MIRA INFORM REPORT

1. Summary Information

		Country	India
Company Name	ESCORTS CONSTRUCTION EQUIPMENT LIMITED (AMALGAMATED WITH ESCORTS LIMITED)	Principal Name 1	Mr. Rajan Nanda
Status	Satisfactory	Principal Name 2	Mr. Nikhil Nanda
		Registration #	05-039088
Street Address	SCO-232, 1^st Floor, Sector – 20, Panchkula – 134109, Haryana, India
Established Date	17.10.1944	SIC Code	--
Telephone#	91-172-4416938	Business Style 1	Manufacturer
Fax #	91-172-4416938	Business Style 2
Homepage	http://www.escortsgroup.com	Product Name 1	Agri Machinery
# of employees	5338 (Approximately)	Product Name 2	Auto-Components
Paid up capital	Rs.1,192,700,000/-	Product Name 3	Railway Equipment
Shareholders	Promoter and Promoter Group - 41.98% Public shareholding -58.02%	Banking	State Bank of India
Public Limited Corp.	YES	Business Period	69 Years
IPO	YES	International Ins.	-
Public Enterprise	YES	Rating	Ba (49)
Related Company
Relation	Country	Company Name	CEO
Joint Ventures and Associates	--	Hughes Communications India Limited Escorts Motors Limited	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	30.09.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	8,834,600,000	Current Liabilities	11,433,300,000
Inventories	4,966,100,000	Long-term Liabilities	4,599,300,000
Fixed Assets	15,990,000,000	Other Liabilities	1,986,900,000
Deferred Assets	(28,100,000)	Total Liabilities	18,019,500,000
Invest& other Assets	4,396,500,000	Retained Earnings	14,946,900,000
		Net Worth	16,139,600,000
Total Assets	34,159,100,000	Total Liab. & Equity	34,159,100,000
Total Assets (Previous Year)	31,325,800,000
P/L Statement as of	30.09.2012		(Unit: Indian Rs.)
Sales	38,938,000,000	Net Profit	696,000,000
Sales(Previous yr)	32,101,500,000	Net Profit(Prev.yr)	1,200,900,000

MIRA INFORM REPORT

Report Date :

18.05.2013

IDENTIFICATION DETAILS

Name :	ESCORTS LIMITED ESCORTS CONSTRUCTION EQUIPMENT LIMITED (AMALGAMATED WITH ESCORTS LIMITED)
Registered Office :	SCO-232, 1^st Floor, Sector – 20, Panchkula – 134109, Haryana
Country :	India
Financials (as on) :	30.09.2012
Date of Incorporation :	17.10.1944
Com. Reg. No.:	05-039088
Capital Investment / Paid-up Capital :	Rs.1192.700 Millions
CIN No.: [Company Identification No.]	L74899HR1944PLC039088
TAN No.: [Tax Deduction & Collection Account No.]	DELE00069G
PAN No.: [Permanent Account No.]	AAACE0074B
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of Agri Machinery, Auto-Components and Railway Equipment.
No. of Employees :	5338 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 64500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is a well established and reputed company having a satisfactory track record. There appear dip in the profitability year on year. However, general financial position of the company seems to be strong liquidity of the company is good. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A3 (Fund Based Limits)
Rating Explanation	Moderate credit quality and higher credit risk.
Date	March 2013

Rating Agency Name	ICRA
Rating	A3 (Non Fund Based)
Rating Explanation	Higher credit risk.
Date	March 2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Puneet Chhabra
Designation :	Deputy General Manager Marketing
Contact No.:	91-9971110870
Date :	17.05.2013

LOCATIONS

Registered Office :	SCO-232, 1^st Floor, Sector 20, Panchkula - 134109, Haryana, India
Tel. No.:	91-172-4416938
Mobile No.:	91-9971110870
Fax No.:	91-172-4416938
E-Mail :	corpsect@ndb.vsnl.net.in rnanda@del12.vsnl.net.in
Website :	http://www.escortsgroup.com
Location :	Owned
Corporate Office :	15/5, Mathura Road, Faridabad - 121003, Haryana, India
Tel. No.:	91-129-2250222
Fax No.:	91-129-2250058
Administrative Office and Components Plants:	Auto Suspension Product Division
	18/4, Mathura Road, Faridabad - 121007, Haryana, India
Tel. No.:	91-129-2284911
Fax No.:	91-129-2264939
Engineering Division:	Railway Equipment Division
	Plot No. 115, Sector-24, Faridabad-121005, Haryana, India
Tel No.:	91-129-2232371
Fax No.:	91-129-2232146
Tractor Assembly, Transmission and Engine Plant:	Plot No. 2 and 3, Sector 13, Faridabad 121007, Haryana, India
Tel No.:	91-129-2291230
Fax No.:	91-129-2250009
Factory:	Plot No.9, Sector 1, Integrated Industrial Estate, Pant Nagar, District – Rudrapur, Udham Singh Nagar, Uttaranchal – 263145, India
Escorts Training and Development Centre	Escorts Institute of Farm Mechanization (EIFM) Anekal Road, Chandapur, P.O, Bangalore – 500 081, Karnataka, India
Tel No.:	91-80-27801377 / 27804175

DIRECTORS

As on: 30.09.2012

Name	Mr. Rajan Nanda
Designation	Chairman and Managing Director
Age	60 Years
Qualification	Senior Cambridge, Training in UK and Germany
Experience	42 Years
Date of Joining	03.04.1970
Name	Mr. Nikhil Nanda
Designation	Joint Managing Director
Age	31 Years
Qualification	BBA
Name	Dr. M. G. K. Menon
Designation	Director
Qualification	B.Sc., M.Sc., Ph.D., D.Sc [H.C.], F.R.S.
Name	Dr. S. A. Dave
Designation	Director
Qualification	M.A. [Economics] Ph.D.
Name	Dr. P. S. Pritam
Designation	Director
Qualification	M. A., LLB, Ph. D.
Name	Mr. S C Bhargava
Designation	Director
Name	Mr. Hardeep Singh
Designation	Director

KEY EXECUTIVES

Name :	Mr. Puneet Chhabra
Designation :	Deputy General Manager Marketing
Name	Mr. Shailendra Agarwal
Designation	Chief Operating Officer (EAM)
Name	Partha Banerjee
Designation	Head – Manufacturing Operations (ECE)
Name	Mr. Rajeev Dass
Designation	Head – Corporate Communications and Corp. Affairs
Name	Dr. Lal Shalini
Designation	Chief Human Resource Officer (EAM)
Name	Mr. Madan Bharat
Designation	Financial Controller (EAM)
Name	G B Mathur
Designation	Executive Vice President Law and Company Secretary
Name	Mr. Ishan Mehta
Designation	Executive Vice President - HR and ER, Escorts Group
Name	Ms. Nitasha Nanda
Designation	Head Group Investment Companies
Name	Ms. Sangeet Oswal
Designation	Associate Vice President – New Product Proto Development
Name	Mr. Lait Kumar Pahwa
Designation	Chief Executive Officer - EAP
Name	N. S. Rane
Designation	Head Component Plant and CHD
Name	Mr. Rajesh Sharma
Designation	Head - Strategy, R and D and Business Development - ECE
Name	Mr. Inderjit Singh
Designation	Chief of Technology (KMC)
Name	Mr. Vikram Singhal
Designation	Chief Executive Officer – ERP
Name	K. K Vij
Designation	Executive Director and CEO - ECE
Name	O. K. Balraj
Designation	Executive Vice President and Group CFO
Name	Rohtas Mal
Designation	ED and CEO (AMG)
Name	Mr. Amit Shankar Nandi
Designation	Chief Sales and Marketing Officer - EAM
Name	A. C Sharma
Designation	Vice President - Marketing (ERP)
Name	Mr. Sambandam Sridhar
Designation	Chief Executive Officer - EAM
Name	Mr. Samir Tandon
Designation	Chief Sales, Service and Spares - EAM

