas of Outdoor and Indoor Polycrete encapsulated Vacuum Interruptersand various ratings of Outdoor Vacuum Circuit Breakers with Polycrete VacuumInterrupter poles. This eliminates the use of porcelain insulators with consequentbenefits for the Company’s Outdoor Breaker business. The first of its kind in India, 420kV Composite Insulator housed Current Transformer and Capacitor VoltageTransformer has also been developed. New technology for magnetic beam type yokeshunts for Transformers was developed, which will result in significant reduction ofstray losses.
The Company’s marketing efforts towards the private sector, moving away from theElectricity Boards gained further momentum during the year with a positive trend onrevenues and profits.
The Government’s Accelerated Power Development And Reform Programme (APDRP)has benefitted the Company’s Medium Voltage Switchgear business substantially. TheCompany bagged the prestigious order for renovation of Substations of the MadhyaPradesh State Electricity Board worth Rs. 27 crores under the APDRP Programme.
Further to the initiatives taken last year, the Company has successfully establishedfacilities for the manufacture of 145 kV Gas Insulated Switchgear which are beingdeveloped in collaboration with Hyundai, Korea. A proto-type of 145 kV, 40 kA,2000A double bus transmission line feeder bay developed at the Company’s NasikWorks is undergoing type tests at CPRI, Hyderabad.
Another thrust area for this SBU, was the shift in focus from product revenues torevenues from spares, servicing and refurbishing business which returned higherprofit margins.
With firm price orders, this SBU witnessed considerable pressure on margins in viewof the unexpected sharp increases in prices of copper and steel and also importedraw materials, due to the strengthening of the Euro. These however, were partiallyoff-set through reduced material consumption by improved product design, increased
Year Sales PBIT
2003-04 755.32 64.03
2002-03 690.28 63.04
2001-02 596.66 53.29
2000-01 440.89 -44.04
(Rs. Crores)
2003-04 2002-03
Sales 755.32 690.28
Net Sales (excl Excise) 698.38 640.20
Export Sales (CIF, incl deemed exports) 242.05 234.59
PBIT 64.03 63.04
Net Capital Employed 274.09 279.19
Unexecuted Order Book 670.65 567.93
ROCE 23.4% 22.6%
PBIT to Net Sales 9.2% 9.8%
(Rs. Crores)
41
productivity and cost reduction efforts.
Besides the core areas of transmission and distribution projects, the EngineeringProjects Division continues its diversification into power plant lighting, cabling andearthing packages, with an increasing component of its turnover being derived fromthese areas. Besides its core strength areas of 220 kV/400 kV substations, thisDivision has also diversified into distribution projects of 33/11 kV substationstogether with transmission lines. The Division has bagged the order for the first 400kV substation in Bhutan, from the Tala Hydroelectric Power Corporation.
The physical exports of this SBU have declined as compared with last year, primarilyas a result of the appreciation of the Indian Rupee against the Dollar. Whilst thephysical exports (CIF) have reduced to Rs. 145.03 crores as compared with Rs. 173.19crores last year, there was a quantum leap in the deemed exports which increased toRs. 97.02 crores as compared to Rs. 61.40 crores last year. The total exports therefore,compared with last year, have increased from Rs. 234.59 crores to Rs. 242.05 crores.The total SBU exports, as a percentage of sales is 32 per cent. Towards a moredominant presence in the exports market, 230 kV Inductive Voltage Transformers and230kV Current Transformers conforming to ANSI standards were developed and areundergoing technical evaluation in the USA. A new design for Standard VoltageTransformer has also been developed and is undergoing calibration at KEMA,Netherlands.
The orders received during the year aggregated to Rs. 1074 crores versus Rs. 720crores in the previous year, an increase of 49.2 per cent.
During the year the SBU executed several significant orders, notable among them :
The number of permanent employees with this SBU, which was 2157 at thebeginning of the year, decreased to 2012 at the year-end.
The orders receivedduring the yearaggregated toRs.1074 croresversus Rs. 720 croresin the previous year,an increase of 49.2 per cent.
Customer Product
Electricity Boards Power Transformers, Capacitor Voltage Transformers, F RingMain Units, Circuit Breakers and Substation Projects
Power Grid Corporation of India Substation Projects
North Delhi Power Limited Hermetically sealed Distribution Transformers withcorrugated tank construction
Indian Railways Distribution Transformers
Tata Companies Power and Distribution Transformers
APtransco Power Transformers
Delhi Transco Substation Project
Alstom Power India Limited Power Transformers and Vacuum Interrupters
Techno Electric Corporation Power Transformers and Circuit Breakers
Asea Brown Boveri Limited Power Transformers
Siemens Limited Current Transformers, Capacitor Voltage Transformers,Circuit Breakers
Reliance Energy Limited F Ring Main Units, Circuit Breakers
System Control Vacuum Interrupters and Polycrete Current Transformers
Exports to the Gulf, South and Power Transformers, Capacitor Voltage Transformers, CircuitCentral America, Far East, South Breakers, Current Transformers Africa, South East Asia
Industrial SystemsPerformance of the SBU for the year
This SBU is engaged in the manufacture and marketing of Electric motors –Fractional Horse Power (FHP) Motors, Low Tension (LT) Motors, High Tension (HT)Motors, DC Machines and Rail Transportation.
The earlier sluggish market conditions cease to be a cause of concern for thisBusiness Group.
The IEEMA certified Standard EFF1 High Efficiency LT Motors and Flameproof GasGroup II C Motors introduced last year, fortified the Company’s market leadership inthe AC Motors segment due to the excellent market acceptance. To respond to theincreasing market demand for large frame motors, the Company successfullyintroduced special larger frame motors – ND 355 LX and C 400. The Company alsorelaunched its series of Super Drive Motors. The new focus markets during the yearwere the cement industry and the telecom industry.
Supply chain management and value re-engineering were the thrust areas for theHT Motors Division; however, the overall cost structures, specially personnel costscontinue to be a concern area, and negatively impact the profitability of thisDivision.
The Stampings Division continued to expand during the year in response to needswithin the Company, as well as externally. The emphasis during the year was onincreased automation for which the necessary capital expenditure was incurred.Towards deriving the benefits of logistics, as well as lower personnel costs, anadditional unit for manufacture of Stampings, is being set up at Ahmednagar with anadditional capacity of 5000 MT per annum. The significant process improvement fromgang slotting to progressive tooling, is a major shift, which has contributedconsiderably to the reduction of costs for the Division.
The Rail Transportation Division, has stabilised itself as the largest player in theRelays and Point Machines segment of railway business, the wide product variety
2003-04 2002-03
Sales 439.70 376.54
Net Sales (excl Excise) 381.52 324.55
Export Sales (CIF, incl deemed exports) 24.23 16.45
PBIT 40.80 23.37
Net Capital Employed 95.11 134.21
Unexecuted Order Book 163.95 112.85
ROCE 42.9% 17.4%
PBIT to Net Sales 10.7% 7.2%
(Rs. Crores)
42
43
CG has receivedquality approvals for AC Motors from Internationalconsultants andproject commissionerslike Japan GasCorporation andBechtel.
being a contributing factor. Towards further strengthening its already prominentmarket position, it marketed a trailable version of Electric Point Machine (used inrailways for track changing), Brushless Direct Current carraige fans and six moreversions of Relays.
Exports of this SBU as a percentage of turnover continue to be insignificant; howeverin absolute terms, exports (CIF) have grown from Rs. 16.45 crores in 2002-03 to Rs.24.23 crores in 2003-04. During the forthcoming year also, exports is an identifiedgrowth area for this SBU. Towards International acceptability, as a confirmation ofproduct quality, the Company has already received the requisite Internationalcertifications and approvals.
During the year, the NEMA range (conforming to National Electrical ManufacturersAssociation, USA Standards) of LT Motors has successfully been customised andintroduced into the US and Canadian markets.
The Company has also received quality approvals for the AC Motors fromInternational consultants and project commissioners like Japan Gas Corporation(refinery business leader) and Bechtel (International consultants for power andrefinery turnkey projects).
The orders received during the year aggregated to Rs.388 crores versus Rs. 363 croresin the previous year.
During the year the SBU executed several significant orders, notable among them :
The number of permanent employees with this SBU, which was 1438 at thebeginning of the year, decreased to 1378 at the year-end.
Year Sales PBIT
2003-04 439.70 40.80
2002-03 376.54 23.37
2001-02 345.25 19.88
2000-01 349.92 -11.19
(Rs. Crores)
Customer Product
Indian Railways Electric Point Machines andTraction Motors, Relays
Integral Coach Factory Electrics for Tower Cars
Whirlpool India Limited, Godrej, Electrolux Kelvinator Washing Machine MotorsLimited and Matsushita Washing Machines (India) Limited
Larsen & Toubro Limited Flameproof Motors
Videocon International, Carrier Aircon India Limited, Airconditioner MotorsHitachi Home & Life Solutions Limited and UnitedComfort Products Limited
Newage Electrical India Limited Steel Stampings
Enercon India Limited Steel Stampings
VA Tech Hydro India Pvt. Limited Pole Stampings
Exports to Middle East, South East Asia, North LT Motors America, Canada
44
The Fans andLighting businessacquiredSuperbrand status,a UniqueRecognitionamongst thecountry’s 134selected brands bySuperbrands, UK.
Consumer ProductsPerformance of the SBU for the year
The business operations of this SBU are divided into three segments: Fans, Lightingwhich consist of Light Sources and Luminaires, and Pumps. In 2003-04, it accountedfor 33 per cent of the Company’s revenues, making it the second largest revenueearner for the Company. A significant portion of this turnover has resulted from aregular launch of new products, to respond to different customer segments, togetherwith a conscious branding emphasis, through effective media campaigns. Theincreased revenues together with better price management and customer servicewere the drivers for success of this SBU. During the year, concerted attention wasgiven to strengthening the dealer network in general through several dealerconferences, technical workshops, participation in symposia, as well as providingsoftware and training to speciality customers in design of lighting systems, in ourefforts to create business partnerships.
The Fans Division, as a conscious approach, concentrated on offering superior fanswith improved performance characteristics at affordable prices. Low priced ceilingfans were targeted at the rural and semi-urban segments, whilst simultaneouslyaddressing the niche markets with aesthetic needs, with an entire new range ofdecorative fans.
During the year, the Lighting Division restructured its product mix from GLS lamps toenergy efficient CFL lamps, which have a greater demand in the present environment.
2003-04 2002-03
Sales 611.88 533.35
Net Sales (excl Excise) 579.45 504.08
Export Sales (CIF, incl deemed exports) 15.54 13.43
PBIT 53.62 42.95
Net Capital Employed 37.91 105.69
Unexecuted Order Book 1.87 0.84
ROCE 141.4% 40.6%
PBIT to Net Sales 9.3% 8.5%
(Rs. Crores)
45
It has also responded to the market requirement of energy saving lighting systemsthrough its T5 range of luminaires, which produce 30 per cent more light thancomparable products, for both commercial and residential applications.
The Fans and Lighting business acquired Superbrand status, a Unique Recognitionamongst the country’s 134 selected brands by Superbrands, UK. The Light SourcesDivision is one of the few business Units in India’s lighting Industry to achieve dualcertification of ISO 9001:2000 and ISO 14001.
Although the Pumps Division has grown during the year, it continues to experienceintense competition from the unorganised sector. Efforts however continue, toachieve lower costs in all product offerings. The Mini – II pumps received approvalfrom CSA, Canada which will facilitate International sales.
As mentioned in last year’s Annual Report, exports is not a thrust area for this SBU.However, to maintain a presence in the International market, prestigious orders forfans continue to be pursued.
The orders received during the year aggregated to Rs. 621 crores versus Rs. 533crores in the previous year.
During the year the SBU executed several significant orders, notable among them :
The number of permanent employees with this SBU, which was 957 at the beginningof the year, decreased to 770 at the year-end, mainly on account of re-grouping ofcertain functions between the Consumer Products Group and Corporate.
Year Sales PBIT
2003-04 611.88 53.62
2002-03 533.35 42.95
2001-02 491.89 41.75
2000-01 462.93 2.32
(Rs. Crores)
Customer Product
Reliance Energy Limited Street Lights and Sodium Vapour Lamps
Bharat Heavy Electricals Limited Mirror Optics and Well Glass
Kumbhmela - Ujjain, Nasik and Haridwar Street Lights and Sodium Vapour Lamps
National Stock Exchange of India Limited Façade Lighting
Rashtrapati Bhavan Illumination of tennis court
BSES Rajdhani Power Limited Street Lights
Municipal Corporation of Delhi Open Well and Submersible Pumpsets
DigitalPerformance of the SBU for the year
This SBU is engaged in the business of EPABX, Telephone Instruments andTelecommunication-Switching, Transmission and Access products. During the year,the priority on legacy products and dependence on BSNL and MTNL as primecustomers, has been reduced with additional thrust on other customers such asRailways, Indian Oil, Corporate System Integrators and Valued Added ServiceProviders. The sales for the year were approximately 50 per cent from new marketsand new customers. Despite these efforts, the primary concern for this SBU remainsthe category of market demand, which is steadily moving upwards towards mobilecommunication. This SBU has de-grown by approximately 50 per cent as comparedwith last year.
During the year the SBU executed several significant orders, notable among them :
The number of permanent employees with this SBU, which was 331 at the beginningof the year, decreased to 268 at the year-end.
(Rs. Crores)Year Sales PBIT
2003-04 54.15 -10.36
2002-03 126.22 3.65
2001-02 168.05 8.99
2000-01 124.59 -1.96
(Rs. Crores)
2003-04 2002-03
Sales 54.15 126.22
Net Sales (excl Excise) 51.97 118.19
Export Sales (CIF, incl deemed exports) 3.96 2.19
PBIT -10.36 3.65
Net Capital Employed 40.81 36.83
Unexecuted Order Book 5.50 9.24
ROCE -25.4% 9.9%
PBIT to Net Sales -19.9% 3.1%
Customer Product
BSNL Switching equipment : AN-RAX, conversionkits and Central & Digital Base modules;EPABX systems
Midas Communication Technologies Limited CorDECT equipment
Indian Railways STM-1 and Primary Mux equipment andEPABX systems
Defence Bandwidth Multiplexer equipment andEPABX systems
Neyveli Lignite Corporation Limited EPABX systems
46
47
FITCH Ratings Indiaupgraded CG’scredit rating fromF1 to F1+ for short-term debtinstruments, thehighest creditrating for thiscategory.
ExportsTotal exports during the current year were Rs. 286 crores (CIF, including deemedexports of Rs. 101 crores) compared with Rs. 267 crores (including deemed exports ofRs. 64 crores). Although physical exports declined during the current year, the surgeof domestic projects with export benefits resulted in a significant increase of 58 percent in deemed exports. This year was marked by the successful entry of theSwitchgear Group into the lucrative European market despite stiff Internationalcompetition. Other breakthrough entries for Switchgear were the Far East markets.The Transformer Group continues to focus on its traditional markets and during theyear also successfully executed projects in additional countries within these markets.The LT Motors Division achieved its highest ever annual exports sales ofapproximately Rs. 16.47 crores through supplies to other motor manufacturers andOEMs in South America, North America, Middle East and South East Asia. TheUnexecuted Order Book at the year end for physical exports was Rs. 180 crores, 13per cent higher than Rs. 160 crores as at last year end, thus confirming the potentialfor growth in physical exports for next year.
Joint VenturesThe brief particulars of the Company’s Joint Ventures as at 31st March, 2004, areannexed as information to the Members.
Credit RatingThe improved operational and financial performance of the Company enabled it toupgrade its credit rating from F1 to F1+, awarded by FITCH Ratings India, in respectof its commercial paper/short term debt instruments programme, for a higherquantum of Rs. 40 crores, as compared with Rs. 30 crores last year. This rating is thehighest credit rating that can be assigned to this category of instrument. In additionto the above, FITCH also assigned an A+ (Ind) rating to the Company’s proposed longterm debt programme; this rating indicates adequate credit quality and timelyrepayment capacity.
