MIRA INFORM REPORT
|
Report Date : |
28.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
BOSCH LIMITED (w.e.f. 18.01.2008) |
|
|
|
|
Formerly Known
As : |
MOTOR INDUSTRIES COMPANY LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2011 |
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|
|
|
Date of
Incorporation : |
12.11.1951 |
|
|
|
|
Com. Reg. No.: |
08-000761 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.313.989 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L85110KA1951PLC000761 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM01746D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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|
|
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Line of Business
: |
Manufacturer of Automobile Equipment and Machinery. |
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|
|
|
No. of Employees
: |
12232 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Maximum Credit Limit : |
USD 180000000 |
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|
|
|
Status : |
Excellent |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track
record. There appears a slight dip in the profitability of the company. However,
Financial position at 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
“SP 1A” |
|
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
|
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 |
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|
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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 |
|
Fax No.: |
91-80- 22272228 |
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|
|
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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, |
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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, |
|
Tel. No.: |
91-253-2350342/45 |
|
Fax No.: |
91-253-2294999 |
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|
|
|
Factory 5 : |
Packaging Technology Division N4, PhaseIV, Verna Industrial Estate,
Verna, Salcete, Goa – 403722, India. |
|
Tel. No.: |
91-832- 6692 018 |
|
Fax No.: |
91-832-6692028 |
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Sales Office : |
Located
at :
|
|
|
|
|
Regional Office : |
Located at :
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DIRECTORS
As on 01.06.2011
|
Name : |
Dr. A. Hieronimus |
|
Designation : |
Chairman |
|
Other Directorship: |
|
|
|
|
|
Name : |
Mr. B. Steinruecke |
|
Designation : |
Director |
|
Date of Appointment : |
15.06.2005 |
|
Other Directorship: |
|
|
|
|
|
Name : |
Dr. B. Bohr |
|
Designation : |
Director |
|
Other Directorship: |
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|
|
|
|
Name : |
Mr. B. Muthuraman |
|
Designation : |
Director |
|
Other Directorship: |
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|
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|
Name : |
Mrs. Renu. S. Karnad |
|
Designation : |
Director |
|
Other Directorship: |
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|
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|
Name : |
Mr. Prasad Chandran |
|
Designation : |
Director |
|
Other Directorship: |
|
|
|
|
|
Name : |
Dr. Manfred Duernholz |
|
Designation : |
Joint
Managing Director |
|
Other Directorship: |
MICO
Trading Private Limited |
|
|
|
|
Name : |
Mr. V. K. Viswanathan |
|
Designation : |
Managing Director |
|
Other Directorship: |
|
|
|
|
|
Name : |
Mr. Soumitra Bhattacharya |
|
Designation : |
Alternate Director |
KEY EXECUTIVES
|
Name : |
Mr. A Vijay Shankar |
|
Designation : |
Company Secretary ( From 02.04.2009) |
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|
|
|
Committees : |
|
|
Audit
Committee : |
·
Ms. Renu S. Karnad,
Chairperson
·
Dr. A. Hieronimus ·
Mr. B.
Steinruecke ·
Mr. B.
Muthuraman · Mr. Prasad Chandran |
|
|
|
|
Shareholders’/Investors’
Grievance Committee : |
·
Mr. B. Steinruecke,
Chairperson ·
Ms. Renu S. Karnad ·
Dr. A. Hieronimus ·
V. K. Viswanathan · Mr. Prasad Chandran |
|
|
|
|
Remuneration
Committee : |
·
Dr. A. Hieronimus ·
Mr. B. Muthuraman ·
Mr. B. Steinruecke · Mr. Prasad Chandran |
|
|
|
|
Investment
Committee : |
·
Mr. B. Muthuraman ·
Ms. Renu S. Karnad ·
Dr. Manfred
Duernholz ·
Mr. V. K.
Viswanathan · Soumitra Bhattacharya |
|
|
|
|
Property
Committee : |
·
Dr. A. Hieronimus ·
Ms. Renu S. Karnad ·
Mr. V. K.
Viswanathan · Dr. Manfred Duernholz |
|
|
|
|
Share Transfer
Committee : |
·
Mr. B. Muthuraman ·
Mr. B. Steinruecke ·
Mr. Prasad Chandran · Mr. V. K. Viswanathan |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
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 |
|
|
|
|
|
|
|
|
758577 |
2.42 |
|
|
10747 |
0.03 |
|
|
2876857 |
9.16 |
|
|
2171135 |
6.91 |
|
|
5817316 |
18.53 |
|
|
|
|
|
|
865926 |
2.76 |
|
|
|
|
|
|
1845363 |
5.88 |
|
|
423650 |
1.35 |
|
|
97225 |
0.31 |
|
|
91695 |
0.29 |
|
|
1000 |
0.00 |
|
|
100 |
0.00 |
|
|
4430 |
0.01 |
|
|
3232164 |
10.29 |
|
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 |
0000 |
0.00 |
|
|
0000 |
0.00 |
|
|
0000 |
0.00 |
|
|
0000 |
0.00 |
|
Total (A)+(B)+(C) |
31398900 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automobile Equipment and Machinery. |
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Products : |
|
PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Fuel Injection Equipment |
Pcs. |
6114 |
4325 |
|
Injectors, Nozzles and Nozzle Holders |
Pcs. |
25750 |
23770 |
|
Auto Electricals |
Pcs. |
3436 |
2078 |
|
Portable Electric Power Tools |
Pcs. |
594 |
427 |
|
Spark Plugs |
Pcs. |
32900 |
32836 |
|
Special Purpose Engines |
Nos. |
146 |
118 |
|
Packaging Machines |
Nos. |
260 |
206 |
|
Spares & Components |
Pcs. |
31903 |
26109 |
NOTES:
- Installed capacity is as certified by
the management and relied upon by the
auditors without verification as this is a technical matter
- A part of installed capacity of spares
and components is used as OE fitment in Fuel Injection Equipments.
GENERAL INFORMATION
|
No. of Employees : |
12232 (Approximately) |
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Bankers : |
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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 560008, Karnataka, India |
|
|
|
|
Holding Company : |
Robert Bosch GmbH, |
|
|
|
|
Fellow Subsidiaries : |
|
|
|
|
|
Subsidiary Company : |
MICO Trading Private Limited, |
|
|
|
|
Joint Venture : |
MHB Filters India Private Limited, |
|
|
|
|
Other entity under the control of the company : |
BOSCH |
CAPITAL STRUCTURE
(AS ON 31.12.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38051460 |
Equity Share |
Rs.10/- each |
Rs. 380.515 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38051460 |
Equity Share |
Rs.10/- each |
Rs. 380.515 Millions |
|
|
Less: Equity shares bought back |
|
Rs. 66.525
Millions |
|
|
Total |
|
Rs. 313.989 Millions |
Note:
1. 22,349,420 Equity
shares are held by Robert Bosch GmbH (Federal Republic of Germany), the holding
company.
