MIRA
INFORM REPORT
|
Report Date : |
16.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
BOSCH LIMITED (w.e.f. 18.01.2008) |
|
|
|
|
Formerly Known
As : |
MOTOR INDUSTRIES COMPANY LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
|
|
|
|
Date of
Incorporation : |
12.11.1951 |
|
|
|
|
Com. Reg. No.: |
08-000761 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.313.989 Millions |
|
|
|
|
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 Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Automobile Equipment and Machinery. |
|
|
|
|
No. of Employees
: |
12232 (Approximately) |
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 180000000 |
|
|
|
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-80-22992111/ 22220088/ 22992195/ 22222393 |
|
Fax No.: |
91-80-22272728 |
|
E-Mail : |
a.vijayashankar@in.bosch.com |
|
Website : |
|
|
|
|
|
Head Office : |
RMB Complex, Adugodi, |
|
Tel. No.: |
91-80-22999279/ 22992705 |
|
Fax No.: |
91-80-22992758 |
|
|
|
|
Factory 1 : |
Post Box No.3000, |
|
Tel. No.: |
91-80- 2299 2393 |
|
Fax No.: |
91-80- 22272228 |
|
|
|
|
Factory 2 : |
Naganathapura Plant, P.B.No.6887,
Electronic City Post Office, |
|
Tel. No.: |
91-80-28521221 |
|
Fax No.: |
91-80-28521239 |
|
|
|
|
Factory 3 : |
SP -663, RIICO Industrial Area, Sitapura,
Jaipur – 302022, |
|
Tel. No.: |
91-141-2771700 |
|
Fax No.: |
91-141-2771787 |
|
|
|
|
Factory 4 : |
Post Box No.64, 75, MIDC Estate, Sitapur, |
|
Tel. No.: |
91-253-2350342/45 |
|
Fax No.: |
91-253-2294999 |
|
|
|
|
Factory 5 : |
N4, PhaseIV, Verna Industrial Estate,
Verna, Salcete, Goa – 403722, |
|
Tel. No.: |
91-832- 6692 018 |
|
Fax No.: |
91-832-6692028 |
|
|
|
|
Sales Office Located at : |
Located
at :
|
|
|
|
|
Regional Office : |
Located at :
|
DIRECTORS
As on 01.06.2011
|
Name : |
Dr. A. Hieronimus |
|
Designation : |
Chairman |
|
Other Directorship: |
|
|
|
|
|
Name : |
Mr. B. Steinruecke |
|
Designation : |
Director |
|
Date of Appointment : |
15.06.2005 |
|
Other Directorship: |
|
|
|
|
|
Name : |
Dr. B. Bohr |
|
Designation : |
Director |
|
Other Directorship: |
|
|
|
|
|
Name : |
Mr. B. Muthuraman |
|
Designation : |
Director |
|
Other Directorship: |
|
|
|
|
|
Name : |
Mrs. Renu. S. Karnad |
|
Designation : |
Director |
|
Date of Birth/Age : |
59 Years |
|
Other Directorship: |
|
|
|
|
|
Name : |
Mr. Prasad Chandran |
|
Designation : |
Director |
|
Date of Birth/Age : |
59 Years |
|
Other Directorship: |
|
|
|
|
|
Name : |
Dr. Manfred Duernholz |
|
Designation : |
Joint
Managing Director |
|
Other Directorship: |
MICO Trading Private
Limited |
|
|
|
|
Name : |
Mr. V. K. Viswanathan |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
61 Years |
|
Other Directorship: |
|
|
|
|
|
Name : |
Mr. Soumitra Bhattacharya |
|
Designation : |
Alternate Director |
KEY EXECUTIVES
|
Name : |
Mr. A Vijay Shankar |
|
Designation : |
Company Secretary ( From 02.04.2009) |
|
|
|
|
Committees : |
|
|
Audit
Committee : |
·
Ms. Renu S. Karnad, Chairperson ·
Dr. A. Hieronimus ·
Mr. B.
Steinruecke ·
Mr. B.
