MIRA INFORM REPORT

Report Date :

13.05.2014

IDENTIFICATION DETAILS

Name :	BOSCH LIMITED
Formerly Known As :	MOTOR INDUSTRIES COMPANY LIMITED
Registered Office :	Hosur Road, Adugodi, Bangalore – 560030, Karnataka
Country :	India
Financials (as on) :	31.12.2012
Date of Incorporation :	12.11.1951
Com. Reg. No.:	08-000761
Capital Investment / Paid-up Capital :	Rs.314.000 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 Exchanges.
Line of Business :	Manufacturer of Automobile Equipment and Machinery.
No. of Employees :	12232 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

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 223000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established and reputed company having excellent track record. Fundamentals of the company is decent. Financial position of the company is strong and healthy. Trade relation reported to be trustworthy. Business is active. Payment terms are reported to be regular and as per commitment. The company can be considered good for business dealing 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 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

US investment bank Goldman Sachs has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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.

INFORMATION DENIED

MANAGEMENT NON-COOPERATIVE (91-80-22992111)

LOCATIONS

Registered Office :	Hosur Road, Adugodi, Bangalore – 560030, Karnataka, India
Tel. No.:	91-80-22992111/ 22220088/ 22992195/ 22222393
Fax No.:	91-80-22272728
E-Mail :	mico.corporate@in.bosch.com bertling.h@pcm.bosch.de cavale.kr@pcm.bosch.de iyer.bs@in.bosch.com a.vijayashankar@in.bosch.com rbin.corporate@in.bosch.com
Website :	http://www.pcm.bosch.de http://www.micoindia.com http://www.boschindia.com
Head Office :	RMB Complex, Adugodi, Bangalore – 560030, Karnataka, India
Tel. No.:	91-80-22999279/ 22992705
Fax No.:	91-80-22992758
Corporate Office / Factory 1 :	Post Box No.3000, Hosur Road, Adugodi, Bangalore – 560030, Karnataka, India
Tel. No.:	91-80- 2299 2393
Fax No.:	91-80- 22272228
Factory 2 :	Naganathapura Plant, P.B.No.6887, Electronic City Post Office, Bangalore– 560 100, Karnataka, India
Tel. No.:	91-80-28521221
Fax No.:	91-80-28521239
Factory 3 :	SP -663, RIICO Industrial Area, Sitapura, Jaipur – 302022, Rajasthan, India.
Tel. No.:	91-141-2771700
Fax No.:	91-141-2771787
Factory 4 :	Post Box No.64, 75, MIDC Estate, Sitapur, Trimbak Road, Nashik – 422007, Maharashtra, India
Tel. No.:	91-253-2350342/45
Fax No.:	91-253-2294999
Factory 5 :	Packaging Technology Division N4, PhaseIV, Verna Industrial Estate, Verna, Salcete, Goa – 403722, India.
Tel. No.:	91-832- 6692 018
Fax No.:	91-832-6692028
Sales Office :	Located at : Ahmedabad Bangalore Chandigarh Chennai New Delhi Gaziabad Ernakulam Guwahati Indore Jaipur Kolkata Mumbai Pune Secunderabad Raipur Lucknow Panchkula Patna Jharkhand Bhubaneshwar Mohali
Regional Office :	Located at : Chennai Jameshdpur Pune Rajkot

DIRECTORS

As on 31.12.2012

Name :

Dr. A. Hieronimus

Designation :

Chairman

Address :

Praffenacker 6A, 97816 Lohr Am Main Germany

Date of Birth/Age :

06.04.1947

Date of Appointment :

01.05.20089

Name :

Dr. Steffen Berns

Designation :

Managing Director (from 01.01.2013)

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)

Name :

Mr. Vegulaparanan Kasi Viswanathan

Designation :

Managing Director

Address :

15/A1, Palance Road, Bangalore – 560032, Karnataka, India

Date of Birth/Age :

20.11.1950

Date of Appointment :

01.01.2013

DIN No.:

01782934

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L85110KA1951PLC000761	Bosch Limited	Director	01/01/2013	01/11/2007	-	Active	NO
2	U51109KA1992PTC013736	MICO TRADING PRIVATE LIMITED	Director	27/02/2008	07/01/2008	01/01/2013	Active	NO
3	U72400KA1997PLC023164	Robert Bosch Engineering and Business Solutions Limited	Director	31/01/2008	31/01/2008	31/12/2012	Active	NO
4	U34300PN1982PLC027224	BOSCH CHASSIS SYSTEMS INDIA LIMITED	Director	01/02/2008	01/02/2008	31/12/2012	Active	NO
5	U29120GJ1974PLC002468	BOSCH REXROTH (INDIA) LIMITED	Director	01/02/2008	01/02/2008	31/12/2012	Active	NO
6	U99999MH1956NPL009708	THE INDO GERMAN CHAMBER OF COMMERCE	Director	07/04/2008	07/04/2008	-	Active	NO
7	U31103TN2008PTC067493	BOSCH ELECTRICAL DRIVES INDIA PRIVATE LIMITED	Director	25/04/2008	25/04/2008	31/12/2012	Active	NO
8	U29221KA2008PTC045987	Bosch Automotive Electronics India Private Limited	Director	29/09/2009	01/01/2009	01/01/2013	Active	NO
9	U29120PN1994PTC079126	HAGGLUNDS DRIVES (INDIA) PRIVATE LIMITED	Director	02/09/2010	02/09/2010	-	Amalgamated	NO
10	U29300MH1997PTC110691	BSH HOME APPLIANCES PRIVATE LIMITED	Additional director	09/12/2010	09/12/2010	29/10/2012	Active	NO
11	U26941TN2000PTC044765	FLSMIDTH PRIVATE LIMITED	Director	29/09/2011	05/05/2011	-	Active	NO
12	U34200PN2011PLC140066	Foundation Brake Manufacturing Limited	Director	05/07/2011	05/07/2011	31/05/2012	Active	NO
13	U29253MH2011FTC218407	BSH Household Appliances Manufacturing Private Limited	Director	29/10/2012	29/10/2012	-	Active	NO
14	U66000WB2009PLC136327	MAGMA HDI GENERAL INSURANCE COMPANY LIMITED	Additional director	24/10/2013	24/10/2013	-	Active	NO
15	L74899DL1995PLC070609	Bharti Airtel Limited	Additional director	14/01/2014	14/01/2014	-	Active	NO

Name :

Mr. Prasad Chandran

Designation :

Director

Address :

16-B, Darbhanga Mansion, Carmichael Road, Mumbai – 400026, Maharahstra, India

Date of Birth/Age :

20.04.1952

Date of Appointment :

28.05.2009

DIN No.:

00200379

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L33112MH1943FLC003972	BASF INDIA LIMITED	Managing director	29/04/1996	29/04/1996	30/09/2013	Active	NO
2	U00303KA1999PLC025473	BASF COATINGS LIMITED	Director	23/06/2000	23/06/2000	-	Not Available for eFiling	NO
3	U25202MH2004FTC149830	Styrolution India Private Limited	Director	08/11/2000	08/11/2000	04/10/2011	Active	NO
4	U99999MH2002FTC135177	BASF COATINGS ( INDIA) PRIVATE LIMITED	Director	14/03/2002	14/03/2002	-	Amalgamated	NO
5	U24130MH2005PLC152467	BASF POLYURETHANES INDIA LIMITED	Managing director	23/01/2009	06/04/2005	-	Amalgamated	NO
6	U67120MH1996PTC101170	BASF ASIA PACIFIC (INDIA) PRIVATE LIMITED	Director	24/01/2007	24/01/2007	30/09/2013	Active	NO
7	U26950MH1995FTC086988	BASF Construction Chemicals (India) Private Limited	Director	24/01/2007	24/01/2007	-	Amalgamated	NO
8	U27105MH1997PTC199824	BASF CATALYSTS INDIA PRIVATE LIMITED	Director	13/02/2007	13/02/2007	30/09/2013	Active	NO
9	U74999MH1924NPL001128	BOMBAY CHAMBER OF COMMERCE AND INDUSTRY	Director	01/06/2007	01/06/2007	25/06/2009	Active	NO
10	U99999MH1956NPL009708	THE INDO GERMAN CHAMBER OF COMMERCE	Director	26/09/2007	26/09/2007	-	Active	NO
11	L85110KA1951PLC000761	Bosch Limited	Director	28/05/2009	01/01/2009	-	Active	NO
12	L24120MH1995PLC086986	CIBA INDIA LIMITED	Director	14/08/2009	14/08/2009	-	Amalgamated	NO
13	U24290MH2009PTC190283	BASF CHEMICALS INDIA PRIVATE LIMITED	Additional director	15/02/2013	15/02/2013	30/09/2013	Active	NO

