MIPL-Logo

3decades

 

MIRA INFORM REPORT

           

 

Report No. :

491755

Report Date :

13.02.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

PHILIPS INDIA LIMITED (w.e.f. 23.10.2013)

 

 

Formerly Known As :

PHILIPS ELECTRONICS INDIA LIMITED

 

 

Registered Office :

3rd Floor, Tower A, DLF IT Park, 08 Block AF Major Arterial Road, New Town (Rajarhat) Kolkata – 700156, West Bengal

Tel. No.:

91-33-44024000

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

31.01.1930

 

 

Com. Reg. No.:

21-006663

 

 

Capital Investment / Paid-up Capital :

INR 575.000 Million

 

 

CIN No.:

[Company Identification No.]

U31902WB1930PLC006663

 

 

IEC No.:

0388013567

 

 

GSTIN No.:

07AABCP9487A1ZB

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Divulged

 

 

PAN No.:

[Permanent Account No.]

AABCP9487A

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

The Company operates in Lighting, Consumer Lifestyle and Healthcare businesses [Registered Activity and also confirmed by management]

 

Business Segments

Type of products / services

a. Lighting

Manufacture and sale of lighting and allied products such as Lamps, Glass shells, Fittings, Accessories for fittings, Electronic HF Ballasts, Glass tubings, and Modular Switches

b. Consumer Lifestyle

Portable systems, Home cinema systems, Domestic Appliances and personal care products

c. Software development services

Development of embedded software

d. Healthcare

Medical electronics equipment’s. Also provides healthcare solutions for diagnostic, treatment and preventive care. (product portfolio includes CT scanners, ECG equipment, mammography equipment, monitoring equipment, MRI scanners, radiography equipment, resuscitation equipment, ultrasound equipment, molecular imaging device, X-ray equipment and more.)

e. Other segments

Philips Design

 

 

No. of Employees :

3727 (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A++

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of “Koninklijke Philips NV (KPNV)”. It was incorporated in the year 1930 and is engaged in lighting, healthcare, consumer lifestyle, and software development business. It is a well-established company having excellent track record.

 

For the financial year 2017, the company has achieved revenue growth of 4.20% as compared to the previous year along with an average profit margin of 5.56%.

 

Rating also takes into consideration the company’s leading market position and its healthy financial profile because of low gearing and high financial flexibility.

 

Rating also takes into account the subject’s favourable EPS of INR. 35.88 against the Face Value of INR.10.

 

The rating also factor in the technological and financial support that it receives from its parent company (Koninklijke Philips NV).

 

Payments are regular and as per commitment.

 

In view of strong financial support and reputed brand name, the company can be considered good for business dealings at usual trade terms and conditions.

 

Note: “Philips Healthcare” is a business segment of “Philips India Limited”.

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long Term Bank Facilities = AA+

Rating Explanation

High degree of safety and very low credit risk.

Date

01.03.2017

 

Rating Agency Name

CRISIL

Rating

Short Term Bank Facilities = A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

01.03.2017

 

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 31-03-2016.

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 13.02.2018.

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

INFORMATION PARTED BY

 

Name :

Mr. Rishi kakkar

Designation :

Sales Manager

Contact No.:

91-9878469555

Date :

11.02.2018

 

Mobile Number – [91-7032909018] – Continuously ringing.


 

LOCATIONS

 

Registered Office :

3rd Floor, Tower A, DLF IT Park, 08 Block AF Major Arterial Road, New Town (Rajarhat) Kolkata – 700156, West Bengal, India

Tel. No.:

91-33-44024000

Mobile No.:

91-9699242224 [Mr. Chintan Shah]

Fax No.:

91-33-24559423/9731

E-Mail :

rajiv.mathur@philips.com

Website :

www.philips.com

http://www.philips.co.in

 

 

Corporate Office/  Northern Regional Office:

8-9th Floor, DLF 9-B, DLF Cyber City, Sector 25, DLF Phase - 3, Gurugram - 122002, Haryana, India

Tel. No.:

91-124-4606000

Fax No.:

91-124-4606666

 

 

Manufacturing Facilities:

Located at:

 

Pune, Maharashtra

 

 

Software Development Centre:

Located at:

 

Bangalore, Karnataka

 

 

Regional Offices

 Eastern Regional Office

 