Treasury ManagementThe aggressive treasury management actions, initiated last year continued withfurther intensity during the year, with the dual objectives of reducing borrowings andalso the average cost of borrowings. The above initiatives have resulted in reductionof borrowings from Rs. 459 crores, to Rs. 334 crores, a net reduction of 27 per cent.This has been a significant contributing factor in improving the Company’s debt-equity ratio from 1.6 last year to 1.0 this year. The interest and other financial costshave also reduced considerably, from Rs. 64.43 crores last year to Rs. 38.48 croresthis year, a net reduction of 40 per cent. This has resulted in a favourable impact on
48
Net working capitaldeclined from Rs. 283 crores toRs. 246 croresdespite anenhanced level ofoperations duringthe year.
the Company’s interest coverage ratio which, has improved from 2.7 times last year,to 4.7 times this year. During the year under review, several treasury actions wereinitiated for proficient management of cash flow surpluses and also leveraging itsexposure in foreign currency which has resulted in substantial forex earnings of Rs. 6crores. Efficiency in working capital management reduced the net working capitalfrom Rs. 283 crores at last year end to Rs. 246 crores at this year end, despite anenhanced level of operations during the year.
The above treasury management actions will be further strengthened by long termloans from foreign lenders which have already been negotiated at attractive interestrates, to meet the Company’s funding requirements for prospective growthopportunities.
Human ResourcesTo consolidate the performance culture across the Company, the PerformanceManagement System thus far applicable to Executives, has also been extended toStaff. To improve the capability profile of new Executives, the Company has focusedon recruiting only professionals. Towards receiving Executive feedback on a variety ofissues, for the first time, an Executive Engagement Survey was conducted inpartnership with the Gallup Organisation, an International firm specialised in thisarea. This survey manifested strengths as well as weaknesses. The Company is in theprocess of initiating actions for addressing weak areas of Executive Engagement.During the year, the methodology for Grading of Divisions has been strengthened,and also extended to include Financial Parameters as well as Non-Financial Enablers.In addition to its efforts last year, this year witnessed a further emphasis on filling upkey vacancies with professionals in the younger age groups. To improve itsperformance capabilities, the scrutiny and quantum of sub-optimal performers hasintensified.
In furtherance of its philosophy to induct professional youth, this year, the Companyrecruited 48 Engineers, from Institutes of repute. The Company’s training initiativesduring the year included Programmes on Marketing Strategy and Execution, SixSigma for its Divisional and Regional teams, Appraiser Training, ExecutiveEngagement Training and Behavioural Event Interview Techniques, to strengthen theExecutive promotion process. In the area of CGPS, the training initiatives wereextended to strengthen Applicator capabilities across the Company and productivityenhancement through engineering methods. During the year, through the co-operation of its workers and Unions, the Company concluded long term WageSettlements at five of its Divisions, with a unified emphasis on increase in labourproductivity.
Six Sigma The Company has made considerable progress towards integration of the Six Sigmamethodology in its manufacturing processes, with the ultimate objective of achieving"Product Quality As Perceived By Customer". This methodology was actively pursuedduring the year under review for 10 of the Company’s products for which, Critical ToQuality (CTQ) characteristics were identified based on market feedback. In addition toDivisional teams, for authenticity of data, Regional teams have also been trained inthe Six Sigma methodology for proper capture of the Customer’s Voice. In addition,for these selected products, stringent control measures have been introduced withsuppliers, to ensure that inputs support the Six Sigma quality. These efforts haveresulted in a manifold improvement in the CTQs with a substantial reduction in
The Company’s e-sourcing effortsresulted in amaterial costssavings of Rs. 4.78 crores.
defects. The plan for the ensuing year, is to extend this methodology to otherproducts of the Company. Towards this end, a second phase of training andimplementation has already been initiated.
Quality CertificationsDuring the year, an additional eight of the Company’s Divisions have upgraded to ISO9001:2000 version of Quality Management System Certification. Hence, presently 22out of the Company’s 26 Divisions/Regions are accredited with ISO 9001:2000Certification. Out of these, five Divisions are also accredited with ISO 14001Certification for their Environment Management Systems. The Industrial TransformerDivision at Malanpur is amongst the few Units in India to have achieved both ISO14001 and OHSAS 18001 Certification for Occupational Health and SafetyManagement System.
To increase the acceptability of the Company’s products in the International market,many of these continue to be tested and certified at prestigious institutes like KEMA(Netherlands), NEMA (USA), BASEEFA (UK), CESI (Italy), DOE (Department of Energy,USA), CPRI (India) and conform to ANSI, CEMEP and IEEMA standards.
Productivity Enhancement InitiativesHaving adequately established the Crompton Greaves Productivity System (CGPS) atall the Company’s Divisions, the thrust for the year under review was going beyondthese norms, to improve productivity further, through worker co-operation andfocussed engineering methods. The scope of coverage with respect to operations andemployees has been enlarged for coverage of ancillary manufacturing operations andalso non-permanent employees for better monitoring of productivity and manpowerutilisation. A self-audit mechanism has been initiated, which together with CorporateAudits and Senior Management Reviews ensure effective implementation. Softwarecapability is also being expanded for better Management Information Systems onCGPS. To support the thrust on engineering method improvements, capitalexpenditure on Plant and Machinery during the year has been significantly steppedup to enable long-term improvement in productivity capabilities.
E-sourcing InitiativesDuring the year, the Company’s e-sourcing efforts resulted in a material costs savingsof Rs. 4.78 crores, achieving a success rate of 50 per cent of the total savingsidentified through quick/full source events. Capacitors, bearings, paints, cartons,stampings were some of the products obtained through e-sourcing. However in viewof the increasing price fluctuations of basic raw materials like copper, steel,aluminium etc. the Company could not achieve the desired savings in these areasalthough these remain the thrust area for the Company.
IT InitiativesDuring the year, the Company’s IT further strengthened its role as a business partner,concentrating its efforts on areas that would strengthen reporting systems foractions, to improve profitability. The Inventory Management System wascomprehensively redesigned, and the Order Management System was alsostrengthened through a web-based software to enable dealers to monitor their orderstatus online. Considerable investments have also been made in hardware andsoftware, to respond to the Company's ever increasing IT needs; a changeover hasbeen effected from an NT-based system to a Unix-based system; the network
49
50
infrastructure has also been upgraded. The Company has also redesigned its websitewith several additional user-friendly features. The expanded coverage of the websiteand ease of use, has already yielded the desired response, as evidenced by theincreased access to this website by customers, dealers and business associates.
Internal Control SystemsThe Management Reporting System on various business performance indicators isconsidered adequate, and enables corrective action by Management, through amechanism of regular reviews. Competition is also studied to facilitate evaluation ofthe Company’s performance as compared with competitors. The Company’s Systemsand Processes in all areas are regularly reviewed by the Internal Audit and theirreports are placed for consideration by the Audit Committee of the Board ofDirectors, which has met four times during the year. The rating system for itsDivisions/Regions initiated last year, has been strengthened during the year.
OutlookThe growth in the Power Sector and the Industrial growth in general havingaccelerated, gives reasonable certainty for demand augmentation of transmission and distribution equipment, which augurs well for the Power Systems Group. TheGovernment’s APDRP Programme will also be a considerable driver for the Switchgearbusiness. Power Systems already has a substantial export presence for transformers.The year ahead, will witness Switchgear’s efforts at breakthrough exports. The settingup of new Industries and OEMs in the medium and large sectors, is expected torealise additional demand for the Industrial Systems Group. LT Motors have alreadyequipped themselves with several International Certifications, which has yieldedthem a manifold increase in exports; the International market capture will beintensified during the forthcoming year. The threat from the small scale andunorganised sectors will continue for the Consumer Products Group; however, thechallenge for this Group, will be to access customer segments with higher disposableincomes, the housing sector, the architect segment, the energy cost consciousconsumers and also the huge demand for exterior lighting from large projects.
On behalf of the Board of Directors
KK NOHRIAMumbai, 26th May, 2004 Chairman
Sr Name of Company Turnover PBT Subscribed CG % No Capital Holding
1 Brook Crompton Greaves Ltd @ 11.70 0.67 16.00 49.00
2 CG Lucy Switchgear Ltd 17.10 4.69 1.20 50.00
3 Hitachi CG Motor Engineering Pvt Ltd 0.03 (0.09) 1.60 49.00
4 Paxonet Communications Inc, USA + ** 8.29 (4.54) 6.50 20.00
5 Power Equipment Ltd, Dubai # # # #
@ Financial Period 1st January, 2003 to 31st December, 2003+ Investment in US $ @ US $ : Rs. 43.64 ** Provisional # Activities suspended
Joint VenturesPeriod : April 2003 to March 2004 (Rs. Crores)
Ten Years' Financial HighlightsTen Years' Financial Highlights
( # ) EBIDTA = Earnings Before Interest, Depreciation, Tax, Miscellaneous Expenditure Amortised/Charged and Exceptional Items.
( # # ) Tangible Net Worth = Shareholders' Funds - Miscellaneous Exps. (Unamortised) - Deferred Tax Asset@ Remittances in transit and Technical know-how (unamortised) have been re-grouped.
(Rs. Crores)
51
Year Ended 31st March,
Unit 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995
EARNINGS
Total Income 1888.07 1739.85 1615.84 1383.19 1690.54 1693.91 1594.55 1517.69 1496.22 1080.81
Gross Sales 1861.05 1726.39 1601.85 1378.33 1674.56 1682.46 1583.53 1508.81 1480.73 1078.23
Net Sales 1711.32 1587.02 1478.57 1254.34 1525.83 1554.91 1459.14 1394.99 1386.12 1002.34
EBIDTA (#) 184.59 170.27 156.67 -43.57 35.35 165.02 135.07 149.40 166.21 114.38
PBT 89.52 37.20 6.88 -72.91 -146.32 24.12 20.62 30.76 80.04 59.08
PAT 70.83 28.17 4.13 -73.16 -146.57 23.12 21.52 30.76 64.04 42.58
Dividend % 70 - - - - 25 25 25 50 35
Dividend Pay-out 36.66 - - - - 13.05 13.05 12.55 22.16 14.51
WHAT THE COMPANY OWNED
Gross Block (Incl. Capital WIP) 801.22 791.96 773.44 768.88 770.04 712.12 648.81 543.99 445.62 338.36
Net Block (Incl. Capital WIP) 368.46 393.93 415.69 450.65 479.02 475.01 455.02 388.05 321.45 234.16
Investments 69.93 73.96 94.86 119.57 116.57 111.26 100.07 79.36 73.19 68.15
Net Current Assets, 246.01 282.52 298.22 323.20 620.98 696.65 651.14 574.78 437.73 286.83Loans & Advances @
Net Assets Employed 684.40 750.41 808.77 893.42 1216.57 1282.92 1206.23 1042.19 832.37 589.14
WHAT THE COMPANY OWED
Borrowings @ 333.65 459.22 570.71 627.32 851.01 734.62 648.53 474.29 435.93 218.79
NET WORTH OF THE COMPANY
Share Capital 52.37 52.37 52.37 52.37 52.37 52.15 52.15 52.03 45.39 44.26
Reserves & Surplus 288.11 403.14 403.80 410.33 410.96 522.01 518.69 529.81 366.34 343.29
Profit and Loss Account 0.00 -13.49 -38.90 -137.87 -62.77 0.00 0.00 0.00 0.00 0.00
Shareholders' Funds 340.48 442.02 417.27 324.83 400.56 574.16 570.84 581.84 411.73 387.55
Tangible Net Worth (# #) @ 340.48 291.19 238.06 266.10 365.56 548.30 557.70 567.90 396.44 370.35
RATIOS
Book Value Per Share Rs. 65.02 55.61 45.46 50.81 69.81 105.15 106.93 109.13 87.33 83.63
Earnings Per Share Rs. 13.52 5.38 0.79 -13.97 -27.99 4.43 4.13 5.91 14.11 9.62
Cash Earnings Per Share Rs. 25.99 21.35 14.98 -0.78 -14.82 16.29 13.38 13.79 20.41 13.78
Current Ratio 1.38:1 1.49:1 1.54:1 1.62:1 2.04:1 2.47:1 2.37:1 2.23:1 1.93:1 1.81:1
Debt Equity Ratio 0.98:1 1.58:1 2.40:1 2.36:1 2.33:1 1.34:1 1.16:1 0.84:1 1.10:1 0.59:1
EBIDTA / Net Sales % 10.79 10.73 10.60 -3.47 2.32 10.61 9.26 10.71 11.99 11.41
Return On Tangible Net Worth % 20.80 9.67 1.73 -27.49 -40.09 4.22 3.86 5.42 16.15 11.50
Fixed Assets Turnover Ratio Times 4.64 4.03 3.56 2.78 3.19 3.27 3.21 3.59 4.31 4.28
52
We have audited the attached Balance Sheet of CROMPTON GREAVES LIMITED, as at31st March 2004, the Profit and Loss Account and also the Cash Flow Statement forthe year ended on that date annexed thereto. These financial statements are theresponsibility of the Company’s management. Our responsibility is to express anopinion on these financial statements based on our audit.
We conducted our audit in accordance with the auditing standards generallyaccepted in India. Those Standards require that we plan and perform the audit toobtain reasonable assurance about whether the financial statements are free ofmaterial misstatement. An audit includes examining, on a test basis, evidencesupporting the amounts and disclosures in the financial statements. An audit alsoincludes assessing the accounting principles used and significant estimates made bymanagement, as well as evaluating the overall financial statement presentation. Webelieve that our audit provides a reasonable basis for our opinion.
In accordance with the provisions of section 227 of the Companies Act 1956, wereport that:
1. As required by the Companies (Auditor’s Report) Order, 2003 issued by theCentral Government of India in terms of sub-section (4A) of section 227 of theCompanies Act, 1956, we enclose in the Annexure a statement on the mattersspecified in paragraphs 4 and 5 of the said Order.
2. Further to our comments in the annexure referred to above, we report that:
a) We have obtained all the information and explanations, which to the bestof our knowledge and belief were necessary for the purposes of our audit ;
b) In our opinion, proper books of account as required by law have been keptby the Company so far as appears from our examination of those books ;
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement dealtwith by this report are in agreement with the books of account ;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash FlowStatement dealt with by this report comply with the Accounting Standardsreferred to in sub-section (3C) of section 211 of the Companies Act, 1956 ;
e) On the basis of the written representations received from the Directors, ason 31st March, 2004 and taken on record by the Board of Directors, wereport that none of the Directors is disqualified as on 31st March, 2004from being appointed as a Director in terms of clause (g) of sub-section (1)of Section 274 of the Companies Act, 1956 ;
Auditor’s Report Auditor’s ReportTo the Shareholders of Crompton Greaves Limited
53
f) No provision has been made in the accounts in respect of(See Note No.1 of Schedule B)
Rs. Crores
(i) Excise demands 4.20(net after income tax saving Rs.2.69 crores)
(ii) Sales tax demands 2.92(net after income tax saving Rs.1.87 crores)
We report that, had the observations made by us in item (f) above beenconsidered, the Profit Before Tax for the year would have been Rs.89.48 crores(as against the reported figure of Rs.89.52 crores), credit balance in the Profitand Loss Account would have been Rs.4.97 crores (as against the reported figureof Rs.12.09 crores), the Current Liabilities and Provisions would have beenRs.655.37 crores (as against the reported figure of Rs.648.25 crores).
Subject to the foregoing, in our opinion and to the best of our information andaccording to the explanations given to us, the said accounts, read together with theSignificant Accounting Policies as per Schedule A and
(a) Note No.27 of Schedule B regarding rebate on pre-payment of certain sales taxdeferred liabilities credited to Capital Reserve based on expert’s opinion.
(b) Note No.34 (a) of Schedule B regarding disclosure of transactions with relatedparties given based on legal opinion on which we have placed reliance and
Other notes appearing in Schedule B, give the information required by the CompaniesAct, 1956, in the manner so required and give a true and fair view in conformity withthe accounting principles generally accepted in India:
(a) In the case of the Balance Sheet, of the state of affairs of the company as at31st March, 2004;
(b) In the case of the Profit and Loss Account, of the profit for the year ended onthat date; and
(c) In the case of the Cash Flow Statement, of the cash flows for the year ended onthat date.
SHARP & TANNANChartered Accountants
L. VaidyanathanPartner
Mumbai, 26th May, 2004 Membership No: 16368
54
Re: CROMPTON GREAVES LIMITED
(i) (a) The Company is maintaining proper records to show full particularsincluding quantitative details and situation of all fixed assets.