2. 3,469,558 Equity shares of Rs. 100 each were
allotted as bonus shares by capitalisation of reserves and 48,000 Equity sares of ` 100 each were allotted
pursuant to a contract for consideration other than cash.
3. 600,000 Equity
shares of Rs. 100 each were bought back in the years 2000, 2001 and 2002 under
Section 77A of the Companies Act, 1956 and Securities Exchange Board of India
(Buy Back of Securities) Regulations, 1998.
4. The Company's
Equity shares of Rs. 100 each were sub-divided into Equity shares of ` 10 each
with effect from July 16, 2004.
5. 652,560 Equity
shares of Rs. 10 each were bought back in the year 2008 and 2009 under Section
77A of the Companies Act, 1956 and Securities Exchange Board of India (Buy Back
of Securities) Regulations, 1998.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
313.989 |
313.989 |
313.989 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
46970.361 |
40666.425 |
33538.292 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
47284.350 |
40980.414 |
33852.281 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
181.095 |
30.435 |
284.130 |
|
|
2] Unsecured Loans |
2890.325 |
2733.454 |
2559.004 |
|
|
TOTAL BORROWING |
3071.420 |
2763.889 |
2843.134 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
50355.770 |
43744.303 |
36695.415 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
6200.914 |
4359.884 |
5132.663 |
|
|
Capital work-in-progress |
4406.644 |
2242.165 |
996.664 |
|
|
|
|
|
|
|
|
INVESTMENT |
16063.646 |
16073.030 |
14176.119 |
|
|
DEFERREX TAX ASSETS |
2276.000 |
2182.000 |
2014.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
11830.574
|
8092.812
|
5511.801
|
|
|
Sundry Debtors |
9492.112
|
7209.659
|
5833.279
|
|
|
Cash & Bank Balances |
9514.538
|
13258.674
|
10677.700
|
|
|
Other Current Assets |
503.094
|
589.214
|
460.049
|
|
|
Loans & Advances |
11022.277
|
8370.506
|
5096.084
|
|
Total
Current Assets |
42362.595
|
37520.865
|
27578.913
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
11772.892
|
9931.129
|
6151.198
|
|
|
Other Current Liabilities |
3498.430
|
3439.389
|
2394.126
|
|
|
Provisions |
5682.707
|
5263.123
|
4657.620
|
|
Total
Current Liabilities |
20954.029
|
18633.641
|
13202.944
|
|
|
Net Current Assets |
21408.566
|
18887.224
|
14375.969
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
50355.770 |
43744.303 |
36695.415 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
79294.704 |
66305.034 |
47497.740 |
|
|
|
Income from Services |
677.136 |
512.449 |
597.535 |
|
|
|
Interest |
1842.460 |
1144.279 |
1305.510 |
|
|
|
Other Income |
2977.884 |
2892.518 |
3395.041 |
|
|
|
TOTAL (A) |
84792.184 |
70854.280 |
52795.826 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods Sold |
44435.621 |
35984.153 |
25506.698 |
|
|
|
Operating Expenses |
22747.463 |
20644.209 |
16474.305 |
|
|
|
Expenses Capitalised |
(709.158) |
(341.645) |
(155.661) |
|
|
|
TOTAL (B) |
66473.926 |
56286.717 |
41825.342 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
18318.258 |
14567.563 |
10970.484 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
18318.258 |
14567.563 |
10970.484 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2578.404 |
2539.651 |
3036.330 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
15739.854 |
12027.912 |
7934.154 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4514.270 |
3438.862 |
2027.686 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
11225.584 |
8589.050 |
5906.468 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6668.829 |
3291.319 |
3013.863 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Capital Redemption Reserve |
0.000 |
0.000 |
6.260 |
|
|
|
Capital Reserve |
0.000 |
0.623 |
35.372 |
|
|
|
Proposed Dividend |
1569.945 |
1255.956 |
941.967 |
|
|
|
Interim Dividend |
2668.907 |
0.000 |
0.000 |
|
|
|
Tax on Proposed Dividend |
254.684 |
208.599 |
160.087 |
|
|
|
Tax on Interim Dividend |
432.963 |
0.000 |
0.000 |
|
|
|
Reversal of Proposed Dividend |
(4.851) |
(0.638) |
(14.674) |
|
|
|
General Reserve |
5000.000 |
3750.000 |
4500.000 |
|
|
BALANCE CARRIED
TO THE B/S |
7972.765 |
6668.829 |
3291.319 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
10344.144 |
8460.718 |
5854.591 |
|
|
|
Other Earnings |
457.192 |
388.630 |
732.326 |
|
|
TOTAL EARNINGS |
10801.336 |
8849.348 |
6586.917 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
12325.544 |
9225.116 |
6111.857 |
|
|
|
Stores & Spares |
1022.018 |
884.309 |
560.930 |
|
|
|
Capital Goods |
2432.841 |
905.925 |
630.282 |
|
|
|
Others |
12171.720 |
10230.350 |
6242.279 |
|
|
TOTAL IMPORTS |
27952.123 |
21245.700 |
13545.348 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
358.00 |
274.00 |
187.00 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2012 1st Quarter |
30.06.2012 2nd Quarter |
30.09.2012 3rd Quarter |
31.12.2012 4th Quarter |
31.03.2013 5th Quarter |
|
Type |
UnAudited |
UnAudited |
UnAudited |
UnAudited |
UnAudited |
|
Sales Turnover |
22950.400 |
21738.600 |
20516.700 |
21318.000 |
22074.500 |
|
Total Expenditure |
18175.100 |
18448.700 |
17784.600 |
18656.600 |
18255.200 |
|
PBIDT (Excl
OI) |
4775.300 |
3289.900 |
2732.100 |
2661.400 |
3819.300 |
|
Other Income |
668.500 |
890.100 |
1035.900 |
1133.000 |
893.000 |
|
Operating
Profit |
5443.800 |
4180.000 |
3768.000 |
3794.400 |
4712.300 |
|
Interest |
0.000 |
0.500 |
0.700 |
54.000 |
2.900 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
5443.800 |
4179.500 |
3767.300 |
3740.400 |
4709.400 |
|
Depreciation |
640.600 |
760.500 |
976.700 |
1291.500 |
842.300 |
|
Profit
Before Tax |
4803.200 |
3419.000 |
2790.600 |
2448.900 |
3867.100 |
|
Tax |
1445.000 |
944.400 |
762.200 |
728.400 |
1269.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
3358.200 |
2474.600 |
2028.400 |
1720.500 |
2597.700 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
3358.200 |
2474.600 |
2028.400 |
1720.500 |
2597.700 |
|
PARTICULARS |
30.06.2012 1st Quarter |
30.09.2012 2nd Quarter |
31.12.2012 3rd Quarter |
|
Type |
UnAudited |
UnAudited |
UnAudited |
|
Sales Turnover |
21738.600 |
20516.700 |
21318.000 |
|
Total Expenditure |
18448.700 |
17784.600 |
18656.600 |
|
PBIDT (Excl
OI) |
3289.900 |
2732.100 |
2661.400 |
|
Other Income |
890.100 |
1035.900 |
1133.000 |
|
Operating
Profit |
