1. Summary Information

 

 

Country

India

Company Name

BOSCH LIMITED

Principal Name 1

Dr. A. Hieronimus

Status

ExcellentExcellent

Principal Name 2

Mr. B. Steinruecke

 

 

Registration #

08-00761

Street Address

Post Box No 3000, Hosur Road, Adugodi, Bangalore – 560030, Karnataka, India

Established Date

12.11.1951

SIC Code

--

Telephone#

91-80-22992111/ 22220088

Business Style 1

Manufacturer of Automobile Equipment and Machinery

Fax #

91-80-22272728

Business Style 2

--

Homepage

http://www.pcm.bosch.de  

http://www.micoindia.com

http://www.boschindia.com

Product Name 1

Fuel Injection Equipment and  Components

# of employees

9856

Product Name 2

Portable Electric Power Tools

Paid up capital

Rs.320,249,000

Product Name 3

Auto Electrical Items

 

Shareholders

Promoter and Promoter Group 71.18%

Banking

State Bank of India, Bangalore, Karnataka, India

Public Limited Corp.

--

Business Period

60 Years

IPO

--

International Ins.

-

Public Enterprise

--

Rating

Aa (76)

Related Company

Relation Associates/ Subsidiaries

Country Germany

Company Name

Blaupunkt GmbH. Germany

Note

-

 

2. Summary Financial Statement

Balance Sheet as of

31.12.2009

(Unit: Indian Rs.)

Assets

Liabilities

Current Assets

22,067,100,000

Current Liabilities

13,202,900,000

Inventories

5,511,800,000

Long-term Liabilities

2,843,100,000

Fixed Assets

5,132,600,000

Other Liabilities

--

Deferred Assets

2,014,000,000

Total Liabilities

16,046,000,000

Invest& other Assets

17,186,800,000

Retained Earnings

33,538,300,000

 

 

Net Worth

33,852,300,000

Total Assets

49,898,300,000

Total Liab. & Equity

49,898,300,000

 Total Assets

(Previous Year)

45,156,992,000

 

 

P/L Statement as of

31.12.2009

(Unit: Indian Rs.)

Sales

48,095,300,000

Net Profit

5,906,500,000

Sales(Previous yr)

45,416,488,000

Net Profit(Prev.yr)

6,338,649,000

MIRA INFORM REPORT

 

 

Report Date :

05.01.2011

 

IDENTIFICATION DETAILS

 

Name :

BOSCH LIMITED

 

 

Formerly Known As :

MOTOR INDUSTRIES COMPANY LIMITED

 

 

Registered Office :

Hosur Road, Post Box No 3000, Adugodi, Bangalore – 560030, Karnataka

 

 

Country :

India

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

12.11.1951

 

 

Com. Reg. No.:

08-761

 

 

CIN No.:

[Company Identification No.]

L85110KA1951PLC000761

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

BLRM01746D

 

 

Legal Form :

A Public limited liability company. The company’s shares are listed on the Stock Exchanges.

Subject is a 56.99% subsidiary of Robert Bosch GmbH, Germany

 

 

Line of Business :

Manufacturer of Automobile Equipment and Machinery

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (76)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

 

 

 

Maximum Credit Limit :

USD 135409200

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established and reputed company having fine track Financial position of the company is good.

 

Fundamentals are strong and healthy. Trade relations are reported as fair. Business is active. Payments are reported to be regular as per commitments.

 

The company can be considered good for normal business 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 – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

LOCATIONS

 

Registered/Corporate Office :

Post Box No 3000, Hosur Road, Adugodi, Bangalore – 560030, Karnataka, India

Tel. No.:

91-80-22992111/ 22220088/ 22992195/ 22222393

Fax No.:

91-80-22272728

E-Mail :

bertling.h@pcm.bosch.de

cavale.kr@pcm.bosch.de

iyer.bs@in.bosch.com

mico.corporate@in.bosch.com

a.vijayashankar@in.bosch.com 

Website :

http://www.pcm.bosch.de  

http://www.micoindia.com

http://www.boschindia.com 

 

 

Head Office :

RMB Complex, Adugodi, Bangalore – 560030, Karnataka, India

Tel. No.:

91-80-22999279/ 22992705

Fax No.:

91-80-22992758

 

 

Factory 1 :

Post Box No.3000, Hosur Road, Adugodi, Bangalor – 560030, Karnataka, India.

Tel. No.:

91-80-22220088

Fax No.:

91-80-222722728

 

 

Factory  2 :

 Naganathapura Plant, P.B.No.6887, Electronic City Post Office, Bangalore–     560 100, Karnataka, India

Tel. No.:

91-80-28521221

Fax No.:

91-80-28521239

 

 

Factory  3 :

SP -663, RIICO Industrial Area, Sitapura, Jaipur – 302022, Rajasthan, India.

Tel. No.:

91-141-2771700

Fax No.:

91-141-2771787

 

 

Factory  4 :

Post Box No.64,75, MIDC Estate, Sitapur, Trimbak Road, Nashik – 422007, Maharashtra, India

Tel. No.:

91-253-2350342/45

Fax No.:

91-253-2294999

 

 

Factory  5 :

N4, PhaseIV, Verna Industrial Estate, Verna, Salcete, Goa – 403722, India.

Tel. No.:

91-832-6692000

Fax No.:

91-832-6692028

 

 

Sales Office Located at :

Located at :

 

·         Ahmedabad

·         Bangalore

·         Chandigarh

·           Chennai

·         Guwahati

·         Jaipur

·         Mumbai

·         Pune

·         Secunderabad

·         Ernakulam

·         Indore

·         Kolkata

·         New Delhi

·         Raipur

·       Kochi

·         Lucknow

·         Panchkula

·         Patna

Regional Office :

Located at :

 

  • Chennai
  • Jameshdpur
  • Pune
  • Rajkot

 

 

DIRECTORS

 

AS ON 30.06.2010

 

Name :

Dr. A. Hieronimus

Designation :

Chairman

 

 

Name :

Mr. B. Steinruecke

Designation :

Director

Date of Appointment : 

15.06.2005

 

 

Name :

Mr. B. Muthuraman

Designation :

Director

 

 

Name :

Dr. B. Bohr

Designation :

Director

 

 

Name :

Mrs. Renu. S. Karnad

Designation :

Director

 

 

Name :

 Mr. Prsad Chandran

Designation :

Director

 

 

Name :

Dr. Manfred Duernholz

Designation :

Joint Managing Director

 

 

Name :

Mr. V. K. Viswanathan

Designation :

Managing Director

 

 

 

 

KEY EXECUTIVES

 

Name :

Mr. B. S. Iyer

Designation :

Company Secretary ( Upto 01.04.2009)

 

 

Name :

Mr. A Vijay Shankar

Designation :

Company Secretary ( From 02.04.2009)

 

 

Committees :

 

Audit Committee :

·         Mrs. Renu. S. Karnad, (Chairperson)

·         Dr. B. Bohr (from 01.01.08 upto 31.01.08)

·         Mr. B. Steinruecke

·         Mr. B. Muthuraman

·         Dr. A. Hieronimus

·         Mr. Prasad Chandran (From 01.01.2009)

 

 

Shareholders’/Investors’ Grievance Committee :

·         B. Steinuecke, Chairman

·         Renu S. Karnad

·         Dr. A. Hieronimus

·         Mr. V K Viswanathan

·         Mr. Prasad Chandran

 

 

Remuneration Committee :

·         Dr. A. Hieronimus

·         B. Muthuraman

·         B. Steinruecke

·         Mr. Prasad Chandran

 

 

Investment Committee :

·         Renu S. Karnad

·         B. Muthuraman

·         Dr. Manfred Duernholz

·         Mr. V K Viswanathan

 

 

Property Committee :

·         Dr. A. Hieronimus

·         Renu S. Karnad

·         Mr. V K Viswanathan

·         Dr. Manfred Duernholz

 

 

Share Transfer Committee :

·         Mr. B. Steinruecke

·         Mr. V. K. Viswanathan

·         Mr. B Muthuraman

·         Mr. Prasad Chandran

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(AS ON 30.09.2010)

 

Names of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

(2) Foreign

 

 

Bodies Corporate

22349420

71.18

Sub Total

22349420

71.18

Total shareholding of Promoter and Promoter Group (A)

22349420

71.18

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

1109741

3.53

Financial Institutions / Banks

12376

0.04

Insurance Companies

3492415

11.12

Foreign Institutional Investors

1545374

4.92

Sub Total

6159906

19.62

(2) Non-Institutions

 

 

Bodies Corporate

503459

1.60

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 1 lakh

1852103

5.90

Individual shareholders holding nominal share capital in excess of Rs. 1 lakh

460977

1.47

Any Others (Specify)

73035

0.23

Non Resident Indians

66604

0.21

Foreign Nationals

1000

-

Overseas Corporate Bodies

100

-

Clearing Members

5331

0.02

Sub Total

2889574

9.20

Total Public shareholding (B)

9049480

28.82

Total (A)+(B)

31398900

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

Total (A)+(B)+(C)

31398900

-

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Automobile Equipment and Machinery.

