MIRA
INFORM REPORT
|
Report Date : |
10.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
ESCORTS LIMITED |
|
|
|
|
Registered
Office : |
SCO 232, 1st Floor, Sector 20, Panchkula - 134109, Haryana |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on)
: |
31.09.2014 |
|
|
|
|
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 Divulged |
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 |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The company has shown a significant growth in the company turnover and
profit during 2014. General financial position of the company is good. 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. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based limits (BBB) |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk |
|
Date |
December, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based limits (A3+) |
|
Rating Explanation |
Moderate degree of safety. It carry higher credit risk. |
|
Date |
December, 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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Navdeep |
|
Designation : |
Office Executive |
|
Contact No.: |
91- 172-4416938 |
|
Date : |
02.09.2014 |
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, 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, |
|
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 |
|
|
|
|
Manufacturing
Units : |
Plot No. – 219, Sector – 58, Ballabgarh, District Faridabad – 121004,
Haryana, India |
DIRECTORS
As on: 31.03.2014
|
Name |
Mr. Rajan Nanda |
|
Designation |
Chairman and Managing Director |
|
Date of Birth |
15.10.1942 |
|
Qualification |
Senior |
|
Date of Appointment |
28.06.1968 |
|
DIN No.: |
00043256 |
|
|
|
|
Name |
Mr. Nikhil Nanda |
|
Designation |
Joint Managing Director |
|
Qualification |
BBA |
|
|
|
|
Name |
Mr. P H. Ravikumar |
|
Designation |
Director |
|
Date of Birth |
20.07.1951 |
|
Qualification |
B. com and CIIB, AIB from London,
Senior Diploma in French |
|
Date of Appointment |
29.07.2014 |
|
DIN No.: |
00280010 |
|
|
|
|
Name |
Dr. S. A. Dave |
|
Designation |
Director |
|
Qualification |
M.A. [Economics] Ph.D. |
|
|
|
|
Name |
Mrs. Vibha Paul Rishi |
|
Designation |
Director |
|
Date of Birth |
19.06.1960 |
|
Qualification |
Alumnus of FMS, Delhi |
|
Date of Appointment |
29.07.2014 |
|
DIN No.: |
05180796 |
|
|
|
|
Name |
Mr. S C Bhargava |
|
Designation |
Director |
|
|
|
|
Name |
Mr. Hardeep Singh |
|
Designation |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Navdeep |
|
Designation : |
Office Executive |
|
|
|
|
Date of Birth/Age : |
Mr. G. B. Mathur |
|
Qualification : |
Executive Vice President – Company Secretary and Strategic Advisor |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
1382137 |
1.13 |
|
|
12756582 |
10.41 |
|
|
37300031 |
30.43 |
|
|
37300031 |
30.43 |
|
|
51438750 |
41.96 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
51438750 |
41.96 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
4495814 |
3.67 |
|
|
11535 |
0.01 |
|
|
425854 |
0.35 |
|
|
6368447 |
5.20 |
|
|
11301650 |
9.22 |
|
|
|
|
|
|
13900411 |
11.34 |
|
|
|
|
|
|
23900253 |
19.50 |
|
|
22035814 |
17.98 |
|
|
59836478 |
48.82 |
|
Total Public shareholding
(B) |
71138128 |
58.04 |
|
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 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Agri Machinery, Auto-Components and Railway Equipment. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
· Andhra Bank · Axis Bank · Citibank. · 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 : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
Statutory Auditors : |
|
|
Name : |
S N Dhawan and Company Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Ramanath Iyer and Company Chartered Accountants |
|
|
|
|
Subsidiary Companies : |
Domestic ·
Escorts Securities Limited ·
Escorts Asset Management Limited ·
EDDAL Credit Limited (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 |
|
|
|
|
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 ·
Sharak Health Care Private Limited (Previously
