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|
|
MIRA INFORM REPORT
|
Report No. : |
501883 |
|
Report Date : |
06.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
ESCORTS LIMITED [w.e.f 1947] |
|
|
|
|
Formerly known
as: |
ESCORTS (AGENTS) PRIVATE LIMITED |
|
|
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|
Registered
Office : |
15/5 Mathura Road, Faridabad – 121003, Haryana |
|
Tel. No.: |
91-12-2250222 |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2017 |
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|
Date of
Incorporation : |
17.10.1944 |
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Com. Reg. No.: |
05-039088 |
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Capital Investment
/ Paid-up Capital : |
INR 1225.800 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899HR1944PLC039088 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Applicable [As informed by the management that firm does not
have export and import] |
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TIN No.: |
06751202682 |
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|
|
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GSTN : [Goods & Service Tax
Registration No.] |
06AAACE0074B1ZE |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AAACE0074B |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of Manufacturing of Agricultural tractors, engines for agricultural tractors, construction, earth moving and material handling equipment, round and flat tubes, heating elements, double acting hydraulic shock absorbers for railways coaches, centre buffer couplers, automobile shock absorbers, telescopic front fork & Mcpherson struts, brake block, internal combustion engines and all types of brake used by railway’s and also Trades in oils & lubricants, implements, trailers, tractors, compressor accessories and spares, construction, earth moving and material handling equipment and aero business. [Registered Activity] |
|
|
|
|
No. of Employees
: |
3786 [Approximately] |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
Maximum Credit Limit : |
USD 56890000 |
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|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject
was incorporated in the year 1944 and it is engaged in manufacturing of agri
machinery, auto-components and railway equipment. As per
financials of March 2017, the company has registered a growth of 21.20% in
its revenue as compared to its previous year’s revenue and has reported
average profit margin of 3.85% under review. Rating
takes into consideration the company’s long established track record of business
operations marked by healthy net worth base along with low solvency
indicators and good liquidity position. Rating
also takes into account the strong brand franchise, vast dealer network and
presence in multiple product segments. Share are
quoted very high on Stock Exchanges. (Share are traded at a price of INR
884.40 against its face value of INR 10.) However,
rating strength is partially offset by agri machinery and construction
equipment divisions remains exposed to cyclicality and limited market share
in the highly competitive construction equipment sector. As per
unaudited quarterly financials of December 2017, the company has achieved a
revenue of INR 12,050.33 million and has reported good profit margin of
7.63%. Payments
seems to be slow but correct. In view
of aforesaid, the company can be considered good for business dealing 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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term rating = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
21.11.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
21.11.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 06.04.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE [TEL. NO.: 91-129-2564254]
LOCATIONS
|
Registered/ Corporate Office : |
15/5 Mathura Road, Faridabad – 121003, Haryana, India |
|
Tel. No.: |
91-129-2250222/ 2564254 |
|
Fax No.: |
91-129-2250009/ 2250102 |
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E-Mail : |
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|
Website : |
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|
|
|
|
Escorts Training
& Development Centre: |
Ramakrishnapura, Chandapura - Anekal Road, Chandapura Post Bangalore – 560099 Karnataka, India |
|
Tel. No.: |
91-80-27804175 |
|
|
|
|
Corporate Branch
Office/ Factory 1: |
Times Square, A Wing, Unit No 1, 3rd Floor Andheri - Kurla
Road, Andheri (East) Mumbai - 400059 |
|
Tel. No.: |
91-22-67868686 |
|
Fax No.: |
91-22-67868687 |
|
|
|
|
Administrative
Office & Components Plant: |
18/4, Mathura Road, Faridabad – 121007, Haryana, India |
|
Tel. No.: |
91-129-2264939 |
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|
|
|
Tractor Assembly: |
Plot No. 2 & 3, Sector – 13, Faridabad – 121007,
Haryana, India |
|
Tel. No.: |
91-129–2291230 |
|
|
|
|
Administrative
Office & Manufacturing Plant: |
Plot No. 219, Sec – 58, Ballabgarh, Faridabad - 121004,
Haryana, India |
|
|
|
|
Administrative
Office & Manufacturing Plant: |
Plot No. 115, Sector – 24 Faridabad – 121 005, Haryana, India |
|
Tel. No.: |
91-129-2576000 |
|
Fax No.: |