 

 

Products :

Item Code No. (ITC Code)

Product Description

 

84.08 and 84.09

Fuel Injection Equipment and  Components

85.08

Portable Electric Power Tools

85.11

Auto Electrical Items

 

 

 

Exports :

 

Countries :

·         Bangladesh

·         Brazil

·         Germany

·         Malaysia

·         Philippines

·         Saudi Arabia

·         Singapore

·         Thailand

·         U.A.E.

·         U.S.A

 

 

Imports :

 

Countries :

·         Germany

·         Japan

·         U.S.A

 

 

PRODUCTION STATUS (As on 31.12.2008):-

 

 Particulars

Unit

Installed Capacity

Actual Production

 

Fuel Injection Equipment

Pcs. (‘000)

3710

2885

Spark Plugs

Pcs. (‘000)

23100

19222

Auto Electricals

Pcs. (‘000)

1699

1483

Portable Electric Power Tools

Pcs. (‘000)

424

198

Nozzles and Nozzle Holders

Pcs. (‘000)

19335

169391

Special Purpose Engines

Nos.

96

73*

Packaging Machines

Nos.

170

127

Spares & Components

Pcs. (‘000)

20583

20163

 

NOTES:

  • Installed capacity is as certified by the management and relied upon by the  auditors without verification as this is a technical matter
  • A part of installed capacity of spares and components is used as OE fitment in Fuel Injection Equipments.
  • * includes use for captive consumption.

 

GENERAL INFORMATION

 

No. of Employees :

9856

 

 

Bankers :

·         State Bank of India, Bangalore, Karnataka, India

·         Canara Bank, Bangalore, Karnataka, India

·         Citibank, N.A., Bangalore, Karnataka, India

·         Deutsche Bank AG, Bangalore, Karnataka, India

 

 

Facilities :

SECURED LOANS

31.12.2008

Rs in Millions

 

 

Cash credit from Banks

(Secured by hypothecation of present and future stocks of raw materials, finished goods, work-in-progress and book debts)

99.232

 

 

TOTAL

99.232

 

 

UNSECURED LOANS

31.12.2008

Rs in Millions

 

 

Sales Tax Deferral Loan from Government of Maharashtra and Rajasthan

2544.439

 

 

TOTAL

2544.439

 

Banking Relations :

Good

 

 

Auditors :

 

Name :

Price Waterhouse and Company

Chartered Accountants

Address :

5th Floor, Tower "D",  The Millenia, 1 and 2 Murphy Road, Ulsoor, Bangalore 560 008

 

 

Memberships :

v      Confederation of Indian Industry

 

 

Collaborators :

·         Lisk, U.S.A.

·         Maschinenfarbick Gehring GmbH, Germany

·         Robert Bosch GmbH, Germany

·         Subfina Greishaber, Germany

·         Wifzig and Frank Turmatic GmbH, Germany

 

 

Parents Company :

·         Robert Bosch GmbH, Germany

 

 

Joint Venture :

·         MHB Filter India Private Limited

 

 

Associates/Subsidiaries :

·         Blaupunkt GmbH. Germany

·         Bosch Automotive Diesel Systems Company, Limited, China

·         Bosch Automotive Products (Suzhou) Company Limited, China

·         Bosch Corporation, Japan

·         Bosch Automotive electronics India Private Limited, India

·         Bosch Automotive products 9Suzhou) Company limited, China

·         Bosch Automotive Thailand company limited, Thailand

·         Bosch (China) Investment Limited, China

·         Bosch Packaging Services Gmbh, Germany

·         Bosch Packaging Technology (Hangzhou) company limited, China

·         Bosch Packaging Services, AG, Switzerland

·         Bosch Rexorth Mechatronics Germany

·         Bosch rexorth Otomasyon Sanayi ve Ticaret A.S., Turkey

·         Bosch Security Systems Inc. United States

·         Bosch Diesel, spol. s r.o.,Czech Republic

·         Bosch Engineering GmbH, Germany

·         Bosch Packaging Technology (Singapore) Pte. Limited, Singapore

·         Bosch Power Tools (China) Limited, China

·         Bosch Rexroth (India) Limited, India

·         Bosch Rexroth AG Germany

·         Bosch Rexroth Fluidtech S.A.S., France

·         Bosch Rexroth Limiteda, Brazil

·         Bosch Sanayi ve Ticaret A.S., Turkey

·         Bosch Security Systems B.V., Netherlands

·         Bosch Security Systems Pte. Limited, Singapore

·         Bosch Techniques d'Emballage S.A.S., France

·         Bosch Trading (Shanghai) Company, Limited, China

·         BT Magnet  - Technologies Gmbh, Germany

·         ETAS Entwicklungs - und Applikz fiir elektronische Systeme GmbH. Germany

·         Precision Seals Manufacturer Limited, India

·         Bosch Chassis Systems India Limited

·         Makat Candy Technology GmbH, Germany

·         Moehwald GmbH, Germany

·         Nanjing Huade Spark Plug Company, Limited, China

·         Robert Bosch (Australia) Proprietary Limited, Australia

·         Robert Bosch Elektrowerkzeuge Gmbh, Germany

·         Robert Bosch Elektronika Gyatro Kft, Hungary

·         Robert Bosch Engineering and Business Solutions Limited, India

·         Robert Bosch Espana Fabrica Castellet, S.A., Spain

·         Robert Bosch Espana Fabrica Madrid, S.A, Spain

·         Robert Bosch Espana Gasoline Systyems S.A., Spain

·         Robert Bosch Fuel systems, LLC, United States

·         Robert Bosch Korea Diesel Limited, South Korea

·         Bosch Sicherheitssysteme Gmbh, Germany

·         Centro Studi Componenti Per Veicoli S.P.A, Italy

·         EMASA Equipos Maquinaries S.A. Chile

·         Erphi Electronic Gmbh, Germany

·         Korea Automotive Motor Corporation, South Korea

·         MIVIN Engineering Technollogies Private Limited, India

·         Nanijig Bovon Power Tools company, China

·         Robert Bosch odbytova s.r.o. , Czech Republic

·         Robert Bosch Oy, Finland

·         Robert Bosch  S. de R.L. de C.V. Mexico

·         Robert Bosch Saratow AG, Russia

·         Robert Bosch, spol s.r.o. Czech Republic

·         Scintilla AG, Switzerland

·         Robert Bosch (France) S.A.S., France

·         Robert Bosch (Malaysia) Sdn. Bhd., Malaysia

·         Robert Bosch (Proprietary) Limited, South Africa

·         Robert Bosch (South East Asia) Pte. Limited, Singapore

·         Robert Bosch AG, Austria

·         Robert Bosch Argentina Industrial S.A., Argentina

·         Robert Bosch Corporation, United States

·         Robert Bosch Elektronik GmbH, Germany

·         Robert Bosch Espana Fabrica Treto, S.A., Spain

·         Robert Bosch GmbH, Germany

·         Robert Bosch Inc., Phillipines

·         Robert Bosch India Limited, India

·         Robert Bosch Korea Mechanics and Electronics Limited, Korea

·         Robert Bosch Limitada, Brazil

·         Robert Bosch Limited, Great Britain

·         Robert Bosch Limited, Thailand

·         Robert Bosch Sistemas de Frenos, S.A. de C.V., Mexico

·         Robert Bosch Verpakkingsmachines B.V., Netherlands

·         Robert Bosch, Mexico

·         Scintilla AG, Switzerland

·         Technologies Diesel e Sistemi Frenanti S.p.A., Italy

·         United Automotive Electronic Systems Company Limited, China

·         Robert Bosch AB, Sweden

·         Robert Bosch Espana S.A., Spain

·         Robert Bosch Hungary

·         Robert Bosch Power Tools Sdn. Bhd., Malayasia

·          Telex EVI Audio (HK) Limited, China

·         Weifu High Technology company limited (Formerly WUXI)

 

 

CAPITAL STRUCTURE

 

As on 31.03.2008

 

Authorised Capital :

No. of Shares

Type

Value

Amount

38051460

Equity Shares

Rs.10/- each

Rs.380.515 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

38051460

Equity Shares

Rs.10/- each

Rs.380.515 Millions

 

Less: Equity Shares bought back

 

Rs.60.266 Millions

 

Total

 

Rs.320.249 Millions

 

Notes:

 

a) 22,349,420(2006:19,406,260) Equity shares are held by Robert Bosch GmbH (Federal Republic of Germany), the holding company.

 

b) Includes 3,469,558 shares of Rs.100 each allotted as bonus shares by capitalisation of reserves and 48,000 shares of Rs.100 each allotted pursuant to a contract for consideration other than cash.