named Raksha Medicare Private Limited) |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorized 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 31.03.2014 |
|
Share Outstanding at the Begning of the Year |
122576878 |
|
Add: Issued during the Year |
- |
|
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 31.03.2014 |
|
|
|
% Held |
Nos Of Share |
|
Escorts Benefit and Welfare Trust |
30.43 |
37300031 |
|
Harprasad and Company Private Limited |
7.58 |
9291008 |
|
Jhunjhunwala Rakesh Redheshyam |
5.47 |
6700000 |
|
Reliance Capital Trustee Company Limited |
-- |
-- |
(d) Shares Issued for
Consideration Other than Cash during the period of five years Immediately
Preceeding, 31.03.2014:
|
Name of the
Shareholders |
As at 31.03.2014 |
|
Equity Shares allotted as fully paid pursuant to Consideration Other than Cash |
28255770 |
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 |
|
31.03.2014 (18 Months) |
30.09.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
1192.700 |
1192.700 |
|
(b) Reserves & Surplus |
|
17121.100 |
14946.900 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
18313.800 |
16139.600 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
1443.000 |
1696.500 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
296.100 |
247.100 |
|
(d) long-term
provisions |
|
1182.200 |
1176.300 |
|
Total Non-current
Liabilities (3) |
|
2921.300 |
3119.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
2061.000 |
2902.800 |
|
(b)
Trade payables |
|
8296.600 |
8484.300 |
|
(c)
Other current liabilities |
|
2515.300 |
2844.200 |
|
(d) Short-term
provisions |
|
819.000 |
810.600 |
|
Total Current
Liabilities (4) |
|
13691.900 |
15041.900 |
|
|
|
|
|
|
TOTAL |
|
34927.000 |
34301.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
16235.300 |
15753.100 |
|
(ii)
Intangible Assets |
|
265.700 |
236.900 |
|
(iii)
Capital work-in-progress |
|
299.500 |
537.400 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
3780.800 |
3822.600 |
|
(c) Deferred tax
assets (net) |
|
73.700 |
(28.100) |
|
(d) Long-term Loan and Advances |
|
160.400 |
256.100 |
|
(e) Other
Non-current assets |
|
1061.000 |
981.700 |
|
Total Non-Current
Assets |
|
21876.400 |
21559.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
34.200 |
36.500 |
|
(b)
Inventories |
|
5509.700 |
4966.100 |
|
(c)
Trade receivables |
|
3524.100 |
4549.200 |
|
(d) Cash
and cash equivalents |
|
1607.700 |
1305.700 |
|
(e)
Short-term loans and advances |
|
2338.500 |
1867.100 |
|
(f)
Other current assets |
|
36.400 |
17.100 |
|
Total
Current Assets |
|
13050.600 |
12741.700 |
|
|
|
|
|
|
TOTAL |
|
34927.000 |
34301.400 |
|
SOURCES OF FUNDS |
|
|
30.09.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1023.100 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
16961.400 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
17984.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
3598.700 |
|
|
2] Unsecured Loans |
|
|
127.300 |
|
|
TOTAL BORROWING |
|
|
3726.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
21710.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
14618.800 |
|
|
Capital work-in-progress |
|
|
535.200 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
3658.000 |
|
|
DEFERREX TAX ASSETS |
|
|
164.400 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
3273.600
|
|
|
Sundry Debtors |
|
|
3405.300
|
|
|
Cash & Bank Balances |
|
|
2871.900
|
|
|
Other Current Assets |
|
|
71.400
|
|
|
Loans & Advances |
|
|
2708.500
|
|
Total
Current Assets |
|
|
12330.700
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
7451.300
|
|
|
Other Current Liabilities |
|
|
1367.700
|
|
|
Provisions |
|
|
796.300
|
|
Total
Current Liabilities |
|
|
9615.300
|
|
|
Net Current Assets |
|
|
2715.400
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
18.700 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
21710.500 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 (18 Months) |
30.09.2012 |
30.09.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
62915.100 |
38938.800 |
32101.500 |
|
|
|
Other Income |
814.100 |
489.000 |
413.400 |
|
|
|
TOTAL (A) |
63729.200 |
39427.800 |
32514.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
