MIRA INFORM REPORT
|
Report No. : |
331083 |
|
Report Date : |
13.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
ESCORTS LIMITED |
|
|
|
|
Registered
Office : |
SCO-232, 1st Floor, Sector-20, Panchkula – 134 109, Haryana |
|
Tel. No.: |
91-172-4416938 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
17.10.1944 |
|
|
|
|
Com. Reg. No.: |
55-039088 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1192.833 million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899HR1944PLC039088 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELE00069G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE0074B |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject
is engaged in the business of manufacturing of agricultural tractors, engines
for agricultural tractors, round end flat tubes, heating elements, double
acting hydraulic shock absorbers for railways coaches, center buffer
couplers, automobile shock absorbers, telescopic front fork and McPherson
struts, brake block, internal combustion engine and all types of brake used
by railway’s, construction, earth moving and material handling equipments. It
also trades in oils and lubricants, implements, trailers, compressor
accessories and spares, construction, earth moving and material handling
equipments and aero business. |
|
|
|
|
No. of Employees
: |
Approximately 10483 (own and contractual-As on
31.03.2014) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
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 : |
Clear |
|
|
|
|
Comments : |
Subject is an old and well-established company incorporated during the
year 1944. It is engaged in the business of manufacturing of agri machinery, auto-components and railway equipment. It has a
satisfactory track record. For the financial year 2015, the company has a dip in profitability
margin but it has maintain its profitability margin at 1.8% and it has
reported significant sales volume. Further, the company has decent financial profile marked by healthy
networth position. 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 usually correct. In view long operating history and acceptable financial base, 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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limits: BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
November, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non-Fund Based Limits: A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
November, 2014 |
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
31-03-2013.
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-129-2564254/ 2250222)
LOCATIONS
|
Registered Office : |
SCO-232, 1st Floor, Sector-20, Panchkula – 134 109,
Haryana, India |
|
Tel. No.: |
91-172-4416938 |
|
Fax No.: |
91-172-4416938 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office : |
15/5, Mathura Road, Faridabad – 121 003, 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 – 121 007, Haryana, India |
|
Tel. No.: |
91-129-2284911 |
|
Fax No.: |
91-129-2264939 |
|
|
|
|
Engineering
Division: |
Railway
Equipment Division |
|
|
Plot No.115, Sector-24, Faridabad – 121 005, Haryana, India |
|
Tel No.: |
91-129-2232371 |
|
Fax No.: |
91-129-2232146 |
|
|
|
|
Tractor Assembly, Transmission and Engine Plant: |
Plot No.2 and 3, Sector 13, Faridabad – 121 007, 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 – 263 145, Udham Singh Nagar, Uttaranchal, India |
|
|
|
|
Escorts Training and
Development Centre |
Escorts Institute of Farm Mechanization (EIFM) Anekal Road, Chandapur, P.O, Bangalore – 500 081, Karnataka, India |
|
Tel No.: |
91-80-27801377/ 27804175 |
|
|
|
|
Manufacturing
Units : |
Plot No.219, Sector-58, Ballabgarh, District Faridabad – 121 004,
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 |
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
|
Date of Birth/Age : |
Mr. G. B. Mathur |
|
Qualification : |
Executive Vice President – Company Secretary and Strategic Advisor |
|
|
|
|
Name : |
Mr.
Ishan Mehta |
|
Designation : |
Executive
Vice President –
HR and ER, alumnus of Xavier’s Labour Research Institute (XLRI) |
|
|
|
|
Name : |
Mr.
S. Ramaswamy |
|
Designation : |
Group General Counsel |
|
|
|
|
Name : |
Mr.
S Sridhar |
|
Designation : |
Chief
Executive Officer, Escorts
Agri Machinery, Agriculture Engineer |
|
|
|
|
Name : |
Mr.
Sunil Saksena |
|
Designation : |
Chief
Executive Officer, Escorts
Construction Equipment |
|
|
|
|
Name : |
Mr.