 

c) 600,000 Equity shares of Rs.100 each were bought back in the years 2000, 2001 and 2002 under Section 77A of the Companies Act, 1956, and Securities Exchange Board of India (Buy Back of Securities) Regulations, 1998.

 

d) 26589 equity shares of Rs.10 each were bought back and extinguished in the year 2008 under section 77A of the companies Act, 1956, and Securities Exchange Board of India (Buy Back of Securities) Regulations, 1998

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.12.2009

31.12.2008

31.12.2007

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

314.000

320.249

320.515

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

33538.300

30634.308

25313.552

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

33852.300

30954.557

25634.067

LOAN FUNDS

 

 

 

1] Secured Loans

284.100

99.232

123.748

2] Unsecured Loans

2559.000

2544.439

2327.206

TOTAL BORROWING

2843.100

2643.671

2450.954

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

36695.400

33598.228

28085.021

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

5132.600

6086.188

4870.670

Capital work-in-progress

996.700

1671.091

1583.194

 

 

 

 

INVESTMENT

14176.100

8665.268

10637.809

DEFERREX TAX ASSETS

2014.000

1697.404

1414.657

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
5511.800
5480.726

4846.778

 

Sundry Debtors
5833.300
6995.104

5862.033

 

Cash & Bank Balances
10677.700
10708.124

6790.640

 

Other Current Assets
0.000
5.933

13.356

 

Loans & Advances
5556.100
3847.154

3049.880

Total Current Assets
27578.900

       27037.041

20562.687

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
8545.300
7206.553

7380.999

 

Provisions
4657.600
4352.211

3602.997

Total Current Liabilities
13202.900
11558.764

10983.996

Net Current Assets
14376.000
15478.277

9578.691

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

36695.400

33598.228

28085.021

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.12.2009

31.12.2008

31.12.2007

 

SALES

 

 

 

 

 

Income

48095.300

45416.488

42796.321

 

 

Other Income

4672.500

5058.824

3802.964

 

 

TOTAL                                     (A)

52767.800

50475.312

46599.285

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Raw Material Consumed

25445.800

24155.383

22015.315

 

 

Power and Fuel

560.200

0.000

0.000

 

 

Employee cost

6090.300

0.000

0.000

 

 

Other Manufacturing Expenses

3039.800

15020.699

13677.851

 

 

Selling and Administrative expenses

5881.100

0.000

0.000

 

 

Miscellaneous Expenses

1257.200

0.000

0.000

 

 

Stock Adjustments

(333.300)

0.000

0.000

 

 

Expenditure transferred to capital accounts

(155.700)

(291.037)

(192.590)

 

 

TOTAL                                     (B)

41785.400

38885.045

35500.576

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

10982.400

11590.267

11098.709

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

11.900

0.000

0.000

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

10970.500

11590.267

11098.709

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

3036.300

3024.614

2539.078

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

7934.200

8565.653

8559.631

 

 

 

 

 

Less

TAX                                                                  (H)

2027.700

2227.004

2467.572

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

5906.500

6338.649

6092.059

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

3013.900

2612.200

2257.600

 

 

 

 

 

Less

APPROPRIATIONS

5629.100

5937.000

5737.500

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

3291.300

3013.849

2612.159

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

NA

6844.546

6729.504

 

 

Commission Earnings

NA

15.962

11.118

 

 

Other Earnings

NA

648.406

482.221

 

TOTAL EARNINGS

NA

7508.914

7222.843

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

NA

6919.750

6866.360

 

 

Stores & Spares

NA

791.627

509.548

 

 

Capital Goods

NA

2317.558

1802.938

 

 

Others

NA

5167.558

4561.788

 

TOTAL IMPORTS

NA

15196.493

13740.634

 

 

 

 

 

 

Earnings Per Share (Rs.)

183.01

193.71

185.83

 

QUARTERLY RESULTS

 

PARTICULARS

 

31.03.2010

(1st Quarter)

30.06.2010

(2nd Quarter)

30.09.2010

(3rd Quarter)

Net Sales

15955.400

17003.600

17110.200

Total Expenditure

12908.400

13809.800

13729.500

PBIDT (Excl OI)

3047.000

3193.800

3380.700

Other Income

192.900

162.600

187.000

Operating Profit

3239.900

3356.400

3567.700

Interest

(247.200)

(242.300)

(311.400)

Exceptional Items

0.000

0.000

0.000

PBDT

3487.100

3598.700

3879.100

Depreciation

568.100

482.800

546.000

Profit Before Tax

2919.000

3115.900

3333.100

Tax

893.300

1018.600

972.400

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

2025.700

2097.300

2360.700

Extraordinary Items

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

2025.700

2097.300

2360.700

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2009

31.12.2008

31.12.2007

PAT / Total Income

(%)
11.19
12.56

13.07

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
16.49
18.86

20.00

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
24.25
39.72

59.24

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.23
0.28

0.33

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
0.47
0.46

0.52

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
2.08
2.34

1.87

 

 

LOCAL AGENCY FURTHER INFORMATION

 

HISTORY:

 

Bosch Limited (formerly Motor Industries Company Limited.) is the flagship of Bosch in India headquartered in Bangalore. Incorporated in 12th November of the year 1951, Bosch Limited has grown over the years to become India's largest auto component manufacturer, and one of the largest in the world. It is also the second largest Indo-German Company in India. The Business divisions of the company is classified as Diesel systems, Gasoline systems, Starters and Generators, Electrical Drives, Automotive Accessories, Test Equipment, Auto Electricals, Car multimedia, Power Tools, Packaging Machines, Special Purpose machines and Security Systems. The company's manufacturing sites are located in Bangalore, Nashik, Jaipur and Naganathapura. The Company was shifted to Bangalore on 16th November 1953 premature Bosch was in Chennai. A letter of intent for diversification into auto electricals was received in the year 1985 and approval for the import of capital goods was also obtained. Added a number of new machines both at the Bangalore and Nasik factories during 1987 under the modernisation programme. Also a fourth generation on-line computer facility was installed at the Bangalore factory. The Company was awarded the status of Trading House in the year 1988. The unit added A `Cold Start' facility enabling testing of engine at temperature as low as -20oc. The Centre was appointed as a Bosch Global Development Centre with the global responsibility for design and development of small single cylinder pumps for the entire Bosch Group. Bosch's centre had already developed a new type of single-cylinder pump for vehicular and stationary applications. During the year 1991 technical collaboration agreements were entered for the manufacture of fine horning machines and super finishing machines. In 1992, The Company introduced certain new items such as halogen bulbs, ignition cells, horns, voltage regulators, cluth plates and clutch cover assemblies for the automobile sector. A technical collaboration agreement was made with Witzig and Frank Turnatic GmbH for the mechanical machining systems. Another one agreement was entered with Robert Bosch GmbH, West Germany for the manufacture of bag form fill and sealing machines and also Bosch awarded the ISO 9001 certification by the Technischer Ueberwachungs-Verein, Germany. During the period 1994, two companies became the subsidiary of the Bosch Limited, namely Motor Industries Software Services Limited (MISSL) and Motor Industries Trading Limited (MITL). The Memorandum of Understanding with the Government of Rajasthan was signed in 1996 to set up Jaipur plant. The three plants of the Company at Bangalore, Nashik and Naganathapura awarded the QS 9000 certificate by TUV, Essen during 1997. The company has entered into car servicing business in the year 2002, launched India's first Bosch Car Services Workshop (BCSW) in Delhi. The Industrial Equipment Division of the company has developed endurance-testing equipment for Timken and has launched new range of products in the same year consisted in-car multimedia systems, the San Fransisco CD-70, in-car MP3 player and velocity range of amplifiers, speakers and sub-woofers. In 2003, the Spark Plug manufacturing activity of the company at Naganathapura works has been discontinued. Bosch Security Systems launched Network Video Solutions, a Video Solutions and Video Surveillance system that allows remote monitoring over IP (Internet Protocol) networks. Bosch rolls out new surveillance system during the year 2004. In 2005 the company moved in production of key products to MICO plants in India and also launched 30 millionth PF pump as a footprint. Bosch had Dun and Bradstreet - American Express Corporate Award 2006 in recognition of size and growth among the top 500 companies of India. The Deployment of Business Excellence based on the European EFQM model has been a focused area for the company in 2006. Several initiatives was started to ensure that these concepts percolate down in the organisation and become a part of the work culture. Bosch opened its first manufacturing facility for high-pressure common-rail pumps in 2006 in India. Since August 2007, the company has been manufacturing common rail injectors locally. In 2007 Bosch made as many as 100,000 common-rail systems in India. The CII National World skills, 2007- `Best Company Award was came to the company's hand. The Brand consolidation for Bosch in India was made in January of the year 2008, India's largest auto component supplier; Motor Industries Company Limited (MICO) has been renamed as Bosch Limited. The Registrar of Companies, Government of India also approved the new name of the company on 18th January 2008. As on February 2008 under expansion activities in India Bosch and Igarashi Motors India established joint venture Development, manufacture, and sale of automotive components for growing Indian automotive market. The company planned to invest Rs 8500 millions by 2010, Apart from the expansion of common rail diesel production, this money will also be invest in the manufacturing of gasoline systems components from 2008. Moreover, it is planned to start local ABS production at the end of 2008, and the production of electronic control units in 2009. As a leading technology and services company, take advantage of global opportunities for strong and meaningful development. The company's ambition is to enhance the quality of life with solutions that are both innovative and beneficial. Bosch focuses on core competencies in automotive and industrial technologies, as well as in products and services for professional and private use. The diversity of company's culture is a source of additional strength, that's company lives day by day.

