29 May 2015 13:21
CROMPTON GREAVES LD - Final ResultsCROMPTON GREAVES LD - Final Results
PR Newswire
London, May 29
PART I | ||||||
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEARENDED 31ST MARCH, 2015 |
(? in crore) | ||||||
Sr.No. | Particulars | Quarter ended | Year ended | |||
31.03.2015 | 31.12.2014 | 31.03.2014 | 31.03.2015 | 31.03.2014 | ||
Audited | Unaudited | Audited | Audited | Audited | ||
1 | Income from operations | |||||
(a) Net sales / Income from operations | 2147.62 | 1858.60 | 2056.56 | 7837.02 | 7570.70 | |
(Net of excise duty) | ||||||
(b) Other operating income | - | - | - | - | - | |
Total income from operations (net) | 2147.62 | 1858.60 | 2056.56 | 7837.02 | 7570.70 | |
2 | Expenses | |||||
(a) Cost of materials consumed | 988.69 | 899.09 | 985.93 | 3637.19 | 3617.52 | |
(b) Purchases of stock-in-trade | 594.73 | 483.88 | 513.27 | 2158.75 | 1993.21 | |
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade | 53.28 | (11.17) | 23.16 | 26.09 | (12.77) | |
(d) Employee benefits expense | 133.21 | 126.15 | 126.42 | 522.98 | 476.36 | |
(e) Depreciation and amortisation expense | 23.66 | 24.44 | 24.53 | 96.39 | 89.35 | |
(f) Other expenses | 224.94 | 197.35 | 222.63 | 838.69 | 879.66 | |
Total expenses | 2018.51 | 1719.74 | 1895.94 | 7280.09 | 7043.33 | |
3 | Profit from operations before | |||||
other income, finance costs, exchange gain/ (loss) and exceptional items | 129.11 | 138.86 | 160.62 | 556.93 | 527.37 | |
4 | Other income | 31.98 | 22.65 | 25.04 | 105.68 | 70.63 |
5 | Profit from ordinary activities before financecosts, exchange gain / (loss) and exceptionalitems | 161.09 | 161.51 | 185.66 | 662.61 | 598.00 |
6 | Finance costs (net) | (7.40) | (8.97) | (3.81) | (24.25) | (22.02) |
7 | Profit from ordinary activities after financecosts but before exchange gain / (loss) andexceptional items | 168.49 | 170.48 | 189.47 | 686.86 | 620.02 |
8 | Exchange gain / (loss) | (44.83) | (0.42) | 0.14 | (47.42) | 92.43 |
9 | Exceptional items (net) - Income / (loss) | (7.49) | 267.54 | - | 260.05 | - |
10 | Profit from ordinary activities before tax | 116.17 | 437.60 | 189.61 | 899.49 | 712.45 |
11 | Tax expense | 31.36 | 42.23 | 63.49 | 168.35 | 191.36 |
12 | Net profit from ordinary activities after tax | 84.81 | 395.37 | 126.12 | 731.14 | 521.09 |
13 | Extraordinary items (net of tax expense ? Nil) | - | - | - | - | - |
14 | Net profit for the period / year | 84.81 | 395.37 | 126.12 | 731.14 | 521.09 |
15 | Paid-up equity share capital | 125.35 | 125.35 | 125.35 | 125.35 | 125.35 |
(Face value of equity share of ` 2 each) | ||||||
16 | Reserves excluding Revaluation Reserve as per balance sheet | 3873.50 | 3217.10 | |||
17 | Earnings Per Share (before extraordinary items) (of ? 2 each) | |||||
(a) Basic | 1.35 | 6.31 | 1.99 | 11.67 | 8.23 | |
(b) Diluted | 1.35 | 6.31 | 1.99 | 11.67 | 8.23 | |
Earnings Per Share (after extraordinary items) (of ` 2 each) | ||||||
(a) Basic | 1.35 | 6.31 | 1.99 | 11.67 | 8.23 | |
(b) Diluted | 1.35 | 6.31 | 1.99 | 11.67 | 8.23 | |
PART II | ||||||
SELECT INFORMATION FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2015 | ||||||
Sr.No. | Particulars | Quarter ended | Year ended | |||
31.03.2015 | 31.12.2014 | 31.03.2014 | 31.03.2015 | 31.03.2014 | ||
A | PARTICULARS OF SHAREHOLDING | |||||
1 | Public shareholding* | |||||
- Number of shares | 411295072 | 411295072 | 359295072 | 411295072 | 359295072 | |
- Percentage of shareholding | 65.62 | 65.62 | 57.33 | 65.62 | 57.33 | |
2 | Promoters and Promoter Group | |||||