7, Justice Chandra Madhab Road, Kolkata - 700020, West Bengal, India

Tel : +91 - 33 – 24867621

 

Philips Innovation Campus, MFAR Manyata Tech Park, Nagavara, Bangalore - 560045, Karnataka, India

Tel : +91-80-41890000

 

Southern Region Office

 

Sunny Side, C Block, 3rd Floor, No. 8/17, Shafee Mohammed Road, Second St
Chennai - 600 006,  Tamilnadu, India

Tel.: 91-44-66501000

 

6-3-1109/1/P/103, 3rd Floor, Jewel Pawani Towers, Raj Bhavan Road,  Somajiguda, Hyderabad - 500082, India

Tel : +91-40-66467676

 

Western Regional Office

 

Technopolis Knowledge Park, Mahakali Caves Road, Chakala, Andheri (East),
Mumbai - 400093, Maharashtra, India

Tel : +91 - 22 - 66912000

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Mr. Raja Venkataraman

Designation :

Managing Director

Address :

#1054,Sobha Carnation,98/1, Green Glen Layout, Near Sarjapur and Marathalli Outer Ringroad, Bangalore-560103, Karnataka, India

Date of Appointment :

15.12.2015

DIN No.:

00669376

 

 

Name :

Mr. Rajiv Mathur

Designation :

Whole time Director

Address :

1543 Sector -A, Pocket B & C, Vasant Kunj, New Delhi-110070, India

Date of Appointment :

28.09.2015

DIN No.:

06931798

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U36993MH2011PTC213827

PREETHI KITCHEN APPLIANCES PRIVATE LIMITED

30/09/2016

-

 

 

Name :

Mr. Susim Mukul Datta

Designation :

Director

Address :

104b, Bakhtavar, Lower Colaba Road, Colaba, Mumbai-400005, Maharashtra, India

Date of Birth/Age :

07.01.1936

Qualification :

Graduate with Honours in Chemistry from the Presidency College, Calcutta and obtained a post graduate degree in Science and Technology from Calcutta University. Chartered Engineer

Date of Appointment :

31.03.1993

DIN No.:

00032812

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

L70109TG1995PLC019116

TRANSPORT CORPORATION OF INDIA LIMITED

31/10/2001

-

L99999GJ1975PLC002859

ATUL LIMITED

28/10/2002

-

L65999MH1986PLC147981

IL & FS INVESTMENT MANAGERS LIMITED

25/09/1996

-

U65929MH1998PLC282168

RABO INDIA FINANCE LIMITED

01/08/2008

-

U70109WB1987PLC042819

PEERLESS FINANCIAL PRODUCTS DISTRIBUTION LIMITED

27/08/2012

-

U51392WB1965PTC026344

CHANDRAS' CHEMICAL ENTERPRISES PRIVATE LTD

07/01/2002

-

U66010WB1932PLC007490

THE PEERLESS GENERAL FINANCE & INVESTMENT CO LIMITED

12/08/1996

-

U74140MH1996PTC103158

SMD MANAGEMENT CONSULTANTS PRIVATE LIMITED

10/10/1997

-

L23200MH1979PLC021359

CASTROL INDIA LIMITED

01/07/1996

-

U40101KA1986PLC007404

BHORUKA POWER CORPORATION LIMITED

19/08/2015

-

 

 

 

 

Name :

Mr. Vivek Gambhir

Designation :

Director

Address :

D-84, Malcha Marg, Ground Floor, Chanakyapuri, New Delhi-110021, India

Date of Birth/Age :

27.11.1968

Qualification :

MBA f rom Harvard Business School, BS(Computer Science) and BA (Economics) from Lafayette College

Date of Appointment :

25.09.2014

DIN No.:

06527810

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

L24246MH2000PLC129806

GODREJ CONSUMER PRODUCTS LIMITED

01/07/2013

-

 

 

Name :

Mrs. Geetu Gidwani Verma

Designation :

Director

Address :

Flat No. 61, 6th Floor, Seville CHSL, Plot No. 54 St. Paul Road, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Appointment :

29.09.2016

DIN No.:

00696047

Other Directorship:

CIN/FCRN

Company Name

Begin Date

End Date

U51900MH1963PLC012667

UNILEVER INDIA EXPORTS LIMITED

01/07/2015

-

U24246MH1981PLC261125

PONDS EXPORTS LIMITED

01/07/2015

-

 