Name :

Mr. Soumitra Bhattacharya

Designation :

Director

Address :

No.622, 7^th Main, Vijaya Bank Layout, Sundaram Shetty Nagar, Bannerghatta Road, Bilekallhalli, Bangalore – 560076, Karnataka, India

Date of Birth/Age :

15.06.1953

Date of Appointment :

05.06.2013

DIN No.:

02783243

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U99999DL1959PLC176013	AUTOMOTIVE COMPONENT MANUFACTURERS ASSOCIATION OF INDIA	Director	03/09/2009	03/09/2009	-	Active	NO
2	L85110KA1951PLC000761	Bosch Limited	Director	05/06/2013	01/06/2011	-	Active	NO
3	U31103TN2008PTC067493	BOSCH ELECTRICAL DRIVES INDIA PRIVATE LIMITED	Director	27/05/2013	01/01/2013	-	Active	NO
4	U51109KA1992PTC013736	MICO TRADING PRIVATE LIMITED	Director	27/02/2013	01/01/2013	-	Active	NO
5	U93000KA1964ULL001532	KARNATAKA STATE INDUSTRIAL AND INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Director	17/05/2013	17/05/2013	-	Active	NO

Name :

Mr. Bernhard Alfons Steinrucke

Designation :

Director

Address :

Breach Candy House, Flat No. 3, 1^st Floor, 68 Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

29.06.1955

Date of Appointment :

15.06.2005

DIN No.:

01122939

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L17100MH1984PLC033143	ZODIAC CLOTHING COMPANY LIMITED	Director	28/11/1997	28/11/1997	-	Active	NO
2	U99999MH1956NPL009708	THE INDO GERMAN CHAMBER OF COMMERCE	Director	01/07/2003	01/07/2003	-	Active	NO
3	L85110KA1951PLC000761	Bosch Limited	Director	15/06/2005	15/06/2005	-	Active	NO
4	L29130MH1962PLC012340	FAG BEARINGS INDIA LIMITED	Director	25/04/2013	26/04/2007	-	Active	NO
5	U66010MH2002PLC134869	HDFC ERGO GENERAL INSURANCE COMPANY LIMITED	Director	11/08/2009	12/08/2008	-	Active	NO
6	U66030AP2006PLC051760	APOLLO MUNICH HEALTH INSURANCE COMPANY LIMITED	Director	03/08/2010	06/05/2010	-	Active	NO
7	U74140DL2013FTC250570	NUERNBERGMESSE INDIA PRIVATE LIMITED	Director	10/04/2013	10/04/2013	-	Active	NO

Name :

Mrs. Renu. S. Karnad

Designation :

Director

Address :

BB-14, Greater Kailash Enclave, New Delhi - 110067 , India

Date of Birth/Age :

03.09.1952

Date of Appointment :

01.04.2007

DIN No.:

00008064

Other Directorship:

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1990PTC040630	Feedback Infra Private Limited	Nominee director	30/03/1998	30/03/1998	-	Active	NO
2	L70100MH1977PLC019916	HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED	Managing director	01/01/2010	03/05/2000	-	Active	NO
3	U74140MH2000PLC124897	HDFC REALTY LIMITED	Nominee director	27/06/2000	27/06/2000	13/05/2009	Active	NO
4	U65991MH1999PLC123027	HDFC ASSET MANAGEMENT COMPANY LIMITED	Director	11/07/2000	11/07/2000	-	Active	NO
5	L65923GJ1986PLC008809	GRUH FINANCE LIMITED	Director	28/07/2000	28/07/2000	-	Active	NO
6	U72300MH2000PLC128359	CREDIT INFORMATION BUREAU (INDIA) LIMITED	Director	20/02/2001	20/02/2001	-	Active	NO
7	U66010MH2002PLC134869	HDFC ERGO GENERAL INSURANCE COMPANY LIMITED	Director	08/02/2002	08/02/2002	-	Active	NO
8	L65920MH1994PLC080618	HDFC BANK LIMITED	Director	06/07/2011	17/07/2002	-	Active	NO
9	U15209DL2000PTC104671	MOTHER DAIRY FRUIT AND VEGETABLE PRIVATE LIMITED	Director	22/10/2002	22/10/2002	07/01/2010	Active	NO
10	L24292WB1954PLC021516	Akzo Nobel India Limited	Director	01/08/2003	01/08/2003	-	Active	NO
11	U99999MH2000PTC129112	Intelenet Global Services Private Limited	Director	21/07/2004	21/07/2004	19/09/2007	Amalgamated	NO
12	U65920MH2004PTC144182	HDFC SALES PRIVATE LIMITED	Nominee director	08/09/2004	08/09/2004	17/10/2012	Active	NO
13	U65991MH2004PLC149330	HDFC VENTURE CAPITAL LIMITED	Director	21/02/2005	21/02/2005	10/10/2011	Active	NO
14	L24232DL1988PLC030958	INDRAPRASTHA MEDICAL CORPORATION LIMITED	Director	31/08/2005	31/08/2005	-	Active	NO
15	U99999MH2000PLC128245	HDFC STANDARD LIFE INSURANCE COMPANY LIMITED	Director	25/01/2006	25/01/2006	-	Active	NO
16	U72900MH2005PLC157255	SPARSH BPO SERVICES LIMITED	Director	09/02/2006	09/02/2006	07/07/2011	Active	NO
17	U74140MH2006PLC165539	HDFC PROPERTY VENTURES LIMITED	Nominee director	14/11/2006	14/11/2006	-	Active	NO
18	L85110KA1951PLC000761	Bosch Limited	Director	07/06/2007	01/04/2007	-	Active	NO
19	U67120DL1996PTC080556	G4S CORPORATE SERVICES (INDIA) PRIVATE LIMITED	Director	30/09/2009	13/11/2008	-	Active	NO
20	U45202KA2008PTC047156	Value and Budget Housing Corporation Private Limited	Nominee director	17/09/2010	27/11/2009	10/07/2013	Active	NO
21	U93090MH2010NPL208544	BHAVISHYA ALLIANCE CHILD NUTRITION INITIATIVES	Director	03/10/2010	03/10/2010	-	Active	NO
22	U67190MH2006PTC159411	CREDILA FINANCIAL SERVICES PVT LIMITED	Nominee director	20/10/2010	20/10/2010	-	Active	NO
23	L24230GJ1972PLC002126	TORRENT PHARMACEUTICALS LIMITED	Director	30/07/2011	18/04/2011	10/10/2011	Active	NO
24	U26940MH1999PTC118229	LAFARGE INDIA PRIVATE LIMITED.	Director	17/08/2011	17/08/2011	-	Active	NO
25	L55101WB1949PLC017981	EIH LIMITED	Director	07/08/2012	31/10/2011	-	Active	NO
26	U80301MH2011PTC224035	HDFC EDUCATION AND DEVELOPMENT SERVICES PRIVATE LIMITED	Director	17/11/2011	17/11/2011	01/07/2013	Active	NO
27	U93000MH2012NPL237056	H T PAREKH FOUNDATION	Director	19/07/2013	19/10/2012	-	Active	NO
28	L01551KA1999PLC024991	United Spirits Limited	Director	24/09/2013	04/07/2013	25/02/2014	Active	NO
29	L32202KA1949PLC032923	ABB India Limited	Additional director	09/08/2013	09/08/2013	-	Active	NO