91-129-2232148 |
|
|
|
|
Factory 2: |
P Block, 2/90, 1st Floor, Opposite PVR Rivoli, Connaught Circus, New Delhi – 110 001, India |
|
Tel. No.: |
91-11- 43587400 |
|
|
|
|
Factory 3: |
Karvy Selenium Tower B, Plot 31-32, Gachibowli, Financial District, Nanakramguda, Hyderabad – 500 032, Telangana, Indai |
|
Tel. No.: |
91-40- 67162222 |
|
Fax No.: |
91-40- 23420814 |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Darius Jehangir Kakalia |
|
Designation : |
Director |
|
Address : |
Rebello House, 'B' Wing, 9th Floor, Flat No. 54 132, Hill Road, Bandra (West) Mumbai 400050, Maharashtra, India |
|
Date of Appointment : |
25.05.201 |
|
DIN No.: |
00029159 |
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|
|
|
Name : |
Mrs. Nitasha Nanda |
|
Designation : |
Wholetime Director |
|
Address : |
2, Friends Colony West, New Delhi - 110065, India |
|
Date of Appointment : |
16.01.2015 |
|
DIN No.: |
00032660 |
|
|
|
|
Name : |
Mr. Rajan Nanda |
|
Designation : |
Managing Director |
|
Address : |
2, Friends Colony (West), New Delhi -110065, India |
|
Date of Appointment : |
28.06.1968 |
|
DIN No.: |
00043256 |
|
|
|
|
Name : |
Mr. Girish Behari Mathur |
|
Designation : |
Director |
|
Address : |
D - 23, First Floor, Sarita Vihar, New Delhi - 110044, India |
|
Date of Appointment : |
16.01.2015 |
|
DIN No.: |
00043352 |
|
|
|
|
Name : |
Mr. Nikhil Nanda |
|
Designation : |
Managing Director |
|
Address : |
12, Jor Bagh Lodhi Road, New Delhi - 110003, India |
|
Date of Appointment : |
17.10.2005 |
|
DIN No.: |
00043432 |
|
|
|
|
Name : |
Mr. Sutanu Behuria |
|
Designation : |
Director |
|
Address : |
602A, Beverly Park 1, Mehrauli Road, DLF, Phase - 2, Gurgaon - 122009, Haryana, India |
|
Date of Appointment : |
16.01.2015 |
|
DIN No.: |
00051668 |
|
|
|
|
Name : |
Mr. Ravi Dharm Narain |
|
Designation : |
Additional Director |
|
Address : |
B-3, Diwan Shree Apartment 30, Firozshah Road, New Delhi - 110001, India |
|
Date of Appointment : |
21.09.2017 |
|
DIN No.: |
00062596 |
|
|
|
|
Name : |
Mr. Hardeep Singh |
|
Designation : |
Director |
|
Address : |
608a, The Aralias, DLF Golf Links, DLF Ph5, Gurgaon - 122009, Haryana, India |
|
Date of Appointment : |
28.11.2011 |
|
DIN No.: |
00088096 |
|
|
|
|
Name : |
Mr. Hayagreeva Ravikumar Puranam |
|
Designation : |
Director |
|
Address : |
501 Yashowan Towers, Behind Mahim Post Office T. H. Kataria Marg, Mahim - West Mumbai - 400016, Maharashtra, India |
|
Date of Appointment : |
29.07.2014 |
|
DIN No.: |
00280010 |
|
|
|
|
Name : |
Mrs. Vibha Paul Rishi |
|
Designation : |
Director |
|
Address : |
812, The Aralias Golf Course Road, Chakarpur, Gurgaon - 122002, Haryana, India |
|
Date of Appointment : |
29.07.2014 |
|
DIN No.: |
05180796 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Kumar Sharma |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. J-1102, BPTP Park Grandeura, Near Delhi Public School, Sector - 82, Bhatol a(115), Faridabad - 121004, Haryana, India |
|
Date of Appointment : |
16.01.2015 |
|
PAN No.: |
ALIPS2558J |
|
|
|
|
Name : |
Mr. Bharat Madan |
|
Designation : |
CFO(KMP) |
|
Address : |
C-2/175, Janak Puri, New Delhi - 110058, India |
|
Date of Appointment : |
28.05.2014 |
|
PAN No.: |
AAAPM1544K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.12.2017
|
Category of Shareholders |
No. of Shares |
Shareholding as a % of total no. of shares (calculated as per SCRR,
1957)As a % of (A+B+C2) |
|
(A) Promoter & Promoter Group |
49081488 |
59.96 |
|
(B) Public |
73495390 |
59.96 |
|
|
|
|
|
Total |
122576878 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
1388075 |
1.13 |
|
|
RAJAN NANDA |
1039196 |
0.85 |
|
|
NIKHIL NANDA |
212875 |
0.17 |
|
|
NITASHA NANDA |
4750 |
0.00 |
|
|
HARDEEP SINGH |
1000 |
0.00 |
|
|
GIRISH BEHARI
MATHUR |
179 |
0.00 |
|
|
MASTER AGASTYA
NANDA U/G NIKHIL NANDA |
10000 |
0.01 |
|
|
NAVYA NAVELI NANDA |
18000 |
0.01 |
|
|
RITU NANDA |
85000 |
0.07 |
|
|
SHWETA NANDA |
17000 |
0.01 |
|
|
RACHNA MATHUR |
75 |
0.00 |
|
|
Any Other
(specify) |
47693413 |
38.91 |
|
|
AAA PORTFOLIOS
PRIVATE LIMITED |
1687280 |
1.38 |
|
|
BIG APPLE CLOTHING
PRIVATE LIMITED |
1771837 |
1.45 |
|
|
HAR PARSHADAND
COMPANY PVT LIMITED |
10526308 |
8.59 |
|
|
SIETZ TECHNOLOZY
INDIA PRIVATE LIMITED |
826 |
0.00 |
|
|
NIKY TASHA
COMMUNICATIONS PRIVATE LIMITED |
3850 |
0.00 |
|
|
NIKYTASHA ENERGIES
(P) LIMITED |
1250 |
0.00 |
|
|
CHARAK AYURVEDIC
TREATMENTS PRIVATE LTD |
2000 |
0.00 |
|
|
ESCORTS FINANCE
LIMITED |
31 |
0.00 |
|
|
SUTANU BEHURIA
TRUSTEE OF ESCORTS BENEFIT AND WELFARE TRUST |
33700031 |
27.49 |
|
|
Sub Total A1 |
49081488 |
40.04 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
49081488 |
40.04 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
0 |
0.00 |
|
|
Mutual Funds/ |
7087559 |
5.78 |
|
|
UTI MID CAP FUND |
2980658 |
2.43 |
|
|
Foreign Portfolio
Investors |
25946517 |
21.17 |
|
|
GOLDMAN SACHS
INDIA LIMITED |
2824327 |
2.30 |
|
|
RWC EMERGING
MARKETS EQUITY MASTER FUND LIMITED |
2053210 |
1.68 |
|
|
T.ROWE PRICE
INTERNATIONAL DISCOVERY FUND |
2977140 |
2.43 |
|
|
Financial
Institutions/ Banks |
265806 |
0.22 |
|
|
Insurance
Companies |
96029 |
0.08 |
|
|
Sub Total B1 |
33395911 |
27.24 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