Shareholding | ||||||
(a) Pledged / Encumbered | ||||||
- Number of shares | 141586975 | 142508975 | 153637930 | 141586975 | 153637930 | |
- Percentage of shares | 65.72 | 66.14 | 57.45 | 65.72 | 57.45 | |
(as a % of the total | ||||||
shareholding of promoter and | ||||||
promoter group) | ||||||
- Percentage of shares | 22.59 | 22.74 | 24.51 | 22.59 | 24.51 | |
(as a % of the total | ||||||
share capital of the Company) | ||||||
(b) Non-encumbered | ||||||
- Number of shares | 73864095 | 72942095 | 113813140 | 73864095 | 113813140 | |
- Percentage of shares | 34.28 | 33.86 | 42.55 | 34.28 | 42.55 | |
(as a % of the total | ||||||
shareholding of promoter and | ||||||
promoter group) | ||||||
- Percentage of shares | 11.79 | 11.64 | 18.16 | 11.79 | 18.16 | |
(as a % of the total | ||||||
share capital of the Company) | ||||||
(*Public Shareholding includes shares held bycustodians of Global Depository Receipts issued) | ||||||
Particulars | 3 months ended | |||||
B | INVESTOR COMPLAINTS | 31.03.2015 | ||||
Pending at the beginning of the quarter | Nil | |||||
Received during the quarter | 2 | |||||
Disposed of during the quarter | 2 | |||||
Remaining unresolved at the end of the quarter | Nil |
STANDALONE SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED | ||||||
FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2015 | ||||||
(? in crore) | ||||||
Sr.No. | Particulars | Quarter ended | Year ended | |||
31.03.2015 | 31.12.2014 | 31.03.2014 | 31.03.2015 | 31.03.2014 | ||
Audited | Unaudited | Audited | Audited | Audited | ||
1. | Segment Revenue (net of excise duty): | |||||
(a) Power Systems | 776.67 | 654.12 | 860.90 | 2734.06 | 2843.07 | |
(b) Consumer Products | 905.26 | 723.23 | 759.86 | 3232.65 | 2898.50 | |
(c) Industrial Systems | 387.54 | 383.97 | 368.11 | 1504.44 | 1499.08 | |
(d) Others | 89.27 | 105.13 | 79.34 | 406.96 | 384.70 | |
Total | 2158.74 | 1866.45 | 2068.21 | 7878.11 | 7625.35 | |
Less: Inter-Segment Revenue | 11.12 | 7.85 | 11.65 | 41.09 | 54.65 | |
Total income from operations (net) | 2147.62 | 1858.60 | 2056.56 | 7837.02 | 7570.70 | |
2. | Segment Results: | |||||
[Profit / (loss) before tax and finance | ||||||
costs from each segment] | ||||||
(a) Power Systems | 64.55 | 52.67 | 80.73 | 222.64 | 258.52 | |
(b) Consumer Products | 121.47 | 86.62 | 90.67 | 407.33 | 337.46 | |
(c) Industrial Systems | 39.28 | 40.85 | 30.87 | 151.98 | 152.87 | |
(d) Others | (25.17) | (4.77) | 1.37 | (39.00) | 1.88 | |
Total | 200.13 | 175.37 | 203.64 | 742.95 | 750.73 | |
Less: | ||||||
(i) Finance costs (net) | (7.40) | (8.97) | (3.81) | (24.25) | (22.02) | |
(ii) Other un-allocable expenditure | ||||||
net of un-allocable income | 39.04 | 13.86 | 17.98 | 80.34 | 152.73 | |
Profit from ordinary activities | ||||||
before exchange gain / (loss), | ||||||
exceptional items and tax | 168.49 | 170.48 | 189.47 | 686.86 | 620.02 | |
3. | Capital Employed: | |||||
(Segment Assets - Segment Liabilities) | ||||||
(a) Power Systems | 1225.06 | 1163.39 | 851.65 | 1225.06 | 851.65 | |
(b) Consumer Products | (559.18) | 134.07 | 121.16 | (559.18) | 121.16 | |
(c) Industrial Systems | 406.71 | 380.83 | 396.76 | 406.71 | 396.76 | |
(d) Others | 237.04 | 245.43 | 189.36 | 237.04 | 189.36 | |
(e) Unallocable | 2790.05 | 2106.34 | 1901.61 | 2790.05 | 1901.61 | |
Total | 4099.68 | 4030.06 | 3460.54 | 4099.68 | 3460.54 |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES | ||||||||
(` in crore) | ||||||||
Particulars | As at 31.03.2015 | As at 31.03.2014 | ||||||