Dipankar Ghosh |
|
Designation : |
Chief
Executive Officer,
Escorts Railway Products and Escorts Auto Products |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1430725 |
1.17 |
|
|
13993882 |
11.42 |
|
|
37300031 |
30.43 |
|
|
37300031 |
30.43 |
|
|
52724638 |
43.01 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
52724638 |
43.01 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
1009180 |
0.82 |
|
|
9735 |
0.01 |
|
|
975854 |
0.80 |
|
|
9297423 |
7.58 |
|
|
11292192 |
9.21 |
|
|
|
|
|
|
9480984 |
7.73 |
|
|
|
|
|
|
26782948 |
21.85 |
|
|
22296116 |
18.19 |
|
|
58560048 |
47.77 |
|
Total
Public shareholding (B) |
69852240 |
56.99 |
|
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 : |
Subject
is engaged in the business of manufacturing of agricultural tractors, engines
for agricultural tractors, round end flat tubes, heating elements, double acting
hydraulic shock absorbers for railways coaches, center buffer couplers,
automobile shock absorbers, telescopic front fork and McPherson struts, brake
block, internal combustion engine and all types of brake used by railway’s,
construction, earth moving and material handling equipments. It also trades
in oils and lubricants, implements, trailers, compressor accessories and
spares, construction, earth moving and material handling equipments and aero
business. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Approximately 10483 (own and contractual-As on
31.03.2014) |
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Bankers : |
· Axis Bank Limited · Citibank · IDBI Bank Limited · 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 Limited |
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Facilities : |
Notes: LONG TERM
BORROWINGS:
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
S.N. Dhawan and Company Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Ramanath Iyer and Company Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Companies (As on 31.03.2014) : |
Domestic
Overseas
|
|
|
|
|
Joint Ventures and Associates (As on 31.03.2014) : |
|
|
|
|
|
Others (As on 31.03.2014) : |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorized Capital: Not Available
Issued, Subscribed & Paid-up Capital: Rs.1192.833
million
AS ON 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
401000000 |
Equity Shares |
Rs.10/- each |
Rs.4010.000 million |
|
888000000 |
Unclassified shares |
Rs.10/- each |
Rs.8880.000 million |
|
|
Total
|
|
Rs.12890.000
million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
122576878 |
Equity Shares |
Rs.10/- each |
Rs.1225.800
million |
|
|
Less: Amount Recoverable from Escorts Employees Benefit and Welfare
Trust (Face
value of 3313612 shares allotted to trust) |
|
Rs.33.100
million |
|
|
Total |
|
Rs.1192.700 million |
|
|
|
|
|
Notes:
Reconciliation of
equity shares outstanding at the beginning and at the end of the reporting
period
|
Particulars |
31.03.2014 |
|
At
the beginning of the period |
122576878 |
|
Add: Issued during the period |
- |
|
At the end of the period |
122576878 |
Terms/Rights Attached
to Equity Shares
The
company has only one class of shares, i.e., equity shares having a face value
of Rs.10 per share. Each holder of equity shares is entitled to one vote per
share. Dividend is paid in Indian Rupees. The final dividend @ Re.0.60 per
share, recommended 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.
Detail of
Shareholders Holding more than 5% Shares in the Company
|
Name of the
Shareholders |
As at 31.03.2014 |
|
|
% Held |
No. of Shares |
|
|
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 |
-- |
-- |
Shares Issued for
Consideration Other than Cash during the period of five years immediately
preceding, 31.03.2014:
|
Name of the
Shareholders |
31.03.2014 |
|
Equity shares allotted as fully paid pursuant to consideration other than cash |
28255770 |
In addition, the company has issued total 298000 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 employee service.