(b) As explained to us, the assets have been physically verified by themanagement in accordance with a phased programme of verification, whichin our opinion, is reasonable, considering the size and nature of its business.The frequency of verification is reasonable and no material discrepancieshave been noticed on such physical verification.
(c) During the year, the Company has not disposed off major part of the fixedassets. According to the information and explanations given to us, we are ofthe opinion that the sale of the said part of fixed assets has not affectedthe going concern status of the Company.
(ii) (a) As explained to us, inventory has been physically verified by themanagement at reasonable intervals during the year. In our opinion, thefrequency of such verification is reasonable.
(b) The procedures of physical verification of inventories followed by themanagement are, in our opinion, reasonable and adequate in relation to thesize of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The discrepanciesnoticed on verification between the physical stocks and the book recordswhich were not material, have been properly dealt with in the books ofaccount.
(iii) (a) The Company had taken loans from two other companies covered in theregister maintained under section 301 of the Companies Act, 1956. Themaximum amount involved during the year was Rs.6.40 crores and the year-end balance of loans taken from such parties was Rs.2.75 crores. There arethree companies covered in the register maintained under section 301 ofthe Companies Act, 1956 to which the Company has granted loans. Themaximum amount involved during the year was Rs.15.91 crores and theyear-end balance of loans granted to such parties was Rs.8.88 crores.
(b) In our opinion, the rate of interest and other terms and conditions on whichloans have been taken from / granted to companies, firms or other partieslisted in the register maintained under section 301 of the Companies Act,1956 are not, prima facie, prejudicial to the interest of the Company.
(c) The Company is regular in repaying the principal amounts as stipulated andhas been regular in the payment of interest. The parties have repaid theprincipal amounts as stipulated and have been regular in the payment ofinterest.
(d) There is no overdue amount of loans taken from or granted to companies,firms or other parties listed in the register maintained under section 301 ofthe Companies Act, 1956.
(iv) In our opinion and according to the information and explanations given to us,there are adequate internal control procedures commensurate with the size ofthe Company and the nature of its business with regard to purchase ofinventory, fixed assets and with regard to the sale of goods. During the course ofour audit, we have not observed any continuing failure to correct majorweaknesses in internal controls.
Annexure to
Auditor’s Report Auditor’s Report (Referred to in paragraph 1 of our Report of even date)
55
(v) (a) According to the information and explanations given to us, we are of theopinion that the transactions that need to be entered into the registermaintained under section 301 of the Companies Act, 1956 have been soentered.
(b) In our opinion and according to the information and explanations given tous, the transactions made in pursuance of contracts or arrangements enteredin the register maintained under section 301 of the Companies Act, 1956 andexceeding the value of rupees five lakhs in respect of any party during theyear have been made at prices which are reasonable having regard toprevailing market prices at the relevant time.
(vi) In our opinion and according to the information and explanations given to us, theCompany has complied with the provisions of sections 58A and 58AA of theCompanies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975with regard to the deposits accepted from the public. We have been informed bythe Company that no order has been passed by the Company Law Board.
(vii) In our opinion, the Company has an internal audit system commensurate with thesize and nature of its business.
(viii) In our opinion and according to the information and explanations given to us, theCompany is maintaining accounts and records as prescribed by the CentralGovernment under Section 209(1)(d) of the Companies Act, 1956 in respect ofelectric fans, motors, power driven pumps and electric lamps and we are of theopinion that prima-facie the prescribed accounts and records have been madeand maintained.
(ix) (a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund, investor education and protectionfund, employees’ state insurance, income tax, sales tax, wealth tax, customsduty, excise duty, cess and other material statutory dues applicable to it.
(b) According to the information and explanations given to us, no undisputedamounts payable in respect of income tax, wealth tax, sales tax, customsduty, excise duty and cess were in arrears, as at 31st March, 2004 for aperiod of more than six months from the date they became payable.
(c) According to the information and explanations given to us, the dues of salestax, income tax, customs duty, wealth tax, excise duty and cess which havenot been deposited on account of disputes and the forum where the disputeis pending are as under :
Rs. Crores
Sr. Name of the Statute Nature of Disputed Forum where DisputeNo. the Dues Amount (Net of is pending
Payments made)
1 The Central Excise Excise Duty 15.40 Commissioner(A)Act, 1944 Demands and CEGAT
2 Income Tax Act, 1961 Income Tax 10.58 High Court, Supreme & Interest Court, ITAT and CIT (A)
3 Sales Tax Acts Sales Tax Dues 2.92 Tribunal and& Interest Dy. Commissioner
Appeals
56
(x) The Company does not have accumulated losses and has not incurred cash losses inthe current financial year covered by our audit and the immediately precedingfinancial year.
(xi) In our opinion and according to the information and explanations given to us, theCompany has not defaulted in repayment of dues to a financial institution, bank ordebenture holders.
(xii) During the year, the Company has not granted loans and advances on the basis ofsecurity by way of pledge of shares, debentures and other securities.
(xiii) In our opinion, the Company is not a chit fund or a nidhi / mutual benefit fund /society. Therefore, the provisions of clause 4(xiii) of the Companies (Auditor’sReport) Order, 2003 are not applicable to the Company.
(xiv) According to the information and explanations given by the management, theCompany is not dealing in or trading in shares, securities, debentures and otherinvestments except for investment in Mutual Funds. The Company has maintainedproper records and timely entries have been made and the investments are held inthe name of the Company.
(xv) In our opinion, the terms and conditions on which the Company has givenguarantees for loans taken by others from banks or financial institutions are notprejudicial to the interest of the Company.
(xvi) In our opinion, the Term loans have been applied for the purpose for which theywere raised.
(xvii) According to the information and explanations given to us and on an overallexamination of the Balance Sheet of the Company, we report that no funds raisedon short-term basis have been used for long-term investment. No long-term fundshave been used to finance short-term assets except permanent working capital.
(xviii)The Company has not made preferential allotment of shares to parties andcompanies covered in the register maintained under section 301 of the CompaniesAct, 1956 during the year.
(xix) During the financial year, the Company did not issue any debentures. Hence, theprovisions of Clause 4(xix) of the Companies (Auditor’s Report) Order, 2003regarding creation of security for debentures are not presently applicable to theCompany.
(xx) The Company has not raised any money by way of public issues during the year.Accordingly, the provisions of Clause 4(xx) of the Companies (Auditor’s Report)Order, 2003 on the end use of money are not presently applicable to the Company.
(xxi) According to the information and explanations given to us, no fraud on or by theCompany has been noticed or reported during the course of our audit.
SHARP & TANNANChartered Accountants
L. VaidyanathanPartner
Mumbai, 26th May, 2004 Membership No: 16368
Crompton Greaves Ltd.
58
As at As atSchedule 31-03-2004 31-03-2003
Rs. Crores Rs. Crores Rs. Crores
SOURCES OF FUNDSShareholders� FundsCapital 1 52.37 52.37Reserves and Surplus 2 288.11 389.65
340.48 442.02Loan FundsSecured Loans 3 253.73 315.56Unsecured Loans 4 79.92 143.66
333.65 459.22
Deferred Tax Liability 5 10.27 0.00684.40 901.24
APPLICATION OF FUNDSFixed AssetsGross Block 6 790.35 785.02Less : Depreciation 432.76 398.03Net Block 357.59 386.99Capital Work-in-Progress 10.87 6.94
368.46 393.93Investments 7 69.93 73.96Deferred Tax Asset 5 0.00 81.12Current Assets, Loans & AdvancesInventories 8 174.26 193.15Sundry Debtors 9 526.85 475.06Cash and Bank Balances 10 76.15 54.74Loans and Advances 11 117.00 133.48
894.26 856.43Less: Current Liabilities & ProvisionsLiabilities 12 610.39 557.35Provisions 13 37.86 16.56
648.25 573.91Net Current Assets 246.01 282.52Miscellaneous Expenditure 14 0.00 69.71(to the extent not written off or adjusted)
684.40 901.24Significant Accounting Policies [A]Notes on Accounts [B]
The Schedules referred to above and the notesattached, form an integral part of the Accounts
Mumbai, 26th May, 2004 Mumbai, 26th May, 2004
As per our report attached.SHARP & TANNAN B. R. Jaju S. M. TrehanChartered Accountants Chief Financial Officer Managing Director
L. Vaidyanathan W. Henriques K. K. NohriaPartner Secretary ChairmanMembership no 16368
Balance Sheetas at 31st March, 2004
Crompton Greaves Ltd.
59
Schedule 2003-04 2002-03Rs. Crores Rs. Crores
INCOMEGross Sales 1861.05 1726.39Less: Excise Duty 149.73 139.37Net Sales 1711.32 1587.02Other Income 15 27.02 13.46
1738.34 1600.48EXPENDITUREMaterials 16 1206.11 1084.39Staff and Welfare 17 136.40 136.71Manufacturing, Selling and Administration 18 211.24 209.11Interest and Commitment Charges 38.48 64.43Depreciation 6 44.22 45.25Miscellaneous Expenditure Amortised / Charged 18.20 29.59(Refer Note 8)
1654.65 1569.48Profit Before Exceptional Items and Tax 83.69 31.00Exceptional Items (Net) (Refer Note 32) 5.83 6.20Profit Before Tax 89.52 37.20Provision For TaxationCurrent Tax -6.76 -0.25Deferred Tax 5 -11.93 -8.78Profit After Tax 70.83 28.17Brought Forward Loss from Previous Year -13.49 -38.90Transfer to (-)/ from General Reserve -7.08 0.24Transfer to Doubtful Debts Reserve -5.09 -3.00Interim Dividend -15.71 0.00Final Dividend -20.95 0.00Corporate Tax On Dividend -4.69 0.00Balance Carried To Balance Sheet 3.82 -13.49
Earnings Per Share (Basic and Diluted)- Excluding Exceptional Items Rs. 12.41 4.20- Including Exceptional Items Rs. 13.52 5.38
Significant Accounting Policies [A]Notes On Accounts [B]
The Schedules referred to above and the notesattached, form an integral part of the Accounts
Mumbai, 26th May, 2004 Mumbai, 26th May, 2004
As per our report attached.SHARP & TANNAN B. R. Jaju S. M. TrehanChartered Accountants Chief Financial Officer Managing Director
L. Vaidyanathan W. Henriques K. K. NohriaPartner Secretary ChairmanMembership no 16368
Profit and Loss Accountfor the year ended 31st March, 2004
Crompton Greaves Ltd.
60
As at As at31-03-2004 31-03-2003Rs. Crores Rs. Crores
SCHEDULE 1: CAPITALAuthorised6,00,00,000 Equity Shares of Rs.10 each 60.00 60.00
Issued And Subscribed5,23,75,116 Equity Shares of Rs.10 each 52.37 52.37
Paid Up5,23,66,656 Equity Shares of Rs.10 each 52.37 52.37
Add: Forfeited Shares8,460 Equity shares of Rs.10 each 0.00 0.00
Rs.32175 partly paid52.37 52.37
Of the above, following equity shares were allotted:3,87,200 pursuant to a contract without
payment being received in cash1,62,00,000 as fully paid up Bonus Shares by capitalisation
of General Reserve and Securities Premium Account14,76,566 as fully paid up pursuant to schemes of amalgamation66,13,750 as underlying shares to an international offering of
Global Depository Receipts (GDRs) in US Dollars
Schedules forming part of Balance Sheet
As at Additions Deductions As at31-03-2003 31-03-2004Rs. Crores Rs. Crores Rs. Crores Rs. Crores
SCHEDULE 2: RESERVES & SURPLUS
Capital Reserve 0.00 19.12 (a) 0.00 19.12Securities Premium Account 379.82 0.00 152.06 (b) 227.76General Reserve 0.00 10.74 (c) 0.00 10.74Revaluation Reserve 17.40 0.00 1.41 (d) 15.99Government Subsidy 0.10 0.15 0.00 0.25Investment Allowance (Utilised) Reserve 0.78 0.00 0.06 (e) 0.72Debenture Redemption Reserve 5.00 0.00 3.60 (f) 1.40Doubtful Debts Reserve 24.00 5.09 0.00 29.09Less: Doubtful Debts per contra -23.96 -5.09 0.00 -29.05
403.14 30.01 157.13 276.02Surplus in Profit & Loss Account -13.49 17.31 0.00 3.82Transferred from Securities Premium Account 0.00 8.27 (b) 0.00 8.27
-13.49 25.58 0.00 12.09Total 389.65 55.59 157.13 288.11Previous year 364.90 25.75 1.00 389.65Notes:(a) Rebate on prepayment of certain deferred sales tax liability (Refer Note 27)(b) Adjustment on account of capital reduction scheme (Refer Note 28)(c) Transferred from Profit & Loss Account Rs 7.08 crores as per Companies (Transfer of Profits to
Reserve) Rules, 1975 in view of interim and final dividend, Debenture Redemption Reserve Rs 3.60crores and Investment Allowance (Utilised) Reserve Rs 0.06 crores
(d) Depreciation on revaluation of fixed assets, recouped from Revaluation Reserve Rs 0.30 crores andRevaluation Reserve written back on assets disposed off Rs 1.11 crores
(e) Transferred to General Reserve since no longer required as per Income Tax Act, 1961(f) Transferred to General Reserve (Refer Note 31)
Crompton Greaves Ltd.
61
Schedules forming part of Balance Sheet
As at As at31-03-2004 31-03-2003Rs. Crores Rs. Crores
SCHEDULE 3: SECURED LOANS
Debentures:
(Privately placed with Financial Institutions)
13.50% Secured Non-Convertible Debentures of Rs.100 each
(a) 50,00,000 (VIII Series) redeemable in 18 equal
quarterly instalments due from 15th June, 2000 5.55 16.67
(b) 50,00,000 (IX Series) reedemable in 3 equal
semi-annual instalments due from 1st September, 2002 0.00 16.67
Rupee Term Loans
(a) From Banks 56.75 48.73
(b) From Financial Institutions 12.50 51.45
Cash Credit / Working Capital Demand Loans
From Banks:-
(a) Rupee Loans / Cash Credit 0.00 53.33
(b) Foreign Currency Loans 178.93 128.71
253.73 315.56
As at As at31-03-2004 31-03-2003Rs. Crores Rs. Crores
SCHEDULE 4: UNSECURED LOANS
Fixed Deposits 51.70 72.53
(Repayable within a year Rs. 14.79 Crores;
Previous year Rs.20.52 Crores)
Commercial Paper 0.00 10.00
(Maximum amount outstanding at any time during the year
Rs.10 Crores; Previous year Rs.30 crores)
Inter-corporate Deposits
From Subsidiaries 0.00 3.65
(Maximum amount outstanding at any time during the year
Rs.3.65 Crores; Previous year Rs.3.65 crores)
From Others 2.75 0.00
(Maximum amount outstanding at any time during the year
Rs.2.75 Crores; Previous year Rs.Nil)
Others
a) Interest free Sales Tax Loans and Special Incentive
Loans from Central / State Governments 25.47 56.00
b) Arrears of Preferential Dividend 0.00 0.05
(Due within one year Rs Nil; Previous year Rs.0.05 crores)
c) From Others 0.00 1.43
79.92 143.66
Crompton Greaves Ltd.
