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Crompton Greaves
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Directors Report Year End : Mar '14    « Mar 13
To The Members,
 
 The Directors are pleased to present their Seventy Seventh Annual
 Report on the business and operations of the Company (or CG] and the
 accounts for the financial year ended 31 March 2014.
 
 The Year In Retrospect
 
 The consolidated net revenue of the Company during 2013-2014 grew by
 11.5% at Rs. 13,481 crore, as compared with Rs. 12,094 crore last year.
 The Company has achieved a stand-alone net turnover of Rs.7,490 crore,
 during the year under review, as compared with Rs.7,135 crore during
 the previous year, a rise of 5.0%.
 
 Consolidated profit before tax (after exceptional item) increased to
 Rs.495 crore.  as compared with Rs.64 crore in the previous year, an
 increase of 672.5% over last year.  Stand-alone profit before tax
 increased from Rs.596 crore to Rs.713 crore, an increase of 19.5%.
 
 Consolidated profit aftertax is Rs.244 crore as compared with
 consolidated loss after tax of Rs.36 crore in the previous year, an
 increase of 776.1 %. The Company recorded a stand-alone profit after
 tax of Rs.521 crore, an increase of 16.9% from Rs.446 crore last year.
 
 The Sales and Profit Before Interest and Tax(PBIT) of the respective
 Business Groups, compared with last year is given in Table 1.
 
 A detailed review of the operations and performance of the Company and
 each Business Group as well as the Company''s International operations
 is contained in the Management Discussion and Analysis Report, which is
 given as a separate chapter in the Annual Report.
 
 Amalgamation
 
 CG-ZIV Power Automation Solutions Ltd (CG-ZIV) and CG Energy Management
 Limited (CGEM) are wholly owned subsidiaries of the Company. For
 simplification of the shareholding structure and operational synergies,
 the Board of Directors at their Meeting held on 29 January 2014,
 approved the amalgamation of CG-ZIV and CGEM with the Company. The
 Amalgamation would be effective upon receipt of requisite approvals.
 
 Dividend
 
 The Company declared two interim dividends during the year:
 
 - Rs.0.40 per equity share (20%) aggregating to a total dividend payout
 of Rs.29.47 crore (including dividend tax) declared on 8 November 2013;
 the Record Date for this purpose was 15 November 2013 and the Interim
 Dividend was paid on 25 November 2013.
 
 - Rs.0.40 per equity share (20%) aggregating to a total dividend payout
 of Rs.29.33 crore (including dividend tax) declared on 29 January 2014;
 the Record Date for this purpose was 5 February 2014 and the Interim
 Dividend was paid on 14 February 2014.  The Board of Directors has
 recommended a Final Dividend of Rs.0.40 per equity share (20%),
 declared on 29 May 2014; the Book Closure for this purpose is Friday.
 1 August 2014 to Tuesday, 5 August 2014 both days inclusive.
 
 The total dividend payout (including dividend tax) for the financial
 year 2013-2014, including the Final Dividend recommended by the Board,
 as a percentage of the share capital works out to 70.3%.
 
 Reserves
 
 The Reserves, on stand-alone basis, at the beginning
 oftheyearwereRs.2,929crore.  The Reserves at the end of the year are
 Rs.3,231 crore.
 
 Buy-Back of Equity Shares
 
 At its 28 June 2013 Board Meeting, the CG Board had authorized a
 buy-backof the Company''s equity shares aggregating to upto 10% of the
 total paid up equity capital and free reserves of the Company as on 31
 March 2012 (which was the latest audited Balance Sheet approved by the
 shareholders at the time).
 
 The Maximum Buy-back Size was Rs. 265.70 crore and the Minimum Buy-
 back Size was Rs.132.85 crore (50% of the maximum Buy-back Size).
 
 In terms of the above, buy-back commenced on 16 July 2013, and as on 15
 January 2014, i.e., the date of closure of buy-back offer, the Company
 bought-back 14,745,394 equity shares, at an aggregate amount of
 Rs.133.56 crore, representing 50.27% of the Maximum Buy-back Size. All
 the shares bought back have been extinguished.
 
 The average price of the shares bought-back worked out to Rs.90.37 per
 share.
 
 Directorate
 
 As per the provisions of the Companies Act 2013, Mr SM Trehan retires
 by rotation at the forthcoming Annual General Meeting; Mr SM Trehan has
 not offered himself for re- appointment. It is proposed not to appoint
 any director in place of Mr SM Trehan.
 