Muthuraman · Mr. Prasad Chandran |
|
|
|
|
Shareholders’/Investors’
Grievance Committee : |
·
Mr. B. Steinruecke, Chairperson
·
Ms. Renu S. Karnad ·
Dr. A. Hieronimus ·
V. K. Viswanathan · Mr. Prasad Chandran |
|
|
|
|
Remuneration
Committee : |
·
Dr. A. Hieronimus ·
Mr. B. Muthuraman ·
Mr. B. Steinruecke · Mr. Prasad Chandran |
|
|
|
|
Investment
Committee : |
·
Mr. B. Muthuraman ·
Ms. Renu S. Karnad ·
Dr. Manfred Duernholz ·
Mr. V. K. Viswanathan · Soumitra Bhattacharya |
|
|
|
|
Property
Committee : |
·
Dr. A. Hieronimus ·
Ms. Renu S. Karnad ·
Mr. V. K. Viswanathan · Dr. Manfred Duernholz |
|
|
|
|
Share Transfer
Committee : |
·
Mr. B. Muthuraman ·
Mr. B. Steinruecke ·
Mr. Prasad Chandran · Mr. V. K. Viswanathan |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
22349420 |
71.18 |
|
Total
shareholding of Promoter and Promoter Group (A) |
22349420 |
71.18 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1002165 |
3.19 |
|
|
8640 |
0.03 |
|
|
2979824 |
9.49 |
|
|
1902010 |
6.06 |
|
|
|
|
|
|
|
|
|
|
725497 |
2.31 |
|
|
|
|
|
|
1854608 |
5.91 |
|
|
478835 |
1.53 |
|
|
|
|
|
|
89457 |
0.28 |
|
|
1000 |
-- |
|
|
100 |
-- |
|
|
7344 |
0.02 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
31398900 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automobile Equipment and Machinery. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Fuel Injection Equipment |
Pcs. |
6114 |
4325 |
|
Injectors, Nozzles and Nozzle Holders |
Pcs. |
25750 |
23770 |
|
Auto Electricals |
Pcs. |
3436 |
2078 |
|
Portable Electric Power Tools |
Pcs. |
594 |
427 |
|
Spark Plugs |
Pcs. |
32900 |
32836 |
|
Special Purpose Engines |
Nos. |
146 |
118 |
|
Packaging Machines |
Nos. |
260 |
206 |
|
Spares & Components |
Pcs. |
31903 |
26109 |
NOTES:
1.
Installed capacity is as certified by the
management and relied upon by the
auditors without verification as this is a technical matter
2.
A part of installed capacity of spares and
components is used as OE fitment in Fuel Injection Equipments.
GENERAL INFORMATION
|
No. of Employees : |
12232 (Approximately) |
|||||||||||||||||||||
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|
|
|||||||||||||||||||||
|
Bankers : |
·
State Bank of
|
|||||||||||||||||||||
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|
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|
Facilities : |
|
|||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
5th Floor, Tower
"D", The Millenia, 1 and 2 Murphy
Road, Ulsoor, Bangalore 560008, Karnataka, India |
|
|
|
|
Holding Company : |
Robert Bosch GmbH, |
|
|
|
|
Fellow Subsidiaries : |
|
|
|
|
|
Subsidiary Company : |
MICO Trading Private Limited, |
|
|
|
|
Joint Venture : |
MHB Filters India Private Limited, |
|
|
|
|
Other entity under the control of the company : |
BOSCH |
CAPITAL STRUCTURE
(AS ON 31.12.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38051460 |
Equity Share |
Rs.10/- each |
Rs. 380.515 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38051460 |
Equity Share |
Rs.10/- each |
Rs. 380.515 Millions |
|
|
Less: Equity shares bought back |
|
Rs. 66.525
Millions |
|
|
Total |
|
Rs. 313.989 Millions |
Note:
1. 22,349,420 Equity
shares are held by Robert Bosch GmbH (Federal Republic of Germany), the holding
company.
2. 3,469,558 Equity shares of Rs. 100 each were
allotted as bonus shares by capitalisation of reserves and 48,000 Equity sares of ` 100 each were allotted
pursuant to a contract for consideration other than cash.
3. 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.
4. The Company's
Equity shares of Rs. 100 each were sub-divided into Equity shares of ` 10 each
with effect from July 16, 2004.
