MIRA INFORM REPORT

Report Date :

30.11.2011

IDENTIFICATION DETAILS

Name :	ESCORTS CONSTRUCTION EQUIPMENT LIMITED
Registered Office :	Plot No.219, Sector 58, Ballabhgarh, Faridabad – 121004, Haryana
Country :	India
Financials (as on) :	30.09.2010
Date of Incorporation :	17.02.1994
Com. Reg. No.:	05-040956
Capital Investment / Paid-up Capital :	Rs. 1139.645 Millions
CIN No.: [Company Identification No.]	U74899HR1994PLC040956
IEC No.:	0595009123
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturing of Pick-n-carry Craves, Hydraulic Mobile Craves, Vibratory Compactors for Sail Asphalt Tandems Rollers, Slew Craves and Forklifts
No. of Employees :	50 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 6132000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of escort group. It is a well established and a reputed company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION PARTED BY [GENERAL DETAILS]

Name :	Mr. Puneet
Designation :	Marketing Manager
Contact No.:	91-9971110870
Date :	29.11.2011

LOCATIONS

Registered Office :	Plot No.219, Sector 58, Ballabhgarh, Faridabad-121004, Haryana, India
Tel. No.:	91-129-2306300
Mobile No.:	91-9971110870 (Mr. Puneet)
Fax No.:	91-129-2306566
Email :	ecel@ecel.com rajeev.sharma@escorts-ecel.com satyendra.chauhan@escorts-ecel.com puneet.chhabra@escorts-ecel.com
Website:	http://www.ecel.com
Location :	Owned
Factory :	Plot No. 2, Sector 13, Faridabad-121 001, Haryana, India
Tel. No.:	91-129-5283073/5286694/ 5290793/ 5223561/ 5223562/ 5284810/ 2268152
Fax No.:	91-129-5283065/ 5261323 / 2268152
E-Mail :	ecelnet@del2.vsnl.net.in
	http://www.ecel.com
Location :	Leased
Branch Office :	Located At : · Mumbai · Calcutta · Chennai · New Delhi · Uttar Pradesh · Jaipur · Bangalore · Nagpur · Pune · Ahmedabad · Secunderabad · Chandigarh

DIRECTORS

As on 29.11.2010

Name :

Mr. Rajan Harprasad Nanda

Designation :

Chairman

Address :

2, Friends Colony (West), New Delhi-110065, India

Date of Birth/Age :

15.10.1942

Date of Appointment :

17.02.1994

DIN No.:

00043256

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L74899HR1944PLC039088	ESCORTS LIMITED	Managing director	01-04-10	28-06-68	Active	NO
2	U24232DL1985PTC020329	CHARAK AYURVEDIC TREATMENTS PRIVATE LIMITED	Director	21-01-86	21-01-86	Active	NO
3	U67190DL1990PTC040836	ESCOTRAC FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	30-05-91	30-05-91	Active	NO
4	U74899HR1994PLC040956	ESCORTS CONSTRUCTION EQUIPMENT LIMITED	Director	17-02-94	17-02-94	Active	NO
5	U74899DL1994PTC063110	ESCORTS FINANCE INVESTMENTS AND LEASING PRIVATE LIMITED	Director	08-12-94	08-12-94	Active	NO
6	U74899DL1995PLC074262	ESCORTS INVESTMENT TRUST LIMITED	Director	01-12-95	01-12-95	Active	NO
7	U74899DL1951PTC001984	HAR PARSHAD AND COMPANY PRIVATE LIMITED	Director	24-12-01	24-12-01	Active	NO
8	U85199DL2002PTC113925	RAKSHA TPA PRIVATE LIMITED	Director	22-01-02	22-01-02	Active	NO

Name :

Mrs. Ritu Nanda

Designation :

Director

Address :

2, Friends Colony (West), New Delhi-110065, India

Date of Birth/Age :

30.10.1948

Date of Appointment :

10.04.1997

DIN No.:

00032677

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1975PTC007857	SIETZ TECHNOLOGIES INDIA PRIVATE LIMITED	Managing director	01-04-11	31-07-75	Active	NO
2	U31909DL1981PLC012654	NIKY TASHA ELECTRONICS LIMITED	Director	19-11-81	19-11-81	Active	NO
3	U74899DL1984PTC018885	NIKY TASHA ENERGIES PRIVATE LIMITED	Director	03-08-84	03-08-84	Active	NO
4	U74899DL1984PTC018883	NIKY TASHA COMMUNICATIONS PRIVATE LIMITED	Director	03-08-84	03-08-84	Active	NO
5	U24232DL1985PTC020329	CHARAK AYURVEDIC TREATMENTS PRIVATE LIMITED	Director	21-01-86	21-01-86	Active	NO
6	U74899HR1994PLC040956	ESCORTS CONSTRUCTION EQUIPMENT LIMITED	Director	10-04-97	10-04-97	Active	NO
7	U51909DL1997PTC090566	TASHAKA INDIA PRIVATE LIMITED	Director	06-11-97	06-11-97	Active	NO
8	U51909DL1998PTC092691	RIMARI INDIA PRIVATE LIMITED	Director	12-03-98	12-03-98	Active	NO
9	U99999MH1997PTC109903	SUN AND MOON TRAVELS (INDIA) PRIVATE LIMITED	Director	01-04-99	01-04-99	Dormant	NO
10	U63040DL1997PTC114390	SUN AND MOON TRAVELS (INDIA) PRIVATE LIMITED	Director	01-04-99	01-04-99	Active	NO
11	U72900DL2000PTC106349	ESCOLIFE IT SERVICES PRIVATE LIMITED	Director	19-06-00	19-06-00	Active	NO
12	U66010DL2000PTC106350	RITU NANDA INSURANCE SERVICE PRIVATE LIMITED	Director	19-06-00	19-06-00	Active	NO
13	U74899DL1994PLC062140	ESCORTS SECURITIES LIMITED	Director	30-07-00	30-07-00	Active	NO
14	U74899DL1995PLC074265	ESCORTS ASSET MANAGEMENT LIMITED	Director	07-11-00	07-11-00	Active	NO
15	U74899DL1951PTC001984	HAR PARSHAD AND COMPANY PRIVATE LIMITED	Director	24-12-01	24-12-01	Active	NO
16	U85199DL2002PTC113925	RAKSHA TPA PRIVATE LIMITED	Director	22-01-02	22-01-02	Active	NO
17	U80301DL2003PTC121072	ACADEMY OF MANAGEMENT AND FINANCIAL PLANNING PRIVATE LIMITED	Director	25-06-03	25-06-03	Active	NO
18	U72200DL2000PTC108440	RIMARI IT SOLUTIONS PRIVATE LIMITED	Director	31-10-06	31-10-06	Active	NO
19	U85110DL2006PTC156945	SHARAK HEALTHCARE PRIVATE LIMITED	Director	22-12-06	22-12-06	Active	NO
20	U74899DL1992PTC050320	AAA PORTFOLIOS PRIVATE LIMITED	Additional director	11-02-10	11-02-10	Active	NO
21	U74140DL2010PTC198965	CRYSTALCARE ADVISORS PRIVATE LIMITED	Director	11-02-10	11-02-10	Active	NO
22	U18101HR1995PTC044029	BIG APPLE CLOTHING PRIVATE LIMITED	Additional director	11-02-10	11-02-10	Active	NO

Name :

Mr. Girish Bihari Mathur

Designation :

Director

Address :

D-23, 1^st Floor, Sarita Vihar, New Delhi-110044, India

Date of Birth/Age :

20.07.1950

Date of Appointment :

10.05.2007

DIN No.:

00043352

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74999DL1991PLC046772	ESCONET SERVICES LIMITED	Director	31-03-00	31-03-00	12-08-08	Active	YES
2	U74899DL2000PLC106353	CELLNEXT SOLUTIONS LIMITED	Director	20-06-00	20-06-00	30-09-09	Active	NO
3	U72900DL2000PTC106637	AUTOMATRIX INDIA PRIVATE LIMITED	Director	07-07-00	07-07-00	12-08-08	Active	YES
4	U67190DL2001PLC112168	CAPITAL FACTORS AND ASSET RECONSTRUCTION (INDIA) LIMITED	Director	20-11-02	20-11-02	01-08-07	Active	NO
5	U92111DL2003PTC123453	ESCOTOONZ ENTERTAINMENT PRIVATE LIMITED	Director	10-12-03	10-12-03	12-10-07	Active	YES
6	U64202DL1992PLC048053	HUGHES COMMUNICATIONS INDIA LIMITED	Director	30-09-06	20-04-06	-	Active	NO
7	U74899HR1994PLC040956	ESCORTS CONSTRUCTION EQUIPMENT LIMITED	Nominee director	10-05-07	10-05-07	-	Active	NO
8	U29211GJ2011PTC065867	ADICO ESCORTS AGRI EQUIPMENTS PRIVATE LIMITED	Director	13-06-11	13-06-11	-	Active	NO

Name :

Mr. Odayammadath Koroth Balraj

Designation :

Director

Address :

Flat No. 101, Villa Alvares St. Anthony Road, Off, Pali Road, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

11.05.1956

Date of Appointment :

26.11.2009

DIN No.:

01873868

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U65923TN2007PTC064550	ASIRVAD MICRO FINANCE PRIVATE LIMITED	Director	18-10-07	18-10-07	25-04-09	Active	NO
2	U74120AP2008PTC074522	MANDAVA HOLDINGS PRIVATE LIMITED	Director	01-11-08	01-11-08	23-02-09	Active	NO
3	U74899HR1994PLC040956	ESCORTS CONSTRUCTION EQUIPMENT LIMITED	Director	29-11-10	26-11-09	-	Active	NO

Name :

Mr. .Nikhil Nanda

Designation :

Director

Address :

2, Friends Colony (West), New Delhi-110065, India

Date of Birth/Age :

18.03.1974

Date of Appointment :

30.06.2004

DIN No.:

00043432

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1994PLC062140	ESCORTS SECURITIES LIMITED	Director	11-08-95	11-08-95	-	Active	NO
2	U74899DL1994PTC063110	ESCORTS FINANCE INVESTMENTS AND LEASING PRIVATE LIMITED	Director	06-10-95	06-10-95	-	Active	NO
3	U67190DL1990PTC040836	ESCOTRAC FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	06-10-95	06-10-95	-	Active	NO
4	U74899HR1994PLC040956	ESCORTS CONSTRUCTION EQUIPMENT LIMITED	Director	10-04-97	10-04-97	-	Active	NO
5	U74899DL1994PLC060077	ESCORTS MOTORS LIMITED	Director	01-02-99	01-02-99	-	Active	NO
6	U72900DL2000PTC105728	ISERV INDIA SOLUTIONS PRIVATE LIMITED	Director	20-06-00	20-06-00	03-10-07	Active	YES
7	U74899DL2000PLC106353	CELLNEXT SOLUTIONS LIMITED	Director	29-09-01	20-06-00	30-09-09	Active	NO
8	U66010DL2000PTC106350	RITU NANDA INSURANCE SERVICE PRIVATE LIMITED	Director	06-12-00	06-12-00	-	Active	NO
9	U74899DL1951PTC001984	HAR PARSHAD AND COMPANY PRIVATE LIMITED	Director	24-12-01	24-12-01	-	Active	NO
10	U72900DL2000PTC106349	ESCOLIFE IT SERVICES PRIVATE LIMITED	Director	19-02-02	19-02-02	-	Active	NO
11	U63040DL1999PTC098862	FIRST SOURCE TRADING PRIVATE LIMITED	Director	05-07-02	05-07-02	-	Strike off	NO
12	U92111DL2003PTC123453	ESCOTOONZ ENTERTAINMENT PRIVATE LIMITED	Director	10-12-03	10-12-03	12-10-07	Active	YES
13	U24239DL2003PTC120213	MEDSOURCE OZONE BIOMEDICALS PRIVATE LIMITED	Director	04-03-04	04-03-04	02-04-07	Active	NO
14	U74899DL1975PTC007857	SIETZ TECHNOLOGIES INDIA PRIVATE LIMITED	Director	30-09-04	30-09-04	-	Active	NO
15	U67120DL2005PTC140692	VIRGIN PORTFOLIOS PRIVATE LIMITED	Director	14-09-05	14-09-05	-	Strike off	NO
16	L74899HR1944PLC039088	ESCORTS LIMITED	Managing director	19-09-07	17-10-05	-	Active	NO
17	U74899DL1992PTC050320	AAA PORTFOLIOS PRIVATE LIMITED	Additional director	11-02-10	11-02-10	-	Active	NO
18	U18101HR1995PTC044029	BIG APPLE CLOTHING PRIVATE LIMITED	Additional director	11-02-10	11-02-10	-	Active	NO