 The Company has framed a policy for determining qualification, positive
 attributes and independence of Directors as per Section 149 (6) of the
 Companies Act, 2013 and the Company''s Independent Directors, as
 indicated in the Corporate Governance Report, have affirmed compliance
 thereto. In terms of the provisions of Companies Act, 2013, all
 Independent Directors of the Company must be appointed in accordance
 with the new Act at a General Meeting of the Company within one year of
 the commencement of the Act.
 
 Accordingly, Mr Shirish Apte, MrSanjay Labroo, Dr (Mrs) Colette
 Lewiner.  MrSuresh Prabhu, MsMeherPudumjee and Dr Valentin von Massow,
 Independent Directors, are recommended for confirmation of appointment
 as Independent Directorfor a period of five years as per the provisions
 of Companies Act, 2013.
 
 The details of the Directors being recommended for appointment are
 contained in the accompanying Notice of the forthcoming Annual General
 Meeting.
 
 Promoter Group
 
 The Company is a part of the USD 4 Billion Avantha Group, one of
 India''s leading business conglomerates, led by Chairman Mr Gautam
 Thapar. With a global footprint, the Avantha Group operates in 90
 countries with more than 25,000 employees worldwide.
 
 As required by the Listing Agreement with Stock Exchanges, CG
 periodically discloses its promoter group and persons acting in concert
 in the shareholding pattern and other filings with the Stock Exchanges.
 
 Research and Development
 
 The R&D structure aligned to global product lines has created several
 innovative products this year. This year saw CG consolidating its R&D
 efforts by building a technology portfolio along five select focus
 areas-energy efficiency, renewable energy, smart & intelligent products
 & systems, product range extension and technologies for new businesses.
 
 The Company believes that brushless technology will replace the current
 induction motor technology in many applications. During FY2014, CG has
 replaced induction motors in the following applications-solar powered
 ceiling fans, dust proof bus fans, railway fans suitable for AC
 Electric Multiple Units, bilge pumps for battlefield applications and
 motors for heat exchangers.
 
 Reduction in energy consumption is driving technology in lighting. In
 collaboration with Bridgelux, ourtechnology partner for LED.  CG has
 developed a whole range of LED based lighting fixtures for indoor and
 outdoor applications.
 
 To address India''s current scenario of power shortage, CG has developed
 distributed solar power generation solutions with highest conversion
 efficiency, suitable for domestic lighting and pumping for farmlands.
 
 R&D has undertaken efforts to increase design capabilities enabling the
 business units to cater to wider markets. R&D has developed capability
 to develop switchgear to withstand seismic shocks of up to 5g. Motor
 designs have been enabled with algorithms to now predict stray loss and
 core loss. Industrial customers can now be given precise and instant
 drive solutions, thanks to the software developed in association with a
 leading Indian IT partner.
 
 CG has developed technology capabilities to develop air core reactors,
 electronic online tap changer, smart analytical surveillance solutions,
 smart lighting management and high efficiency IE4 motors.
 
 This year has also seen the addition of important infrastructure which
 has enhanced CG''s R&D capability. CG has developed state of the art
 1600 kV UHV Test lab at its Nashik premises. CG''s commitment to greener
 products can be highlighted by its commitment to develop circuit
 breaking apparatus, free of green house gases. A new vacuum research
 lab has been established to support the initiative.  Inline with the
 regulated norm of low noise apparatus, a new Acoustic Lab for measuring
 noise and vibration has been commissioned in Kanjur Global R&D Centre.
 
 CG was awarded the National Intellectual Property Award, 2014 in the
 category of ''Top Organisation in Designs''. The Award was organised by
 the Indian Intellectual Property Office jointly with CII.CG was
 selected a winner in recognition of its overall design portfolio
 developed & commercialised over last five years, validating CG''s
 strategic position on high-tech, energy efficient and reliable
 products.
 
 Subsidiary Companies
 
 The Company has four Indian subsidiaries-CG Energy Management Limited
 (CGEM), CG-PPI Adhesive Products Limited (CGPPI), CG-ZIV Power
 Automation Solutions Limited (CG-ZIV) and CG Power Solutions Limited
 (CGPS) as on 31 March 2014.
 
