1. Summary Information

		Country	India
Company Name	ESCORTS CONSTRUCTION EQUIPMENT LIMITED	Principal Name 1	Mr. Rajan Nanda
Status	Satisfactory	Principal Name 2	Ms. Ritu Nanda
		Registration #	05-040956
Street Address	SCO- 232, First Floor, Sector – 20, Panchkula – 134109, Haryana, India
Established Date	17.02.1994	SIC Code	--
Telephone#	Not Available	Business Style 1	Manufacturing
Fax #	Not Available	Business Style 2	--
Homepage	www.ecel.com	Product Name 1	Pick-n-carry Craves
# of employees	Not Available	Product Name 2	Hydraulic Mobile Craves
Paid up capital	Rs.1,139,644,970/-	Product Name 3	Vibratory Compactors
Shareholders	Directors or relatives of Directors-100%	Banking	State Bank of Patiala
Public Limited Corp.	NO	Business Period	18 Years
IPO	NO	International Ins.	-
Public Enterprise	NO	Rating	Ba (45)
Related Company
Relation	Country	Company Name	CEO
Holding Company	India	Escorts Limited	-
Note	-

2. Summary Financial Statement

Balance Sheet as of	30.09.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	2,702,904,000	Current Liabilities	2,387,863,000
Inventories	1,469,686,000	Long-term Liabilities	1,039,880,000
Fixed Assets	936,365,000	Other Liabilities	92,100,000
Deferred Assets	0,000	Total Liabilities	3,519,843,000
Invest& other Assets	27,553,000	Retained Earnings	477,020,000
		Net Worth	1,616,665,000
Total Assets	5,136,508,000	Total Liab. & Equity	5,136,508,000
Total Assets (Previous Year)	3,846,667,000
P/L Statement as of	30.09.2011		(Unit: Indian Rs.)
Total Income	8,294,514,000	Net Profit	83,566,000
Total Income (Previous yr)	7,990,358,000	Net Profit(Prev.yr)	21,131,000

MIRA INFORM REPORT

Report Date :

08.05.2012

IDENTIFICATION DETAILS

Name :	ESCORTS CONSTRUCTION EQUIPMENT LIMITED
Registered Office :	SCO- 232, First Floor, Sector – 20, Panchkula – 134109, Haryana
Country :	India
Financials (as on) :	30.09.2011
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 :	Not Available

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 6400000
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 records. 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

LOCATIONS

Registered Office :	SCO- 232, First Floor, Sector – 20, Panchkula – 134109, Haryana, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	satyendra.chauhan@escorts-ecel.com
Website :	www.ecel.com
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: 28.11.2011

Name :

Mr. Rajan 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 Directorships :

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	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	U67190HR1990PTC044859	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	U74899HR1994PTC044755	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 :

Ms. 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	Date of cessation	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	U74899DL1984PTC018883	NIKY TASHA COMMUNICATIONS PRIVATE LIMITED	Director	03-08-84	03-08-84	-	Active	NO
4	U74899DL1984PTC018885	NIKY TASHA ENERGIES 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	U63040DL1997PTC114390	SUN AND MOON TRAVELS (INDIA) PRIVATE LIMITED	Director	01-04-99	01-04-99	-	Active	NO
10	U99999MH1997PTC109903	SUN AND MOON TRAVELS (INDIA) PRIVATE LIMITED	Director	01-04-99	01-04-99	-	Not Available for eFiling	NO
11	U66010DL2000PTC106350	RITU NANDA INSURANCE SERVICE PRIVATE LIMITED	Director	19-06-00	19-06-00	-	Active	NO
12	U72900DL2000PTC106349	ESCOLIFE IT SERVICES 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	U74140DL2010PTC198965	CRYSTALCARE ADVISORS PRIVATE LIMITED	Director	11-02-10	11-02-10	-	Active	NO
21	U74899HR1992PTC044796	AAA PORTFOLIOS PRIVATE LIMITED	Additional 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. Nikhil Nanda

Designation :

Director

Address :

12, Jor Bagh, Lodhi Road, New Delhi – 110003, Delhi, India

Date of Birth/Age :

18.03.1974

Date of Appointment :

10.04.1997

DIN No.:

00043432

Other Directorships :

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	U74899HR1994PTC044755	ESCORTS FINANCE INVESTMENTS AND LEASING PRIVATE LIMITED	Director	06-10-95	06-10-95	-	Active	NO
3	U67190HR1990PTC044859	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	U74899DL2000PLC106353	CELLNEXT SOLUTIONS LIMITED	Director	29-09-01	20-06-00	30-09-09	Active	NO
7	U72900DL2000PTC105728	ISERV INDIA SOLUTIONS PRIVATE LIMITED	Director	20-06-00	20-06-00	03-10-07	Active	YES
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	U74899HR1992PTC044796	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. 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 Directorships :

