Bosch Limited

ICRA has assigned ‘SP 1A’* grading to Bosch Limited (BL)†, indicating the ‘Highest Performance
Capability’ and ‘High Financial Strength’ of the channel partner to undertake off-grid solar projects.
The grading is valid for a period of two years from January 4, 2012

Strengths
 Significant track record of promoters globally with presence in the industry since
2004 leading to an established brand and market position
 Strong operational and financial linkages with Robert Bosch GmbH and Bosch
Solar Energy globally, one of the leading solar companies in the world with global
Grading Drivers

operations
 Strong organizational structure and competent management team
 Strong in-house research and development team, leading to development of new
product designs and other competitive advantages
 The business is supported with service and delivery teams across the world
 Robust Sales, net worth and debt protection indicators (for Bosch Ltd.)
 Governmental support for solar power industry
Risk Factors
 Early stage of company’s solar energy operations in India
 Competitive pressures on margins from large number of organized/ unorganized
players

Year of Establishment 1951

Registered Office Address Post Box No 3000 Hosur Road, Adugodi, Bangalore,
560030, Karnataka
Fact Sheet

Managing Director Mr. V. K. Viswanathan

Bosch Limited is a leading supplier of technology and services in the areas of automotive
technology, industrial technology, consumer goods and building technology. It has a strong
presence in the country. Bosch set up its manufacturing operations in 1953 in Bangalore.
Today, Bosch Limited has 5 manufacturing sites and employs over 12,000 associates in
India. In 2010 it generated consolidated revenues of over 6630 crore.

*
For Solar PV
†
As the solar business division was established in mid 2011. Due to the limited operational and financial
track record of the company in India, the grading factors in the strengths (both operational and financial)
of its parent’s solar business
 SI Related Business – Highest Performance Capability
 Promoter Track Record: Bosch Limited (BL) is a majority owned subsidiary of Robert
Bosch GmbH. Solar Energy (Bosch Solar Energy AG) is the newest business division
in the Bosch Group. The division’s product portfolio encompasses everything from solar
cells and modules to complete solar power plants. The division’s core business is to
supply solar cells and modules. Since 2009, the division has also been constructing
turn-key solar power plants to order, which features fully developed technologies with
corresponding operating efficiency. The company’s solar energy business division in
India is new; however, has the complete support of Bosch Solar Energy AG. The
company has an installed capacity of more than 19.5 MW of installations globally

 Technical competence and adequacy of manpower: Through Bosch Solar Energy

AG, the company has its own solar wafer, cell, modules manufacturing capacity, and
has strong Research & Development (R&D) department indicating the strong technical
knowhow which the company has accumulated over a period of more than 13 years.
The group has number of patents indicating its strong R&D culture. Moreover, the
company has in-house design and developmental teams constantly working to find
innovative ways of improving efficiencies.

 Quality of suppliers and tie ups: Robert Bosch GmbH has standard frameworks to
work with contractors and evaluates the balance sheet strength and bankability of
vendors before awarding contracts. The standards have helped the company to
effectively run its process and plants across the globe. Robert Bosch GmbH’s
established global framework for selection of vendors will assist Bosch’s Indian solar
energy division in adopting a similar model.

 Customer and O&M Network: Bosch Solar Energy AG globally has a diversified client
base which includes federal governments, public organizations, utilities, and
commercial entities. In India, solar energy division due to its nascent stage of
operations has a limited presence with its distribution centre in Bangalore. Bosch Solar
Energy AG’s established O&M network and service technology platforms will enable
the Indian solar energy division to follow a similar model in India.

Net Sales and Income from Services Rs. 6681.75 crore in CY 2010
Financial Strength‡ –

Return on Capital Employed (RoCE) 31.26%

Total Outside Liabilities / Tangible Net worth 0.47 times
Interest Coverage Ratio Healthy interest coverage of 266.95
High

times
Net-Worth Net worth of Rs. 4098.04 Crore as
on December 31, 2010
Current Ratio Healthy current ratio of 2.01 times
Relationship with bankers Bankers are satisfied with
company’s conduct
The overall financial profile of the company is High

January 2012

‡
Based on ICRA’s analysis of Bosch Limited’s financial details
For further details, please contact:

Analyst Contacts:
Mr. Sabyasachi Mazumdar, (Tel No. +91-124-4545304)
sabyasachi@icraindia.com

Relationship Contacts:
Mr. Jayanta Chatterjee, (Tel. No. +91-080-43326401)
jayantac@icraindia.com

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