 In addition to the above, as on 31 March 2014, the Company had 34
 foreign subsidiaries as under:
 
 - Crompton Greaves Holdings Mauritius Limited
 
 - CG International Holdings Singapore PTE.  Limited
 
 - CG International B.V.
 
 - PT. CG Power Systems Indonesia
 
 - CG Holdings Belgium N.V.
 
 - CG Power Holdings Ireland Limited
 
 - CG Power Systems Belgium N.V.
 
 - CG Automation Systems UK Limited
 
 - CG Power Systems Ireland Limited
 
 - CG Sales Networks France SA
 
 - Microsol Limited
 
 - CG Service Systems France SAS
 
 - CG Holdings Hungary Kft.
 
 - CG Electric Systems Hungary Zrt.
 
 - CG Power USA Inc.
 
 - CG Power Systems Canada Inc.
 
 - CG Power Solutions UK Limited
 
 - CG Power Solutions Saudi Arabia Ltd
 
 - CG Power Systems Brazil LTDA
 
 - CG Power County LLC
 
 - CG Drives & Automation Germany GmbH
 
 - Emotron Latin America Inc.
 
 - CG Industrial Holdings Sweden AB
 
 - CG Drives & Automation Sweden AB
 
 - CG Drives & Automation Netherlands B.V.
 
 - ZIVI  D Smart Energy Networks
 
 - ZIVAplicacionesyTecnologiaS.L.
 
 - ZIV Communications S.A.
 
 - ZIV Metering Solutions S.L.
 
 - ZIV USA Inc.
 
 - ZIV Grid Automation S.L.
 
 - ZIV do Brasil LTDA
 
 - Crompton Greaves Sales Network Malaysia SDN.BHD.
 
 - CG Middle East FZE
 
 Pursuant to a general exemption granted by the Ministry of Corporate
 Affairs under Section
 
 TABLE 02
 
 Financial Highlights
 Rs. crore for the Year Ended 31 March 2014 and 31 March 2013
 
                                                    CGIBV 
 
                            CG STAND-ALONE    CONSOLIDATED*@ CG CONSOL
                                                              -IDATED**
 
 PARTICULARS                2014     2013     2014   2013    2014  2013
 
 Gross Sales               7,913     7,571    6,143 5,097  13,907 12,533
 
 Less: Excise Duty           423       436     -      -       426    439
 
 Net Sales                 7,490     7,135    6,143 5,097  13,481 12,094
 
 Less: Operating Expenses  6,824     6,540    6,145 5,324  12,799 11,711
 
 Operating Profit            666       595      (2)  (227)    682    383
 
 Add: Dividend and Other 
 Income                      114        53      83     39     172     76
 
 Profit before Interest, 
 Depreciation, Amortisation 
 and Taxes                   780       648      81   (188)    854    459
 
 Less: Finance costs         (22)      (20)    115     90      97     71
 
 Profit before Depreciation, 
 Amortisation and Taxes      802       668     (34)  (278)    757    388
 
 Less: Depreciation and 
 Amortisation                 89        72     166    125     262    203
 
 Profit before exceptional 
 item and taxes              713       596    (200)  (403)    495    185
 
 Less: Exceptional Item       -          -       -    121      -     121
 
 Profit Before Tax           713       596    (200) (524)     495     64
 
 Less: Provision for 
 Current Year Tax            168       143      25    40      194    185
 
 Less: Provision 
 for Deferred Tax             24         7      19   (90)      43   (84)
 
 Profit After Tax            521       446    (244) (474)     258   (37)
 
 Minority Interest            -          -       1     1        1     1
 
 Share of Profit /(loss) 
 of Associate 
 Companies (net)                               (18)   (2)     (15)    0
 
 Profit available for 
 distribution                 521       446   (261)  (475)     244  (36)
 
 * Consolidated Accounts of CG International B.V. (CGIBV), the holding
 company for CG''s international operations.  Includes results of CG
 Stand-alone and Indian subsidiaries, Crompton Greaves Holdings
 Mauritius Jmited, CG International Holdings Singapore PTE. Ltd,
 Crompton Greaves Sales Network Malaysia SDN. BHD. and CGIBV
 Consolidated @ Figures have been regrouped for the purpose of
 consolidation 212 of the Companies Act, 1956, the Company is not
 required to annex to this Report, the Annual Reports of the
 abovementioned 4 Indian subsidiaries and 34 foreign subsidiaries, for
 the year ended 31 March 2014. However, if any Member of the Company or
 the respective subsidiaries so desires, the Company will be happy to
 make available the Annual Accounts of the subsidiaries to them, on
 request. These will also be available for inspection at the Registered
 Office of the Company and of its subsidiaries, during working hours up
 to the date of the Annual General Meeting.
 
