2003-2004 - Cgglobal.com

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Crompton Greaves Ltd. Schedules forming part of Profit & Loss Account SCHEDULE 17: STAFF & WELFARE 2003-04 2002-03 Rs. Crores Rs. Crores 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 SCHEDULE 18: MANUFACTURING, SELLING & ADMINISTRATION 2003-04 2002-03 Rs. Crores Rs. Crores Rs. Crores Stores and Spare Parts 13.08 12.63 Power and Fuel 19.93 19.93 Repairs Buildings 1.92 2.18 Plant and machinery 6.23 5.89 Others 3.09 3.45 11.24 11.52 Forwarding, Godown and Packing 45.52 48.24 Advertising 6.97 7.33 Auditors’ Remuneration Statutory audit fees 0.28 0.28 Tax audit fees 0.08 0.06 Taxation (Rs. Nil ; Previous year Rs.15,000) 0.00 0.00 Certification 0.06 0.03 Other Services 0.13 0.08 Expenses Reimbursed (including Service Tax) 0.09 0.10 0.64 0.55 Rent 4.61 4.54 Rates and Taxes 9.48 10.22 Insurance 4.60 3.59 Bad Debts 7.44 1.56 Vehicle Maintenance 1.21 1.33 Travelling 16.39 14.84 Professional Charges 7.17 7.65 Technical Service Fees 0.49 1.64 Exchange Premium / Difference 0.00 2.42 Miscellaneous Expenses 62.44 61.09 Directors’ Fees 0.03 0.03 211.24 209.11 70
Crompton Greaves Ltd. Significant Accounting Policies SCHEDULE [ A ] 1 BASIS OF PRESENTATION The accounts have been prepared using historical cost convention, except for the revaluation of certain fixed assets, in accordance with the Generally Accepted Accounting Principles (GAAP) on the accrual basis and in accordance with the Accounting Standards referred to in Section 211(3C) and other provisions of the Companies Act 1956. Insurance and other claims are accounted for as and when admitted by the appropriate authorities. The preparation of accounts under GAAP requires management to make estimates and assumptions that affect the reported amounts of assets & liabilities and disclosures of contingent liabilities as at the date of the financial statements and the reported amounts of revenues and expenses during the year. Actual results could differ from those estimates. Any revisions to accounting estimates is recognised prospectively in the current and future periods. 2 FIXED ASSETS (a) (b) (c) (d) (e) (f) Fixed assets are stated at cost, except for land and buildings added prior to 30th June 1985 which are stated at revalued cost as at that date based on technical expert’s evaluation report. Expenditure relating to existing fixed assets is added to the cost of the assets where it increases the performance / life of the assets as assessed earlier. Fixed assets are eliminated from financial statements, either on disposal or when retired from active use. Such assets are removed from fixed asset records on disposal. Generally, such retired assets are disposed off soon thereafter. Pre-operative expenses for the projects incurred till the projects are ready for commercial production are capitalised. Internally manufactured / constructed fixed assets are capitalised at factory cost including excise duty wherever applicable. Lumpsum fees paid for acquisition of technical knowhow relating to Plant & Machinery is capitalised as intangible asset. (g) i) Machinery spares which are specific to particular item of Fixed Assets and whose use is irregular are 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 used generally for various items of Fixed Assets are treated as inventory and charged to Profit and Loss 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 of such investments is done on the basis of specific identification. Long term investments are carried at cost after 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 and damage as under:- (a) Raw materials, packing materials : At Cost, on FIFO/Weighted average basis stores & spares and construction material (b) Work-in-Process : At Cost plus appropriate production overheads (c) Construction Work-in-Progress : At Cost till a certain percentage of completion and thereafter realisable value (d) Finished goods : At Cost, plus appropriate production overheads, including excise duty paid/payable on such goods. 71
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Crompton Greaves Ltd. ANNUAL REPORT
Page 3 and 4:
Milestones 2003-04 1 An 8 per cent
Page 5 and 6:
Performance 8 per cent turnover gr
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New revenue streams An ability to p
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Investing in a reputation for quali
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Stringent fiscal management In a co
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Businessstrengthening R&D R&D forms
Page 15 and 16:
Economic Value Added (EVA) Crompton
Page 17 and 18: Directors’ Report To The Members,
Page 19 and 20: Mr S Labroo and Dr O Goswami were a
Page 21 and 22: Intime Spectrum Registry Limited co
Page 23 and 24: ✜ ✜ ✜ ✜ ✜ ✜ ✜ ✜ ✜
Page 25 and 26: ✦ Automated version of expandable
Page 27 and 28: Report on Corporate Governance 1. C
Page 29 and 30: The composition and details of atte
Page 31 and 32: 5. Shareholders/Investors Grievance
Page 33 and 34: ✜ Listing Details After obtaining
Page 35 and 36: ✜ Categories of Shareholders on 3
Page 37 and 38: Management Discussion and Analysis
Page 39 and 40: Power Systems Performance of the SB
Page 41 and 42: Industrial Systems Performance of t
Page 43 and 44: Consumer Products Performance of th
Page 45 and 46: (Rs. Crores) Year Sales PBIT 2003-0
Page 47 and 48: the Company’s interest coverage r
Page 49 and 50: infrastructure has also been upgrad
Page 51 and 52: Auditor’s Report To the Sharehold
Page 53 and 54: Annexure to Auditor’s Report (Ref
Page 55 and 56: (x) The Company does not have accum
Page 57 and 58: Crompton Greaves Ltd. Profit and Lo
Page 59 and 60: Crompton Greaves Ltd. Schedules for
Page 67: Crompton Greaves Ltd. Schedules for
Page 71 and 72: Crompton Greaves Ltd. Notes On Acco
Page 73 and 74: Crompton Greaves Ltd. SCHEDULE [B]
Page 83 and 84: Crompton Greaves Ltd. Balance Sheet
Page 85 and 86: Crompton Greaves Ltd. Cash Flow Sta
Page 87 and 88: Crompton Greaves Ltd. Statement und
Page 89 and 90: Crompton Greaves Ltd. b) The Consol
Page 91 and 92: Crompton Greaves Ltd. Consolidated
Page 103 and 104: Crompton Greaves Ltd. Notes on Acco
Page 105 and 106: Crompton Greaves Ltd. Schedule (B)
Page 113 and 114: Crompton Greaves Ltd. Interim Divid
Page 115 and 116: • High Masts • Lighting Electro
Page 117 and 118: Tel: (022) 55558000 Fax: (022) 2578
Page 119 and 120:
Southern Region • Chennai: ‘Cro
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