 

 

FINANCIAL RESULTS:

 

Net  sales for the year 2009 grew by 4.6%. The Profit Before Tax  (PBT)  in  2009 as percentage of net sales was at 16.7% as compared to 18.9% in  2008.  The Profit After Tax (PAT) as percentage of net sales was 12.4% in 2009  as  against 14% in 2008.

 

Material costs as percentage to sales declined to 52.9% in 2009 as compared  to 53.2% in 2008. The staff cost was at 12.9% of sales as compared to 11.7%  in 2008. Operating expenses (excluding staff cost) increased to 22.5%  from  21.4%  of  sales in 2008. The depreciation for the year decreased  to  6.4%  from 6.7% of sales in 2008 reflecting lower investments in 2009.

 

Overall,  in terms of Profit Before Interest, Depreciation and  Taxes,  the  result for the year shows a decline of 6.3% over the previous year.

INVESTMENTS:

 

Capital investment during the year was lower at Rs.1446 million. as against Rs. 4336 million. In 2008.

 

 

BUSINESS SITUATION:

 

The  sharp  decline witnessed in the fourth quarter of 2008 in  the  Indian automotive  market  continued  in the first quarter of 2009  as  well  with  Medium  and Heavy Commercial Vehicle segment registering a drop as high  as  60% over first quarter 2008. However, the timely stimulus package announced by the Government of India helped the industry to recover lost ground.  The Passenger Car and Light Commercial Vehicle segments were the first  to respond  and stabilized by March / April 2009. The recovery in Medium and Heavy Commercial Vehicle segment was delayed until September 2009.  Despite this recovery, this segment registered a decline of 20% for the year as a whole in 2009 compared to the vehicle production in 2008.

 

Effectively, our sales from the automotive segment grew by 4% in 2009. With this, the marginal decline in sales to OE customers / exports has been more than offset by the growth in the Automotive Aftermarket business.

 

The non-automotive business grew by 4.9% in 2009 compared to  2008  mainly driven  by  growth  in sales from the Power Tools  and  Packaging  Machines divisions.

 

AUTOMOTIVE TECHNOLOGY:

 

Diesel Systems business de-grew by 2.7% owing to a steep decline in demand in the Medium and Heavy Commercial Vehicle segment and significant decline in exports business.

 

The Diesel Systems team was successful in developing a mechanical based system for Medium and Heavy Commercial Vehicles to meet Bharat Stage (BS) III emission norms. This in-house development is testimony to  the  Bosch culture  that  fosters  innovation and  thereby  defending  our  leadership position  in the diesel business with a competitive edge. The first single cylinder based Common Rail system for the small goods carrier segment was well received in the market.

 

Strong demand from OE customers led to growth in Gasoline System business by 121% in 2009 albeit on a lower base of 2008. A significant milestone was reached with the start of production of Gasoline Engine Management  systems for Tata Nano.

 

Starter  and Generator business also witnessed a steep decline in sales  in the  first half of 2009 but considerably grew in the second half,  more  so during  the last quarter of the year. With this, the division was able  to limit  the  decline to 10.9% in the year 2009 over 2008.  Introduction  and start of production of the New Baseline Alternators, Compact Direct Starter Motor  products  and  the  launch of Start-Stop  systems  which  were  well received in the market were the major highlights of the division in 2009.

 

The Automotive Aftermarket grew by 17.3% in 2009 compared to the year  2008 clocking  double digit growth for the fourth consecutive year despite  fall in  exports  business. This growth was a result of new  product  launches, major distribution initiatives, increase in network strength, end  customer oriented  campaigns  with the latest service trends, and  customer  binding programs.  To encourage the general public and traders to deal with  only

genuine automotive parts, the division organized several raids in 2009 with the  support from law enforcement agencies to safeguard not only the  brand Bosch but also to provide safe and reliable products to Indian customers.

 

Bosch  Car  Service, the largest multi-brand car service network  in  India added 103 stations across the country during the year 2009, ending up  with 361  stations.  A  Manual outlining do's and don'ts of  Bosch  Car  Service

communication  which  include  signages,  interiors,  displays,  hoardings, product  posters and promotional activities has been made available to  all Bosch Car Service partners in order to ensure consistency in brand identity and uniformity in communication by strictly adhering to the  specifications stated in the guidelines.

 

Industrial Technology Packaging Technology (Verna Plant) The Packaging Technology business was stabilized at the manufacturing location in Verna, Goa.  Packaging Technology division went hand in hand  with  the  changing market  scenario  and  grew by 15.9%. All the three   verticals viz.  Food, Confectionary  and  Pharmaceuticals  posted robust  growth  driven  by  the rapidly   changing  consumer  preference  and  needs.  The   division   has successfully added two machines SVI 2620 and BVK 1200 in  the  Packaging

 

Machines and Confectionary / Chocolate business units respectively.

 

The successful implementation of Material Resource Planning has reduced the delivery  time  of   components. Bosch Production  System  (BPS)  has  been initiated  in Food Packaging Machines which has improved  the  productivity and quality of Terra 25 and TW 100 NEL machines.

 

SECURITY TECHNOLOGY:

 

The  security  Technology  business  declined by 17.4%  in  the  year  2009 compared  to  2008. This decline was predominantly due to postponement  of many infrastructure and corporate projects.

 

Key highlights of this business group was the successful completion of  the National Gallery of Modern Arts project in New Delhi and the World's  first electro-voice  EVA stadium installation in Mumbai which is the  largest  EV installation in India.

 

 

INDUSTRIAL EQUIPMENT:

 

In view of major Capital investments which were withheld within the Company as well  as  by  the external customers in the year  2009,  sales  in  the Industrial Equipment division de-grew by 18.8% in 2009 compared to the year 2008.

 

The division continued to strive towards providing innovative solutions and has developed machines for manufacturing Fuel Injection Pumps, Filters and Gasoline System parts especially for small car projects. This division also provided   solutions for assembly lines of  gearbox  and   transmission components for Heavy Commercial Vehicle manufacturers.

 

Consumer Goods and Building Technology - , Power tools Power Tools business grew by 19.3% despite the construction business being impacted adversely by the economic downturn. The division launched the Bosch Lithium Ion powered cordless tools with a range including drivers, impact drivers  and  impact wrenches.

 

The  other  highlights  of  the  division  was  the  conceptualization  and inauguration  of  the World's first 'Clean and Green  Solutions  Store'  at Chennai  showcasing  the  entire range of Bosch Lawn and  Garden  and  High

Pressure  Washers.  Successful  usage  of  the  combination  of   Fischer, Accessories  and  Tools for projects like Common Wealth Games  Stadia,  New Delhi  Airport, Delhi Metro Rail Corporation, Bosch Tightening Systems  and Pneumatic  Tools  at the prestigious Volkswagen assembly line,  Pune,  were some of the initiatives taken in the year 2009.

 

COMPETITION AND CHALLENGES IN THEIR BUSINESS SECTORS:

 

The Company's businesses continue to face intense competition both from the local and  global  players. Despite the adverse conditions,  the  Company

strengthened its position by expanding its product portfolio and  deploying its resources in developing new and innovative technologies and products.

 

The  year 2010 will be equally, if not more, challenging and demanding  due to  severe pressure on input costs and pricing as they pursue the return  to the growth rates of 2007 and before.

 

Improving customer delight while judiciously managing the long term growth and  structure  of the Company will be of paramount importance and  they  are determined   to   meet  this  by  the  continued   efforts   achieve   cost

competitiveness through productivity ;improvement and effective  utilization of resources and capacities. Bharat Stage III and Bharat Stage IV  emission norms are scheduled to be introduced this year and the customers need to be supported efficiently with respect to product mix and call-off schedules.

 

The market optimism seen in the beginning of 2010 has heralded clear signs of economic  re-bound.  However, they must  continue  the  austere  measures adopted  during the period of economic downturn and whilst doing  so,  must focus  on  improving flexibility, speed and  technological  superiority  in order to sustain the competitive edge.

 

PLANTS:

 

BANGALORE:

 

The  Plant attained highest production of Inline Pumps, Elements,  Delivery Valves  and  Glow  Plugs. New generation Single Cylinder  Pump  (PF51)  for Common Rail system was launched in Sept 2009.