Audited | Audited | |||||||
A | EQUITY AND LIABILITIES | |||||||
1 | Shareholders' funds: | |||||||
(a) Share capital | 125.35 | 125.35 | ||||||
(b) Reserves and surplus | 3884.28 | 3230.72 | ||||||
Sub-total - Shareholders' funds | 4009.63 | 3356.07 | ||||||
2 | Non-current liabilities: | |||||||
(a) Long-term borrowings | 634.26 | 0.54 | ||||||
(b) Deferred tax liabilities (net) | 68.01 | 73.59 | ||||||
(c) Other long-term liabilities | 2.81 | 9.35 | ||||||
(d) Long-term provisions | 48.22 | 41.91 | ||||||
Sub-total - Non-current liabilities | 753.30 | 125.39 | ||||||
3 | Current liabilities: | |||||||
(a) Short-term borrowings | 21.50 | 29.99 | ||||||
(b) Trade payables | 1431.60 | 1563.07 | ||||||
(c) Other current liabilities | 408.38 | 381.94 | ||||||
(d) Short-term provisions | 88.40 | 130.30 | ||||||
Sub-total - Current liabilities | 1949.88 | 2105.30 | ||||||
TOTAL - EQUITY AND LIABILITIES | 6712.81 | 5586.76 | ||||||
B | ASSETS | |||||||
1 | Non-current assets: | |||||||
(a) Fixed assets | 788.49 | 822.63 | ||||||
(b) Non current investments | 1005.04 | 805.71 | ||||||
(c) Long-term loans and advances | 23.14 | 42.67 | ||||||
Sub-total - Non-current assets | 1816.67 | 1671.01 | ||||||
2 | Current assets: | |||||||
(a) Current investments | 160.45 | 20.63 | ||||||
(b) Inventories | 523.77 | 557.78 | ||||||
(c) Trade receivables | 2263.70 | 1907.92 | ||||||
(d) Cash and bank balances | 302.44 | 442.80 | ||||||
(e) Short-term loans and advances | 1533.89 | 890.09 | ||||||
(f) Other current assets | 111.89 | 96.53 | ||||||
Sub-total - Current assets | 4896.14 | 3915.75 | ||||||
TOTAL - ASSETS | 6712.81 | 5586.76 |
Notes on standalone financial results:
The above audited standalone financial results have been reviewed by the Audit Committee at its meeting held on 22nd May, 2015 and approved by the Board of Directors at its meeting held on 28th May, 2015. The Company, during the year, declared interim dividends of ? 0.80 per share on equity shares of ? 2 each for financial year 2014-15. The Honourable High Court of Judicature at Bombay, has vide its Order dated 13th February, 2015, sanctioned the Scheme of Amalgamation of CG Energy Management Limited (CGEM or the Transferor Company) and CG-ZIV Power Automation Solutions Limited (CG-ZIV or the Transferor Company) with the Company. The appointed date of the Scheme is 1st April, 2014 and the effective date of the Scheme is 25th March, 2015. In accordance with the said Scheme and as per the approval of the Honourable High Court: The amalgamation has been accounted for under the pooling of interests method as prescribed by Accounting Standard (AS) 14 Accounting for Amalgamations specified by the Companies (Accounting Standards) Rules, 2006. As stipulated under the said Scheme, the Reserves of the Transferor Companies as at 31st March, 2014 has been transferred to the respective Reserves. CGEM and CG-ZIV being a 100% subsidiary of the Companies, the entire paid-up equity share capital and preference share capital would be cancelled and the Transferor Companies stands dissolved without winding-up; and The amalgamation would result into increase in the Authorised Share capital of the Company by ` 466,000,000/- comprising 233,000,000 Equity Shares of Rs.2 each.Figures for the quarter / year ended 31st March, 2015 include the results of the erstwhile CGEM and CG-ZIV, subsequent to it's amalgamation with the Company. Figures of the corresponding quarter ended 31st December, 2014 have been restated to consider the effect of above arrangement.