Name :

Mr. Hariharan Madhavan

Designation :

Whole time Director

Address :

F-1, Madhuram Apartments, Old No. 15 Kasturbai Nagar, 3rd Main Road, Adyar Chennai – 600020, Tamilnadu, India

Date of Appointment :

28.09.2015

DIN No.:

07217072

 

 

KEY EXECUTIVES

 

Name :

Mr. Hariharan Madhavan

Designation :

Chief Financial Officer

Address :

F-1, Madhuram Apartments, Old No. 15 Kasturbai Nagar, 3rd Main Road, Adyar Chennai-600020, Tamilnadu, India

Date of Appointment :

18.08.2015

PAN No:

ABNPH9299L

 

 

Name :

Mr. Rajiv Mathur

Designation :

Company Secretaries

Address :

1543 Sector - A, Pocket B and C, Vasant Kunj, New Delhi – 110070, India

Date of Appointment :

12.07.2013

PAN No:

AAIPM9775A

 

 

Name :

Mr. Chintan Shah

Designation :

Sales Manager

 

 

MAJOR SHAREHOLDERS

 

AS ON 31.03.2017

 

Category of shareholder

Total No. shares held

Shareholding as a % of total no. of shares

(A) Promoter and Promoter Group

 

 

1) Foreign

 

 

a) NRI- Individuals

 

 

Bodies Corporate

55290242

96.13

SUB TOTAL : (A)

55290242

96.13

Total Shareholding of Promoter

55290242

96.13

 

 

 

(B) PUBLIC SHARE HOLDING

 

 

1. Institutions

 

 

a) Mutual Funds

3058

0.01

b) Banks/FI

10969

0.02

c) Others (specify) - Trust

11

--

SUB TOTAL: (B)(1)

14038

0.03

(2) Non Institutions

 

 

a) Bodies corporates

 

 

i) Indian

48980

0.09

b) Individuals

 

 

i) Individual shareholders holding nominal share capital  upto INR 0.200 million 

2021099

3.51

ii) Individuals shareholders holding nominal share capital in excess of INR 0.200 million 

82050

0.14

c) Others (specify) – Trust

17720

0.03

Foreign National

21

0.00

NRI (REP)

27212

0.05

NRI (NON-REP)

15880

0.02

SUB TOTAL: (B)(2)

2212962

3.84

Total Public Shareholding (B)= (B)(1)+(B)(2)

2227000

3.87

 

 

 

Grand Total

57517242

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

The Company operates in Lighting, Consumer Lifestyle and Healthcare businesses [Registered Activity and also confirmed by management]

 

Business Segments

Type of products / services

a. Lighting

Manufacture and sale of lighting and allied products such as Lamps, Glass shells, Fittings, Accessories for fittings, Electronic HF Ballasts, Glass tubings, and Modular Switches

b. Consumer Lifestyle

Portable systems, Home cinema systems, Domestic Appliances and personal care products

c. Software development services

Development of embedded software

d. Healthcare

Medical electronics equipment’s. Also provides healthcare solutions for diagnostic, treatment and preventive care. (product portfolio includes CT scanners, ECG equipment, mammography equipment, monitoring equipment, MRI scanners, radiography equipment, resuscitation equipment, ultrasound equipment, molecular imaging device, X-ray equipment and more.)

e. Other segments

Philips Design

 

 

Products / Services :

Item Code No. (NIC Code)

Product Description

2740

Lamps

2740

Fittings

2660

Diagnostic imaging equipment’s

2750

Domestic appliances

5820

Software development

 

  • Patient Monitor
  • X-ray Machine
  • MRI Machines
  • CT Scan Machine etc.