4180.000 |
3768.000 |
3794.400 |
|
Interest |
0.500 |
0.700 |
54.000 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
4179.500 |
3767.300 |
3740.400 |
|
Depreciation |
760.500 |
976.700 |
1291.500 |
|
Profit
Before Tax |
3419.000 |
2790.600 |
2448.900 |
|
Tax |
944.400 |
762.200 |
728.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
2474.600 |
2028.400 |
1720.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
2474.600 |
2028.400 |
1720.500 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2011 |
31.12.2010 |
31.12.2009 |
|
PAT / Total Income |
(%) |
13.24
|
12.12
|
11.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.85
|
18.14
|
16.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.96
|
28.72
|
24.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.29
|
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.51
|
0.52
|
0.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.02
|
2.01
|
2.09 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
---------------------- |
|
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 |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
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 |
No |
FINANCIAL RESULTS
Net sales for the
year 2011 grew by 19.6%. The Profit Before Tax (PBT) in 2011 as a percentage of
net sales was at 19.8% as compared to 18.1% in 2010. The Profit After Tax (PAT)
as a percentage of net sales was 14.1% in 2011 as against 13.0% in 2010.
Material costs as a percentage to sales increased to 56% in 2011 as compared to
54.3% in 2010. Overall, the Profit before Interest, Depreciation and Taxes, for
the year shows an increase of 22.7% over the previous year.
INVESTMENTS
Capital investment during 2011 was higher than previous year, at
Rs.6587.000 Millions as against Rs.3021.000 Millions in 2010.
BUSINESS SITUATION
The automotive
market was upbeat in the first half of the year 2011, continuing the growth
momentum from the previous year. However, poor market sentiments, increased
food and fuel prices and interest rates took their toll, what with the sale of
passenger cars in October 2011 falling to the lowest in two years forcing the
industry to slash forward looking forecasts. The widening price differential
between petrol and diesel has further favoured the demand for diesel cars. This
notwithstanding, OEMs continued to launch new models in all market segments
especially passenger cars. Overall, the automotive sector was able to sustain
double digit growth aided by a solid performance in the first half of the year
2011 and partially aided by stable rural demand.
Segment-wise, the
commercial vehicle sector leads the pack with a strong 22% growth in 2011 over
the previous year. Within this, Light Commercial Vehicle (LCV) segment grew by
30% driven by robust demand for sub 3.5 ton LCVs. Tractor segment continued to
grow strongly with a 24% growth over 2010 backed by a bumper agricultural
output. Two Wheeler and Three Wheeler segments registered a growth of 18% and
15% respectively.
In view of the
above scenario, the Company outperformed expectations with sales from the
automotive segment growing by 19.1% and exports breaking previously achieved
and clocking the best ever performance at 10,344 mio. with a growth of 22.3%
over 2010.
Their
non-automotive business grew by 28.5% in 2011 as compared to 2010. This growth
is mainly attributed to strong performance in the Power Tools, Packaging and
AUTOMOTIVE
TECHNOLOGY
Diesel Systems
business grew by 19.2% in the year 2011 despite the ups and downs witnessed by
the automotive market in 2011. The Diesel Systems business continued to drive
focused innovation on the value line Common Rail System (CRS) for Light
Commercial Vehicles as also simplification of the CRS for small engines to
create value propositions for their customers. These value offerings have
helped the Company bag significant orders from key OEMs amidst stiff
competition. The growth would have been much higher for the Diesel Systems
business, but for the sluggishness experienced in the second half of the year
mainly in the passenger car segment which grew by just 7% over previous year.
Within this, there was a clear shift in the market from Gasoline to Diesel
passenger cars owing to the high price differential between the two fuels.
Gasoline Systems
business suffered a slowdown in 2011 and posted a de-growth of 6.4% due to
reduction in passenger car sales consequent to gasoline price increase. The
division introduced the first 2 Wheeler Engine Management Systems (
Starter Motors and
Generators business witnessed a strong growth of 63.1% in the year 2011 powered
by New Base Line Generators both in the domestic and export market. The
division also achieved overall productivity improvement over previous year.
In the year 2011,
the division introduced “Thermal Protected Starters” for Commercial Vehicle
applications, which is an Indian platform project going global. The division
added renowned global OEMs to its portfolio of customers like Renault,
Volkswagen and Ford in 2011. The division bagged “Best Supplier” award from the
customer JCB India for delivery and quality.
The Automotive
Aftermarket division registered an impressive growth of 15.2% in the year 2011.
This continuous growth over the years is made possible owing to the division’s
expanded footprint in the market through roll-out of new concepts/ modules such
as Express Bike Service (EBS), Tractor Points(TP) as well as extension of
existing service networks at both 1st and 2nd Trade Level. The IT
tools and systems (e.g. Efocus, FR Portal {for Field Representatives}) were
also introduced for better sales and dealer management. Customer binding and
brand building initiatives further boosted their market competitiveness.
Infrastructure projects including new sales offices and warehouses successfully
completed in the year 2011, for better customer responsiveness.
The OE filters,
spark plugs and OE service blocks recorded highest ever sales and acquired new
customers. New products from the Diagnostics Centre of Competence were
successfully launched in line with 'local-for-local' strategy. With one new
part number released per working day, the market coverage of all the Company’s
products further increased across vehicle segments.