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 Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 (12 Months) |
31.03.2014 (18 Months) |
30.09.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)
Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1192.833 |
1192.700 |
1192.700 |
|
(b) Reserves &
Surplus |
16770.123 |
17121.100 |
14946.900 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
17962.956 |
18313.800 |
16139.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
1058.084 |
1443.000 |
1696.500 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
345.358 |
296.100 |
247.100 |
|
(d) Long-term provisions |
1135.479 |
1182.200 |
1176.300 |
|
Total Non-current
Liabilities (3) |
2538.921 |
2921.300 |
3119.900 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3025.953 |
2061.000 |
2902.800 |
|
(b) Trade payables |
7006.322 |
8296.600 |
8484.300 |
|
(c) Other current
liabilities |
2457.728 |
2515.300 |
2844.200 |
|
(d) Short-term provisions |
879.037 |
819.000 |
810.600 |
|
Total Current Liabilities
(4) |
13369.040 |
13691.900 |
15041.900 |
|
|
|
|
|
|
TOTAL |
33870.917 |
34927.000 |
34301.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
16235.300 |
15753.100 |
|
(ii) Intangible Assets |
|
191.600 |
109.400 |
|
(iii) Capital
work-in-progress |
|
299.500 |
537.400 |
|
(iv) Intangible assets under
development |
|
74.100 |
127.500 |
|
(b) Non-current
Investments |
3800.258 |
3780.800 |
3822.600 |
|
(c) Deferred tax assets
(net) |
478.130 |
73.700 |
(28.100) |
|
(d) Long-term Loan and Advances |
198.049 |
160.400 |
256.100 |
|
(e) Other Non-current
assets |
29.348 |
1061.000 |
981.700 |
|
Total Non-Current Assets |
20889.977 |
21876.400 |
21559.700 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current investments |
34.220 |
34.200 |
36.500 |
|
(b) Inventories |
4159.198 |
5509.700 |
4966.100 |
|
(c) Trade receivables |
3970.586 |
3524.100 |
4549.200 |
|
(d) Cash and cash
equivalents |
2364.058 |
1607.700 |
1305.700 |
|
(e) Short-term loans and
advances |
2332.026 |
2338.500 |
1867.100 |
|
(f) Other current assets |
120.852 |
36.400 |
17.100 |
|
Total Current Assets |
12980.940 |
13050.600 |
12741.700 |
|
|
|
|
|
|
TOTAL |
33870.917 |
34927.000 |
34301.400 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 (12 Months) |
31.03.2014 (18 Months) |
30.09.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations (Net) |
39858.288 |
62915.100 |
38938.800 |
|
|
|
Other Income |
606.464 |
814.100 |
489.000 |
|
|
|
TOTAL |
40464.752 |
63729.200 |
39427.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw Material and Components Consumed |
25614.971 |
42241.500 |
26746.000 |
|
|
|
Purchases of Traded Goods |
2050.464 |
3037.400 |
2277.300 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
820.770 |
(174.100) |
(578.100) |
|
|
|
Employees Benefits Expenses |
4318.323 |
6673.500 |
4061.200 |
|
|
|
Other Expenses |
5439.778 |
7324.400 |
4610.000 |
|
|
|
Exceptional Items |
306.265 |
(36.400) |
(16.800) |
|
|
|
TOTAL |
38550.571 |
59066.300 |
37099.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1914.181 |
4662.900 |
2328.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
571.081 |
1106.700 |
964.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1343.100 |
3556.200 |
1363.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
660.599 |
832.200 |
484.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
682.501 |
2724.000 |
879.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(64.602) |
275.100 |
183.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
747.103 |
2448.900 |
696.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
5340.100 |
3243.600 |
2582.100 |
|
|
Add |
On Amalgamation |
NA |
0.000 |
153.900 |
|
|
|
Dividend on shares held by Escorts Benefit and
Welfare Trust |
NA |
89.400 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
183.700 |
17.400 |
|
|
|
Interim
Dividend @ Rs.1.20 (per share |
NA |
147.100 |
0.000 |
|
|
|
Proposed
Dividend @ Re.0.60 per share |
NA |
73.500 |
147.100 |
|
|
|
Tax
on Dividend |
NA |
37.500 |
23.900 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
5340.100 |
3243.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export
of Goods Including Partly Executed Sales Contracts on F.O.B Basis |
NA |
2000.800 |
1399.000 |
|
|
|
Others |
|
46.500 |
50.800 |
|
|
TOTAL EARNINGS |
NA |
2047.300 |
1449.800 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
435.500 |
303.500 |
|
|
|
Components and Spare Parts |
NA |
429.100 |
209.900 |
|
|
|
Capital Goods |
NA |
150.800 |
244.400 |
|
|
TOTAL IMPORTS |
NA |
1015.400 |
757.800 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
6.26 |
20.53 |
5.84 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 (12 Months) |
31.03.2014 (18 Months) |
30.09.2012 |
|
