MIRA
INFORM REPORT
|
Report Date : |
20.12.2013 |
IDENTIFICATION DETAILS
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Name : |
BOSCH LIMITED |
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Formerly Known
As : |
MOTOR INDUSTRIES COMPANY LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.12.2012 |
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Date of
Incorporation : |
12.11.1951 |
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Com. Reg. No.: |
08-000761 |
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Capital
Investment / Paid-up Capital : |
Rs. 314.000 Millions |
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CIN No.: [Company Identification
No.] |
L85110KA1951PLC000761 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM01746D |
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Legal Form : |
A Public limited liability company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Automobile Equipment and Machinery. |
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No. of Employees
: |
12232 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (75) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 223000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established and reputed company having fine track
record. Management has failed to file the latest financial of 2013, with the government
department. As per available record, there appears a slight dip in the
profitability of the company during 2012. However, Financial position of the
company is good. Fundamentals are strong and healthy. Trade relations are fair. Business is active. Payments terms are
regular and as per commitments. The company can be considered normal for business dealings 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account
deficit or CAD in April-June widened to 4.9 % of gross domestic product. High
imports of gold and oil led to a worsening of the traqde deficit, resulting in
CAD jumping to $ 21.8 billion to the latest quarter from $ 16.9 billion in the
corresponding quarter of the previous financial year. The government aims to
bring down CAD to 3.7 % or $ 70 billion, in 2013/14, from 4.8 % or $ 88.2
billion in 2012/13.
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been
named the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top spot
for the world’s most honest city while Lisbon, the capital of Portugal, proved
to be the least honest. The survey put hundreds of people to test in four
continents to find out just how honest they were by dropping wallets and seeing
how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
“SP 1A” |
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Rating Explanation |
Highest performance capability and high
financial strength to undertake off grid solar projects |
|
Date |
July 2, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-80-22992111/ 22220088/ 22992195/ 22222393 |
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Fax No.: |
91-80-22272728 |
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E-Mail : |
a.vijayashankar@in.bosch.com |
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Website : |
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Head Office : |
RMB Complex, Adugodi, |
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Tel. No.: |
91-80-22999279/ 22992705 |
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Fax No.: |
91-80-22992758 |
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Corporate Office/Factory 1 : |
Post Box No.3000, Hosur Road, Adugodi, Bangalore – 560030, Karnataka,
India. |
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Tel. No.: |
91-80- 2299 2393 |
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Fax No.: |
91-80- 22272228 |
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Factory 2 : |
Naganathapura Plant, P.B.No.6887, Electronic
City Post Office, |
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Tel. No.: |
91-80-28521221 |
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Fax No.: |
91-80-28521239 |
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Factory 3 : |
SP -663, RIICO Industrial Area, Sitapura,
Jaipur – 302022, |
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Tel. No.: |
91-141-2771700 |
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Fax No.: |
91-141-2771787 |
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Factory 4 : |
Post Box No.64, 75, MIDC Estate, Sitapur, |
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Tel. No.: |
91-253-2350342/45 |
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Fax No.: |
91-253-2294999 |
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Factory 5 : |
Packaging Technology Division N4, PhaseIV, Verna Industrial Estate,
Verna, Salcete, Goa – 403722, India. |
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Tel. No.: |
91-832- 6692 018 |
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Fax No.: |
91-832-6692028 |
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Sales Office : |
Located
at :
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Regional Office : |
Located at :
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DIRECTORS
As on 31.12.2012
|
Name : |
Dr. A. Hieronimus |
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Designation : |
Chairman |
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Other Directorship: |
·
MindTree Limited (Vice Chairman) ·
Bosch Rexroth AG (Member of Supervisory Board) |
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Name : |
Dr. B. Bohr |
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Designation : |
Director |
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Date of Appointment : |
15.06.2005 |
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Other Directorship: |
·
ZF Lenksysteme GmbH (Chairman of ·
Supervisory Board) |
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Name : |
Mr. B. Muthuraman |
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Designation : |
Director |
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Other Directorship: |
· Tata International Limited(Chairman) · Tata Africa Holdings (SA) (Pty) Limited(Chairman) · Tata Steel Limited (Vice Chairman) · Tata Industries Limited · Tata Steel Europe Limited · Tulip UK Holdings No.2 Limited · Tulip UK Holdings No.3 Limited · Tata Incorporated, New York. ·