42241.500 |
26746.000 |
24105.500 |
|
|
|
Purchases of Stock-in-Trade |
3037.400 |
2277.300 |
9.400 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(174.100) |
(578.100) |
0.000 |
|
|
|
Employees benefits expense |
6673.500 |
4061.200 |
3384.900 |
|
|
|
Other expenses |
7324.400 |
4610.000 |
3279.200 |
|
|
|
exceptional items |
(36.400) |
(16.800) |
94.900 |
|
|
|
TOTAL (B) |
59066.300 |
37099.600 |
30873.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4662.900 |
2328.200 |
1641.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1106.700 |
964.400 |
255.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3556.200 |
1363.800 |
1385.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
832.200 |
484.300 |
379.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2724.000 |
879.500 |
1006.200 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
275.100 |
183.500 |
(194.700) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
2448.900 |
696.000 |
1200.900 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2047.300 |
1449.800 |
2251.700 |
|
|
TOTAL EARNINGS |
2047.300 |
1449.800 |
2251.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
435.500 |
303.500 |
85.700 |
|
|
|
Stores & Spares |
429.100 |
209.900 |
294.400 |
|
|
|
Capital Goods |
150.800 |
244.400 |
178.600 |
|
|
TOTAL IMPORTS |
1015.400 |
757.800 |
558.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
20.53 |
5.84 |
11.74 |
|
QUARTERLY /
SUMMARISED RESULTS
|
Particulars
(Rs.Millions) |
|
|
|
Jun 2014 |
|
Audited / UnAudited |
|
|
|
UnAudited |
|
Net Sales |
|
|
|
11291.100 |
|
Total Expenditure |
|
|
|
10722.200 |
|
PBIDT (Excl OI) |
|
|
|
568.800 |
|
Other Income |
|
|
|
101.100 |
|
Operating Profit |
|
|
|
669.900 |
|
Interest |
|
|
|
134.200 |
|
Exceptional Items |
|
|
|
1.300 |
|
PBDT |
|
|
|
537.000 |
|
Depreciation |
|
|
|
148.800 |
|
Profit Before Tax |
|
|
|
388.200 |
|
Tax |
|
|
|
47.100 |
|
Provisions and contingencies |
|
|
|
0.000 |
|
Profit After Tax |
|
|
|
341.100 |
|
Extraordinary Items |
|
|
|
0.000 |
|
Prior Period Expenses |
|
|
|
0.000 |
|
Other Adjustments |
|
|
|
0.000 |
|
Net Profit |
|
|
|
341.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 (18 Months) |
30.09.2012 |
30.09.2011 |
|
PAT / Total Income |
(%) |
3.84 |
1.77 |
3.69
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.33 |
2.26 |
3.13
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.85 |
2.93 |
3.73
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.05 |
0.06
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.19 |
0.28 |
0.21
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.95 |
0.85 |
1.28
|
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.09.2012 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
1192.700 |
1192.700 |
|
Reserves & Surplus |
14946.900 |
17121.100 |
|
Net worth |
16139.600 |
18313.800 |
|
|
|
|
|
long-term borrowings |
1696.500 |
1443.000 |
|
Short term borrowings |
2902.800 |
2061.000 |
|
Total borrowings |
4599.300 |
3504.000 |
|
Debt/Equity ratio |
0.285 |
0.191 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
30.09.2011 |
30.09.2012 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
32101.500 |
38938.800 |
62915.100 |
|
|
|
21.299 |
61.574 |
NET PROFIT MARGIN
|
Net Profit Margin |
30.09.2011 |
30.09.2012 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
32101.500 |
38938.800 |
62915.100 |
|
Profit |
1200.900 |
696.000 |
2448.900 |
|
|
3.74% |
1.79% |
3.89% |
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
|
Particulars |
As on 31.03.2014 (18 Months) |
As on 30.09.2012 |
|
|
(Rs. In Millions) |
|
|
LONG TERM
BORROWINGS: |
|
|
|
Finance lease obligation |
3.300 |
4.200 |
|
Other loans and advances |
47.600 |
14.700 |
|
Total |
50.900 |
18.900 |
CASE DETAILS:
|
Case Details For Case CM-14463-2000 |
|||
|
Diary Number |
0 |
District |
OTHER-DISTRICTS |
|
Category |
18.6-SERVICE
COPORATE & OTHER STAT. BODIES |
Main Case Detail |
CWP-14226-1999 |
|
Party Detail |
ALL ESCORTS NON MANAGERIAL
STA V/S M/S ESCORTS LTD. |
||
|
Advocate Name |
HEMANT SARIN |
List Type |
|
|
Status |
PENDING |
Next date |
