1. Summary Information
|
Country |
India |
||
|
Company Name |
PHILIPS
ELECTRONICS INDIA LIMITED |
Principal Name 1 |
Mr. Rajeev Chopra |
|
Status |
Good |
Principal Name 2 |
Mr. Susim Mukul Datta |
|
Registration # |
21-006663 |
||
|
Street Address |
7, Justice
Chandra Madhab Road, Kolkata – 700020, West Bengal |
||
|
Established Date |
31.01.1930 |
SIC Code |
-- |
|
Telephone# |
91-33-24753621/24753627/24964560/26912000
/ 24867123 |
Business Style 1 |
Manufacturer of
Electronic Products. |
|
Fax # |
91-33-24753839/24938722/26912499 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Lamps |
|
|
# of employees |
Not Available |
Product Name 2 |
Diagnostic imaging equipments |
|
Paid up capital |
Rs.
575,000,000/- |
Product Name 3 |
Lamps Fittings |
|
Shareholders |
Foreign holdings - 96.19% Bodies corporate - 0.08% Other top fifty shareholders - 0.44% Other - 3.27% |
Banking |
State Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
83 years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
A
(68) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary Companies |
India
|
Preethi Kitchen Appliances Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
14,069,000,000 |
Current Liabilities |
10,668,000,000 |
|
Inventories |
5,362,000,000 |
Long-term Liabilities |
2,303,000,000 |
|
Fixed Assets |
3,703,000,000 |
Other Liabilities |
1,917,000,000 |
|
Deferred Assets |
462,000,000 |
Total Liabilities |
14,888,000,000 |
|
Invest& other Assets |
1,269,000,000 |
Retained Earnings |
9,402,000,000 |
|
|
|
Net Worth |
9,977,000,000 |
|
Total Assets |
24,865,000,000 |
Total Liab. & Equity |
24,865,000,000 |
|
Total Assets (Previous Year) |
19,648,000,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
55,488,000,000 |
Net Profit |
1,338,000,000 |
|
Sales(Previous yr) |
37,002,000,000 |
Net Profit(Prev.yr) |
889,000,000 |
MIRA INFORM REPORT
|
Report Date : |
21.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
PHILIPS ELECTRONICS INDIA LIMITED |
|
|
|
|
Registered
Office : |
7, Justice Chandra Madhab Road, Kolkata – 700020, West Bengal |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
31.01.1930 |
|
|
|
|
Com. Reg. No.: |
21-006663 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.575.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U31902WB1930PLC006663 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP17956B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCP9487A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of Electronic Products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 35200000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a
subsidiary of Koninklijke Philips electronics
n.v. a multinational
entertainment giant. It is a well established
company having good track record. Financial position of the company appears
to be sound. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitments. The company can
be considered good for normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA (Long Term Rating) |
|
Rating Explanation |
High degree of safety it carry very low credit risk |
|
Date |
10.12.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Highest degree of safety it carry lowest credit risk. |
|
Date |
10.12.2012 |
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
31-03-2012.
LOCATIONS
|
Registered Office / Eastern Regional Office: |
7, Justice
Chandra Madhab Road, Kolkata – 700020, West Bengal, India |
|
Tel. No.: |
91-33-24753621/24753627/24964560/26912000
/ 24867123 |
|
Fax No.: |
91-33-24753839/24938722/26912499 |
|
E-Mail : |
|
|
Website : |
www.india.philips.com |
|
Location : |
Owned |
|
|
|
|
Corporate Office / Northern Regional Office : |
9th Floor, DLF
9-B, DLF Cyber City, Sector 25, DLF Phase - 3, Gurgaon - 122002, India |
|
Tel. No.: |
91-124-4606000 |
|
Fax No.: |
91-124-4606666 |
|
|
|
|
Regional
Offices / Branch : |
Mumbai Technopolis Knowledge Park, Mahakali Caves Road, Chakala, Andheri (East), Mumbai - 400 093, Maharashtra, India Tel.:
91-22-6691 2000 Fax
: 91-22-6691 2499 Bangalore
Temple Towers - 5th Floor, Old No. 476, New No. 672, Anna
Salai, Nandanam, Chennai – 600035, Tamilnadu, India Tel.
91-44-66501000 MFAR
Manyata Teck Park, Nagavara, Bangalore – 560045, Karnataka, India Tel.
