Escorts Annual Report
a World of Respect
65th annual report 2010
our
mission
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.
our
brand
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.
our
commitment
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.
Contents
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
FORWARD LOOKING STATEMENT
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
65th annual report 2010
our
mission
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.
our
brand
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.
our
commitment
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.
Contents
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
FORWARD LOOKING STATEMENT
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