 The details of each subsidiary with respect to capital, reserves, total
 assets, total liabilities, details of investment (except in case of
 investment in subsidiaries), turnover, profit before taxation,
 provision fortaxation, profit after taxation and proposed dividend as
 prescribed by the Ministry of Corporate Affairs, are detailed in
 ''Information in respect of Subsidiary Companies'' section of the Annual
 Report.
 
 Branch Office in Poland
 
 The Company has established a branch office in Poland. The stand-alone
 financial statements of the Company includes the financial statements
 of its Poland branch i.e. Crompton Greaves Ltd SA.
 
 Consolidation of Accounts
 
 As required by Accounting Standards AS- 21 and AS-23 of the Institute
 of Chartered Accountants of India, the financial statements of the
 Company reflect the consolidation of the Accounts of the Company, its
 38 subsidiaries mentioned above, and five Associate Companies. The
 Associate Companies are Avantha Power & Infrastructure Limited, CG Lucy
 Switchgear Limited, Pauwels Middle East Tradings Contracting PvtCo.
 LLC, K.K.  El Fi Japan and Saudi Power Transformers Company Ltd.
 
 Conservation of Energy, Technology Absorption and Foreign Exchange
 Earnings and Outgo
 
 As required by the Companies (Disclosure of Particulars in the Report
 of Board of Directors) Rules, 1988 under the Companies Act, 1956, the
 relevant data pertaining to conservation of energy, technology
 absorption and foreign exchange earnings and outgo is given in the
 prescribed format as Annexure to this Report.
 
 Particulars of Employees
 
 The statement of particulars required pursuant to Section 217(2A) of
 the Companies Act.  1956 read with the Companies (Particulars of
 Employees) (Amendment) Rules, 2011, 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 entitled persons
 excluding the above statement. Those interested in obtaining a copy
 
 TABLE 03
 
 Financial Highlights
 
 Euro million for the Year Ended 31 March 2014 and 31 March 2013
 
                                                    CGIBV 
 
                        CG STAND-ALONE   CONSOLIDATED*@  CG CONSOLI
                                                         -DATED**
 
 PARTICULARS             2014     2013   2014     2013   2014   2013
 
 Gross Sales             977     1,080    759     727    1,718 1,788
 
 Less: Excise Duty        52        62     -       -        53    63
 
 Net Sales               925     1,018    759     727    1,665 1,725
 
 Less: Operating 
 Expenses                843       933    759     759    1,581 1,670
 
 Operating Profit         82        85     (0)    (32)      84    55
 
 Add: Dividend and 
 Other Income             14         7     10       6       21    10
 
 Profit before Interest, 
 Depreciation, 
 Amortisation and Taxes   96        92     10     (26)     105    65
 
 Less: Finance costs      (3)       (3)    14      13       12    10
 
 Profit before 
 Depreciation, 
 Amortisation and Taxes   99        95     (4)    (39)      93    55
 
 Less: Depreciation and 
 Amortisation             11        10     21      18       32    29
 
 Profit before exceptional 
 item and taxes           88        85    (25)    (57)      61    26
 
 Less: Exceptional Item    -         -      -      17        -    17
 
 Profit Before Tax        88        85    (25)    (74)      61     9
 
 Less: Provision for 
 Current Year Tax         21        20      3       6       24    26
 
 Less: Provision for 
 Deferred Tax              3         1      2     (13)       5   (12)
 
 Profit After Tax         64        64    (30)    (67)      32    (5)
 
 Minority Interest         -         -      0       0        0     0
 
 Share of Profit /(loss) 
 of Associate 
 Companies (net)           -         -     (2)      0       (2)    0
 
 Profit available for
 distribution             64        64    (32)    (67)      30    (5)
 
 * Consolidated Accounts of CG International B.V. (CGIBV), the holding
 company for CG''s international operations.  Includes results of CG
 Stand-alone and Indian subsidiaries, Crompton Greaves Holdings
 Mauritius ; Limited, CG International Holdings Singapore PTE. Ltd,
 Crompton Greaves Sales Network Malaysia SDN. BHD. and CGIBV
 Consolidated @ Figures have been regrouped for the purpose of
 consolidation.  ! Note: Average exchange rate considered for 1 Euro in
 2013-2014 is Rs.80.9367 and in 2012-2013 is Rs.70.1028 of the said
 statement may write to the Company Secretary at the Registered Office
 and the same will be sent by post. The statement is also available for
 inspection at the Registered Office, during working hours up to the
 date of the Annual General Meeting.
 
