MIRA INFORM REPORT

Report No. :	312734
Report Date :	23.03.2015

IDENTIFICATION DETAILS

Name :	BOSCH AUTOMOTIVE ELECTRONICS INDIA PRIVATE LIMITED
Registered Office :	Building No. 703, C/O Bosch Limited, Naganathapura, Electronic. City, Post Office, Bangalore - 560100, Karnataka
Country :	India
Financials (as on) :	31.12.2013
Date of Incorporation :	09.04.2008
Com. Reg. No.:	08-045987
Capital Investment / Paid-up Capital :	Rs.2130.769 Million
CIN No.: [Company Identification No.]	U29221KA2008PTC045987
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRB07312E
PAN No.: [Permanent Account No.]	AADCB4330L
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of electronic control units and other electronic items.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 7300000
Status :	Satisfactory
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Robert Bosch Investment Nederland BV, Netherlands. It is an established company having satisfactory track. Though the company has achieved growth in its turnover, there is drastic dip in the net profitability of the company. However, the rating also takes into consideration debt free balance sheet and the strong support that the subject gets from its holding company. Trade relations reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2014.

LOCATIONS

Registered Office :	Building No. 703, C/O Bosch Limited, Naganathapura, Electronic. City, Post Office, Bangalore - 560100, Karnataka, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	Kowsalya.gorre@in.bosch.com
Website :	Not Available

DIRECTORS

As on : 13.06.2014

Name :

Mr. Prabhu Manipal Panduranga

Designation :

Managing Director

Address :

C-701, Aswini No. 14, Ring Road, BSK 2 ND Stage, Bangalore – 560070, Karnataka, 560070, India

Date of Birth/Age :

18.07.1964

Date of Appointment :

01.08.2013

DIN No.:

06636195

Name :

Mr. Hauber Xaver Franz

Designation :

Director

Address :

No. 289, 38^th Cross, 8^th Block Jaya Nagar, Bangalore – 560082, Karnataka, India

Date of Birth/Age :

18.07.1959

Date of Appointment :

13.06.2014

DIN No.:

06485529

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	U34300PN1982PLC027224	BOSCH CHASSIS SYSTEMS INDIA LIMITED	Director	30/09/2013	01/01/2013	-	Active	NO
2	U29120GJ1974PLC002468	BOSCH REXROTH (INDIA) LIMITED	Director	25/06/2013	01/01/2013	28/02/2015	Active	NO
3	L85110KA1951PLC000761	Bosch Limited	Alternate director	06/06/2014	01/01/2014	28/02/2015	Active	NO
4	U29221KA2008PTC045987	Bosch Automotive Electronics India Private Limited	Director	13/06/2014	24/03/2014	-	Active	NO

Name :

Mr. Markus Christian Schmidt

Designation :

Chairman

Address :

Lortzingstrasse 16, Reutlingen – 72766, Germany, Foreign

Date of Birth/Age :

28.05.1961

Date of Appointment :

01.02.2014

DIN No.:

06776017

KEY EXECUTIVES

Name :	Mrs. Kowsalya GR
Designation :	Secretary
Address :	No. 41-42, Doddanakundi, Marthahalli, Bangalore – 560037, Karnataka, India
Date of Birth/Age :	05.07.1975
Date of Appointment :	05.02.2010
PAN No.:	AQUPK3621P

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 13.06.2014

Names of Shareholders	No. of Shares
Robert Bosch Investment Nederland BV	213076922
Mr. Parbhu Panduranga M (Nominee of Robert Bosch Investment Nederland BV U/s 49(3) of the Companies Act 1956)	1
Total	213076923

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture of electronic control units and other electronic items.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Not Available

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Subramanian Vivek and Company Chartered Accountant
Address :	8^th Floor, Prestige Palladium Bayan, 129-140, Greams Road, Chennai – 600006, India
PAN No.:	AAHFP0187A
Ultimate Holding Company:	Robert Bosch GmbH
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Bosch Limited Robert Bosch Elektrinik GmbH Robert Bosch Engineering and Business Solution Limited Bosch Rexroth (India) Limited Robert Bosch Company Limited Robert Bosch Australia Private Limited Robert Bosch Automotive Thailand Company Limited Bosch Corporation