5. 652,560 Equity
shares of Rs. 10 each were bought back in the year 2008 and 2009 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 |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
313.989 |
313.989 |
313.989 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
46970.361 |
40666.425 |
33538.292 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
47284.350 |
40980.414 |
33852.281 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
181.095 |
30.435 |
284.130 |
|
|
2] Unsecured Loans |
2890.325 |
2733.454 |
2559.004 |
|
|
TOTAL BORROWING |
3071.420 |
2763.889 |
2843.134 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
50355.770 |
43744.303 |
36695.415 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6200.914 |
4359.884 |
5132.663 |
|
|
Capital work-in-progress |
4406.644 |
2242.165 |
996.664 |
|
|
|
|
|
|
|
|
INVESTMENT |
16063.646 |
16073.030 |
14176.119 |
|
|
DEFERREX TAX ASSETS |
2276.000 |
2182.000 |
2014.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11830.574
|
8092.812
|
5511.801
|
|
|
Sundry Debtors |
9492.112
|
7209.659
|
5833.279
|
|
|
Cash & Bank Balances |
9514.538
|
13258.674
|
10677.700
|
|
|
Other Current Assets |
503.094
|
589.214
|
460.049
|
|
|
Loans & Advances |
11022.277
|
8370.506
|
5096.084
|
|
Total
Current Assets |
42362.595
|
37520.865
|
27578.913
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
11772.892
|
9931.129
|
6151.198
|
|
|
Other Current Liabilities |
3498.430
|
3439.389
|
2394.126
|
|
|
Provisions |
5682.707
|
5263.123
|
4657.620
|
|
Total
Current Liabilities |
20954.029
|
18633.641
|
13202.944
|
|
|
Net Current Assets |
21408.566
|
18887.224
|
14375.969
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
50355.770 |
43744.303 |
36695.415 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
79294.704 |
66305.034 |
47497.740 |
|
|
|
Income from Services |
677.136 |
512.449 |
597.535 |
|
|
|
Interest |
1842.460 |
1144.279 |
1305.510 |
|
|
|
Other Income |
2977.884 |
2892.518 |
3395.041 |
|
|
|
TOTAL (A) |
84792.184 |
70854.280 |
52795.826 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
44435.621 |
35984.153 |
25506.698 |
|
|
|
Operating Expenses |
22747.463 |
20644.209 |
16474.305 |
|
|
|
Expenditure transferred to Capital Accounts |
(709.158) |
(341.645) |
(155.661) |
|
|
|
TOTAL (B) |
66473.926 |
56286.717 |
41825.342 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18318.258 |
14567.563 |
10970.484 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18318.258 |
14567.563 |
10970.484 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2578.404 |
2539.651 |
3036.330 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
15739.854 |
12027.912 |
7934.154 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4514.270 |
3438.862 |
2027.686 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
11225.584 |
8589.050 |
5906.468 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6668.829 |
3291.319 |
3013.863 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Capital Redemption Reserve |
0.000 |
0.000 |
6.260 |
|
|
|
Capital Reserve |
0.000 |
0.623 |
35.372 |
|
|
|
Proposed Dividend |
1569.945 |
1255.956 |
941.967 |
|
|
|
Interim Dividend |
2668.907 |
0.000 |
0.000 |
|
|
|
Tax on Proposed Dividend |
254.684 |
208.599 |
160.087 |
|
|
|
Tax on Interim Dividend |
432.963 |
0.000 |
0.000 |
|
|
|
Reversal of Proposed Dividend |
(4.851) |
(0.638) |
(14.674) |
|
|
|
General Reserve |
5000.000 |
3750.000 |
4500.000 |
|
|
BALANCE CARRIED
TO THE B/S |
7972.765 |
6668.829 |
3291.319 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
10344.144 |
8460.718 |
5854.591 |
|
|
|
Other Earnings |
457.192 |
388.630 |
732.326 |
|
|
TOTAL EARNINGS |
10801.336 |
8849.348 |
6586.917 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
12325.544 |
9225.116 |
6111.857 |
|
|
|
Stores & Spares |
1022.018 |
884.309 |
560.930 |
|
|
|
Capital Goods |
2432.841 |
905.925 |
630.282 |
|
|
|
Others |
12171.720 |
10230.350 |
6242.279 |
|
|
TOTAL IMPORTS |
27952.123 |
21245.700 |
13545.348 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
358.00 |
274.00 |
187.00 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
31.03.2012 1st Quarter |
|
Type |
|
|
UnAudited |
|
Sales Turnover |
|
|
22950.400 |
|
Total Expenditure |
|
|
18175.100 |
|
PBIDT (Excl
OI) |
|
|
4775.300 |
|
Other Income |
|
|
668.500 |
|
Operating
Profit |
|
|
5443.800 |
|
Interest |
|
|
0.000 |
|
Exceptional
Items |
|
|
0.000 |
|
PBDT |
|
|
5443.800 |
|
Depreciation |
|
|
640.600 |
|
Profit
Before Tax |
|
|
4803.200 |
|
Tax |
|
|
1445.000 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
3358.200 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
3358.200 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
13.24
|
12.12
|
11.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.85
|
18.14
|
16.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.96
|
28.72
|
24.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.29
|
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.51
|
0.52
|
0.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.02
|
2.01
|
2.09 |
LOCAL AGENCY FURTHER INFORMATION
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
No |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
Yes |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
No |
|
Designation of Contact person |
No |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
Yes |
|
Reasons for variation <> 20% |
--------- |
|
Estimation for coming financial year |
No |
|
Capital in the business |
Yes |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
No |
|
Major Customers |
No |
|
Payments Terms |
No |
|
Export/ Imports Details (If applicable) |
No |
|
Market Information |
------------ |
|
Litigations that the firm/ Promoters Involved in |
------------ |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
------------- |
|
Buyer visit details |
------------ |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
Yes |
|
Last Accounts filed at ROC |
Yes |
|
Major Shareholders, if available |
No |
FINANCIAL RESULTS
Net sales for the
year 2011 grew by 19.6%. The Profit Before Tax (PBT) in 2011 as a percentage of
net sales was at 19.8% as compared to 18.1% in 2010. The Profit After Tax (PAT)
as a percentage of net sales was 14.1% in 2011 as against 13.0% in 2010.
