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Company Update | Capital GoodsCompany Update | Capital GoodsCompany Update | Capital GoodsCompany Update | Capital GoodsCompany Update | Capital Goods

Please refer to important disclosures at the end of this report

Crompton GreavesCrompton GreavesCrompton GreavesCrompton GreavesCrompton Greaves

Powering Ahead

K K K K K ey Fey Fey Fey Fey Financials (Consolidated)inancials (Consolidated)inancials (Consolidated)inancials (Consolidated)inancials (Consolidated)Y/E March (Rs cr)Y/E March (Rs cr)Y/E March (Rs cr)Y/E March (Rs cr)Y/E March (Rs cr) FY2009FY2009FY2009FY2009FY2009 FY2010EFY2010EFY2010EFY2010EFY2010E FY2011EFY2011EFY2011EFY2011EFY2011E FY2012EFY2012EFY2012EFY2012EFY2012E

Source: Source: Source: Source: Source: Company, Angel Research; Price as on December 31, 2009

Puneet BambhaPuneet BambhaPuneet BambhaPuneet BambhaPuneet Bambha

+91 22 4040 3800 Ext: 347puneet.bambha@angeltrade.com

Net SalesNet SalesNet SalesNet SalesNet Sales 8,7378,7378,7378,7378,737 9,6149,6149,6149,6149,614 10,81610,81610,81610,81610,816 12,31212,31212,31212,31212,312

% chg 27.9 10.0 12.5 13.8Net PNet PNet PNet PNet Profitrofitrofitrofitrofit 560560560560560 729729729729729 830830830830830 962962962962962

% chg 37.7 30.1 13.9 15.9

EBITDA (%) 11.4 12.4 12.5 12.5

EPS (Rs)EPS (Rs)EPS (Rs)EPS (Rs)EPS (Rs) 15.315.315.315.315.3 19.919.919.919.919.9 22.622.622.622.622.6 26.326.326.326.326.3

P/E (x) 27.9 21.4 18.8 16.2

P/BV (x) 8.6 6.4 4.9 3.9

RoE (%) 36.1 34.2 29.5 26.7

RoCE (%) 27.5 28.0 26.4 25.4

EV/Sales (x) 1.8 1.6 1.4 1.1

EV/EBITDA (x) 15.8 13.0 11.0 9.2

We have been maintaining our positive stance on Crompton Greaves (CGL) rightfrom our initiating coverage report dated June 12, 2009, citing its unjustifiablyhuge valuation gap with peers ABB and Areva T&D. Now we introduce our FY2012estimates, and expect the company to register a Top-line and Bottom-line CAGR of 12.1% and 19.8%, respectively, during FY2009-12E. W W W W W e upgrade the stock frome upgrade the stock frome upgrade the stock frome upgrade the stock frome upgrade the stock from

A A A A Accumulate to Buyccumulate to Buyccumulate to Buyccumulate to Buyccumulate to Buy , with a 15-month T , with a 15-month T , with a 15-month T , with a 15-month T , with a 15-month T arget Parget Parget Parget Parget P rice of Rs525.rice of Rs525.rice of Rs525.rice of Rs525.rice of Rs525.

Margin expansion driven by operational parameters:Margin expansion driven by operational parameters:Margin expansion driven by operational parameters:Margin expansion driven by operational parameters:Margin expansion driven by operational parameters: CGL surprised the marketspositively with regards to margin expansion in its 2QFY2010 results, as against

the margin compression witnessed by its peers. The management attributed thismargin expansion to value engineering / better product designing, leading tolower material consumption, coupled with the advantages of global sourcing ofmaterials. Hence, we expect the margin expansion to be sustainable, rather thanbeing one-off in nature.