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 31.03.2013

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1398427	1.14
Bodies Corporate	12756582	10.41
Any Others (Specify)	37300031	30.43
Trusts	37300031	30.43
Sub Total	51455040	41.98
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	51455040	41.98
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	72573	0.06
Financial Institutions / Banks	3126392	2.55
Insurance Companies	1531867	1.25
Foreign Institutional Investors	15956208	13.02
Sub Total	20687040	16.88
(2) Non-Institutions
Bodies Corporate	8487714	6.92
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	27779441	22.66
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	14167643	11.56
Sub Total	50434798	41.15
Total Public shareholding (B)	71121838	58.02
Total (A)+(B)	122576878	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	122576878	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Agri Machinery, Auto-Components and Railway Equipment.
Terms :
Selling :	L/C and Credit
Purchasing :	L/C and Credit

PRODUCTION STATUS (As on 30.09.2011)

Particulars	Unit	Installed Capacity*	Actual Production
**Agriculture Tractors	Nos	98,940	63744
**Internal Combustion Engine **Engine for Agricultural Tractors	Nos	98,940	66821
Round and Fiat Tubes Heating Elements (Meters)	Meters	180,000	59665
Double Acting hydraulic Shock Absorbers for railway Coaches	NOs	36,000	19098
Centre Buffer Copiers	Nos	1,200	476
Automobile Shock Absorbers Telescopic Front Fork McPherson struts	Nos	4,000,000	1867369
Brake Block	Nos	1,800,000	699714
All types of brakes used by Railways	Nos	36,000	7472

Notes :

*(a) As certified by the management and not verified by the auditors, being a technical matter.

(b) Sales and production pertain to finished goods only. Opening and Closing stocks include partly executed contracts but exclude stocks held by the consuming/selling divisions.

(c) In item no. 3 Installed capacities and actual production are in meters, rest are in numbers.

**(d) Opening and Closing stocks of items of Research and Development have been excluded.

(e) Opening and Closing stocks are inclusive of Work-in-Progress.

(f) Item no. 2 is not included in trading/finished stock.

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

5338 (Approximately)

Bankers :

• Andhra Bank
• Axis Bank
• Citi Bank N. A.
• IDBI Bank
• IndusInd Bank
• Oriental Bank of Commerce
• Punjab National Bank
• State Bank of Hyderabad
• State Bank of India
• State Bank of Patiala
• State Bank of Travancore
• YES Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 30.09.2012
Term Loans
From Banks	1677.000
From Other Parties	0.600
Cash Credit/Export Packing Credit and Working Capital Demand Loans	2902.800
Total	4580.400

Notes:

(a) Term Loan From Bank

(Term loan from banks carries interest @ 12.75% to 16.75%)

(i) Secured by second pari-passu charge on current assets with the other term lenders and Sub servient charge on specified immoveable property

State Bank of Travancore

(Repayable in 2 installment of Rs. 18.200 Millions each upto 31.03.2013)

State Bank of Hyderabad

(Repayable in 3 installment of Rs. 20.800 Millions each upto 31.05.2013)

Andhra Bank

(Repayable in 4 installment of Rs. 20.800 Millions each upto 30.09.2013)

(ii) Exclusive first charge on the Plant and Machinery Equipment acquired/to be acquired out of the said term loan

State Bank of India

(Repayable in 8 installment of Rs. 21.300 Millions each upto 30.09.2014)

State Bank of India

(Repayable in 16 installment of Rs. 17.500 Millions each upto 30.09.2016)

State Bank of Travancore

(Repayable in 17 installment of Rs. 16.700 Millions each upto 30.03.2017 including loan amount yet to be disbursed)

Andhra Bank

(Repayable in 20 installment of Rs. 16.700 Millions each upto 30.09.2017 including loan amount yet to be disbursed)

State Bank of Hyderabad

(Repayable in 16 installment of Rs. 21.400 Millions each upto 31.03.2018 including

loan amount yet to be disbursed)

(iii) Exclusive charge on Land and Building and hypothecation of plant and other assets of Escorts Construction Equipment division excluding plant and machinery specifically charged to other term lenders

Punjab National Bank

(Repayable in 11 installment of Rs. 37.500 Millions each upto 30.06.2015)

(iv) First charge by way of Equitable Mortgage of freehold immovable property being a part of site no.2, sector-13, Faridabad

Oriental Bank of Commerce

(Repayable in 12 installment of Rs. 50.000 Millions each and 2 installment of Rs. 10 Millions each and last installment of Rs.150.000 Millions upto 31.05.2016)

(v) Exclusive first Charge on Fixed Assets Acquired out of the said term loan

Oriental Bank of Commerce

(Repayable in 16 installment of Rs. 16.000 Millions, 3 installment of Rs. 6.300 Millions, 2 installment of Rs. 9.700 Millions, upto 01.09.2017 including loan amount yet to be disbursed)

(vi) Exclusive first charge on the Plant and Machinery

(Repayable in 2 installment of Rs. 9.250 Millions, upto 29.01.2013)

Nature of Security

Cash Credit/Export Packing Credit and Working Capital Demand Loans from Banks are secured against First charge on current assets and second charge on movable fixed assets excluding assets specifically charges to the term landers and repayable on demand and carries interest @ 11-13% per annum.

(Rs. In Millions )

SECURED LOAN	30.09.2011
From Banks
Cash credit/Export packing credit and working capital demand loans	891.500
Term Loans
From Banks	2704.700
From Others	02.500
Total	3598.700

Banking Relations :	--
Auditors :
Name :	S N Dhawan and Company Chartered Accountants
Address :	New Delhi, India
Tel. No.:	91-11-43684444
Fax No.:	91-11-43684445
Internal Auditors :
Name :	Grant Thornton Chartered Accountant
Solicitors :
Name :	Crawford Bayley and Company
Statutory Auditors :
Name :	S N Dhawan and Company Chartered Accountants
Subsidiary Companies :	Domestic overseas Escorts Securities Limited Escorts Asset Management Limited EDDAL Credit Limited (w.e.f. 1st October, 2011) Escorts Construction Equipment Limited (ceased to be subsidiary w. e. f. 1st October, 2011) Overseas Beaver Creeks Holdings LLC, USA Farmtrac Tractors Europe Sp. Z.o.o, Poland Farmtrac North America LLC, USA (formerly Long Agri Business LLC, USA)
Joint Ventures and Associates :	Hughes Communications India Limited Escorts Motors Limited Escotrac Finance and Investment Private Limited (ceased to be JV w.e.f. 1st October, 2011) Escorts Finance Investment and Leasing Private Limited (ceased to be JV w.e.f. 1st October, 2011)
Other Related Parties :	Har Parshad and Company Private Limited Big Apple Clothing Private Limited Raksha TPA Private Limited Niky Tasha Communications Private Limited Rimari India Private Limited Niky Tasha Energies Private Limited Momento Communications Private Limited Sun and Moon Travels (India) Private Limited AAA Portfolios Private Limited

CAPITAL STRUCTURE

As on: 30.09.2012

Authorised Capital : Rs.12890.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.1225.769 Millions

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
401000000	Equity Shares	Rs.10/- each	Rs.4010.000 Millions
888000000	Unclassified Shares	Rs.10/- each	Rs.8880.000
	Total		Rs.12890.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
122576878	Equity Shares	Rs.10/- each	Rs.1225.800 Millions
	Less : Amount Recoverable from Escorts Employees Benefit and Welfare Trust		Rs.33.100 Millions
	Total		Rs.1192.700 Millions

(a) Reconciliation of Number of Shares

Name of the Shareholders	As at 30.09.2012
Share Outstanding at the Beginning of the Year Add: Issued during the Year	105618036 16958842
Share outstanding at the Closing of the Year	122576878

(b) Terms/Rights Attached to Equity Shares

The Company has only one class of share, i.e., equity shares having the face value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share.