Material costs as a percentage to sales increased to 56% in 2011 as compared to
54.3% in 2010. Overall, the Profit before Interest, Depreciation and Taxes, for
the year shows an increase of 22.7% over the previous year.
Investments
Capital investment during 2011 was higher than previous year, at `6,587
mio. as against `3,021 mio. in 2010.
Business Situation
The automotive
market was upbeat in the first half of the year 2011, continuing the growth momentum
from the previous year. However, poor market sentiments, increased food &
fuel prices and interest rates took their toll, what with the sale of passenger
cars in October 2011 falling to the lowest in two years forcing the industry to
slash forward looking forecasts. The widening price differential between petrol
and diesel has further favoured the demand for diesel cars. This
notwithstanding, OEMs continued to launch new models in all market segments
especially passenger cars. Overall, the automotive sector was able to sustain
double digit growth aided by a solid performance in the first half of the year
2011 and partially aided by stable rural demand.
Segment-wise, the
commercial vehicle sector leads the pack with a strong 22% growth in 2011 over
the previous year. Within this, Light Commercial Vehicle (LCV) segment grew by
30% driven by robust demand for sub 3.5 ton LCVs. Tractor segment continued to
grow strongly with a 24% growth over 2010 backed by a bumper agricultural
output. Two Wheeler and Three Wheeler segments registered a growth of 18% and
15% respectively.
In view of the
above scenario, the Company outperformed expectations with sales from the
automotive segment growing by 19.1% and exports breaking previously achieved
records and clocking the best ever performance at 10,344 mio. with a growth of
22.3% over 2010.
Their
non-automotive business grew by 28.5% in 2011 as compared to 2010. This growth
is mainly attributed to strong performance in the Power Tools, Packaging and
AUTOMOTIVE
TECHNOLOGY
Diesel Systems
business grew by 19.2% in the year 2011 despite the ups and downs witnessed by
the automotive market in 2011. The Diesel Systems business continued to drive
focused innovation on the value line Common Rail System (CRS) for Light
Commercial Vehicles as also simplification of the CRS for small engines to
create value propositions for their customers. These value offerings have
helped the Company bag significant orders from key OEMs amidst stiff competition.
The growth would have been much higher for the Diesel Systems business, but for
the sluggishness experienced in the second half of the year mainly in the
passenger car segment which grew by just 7% over previous year. Within this,
there was a clear shift in the market from Gasoline to Diesel passenger cars
owing to the high price differential between the two fuels.
Gasoline Systems
business suffered a slowdown in 2011 and posted a de-growth of 6.4% due to
reduction in passenger car sales consequent to gasoline price increase. The
division introduced the first 2 Wheeler Engine Management Systems (
Starter Motors and
Generators business witnessed a strong growth of 63.1% in the year 2011 powered
by New Base Line Generators both in the domestic and export market. The
division also achieved overall productivity improvement over previous year.
In the year 2011,
the division introduced “Thermal Protected Starters” for Commercial Vehicle
applications, which is an Indian platform project going global. The division
added renowned global OEMs to its portfolio of customers like Renault,
Volkswagen and Ford in 2011. The division bagged “Best Supplier” award from the
customer JCB India for delivery and quality.
The Automotive
Aftermarket division registered an impressive growth of 15.2% in the year 2011.
This continuous growth over the years is made possible owing to the division’s
expanded footprint in the market through roll-out of new concepts/ modules such
as Express Bike Service (EBS), Tractor Points(TP) as well as extension of
existing service networks at both 1st and 2nd Trade Level. The IT
tools and systems (e.g. Efocus, FR Portal {for Field Representatives}) were
also introduced for better sales and dealer management. Customer binding and
brand building initiatives further boosted their market competitiveness.
Infrastructure projects including new sales offices and warehouses successfully
completed in the year 2011, for better customer responsiveness.
