MIRA INFORM REPORT
|
Report Date : |
13.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
PHILIPS INDIA LIMITED (w.e.f. 23.10.2013) |
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Formerly Known
as : |
PHILIPS ELECTRONICS INDIA LIMITED |
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Registered
Office : |
7, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
31.01.1930 |
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Com. Reg. No.: |
21-006663 |
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Capital
Investment / Paid-up Capital : |
Rs.575.000 Millions |
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CIN No.: [Company Identification
No.] |
U31902WB1930PLC006663 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMP17956B |
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PAN No.: [Permanent Account No.] |
AABCP9487A |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer of Electronic Products. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 44300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a
subsidiary of Royal Philips of the Netherlands. It is a
well-established company having satisfactory track record. Trade relations are
reported as fair. Business is active. Payment terms are reported to be
usually correct. The company can
be considered good for normal business dealings at usual trade terms and
conditions. Note : The Company
has changed its financial year from 15 months (January 2011 to March 2012) to
12 months (April 2012 to March 2013). |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the GDP
of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = AA |
|
Rating Explanation |
Have high degree of safety and carry very low credit risk. |
|
Date |
March 19, 2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = AA |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
March 19, 2014 |
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
31-03-2014.
INFORMATION DENIED
Management Non Co-operative
Contact No.: 91-124-4606000
LOCATIONS
|
Registered Office / Eastern Regional Office: |
7, Justice
Chandra Madhab Road, Kolkata – 700020, West Bengal, India |
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Tel. No.: |
91-33-24753621/24753627/24964560/26912000
/ 24867123 / 44024000 |
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Fax No.: |
91-33-24753839/24938722/26912499 |
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E-Mail : |
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Website : |
www.india.philips.com |
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Location : |
Owned |
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Corporate Office / Northern Regional Office : |
9th Floor, DLF
9-B, DLF Cyber City, Sector 25, DLF Phase - 3, Gurgaon - 122002, India |
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Tel. No.: |
91-124-4606000 |
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Fax No.: |
91-124-4606666 |
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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 Mumbai Technopolis
Knowledge Park, Mahakali Caves Road, Chakala, Andheri (East), Mumbai –
400093, India Tel.
No. : 91-22-66912000 Kolkata |
DIRECTORS
As on: 20.09.2013
|
Name : |
Mr. Krishnakumar Ananthasubramanian |
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Designation : |
Managing Director |
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Address : |
705, The Aralias, DLF Golf
Link, Gurgason – 122009, Haryana, India |
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Date of Birth/Age : |
26.05.1971 |
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Date of Appointment : |
04.12.2013 |
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DIN No.: |
06764395 |
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Name : |
Mr. Susim Mukul Datta |
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Designation : |
Director |
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Address : |
No. 104 Bakhtawar, Lower Colaba Road, Opposite Colaba Post Office,
Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
01.07.1936 |
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Date of Appointment : |
31.03.1993 |
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DIN No.: |
00032812 |
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Other
Directorship:
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Name : |
Mr. Jan Hendrik Gerardus Louwman |
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Designation : |
Whole-time director |
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Address : |
Flat No. 403, The Aralias DLF Golf Links, Golf Course Road, Gurgaon –
122001, Haryana, India |
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Date of Birth/Age : |
16.09.1965 |
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Date of Appointment : |
01.04.2010 |
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DIN No.: |
03038202 |
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CESSATION DIRECTORS:
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Name : |
Mr. Rajeev Chopra |
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Designation : |
Managing director |
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Address : |
D-939, New Friends Colony, New Delhi – 110065, India |
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Date of Birth/Age : |
22.03.1963 |
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Date of Appointment : |
10.06.2011 |
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Date of cessation : |
04.12.2013 |
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DIN No.: |
03396723 |
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Other
Directorship:
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Name : |
Mr. Subramanian Venkataramani |
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Designation : |
Director |
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Address : |