Name :

Mr. Bhaskar Bhat

Designation :

Director (from 01.01.2013)

KEY EXECUTIVES

Name :	Mr. A Vijay Shankar
Designation :	Company Secretary ( From 02.04.2009)
Address :	No. 1291, 33^rd Cross, Kumaraswamy Layout, 1^st Stage, Bangalore – 560078, Karnataka, India
Date of Birth/Age :	15.06.1953
Date of Appointment :	02.04.2009
PAN No.:	AACPV2599R
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, 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)
Remuneration Committee :	· Dr. A. Hieronimus · Mr. B. Muthuraman · Mr. B. Steinruecke · Mr. Prasad Chandran
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 31.03.2014

Category of Shareholder	Total No. of Shares	% of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	22349420	71.18
Sub Total	22349420	71.18
Total shareholding of Promoter and Promoter Group (A)	22349420	71.18
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	852127	2.71
Financial Institutions / Banks	18988	0.06
Insurance Companies	2794706	8.90
Foreign Institutional Investors	2272626	7.24
Sub Total	5938447	18.91
(2) Non-Institutions
Bodies Corporate	815790	2.60
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	1780281	5.67
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	397867	1.27
Any Others (Specify)	117095	0.37
Non Resident Indians	89335	0.28
Foreign Nationals	1000	0.00
Overseas Corporate Bodies	100	0.00
Clearing Members	25108	0.08
Trusts	1552	0.00
Sub Total	3111033	9.91
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
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	31398900	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automobile Equipment and Machinery.

Products :

ITC Code	Product Description
84.08 and 84.09	Fuel Injection Equipment and Components
85.11	Auto Electrical Items
85.08	Portable Electric Power Tools

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)

Bankers :

· State Bank of India, Bangalore, Karnataka, India

• Canara Bank, Bangalore, Karnataka, India
• Citibank, N.A., Bangalore, Karnataka, India

• Deutsche Bank AG, Bangalore, Karnataka, India

Facilities :

Secured Loans :	31.12.2012 (Rs. in Millions)	31.12.2011 (Rs. in Millions)
Long Term Borrowings
Sales tax deferral loan	1813.000	2273.000
Total	1813.000	2273.000

Note:

Terms of repayment for unsecured borrowings:

Borrowings	Terms of repayment
Interest free Sales tax deferral loan
- State Government of Maharashtra	Repayable in 5 equal annual installments starting January 2009.
- State Government of Rajasthan	Repayable in 10 half-yearly equal installments starting January 2012.

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, Germany
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 España Fábrica Madrid S.A., Spain · Robert Bosch España Fábrica Treto S.A., Spain · Robert Bosch España, S.L.U., Spain · Robert Bosch España 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
Subsidiary Company :	MICO Trading Private Limited, India
Joint Venture:	MHB Filters India Private Limited, India
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

1. 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

2. 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.

3. 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

4. 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

5. 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	31.03.2013 (Unaudited)	30.06.2013 (Unaudited)	30.09.2013 (Unaudited)	31.12.2013 (Unaudited)
	1st Quarter	2nd Quarter	3^rd Quarter	4^th Quarter
Sales Turnover	22074.500	23069.900	21498.900	21620.000
Total Expenditure	18255.200	19439.700	18233.100	19485.800
PBIDT (Excl OI)	3819.300	3630.200	3265.800	2134.200
Other Income	893.000	897.600	864.900	931.300
Operating Profit	4712.300	4527.800	4130.700	3065.500
Interest	2.900	0.800	0.300	24.800
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	4709.400	4527.000	4130.400	3040.700
Depreciation	842.300	864.200	893.900	1241.600
Profit Before Tax	3867.100	3662.800	3236.500	1799.100
Tax	1269.400	1146.000	894.000	409.300
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	2597.700	2516.800	2342.500	1389.800
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	2597.700	2516.800	2342.500	1389.800