18500230 |
15.09 |
|
|
Individual share
capital in excess of INR 0.200 Million |
17176430 |
14.01 |
|
|
JHUNJHUNWALA
RAKESH RADHESHYAM |
10000000 |
8.16 |
|
|
GIRISH BEHARI MATHUR
TRUSTEE OF EMPLOYEE STOCK OPTION SCHEME -2006 |
3074512 |
2.51 |
|
|
NBFCs registered
with RBI |
27563 |
0.02 |
|
|
Any Other
(specify) |
4395256 |
3.59 |
|
|
Sub Total B3 |
40099479 |
32.71 |
|
|
B=B1+B2+B3 |
73495390 |
59.96 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Manufacturing of Agricultural tractors, engines for agricultural tractors, construction, earth moving and material handling equipment, round and flat tubes, heating elements, double acting hydraulic shock absorbers for railways coaches, centre buffer couplers, automobile shock absorbers, telescopic front fork & Mcpherson struts, brake block, internal combustion engines and all types of brake used by railway’s and also Trades in oils & lubricants, implements, trailers, tractors, compressor accessories and spares, construction, earth moving and material handling equipment and aero business. [Registered Activity] |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
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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 : |
3786 [Approximately] |
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Bankers : |
·
Axis Bank ·
IDBI Bank ·
ICICI Bank ·
IndusInd Bank ·
Oriental Bank of Commerce ·
Punjab National Bank ·
State Bank of India ·
The Hongkong and Shanghai Banking
Corporation Limited |
|||||||||||||||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Internal Auditors : |
|
|
Name : |
Ernst and Young LLP Chartered Accountants |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
S. N. Dhawan and Company Chartered Accountants |
|
|
|
|
Cost Auditor: |
|
|
Name : |
Ramanath Iyer and Company Cost Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary
Companies: |
Domestic · EDDAL Credit Limited Escorts Asset Management Limited · Escorts Securities Limited · Escorts Benefit and Welfare Trust · Escorts Finance Limited · Escorts Benefit Trust Overseas ·
Farmtrac Tractors Europe Sp. Z.o.o, Poland |
|
Joint venture: |
Adico Escorts Agri Equipment Private Limited |
|
|
|
|
Associate Company: |
Escorts Consumer Credit Limited |
|
|
|
|
Enterprises over
which key management personnel and relatives of such personnel exercise
significant influence: |
· Rimari India Private Limited · Breeze Trading Private Limited · Tashaka India Private Limited · Niky Tasha Electronics Limited · AAA Portfolios Private Limited · Escorts Investment Trust Limited · Escorts Skill Development · Sun & Moon Travels (India) Private Limited · Niky Tasha Energies Private Limited · Charak Ayurvedic Treatments Private Limited · Rimari IT Solutions Private Limited · Crystal Care Advisors Private Limited · Momento Communications Private Limited · Sharak Healthcare Private Limited · Rakshak Health Service Private Limited · Big Apple Clothing Private Limited · Har Parshad and Company Private Limited · Sietz Technologies India Private Limited · Raksha TPA Private Limited · Niky Tasha Communications Private Limited · Ritu Nanda Insurance Service Private Limited · Sun & Moon Advisory Services Private Limited · Escolife IT Services Private Limited · Escorts Employees Welfare Limited · Academy of Management and Financial Planing Private Limited · Powermech Projects Limited |
|
|
|
|
Other Related
Parties: |
Escorts Limited Employees' Group Gratuity Fund Trust |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
401000000 |
Equity Shares |
INR 10/- each |
INR 4010.000 Million |
|
888000000 |
Unclassified shares |
INR 10/- each |
INR 8880.000 Million |
|
|
Total |
|
INR 12890.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
122576878 |
Equity Shares |
INR 10/- each |
INR 1225.800 Million |
|
|
|
|
|
Reconciliation of
number of shares
|
Particulars |
31.03.2017 |
|
|
|
No of shares |
INR in
Million |
|
Equity shares at the beginning of the year |
122576878 |
1225.900 |
|
Changes during the year |
-- |
-- |
|
Equity shares at the end of the year |
122576878 |
1225.800 |
Rights/preferences/restrictions attached to
equity shares
The Company has only one class of shares, i.e., equity shares having a face value of INR 10 per share. Each holder of equity shares is entitled to one vote per share. Dividend is paid in Indian Rupees. The final dividend @ INR 1.50 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.
Details of
shareholders holding more than 5% shares in the company
|
Particulars |
31.03.2017 |
|
|
|
No of shares |
% holding |
|
Escorts Benefit and Welfare Trust |
37300031 |
30.43 |
|
Harprasad and Company Private Limited |
10526308 |
8.59 |
|
Jhunjhunwala Rakesh Radheyshyam |
11225000 |
9.16 |
Aggregate number of shares issued for
consideration other than cash and shares bought back during the period of five years
immediately preceding the date 31 March 2017As at 31 March
|
Particulars |
|
31.03.2017 |
|
|
|
No of shares |
|
Equity shares allotted as fully paid pursuant to consideration other than cash |
|
16958842 |
In addition, the Company has issued total 5,10,000 (31 March 2016: 4,26,000) equity shares 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 services.
