3QCY2011 Result Update | Auto Ancillary

November 8, 2011

Bosch
Performance Highlights
Y/E Dec. (` cr) Net sales EBITDA EBITDA margin (%) Reported PAT
Source: Company, Angel Research

ACCUMULATE
CMP Target Price
3QCY10 1,711 338 19.8 236 % chg (yoy) 16.4 13.9 (43)bp 22.0 Angel est. 2,048 375 18.3 267 diff. (%) (2.8) 2.5 100bp 7.9

`7,205 `7,763
12 Months

3QCY11 1,991 385 19.3 288

Investment Period
Stock Info Sector Market Cap (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code

Auto Ancillary 22,623 0.3 7,480/5,855 1,417 10 17,594 5,289 BOSH.BO BOS@IN

Bosch (BOS) reported better-than-expected net profit growth for 3QCY2011, led by healthy performance at the operating level and a significant increase in non-operating income. Revenue growth was primarily driven by the diesel systems and after market segments, which grew by 13% yoy each. Post 3QCY2011 results, we have revised our earnings estimates slightly upwards to factor in better-than-expected operating margin and higher non-operating income during the quarter. We maintain our Accumulate rating on the stock. Strong performance boosted by higher non-operating income: BOS registered healthy top-line growth of 16.4% yoy (down 3.3% qoq) to `1,991cr, driven by 15% yoy (down 2.7% qoq) growth in the auto segment and strong 31.5% yoy (3.3% qoq) growth in the non-auto segment. The diesel systems and automotive aftermarket segments grew by 13% yoy each, while the gasoline segment recorded a 30% yoy decline in sales (due to slowdown in OEM offtake). The companys EBITDA margin witnessed a marginal 43bp yoy contraction to 19.3% due to higher commodity costs (mainly due to higher alloy and steel prices and adverse currency impact) and employee expenses. Sequentially, the companys margin expanded by 90bp as the proportion of traded goods was lower during the quarter. Net profit registered strong 22% yoy (3.3% qoq) growth to `288cr as other income jumped by 111% yoy, driven by DEPB benefits. Interest income during the quarter grew by 46% yoy due to higher yield on investments. Outlook and valuation: We expect BOS to register a ~17% CAGR in its net sales over CY2010-12E, leading to a ~19% CAGR in its earnings. As a result, we estimate BOS to post EPS of `350.8 and `388.1 for CY2011E and CY2012E, respectively. At `7,205, the stock is trading at 20.5x CY2011E and 18.6x CY2012E earnings, respectively. We retain our Accumulate rating on the stock with a revised target price of `7,763.

Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 71.2 15.6 5.8 7.4

Abs. (%) Sensex Bosch

3m 3.4 3.5

1yr (15.7)

3yr 76.6

11.0 109.0

Key financials
Y/E Dec. (` cr) Net sales % chg Net profit % chg EBITDA margin (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x)
Source: Company, Angel Research

CY2009 5,009 5.6 540 (2.4) 16.5 171.8 41.9 6.7 15.9 15.7 4.0 31.9

CY2010 6,882 37.4 858 59.1 18.2 273.4 26.4 5.5 20.9 26.2 2.8 19.0

CY2011E 8,187 19.0 1,101 28.3 18.9 350.8 20.5 4.3 21.2 27.3 2.3 12.7

CY2012E 9,439 15.3 1,219 10.7 18.2 388.1 18.6 3.6 19.4 24.4 1.9 11.1

Yaresh Kothari
022-3935 7800 Ext: 6844 yareshb.kothari@angelbroking.com

Please refer to important disclosures at the end of this report

Bosch | 3QCY2011 Result Update

Exhibit 1: Quarterly performance

Y/E Dec. (` cr) Net sales (incl. otr. op. inc.) Consumption of RM (% of sales) Staff costs (% of sales) Purchase of traded goods (% of sales) Other expenses (% of Sales) Total expenditure Operating profit OPM (%) Interest Depreciation Other income PBT (% of sales) Provision for taxation (% of PBT) Reported PAT PATM (%) Equity capital (cr) EPS (`)
Source: Company, Angel Research