INDUSTRIAL
TECHNOLOGY PACKAGING TECHNOLOGY (VERNA
(
The year 2011 was
the most defining year for the Packaging Technology division as it achieved the
highest turnover with 40% growth over 2010. At the end of the first quarter of 2011,
the division bagged the single largest export order for a record number of 60
machines. This project was successfully executed and the machines delivered
within the time frame.
The division
expanded its product portfolio with the development of a low cost candy
wrapping machine. This machine was also exhibited at Interpack,
The division
continued its success with the horizontal form fill and seal machines bagging
orders from some of the most prestigious customers in
The year 2011 was
also the year the division took up construction activities for its new Plant.
The enhanced capacity will provide the division with the right platform to
scale higher growth levels.
INDUSTRIAL
EQUIPMENT
The Industrial
Equipment division registered a good growth of 53.1% in the year 2011. Business
with the Company's customers grew by 23% in a highly competitive market.
New and
prestigious customers from the Auto and Electrical equipment sectors were added
to the Company's customer list. The division witnessed a substantial growth in
Tool Room activities during the year 2011. Exports to
CONSUMER GOODS AND
BUILDING TECHNOLOGY POWER TOOLS
The Power Tools
division achieved an impressive growth of 22% in the year 2011 making ‘PT
India’ one of the few countries to register a consistently strong growth in the
last 4 years.
In 2011, the
division launched its new state-of-theart training center in
Also launched in
the year was the Fischer Exclusive Store at Kolkata to provide anchoring
solutions to meet the growing demand in the region. The division inaugurated
‘Bosch System Specialist’ stores in nine cities across the country including
one at
The division
continued to supply tightening and pneumatic system solutions to major
automotive OEMs such as Volkswagen, General Motors, BMW and Mercedes Benz in
SECURITY
TECHNOLOGY
The Security Technology
division achieved 18.4% growth in the year 2011 compared to 2010. The division
launched its distribution business for Video System Products under the Brand
name of ‘Advantage Line’. It established a new business –'Engineering Solutions
and Software', catering to large integrated projects.
There were
numerous key projects for the year 2011. To mention a few – a prominent racing
circuit, various state assemblies, a major airport, steel plant and power
plant. The division participated in IFSEC 2011, lauded as one of the most
important trade exhibitions for Commercial and Homeland Security. A full range
of security, safety, and communications products from Bosch were showcased at
this important platform.
SOLAR ENERGY
In the year 2011,
the Solar Energy division launched solar energy products and services in
THERMO TECHNOLOGY
The Thermo Technology
division started its activities in 2011. It ventured into sales and service of
industrial boilers coming from
PLANTS
Bangalore Plant
attained the highest production level in all its products viz., Inline Pumps,
Elements, Delivery Valves, Common Rail Pumps, Glow Plugs and Single Cylinder
Pumps in the year 2011. The Plant invested `185 mio. in 2011 towards expansion
projects for meeting increased demand for the products manufactured. A
milestone of producing 1 million ‘Common Rail Pumps’ and 15 million ‘A pumps’
was reached in the year 2011. After being awarded the CII-Exim Bank award for
Business Excellence at the national level in the year 2009, the Bangalore Plant
sustained and further improved on living business excellence through the
assessment carried out internally.
Nashik
During the year
2011, the Nashik Plant achieved the highest production levels of Nozzle holder
assembly, DSLA Nozzle and Common Rail Injectors. The Plant manufactured the 100
mio. NHA-Injector, which was a new milestone achieved. To keep pace with the
growing demand, the Plant made an investment of `2,715 mio. in its production
facilities.
The Plant was
honored with CII-EXIM Bank’s ‘Commendation for Significant Achievements in
Business Excellence’ for the year 2011 as well as the ‘Golden Peacock
Environment Management Award’ from the Maharashtra State Government.
Jaipur
In 2011, the
Jaipur Plant achieved its highest production since its inception in the year
1999. The Plant realized the highest ever single investment of 753 mio. towards
enhancing the capacities and further expansion.
The year 2011 has
also been a year of awards and accolades for the Plant. It received the Best
Supplier Award from Tata Cummins, Supply Linearity Award from Ashok Leyland,
the National Award for Excellence in Water Management by CII and the Best Employer
Certificate by the Rajasthan Government.
Naganathapura
In the year 2011,
substantial ramp ups in New Base Line generator and Hx Starter business were
resorted to by the Plant. The Plant achieved a record production of 32 mio.
units of Spark Plugs in the year 2011.
Lean Concepts were
implemented vigorously in the Plant. Energy conservation measures were put in
place during the year. The Plant maintained cordial Industrial relations and
the employees of the Plant worked as a team towards achieving better results.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
A. ECONOMIC
OVERVIEW
Global growth
prospects dimmed and risks sharply escalated during the fourth quarter of 2011,
as the euro zone crisis entered a perilous new phase. The global economy growth
for 2010 and 2011 was 5.2% and 3.8% respectively. Forecasted growth for 2012
and 2013 is 3.3% and 3.9% respectively. Growth in emerging and developing
economies is also expected to be slow due to worsening external environment and
a weakening of internal demand. The emerging and developing economies growth
for 2010 and 2011 was 7.3% and 6.2% respectively. Forecasted growth for 2012
and 2013 is 5.4% and 5.9% respectively. (Source: IMF)
Growth in
Inflation, rupee
depreciation, high commodity prices and hardening interest rates remain key challenges
needing focused attention.
B. INDUSTRY
STRUCTURE AND DEVELOPMENT
The automotive
market was buoyant in the first half of the year 2011, continuing the growth
saga of previous year 2010. In second half there was a decline in growth due to
poor market sentiments, high fuel prices and high inflation leading to costlier
loans.
Indian Automotive Industry witnessed an
overall growth of 14% in 2011 over and above the high growth achieved in 2010.
The first half of 2011 witnessed a healthy growth of 22% and the second half
witnessed reduction in growth to 6%.
Across segments, LCV leads the pack by growing
strongly at 30% in the year 2011 driven by retail sector growth and robust
demand for sub 3.5tonne LCVs. Growth rate for first half and second half was
26% and 35% respectively in 2011 in comparison with 2010.
The growth in HCV
segment for the first and second half of 2011 was 14% and 11% respectively in
comparison with 2010.
Growth in the Passenger
Cars and Utility Vehicle segment was 22% in the first half of 2011 and a
negative growth of 3% in the second half of 2011 compared to 2010. The widening
price differential between petrol and diesel had distorted the demand in this
segment with Diesel share in Passenger cars and Utility Vehicles increasing to
37% in 2011 against 30% in 2010.