Higher local manufacturing content; A boon for CGLHigher local manufacturing content; A boon for CGLHigher local manufacturing content; A boon for CGLHigher local manufacturing content; A boon for CGLHigher local manufacturing content; A boon for CGL ::::: CGL, with a minimum18-month lead in domestic manufacturing, has a clear competitive advantageover its peers in the 765kV transformers space. With the PGCIL (Power GridCorporation of India) increasing the proportion of domestic manufacturing to50% from 33%, it augurs well for the company, as it would be able to commandbetter margins, on account of lower domestic manufacturing costs (as againsthigher costs incurred by its competitors at their overseas facilities).

Management guidance:Management guidance:Management guidance:Management guidance:Management guidance: The management expects FY2010E revenue growth tobe around 14-16% for the domestic standalone business and 2-5% for the overseasentities. For FY2011E, the management expects an 18-22% revenue growth forthe domestic business and 7-8% for its overseas operations.

January 4, 2010

BUYBUYBUYBUYBUYCMP Rs426Target Price Rs525

Stock Info

Sector Capital Goods

Market Cap (Rs cr) 15,610

Beta 0.8

52 Week High / Low 428/100

Avg Daily Volume 279,285

Face Value (Rs) 2BSE Sensex 17,465

Nifty 5,201

Reuters Code CROM.BO

Bloomberg Code CRG@IN

Abs. 3m 1yr 3yr

Sensex (%) 2.0 81.0 26.7

CGL (%) 35.8 215.4 104.0

Investment Period 15 months

Shareholding Pattern (%)

Promoters 40.9

MF / Banks / Indian Fis 33.3

FII / NRIs / OCBs 16.8

Indian Public / Others 9.0

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January 4, 2010 2

Crompton Greaves | Company Update

Acquisitions bridge technology gaps: Acquisitions bridge technology gaps: Acquisitions bridge technology gaps: Acquisitions bridge technology gaps: Acquisitions bridge technology gaps: Over the past few years, the company hasmade several strategic overseas acquisitions, which, besides plugging in the technology gaps, have strengthened its product portfolio and provided the company with accessto the key European and American markets. Notably, the existing gap remains in thearea of MV switch gears, the HVDC segment, industrial drives and automation;however, the company is actively scouting for acquisitions to bridge this gap as well.

Source: Company, Angel Research

Exhibit 2: Acquisitions bridge technology gaps & provide access to global markets Acquisition Country Details

Pauwels Belgium Three-phase distribution and power transformers,production and retrofitting of sub-stations

Ganz Hungary High voltage transformers, gas insulated switchgear,rotating machines, contracting service

Microsol Ireland Sub-station automation in HV/MV segments

Sonomatra France Services segment of the T&D business

MSE Power Systems USA EPC of high voltage systems

Source: Company, Angel Research

Exhibit 1: Operating Margin Expansion

EBITDA (LHS) EBITDA Margins (RHS)

6.0

7.0

8.0

9.0

10.0

11.0

12.0

13.0

14.0

15.0

0

50

100

150

200

250

300

350

1QFY08 2QFY08 3QFY08 4QFY08 1QFY09 2QFY09 3QFY09 4QFY09 1QFY10 2QFY10

( % )

( R s

c r )

Outlook & Valuation:

During FY2009-12E, we expect the company to register a Top-line and Bottom-lineCAGR of 12.1% and 19.8%, respectively. At the CMP of Rs426, the stock is quoting at18.8x and 16.2x FY2011E and FY2012E EPS, respectively, which we believe is attractivecompared to its peers ABB and Areva T&D (which are quoting at 24.9x and 21.5xCY2011E EPS, respectively). We believe that such a high valuation gap is unwarrantedand going ahead it would narrow down as CGL has been bridging the technologicalgaps through various acquisitions. The gap would also narrow down on the back ofsuperior earnings growth and higher average RoEs for CGL as against its peers. Weassign CGL a Target P/E multiple of 20x and upgrade the stock from Accumulate toupgrade the stock from Accumulate toupgrade the stock from Accumulate toupgrade the stock from Accumulate toupgrade the stock from Accumulate toBuy Buy Buy Buy Buy , with a 15-month T, with a 15-month T, with a 15-month T, with a 15-month T, with a 15-month T arget Parget Parget Parget Parget P rice of Rs525.rice of Rs525.rice of Rs525.rice of Rs525.rice of Rs525.