 

The Plant received prestigious recognitions from the key OE customers viz. M/s  Mahindra and Mahindra Limted., Kirloskar Oil Engines Limited., and  John  Deere India Private. Limted., at respective supplier recognition events. The Plant  also received  Diesel  Systems  recognition  for  Energy  Conservation  and  CO, reduction.

 

 

NASHIK:

 

Nashik  Plant  has completed 40 years of operations in the year  2009.  The Plant achieved the production landmark of one million Common Rail Injectors and  90 million conventional Injectors. Production rampup of a new  variety of conventional Injector commenced in the year 2009 for Commercial  Vehicle applications.  In  conventional products, Nozzle Holder  Assembly  achieved highest turnover in the history of the Plant.

 

Nashik Plant received 'Best-In-Class Manufacturing IT Award' for excellence in  manufacturing in private and public sector. The Plant also  bagged  the Gold award in 10th Annual Greentech 'Environment

 

Excellence' and silver award in 8th Annual Greentech 'Safety' organized  by Greentech Foundation.

 

Jaipur  Jaipur  Plant completed 10 years of operations in March  2009.  The Plant  also  crossed the milestone of 3 millionth VE Pump  manufactured  in India during October 2009.

 

The  Jaipur  Plant  quality circle won the Par  Excellence  Award  in  23rd National  Convention on Quality Circles-2009 in December 2009 at  Bangalore organized by Quality Circle Forum of India.

 

NAGANATHAPURA:

 

The  Plant  introduced  two new products in 2009  viz.,  Throttle  Position Sensor and In-Tank Fuel Pump Module.

 

 

Information Technology (IT):

 

In the year 2009, the Company's ERP system was upgraded to the mySAP ERP ECC 6.0  software to ensure good support and readiness for  Bosch-wide  IT initiatives.

 

The Company's IT systems and processes are periodically audited to ensure adequacy   of   internal controls and   information   security.   Further improvements were made particularly related to bringing down the level of

Critical   Authorizations and putting  in  place  more  effective   virus monitoring and prevention measures.

 

Change Initiatives Continuous Improvement Program (CIP) CIP continued to remain an area of focus in the year 2009. The Company's CIP was further bolstered by the introduction of LeaderCIP, an approach created to fortify leaders' involvement in continuous improvement activities.  CIP workshops saw active involvement of people at all levels, both managerial and non managerial.  The  employee  involvement in  continuous  improvement,  under Lernstatt, Kaizen or classical CIP reached benchmark levels in 2009 with ba good  momentum  in the Voluntary Lernstatt Team (VLT) and  shop  floor  CIP drives.  The Company is also driving such workshops with its customers and business partners.

 

CHANGE INITIATIVES:

 

Change Initiatives Continuous Improvement Program (CIP) CIP continued   to remain  an  area of focus in the year 2009. The Company's CIP was further bolstered by the introduction of Leader CIP, an approach created to fortify leaders' involvement in continuous improvement activities.  CIP workshops saw active involvement of people at all levels, both managerial and non managerial.  The  employee  involvement in  continuous  improvement,  under Lernstatt, Kaizen or classical CIP reached benchmark levels in 2009 with ba good  momentum  in the Voluntary Lernstatt Team (VLT) and  shop  floor  CIP drives.  The Company is also driving such workshops with its customers and business partners.

 

 

BOSCH PRODUCTION SYSTEM (BPS):

 

The BPS implementation drive across all Plants benefited the Company. The BPS  maturity,  being representative of a lean  manufacturing  system,  was measured  using  an  extensive audit  procedure  covering  eight  important principles such as pull system, standardization, quality etc.

 

This initiative  also addresses improvements in the entire  supply  chain. Business Partners were trained on BPS both in-house and at their sites on the  latest  techniques like Value Stream, Mapping, Quick Change  Over  and other lean practices.

 

 

DEPLOYMENT OF BUSINESS EXCELLENCE (DBE):

 

Deployment of Business Excellence (DBE) Deployment of Business Excellence in the  Diesel  Systems business has fostered  improvement  in  leadership aspects, policy and strategy management, people focus, process  orientation and resource management. DBE is facilitating the organization to align all its functions towards the Company's vision and mission.  The management concept places a strong emphasis on meeting all stakeholders' expectations

 

Bangalore  Plant (Diesel Systems) in the course of its business  excellence journey  based  on the European Foundation for  Quality  Management  (EFQM) model  was  honored  with  the coveted CII-EXIM  Bank  Award  for  Business Excellence for the year 2009 at a function held in New Delhi on 19.12.2009.

 

The Nashik Plant was assessed for Business Excellence in 2009 and has  made a significant improvement in overall maturity of excellence.

 

VOCATIONAL TRAINING:

 

Bosch  Vocational  Centre  Bosch  Vocational  Centre  (BVC)  conducted  and extended  its  support to various programs such as on job  Training,  Skill Enhancement training, Quality and Safety, training program on Mechatronics, Advanced  Measuring  Techniques, Pneumatics, Hydraulics and  CNC  and  need based  programmes  like OHSAS, TPM and knowledge sharing sessions  for  the executives.  The  year  2009  was devoted  to  intensify  training  of the associates  (workmen and staff) and sustaining excellence in the  field  of

training in the country. BVC continuously invested in upgrading facilities and infrastructure to maintain international standards.

 

BVC has won 17 Best Apprentices Awards (Gold Medals) announced in the  year 2009 in three competitions viz., 80th, 81st and 82nd All India  Competition for  Apprentices  held  during  May  2008,  November  2008  and  May   2009 respectively.  BVC being the 'Best in Class' in the country also sustained excellence in the field of Vocational Training by increasing its tally of Gold   medal   winners to  170.  The Company was declared   the   'Best Establishment' in the country for the 38th time.

 

 

REWARDS ARID RECOGNITION:

 

The Company received several awards and recognitions for its achievements:

 

* Third DHL-CNBC TV18 International Trade Award (ITA) for performance  in exports business.

 

* Mahindra   and  Mahindra  -  Farm  Equipment  Sector,  Sanjeevani   Special Appreciation Award for outstanding performance in 2009.

 

* NDTV Car and Bike Award 2009 for the Auto Component Manufacturer of the Year'.

 

* Bosch-Diesel Systems at Bangalore was honored with CII-EXIM Bank Award for Business Excellence for the year 2009.

 

* UTVi- Autocar Innovation Award jointly with Mahindra and Mahindra for  the first Start-Stop system in India.

 

* Honda Motorcycles and Scooters India (HMSI) award for achieving quality and delivery targets (spark plug division).

 

* Adjudged as a runner-up in National Institute of Personnel  Management's (NIPM) prestigious competition on 'HR best practices-2008'.

 

BOSCH INDIA FOUNDATION:

 

Bosch India Foundation in its effort to serve the underprivileged  sections of the society, through vocational training and health program, embarked on several projects during the year 2009 like Basic Computer skills, Plumbing, Sericulture, Soft Skills, Hospitality and Guest care, Orthopedic club  foot and  Cleft  and Palate surgery etc. The programs were conducted with active participation of Bosch-Associates across three cities viz. Bangalore, Pune and  Ahmedabad.  About 600 underprivileged  youths  benefitted  from  the program.

 

 

 

INDUSTRIAL RELATIONS

 

Industrial  relations at all Plants and other establishments continued to  be cordial.  The  Directors  place on record their deep  appreciation  of  the sincere  and  dedicated  teamwork by employees at all levels  to  meet  the

quality, cost and delivery ectations of the customers in a growing market.

 

DIRECTORS:

 

Names of companies/firms in which Directors of the Company hold/held office as Director/Partner are given below:

 

Dr. A. Hieronimus

 

- Bosch Rexroth AG. (Chairman of the Management Board)

- MindTree Limited.

 

Dr. B. Bohr

 

- Robert Bosch GmbH, Germany. (Member of the Board)

 

Mr. B. Steinruecke:

 

- Indo German Chamber of Commerce. (Director General)

- FAG Bearings India Limited.

- Zodiac Clothing Company Limited.

- HDFC ERGO General Insurance Company Limited.

- Tata Steel Limited. (Vice Chairman)

- Natsteel Asia Pte. Limited, Singapore. (Chairman) (upto 02.02.10)

- Natsteel  Holdings Pte. Limited. Singapore. (Chairman) (upto 02.02.10)

-  Tata  Steel  (Thailand)  Public  Company.  Limited, Bangkok.  (Chairman)  (upto 02.02.10)

- Tinplate Company of India Limited. (Chairman) (upto 14.01.10)

- Tata International Limited. (Chairman)

- Tata Incorporated, New York.

- Tata Industries Limited.

- Tata Steel Global  Minerals Holdings Pte. Limited.

- Tata Steel Europe Limited.

- Tulip UK Holdings No. 2 Limited.

- Tulip UK Holdings No. 3 Limited.