Shares reserved for issue under options
|
Particulars |
|
31.03.2017 |
|
|
|
No of shares |
|
Under the Employee Stock Option Plan (ESOP) 2006, equity shares of H10 each, at an exercise price of H85 per share |
|
3101612 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
1225.800 |
1225.800 |
1192.900 |
|
(b) Reserves & Surplus |
18685.800 |
17151.000 |
16770.100 |
|
(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) |
19911.600 |
18376.800 |
17963.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
562.500 |
874.600 |
1058.100 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
298.300 |
289.100 |
345.300 |
|
(d)
long-term provisions |
193.600 |
266.500 |
1135.500 |
|
Total
Non-current Liabilities (3) |
1054.400 |
1430.200 |
2538.900 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1590.200 |
2202.000 |
3026.000 |
|
(b)
Trade payables |
8937.800 |
7377.200 |
7006.300 |
|
(c)
Other current liabilities |
2322.900 |
1969.900 |
2457.700 |
|
(d)
Short-term provisions |
1314.600 |
1326.700 |
879.000 |
|
Total
Current Liabilities (4) |
14165.500 |
12875.800 |
13369.000 |
|
|
|
|
|
|
TOTAL |
35131.500 |
32682.800 |
33870.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
15104.900 |
15202.100 |
15669.800 |
|
(ii)
Intangible Assets |
438.900 |
152.100 |
159.800 |
|
(iii)
Capital work-in-progress |
265.600 |
213.600 |
194.000 |
|
(iv) Intangible assets under development |
81.400 |
368.300 |
360.600 |
|
(b) Non-current
Investments |
4420.400 |
4347.800 |
3800.300 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
478.100 |
|
(d) Long-term Loan
and Advances |
512.100 |
609.500 |
198.000 |
|
(e)
Other Non-current assets |
133.600 |
112.400 |
29.300 |
|
Total
Non-Current Assets |
20956.900 |
21005.800 |
20889.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1688.000 |
46.200 |
34.200 |
|
(b)
Inventories |
4294.800 |
3969.800 |
4159.200 |
|
(c)
Trade receivables |
4580.200 |
3900.700 |
3970.600 |
|
(d)
Cash and cash equivalents |
2284.000 |
2496.200 |
2364.100 |
|
(e)
Short-term loans and advances |
155.700 |
150.400 |
2332.000 |
|
(f)
Other current assets |
1023.300 |
1023.700 |
30.900 |
|
(g)
Assets held for sale |
148.600 |
90.000 |
90.000 |
|
Total
Current Assets |
14174.600 |
11677.000 |
12981.000 |
|
|
|
|
|
|
TOTAL |
35131.500 |
32682.800 |
33870.900 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
41675.800 |
34386.700 |
39858.300 |
|
|
|
Other Income |
434.600 |
558.200 |
606.500 |
|
|
|
TOTAL |
42110.400 |
34944.900 |
40464.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
25979.600 |
21387.400 |
25615.000 |
|
|
|
Purchases of Stock-in-Trade |
2441.200 |
2220.900 |
2050.500 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(496.600) |
(257.000) |
820.700 |
|
|
|
Employees benefits expense |
4389.900 |
3993.400 |
4318.300 |
|
|
|
Excise duty |
744.200 |
719.100 |
0.000 |
|
|
|
Exceptional items |
(37.600) |
122.900 |
306.300 |
|
|
|
Other expenses |
5380.400 |
4555.600 |
5439.800 |
|
|
|
TOTAL |
38401.100 |
32742.300 |
38550.600 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3709.300 |
2202.600 |
1914.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
311.100 |
495.400 |
571.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3398.200 |
1707.200 |
1343.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
630.700 |
575.000 |
660.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2767.500 |
1132.200 |
682.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
756.000 |
125.000 |
(64.600) |
|
|
|
|
|
|
|
|
|
|
Discontinued
Operations |
(407.100) |
(169.700) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1604.400 |
837.500 |
747.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (INR) |
13.43 |
7.02 |
6.26 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term borrowings |
475.400 |
528.400 |
725.900 |
|
|
|
|
|
|
Cash flow from operating activities post working capital changes |
3451.700 |
2141.400 |
NA |
|
|
|
|
|
|
Cash Generated from Operations |
NA |
NA |
213.000 |
|
|
|
|
|
|
Net cash flow from operating activities |
3007.900 |
2216.900 |
22.200 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
40.11 |
41.40 |
36.36 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
9.10 |
8.82 |
10.04 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
114.79 |
114.06 |
92.44 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.86 |
0.55 |
0.46 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.23 |
0.14 |
0.12 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.43 |
0.44 |
0.45 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.13 |
0.20 |
0.27 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.71 |
0.70 |
0.74 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.80 |
0.87 |
0.91 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
11.92 |
4.45 |
3.35 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
3.85 |
2.44 |
1.87 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.57 |
2.56 |
2.21 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
8.06 |
4.56 |
4.16 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.00 |
0.91 |
0.97 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.70 |
0.60 |
0.66 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.57 |
0.56 |
0.53 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.14 |
2.94 |
4.03 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.00 |