A 14/14, First Floor, Vasant Vihar, New Delhi – 110057, India |
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Date of Birth/Age : |
16.06.1946 |
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Date of Appointment : |
12.06.2009 |
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Date of cessation : |
26.09.2013 |
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DIN No.: |
00231228 |
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Other Directorship:
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KEY EXECUTIVES
|
Name : |
Mr. Rajiv Mathur |
|
Designation : |
Secretary |
|
Address : |
1543, Sector A, Pocket B and C, Vasant Kunj, New Delhi – 110070,
Delhi, India |
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Date of Birth/Age : |
28.08.1959 |
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PAN No.: |
AAIPM9775A |
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Date of Appointment : |
12.07.2013 |
MAJOR SHAREHOLDERS
Major Shareholders – Not Available
As On 20.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category
|
%age |
|
Foreign holdings( Foreign
institutional investor(s), Foreign companie(s) Foreign financial
institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others |
96.13 |
|
|
0.07 |
|
Other top fifty shareholders |
0.46 |
|
Other |
3.32 |
|
Nationalised and other bank |
0.02 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Electronic Products. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
KMPG House, Kamala Mills Compound, 448, Senapati Bapat
Marg, Lower Parel, Mumbai – 400 013, |
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PAN.: |
AAASK1415H |
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Holding and
ultimate holding company : |
Koninklijke Philips Electronics N.V |
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Subsidiary
Company : |
CIN No.: U36993MH2011PTC213827
* Subsidiary company w.e.f. March 28, 2011. |
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Overseas Fellow
Subsidiary Companies: |
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Fellow
Subsidiary : |
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Others : |
Philips Electronics India Limited Management Staff Provident Fund
Trust |
CAPITAL STRUCTURE
AS ON 20.09.2013
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.575.172
Millions |
|
|
|
|
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AS ON 31.03.2013
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 |
|
|
|
|
|
|
57500000 |
Equity Shares |
Rs.10/- each |
Rs.575.000
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2013 (12 Months) |
31.03.2012 (15 Months) |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
575.000 |
575.000 |
|
(b) Reserves & Surplus |
|
10495.000 |
9402.000 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
11070.000 |
9977.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
141.000 |
104.000 |
|
(b) Deferred tax liabilities
(Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
501.000 |
727.000 |
|
(d) long-term provisions |
|
654.000 |
367.000 |
|
Total
Non-current Liabilities (3) |
|
1296.000 |
1198.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
462.000 |
2139.000 |
|
(b) Trade payables |
|
8478.000 |
7376.000 |
|
(c) Other current liabilities |
|
3136.000 |
2625.000 |
|
(d) Short-term provisions |
|
2054.000 |
1550.000 |
|
Total
Current Liabilities (4) |
|
14130.000 |
13690.000 |
|
|
|
|
|
|
TOTAL |
|
26496.000 |
24865.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
3,949.000 |
3555.000 |
|
(ii) Intangible Assets |
|
135.000 |
148.000 |
|
(iii) Capital work-in-progress |
|
120.000 |
127.000 |
|
(iv) Intangible assets under
development |
|
76.000 |
142.000 |
|
(b) Non-current Investments |
|
1,000.000 |
1000.000 |
|
(c) Deferred tax assets (net) |
|
437.000 |
463.000 |
|
(d) Long-term Loan and Advances |
|
2,517.000 |
2399.000 |
|
(e) Other Non-current assets |
|
2,059.000 |
1989.000 |
|
Total
Non-Current Assets |
|
10293.000 |
9823.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
5637.000 |
5362.000 |
|
(c) Trade receivables |
|
6946.000 |
4960.000 |
|
(d) Cash and cash equivalents |
|
1221.000 |
1390.000 |
|
(e) Short-term loans and advances |
|
2193.000 |
3227.000 |
|
(f) Other current assets |
|
206.000 |
103.000 |
|
Total
Current Assets |
|
16203.000 |
15042.000 |
|
|
|
|
|
|
TOTAL |
|
26496.000 |
24865.000 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 (12 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
575.000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
8231.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
8806.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
102.000 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
102.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
8908.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3282.000 |
|
|
Capital work-in-progress |
|
|
242.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
363.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
4131.000
|
|
|
Sundry Debtors |
|
|
4161.000
|
|
|
Cash & Bank Balances |
|
|
4018.000
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
3451.000
|
|
Total
Current Assets |
|
|
15761.000
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
7521.000
|
|
|
Other Current Liabilities |
|
|
1335.000
|
|
|
Provisions |
|
|
1884.000
|
|
Total
Current Liabilities |
|
|
10740.000
|
|
|
Net Current Assets |
|
|
5021.000
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
8908.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 (12 Months) |
31.03.2012 (15 Months) |
31.12.2010 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
53166.000 |
55445.000 |
37002.000 |
|
|
|
Other Income |
151.000 |
173.000 |
156.000 |
|
|
|
TOTAL |
53317.000 |
55618.000 |
37158.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of goods sold |
0.000 |
0.000 |
21834.000 |
|
|
|
Cost of Material Consumed |
3774.000 |