- Strategic Energy Technology Systems Limited |
|
|
|
|
Name : |
Mr. Prasad Chandran |
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Designation : |
Director |
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Other Directorship: |
· BASF India Limited (Chairman and Managing Director) · BASF Asia Pacific (India) Private Limited (Chairman) · BASF Lanka Private Limited (Chairman) · BASF Catalysts (India) Private Limited · BASF Bangladesh Limited · BASF Grameen Limited · 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(Committee Member) |
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|
Name : |
Dr. Steffen Berns |
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Designation : |
Managing Director (from 01.01.2013) |
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Other Directorship: |
·
Robert Bosch Engineering and Business ·
Solutions Limited ·
Bosch Automotive Electronics India Private
Limited ·
MICO Trading Private Limited ·
Robert Bosch(Bangladesh)Limited (from 01.02.13) |
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|
Name : |
Mr. Soumitra Bhattacharya |
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Designation : |
Alternate Director for Dr. B. Bohr (up to 31.12.2012) Joint Managing Director (from 01.01.2013) |
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Other Directorship: |
· Bosch Electrical Drives India Private Limited · MICO Trading Private Limited · Automotive Component Manufacturers · Association of India (Chairman of Consumers · Affairs and Anti-Counterfeiting Committee) · Confederation of Indian Industry (Vice - |
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|
Name : |
Mr. V. K. Viswanathan |
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Designation : |
Managing Director (up to 31.12.2012) Vice Chairman (from 01.01.2013) |
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Other Directorship: |
·
Robert Bosch Engineering and Business ·
Solutions Limited (up to 31.12.12) ·
Bosch Rexroth (India) Limited (up to 31.12.12) ·
Bosch Chassis Systems India Limited (up to
31.12.12) ·
Bosch Automotive Electronics India Private
Limited (up to 31.12.12) ·
Bosch Electrical Drives India Private Limited (up
to 31.12.12) ·
MICO Trading Private Limited (up to 31.12.12) ·
BSH Household Appliances Mfg. Private Limited ·
FLSmidth Private Limited ·
Robert Bosch (Bangladesh)Limited (up to 01.02.13) ·
Indo-German Chamber of Commerce (President) ·
Confederation of Indian Industry (Committee
Member, Southern & National) |
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|
Name : |
Mr. B. Steinruecke |
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Designation : |
Director |
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Other Directorship: |
·
FAG Bearings India ·
Zodiac Clothing Company Limited ·
HDFC ERGO General Insurance Company Limited ·
Apollo Munich Health Insurance Company Limited ·
Indo German Chamber of Commerce (Director
General) |
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|
Name : |
Mrs. Renu. S. Karnad |
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Designation : |
Director |
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Other Directorship: |
·
HDFC Property Ventures Limited (Chairperson) ·
Credila Financial Services Private Limited
(Chairperson) ·
HDFC Education and Development Services Private
Limited (Chairperson) ·
Housing Development Finance Corporation Limited
(Managing Director) ·
HDFC Asset Management Co. Limited ·
HDFC ERGO General Insurance Co. Limited ·
HDFC Standard Life Insurance Co. Limited ·
Credit Information Bureau (India) Limited ·
GRUH Finance Limited ·
HDFC Bank Limited ·
AKZO Nobel India Limited ·
Indraprastha Medical Corporation Limited ·
Feedback Infrastructure Services Private Limited ·
G4S Corporate Services (India) Private Limited ·
Value and Budget Housing Corpn(India)Private
Limited ·
Lafarge India Private Limited ·
EIH Limited ·
HT Parekh Foundation ·
WNS Global Services (P) Limited ·
HDFC PLC, Maldives |
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|
Name : |
Mr. Bhaskar Bhat |
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Designation : |
Director (from 01.01.2013) |
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Other Directorship: |
·
Tata Ceramics Limited (Chairman) ·
Virgin Mobile India Private Limited (Chairman) ·
Titan Industries Limited (Managing Director) ·
Titan Properties Limited ·
Titan International Middle East FZE ·
Titan Watches & Jly Intl. (Asia Pacific) Pte.
Limited ·
Titan International Marketing Limited ·
Trent Limited ·
Titan Time Products Limited ·
TA Pai Management Institute, Manipal ·
(Member of Governing Council) ·
SDM Institute of Management, Mysore ·
(Member of Governing Council) ·
Jain University (Member of academic Council) ·
National Institute of Technology, Uttarkahand ·
(Chairman, Board of Governance) ·
The Titan Foundation for Education (Chairman) |
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|
Name : |
Dr. Manfred Duernholz |
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Designation : |
Joint Managing Director (up to 31.12.2012) |
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Other Directorship: |
·
MICO Trading Private Limited (up to 31.12.2012) |
KEY EXECUTIVES
|
Name : |
Mr. A Vijay Shankar |
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Designation : |
Company Secretary ( From 02.04.2009) |
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Committees : |
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Audit
Committee : |
·
Ms.
Renu S. Karnad, Chairperson ·
Dr.
A. Hieronimus ·
Mr.
B. Steinruecke ·
Mr.
B. Muthuraman · Mr. Prasad Chandran |
|
|
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Shareholders’/Investors’
Grievance Committee : |
·
Mr. B. Steinruecke, Chairman ·
Mrs. Renu. S. Karnad ·
Mr. Prasad Chandran ·
Dr. A. Hieronimus ·
Mr. V. K. Viswanathan (up to 31.12.2012) ·
Dr. Steffen Berns (from 01.01.2013) |
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Remuneration
Committee : |
·
Dr.
A. Hieronimus ·
Mr.
B. Muthuraman ·
Mr.