0.91 |
0.97 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
|
|
|
Market Value |
INR 884.40/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
1192.900 |
1225.800 |
1225.800 |
|
Reserves & Surplus |
16770.100 |
17151.000 |
18685.800 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
17963.000 |
18376.800 |
19911.600 |
|
|
|
|
|
|
long-term borrowings |
1058.100 |
874.600 |
562.500 |
|
Short term borrowings |
3026.000 |
2202.000 |
1590.200 |
|
Current Maturities of Long
term debt |
725.900 |
528.400 |
475.400 |
|
Total
borrowings |
4810.000 |
3605.000 |
2628.100 |
|
Debt/Equity
ratio |
0.268 |
0.196 |
0.132 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
39858.300 |
34386.700 |
41675.800 |
|
|
|
-13.728 |
21.197 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
39858.300 |
34386.700 |
41675.800 |
|
Profit |
747.100 |
837.500 |
1604.400 |
|
|
1.87% |
2.44% |
3.85% |
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 |
Yes |
|
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 |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G04508586 |
100029286 |
VOLKSWAGEN FINANCE
PRIVATE LIMITED |
22/03/2016 |
- |
- |
5800000.0 |
3RD FLOOR, WING - A,
SILVER UTOPIACARDINAL GRACIOUS ROAD, CHAKALA, ANDHERIMUMBAIMA400099IN |
|
2 |
C78976289 |
10614597 |
STATE BANK OF
INDIA |
23/12/2015 |
23/12/2015 |
- |
1500000000.0 |
JAWAHAR VYAPAR
BHAWAN, 1, TOLSTOY MARG,INDUSTRIAL FINANCE BRANCH,NEW DELHIDL110001IN |
|
3 |
C66485210 |
10486903 |
IDBI BANK LIMITED |
12/03/2014 |
16/09/2015 |
- |
11640000000.0 |
IRCS BUILDING,
1,RED CROSS ROAD,NEW DELHIDL110001IN |
|
4 |
B85696359 |
10450943 |
IL & FS TRUST
COMPANY LIMITED |
27/09/2013 |
- |
- |
1000000000.0 |
IL & FS FINANCIAL
CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA EASTMUMBAIMH400051IN |
|
5 |
G44916971 |
100076317 |
ORIENTAL BANK OF
COMMERCE |
23/01/2017 |
- |
18/05/2017 |
150000000.0 |
LCB, E
BLOCKCONNAUGHT PLACENEW DELHIDL110001IN |
|
6 |
G22770168 |
100030533 |
ORIENTAL BANK OF
COMMERCE |
02/02/2016 |
- |
26/10/2016 |
100000000.0 |
LCB, E
BLOCK,CONNAUGHT PLACENEW DELHIDL110001IN |
|
7 |
G22768121 |
100047309 |
ORIENTAL BANK OF
COMMERCE |
05/08/2016 |
- |
26/10/2016 |
150000000.0 |
LCB, E BLOCKCONNAUGHT
PLACENEW DELHIDL110001IN |
|
8 |
G22772362 |
10399230 |
ORIENTAL BANK OF
COMMERCE |
26/12/2012 |
17/01/2013 |
21/10/2016 |
562500000.0 |
GROUN FLOOR,
HARSHA BHAWAN, E-BLOCK,CONNAUGHT PLACENEW DELHIDL110001IN |
|
9 |
G16978272 |
10247490 |
STATE BANK OF
INDIA |
13/10/2010 |
- |
30/09/2016 |
350000000.0 |
CAG BRANCH,
JAWAHAR VYAPAR BHAWAN, 11TH&12TH FLOOR1, TOLSTOY MARGNEW DELHIDL110001IN |
|
10 |
G05797436 |
10307146 |
IL & FS TRUST
COMPANY LIMITED |
29/08/2011 |
- |
16/06/2016 |
1000000000.0 |
IL & FS
FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRAKURLA COMPLEX BANDRA
EASTMUMBAIMH400051IN |
CORPORATE INFORMATION
The Company is a public limited company incorporated and domiciled in India and having its registered office at 15/5, Mathura Road, Faridabad (Haryana). The Company’s shares are listed with Bombay Stock Exchange, National Stock Exchange and Delhi Stock Exchange. The Company is engaged in the business of manufacturing of agricultural tractors, engines for agricultural tractors, construction, earth moving and material handling equipment, round and flat tubes, heating elements, double acting hydraulic shock absorbers for railways coaches, center buffer couplers, automobile shock absorbers, telescopic front fork & Mcpherson struts, brake block, internal combustion engines and all types of brake used by railways. It also trades in oils & lubricants, implements, trailers, tractors, compressor accessories and spares, construction, earth moving and material handling equipment and aero business.
FINANCIAL PERFORMANCE
The brief highlights of the Company’s performance (standalone) for the financial year ended March 31, 2017
are:-
Net Revenue of the Company for FY 2017 of INR 41366.200 million was higher by 20.86% over the last year (INR 34225.800 million in FY 2016).
Profit from continuing operations Before Interest, Depreciation, Amortisation, Exceptional Items & Tax stood at INR 3671.700 million.
Profit from continuing operations Before Tax (PBT)
stood at INR 2767.500 million and Profit from continuing operations After Tax
(PAT) stood at INR 2011.500 million Net profit for the period stood at INR
1604.400 million.
Earnings per share is of INR 134.300 million for the year.
The Company sold 63,786 tractors during the year
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMY
FY 2016-17 has been a dynamic year with interesting developments globally. Economic activity has now picked up with a long-awaited cyclical recovery in investment, manufacturing, and trade, according to World Economic Outlook. The world growth is projected to rise from 3.1 percent in 2016 to 3.5 percent in 2017 and 3.6 percent in 2018. Economic policies have an important role to play in mitigating risks and securing the recovery. On the domestic front, policies should aim at boosting productivity, upgrading the public infrastructure; and supporting transformations such as technological change and globalization. At the same time, credible strategies are needed
in many countries to place public debt on a sustainable path. A renewed multilateral effort is also needed to tackle common challenges in an integrated global economy.