3QCY11 3QCY10 % chg 9MCY11 9MCY10 % chg 1,991 686 34.4 224 11.2 385 19.4 312 15.6 1,606 385 19.3 (45) 64 39 406 20.4 118 29.0 288 14.5 31.4 91.8 1,711 607 35.5 163 9.5 304 17.8 299 17.5 1,373 338 19.8 (31) 55 333 19.5 97 29.2 236 13.8 31.4 75.2 22.0 22.0 21.0 46.0 17.3 21.7 17.0 13.9 4.1 26.8 37.4 16.4 13.0 6,136 1,995 32.5 675 11.0 1,397 22.8 912 14.9 4,979 1,158 18.9 (136) 161 79 1,211 19.7 370 30.5 841 13.7 31.4 267.9 5,007 1,522 30.4 580 11.6 1,120 22.4 822 16.4 4,045 962 19.2 (80) 160 54 937 18.7 288 30.8 648 12.9 31.4 206.5 29.8 29.8 28.2 70.2 1.0 44.7 29.3 23.1 20.3 10.9 24.7 16.3 22.6 31.1

19 110.9

Exhibit 2: Segmental performance

Y/E Dec. (` cr) Revenue Automotive Others Total Less: Inter-segment revenue Revenue EBIT Automotive Others Total Add: Net interest income Less: Unallocable exp. EBIT EBIT margin (%) Automotive Others Overall
Source: Company, Angel Research

3QCY11 3QCY10 1,784 211 1,995 25 1,969 319 25 344 45 (16) 406 17.9 12.0 17.3 1,551 160 1,711 4 1,707 292 12 304 31 1 333 18.8 7.4 17.7

% chg 9MCY11 9MCY10 15.0 31.5 16.5 15.4 9.4 112.8 13.5 46.1 21.7 (91.1) 457.5 3,694 431 4,124 18 4,107 684 42 726 91 11 805 18.5 9.7 17.6 2,911 332 3,244 7 3,237 534 32 566 49 11 603 18.3 9.7 17.4

% chg 26.9 29.6 27.1 26.9 28.2 30.0 28.3 85.6 (0.3) 33.5

November 8, 2011

Bosch | 3QCY2011 Result Update

Healthy top-line growth of 16.4% yoy: BOS registered healthy top-line growth of 16.4% yoy (down 3.3% qoq) to `1,991cr, despite a slowdown in most of the automotive segments. Top-line growth was driven by 15% yoy (down 2.7% qoq) growth in the auto segment and strong 31.5% yoy (3.3% qoq) growth in the non-auto segment. The diesel systems and automotive aftermarket segments reported growth of ~13% each during the quarter. The starters and generator segment also registered strong growth of ~73% yoy, albeit on a small base. Exports growth during the quarter was slightly muted and stood at 11% yoy to `287.7cr. Overall growth was, however, restricted due to a 30% yoy decline in the gasoline systems segment, which was impacted by the general slowdown in the passenger car segment.

Exhibit 3: Net sales up 16.4% yoy

(` cr) 2,500 2,000 1,500 1,000 500 0 2.2 39.0 Net sales 58.6 36.3 31.9 30.7 21.1 Net sales growth (RHS) (%) 70 60 50 29.5 40 30 16.4 20 10 0

Exhibit 4: Segment-wise revenue trend

(` cr) 2,000 1,800 1,600 1,400 1,200 1,000 800 600 400 200 0 Automotive Revenue
1,502 1,551

Others Revenue
1,860 1,614 1,834 1,784

1,410 1,177 1,195

118

132

175

157

160

164

227

204

211

3QCY09

4QCY09

1QCY10

2QCY10

3QCY10

4QCY10

1QCY11

2QCY11

3QCY11

3QCY09

4QCY09

1QCY10

2QCY10

3QCY10

4QCY10

1QCY11

2QCY11

Source: Company, Angel Research

Source: Company, Angel Research

EBITDA margin at 19.3%: BOS registered a marginal 43bp yoy contraction in its EBITDA margin to 19.3% due to increased commodity costs (mainly due to higher alloy and steel prices and adverse currency impact) and employee expenses. Raw-material cost as a percentage of net sales increased by 103bp yoy to 54.4% in 3QCY2011 vs. 53.4% in 3QCY2010. However, a 172bp yoy decline in other expenditure arrested further margin contraction. Thus, operating profit grew by 13.9% yoy (1.7% qoq) to `385cr. On a sequential basis, margin expanded by 90bp, as the company benefitted from lower proportion of traded goods.