B. Steinruecke · Mr. Prasad Chandran |
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|
|
|
Investment
Committee : |
·
Mr. B. Muthuraman ·
Mrs. Renu. S. Karnad ·
Mr. V. K. Viswanathan (up to 31.12.2012) ·
Dr. Manfred Duernholz (up to 31.12.2012) ·
Dr. Steffen Berns (from 01.01.2013) ·
Mr. Soumitra Bhattacharya |
|
|
|
|
Property
Committee : |
·
Dr. A. Hieronimus ·
Mrs. Renu. S. Karnad ·
Mr. V. K. Viswanathan (up to 31.12.2012) ·
Dr. Manfred Duernholz (up to 31.12.2012) ·
Dr. Steffen Berns (from 01.01.2013) ·
Mr. Soumitra Bhattacharya (from 01.01.2013) |
|
|
|
|
Share Transfer
Committee : |
·
Mr. B. Muthuraman ·
Mr. B. Steinruecke ·
Mr. Prasad Chandran ·
Mr. V. K. Viswanathan (up to 31.12.2012) ·
Dr. Steffen Berns (from 01.01.2013) |
SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of
Shares |
Percentage
of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
22349420 |
71.18 |
|
|
22349420 |
71.18 |
|
Total
shareholding of Promoter and Promoter Group (A) |
22349420 |
71.18 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
821266 |
2.62 |
|
|
12081 |
0.04 |
|
|
2849567 |
9.08 |
|
|
2226850 |
7.09 |
|
|
5909764 |
18.82 |
|
|
|
|
|
|
820067 |
2.61 |
|
|
|
|
|
|
1793243 |
5.71 |
|
|
410241 |
1.31 |
|
|
116165 |
0.37 |
|
|
99504 |
0.32 |
|
|
1000 |
0.00 |
|
|
100 |
0.00 |
|
|
8508 |
0.03 |
|
|
7053 |
0.02 |
|
|
3139716 |
10.00 |
|
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 |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
31398900 |
0.00 |
(1)
Indian
Bodies
Corporate
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automobile Equipment and Machinery. |
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Products : |
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PRODUCTION STATUS (As on 31.12.2012)
|
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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Facilities : |
Note: Terms of repayment
for unsecured borrowings:
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse and Company Chartered Accountants |
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Address : |
5th Floor, Tower
"D", The Millenia, 1 and 2 Murphy
Road, Ulsoor, Bangalore 560008, Karnataka, India |
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Holding Company : |
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Fellow
Subsidiary Companies: |
·
Beissbarth GmbH, Germany ·
Bosch (China) Investment Limited, China ·
Bosch Automotive Diagnostics Equipment (Shenzhen)
Limited, China ·
Bosch Automotive Diesel Systems Company Limited,
China ·
Bosch Automotive Electronics India Private
Limited, India ·
Bosch Automotive Products (Changsha) Company
Limited, China ·
Bosch Automotive Products (Nanjing) Company
Limited, China ·
Bosch Automotive Products (Suzhou) Company
Limited, China ·
Bosch Automotive Thailand Co. Limited, Thailand ·
Bosch Car Multimedia Portugal, S.A., Portugal ·
Bosch Chassis Systems India Limited, India ·
Bosch Corporation, Japan ·
Bosch Diesel s.r.o., Czech Republic ·
Bosch Electrical Drives Company Limited, Korea ·
Bosch Electrical Drives India Private Limited,
India ·
Bosch Engineering GmbH, Germany ·
Bosch Industriekessel GmbH,Germany ·
Bosch Lawn and Garden Limited, Great Britain ·
Bosch Management Support GmbH, Germany ·
Bosch Packaging Services AG, Switzerland ·
Bosch Packaging Systems AG, Switzerland ·
Bosch Packaging Technology (Hangzhou) Company
Limited, China ·
Bosch Packaging Technology (Singapore) Pte.
Limited Singapore ·
Bosch Packaging Technology B.V., Netherlands ·
Bosch Packaging Technology Limited,Great Britain ·
Bosch Packaging Technology SA, Switzerland ·
Bosch Packaging Technology, Inc., United States ·
Bosch Power Tools (China) Limited, China ·
Bosch Rexroth (India) Limited, India ·
Bosch Rexroth AG, Germany ·
Bosch Rexroth Co. Limited, Taiwan ·
Bosch Rexroth Corporation, Japan ·
Bosch Rexroth Corporation, United States ·
Bosch Rexroth Korea Limited, Korea ·
Bosch Rexroth Pte. Limited, Singapore ·
Bosch Rexroth Pty. Limited, Australia ·
Bosch Rexroth Sdn. Bhd., Malaysia ·
Bosch Sanayi ve Ticaret A.S., Turkey ·
Bosch Security Systems B.V., Netherlands ·
Bosch Security Systems Inc., United States ·
Bosch Security Systems Pty. Limited, Australia ·
Bosch Sicherheitssysteme Engineering GmbH,
Germany ·
Bosch Sicherheitssysteme GmbH, Germany ·
Bosch Solar Energy AG, Germany ·
Bosch Solar Thin Film GmbH, Germany ·
Bosch Solarthermie GmbH, Germany ·
Bosch Systems Engineering GmbH, Germany ·
Bosch Thermotechnik GmbH, Germany ·
Bosch Trading (Shanghai) Company Limited, China ·
Bosch Transmission Technology B.V., Netherlands ·
BSH Home Appliances Private Limited, India ·
Centro Studi Componenti per Veicoli S.p.A., Italy ·
Eisai Machinery Company Limited, Japan ·
ETAS Automotive India Private Limited, India ·
ETAS Entwicklungs- und Applikationswerkzeuge für
elektronische Systeme GmbH, Germany ·
Hüttlin GmbH, Germany ·
MIVIN Engineering Technologies Private Limited,
India ·
Moehwald GmbH, Germany ·
Moeller and Devicon A/S, Denmark ·
OOO Bosch Power Tools, Russian Federation ·
OOO Bosch Rexroth, Russian Federation ·
OOO Robert Bosch, Russian Federation ·
P.T. Bosch Rexroth, Indonesia ·
P.T. Robert Bosch, Indonesia ·
Pharmatec Gmbh, Germany ·
Precision Seals Manufacturing Limited, India ·
Robert Bosch (Australia) Pty. Limited, Australia ·
Robert Bosch (France) S.A.S., France ·
Robert Bosch (Malaysia) SDN. BHD., Malaysia ·
Robert Bosch (Pty.) Limited, South Africa ·
Robert Bosch (South East Asia) Pte. Limited,
Singapore ·
Robert Bosch A/S, Norway ·
Robert Bosch AG, Austria ·
Robert Bosch Argentina Industrial S.A., Argentina ·
Robert Bosch B.V., Netherlands ·
Robert Bosch Car Multimedia GmbH, Germany ·
Robert Bosch Company Limited, China ·
Robert Bosch Elektronik GmbH, Germany ·
Robert Bosch Elektronika Gyártó Kft., Hungary ·
Robert Bosch Elektrowerkzeuge GmbH, Germany ·
Robert Bosch Energy and Body Systems Kft.,
Hungary ·
Robert Bosch Engineering and Business Solutions
Limited, India ·
Robert Bosch Espańa Fábrica Madrid S.A., Spain ·
Robert Bosch Espańa Fábrica Treto S.A., Spain ·
Robert Bosch Espańa, S.L.U., Spain ·
Robert Bosch Espańa Gasoline Systems S.A., Spain ·
Robert Bosch Fahrzeugelektrik Eisenach GmbH,
Germany ·
Robert Bosch Fuel Systems Llc, United States ·
Robert Bosch Inc., Philippines ·
Robert Bosch Korea Diesel Limited, Korea ·
Robert Bosch Korea Limited, Korea ·
Robert Bosch LLC, United States ·
Robert Bosch Limited, Great Britain ·
Robert Bosch Limited, Thailand ·
Robert Bosch Ltda., Brazil ·
Robert Bosch México Sistemas Automotrices, S.A.