INDIAN ECONOMY
India emerged as sixth largest manufacturing country during FY 2016-17. The Indian economic sentiment improved, led by a normal monsoon after two years of deficit rainfall. The Government’s focus on development of the agriculture and infrastructure sectors helped drive the demand for all operating sectors of the company. Demonetization had a short-term impact on Indian growth, but will surely help the country move towards a digital economy, greater transparency and disclosures, leading to formalized economy. GST implementation will lead to uniform tax framework for indirect taxes, resulting in lower corruption, reducing prices at the end consumer level.
On backdrop of favorable domestic and global demand, the outlook for 2017-18 remains positive. On the domestic front, the economy is set to experience growth recovery and the RBI expects Gross Value Added (GVA) to grow at 7.3% year-on-year in FY18. They are excited to cater to national and international opportunities through our brand and market reach.
AGRICULTURE
INDUSTRY - AN OVERVIEW
Agriculture plays a vital role in India’s economy. Over 58% of the rural households depend on agriculture as their principal means of livelihood. Agriculture, along with fisheries and forestry, are key contributors to Gross Domestic Product (GDP); the share of agriculture and allied sectors (including agriculture, livestock, forestry and fishery) is expected to be 17.3% of the Gross Value Added (GVA) during 2016-17.
The Government of India, in its Union Budget 2017–18, planned several steps for the sustainable development of
agriculture:
Total allocation for rural, agricultural and allied sectors for FY 2017-18 increased by 24 % year-on-year to INR 1872230.000 million (US$ 28.1 billion).
A dedicated micro-irrigation fund will be set up by National Bank for Agriculture and Rural Development (NABARD) with a corpus of INR 5000 million (US$ 750 million). The government plans to set up a Dairy Processing Fund of INR 80000.000 million (US$ 1.2 billion) over three years with an initial corpus of INR 20000.000 million (US$ 300 million).
The participation of women in Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) increased to 55% and allocation to the scheme been increased to a record INR 480000.000 million (US$ 7.2 billion) for FY2017-18.
Short-term crop loans up to INR 3000000.000 (US$ 4,500) at subsidized interest rate of 7% per annum would be provided to farmers. An additional incentive of 3% is provided to the farmers for prompt repayment of loans within the due date, making an effective interest rate for them at 4%.
NITI
Aayog has proposed various reforms in India’s agriculture sector, including
liberal contract farming, direct purchase from farmers by private players,
direct sale by farmers to consumers, and single trader license, among other
measures, in order to double rural income in the next five years. The Ministry
of Agriculture, Government of India, has been conducting various consultations
and seeking suggestions from numerous stakeholders in the agriculture sector,
to devise a strategy to double the income of farmers by 2022. Escorts Limited
OUTLOOK
The growing domestic demand for food grains and agri-products promise a good future for India’s tractor industry. India’s tractor industry is expected to grow steadily, aided by government policies announced in the Union Budget. With the roll out of Goods & Service Tax (GST) in the current year and normal monsoons predicted for FY 2017-18, the Domestic tractor industry is expected to grow between 10~12%, extending beyond its peak of FY 2013-14
An above-normal monsoon is being forecasted for the upcoming season by Government agencies. The impact of the various factors like rainfall, crop prices, % of sown area, the central Government’s stand towards the Land Bill and the associated farmer compensation for the acquired land would improve industry sentiment.
The Company is developing products for Opportunity markets while strengthening its channel network.
The Company is working in the direction of offering an end-to-end service solution (from land preparation to harvesting) centered around specific crops starting with rice.
With the government focus on doubling the farm incomes by 2022, we expect the Indian tractor market to grow at a CAGR of 8~10% in the long term.
INFRASTRUCTURE
The infrastructure sector is a key driver of the Indian economy. The sector is highly responsible for propelling India’s overall development and enjoys intense focus from the Government for initiating policies that ensure time-bound creation of world class infrastructure. The infrastructure sector includes power, bridges, dams, roads and urban infrastructure development. In 2016, India jumped 19 places in World Bank’s Logistics Performance Index (LPI) 2016 to rank 35th amongst 160 countries.
CONSTRUCTION EQUIPMENT INDUSTRY
The construction industry in India is growing rapidly with a major contribution from infrastructure development. It is expected that various projects in transportation infrastructure, power, urban infrastructure and real estate will drive
the market. The development aided by a stable Government and improved macro-economic environment could lead to further growth. The total construction equipment Industry grew 30% in FY17. All major segments like Earth Moving, Material Handling and Road Construction reported a positive movement. The company’s served segments (backhoe loaders, PnC and compactors) went up by 33% in FY17. BHL was the biggest gainer in FY17 with a growth of 34% followed by Cranes that grew by 31% and Compactors grew 22% in FY17.
ESCORTS CONSTRUCTION EQUIPMENT (ECE)
The company’s total volumes (manufactured & traded products) went up by 29.8% to 3,315 machines as against 2,555 machines in the previous fiscal. The integration of the company’s backend operations of tractor business and construction equipment business started yielding results.
OUTLOOK
The construction equipment industry in India is expected to reach USD 5 billion by FY20 from USD 3 billion in FY16, in value terms. The volume sale of construction equipment is expected to grow to 80,000 units by 2018 from 52,000 units in FY16. NITI Aayog estimates total infrastructure spending to be about 9% of GDP by 2017, up
from 7.2% during the 11th Five Year Plan (2007–12). Increasing investment in infrastructure development will lead to the growth in the construction equipment market. The construction industry in India is growing rapidly with a major contribution from infrastructure development. It is expected that various projects in the transportation infrastructure, power, urban infrastructure and real estate segment will drive the market.
