MIRA
INFORM REPORT
|
Report Date : |
28.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
BOSCH LIMITED (w.e.f. 18.01.2008) |
|
|
|
|
Formerly Known
As : |
MOTOR INDUSTRIES COMPANY LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2010 |
|
|
|
|
Date of
Incorporation : |
12.11.1951 |
|
|
|
|
Com. Reg. No.: |
08-761 |
|
|
|
|
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
: |
9856 (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 163900000 |
|
|
|
|
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.: |
91-80-22220088 |
|
Fax No.: |
91-80-222722728 |
|
|
|
|
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.: |
91-832-6692000 |
|
Fax No.: |
91-832-6692028 |
|
|
|
|
Sales Office Located at : |
Located at :
· Ahmedabad · · · Chennai · Guwahati · Jaipur · Mumbai · Pune · Secunderabad · Ernakulam · · Kolkata · · · ·
· Panchkula ·
|
|
|
|
|
Regional Office : |
Located at :
|
DIRECTORS
As on 31.12.2010
|
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. Prasad Chandran |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Manfred Duernholz |
|
Designation : |
Joint
Managing Director |
|
|
|
|
Name : |
Mr. V. K. Viswanathan |
|
Designation : |
Managing 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 |
|
|
|
|
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. V. K. Viswanathan · Mr. Prasad Chandran |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
22,349,420 |
71.18 |
|
|
22,349,420 |
71.18 |
|
Total
shareholding of Promoter and Promoter Group (A) |
22,349,420 |
71.18 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
978,146 |
3.12 |
|
|
8,890 |
0.03 |
|
|
3,175,956 |
10.11 |
|
|
1,722,909 |
5.49 |
|
|
5,885,901 |
18.75 |
|
|
|
|
|
|
746,125 |
2.38 |
|
|
|
|
|
|
1,862,152 |
5.93 |
|
|
460,744 |
1.47 |
|
|
94,558 |
0.30 |
|
|
89,203 |
0.28 |
|
|
1,000 |
- |
|
|
100 |
- |
|
|
4,255 |
0.01 |
|
|
3,163,579 |
10.08 |
|
Total Public
shareholding (B) |
9,049,480 |
28.82 |
|
Total (A)+(B) |
31,398,900 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
31,398,900 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automobile Equipment and Machinery. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.12.2010
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Fuel Injection Equipment |
Pcs. |
4290 |
3651 |
|
Injectors, Nozzles and Nozzle Holders |
Pcs. |
21780 |
21452 |
|
Auto Electricals |
Pcs. |
3187 |
1489 |
|
Portable Electric Power Tools |
Pcs. |
593 |
362 |
|
Spark Plugs |
Pcs. |
27300 |
25879 |
|
Special Purpose Engines |
Nos. |
76 |
38* |
|
Packaging Machines |
Nos. |
143 |
143 |
|
Spares & Components |
Pcs. |
27170 |
24156 |
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.
*includes use for captive consumption.
