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

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 of
the company and the name was changed to RHW India Ltd. RHW India Ltd entered in a joint
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Company Report

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 customers 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 IFBs 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
cant be talking tp a competitor.
5. Dont 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 others 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 softwares 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 companys customers include Maruti Udyog, Ford India, Fiat India, Toyota Kirloskar
Motors, Lucas TVS, Brakes India, Autoliv India, Rane TRW, IFB Automotive, Germanys
Takata Petri, BorgWarner, Avtec and Bosch chasis.
The companys 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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Subsidiaries
IFB, in collaboration with Germanys RHW and Swedens 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 telehelpline 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.

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