de C.V., Mexico ·
Robert Bosch Middle East FZE, United Arab
Emirates ·
Robert Bosch Packaging Technology B.V.,
Netherlands ·
Robert Bosch Power Tools Sdn. Bhd., Malaysia ·
Robert Bosch Produktie N.V.,Belgium ·
Robert Bosch S.A., Belgium ·
Robert Bosch Saratow AG,Russian Federation ·
Robert Bosch S.P.A., Italy ·
Robert Bosch Sdn. Bhd., Malaysia ·
Robert Bosch Tool Corporation, United States ·
Robert Bosch Vietnam Company Limited, Vietnam ·
Robert Bosch, S. de R.L. de C.V., Mexico ·
Robert Bosch, spol. s.r.o., Czech Republic ·
Robert Bosch Tecnologia de Embalagem Ltda.,
Brazil ·
SBM Schoeller-Bleckmann-Medizintechnik GmbH,
Austria ·
Scintilla AG, Switzerland ·
Shanghai Bosch Rexroth Hydraulics and Automation
Limited, China ·
sia Abrasives Industries AG, Switzerland ·
SICAM S.r.l., Italy ·
Tecnologie Diesel e Sistemi Frenanti S.p.A.,
Italy ·
Unipoint Electric MFG Company Limited, Taiwan ·
United Automotive Electronic Systems Company
Limited, China ·
Weifu High Technology Company Limited, China |
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Subsidiary
Company : |
MICO Trading Private Limited, India |
|
|
|
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Joint Venture: |
MHB Filters India Private Limited, India |
|
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Other entity
under the control of the company : |
Bosch India Foundation, India |
CAPITAL STRUCTURE
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38051460 |
Equity Shares |
Rs. 10/- each |
Rs. 381.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31398900 |
Equity Shares |
Rs. 10/- each |
Rs. 314.000 Millions |
- Reconciliation of the number of shares
|
Equity Shares |
Number
of Shares |
|
Balance at the beginning of the year |
31389900 |
|
Balance at the end of the year |
31389900 |
- Rights,
preferences and restrictions attached to shares:
The Equity shares of the Company, having face value of Rs. 10/- per share, rank pari passu in all
respects including voting rights and entitlement to dividend.
- Equity shares held by the holding company:
|
Name of
Shareholder |
Number
of Shares |
Rs. In Millions |
|
Robert Bosch GmbH, Federal Republic of Germany, the holding company |
22349420 |
223.000 |
- Details of
equity shares held by shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
Rs. In Millions |
|
Robert Bosch GmbH, Federal Republic of Germany, the holding company |
22349420 |
223.000 |
- Shares bought
back during the period of five years immediately preceding the reporting
date:
|
Particulars |
Number
of Shares |
|
Number of equity shares bought back by the Company |
652,560 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
314.000 |
314.000 |
|
(b) Reserves & Surplus |
|
55419.000 |
46970.000 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
55733.000 |
47284.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1813.000 |
2273.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
334.000 |
373.000 |
|
(d) long-term provisions |
|
2184.000 |
1715.000 |
|
Total Non-current Liabilities (3) |
|
4331.000 |
4361.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
37.000 |
181.000 |
|
(b) Trade payables |
|
9304.000 |
10305.000 |
|
(c) Other current
liabilities |
|
4569.000 |
5211.000 |
|
(d) Short-term provisions |
|
5065.000 |
3968.000 |
|
Total Current Liabilities (4) |
|
18975.000 |
19665.000 |
|
|
|
|
|
|
TOTAL |
|
79039.000 |
71310.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
8566.000 |
5917.000 |
|
(ii) Intangible Assets |
|
67.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
4171.000 |
3207.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
4500.000 |
4477.000 |
|
(c) Deferred tax assets (net) |
|
2552.000 |
2276.000 |
|
(d) Long-term Loan and Advances |
|
2256.000 |
3328.000 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
22112.000 |
19205.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
10698.000 |
11870.000 |
|
(b) Inventories |
|
10957.000 |
11831.000 |
|
(c) Trade receivables |
|
10210.000 |
8959.000 |
|
(d) Cash and cash
equivalents |
|
14872.000 |
9515.000 |
|
(e) Short-term loans and
advances |
|
8787.000 |
8894.000 |
|
(f) Other current assets |
|
1403.000 |
1036.000 |
|
Total Current Assets |
|
56927.000 |
52105.000 |
|
|
|
|
|
|
TOTAL |
|
79039.000 |
71310.000 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
313.989 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
40666.425 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
40980.414 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
30.435 |
|
|
2] Unsecured Loans |
|
|
2733.454 |
|
|
TOTAL BORROWING |
|
|
2763.889 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
43744.303 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
4359.884 |
|
|
Capital work-in-progress |
|
|
2242.165 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