91-80-41890000 The Estate, 4th Floor (North
Wing), (Next to Manipal Centre), 121, Dickenson Road, Bangalore – 560042,
Karnataka, India Tel
No.: 91-80-66929898 Hyderabad 6-3-1109/1/P/103, 3rd Floor,
Jewel Pawani Towers, Raj Bhavan Road, Somajiguda, Hyderabad – 500082, Andhra
Pradesh, India Tel
No.: 91-40-66467676 |
DIRECTORS
As on: 04.09.2012
|
Name : |
Mr. Susim Mukul Datta |
|
Designation : |
Director |
|
Address : |
No. 104 Bakhtawar, Lower Colaba Road, Opposite Colaba Post Office,
Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
01.07.1936 |
|
Date of Appointment : |
31.03.1993 |
|
DIN No.: |
00032812 |
|
|
|
|
Name : |
Mr. Rajeev Chopra |
|
Designation : |
Managing director |
|
Address : |
D-939, New Friends Colony, New Delhi – 110065, India |
|
Date of Birth/Age : |
22.03.1963 |
|
Date of Appointment : |
01.01.2011 |
|
DIN No.: |
03396723 |
|
|
|
|
Name : |
Mr. Jan Hendrik Gerardus Louwman |
|
Designation : |
Whole-time director |
|
Address : |
Flat No. 403, The Aralias DLF Golf Links, Golf Course Road, Gurgaon –
122001, Haryana, India |
|
Date of Birth/Age : |
16.09.1965 |
|
Date of Appointment : |
01.04.2010 |
|
DIN No.: |
03038202 |
|
|
|
|
Name : |
Mr. Subramanian Venkataramani |
|
Designation : |
Director |
|
Address : |
A 14/14, First Floor, Vasant Vihar, New Delhi – 110057, India |
|
Date of Birth/Age : |
16.06.1946 |
|
Date of Appointment : |
13.03.2009 |
|
DIN No.: |
00231228 |
KEY EXECUTIVES
|
Name : |
Mr. Rajiv Jivanlal Wani |
|
Designation : |
Secretary |
|
Address : |
A-13, Jai-Kirti Co-operative Housing Society – 76, Turel Pakhadi Road,
Malad (West), Mumbai – 400064, Maharashtra, India |
|
Date of Birth/Age : |
14.12.1958 |
|
PAN No.: |
AAAPW3553A |
|
Date of Appointment : |
14.02.1996 |
MAJOR SHAREHOLDERS
Major Shareholders – Not Available
Equity Share Break up (Percentage of Total Equity)
As on: 04.09.2012
|
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 |
96.19 |
|
Bodies corporate |
0.08 |
|
Other top fifty shareholders |
0.44 |
|
Other |
3.27 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electronic Products. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.12.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production* |
|
Lamps |
pcs in ‘000 |
719,633 |
526,636 |
408,909 |
|
Glass shells |
pcs in ‘000 |
668,000 |
569,951 |
448,245 |
|
Filaments |
pcs in ‘000 |
1,500,000 |
1,050,000 |
598,027 |
|
Molybdenum wire |
kgs |
12,000 |
12,000 |
— |
|
Diagnostic imaging equipments |
pcs |
NA |
1,390 |
1,173 |
Note:
Licensed capacity
excludes permissible increases as per various Government schemes. For
delicensed industries, it includes registered capacities as per Industrial Entrepreneurs’
Memoranda filed with Government where commercial production against the same
has commenced. Installed capacity is on single shift basis except for some
items of lamps and lamp components and is as certified by management and has
not been verified by the auditors, as it is a technical matter.