The Tractor
segment continued to grow steadily with a 24% growth over 2010 backed by bumper
agricultural produce registering 27% and 22% growths in first half and second
half respectively.
The growth in the
3 wheeler segment for first half and second half were 22% and 10% respectively
in the current year 2011 in comparison with previous year 2010.
OPERATIONAL
HIGHLIGHTS
The Company
witnessed a good growth of 19.6% YoY in sales for the current year 2011. This
is over and above the phenomenal growth in sales achieved in 2010.
The profit before
tax for the year grew by 30.9% YoY. The Company was able to achieve an increase
of 170 basis points in terms of profit before tax percentage and stood at
19.8%, in-spite of challenging environment.
The Automotive
Aftermarket business has registered a double digit growth for the sixth
consecutive year. It grew by 15.2%. The growth was driven primarily by domestic
spare market.
Diesel system
business grew by 19.2%. The Diesel Systems business continued to drive focused
innovation on the value line CRS (for Light Commercial Vehicles) and the
simplification of the CRS1-14 (for small engines). This was achieved through capacity
expansion at Nashik and Bangalore Plant.
Starter Motor and
Generator business witnessed a growth of 63.1% over previous year. The robust
growth primarily driven by New Base Line Generator both in domestic and export
market.
Packaging
Technology system business grew by 40.0%. The growth was driven primarily by
demand from a single largest export order. All machines were delivered in time
through process improvements at the division.
Security
Technology business grew by 18.4%. New projects received by the division in
2011 contributed for growth.
Power Tools
business registered a growth of 22.0% with high contributions from its major
business segments like Power Tools, Accessories, Spares, Fischer Fixings, etc.
Power Tools
business also increased its market share in a competitive environment and
received 'Diamond Award' for consecutive years of double digit growth at the
Bosch Power Tools World Convention (WoCo) 2012 in
New Division
“Solar Energy” and “Thermo Technology” launched their Product and Services in
2011.
OUTLOOK
The Primary
outlook for 2012 shows a moderate growth of around 10% mainly due to continued
poor market sentiments coupled with high interest rates and global economic
concerns. The slow down seen in second half of 2011 is likely to continue into
the first half of 2012 also. Slow growth is mainly attributed by poor market
sentiment, high level of inflation leading to higher interest rates, external
conditions, and dampened investment demand and rupee depreciation. Growth
outlook will depend on global conditions and domestic policy reforms.
Government
spending on infrastructure projects is likely to continue at a similar pace
with more focus on urban transportation, major highway projects and electricity
generation, both with conventional and non-conventional sources. Increased per
capita income, increased liquid fund in market, higher discretionary spending,
growing aspirations of the Indian middle class, growth of retail credit are the
other key drivers of the economy this year.
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
31.12.2011 |
31.12.2010 |
|
(a) Claims against the Company not acknowledged as debts: |
|
|
|
(i) Excise / Customs |
|
|
|
Net of tax |
0.235 |
0.235 |
|
Gross |
0.352 |
0.352 |
|
(ii) Trade Demands |
|
|
|
Net of tax |
0.000 |
155.603 |
|
Gross |
0.000 |
233.000 |
|
(b) Guarantees given by Banks on behalf of the Company |
215.692 |
256.380 |
|
(c) Bills Discounted not matured |
650.363 |
845.620 |
|
(d) Certain industrial disputes are pending before various judicial authorities - amounts not ascertainable. |
|
|
STATEMENT OF
UNAUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED SEPTEMBER 30, 2012
(Rs. in millions)
|
|
Three months ended |
Preceding three months ended |
Nine months ended |
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
Particulars |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1. Income from
operations |
|
|
|
|
a. Net sales and income from operations (Net of excise duty) |
20303.000 |
21572.200 |
64550.600 |
|
b. Other operating income |
213.700 |
166.400 |
656.100 |
|
Total income from
operations (net) |
20516.700 |
21738.600 |
65206.700 |
|
2. Expenses |
|
|
|
|
a. Cost of materials consumed |
6146.400 |
7759.500 |
21359.800 |
|
b. Purchase of stock-in-trade |
4592.300 |
4954.100 |
14803.900 |
|
c. (Increase/decrease in finished goods, work-in-progress and stock-in-trade |
997.500 |
(312.700) |
512.000 |
|
d. Employee benefits expense |
2471.800 |
2475.300 |
7438.000 |
|
e. Depreciation |
976.700 |
760.500 |
2377.800 |
|
f. Other expenses |
3576.600 |
3559.000 |
10261.500 |
|
Total expenses |
18761.300 |
19195.700 |
56753.000 |
|
3. Profit from
operations before other income, finance costs and exceptional items (1-2) |
1755.400 |
2542.900 |
8453.700 |
|
4. Other income |
1035.900 |
876.600 |
2559.300 |
|
5. Profit from
ordinary activities before finance costs
and exceptional items (3+4) |
2791.300 |
3419.500 |
11013.000 |
|
6. Finance costs |
0.700 |
0.500 |
1.200 |
|
7. Profit from
ordinary activities after finance costs
but before exceptional items (5-6) |
2790.600 |
3419.000 |
11011.800 |
|
8. Exceptional items |
- |
|
|
|
9. Profit from
ordinary activities before tax (7-8) |
2790.600 |
3419.000 |
11011.800 |
|
10. Tax expense |
762.200 |
944.400 |
3150.600 |
|
11. Net profit from ordinary activities after tax (9-10) |
2028.400 |
2474.600 |
7861.200 |
|
12. Extraordinary item (net of tax expense Nil) |
- |
|
|
|
13. Net profit for the period (11-12) |
2028.400 |
2474.600 |
7861.200 |
|
14. Paid-up equity share capital (Face value of Rs.10/- each) |
314.000 |
314.000 |
314.000 |
|
15. Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16. Earnings per share (of Rs.10/- each) (not annualised) |
|
|
|
|
Basic and Diluted (Rs.) |
64.60 |
78.80 |
250.40 |
|
|
|
|
|
|
A. PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public shareholding |
|
|
|
|
- Number of shares |
9,049,480 |
9,049,480 |
9,049,480 |
|
- Percentage of shareholding |
28.82 |
28.82 |
28.82 |
|
2. Promoters and promoter group shareholding |
|
|
|
|
(a) Pledged/ Encumbered |
|
|
|
|
- Number of shares |
- |
-- |
-- |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of shares (as a % of the total share capital of the Company) |