Not Available |
GLOBAL ECONOMY
The global economy strengthened during the second half of 2013-14 and is expected to improve further in 2014-15, with much of the impetus being generated from advanced economies. Emerging economies faced several challenges, especially the ones with higher inflationary pressures and wider current account deficits. Some of them have tightened macroeconomic policies to shore-up confidence and strengthen their commitment to policy objectives. Looking ahead, the global growth is projected to increase from 3.6 percent in 2013-14 to 3.9 percent in 2014-15. In advanced economies, growth is expected to increase to about 2.25 percent in 2014-15, an improvement of about 1 percentage point. Key drivers comprise reduction in fiscal tightening and highly accommodative monetary conditions. Growth will be strongest in the United States at about 2.7 percent amongst
Advance economies. Growth is projected to be positive but varied in the European region: stronger in the core, but weaker in other countries, especially with high debt levels. Across developing economies, growth is projected to pick up gradually from about 5 percent in 2013-14. Growth will be helped by stronger external demand from advanced economies.
INDIAN ECONOMY
The Indian economy is likely to grow by 5.6 percent in 2014- 15. Economic growth is likely to be contributed majorly by the industrial sector, which is estimated to grow by 4.1 percent. Within the industrial sector, the manufacturing and construction sub-sectors are expected to grow at 3.3 percent and 5.6 percent, respectively. The last fiscal witnessed significant currency volatility, concerns on current account deficit and budget deficit, stalled projects and policy log-jam. Policy measures taken by RBI have helped reduce the volatility. Curb on gold imports dramatically cut down the current account deficit and helped the rupee strengthen. Despite RBI measures on the interest rates, CPI still remains at 8.6 percent, which was primarily fuelled by food and agri products; hence agri output remains a key focus area of the government.
INDUSTRY OUTLOOK
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. Key measures taken by the government in the agri sector allows 100% FDI under the automatic route in storage and warehousing, including cold storages, allocation of USD 145.8Billion which is around 8 percent of the GDP for agriculture credit and a total proposed outlay of USD 4.31 billion from the Ministry of Agriculture is expected to provide the much needed boost for the sector. Going forward, agriculture export is likely to cross USD 45 billion, whereas agricultural credit is expected to exceed the target of H 7 lakh cr. Such indicators help portray the huge potential of this sector which is crucial given the size and the Future growth of the country. The year witnessed robust growth in tractor volumes, led by the central region, followed by western, northern and southern regions. Going forward, the industry is expected to maintain a CAGR growth of 8-9 percent over the next five years. With the long-term industry drivers intact and the economy turning a corner, one can expect the sector to perform up to its potential over the coming years.
We expect domestic tractor sales to grow by 5-7 percent in 2014-15. The growth in farm incomes is expected to moderate to 3-5 percent from a 15 percent CAGR recorded over the last two years. Although farm mechanisation has shown an increasing trend in the country, there are wide ranging disparities in the progress of mechanisation across states. The northern states of Punjab, Haryana and Uttar Pradesh have already achieved high levels of mechanization as compared with western and southern states of the country viz., Gujarat, Maharashtra, Rajasthan and certain areas of Tamil Nadu and Andhra Pradesh. Uptake in infrastructure development will have a positive impact on tractor sales. With respect to monsoons for the current year, the Indian Meteorological Department (IMD) forecast states that the southwest monsoon will be below normal at 95 percent of the long period average.