* Figures do not include wastages and internal consumption.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
KMPG House, Kamala Mills Compound, 448, Senapati Bapat
Marg, Lower Parel, Mumbai – 400 013, |
|
PAN.: |
AAASK1415H |
|
|
|
|
Holding and
ultimate holding company : |
Koninklijke Philips Electronics N.V |
|
|
|
|
Subsidiary
Company : |
* Subsidiary company w.e.f. March 28, 2011. |
|
|
|
|
Overseas Fellow
Subsidiary Companies: |
|
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
92000000 |
Equity Shares |
Rs.10/- each |
Rs.920.000 Millions |
|
20000000 |
Preference Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
|
Total |
|
Rs.1120.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
57517242 |
Equity Shares |
Rs.10/- each |
Rs.575.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 (15 Months) |
31.12.2010 (12 Months) |
31.12.2009 (12 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
575.000 |
575.000 |
575.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9402.000 |
8231.000 |
7476.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9977.000 |
8806.000 |
8051.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
170.000 |
102.000 |
105.000 |
|
|
2] Unsecured Loans |
2133.000 |
0.000 |
45.000 |
|
|
TOTAL BORROWING |
2303.000 |
102.000 |
150.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12280.000 |
8908.000 |
8201.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3703.000 |
3282.000 |
3287.000 |
|
|
Capital work-in-progress |
269.000 |
242.000 |
176.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1000.000 |
0.000 |
5.000 |
|
|
DEFERREX TAX ASSETS |
462.000 |
363.000 |
352.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
5362.000
|
4131.000
|
3608.000
|
|
|
Sundry Debtors |
7044.000
|
4161.000
|
3167.000
|
|
|
Cash & Bank Balances |
1416.000
|
4018.000
|
4251.000
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
5609.000
|
3451.000
|
2840.000
|
|
Total
Current Assets |
19431.000
|
15761.000
|
13866.000
|
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7539.000
|
7521.000
|
7294.000
|
|
|
Other Current Liabilities |
3129.000
|
1335.000
|
449.000
|
|
|
Provisions |
1917.000
|
1884.000
|
1742.000
|
|
Total
Current Liabilities |
12585.000
|
10740.000
|
9485.000
|
|
|
Net Current Assets |
6846.000
|
5021.000
|
4381.000
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12280.000 |
8908.000 |
8201.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 (15 Months) |
31.12.2010 (12 Months) |
31.12.2009 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
55488.000 |
37002.000 |
32527.000 |
|
|
|
Other Income |
130.000 |
156.000 |
137.000 |
|
|
|
TOTAL (A) |
55618.000 |
37158.000 |
32664.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
-- |
21834.000 |
18980.000 |
|
|
|
Consumption materials changes inventories |
31583.000 |
-- |
-- |
|
|
|
Expenses |
-- |
13080.000 |
11238.000 |
|
|
|
Manufacturing service costs |
2811.000 |
-- |
-- |
|
|
|
Exceptional Items |
(41.000) |
(74.000) |
(162.000) |
|
|
|
Employee related expenses |
7174.000 |
-- |
-- |
|
|
|
Administrative selling other expenses |
10473.000 |
-- |
-- |
|
|
|
Research development expenditure |
689.000 |
-- |
-- |
|
|
|
Prior Period Expenses |
-- |
92.000 |
0.000 |
|
|
|
TOTAL (B) |
52689.000 |
34932.000 |
30056.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2929.000 |
2226.000 |
2608.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
96.000 |
39.000 |
51.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2833.000 |
2187.000 |
2557.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
979.000 |
754.000 |
707.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1854.000 |
1433.000 |
1850.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
516.000 |
544.000 |
675.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
1338.000 |
889.000 |
1175.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4350.000 |
3684.000 |
2762.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
301.000 |
89.000 |
118.000 |
|
|
|
Proposed Equity Dividend |
|
115.000 |
115.000 |
|
|
|
Tax on proposed equity dividend |
|
19.000 |
20.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5387.000 |
4350.000 |
3684.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
1033.000 |
482.000 |
|
|
|
Service revenue |
NA |
3017.000 |
2580.000 |
|
|
TOTAL EARNINGS |
NA |
4050.000 |
3062.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1038.000 |
698.000 |
|
|
|
Stores & Spares |
NA |
28.000 |
28.000 |
|
|
|
Capital Goods |
NA |
324.000 |
250.000 |
|
|
TOTAL IMPORTS |
NA |
1390.000 |
976.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
23.26 |
15.46 |
18.97 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 (15 Months) |
31.12.2010 (12 Months) |
31.12.2009 (12 Months) |
|
PAT / Total
Income |
(%) |
2.41
|
2.39
|
3.59
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.34
|
3.87
|
5.68
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.01
|
7.53
|
10.78
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.16
|
0.22
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.23
|
0.01
|
0.02
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.47
|
1.46
|
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 |
No |
|
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 |
Yes |
|
24] |
Banking facility details |
Yes |
|
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 |
Yes |
BUSINESS PERFORMANCE
The Notes to the Profit and Loss Account for the year provide segment results. The required disclosure is made below for the Lighting, Consumer Lifestyle, Innovation Campus (Software) and Healthcare Sectors.
LIGHTING
The Sector grew by 14% in the first 12 months ending December 31, 2011 and 16% in the first quarter of 2012 over corresponding period of previous year, making it the eighth consecutive year of double digit growth. The growth was driven by continued channel expansion and increased extraction from the existing channels in the consumer segment, increased LED penetration and some big wins in the professional segment. The year 2011-12 witnessed strong performance in conventional lamps, tube light and compact fluorescent lamps categories with
an average annualised growth of 13%. Driving efficiencies in distribution, increased reach in semi urban markets, planned channel expansion, and focussed marketing were the key contributor for the growth in this segment. Localisation of Electronic Ballasts and the launch of a better value proposition product ‘Sumo Ultra’ led to an annualised growth of 21.6% in Lighting Electronics. The year witnessed phenomenal growth in LED, Main Stream Battens, Lighting Controls and some big wins in Office and Industry Segments. Continued focus in expanding locally relevant LED portfolio resulted in the successful launch of 24 types of LED/Solar product/families during the current period. The Company’s LED share in Professional Luminaires business now stands of 14% as of first quarter of 2012.