-- |
-- |
-- |
|
(b) Non-encumbered |
|
|
|
|
- Number of shares |
22,349,420 |
22,349,420 |
22,349,420 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100 |
100 |
100 |
|
- Percentage of shares (as a % of the total share capital of the Company) |
71.18 |
71.18 |
71.18 |
|
|
|
|
|
|
B. INVESTOR
COMPLAINTS |
Three months ended |
|
|
|
|
30.09.2012 |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Received during the quarter |
1 |
|
|
|
Disposed of during the quarter |
1 |
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
|
|
SEGMENT-WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED, UNDER CLAUSE 41 OF THE LISTING AGREEMENT
(Rs. in millions)
|
Particular |
Three months ended |
Preceding three months ended |
Nine months ended |
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Segment Revenue |
|
|
|
|
- Automotive products |
181,266 |
192,198 |
574,209 |
|
- Others |
22,662 |
24,449 |
74,888 |
|
Total segment revenue |
203,928 |
216,647 |
649,097 |
|
Less: Intersegment revenue |
898 |
925 |
3,591 |
|
Net sales and income from operations |
203,030 |
215,722 |
645,506 |
|
Segment Results |
|
|
|
|
Automotive products |
20,824 |
27,568 |
90,709 |
|
Others |
1,528 |
794 |
5,026 |
|
Total segment results |
22,352 |
28,362 |
95,735 |
|
Less: Finance costs |
7 |
5 |
12 |
|
Less : Unallocable expenses/ (income) - Net |
(5,561) |
(5,833) |
(14,395) |
|
Total profit before tax |
27,906 |
34,190 |
110,118 |
|
Segment Capital Employed |
|
|
|
|
Automotive products |
189,181 |
178,532 |
189,181 |
|
Others |
23,003 |
22,138 |
23,003 |
|
Total segment capital employed |
212,184 |
200,670 |
212,184 |
|
Unallocated corporate assets less |
|
|
|
|
corporate liabilities |
349,832 |
341,062 |
349,832 |
|
Total capital employed in company |
562,016 |
541,732 |
562,016 |
NOTES:
1. The above results were reviewed by the Audit Committee and approved by the Committee of Board of Directors at its meeting held on November 6, 2012. These results have been subjected to Limited Review by the Statutory Auditors of the Company.
2. Tax expense includes: Rs. In Millions
i) Current tax 850.000 1027.000 1231.000 3418.000 3757.000 4709.000
ii) Deferred tax charge/(credit) (87.800) (82.600) (50.300) (240.000) (29.900) (94.000)
iii) Tax adjustments relating to earlier years - - (3.800) (27.400) (30.100) (101.700)
3. Previous year's/period's figures have been regrouped/recast, wherever necessary, to conform to current year/period classification.
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
AS PER WEBSITE DETAILS
PROFILE
Founded in 1951, Subject is India’s largest automotive component manufacturer
and also one of the largest Indo – German companies in India. The company
generated net Sales and income from operations of Rs. 80179.000 Millions in
2011, a growth of 19.7% over 2010. Subject is also the flagship of the Bosch
Group companies in India. The Bosch Group holds 71.18% stake in Bosch Limited
and has planned a sizeable investment to introduce and manufacture world-class
technology for the Indian market.
With a network spanning across 1,000 towns and with over 5,000
authorized representatives, Subject facilitates superior product availability
and after-sales services countrywide, in alignment with the global Bosch
structure. The company is headquartered in
MILESTONES
1951
Establishment of the Company as Motor Industries Company Limited (Mico)
1953
Construction of the first factory building at Bangalore
1954
Manufacture of spark plugs, single-cylinder diesel fuel injection pumps and nozzle-holders
1956
Manufacture of multi-cylinder diesel fuel injection pumps
1972
Manufacture of nozzles and nozzle-holders at Nashik Pilot Plant
1974
Production begins at Nashik Plant
1981
Manufacture of special purpose machines and tools
1986
Manufacture of VE Distributor pumps
1989
- Manufacture of hydraulic products
- Manufacture of auto electricals
1990
Inauguration of Naganathapura Plant
1991
- Mico becomes the Bosch Global Development Center for single-cylinder diesel fuel injection pumps
- Mico represents Bosch for imported automotive aftermarket products, automotive workshop test equipment and hydraulics and pneumatics
- Mico establishes purchase office for Bosch
1992
- Marketing of automotive accessories
- ISO 9001 certification for all the three Plants
1993
Manufacture of Bosch electric power tools
1994
Manufacture of packaging machines
1995
Bosch Ltd. becomes the Bosch Global Development Center for a range of multi-cylinder diesel fuel injection pumps
1996
Launch of Blaupunkt car audio systems
1997
QS 9000 certification for Bangalore, Nashik and Naganathapura Plants
1998
Production of 20-millionth single cylinder pump
1999
Inauguration of Jaipur Plant Manufacture of Blaupunkt car audio systems in India
2000
- Inauguration of Mico Application Center (MAC)
- Bangalore plant adjudged "All-India Best Establishment" for the 25th time
- Manufacture of one-millionth auto electrical unit at Naganathapura Plant
- Production of 50,000 VE pumps at Jaipur Plant QS 9000 certification for Jaipur Plant
2001
Launch of Terra-25 packaging machine
2002
- Production of 25-millionth single-cylinder pump
- Launch of indigenously developed marble and granite cutter
- Launch of first Bosch Car Service outlet
- Bosch Ltd. enters into Communication, Security and Imaging business
- ISO 9001:2000 certification for industrial equipment, packaging technology and power tools divisions
- ISO 14001 (Environmental Management System) certification for Bangalore Plant
2003
- Production of 10-millionth Inline-A pump
- Launch of Bosch Security Systems
- TS16949 certification for all Bosch Ltd. Plants
- ISO 9001:2000 certification for car multimedia division
- Blaupunkt crosses the 100,000 mark of car radios that have been sold since its inception
2004
- Bosch announces an investment of Rs. 1,000 Crores in India over the next 4 years
- ISO 14001:1996 certification for Environmental Management System for all the plants
- Launch of BVK2000A - world's fastest candy wrapping machine
- Launch of Terra 40 packaging machine
- Introduction of capsule packaging (to address counterfeit) as an anti-spurious measure for elements, nozzles and delivery valves
- Bosch Car Service network expands to 50 centres Launch of 'Plena Voice Alarm System' by Bosch Security Systems for application in emergency evacuation
2005
- Start of the Gasoline Systems business at Bosch Ltd.