Name :

Mr. Subhash Chandra Bhargava

Designation :

Director

Address :

1309, Dosti Aster, Dosti Acers New Uphill Link Road, Off SM Road, Antop Hill, Wadla East, Mumbai-400037, Maharashtra, India

Date of Birth/Age :

20.07.1945

Date of Appointment :

23.03.2009

DIN No.:

00020021

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L17199GJ1956PLC001107	ADITYA BIRLA NUVO LIMITED	Director	28-09-11	29-04-04	-	Active	NO
2	L74899DL1989PLC034923	DCM SHRIRAM CONSOLIDATED LIMITED	Nominee director	11-08-04	11-08-04	03-01-11	Active	NO
3	U67120MH1990NPL058298	OTC EXCHANGE OF INDIA	Nominee director	26-08-05	26-08-05	-	Active	NO
4	L74899HR1944PLC039088	ESCORTS LIMITED	Director	02-09-05	02-09-05	-	Active	NO
5	U67100MH2001PLC133074	HSBC INVESTDIRECT SALES AND MARKETING (INDIA) LIMITED	Director	18-07-06	23-09-05	29-09-08	Active	NO
6	U80903MH2003PLC142601	HSBC INVESTDIRECT ACADEMY FOR INSURANCE AND FINANCE (INDIA) LIMITED	Director	18-07-06	23-09-05	29-09-08	Active	NO
7	U65999WB1994PLC065722	SREI VENTURE CAPITAL LIMITED	Director	26-12-05	26-12-05	06-08-07	Active	NO
8	L14106UP1995PLC019017	JAIPRAKASH ASSOCIATES LIMITED	Director	27-12-05	27-12-05	-	Active	NO
9	L24121UP1978PLC008027	JAIPRAKASH ENTERPRISES LIMITED	Director	30-08-07	27-12-05	-	Amalgamated	NO
10	U26941UP2004PLC029175	JAYPEE CEMENT LIMITED	Director	29-12-05	29-12-05	-	Amalgamated	NO
11	U67120MH1999PLC122774	OTCEI SECURITIES LIMITED	Director	31-12-05	31-12-05	28-06-08	Active	NO
12	U65991MH2002GOI137867	UTI ASSET MANAGEMENT COMPANY LIMITED	Director	13-01-06	13-01-06	14-01-10	Active	NO
13	L50210PB1985PLC006473	SWARAJ ENGINES LIMITED	Director	25-01-06	25-01-06	-	Active	NO
14	L17110MH1997PLC106945	MUDRA LIFESTYLE LIMITED	Director	27-11-06	01-04-06	09-11-11	Active	NO
15	U67120WB1951GOI020023	ALLBANK FINANCE LIMITED	Director	29-07-06	29-07-06	02-09-07	Active	NO
16	U36991HP1995PLC031163	JAIPRAKASH POWER VENTURES LIMITED	Director	18-08-06	18-08-06	-	Amalgamated	NO
17	L74899DL1993PLC055524	A K CAPITAL SERVICES LIMITED	Director	29-09-07	04-09-07	-	Active	NO
18	L63040MH1939PLC011352	COX AND KINGS LIMITED	Director	29-09-08	01-10-07	-	Active	NO
19	U66020MH2007GOI176785	UTI RETIREMENT SOLUTIONS LIMITED	Director	08-06-09	11-04-08	14-01-10	Active	NO
20	U74140MH2008PTC186258	FINMAN ADVISORY SERVICES PRIVATE LIMITED	Director	27-08-08	27-08-08	02-02-09	Active	NO
21	U45200TN2007PTC065754	GK INDUSTRIAL PARK PRIVATE LIMITED	Director	31-12-08	16-09-08	-	Active	NO
22	U74999MH1978PLC020328	VIPUL IMPEX AND INFRABUILD LIMITED	Additional director	01-11-08	01-11-08	02-06-09	Active	NO
23	U74899HR1994PLC040956	ESCORTS CONSTRUCTION EQUIPMENT LIMITED	Director	21-07-09	23-03-09	-	Active	NO
24	U65990MH2005PTC156892	ANTIQUE FINANCE PRIVATE LIMITED	Director	30-09-09	07-07-09	-	Active	NO
25	U32204MH2004PLC143794	MAXX MOBILE COMMUNICATIONS LIMITED	Director	28-07-10	21-10-09	29-03-11	Active	NO
26	L45203UP2007PLC033119	JAYPEE INFRATECH LIMITED	Director	21-09-10	16-11-09	-	Active	NO
27	L40101HP1994PLC015483	JAIPRAKASH POWER VENTURES LIMITED	Director	24-09-10	12-01-10	-	Active	NO
28	L17120MH1993PLC073267	ASAHI INDUSTRIES LIMITED	Director	03-07-10	20-05-10	-	Active	NO
29	L18109DN1987PLC000034	ESKAY K 'N' IT (INDIA) LIMITED	Director	10-07-10	25-05-10	22-10-10	Active	NO
30	L74999DN1987PLC000035	K-LIFESTYLE AND INDUSTRIES LIMITED	Director	10-07-10	25-05-10	22-10-10	Active	NO
31	U65999WB2010PTC141896	MIDAS ASSET RECONSTRUCTION COMPANY PRIVATE LIMITED	Director	24-05-11	11-08-10	-	Active	NO
32	L45202PB1974PLC003516	SWARAJ AUTOMOTIVES LIMITED	Additional director	20-10-11	20-10-11	-	Active	NO