GENERAL INFORMATION
|
No. of Employees : |
9856 (Approximately) |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Bankers : |
·
State Bank of
·
Deutsche Bank AG, |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
5th Floor, Tower
"D", The Millenia, 1 and 2 Murphy
Road, Ulsoor, Bangalore 560 008 |
|
|
|
|
Holding Company : |
Robert Bosch GmbH, |
|
|
|
|
Fellow Subsidiaries : |
·
ADC
Technologies International Pte. Limited, ·
ARESI
·
Beissbarth
·
Bosch
( ·
Bosch
Automotive Diagnostics Equipment ( ·
Bosch
Automotive Diesel Systems CompanyLimited, ·
Bosch
Automotive Electronics India Private Limited, ·
Bosch
Automotive Products ( ·
Bosch
Automotive Products ( ·
Bosch
Automotive ·
Bosch
Chassis Systems India Limited, ·
Bosch
Corporation, ·
Bosch
Diesel, s r.o., ·
Bosch
Electrical Drives India Private Limited, ·
Bosch
Engineering GmbH, ·
Bosch
Management Support GmbH, ·
Bosch
Packaging Services AG, ·
Bosch
Packaging Technology ( ·
Bosch
Packaging Technology ( ·
Bosch
Packaging Technology B.V., ·
Bosch
Packaging Technology Inc., ·
Bosch
Power Tools ( ·
Bosch
Rexroth ( ·
Bosch
Rexorth India Limited, ·
Bosch
Rexroth AG, ·
Bosch
Rexroth Corporation, ·
Bosch
Rexroth Electric Drives and Controls ·
Bosch
Sanayi ve ·
Bosch
Security Systems B.V., ·
Precision
Seals Mfg. Limited, ·
Robert
Bosch ( ·
Robert
Bosch ( ·
Robert
Bosch ( ·
Robert
Bosch (Proprietary) Limited, ·
Robert
Bosch ( ·
Robert
Bosch AG, ·
Robert
Bosch Argentina Industrial S.A., ·
Robert
Bosch Car Multimedia Holding ·
Robert
Bosch Company Limited, ·
Robert
Bosch Elektronika Gyarto Kft., ·
Robert
Bosch Elektrowerkzeuge GmbH, ·
Robert
Bosch Energy and Body Systems ·
Robert
Bosch Engineering and Business Solutions Limited, ·
Robert
Bosch Espana Fabrica Madrid, S.A., ·
Robert
Bosch Espana Fabrica Treto, S.A., ·
Robert
Bosch Fahrzeugelektrik ·
Robert
Bosch Fuel Systems LLC, ·
Robert
Bosch Inc., Phillipines ·
Robert
Bosch Korea Diesel Limited, ·
Robert
Bosch Korea Limited, ·
Robert
Bosch LLC, ·
Robert
Bosch Limited, ·
Robert
Bosch Limited, ·
Robert
Bosch Limitada, ·
Robert
Bosch Packaging Technology Inc., ·
·
Robert
Bosch Power tools SDN BHD, ·
Robert
Bosch Saratow AG., ·
Bosch
Security Systems Inc., ·
Bosch
Security Systems Pty Limited, ·
Bosch
Sicherheitssysteme GmbH, ·
Bosch
Solar Thin Film GmbH., ·
Bosch
Techniques d'Emballage S.A.S., ·
Bosch
Trading ( ·
BSH
Home Appliances FZE., UAE B ·
T
Magnet-Technologie ·
Centro
Studi Componenti Per ·
ETAS
Automotive India Private Limited, ·
ETAS
Entwicklungs- und Applik.elektronische Systeme GmbH, ·
MIVIN
Engineering Technologies Private Limited, ·
Moehwald
·
·
Ohta
Iron Works ·
OOO
Bosch Rexroth, Russian Fedaration ·
Robert
Bosch Sdn. ·
Robert
Bosch Sistemas de Frenos, ·
Robert
Bosch ·
Robert
Bosch Tecnologia de Embalagem Limiteda, ·
Robert
Bosch Tool Corporation., ·
Robert
Bosch ·
Robert
Bosch S. de R.L. ·
Robert
Bosch spol. s r.o., ·
Scintilla
AG, ·
SICAM
·
Tecnologie
Diesel e Sistemi ·
Telex
EVI Audio (Hong Kong) Company Limited, ·
United
Automotive Electronic Systems Company Limited, ·
VCS
Video Communication Systems AG., ·
Weifu
High Technology Company Limited, |
CAPITAL STRUCTURE
As on 31.12.2010
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 |
|
31398900 |
Equity Shares |
Rs.10/- each |
Rs.313.989 Millions |
|
|
|
|
|
Notes:
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 shares of Rs.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
Rs.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 |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
313.989 |
313.989 |
320.249 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
40666.425 |
33538.292 |
30634.308 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
40980.414 |
33852.281 |
30954.557 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
30.435 |
284.130 |
99.232 |
|
|
2] Unsecured Loans |
2733.454 |
2559.004 |
2544.439 |
|
|
TOTAL BORROWING |
2763.889 |
2843.134 |