5156.000 |
0.000 |
|
|
|
Purchase stock in trade |
27451.000 |
27337.000 |
0.000 |
|
|
|
Changes in Inventories of finished goods |
(466.000) |
(910.000) |
0.000 |
|
|
|
Other Expenses |
12496.000 |
13976.000 |
13080.000 |
|
|
|
Employee related expenses |
7427.000 |
7171.000 |
-- |
|
|
|
Prior Period Expenses |
0.000 |
0.000 |
92.000 |
|
|
|
Exceptional Items |
0.000 |
(41.000) |
|
|
|
|
TOTAL |
50682.000 |
52689.000 |
34932.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2635.000 |
2929.000 |
2226.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
100.000 |
96.000 |
39.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2535.000 |
2833.000 |
2187.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
783.000 |
979.000 |
754.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX, EXTRAORDINARY ITEMS |
1752.000 |
1854.000 |
1433.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
EXTRAORDINARY
ITEMS |
106.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1858.000 |
1854.000 |
1433.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
630.000 |
516.000 |
544.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1228.000 |
1338.000 |
889.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5387.000 |
4350.000 |
3684.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
123.000 |
301.000 |
89.000 |
|
|
|
Proposed Equity Dividend |
0.000 |
|
115.000 |
|
|
|
Tax on proposed equity dividend |
0.000 |
|
19.000 |
|
|
BALANCE CARRIED
TO THE B/S |
6492.000 |
5387.000 |
4350.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
4338.000 |
4563.000 |
1033.000 |
|
|
|
Service revenue |
0.000 |
0.000 |
3017.000 |
|
|
TOTAL EARNINGS |
4338.000 |
4563.000 |
4050.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1406.00 |
1890.000 |
1038.000 |
|
|
|
Stores & Spares |
63.000 |
33.000 |
28.000 |
|
|
|
Capital Goods |
227.000 |
240.000 |
324.000 |
|
|
TOTAL IMPORTS |
1696.000 |
2163.000 |
1390.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.35 |
23.26 |
15.46 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 (12 Months) |
31.03.2012 (15 Months) |
31.12.2010 (12 Months) |
|
PAT / Total Income |
(%) |
2.30 |
2.41 |
2.39
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.49 |
3.34 |
3.87
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.47 |
8.01 |
7.53
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.19 |
0.16
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.05 |
0.22 |
0.01
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.15 |
1.10 |
1.47
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT/EQUITY RATIO
|
Particular |
|
31.03.2012 |
31.03.2013 |
|
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
|
575.000 |
575.000 |
|
Reserves & Surplus |
|
9402.000 |
10495.000 |
|
Net
worth |
|
9977.000 |
11070.000 |
|
|
|
|
|
|
long-term borrowings |
|
104.000 |
141.000 |
|
Short term borrowings |
|
2139.000 |
462.000 |
|
Total
borrowings |
|
2243.000 |
603.000 |
|
Debt/Equity
ratio |
|
0.225 |
0.054 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2010 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
37,002.000 |
55,488.000 |
53,166.000 |
|
|
|
49.959 |
(4.185) |
NET PROFIT MARGIN
|
Year
on Year Growth |
31.12.2010 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
37,002.000 |
55,488.000 |
53,166.000 |
|
Profit After Tax |
889.000 |
1,338.000 |
1,228.000 |
|
|
2.40% |
2.41% |
2.31% |
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 Lighting Sector
grew by 13.1% for the 12 month period ending on March 31, 2013, over the
corresponding period of the previous year. 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 2012-13 witnessed a strong performance in
conventional Lamps, tube light and Compact Fluorescent Lamps categories, with
an average annualized growth of 12.7%. The market is moving towards energy
efficient lighting, and Philips continues to be the leader across all segments.
Driving efficiencies in distribution, increased reach in semi urban markets,
planned channel expansion, and focussed marketing were the key contributors to growth
in the Consumer segment. Development of locally relevant LED portfolio and
enhancing the value proposition in both conventional & LED products led to
annualized growth of 9.3% in Light Electronics. The year witnessed robust
growth in LED across segments in Professional Lighting, and growth in Main
Stream Battens. Continued focus on expanding locally relevant LED portfolio
resulted in the successful launch of 28 LED/Solar products during this period.
The Company’s LED contribution in Professional Lighting Solutions business now
stands at 24% for the current period, with clear Leadership in LED.
Consumer
Luminaires business continued the growth momentum during 2012-13 with 59%
growth, driven by continuous expansion of locally relevant portfolio, the addition
of 15 new brand retail stores across India and improving the efficiency of
existing stores. Besides, focused marketing activities and continued
investments in advertising and promotions to build category awareness and
association have aided this growth.
The advertising
campaigns during the year have helped us in improving our brand health. Philips
Lighting India reached yet another landmark in their journey with the revamping
of Lighting of the Salt Lake Stadium in Kolkata. Automotive Lighting business
in India received a Special Award from Honda Motor cycles and Scooters India
(P) Ltd for the quality of services and support provided to them as one of
their vendors.
In 2013-14,
Lighting Sector will focus on LED transformation through locally relevant LED
products with very strong value propositions, continue to drive energy
efficient home lighting and grow in Consumer Luminaires.
CONSUMER LIFESTYLE
In 2012-13 the
sector continued to focus on strengthening market share in key focus categories
such as Kitchen Appliances, Garment Care and Hair Care & Grooming. These
categories combined enjoyed a growth of 9% in 2012-13.
