1. Summary Information
|
|
|
Country |
|
|
Company Name |
ESCORTS
LIMITED |
Principal Name 1 |
Mr. Rajan Nanda |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Nikhil Nanda |
|
|
|
Registration # |
|
|
Street Address |
SCO 232, 1st
Floor, Sector 20, Panchkula - 134109, |
||
|
Established Date |
17.10.1944 |
SIC Code |
-- |
|
Telephone# |
91-172-4416938 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-172-4416938 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Agri Machinery |
|
|
# of employees |
Not Available |
Product Name 2 |
Auto-Components |
|
Paid up capital |
Rs.1192,700,000/- |
Product Name 3 |
Railway Equipment |
|
Shareholders |
Promoter and Promoter Group - 41.97% Public shareholding - 58.03% |
Banking |
Punjab National Bank |
|
Public Limited Corp. |
YES |
Business Period |
69 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
Ba
(51) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary Companies |
-- |
Escorts Securities Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
30.09.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
8,871,100,000 |
Current Liabilities |
11,433,300,000 |
|
Inventories |
4,966,100,000 |
Long-term Liabilities |
4,599,300,000
|
|
Fixed Assets |
15,862,500,000 |
Other Liabilities |
1,986,900,000 |
|
Deferred Assets |
(28,100,000) |
Total Liabilities |
18,019,500,000 |
|
Invest& other Assets |
4,487,500,000 |
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 |
38,938,800,000 |
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 : |
12.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
ESCORTS LIMITED |
|
|
|
|
Registered
Office : |
SCO 232, 1st Floor, Sector 20, Panchkula - 134109, Haryana |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.09.2012 |
|
|
|
|
Date of
Incorporation : |
17.10.1944 |
|
|
|
|
Com. Reg. No.: |
55-039088 |
|
|
|
|
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
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 64550000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having satisfactory
track record. There appears sharp dip in profitability of the company during the
financial year 2012. However, the rating reflects EL’s long operating history in the
tractor industry being the third largest player in the domestic market, its
strong brand franchise and diversified business mix. General financial position of the company seems to be strong. Trade relations are fair. Business is active. Payment terms are
usually correct. The company can be considered for 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB- (Fund Based Limits) |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
March 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A3 (Non Fund Based Limits) |
|
Rating Explanation |
Moderate degree of safety and 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 DENIED BY
|
Name : |
Mr. Rajan Nanda |
|
Designation : |
Director |
|
Contact No.: |
91-172-4416938 |
|
Date : |
29.10.2013 |
LOCATIONS
|
Registered Office : |
SCO 232, 1st Floor, Sector 20, Panchkula - 134109, |
|
Tel. No.: |
91-172-4416938 |
|
Fax No.: |
91-172-4416938 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
15/5, |
|
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, |
|
Tel. No.: |
91-129-2284911 |
|
Fax No.: |
91-129-2264939 |
|
|
|
|
Engineering
Division: |
Railway
Equipment Division |
|
|
Plot No. 115, Sector-24, Faridabad-121005, |
|
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, |
|
|
|
|
Escorts Training
& 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 |
|
Qualification |
Senior |
|
Date of Joining |
03.04.1970 |
|
|
|
|
Name |
Mr. Nikhil Nanda |
|
Designation |
Joint Managing Director |
|
Qualification |
BBA |
|
|
|
|
Name |
Dr. M. G. K. Menon |
|
Designation |
Director |
|
Qualification |
B.Sc., M.Sc., Ph.D., D.Sc [H.C.], F.R.S. |
|
Other
Directorships |
Indfos Industries Limited |
|
|
|
|
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. G. B. Mathur |
|
Designation : |
Executive Vice President - Law and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
1388427 |
1.13 |
|
|
12756582 |
10.41 |
|
|
37300031 |
30.43 |
|
|
37300031 |
30.43 |
|
|
51445040 |
41.97 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
51445040 |
41.97 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2465988 |
2.01 |
|
|
2303060 |
1.88 |
|
|
945110 |
0.77 |
|
|
15043260 |
12.27 |
|
|
20757418 |
16.93 |
|
|
|
|
|
|
9000230 |
7.34 |
|
|
|
|
|
|
22306133 |
18.20 |
|
|
19068057 |
15.56 |
|
|
50374420 |
41.10 |
|
Total Public
shareholding (B) |
71131838 |
58.03 |
|
Total (A)+(B) |
122576878 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
122576878 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Agri Machinery, Auto-Components and Railway Equipment. |
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
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||
|
Bankers : |
• Andhra Bank • Axis Bank • Citibank, 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)
(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 Rs. 34.800 Millions (Repayable in 2 installment of Rs. 18.200 Millions each upto 31.03.2013) State Bank of
Hyderabad Rs. 62.500 Millions (Repayable in 3 installment of Rs. 20.8000 Millions each upto 31.05.2013) Andhra Bank Rs.