62
SCHEDULE 6: FIXED ASSETS & DEPRECIATION
GROSS BLOCK (at Cost/Professional Valuation) DEPRECIATION NET BLOCKAs at Additions Deductions As at As at On For the As at As at As at
1-04-2003 31-03-2004 1-04-2003 Deductions Year 31-03-2004 31-03-2004 31-03-2003Rs. Crores Rs. Crores Rs. Crores Rs. Crores Rs. Crores Rs. Crores Rs. Crores Rs. Crores Rs. Crores Rs. Crores
Land
Freehold 15.19 0.04 0.92 14.31 0.00 0.00 0.00 0.00 14.31 15.19
Leasehold 14.75 0.18 3.72 11.21 2.30 0.78 0.14 1.66 9.55 12.45
Buildings 197.32 2.83 9.39 190.76 41.79 2.55 4.89 44.13 146.63 155.53
Plant & Equipment 454.93 19.72 6.32 468.33 275.88 2.94 32.82 305.76 162.57 179.05
Railway Siding 0.02 0.00 0.00 0.02 0.01 0.00 0.00 0.01 0.01 0.01
Furniture & Fixtures 92.78 5.85 3.07 95.56 72.44 2.60 5.38 75.22 20.34 20.34
Vehicles 10.03 1.51 1.38 10.16 5.61 0.92 1.29 5.98 4.18 4.42
Sub-total 785.02 30.13 24.80 790.35 398.03 9.79 44.52 432.76 357.59 386.99
Capital Work-in-Progress
Buildings 2.14 0.77 0.40 2.51 2.51 2.14
Plant & Equipment 3.44 4.70 2.79 5.35 5.35 3.44
Intangible Assets -Others
Technical Know-how 1.36 1.65 0.00 3.01 3.01 1.36
Sub-total 6.94 7.12 3.19 10.87 0.00 0.00 0.00 0.00 10.87 6.94
As at 31-03-2004 791.96 37.25 27.99 801.22 398.03 9.79 44.52 432.76 368.46
As at 31-03-2003 773.44 30.78 12.26 791.96 357.75 5.31 45.59 398.03 393.93
(a) Buildings include cost of shares in Co-operative Societies
(b) Gross Block includes Cost of Land & Buildings Rs. 25.50 crores (Previous year Rs.26.61 crores) added on revaluation of these assets on 30/06/1985
(c) Depreciation 31-03-2004 31-03-2003
Rs. Crores Rs. Crores
Depreciation on fixed assets 44.52 45.59
Less: Transferred from revaluation reserve 0.30 0.34
44.22 45.25
As at As at31-03-2004 31-03-2003Rs. Crores Rs. Crores
SCHEDULE 5: DEFERRED TAX ASSET / LIABILITY (-)
Deferred tax asset 81.12 89.90
Less: Adjusted against Securities Premium Account 79.46 0.00
Less: Incremental liability charged to Profit & Loss Account 11.93 8.78
-10.27 81.12
Schedules forming part of Balance Sheet
Crompton Greaves Ltd.
63
No. of Shares/ As at As atDebentures/Units 31-03-2004 31-03-2003
Fully paid up ofRs.10 each unless
otherwise specified Rs. Crores Rs. Crores
SCHEDULE 7: INVESTMENTS
LONG TERM (At Cost)
Government and Trust Securities
1 Central Government Securities10.18% GOI 2026 of Rs. 100 each 39000 0.49 0.49
2 State Government Guaranteed Bonds10.50% APSDL 2011 of Rs. 100 each 22000 0.25 0.25
3 US 64 Bonds of Rs. 100 each* 167210 1.81 1.63(On Conversion of US 64 Units)(Previous year 1630000 units ofRs 10 each)
2.55 2.37
Trade Investments
Subsidiary companies
1(a) CG Capital & Investments Limited 9500000 9.50 9.50
1(b) CG Capital & Investments Limited
(7% Non-Convertible, Non-Cumulative
Redeemable Preference Shares) 43928044 43.93 43.93
53.43 53.43
Joint Ventures
1 Brook Crompton Greaves Limited 7840000 7.84 7.84
(Formerly CG Brook Hansen Electric
Motors Limited)
2 CG Lucy Switchgear Limited 599993 0.60 0.60
3 CG Maersk Information Technologies 131803 0.16 0.16
Private Limited
4 CG Smith Software Pvt. Limited 9600 0.01 0.01
5 Hitachi CG Motor Engineering Pvt. Ltd 784000 0.78 0.78
6 International Components India Limited 85500 0.09 0.09
7 PAXONET Communications INC.USA 3000000 1.08 1.08
of US $ 0.10 each (Formerly Core El
Microsystems Inc.USA)
8 Power Equipment Limited of US $ 10 each 20600 0.00 0.84
(Current Year - Rs 10)
10.56 11.40
Associate Companies
1 Radiant Electronics Ltd 190000 0.00 0.00(Current Year - Rs 10; Previous Year - Rs 10)
0.00 0.00
Schedules forming part of Balance Sheet
Crompton Greaves Ltd.
64
Schedules forming part of Balance Sheet
No. of Shares/ As at As atDebentures/Units 31-03-2004 31-03-2003
Fully paid up ofRs.10 each unless
otherwise specified Rs. Crores Rs. Crores
SCHEDULE 7 (Contd.): INVESTMENTS
Others
1 Ballarpur Industries Limited 0 0.00 4.05
(Previous year - 1119459 shares)
2 CG CoreEl Logic Systems Limited 1810000 1.81 1.81
(7% Non-Convertible, Non-Cumulative
Redeemable Preference Shares)
3 English Indian Clays Limited 120000 0.60 0.60
4 Kale Consultants Limited 4200 0.00 0.00
(Current year Rs.6000; Previous year Rs.6000)
5 Nicco Corporation Limited* 66078 0.03 0.01
2.44 6.47
Other Investments
1 Dinette Exclusive Club Private Limited 5500 0.06 0.06
(Share of Rs.100 each)
2 IDBI Limited* 142720 0.83 0.23
(Including 53520 Bonus Shares)
3 UTI Unit Scheme 2002 88215 0.06 0.00
(Previous Year Nil units)
0.95 0.29
Total 69.93 73.96
31-03-2004 31-03-2003
Book Value Market Value Book Value Market Value
Rs. Crores Rs. Crores Rs. Crores Rs. Crores
Quoted Investments 4.02 5.41 7.27 7.34
Unquoted Investments 65.91 0.00 66.69 0.00
Total 69.93 5.41 73.96 7.34
* Diminution provided during financial year ended 31.03.2003 recouped to the extent of rise in the value
of Investments as per AS - 13
Crompton Greaves Ltd.
65
SCHEDULE 7 (Contd.): INVESTMENTS
1 SHARES/SECURITIES PURCHASEDDURING THE YEARCentral Government Securities Bondsof Rs 100 each 0 0.00 39000 0.49State Government Guaranteed Bondsof Rs 100 each 0 0.00 22000 0.25US 64 Bonds 4210 0.04 0 0.00UTI Unit Scheme 2002 Units 88215 0.06 0 0.00English Indian Clays Limited 0 0.00 120000 0.60HDFC Liquid Fund - Growth 0 0.00 4192028 5.00C 52 Chola Liquid Fund - Cumulative 15292665 19.00 0 0.00C 152 Chola Liquid Inst. Plus Cumulative 4302488 5.50 0 0.00Deutsche Bank Monthly Fund 3000000 3.00 0 0.00IL & FS Liquid Account - Institutional Plan 19464739 22.50 0 0.00J 13 JM High Liquidity Fund Growth Plan 19573644 33.00 0 0.00J 57 JM High Liquidity Fund 263918657 273.06 0 0.00Institutional Plan - GrowthNLFG CANLIQUID Fund - Growth 7156723 7.99 0 0.00GCFG Grindlays Cash Fund - Growth 4781199 5.50 0 0.00Reliance Monthly Fund 10000000 10.00 0 0.00
379.66 6.34
2 SHARES/SECURITIES SOLD/ 2003-04 2003-04 2002-03 2002-03DISPOSED DURING THE YEAR Nos. Rs. Crores Nos. Rs. CroresCG Capital & Investments Ltd
(Preference Shares) 0 0.00 9500000 9.50
CG-Newage Electricals Ltd 0 0.00 760000 0.76
CG Comnet Ltd 0 0.00 30 0.00
CG Global Ltd 0 0.00 30 0.00
CG Hometech Ltd 0 0.00 30 0.00
Ballarpur Industries Limited 1119459 4.05 0 0.00
CG CoreEl Programmable Solutions Pvt. Ltd. 0 0.00 9700 0.01
HDFC Liquid Fund - Growth 0 0.00 4192028 5.00
C 52 Chola Liquid Fund - Cumulative 15292665 19.00 0 0.00
C 152 Chola Liquid Inst. Plus - Cumulative 4302488 5.50 0 0.00
Deutsche Bank Monthly Fund 3000000 3.00 0 0.00
IL & FS Liquid Account - Institutional Plan 19464739 22.50 0 0.00
J 13 JM High Liquidity Fund Growth Plan 19573644 33.00 0 0.00
J 57 JM High Liquidity Fund
Institutional Plan - Growth 263918657 273.06 0 0.00
NLFG CANLIQUID Fund - Growth 7156723 7.99 0 0.00
GCFG Grindlays Cash Fund - Growth 4781199 5.50 0 0.00
Reliance Monthly Fund 10000000 10.00 0 0.00
383.60 15.27
2003-04 2003-04 2002-03 2002-03
Nos. Rs. Crores Nos. Rs. Crores
Schedules forming part of Balance Sheet
Crompton Greaves Ltd.
66
As at As at
31-03-2004 31-03-2003Rs. Crores Rs. Crores Rs. Crores Rs. Crores
SCHEDULE 8: INVENTORIES(At lower of Cost or Net Realisable Value)Stores, spare parts and packing materials 3.31 3.18Raw materials 49.33 51.26Work-in-Process - Manufacturing 53.01 50.88Finished goods 34.21 40.13
139.86 145.45Work-in-Progress - Contracts
At cost 10.98 14.35At realisable sales value 143.31 109.71Less: Progress payments 119.89 76.36
23.42 33.3534.40 47.70
174.26 193.15
Schedules forming part of Balance Sheet
As at As at
31-03-2004 31-03-2003Rs. Crores Rs. Crores Rs. Crores
SCHEDULE 9: SUNDRY DEBTORS
Unsecured
Debts outstanding for a period exceeding six months
Considered good 155.16 129.59
Considered doubtful 29.05 23.96
Less: Doubtful debts reserve per contra -29.05 -23.96
0.00 0.00
Other Debts
Considered good 371.69 345.47
526.85 475.06
As at As at
31-03-2004 31-03-2003Rs. Crores Rs. Crores
SCHEDULE 10: CASH AND BANK BALANCESCash on hand 0.68 0.21Cash at Bank:
On Current Account 8.58 0.76On Fixed Deposit Account 5.90 10.05(including interest accrued thereon)
Remittances in transit 60.99 43.7276.15 54.74
Crompton Greaves Ltd.
67
As at As at
31-03-2004 31-03-2003Rs. Crores Rs. Crores
SCHEDULE 11: LOANS AND ADVANCES
(Unsecured, Considered Good, unless otherwise stated)
Advances recoverable in cash or in kind or for value to be received 103.72 119.84
Advances to Subsidiaries 8.88 0.11
Balances with excise, customs etc. 4.40 6.50
Inter-corporate deposits with subsidiary companies 0.00 7.03
(Including interest accrued Rs. Nil; Previous year Rs.0.03 crores)
(Maximum amount outstanding during the year Rs.7.03 crores;
Previous year Rs.7.04 crores)
117.00 133.48
As at As at
31-03-2004 31-03-2003Rs. Crores Rs. Crores Rs. Crores
SCHEDULE 12: CURRENT LIABILITIES
Sundry Creditors:
(a) Due to Small Scale Industrial Undertaking (s) 81.45 90.10
(b) Due to Others 488.33 424.17
(c) Due to Subsidiaries 2.11 1.99
571.89 516.26
Investor Education and Protection Fund
(a) Unpaid Dividend 0.23 0.14
(b) Unpaid Matured Fixed Deposit 0.55 1.22
0.78 1.36
Interest accrued but not due on loans 1.32 0.77
Other Liabilities:
(a) Security Deposit 2.04 5.04
(b) Others 34.36 33.92
36.40 38.96
610.39 557.35
Schedules forming part of Balance Sheet
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Schedules forming part of Balance Sheet
As at As at
31-03-2004 31-03-2003Rs. Crores Rs. Crores
SCHEDULE 13: PROVISIONS FOR:
Gratuity 3.05 5.25
Leave encashment 6.65 7.78
Proposed Dividend 20.95 0.00
Corporate tax on Dividend 2.68 0.00
Provident Fund 0.86 0.84
Insurance, Pension and similar Staff benefits 3.67 2.69
37.86 16.56
As at As at
31-03-2004 31-03-2003Rs. Crores Rs. Crores Rs. Crores
SCHEDULE 14: MISCELLANEOUS EXPENDITURE
(To the extent not written off or adjusted)
Voluntary Retirement Scheme
Opening Balance 59.48 79.02
Add : Additions during the year 1.95 5.67
Less : Charged during the year 7.47 25.21
Less : Adjusted against Securities Premium Account 53.96 0.00
Closing Balance 0.00 59.48
Testing fees
Opening Balance 5.23 3.68
Add : Additions during the year 1.48 3.41
Less: Charged during the year 0.82 1.86
Less: Adjusted against Securities Premium Account 5.89 0.00
Closing Balance 0.00 5.23
Technical know-how
Opening Balance 5.00 6.61
Add : Additions during the year 0.30 0.91
Less: Charged during the year 0.82 2.52
Less: Adjusted against Securities Premium Account 4.48 0.00
Closing Balance 0.00 5.00
0.00 69.71
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2003-04 2002-03Rs. Crores Rs. Crores
SCHEDULE 15: OTHER INCOME
Income from
a) Lease Rent 1.55 1.63
b) Business Service Centres 6.85 6.51
(TDS deducted Rs. 0.16 crores; Previous year Rs.0.18 crores) 8.40 8.14
Income from Investments 1.49 0.35
Exchange Gain (Net) 6.17 0.00
Profit on sale of fixed assets (Net) 2.42 3.19
Miscellaneous Income 8.54 1.78
27.02 13.46
2003-04 2002-03Rs. Crores Rs. Crores Rs. Crores
SCHEDULE 16: MATERIALS
Opening Stock
Raw materials 51.26 46.49
Work-in-Process
Manufacturing 50.88 47.67
Contracts 14.35 19.16
116.49 113.32
Finished Goods 40.13 44.83
156.62 158.15
Add: Purchases 1215.72 1096.40(including Trading Goods Rs.391.95 crores;Previous Year Rs.278.39 crores)
Less: Scrap Sales 18.70 13.54
1197.02 1082.86
1353.64 1241.01
Less: Closing Stock
Raw Materials 49.33 51.26
Work-In-Process
Manufacturing 53.01 50.88
Contracts 10.98 14.35
113.32 116.49
Finished Goods 34.21 40.13
147.53 156.62
1206.11 1084.39
Schedules forming part of Profit & Loss Account
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2003-04 2002-03Rs. Crores Rs. Crores
SCHEDULE 17: STAFF & WELFARE
Salaries, Wages and Bonus 110.08 107.53
Provident Fund and Family Pension Scheme Contributions 8.14 7.88
Superannuation Fund Contributions 2.20 1.98
Gratuity (including contributions to Fund Rs.3.05 crores; 3.61 6.86
Previous year Rs.6.32 crores)
Workmen and Staff Welfare 12.37 12.46
136.40 136.71
2003-04 2002-03Rs. Crores Rs. Crores Rs. Crores
SCHEDULE 18: MANUFACTURING, SELLING &ADMINISTRATION
Stores and Spare Parts 13.08 12.63Power and Fuel 19.93 19.93Repairs
Buildings 1.92 2.18Plant and machinery 6.23 5.89Others 3.09 3.45
11.24 11.52Forwarding, Godown and Packing 45.52 48.24Advertising 6.97 7.33Auditors� Remuneration
Statutory audit fees 0.28 0.28Tax audit fees 0.08 0.06Taxation (Rs. Nil ; Previous year Rs.15,000) 0.00 0.00Certification 0.06 0.03Other Services 0.13 0.08Expenses Reimbursed (including Service Tax) 0.09 0.10
0.64 0.55Rent 4.61 4.54Rates and Taxes 9.48 10.22Insurance 4.60 3.59Bad Debts 7.44 1.56Vehicle Maintenance 1.21 1.33Travelling 16.39 14.84Professional Charges 7.17 7.65Technical Service Fees 0.49 1.64Exchange Premium / Difference 0.00 2.42Miscellaneous Expenses 62.44 61.09Directors� Fees 0.03 0.03
211.24 209.11
Schedules forming part of Profit & Loss Account
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SCHEDULE [ A ]
1 BASIS OF PRESENTATION
The accounts have been prepared using historical cost convention, except for the revaluation of certainfixed assets, in accordance with the Generally Accepted Accounting Principles (GAAP) on the accrual basisand in accordance with the Accounting Standards referred to in Section 211(3C) and other provisions ofthe Companies Act 1956. Insurance and other claims are accounted for as and when admitted by theappropriate authorities.