In Domestic
Appliances, we strengthened our market share and insights in Kitchen Appliances
by launching products relevant for local tastes and behavior patterns. As part
of our drive towards Health and Wellbeing, the launched Airfryer in India (a
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). This revolutionary product hit the market
in 2012-13 with great success. In Garment Care, we strengthened the leadership
position by increasing the share by driving conversion of dry to steam irons
and a strong marketing campaign which accelerated category growth. In 2012-13
we also launched high end coffee machines to the Indian public through our
Philips Saeco brand with good success.
The continued to
build the category of Personal Care in India through integrated media campaign
for Hair Care and Grooming. Campaigns with celebrities like Kareena Kapoor and
John Abraham have helped us not only with brand identity but also with the
youth connect and recruitment strategy for business growth
In Lifestyle
Entertainment, we continued our leadership position in DVD and in 2012-13 we
focused on categories like Docking Systems and Headphones which demonstrated an
excellent growth. Philips was a key sponsor for Sunburn festival in Goa
inDecember 2012 which exposed the Indian Youth to an array of Philips audio
video products and enabled us to have the youth connect for brand identity in
that segment. The DJ Party Machine launched at Sunburn 2012-13 has also become
a hit.
The goal remains
to grow faster than the market and focus on relevant product categories that
can transform Philips as a health and well-being Company that includes Personal
Care, Health & Wellness, Domestic Appliances and Coffee.
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. Additionally Consumer Lifestyle
continues 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 25% in the period ended March 31, 2013. This was
primarily driven bya growth of 26% in Imaging Systems and 27% in Patient Monitoring.
The Ultrasound business grew by 11% and Customer Service revenues registered a
growth of 17%during the period. Philips Healthcare India has increased its
market share further during the period across all product categories. The
advanced to becoming the No. 1healthcare player across our total addressable
market (source: COCIR). For the first time, we became No. 1 in Imaging Systems
(source: COCIR).
The continue to
remain the market leaders in Patient Monitoring, Sleep therapeutic devices and
Non-invasive ventilators for respiratory care and Cath labs (source: COCIR).
The leadership in MR and CT was achieved through continued leadership in High
end MR (3.0T and premium 1.5T) and CT (premium & performance) (source:
COCIR). We gained share in the nursing home space and grew the reach business
significantly. The also gained significant share in all of our strategic key
accounts. We are focusing on bringing more integratedsolutions to the customers
to increase penetration. Solutions such as eICU, Healthcare informatics and
Turnkey offerings continue to support share and profitable growth. The world
class Customer Care Service Centre has achieved 30% remote resolution of all
customer calls within one year from launch and significantly enhanced customer
satisfaction.
The launched
several new products this year that such as Clear Vue 650, Ingenuity PET/MR,
high end MX series of patient monitors, a new rangeof Anaesthesia machines,
Allura Clarity (low dose cathlab platform) and Multiva (a new platform in MR).
the Pune factory successfully developed and launched its first set of products?
Allura Centron (a cardiac interventional system) and Vectra (asurgical
machine). The R&D team in Pune has several other new products in its
development pipeline.
The scored as the
No. 1 in brand equity across all Philips Healthcare markets assessed through
the Inter brand report (Global Brand Equity Consulting Company).
Healthcare India
also scored the highest in responsiveness to customers across all Philips
Markets. Based on Heartbeat survey 2012-13, we remain co-leader in brand
preference. Frost and Sullivan again awarded Philips Healthcare as the Best
Cardiology Treatment Company of the year2012-13. We have now consistently won
this award three years in a row. For the first time, we also received the Frost
and Sullivan award for the Sleep Solutions Company of the year2012-13.
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. In Healthcare, for the
local markets we have recently launched Clearvue- family of Ultrasound
solutions, a suite of products in the Mother and Child Care space including
Warmer, Incubator, and a Consultative Critical Care solution which will
increase accessibility of Healthcare in India. PIC continues to contribute to
global products. It has also expanded its innovation capabilities to cater to
markets like Africa and Indonesia. In Lighting, we are working on street
lighting solutions and supporting software based development for Hue- a
wireless lighting solution.
UNSECURED LOAN:
(Rs. In Millions)
|
Particulars |
As
on 31.03.2013 (12
Months) |
As
on 31.03.2012 (15
Months) |
|
Short Term
Borrowing |
|
|
|
Loans and advances from others |
462.000 |
0.000 |
|
Working capital loans |
0.000 |
2133.000 |
|
Total |
462.000 |
2133.000 |
VIEW INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10333948 |
26/12/2011 |
1,000,000,000.00 |
STATE BANK OF
INDIA |
CAG BRANCH,
JAWAHAR VYAPAR BHAWAN, 11th & 12th FL |
B31429764 |
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 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] 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.60.84 |
|
|
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.