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January 4, 2010 3

Crompton Greaves | Company Update

Source: C-line, Angel Research

Exhibit 3: 12-month Forward Rolling P/E Band

0

100

200

300

400

500

600

S h a r e

P r i c e

( R s )

A p r

0 1

A p r

0 2

A p r

0 3

A p r

0 4

A p r

0 5

A p r

0 6

A p r

0 7

A p r

0 8

A p r

0 9

O c t

0 1

O c t

0 2

O c t

0 3

O c t

0 4

O c t

0 5

O c t

0 6

O c t

0 7

O c t

0 8

O c t

0 9

20x

17x

23x

14x

11x

Source: C-line, Angel Research

Exhibit 4: Crompton Forward Rolling P/E v/s Peers

0

10

20

30

40

50

60

70

80

A p r -

0 4

J u l - 0 4

O c t - 0

4

J a n - 0

5

A p r -

0 5

J u l - 0 5

O c t - 0

5

J a n - 0

6

A p r -

0 6

J u l - 0 6

O c t - 0

6

J a n - 0

7

A p r -

0 7

J u l - 0 7

O c t - 0

7

J a n - 0

8

A p r -

0 8

J u l - 0 8

O c t - 0

8

J a n - 0

9

A p r -

0 9

J u l - 0 9

O c t - 0

9

Crompton P/E Areva P/E ABB P/E

Source: C-line, Angel Research

Exhibit 5: 12-month Forward Rolling P/BV

A p r

0 1

A p r

0 2

A p r

0 3

A p r

0 4

A p r

0 5

A p r

0 6

A p r

0 7

A p r

0 8

A p r

0 9

O c t

0 1

O c t

0 2

O c t

0 3

O c t

0 4

O c t

0 5

O c t

0 6

O c t

0 7

O c t

0 8

O c t

0 9

0

100

200

300

400

500

600

S h a r e

P r i c e

( R s )

4x

3x

5x

2x

6x

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January 4, 2010 4

Crompton Greaves | Company Update

Y/E MarY/E MarY/E MarY/E MarY/E Mar FY2009FY2009FY2009FY2009FY2009 FY2010EFY2010EFY2010EFY2010EFY2010E FY2011EFY2011EFY2011EFY2011EFY2011E FY2012EFY2012EFY2012EFY2012EFY2012E

Profit before tax 867.2 1,091.4 1,242.7 1,440.2

Depreciation 121.6 134.6 144.0 152.6

(Inc)/Dec in Working Capital 111.3 (86.6) 10.7 (71.0)

Income taxes paid (266.6) (360.1) (410.1) (475.3)

Others 4.2 (35.8) (42.0) (58.8)

Cash from operationsCash from operationsCash from operationsCash from operationsCash from operations 837.7837.7837.7837.7837.7 743.5743.5743.5743.5743.5 945.2945.2945.2945.2945.2 987.7987.7987.7987.7987.7

(Inc) / Dec in Fixed Assets (349.7) (200.0) (200.0) (200.0)

FFFFFree cash flowsree cash flowsree cash flowsree cash flowsree cash flows 488.0488.0488.0488.0488.0 543.5543.5543.5543.5543.5 745.2745.2745.2745.2745.2 787.7787.7787.7787.7787.7

(Inc) / Dec in Investments (73.8) (227.0) 0.0 0.0

Others 74.0 76.6 80.1 87.6

Inc / (Dec) in Share Capital 0.0 0.0 0.0 0.0Inc / (Dec) in Debt (123.8) (100.0) (150.0) (150.0)

Dividend and dividend tax (85.9) (94.5) (103.1) (103.1)

Others (80.8) (43.4) (40.7) (31.5)

