Escorts Annual Report

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a World of Respect

65th annual report 2010


Escorts endeavors to transform lives in rural and urban india by leading the revolution in agriculture mechanisation, modernisation of automotive and railway technology, as well as the transformation of indian construction industry.


The Escorts brand shall continue to guard its legacy of being a brand that customers trust; where employees attain their full potential; and where nation building is a way of life.


We are committed to excellence in engineering, innovation in products, development of marketrelevant technologies and the highest of cost efficiencies in order to create value for our customers and shareholders.

01 02 06 10 11 12 13 14 26 34 World of Respect Chairman & Managing Director’s Message Joint Managing Director’s Message Corporate Information Financial Highlights Board of Directors Board of Management Management Discussion and Analysis Directors’ Report Report on Corporate Governance

Standalone Financials
53 56 57 58 80 Auditors’ Report Balance Sheet Profit and Loss Account Schedules Cash Flow Statement

Consolidated Financials
82 84 85 86 103 104 Auditors’ Report Balance Sheet Profit and Loss Account Schedules Cash Flow Statement Statement Regarding Subsidiary Companies

We may from time to time make forward-looking statements in our annual reports to shareholders, in offering circulars and prospectuses, in press releases and other written materials and in oral statements made by our officers, directors or employees to financial analysts, institutional investors, representatives of the media and others. Examples of such forward-looking statements may include: • projections of revenues, operating income, net income (loss), net income (loss) per share capital expenditures, dividends, capital structure or other financial items or ratios, • statements of our plans or objectives, • changes in our regulatory environment, • statements about our future economic performance or that of the marketplace, and • statements of assumptions underlying such statements. Words such as “believe,” “anticipate,” “plan,” “expect,” “intend,” “target,” “estimate,” “project,” “predict,” “forecast,”“guideline,” “should” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important factors could cause actual results to differ materially from the projections, plans, objectives, expectations, estimates and intentions expressed in forward-looking statements. These factors, some of which are discussed above under “Risk Factors,” include material changes in the performance or terms of our concessions, developments in legal proceedings, economic and political conditions and government policies in Escorts Limited or elsewhere, inflation rates, exchange rates, regulatory developments, customer demand and competition. We caution you that the foregoing list of factors is not exclusive and that eventualities related to other risks and uncertainties may cause actual results to differ materially from those expressed in forwardlooking statements. Forward-looking statements speak only as of the date they are made, and we do not undertake any obligation to update them in light of new information or future developments.

Escorts Limited is India’s leading choice for farming and construction equipment and solutions. Today, we are amongst the most focused and innovative earth-handling equipment companies in India. We earn the respect of all our stakeholders by keeping our promise to our most important stakeholder: our customers. We promise to give them dependable and rugged ‘workhorses’ that deliver lasting value and peace of mind, thus enhancing their livelihoods and productivity. Our respect for the world brings...
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