16073.030 |
|
|
DEFERRED TAX ASSETS |
|
|
2182.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
8092.812
|
|
|
Sundry Debtors |
|
|
7209.659
|
|
|
Cash & Bank Balances |
|
|
13258.674
|
|
|
Other Current Assets |
|
|
589.214
|
|
|
Loans & Advances |
|
|
8370.506
|
|
Total
Current Assets |
|
|
37520.865
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
9931.129
|
|
|
Other Current Liabilities |
|
|
3439.389
|
|
|
Provisions |
|
|
5263.123
|
|
Total
Current Liabilities |
|
|
18633.641
|
|
|
Net Current Assets |
|
|
18887.224
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
43744.303 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net sale of product |
84172.000 |
79295.000 |
66305.034 |
|
|
|
Sale of services |
936.000 |
677.000 |
512.449 |
|
|
|
Other operating revenue |
1483.000 |
1686.000 |
1144.279 |
|
|
|
Other Income |
3692.000 |
3203.000 |
2892.518 |
|
|
|
TOTAL (A) |
90283.000 |
84861.000 |
70854.280 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
27897.000 |
26944.000 |
35984.153 |
|
|
|
Purchase of stock-in-trade |
19077.000 |
19106.000 |
0.000 |
|
|
|
Changes in inventory of finished goods, work-in-progress and stock-in-trade |
560.000 |
(2098.000) |
0.000 |
|
|
|
Employee benefit expenses |
10371.000 |
8961.000 |
0.000 |
|
|
|
Operating Expenses |
0.000 |
0.000 |
20644.209 |
|
|
|
Expenses Capitalized |
0.000 |
0.000 |
(341.645) |
|
|
|
Other expenses |
15191.000 |
13626.000 |
0.000 |
|
|
|
TOTAL (B) |
73096.000 |
66539.000 |
56286.717 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
17187.000 |
18322.000 |
14567.563 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
55.000 |
4.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
17132.000 |
18318.000 |
14567.563 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3670.000 |
2578.000 |
2539.651 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
13462.000 |
15470.000 |
12027.912 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
3879.000 |
4513.000 |
3438.862 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
9583.000 |
11227.000 |
8589.050 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7971.829 |
6668.829 |
3291.319 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend recommended |
1884.000 |
1570.000 |
1255.900 |
|
|
|
Special dividend |
0.000 |
2669.000 |
0.000 |
|
|
|
Tax on Dividend |
306.000 |
255.000 |
208.600 |
|
|
|
Tax on Special Dividend |
0.000 |
434.000 |
0.000 |
|
|
|
General Reserve |
958.000 |
5000.000 |
3750.000 |
|
|
|
Capital Reserve |
0.000 |
0.000 |
0.600 |
|
|
|
Reversal of Dividend Distribution Tax |
0.000 |
(4.000) |
(3.600) |
|
|
BALANCE CARRIED
TO THE B/S |
14406.829 |
7971.829 |
6668.869 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
8683.000 |
10344.144 |
8460.718 |
|
|
|
Other Earnings |
749.000 |
457.192 |
388.630 |
|
|
TOTAL EARNINGS |
9432.000 |
10801.336 |
8849.348 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
11495.000 |
12326.000 |
9225.116 |
|
|
|
Stores & Spares |
942.000 |
1022.000 |
884.309 |
|
|
|
Capital Goods |
2548.000 |
2433.000 |
905.925 |
|
|
|
Others |
11301.000 |
12172.000 |
10230.350 |
|
|
TOTAL IMPORTS |
26286.000 |
27953.000 |
21245.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
305.00 |
358.00 |
274.00 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.12.2012 (Unaudited) |
31.03.2013) (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
|
Sales Turnover |
21318.000 |
22074.500 |
23069.900 |
21498.900 |
|
Total Expenditure |
18656.600 |
18255.200 |
19439.700 |
18233.100 |
|
PBIDT (Excl OI) |
2661.400 |
3819.300 |
3630.200 |
3265.800 |
|
Other Income |
1133.000 |
893.000 |
897.600 |
864.900 |
|
Operating Profit |
3794.500 |
4712.300 |
4527.800 |
4130.700 |
|
Interest |
54.000 |
2.900 |
0.800 |
0.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
3740.400 |
4709.400 |
4527.000 |
4130.400 |
|
Depreciation |
1291.500 |
842.300 |
864.200 |
893.900 |
|
Profit Before Tax |
2448.900 |
3867.100 |
3662.800 |
3236.500 |
|
Tax |
728.400 |
1269.400 |
1146.000 |
894.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1720.500 |
2597.700 |
2516.800 |
2342.500 |
|
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 |
1720.500 |
2597.700 |
2516.800 |
2342.500 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
10.61
|
13.24
|
12.12
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.99
|
19.51
|
18.14
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.75
|
27.91
|
28.72
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.33
|
0.29
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.03
|
0.51
|
0.67
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.00
|
2.02
|
2.01
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION
DETAILS:
|
HIGH COURT OF KARNATAKA - PRINCIPAL BENCH AT
BANGALORE ITA 364/2012 CASE PENDING Petitioner/Appnt.