83.300 Millions (Repayable in 4 nstallment of Rs. 20.8000 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
Rs. 171.900 Millions (Repayable in 8 installment of Rs. 21.300 Millions each upto 30.09.2014) State Bank of India
Rs. 281.300 Millions (Repayable in 16 installment of Rs. 17.500 Millions each upto 30.09.2016) State Bank Of
Travancore Rs. 231.600 Millions (Repayable in 17 installment of Rs. 16.700 Millions each upto 30.03.2017 including loan amount yet to be disbursed) Andhra Bank Rs. 245.000 Millions (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 Rs. 9.800 Millions (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 Rs. 410.500 Millions (Repayable in 11 nstallment 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 Rs. 948.200 Millions (Repayable in 12 installment of Rs. 50.000 Millions each and 2 installment of Rs. 100.000 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 Rs. 73.300 Millions (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 Indusind Bank Rs.
18.500 Millions (Repayable in 2 installment of Rs. 9.250 crs, upto 29.01.2013) (b) Term Loan from Others Life insurance Corporation of India Secured against insurance policy Rs. 0.08 Millions (c) Other Loan and Advances Repayment of loan as under : 2012-13 Rs. 26.800 Millions 2013-14 Rs. 14.700 Millions 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. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Grant Thornton Chartered Accountant |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
S N Dhawan and Company Chartered Accountants |
|
|
|
|
Solicitors : |
|
|
Name : |
Crawford Bayley and Company |
|
|
|
|
Consultants
& Advisors: |
|
|
|
|
|
Subsidiary
Companies : |
Domestic • 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) |
|
|
|
|
Others : |
• 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 :
|
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 Millions |
|
|
|
|
|
|
|
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 Begning of the Year |
105618036 |
|
Add: Issued during the Year |
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 |
37300031 |
|
Escotrac Finance and Investment Private Limited |
-- |
-- |
|
Escotrs Finance Investment and Leasing Private Limited |
-- |
-- |
|
Reliance Capital Trustee Company Limited |
8.02 |
8474268 |
|
Emerging Market Management |
-- |
-- |
(d) Shares Issued for
Consideration Other than Cash during the period of five years Immediately
Preceeding, 30th September, 2012:
|
Name of the
Shareholders |
As at 30.09.2012 |
|
Equity Shares allotted as fully paid pursuant to Consideration Other than Cash |
31660026 |
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 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
1192.700 |
|
(b) Reserves & Surplus |
|
|
14946.900 |
|
(c) Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
|
|
16139.600 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
1696.500 |
|
(b) Deferred tax liabilities (Net) |
|
|
0.000 |
|
(c) Other long term liabilities |
|
|
247.100 |
|
(d) long-term provisions |
|
|
1176.300 |
|
Total Non-current
Liabilities (3) |
|
|
3119.900 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
2902.800 |
|
(b) Trade payables |
|
|
8845.500 |
|
(c) Other current liabilities |
|
|
2340.700 |
|
(d) Short-term provisions |
|
|
810.600 |
|
Total Current Liabilities
(4) |
|
|
14899.600 |
|
|
|
|
|
|
TOTAL |
|
|
34159.100 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
15756.000 |
|
(ii) Intangible Assets |
|
|
106.500 |
|
(iii) Capital work-in-progress |
|
|
537.400 |
|
(iv) Intangible assets under development |
|
|
127.500 |
|
(b) Non-current Investments |
|
|
3822.600 |
|