KEY RATIOS

PARTICULARS		31.12.2012	31.12.2011	31.12.2010
PAT / Total Income	(%)	10.61	13.23	12.12
Net Profit Margin (PBT/Sales)	(%)	15.99	19.51	18.14
Return on Total Assets (PBT/Total Assets}	(%)	19.85	25.22	28.72
Return on Investment (ROI) (PBT/Networth)		0.24	0.33	0.29
Debt Equity Ratio (Total Debt /Networth)		0.03	0.05	0.07
Current Ratio (Current Asset/Current Liability)		3.00	2.65	2.01

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.12.2010	31.12.2011	31.12.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	313.989	314.000	314.000
Reserves & Surplus	40666.425	46970.000	55419.000
Net worth	40980.414	47284.000	55733.000
Secured Loans	30.435	2273.000	1813.000
Unsecured Loans	2733.454	181.000	37.000
Total borrowings	2763.889	2454.000	1850.000
Debt/Equity ratio	0.067	0.052	0.033

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2010	31.12.2011	31.12.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	66,305.034	79,295.000	84,172.000
		19.591	6.150

NET PROFIT MARGIN

Net Profit Margin	31.12.2010	31.12.2011	31.12.2012
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	66,305.034	79,295.000	84,172.000
Profit	8,589.050	11,227.000	9,583.000
	12.95%	14.16%	11.39%

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	No
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

CASE PENDING

High Court of Karnataka -Bangalore Bench

ITA 39/2012

Petitioner/Appnt. Name			THE COMMISSIONER OF INCOME TAX
Petnr./Appnt. Advocate			K V ARAVIND
Date Filed	16/02/2012	Classification		District	Bangalore City

Stage

HEARING

Last Posted For

ADMISSION

Last Action Taken

ADMIT/RULE

Last Date of Action

29/05/2013

Next Hearing Date

Latest Order	LIST A/W ITA 14/2012
Before Hon'ble Judge/s	D.V.SHYLENDRA KUMAR B.S.INDRAKALA

Lower Court Details [Appeal from below case.]

Case No	Court Name	Disposal Dt
ITA 1407/2010	INCOME TAX APPELLATE TRIBUNAL BANGALORE

Sl No	Honble Judge	Date of Order
1	HONBLE DVSKJ & BMJ	02/07/2012
2	HONBLE DVSKJ & BSGJ	22/01/2013
3	HONBLE DVSKJ & BSIJ	29/05/2013

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.

INDEX OF CHARGES

No Charges Exist For Company

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 a 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.

UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 31^ST DECEMBER 2013

(Rs. In Millions)

Particulars	Quarter Ended (Unaudited)		Year Ended (Unaudited)
	31.12.2013	30.09.2013	31.12.2013
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	20618.900	21131.000	86410.800
b) Other operating income	1001.100	339.900	1789.800
Total income from Operations(net)	21620.000	21470.900	88200.600
2.Expenditure
a) Cost of material consumed	7425.900	7057.000	29932.400
b) Purchases of stock in trade	4483.600	4659.900	19220.400
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(307.000)	(164.500)	(1329.400)
d) Employees benefit expenses	3131.100	2854.300	11912.200
e) Depreciation and amortization expenses	1241.600	893.900	3842.000
f) Other expenditure	4752.200	3798.400	15554.800
Total expenses	20727.400	19099.000	79132.400
3. Profit from operations before other income and financial costs	892.600	2371.900	9068.200
4. Other income	931.300	864.900	3526.200
5. Profit from ordinary activities before finance costs	1823.900	3236.800	12594.400
6. Finance costs	24.800	0.300	28.900
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	1799.100	3236.500	12565.500
8. Exceptional item	0.000	0.000	0.000
9. Profit from ordinary activities before tax Expense:	1799.100	3236.500	12565.500
10.Tax expenses	409.300	894.000	3718.700
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	1389.800	2342.500	8846.800
12.Extraordinary Items (net of tax expense)	0.000	0.000	0.000
13.Net Profit / (Loss) for the period (11 -12)	1389.800	2342.500	8846.800
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	314.000	314.000	314.000
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	--	--	62629.100
16.Earnings per share (not annualised):
Basic and diluted	44.30	74.60	281.80