Exceptional item of current quarter represent compensation to employees pursuant to Voluntary Retirement Scheme amounting to ` 7.49 crore. The Board of Directors of the Company at its meeting held on 19th February, 2015 has approved the revised Scheme of Arrangement between Crompton Greaves Limited (CGL) (Demerged Company) and Crompton Greaves Consumer Electricals Limited (CGCEL) (Resulting Company), a wholly-owned subsidiary, incorporated under the provisions of the Companies Act, 2013 and their respective shareholders and creditors. Upon approval of the revised Scheme, the original Scheme with Crompton Greaves Consumer Products Limited approved on 16th October, 2014 stands withdrawn. The revised Scheme proposes 100% vertical demerger of the Consumer Business.This Scheme, inter alia, envisages the transfer of the Consumer Products Business and the related assets and liabilities into the Resulting Company and other consequential matters under the provisions of Sections 391 to 394 of the Companies Act, 1956 read with Section 78 (corresponding Section 52 of the Companies Act, 2013), Sections 100-103 and other applicable provisions of the said Act.
The proposed Scheme will come into effect from the Appointed Date, i.e. 1st October, 2015, subject to receipt of all regulatory approvals. Upon the implementation of the proposed Scheme, all the shares in the Resulting Company will be held directly by the shareholders of CGL and CGL will cease to be the shareholder / holding Company of CGCEL.
In line with Accounting Standard (AS) 24 Discontinuing Operations, the financial results of Consumer Products Business are given below:
(` in crore) | |||||
Particulars with respect to Discontinuing Operation | Quarter Ended | Year ended | |||
31.03.2015 | 31.12.2014 | 31.03.2014 | 31.03.2015 | 31.03.2014 | |
Net Sales/ Income from operations | 905.26 | 723.23 | 759.85 | 3232.65 | 2898.50 |
Profit from ordinary activities before tax | 114.15 | 85.97 | 89.73 | 397.12 | 332.89 |
Net profit from ordinary activities after tax | 76.91 | 58.56 | 63.76 | 269.44 | 236.70 |
Notice is hereby given pursuant to Section 91 of the Companies Act, 2013 that the Register of Members and Share Transfer Books will be closed from Saturday, 18th July, 2015 to Friday, 24th July, 2015 (both days inclusive), for the purpose of convening of the Annual General Meeting.
For Crompton Greaves Limited
Place: Mumbai Laurent Demortier
Date: 28th May, 2015 CEO & Managing Director
STATEMENT OF CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH, 2015 | ||||||
(` in crore) | ||||||
Sr. | Particulars | Quarter ended | Year ended | |||
No. | 31.03.2015 | 31.12.2014 | 31.03.2014 | 31.03.2015 | 31.03.2014 | |
Audited | Unaudited | Audited | Audited | Audited | ||
1 | Income from operations | |||||
(a) Net Sales / Income from operations | 3808.07 | 3333.21 | 3806.08 | 14013.14 | 13631.53 | |
(Net of excise duty) | ||||||
(b) Other operating income | - | - | - | - | - | |
Total income from operations (net) | 3808.07 | 3333.21 | 3806.08 | 14013.14 | 13631.53 | |
2 | Expenses | |||||
(a) Cost of materials consumed | 1819.72 | 1930.47 | 1845.93 | 7211.06 | 7193.12 | |
(b) Purchases of stock-in-trade | 601.28 | 504.16 | 513.27 | 2185.58 | 1993.21 | |