(c) Deferred tax assets (net) |
|
|
(28.100) |
|
(d) Long-term Loan and Advances |
|
|
256.100 |
|
(e) Other Non-current assets |
|
|
981.700 |
|
Total Non-Current
Assets |
|
|
21559.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
36.500 |
|
(b) Inventories |
|
|
4966.100 |
|
(c) Trade receivables |
|
|
4454.400 |
|
(d) Cash and cash equivalents |
|
|
1305.700 |
|
(e) Short-term loans and advances |
|
|
1819.600 |
|
(f) Other current assets |
|
|
17.100 |
|
Total Current
Assets |
|
|
12599.400 |
|
|
|
|
|
|
TOTAL |
|
|
34159.100 |
|
SOURCES OF FUNDS |
|
30.09.2011 |
30.09.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
1023.100 |
1022.800 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
16961.400 |
16355.500 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
17984.500 |
17378.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
3598.700 |
2837.800 |
|
|
2] Unsecured Loans |
|
127.300 |
148.200 |
|
|
TOTAL BORROWING |
|
3726.000 |
2986.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
21710.500 |
20364.300 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
14618.800 |
14497.100 |
|
|
Capital work-in-progress |
|
535.200 |
194.300 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
3658.000 |
3658.000 |
|
|
DEFERREX TAX ASSETS |
|
164.400 |
50.900 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
3273.600
|
2955.000
|
|
|
Sundry Debtors |
|
3405.300
|
3326.200
|
|
|
Cash & Bank Balances |
|
2871.900
|
1744.100
|
|
|
Other Current Assets |
|
71.400
|
8.200
|
|
|
Loans & Advances |
|
2708.500
|
2588.600
|
|
Total
Current Assets |
|
12330.700
|
10622.100
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
7451.300
|
5572.300
|
|
|
Other Current Liabilities |
|
1367.700
|
1738.000
|
|
|
Provisions |
|
796.300
|
1367.300
|
|
Total
Current Liabilities |
|
9615.300
|
8677.600
|
|
|
Net Current Assets |
|
2715.400
|
1944.500
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
18.700 |
19.500 |
|
|
|
|
|
|
|
|
TOTAL |
|
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 |
|
|
|
|
|
|
|
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) |
-- |
-- |
|
|
|
Manufacturing, Material and Operating Expenses |
-- |
24105.500 |
19518.300 |
|
|
|
Sales and Administration Expenses |
-- |
3384.900 |
2924.000 |
|
|
|
Personnel Expenses |
-- |
3279.200 |
2892.400 |
|
|
|
Amortization of Misc. Expenditure |
-- |
9.400 |
49.300 |
|
|
|
Employee Benefits |
4061.200 |
-- |
-- |
|
|
|
Other Expenses |
4610.000 |
-- |
-- |
|
|
|
Exceptional items |
(16.800) |
-- |
-- |
|
|
|
TOTAL (B) |
37099.600 |
30779.000 |
25384.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2328.200 |
1735.900 |
2263.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
964.400 |
255.100 |
117.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1363.800 |
1480.800 |
2146.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
484.300 |
379.700 |
385.400 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL
ITEMS |
-- |
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 |
|
|
|
|
|
|
|
|
|
|
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 /
SUMMARISED RESULTS
|
PARTICULARS |
31.12.2012 |
31.03.2013 |
30.06.2013 |
30.09.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd Quarter |
4th
Quarter |
|
Net Sales |
10281.800 |
10006.400 |
11759.300 |
9442.500 |
|
Total Expenditure |
9752.000 |
9463.700 |
10831.800 |
8797.900 |
|
PBIDT (Excl OI) |
529.800 |
542.700 |
927.500 |
644.600 |
|
Other Income |
135.900 |
110.700 |
139.000 |
159.800 |
|
Operating Profit |
665.700 |
653.400 |
1066.500 |
804.400 |
|
Interest |
214.500 |
217.200 |
202.500 |
182.600 |
|
Exceptional Items |
(8.700) |
7.100 |
(7.900) |
1.200 |
|
PBDT |