2643.671 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
43744.303 |
36695.415 |
33598.228 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4359.884 |
5132.663 |
6086.188 |
|
|
Capital work-in-progress |
2242.165 |
996.664 |
1671.091 |
|
|
|
|
|
|
|
|
INVESTMENT |
16073.030 |
14176.119 |
8665.268 |
|
|
DEFERREX TAX ASSETS |
2182.000 |
2014.000 |
1697.404 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
8092.812
|
5511.801
|
5480.726
|
|
|
Sundry Debtors |
7209.659
|
5833.279
|
6995.104
|
|
|
Cash & Bank Balances |
13258.674
|
10677.700
|
10708.124
|
|
|
Other Current Assets |
589.214
|
460.049
|
5.933
|
|
|
Loans & Advances |
8370.506
|
5096.084
|
3847.154
|
|
Total
Current Assets |
37520.865
|
27578.913
|
27037.041 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9931.129
|
6151.198
|
|
|
|
Other Current Liabilities |
3439.389
|
2394.126
|
7206.553
|
|
|
Provisions |
5263.123
|
4657.620
|
4352.211
|
|
Total
Current Liabilities |
18633.641
|
13202.944
|
11558.764
|
|
|
Net Current Assets |
18887.224
|
14375.969
|
15478.277
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
43744.303 |
36695.415 |
33598.228 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
66305.034 |
47497.740 |
45416.488 |
|
|
|
Income from Services |
512.449 |
597.535 |
|
|
|
|
Interest |
1144.279 |
1305.510 |
5058.824 |
|
|
|
Other Income |
2892.518 |
3395.041 |
|
|
|
|
TOTAL (A) |
70854.280 |
52795.826 |
50475.312 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
35984.153 |
25506.698 |
|
|
|
|
Operating Expenses |
20644.209 |
16474.305 |
38885.045 |
|
|
|
Expenditure transferred to Capital Accounts |
(341.645) |
(155.661) |
|
|
|
|
TOTAL (B) |
56286.717 |
41825.342 |
38885.045 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
14567.563 |
10970.484 |
11590.267 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
14567.563 |
10970.484 |
11590.267 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2539.651 |
3036.330 |
3024.614 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
12027.912 |
7934.154 |
8565.653 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3438.862 |
2027.686 |
2227.004 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8589.050 |
5906.468 |
6338.649 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3291.319 |
3013.863 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Capital Redemption Reserve |
0.000 |
6.260 |
|
|
|
|
Capital Reserve |
0.623 |
35.372 |
|
|
|
|
Proposed Dividend |
1255.956 |
941.967 |
|
|
|
|
Tax on Proposed Dividend |
208.599 |
160.087 |
NA |
|
|
|
Reversal of Proposed Dividend |
(0.638) |
(14.674) |
|
|
|
|
General Reserve |
3750.000 |
4500.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
6668.829 |
3291.319 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
8460.718 |
5854.591 |
6844.546 |
|
|
|
Commission Earnings |
0.000 |
0.000 |
15.962 |
|
|
|
Other Earnings |
388.630 |
732.326 |
648.406 |
|
|
TOTAL EARNINGS |
8849.348 |
6586.917 |
7508.914 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
9225.116 |
6111.857 |
6919.750 |
|
|
|
Stores & Spares |
884.309 |
560.930 |
791.627 |
|
|
|
Capital Goods |
905.925 |
630.282 |
2317.558 |
|
|
|
Others |
10230.350 |
6242.279 |
5167.558 |
|
|
TOTAL IMPORTS |
21245.700 |
13545.348 |
15196.493 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
274.00 |
187.00 |
193.71 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2011 1st Quarter |
30.06.2011 2nd Quarter |
30.09.2011 3rd Quarter |
31.12.2011 4th Quarter |
|
|
UnAudited |
UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
20857.900 |
20592.800 |
19913.100 |
20404.500 |
|
Total Expenditure |
16917.900 |
16805.600 |
16064.000 |
16834.100 |
|
PBIDT (Excl OI) |
3940.000 |
3787.200 |
3849.100 |
3570.400 |
|
Other Income |
573.500 |
725.700 |
849.100 |
1023.300 |
|
Operating Profit |
4513.500 |
4512.900 |
4698.200 |
4593.700 |
|
Interest |
0.000 |
0.000 |
0.000 |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
4513.500 |