The development aided by a stable Government and improved macroeconomic environment could lead to further growth. The Government took a number of initiatives in the Union Budget for the infrastructure sector.
Measures announced for physical infrastructure such as roads, ports, aviation and rural infrastructure are
aimed at improving the connectivity and modernizing the various key elements of this sector. Further, forming policies for strengthening ties with private players will help in overcoming roadblocks.
In the Union Budget 2017-18, the Government of India took the following measures for the development of infrastructure:
· Increased total infrastructure outlay and Defence capital expenditure by 10% and 20.6% to INR 3961350.000 million (US$ 59.18 billion) and INR 864880.000 million (US$ 13.1 billion) respectively, over the FY17 revised estimate.
· Railway expenditure allocation increased by 8% to INR 1310000.000 million (US$ 19.58 billion) for laying down 3,500 km of railway lines in 2017-18.
· Affordable housing was given infrastructure status.
·
Lock-in period for long-term capital gains on
land and buildings was reduced from three to two years. The business is on the growth
path, which is supported by the favorable demand. The Company will continue to
shift towards a better product mix, leaner manufacturing/sales setup and better
management of fixed costs. Going forward, we expect that our served
construction equipment industry will continue to grow at a CAGR of 10-12% for
the next 2-3 years and we will launchnew innovative products/variants to cater
to this growth.
INFORMATION TECHNOLOGY
FY16-17 was an exciting year for IT as many business transformational initiatives were planned and conceptualized. Major initiatives having high business impact were planned in the following areas:
Sales: Enhanced customer-centricity
Products: Make products smarter
R&D: Manage the product lifecycle Management
Productivity: Workspace of the future to standardize its infrastructure backbone, Escorts consolidated servers and applications around a Virtualized environment. This resulted in phasing out obsolete hardware.
The Company is ready to adopt GST and all the groundwork for GST adoption was completed across multiple internal and external stakeholders
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MOTHS
ENDED DECEMBER 31, 2017
(INR in Million)
|
Particulars |
3 Months ended |
Preceding 3 Months ended |
9 Months ended |
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
Income |
|
|
|
|
Revenue from operations |
12050.330 |
12116.850 |
35798.711 |
|
Other income |
82.000 |
81.489 |
368.459 |
|
Total income |
12132.330 |
12198.339 |
36167.170 |
|
Expenses |
|
|
|
|
Cost of materials consumed |
6491.283 |
7576.885 |
22231.528 |
|
Purchases of stock in trade |
568.497 |
489.346 |
1812.158 |
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
958.775 |
14.775 |
(141.723) |
|
Excise duty paid on sales |
0.000 |
0.000 |
208.547 |
|
Employee benefits expenses |
1048.584 |
1157.413 |
3218.218 |
|
Finance costs |
59.297 |
84.022 |
222.820 |
|
Depreciation and amortization expenses |
179.437 |
179.086 |
536.440 |
|
Other expenses |
1532.915 |
1469.516 |
4635.379 |
|
Total expenses |
10838.788 |
10971.043 |
32723.367 |
|
|
|
|
|
|
Profit from continuing operations before exceptional items and taxes |
1293.542 |
1227.296 |
3443.803 |
|
Exceptional items |
(1.164) |
68.750 |
67.586 |
|
Profit from
continuing operations before tax |
1294.706 |
1158.546 |
3376.217 |
|
Tax expenses |
|
|
|
|
Current tax |
267.465 |
387.726 |
915.520 |
|
Deferred tax (credit)/change |
107.472 |
(4.779) |
138.887 |
|
Total tax expenses |
374.937 |
382.947 |
1054.407 |
|
|
|
|
|
|
Net profit from continuing operations after tax |
919.769 |
775.599 |
2321.810 |
|
|
|
|
|
|
Net profit for the
period |
919.769 |
775.599 |
2321.810 |
|
|
|
|
|
|
Other comprehensive
income |
|
|
|
|
Items that will not be reclassification to profit and loss |
(0.077 |
3.125 |
(2.819) |
|
Income tax relating to items that will be reclassified to profit or loss |
(0.009) |
(0.500) |
1.708 |
|
Total other
comprehensive income |
0.068 |
2.625 |
(1.113) |
|
|
|
|
|
|
Total comprehensive
income for the period |
919.837 |
778.224 |
2320.697 |
|
|
|
|
|
|
Paid-up equity
share capital equity share of INR 10/- each |
1225.769 |
1225.769 |
1225.769 |
|
|
|
|
|
|
Earnings per
share |
|
|
|
|
Basic |
7.70 |
6.49 |
19.43 |
|
Diluted |
7.70 |
6.49 |
19.43 |
SEGMENT WISE REVENUE, RESULT AND CAPITAL EMPLOYED FOR THE QUARTER AND
NINE MONTHS ENDED DECEMBER 31, 2017
|
Particulars |
3 Months ended |
Preceding 3 Months ended |
9 Months ended |
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
Segment revenue |
|
|
|
|
a) Agri machinery products |
9484.034 |
9733.018 |
28638.003 |
|
b) Construction equipment’s |
1846.319 |
1651.332 |
5143.256 |
|
c) Railway equipment’s |
720.304 |
733.180 |
2105.770 |
|
d) Auto ancillary Products (Discontinued operations) |
0.000 |
0.000 |
0.000 |
|
e) Unallocated |
0.960 |
0.960 |
2.680 |
|
Total |
12051.617 |
12118.428 |
35889.909 |
|
|
|
|
|
|
Less: Inter segment revenue |
1.287 |
1.578 |
91.198 |
|
Net segment revenue
|
12050.330 |
12116.8850 |