- Production of 30 millionth single-cylinder PF pump
- First locally applied Common Rail fitted vehicle launched
2006
- Launch of Bosch brand at Auto Expo 2006
- Inauguration of the Common Rail Pump manufacturing facility at Bangalore
2007
- Inauguration of the Common Rail Injector manufacturing facility at Nashik
- Verna, Goa Plant inaugurated for Bosch Packaging Technology
- Announcement to change companys' name from Motor Industries Company Limited to Bosch Limited. Thus migrating the brand name MICO to BOSCH
2008
Company name changed from Motor Industries Company Limited to Bosch Limited.
2009
- Won NDTV Car and Bike Award for "Auto Component Manufacturer of the Year".
- Total number of gold medals won by Bosch Apprentices reached a record of 170 and Bosch Vocational Centre was declared the 'Best Establishment" for the 38th time.
2010
Launch of A4000 Pump meeting BS3 norms of Commercial Vehicles in India.
2011
Boschcelebratedits125th anniversary.
PRESS RELEASE:
May
07, 2012
BOSCH LIMITED REGISTERS 10 % GROWTH IN THE FIRST QUARTER OF 2012
- Net sales and income from operations at Rs. 2, 2675.000 Millions, a growth
of 10 % over first quarter of 2011
- Diesel Systems witnesses lower growth of 3.8 %
- Starter and Generator sees robust growth of 75%
- Packaging division grew by 62 %, on higher export orders
May 07, 2012: Bosch Limited has registered a net sales growth of
10 % in the first quarter of 2012 compared with the same period last year
despite a sluggish economy, a noticeable slowdown in the automotive industry
and continuing challenges in the export market mainly in
Net sales and income from operations stood at Rs. 2,2675.000 Millions in
this quarter; resulting a subdued growth mainly on account of lower sales in
commercial vehicle and tractor segments.
The Diesel Systems business has witnessed relatively lower growth of
3.8% compared to the same period last year due to decline in the tractor market
and de-growth in export market.
The Starter and Generator business posted an impressive growth of 75%.
The introduction of new base line alternators in the second half of 2011
for inland and export customers enabled the division to post higher growth.
The Automotive Aftermarket and Power Tools division have continued with
healthy double digit growth of 13 % and 15 % respectively compared with the
same period last year. The Packaging division has grown by 61% due to higher
export projects executed in this quarter, and Security Technology division
posted a growth of 20 %.
Exports sales registered a slow growth of 3.3% in this period as compared to
same period of 2011, due to weak demand in the European region.
Announcing the
company’s financial results, Mr. V. K. Viswanathan, Managing Director, Bosch
Limited, said “the business conditions are
quite challenging particularly for the auto industry due to varying levels of
performance in different segments. The prediction of normal monsoon combined
with expectation of falling inflation and declining interest rates, give us
reasonable optimism for satisfactory performance of the company in 2012”.
Despite the negative impact of sharp rupee depreciation, Profit before Tax grew
by 19%, compared to same period last year, primarily due to better cost
management and higher treasury income. Profit After Tax at Rs. 3360.000
Millions registered a strong increase of 22.4 % compared to the same period
last year, reflecting another quarter of solid performance.
June 08, 2012
BOSCH LIMITED TO RELOCATE ITS
- Relocation
of existing facility at Adugodi to the Bidadi industrial area will facilitate
future business expansion and growth.
- Relocation to be conducted in two phases during 2012– 2013 and 2015 -
2016.
- Decision in line with guidelines from the State Government
- Employees interest and welfare will be ensured as per Bosch
policy and local laws.
Bangalore June 8, 2012: Bosch Limited, the
leading supplier of technology and services today announced that it will
relocate the manufacturing activities, with related support functions, of its
Bangalore Plant located at Adugodi to Bidadi in two phases from 2012-13 to
2015-16. The company has acquired 97 acres of land in Bidadi for the
construction of the new manufacturing facility and will invest nearly Rs
6000.000 Millions for development of the facility in both phases.
Since its inception in 1953, the
Being a responsible corporate citizen Bosch has also taken this decision to
relocate keeping in view the appeal of the State Government to shift
manufacturing operations to new and futuristic industrial belts developed by
them from the heart of the city in order to de-congest the locality.
The shifting shall happen in two phases. Phase I of shifting involves
plant construction from 2012 to 2013 while production shall begin by the first
quarter of 2014 with transfer of some 1000 employees. Phase I shall see
production of Common Rail Pump, Common Rail and Glow plugs in the new Bidadi
facility. Construction in Phase II will take place from 2015 to 2016.
While production of Inline Pumps, Elements, Delivery Valves,
Conventional and PF Pumps will begin by the first quarter of 2017. With this,
the remaining nearly 3000 employees will relocate to the new location in phase
II.
As a fair and responsible employer, Bosch will also assist shifting employees
to new location in both phases with various forms of support in accordance with
its policy and local laws.
The
The existing Bosch premises at Adugodi will continue to house Bosch
Headquarters in
INFORMATION ON BIDADI
Bidadi is a town situated on the
BOSCH STALL
INAUGURATED AT THE INDO-GERMAN PAVILION IN BANGALORE
- Urban Mela
began with Mumbai in April this year
- Urban Mela to
cover Chennai, Delhi and Pune after Bangalore
June 22, 2012, Bangalore: The Bosch stall was inaugurated today at the
Indo-German Pavilion in Bangalore today at Palace Ground by Mr. Vijay
Ratnaparkhe, President and Managing Director, Robert Bosch Engineering and
Business Solutions Limited, India. The mobile exhibition commemorating
collaborative celebration titled “Germany and India 2011-2012: Infinite
Opportunities” will cover the cities of Chennai, Delhi and Pune after
Bangalore.
The Bosch stall at the Pavilion will showcase solutions from Bosch
“for the cities of the future”. The solutions Bosch has worked on innovations
that have made technology cleaner, safer and more comfortable. Today, nearly
300,000 Bosch associates across the world are carrying on this tradition
through pioneering work across core business segments, and looking forward to a
brighter future driven by innovation. Some of the innovations highlighted at
the exhibition will include E-Mobility – emission free mobility for future,
Renewable Energies – Emission free energy supply from renewable energies,
Energy Solutions – Technologies for safer, cleaner and more efficient energy
supply, Safety and Security – Safeguarding public and private spaces better and
Power Tools – Working on innovations that will build the cities of tomorrow.
Commenting on the occasion, Mr. VK Viswanathan, Managing Director,
Bosch Limited said “We are proud to be a part of such a historical milestone
for India and Germany. The event will help us showcase the path breaking
solutions we have been working on for cities of both countries.”