4512.900 |
4698.200 |
4593.700 |
|
Depreciation |
472.900 |
499.200 |
640.300 |
966.000 |
|
Profit Before Tax |
4040.600 |
4013.700 |
4057.900 |
3627.700 |
|
Tax |
1296.700 |
1224.400 |
1176.900 |
816.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
2743.900 |
2789.300 |
2881.000 |
2811.400 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
2743.900 |
2789.300 |
2881.000 |
2811.400 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2010 |
31.12.2009 |
31.12.2008 |
|
PAT / Total Income |
(%) |
12.12
|
11.19 |
12.56
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.14
|
16.70 |
18.86
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
28.72
|
24.26 |
39.72
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.29
|
0.23 |
0.28
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.52
|
0.47 |
0.46
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.01
|
2.09 |
2.34 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL RESULTS
Net sales for the year 2010 grew by 39.6%. The Profit Before Tax (PBT) in
2010 as a percentage of net sales was at 18.1% as compared to 16.7% in 2009.
The Profit After Tax (PAT) as a percentage of net sales was 13.0% in 2010 as
against 12.4% in 2009.
Material costs as a percentage to sales increased to 54.3% in 2010 as
compared to 53.7% in 2009.
Overall, the Profit Before Interest, Depreciation and Taxes, for the
year shows an increase of 38.9% over the previous year.
BUSINESS SITUATION
The upswing in the Indian automotive industry which began in the second
half of the year 2009 continued in 2010 as well. India's fast growing middle
class segment coupled with soaring demand from rural areas created a very
buoyant market in 2010, resulting in all business units attaining an all-time
high production and sales volumes. New model launches and easy financing
options were the other key drivers that helped to achieve a higher growth
trajectory in 2010.
All segments, be it commercial vehicles, passenger cars or tractors,
posted strong double digit growth levels. Leading the pack, was the Medium and
Heavy Commercial Vehicle segment which recorded a growth of 70% over 2009.
Light Commercial Vehicle and Passenger Car segments which were the first to
recover post the stimulus packages announced by the Government of India in
2009, continued their robust performance in 2010 with 44% and 30% growth
respectively. The tractor segment crossed the half a million production mark.
This segment registered a growth of 29% over the year 2009.
As a result, our Company performed exceedingly well with sales from the
automotive segment growing by 41.5% and Exports recording the best ever
performance at Rs.8,461 million with a growth of 44.5% over 2009.
Our non-automotive businesses grew by 26.6% in 2010 compared to 2009.
This can be mainly attributed to growth in the Power Tools, Security Technology
and
PLANTS
Bangalore Plant attained the highest production levels in all its value
streams viz., Inline Pumps, Elements, Delivery Valves and Glow Plugs, in the
year 2010.
The Plant added new generation products with the start of production of
the Rail which is part of the Common Rail system. A-Pump (Inline Pump) which
has been the main line product for the Plant since its inception in 1951, has extended
the life of the product further with the launch of A4000 variant which conforms
to BS3 norms.
Nashik
Nashik Plant has achieved the highest production levels of Nozzle Holder
assembly, DSLA Nozzle and Common Rail Injector.
The Plant was honored with CH-EXIM Bank's 'Commendation for significant
achievements in Business Excellence' for the year 2010.
Jaipur
Jaipur Plant rolled out its 3 millionth VE Pump in the year 2010
alongside achieving highest production levels since its inception in 1999. With
focused effort, the Plant was able to ensure seamless transition from BS2 to
BS3 norms by supporting OE customers efficiently with respect to product mix
and call-off schedules.