 Directors'' Responsibility Statement
 
 The Directors would like to assure the Members that the financial
 statements for the year under review conform in their entirety to the
 requirements of the Companies Act, 1956.  The Directors confirm that: -
 the Annual Accounts have been prepared in conformity with the
 applicable Accounting Standards;
 
 - the Accounting Policies selected and applied on a consistent basis,
 give a true and fair view of the affairs of the Company and of the
 profit for the financial year;
 
 - sufficient care has been taken that adequate accounting records have
 been maintained for safeguarding the assets of the Company; and for
 prevention and detection of fraud and other irregularities;
 
 - the Annual Accounts have been prepared on a going concern basis.
 
 Auditors
 
 The Company''s Statutory Auditors, Sharp STannan, hold office up to the
 conclusion of the forthcoming Annual General Meeting; and, being
 eligible, are recommended for re-appointment on terms to be recommended
 by the Audit and Risk Committee to the Board of Directors. They have
 furnished the requisite certificate to the effect that their re-
 appointment, if effected, will be in accordance with Section 141 (3)
 (g) of the Companies Act.  2013. The Notes on Financial Statements
 referred to in the Annual Report are self explanatory and do not call
 for any further comments.
 
 The Company had appointed Ashwin Solanki &Associates, Cost Accountants,
 to audit the cost accounts related to the Company''s products for
 2012-2013. The due date for filing the above cost audit reports was 27
 September 2013; the actual date of filing was 23 September 2013.
 
 Upon recommendation of the Audit and Risk Committee, the Board had
 appointed Ashwin Solanki & Associates as Cost Auditors, for the
 financial year 2014-2015. At the ensuing Annual General Meeting, their
 appointment and remuneration is proposed to be approved and ratified by
 the shareholders.
 
 Fixed Deposits
 
 The Company has discontinued acceptance of fresh deposits and also
 renewal of existing deposits. During FY2014, an amount of Rs. 10,000
 has been transferred to the Investor
 
 TABLE 04
 
 Financial Highlights
 US$ million for the Year Ended 31 March 2014 and 31 March 2013
 
                                              CGIBV 
 
                  CG STAND-ALONE    CONSOLIDATED*@     CG CONSOLIDATED**
 
 PARTICULARS        2014     2013    2014    2013      2014      2013
 
 Gross Sales        1,311    1,391   1,018    936      2,304    2,303 
 
 BLess: Excise Duty    70       80     -       -          71       81 
 
 Net Sales          1,241    1,311   1,018    936      2,233    2,222 
 
 Less: Operating 
 Expenses           1,131    1,202   1,018    978      2,120    2,152
 
 Operating Profit     110      109      (0)   (42)       113       70 
 
 Add: Dividend 
 and Other Income      19       10      13      7         28       14
 
 Profit before 
 Interest, 
 Depreciation, 
 Amortisation 
 and Taxes            129      119      13    (35)       141       84
 
 Less: Finance costs   (4)      (3)     19     16         16       13 
 
 Profit before 
 Depreciation, 
 Amortisation 
 and Taxes             133     122      (6)   (51)       125       71 
 
 Less: Depreciation 
 and Amortisation       15      13      27     23         43       37 
 
 Profit before 
 exceptional item 
 and taxes             118     109     (33)   (74)        82       34 
 
 BLess: Exceptional 
 Item                    -      -       -      22          -       22 
 
 Profit Before Tax     118     109     (33)   (96)        82       12 
 
 Less: Provision for 
 Current Year Tax       28      26       4      7         32       34
 
 Less: Provision for 
 Deferred Tax            4       1       3     (16)        7      (15)
 
 Profit After Tax       86      82     (40)    (87)       43       (7) 
 
 Minority Interest       -       -       0       0         0        0 
 
 Share of Profit /(loss) 
 of Associate 
 Companies (net)         -        -     (3)      0        (2)       0
 