The preparation of accounts under GAAP requires management to make estimates and assumptions thataffect the reported amounts of assets & liabilities and disclosures of contingent liabilities as at the date ofthe financial statements and the reported amounts of revenues and expenses during the year. Actualresults could differ from those estimates. Any revisions to accounting estimates is recognised prospectivelyin the current and future periods.
2 FIXED ASSETS
(a) Fixed assets are stated at cost, except for land and buildings added prior to 30th June 1985 whichare stated at revalued cost as at that date based on technical expert�s evaluation report.
(b) Expenditure relating to existing fixed assets is added to the cost of the assets where it increases theperformance / life of the assets as assessed earlier.
(c) Fixed assets are eliminated from financial statements, either on disposal or when retired from activeuse. Such assets are removed from fixed asset records on disposal. Generally, such retired assetsare disposed off soon thereafter.
(d) Pre-operative expenses for the projects incurred till the projects are ready for commercial productionare capitalised.
(e) Internally manufactured / constructed fixed assets are capitalised at factory cost including exciseduty wherever applicable.
(f) Lumpsum fees paid for acquisition of technical knowhow relating to Plant & Machinery is capitalisedas intangible asset.
(g) i) Machinery spares which are specific to particular item of Fixed Assets and whose use is irregularare capitalised as part of the cost of machinery.
ii) Machinery spares which are not specific to a particular item of Fixed Assets but can be usedgenerally for various items of Fixed Assets are treated as inventory and charged to Profit andLoss Account as and when issued for consumption in the ordinary course of operation.
3 INVESTMENTS
Current Investments are carried at lower of cost or market value. The determination of carrying costs ofsuch investments is done on the basis of specific identification. Long term investments are carried at costafter providing for any diminution in value, if such diminution is of a permanent nature.
4 INVENTORIES
Inventories are valued at the lower of cost or net realisable value after providing for obsolescence anddamage as under:-
(a) Raw materials, packing materials : At Cost, on FIFO/Weighted average basisstores & spares and constructionmaterial
(b) Work-in-Process : At Cost plus appropriate production overheads
(c) Construction Work-in-Progress : At Cost till a certain percentage of completion and thereafterrealisable value
(d) Finished goods : At Cost, plus appropriate production overheads, includingexcise duty paid/payable on such goods.
Significant Accounting Policies
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5 FOREIGN CURRENCY TRANSACTIONS
(a) Foreign currency transactions are recorded at the exchange rate prevailing at the time of transactions.
(b) Foreign currency current assets and liabilities are converted at the contracted / year end rate, asapplicable.
(c) Exchange difference on account of acquisition of fixed assets are adjusted to carrying cost of fixedassets. Other exchange differences are adjusted in the Profit & Loss Account.
(d) The cost of forward exchange contracts is spread over the period of the contract.
6 REVENUE RECOGNITION
Revenues from sales and services is recognised in terms of contract with customers. Revenues fromconstruction contracts is recognised based on percentage completion after providing for expected losses.
7 RETIREMENT BENEFITS
(a) Provident fund and superannuation contributions are accrued each year in terms of contracts with theemployees.
(b) Provisions for gratuity and leave encashment are determined and accrued on the basis of actuarialvaluation.
8 DEPRECIATION
(a) Depreciation on the fixed assets is provided at the rates and in the manner specified in Schedule XIVof the Companies Act, 1956, on written down value method other than on buildings and plant andequipment which are depreciated on a straight line method.
(b) Building constructed on leasehold land are depreciated at normal rate as prescribed in Schedule XIVof the Companies Act, 1956 where the lease period of land is beyond the life of the building.
(c) Lumpsum amounts paid for leasehold land are amortised and charged to depreciation over theprimary lease periods except where the option of refund is available.
(d) In the case of revalued assets the difference between the depreciation based on revaluation and thedepreciation charged on historical cost is recouped out of revaluation reserve.
(e) The intangible assets are amortised over its estimated useful life.
9 BORROWING COSTS
Borrowing costs that are attributable to the acquisition, construction or production of qualifying assets arecapitalised as part of the cost of such assets. A qualifying asset is an asset that necessarily takes asubstantial period of time to get ready for its intended use or sale. All other borrowing costs arerecognised as expense in the period in which they are incurred.
10 TAXES ON INCOME
(a) Tax on income for the current period is determined on the basis of estimated taxable income and taxcredits computed in accordance with the provisions of the Income Tax Act, 1961 and based on theexpected outcome of assessments / appeals.
(b) Deferred tax is recognised on timing difference between the accounting income and the estimatedtaxable income for the period and quantified using the tax rates and laws enacted or substantivelyenacted on the balance sheet date.
(c) Deferred tax assets which arise mainly on account of unabsorbed losses or unabsorbed depreciationare recognised and carried forward only to the extent that there is virtual certainty supported byconvincing evidence that sufficient future taxable income will be available against which such deferredtax assets can be realised.
11 CONTINGENCIES AND EVENTS OCCURRING AFTER THE BALANCE SHEET DATE
(a) Accounting for contingencies (gains and losses) arising out of contractual obligations, are made onlyon the basis of mutual acceptances.
(b) Where material events occurring after the date of balance sheet are considered upto the date ofapproval of the accounts by the Board of Directors.
SCHEDULE [ A ] (Contd.)
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SCHEDULE [B] 2003-04 2002-03Rs. Crores Rs. Crores
1 No provision has been made for
(a) Excise Duty demands which have been disputedby the Company (Net of income tax) 2.69 8.51
(b) Sales tax demands which have been disputed bythe Company (Net of income tax) 1.87 1.83
2 Contingent liability, not provided for, in respect of(a) Claims against the Company not acknowledged as
debts (Net of income tax) 0.55 0.65(b) Show Cause Notice issued by the Custom
Authorities for levy of penalty under Section 127of the Customs Act which have been disputed by Amount not Amount notthe Company Ascertainable Ascertainable
(c) Bills discounted 38.78 65.70(d) Guarantees to bankers, financial institutions and
others on behalf of Associate Companies 7.17 9.62(e) Income tax appeals/reference applications made
by the income tax department against the orderspassed by the Appellate Authorities in favour of theCompany in case the ultimate decision is againstthe Company 9.86 9.36
(f) Excise matters in dispute decided in favour of theCompany at Appellate Level for which the Departmentis in Appeal before CEGAT. 7.18 6.22
3 Provision for tax for the year represents wealth taxprovision made under Wealth Tax Act, 1957 0.20 0.25
4 Estimated amount of contracts remaining to beexecuted on Capital Account and not provided for(Net of advances) 14.44 2.71
5 Sales include(i) Increase / Decrease ( - ) in construction
work-in-progress:Closing work-in-progress 143.31 109.71Less: Opening work-in-progress 109.71 43.54
33.60 66.17and are net of:(i) Brokerage and commission 9.46 10.22(ii) Cash discount 8.40 7.34
6 Disclosure under AS-7 (Revised) �Construction Contracts�(i) Contract revenue recognised for the year 149.97 145.48(ii) Advance received 14.36 7.20(iii) Retentions 41.02 27.00(iv) Amount of Contract costs incurred 136.06 138.05
7 Following expenses have been capitalised during the year(a) Materials 1.00 0.44(b) Staff and welfare 0.83 1.14(c) Manufacturing expenses 0.69 1.05
8 Miscellaneous expenditure amortised upto 31st July 2003relates to (Refer Note 28 below)(a) Testing Fees 0.82 1.86(b) Payments under Voluntary Retirement Schemes 7.47 25.21(c) Technical Know-How Fees 0.82 2.52
9.11 29.59
Notes On Accounts
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SCHEDULE [B] (Contd.) 2003-04 2002-03Rs. Crores Rs. Crores
9 Effects of changes in foreign exchange rates:{Gain (+) / Loss (-) }Exchange difference charged to Profit & Loss Account(i) On account of forward contracts taken during the
year pertaining to future accounting period -0.01 -0.04(ii) Others 6.18 -2.38
6.17 -2.42
10 Interest and commitment charges include interest on(a) Fixed loans 18.98 30.07(b) Debentures 2.79 8.17(c) Others 17.78 28.11
39.55 66.35(d) Less: Interest income (including tax deducted at
source Rs.0.16 crores; Previous year Rs.0.20 crores) 1.07 1.92
38.48 64.43
11 Advances recoverable in cash or in kind or for valueto be received include:(a) Advances to associate company pending allotment of
shares - Globalstar India Satellite Services Private Limited 1.16 1.16(b) Rent deposit with Directors 0.20 0.20(c) Due by an Officer Rs.Nil (Previous year Rs.Nil
(Maximum amount outstanding at any time duringthe year Rs.Nil; Previous year Rs.7170) 0.00 0.00
12 Value of imports (On C.I.F. basis)(a) Raw materials 75.60 79.90(b) Spare parts 0.71 0.74(c) Capital goods 5.11 1.45(d) Trading goods 17.35 24.81
13 Expenditure in foreign currency(a) Technical assistance / Service fee 0.13 0.62(b) Professional charges 0.50 0.14(c) Interest 0.16 0.21(d) Others 9.76 11.79
14 Remittance in Foreign Currency on account of Dividend (Interim):-(a) Number of Non-resident Shareholders 505 -(b) Number of Shares held 8266008 -(c) Amount of Dividend 2.48 -(d) Year to which dividend relates 2003-04 -
15 Earnings in foreign currency(a) Export of goods on F.O.B. basis including deemed
exports Rs.100.95 crores (previous year Rs.63.94 crores) 279.85 260.92(b) Service Revenue 1.64 0.37(c) Others 1.11 0.31
16 Arrears of preferential dividend of an amalgamatedcompany payable in nine equal installments in terms ofBIFR Order and the Scheme of Amalgamation. 0.00 0.05
17 Excise duty included in the value of closing finished goods inventory 1.93 2.9918 Interest on delayed payments to small scale industrial
undertakings (gross) 0.17 0.5319 Expenditure on Research & Development
(a) Capital 2.86 1.51(b) Revenue 13.25 13.08
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20 Raw Materials Consumed: Unit Quantity 2003-04 Quantity 2002-03Rs. Crores Rs. Crores
Ferrous Metals Ton 32526 198.41 35164 181.86Non-ferrous Metals Ton 10402 170.13 11659 161.61Chemicals, Oils and Paints K.Ltr 9971 34.40 8345 30.02Wires, Pipes, Tubes andCables K.Mtr 13111 14.75 13691 15.01Components M.Pc 534 387.10 549 408.04Others 20.91 16.70
825.70 813.24
21 Consumption of Raw Material and Percentage 2003-04 Percentage 2002-03Spare Parts: of total of total
Consumption Rs. Crores Consumption Rs. Crores
Raw Materials:Imported 9.88 81.58 11.56 94.01Indigenous 90.12 744.12 88.44 719.23
825.70 813.24Spare Parts:Imported 27.15 0.41 25.66 0.29Indigenous 72.85 1.10 74.34 0.84
1.51 1.13
22 Sales Unit Quantity 2003-04 Quantity 2002-03Rs. Crores Rs. Crores
a) Transformers,Reactors andAccessories thereof Nos 8646 397.50 7338 337.71
b) Switchgears, ControlEquipments andAccessories thereof Nos 152552 266.12 110516 227.43
c) Motors, Alternatorsand Pumps Nos 860024 412.46 1112656 355.28
d) Electrical steelStampings andLaminates M.Ton 2362 15.26 2205 12.16
e) Electric Fans,Ventilation ControlSystems Nos 2562632 231.09 1893562 206.86
f) Electric Lamps M.Nos 39 85.40 36 78.42g) Communication,
Computer systemSoftware andAccessories 21.96 108.69
h) Service Revenue 30.63 46.94I) Others 400.63 352.90
1861.05 1726.39
1 Quantitative figures for Sales are after exclusion of inter-divisional transfers, capitalisation/captiveconsumption, samples, etc.
2 Sales include Excise Duty Rs.149.73 crores (Previous year Rs.139.37 crores)
SCHEDULE [B] (Contd.)
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23 Details of licensed capacity, installed capacity and actual production during the year of each class ofgoods manufactured :
Sl. Products Unit Licensed Capacity *Installed Capacity @Actual Production
No. 2003-04 2002-03 2003-04 2002-03 2003-04 2002-03
1 Transformers, KVA 90,00,000+(l) 90,00,000+(l) 1,85,00,000 1,85,00,000 1,31,17,016 1,13,60,460
Reactors and Nos 19,687 19,687 17,800 50,750 8,654 6,765
Accessories +(c)+(f)+(l) +(c)+(f)+(l) +(c)+(f) +(c)+(f)thereof
2 Switchgear, Nos 1,22,000 72,000 2,47,000 2,01,550 1,74,720 1,18,417Control + (l) + (l)Equipment &Accessoriesthereof
3(a) Motors, HP 14,39,250+(l) 14,39,250+(l) 42,98,570 42,07,104 28,91,502 19,42,261
Alternators Nos 1,98,835+(l) 1,98,835+(l) 16,19,500 16,76,500 8,64,824 9,18,907
and Pumps MW Nil 120 Nil 120 Nil Nil
(b) Electrical Steel MT 7,500+(l) 7,500+(l) 10,000 10,000 10,102 9,593Stamping &Laminates
4 Electric Fans, Nos 10,00,000 10,00,000 28,50,000 28,56,000 17,11,694 17,45,368Ventilation, & +(l)+(r) +(l)+(r)Pollution ControlSystems
5 Lighting - M.Pcs 19.46+(I) 19.46+(I) 68 88 30 32Electric Lamps
6 Communication,Computer Rs. 4 crores 4 crores Nil 4 crores Nil NilSystems, Software Nos. 4,75,000+(l) 4,75,000+(l) 3,83,000 3,83,000 5,094 27,269& Accessories Lines 1,20,000+(l) 1,20,000+(l) 3,80,000 3,80,000 NIL 1,13,500
7 Other Items Rs. (l) (l) Nil 10 crores Nil Nil
Nos. 24,00,250 24,00,350 24,05,550 24,05,970 32,856 9,18,164
System 700 700 700 700 Nil Nil
* Installed Capacities are as certified by the Managing Director on which Certificate the Auditors have placed reliance.
@ The production figures are as per returns submitted to Department of Industrial Development.
(c) To the extent required for Switchgear manufacture and supply to Associates.
(f) To the extent required for captive use.
(h) Within the overall existing licenced capacity of Motor Control Gear.
(l) Under the liberalised Industrial Policy of Government of India, the Company got the capacities approved by way ofAcknowledgements against the IEMs submitted by it.
(r) Registered; Capacity not specified.
SCHEDULE [B] (Contd.)
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24 INVENTORIES
Products Unit 2003-04 2002-03 2001-02Quantity Value Quantity Value Quantity Value
Rs.Crores Rs.Crores Rs.Crores
a) Transformers,Reactors andAccessoriesthereof Nos 88 2.74 80 2.26 44 1.22
b) Switchgears,ControlEquipmentandAccessoriesthereof Nos 392 0.25 837 0.88 587 1.49
c) Motors,AlternatorsandPumps Nos 8072 3.27 11787 6.33 32267 12.38
d) ElectricalsteelstampingsandLaminations M.Ton 382 2.51 406 2.68 483 2.70
e) Electric fansVentilationcontrolsystems Nos 76639 6.10 85193 7.48 117849 9.20
f) ElectricLamps M.Nos 1.32 3.23 1.93 4.32 1.85 2.70
g) Communicationcomputersystem,Software andAccessories 3.84 3.41 2.81
h) Others 12.27 12.77 12.33
34.21 40.13 44.83
25 Secured Loans - Securities are as under :-(a) The Debentures (VIII Series) aggregating Rs.5.55 crores (Previous year Rs.16.67 crores ) are secured
by first charge / mortgage over specific movable / immovable properties of the Company(b) The Debentures (IX Series) aggregating Rs.Nil (Previous year Rs.16.67 crores) are secured by first
charge on specific immovable properties of the company and specific movable assets of the company.(c) Term loans from banks and financial institutions amounting to Rs.69.25 crores (Previous year Rs.100.18
crores) are secured by way of equitable mortgage of land and building and by way of hypothecationof specific plant and equipment.