The Plant won the first prize from Rajasthan Government for Energy
Conversation in the automotive segment.
Naganathapura
In the year 2010, the Plant has expanded its product portfolio by
setting up a new hangar for the manufacture of Gasoline Systems.
The Plant has obtained BS OHSAS18001 certification from TUV-Nord for
having implemented the new Occupational Safety and Management System keeping in
mind the safety of associates.
AWARDS
AND RECOGNITION
The Company received
several awards and recognitions for its achievements:
·
Mahindra
and Mahindra Best Performance Award 2009-10 for product development.
·
Overall
Excellence Award conferred by Maruti Suzuki India Limited for Vendor
Performance.
·
Par
Excellence Trophy Award from Quality Circle Forum of
·
Gold
Award from M/s Baj aj Auto for meeting the quality and delivery targets.
·
Award
from M/s Volvo Eicher for outstanding contribution to Supply Chain Management.
·
Excellence
in Technology Award from Tata Motors at National Vendor Meet.
DIRECTORS
Names of companies/firms in
which Directors of the Company hold/held office as Director/Partner are given
below:
Dr.
A. Hieronimus
·
MindTree
Limited
·
-Bosch
Rexroth AG (Member of the Board) (from 01.01.2011)
Dr.
B. Bohr
·
Robert
Bosch GmbH,
·
ZF
Lenksysteme GmbH (Member of Supervisory 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
·
Apollo
Munich Health Insurance Company Limited
Mr.
B. Muthuraman
·
Tata
Steel Limited (Vice Chairman)
·
Tata
International Limited( Chairman)
·
Tata
Incorporated,
·
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
·
National
·
Xavier
Labour Relations Institute,
·
Indian
Institute of Technology, Khargpur (Chairman, Board of Governors)
·
Strategic
Energy Technology Systems Private Limited
·
Tata
Africa Holdings (SA) (Pty) Limited
Mrs.
Renu S Karnad
·
Housing
Development Finance Corporation Limited (Managing Director)
·
Credit
Information Bureau (
·
GRUH
Finance Limited
·
HDFC
Asset Management Company Limited
·
HDFC
ERGO General Insurance Company Limited
·
HDFC
Property Ventures Limited (Chairperson)
·
HDFC
Standard Life Insurance Company Limited
·
HDFC
Venture Capital Limited
·
Indraprastha
Medical Corporation Limited
·
Sparsh
BPO Services Limited
·
HDFC
Sales Private Limited (Chairperson)
·
Feedback
Ventures Private Limited
·
G4S
Corporate Services (
·
Transunion
LLC, Chicago
·
HDFC
PLC,
·
Value
and Budget Housing Corporation (
·
Credila
Financial Services Private Limited. (Chairperson)
·
HDFC
Bank Limited (from 27.01.2011)
·
AKZO
Nobel India Limited
Mr.
Prasad Chandran
·
BASF
India Limited (Chairman and Managing Director)
·
BASF
Polyurethanes India Limited (Chairman and Managing Director)
·
BASF
Construction Chemicals (
·
BASF
Coatings (
·
BASF
Asia Pacific (
·
BASF
Catalysts (
·
BASF
Lanka (Private) Limited,
·
BASF
·
BASF
Bangladesh Limited
·
BASF
Grameen Limited
·
Styrolution
India Private Limited (Chairman)
·
Indo
German Chamber of Commerce. (Committee Member)
·
Federation
of Indian Chamber of Commerce. (Executive 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 (
·
Bosch
Electrical Drives India Private Limited
·
Bosch
Automotive Electronics India Private Limited (Chairman)
·
BSH
Home Appliances Private Limited
·
Hagglunds
Drives (
·
Indo
German Chamber of Commerce. (Committee Member)
Dr.
Manfred Duernholz
·
MICO
Trading Private Limited
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
A.
Economic Overview
The world economy is moving
from a post-crisis recovery to slower but solid growth this year and next, with
developing countries contributing almost half of global growth. The global
economy is forecasted to expand by 4.8% in 2010 and 4.4% in 2011 (Source: IMF).