35798.711 |
|
|
|
|
|
|
Segment results |
|
|
|
|
a) Agri machinery products |
1386.434 |
1337.704 |
3741.763 |
|
b) Construction equipment’s |
41.294 |
7.775 |
14.303 |
|
c) Railway equipment’s |
93.863 |
118.848 |
277.210 |
|
d) Auto ancillary Products (Discontinued operations) |
0.000 |
0.000 |
0.000 |
|
Total |
1521.591 |
1464.327 |
4033.276 |
|
|
|
|
|
|
Less: Finance cost |
59.297 |
84.022 |
222.820 |
|
Exceptional items |
(1.164) |
68.750 |
67.586 |
|
Other unallocable expenditure |
168.752 |
153.000 |
366.653 |
|
Total profit before
tax |
1294.706 |
1158.546 |
3376.217 |
|
|
|
|
|
|
Segment assets |
|
|
|
|
a) Agri machinery products |
21229.964 |
23688.846 |
21229.964 |
|
b) Construction equipment’s |
3241.484 |
3165.523 |
3241.484 |
|
c) Railway equipment’s |
1708.924 |
1670.748 |
1708.924 |
|
d) Auto ancillary Products (Discontinued operations) |
51.834 |
26.380 |
51.834 |
|
e) Unallocated |
13045.811 |
10975.979 |
13045.811 |
|
Total |
39278.017 |
39527.474 |
39278.017 |
|
|
|
|
|
|
Segment liabilities
|
|
|
|
|
a) Agri machinery products |
9567.599 |
12395.002 |
9567.599 |
|
b) Construction equipment’s |
2952.990 |
2660.475 |
2962.990 |
|
c) Railway equipment’s |
859.520 |
849.395 |
859.520 |
|
d) Auto ancillary Products (Discontinued operations) |
84.669 |
87.043 |
84.669 |
|
e) Unallocated |
1573.228 |
2381.684 |
1573.228 |
|
Total |
15038.006 |
18373.599 |
15038.006 |
NOTES:
1. The above Standalone Financial Results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on January 31, 2018.
2. Consequent to the introduction of Goods and Services Tax (GST) with effect
from July 01, 2017 Central Excise, Value Added Tax etc. have been subsumed into
GST. In accordance with Indian Accounting Standard -18 on Revenue and Schedule
III of the Companies Act, 2013, unlike Excise Duties, levies like GST, VAT etc.
are not part of Revenue. Accordingly, the figures for the period upto June 30, 2017
are not strictly relateable to those thereafter. The following additional
information is being provided to facilitate such understanding:
|
Particulars |
3 Months ended |
Preceding 3 Months ended |
9 Months ended |
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
Revenue from continuing operations a |
12050.330 |
12116.850 |
35798.711 |
|
Excise duty on sales |
0.000 |
0.000 |
208.547 |
|
Revenue from continuing excluding excise duty on sale |
12050.330 |
12116.850 |
35590.164 |
3. Contractual manpower cost in quarters ended December 31, 2016 and September
30, 2017, nine months ended December 31, 2016 and year ended March 31, 201 7
amounting to INR 129.400 million and INR 120.622 lacs, INR 0.361 million INR
0.004 million and INR 488.360 million respectively have been regrouped from
employee benefits expense to other expenses to provide more relevant
information.
4. Exceptional items (continuing operations) in quarters ended December 31,
2017 and September 30, 2017 and nine months ended December 31, 2017 and
December 31, 2016 represents amounts incurred/reversed towards Voluntary
Retirement Scheme aimed at certain section of employees. During the year ended
March 31, 2017, exceptional items include INR 112.362 million in respect of the
Voluntary Retirement Scheme and income of INR 150.000 million from Escorts
Benefit Trust.
5. The Limited Review, as required under Regulation 33 of the SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015 has been completed
and the related Report forwarded to the Stock Exchanges. This Report does not
have any impact on the above 'Results and Notes' for the quarter ended December
31, 2017 which needs to be explained.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Excise duty/ customs duty /service tax demands not acknowledged as liability |
4714.400 |
1069.700 |
|
ESI additional demand not acknowledged as liability |
55.500 |
1.300 |
|
Sales tax and other demands not acknowledged as liability |
808.400 |
586.300 |
|
Pending legal cases - personnel |
44.600 |
40.400 |
|
others |
379.200 |
397.500 |
|
Demand raised by Faridabad Municipal Corporation for external development charges where the Company is in litigation |
23.800 |
23.800 |
|
Guarantees given to banks under channel finance program and bills discounting |
68.100 |
111.500 |
|
Letter of credit/guarantees executed in favour of others |
419.900 |
390.400 |
|
Demand raised by Income Tax department, disputed by the Company and pending in appeal (Against demand the company has deposited a sum of H0.28 crores (Previous period H25.89 crores) under protest) |
221.500 |
8.100 |
|
Liability towards surety bond in favour of Governor of Haryana for Sales Tax registration under VAT |
44.600 |
44.600 |
FIXED ASSETS:
· Freehold land
· Leasehold land
· Buildings Leasehold Improvements
· Plant and Machinery
· Furniture and Fixture
· Vehicles
· Office equipment
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 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
|
INR |
|
US Dollar |
1 |
INR 65.06 |
|
UK Pound |
1 |
INR 91.50 |
|
Euro |
1 |
INR 79.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
VIK |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and opera tions size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.