Current maturities of long-term borrowings |
NA |
857.800 |
935.100 |
|
Cash generated
from operations |
NA |
3842.200 |
985.900 |
|
Net cash flow from operating activities |
NA |
3283.000 |
601.400 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 (12 Months) |
31.03.2014 (18 Months) |
30.09.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.87 |
3.89 |
1.79 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
4.80 |
7.41 |
5.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.31 |
8.87 |
2.95 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.15 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.23 |
0.19 |
0.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97 |
0.95 |
0.85 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.134.05/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
30.09.2012 |
31.03.2014 |
31.03.2015 |
|
|
(18 Months) |
(12 Months) |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
|
Share Capital |
1192.700 |
1192.700 |
1192.833 |
|
Reserves & Surplus |
14946.900 |
17121.100 |
16770.123 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
16139.600 |
18313.800 |
17962.956 |
|
|
|
|
|
|
Long-term borrowings |
1696.500 |
1443.000 |
1058.084 |
|
Short term borrowings |
2902.800 |
2061.000 |
3025.953 |
|
Total borrowings |
4599.300 |
3504.000 |
4084.037 |
|
Debt/Equity ratio |
0.285 |
0.191 |
0.227 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
30.09.2012 |
31.03.2014 |
31.03.2015 |
|
|
(18 Months) |
(12 Months) |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
|
Revenue from Operations (Net) |
38938.800 |
62915.100 |
39858.288 |
|
|
|
61.574 |
(36.648) |
NET PROFIT MARGIN
|
Net Profit Margin |
30.09.2012 |
31.03.2014 |
31.03.2015 |
|
|
(18 Months) |
(12 Months) |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
|
Revenue from Operations (Net) |
38938.800 |
62915.100 |
39858.288 |
|
Profit |
696.000 |
2448.900 |
747.103 |
|
|
1.79% |
3.89% |
1.87% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity-Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
No |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION (AS ON 31.03.2014):
Subject
is a public limited company domiciled in India and incorporated under the
provisions of the Companies Act, 1956. The Company’s shares are listed with
Bombay Stock Exchange Limited, National Stock Exchange of India Limited and
Delhi Stock Exchange Limited. The Company is engaged in the business of
manufacturing of agricultural tractors, engines for agricultural tractors,
round end flat tubes, heating elements, double acting hydraulic shock absorbers
for railways coaches, center buffer couplers, automobile shock absorbers,
telescopic front fork and Mcpherson struts, brake block, internal combustion
engine and all types of brake used by railway’s, construction, earth moving and
material handling equipments.
It
also trades in oils and lubricants, implements, trailers, compressor
accessories and spares, construction, earth moving and material handling
equipments and aero business.”
UNSECURED LOAN:
|
PARTICULARS |
31.03.2015 (12
Months) |
31.03.2014 (18
Months) |
|
(Rs.
in million) |
(Rs.
in million) |
|
|
LONG TERM
BORROWINGS: |
|
|
|
Finance lease obligation |
NA |
3.300 |
|
Other loans and advances |
NA |
47.600 |
|
Total |
NA |
50.900 |
CONTINGENT LIABILITIES*:
|
PARTICULARS |
31.03.2015 (12
Months) |
31.03.2014 (18
Months) |
|
(Rs.
in million) |
(Rs.
in million) |
|
|
I) Estimated amounts of
contracts remaining to be executed on capital account and not provided for |
NA |
338.500 |
|
II)
Claims not acknowledged as debts |
NA |
5.500 |
|
III)
There is a contingent liability of: |
|
|
|
(a) Excise Duty/ Customs
Duty /Service Tax demands not acknowledged as liability |
NA |
150.400 |
|
(b)
ESI additional demand not acknowledged as liability |
NA |
41.400 |
|
(c)
Sales Tax and other demands not acknowledged as liability |
NA |
109.000 |
|
(d)
Pending legal cases - Personnel |
NA |
37.900 |
|
-
Others |
NA |
899.100 |
|
(e) Demand raised by
Faridabad Municipal Corporation for external development charges where the Company
is in litigation |
NA |
23.800 |
|
(f) Guarantees given to
banks under channel finance program and bill discounting |
NA |
327.000 |
|
(g)
LC/Guarantees executed in favour of others |
NA |
223.800 |
|
(h) Demand raised by Income
Tax Department, disputed by the Company and pending in appeal (Against demand
the Company has deposited a sum of Rs.258.900 million (under protest) |
NA |
1369.400 |
|
(i) Liability towards
surety bond in favour of Governor of Haryana for sales tax registration under
VAT |
NA |
35.000 |
*The amounts indicated as
contingent liability or claims against the Company only reflect the basic
value. Interest, penalty if any or legal costs, being indeterminable are not
considered.