Name : THE COMMISSIONER OF INCOME TAX Respondent/Defnt.
Name : M/S BOSCH LIMITED Petnr./Appnt.
Advocate : K V ARAVIND Respnt./Defnt.
Advocate : SURAYANARAYANA Date
Filed : 09.11.2012 District : Bangalore City Stage :
HEARING
Last Posted for : ADMISSION Last
Action Taken : ADMIT/RULE
Last Date of Action: 07.01.2013 Next hearing date: Latest
Order: ADMIT Before
Hon'ble Judge/s : D.V.SHYLENDRA KUMAR
B. MANOHAR Lower Court Details [Appeal from
below case.]
Details of the Daily Order
|
UNSECURED LOANS:
|
Particulars |
31.12.2012 Rs. In Millions |
31.12.2011 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Cash credit from banks |
37.000 |
181.000 |
|
Total |
37.000 |
181.000 |
Note: Secured by
hypothecation of present and future stocks of raw materials, finished goods, work-in-progress
and book debts.
FINANCIAL RESULTS
Net sales for the year 2012 grew by 6.2%. The Profit before Tax (PBT) in
2012 as a percentage of net sales was at 16.0% as compared to 19.8% in 2011.
The Profit after Tax (PAT) as a percentage of net sales was 11.4% in 2012 as
against 14.1% in 2011.
Material costs as a percentage to sales increased to 56.5% in 2012 as
compared to 55.4% in 2011. Overall, the Profit before Interest, Depreciation
and Taxes, for the year shows an decrease of 8.5% over the previous year
OPERATIONAL
HIGHLIGHTS
The Company witnessed a sales growth of 6.2% over previous year 2011.
The overall slowdown in economy in domestic and export market impacted the
Company both in automotive and non-automotive sales. The domestic market grew
by 8.4% and the export market declined by 9.1%. In the challenging environment,
the Company was still able to achieve 16.0% profit before tax on sales.
However, this was 385 basis points below the previous year 2011.
Diesel systems business declined by 0.9%, due to decline in exports by
39.6%, which was offset to some extent by growth in domestic market. The diesel
systems business continues to ride heavily on growth in passenger car and
utility vehicle segment and LCV segment with focus on new generation common
rail systems (CRS). Starter Motor and Generator business witnessed an
impressive growth of 51.1% over previous year 2011. Export business for the
division grew significantly by 173%.
The Automotive Aftermarket business registered a modest growth of 9.6%
in spite of subdued demand witnessed due to higher interest rates. Gasoline
business declined by 9.4% due to increased diesel share in Passenger Car.
Packaging Technology business grew by 8.7%. Growth was primarily driven
by Confectionery and Pharma segments. Packaging Technology division completed
construction of new manufacturing facility and started operating from July
2012. Security Technology business grew by 31.4%. Prosound system and Video
system majorly contributed for the growth. Power Tools business registered a
growth of 16.7% with high contributions from all its major business segments
like Power Tools, Accessories, Spares and Lawn and Garden equipment.
Power Tools business launched over 100 new innovative products /
variants and launched its "Bosch at Home" initiative aimed at the
Do-It-Yourself segment. The year also saw the launch of professional range of
“High Pressure Washers" aimed at the Industrial Segment. New business
Solar Energy and Thermo Technology launched their products in 2011 and started
commercial operation in 2012 with a new contract manufacturing facility in
Bangalore. During the year the Company acquired Service Solution business
division of SPX India Private Limited.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC OVERVIEW
The global economy has shown some signs of stabilisation although the situation remains volatile. While economic activity is picking up in the US, nearterm forecasts for Euro region are still weak. Weak external demand and a risk- averse sentiment are preventing emerging and developing economies from returning back immediately to a higher growth trajectory.
Currency fluctuation was the global theme in 2012 based on events like the US “Fiscal Cliff”. The BRIC economies saw the biggest currency depreciation since 1998 on weaker prospects for growth. Compared to 6.5 percent in 2011-12, the Indian economy is projected to grow at a lower than expected 5.5 percent in 2012-13. The twin deficits of fiscal account and current account are the main causes for concern. While there is an expectation of improvement in the fiscal account as a result of the recent reform measures announced by the Government, the current account deficit continues to be at uncomfortably high levels.
The recent moves of the Government to encourage foreign inflows and disincentivise gold imports are expected to improve the situation but strong steps still need to be taken to reduce the trade gap.
Weaker currency and higher domestic inflation are putting pressure on input costs on the supply side and higher interest rates on the demand side. With the Reserve Bank of India now focusing on growth, there is an expectation of an improvement in the demand situation.
INDUSTRY STRUCTURE AND DEVELOPMENT
After witnessing a decline in 2009, auto component industry growth bounced back strongly in the year 2010 and 2011. However, the growth momentum slackened in 2012 on account of economic slowdown. Auto sales were restrained by higher interest rates, higher fuel prices, higher inflation, monsoon deficiency, rupee depreciation, etc.
In spite of depreciation in the rupee, the export market growth declined due to slow down in world economy. Volatile labour situation at some parts of country also impacted the industry.
Indian Automotive Industry witnessed an overall production volume growth of 2% in 2012 over the high growth achieved in 2010 and 2011.
Across the segment, Utility Vehicle (UV) led the pack in the year 2012 by a strong 32% growth. Growth wasdriven by continued demand for commercial usage (IT, ITES, BPO, Hotels) and shift from Sedan to UV. Light Commercial Vehicle (LCV) production volume grew by 5% over previous year 2011. Continued retail sector growth and rural growth mainly contributed to LCV growth.