Name :

Mr. Rakesh Budhiraja

Designation :

Director

Name :

Mrs. Deepa Sankaran

Designation :

Director

Name :

Mr. Kamal Bali

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Raman Sharma
Designation :	Secretary
Address :	House No. 742, 1^st Floor, Sector 15A, Faridabad-121007, Haryana, India.
Date of Birth :	30.10.1973
Qualification:	B. Tech., PGDBA
Date of Appointment :	11.09.2006

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.12.2010

Names of Shareholders	No. of Equity Shares
Escorts Limited	113963697
Escorts Limited joint Rajan Harprasad Nanda	100
Escorts Limited joint Anil Nanda	100
Escorts Limited joint Nikhil Nanda	100
Escorts Limited joint Ritu Nanda	100
Escorts Limited joint Vinod Dixit	200
Escorts Limited joint Prabhat Kumar	100
Escorts Limited joint Asit Mishra	100
Total	113964497

As on 31.12.2010

Equity share breakup
Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Pick-n-carry Craves, Hydraulic Mobile Craves, Vibratory Compactors for Sail Asphalt Tandems Rollers, Slew Craves and Forklifts

Products :

Item Code No.	Production Description
84261200	Cranes on Tyres
84295100	Front end shovel loaders
84294020	Road Rollers

MATERIAL HANDLING EQUIPMENTS

· Pick and Carry Cranes

· Slew Cranes

· Crawler Cranes

· Truck Cranes

· Articulated Boom Cranes

· Tower Cranes

· Tower Cranes

· Telehandlers

·

ROAD CONSTRUCTIONS EQUIPMENTS

· Vibratory Soil Compactor

· Tandem Vibratory Roller

Agencies Held :

· Daewoo, Heavy Industries Korea, - Forklift Truck

· Fassi Gru, Italy- Articulated Basm Crames

· Hamm AG, Germany- Tandeur Vib.Roller

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (as on 30.09.2010)

Particulars	Unit	Actual Production
Cranes on Tyres	Nos.	2762
Front end shovel loaders and road rollers	Nos.	469

GENERAL INFORMATION

No. of Employees :

50 [Approximately]

Bankers :

· Bank of Rajasthan

· Allahabad Bank

· Bank of Baroda, Corporation Banking Branch, 16 Sansad Marg, New Delhi-110001, India

· Indusand Bank Limited, International Trade Tower, F Block, Ground Floor, Nehru Place, New Delhi – 110019, India

· Industrial Development Bank of India, 11, Suriya Kiran Building, K.G Marg, New Delhi-110001, India

· Indusand Bank Limited, 28, Gopal Dass Bhawan, Barakhamba Road, New Delhi-110001, India

· Oriental Bank of Commerce, E Block, Connaught Place, New Delhi-110001, India

· Axis Bank Limited, Statesman House, Barakhamba Road, New Delhi.