OUTLOOK
Demand is expected to remain weak in the near term, particularly for CVs, given uncertain macro-economic environment. Over the long-term, easing macro headwinds in terms of lower interest rates and higher economic growth will emerge as the key drivers for volume growth and profitability. With more product launches lined up, volume recovery is expected across segments. However, the benefit of the same would differ from player to player depending on their product lifecycle and competitive intensity. While an immediate upturn in the auto industry is not expected, industrial activity and infrastructure spending are expected to pick-up gradually, thereby leading to improvement in commercial vehicle demand. Escorts Auto Products (EAP) top-3 OEM customers have been witnessing production de-growth in the range of 15-25 percent for over a year. In view of the pressure on OEM segment sales, the business undertook the following initiatives to reduce the adverse impact on profitability:
FINANCIAL PERFORMANCE
For the financial period of 18 months ended on March 31, 2014 the Company has recorded improved revenue and margin performance. The brief highlights of the Company’s performance are: - Net Revenue of the Company for the 18 months period was Rs. 3729.200 Millions Profit Before Interest, Depreciation, Amortization, Exceptional Items & Tax stood at Rs.4626.500 Millions Profit Before Tax (PBT) stood at Rs. 2724.000 Millions and Profit After Tax (PAT) stood at Rs. 2448.900 Millions Earnings per share is of 20.53 for the period. The Company sold 100833 tractors during the period.
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10486903 |
12/03/2014 |
11,640,000,000.00 |
IDBI BANK LIMITED |
IRCS BUILDING, 1,, RED CROSS ROAD,, NEW DELHI - 110001, DELHI, INDIA |
C01154327 |
|
2 |
10450943 |
27/09/2013 |
1,000,000,000.00 |
IL & FS TRUST COMPANY LIMITED |
IL & FS FINANCIAL CENTREPLOT
NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI - 400051, |
B85696359 |
|
3 |
10399230 |
17/01/2013 * |
562,500,000.00 |
ORIENTAL BANK OF COMMERCE |
GROUN FLOOR, HARSHA BHAWAN, E-BLOCK,, CONNAUGHT PLACE, NEW DELHI - 110001, DELHI, INDIA |
B67905067 |
|
4 |
10343205 |
16/03/2012 |
384,900,000.00 |
STATE BANK OF HYDERABAD |
74, JANPATH, NEW DELHI - 110001, DELHI, INDIA |
B35465483 |
|
5 |
10307146 |
29/08/2011 |
1,000,000,000.00 |
IL & FS TRUST COMPANY LIMITED |
IL & FS FINANCIAL CENTREPLOT
NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI - 400051, |
B20855698 |
|
6 |
10284695 |
21/04/2011 |
304,100,000.00 |
ORIENTAL BANK OF COMMERCE |
GROUND FLOOR, HARSHA BHAWAN, E BLOCK, CONNAUGHT PLACE, NEW DELHI - 110001, DELHI, INDIA |
B12268827 |
|
7 |
10266748 |
13/01/2011 |
334,200,000.00 |
STATE BANK OF TRAVANCORE |
R.K. PURAM BRANCH, 3, ANSAL CHAMBERS 1,, NEW DELHI - 110066, DELHI, INDIA |
B05083902 |
|
8 |
10259426 |
08/12/2010 |
334,200,000.00 |
ANDHRA BANK |
M-35, CONNAUGHT CIRCUS,, NEW DELHI - 110001, DELHI, INDIA |
B02585503 |
|
9 |
10247490 |
13/10/2010 |
350,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, JAWAHAR VYAPAR BHAWAN, 11TH&12TH FLOOR, 1, TOLSTOY MARG, NEW DELHI - 110001, DELHI, INDIA |
A96675582 |
|
10 |
10225286 |
08/06/2010 * |
750,000,000.00 |
IL & FS TRUST COMPANY LIMITED |
IL & FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI - 400051, MAHARASHTRA , INDIA |
A88504170 |
FIXED ASSETS:
·
Land Freehold
·
Buildings
·
Plant and Machinery
·
Office Equipment
·
Vehicles
·
Software Development
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 judgment or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration:
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.43 |
|
|
1 |
Rs.97.25 |
|
Euro |
1 |
Rs.77.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.