Output of emerging and developing economies is projected to expand at rates of
7.1% and 6.4% in 2010 and 2011, respectively. In advanced economies, however,
growth is projected to be only 2.7% and 2.2% in 2010 and 2011 respectively.
Inflation at double digit
levels, high commodity prices and hardening interest rates remain key
challenges needing focused attention.
B.
Industry Structure and Development
Indian Automotive Industry
witnessed an overall growth of 34% in 2010, exceeding the expectations and
leaving behind the slowdown witnessed in the last 2 years.
The HCV segment led the
growth story by growing strongly at 70% in the year 2010.
The LCV segment and
3-Wheeler segment also grew at a very healthy rate of 44% and 37% respectively.
Auto industry is optimistic
of achieving a healthy growth in 2011. Positive sentiments running across
several industries due to revival in economic activity, increasing consumerism,
availability of credit and also discounts offered by dealers on account of
stiff market competition is expected to attract more prospective customers,
though severe inflationary pressures,
firming up of interest rates and likely increase in fuel prices could act as a
dampener.
C.
Operational Highlights
The Company witnessed a
robust growth of 39.6% Year on Year (YoY) in sales for the year 2010. This is
the highest growth in sales for the Company in the last decade.
The profit before tax for
the year grew by 51.6% YoY. The Company was able to achieve an increase of 144
basis points in terms of profit before tax % and stood at 18.1%.
The Automotive Aftermarket
business has registered a strong double digit growth for the fifth consecutive
year. Automotive Aftermarket business service network has also crossed another
milestone this year with the opening of 500th Bosch Car Service (BCS) in the
country.
Diesel system business grew
by 51.9%. The growth was driven primarily by robust demand for medium/heavy
commercial vehicle and tractor segment.
The Gasoline system
business achieved a growth of 60.9%. The key highlights of the business were
development of Engine Management System for 2 Wheelers and Low Priced Vehicles.
Bosch Packaging Technology,
one of the largest manufacturers of packaging machinery invested INR 2,50.000
Millions in a new plant in Verna Industrial Estate, Goa.
Starter Motor and Generator
business witnessed a growth of 12.2% over previous year. Starter Motor and
Generator business launched its new starter called HX87 for the CV segment.
The Power Tools business
registered double digit growth for the eighth consecutive year which includes
the major business segments like Power Tools, Accessories, Spares, Fischer
Fixings etc.
The Power Tools business
also increased its market share in a competitive environment and received '4
Diamond Award' for Eight consecutive years of Double Digit growth at the Bosch
Power Tools World Wide Convention (WoCo) in
Power Tools business has
launched over 100 new innovative products and variants along with new Marketing
and Channel initiatives and very successfully launched the 'Skil' brand and
Lawn and Garden products.
OUTLOOK
In the automotive market,
the prognosis for 2011 does not seem to be as bullish as the market is expected
to grow at a more moderate pace due to higher base effect of 2010. A slew of
new launches will broaden the choices available for customers across all
segments and this is likely to push the growth trajectory for the year to a
higher level than predicted. Though the volumes outlook looks positive,
hardening of interest rates, increase in fuel prices and increase in selling
price could act as short term impediments.
Government spending on
infrastructure projects is likely to continue at a similar pace as the year
before with more focus on urban transportation, major highway projects,
electricity generation, both with conventional and non-conventional sources.
Increased per capita income, higher discretionary spending, growing aspirations
of the Indian middle class, growth of retail credit are the other key drivers
of the economy this year.
CONTINGENT
LIABILITIES (AS ON 31.03.2011):
Claims against the Company
not acknowledged as debts:
Excise / Customs – Rs.0.235
Million
Trade Demands – Rs.155.603
Millions
Guarantees given by Banks
on behalf of the Company – Rs.256.380 Millions
Bills Discounted not
matured – Rs.845.620 Millions
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
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.50.92 |
|
|
1 |
Rs.81.21 |
|
Euro |
1 |
Rs.67.85 |
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.