The OE filters,
spark plugs and OE service blocks recorded highest ever sales and acquired new
customers. New products from the Diagnostics Centre of Competence were
successfully launched in line with 'local-for-local' strategy. With one new
part number released per working day, the market coverage of all the Company’s
products further increased across vehicle segments.
INDUSTRIAL
TECHNOLOGY PACKAGING TECHNOLOGY (VERNA
(
The year 2011 was
the most defining year for the Packaging Technology division as it achieved the
highest turnover with 40% growth over 2010. At the end of the first quarter of
2011, the division bagged the single largest export order for a record number
of 60 machines. This project was successfully executed and the machines
delivered within the time frame.
The division
expanded its product portfolio with the development of a low cost candy
wrapping machine. This machine was also exhibited at Interpack,
The division continued
its success with the horizontal form fill and seal machines bagging orders from
some of the most prestigious customers in
The year 2011 was
also the year the division took up construction activities for its new Plant.
The enhanced capacity will provide the division with the right platform to
scale higher growth levels.
Industrial
Equipment
The Industrial
Equipment division registered a good growth of 53.1% in the year 2011. Business
with the Company's customers grew by 23% in a highly competitive market.
New and
prestigious customers from the Auto and Electrical equipment sectors were added
to the Company's customer list. The division witnessed a substantial growth in
Tool Room activities during the year 2011. Exports to
Consumer Goods and
Building Technology Power tools
The Power Tools
division achieved an impressive growth of 22% in the year 2011 making ‘PT
India’ one of the few countries to register a consistently strong growth in the
last 4 years.
In 2011, the
division launched its new state-of-theart training center in
Also launched in
the year was the Fischer Exclusive Store at Kolkata to provide anchoring
solutions to meet the growing demand in the region. The division inaugurated
‘Bosch System Specialist’ stores in nine cities across the country including
one at
The division
continued to supply tightening and pneumatic system solutions to major
automotive OEMs such as Volkswagen, General Motors, BMW and Mercedes Benz in
Security Technology
The Security
Technology division achieved 18.4% growth in the year 2011 compared to 2010.
The division launched its distribution business for Video System Products under
the Brand name of ‘Advantage Line’. It established a new business –'Engineering
Solutions and Software', catering to large integrated projects.
There were
numerous key projects for the year 2011. To mention a few – a prominent racing
circuit, various state assemblies, a major airport, steel plant and power
plant. The division participated in IFSEC 2011, lauded as one of the most
important trade exhibitions for Commercial and Homeland Security. A full range
of security, safety, and communications products from Bosch were showcased at
this important platform.
Solar Energy
In the year 2011,
the Solar Energy division launched solar energy products and services in
Thermo Technology
The Thermo
Technology division started its activities in 2011. It ventured into sales and
service of industrial boilers coming from
PLANTS
Bangalore Plant
attained the highest production level in all its products viz., Inline Pumps,
Elements, Delivery Valves, Common Rail Pumps, Glow Plugs and Single Cylinder
Pumps in the year 2011. The Plant invested `185 mio. in 2011 towards expansion
projects for meeting increased demand for the products manufactured. A
milestone of producing 1 million ‘Common Rail Pumps’ and 15 million ‘A pumps’
was reached in the year 2011. After being awarded the CII-Exim Bank award for
Business Excellence at the national level in the year 2009, the Bangalore Plant
sustained and further improved on living business excellence through the
assessment carried out internally.
Nashik
During the year
2011, the Nashik Plant achieved the highest production levels of Nozzle holder
assembly, DSLA Nozzle and Common Rail Injectors. The Plant manufactured the 100
mio. NHA-Injector, which was a new milestone achieved. To keep pace with the growing
demand, the Plant made an investment of `2,715 mio. in its production
facilities.
The Plant was
honored with CII-EXIM Bank’s ‘Commendation for Significant Achievements in
Business Excellence’ for the year 2011 as well as the ‘Golden Peacock Environment
Management Award’ from the Maharashtra State Government.
Jaipur
In 2011, the
Jaipur Plant achieved its highest production since its inception in the year
1999. The Plant realized the highest ever single investment of 753 mio. towards
enhancing the capacities and further expansion.
The year 2011 has
also been a year of awards and accolades for the Plant. It received the Best
Supplier Award from Tata Cummins, Supply Linearity Award from Ashok Leyland,
the National Award for Excellence in Water Management by CII and the Best
Employer Certificate by the Rajasthan Government.
Naganathapura
In the year 2011,
substantial ramp ups in New Base Line generator and Hx Starter business were
resorted to by the Plant. The Plant achieved a record production of 32 mio.
units of Spark Plugs in the year
2011.