Particulars	Quarter Ended (Unaudited)		Nine Months Ended (Unaudited)
	31.12.2013	30.09.2013	31.12.2013
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	9049480	9049480	9049480
- Percentage of shareholding	28.82	28.82	28.82
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	-	-	-
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	-	-	-
Percentage of shares (as a % of total share capital of the company)	-	-	-
b) Non Encumbered
Number of shares	22349420	22349420	22349420
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00	100.00	100.00
Percentage of shares (as a % of total share capital of the company)	71.18	71.18	71.18
B. Investor Complaints
Pending at the beginning of the quarter	Nil
Receiving during the quarter	Nil
Disposed of during the quarter	Nil
Remaining unreserved at the end of the quarter	Nil

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

Particulars	Quarter Ended (Unaudited)		Nine Months Ended (Unaudited)
	31.12.2013	30.09.2013	31.12.2013
1. Segment Revenue
Automotive products	18782.300	18853.800	76965.700
Others	2935.500	2644.600	11363.700
Total segment result	21717.800	21498.400	88329.400
Less: Inter segment revenue	97.800	27.500	128.800
Net income from operations	21620.000	21470.9000	88200.600
Less : Inter Segment Revenue
2. Segment Result (Profit before Interest and Tax)
Automotive products	1142.500	2644.300	9934.200
Others	94.200	61.900	553.400
Total segment result	1236.700	2706.200	10487.600
Less: Finance costs	24.800	0.300	28.900
Less : Unallocable Corporate	344.100	334.300	1419.400
Add : Unallocable Income	931.300	864.900	3526.200
Total profit before Tax	1799.100	3236.500	12565.500
3. Capital Employed
Automotive products	6188.800	18354.000	16188.800
Others	2496.300	2998.800	2496.300
Total segment capital employed	18685.100	21352.800	18685.100
Unallocable corporate assets less corporate liabilities	44258.000	42148.300	44258.000
Total capital employed	62943.100	63501.100	62943.100

STANDALONE STATEMENT OF ASSTES AND LIABILITIES AS ON 31.03.2013

Rs. In Millions

SOURCES OF FUNDS	30.09.2013 Unaudited
I. EQUITY AND LIABILITIES
(a) Share Capital	314.000
(b) Reserves & Surplus	62,629.100
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	62,943.100
(3) Non-Current Liabilities
(a) long-term borrowings	1,289.100
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	391.400
(d) long-term provisions	2,517.400
Total Non-current Liabilities (3)	4,197.900
(4) Current Liabilities
(a) Short term borrowings	27.000
(b) Trade payables	10,645.500
(c) Other current liabilities	6,666.800
(d) Short-term provisions	4,731.700
Total Current Liabilities (4)	22,071.000
TOTAL	89,212.000
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	13,949.400
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	9,850.200
(c) Deferred tax assets (net)	2,989.000
(d) Long-term Loan and Advances	2,626.400
(e) Other Non-current assets	0.000
Total Non-Current Assets	29,415.000
(2) Current assets
(a) Current investments	12,000.800
(b) Inventories	12,072.000
(c) Trade receivables	10,734.600
(d) Cash and cash equivalents	14,414.800
(e) Short-term loans and advances	9,132.300
(f) Other current assets	1,442.500
Total Current Assets	59,797.000
TOTAL	89,212.000

NOTES:

1. The above results were review by the Audit Committee and approved by the Board of Directors at its meeting held on February 27, 2014.

2. Tax Expense includes:

Particulars	Quarter Ended (Unaudited)		Nine Months Ended (Unaudited)
	31.12.2013	30.09.2013	31.12.2013
i) Current Tax	477.000	1083.000	4070.000
li) Deferred tax charge (credit)	(63.000)	(189.000)	(437.000)
iii) Tax adjustments relating to earlier years	(4.700)	-	85.700

3. The Board of directors at the meeting held on February 27, 2014 recommended a dividend of Rs.551- per Equity share for the year (previous year Rs.601- per Equity share), subject to approval of shareholders.