Cash from fin. activitiesCash from fin. activitiesCash from fin. activitiesCash from fin. activitiesCash from fin. activities (290.4)(290.4)(290.4)(290.4)(290.4) (237.9)(237.9)(237.9)(237.9)(237.9) (293.8)(293.8)(293.8)(293.8)(293.8) (284.5)(284.5)(284.5)(284.5)(284.5)

Other adjustments 123.4 0.0 0.0 0.0

Net Inc / (Dec) in CashNet Inc / (Dec) in CashNet Inc / (Dec) in CashNet Inc / (Dec) in CashNet Inc / (Dec) in Cash 321.2321.2321.2321.2321.2 155.2155.2155.2155.2155.2 531.6531.6531.6531.6531.6 590.8590.8590.8590.8590.8

Opening cash balanceOpening cash balanceOpening cash balanceOpening cash balanceOpening cash balance 244.5244.5244.5244.5244.5 565.6565.6565.6565.6565.6 720.8720.8720.8720.8720.8 1,252.41,252.41,252.41,252.41,252.4

Closing cash balanceClosing cash balanceClosing cash balanceClosing cash balanceClosing cash balance 565.6565.6565.6565.6565.6 720.8720.8720.8720.8720.8 1,252.41,252.41,252.41,252.41,252.4 1,843.21,843.21,843.21,843.21,843.2

Y/E MarY/E MarY/E MarY/E MarY/E Mar FY2009FY2009FY2009FY2009FY2009 FY2010EFY2010EFY2010EFY2010EFY2010E FY2011EFY2011EFY2011EFY2011EFY2011E FY2012EFY2012EFY2012EFY2012EFY2012E

SOURCES OF FUNDSSOURCES OF FUNDSSOURCES OF FUNDSSOURCES OF FUNDSSOURCES OF FUNDSEquity Share Capital 73.3 73.3 73.3 73.3

Adj Reserves & Surplus 1,743.2 2,377.3 3,104.2 3,963.5

Shareholders FShareholders FShareholders FShareholders FShareholders F undsundsundsundsunds 1,816.51,816.51,816.51,816.51,816.5 2,450.62,450.62,450.62,450.62,450.6 3,177.53,177.53,177.53,177.53,177.5 4,036.84,036.84,036.84,036.84,036.8

Minority Interest 13.9 13.9 13.9 13.9

Total Loans 718.2 618.2 468.2 318.2

TTTTTotal Liabilitiesotal Liabilitiesotal Liabilitiesotal Liabilitiesotal Liabilities 2,548.52,548.52,548.52,548.52,548.5 3,082.73,082.73,082.73,082.73,082.7 3,659.63,659.63,659.63,659.63,659.6 4,368.84,368.84,368.84,368.84,368.8

APPLICA APPLICA APPLICA APPLICA APPLICA TION OF FUNDSTION OF FUNDSTION OF FUNDSTION OF FUNDSTION OF FUNDS

Adj Gross Block 3,014.3 3,248.0 3,448.0 3,648.0

Less: Acc. Depreciation 1,704.0 1,838.7 1,982.6 2,135.2

Net BlockNet BlockNet BlockNet BlockNet Block 1,310.31,310.31,310.31,310.31,310.3 1,409.31,409.31,409.31,409.31,409.3 1,465.31,465.31,465.31,465.31,465.3 1,512.81,512.81,512.81,512.81,512.8

Capital Work-in-progress 53.7 20.0 20.0 20.0

InvestmentsInvestmentsInvestmentsInvestmentsInvestments 167.2167.2167.2167.2167.2 394.2394.2394.2394.2394.2 394.2394.2394.2394.2394.2 394.2394.2394.2394.2394.2