During the period the Sector started the business of Lighting Controls, leveraging integration opportunities from the Philips global acquisition of Dynalite Lighting Controls. Great progress has been made in this business with total Sales of Rs. 164 Million in the current period. Consumer Luminaires business continued the growth momentum during 2011-12. Addition of twenty eight new brand retail stores across India and improving the efficiency of existing stores are the key success factor for the growth of this category. Besides, focused marketing activities and continued investments in advertising and promotions to build category awareness and association have aided this growth.
Philips Lighting India received the prestigious ‘Leadership Role Model” award for market leadership, showing entrepreneurial spirit and being a role model, at the inaugural Philips Accelerate! CEO Awards presented at the Global Leadership Summit in May, 2011. Automotive Lighting business in India received a Special Award from Maruti Suzuki India for the quality of services and support provided to them as one of their vendors.
In 2012-13 the Sector will focus on the B2B sector through segment based marketing and LED and other energy efficient solution to increase its market presence. The Sector will also focus on Consumer segment by continuing to drive energy efficient home lighting and Consumer Luminaires.
CONSUMER LIFESTYLE
In 2011 the sector continued to focus on strengthening market share in key categories such as Home Cinema Systems, Kitchen Appliances, Garment Care and Hair Care and Grooming segments. These categories combined enjoyed a growth of 15% in 2011. In Lifestyle Entertainment (LE), they continued their leadership position in DVD since last year and a half, and in Home Cinema Systems, Philips strengthened its share, becoming a strong #2 player in the market, by focusing on the 3D angled speakers portfolio. In mainstream audio segment, they maintained their market share in line with market development. During the last 12 months the Company received the “Best Audio System of the Year” award from NDTV Tech Life.
In Domestic Appliances, they strengthened their market share and insights in Kitchen Appliances by launching products relevant for local tastes and behaviour patterns. In Garment Care, they strengthened their leadership position by increasing their share by driving conversion of dry to steam irons and a strong marketing campaign which accelerated category growth. they continued to build the category of Personal Care in India through integrated media campaign for Hair Care and Grooming.
Their goal remains to grow faster than the market in the coming years by strengthening market shares in the key categories: DVD, Home Cinema Sound, Kitchen Appliances, Garment Care, Hair Care and Grooming. The Company remains committed to launch new and relevant products in the coming years which not only suits the local consumer tastes but also meets the fast changing lifestyle needs of the Indian consumers. One such launch is the launch of Philips Airfryer in May 2012. The AirFryer is equipped with Philips’ patented Rapid Air Technology that uses fast-circulating hot air to create fried food containing up to 80 per cent less fat and is a healthy alternative to traditional frying. The Airfryer significantly reduces the need of oil for cooking a vast array of Indian dishes and make it possible to cook using just hot air. Additionally Consumer Lifestyle continued to focus on building talent, competencies and processes to drive sustainable profitable growth through relevant and profitable portfolio choices.
HEALTH CARE
The Healthcare business in India grew by 31% in the period ended March 31, 2012. This growth was primarily driven by a growth of 45% in diagnostic imaging systems. Ultrasound business grew by 12% and patient monitoring grew by 17% during the period. Service revenuesregistered a growth of 25% during the period. In 2011 they established a world class “Customer Care Service Centre” in Chennai moving from corrective to predictive maintenance by virtue of which they are experts in remote resolutions and have significantly reduced downtime.
Philips Healthcare India has increased its market share further during the period across all product categories. They are the market leaders in Patient monitoring, Cardiovascular, Defibrillators and High end MR and CT (source: COCIR). New products were introduced in Patient monitoring, Anaesthesia machines , Ultrasound machines (Clearvue series- Innovative technology at low operating costs with low energy needs) , MRI ( HiFU- breakthrough technology to treat uterine fibroids and other tumours non-invasively, Ingenia – first fully digital broadband MRI system) , CT (Ingenuity- Low dose , high throughput CT system) and nuclear medicine (Ingenuity TOF- Breakthrough technology to view the smallest of lesions in oncology, PET MR- Hybrid system that offers best in class technology in PET combined with the best tissue imaging in MR). As a part of their strategic initiatives, they launched healthcare informatics which will help in enhancing the clinical capabilities of their clinicians by providing relevant information anytime, anywhere.