Lean Concepts were
implemented vigorously in the Plant. Energy conservation measures were put in
place during the year. The Plant maintained cordial Industrial relations and
the employees of the Plant worked as a team towards achieving better results.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A. ECONOMIC
OVERVIEW
Global growth
prospects dimmed and risks sharply escalated during the fourth quarter of 2011,
as the euro zone crisis entered a perilous new phase. The global economy growth
for 2010 and 2011 was 5.2% and 3.8% respectively. Forecasted growth for 2012
and 2013 is 3.3% and 3.9% respectively. Growth in emerging and developing
economies is also expected to be slow due to worsening external environment and
a weakening of internal demand. The emerging and developing economies growth
for 2010 and 2011 was 7.3% and 6.2% respectively. Forecasted growth for 2012
and 2013 is 5.4% and 5.9% respectively. (Source: IMF)
Growth in
Inflation, rupee depreciation,
high commodity prices and hardening interest rates remain key challenges
needing focused attention.
B. INDUSTRY
STRUCTURE AND DEVELOPMENT
The automotive
market was buoyant in the first half of the year 2011, continuing the growth
saga of previous year 2010. In second half there was a decline in growth due to
poor market sentiments, high fuel prices and high inflation leading to costlier
loans.
Indian Automotive Industry witnessed an
overall growth of 14% in 2011 over and above the high growth achieved in 2010.
The first half of 2011 witnessed a healthy growth of 22% and the second half
witnessed reduction in growth to 6%.
Across segments, LCV leads the pack by growing
strongly at 30% in the year 2011 driven by retail sector growth and robust
demand for sub 3.5tonne LCVs. Growth rate for first half and second half was
26% and 35% respectively in 2011 in comparison with 2010.
The growth in HCV
segment for the first and second half of 2011 was 14% and 11% respectively in
comparison with 2010.
Growth in the
Passenger Cars and Utility Vehicle segment was 22% in the first half of 2011
and a negative growth of 3% in the second half of 2011 compared to 2010. The
widening price differential between petrol and diesel had distorted the demand
in this segment with Diesel share in Passenger cars and Utility Vehicles
increasing to 37% in 2011 against 30% in 2010.
The Tractor
segment continued to grow steadily with a 24% growth over 2010 backed by bumper
agricultural produce registering 27% and 22% growths in first half and second
half respectively.
The growth in the
3 wheeler segment for first half and second half were 22% and 10% respectively
in the current year 2011 in comparison with previous year 2010.
OPERATIONAL
HIGHLIGHTS
The Company witnessed
a good growth of 19.6% YoY in sales for the current year 2011. This is over and
above the phenomenal growth in sales achieved in 2010.
The profit before
tax for the year grew by 30.9% YoY. The Company was able to achieve an increase
of 170 basis points in terms of profit before tax percentage and stood at
19.8%, in-spite of challenging environment.
The Automotive
Aftermarket business has registered a double digit growth for the sixth
consecutive year. It grew by 15.2%. The growth was driven primarily by domestic
spare market.
Diesel system
business grew by 19.2%. The Diesel Systems business continued to drive focused
innovation on the value line CRS (for Light Commercial Vehicles) and the
simplification of the CRS1-14 (for small engines). This was achieved through
capacity expansion at Nashik and Bangalore Plant.
Starter Motor and
Generator business witnessed a growth of 63.1% over previous year. The robust
growth primarily driven by New Base Line Generator both in domestic and export
market.
Packaging
Technology system business grew by 40.0%. The growth was driven primarily by
demand from a single largest export order. All machines were delivered in time
through process improvements at the division.
Security
Technology business grew by 18.4%. New projects received by the division in
2011 contributed for growth.
Power Tools
business registered a growth of 22.0% with high contributions from its major
business segments like Power Tools, Accessories, Spares, Fischer Fixings, etc.
Power Tools business
also increased its market share in a competitive environment and received
'Diamond Award' for consecutive years of double digit growth at the Bosch Power
Tools World Convention (WoCo) 2012 in
New Division
“Solar Energy” and “Thermo Technology” launched their Product and Services in
2011.
OUTLOOK
The Primary
outlook for 2012 shows a moderate growth of around 10% mainly due to continued
poor market sentiments coupled with high interest rates and global economic
concerns. The slow down seen in second half of 2011 is likely to continue into
the first half of 2012 also. Slow growth is mainly attributed by poor market
sentiment, high level of inflation leading to higher interest rates, external
conditions, and dampened investment demand and rupee depreciation. Growth
outlook will depend on global conditions and domestic policy reforms.