442.500 |
443.300 |
856.100 |
622.900 |
|
Depreciation |
130.300 |
130.900 |
133.400 |
140.000 |
|
Profit Before Tax |
312.300 |
312.400 |
722.700 |
482.900 |
|
Tax |
30.900 |
(62.300) |
139.700 |
46.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
281.400 |
374.800 |
583.000 |
436.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
281.400 |
374.800 |
583.000 |
436.300 |
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} |
(%) |
2.96 |
3.73
|
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) |
|
0.85 |
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 |
No |
|
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 |
No |
|
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 |
No |
|
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 |
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 30.09.2012 |
|
LONG-TERM BORROWING |
|
|
Finance Lease Obligation |
4.200 |
|
Other Loans and Advances |
14.700 |
|
|
|
|
Total |
18.900 |
|
UNSECURED LOANS |
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 |
LITIGATION DETAILS
IN THE HIGH COURT OF
DELHI AT NEW DELHI
EX.P. 372/2010
UNIVERSAL TRACTOR HOLDING LLC ..... Decree Holder
Through: Mr Dharmendra Rautray and Ms Tara Shakani, Advs.
versus
ESCORTS LIMITED ..... Judgement Debtor
Through: Mr Simran Mehta and Ms Yogita Sunaria, Advs.
CORAM:
HON'BLE MR. JUSTICE RAJIV SHAKDHER
O R D E R
18.09.2013
Registry of this court has received a sum of Rs. 39.805 Millions from the registry of the Supreme Court. The said amount has been invested in a fixed deposit by the registry of this court for a period of one year.
Learned counsel for the decree holder says that the decretal amount is required to be paid in USD.
The counsel for the judgment debtor refutes this contention. He states that a sum of Rs.40.208 Millions was deposited with the Registry of the Supreme Court pursuant to an order dated 14.12.2012 passed in this behalf as reflected in the order of the Supreme Court dated 22.04.2013. The remittance made to this court is out of the sum deposited by the Judgment Debtor with the Registry of Supreme Court in Indian rupees.
List on 04.12.2013.
RAJIV SHAKDHER, J
SEPTEMBER 18, 2013
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 Pvt. Ltd. (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. 2311.400 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. 1200.900 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.
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 our 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 ours.
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.
Factors affecting
Tractor Demand
Demand for tractors is mainly driven by the farmer’s ability to purchase a tractor and is affected both directly and indirectly by a number of factors:
• Irrigation intensity and monsoons
• Landholding pattern
• Availability of credit
• Minimum support prices of food grains
• Cropping pattern
• Increase in cash crop production
• Replacement demand
• Soil conditions
• Crop mix
• Nature of usage
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 good rabi 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 our strong markets such as UP, MP and Bihar.
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.
Operational
Performance
The Company’s Revenue at Rs. 39428.000 Millions in 2011-12 as against Rs. 32798.000 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. 1897.000 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. 29118.000 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. (176.000) 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 Millions. in FY11 down due to slow down in the industry demand.