The Indo-German Pavilion is the centrepiece of the year of Germany
in India. The exhibition has a set of modern multi-purpose exhibitions,
designed especially for the purpose by renowned German artist Markus
Heinsdorff. The concept behind this exhibition space combines design elements
from both countries with state-of-the-art textile technology, thereby creating
a symbiosis of art, architecture and technology. Spread over a period of 10
months, the Indo-German Urban Mela will travel to Chennai, New Delhi and Pune.
The inaugural exhibition had taken place at Mumbai in April this year.
INCREASED LOCALIZATION AND IMPROVED LOGISTICS SUPPORT
15-05-2013
·
New plant aims at product portfolio expansion and future growth in
region
·
Investment of around Rs 350.000 millions
·
Facility built on 40,000 square meters land area
Chennai - Bosch, a leading global supplier of
technology and services in the Automotive Technology space today announced the
inauguration of its new plant at Oragadam, Chennai. Built with an investment of
Rs. 350.000 millions on a total premises area of 40,000 square meters, the
plant with a built-up area of 9000 square meters will replace the previously
rented facility to meet growing demand.
The plant
was officially inaugurated by Mr. Manfred Baden, Executive Vice
President-Sales, Bosch Electrical Drives; Chairman, Bosch Electrical Drives
India Pvt. Ltd at an event presided over by Chief Guest Mr. Seung Hyun Hur,
Executive Director, Procurement Division, Hyundai Motor India Limited and Dr.
Steffen Berns, President, Bosch Group India; Managing Director, Bosch Ltd. The
event was also attended by Mr. Soumitra Bhattacharya, Joint Managing Director,
Bosch Ltd; Mr. Subramanya Ullal, Managing Director, Bosch Electrical Drives
India Pvt. Ltd.; senior company officials, employees and members of press.
“This move to set up our own Bosch Plant in Tamil Nadu, further
underlines our commitment to the Indian automotive market. With the location in
Chennai, we have expanded our presence beyond our existing automotive component
manufacturing sites in Bangalore, Nashik, Chakan and Jaipur. From the new
plant, we will support all Indian automotive customers with our innovative
products from electrical drives” said Dr. Berns
EXPANSION OF PRODUCTION AND PRODUCT PORTFOLIO
The facility in Chennai with its state-of-the-art equipment encompasses design, development and Testing along with scalable production of actuation, thermal and wiper systems for the Indian automotive market. Sharing his views Manfred Baden, said “We want to use our global expertise and experience to provide customized solutions for the Indian market and therefore consolidate our global market position. This new facility is not just a landmark for Bosch Electrical Drives India alone but a landmark for Bosch.”
Adding
further, Mr. Ullal said, “The growing demand is encouraging and we shall strive
to cater to this demand with best in the industry solutions.”
Today, Bosch Electrical Drives India designs, develops and
manufactures window lift drives, engine cooling modules, blower modules, wiper
linkages, arms and blades for various international and local car makers in
India. Till date, Bosch Electrical Drives India has sold over 10 million
components to various international car makers like Hyundai, Ford, General
Motors, Mahindra, Renault, Nissan and VW. With the new facility, Bosch
Electrical drives will increase its present strength of 265 associates by 350
in the next three years.
BOSCH BANGALORE PLANT WORKERS
GO ON STRIKE
Auto component maker Bosch Limited today said workers at its Bangalore plant have gone on a tool down strike from yesterday without prior notice.
"Workmen of the company's Bangalore plant have resorted to an illegal 'Tool
Down' strike w.e.f. end of first shift of March 7, 2013, without giving any
prior notice to the management," the company said in a filing to the BSE.
Without disclosing how much production has been affected, it said:
"Efforts are in hand to resolve the matter with the Union and restore
normalcy at the earliest."
The company's Bangalore plant has a history of workers unrest and in September
2011, the plant was shut down temporarily following strike by workers.
Bosch
Ltd shares were trading at Rs 8,300 in the midday trade, up 0.27 per cent from
the previous close on BSE.
The
strike at Bosch comes on the same day when auto major Mahindra and
Mahindra announced
that the 3-day tool down strike by workers at its Nashik plant has been called
off.
29-04-2013
Net Sales and income from operations fell by 3.4 percent to
Rs. 21900.000 millions over Q1 2012
Sequential growth of 6.5 percent registered from net sales
and income from operations over Q4 2012
PBT declined by 19.5 percent to Rs. 3870.000 millions
Non-Automotive business and Starter Motors and Generators
register significant growth
Bosch continues its capex – Rs.650.000
millions allocated for 2013
Bangalore –
Bosch Limited posted net sales and income from operations of Rs. 21900.000
millions, thus registering a 6.5 percent increase over the previous quarter (Q4
of 2012). Compared with the first quarter of 2012, net sales and income fell by
3.4 percent. Domestic sales of Bosch declined by 2.5 percent compared to the
previous year. Exports fell by 9.5 percent over Q1 2012 due to weak export
markets, especially in Europe.
Profit
before Tax (PBT) at Rs.3870.000 millions decreased by 19.5 percent while the
Profit after Tax (PAT) stood at Rs. 2600.000 millions, resulting in a decline
of 22.7 percent as compared to Q1 2012.
“The
automotive market continued to be weak in most of the sectors, compared to the same
period of the previous year. Although we did better than the automotive market,
partly because of our strong growth in non-automotive business, we could not
completely compensate the negative impact on our top-line. Compared to the last
quarter of 2012, the figures improved,” said Dr. Steffen Berns, Managing
Director, Bosch Limited, announcing the Company’s financial results.
Adding
further, he said, “The higher depreciation provision continues due to our
investments in capital expenditure in the recent past, in order to be prepared
for future expansion and growth. Our measures taken to curtail expenditure have
already seen some positive results. We have been taking adequate steps in
improving operational efficiency and effectively utilizing our manpower by
streamlining our processes and structures. We continue to prepare for future
growth with cautious optimism. However, the next few quarters will remain
challenging.”
The
Starter Motor and Generator Division continued its impressive performance by
registering a growth of 32 percent as compared to the same quarter of 2012. The
Diesel Systems Division remained flat compared to previous quarter.
Non-Automotive businesses such as Power Tools and Security Technology posted
strong growth.
Bosch
Limited continues to see great prospects for the Indian market and has
therefore allocated a sum of Rs. 650.000 millions for investment for the year
2013.
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.55.62 |
|
|
1 |
Rs.84.18 |
|
Euro |
1 |
Rs.71.96 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
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 |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
75 |
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.