(c) Changes in inventories of finished | ||||||
goods, work-in-progress and stock-in-trade | 176.14 | (142.83) | 169.00 | 133.87 | (51.07) | |
(d) Employee benefits expense | 504.18 | 483.78 | 507.87 | 1993.56 | 1952.06 | |
(e) Depreciation and amortisation expense | 62.29 | 66.58 | 71.35 | 262.03 | 262.14 | |
(f) Other expenses | 559.83 | 405.45 | 582.05 | 1846.63 | 1932.17 | |
Total expenses | 3723.44 | 3247.61 | 3689.47 | 13632.73 | 13281.63 | |
3 | Profit from operations before other income, finance costs, exchange gain / (loss) and exceptional items | |||||
84.63 | 85.60 | 116.61 | 380.41 | 349.90 | ||
4 | Other income | 18.89 | 24.46 | 84.00 | 127.39 | 149.05 |
5 | Profit from ordinary activities before finance costs, exchange gain / (loss) and exceptional items | 103.52 | 110.06 | 200.61 | 507.80 | 498.95 |
6 | Finance costs (net) | 29.78 | 27.91 | 30.48 | 104.69 | 96.66 |
7 | Profit from ordinary activities after finance costs, but before exchange gain / (loss) and exceptional items | 73.74 | 82.15 | 170.13 | 403.11 | 402.29 |
8 | Exchange gain / (loss) | (44.83) | (0.42) | 0.14 | (47.42) | 92.43 |
9 | Exceptional items (net) - income / (loss) | (177.16) | 267.54 | - | 90.38 | - |
10 | Profit from ordinary activities before prior period items and tax | (148.25) | 349.27 | 170.27 | 446.07 | 494.72 |
11 | Prior period items | (17.72) | - | - | (17.72) | - |
12 | Profit from ordinary activities after prior period items and before tax | (165.97) | 349.27 | 170.27 | 428.35 | 494.72 |
13 | Tax expense | 33.56 | 76.49 | 89.77 | 221.99 | 236.05 |
14 | Net profit / (loss) from ordinary activities after tax | (199.53) | 272.78 | 80.50 | 206.36 | 258.67 |
15 | Extraordinary items (net of tax expense ? Nil) | - | - | - | - | - |
16 | Net profit / (loss) for the period / year | (199.53) | 272.78 | 80.50 | 206.36 | 258.67 |
17 | Share of profit / (loss) in associates (net) | 1.15 | (0.22) | (17.20) | 1.55 | (15.02) |
18 | Minority interest | (0.17) | 1.73 | 0.52 | 1.44 | 0.68 |
19 | Net profit / (loss) after taxes,minority interest and share of profit / (loss) of associates (net) | (198.55) | 274.29 | 63.82 | 209.35 | 244.33 |
20 | Paid-up equity share capital | 125.35 | 125.35 | 125.35 | 125.35 | 125.35 |
(Face value of equity share of ` 2 each) | ||||||
21 | Reserves excluding Revaluation Reserve as per the balance sheet | 3663.51 | 3489.31 | |||
22 | Earnings Per Share (before extraordinary items)(of ` 2 each) | |||||
(a) Basic | (3.17) | 4.38 | 1.01 | 3.34 | 3.86 | |
(b) Diluted | (3.17) | 4.38 | 1.01 | 3.34 | 3.86 | |
Earnings Per Share (after extraordinary items)(of ` 2 each) | ||||||
(a) Basic | (3.17) | 4.38 | 1.01 | 3.34 | 3.86 | |
(b) Diluted | (3.17) | 4.38 | 1.01 | 3.34 | 3.86 |
CONSOLIDATED STATEMENT OF ASSETS AND LIABILITIES | ||||||||||
(` in crore) | ||||||||||
Particulars | As at 31-03-2015 | As at 31.03.2014 | ||||||||
Audited | Audited | |||||||||
A | EQUITY AND LIABILITIES | |||||||||
1 | Shareholders' Funds: | |||||||||
(a) Share capital | 125.35 | 125.35 | ||||||||
(b) Reserves and surplus | 3690.57 | 3519.21 | ||||||||
Sub-total-Shareholders' funds | 3815.92 | 3644.56 | ||||||||
2 | Minority Interest | 20.30 | 11.75 | |||||||
3 | Non-current Liabilities: | |||||||||
(a) Long-term borrowings | 1903.91 | 1632.25 | ||||||||