Dividend is paid in Indian Rupees. The dividend recomended by the Board of Directors is subject to the approval of the shareholders at the ensuing Annual General Meeting. In the event of liquidation of the Company, equity shareholders will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

(C) Detail of Shareholders Holding more than 5% Shares in the Company

Particulars	As at 30.09.2012
	% held	Nos of Share
Escorts Benefit and Welfare Trust	30.43	37,300,031
Escotrac Finance and Investment Private Limited	-	-
Escotrs Finance Investment and Leasing Private Limited	-	-
Reliance Capital Trustee Company Limited	8.02	8,474,268
Emerging Market Management	-	-

(d) Shares Issued for Consideration Other than Cash during the period of five years Immediately Proceeding, 30th September, 2012:

Particulars	As at 30.09.2012
	No. of Shares
Equity Shares allotted as fully paid pursuant to Consideration Other than Cash	31,660,026

In addition, the company has issued total 298,000 (Previous Year 298,000) Equity Share to employees (through Escorts Employees Benefit and Welfare Trust) on exercise of option granted under the Employee Stock Option Scheme 2006, wherein part consideration was received in form of emplyee service.

(e) Share Reserved for Issued Under option

For details of share reserved for issue under the Employee Stock Option Plan (ESOP) of the Company

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		30.09.2012	30.09.2011	30.09.2010
SHAREHOLDERS FUNDS
1] Share Capital		1192.700	1023.100	1022.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		14946.900	16961.400	16355.500
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16139.600	17984.500	17378.300
LOAN FUNDS
1] Secured Loans		4580.400	3598.700	2837.800
2] Unsecured Loans		18.900	127.300	148.200
TOTAL BORROWING		4599.300	3726.000	2986.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		20738.900	21710.500	20364.300
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15990.000	14618.800	14497.100
Capital work-in-progress		537.400	535.200	194.300
INVESTMENT		3859.100	3658.000	3658.000
DEFERREX TAX ASSETS		(28.100)	164.400	50.900
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4966.100	3273.600	2955.000
	Sundry Debtors	4454.400	3405.300	3326.200
	Cash & Bank Balances	1305.700	2871.900	1744.100
	Other Current Assets	998.800	71.400	8.200
	Loans & Advances	2075.700	2708.500	2588.600
Total Current Assets		13800.700	12330.700	10622.100
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	8845.500	7451.300	5572.300
	Other Current Liabilities	2587.800	1367.700	1738.000
	Provisions	1986.900	796.300	1367.300
Total Current Liabilities		13420.200	9615.300	8677.600
Net Current Assets		380.500	2715.400	1944.500
MISCELLANEOUS EXPENSES		0.000	18.700	19.500
TOTAL		20738.900	21710.500	20364.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		30.09.2012	30.09.2011	30.09.2010
	SALES
		Income	38938.800	32101.500	27457.300
		Other Income	489.000	413.400	189.400
		Income from Investments	0.000	0.000	1.000
		TOTAL (A)	39427.800	32514.900	27647.700
Less	EXPENSES
		Manufacturing, Material and Operating Expenses	--	24105.500	19518.300
		Cost of Raw Material and Components Consumed	26746.000	--	--
		Purchases of Traded Goods	2277.300	--	--
		Changes in Inventories of Finished Goods, Work-in-Progress and Traded Goods	-578.100	--	--
		Employee Benefits	4061.200	--	--
		Other Expenses	4610.000	--	--
		Sales and Administration Expenses	--	3384.900	2924.000
		Personnel Expenses	--	3279.200	2892.400
		Amortization of Misc. Expenditure	--	9.400	49.300
		TOTAL (B)	37116.400	30779.000	25384.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2311.400	1735.900	2263.700
Less	FINANCIAL EXPENSES (D)		964.400	255.100	117.400
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1347.000	1480.800	2146.300
Less/ Add	DEPRECIATION/ AMORTISATION (F)		484.300	379.700	385.400
	EXCEPTIONAL ITEMS		(16.800)	94.900	(119.300)
	PROFIT BEFORE TAX (E-F) (G)		879.500	1006.200	1880.200
Less	TAX (H)		183.500	(194.700)	504.700
	PROFIT AFTER TAX (G-H) (I)		696.000	1200.900	1375.500
Less	APPROPRIATIONS
		Transfer to General Reserve		60.000	68.800
		Proposed Dividend		158.400	162.000
		Tax on Dividend		25.700	26.900
	BALANCE CARRIED TO THE B/S		NA	956.800	1117.800
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	1399.000	2152.800	638.100
		Other Earnings	50.800	98.900	0.000
	TOTAL EARNINGS		1449.800	2251.700	638.100
	IMPORTS
		Raw Materials	303.500	85.700	130.700
		Components & Spare Parts	209.900	294.400	85.700
		Capital Goods	244.400	178.600	48.300
	TOTAL IMPORTS		757.800	558.700	264.700
	Earnings Per Share (Rs.)
	Basic		5.84	11.74	14.67
	Diluted		5.84	11.66	14.42

QUARTERLY RESULTS

PARTICULARS	31.12.2012	31.03.2013
Type	1^st Quarter	2^nd Quarter
Net Sales	10281.800	10006.400
Total Expenditure	9752.000	9463.700
PBIDT (Excl OI)	529.800	542.700
Other Income	135.900	110.700
Operating Profit	665.700	653.400
Interest	214.500	217.200
Exceptional Items	(8.700)	7.100
PBDT	442.500	443.300
Depreciation	130.300	130.900
Profit Before Tax	312.300	312.400
Tax	30.900	(62.300)
Provisions and contingencies	0.000	0.000
Profit After Tax	281.400	374.800
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	281.400	374.800

KEY RATIOS

PARTICULARS		30.09.2012	30.09.2011	30.09.2010
PAT / Total Income	(%)	1.77	3.69	4.97
Net Profit Margin (PBT/Sales)	(%)	2.26	3.13	6.85
Return on Total Assets (PBT/Total Assets}	(%)	2.95	3.71	7.48
Return on Investment (ROI) (PBT/Networth)		0.05	0.06	0.11
Debt Equity Ratio (Total Debt/Networth)		0.28	0.21	0.17
Current Ratio (Current Asset/Current Liability)		1.03	1.28	1.22

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
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	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

PUNJAB AND HARYANA HIGH COURT CASE STATUS INFORMATION SYSTEM

Case Status :  PENDING

Status of          CENTRAL EXCEISE APPEAL (WEF 10-11-2003)   21        of    2012    

COMMISSIONER OF CENTRAL EXCISE ETC.                 Vs.                  M/S ESCORTS LIMITED (UNIT NO. 1), 18/4 M

Pet's Adv.     :   KAMAL SEHGAL, MUNISHA GAN                   

Last Listed On :     Monday, January 07, 2013

List Type :   NO LIST TYPE MENTIONED

FIR No. :   NO FIR DETAILS AVAILABLE / NOT A CRIMINAL CASE

Category :  CEA     

Bench for Next Hearing Dt :   NO BENCH MENTIONED

Bench for Last Hearing Dt :   NO BENCH MENTIONED

CONNECTED APPLICATION (S)   CM   14221-CII    of  2012   CM   14222-CII    of  2012   CM   14223-CII    of  2012   CM   14224-CII    of  2012