· Axis Bank Limited, Trishul 3^rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad-380006, Gujarat, India.

· State Bank of Patiala, Commercial branch, Chandarlok building, 36, Janapath, New Delhi-110001, India

Facilities :

Secured Loan	30.09.2010 (18 Months)	31.03.2009 (12 Months)
	[Rs. in Millions]
From Banks
Cash Credit / working capital demand loan	587.642	410.882
Term loan	240.710	150.000
Debentures
9% convertible debentures	0.000	340.000
Total	828.352	900.882
Unsecured Loan
9% convertible debentures	0.000	100.000
Total	0.000	100.000

Note:

• Cash Credit including working capital demand loan. Secured by hypothecation, by way of first charge ranking pari passu, on stocks, book debts and other current assets and by second charge raking pari passu on entire fixed assets of the company
• Term loan is secured from IDBI by way of seconds charge, ranking pari passu on entire fixed assets of the company
• Term loan from Indusand Bank secured by hypothecation by way of exclusive charge on plant and machinery worth Rs. 150.000 Millions at Ballabgarh Plant
• During the period 9% convertible Debenture have been converted into Equity shares

Financial Institution :	IL and FS Trust Company Limited, IL and FS Financial Centre Plot No. C22 G Block Bandra, Kurla Complex Bandra East, Mumbai-400051, Maharashtra, India
Banking Relations :	Satisfactory
Auditors :
Name :	S. N. Dhawan and Company Chartered Accountants
Address :	C-37, Connaught Place, New Delhi – 110 001, India
Tel. No.:	91-11-23416322 / 23417564
Fax No.:	91-11-23415021
E-Mail :	contact@mazars.co.in
PAN.:	AAQFS0580H
Holding Company :	Escorts Limited (L74899DL1944PLC001860)
Fellow Subsidiaries :	· Escorts Automotive Limited
Associates/Subsidiaries :	As on 31.03.2009 · Escorts Agrimachinery Inc. · Escorts Heart Institute and Research Cerntre Limited · Escorts Technologies Limited · Escorts Techinologies (USA) Limited · Escorts Technologies (UK) Limited · Escorts Singapore Pte Limited · E-Soft (Mauritius) Holdings Limited · IFS Solutions India Private Limited · Escorts Services Limited · Cellnext Solutions Limited · Serv India Solutions Private Limited · Escorts Securities Limited · Escorts Asset Management Limited · Escorts Health Care Services Limited · Automatrix India Private Limited · Escorts Heart And Super Specialty Institute Limited · Escorts Heart Center Limited · Escorts Mobile Communications Limited · Escorts Hospital And Research Center Limited · Escorts Telecommunications Limited · Escorts Telecom Services Limited (Formerly Escorted Telecommunication Limited)

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
119000000	Equity Share	Rs.10/- each	Rs.1190.000 Millions
31000000	Preferences Shares	Rs.10/- each	Rs.310.000 Millions
	Total		Rs.1500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
113964497	Equity Share	Rs.10/- each	Rs. 1139.645 Millions

Note:

1. 113964497 Equity shares held by Escorts Limited (The Holding Company)

2. During the period 5% Redeemable optionally Convertible Cumulative Preference Shares have been converted into equity shares