Philips Healthcare received the Frost and Sullivan award for the Best Cardiology Treatment Company of the year 2011. As per the results of the 2012 Heartbeat Survey, there has been a significant change in the brand perception of Philips Healthcare in India. Philips is today perceived as the Most Exciting Brand in Healthcare in India. They have moved up from #3 until last year to become CO-LEADER with key competitors in Brand Preference in India. They have moved up to become #1 in Top of Mind and Unaided Awareness in India. They are partnering with RAD-AID and Post Graduate institute of medical research on a Women’s Healthcare Outreach Program for breast cancer screening. Business financing continues to contribute significantly to the business growth.
The Company has begun production at a newly constructed healthcare facility at Chakan near Pune. This facility is the first in the country to expand by offering low cost interventional imaging systems. It will produce imaging systems for cardiology and radiology application mainly to serve smaller hospitals in the country. A research and development centre has also been set up at Pune.
INNOVATION CAMPUS
(PIC)
Philips Innovation Campus (PIC) based at Bangalore initially started as a software center and has now developed into a product development center with focus on delivering meaningful innovations for local and global markets. The recently launched ‘Clearvue’, a range of ultrasound products bears testimony to this. In 2011 PIC expanded its area of expertise further in Lighting R and D.
A Center of ‘Competence for Mobility’ was established in PIC, recently, to extend the capabilities in Healthcare, Lighting and Consumer Lifestyle to mobile platforms. It has already unveiled three mobile applications developed in the Healthcare, Lighting and Lifestyle sectors. ‘Sanjivini’, a healthcare mobile application platform, helps simplify the collection of patient information by the healthcare workers in rural areas, providing a crucial link to the improved delivery of healthcare. ‘Envision’, a lighting application that helps users to control lighting in their homes/offices remotely. ‘Air Studio’ an iPhone/iPad application streams music/photos/videos wirelessly from iPhone, iPad, PC/MAC to Philips network connected players. Sales (Export in Foreign Currency) amounted to Rs.4.6 billion in 2011-12(for 15 months) - (Rs.2.7 billion in 2010). PIC’s average employee strength during 2011-12 was 1466 Full Time Equivalents (1198 in 2010). During the year, personnel in the Healthcare, IT Applications and Lighting increased. In2012, PIC will see a growth in activities in all the sectors, with healthcare in the lead. ’In India for India’ initiatives will be ramped up. Together with other development centers in India and China, PIC will play a critical role in expanding the footprint of Philips in emerging markets.
UNSECURED LOAN:
(Rs. In Millions)
|
Particulars |
As
on 31.03.2012 (15
Months) |
As
on 31.12.2010 (12
Months) |
|
Working capital loans |
2133.000 |
0.000 |
|
Total |
2133.000 |
0.000 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
U31902WB1930PLC006663 |
|
Name of the
company |
PHILIPS
ELECTRONICS INDIA LIMITED |
|
Address of the
registered office or of the principal place of business in |
7, Justice Chandra Madhab Road, Kolkata – 700020, West Bengal, India |
|
This form is for |
Creation of charge |
|
Type of charge |
|
|
Particular of
charge holder |
State Bank Of India, Cag Branch, Jawahar Vyapar Bhawan, 11th and 12th Floor, 1 Tolstoy Marg, New Delhi – 110001, India |
|
Nature of instrument
creating charge |
Agreement of
hypothecation of all present and future stocks, book debts including
documents of title to the stocks, outstanding money, receivables including
receivables executed on 26th day of December 2011 |
|
Date of instrument
Creating the charge |
26.12.2011 |
|
Amount secured by
the charge |
Rs. 1000.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Base rate + 4.25%
(present effective rate is 14.25% p.a. which is subject to change from time
to time as per bank/RBI directions. Terms of Repayment Repayable on
demand as per mutual agreement between the parties Margin Raw
Material(imported/domestic): 25% Spare/Consumables:
25% Stock in process:
25% Finished Goods:
25% Receivables: 25% Extent and Operation of the charge As per agreement
of hypothecation dated 26th December 2011as per above and mentioned under
point 9 above. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
|
FIXED ASSETS:
- Software
- Land
- Buildings
- Leaseholds
- Land
- Improvements
- Other assets
- Machinery and equipment
- Furniture and fittings
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 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.54.38 |
|
|
1 |
Rs.82.07 |
|
Euro |
1 |
Rs.70.04 |
INFORMATION DETAILS
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
68 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.