Exhibit 5: EBITDA margin improves to 19.3%

(%) 60 50 40 30 20 10 0 19.7 17.2 19.1 18.8 19.8 16.4 18.9 18.4 19.3 49.1 51.0 53.5 53.5 53.4 53.7 56.7 56.6 54.4 EBITDA margins Raw material cost/sales

Exhibit 6: Net profit up 22% yoy

(` cr) 350 300 250 200 150 100 50 0 15.0 10.9 Net profit 12.7 12.3 13.8 11.2 Net profit margin (RHS) 13.2 13.5 14.5 (%) 16 14 12 10 8 6 4 2 0

3QCY09

4QCY09

1QCY10

2QCY10

3QCY10

4QCY10

1QCY11

2QCY11

3QCY09

4QCY09

1QCY10

2QCY10

3QCY10

4QCY10

1QCY11

2QCY11

Source: Company, Angel Research

3QCY11

Source: Company, Angel Research

November 8, 2011

3QCY11

3QCY11

Bosch | 3QCY2011 Result Update

Net profit benefited by high interest and other income: Net profit registered strong 22% yoy (3.3% qoq) growth to `288cr, aided by a strong operating performance. Further, a sharp increase in other income (up 111% yoy) and interest income (up 46% yoy) on account of sale of marketable securities and DEPB benefits (`8cr) and higher interest rates, respectively, benefitted the companys net profit performance.

Conference call Key highlights

Management expects the automotive industry to continue to witness subdued growth for the next couple of quarters. The diesel systems and automotive aftermarket segments grew by ~13% yoy each. Exports registered ~11% yoy growth to `287.7cr and the starters and generators segment grew by ~73%. Sales of the gasoline segment declined by 30% yoy on account of slowdown in OEM demand, particularly from Maruti Suzuki and Tata Motors. BOS expects to incur capital expenditure of `640cr in CY2011, `530cr in CY2012 and `745cr in CY2013. Contribution of the diesel systems segment to sales is ~60%, automotive aftermarket contributes 20-25% and power tools and starters and generators contribute ~6% each. Localization levels in the CRDI systems are currently at 50%. Management expects to gradually improve localization going ahead.

November 8, 2011

Bosch | 3QCY2011 Result Update

Investment arguments
Technology-intensive industry supplemented by high bargaining power: We estimate BOS to post a ~17% CAGR in its top line and a ~19% CAGR in its net profit over CY2010-12E. Further, the company enjoys high margins in the auto component segment due to high entry barriers and its dominant position in the market. Moreover, better utilization of new capacities and gradual localization of component supplies would help the company to sustain its margin at 18% going ahead. Dependent on favorable CV cycle for growth: BOS's prospects are largely derived from demand arising in the CV and tractor segments, which are estimated to post a CAGR of 12-14% each over the next couple of years. Further, greater visibility on newer growth opportunities is emerging for the company, following its investments in new and innovative technologies such as CRS and gasoline systems. We believe the company will continue to enjoy premium valuations, owing to strong parental focus and increasing long-term growth opportunities in the Indian market, facilitated by changes in emission norms. Moreover, BOS has been a consistent performer with strong cash flows in the Indian auto component industry.

Outlook and valuation

We have revised our earnings estimates slightly upwards to factor in the companys better-than-expected operating margin and higher non-operating income during the quarter.

Exhibit 7: Change in estimates

Y/E December Total income (` cr) OPM (%) EPS (`) Earlier Estimates CY2011E 8,187 18.3 329.4 CY2012E 9,439 18.0 375.0 Revised Estimates CY2011E 8,187 18.9 350.8 CY2012E 9,439 18.2 388.1 % chg CY2011E 63bp 6.5 CY2012E 15bp 3.5

Source: Company, Angel Research

We expect BOS to register a ~17% CAGR in its net sales over CY2010-12E, leading to a ~19% CAGR in its earnings. As a result, we estimate BOS to post EPS of `350.8 and `388.1 for CY2011E and CY2012E, respectively. At `7,205, the stock is trading at 20.5x CY2011E and 18.6x CY2012E earnings, respectively. We retain our Accumulate rating on the stock with a revised target price of `7,763.

