IFB Company Report

8/9/2019 IFB Company Report

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IFB Appliances Ltd.Company Report

Company Report as a preliminary submission to the organization mentor where

Summer Internship is done.

Jayant Kushwaha (141119)

Institute of Management, Nirma University

MBA (FT) 2014-16



IFB Appliances Ltd.

Company Report

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IFB Industries Ltd.

IFB Industries Limited originally known as Indian Fine Blanks Limited started their operations

in India during 1974 in collaboration with Hienrich Schmid AG of Switzerland. The product

range includes Fine Blanked components, tools and related machine tools like Straighteners,

Decoilers, Strip loaders and others.

The Engineering divisions are located at Kolkata & Bangalore. The Bangalore unit, apart from

Fine Blanked components, manufactures motors for White goods as well as Automotive

applications.

IFB is into Electronics/Home Appliance industry, Agro Industry, Automotive Industry and

also Travels and Tourism industry where it has recently made an inception.

Introduction

IFB Industries Ltd is an India-based company. The company is engaged in manufacturing and

marketing engineering products. They operate in three segments, namely engineering,

home appliance and others. The engineering divisions are located at Kolkata and Bangalore.

The company's product range includes fine blanked components, tools and related

machines tools, such straighteners, decoilers, strip loaders and others. They also provide

household appliances, including washing machines, dryers, microwave ovens, and

dishwashers. In addition, they manufacture motors for white goods and automotive

applications. IFB Industries Ltd was incorporated in the year 1974 as Indian Fine Blanks Ltd

in collaboration with Hienrich Schmid AG of Switzerland. The company was established with

the objective of manufacturing fine blanking tools press tools and fine blanked components

used in a wide range of precision engineering industries. In the year 1985, the company took

4.84 acres of land on lease at Gangarampur in West Bengal for the manufacture of high

technology machines as well as for future expansion-cum-diversification programmes. In the

year 1988, the company set up a new division, namely Project and Construction division to

take up projects abroad as well as in India. In addition, the company in association with P. A.Rentrop Hubert and Wagner GmbH & Co KG West Germany set up a joint venture company

called RHW India Pvt Ltd in India for the manufacture of automatic seat adjustment

mechanism. In the year 1989, the company entered into collaboration with Bosch-Siemens

Hausgerate GmbH, Germany for production of fully automatic washing machines and for the

manufacture of the state-of-the-art domestic appliances. The company changed their name

from Indian Fine Blank Ltd to IFB Industries Ltd with effect from July 19, 1989. The company

set up a company called European Fine Blanking Ltd at Wrexham in North Wales, UK with

their European partners for the manufacture of fine blanking tools and components for the

UK and other European markets. In the same year, RHW India Pvt Ltd became subsidiary ofthe company and the name was changed to RHW India Ltd. RHW India Ltd entered in a joint



IFB Appliances Ltd.

Company Report

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venture agreement with Electrolux Autoliv AB (Sweden) for setting up a joint venture

company for the manufacture sale and export of automotive safety belts and accessories. In

the year 2000, the company launched their new fully automatic washing machine Senator in

the Kerala market. During the year 2002-03, the company launched a highly sophisticated

washing machine 'IFB Digital' with advanced features in line with the latest international

models. In addition, they introduced a new range of Microwave Ovens. The company added

250 Nos of retail outlets in different parts of the country. During the year 2003-04, the

company launched the new model washing machines 'Elena' and new model dryer 'Easy

Drier'. In addition, the engineering factories at Kolkata & Bangalore have been certified as

QS9000 by DNV. During the year 2005-06, the company launched the new economy model

washing machine 'DIVA' and high-end model DIGITAL 7 kg. During the year 2006-07, the

company introduced two new models of microwave ovens and started souring of industrial

dishwasher. During the year 2007-08, they introduced Top loaders and one new model

microwave oven.

The Home Appliances Division was started in 1991 with the vision to revolutionise the way

Indians live. Over two decades, we have grown in strength to become a word synonymous

with home solutions. Through a constant evolution of the very best Washing Machines,

100% Clothes Dryers, Dishwashers, Microwave Ovens, Air Conditioners, Refrigerators,

Cooker Hoods and Modular Kitchens, we have helped usher in a lifestyle of convenience and

freedom. Today, millions of Indian households use IFB products, making us one of the most

trusted home appliances brands in the country. Our service network of 250 franchises and

2,200 service engineers ensures we deliver exceptional service across the country.