 Profit available for
 distribution            86      82    (43)    (87)       41       (7) 
 
 ''Consolidated Accounts of CG International B.V. (CGIBV), the holding
 company for CG''s international operations.  Includes results of CG
 Stand-alone and Indian subsidiaries, Crompton Greaves Holdings
 Mauritius : Limited, CG International Holdings Singapore PTE. Ltd,
 Crompton Greaves Sales Network Malaysia SDN. BHD. and CGIBV
 Consolidated @ Figures have been regrouped for the purpose of
 consolidation, i Note: Average exchange rate considered for 1 USD in
 2013-2014 is Rs.60.3575 and in 2012-2013 is Rs.54.4316 Education
 Protection Fund, on completion of seven years. No amount of principal
 or interest was outstanding as at 31 March 2014.
 
 For any queries regarding unclaimed fixed deposits transferred to the
 Investor Education Protection Fund, investors are requested to contact
 MrAnantNaik Corporate Accounts Crompton Greaves Limited, Kanjur Marg
 (East) Mumbai 400 042 Telephone 022-67558976 Fax 022-67558991 Queries
 may also be emailed to anant.naik@cgglobal.com
 
 Share Registrar and Transfer Agent
 
 The Company''s Registrars Transfer Agents for shares is Datamatics
 Financial Services Ltd (DFSL). DFSLisaSEBI-registered Registrar &
 Transfer Agent. The contact details of DFSL are mentioned in the Report
 on Corporate Governance.
 
 Investors are requested to address theirqueries.  if any, to DFSL;
 however, in case of difficulties, as always, they are welcome to
 contact the Company''s Investor Services Department, the contact
 particulars of which are contained in the Report on Corporate
 Governance.
 
 Environment, Health and Safety
 
 Environment, Health and Safety (EHS) targets assigned to each division
 to reduce resource consumption are regularly monitored through an EHS
 scorecard which is reviewed at monthly business review meetings. During
 FY2014 water consumption by CG divisions has reduced by 13%, whilst
 power consumption increased at a rate lesser than the operational
 growth of the Company. CG''s continued efforts and improved awareness
 for EHS has helped CG reduce the number of accidents significantly.
 
 During the year, CG''s EHS initiatives have been strengthened further
 due to formation of a core group for exchange of knowledge and
 standardizing of systems and procedures across all CG locations
 worldwide. This core group also assesses the Units on safety and
 environment protection improvement activities.  Audits were conducted
 by this core group twice during the year. In addition, regular audits
 are conducted to ensure compliance with ISO9001, ISO14001 and ISO18001
 standards by external certifying experts. Best EHS plants are
 recognised through EHS awards.
 
 Training on safety awareness and sustainable growth take place on a
 regular basis at all plant locations.
 
 Green Initiatives
 
 Electronic copies of the Annual Report and Notice of the 77th Annual
 General Meeting are sent to all members whose email addresses are
 registered with the Company / Depository Participant(s) for
 communication purposes. For members who have not registered their email
 addresses, physical copies of the Notice and Annual Report are sent in
 the permitted mode.  Members requiring physical copies can send a
 request to the Company.
 
 Complaints Relating to Sexual Harassment
 
 In terms of The Sexual Harassment of Women at Workplace (Prevention,
 Prohibition and Redressal) Act and Rules, 2013, it is mandatory to
 review status of sexual harassment related complaints in the Annual
 Report. There were no incidents of sexual harassment reported in the
 Company. For protection against sexual harassment, CG has formed an
 internal complaints committee to which employees can write in their
 complaints. The Company has a Prevention of Sexual Harassment Policy
 which has formalised a free and fair enquiry process for dealing with
 such issues, with clear timelines.
 
 Acknowledgements
 
 The Directors wish to convey their gratitude and appreciation to all of
 the Company''s employees at all its locations worldwide for their
 tremendous personal efforts as well as their collective dedication and
 contribution to the Company''s performance.
 
 The Directors would also like to thank the employee unions,
 shareholders, customers, dealers, suppliers, bankers, government and
 all other business associates for their continued support extended to
 the Company and the Management.
 
                           On behalf of the Board of Directors
 
                                                      G Thapar
                                                      CHAIRMAN
 
 Mumbai,29 May 2014
 
Source : Dion Global Solutions Limited
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