November 8, 2011

Bosch | 3QCY2011 Result Update

Exhibit 8: Key assumptions

Auto segment Y/E Dec. (` cr) CY2009 CY2010 CY2011E CY2012E CAGR (%) Diesel systems 1,996 2,884 3,538 4,144 27.6 Automotive aftermarket 1,197 1,460 1,693 1,930 17.3 Starters and generators 236.8 274.6 307.6 344.5 13.3 Gasoline systems 187.8 384.9 545.1 681.3 53.7 Car multimedia 48.7 56.1 64.5 74.1 15.0 Power tools 370.8 467.2 560.6 672.8 22.0 Non-auto segment Security technology 80.2 96.3 115.5 136.3 19.3 Packaging technology 45.2 56.0 67.3 79.4 20.6 Special purpose machines 28.1 36.5 45.6 55.7 25.6

Source: Company, Angel Research

Exhibit 9: Angel v/s consensus forecast

Angel estimates CY11E Net sales (` cr) EPS (`) 7,967 350.8 CY12E 9,197 388.1 Consensus CY11E 8,184 350.7 CY12E 9,273 394.3 Variation (%) CY11E (2.7) 0.0 CY12E (0.8) (1.6)

Source: Bloomberg, Angel Research

Exhibit 10: One-year forward P/E band

(`) 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 Share price (`) 12x 16x 20x 24x

Exhibit 11: One-year forward P/E chart

(x) 35 30 25 20 15 10 5 0 One-yr forward P/E Five-yr average P/E

Feb-09

Sep-08

May-07

Jul-09

May-11 May-11

Dec-06

Jun-06

Aug-05

Jan-06

Apr-08

Jan-10

Jun-10

Nov-10

Oct-07

Jan-03

Jan-05

Jan-07

Jan-09

Jan-11

Sep-03

Sep-05

Sep-07

May-04

May-06

May-08

Sep-09

Source: Company, Bloomberg, Angel Research

May-10

Oct-11

Source: Company, Bloomberg, Angel Research

Exhibit 12: Premium/Discount to Sensex

(%) 100 80 60 40 20 0 (20) (40) (60) (80) Absolute premium Five-yr average premium

Exhibit 13: Bosch v/s Sensex

450 400 350 300 250 200 150 100 50 0 Bosch India Sensex

Feb-07

Sep-06

Dec-02

Dec-04

Sep-09

Feb-10

Jul-07

May-08

Jan-07

Jan-09

Aug-03

Aug-05

Apr-02

Apr-04

Apr-06

Jan-11

Dec-07

Jul-10

May-08

May-10

Nov-05

Dec-10

Oct-11

Sep-07

Sep-09

Jan-05

Jun-05

Apr-06

Oct-08

Apr-09

Source: Company, Bloomberg, Angel Research

Source: Company, Bloomberg, Angel Research

November 8, 2011

Oct-11

Oct-11

Bosch | 3QCY2011 Result Update

Exhibit 14: Auto Ancillary - Recommendation summary

Company Amara Raja Automotive Axle Bharat Forge* Bosch India# Exide Industries FAG Bearings Subros
# ^

Reco. Accumulate Buy Neutral Accumulate Neutral Accumulate Under Review Neutral

CMP (`) 218 376 292 7,205 124 1,300 177 27

Tgt. price (`) 242 450 7,763 1,396 #

Upside (%) 11.5 19.5 7.7 7.4 -

P/E (x) FY12E 11.2 9.3 17.0 20.5 22.3 12.5 18.6 8.2
^

EV/EBITDA (x) FY12E 6.4 5.4 8.6 12.7 13.7 6.9 8.4 4.7 FY13E 5.3 4.8 7.0 11.1 9.6 5.8 7.3 4.0 9.9 8.4 14.5 18.6 16.1 11.4 15.4 6.6