- CEDEP (European Centre of Executive Development), France. (Director)

- National Institute of Technology, Jamshedpur. (Chairman)

-  Xavier Labour Relations Institute,  Jamshedpur.  (Chairman, Board of

Governors)

- Indian Institute of Technology, Kharagpur. (Chairman, Board of Governors)

 

Mrs. Renu S Karnad

 

- Housing Development Finance Corporation Limited. (Managing Director)

- Credit Information Bureau (India) Limited.

- GRUH Finance Limited.

- HDFC Asset Management Company. Limited.

- HDFC Bank Limited.

- HDFC ERGO General Insurance Company. Limited.

- HDFC Property Ventures Limited. (Chairperson)

- HDFC Standard Life Insurance Company. Limited.

- HDFC Venture Capital Limited.

- ICI IndiaLimited.

- Indraprastha Medical Corporation Limited.

- Sparsh BPO Services Limited.

- HDFC Sales Private. Limited. (Chairperson)

- Feedback Ventures Private Ltd.

- G4S Corporate Services (India) Private. Limited.

- Transunion LLC, Chicago.

- HDFC PLC, Maldives.

- Value and Budget Housing Corporation (India)Private. Limited. (from 14.02.10)

 

Mr. Prasad Chandran:

 

- BASF India Limited. (Chairman and Managing Director)

- BASF Polyurethanes India Limited. (Chairman and Managing Director)

- Ciba India Limited. (Chairman)

- BASF Styrenics Pvt. Limited. (Chairman)

- BASF Construction Chemicals (India) Pvt. Limited. (Chairman)

- BASF Coatings (India) Private. Limited. (Chairman)

- BASF Asia Pacific (India) Private. Limited. (Chairman)

- BASF Catalysts (India) Private. Limited.

- BASF Finlay (Private) Limited, Sri Lanka.

- BASF Pakistan (Private) Limited.

- BASF Bangladesh LLimited.

- Indo German Chamber of Commerce. (Committee Member)

- Federation of Indian Chamber of Commerce. (Executive Committee Member)

- Bombay Chamber of Commerce and Industry. (Managing Committee Member)

- The Energy and Resource Institute (TERI). (Committee Member)

 

Mr. V.K. Viswanathan:

 

- Robert Bosch Engineering and Business Solutions Limited. (Chairman)

- Bosch Chassis Systems India Limited.

- MICO Trading Private.Limited.

- Bosch Rexroth (India)  Limited. (Chairman)

- Bosch Electrical Drives India Private. Limited.

- Bosch Automotive Electronics India Private. Limited. (Chairman)

- Indo German Chamber of Commerce. (Committee Member)

 

Dr. Manfred Duernholz

 

- MICO Trading Private. Limited.

 

Dr.  A.  Hieronimus,  Mr. V.K. Viswanathan and Dr.  Manfred  Duernholz  are liable to retire by rotation and offer themselves for re-election.

 

Dr.  A. Hieronimus, 62, holds a Diploma in Mathematics from the University of Cologne. He received a Doctorate in Business Administration also from the same University.

 

Dr.  Hieronimus started his career  as  an  Academic  Assistant  in  the University  of Cologne, Germany. He joined Mannesmann AG in 1979  and  held senior positions responsible for materials management, sales and  operation planning, head of department of sales and marketing, head of the department of  corporate  planning in the Mannesmann group companies  in  Germany.  In 1990,  he  became  a Member of the Management  Board  of  Mannesmann  Demag Baumaschinen  GmbH  and  later of the Board  of  Management  in  Mannesmann Rexroth GmbH. From 1997 to April 2001, he was Member of Executive Board  of Mannesmann  Rexroth AG, Germany and continued in that position till  August 2003, upon the takeover of Rexroth AG by Robert Bosch GmbH.

 

Dr.  A. Hieronimus was appointed as Managing Director of the  Company  from 01.09.2003 and consequent upon assuming new responsibility from  01.02.2008 as Chairman of the Board of Directors of Bosch Rexroth AG, he ceased to  be the  Managing  Director  of  the Company  from  01.02.2008.  The  Board  of Directors  of  the  Company appointed Dr. A. Hieronimus  as  Chairman  from 01.02.2008. Dr. Hieronimus holds 640 shares in the Company. He is a  member of Audit Committee and Shareholders'/ Investors' Grievance Committee of the Company. He is also the Chairman of the Shareholders'/ Investors' Grievance Committee and a member of the Audit Committee in Mind Tree Limited.

 

Mr.  V.K.  Viswanathan joined the Board as Additional Director and Joint Managing Director on 01.01.2001, responsible for  Finance,  Administration and  IT Coordination. Mr. Viswanathan joined the Company as Chief General Manager in August 1998. After a brief orientation in the Company, he took up an assignment in the Diesel Systems Division of  Robert  Bosch  GmbH, Germany from September 1998. Upon completion of the assignment, he returned to the Company in November 2000. Upon assuming  new  responsibilities  in Robert  Bosch  Corporation,  Farmington  Hills,  USA  (Robert  Bosch  North America),  Mr.  Viswanathan ceased to be a Director  and  Joint  Managing Director of the Company from 28.02.2006.

 

Upon completion of his assignment with Robert Bosch Corporation, Farmington Hills,  USA  (Robert Bosch North America), he was appointed  as  Additional Director   and  Joint  Managing  Director  with  effect   from   01.11.2007 responsible for Automotive Aftermarket, Starters and Generators,  Packaging Machine, Power Tools and Security Technology. He was appointed as Managing Director with effect from 01.02.2008.

 

Mr. Viswanathan, 59, is a Bachelor of Commerce from Madras University and a Chartered Accountant.  Prior  to joining the Company,  he  was  the  Group Treasurer  and  Head  of Mergers and  Acquisitions  with  Hindustan  Unilever Limited  with  which group he was associated in various capacities  for  17 years.

 

He  does  not  hold  any  shares  in  the  Company  and  is  a  member   of Shareholders'/Investors' Grievance Committee of the Company and Chairman of the Audit Committee of Bosch Rexroth (India) Limited.

 

Dr.  Manfred  Duernholz joined the Executive Management of the  Company  on 01.02.2008  as  Joint  Managing Director  responsible  for  the  Powertrain business.

 

Dr.  Manfred Duernholz, 54, holds a diploma in Engineering and  a  graduate degree  in  Machine  building  from the  Technical  University  of  Aachen, Germany. He is also a doctorate in Engineering.

 

He held varied technical position from 1974 to 1999 before joining the Bosch  group in April 1999. In the Bosch group he held important positions including in Engine Laboratory at the Feuerbach Plant (19992001), as Senior

Vice President-Development (20012007) and as Senior  Vice   President-Engineering (2007). He does not hold any shares in the Company.

 

MANAGEMENT DISCUSSION AND ANALYSIS:

 

INDUSTRY STRUCTURE AND DEVELOPMENT:

 
 

The global economic crisis did impact the economic growth story in India, albeit temporarily. The economy slowed down considerably in 4th quarter of 2008 and 1st quarter of 2009. However, backed by the stimulus offered by the Government of India, the economy recovered quite quickly in 3rd and 4th quarter of 2009. The Index of Industrial Production (IIP) grew by over 12% in last quarter of 2009. The GDP for 2009-10 and 2010-11 is expected to expand by 7.5% and 8% respectively.

 

On the inflationary front,  the higher  base  effect  ensured  that  the wholesale price index (WPI) for 2009 was at benign 2.1% as against 9.1% for 2008.  However the inflation has increased to worrying levels of  8.5%  for January  2010  consequent  to higher liquidity  and  increase  in  Non-food articles and fuel prices. At the consumer price index (CPI) level inflation rose at a higher 11.0% for year 2009 because of food inflation being over 15.0%.  To  tame this rising inflation the Government has  given  hints  of removing the stimulus package in a phased manner in 2010 and very  recently the  Central  Bank in order to reduce the excess liquidity  and  to  anchor inflationary  expectations has raised cash reserve ratio (CRR) by 75  basis points in 2 stages.

 

The inflow of $ 25.5 billion from Foreign Direct Investment (FDI) and over $ 17.46 billion from Foreign Institutional Investors (Flls) in 2009 has helped in strengthening of Rupee against USD from 49.0 in January 2009 to 46.5 by end of the year. However, any further major appreciation in the Rupee is bound to have a negative impact on the exports which is already hit by global slow down in demand.

 

In Indian Automotive Industry scenario, though the first quarter of 2009 was bleak, from second quarter, the signs of recovery were good.  The Car and UV's sector sustained growth of 18% due to stimulus provided by the Government in the form of excise duty cuts, Central Government employee pay hikes and lower interest rates. This was also supported  by  several  new model  introductions  and  UV's  having additional  demand  on  account  of Parliamentary elections in the first and second quarter of 2009.