(b) Deferred tax liabilities | 200.60 | 187.83 | ||||||||
(c) Other long-term liabilities | 52.18 | 67.80 | ||||||||
(d) Long-term provisions | 65.47 | 73.11 | ||||||||
Sub-total-Non-current liabilities | 2222.16 | 1960.99 | ||||||||
4 | Current Liabilities: | |||||||||
(a) Short-term borrowings | 622.57 | 560.77 | ||||||||
(b) Trade payables | 2528.09 | 2773.73 | ||||||||
(c) Other current liabilities | 1435.59 | 1731.03 | ||||||||
(d) Short-term provisions | 346.96 | 333.33 | ||||||||
Sub-total-Current liabilities | 4933.21 | 5398.86 | ||||||||
TOTAL - EQUITY AND LIABILITIES | 10991.59 | 11016.16 | ||||||||
B | ASSETS | |||||||||
1 | Non-current Assets: | |||||||||
(a) Fixed assets | 2043.34 | 2300.33 | ||||||||
(b) Goodwill on consolidation | 946.75 | 1158.81 | ||||||||
(c) Non current investments | 280.59 | 278.00 | ||||||||
(d) Deferred tax assets | 311.64 | 341.00 | ||||||||
(e) Long-term loans and advances | 23.70 | 49.89 | ||||||||
Sub-total - Non-current assets | 3606.02 | 4128.03 | ||||||||
2 | Current Assets: | |||||||||
(a) Current investments | 160.82 | 20.89 | ||||||||
(b) Inventories | 1455.18 | 1671.39 | ||||||||
(c) Trade receivables | 3731.77 | 3591.25 | ||||||||
(d) Cash and bank balances | 689.30 | 814.95 | ||||||||
(e) Short-term loans and advances | 861.03 | 466.44 | ||||||||
(f) Other current assets | 487.47 | 323.21 | ||||||||
Sub-total - Current assets | 7385.57 | 6888.13 | ||||||||
TOTAL - ASSETS | 10991.59 | 11016.16 |
Notes on consolidated financial results:
The above audited consolidated financial results have been reviewed by the Audit Committee at its meeting held on 22nd May, 2015 and approved by the Board of Directors at its meeting held on 28th May, 2015. In line with Accounting Standard (AS) 24 Discontinuing Operations, the financial results of Consumer Products Business are given below:(` in crore) | |||||
Particulars with respect to Discontinuing Operation | Quarter Ended | Year ended | |||
31.03.2015 | 31.12.2014 | 31.03.2014 | 31.03.2015 | 31.03.2014 | |
Net Sales/ Income from operations | 905.26 | 723.23 | 759.85 | 3232.65 | 2898.50 |
Profit from ordinary activities before tax | 111.29 | 85.97 | 89.73 | 394.26 | 332.89 |
Net profit from ordinary activities after tax | 75.02 | 58.56 | 63.76 | 267.55 | 236.70 |
(` in crore) | ||||||
Particulars | Quarter Ended | Year ended | ||||
31.03.2015 | 31.12.2014 | 31.03.2014 | 31.03.2015 | 31.03.2014 | ||
Profit on sale of land at Kanjurmarg, Mumbai. | - | 278.15 | - | 278.15 | - | |
Compensation to employees pursuant to voluntary retirement scheme | (7.49) | (10.61) | - | (18.10) | - | |
Project cost written-off | (82.09) | - | - | (82.09) | - | |
Litigation claim | (22.34) | - | - | (22.34) | - | |
Warranty claim | (65.24) | - | - | (65.24) | - | |
Total | (177.16) | 267.54 | - | 90.38 | - | |
(` in crore) | |||||||
Particulars | Quarter Ended | Year ended | |||||
31.03.2015 | 31.12.2014 | 31.03.2014 | 31.03.2015 | 31.03.2014 | |||
Volume discount on sales | 6.41 | - | - | 6.41 | - | ||
Legal claim | 9.42 | - | - | 9.42 | - | ||
Liquidated damages | 1.89 | - | - | 1.89 | - | ||
Total | 17.72 | - | - | 17.72 | - | ||
For Crompton Greaves Limited
Place: Mumbai Date: 28th May, 2015 Laurent Demortier CEO & Managing Director