Deferred Tax (Net) 48.2 48.2 48.2 48.2

Current Assets 4,169.9 4,526.3 5,741.6 6,776.4

Current Liabilities 3,200.8 3,315.4 4,009.8 4,382.8

Net Current AssetsNet Current AssetsNet Current AssetsNet Current AssetsNet Current Assets 969.2969.2969.2969.2969.2 1,210.91,210.91,210.91,210.91,210.9 1,731.81,731.81,731.81,731.81,731.8 2,393.62,393.62,393.62,393.62,393.6

TTTTTotal Assetsotal Assetsotal Assetsotal Assetsotal Assets 2,548.52,548.52,548.52,548.52,548.5 3,082.73,082.73,082.73,082.73,082.7 3,659.63,659.63,659.63,659.63,659.6 4,368.84,368.84,368.84,368.84,368.8

Profit & Loss Statement (Consolidated) Rs croreY/E MarY/E MarY/E MarY/E MarY/E Mar FY2009FY2009FY2009FY2009FY2009 FY2010EFY2010EFY2010EFY2010EFY2010E FY2011EFY2011EFY2011EFY2011EFY2011E FY2012EFY2012EFY2012EFY2012EFY2012E

Net SalesNet SalesNet SalesNet SalesNet Sales 8,737.38,737.38,737.38,737.38,737.3 9,614.59,614.59,614.59,614.59,614.5 10,815.810,815.810,815.810,815.810,815.8 12,311.512,311.512,311.512,311.512,311.5

% chg 27.9 10.0 12.5 13.8

Total Expenditure 7,741.7 8,421.7 9,468.5 10,775.0

EBITDEBITDEBITDEBITDEBITD A A A A A 995.6995.6995.6995.6995.6 1,192.81,192.81,192.81,192.81,192.8 1,347.31,347.31,347.31,347.31,347.3 1,536.51,536.51,536.51,536.51,536.5

% of Net Sales 11.4 12.4 12.5 12.5

Others 74.0 76.6 80.1 87.6

Depreciation & Amortisation 121.6 134.6 144.0 152.6

Interest 80.8 43.4 40.7 31.5

PBTPBTPBTPBTPBT 867.2867.2867.2867.2867.2 1,091.41,091.41,091.41,091.41,091.4 1,242.71,242.71,242.71,242.71,242.7 1,440.21,440.21,440.21,440.21,440.2

% of Net Sales 9.9 11.4 11.5 11.7

Tax 304.7 360.1 410.1 475.3

Effective Tax Rate (%) 35.1 33.0 33.0 33.0

PPPPProfit Before Minority Int.rofit Before Minority Int.rofit Before Minority Int.rofit Before Minority Int.rofit Before Minority Int. 562.5562.5562.5562.5562.5 731.2731.2731.2731.2731.2 832.6832.6832.6832.6832.6 964.9964.9964.9964.9964.9

Minority Int. 2.6 2.6 2.6 2.6

PPPPP A A A A A TTTTT 559.9559.9559.9559.9559.9 728.6728.6728.6728.6728.6 830.0830.0830.0830.0830.0 962.3962.3962.3962.3962.3

% chg 37.7 30.1 13.9 15.9

Key Ratios

Y/E MarY/E MarY/E MarY/E MarY/E Mar FY2009FY2009FY2009FY2009FY2009 FY2010EFY2010EFY2010EFY2010EFY2010E FY2011EFY2011EFY2011EFY2011EFY2011E FY2012EFY2012EFY2012EFY2012EFY2012E

PPPPPer Share Data (Rs)er Share Data (Rs)er Share Data (Rs)er Share Data (Rs)er Share Data (Rs)

EPS 15.3 19.9 22.6 26.3

Cash EPS 18.6 23.5 26.6 30.4

DPS 2.0 2.2 2.4 2.4

Book value per share 49.6 66.9 86.7 110.1

Operating RatiosOperating RatiosOperating RatiosOperating RatiosOperating Ratios

Asset Turnover (x) 3.7 3.4 3.2 3.1

EBITDA (%) 11.4 12.4 12.5 12.5

NPM (%) 6.4 7.6 7.7 7.8

Debt / Equity (x) 0.4 0.3 0.1 0.1

Return Ratios (%)Return Ratios (%)Return Ratios (%)Return Ratios (%)Return Ratios (%)