UNAUDITED FINANCIAL
RESULTS FOR THE FOURTH QUARTER AND TWELVE MONTHS ENDED 30TH SEPTEMBER, 2013
(Rs. In Millions)
|
PART I |
|
|
|
|
|
SI. No. |
Particulars |
3 Months ended |
Preceding 3 months
ended |
For the Twelve
Months ended |
|
|
|
30.09.13 |
30.06.13 |
30.09.13 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Income from
Operations |
|
|
|
|
|
(a) Net Sales/Income from Operations (Net of excise duty) |
9399.681 |
11728.901 |
41359.9.24 |
|
|
(b) Other Operating Income |
42.801 |
30.425 |
130.107 |
|
|
Total Income from
Operations (Net) |
9442.482 |
11759.326 |
41490.031 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of Materials Consumed |
6797.860 |
7406.217 |
274.58.850 |
|
|
(b) Purchases of Stock-in-Trade |
809.733 |
667.063 |
2409.660 |
|
|
(c) Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
(1086.032) |
360.083 |
(237.066) |
|
|
(d) Employee Benefits Expense |
1039.235 |
1128.172 |
4416.007 |
|
|
(e) Depreciation & Amortisation Expense |
140.025 |
133.412 |
534.609 |
|
|
(f) Other Expenses |
1237.134 |
1270.304 |
4797.967 |
|
|
Total Expenses |
8937.955 |
10965.251 |
39380.027 |
|
3 |
Profit / (Loss)
from Operations before Other Income, Finance Cost and Exceptional Items (1-2) |
504.527 |
794.075 |
2110.004 |
|
4 |
Other Income |
159.791 |
139.019 |
5.45.352 |
|
5 |
Profit / (Loss)
from Ordinary Activities before Finance Cost and Exceptional Items (3+4) |
664.318 |
933.094 |
2655.356 |
|
6 |
Finance Cost |
1.82.532 |
202.473 |
816.730 |
|
7 |
Profit / (Loss)
from Ordinary Activities after Finance Cost but before Exceptional Items
(5-6) |
481.736 |
730.621 |
1838.626 |
|
8 |
Exceptional Items |
(1.164) |
7.925 |
8.335 |
|
9 |
Profit /(Loss) from
Ordinary Activities before tax (7-8) |
482.900 |
722.696 |
1830.291 |
|
10 |
Tax Expense |
46.561 |
139.660 |
154.778 |
|
11 |
Net Profit/ (Loss)
from ordinary activities aftertax (9-10) |
436.339 |
583.036 |
1675.513 |
|
12 |
Extraordinary ltem(net of tax expense) |
- |
- |
- |
|
13 |
Net Profit 1 (Loss)
for the period (11-12) |
436.339 |
583.036 |
1675.513 |
|
14 |
Paid-up equity share capital (Face Value Rs. 10/- each) Less: Amount recoverable from Escorts Employees Benefit & Welfare Trust |
1225.769 33.136 |
1225.769 33.136 |
1225.769 33.136 |
|
15 |
Paid-up equity share capital {Face Value Rs. 10/- each) Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
1192.633 |
1192.633 |
1192.633 |
|
16.i |
Earnings Per Share (before extraordinary items) of Rs. 10 each (not annualised): |
|
|
|
|
|
(a) Basic (Rs.) |
3.66 |
4.89 |
14.05 |
|
|
(b) Diluted (Rs.) |
3.66 |
4.89 |
14.05 |
|
i8.il |
Earnings Per Share (after extraordinary items) of Rs. 10 each (not annualised): |
|
|
|
|
|
(a) Basic (Rs.) |
3.66 |
4.89 |
14.05 |
|
|
(b) Diluted (Rs.) |
3.66 |
4.89 |
14.05 |
SELECT INFORMATION FOR
THE THIRD QUARTER ENDED 30.09.2013
(Rs. In Millions)
|
Sr. No. |
Particulars |
3 Months ended |
Preceding 3 months
ended |
For the Twelve
Months ended |
|
|
|
30.09.13 |
30.06.13 |
30.09.13 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
- Number of shares |
71131838 |
71121838 |
71131838 |
|
|
- Percentage of shareholding (%) |