RoE (%) FY12E 22.9 27.6 18.3 21.2 16.3 26.4 21.8 8.3 FY13E 21.1 26.2 18.1 19.4 20.1 23.1 23.1 10.0

FY11-13E EPS CAGR (%) 12.9 24.2 26.9 19.2 1.7 25.1 7.9 (7.5)

FY13E

Motherson Sumi*

Source: Company, Angel Research; Note: * Consolidated results;

December year end;

September year end

November 8, 2011

Bosch | 3QCY2011 Result Update

Profit & Loss Statement

Y/E Dec. (` cr) Gross sales Less: Excise duty Net Sales Other operating income Total operating income % chg Total Expenditure Net Raw Materials Other Mfg costs Personnel Other EBITDA % chg (% of / Total Op. Inc.) Depreciation & Amortisation EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Recurring PBT % chg Extraordinary Expense/(Inc.) PBT (reported) Tax (% of PBT) PAT (reported) ADJ. PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg CY07 4,804 478 4,325 147 4,472 14.2 3,550 2,202 351 471 527 922 13.5 20.6 254 668 18.1 15.4 4 192 23.6 856 7.2 46 810 247 30.5 609 564 26.8 13.0 190.1 175.8 26.8 CY08 5,093 491 4,602 143 4,745 6.1 3,888 2,416 377 530 566 857 (7.1) 18.1 302 554 (17.0) 12.0 9 311 40.1 857 0.1 81 776 223 28.7 634 553 (1.9) 12.0 198.0 172.7 (1.8) CY09 5,085 276 4,822 186 5,009 5.6 4,183 2,551 360 609 663 826 (3.6) 16.5 304 523 (5.7) 10.8 1 285 38.4 806 (5.9) 64 742 203 27.3 604 540 (2.4) 11.2 192.2 171.8 (0.5) CY10 7,123 442 6,682 200 6,882 37.4 5,629 3,598 432 796 803 1,253 51.7 18.2 254 999 91.2 15.0 4 207 17.2 1,203 49.2 0 1,202 344 28.6 859 858 59.1 12.8 273.5 273.4 59.1 CY11E 8,493 527 7,967 220 8,187 19.0 6,636 4,230 518 948 940 1,551 23.7 18.9 267 1,284 28.5 16.1 2 269 17.3 1,551 29.0 0 1,551 450 29.0 1,101 1,101 28.3 13.8 350.8 350.8 28.3 CY12E 9,805 608 9,197 242 9,439 15.3 7,725 4,929 602 1,104 1,090 1,714 10.5 18.2 301 1,413 10.0 15.4 2 305 17.8 1,717 10.7 0 1,717 498 29.0 1,219 1,219 10.7 13.3 388.1 388.1 10.7

November 8, 2011

Bosch | 3QCY2011 Result Update

Balance Sheet
Y/E Dec. (` cr) SOURCES OF FUNDS Equity Share Capital Reserves & Surplus Shareholders Funds Total Loans Deferred Tax Liability Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Current Assets Cash Loans & Advances Other Current liabilities Net Current Assets Mis. Exp. not written off Total Assets 2,339 1,859 481 158 6 1,064 2,063 686 306 1,071 1,098 965 2,674 2,722 2,120 602 167 6 867 2,741 1,071 422 1,248 1,193 1,548 3,190 2,865 2,358 507 100 6 1,418 2,758 1,068 556 1,135 1,320 1,438 3,468 3,017 2,588 430 224 6 1,607 3,752 1,326 896 1,530 1,863 1,889 4,156 3,697 2,854 843 185 6 1,842 4,118 1,426 1,075 1,617 1,732 2,387 5,263 4,203 3,155 1,047 210 6 2,219 4,829 1,717 1,242 1,870 1,973 2,856 6,339 32 2,531 2,563 252 (141) 2,674 32 3,063 3,095 264 (170) 3,190 31 3,354 3,385 284 (201) 3,468 31 4,067 4,098 276 (218) 4,156 31 5,173 5,205 276 (218) 5,263 31 6,250 6,281 276 (218) 6,339 CY07 CY08 CY09 CY10 CY11E CY12E