CONNECTED MATTER (S)    CEA     22   of   2012    CEA     23   of   2012    CEA     24   of   2012    CEA     25   of   2012    CEA     26   of   2012

Case Updated on:   Saturday, April 20, 2013

PUNJAB AND HARYANA HIGH COURT CASE STATUS INFORMATION SYSTEM

Case Status :  PENDING

Status of          CENTRAL EXCEISE APPEAL (WEF 10-11-2003)   26        of    2012    

COMMISSIONER OF CENTRAL EXCISE ETC.                 Vs.                  M/S ESCORTS LIMITED (UNIT NO. 1), FARIDA

Pet's Adv.     :   KAMAL SEHGAL, MUNISHA GAN                   

Last Listed On :     No Date Mentioned

List Type :   NO LIST TYPE MENTIONED

FIR No. :   NO FIR DETAILS AVAILABLE / NOT A CRIMINAL CASE

Category :  CEA     

Bench for Next Hearing Dt :   NO BENCH MENTIONED

Bench for Last Hearing Dt :   NO BENCH MENTIONED

CONNECTED APPLICATION (S)   CM   14247-CII    of  2012   CM   14248-CII    of  2012   CM   14249-CII    of  2012   CM   14250-CII    of  2012

CONNECTED MATTER (S) No Connected Cases.

Case Updated on:   Wednesday, May 30, 2012

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 30.09.2012
Finance Lease Obligation	4.200
Other Loans and Advances	14.700
Total	18.900

UNSECURED LOAN

(Rs. In Millions)

Particular	As on 30.09.2011
Short Term Loans
Lease Finance	22.200
Other Loans
Lease Finance	16.000
From Others	79.400
Book Overdraft - Banks	9.700
Total	127.300

BOARD OF DIRECTORS

Mr. Rajan Nanda

Mr. Rajan Nanda, Chairman and Managing Director of Escorts Group since 1994, is a visionary leader who has played a defining role is establishing Escorts as an organisation of repute. His astute leadership has resulted in giving Escorts a sharper focus in the high growth sectors of agri machinery, construction equipment, railway equipment and auto components. Mr. Nanda is an active member of several apex trade and industry bodies. As a member of the CII National Council, he has served as the Chairman of its Agriculture Committee. Mr. Nanda plays a pivotal role in promoting the cause of Indian agriculture and his endeavours resulted in the government announcing the long-awaited National Agriculture Policy.

Dr. M.G. K. Menon

Dr. M.G. K. Menon, Director, recipient of Padma Shri, Padma Bhushan and Padma Vibhushan, is a distinguished scientist of international repute. A former minister, Mr. Menon has also served as a member of the Planning Commission, scientific advisor to the Prime Minister, secretary to various departments of the Government of India for 12 years, President of the Indian Statistical Institute, a member and Chairman of various bodies in India and abroad. He is also an FRS and Honorary Member of IEEE.

Dr. S.A. Dave

Dr. S. A. Dave, Director, is an economist of international repute. He has a rich experience across multiple facets of financial and capital markets. Former Executive Director of IDBI, former Chairman of UTI and the first Chairman of SEBI, Mr. Dave is acting as Chairman of Centre for Monitoring Indian Economy, Mumbai, and is also the Director of HDFC Limited, and many other reputed companies.

Dr. P.S. Pritam

Dr. P.S. Pritam, Director, has held important managerial positions in mammoth financial institutions for over

four decades with diverse functional expertise – legal and mortgage, finance and accounts, insurance underwriting and claims and all aspects of client servicing. He retired as the Executive Director (Marketing and International Operations) of LIC of India, worked as National Head (Sales and Marketing) for Allianz Bajaj Life Insurance and served on the Board of Bihar State Financial Corporation, Gujarat State Financial Corporation, Bihar State Housing Federation and various other companies.

Mr. Nikhil Nanda

Mr. Nikhil Nanda, Joint Managing Director, has been a key member of the Board since 1997. He plays a vital role in managing the Group’s performance and steering its operations to create a customer-centric, technology driven brand. Together with the leadership team, he is leading the organisational transformation into a culture

of high-efficiency and aggressive growth. Mr. Nanda is a member of Northern Regional Council of Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce and Industry (FICCI), the Indo American Chambers of Commerce (IACC), high-level strategic group constituted by All India Management Association (AIMA), and Young India Committee of CII.

Mr. S.C. Bhargava

Mr. S.C. Bhargava, Director, is an eminent personality with a rich experience in all facets of finance and insurance. He possesses extensive knowledge in the field of securities market, treasury operations and investments, among others. Mr. Bhargava, Senior Fellow Member of Institute of Chartered Accountants, has also worked as member of the Technical Advisory Committee on Money, Foreign Exchange and Government Securities Market for Reserve Bank of India. Currently, he is serving on the Board of many reputed organisations.

Mr. Hardeep Singh

Mr. Hardeep Singh, Director, has a rich experience of holding top managerial positions in leading Indian and foreign companies. Mr. Singh was the former Executive Chairman of Cargill South Asia and Amalgamated Plantations Private Limited (a Tata Enterprise) and non-executive Chairman of HSBC Invest Direct India Limited. He is the Chairman of the monitoring committee on Minimum Support Price constituted by Planning Commission, Government of India. He has been a member of National Council of CII, National Committee for Agriculture of FICCI, and served as an honorary advisor on agriculture to the Chief Minister of Punjab. An invited speaker at the World Bank, US Department of Agriculture Global Summit, International Food Policy Research Institute in Washington DC, Imperial College in the UK and Indian Institute of Management (IIM), Ahmedabad. He is a graduate in Economics from Pune University and an alumnus of Kellogg School of Management.

FINANCIAL PERFORMANCE

The Net Revenue of the Company for the year was Rs. 39427.800 Millions as against Rs. 32798.200 Millions in the previous year showing a growth of 20.21%. Sale of Tractors during the year was 60673 as against 63420 in the previous year.

Profit before Interest, Depreciation, Amortisation, Exceptional Items and Tax stood at Rs. 231.14 Millions against Rs. 1897.100 Millions in the previous year.

Profit Before Tax (PBT) stood at Rs. 879.500 Millions against Rs. 1006.200 Millions in the previous year and Profit After Tax (PAT) stood at Rs. 696.000 Millions against Rs. 1200.009 Millions in the previous year. Earnings per share stands at Rs. 5.84 for the current year vis a vis Rs. 11.74 last year.

SCHEME OF ARRANGEMENT AND COMPROMISE

A Scheme of Arrangement and Amalgamation under Section 391 to 394 of the Companies Act, 1956 for the amalgamation of Escorts Construction Equipment Limited (‘ECEL’), Escotrac Finance and Investments Private Limited (‘Escotrac’) and Escorts Finance Investments and Leasing Private Limited (‘EFILL’) (together ‘Transferor Companies’) with the Company (hereinafter referred to as ‘the Scheme’), has been sanctioned by the Hon’ble High Court of Punjab and Haryana at Chandigarh vide its order dated 9th August, 2012 and upon necessary filings with the Registrar of Companies, NCT of Delhi and Haryana by the Transferor Companies and Transferee Company, the Scheme has become effective on 12th October, 2012 and the effect thereof has been given in the financial statements from 1st October, 2011 being the appointed date under the Scheme.