58.03 |
58.02 |
58.03 |
|
2 |
Promoters and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
Number of shares |
NIL |
NIL |
NIL |
|
|
- Percentage of shares (as a % of
the total shareholding of promoter and promoter group) |
NIL |
NIL |
NIL |
|
|
- Percentage of shares (as a % of
the total share capital of the company] |
NIL |
NIL |
NIL |
|
|
(b) Non - encumbered |
|
|
|
|
|
Number of shares |
51445040 |
51455040 |
51445040 |
|
|
- Percentage of shares (as a % of
the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shares (as a % of
the total share capital of the company] |
41.97 |
41.98 |
41.97 |
|
B |
Investor Complaints |
3 Months ended
30.09.13 |
|
|
- Pending at the beginning of the quarter |
Nil |
|
|
- Received during the quarter |
5 |
|
|
- Disposed of during the quarter |
5 |
|
|
- Remaining unresolved at the end of the quarter |
Nil |
STATEMENT OF ASSETS
AND LIABILITIES
(Rs. In Millions)
|
Particular |
As at 30.09.13 |
|
EQUITY AND
LIABILITIES |
|
|
1 Shareholders' Funds |
|
|
a. Share Capita! |
1192.633 |
|
b. Reserves & Surplus |
16592.417 |
|
Sub-total -
Shareholders Funds |
17785.050 |
|
2 Non-current Liabilities |
|
|
a. Long-term Borrowings |
1704.290 |
|
b. Other Long-term Liabilities |
279.254 |
|
c. Long-term Provisions |
530.296 |
|
Sub-total -
Non-Current Liabilities |
2513.840 |
|
3 Current Liabilities |
|
|
a. Short-term Borrowings |
1781.093 |
|
b. Trade Payables |
9057.646 |
|
c. Other Current Liabilities |
2767.549 |
|
d. Short-term Provisions |
706.925 |
|
Sub-total • Current
Liabilities |
14313.213 |
|
|
|
|
Total Equity and
Liabilities |
34612.103 |
|
ASSETS |
|
|
1 Non Current Assets |
|
|
a. Fixed Assets |
16721.320 |
|
b. Non-current Investments |
3822.528 |
|
c. Deferred Tax Assets (Net) |
85.040 |
|
d. Long-term Loans and Advances |
225.658 |
|
e. Other Non-current Assets |
337.900 |
|
Sub-total -
Non-Current Assets |
21192.446 |
|
2 Current Assets |
|
|
a. Current Investment |
33.289 |
|
b. Inventories |
5572.158 |
|
c. Trade Receivables |
4047.414 |
|
d. Cash and Cash Equivalents |
1819.900 |
|
e. Short-term Loans and Advances |
1913.140 |
|
f. Other current assets |
33.756 |
|
Sub-total - Current
Assets |
13419.657 |
|
|
|
|
Total Assets |
34612.103 |
STANDALONE SEGMENT
WISE REVENUE, RESULTS AND CAPITAL EMPLOYED, UNDER CLAUSE 411 OF THE LISTING
AGREEMENT
(Rs. In Millions)
|
SI. No. |
Particulars |
3 Months ended |
Preceding 3 months ended |
For the Twelve Months ended |
|
|
|
30.09.13 |
30.06.13 |
30.09.13 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Segment Revenue: |
|
|
|
|
|
a) Agri Machinery Products |
7592.105 |
9881.992 |
33491.248 |
|
|
b) Auto Ancillary Products |
314.352 |
373.737 |
1506.219 |
|
|
c) Railway Equipments |
505.187 |
536.601 |
1774.213 |
|
|
d) Construction Equipments |
1161.909 |
1092.871 |
5218.364 |
|
|
e) Others |
0.000 |
0.001 |
1.594 |
|
|
f) Unallocable |
8.691 |
16.167 |
41.286 |
|
|
Total |
9582.244 |
11901.369 |
42032.924 |
|
|
Less: Inter Segment Revenue |
91.654 |
88.861 |
380.187 |
|
|
Net Segment Revenue |
9490.590 |
11812.508 |
41652.737 |
|
2 |
Segment Results: |
|