 

The HCV segment continued its downturn in the first half of 2009 due to reduced freight index movement and replacement demand. The second half saw signs of recovery. The Jawaharlal Nehru National  Urban  Renewal  Mission (JNNURM)  scheme,  a Government of India initiative aiming  at  encouraging reforms  and fast track planned development of identified  cities,  boosted the  confidence  of  the  industry. This recovery was also supported by accelerated  depreciation scheme. The rate of decline which was higher in the first half of the year, recovered during the second half and declined only by 20% during the entire year.

 

Tractor segment witnessed a robust growth of 10% supported by increase in farm mechanization and subsidised interest rate. LCV Segment recorded a 13% growth over previous year supported by  increase  in  organised  retail industry  and election demand. The sub 1 ton continued to drive the growth in the segment.

 

. Future plan of action:

 

-  Design of spark plug with improved Electro Magnetic  Interference  (EMI) levels.

 

- High grade ceramics for the demands of future Ignition Systems.

 

-  Extending  the  product  portfolio relevant to  the  Low  Price  Vehicle segment.

 

- Increase the depth of localisation.

 

-  Increase  in competencies across business sectors to  benefit  from  the potential available in the Indian market.

 

 

 

 

OPERATIONS:

 

The following are some of the highlights of the Company for the year 2009.

 

* The Company witnessed an overall growth of around 4.6% in  sales  during the year. This growth is mainly coming in the second half of the year 2009. Recovery  of  Automotive  sector  in the second half  and  good  growth  in Automotive Aftermarket division, Gasoline Systems, Power Tools division and Packaging  division  helped negate slowdown seen in the first half  of  the year.

 

* The total investment made in the last five years is around INR 16,750 Million. The capital investment was critically reviewed and the investment during the year 2009 is around INR 1,450 Million as against INR 4,335

Million during the previous year.

 

* Diesel system division received Diesel System Recognition for Energy Conservation and  COZ  reduction.  Diesel Systems in  the  course  of  its business excellence journey based on the European Foundation Quality  Model (EFQM)  was  honored  with the coveted CII-EXIM  Bank  Award  for  Business Excellence for the year 2009. It also bagged the Gold award in 10th Annual Greentech 'Environment Excellence' and silver award in 8th Annual Greentech 'Safety' organized by Greentech Foundation.

 

* The Automotive Aftermarket division has registered a double digit growth for  the fourth consecutive year. An all round improvement  which  includes new  product launches, distribution and service network expansion,  service efficiency   and   workshop   quality  improvement,   high   impact   brand communication,  improved logistics, brand protection activities  ensured  a robust growth of 17.3% during the year.

 

*  In addition to strengthening existing Distribution and  Service  network for Automotive Aftermarket division there were new appointments of 1st  and 2nd trade level partners especially Bosch Car services network.

 

* Gasoline system division won Autocar Innovation' award together with M/s Mahindra and Mahindra Limited., for Start-Stop system (SSM) Solution.

 

* The Power Tools Division outperformed the market, growing by 19% over the previous  year and won the prestigious 'Platinum Award' for  7  consecutive years of double digit growth at the BOSCH Power Tools World Conference.

.

 

 

FINANCIAL PERFORMANCE:

 

The Company's performance was affected by major decline in the Automotive sector during the first half and also due to lower global demand.  The impact of the same can be seen from the marginal growth in sales for the year 2009 over 2008. The Company has reported a sales growth of 4.6% in 2009 over 2008. The Profit before tax is at 16.7% of Net Sales compared to 18.9 % of net  sales during the year 2008. This decline in  profit  is attributed to unfavorable exchange rate impact, flat Automotive growth  and one time expense. The reduction in operating profit is partially off-set by income from treasury operations.

 

With the slowdown witnessed in the Automotive sector during the first  half of  the  year,  the  Company had focused on  reducing  working  capital  by controlling  inventory  and focusing on better customer  realisation.  This resulted in reduction in net working capital.

 

The  Company has invested around INR 1,450 Million during the year 2009  in its facilities across India for strengthening its development capabilities, quality  improvements  and  capacity  expansions. 

 

Major  investments in Bangalore and Nashik locations are mainly focused  on expansion of Common Rail system and Common Rail injectors respectively.

 

SALES PERFORMANCE IN VARIOUS SEGMENTS:

 

Share of automotive segment in sales has declined from 89.8% in 2008 to 89.4% in 2009 due to slowdown in automotive market during the first half of the year  2009.  Consequently, proportion of  the  others  segment  namely Industrial Technology and Consumer Goods and Building Technology businesses increased  from  10.2%  in  2008 to 10.6% in 2009,  with  the  Power  Tools business growing by 19% and Packaging Machinery by over 16%. The growth is offset by under performance from Security Systems, which showed a negative growth of 17%.

 

In the Secondary segment, the share of exports has declined from 15.07% in 2008 to 12.33% in 2009 mainly due to  continued  global  recession  from previous year.

 

Outlook:

 

The outlook for 2010 looks positive in comparison to the world economies but  for inflation which has reached worrisome proportions. This may  force the  Central Bank to introduce punitive measures to curl the  rising  trend and the Government may withdraw the stimulus packages introduced to counter the economic slowdown sooner rather than later. Liquidity may be curbed to control inflation in addition to the measures adopted by the Central Bank and the Government.

 

The automotive sector recovered strongly backed by the stimulus incentives offered by the Government, withdrawal of which may decelerate the growth momentum especially in the commercial vehicle and passenger car segment. BS III and BS IV emission norms are expected to be implemented across  India and in 13 major cities respectively in 2010. Over the long term, the growth of the Indian automotive market looks positive.

 

The Government intends to maintain momentum through investments in roads, airports, ports, railways and metro rail. In the long run we will  continue to  see  significant  investments in the infrastructure  segment  to  cover existing  gaps  and new ones that arise with growth in other  sectors.  The share of organized retail segment is also growing rapidly and will continue so in the long run.

 

 

UNAUDITED FINANCIAL RESULTS FOR THE THREE MONTHS ENDED 30.06.2010

 

Particulars

 

THREE MONTHS ENDED 30.06.2010

SIX MONTHS ENDED 30.06.2010

Income

 

 

 

a) Net Sales / Income from Operations

 

165.608

323.651

b) Other Operating Income

 

4.428

5.939

Total Operating Income

 

170.036

329.590

Expenditure

 

 

 

(a) (Increase)/decrease in Stock in Trade

 

(13.098)

(7.059)

(b) Consumption of Raw Materials

 

52.710

98.586

(c) Purchase of traded goods

 

48.934

81.644

(d) Employees Cost

 

19.940

41.755

(e) Depreciation

 

4.828

10.509

(f) Other Expenditure

 

29.612

52.256

Total Expenditure

 

142.926

277.691

Profit / (Loss) From Operations before other Income Interest & Exceptional Items

 

27.100

51.899

Other Income

 

1.626

3.555

Profit/(Loss) before Interest and Exceptional items

 

28.736

55.454

Interest

 

(2.423)

(4.895)

Profit / (Loss) after interest before Exceptional items

 

31.159

60.349

Exceptional Items

 

-

-

Profit / (Loss) From Ordinary activities before Tax

 

31.159

60.349

Provision for Taxation

 

 

 

Tax Expenses

 

10.186

19.119

Net Profit/(Loss) From Ordinary activities after Tax

 

20.973

41.230

Extraordinary Items

 

--

--

Net Profit/(Loss) for the period

 

20.973

18.827

Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each )

 

3140

3140

Reserves (Excluding Revaluation Reserves)

 

-

-

Public Share Holding

 

 

 

Before Extraordinary Items

 

 

 

-Basic

 

66.8

131.3

-Diluted

 

 

 

Average of Public Share Holding

 

 

 

- Number of Shares

 

9049480

9049480

- Percentage of shareholding

 

28.82

28.82

Promoters and Promoter group share holding

 

 

 

a) Pledged / Encumbered

 

 

 

- Number of Shares

 

-

-

- Percentage of share (as a % of the total shareholding of promoter and promoter group)

 

-

--

- Percentage of shares(as a % of the total share capital of the company)

 

-

-

b) Non-encumbered

 

 

 

- Number of Shares

 

22349420

22349420

- Percentage of Share (as a % of the total shareholding of promoter and promoter group)

 

100

100

 - Percentage of Share (as a % of the total share capital of the company)

 

71.18

71.18

 

                                     SEGMENT WISE REVENUE , RESULTS AND CAPITAL EMPLOYED

 

PARTICULARS

 

3 months ended

30.06.2010

(Unaudited)

6 months ended

 30.06.2010

(unaudited)

1] Segment Revenue

 

 

 

Automotive Products

 

150.166

291.127

Others

 

15.723

33.217

Total segment revenue

 

165.889

324.344

Less : Inter segment revenue

 

0.281

0.693

Net Sales and income from operations

 

165.608

323.651

2] Segment Results

 

 

 

Automotive Products

 

28.531

53.396

Others

 

0.877

3.200

Total segment results

 

29.408

56.596

Less : Unallocated expenses net of unallocable income

 

0.672

1.142

Total Profit Before Tax

 

31.159

60.349

3] Segment Capital Employed

 

 

 

Automotive Products

 

66.377

66.377

Others

 

6.772

6.772

Total segment results

 

73.149

73.149

Un allocated corporate assets less corporate liabilities

 

306.604

306.604

TOTAL

 

379.753

379.753

 

FIXED ASSETS

 

v      Freehold Land

v      Leasehold Land

v      Building

v      Building- R and D

v      Plant and Machinery- R and D

v      Furniture and Equipments

v      Furniture and Equipments- R and D

v      Motor Vehicles

v      Motor Vehicles- R and D

v      Goodwill

v      Trademarks

v      Capital Work in Progress

 

CONTINGENT LIABILITIES :

 

PARTICULARS

AS ON 31.03.2008 (Rs. In millions)

AS ON 31.03.2007 (Rs. In millions)

(a) Claims against the Company not acknowledged as debts:

 

(i) Excise / Customs

Net of tax

Gross

 

(ii) Service Tax

 Net of tax

Gross

 

(iii) Octrol

 Net of tax

Gross

 

(b) Guarantees given by Banks on behalf of the Company

 

(c) Bills Discounted not matured

 

(d) Certain industrial disputes are pending before various

judicial authorities amounts not ascertainable.