Pursuant to the Scheme, the issued and paid up share capital of the Company has increased from Rs. 1056.200 Millions to Rs. 1225.800 Millions as 16958842 equity shares were allotted to the shareholders of the transferor companies. The Authorized Share Capital of the Company stands enhanced to Rs. 12890.000 Millions.

The investments held by the Company in the merging entities have been cancelled and wherever required the investment held by the later were transferred to the Escorts Benefit and Welfare Trust in accordance with the Scheme. Furthermore, pursuant to the scheme, Rs. 974.000 Millions, being the difference between the net assets of the transferor companies and the purchase consideration issued by the Company is adjusted in Reserves of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS

Key Economic Trends

The concluded financial year ending September 2012 was filled with economic challenges across the globe. The world witnessed financial turmoil stemming from sovereign debt issues in the Western economies, Eurozone crisis and the resultant recession in several countries therein, inconsistent revival signals emanating from the US, visible signs of economic excesses in China and chaos in the Middle East. We, in India, were also facing their own set of challenges in the form of high fiscal and current deficit, persistently high inflation and a corresponding high interest rate, depreciating rupee, dipping growth leading to devaluation by major credit rating agencies and capital outflows from the country. On the political front, a virtual policy paralysis and snail pace economic reforms aggravated the problems. Both external and internal factors led to a sub 6% GDP growth for a developing nation like theirs.

The last few months have seen signs of positivity. An improvement in industrial performance - reforms push given through allowing FDI in multi-brand retail and enhancing limits of the same in the airline and media sector, direct cash subsidy transfers and continuing hikes in fuel prices, and the certainty of a round in interest rate cut sooner than later is very encouraging and raises hopes of achieving the forecast of 8% growth in the next 3 years. The stimulus package offered by the government during 2011-12 helped the Indian vehicle market post an impressive increase in passenger vehicles, commercial vehicles and two wheelers. All the above mentioned segments registered positive double digit growth over the previous year; however, it varied significantly during the year. The tractor industry, which defines the pulse of Indian agriculture; is expected to grow between 2-3% in 2012-13. This is due to the injection of funds by the government through various schemes as a result of which the Indian heartland is seeing a bout of prosperity. The mood in rural India is upbeat due to strong cash inflow post a bumper kharif crop, simultaneously government schemes like National Rural Employment Guarantee Act (NREGA), Accelerated Irrigation Benefit Programme (AIBP) are providing impetus to consumption in the full period between the rabi and kharif seasons. The policy of continuously raising the MSP and the expected\ implementation of the Food Security Bill before the 2014 union elections are all aimed at providing more wealth in more hands of rural India. This will increase the purchasing power for the farmer and drive growth in the sector.

AGRI MACHINERY BUSINESS

The Indian tractors market sales saw modest traction in the fiscal gone by with demand from both agricultural and non-agricultural usage. The key factor boosting the tractor demand are strong rural liquidity, which in turn was sustained by several factors, including: higher MSP for crops; greater ability of farmers to make cash purchases; enhanced employment opportunities (rural employment schemes being implemented by the Government of India); improved credit environment; and continuance of replacement demand. These factors apart, usage of tractors for non-agricultural purposes, (for haulage in construction and infrastructure projects) continued to increase, further improving the tractor demand. With increasing employment avenues like infrastructure projects and rural employment schemes, availability of labour for agricultural activities continued to decline, further prompting farmers with medium-sized land holdings to either rent or purchase tractors.

Tractor Demand Outlook

Domestic tractor industry is expected to be flat in 2012- 13 following a slowdown in farm income growth. Farm incomes will be impacted by a lower kharif output in 2012-13 as compared with the previous year. The growth in farm incomes is expected to moderate to 3-5 per cent from a 15 per cent CAGR recorded over the last two years.

Food grain output during the kharif season is expected to be 10 per cent below that of 2011-12 and 3 per cent below 2010-11 (based on first advance estimates from Department of Agriculture). This is expected to translate into lower tractor sales during the first 6-9 months of 2012-13. However, better rainfall in August and September has provided an opportunity for a goodrabi season (November-February).

As per CRISIL’s update, slowdown in infrastructure development will have a marginal negative impact on tractor sales. Key monitorables for the sector demand will be channel inventories, NPAs of captive financiers and mandi prices during the kharif marketing season.

New Product Launches

• India’s First ‘Executive’ Tractor: In higher HP Segment we launched Farmtrac 6060 and Farmtrac 6065, in 60 and 65 HP categories respectively

• Powertrac 425, another new model in 25HP category, was launched in March of this year

• Farmtrac 60EPI and Farmtrac 40 are two more new products launched in the current year

• The most recent product launch was– the Powertrac Diesel-Saver plus Series – with 10% extra power and 10% better mileage. This tractor range has seen instant, strong reception from their strong markets such as UP, MP and Bihar.

CONSTRUCTION EQUIPMENT BUSINESS

The construction sector in India witnessed exceptional growth in the decade, fuelled by unprecedented infrastructure development. The increasing significance of this sector in the country’s overall economic progress was evidenced during the implementation of the Eleventh Five Year Plan. The contribution of the construction sector to the country’s GDP has consistently been over 8 per cent in the last five years.

According to ICRA “The construction industry continues to face multiple challenges - capex deferrals by the private sector due to dwindling business confidence and stalemate in policy and decision-making has resulted in muted new order inflows; execution of existing order book has slowed down due to delays in land acquisition, obtaining clearances and policy-level uncertainties that continue to plague key infrastructure sectors such as power, airports and ports; rising input and labour costs coupled with sluggish pace of execution has resulted in

lower fixed cost absorption and pressurized operating profit margins. Further, delays in realizing receivables and in work certification coupled with the need to extend greater support to sub-contractors has elongated the working capital cycle and weakened cash-flows from core construction business. This, coupled with the need to support the asset-ownership business has resulted in an increase in debt levels and dented net profit margins through increased interest costs.

Execution concerns have intensified evidenced by the elevated quantum of stalled projects and declining year on year growth rate of projects under implementation; this has moderated the year on year revenue growth rates of construction companies. There is also a risk of protracted delays in government decision-making following the recent exposés by the CAG. In this environment management commentary remains mostly cautious with regards to order inflows, revenue growth and future profitability.”

This impact of the economic slowdown has been noticed in the construction equipment sector in FY12, as sectoral growth has declined drastically from 27.8% to negative 8%.

Outlook allocation to the infrastructure sector has increased from $200bn to $450bn in the 11th Five Year Plan; and the equipment industry is directly linked with investment in infrastructure space in the country. The present construction equipment industry in India is approx $6-6.5bn and is likely to grow at 12-13% till 2014-15. The construction equipment industry includes earthmoving equipment, road construction, material handling and concrete equipment. Of this, earthmoving equipment is the biggest in size with almost 57% of the total industry.

The share of construction GDP as percentage of total GDP is consistently growing for the past 10 years during which it rose from 5.8% to 7.3 % of the total GDP. The investment multiple is set to grow on an average by 2.5 times across the infrastructure spectrum. Thus, the scenario is set for a long and a sustainable growth in the demand of construction equipment. In fact the demand is to double itself every four years.

RAILWAY PRODUCTS BUSINESS

The Company is a key supplier to Indian Railways for products including Brake Systems, Couplers, Shock Absorbers, etc - with a focus on safety, comfort and environment. With this wide product range and in-house RandD capabilities, the Company is well-poised to capture the immense opportunity offered by the Indian Railways.

Currently Indian Railways is going through its own challenges and is on way to becoming the best in world. The Company is now focusing on technology upgradation to cater to the growth of Indian Railways.