Heavy Commercial Vehicle (HCV) production volume declined by 12%. High interest rates, stagnant freight rates, decline in mining sector and slowdown in infrastructure projects contributed to lower demand for Heavy Commercial Vehicle.
Passenger Cars (PC) production volume growth was subdued. Despite the festive season and new launches, the production volume growth was 2% due to high interest rates and volatile fuel prices.
Tractor production volume declined by 7% compared to previous year 2011. Tractors achieved all time record high growth of 24% in the year 2011. Delay and deficiency in monsoon, slow down in infrastructure projects, etc. amounted to lower demand in this segment.
Three wheeler production volumes declined by 5%. Domestic sales growth was flat. The reduction is mainly on account of lower demand from export segment.
both in automotive and non-automotive sales. The domestic market grew by 8.4% and the export market declined by 9.1%.
In the challenging environment, the Company was still able to achieve 16.0% profit before tax on sales.
However, this was 385 basis points below the previous year 2011. Diesel systems business declined by 0.9%, due todecline in exports by 39.6%, which was offset to some extent by growth in domestic market. The diesel systems business continues to ride heavily on growth in passenger car and utility vehicle segment and LCV segment with focus on new generation common rail systems (CRS).
Starter Motor and Generator business witnessed an impressive growth of 51.1% over previous year 2011. Export business for the division grew significantly by 173%. The Automotive Aftermarket business registered a modest growth of 9.6% in spite of subdued demand witnessed due to higher interest rates. Gasoline business declined by 9.4% due to increased diesel share in Passenger Car. Packaging Technology business grew by 8.7%. Growth was primarily driven by Confectionery and Pharma segments. Packaging Technology division completed construction of new manufacturing facility and started operating from July 2012.
Security Technology business grew by 31.4%. Prosound system
and Video system majorly contributed for the growth. Power Tools business
registered a growth of 16.7% with high contributions from all its major
business segments like Power Tools, Accessories, Spares and Lawn and Garden
equipment. Power Tools business launched over 100 new innovative products /
variants and launched its "Bosch at Home" initiative aimed at the
Do-It-Yourself segment. The year also saw the launch of professional range of
“High Pressure Washers" aimed at the Industrial Segment. New business
Solar Energy and Thermo Technology launched their products in 2011 and started
commercial operation in 2012 with a new contract manufacturing facility in
Bangalore. During the year the Company acquired Service Solution business
division of SPX India Private Limited.
OUTLOOK
The global economy is still in an uncertain phase as most nations continue
to face challenges of growth and unemployment.
The outlook for GDP growth in India has been on reducing trend for
2012-13 (less than 5.5%) from much higher projections at the start of the year
indicating that economic issues need to be addressed on an basis. The recent
policy initiatives by the Government and further reforms should help to boost
business sentiment and improve the investment climate. As regards domestic
inflation, excess capacity in some sectors is working towards moderating wholesale
inflation while consumer inflation continues to remain a challenge.
The key challenges for the Indian economy this year would be to revive
demand, to fast-track infrastructure projects, to improve electricity
generation and increase industrial production.
NOTE: NO CHARGES
EXIST FOR COMPANY
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
PRESS RELEASES
BOSCH LIMITED SALES GROWS BY 3.6 PERCENT IN THE THIRD QUARTER OF 2013
12 NOVEMBER 2013
· Net sales and income from operations stood at Rs. 21040.000 Millions in the third quarter of 2013, registering a growth of 3.6 percent.
· Profit before tax at 15.4 percent of sales for the third quarter
· Non-automotive business continues its growth momentum into the third quarter
Bangalore: Bosch Limited registered a growth of 3.6 percent on net sales and income from operations in the third quarter of 2013 at Rs. 21040.000 Millions over the same period last year. Profit Before Tax (PBT) increased by 16.0 percent in the third quarter as compared to the same period of 2012 and stands at Rs. 3240.000 Millions. Profit After Tax (PAT) is Rs. 2340.000 Millions, registering a growth of 15.5 percent over the same period of 2012. Exports increased by 19.5 percent in the same period mainly reflecting the depreciation in the rupee over the year.
“As anticipated, our current third quarter results are better than the previous year, as performance in the third quarter of 2012 had been sluggish. However, weak consumer demand, currency impact and further slowdown in the automotive market has led to a decline compared to previous quarter results.” said Dr. Steffen Berns, Managing Director, Bosch Limited, announcing the company’s quarterly results.
For the nine months ended September 2013, Bosch Limited registered an overall growth of 1.7 percent on net sales and income from operations at Rs. 65640.000 Millions. In the automotive segment, Starter Motors and Generators continued its strong double digit growth; Aftermarket managed a modest growth and Diesel Systems declined due to weak demand in the commercial vehicle and passenger car segment.
The non-automotive segment, including Power Tools, Packaging Technology and Energy Business continued its good growth during the nine months ended September 2013. These divisions have been gradually increasing their presence in the Indian market.
“Our effort to improve operational efficiency has continued to yield positive results in difficult market environment. During festive season consumer sentiment is expected to improve, but this will not be sufficient to generate a turnaround in the overall business situation. In spite of the current challenges, we continue to prepare ourselves for expected mid- and long-term growth through our investments in facilities and new product developments, coupled with continued cost optimization.” Dr. Berns added.