Cash Flow Statements

Y/E Dec. (` cr) Profit before tax Depreciation Change in Working Capital Less: Other income Direct taxes paid Cash Flow from Operations (Inc.)/Dec. in Fixed Assets (Inc.)/Dec. in Investments (Inc.)/Dec. in loans and advances Others Cash Flow from Investing Issue of Equity Inc./(Dec.) in loans Dividend Paid (Incl. Tax) Others Cash Flow from Financing Inc./(Dec.) in Cash Opening Cash balances Closing Cash balances CY07 810 254 52 194 247 675 (309) (337) 9 192 (445) 21 36 (226) (168) 61 625 686 CY08 776 302 120 486 223 490 (391) 197 (127) 311 (10) 50 24 (168) (94) 385 686 1,071 CY09 742 304 (264) (318) 203 897 (75) (551) (133) 285 (475) (1) 20 94 (539) (426) (3) 1,071 1,068 CY10 1,202 254 (162) 65 344 886 (277) (190) (313) 207 (572) (8) 110 (158) (56) 258 1,068 1,326 CY11E 1,551 267 241 861 450 748 (641) (235) (185) 269 146 (3) 144 100 1,326 1,426 CY12E 1,717 301 15 349 498 1,186 (531) (377) (418) 305 147 (22) 125 291 1,426 1,717

(791) (1,019)

November 8, 2011

Bosch | 3QCY2011 Result Update

Key Ratios
Y/E Dec. Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value DuPont Analysis EBIT margin Tax retention ratio Asset turnover (x) ROIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) ROCE (Pre-tax) Angel ROIC (Pre-tax) ROE Turnover ratios (x) Asset Turnover (Gross Block) Inventory / Sales (days) Receivables (days) Payables (days) Working capital cycle (ex-cash) (days) Solvency ratios (x) Net debt to equity Net debt to EBITDA Interest Coverage (EBIT / Interest) (0.6) (1.6) 178.2 (0.5) (2.0) (0.7) (2.7) (0.6) (2.1) 254.3 (0.6) (1.9) 805.9 (0.6) (2.1) 768.1 2.0 42 47 64 19 1.9 41 51 59 29 1.8 42 49 61 31 2.3 37 36 60 25 2.4 38 35 63 34 2.4 39 35 64 41 28.0 26.2 22.0 18.9 19.4 17.9 15.7 14.0 15.9 26.2 28.2 20.9 27.3 27.7 21.2 24.4 25.3 19.4 15.4 0.7 2.6 27.8 1.1 27.8 12.0 0.7 2.3 19.8 2.4 19.8 10.8 0.7 2.2 17.5 0.3 17.5 15.0 0.7 2.6 28.1 1.0 28.1 16.1 0.7 2.5 28.1 0.4 28.1 15.4 0.7 2.2 24.3 0.5 24.3 175.8 172.7 171.8 175.8 172.7 171.8 255.0 267.1 268.5 25.0 800 25.0 30.0 967 1,078 273.4 273.4 354.3 40.0 1,305 350.8 350.8 435.7 40.0 1,658 388.1 388.1 484.0 40.0 2,000 41.0 28.2 9.0 0.3 4.4 27.3 7.9 41.7 27.0 7.5 0.3 4.1 29.4 6.6 41.9 26.8 6.7 0.4 4.0 31.9 5.9 26.4 20.3 5.5 0.6 2.8 19.0 4.8 20.5 16.5 4.3 0.6 2.3 12.7 3.7 18.6 14.9 3.6 0.6 1.9 11.1 3.0 CY07 CY08 CY09 CY10 CY11E CY12E

63.5 439.2

November 8, 2011

10

Bosch | 3QCY2011 Result Update

Research Team Tel: 022 - 3935 7800

E-mail: research@angelbroking.com

Website: www.angelbroking.com

DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in the past. Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in connection with the use of this information. Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report.

Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered

Bosch No No No No

Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors.

Ratings (Returns) :

Buy (> 15%) Reduce (-5% to 15%)

Accumulate (5% to 15%) Sell (< -15%)

Neutral (-5 to 5%)

November 8, 2011

11