FIXED ASSETS:
Tangible Assets:
·
Land Freehold
·
Buildings
·
Plant and Machinery
·
Office Equipment
·
Vehicles
·
Leasehold
Improvements
Assets under Lease:
·
Land
Leasehold
·
Plant
and Machinery
·
IT
Equipments
·
Vehicles
Intangible Assets:
·
Prototypes
·
Technical
Knowhow
·
Software Development
WEBSITE DETAILS:
PRESS RELEASES:
ESCORTS PARTNERS WITH
COGNIZANT TO DIGITALLY TRANSFORM ITS BUSINESSES
New Delhi, India, June 24, 2015: Escorts
Limited, one of India’s leading engineering conglomerates, today announced a
strategic relationship with Cognizant (NASDAQ: CTSH), to modernize its
technology landscape and achieve the company’s vision of digitally transforming
its businesses to deliver innovative products, provide superior customer
experience, and drive growth. This multi-year, multi-million dollar engagement
spans all of Escort’s businesses, including agri-machinery, material handling
and construction equipment, railway equipment and auto components.
Cognizant will enable
Escorts to improve control and collaboration across its value chain by
mobile-enabling its workforce and integrating multiple systems used by vendors,
sales partners, and customers. This will help Escorts continuously improve
product quality and offer a broad range of customized, configurable, and
value-added products and services, strengthening existing customer
relationships and building new ones.
Cognizant will set
up a Transformation Office to help Escorts embrace adaptive production lines
and demand-based manufacturing practices, and develop new digital capabilities
in areas such as mobility, analytics, cloud, telematics, and machine-to-machine
communication. Complementing traditional channels with new digital ones,
Escorts will be able to better align manufacturing and business strategies, and
expand into newer geographies. By enabling connected worksites, remote product
monitoring and diagnostics, and platform-based governance, Escorts will be able
to harness and analyze real-time data from multiple sources for improved
customer insight, decision-making, and productivity.
“Escorts
is poised for a leap forward with its transformative business strategies. We
are working passionately towards becoming the most trusted and innovation-led
engineering company,” said Rajan Nanda, Chairman and Managing Director of Escorts Limited. “In today’s dynamic
market, technology is key to stay ahead of volatile demand patterns and rising
expectations of informed, socially networked customers. As we start the journey
with Cognizant, our commitment towards enhancing value for all stakeholders
gets a further boost. With the global domain and technology expertise of
Cognizant, we will be able to raise the bar of manufacturing excellence.”
“This strategic
engagement is expected to create a positive impact on the entire Escorts
ecosystem,” said Nikhil
Nanda, Managing Director of Escorts Limited. “Aligning our engineering expertise with
Cognizant’s capabilities will help all of our businesses unlock tremendous
value. By leveraging organizational synergies and next-generation technologies,
we will be able to improve performance efficiencies as well as attain the next
level of innovation and market leadership. This partnership will help us bring
our businesses in line with global industry benchmarks and increase our ability
to develop future-ready products based on digital and other cutting-edge
technologies.”
“As multiple
stakeholders replace traditional value chains and embedded technologies prepare
to unleash the next wave of smarter products and services, there has never been
a more exciting time for technology innovation in the manufacturing and
engineering industry,” said R.
Chandrasekaran, Executive Vice Chairman, Cognizant India. “We are pleased to partner with Escorts in
helping them realize their vision for innovation, and look forward to helping
them build a data-driven digital enterprise. By developing new collaborative
and real-time capabilities straddling shop floor and supply chain, Escorts will
be able to drive transformation across products, people, processes and
infrastructure.”
About Escorts Limited
The Escorts Group is
among India’s leading engineering conglomerates operating in high growth
sectors of agri machinery, material handling and construction equipment,
railway equipment and auto components. The Group has earned the trust of over 5
million customers by way of product and process innovations over six decades of
its existence. Escorts endeavors to transform lives in rural and urban India by
leading the revolution in agriculture mechanization, modernization of
automotive and railway technology, and transformation of Indian construction.
About Cognizant
Cognizant (NASDAQ:
CTSH) is a leading provider of information technology, consulting, and business
process outsourcing services, dedicated to helping the world's leading
companies build stronger businesses. Headquartered in Teaneck, New Jersey
(U.S.), Cognizant combines a passion for client satisfaction, technology
innovation, deep industry and business process expertise, and a global,
collaborative workforce that embodies the future of work. With over 100
development and delivery centers worldwide and approximately 217,700 employees
as of March 31, 2015, Cognizant is a member of the NASDAQ-100, the S&P 500,
the Forbes Global 2000, and the Fortune 500 and is ranked among the top
performing and fastest growing companies in the world.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.38 |
|
UK Pound |
1 |
Rs.97.65 |
|
Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
46 |
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.