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2010 (18 Months)	31.03.2009 (12 Months)	31.03.2008 (12 Months)
SHAREHOLDERS FUNDS
1] Share Capital		1139.645	710.000	710.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		393.455	361.979	358.654
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1533.100	1071.979	1068.654
LOAN FUNDS
1] Secured Loans		828.352	900.882	774.283
2] Unsecured Loans		0.000	100.000	0.000
TOTAL BORROWING		828.352	1000.882	774.283
DEFERRED TAX LIABILITIES		35.859	23.312	3.517
TOTAL		2397.311	2096.173	1846.454
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		946.481	948.500	178.535
Capital work-in-progress		0.000	2.020	393.435
INVESTMENT		0.140	0.140	105.390
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1156.356	983.228	793.597
	Sundry Debtors	1361.013	879.311	1180.587
	Cash & Bank Balances	101.604	104.554	330.642
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	281.073	260.010	198.944
Total Current Assets		2900.046	2227.103	2503.77
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1005.354	758.830	0.000
	Other Liabilities	428.713	250.074	1280.882
	Provisions	15.289	36.343	55.445
Total Current Liabilities		1449.356	1081.590	1336.327
Net Current Assets		1450.690	1145.513	1167.443
MISCELLANEOUS EXPENSES		0.000	0.000	1.651
TOTAL		2397.311	2096.173	1846.454

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2010 (18 Months)	31.03.2009 (12 Months)	31.03.2008 (12 Months)
	SALES
		Income	7868.957	4617.140	5365.791
		Other Income	121.401	74.784	158.414
		TOTAL (A)	7990.358	4691.924	5524.205
Less	EXPENSES
		Material, Manufacturing and Operating	6406.586	3717.867	4177.850
		Personnel	482.086	241.674	170.916
		Sales and Administration	803.856	553.002	754.892
		TOTAL (B)	7692.528	4512.543	5103.658
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		297.830	179.381	420.547
Less	FINANCIAL EXPENSES (D)		137.097	72.072	15.917
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		160.733	107.309	404.630
Less/ Add	DEPRECIATION/ AMORTISATION (F)		119.434	50.165	14.134
	PROFIT BEFORE TAX (E-F) (G)		41.299	57.144	390.496
Less	TAX (H)		20.178	35.685	128.877
	PROFIT AFTER TAX (G-H) (I)		21.121	21.459	261.619
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		361.980	358.655	114.574
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	15.500	14.990
		Tax on Dividend	0.000	2.634	2.548
	BALANCE CARRIED TO THE B/S		383.101	361.980	358.655
	EARNINGS IN FOREIGN CURRENCY
		Export of Goods on FOB Basis	77.754	77.416	91.293
		Warranty and other reconvenes	1.109	0.756	0.582
		Commission received	39.822	13.106	2.601
	TOTAL EARNINGS		118.685	91.278	94.476
	IMPORTS
		Raw Materials	359.417	208.302	251.927
		Stores & Spares	84.401	42.797	37.996
		Capital Goods	10.282	40.916	7.241
		Others	244.108	203.546	179.551
	TOTAL IMPORTS		698.208	495.561	476.715
	Earnings Per Share (Rs.)		0.03	0.08	6.10

KEY RATIOS

PARTICULARS		30.09.2010 (18 Months)	31.03.2009 (12 Months)	31.03.2008 (12 Months)
PAT / Total Income	(%)	0.26	0.46	4.73
Net Profit Margin (PBT/Sales)	(%)	0.52	1.24	7.28
Return on Total Assets (PBT/Total Assets}	(%)	1.07	1.80	14.56
Return on Investment (ROI) (PBT/Networth)		0.03	0.05	0.36
Debt Equity Ratio (Total Liability/Networth)		1.48	1.94	1.97
Current Ratio (Current Asset/Current Liability)		2.00	2.06	1.87

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	Yes
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	No
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Change of Registered Office:

Registered Office of the company has been shifted from, 11, SC India House, Connaught Circus, New Delhi-110001, India to the present Address. W.e.f. 30.06.2010

Financial Performance and Future Prospects

Company has achieved a turnover of Rs. 8500.000 Millions in 18 months Period as compared to Rs.5130.000 Millions in 12 months of previous year. Company’s operating margins continues to be under pressure and there is marginal decline in EBITDA ratio in comparison to previous year. Due to full impact of depreciation on new plant and interest, PBT in current period is lower than that of the previous year.