RoE 36.1 34.2 29.5 26.7

RoCE 27.5 28.0 26.4 25.4

Dividend payout 13.1 11.1 10.6 9.1

V V V V V aluation Ratios (x)aluation Ratios (x)aluation Ratios (x)aluation Ratios (x)aluation Ratios (x)

P/E 27.9 21.4 18.8 16.2

P/E (Cash EPS) 22.9 18.1 16.0 14.0

P/BV 8.6 6.4 4.9 3.9

EV/Sales 1.8 1.6 1.4 1.1

EV/EBITDA 15.8 13.0 11.0 9.2

Balance Sheet (Consolidated) Rs crore

Cash Flow Statement (Consolidated) Rs crore

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Crompton Greaves

Research Team

Fundamental: (+ 9122- 3952 4568)Hitesh Agrawal Head - Research hitesh.agrawal@angeltrade.comSarabjit Kour Nangra VP-Research, Pharmaceutical sarabjit@angeltrade.com

Vaibhav Agrawal VP-Research, Banking vaibhav.agrawal@angeltrade.comVaishali Jajoo Automobile vaishali.jajoo@angeltrade.com

Shailesh Kanani Infrastructure, Real Estate shailesh.kanani@angeltrade.com Anand Shah FMCG , Media anand.shah@angeltrade.comDeepak Pareek Oil & Gas deepak.pareek@angeltrade.comPuneet Bambha Capital Goods, Engineering puneet.bambha@angeltrade.comSushant Dalmia Pharmaceutical sushant.dalmia@angeltrade.comRupesh Sankhe Cement, Power rupeshd.sankhe@angeltrade.comParam Desai Real Estate, Logistics, Shipping paramv.desai@angeltrade.com

Sageraj Bariya Fertiliser, Mid-cap sageraj.bariya@angeltrade.com Viraj Nadkarni Retail, Hotels, Mid-cap virajm.nadkarni@angeltrade.comParesh Jain Metals & Mining pareshn.jain@angeltrade.com

Amit Rane Banking amitn.rane@angeltrade.comJai Sharda Mid-cap jai.sharda@angeltrade.com

Amit Vora Research Associate (Oil & Gas) amit.vora@angeltrade.com V Srinivasan Research Associate (Cement, Power) v.srinivasan@angeltrade.com Aniruddha Mate Research Associate (Infra, Real Estate) aniruddha.mate@angeltrade.comShreya Gaunekar Research Associate (Automobile) shreyap.gaunekar@angeltrade.comMihir Salot Research Associate (Logistics, Shipping) mihirr.salot@angeltrade.comChitrangda Kapur Research Associate (FMCG, Media) chitrangdar.kapur@angeltrade.com

Vibha Salvi Research Associate (IT, Telecom) vibhas.salvi@angeltrade.com

Tehcnicals:

Shardul Kulkarni Sr. Technical Analyst shardul.kulkarni@angeltrade.comMileen Vasudeo Technical Analyst vasudeo.kamalakant@angeltrade.comKrunal Dayma Technical Analyst krunal.dayma@angeltrade.com

Derivatives:

Siddarth Bhamre Head - Derivatives siddarth.bhamre@angeltrade.comJaya Agrawal Jr. Derivative Analyst Jaya.agarwal@angeltrade.com

Institutional Sales Team:

Mayuresh Joshi VP - Institutional Sales mayuresh.joshi@angeltrade.com

Abhimanyu Sofat AVP - Institutional Sales abhimanyu.sofat@angeltrade.comNitesh Jalan Sr. Manager niteshk.jalan@angeltrade.comPranav Modi Sr. Manager pranavs.modi@angeltrade.comSandeep Jangir Sr. Manager sandeepp.jangir@angeltrade.comJay Harsora Sr. Dealer jayr.harsora@angeltrade.comMeenakshi Chavan Dealer meenakshis.chavan@angeltrade.com