Time line

1974 – Birth of Brand Indian Fine Blanking. Today known as IFB Industries Ltd. – Engineering

Division.

1982- IFB Agro Industries Ltd.

1989- IFB Automotive Pvt. Ltd.

1991- IFB Industries Ltd. – Home Appliances Division

1991- Travel Systems Limited

Vision

To be customer’s first choice



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Mission

1. To maximise shareholders value & growth by manufacturing & marketing top

quality products.

2. To be the best in the eyes of our customers, employees, business partners &

shareholders.

3. To be in every home valued at ₹15 lacs+ and achieve the target of ₹4,000

crores turnover by 2016-17.

For our customers: To offer them the best product to buy, an innovative product

that constantly outperforms peers & outstanding service that makes every

customer smile.

For our employees: to provide them an environment in which every individual

learns, grows and prospers.

For our Business Partners: To enable them to consider IFB’s products & services

as their first choice.

For our Investors: The company should be acknowledged as the one with the

highest degree of corporate transparency that delivers on the promises given to

its shareholders.

Values

1. Never let profit centric conflicts get in the way of doing what is right for the

customers.

2. Gove customers a good fair deal. Great customer relationships take time. Do not try

to maximize short term profits at the expense of building those relationships.

3. Always look for ways to make it easier to do business with us.

4. Communicate daily with your customers. If they (customers) are talking to you, they

can’t be talking tp a competitor.

5. Don’t forget to say thank you.

6. Leaner is better

7. Eliminate bureaucracy

8. Cut waste relentlessly

9. Operations should be fast and simple.

10. Value each other’s time

11. Invest in infrastructure.



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IFB Quality Policy

To supply products that will exceed customer's expectation due to excellence through

perfection in quality and service.

To maintain an environment for teamwork and continuous improvement, leading to total

quality in all activities of the organisation.

Quality Assurance

The Bangalore and Kolkata works are certified for ISO 9001 & QS 9000 by TUV SDI.

Bangalore unit has been certified for TS 16949 by TUV SDI.

Modern Quality Control facilities are available which includes FERRANTI 3 Co-ordinate

Measuring Machine, ZWICK Micro Hardness Tester & Micro height Tester, Metalography

Microscope & others.

Research & Development

IFB has a research and development centre equipped with high-end software’s like Solid

modelling, CATIA, FEA and Mold Flow for the design and analysis of various products.

Besides it also has highly skilled and experienced tool designers designing fine blanking parts

and tools to international standards.

Customers

The company’s customers include Maruti Udyog, Ford India, Fiat India, Toyota Kirloskar

Motors, Lucas TVS, Brakes India, Autoliv India, Rane TRW, IFB Automotive, Germany’s

Takata Petri, BorgWarner, Avtec and Bosch chasis.

The company’s international business division has become a recognized Export House

dealing in not only IFB's own products but also third-party exports.

Global Presence

The company IFB Industries Ltd. is Present in 3 more countries other than India.

India (Engineering & Manufacturing)

Thailand (Manufacturing)

Tokyo, Japan (Liaison)

Seoul, South Korea (Liaison)



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Company Report

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Subsidiaries

IFB, in collaboration with Germany’s RHW and Sweden’s Electrolux, has two joint venture

subsidiaries -- RHW India and RHW Autoliv India -- to manufacture automotive seat recliners

or seating systems and safety equipments.

Strengthening its reach in tier 2 and tier 3 towns

IFB is strengthening its distribution network in tier 2 and tier 3 towns and focusing on

marketing programmes for semi-urban and rural markets. The company has a 24-hour tele-

helpline service for queries. It delivers to over 1,600 locations in India.

Latest Development The Committee of Directors of IFB Industries had recently allotted 68,00,000 equity shares

of Rs 10 (at par) to IFB Automotive, a promoter group company. The promoters brought in

above fund in line with the direction of Board for Industrial and Financial Reconstruction

(BIFR) in the sanctioned scheme.

Documents

IFB Company Report