BOSCH LIMITED APPOINTS REGIONAL PRESIDENT FOR AUTOMOTIVE AFTERMARKETS
BUSINESS
04 NOVEMBER 2013
Effective November 1, 2013, Mr Guenter Weber takes over as new business head
Bangalore: Mr Guenter Weber has been appointed as the Regional President for Automotive Aftermarket business of Bosch Limited, effective November 1, 2013. After successfully completing his tenure as Vice President, Core Business Field Diesel, Automotive Aftermarket Division, Germany, Mr Weber will now be responsible for the regional operations and will focus on driving growth for the Automotive Aftermarket division in India.
Congratulating Mr. Weber on his new role, Dr. Steffen Berns, Managing Director, Bosch Limited and President Bosch Group India said, “I congratulate Mr. Weber on his new role and extend my wishes for a successful stint ahead. We are confident that the Automotive Aftermarket business will benefit immensely from his rich international experience. The Indian Auto sector is undergoing a challenging phase where new trends are emerging. With the recent slowdown in the auto sector, there is increasing focus on the aftermarket segment and I am confident that Mr. Weber will take the business to newer heights.”
Mr Weber has been associated with Robert Bosch GmbH since 1990 and has rich experience in areas like Marketing, Sales, Engineering and Manufacturing of core automotive technology business. He also comes with a Sr. leadership experience and understanding of markets like Germany, the USA, Latin America and Asia-Pacific region. Mr. Weber takes over this responsibility post exit of Mr. S. Murlidharan who moved out of the organisation in July 2013.
BOSCH SOFTWARE INNOVATIONS AND TECH MAHINDRA ANNOUNCE GLOBAL SYSTEM
INTEGRATOR PARTNERSHIP
22 OCTOBER 2013
· Solutions for an interconnected world
· Acceleration of software solutions delivery
· Reduction of time-to-market across multiple industries
Singapore - Bosch Software Innovations, the software and systems house of the Bosch Group, and Tech Mahindra Ltd., a specialist provider of connected solutions to the connected world and an enabler of future digital enterprises, today announced a global strategic business relationship with a primary focus on the global manufacturing and transportation industries.
The partnership aims to develop and deliver scalable software solutions for an interconnected world, also known as the Internet of Things and Services. It will concentrate on accelerating the delivery of software solutions, reducing time-to-market and upfront capital investments for customers. The solution offerings arising from this partnership will address topics such as industrial equipment management, connected services and intermodal transportation.
“Tech Mahindra’s expertise in enterprise solutions and its global market presence, along with our state-of-the-art product portfolio and industry expertise, will enable both companies to deliver innovative end-to-end solutions to our customers”, says Klaus Hueftle, Managing Director at Bosch Software Innovations GmbH.
“Bosch Software Innovation’s cutting edge technologies for the Internet of Things and Services perfectly complement Tech Mahindra’s connected world focus. The partnership is a strategic alliance that will help us to provide our customers and prospects with solutions to increase efficiency and save net costs”, adds Rajeev Sundaresan, Head, Business Process Management, Tech Mahindra. Bosch Software Innovations globally works with clients to address their business challenges and to optimize business processes. The company’s software suite comprises core products for Business Process Management (BPM), Business Rules Management (BRM), and Device Management (M2M). The holistic suite creates the foundation to address connectivity needs in a networked world, allowing businesses to successfully implement new business models today.
Tech Mahindra’s BPM Practice enjoys a market leadership position in Telecom, Manufacturing, BFSI and other verticals and has a large pool of certified professionals with rich implementation experience. Tech Mahindra’s expertise in BPM implementations encompasses functional areas of multichannel integration, legacy transformation, contact center management, new business automation and customer relationship management, thus harnessing the full power of BPM technology. The spectrum of services consists of BPM Advisory and Assessment Services, Implementation, optimization and CoE. Tech Mahindra has industry-focused reusable assets, artifacts, accelerators with which they collaborate with product partners to deliver customized solutions.
BOSCH LIMITED BREAKS GROUND FOR ITS NEW PLANT IN BIDADI
18 SEPTEMBER 2013
Hon’ble Chief Minister of Karnataka Shri. Siddaramaiah lays the foundation of the new plant
Relocation of existing Bangalore plant from Adugodi to the Bidadi industrial area will facilitate future business expansion and growth
Planned start of production in third quarter 2015
Bangalore: Bosch Limited, the leading supplier of technology and services today officially broke ground for its new plant in Bidadi. The chief guest, Hon’ble Chief Minister of Karnataka, Shri. Siddaramaiah laid the foundation stone along with Dr. Steffen Berns, Managing Director, Bosch Limited. Also present on the occasion were the Guests of Honour - Shri D.K. Suresh, Member of Parliament, Bangalore Rural and Shri H.C. Balakrishna Member of the Legislative Assembly, Magadi.
Sharing his views on the occasion, Dr. Berns, Managing Director, Bosch Limited said “This move to relocate our existing manufacturing plant in Bangalore area from Adugodi to Bidadi underlines our commitment to India and especially to the state of Karnataka. We are extremely grateful to the Government of Karnataka for their support in facilitating this move. The developing industrial area in Bidadi will offer larger space and better infrastructure support for our future expansion. Though the current business situation is tough, this move will help us cater to the growing business needs of the Indian market in the long term.”
The company has acquired 97 acres of land in Bidadi for the construction of this new manufacturing facility and is investing over Rs 2500.000 Millions for the initial development of the facility.
The plant will be ready for commencement of production by the third quarter of 2015 with re-location of around 850 employees. New Bidadi facility will house the production of several components of Diesel Fuel Injection Systems.
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 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. 62.38 |
|
|
1 |
Rs. 102.15 |
|
Euro |
1 |
Rs. 85.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
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.