Production Team:

Bharathi Shetty Research Editor bharathi.shetty@angeltrade.comDharmil Adhyaru Assistant Research Editor dharmil.adhyaru@angeltrade.comBharat Patil Production bharat.patil@angeltrade.comDilip Patel Production dilipm.patel@angeltrade.com

Address: Acme Plaza, A Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andheri (E), Mumbai - 400 059.Tel : (022) 3941 3940 / 4000 3600

Angel Broking Ltd: BSE Sebi Regn No : INB 010996539 / CDSL Regn No: IN - DP - CDSL - 234 - 2004 / PMS Regn Code: PM/INP000001546 Angel Securities Ltd:BSE: INB010994639/INF010994639 NSE: INB230994635/INF230994635 Membership numbers: BSE 028/NSE:09946 Ange l Capita l & Debt Marke t Ltd: I NB 231279838 / NSE FNO: INF 231279838 / NSE Member code -12798 Angel Commodities Broking (P) Ltd: MCX Member ID: 12685 / FMC Regn No: MCX / TCM / CORP / 0037 NCDEX : Member ID 00220 / FMC Regn No: NCDEX / TCM / CORP / 0302

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Crompton Greaves

Disclosure of Interest StatementDisclosure of Interest StatementDisclosure of Interest StatementDisclosure of Interest StatementDisclosure of Interest Statement Crompton GreavesCrompton GreavesCrompton GreavesCrompton GreavesCrompton Greaves

1. Analyst owership of the stock No

2. Angel Group owership of the stock No

3. Broking relationship with company covered No

DISCLAIMER

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Opinion expressed is our current opinion as of the date appearing on this material only. While we endeavor to update on a reasonable basisthe information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. Prospectiveinvestors and others are cautioned that any forward-looking statements are not predictions and may be subject to change without notice.Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressedherein.

The information in this document has been printed on the basis of publicly available information, internal data and other reliable sourcesbelieved to be true and are for general guidance only. While every effort is made to ensure the accuracy and completeness of informationcontained, the company takes no guarantee and assumes no liability for any errors or omissions of the information. No one can use theinformation as the basis for any claim, demand or cause of action.

Recipients of this material should rely on their own investigations and take their own professional advice. Each recipient of this documentshould make such investigations as it deems necessary to arrive at an independent evaluation of an investment in the securities of companiesreferred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risksof such an investment. Price and value of the investments referred to in this material may go up or down. Past performance is not a guidefor future performance. Certain transactions - futures, options and other derivatives as well as non-investment grade securities - involvesubstantial risks and are not suitable for all investors. Reports based on technical analysis centers on studying charts of a stock's pricemovement and trading volume, as opposed to focusing on a company's fundamentals and as such, may not match with a report on acompany's fundamentals.

We do not undertake to advise you as to any change of our views expressed in this document. While we would endeavor to update theinformation herein on a reasonable basis, Angel Securities, its subsidiaries and associated companies, their directors and employees areunder no obligation to update or keep the information current. Also there may be regulatory, compliance, or other reasons that may prevent Angel Securities and affiliates from doing so. Prospective investors and others are cautioned that any forward-looking statements

are not predictions and may be subject to change without notice. Angel Securities Limited and affiliates, including the analyst who hasissued this report, may, on the date of this report, and from time to time, have long or short positions in, and buy or sell the securities of thecompanies mentioned herein or engage in any other transaction involving such securities and earn brokerage or compensation or act asadvisor or have other potential conflict of interest with respect to company/ies mentioned herein or inconsistent with any recommendationand related information and opinions.

Angel Securities Limited and affiliates may seek to provide or have engaged in providing corporate finance, investment banking or otheradvisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past.

Crompton Greaves

Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to 15%) Sell (< -15%)

Ratings (Returns) :