Government
spending on infrastructure projects is likely to continue at a similar pace
with more focus on urban transportation, major highway projects and electricity
generation, both with conventional and non-conventional sources. Increased per
capita income, increased liquid fund in market, higher discretionary spending,
growing aspirations of the Indian middle class, growth of retail credit are the
other key drivers of the economy this year.
STATEMENT OF
UNAUDITED RESULTS FOR THE QUARTER AND THREE MONTHS ENDED ON MARCH 31, 2012
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
|
|
|
31/03/2012 (Unaudited) |
|
1. |
Net Sales/Income
from Operations |
|
|
|
a) Net Sales and Income from Operations (Net of Excise Duty) |
22675.400 |
|
|
b) Other Operating Income |
275.000 |
|
|
Total
Income from Operation (net) |
22950.400 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
a) Cost of Materials consumed |
7453.900 |
|
|
b) Purchase of Stock in Trade |
5257.500 |
|
|
c) (Increase) / Decrease in finished
goods, work in progress and stock in trade |
(172.800) |
|
|
d) Employees benefits expenses |
2490.900 |
|
|
e) Depreciation |
640.600 |
|
|
f) Other Expenditure |
3145.600 |
|
|
g) Total |
18815.700 |
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
4134.700 |
|
|
|
|
|
4. |
Other Income |
167.700 |
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
4302.400 |
|
|
|
|
|
6. |
Interest |
(500.800) |
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
4803.200 |
|
|
|
|
|
8. |
Exceptional Items |
-- |
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
4803.200 |
|
|
|
|
|
10. |
Tax Expense |
1445.000 |
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
3358.200 |
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
3358.200 |
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
314.000 |
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
a) Basic and diluted EPS before extraordinary items |
107.00 |
|
|
b) Basic and diluted EPS after extraordinary items |
107.00 |
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
-Number of Shares |
9049480 |
|
|
- Percentage of Shareholding |
28.82 |
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
Nil |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
- Number of Shares |
22349420 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
71.18 |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. in millions)
|
Sl. No. |
|
Particulars |
31/03/2012 (Unaudited) |
|
1 |
|
Segment Revenue |
|
|
|
|
-Automotive Products |
20100.000 |
|
|
|
-Others |
2752.200 |
|
|
|
Total segment
revenue |
22852.200 |
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
176.800 |
|
|
|
Net Sales / Income from Operation |
22675.500 |
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
-Automotive Products |
4231.100 |
|
|
|
-Others |
271.000 |
|
|
|
Total segment
result |
4502.100 |
|
|
|
Less :Interest |
(500.800) |
|
|
|
Less : Other Unallocable Expenses and Extra Ordinary Items (income) Net |
199.700 |
|
|
|
Net Profit (+) / Loss(-) before Tax |
4803.200 |
|
|
|
|
|
|
3 |
|
Segment Capital
Employed |
|
|
|
|
-Automotive Products |
17831.000 |
|
|
|
-Others |
1939.000 |
|
|
|
Total Segment
Capital Employed |
19770.000 |
|
|
|
Unallocated corporate assets less corporate liabilities |
31593.000 |
|
|
|
Total Capital
Employed in company |
51363.000 |
NOTE:
1. The above results were reviewed by the
Audit Committee and approved by the Committee of Board of Directors at its
meeting held on May 07, 2012.
2. Tax Expense includes:
|
i) Current Tax |
15420 |
|
ii) Deferred Tax charges / (credit) |
(696) |
|
iii)Tax adjustments relating to earlier
years |
(274) |
3. Previous year’s/period’s figures have been regrouped
/ recast, wherever necessary, to conform to current year/ period
classification.
4. The figured of the quarter ended December
31, 2011 are the balancing figures between the audited figures in respect of
the financial year ended December 31, 2011 and the published year to date
figures upto the third quarter ended September 30, 2011.