Now the government has been focusing on planned investment in Indian Railways followed by investment

in metro and high speed rail segments. The Company is also focussing on new markets such as Dedicated

Freight Corridor, as the export market has good potential especially in South Asia, Africa, Middle East and Europe. The Company has taken a very active step to focus on this opportunity.

AUTO PRODUCTS BUSINESS

The Rs.1600 billion Indian auto components industry witnessed a moderation in its revenue growth in 2011-12 following the deceleration in sales volume growth across all automobile segments. As per industry estimates, out of the total turnover of the Indian auto components industry, domestic OEMs account for ~60% sales followed by domestic replacement market (~25%) and exports (~15%).

Despite this muted revenue growth in the auto components industry, Escorts Auto Products registered a strong 20% growth in its revenues during this period on way to turnaround. This growth has been the result of dedicated efforts in the following areas: Product mix enrichment: The Company increased focus on high-value, high-margin product and customer segments to enhance profitability while maintaining steady volumes of growth.

Aggressive customer and product development efforts: As the Indian vehicle industry scales to become a global manufacturing hub, it is imperative for component suppliers to strengthen their product development capabilities. In line with this expectation, Escorts developed several customised suspension solutions for many existing as well as new customers across vehicle categories during 2011-12. The Company also won the “Best Supplier” Award from one of its key customers during this period.

Focus on capacity optimisation and operational efficiency: The Company has undertaken activities for plant and machinery upgradation and is in the process of making significant investment for capacity optimisation

and enhancement. This has resulted in sizeable and sustainable increase in production.

Cost reduction efforts: Profit margins in the highly competitive auto component industry are becoming increasingly thin. In view of this, Escorts Auto Products has been undertaking several cost reduction efforts such as vendor rationalisation, manpower productivity enhancement, etc. to streamline operations and reduce costs.

The auto component industry as per ACMA Vision 2020 is likely to reach $108-119bn by FY2020, a growth of almost four times from here. With this vision, auto components industry in India is targeting 1-1.2 million additional jobs and 3.6% of total GDP contribution by 2020 (from 2% as of now).

Domestic market accounts for 85% of demand while exports account for 15% of component demand. In terms of industry-wise split, two and three wheelers contribute 35% of demand of auto component industry, while cars constitute 32%. In terms of product profile, components related to engine and transmission parts account for 55% of the Indian auto component industry sales (according to ACMA).

Operational Performance

The Company’s Revenue at Rs.39428.000 Millions in 2011-12 as against Rs. 32798.00 Millions in 2010-11. The tractors volume came down by 4.3 per cent to 60,673 in 2011-12 from 63,420 in 2010-11. Construction volumes on full year at 5,311 in FY12 as that of 6,244 in FY11

Profit before Interest, Depreciation, Amortisation, Exceptional Items and Tax were up by 21% at Rs. 2311.000 Millions in 2011-12 as against Rs. 1897.00 Millions in 2010-11.

Profit Before Tax (PBT) stood at Rs. 879.000 Millions. in 2011-12 as compare to Rs. 1006.000 Millions in 2010-11 and Profit After Tax (PAT) stood at Rs. 696.000 Millions as against Rs. 1201.000 Millions in the previous year.

Segment Performance

The Escorts Agri Machinery division revenues at Rs. 29118.00 Millions in 2011-12 from Rs. 29500.000 Millions in 2010-11. The EBIT for the division stood at Rs. 2266.000 Millions against Rs. 1878.000 Millions in the last year.

The Escorts Auto Product Division revenues grew by 16.3% to Rs. 1431.000 Millions in 2011-12 from Rs. 1230.000 Millions in 2010-11. The EBIT stood at Rs. (118.000) Millions against Rs. (176.00) Millions last year.

The Escorts Railway Products Division registered sales of Rs. 1488.000 Millions against Rs. 1923.000 Millions in the last year. The EBIT stood at Rs. 97.000 Millions against Rs. 164.000 Millions last year. The EBIT margins down from last year at 8.6 per cent to 6.3 per cent in the current financial year.

The Escorts Construction Equipment Division revenue during full year FY12 stood at Rs. 7425.000 Millions as against Rs. 8160.000 Cr. in FY11 down due to slow down in the industry demand.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particular	30.09.2012	30.09.2011
Estimated amounts of contracts remaining to be executed on capital account and not provided for	483.000	619.100
*Claims not acknowledged as debts	5.500	5.100
There is a Contingent liability of:
(a) Excise duty/ Customs duty demands not acknowledged as liability	126.600	89.800
(b) ESI additional demand not acknowledged as liability	41.400	41.400
(c) Sales Tax & Other demands not acknowledged as liability	135.000	67.300
(d) Pending Legal Cases - Personnel	40.600	32.100
- Others	234.100	798.700
(e) Demand raised by Faridabad Municipal Corporation for external development charges where the Company is in litigation	23.800	23.800
Guarantees given to banks under Channel Finance Program	269.800	281.800
LC/Guarantees executed in favour of Others	195.400	95.900
Demand raised by Income Tax Department, disputed by the Company and pending in appeal	1110.500	1305.200
(i) Liability towards Surety Bond in favour of Governor of Haryana for Sales Tax registration under VAT	35.00	--

* The amounts indicated as contingent liability or claims against the Company only reflect the basic value. Interest, penalty if any or legal costs, being indeterminable are not considered.

IV) During the period 2004-05, Escorts Limited (EL) sold its entire share holding in Escorts Heart Institute & Research Center Limited (EHIRCL) vide Sale Purchase Agreement dated 25th September, 2005. There were certain pending disputed Income Tax Demands of Rs.523.300 Millions and interest thereon amounting to Rs. 291.600 Millions on EHIRCL and in terms of the agreement EL has undertaken to indemnify the purchaser to the extent of Rs. 650.000 Millions plus one-third of any amount in excess of Rs. 650.000 Millions, on final determination of such demands as a result of adjudication by assessment/appellate authorities. For this purpose and in terms of Share Purchase Agreement an amount of Rs. 649.900 Millions has been kept in an Escrow Account as fixed deposit, which after renewal (s) amounts to Rs. 828.000 Millions as on 30th September, 2012. A provision of Rs. 650.000 Millions has been made on prudent basis to meet this liability, if and when the same arises.

FIXED ASSETS

Tangible Assets

• Land Freehold
• Buildings
• Plant and Machinery
• Furniture and Fixtures
• Office Equipment
• Vehicles
• Leasehold Improvements
• Land Leasehold
• Plant Machinery
• IT Equipments
• Vehicles

Intangible Assets

• Prototypes
• Technical Knowhow
• Software Development

UNAUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER AND SIX MONTHS ENDED 31ST MARCH, 2013

(Rs. In Millions)