|
|
|
|
a) Agri Machinery Products |
824.329 |
1150.246 |
3416.369 |
|
|
b) Auto Ancillary Products |
(51.562) |
(34.167) |
(131.129) |
|
|
c) Railway Equipments |
43.238 |
54.163 |
87.920 |
|
|
d) Construction Equipments |
(48.022) |
(83.724) |
(196.927) |
|
|
e) Others |
(3.000) |
(3.244) |
(9.918) |
|
|
Total |
764.983 |
1083.274 |
3166.315 |
|
|
Less : |
|
|
|
|
|
- Finance Cost |
182.582 |
202.473 |
816.730 |
|
|
- Exceptional Items |
(1.164) |
7.925 |
8.335 |
|
|
- Other unallocated expenditure (Net of unallocated income) |
100.665 |
150.180 |
510.959 |
|
|
Profit Before Tax |
482.900 |
722.696 |
1830.291 |
|
3 |
Capital Employed (Segment assets -
Segment Liabilities) |
|
|
|
|
|
a) Agri Machinery Products |
9637.365 |
8859.925 |
9637.365 |
|
|
b) Auto Ancillary Products |
361.504 |
483.110 |
361.504 |
|
|
c) Railway Equipments |
867.956 |
914.146 |
867.956 |
|
|
d) Construction Equipments |
1445.249 |
1749.992 |
1445.249 |
|
|
e) Others |
(10.995) |
(8.894) |
(10.995) |
|
|
f) Unallocable |
7997.811 |
7631.920 |
7997.811 |
|
|
Total |
20298.890 |
19630.199 |
20298.890 |
Notes:
1. The above results have been subjected to limited review by the statutory auditors. After review and recommendation 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 23rd October 2013.
2. Tax expense comprise of current tax provision, deferred tax liabilities / assets and MAT credit entitlement.
3. The Accounting Year of the Company has been extended by 6 months i.e. upto 31st March, 2014 as approved by the Board-of Directors in their meeting held on 2nd October, 2013 and by Registrar of Companies vide its letter dated 7th October, 2013
4. The Board of Directors of the Company had declared an interim dividend @ Rs.1.20 per Equity Share of Rs. 10/- each, which has been remitted to the members of the Company on 21st October, 2013.
FIXED ASSETS
Tangible Assets
• Land Freehold
• Buildings
• Plant and Machinery
• Furniture and Fixtures
• Office Equipment
• Vehicles
• Leasehold Leasehold
• Improvements
• IT Equipment
Intangible Assets
• Prototypes
• Technical Knowhow
• Software Development
AS PER WEBSITE
DETAILS
Press Release
ESCORTS 12 MONTH
PROFIT SOARS TO Rs. 1676.000 MILLIONS
12 Month closes with a 141% profit jump
Q4 Profit up over 131% at Rs. 436.000 Millions
EBIDTA for 12 months up 45% to Rs. 2645.000 Millions
EPS more than doubled at Rs. 14.05 from Rs. 5.84
Q4 Sales 14.7% to Rs. 9440.000 Millions
Tractor volumes up by 9.2% at 66,230 tractors
12 month HIGHLIGHTS
Tractor volumes up 9.2% at 66,230 against 60,673 last year
Revenue at Rs. 41490.000 Millions as compared to Rs. 38940.000 Millions last year
EBIDTA up 45.1% at Rs. 2645.000 Millions as against Rs. 1822.000 Millions last year.
EBIDTA margin at 6.4% vis-a-vis 4.7% last year.
Finance cost down by Rs. 150.000 Millions to Rs. 817.000 Millions.
PBT more than doubled in current year from Rs. 879.000 Millions in FY12 to Rs. 1830.000 Millions in 12 months ended 30th Sept. ‘13.
PAT increases 2.4 times, at Rs. 1676.000 Millions as against Rs.696.000 Millions last year
EPS for 12 months ended at Rs. 14.05 as compared to Rs 5.84 last year.