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. 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 Directorships :

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	U80903MH2003PLC142601	HSBC INVESTDIRECT ACADEMY FOR INSURANCE AND FINANCE (INDIA) LIMITED	Director	18-07-06	23-09-05	29-09-08	Active	NO
6	U67100MH2001PLC133074	HSBC INVESTDIRECT SALES AND MARKETING (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	L24121UP1978PLC008027	JAIPRAKASH ENTERPRISES LIMITED	Director	30-08-07	27-12-05	-	Amalgamated	NO
9	L14106UP1995PLC019017	JAIPRAKASH ASSOCIATES LIMITED	Director	27-12-05	27-12-05	-	Active	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

Name :

Mr. Odayammadath Koroth Balraj

Designation :

Director

Address :

C33, Sector 26, Nodia – 201301, Uttar Pradesh, India

Date of Birth/Age :

11.05.1956

Date of Appointment :

26.11.2009

DIN No.:

01873868

Other Directorships :

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

KEY EXECUTIVES

Name :	Mr. Satyendra Chauhan
Designation :	Manager
Address :	House No. 121, Sector 28, Faridabad – 121008, Haryana, India
Date of Birth/Age :	16.03.1975
Date of Appointment :	24.07.2010
Name :	Mr. Satyendra Chauhan
Designation :	Secretary
Address :	House No. 121, Sector 28, Faridabad – 121008, Haryana, India
Date of Birth/Age :	16.03.1975
Date of Appointment :	27.05.2011
Pan No :	AEMPC8723L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 28.11.2011

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

Equity Share Break up (Percentage of Total Equity)

As on: 28.11.2011

Category	Percentage
Directors or relatives of Directors	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 :

Production Descriptions	ITC Code
Mobile Lifting Frame and Cranes on Tyres	84261200
Backhoe Loader	84295900
Road Rollers	84294020

MATERIAL HANDLING EQUIPMENTS

· Pick and Carry Cranes

· Slew Cranes

· Crawler Cranes

· Truck Cranes

· Articulated Boom Cranes

· Tower Cranes

· Forklift Truck

· Arial Work Platforms

· Telehandlers

· Front End Loaders

COMPACTION EQUIPMENTS

• Vibratory Soil Compactor
• Tandem Vibratory Roller

EARTHMOVING EQUIPMENTS

• Backhoe Loaders
• Wheel Loaders
• Motor Graders

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of Patiala, AT Commercial Branch, AT Chandarlok Building, 36, Janapath, New Delhi - 110001, India
• 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.

Facilities :

(Rs. In Millions)

Secured Loan	As on 30.09.2011	As on 30.09.2010
Rupee term loans banks secured	90.116	240.709
Working capital loans banks secured	949.764	587.643
Total	1039.880	828.352

Banking Relations :
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)

CAPITAL STRUCTURE

As on: 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
119000000	Equity Shares	Rs.10/- each	Rs.1190.000 Millions
31000000	Preference 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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2011	30.09.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1139.645	1139.645	710.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		477.020	393.455	361.979
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1616.665	1533.100	1071.979
LOAN FUNDS
1] Secured Loans		1039.880	828.352	900.882
2] Unsecured Loans		0.000	0.000	100.000
TOTAL BORROWING		1039.880	828.352	1000.882
DEFERRED TAX LIABILITIES		60.534	35.859	23.312
TOTAL		2717.079	2397.311	2096.173
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		936.365	946.481	948.499
Capital work-in-progress		26.098	0.000	2.020
INVESTMENT		0.140	0.140	0.140
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1469.686	1156.356	983.227
	Sundry Debtors	2001.413	1361.013	879.310
	Cash & Bank Balances	170.788	101.604	104.554
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	530.703	281.073	260.010
Total Current Assets		4172.590	2900.046	2227.101
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1670.138	1005.354	758.830
	Other Current Liabilities	717.725	428.714	286.417
	Provisions	31.566	15.288	36.340
Total Current Liabilities		2419.429	1449.356	1081.587
Net Current Assets		1753.161	1450.690	1145.514
MISCELLANEOUS EXPENSES		1.315	0.000	0.000
TOTAL		2717.079	2397.311	2096.173