4. Previous year / period's figures have been regrouped / recast wherever necessary, to conform to current year / period's classification.

5. The figures of the last quarter are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the respective financial year.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

NEWS:

BOSCH LIMITED REGISTERS GROWTH OF 1.4 PERCENT

Invested for the future, focus remains on growth and expansion for the mid-term

· Net sales and income from operations grew by 1.4 percent to Rs.86410.000 Millions over previous year

· Profit Before Tax at Rs.12570.000 Millions and Profit After Tax at Rs.8850.000 Millions

· Exports grew by 12.5 percent to Rs.10580.000 Millions

· Non-automotive businesses register 19 percent growth

· Expands and intensifies operations in the energy business

Bangalore – Bosch Limited, a leading supplier of technology and services,registered a growth of 1.4 percent to Rs.86410.000 Millions from net sales and income from operations for the year ending December 31, 2013. Profit Before Tax (PBT) was at Rs.12570.000 Millions, while Profit After Tax (PAT) stood at Rs.8850.000 Millions. Exports grew by 12.5 percent to Rs.10580.000 Millions over 2012.

Announcing the company's financial results, Dr. Steffen Berns, Managing Director, Bosch Limited said, “The prolonged slowdown of the automotive industry in 2013 coupled with weak consumer demand has impacted the overall industry as well as our growth. Our non-automotive business has been doing very well with its share increasing steadily as we continue to expand our operations in this sphere.” Adding further, he elaborated, “Our cumulative measures on cost control throughout this year helped us to limit the decline in profitability despite the unutilized capacity.” In view of the company’s results, the Board of Directors recommended a dividend of Rs.55 per share for 2013.

Snapshot of business divisions’ performance

Having fared comparatively better than the Indian automotive market, which declined by three percent on the production volume (without 2-wheeler segment), automotive business of Bosch Limited registered a marginal decline of 0.7 percent.

Diesel Systems was affected by the insistent decline in the domestic sales of commercial vehicles and passenger cars. However, the division retained its market share despite this extended slump, while the division of Gasoline Systems grew moderately.

Starter Motors and Generators registered double-digit growth driven by the significant increase in domestic sales and exports of the New Base Line Generators. Automotive Aftermarket had a low growth owing to the slowdown and tough market conditions.

Commenting on the performance of the automotive sector, Dr. Berns added, “During these tough times, with the support of our associates and management team, we have been able to remain competitive and profitable. Overall, we are positive of the mid- and long-term growth prospects. In particular, we expect to see the situation improve following this year’s general elections.”

Non-automotive business on a growth trajectory

The non-automotive business grew by over 19 percent, reflecting the company’s efforts in this business area. Power Tools and Packaging Technology division registered double-digit growth for the year 2013.

The business of Energy multiplied on a lower base. As this business offers enormous growth potential in India, the company today announced the launch of a new business unit ‘Bosch Energy and Building Solutions India’ that will focus on end-to-end energy generation and efficiency.

Expanding company’s broad-based footprint

In his concluding remarks, Dr. Berns said, “India continues to play a key role for the Bosch Group. Based on our long history in India, we are committed to expanding and strengthening our already broad-based footprint here. Last September, we broke ground in Bidadi on a new manufacturing unit for diesel injection components. This year, we will be further augmenting our existing facility at Adugodi which will be transformed into a state-of-the-art R&D hub. We also look upon ourselves as a responsible corporate citizen both through our products and solutions as well as through our manifold CSR activities, including the Bosch India foundation, diverse neighborhood programs or our training activities. All this contributes to the sustainable betterment of society.”

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 Limited., 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, India Prisons Service, Interpol, etc.

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.59.73
UK Pound	1	Rs.100.82
Euro	1	Rs.82.22

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	ANK

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
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	NO
--AFFILIATION	YES/NO	YES
--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

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

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