Sr. No.	Particulars	3 Months ended	Preceding 3 months ended	For the Six Months ended
		31.03.2013	31.12.2012	31.03.2013
		Unaudited	Unaudited	Unaudited
1	Income From Operations
	(a) Net Sales / incomes from Operations (Net of Duties and Levies)	9971.314	10260.028	20231.342
	(b) Other Operating Income	35.108	21.773	56.881
	Total Income from operations (Net)	10006.422	10281.801	20288.223
2	Expenses
	(a) Cost of materials consumed	6454.472	6800.301	13254.773
	(b) Purchase of stock-in-trade	370.170	562.694	932.864
	(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	400.261	88.622	488.883
	(d) Employees benefit expense	1116.821	1131.779	2248.600
	(e) Depreciation and amortisation expense	130.910	130.262	261.172
	(f) Other expenses	1121.959	1168.570	2290.529
	Total Expenses	9594.593	9882.228	19476.821
3	Profit from Operations before Other income, Finance Cost and Exceptional Items (1-2)	411.829	399.573	811.402
4	Other Income	110.649	135.893	246.542
5	Profit from ordinary activities before finance costs and Exceptional Items (3+4)	522.478	535.466	1057.944
6	Finance Cost	217.188	214.487	431.675
7	Profit from ordinary activities after finance costs and but before Exceptional Items (5-6)	305.290	320.979	626.269
8	Exceptional Items	(7.143)	8.717	1.574
9	Profit from Ordinary Activities before Tax (7-8)	312.433	312.262	624.695
10	Tax Expense	(62.313)	30.870	(31.443)
11	Net Profit from Ordinary Activities after Tax (9-10)	374.746	281.392	656.138
12	Extra Ordinary Items (Net of Tax Expenses)	--	--	--
13	Net Profit for the Year(11-12)	374.746	281.392	656.138
14	Paid-up equity share capital (Face Value Rs. 10/- each)	1225.769	1225.769	1225.769
	Less: Amount recoverable from Escorts Employees Benefit and Welfare Trust	33.136	33.136	33.136
14	Paid-up Equity Share Capital (Face Value of Rs.10/-per Share)	1192.633	1192.633	1192.633
15	Reserves excluding Revaluation Reserves as per Balance Sheet of previous accounting year
16	Earnings Per Share (EPS)
	(a) Basic and diluted EPS before exceptional Item for the period (Rs.)	3.14	2.36	5.50
	(b) Basic and diluted EPS after exceptional Item for the period (Rs.)	3.14	2.36	5.50
A	PARTICULARS OF SHAREHOLDING
1	Public Shareholding:
	(a) Number of Shares	71121838	71121838	71121838
	(b) Percentage of Shareholding	58.02	58.02	58.02
2	Promoters and Promoter Group Shareholding
	(a) Pledged/ Encumbered
	- Number of Shares	NIL	607.386	NIL
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	NIL	1.18	NIL
	- Percentage of shares (as a % of the total share capital of the company)	NIL	0.50	NIL
	(b) Non -encumbered
	- Number of Shares	51455040	50847654	51455040
	- Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00	58,82	100.00
	- Percentage of shares (as a % of the total share capital of the company)	41.98	41.48	41.98
B	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	NIL
	Received during the quarter	3
	Disposed of during the quarter	3
	Remaining unresolved at the end of the quarter	NIL

STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

Particular	As at
	31.03.2013
EQUITY AND LIABILITIES
1 Shareholders' Funds
a. Share Capital	1192.633
b. Reserves & Surplus	15563.537
Sub-total - Shareholders Funds	16756.170
2 Non-current Liabilities
a. Long-term Borrowings	1601.079
b, Other Long-term Liabilities	265.150
c, Long-term Provisions	540.635
Sub-total - Non-Current Liabilities	2406.864
3 Current Liabilities
a. Short-term Borrowings	2041.681
b. Trade Payables	8170.736
c. Other Current Liabilities	2868.588
d. Short-term Provisions	639.100
Sub-total - Current Liabilities	13720.105
Total Equity and Liabilities	32883.139
ASSETS
1 Non Current Assets
a. Fixed Assets	16550.562
b. Non-current Investments	3822.528
c. Deferred Tax Assets (Net)	(8.678)
d. Long-term Loans and Advances	249.414
e. Other Non-current Assets	337.900
Sub-total - Non-Current Assets	20951.726
2 Current Assets
a. Current Investment	33.289
b. Inventories	4523.022
c. Trade Receivables	4345.742
d. Cash and Cash Equivalents	887.471
e. Short-term Loans and Advances	2120.970
f. Other current assets	20.919
Sub-total - Current Assets	11931.413
Total Assets	32883.139

STANDALONE SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED, UNDER CLAUSE 41 OF THE LISTING AGREEMENT

(Rs. In Millions)

Sr. No.	Particulars	3 Months ended	Preceding 3 months ended	For the Six Months ended
		31.03.2013	31.12.2012	31.03.2013
		Unaudited	Unaudited	Unaudited
1	Segment Revenue:
	a) Agri Machinery Products	7560.231	8456.920	16017.151
	b) Auto Ancillary Products	443.144	374.986	818.130
	c) Railway Equipments	455.950	276.475	732.425
	d) Construction Equipments	1673.514	1290.070	2963.584
	e) Others	0.003	1.590	1.593
	f) Unallocable	10.850	5.578	16.428
	Total	10143.692	10405.619	20549.311
	Less: Inter Segment Revenue	118.959	80.713	199.672
	Net Segment Revenue	10024.733	10324.906	20349.639
2	Segment Results:
	a) Agri Machinery Products	647.445	794.349	1441.794
	b) Auto Ancillary Products	(21.810)	(23.590)	(45.400)
	c) Railway Equipments	34.769	(44.250)	(9.481)
	d) Construction Equipments	(7.762)	(57.419)	(65.181)
	e) Others	(2.746)	(0.928)	(3.674)
	Total	649.896	668.162	1318.058
	Less :
	- Finance Cost	217.188	214.487	431.675
	- Exceptional Items	(7.143)	8.717	1.574
	- Other unallocated expenditure (Net of unallocated income)	127.418	132.696	260.114
	Profit Before Tax	312.433	312.262	624.695
3	Capital Employed (Segment assets - Segment Liabilities)
	a) Agri Machinery Products	9027.611	8975.773	9027.611
	b) Auto Ancillary Products	414.579	386.850	414.579
	c) Railway Equipments	918.387	866.622	918.387
	d) Construction Equipments	1633.758	1405.448	1633.758
	e) Others	(6.790)	(5.634)	(6.790)
	f) Unallocable	7175.489	7810.776	7175.489
	Total	19163.034	19439.835	19163.034

Notes:

1 The above results have been subjected to limited review by the statutory auditors. After review by the Audit committee, these results have been approved and taken on record by the Financial Results Committee of the Board of Directors at its meeting held on 9th May 2013

2 Tax expense comprise of current tax provision, deferred tax liabilities / assets and MAT credit entitlement. MAT credit entitlement for the full year has been recognised in quarter / half year ended 31 st March 2013. ft

3 Figures for the previous periods have been regrouped, wherever necessary, to correspond with the figures of current period.

AS PER WEBSITE DETAILS

Press Releases

GVR Murthy appointed CEO of Escorts Construction Equipment December 2012 :

Escorts Limited has appointed Mr. G V R Murthy as the Chief Executive Officer of Escorts Construction Equipment. In his career of three decades, Mr Murthy has extensive experience in construction industry, cement products and mineral processing.

Mr. Murthy assumes leadership of Escorts Construction Equipment at a pivotal point for construction equipment industry. In his current role, his main responsibility will be to ensure that the organisation maximises its impact on the growth of the construction equipment industry, delivering on realistic yet ambitious business-driven goals.

Mr. Murthy is a mechanical engineer with over 30 years of experience. Prior to joining Escorts, he was the Joint Managing Director at Tractors India Limited Previously, he has served in senior management roles at Sandvik Asia, Svedala Industri, LandT, Fuller-KCP, and Hyderabad Industries.

Escorts Comansa-JIE erect the World's Highest Cooling Tower April 2012 :

Escorts Construction Equipment's tie up with Comansa-JIE has led to yet another achievement in the construction equipment manufacturing industry. Tower cranes manufactured by the company have been used in the construction of the world's highest cooling tower.

ECE imparts training to Nigerian Students April 2012 :

Escorts Construction Equipment Limited organized a month-long workshop for a batch of 22 students from Nigeria. The session focused on operations related to Pick-n-Carry Cranes, Digmax Backhoe Loader and Vibratory Compactor. The objective of the workshop is to impart operational training on construction equipment and help students be gainfully employed in the construction and material handling industry of their country.