CAPITAL STRUCTURE

As on : 13.06.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.10/- each	Rs.2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
213076923	Equity Shares	Rs.10/- each	Rs.2130.769 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2013	31.12.2012	31.12.2011
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2130.769	900.000	900.000
(b) Reserves & Surplus	419.428	(122.171)	(423.150)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2550.197	777.829	476.850
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	31.562	14.996	2.234
Total Non-current Liabilities (3)	31.562	14.996	2.234
(4) Current Liabilities
(a) Short term borrowings	0.000	847.948	407.537
(b) Trade payables	2028.017	459.869	336.903
(c) Other current liabilities	698.738	255.768	332.278
(d) Short-term provisions	11.905	121.987	0.981
Total Current Liabilities (4)	2738.660	1685.572	1077.699
TOTAL	5320.419	2478.397	1556.783
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1037.124	753.725	441.844
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	805.986	146.408	191.292
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	179.151	101.886	0.000
(d) Long-term Loan and Advances	57.198	22.105	24.053
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2079.459	1024.124	657.189
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	658.706	320.333	119.697
(c) Trade receivables	1056.246	769.747	375.939
(d) Cash and cash equivalents	432.658	150.791	305.016
(e) Short-term loans and advances	1088.906	213.402	96.596
(f) Other current assets	4.444	0.000	2.346
Total Current Assets	3240.960	1454.273	899.594
TOTAL	5320.419	2478.397	1556.783

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2013	31.12.2012	31.12.2011
	SALES
		Income	5869.000	3383.000	1491.000
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT BEFORE TAX		267.000	329.000	(77.000)
Less	TAX		95.000	28.000	0.000
	PROFIT AFTER TAX		172.000	301.000	(77.000)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		50.000	(122.000)	(423.000)
	BALANCE CARRIED TO THE B/S		222.000	179.000	(500.000)
	EARNINGS IN FOREIGN CURRENCY
	TOTAL EARNINGS		3683.000	0.000	1833.000
	Earnings Per Share (Rs.)		0.81	1.41	(0.36)

KEY RATIOS

PARTICULARS		31.12.2013	31.12.2012	31.12.2011
Net Profit Margin (PAT/Sales)	(%)	2.93	8.90	(5.16)
Return on Total Assets (PBT/Total Assets}	(%)	6.16	14.75	(5.64)
Return on Investment (ROI) (PBT/Networth)		0.10	0.42	(0.16)
Debt Equity Ratio (Total Debt /Networth)		0.00	1.09	0.85
Current Ratio (Current Asset/Current Liability)		1.18	0.86	0.83

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	900.000	900.000	2130.769
Reserves & Surplus	(423.150)	(122.171)	419.428
Net worth	476.850	777.829	2550.197
long-term borrowings	0.000	0.000	0.000
Short term borrowings	407.537	847.948	0.000
Total borrowings	407.537	847.948	0.000
Debt/Equity ratio	0.855	1.090	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1491.000	3383.000	5869.000
		126.895	73.485

NET PROFIT MARGIN

Net Profit Margin	31.12.2011	31.12.2012	31.12.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	1491.000	3383.000	5869.000
Profit	(77.000)	301.000	172.000
	(5.16%)	8.90%	2.93%

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	No
9]	Name of person contacted	No
10]	Designation of contact person	Yes
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	No
24]	Banking facility details	No
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.12.2013	As on 31.12.2012
Short Term Borrowing
Loans repayable on demand	0.000	847.948
Total	0.000	847.948

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

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.62.42
UK Pound	1	Rs.92.99
Euro	1	Rs.67.28

INFORMATION DETAILS

Analysis Done by :	SUM
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	4
--CREDIT LINES	1~10	5
--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	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		42

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.