(d) Cash Credit / Working Capital Demand Loans from Banks aggregating to Rs.178.93 crores (Previousyear Rs.182.04 crores) includes Rs.178.93 crores Foreign Currency Loans (Previous year Rs.128.71crores) are secured by hypothecation of stocks and book debts, present & future.
26 Names of suppliers being Small Scale Industrial Undertakings to whom the Company owes a sum which isoutstanding for more than thirty days as on 31st March 2004 are as per annexure. The Informationregarding small scale industrial undertakings has been determined to the extent such parties have beenidentified on the basis of information available with the company.
SCHEDULE [B] (Contd.)
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SCHEDULE [B] (Contd.)
27 During the year, the Company prepaid certain deferred sales tax liabilities in accordance with the schemeformulated by the State Government of Maharashtra for such optional prepayments. Based on an expert�sopinion, the resultant surplus of Rs.19.12 crores, representing the excess of the recorded liability over theamount paid has been credited to �Capital Reserve�.
28 Pursuant to the approval by shareholders at the Annual General Meeting held on 22nd July 2003, thecompany had filed petition in the High Court of Judicature at Mumbai and the said High Court hadapproved the Capital Reduction vide its Order dated 15th September 2003. Accordingly, the balances ofthe undermentioned accounts as on 31st July 2003 have been adjusted against the Securities PremiumAccount:
Rs. Crores
(i) Voluntary retirement scheme 53.96
(ii) Technical know how 4.48
(iii) Testing fees 5.89
(iv) Deferred tax asset 79.46
(v) Debit balance in Profit & Loss Account 8.27
152.06
29 The company, with effect from 1st August 2003, has charged to Profit and Loss Account the entireexpenditure on voluntary retirement scheme, as against amortising these expenditure over five years as inthe past. Had these amounts been amortised as in the past, profit before tax for the year would have beenRs.95.54 crores (as against the reported figure of Rs.89.52 crores), reserves and surplus would havebeen Rs.294.13 crores (as against the reported figure of Rs.288.11 crores).
30 The Company has charged to the profit and loss account Rs.8.46 crores (Previous year Rs. 20.95 crores)under voluntary retirement scheme (VRS) in respect of closed units / closed departments of certainrunning units. The company, based on legal opinion, has not considered this amount as deduction for thepurpose of computation of net profits for managerial remuneration. The Company has been legally advisedthat for the purpose of calculating profit / loss under Sections 349/350, depreciation should not beincluded in the excess of expenditure over income.
31 (a) During the year 13.50% Secured Non-Convertible Debentures (IX series) were fully redeemed andinstalments pertaining to 13.50% Secured Non-Convertible Debenture (VIII Series) were paid as perstipulation.
(b) In view of the above, no amount is required to be transferred to Debenture Redemption Reserve (DRR)in accordance with the General Circular No.9/2002 dated 18-04-2002 issued by the Department ofCompany Affairs. The amount outstanding to the credit of DRR as on 31-03-2004 was in excess ofthe requirements amounting to Rs.3.60 crores has been transferred to the credit of General Reserve.
32 Exceptional items in the Profit & Loss account pertain to :2003-04 2002-03
Rs. Crores Rs. Crores
(a) Profit on sale of investment in CG Newage Electrical Ltd andlumpsum in lieu thereof 0.00 20.90
(b) Diminution in Value of Advances -3.25 -2.73
(c) Decline in value of certain Long Term Investments net ofwrite back of earlier decline Rs.0.75 crores -0.09 -11.97
(d) Profit on sale of Land & Building situated at Worli 4.80 0.00
(e) Profit on sale of Land & Building situated at Bhandup 4.37 0.00
5.83 6.20
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SCHEDULE [B] (Contd.)
33 (a) In view of the set off of accumulated losses / unabsorbed depreciation available to the companyunder section 72A of the Income Tax Act, 1961 there is no tax liability on the company except u/s115JB of the Act for which necessary provision has been made.
(b) Deferred Tax assets & liabilities are attributable to the following items:Rs. Crores
Deferred tax Charge(-)/ Deferred taxParticulars assets/ Credit assets/
(liabilities) as (liabilities) asat 01.04.2003 at 31.03.2004
Deferred Tax AssetExpenses allowable for tax purposes when paid/on payment of TDS 4.34 -2.57 1.77Unabsorbed carried forward tax losses/depreciation 130.70 -25.30 105.40Others 4.52 10.38 14.90
139.56 -17.49 122.07
Deferred Tax LiabilityDifference between Tax and Book written down value 56.56 3.68 52.88Expenditure under Voluntary retirement scheme ofearlier years 1.88 1.88 0.00
58.44 5.56 52.88
81.12 -11.93 69.19
Note:The deferred tax liability is computed after netting off adjustments made to Securities Premium Account asper scheme of capital reduction sanctioned by High Court of Judicature at Mumbai (Refer Note 28 above).
34 (a) In respect of disclosure under �Accounting Standard 18� regarding reporting of related partytransactions, the company has obtained legal opinion for matters required to be disclosed under thesaid Standard and accordingly information required under the Standard has been given.
(b) Disclosures as required by Accounting Standard 18 �Related Party Disclosure� in respect of transactionsfor the year ended 31st March 2004 are as under:-1 Relationships:
i) Subsidiaries:a) CG Capital & Investments Limited is the 100% subsidiary of the company.b) CG PPI Adhesive Products Limited.
CG Capital & Investments Limited holds 81.42% of Equity Share Capital in this Companyc) CTR Manufacturing Industries Limited.
CG Capital & Investments Limited holds 82.06% of Equity Share Capital in this Companyii) Associates:
a) Brook Crompton Greaves Limitedb) CG Actaris Electricity Management Limitedc) CG Lucy Switchgear Limitedd) CG Maersk Information Technologies Private Limitede) CG Smith Software Private Limitedf) Hitachi CG Motor Engineering Private Limitedg) International Components India Limitedh) Karamchand Thapar (Africa) Limited, Mauritiusi) Paxonet Communications Inc. USAj) Power Equipment Limited, Dubaik) Radiant Electronics Limited
iii) Key Management PersonnelMr SM Trehan - Managing Director
iv) Relatives of Managing Director :a) Mrs Mira Trehanb) Mr Amitoj Trehanc) Ms Ritambhara Trehand) Dr Om Prakash Trehane) Mrs Vimla Trehanf) Mrs Navnidhi Nagrathg) Mrs Madhur Chopra
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2 The following transactions were carried out with the related parties in the ordinary course of business:
Rs. Crores
2003-04 2002-03
Sl Transactions Subsidiaries Associate Total Subsidiaries Associate TotalNo Companies Companies
1 Purchases of goods 11.47 9.17 20.64 6.56 8.18 14.74
2 Sales of goods &service revenue 0.03 0.51 0.54 0.02 10.79 10.81
3 Interest expense 0.36 0.93 1.29 0.00 0.50 0.50
4 Dividend received 0.00 0.96 0.96 0.00 0.00 0.00
5 Commission received 0.00 0.01 0.01 0.00 0.02 0.02
6 Rent income 0.00 0.03 0.03 0.00 0.06 0.06
7 Interest income 0.48 0.00 0.48 0.76 0.00 0.76
8 Due to related partiesas at year end 2.11 9.60 11.71 1.99 7.73 9.72
9 Due from related partiesas at year end 0.00 0.12 0.12 0.06 0.36 0.42
10 Loan/ Inter corporatedeposits taken Balanceas at year-end 0.00 2.75 2.75 3.65 0.00 3.65
11 Loan/ Inter corporatedeposit placed Balanceas at year-end 8.88 0.00 8.88 7.14 0.00 7.14
3 Remuneration to Managing Director, Key Managerial Personnel Rs.1.96 crores (Previous year Rs.0.68crores)
4 Transactions with relatives of Managing Director Rs.Nil (Previous year Rs.Nil)
35 Earnings per share (EPS) computed in accordance with Accounting Standard 20 �Earnings Per Share�
Particulars 2003-04 2002-03
No. of Shares issued of Rs.10/- each 52366656 52366656Basic and Diluted EPS
(a) EPS excluding exceptional itemsNumeratorProfit/(Loss) for the year after tax Rs. 650019351 219714185
(b) EPS including exceptional itemsNumeratorProfit / (Loss) for the year after tax Rs. 708357568 281735038
(c) DenominatorWeighted average number of equity shares Nos 52366656 52366656
(d) Earnings per Share ( Basic & Diluted )= Numerator / Denominator(i) Excluding exceptional items Rs. 12.41 4.20
(ii) Including exceptional items Rs. 13.52 5.38
SCHEDULE [B] (Contd.)
Crompton Greaves Ltd.
81
Rs.CroresPower Consumer Industrial Digital Eliminations/ Total
Particulars System Products System Unallocable 2002-03Expenditure/
Assets*
Segment Revenue 690.70 532.94 376.54 126.21 0.00 1726.39Add: Inter segment Revenue 0.02 0.98 15.89 0.03 -16.92 0.00Total 690.72 533.92 392.43 126.24 -16.92 1726.39Segment Results 63.04 42.95 23.37 3.65 0.00 133.01Less: Interest 64.43Less: Other UnallocableExpenditure Net ofUnallocable Income 31.38Profit before tax 37.20Capital Employed:Segment Assets 508.85 233.70 247.97 87.46 316.05 1394.03Segment Liabilities 229.66 128.01 113.76 50.63 51.85 573.91Net Assets 279.19 105.69 134.21 36.83 264.20 820.12Capital Expenditure 12.81 -0.13 7.12 0.66 3.55 24.01Depreciation 15.00 9.56 13.96 2.60 4.13 45.25Non Cash Expenditure 6.73 11.88 8.99 1.20 0.79 29.59* Unallocable Assets comprise Assets and Liabilities which cannot be allocated to the segments.
Tax Credit Asset/Liability not considered in Capital Employed above.
36 The disclosure in respect of Segment information for the year ended 31st March, 2004I Primary Segments (Business Segment)
Rs.Crores
Power Consumer Industrial Digital Eliminations/ TotalParticulars System Products System Unallocable 2003-04
Expenditure/Assets*
Segment Revenue 755.32 611.88 439.70 54.15 0.00 1861.05
Add: Inter segment Revenue 0.25 1.75 14.14 0.06 -16.20 0.00
Total 755.57 613.63 453.84 54.21 -16.20 1861.05
Segment Results 64.03 53.62 40.80 -10.36 0.00 148.09
Less: Interest 38.48
Less: Other UnallocableExpenditure Net ofUnallocable Income 20.09
Profit before tax 89.52
Capital Employed:
Segment Assets 558.47 183.69 215.88 60.45 314.16 1332.65
Segment Liabilities 284.38 145.78 120.77 19.64 77.68 648.25
Net Assets 274.09 37.91 95.11 40.81 236.48 684.40
Capital Expenditure 16.31 1.70 9.30 0.56 -7.71 20.16
Depreciation 15.91 8.43 14.08 1.22 4.58 44.22
Non Cash Expenditure 2.47 3.16 3.11 0.13 0.24 9.11* Unallocable Assets comprise Assets and Liabilities which cannot be allocated to the segments.
Tax Credit Asset/Liability not considered in Capital Employed above.
SCHEDULE [B] (Contd.)
Crompton Greaves Ltd.
82
II Secondary Segment (Geographical Segment)
(a) The distribution of the company�s sales by geographical market is as under:Rs. Crores
Sales Revenue: 2003-04 2002-03
India 1673.47 1519.40
Outside India 187.58 206.99
Total 1861.05 1726.39
(b) The company�s tangible fixed assets are located entirely in India.III Segment Identification, Reportable Segment and Definition of each Reportable Segment:
(i) Segment Revenue and ResultsThe expenses which are not directly attributable to any business segment are shown as unallocableexpenditure
(ii) Segment Assets and LiabilitiesSegment assets include all operating assets used by the business segment and mainly consist offixed assets, debtors and inventories. Segment liabilities primarily include creditors and otherliabilities. Common Assets and Liabilities which cannot be allocated to any of the segments areshown as a part of unallocable assets / liabilities.
(iii) Primary / Secondary Segment Reporting Format:1 The risk-return profile of the Company�s business is determined predominantly by the nature
of its products and services. Accordingly, the business segment constitutes the primarysegment for disclosure of segment information.
2 In respect of secondary segment information, the Company has identified its geographicalsegments as (a) Domestic and (b) Overseas. The secondary segment information has beendisclosed accordingly.
(iv) Segment Identification:Business segments have been identified on the basis of the nature of products / services, therisk-return profile of individual business, the organizational structure and the internal reportingsystem of the Company.
(v) Reportable Segments:Reportable segments have been identified as per the quantitative criteria specified in �AccountingStandard-17 Segment Reporting� issued by the Institute of Chartered Accountants of India.
(vi) Primary SegmentIn the opinion of the management, the business segment comprises the following :(a) Power Systems : Transformer, Switchgear, Turnkey Projects(b) Consumer Products : Fans, Luminaires, Light Sources and Pumps(c) Industrial Systems : Electric Motors and Alternators(d) Digital : Telecommunication
37 (a) The Company has not entered into any Finance / Operating Lease as specified in AS-19 �Leases�. TheCompany has however taken various residential/commercial premises and plant & machinery undercancellable operating lease. These lease agreeements are normally renewed on expiry.
(b) The lease agreements provide for an option to the company to renew the lease period at the end ofthe non-cancellable period.
(c) There are no exceptional / restrictive covenants in the lease agreements.38 Disclosure in respect of Joint Ventures:-
For the purposes of disclosure pertaining to AS-27, all Joint Venture Companies have been considered asAssociates since these Joint Venture Companies do not fulfill the criterian specified in AS-27.
SCHEDULE [B] (Contd.)
Crompton Greaves Ltd.
83
39 Managerial Remuneration :
Computation of Net Profits in accordance with the provisions of Section 349 of the Companies Act, 1956
Rs. Crores
Particulars 2003-04 2002-03
Computation of Net Profits in accordance withthe provisions of Section 349 of theCompanies Act, 1956
Net Profit Before Tax as per Profit & Loss Account 89.52 37.20
Add: VRS for Closed Units(Refer Note 30 above) 8.46 20.95
Bounties on prepayment of sales taxdeferral liability 19.12 0.00
Managerial remuneration 1.96 0.68
Directors sitting fees 0.03 0.03
Revenue profit on sale of fixed assets 8.86 3.19
Government subsidy received 0.15 0.10
Advance written off 3.25 41.83 2.73 27.68
Less: Profit on sale of investments 4.38 8.93
Profit on sale of fixed assets 11.59 15.97 3.19 12.12
Less: Excess of expenditure over incomeAs calculated under section 349Brought forward from previous years(Refer Note 30 above) 42.09 140.10
Net Profit / Loss (-) in terms of Section 349 73.29 -87.34
Net profit for the purpose of Sec. 309 Rs.73.29 crores
Maximum remuneration as per Sec.309 @ 5% Rs. 3.66 crores
Remuneration to Managing Director / Directors Rs. crorescharged to accounts : 2003-04 2002-03
(a) Salaries and incentives 1.75 0.46
(b) Contribution to provident and other funds 0.13 0.14
(c) Other perquisites 0.08 0.08
1.96 0.68
Based on the Expert�s opinion, Net Loss for the purposes of Managerial Remuneration in accordance withSection 349 has been re-computed for the financial year 2002-03.
40 The management has suspended the operations w.e.f. 22nd April 2003 in respect of the followingDivisions:-
(a) Capacitor-Pune, (b) Industrial Electronics-Satpur, Nasik and (c) Digital (Informatics)-Bangalore.
SCHEDULE [B] (Contd.)
Crompton Greaves Ltd.
84
SCHEDULE [B] (Contd.)