To improve operating margins company has taken the following initiatives:

• Project Score: Eicher Consultancy Service (ECS) has been roped in to look the cost saving potentials in the areas of manufacturing, logistics, value engineering etc. Areas where potential exists are identified and work is going on and substantial savings will flow in the coming year onward.

• CS has been given the responsibility of role realignment of role realignment, recommend optimum resources, design lean organization and design functional competency framework With the initiative company excepts increase in productivity, performance and reduction in manpower cost.

• Company has tied up for documentation and implementation of key processes with the help of outside consultant. This will help in better controls, consistency and eventually savings.

• In house terms are working on Value Engineering, Operational efficiencies and negotiations with vendors.

Above initiatives will help in substantial improvement in the operating margins for coming years.

Contingent Liabilities:

Rs. in Millions

Contingent Liabilities:	30.09.2010 (18 Months)	31.03.2009 (12 Months)
Counter guarantee given to banks against the guarantees given by them on behalf of the company	214.687	133.333
Demand Raised by Sales Tax authorities, being disputed by the company, the company is hopeful of getting substantial relief in appeals, the company has deposited a sum of Rs. 9.272 Millions (Previous Year Rs. 8.363 Millions) against the above demands, which is appearing under Loans and Advances.	10.545	8.836
Other claims against the company not acknowledge as debts.	0.745	1.467
Liability towards Surety Bond in favour of Govner of Harayana for Sales Tax Registration under VAT of Escorts Limited (The holding Company)	35.000	35.000
Demands raised by Income tax Authorities being disputed by the company, the company is hopeful of getting substantial relief in appeals.	25.739	19.465
Haryana Local Area Development Tax (HLADT)	49.235	0.000
Total	335.951	198.101

Form 8

Corporate identity number of the company	U74899HR1994PLC040956
Name of the company	ESCORTS CONSTRUCTION EQUIPMENT LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No. 219, Sector 58, Ballabhgarh, Faridabad — 121004, Haryana
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10259481
Type of charge	Immovable Property Book Debts Movable Property
Particular of charge holder	State Bank of Patiala, Commercial Branch, Chandarlok Building, 36, Janapath, New Delhi-110001, India
Nature of instrument creating charge	No instrument was executed. Second Part Passu Charge by way of Equitable Mortgage was created, by constructive delivery of title deeds already deposited with IL&FS Trust Company Limited (ITCL), in respect of Company’s freehold land being a part of site at Plot No. 219, Sector 58, Ballabhgarh, Haryana, acting as Agent for and on behalf of State Bank of Patiala to secure credit facilities of Rs.500.000 Millions granted by State Bank of Patiala to Escorts Construction Equipment Limited (Borrower)
Date of instrument Creating the charge	15.12.2010
Amount secured by the charge	Rs. 500.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest: As per the agreement Terms of Agreement: As per the agreement Margin: As per the agreement Extent and operation of the charge: Second Pan Passu Charge by way of Equitable Mortgage by constructive delivery of title deeds of Land & Building situated at Plot No. 219, Sector 58, Ballabhgarh, Haryana to secure the Working Capital Facility of Rs. 500.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First Pan Passu charge by way of Hypothecation on Current Assets of the Co. including all type of Stock of Raw Material, stores, finished goods etc lying in the Factory, go-down, Elsewhere including goods in transit) and Companies book debts/ receivables both Present and Future) excluding the property specifically charged to Indus-Ind Bank Limited. Second Pan Passu Charge by way of Equitable Mortgage on Land and Building Situated at Plot No. 219, Sector 58, Ballabhqarh, Haryana
Particulars of the present modification	Further Second Pan Passu Charge by way of Equitable Mortgage was created, by constructive delivery of title deeds already deposited with IL and FS Trust Company Limited (ITCL), in respect of Company’s freehold land being a part of site at Plot No. 219, Sector 58, Ballabhgarh, Haryana, acting as Agent for and on behalf of State Bank of Patiala to secure credit facilities of Rs.500.000 Millions, granted by State Bank of Patiala to Escorts Construction Equipment Limited (Borrower)

FIXED ASSETS:

• Land
• Building
• Plant and Machinery
• Furniture and Fixtures
• Office Equipments
• Computer
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.51.93
UK Pound	1	Rs.80.62
Euro	1	Rs.69.37

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.