 

 

 

 

0.232

0.352

 

 

3.151

4.774

 

 

1.312

1.987

 

178.765

 

 

607.517

 

 

 

 

0.232

0.352

 

 

3.151

4.774

 

 

-

-

 

143.809

 

 

1339.224

 

 

 

 

 

WEBSITE DETAILS:

 

Subject is the flagship of the Bosch Group subsidiaries in India. Founded in 1951, the company is India’s largest auto component manufacturer and also one of the largest Indo – German company in India.

Bosch Limited employs about 10,108 associates, and in business year 2008 generated net sales of Rs 45,416 million. The Bosch Group holds close to 70% stake in Bosch Limited.

Bosch Limited has a strong nationwide service network which spans across 1,000 towns and cities with over 4,000 authorized representations to ensure widespread availability of both products and services. The company is headquartered in Bangalore with manufacturing facilities at Bangalore, Naganathapura (near Bangalore), Nashik, Jaipur and Goa.

Bosch Limited manufactures and trades in all the three major business sectors of Bosch. Details below -

AUTOMOTIVE TECHNOLOGY

Business divisions: Diesel and Gasoline Fuel Injection Systems, Blaupunkt Car Multimedia Systems, Auto Electricals and Accessories, Starters and Motors, Energy and Body Systems.

INDUSTRIAL TECHNOLOGY
Business divisions: Packaging Machines, Special Purpose Machines

CONSUMER GOODS AND BUILDING TECHNOLOGY
Business divisions: Power Tools, Security Systems.

press releases:-

 

15.09.2010

 

Bosch introduces professional range of cordless power tools with Lithium-Ion technology

 

Famous boxer and Olympic medalist, Vijender Singh launches the new tools

 

New Delhi, September 15, 2010: Strengthening its position as an innovation leader, Bosch Power Tools, today, unveiled a whole new range of light-weight, cordless power tools for professional users in India. Coveted by industry professionals around the world, the range consists of dynamic tools such as cordless screwdrivers, drill/drivers, impact wrenches, multi-tool and rotary hammers etc. These tools cater to diverse industry segments such as automotive, construction, manufacturing, electrical, electronics and interiors. For professionals looking for effective tools that offer great value for money, the Lithium-Ion powered cordless tools offer a quick fix solution to screwdriving, drilling, cutting, hammering, etc. Powered by innovative Bosch Lithium-Ion technology, these convenient-to-use tools offer 400% longer battery lifetime and quick charging capability.

 

Talking about the needs of customers, Mr. Vijay Pandey said, "Today, professionals expect a power tool to have high power and performance, long lifetime, fast charging cycle as well as high level of user safety and compact design. The new range of cordless power tools combine all these features, and are bound to boost engineering standards. Innovation has always been at the heart of our offerings and we are positive that customers from across the nation will benefit with these new tools from Bosch."

 

Launching the tools at a press conference today, famous boxer and Olympic medalist, Mr. Vijender Singh got to experience the power of these tools first hand by riding a specially created Go Kart, which runs on a Bosch cordless power tool. Installed in the Go Kart was a GSR 36 V-Li Professional – a 36 volt Lithium ion screwdriver that powered the kart. What was special about it was that the Lithium Ion battery technology provides the necessary power to drive a kart. It is so powerful that it can even replace corded power tools. Impressed by the power offered by Bosch Power Tools, Vijender Singh said, "In the boxing field, the power comes from inside. But today, I have experienced a different kind of power. This is an amazing concept from Bosch Power Tools to showcase the power of Bosch cordless tools through this kart. I am sure for Bosch power tools users, like professionals and tradesmen, the new range is going to be very useful".

 

The Bosch Power Tool division has been successfully operating in the world with a turnover of 3.1 billion Euros. As the world’s leading power tool manufacturer, the company recognizes the crucial needs to address and design solutions which will meet the user’s daily challenges and issues at work. In India, Bosch Power tools have been used extensively for infrastructural projects such as the Delhi Metro Rail besides creating Bus Body building kits or providing Railway Track maintenance kits with 11kg Hammers.

Ranging from Rs. 3000/- to Rs. 40000/-, the new range of cordless power tools have been designed to handle light, medium and even extreme applications, both indoors and outdoors and give the best results every single time. What’s more – they do not get affected even after a 2 meter drop on a hard floor such as concrete due to special housing material called Durashield.

 

Commenting on the popularity of the tools worldwide and in India, Mr. Vijay Pandey, Vice President, Bosch Power Tools, India said, "The tools have a strong loyalty across the globe due to their innovation. power and quality usage. Around 32 million Bosch power tools are sold worldwide every year. In India, more than 600,000 Bosch power tools are sold annually which amounts to one Bosch power tool being purchased almost every minute!"

Bosch follows the guiding principles of quality, innovation and customer orientation that allow the company to create products that are core to users’ needs. The new cordless tools do not require electric power supply, are ergonomically designed and very light weight.

 

About Bosch Group

 

Subject is a leading global supplier of technology and services. In the areas of automotive and industrial technology, consumer goods, and building technology, some 275,000 associates generated sales of 38.2 billion euros in fiscal 2009. The Bosch Group comprises Robert Bosch GmbH and its more than 300 subsidiaries and regional companies in over 60 countries. If its sales and service partners are included, then Bosch is represented in roughly 150 countries. This worldwide development, manufacturing, and sales network is the foundation for growth. Each year, Bosch spends more than 3.5 billion euros for research and development, and applies for some 3,800 patents worldwide. With all its products and services, Bosch enhances the quality of life by providing solutions which are both innovative and beneficial.

 

The company was set up in Stuttgart in 1886 by Robert Bosch (1861-1942) as "Workshop for Precision Mechanics and Electrical Engineering." The special ownership structure of Robert Bosch GmbH guarantees the entrepreneurial freedom of the Bosch Group, making it possible for the company to plan over the long term and to undertake significant up-front investments in the safeguarding of its future. Ninety-two percent of the share capital of Robert Bosch GmbH is held by Robert Bosch Stiftung GmbH, a charitable foundation. The majority of voting rights are held by Robert Bosch Industrietreuhand KG, an industrial trust. The entrepreneurial ownership functions are carried out by the trust. The remaining shares are held by the Bosch family and by Robert Bosch GmbH.

 

About Bosch in India:

 

In India, Subject is a leading supplier of technology and services in the areas of automotive and industrial technology, consumer goods and building technology. Additionally, Bosch also has in India, the largest development centre, outside Germany, for end to end engineering and technology solutions. The Bosch Group operates in India through six companies, viz, Bosch Limited, Bosch Chassis Systems India Limited, Bosch Rexroth India Limited, Robert Bosch Engineering and Business Solutions Limited, Bosch Automotive Electronics India Pvt Ltd, Bosch Electrical Drives India Pvt Ltd.. Bosch Limited operates in Automotive Technology, Industrial Technology and Consumer goods & Building Technology business sectors. In India, Bosch set up its manufacturing operation in 1953, which has grown over the years to 13 manufacturing sites and 4 development centres employing some 19000 associates and generating a consolidated revenue of over Rs. 6400.000 millions  in 2009 with Bosch Limited revenue alone nearly 4850.000 millions.

 

 

 

 

 

 

 

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 records 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

Indian Rupees

US Dollar

1

Rs.44.64

UK Pound

1

Rs.69.32

Euro

1

Rs.59.79

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

8

OPERATING SCALE

1~10

9

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILIRY

1~10

8

--LIQUIDITY

1~10

8

--LEVERAGE

1~10

9

--RESERVES

1~10

9

--CREDIT LINES

1~10

8

--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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

76

 

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

                                      

-

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.