These students had approached ECE through Mercury Solutions, an IT training company based in Gurgaon. A fresh batch of 17 Nigerian students is presently undergoing Operator and Maintenance Training for the duration of two months. In a year's time, more than 100 students are expected to come to India for similar sessions.

ESCORTS LIMITED ANNOUNCES FINANCIAL RESULTS FOR Q2 AND H1 FY13 (09 MAY 2013)

H1 EBIDTA up by 31%; PAT up by 103%

Faridabad, May 9, 2013: Escorts Limited one of India's leading engineering conglomerates, announced its reviewed financial results for second quarter and half year ended March, 31st 2013 at its Financial Result Committee meeting held today.

H1-FY13 Highlights:

EBIDTA up by 31% from Rs.816.000 Millions in H1FY12 to Rs 1073.000 Millions in H1FY13

PAT up by 103% from Rs.3230.000 Millions in H1FY12 as compared to Rs 656.000 Millions in H1FY13

Turnover at Rs.20288.000 Millions in H1FY13 as compare to Rs.20567.000 Millions in H1FY12.

Tractor Volumes at 31870 tractors in H1FY13 as compare to 31640 tractors in H1FY12.

Q2 FY13 Highlights:

EBIDTA up by 6.1% from Rs.512.000 Millions in Q2FY12 to Rs.543.000 Millions in Q2FY13.

PAT correspondingly up by 61.6% from Rs.232.000 Millions in Q2FY12 to Rs.375.000 Millions in Q2FY13 and sequentially up by 33.2% as that of Rs.281.000 Millions in Q1FY13. PAT margin up by 101 bps sequentially and 150 bps correspondingly.

EPS correspondingly up by Rs. 1.2 to Rs. 3.14 in Q2FY13 as compare to Rs. 1.94 in Q2FY12 and sequentially up by Rs. 0.8 as compare to Rs. 2.36 in Q1FY13.

Commenting on the results, Mr. Rajan Nanda, Chairman and Managing Director, Escorts Limited, said, “Agriculture plays a vital role in driving the nation’s economic growth. India is witnessing a rapid shift to entrepreneurial farming, where the farmer demands a product suited to his commerce. Escorts Limited has well placed its product offerings both in the cost efficient and premium segment to optimize its growth potential. Our strategic path is to synergize technology, products and processes to meet the emerging challenges and deliver value to all our stakeholders. The infrastructure sector holds out promise for the future. We see opportunity in bridging the demand supply gap in order for us to achieve over 8% GDP growth as outlined in the 12th five year plan.”

Mr. Nikhil Nanda, Joint Managing Director, Escorts Limited, said: “We have significantly increased our operating margin with a sharp focus on cost discipline, inter function and group synergies and a diversified bouquet of products. Our mission is to deliver a high level of operational excellence by deploying frugal and lean work ethics and rationalizing our operations. Our focus and commitment remains on improving operating margins through effective management of capital employed, to achieve targeted bottom line growth.”

About Escorts Limited:

Escorts Limited is one of India's leading engineering conglomerates with over six decades of experience. It has helped accelerate India’s socio-economic development through its presence across the high growth sectors of agri-machinery, construction and material handling equipment, railway equipment and auto components. The company has diversified business in to four different segments. Escorts Agri Machinery (EAM), Escorts Construction Equipment (ECE), Escorts Railway Products (ERP) and Escorts Auto Products (EAP).

Escorts Agri Machinery offers a comprehensive range of tractors with more than 45 variants starting from 25 to 80 HP. Escort, Farmtrac and Powertrac are the widely accepted and preferred brands of tractors. Escorts Agri machinery segment has positioned itself as a change leader in the agricultural sector having rolled out over 1 million tractors, ranging from hi-capacity engines to modern rugged transmissions and multi-utility tasking capabilities.

Escorts Construction Equipment is a leading material handling and construction equipment manufacturer. It manufactures and markets a diverse range of equipments like cranes, loaders, vibratory rollers and forklifts. Escorts, today, is the world's largest Pick 'n' Carry Hydraulic Mobile Crane manufacturer. Escorts has been a major player in the railway equipment business in India for nearly five decades. Product offering includes brakes, couplers, shock absorbers, rail fastening systems, composite brake blocks and vulcanized rubber parts.

In the auto components segment, Escorts is a leading manufacturer of auto suspension products including shock absorbers and telescopic front forks. Over the years, with continuous development and improvement in manufacturing technology and design, new reliable products have been introduced.

The company is committed to excellence in engineering, innovation in products, development of market-relevant technologies and the highest of cost efficiencies in order to create value for its customers and shareholders.

FARMTRAC UNVEILS THE WORLD'S BEST IN TRACTORS (08 APRIL 2013)

Srinagar/Jammu, April 08, 2013: Escorts Limited, India’s leading tractor manufacturer, today unveiled its two latest power and glamour packed offerings - Ferrari, the world’s best for specialty farming, and the India’s first “Executive Tractors” – Farmtrac 6060 and Farmtrac 6065. With world-class technologies, impressive features, and stunning looks – these new tractors are set to revolutionize the Jammu and Kashmir tractor landscape.

Ferrari brings tractor technologies that the country has never seen before. These include the all four equal-sized wheels, oscillating chassis system, all-time 4 wheel-drive, front-engine mounting for super-low turning radius and an ideal weight distribution. Starting with a 26 HP model suited for the advanced needs of orchard growers, the Ferrari is now available in the state.

The Farmtrac 6060 and 6065 Executive tractors, available in 60 HP and 65 HP respectively, are designed to cater to the progressive new-age ‘executive’ farmers, who are smart, educated, have an entrepreneurial bent of mind, and have adopted farming as a business of their choice.

Both Farmtrac 6060 and Farmtrac 6065 come with a new four-cylinder turbocharged, intercooled engine that delivers higher torque to run larger implements and pull heavier loads. The tractors are offered in two transmission options – a modern 24-speed Syncroshuttle Gearbox providing versatility to do multiple tasks – and, a heavy-duty 8+2 speed Epicyclic transmission delivering high reliability in toughest of conditions. Furthermore, the tractors are equipped with the latest 4-wheel drive technology which ensures full utilization of engine power allowing these tractors to perform bigger tasks in the least time. These new tractors provide for an in-line fuel injection pump, which unlike the rotary pumps used by the competition, stays unaffected by adulterated fuel and is the preferred customer choice.

Speaking at the launch, Mr. Shenu Agarwal, Head of Marketing, Escorts Agri Machinery, said, “Today, tractor usage is changing rapidly. On one side, shortage of labour has spurred farm mechanization, and on the other, tractors are increasingly being used for heavy-duty, non-farming applications. Farmers are therefore becoming more entrepreneurial with a commerce oriented mindset. They need more power to be able to do more work with their tractors. At the same time, they also want high precision equipment in the fields which are not only crop specific but also look good and glamorous. Both the Farmtrac and the Ferrari series of tractors have achieved this rare feat of combining maximum power and best-in-class technology with impressive looks.”

Mr. Agarwal further added, “We are enthused by the market potential in Jammu and Kashmir. With the new products being launched today, we aim to revolutionalise the tractor market here. Going ahead, we will bring more products to the state that suit the local emerging needs, and will further strengthen our sales and service network to make sure that the benefits of these products are effectively delivered to our customer base.”

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 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 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.54.89
UK Pound	1	Rs.83.66
Euro	1	Rs.70.58

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--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	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.