New Delhi, October 23, 2013: Escorts Limited today reported a 141% growth in profit to Rs. 1676.000 Millions for the 12-month ended 30th Sept. 2013 as against Rs. 696.000 Millions in the fiscal 2011-12. Profits for the fourth quarter stood at Rs. 436.000 Millions as against Rs. 189.000 Millions in the corresponding period in the last fiscal, an increase of 131%. Escorts Limited has extended its financial year by 6 months i.e. up to 31st March 2014 as approved by the Board of Directors in their meeting held on 2nd October 2013 The company is extending its financial year to align with the April-March fiscal calendar. Accordingly, financial year 2012-13 will close on March 31, 2014.
The company recorded a 6.6% increase in sales from Rs. 38940.000 Millions in the previous fiscal to Rs. 41490.000 Millions in 12 months ended 30th Sept. 2013. Sales revenue was driven by a 9.2% increase in tractor volumes, which stood at 66,230 units in 12 months as against 60,673 units in the previous fiscal. In the fourth quarter, tractor volumes were up at 14,842 as opposed to 12,950 units in the previous fiscal.
Speaking on the results, Chairman and Managing Director Mr. Rajan Nanda said, “New products, new markets, focus on customer preferences and profitability have been the keystone of the fiscal. We have strengthened our presence in existing and new markets, entered new segments and relooked at the way we did our business. Against the backdrop of a slow economic environment our consistent performance is the result of a strategy of strengthening margins, thoroughly mapped to market products. When the overall markets improve, we can only get stronger and that is something we look forward to.”
Mr. Nikhil Nanda, Managing Director added, “The focus in the last 12 months has been to improve our performance on a continuous basis. We have worked on being an image leader, a product leader and a technology leader. We are seeing change in the agriculture sector and we are coming up with higher HP tractors and tractors for specialized needs. We are now looking at aggressively expanding our market presence in India and abroad. We added new products to our portfolio in all segments, from 15 HP to 65 HP. Powertrac 439 DS Plus has achieved the distinction of being certified as the most fuel efficient tractor in India in its category. We entered into a strategic tie up with Ferrari for launching specialty tractors for orchard and vineyard farming.”
Q4 HIGHLIGHTS
Tractor volumes at 14,842 in Q4FY13 over 12,950 last Year.
Revenue up 14.7% from Rs. 8234.000 Millions to Rs. 9442.000 Millions
EBIDTA up from Rs. 466.000 Millions to Rs. 645.000 Millions in current quarter
EBIDTA margin at 6.8% as against 5.7% last year
Finance cost at Rs. 183.000 Millions as against Rs. 221.000 Millions in corresponding quarter.
PBT up by 2.3 times from Rs. 206.000 Millions last year to Rs. 483.000 Millions.
PAT at Rs. 436.000 Millions against PAT of Rs. 189.000 Million last year
EPS for Q4 at Rs. 3.66 as compared to Rs. 1.58 last year.
SEGMENT WISE
PERFORMANCE
Escorts Agri Machinery
The performance of the Escorts Agri Machinery was reflected in tractor volumes going up by 9.2% at 66,230 units in 12 months as compared to 60,673 in the previous year.
Escorts Construction
Equipment
The overall slowdown on the infrastructure spends resulted in sharp decline of volumes both on a quarterly and year on year basis. Construction Equipment Volume stood at 661 in Q4FY13 as against 888 in Q4FY12, and at 3,375 in 12MFY13 as compared to 5,311 in 12MFY12.
Escorts Auto Products
Escorts Auto Products sales went up by 5.2% to Rs. 1506.000 Millions as against Rs. 1432.000 Millions in the previous fiscal. Quarter sales were up at Rs. 314.000 Millions in the fourth quarter as opposed to Rs. 304.000 Millions in the corresponding quarter of the previous fiscal.
Escorts Railway
Products
Escorts Railway Products posted strong growth with sales increasing by 19.2% to Rs. 1774.000 Millions in 12 months as compared to Rs. 1488.000 Millions in the previous fiscal. The fourth quarter sales were up by 30.3% at Rs. 505.000 Millions as against Rs. 388.000 Millions in the corresponding quarter of the last fiscal.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 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.63.30 |
|
UK Pound |
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
51 |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.