41 There are no amounts due and outstanding to be credited to Investor Education and Protection Fund.
42 Miscellaneous income includes profit on sale of investment Rs.4.47 crores (Previous year Rs.Nil).
43 Particulars in respect of Loans and Advances in the nature of loans as required by the Listing Agreement:-
Rs. Crores
Name of the Company Balance as on Maximumoutstanding during
31.03.2004 31.03.2003 2003-04 2002-03
A. Loans and advances in the nature ofloans given to subsidiaries:-CG Capital & Investments Limited 8.88 0.00 8.88 0.00
CG PPI Adhesive Products Limited 0.00 4.02 4.02 4.03CTR Manufacturing Industries Limited 0.00 3.01 3.01 3.01
B. Loans and advances in the nature of loansgiven to associates 0.00 0.00 0.00 0.00
C. Loans and advances in the nature of loanswhere repayment schedule is not specified
DBH International Limited 1.75 1.75 1.75 1.75
CG Capital & Investments Limited 8.88 0.00 8.88 0.00
D. Loans and advances in the nature of loanswhere interest is not charged
CG Capital & Investments Limited 8.88 0.00 8.88 0.00
44 Prior year figures have been reclassified where necessary to confirm with the current year�s presentation.
Crompton Greaves Ltd.
85
Additional information, as required under Part IV of Schedule VI to The Companies Act, 1956
I Registration Details:Registration Number 2641State Code 11Balance Sheet Date 31st March, 2004
II Capital Raised during the year: Rs.�000Public issue �Rights issue �Bonus issue �Private placement �On amalgamation for consideration other than cash �
III Position of Mobilisation and Deployment of Funds: Rs.�000Total Liabilities 6844108Total Assets 6844108Sources of Funds:
Paid up capital 523699Reserves and surplus 2881176Secured loans 2537334Unsecured loans 799199Deferred tax liability 102700
Application of Funds:Net fixed assets 3684608Investments 699297Net current assets 2460203
IV Performance of the Company : Rs.�000Turnover (including Other Income) 18880702Total expenditure 18043783Profit before exceptional items and tax 836919Profit before tax 895257Profit after tax 708357Earning per share (Rs.) 13.52Dividend rate %Interim 30%Final 40%
V Generic names of the principal products, services of the Company:Product Description Item Code No.
(ITC Code)Transformers 85.04Switchgears and power control equipment 85.35Fans, light sources and luminaires 84.14Electrical motors and alternators 85.01Telecom 85.17
Mumbai, 26th May, 2004 Mumbai, 26th May, 2004
As per our report attached.SHARP & TANNAN B. R. Jaju S. M. TrehanChartered Accountants Chief Financial Officer Managing Director
L. Vaidyanathan W. Henriques K. K. NohriaPartner Secretary ChairmanMembership no 16368
Balance Sheet Abstract and Company�s General Business Profile
Crompton Greaves Ltd.
86
1 A.J.SERVICES2 ABSOSIL PRODUCTS3 ALERT ENGG ENTERPRISES4 ALPHA INDUSTRIES5 ALWAYE ENGINEERING6 ANURADHAR ENGINEERING WORKS7 APEX LUMINAIRES PVT.LTD.8 APM PLAST9 ARISTO FOILS MFG. CO10 ASHOKA ELECTRONICS11 ASHWINI INDUSTRIES.12 ASSOCIATED COMML. ENTERPRISES13 ASSOCIATED TELECOM PRODUCTS14 ATVUS INDUSTRIES15 AUDLER & MANUFACTURING CO.16 BARODA BUSHING17 BARODA BUSHING AND INSULATIONS18 BESTLITE ELECTRICALS P.LTD19 BHAGWATI STEEL WORKS20 BHARAT CORUB INDS21 BHARTI MECHANICALS WORKS22 BHAVNA INDUSTRIAL CORPORATON23 BHAWANI INDUSTRIES24 BHAWANI UDYOG25 CAPS & CAPS PVT.LTD.26 CHAKRADHAR ENGG P LTD27 CHIRAG ENGINEERING28 CHURI ELECTROMECH29 COMET BRASS PRODUCTS30 CONWELD ENGINEERING SERVICES31 CORTICA MFG. INDS32 DASHMESH ENG WORKS33 ELECTRO MECHANICALS34 ELECTROCRAFT ENTERPRISES35 ENN KAY ENGINEERING COMPANY36 EVERGREEN ENGG CO LTD-WORKS III37 EVERGREEN ENGINEERING CO. LTD.-II38 EVONNE39 FALLS INDS40 FIBER GLASS INSULATION41 FORWARD ENGINEERING INDUSTRIES42 GEE CEE OSWAL ENTERPRISES43 GENERAL ELECTRO MECH44 GLASS FIBRE AND ALLIED IND45 GLOSTAR ELECT. PVT. LTD,46 GOVIK ELECTRICALS P LTD47 GUPTA INDUSTRIAL CORPORATION48 HARGOBIND ELECTRICALS49 HEMANT ENGINEEREING WORKS50 HINDUSTAN FORGING51 HITECH AGRO INDUSTRIES52 HUPEN ELECTROMECH P LTD53 INDIAN CABLE TRANS CORPN54 INDIAN METALS AND ALLOYS55 INTERFACE DEVICES56 JOY ENGINEERING57 JUPITER ENGG WORKS58 JYOTI RUBBER ENGINNER59 JYOTI STEELS60 K.C.FIXTURES
Annexure to Schedule B (Refer Note No. 26) : List of Small Scale Industrial Undertakings
61 KANPUR LACE WORKS62 KAPOOR INSULATION(P) LTD.63 KAY FLURO ELECTRONICS PVT. LTD.64 KAYLITES ELECTRICALS PVT. LTD.65 KHANDELWAL INDUSTRIES66 KIRAN UDYOG67 KRISHNA METAL WORKS68 LATHA PLASTRONICS69 LEOTECH70 M.K.LIGHTING EQUIPMENT PVT. LTD.71 MAGNA INDUSTRIES72 MANDA ENGINEERING73 MANIXON INDUSTRIAL CORPORATION74 MASCOT INDUSTRIES75 MAXWEL MAGNETICS76 MEET ENGG PVT. LTD.77 MERLIN MACHINEFABRIK78 METAPLAST INDS79 MINERVA ENGINEERING TOOLS80 MULVIR INDUSTRIES81 N S ENTERPRISES82 NAVBHARAT ELECTRONICS CO83 NEEPIROSE INDUSTRIES84 NEO ENGG WORKS85 NEW KRISHNA METAL ARTS86 NEW POTNIS ENGINEERING WORKS87 NEXO INDS P LTD88 NISHITA INDUSTRIES89 NKM CABLES & STRIPS(P) LTD.90 OM RAMNATH SONTOSHI ENTERPRISES91 PACKWOOD INDUSTRIES92 PADMA ENGINEERING93 PALLAVI ENTERPRISE94 PAN INTERNATIONAL95 PARAGON ASSOCIATES96 PARAMOUNT SALES & PRODUCTS97 PERMALI WALLACE LIMITED98 POLORIES CABLES99 POPULAR RUBBER PRODUCTS100 POWER ELECTRONICS & CONTROL101 POWER ENGINEERING CO.102 PRADEEP SALES103 PRECIOUS DIE WORKS104 PRECIOUS PLASTICS105 PRECISION ENGRS106 PRECITECH COMPONENTS107 PREMIER AUTOMATS108 R INDUSTRIES109 R K ENTERPRISES110 R K LIGHTING PVT. LTD.111 RAJ PRECISION PRODUCTS112 RAJAT PRODUCTS113 RAMKRISHNA INDUSTRIES114 RANE & SONS115 RAVIKIRAN CERAMICS116 REDEMA117 REKHA ENGINEERING118 RENOWN ENGINEERING CO.119 ROLLIFLEX INDUSTRIES120 ROTOMAG MOTORS & CONTROLS
121 RUBBER CENTRE122 S V INDUSTRIES123 SANDHYA ENTERPRISES124 SANGHVI INDUSTRIES125 SAPTSHRINGI ENGG126 SATISH INDS127 SHAILESH ENGINEERING CO.128 SHAILESH ENGINEERING CO. UNIT 2129 SHAKTI ENTERPRISES130 SHANKAR BRAZING WORKS131 SHARDA ELECTRICALS132 SHIVAM METALS133 SHRADDHA ENGINEERS134 SHREE ENGINEERING CORPORATION135 SHREE LAKSHMI INDUSTRIES136 SHREE RUBBER WORKS137 SHREE SWAMI SAMARTH ENGG.138 SHRI DATTA INDUSTRIES139 SHRI ELECTRO SERVICES140 SHRI KRISHNA ENGG & CONTRS.141 SIDDHIVINAYAK ELECTRICALS142 SKYTECH ENGINEERING143 SM ASSOCIATES144 STANRO RUBBER ENGINEERS145 STAR SCEENERS146 STEEL FAB ENGINEERS147 STEEL TECH ENGINEERS148 SUKRUT UDHYOG149 SUMMIT ENGINEERING150 SUNDEEP PRODUCTS151 SUPREME ELECTRICALS152 SURENDRA ENGG. WORKS153 SURYODAYA ENGG INDUSTRIES154 TECH MECH ENTERPRISE155 TECHNO ENGINEERS156 THERMAL TR. PRODUCTS157 THRIARR POLYMERS158 TOOL COMPLEX159 TRANSVICK INDUSTRIES160 TREVENI CONDUCTORS PVT LTD161 UNITECH ENGINEERS162 UNITED ENGINEERING CO.163 UNITED INDL. COMPONENTS164 UTSAV ELECTROMECH P LTD165 V.N.BOLINJKAR & SONS166 VAIBHAV INDUSTRIES167 VARSHA INDUSTRIES168 VCPI169 VEEKAY ENTERPRISES170 VICTORY LUMINAIRES171 VIJAYA ENGINEERING WORKS172 VIKASH MITUL BIRLA PAPER173 VIPUL TOOLS CENTRE174 VISSION ENGINEERS175 VISWAJEET INDUSTRIES176 VISWAS TRADING CORPORATION177 WOOD SPOT178 YASH TRADING CO.179 YASHDA CHEMICALS180 YASHLAXMI ENGG. FABRICATION181 YOGYA ENTERPRISES
Crompton Greaves Ltd.
87
2003-04 2002-03Rs.�000 Rs.�000
[A] CASH FLOWS FROM OPERATING ACTIVITIES
Net profit before Tax and Exceptional Items 836,919 310,014
Depreciation 442,207 452,596
Interest (net) 384,854 644,281
Investment income -14,855 -3,463
Miscellaneous Expenditure written off 32,006 43,794
Profit(-)/Loss(+) on sale of investments -44,695 0
Exchange Premium -61,658 24,214
Profit(-)/Loss(+) on sale of fixed assets -24,212 -31,928
Employee Voluntary Retirement Scheme 150,013 252,057
863,660 1,381,551
Operating profit before working capital changes 1,700,579 1,691,565
Adjustments for:
Trade and other receivables -418,840 -17,133
Inventories 188,761 -149,051
Trade and other payables 518,763 161,231
Leave encashment provision -11,361 15,642
277,323 10,689
Cash generated from / (used in) operations 1,977,902 1,702,254
Direct taxes Paid (-) / Refund received (+) 8,975 25,032
Cash flow before exceptional items 1,986,877 1,727,286
Advance written off -32,500 -27,300
Employee Voluntary Retirement Scheme Incurred -94,821 -56,606
Miscellaneous Expenditure Incurred -33,355 -43,270
-160,676 -127,176
Cash generated from / (used in) operations [A] 1,826,201 1,600,110
[B] CASH FLOWS FROM INVESTING ACTIVITIES
Add: Inflows from investing activities
Sale of fixed assets 254,841 53,499
Sale of investments (Gross) 3,880,665 361,678
Government Subsidy Received 1,500 1,000
Investment income 14,855 3,463
4,151,861 419,640
Less: Outflows from investing activities
Purchase of fixed assets -340,587 -261,655
Purchase of investments -3,796,460 -63,495
-4,137,047 -325,150
Net cash generated from / (used in) investing activities [B] 14,814 94,490
Cash Flow Statementfor the year ended 31st March, 2004
Crompton Greaves Ltd.
88
[C] CASH FLOWS FROM FINANCING ACTIVITIES
Add: Inflows from financing activities
Secured loans 0 0
Unsecured loans 0 533,495
0 533,495
Less: Outflows from financing activities
Secured Loans -587,134 -517,181
Unsecured Loans -443,753 0
Interim Dividend paid -156,233 0
Corporate tax on Dividend -20,128 0
Interest paid (net) -379,445 -644,281
-1,586,693 -1,161,462
Net cash generated from / (used in) financing activities [C] -1,586,693 -627,967
NET CHANGES IN CASH AND CASH EQUIVALENTS (A+B+C) 254,322 1,066,633
Cash and cash equivalents - Opening balance -1,309,523 -2,376,156
Cash and cash equivalents - Closing balance -1,055,201 -1,309,523
BREAK UP OF CASH AND CASH EQUIVALENTS
Cash and bank balances 761,578 547,429
Bank overdraft -1,789,279 -1,820,452
Inter corporate deposits payable -27,500 -36,500
-1,055,201 -1,309,523
NOTES:
1 The cash flow statement has been prepared under the indirect method as set out in AccountingStandard - 3 �Cash Flow Statements� issued by The Institute of Chartered Accountants of India except incase of dividend, purchase and sale of investments which have been considered on the basis of actualmovements of cash and cash equivalents with corresponding adjustments in assets and liabilities.
2 Additions to fixed assets are stated inclusive of movements of capital work-in-progress between thebeginning and the end of the year and treated as part of investing activities.
3 Figures for the previous year have been re-grouped/re-classified wherever necessary.
Mumbai, 26th May, 2004
B. R. Jaju W. Henriques S. M. Trehan K. K. NohriaChief Financial Officer Secretary Managing Director Chairman
AUDITOR�S CERTIFICATEWe have examined the attached cash flow statement of Crompton Greaves Limited for the year ended 31stMarch 2004. The statement has been prepared by the Company in accordance with the requirements of Clause32 of the Listing Agreement with the Stock Exchanges and is based on and in agreement with the correspondingProfit and Loss Account and Balance Sheet of the Company covered by our report of 26th May, 2004 to themembers of the company.
Mumbai, 26th May, 2004 SHARP & TANNANChartered Accountants
L. VaidyanathanPartner
Membership No. 16368
2003-04 2002-03Rs.�000 Rs.�000
Crompton Greaves Ltd.
89
Statement in accordance with the provisions of Section 212 of the Companies Act, 1956
Name of the Subsidiary CG Capital CG-PPI CTRand Adhesive Manufacturing
Investments Products IndustriesLimited Limited Limited
1 Financial year of the subsidiary ended on 31.03.2004 31.03.2004 31.03.20042 Extent of interest of the Company in
subsidiary at the end of the Financial Yearof each(a) Face value Rs. 10 10 100(b) Number of shares held by:
i) Crompton Greaves Ltd Nos. 9500000 � �ii) CG Capital and Investments Ltd Nos. � 3175520 228098
(c) Shareholding percenti) Crompton Greaves Ltd % 100 � �ii) CG Capital and Investments Ltd % � 81.42 82.06
3 (a) Net aggregate amount of profits lesslosses so far as they concern membersof the Company and not dealt with, inthe Company�s account
(i) For the Financial Year ended31-03-2004 Rs. Crores 3.69 0.69 0.71
(ii) For the previous financial yearssince it became a subsidiary Rs. Crores (2.05) 4.02 3.44
(b) Net aggregate amount of profits lesslosses so far as they concern membersof the Company and dealt with, in theCompany�s account
(i) For the Financial Year ended31-03-2004 Rs. Crores NIL NIL NIL
(ii) For the previous financial yearssince it became a subsidiary Rs. Crores NIL 2.06 NIL
Mumbai, 26th May, 2004
B. R. Jaju W. Henriques S. M. Trehan K. K. NohriaChief Financial Officer Secretary Managing Director Chairman
Statement under Section 212 of the Companies Act, 1956
Crompton Greaves Ltd.
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116
Products and ServicesProducts and Services
Power SystemsTransformers• Power Transformers
• Distribution Transformers
• Amorphous Core Transformers
• Dry Type Transformers
• Locomotive Transformers
• Traction Transformers
• Furnace Transformers
• Rectifier Transformers
• Series and Shunt Reactors
Switchgear• OIP Instrument Transformers upto 400 kV
• Condenser Bushings
• Coupling/Grading Capacitors
• Vacuum Circuit Breakers upto 36kV
• Gas Circuit Breakers upto 400 kV
• On-load Tap Changers
• Lightning Arresters
• Vacuum Interrupters upto 52 kV, 40 kA
• MV & LV Vacuum Contactors upto 12 kVand 400A
• Gas Insulated Switchgear (GIS)
• Unitised Substation
• Power Quality Solutions
• Dry type outdoor Instrument Transformers upto 36 kV
• Polycrete Bushings upto 36kV and 3150A.