FIXED ASSETS
- Building
- Building- R and D
- Plant and Machinery- R and D
- Furniture and Equipments
- Furniture and Equipments- R and D
- Motor Vehicles
- Motor Vehicles- R and D
- Goodwill
- Trademarks
- Capital Work in Progress
CONTINGENT
LIABILITIES
|
Particulars |
(Rs. in
millions) 31.12.2011 |
(Rs. in
millions) 31.12.2010 |
|
Claims against the
Company not acknowledged as debts: - Excise / Customs (Net of tax) - Trade Demands |
0.235 -- |
0.235 155.603 |
|
Guarantees given by Banks
on behalf of the Company |
215.692 |
256.380 |
|
Bills Discounted not
matured |
650.363 |
845.620 |
AS PER WEBSITE DETAILS
PROFILE
Founded in 1951, Bosch Limited is
With a network spanning across 1,000 towns and with over 5,000
authorized representatives, Bosch Limited facilitates superior product
availability and after-sales services countrywide, in alignment with the global
Bosch structure. The company is headquartered in
PRESS RELEASE:
May
07, 2012
BOSCH LIMITED REGISTERS 10 % GROWTH IN THE FIRST QUARTER OF 2012
- Net sales and income from operations at Rs. 2, 2675.000 Millions, a
growth of 10 % over first quarter of 2011
- Diesel Systems witnesses lower growth of 3.8 %
- Starter and Generator sees robust growth of 75%
- Packaging division grew by 62 %, on higher export orders
May 07, 2012: Bosch Limited has registered a net sales growth of
10 % in the first quarter of 2012 compared with the same period last year
despite a sluggish economy, a noticeable slowdown in the automotive industry
and continuing challenges in the export market mainly in
Net sales and income from operations stood at Rs. 2,2675.000 Millions in
this quarter; resulting a subdued growth mainly on account of lower sales in
commercial vehicle and tractor segments.
The Diesel Systems business has witnessed relatively lower growth of
3.8% compared to the same period last year due to decline in the tractor market
and de-growth in export market.
The Starter and Generator business posted an impressive growth of 75%.
The introduction of new base line alternators in the second half of 2011
for inland and export customers enabled the division to post higher growth.
The Automotive Aftermarket and Power Tools division have continued with
healthy double digit growth of 13 % and 15 % respectively compared with the
same period last year. The Packaging division has grown by 61% due to higher
export projects executed in this quarter, and Security Technology division
posted a growth of 20 %.
Exports sales registered a slow growth of 3.3% in this period as compared to
same period of 2011, due to weak demand in the European region.
Announcing the
company’s financial results, Mr. V. K. Viswanathan, Managing Director, Bosch
Limited, said “the business conditions are
quite challenging particularly for the auto industry due to varying levels of
performance in different segments. The prediction of normal monsoon combined
with expectation of falling inflation and declining interest rates, give us
reasonable optimism for satisfactory performance of the company in 2012”.
Despite the negative impact of sharp rupee depreciation, Profit before Tax grew
by 19%, compared to same period last year, primarily due to better cost
management and higher treasury income. Profit After Tax at Rs. 3360.000
Millions registered a strong increase of 22.4 % compared to the same period
last year, reflecting another quarter of solid performance.
June 08, 2012
BOSCH LIMITED TO RELOCATE ITS
- Relocation
of existing facility at Adugodi to the Bidadi industrial area will facilitate
future business expansion and growth.
- Relocation to be conducted in two phases during 2012– 2013 and 2015 -
2016.
- Decision in line with guidelines from the State Government
- Employees interest and welfare will be ensured as per Bosch
policy and local laws.
Bangalore June 8, 2012: Bosch Limited, the leading supplier of
technology and services today announced that it will relocate the manufacturing
activities, with related support functions, of its Bangalore Plant located at
Adugodi to Bidadi in two phases from 2012-13 to 2015-16. The company has
acquired 97 acres of land in Bidadi for the construction of the new
manufacturing facility and will invest nearly Rs 6000.000 Millions for
development of the facility in both phases.
Since its inception in 1953, the
Being a responsible corporate citizen Bosch has also taken this decision to
relocate keeping in view the appeal of the State Government to shift manufacturing
operations to new and futuristic industrial belts developed by them from the
heart of the city in order to de-congest the locality.
The shifting shall happen in two phases. Phase I of shifting involves
plant construction from 2012 to 2013 while production shall begin by the first
quarter of 2014 with transfer of some 1000 employees. Phase I shall see
production of Common Rail Pump, Common Rail and Glow plugs in the new Bidadi
facility. Construction in Phase II will take place from 2015 to 2016.
While production of Inline Pumps, Elements, Delivery Valves,
Conventional and PF Pumps will begin by the first quarter of 2017. With this,
the remaining nearly 3000 employees will relocate to the new location in phase
II.
As a fair and responsible employer, Bosch will also assist shifting employees
to new location in both phases with various forms of support in accordance with
its policy and local laws.
The
The existing Bosch premises at Adugodi will continue to house Bosch
Headquarters in
Information on Bidadi
Bidadi is a town situated on the
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 55.76 |
|
|
1 |
Rs. 86.69 |
|
Euro |
1 |
Rs. 70.44 |
INFORMATION DETAILS
|
Report Prepared by
: |
ACH |
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 |
- |
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.