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2011	30.09.2010	31.03.2009
	SALES
		Income	8160.488	7868.957	4614.140
		Other Income	134.026	121.401	74.784
		TOTAL (A)	8294.514	7990.358	4688.924
Less	EXPENSES
		Consumption materials changes inventories	6570.915	6270.094
		Manufacturing service costs	164.938	136.492
		Employee related expenses	442.223	482.086
		Administrative selling other expenses	824.404	803.856
		TOTAL (B)	8002.480	7692.528	4509.544
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		292.034	297.830	179.380
Less	FINANCIAL EXPENSES (D)		95.646	137.097	72.072
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		196.388	160.733	107.308
Less/ Add	DEPRECIATION/ AMORTISATION (F)		79.679	119.434	50.165
	PROFIT BEFORE TAX (E-F) (G)		116.709	41.299	57.143
Less	TAX (H)		33.143	20.178	35.684
	PROFIT AFTER TAX (G-H) (I)		83.566	21.131	21.459
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		383.100	361.979	358.655
	BALANCE CARRIED TO THE B/S		466.665	383.100	361.979
	Earnings Per Share (Rs.)		0.73	0.34	0.08

KEY RATIOS

PARTICULARS		30.09.2011	30.09.2010	31.03.2009
PAT / Total Income	(%)	1.01	0.26	0.46
Net Profit Margin (PBT/Sales)	(%)	1.43	0.52	1.24
Return on Total Assets (PBT/Total Assets}	(%)	2.28	1.07	1.80
Return on Investment (ROI) (PBT/Networth)		0.07	0.03	0.05
Debt Equity Ratio (Total Liability/Networth)		2.14	1.48	1.94
Current Ratio (Current Asset/Current Liability)		1.72	2.00	2.06

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes

CONTINGENT LIABILITIES:

Rs. in Millions

Contingent Liabilities:	30.09.2011	30.09.2010
Counter guarantee given to banks against the guarantees given by them on behalf of the company	208.385	214.687
Demand Raised by Sales Tax authorities, being disputed by the company. The company has deposited a sum of Rs.9.701 Millions against the above is appearing under Loans and Advances	11.075	10.645
Other claims against the company not acknowledge as debts.	0.748	0.748
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	13.869	25.739
Haryana Local Area Development Tax (HLADT)	82.278	49.235

FIXED ASSETS:

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

AS PER WEBSITE DETAILS:

New Delhi, February 2, 2012: Escorts Limited today reported a Net Profit of Rs.108.600 Millions for the first quarter of the 2011-12 financial year ending December 31, 2011. Net sales increased 7.8% sequentially to Rs.8230.000 Millions on account of a sequential increase of 9.2% in tractor sales. Escorts Limited follows an October-September fiscal year and the reported quarter is the first quarter of fiscal 2011-12.

The Agri Machinery division recorded revenue of Rs7728.000 Millions. Tractor volumes are up 1.7% to 16,606 units as against 16,333 units in the corresponding quarter. The Auto Parts Division showed a growth of 25% though the postponement of large tenders by the Railways to Q 2 resulted in a decline of 28% in sales of the Railways Division. The impact of inflationary pressures resulted in cost of raw materials going up by 2 per cent over the preceding quarter and by 0.7% over the corresponding quarter. The company has raised prices by 7,000/- per tractor in January '12 and this along with cost compression measures, will improve profitability in coming quarters.

Speaking on the results, Chairman and Managing Director Mr. Rajan Nanda said, "Despite a profitable quarter and growth over the immediate preceding quarter, the results reflect the constraints of the current economic environment and the impact of inflation and finance costs. A number of managerial initiatives are underway to meet this challenge. Today, Escorts is embarking on an expansion of its product portfolio, re-gearing product and pricing strategies to meet the aspirations of its customer base with higher dependency on mechanization and undertaking geographic and capacity expansion."

Mr. Nikhil Nanda, Joint Managing Director said, "There focus is on building a national market base, providing customers a range of crop solutions and implements, PTO and haulage applications for tractors, product upgrades and improvements as well as targeted marketing for non-agriculture usages. At the crux of there approach to the market is the increasing demand for farm mechanization and the accessorized deployment of tractors for non-farm uses. They believe multi-domain growth drivers along with cost compression measures will enable Escorts to deliver profitable growth."

Escorts Construction Equipment continued to demonstrate strong growth, with a sales turnover of Rs.206.000 Millions as against Rs.1630.000 Millions in the corresponding quarter of the previous fiscal.

The audited account of the first quarter of 2011-12, ending December 31, 2011, has been approved by the Board of Escorts Limited.

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] 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.53.34
UK Pound	1	Rs.86.09
Euro	1	Rs.69.37

INFORMATION DETAILS

Report Prepared by :

VRN

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.