• Polycrete support Insulators upto 36 kV
Engineering Projects• Systems Engineering
• Projects on turnkey basis from concept tocommissioning: Power Generation,Transmission & Distribution – 400 Volts to400 kV
• Industrial Electrification for ProcessIndustries, Power, Cement, Paper,Metallurgy, Steel, Petrochemicals, etc.
• Control and Automation Projects forSubstations
• Railway Traction Substations
• Railway Overhead Electrification
Industrial SystemsMotors• AC Motors from 7 Watts to 10 Megawatts –
All types including Flame Proof andIncreased Safety
• DC Motors
• Alternators / AC Generators
• Stampings & Laminations, Tools
Rail Transportation• Traction Motors & Alternators
• Traction Controls for Diesel Electric Multiple Units
• Carriage fans
Signalling Products• Signalling Relays
• Point Machines
• Data Logger
Consumer ProductsLighting
Lamps
• Fluorescent Tube Lights, CompactFluorescent & T5 Lamps
• Incandescent Lamps
• Reflux Lamps, Reflux Systems
• High Pressure Mercury/Sodium VapourLamps
• Metal Halide Lamps
• Halogen Lamps
Luminaires and Accessories• Mirror Optics
• Streetlights, Floodlights
• Domestic, Commercial
• Industrial
117
• High Masts
• Lighting Electronics
• Special Lighting
Fans• Ceiling Fans in various models
• Table, Pedestal and Wall Mounting Fans inmetal and plastic
• Kitchen Fresh Air Fans
• Cooler Kits
• Industrial Fans: Exhaust Fan and AirCirculator
• Special Purpose Fans
Pumps• Centrifugal Monoblock Pumpsets
- Single/Two Stage
• Self Priming Pumpsets – Monobloc andCoupled
• Submersible Pumpsets for 78,100, 150, 200& 250mm borewell
• Jet Centrifugal Pumpsets – Single or MultiStage
• De-watering Pumpsets
• Vertical In-line Pumpsets
• Open well Submersible Pumpsets
• Diesel Engines & Diesel Engine drivenPumpsets
• Compressor Borewell Pumpsets
• Tank Compressor
International• Exports of all Crompton Greaves
manufactured and factored productsdirectly and via global EPCs operating fromIndia.
DigitalSwitching (D4) • 200 Ports C-DOT Rural Automatic
Exchanges (TAX)
• 400 - 1400 Ports C-DOT Single Base
Module RAX
• C-DOT MAX-L Exchanges of Capacities upto10K lines
• C-DOT MAX-XL Exchanges of Capacities upto 40K Lines
• Network Synchronisation Equipment (NSE)
• Huawei D-TAX Exchange of Capacity upto 800K lines
Transmission (D4)• 2/8 Mbps Optimux Equipments
• 2/8 Mbps Optimux in 1+1 Hot StandbyMode
• 2/34 Mbps Optimux Equipment
• TDMA-PMP Digital MARR Systems
• Optical Modems at 8 Mbps
• STM-1 & STM4 equipments
• Free Space Optics Equipment
Access Products (D4)• CorDECT – Wireless Local Loop Equipments
• High-bit-rate Digital Subscriber Loop(HDSL) systems
• CDMA (Code Division Multiple Access)
Handsets• DLC on SDH’s (Digital Loop Carrier on SDH)
• Multiplexer Equipment
Private Switching (D3)• Coral Range of EPABX Systems of capacities
up to 6000 ports with CTI and ACD facilities
• Call Centers
• VOIP Range products
• Video Conferencing products
Telephone InstrumentsVarious models of Basic, Premium, Featureand CLI Phones
• Basic: Maestro, EasyTalk, Crystal
• Premium: Free Talk, Memory Talk
• Feature: Plan (1+1)
• CLI phones: Clip I, Clip II & Blue Line
Registered Office
CG House,6th floor, Dr. Annie Besant Road,
Worli, Mumbai 400 030.
Tel. (022) 24237777, Fax (022) 24237788
Works
Power Systems
• Kanjur, Bhandup, Mumbai 400 042
Tel: (022) 25782974, Fax: (022) 55558305
e-mail: [email protected]
• A3, MIDC Area, Ambad, Nashik 422 010
Tel: (0253) 2382271/75
Fax: (0253) 2381247
e-mail: [email protected]
• D2-MIDC, Waluj, Aurangabad 411 136
Tel: (0240) 2554662/2554371-72
Fax: (0240) 2554697
e-mail: [email protected]
• T1+T2 MPAKVN Industrial Area
Malanpur (Dist. Bhind) Madhya
Pradesh 477 716
Tel: (07539) 283502-7, Fax: (07539) 283585
e-mail: [email protected]
• Plot No. 29-32 New Industrial Area No. 1
AKVN, Mandideep 462 046 M.P.
Tel: (07480) 233306/40/48
Fax: (07480) 233149
e-mail: [email protected]
Industrial Systems
• Kanjur, Bhandup, Mumbai 400 042
Tel: (022) 55558000
Large & Traction Machines Division
Fax: (022) 25783845
e-mail: [email protected]
Stampings Division
Fax(022) 25787970
e-mail: [email protected]
• A/6-2, MIDC Industrial Area
Ahmednagar 414111
Tel: (0241) 2777372, Fax: (0241) 2777508
e-mail: [email protected]
• D-5 Industrial Area MPAKVN
Mandideep 462 046 M.P.
Tel: (07480) 233116, 233118
Fax: (07480) 503119
e-mail: [email protected]
• 11B, Industrial Area 1, Pithampur 454 775
Dist: Dhar M.P.
Tel: (07292) 253194, 253258, 253197
Fax: (07292) 253211
e-mail: [email protected]
• D-2-21,22,23 Tivim Industrial Estate
Karaswada, Bardez, Goa 403 526
Tel: (0832) 2257639, 2257409
Fax: (0832) 2257207
e-mail: [email protected]
• 196-198, Kundaim Industrial Estate
Kundaim, Ponda, Goa 403 115
Tel: (0832) 2395510, Fax: (0832) 2395377
e-mail: [email protected]
Consumer Products
• Luminaire Division, 2nd floor, Central
Building, Kanjur Marg (East)
Mumbai 400 042
EstablishmentsEstablishments
119
120
Tel: (022) 55558000
Fax: (022) 25787283/25783027
e-mail: [email protected]
• Baroda Lamp Works, Kural Village, Padra
Taluka, Padara–Jambusar Road
Dist Baroda 391 430, Gujarat
Tel: (02662) 242323/242278
Fax: (02662) 242326
e-mail: [email protected]
• A-28, MIDC, Ahmednagar 414111
Tel: (0241) 2777152, 2777155, 2778040
Fax: (0241) 2777893
e-mail: [email protected]
• 214-A Kundaim Industrial Estate, Kundaim
Goa 403 115
Tel: (0832) 2395206, 2395246
Fax: (0832) 2395305
e-mail: [email protected]
• Plot No. 1 Goa IDC Industrial Estate
Bethora, Ponda, Goa 403 409
Tel: (0832) 2330005, 2330203, 2330235
Fax: (0832) 2330155
e-mail: [email protected]
Digital
• Public Switching, Transmission & Access
Division, No.10A, Jigani Industrial Area
Jigani, Anekal Taluk Bangalore–562 106
Tel No.: (080) 7825201 / 7825206 / 7825207
Fax No.: (080) 7825205 / 7825202 / 7825210
e-mail: [email protected]
International Division
• "Jagruti", 2nd floor, Kanjurmarg (East)
Mumbai 400 042
Tel: (022) 55558931, 55558365
Fax: (022) 25774066, 25780456
e-mail: [email protected]
Engineering Projects Division
• Bombay Mutual Building, 4th floor, 232
NSC Bose Road, Chennai 600 001
Tel: (044) 25341941
Fax: (044) 2531048, 25342024
e-mail : [email protected]
Regional Sales Offices
Northern Region
• Jaipur: Church Road, PO Box 173
Jaipur 302 001
Tel: (0141) 2376919, 2376307, 2365604
Fax: (0141) 2365371
e-mail: [email protected]
• Jalandhar: 416-417, 3rd Floor, Prestige
Chambers, GT Road, Jalandhar 144 001
Tel: (0181) 2459467, 2459478, 2223801
5083744, Fax: (0181) 2226342
e-mail: [email protected]
• Lucknow: Saran Chambers II
3rd Floor, 5 Park Road, Lucknow 226 001
Tel: (0522) 2239443, 2237007/8, 2237426
Fax: (0522) 2237009
e-mail: [email protected]
• New Delhi: Vandana Building, 11 Tolstoy
Marg, New Delhi 110 001
121
Tel: (011) 23354514/15, 23730445
23352161/2
Fax: (011) 23324360, 23352134
e-mail: [email protected]
• New Delhi: Rail Transportation
Systems Division, Vandana Building
11, Tolstoy Marg, New Delhi 110 001
Tel: (011) 23352147, Fax: (011) 23352134
e-mail: [email protected]
• New Delhi: Digital-Rishyamook Building
Block B, 2nd Floor, 85 A, Punchkuin Road
New Delhi 110 001
Tel: (011) 23348236
23348240/23348425/426
Fax: (011) 23744954
Eastern Region
• Kolkata: 50 Chowringhee Road
Kolkata 700 071
Tel: (033) 22829681-85
Fax: (033)22829942 (Marketing)
(033) 22824818 (Mktg.&Finance)
e-mail: [email protected]
• Kolkata: Digital – Eastern Region
50, Chowringhee Road, Kolkata 700 071
Tel: (033) 22829681- 85/22827761
Fax: (033) 22829942
• Bhubaneswar: Janpath Tower 3rd floor
Ashok Nagar Unit II, Bhubaneswar 751 009
Tel: (0674) 2531128, 2531429, 2531277
2533647, Fax: (0674) 2533521
e-mail: [email protected]
Western Region
• Ahmedabad: 909-916, Sakar II, Near Ellis
Bridge Police Station, Ahmedabad 380006
Tel: (079) 26581729, 26582780, 26587328
Fax: (079) 26586047
e-mail: [email protected]
• Indore: 103-B, Apollo Trade Centre, 2B
Rajgarh Kothi, Mumbai-Agra Road
Indore 452 001
Tel. (0731) 2498269, 2498271, 2498276
Fax: (0731) 5067146
e-mail: [email protected]
• Pune: Surya Bhavan, 5th floor, Fergusson
College Road, Pune 411 005
Tel: (020) 25534675–77
Fax: (020) 25534684
e-mail: [email protected]
• Mumbai: Western Region, Kanjur Marg
(East), Mumbai 400 042
Tel: (022) 55558000
Fax: (022) 55558669, 25795158
e-mail: [email protected]
• Nagpur (Satellite Office), 3, West High
Court Road, Lal Bahadur Shastri Chowk
Dharampeth, Nagpur 440 010
Tel: (0712) 2531271, 2560870-71
Fax: (0712) 2537196
e-mail: [email protected]
Digital: Kanjur Works, Kanjur Marg (East)
Mumbai - 400 042
Tel: (022) 25787733/25787636
Fax: (022) 25784122
Southern Region
• Chennai: ‘Crompton House’ 3, Dr. MGR
Salai (Kodambakkam High Road)
Nungambakkam, Chennai 600 034
Tel: (044) 28257375
Fax: (044) 28231973/1974
e-mail: [email protected]
• Bangalore: First Floor, Janardhana Towers
562/640, Bannerghetta Road, Bilekahalli
Bangalore 560 076
Tel: (080) 51391908/909
Fax: (080) 51391900
e-mail: [email protected]
• Cochin: Cherupushpam Building, 5th floor
300-6, Shanmugham Road, Ernakulam
Cochin 682 031
Tel: (0484) 2370860 – 63, 2360240
Fax: (0484) 2373738
e-mail: [email protected]
• Secunderabad: Minerva House, 4th floor
94, Sarojini Devi Road, Secunderabad 500 003
Tel: (040) 27847270, 27847090
Fax: (040) 27842921
e-mail: [email protected]
• Digital: 562/640, Janardhan Towers,
1st floor, Bilekahalli, Bannerghatta Road
Bangalore-560 076
Tel: (080) 51292390-99
Fax: (080) 51292389
e-mail: [email protected]
Service CentresNorthern Region
• 56, Rama Road, New Delhi
Tel: (011) 25173139, 25173149, 25916311
Fax: (011) 25173148
e-mail: [email protected]
• Church Road, P.O. Box 173, Jaipur 302 001
Tel: (0141) 2365604, Fax: (0141) 2365371
e-mail: [email protected]
• Village Khajuria, Outside Jalandhar Octroi
Post, Jalandhar – Phagwara Road
Jalandhar 144 001
Tel: (0181) 2632199, 2632187
e-mail: [email protected]
• Plot No. 1, Industrial Area, Phase-1
Chandigarh 160 002
Tel: (0172) 2657402, 2659764
e-mail: [email protected]
• C-22, Transport Nagar, Lucknow 226 012
Tel: (0522) 2432345
e-mail: chandra.srivastava @cgl.co.in
Eastern Region
• 21, R N Mukherjee Road, Kolkata-700 001
Tel: (033) 22489160 22488911
Fax: (033) 22489737
e-mail: [email protected]
• Janpath Tower (Basement), Ashok Nagar
Unit II, Bhubaneswar 751 009
Tel: (0674) 2531128, 2531429, 2531277,
2533647, Fax: (0674) 2531592
e-mail: [email protected]
• Vishwasadan, Behind Jeevan Deep Bldg.
East of Narmada Apartments, Exhibition
Road, Patna 800 001
Tel: (0612) 2239405
e-mail: [email protected]
122
Western Region
• 909-916, Sakar II, Near Ellis Bridge Police
Station, Ahmedabad 380 006
Tel: (079) 26581729
Fax: (079) 26586047
e-mail: [email protected]
• 103-B, Apollo Trade Centre, 2B, Rajgarh
Kothi, Mumbai-Agra Road, Indore 452 001
Tel: (0731) 2498269, 2498271, 2498276
Fax: (0731) 5067146
e-mail: [email protected]
• Surya Bhavan, 5th floor, Fergusson College
Road, Pune 411 005
Tel: (020) 25534675–77
Fax: (020) 25534684
e-mail : [email protected]
• Western Region, Kanjur Marg (East)
Mumbai 400 042
Tel: (022) 55558000
Fax: (022) 55558669
e-mail : [email protected]
• 3, West High Court Road, Lal Bahadur
Shastri Chowk, Dharampeth
Nagpur 440 010
Tel: (0712) 2531271, 2560870-71
Fax: (0712) 2537196
e-mail: [email protected]
Southern Region
• No. 26, 2nd Main Road, Trustpuram
Chennai 600 024
Tel: (044) 24724096
e-mail: [email protected]
• 20, II Main Road, New Timber Yard Layout
Mysore Road, Bangalore 560 026
Tel: (080) 6755723 / 6755727
Fax: (080) 6755723
e-mail: [email protected]
• No. 9C Jigani Industrial Area, Jigani Anekal
Taluk, Bangalore 562 106
Tel: (080) 7825203, 7826057, 7826421
Fax: (080) 7825205
• 1st floor, 132, Industrial Area, Rasulpura
Secunderabad 500 003
Tel: (040) 27905398, 55269001
e-mail: [email protected]
• 35/1872, South Janata Road, Palarivattom
Cochin 682 025
Tel: (0484) 2338102, 2338856
e-mail: [email protected]
• Sree Rajalakshmi Plaza
658, Dr. Rajendra Prasad Road
(100 Feet Road), Gandhipuram
Coimbatore 641037
Tel: (0422) 2521829/830
Fax: (0422) 2525334
e-mail: [email protected]
• 29-2-22 Rama Mandiram Street
Governorpet, Vijayawada 520 002
Telefax: (0866) 5595144.
• Telecom Business, Private Switching
Division, 9-C, Industrial Area, Jigani, Anekal
Taluk, Bangalore-562106
Tel: (080) 7825203
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