 

 

Brand Names :

PHILIPS

 

 

Agencies Held :

Not Available

 

 

Exports :

 

Products :

Finished goods

Countries :
  • United States of America
  • Middle East Countries

 

 

Imports :

 

Products :

Raw Material

Countries :

United States of America

 

 

Terms :

 

Selling :

L/C, Advance Payment, Cheque and Credit [30,60 Days]/ RTGS

 

 

Purchasing :

L/C, Advance Payment, Cheque and Credit [30,60 Days]/ RTGS

 

PRODUCTION STATUS – (NOT AVAILABLE)

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

Customers :

Reference :

Tristar Life Science Private Limited

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Maximum Limit Dealt :

--

Experience :

--

Remark :

--

 

 

No. of Employees :

3727 (Approximately)

 

 

Bankers :
  • Citibank N.A.
  • Bank of America N.A.
  • Deutsche Bank AG
  • HDFC Bank Limited
  • Standard Chartered Bank

 

Bank Name

State Bank of India

Branch

CAG Branch-1Jawahar Vyapar Bhawan, Tolstoy Marg, New Delhi - 110001, India

Person Name (With Designation)

--

Contact Number

--

Name of Account Holder

--

Account Number

--

Account Since (Date/Year of Account Opening)

--

Average Balance Maintained (If Possible)

--

Credit Facilities Enjoyed (If any)

--

Account Operation

--

Remarks (If any)

--

 

 

Facilities :

SECURED LOANS

31.03.2017

INR In Million

31.03.2016

INR In Million

LONG TERM BORROWINGS

 

 

Long term maturities of finance lease obligations (secured)

405.000

155.000

Total

405.000

155.000

 

Auditors :

 

Name :

S. R. Batliboi and Co. LLP

Chartered Accountants

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding and ultimate holding company:

Koninklijke Philips N.V (KPNV)

 

 

Subsidiary Companies:
  • Preethi Kitchen Appliances Private Limited
  • Philips Home Care Services India Private Limited

 

 

Associate Company:

HealthMap Diagnostics Private Limited

 

 

Fellow Subsidiary Companies:
  • Argus Imaging B.V.
  • Philips Lanka Solutions (Private) Limited
  • Burton Medical Products Corporation
  • Philips Lighting B.V.
  • Dameca A/S
  •  Philips Lighting India Limited
  • Lifeline Systems Company
  • Philips Medical Systems Nederland B.V.
  • Lumileds India Private Limited
  • Philips Medical Systems (Cleveland), Inc.
  • Philips (China) Investment Company, Limited
  • Philips Medical Systems DMC GmbH
  • Philips Aktiebolag
  • Philips Medical Systems Indústria e Comércio Ltda.
  • Philips Austria GmbH
  • Philips Medical Systems Ltda.
  • Philips BioCell A/S
  • Philips Medical Systems Nederland B.V.
  • Philips Consumer Lifestyle B.V.
  • Philips Medical Systems Technologies Limited
  • Philips Digital Mammography Sweden AB
  • Philips Medizin Systeme Böblingen GmbH
  • Philips Egypt (Limited Liability Company)
  • Philips Nederland B.V.
  • Philips Electronics Australia Limited
  • Philips Oral Healthcare, Inc.
  • Philips Electronics Bangladesh
  • Private Limited Philips Oy
  • Philips Electronics Hong Kong Limited
  • Philips Polska Sp.z.o.o.
  • Philips Electronics Middle East & Africa B.V.
  • Philips South Africa (Proprietary) Limited
  • Philips Electronics NA Corporation
  • Philips Technologie GmbH
  • Philips Electronics Nederland B.V.
  • Philips Ultrasound, Inc.
  • Philips Electronics North America Corporation
  • PT. Philips Indonesia
  • Philips Electronics Singapore Pte Limited
  • Respironics California, Inc.
  • Philips Electronics UK Limited
  • Respironics, Inc.
  • Philips Export B.V.
  • Saeco International Group S.P.A.
  • Philips GmbH
  • Shenzhen Goldway Industrial Inc.
  • Philips Healthcare (Suzhou) Co., Limited
  • VISICU, Inc.
  • Philips Healthcare Informatics, Inc.
  •  Volcano Corporation
  • Philips Innovative Applications
  • Volcano Europe, B.V.B.A.
  • Philips International B.V.
  • Witt Biomedical Corporation

 

 

Employee Trusts:
  • Philips India Limited
  • Management Staff Provident Fund Trust

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

92000000

Equity Shares

INR 10/- each

INR 920.000 Million

20000000

Preference Share

INR 10/- each

INR 200.000 Million

 

Total

 

INR 1120.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

57517242

Equity Shares

INR 10/- each

INR 575.000 Million

 

 

 

 

 

Reconciliation of the number of equity shares outstanding

 

Particulars

As on 31.03.2017

 

No. of shares

INR in Million

At the beginning and at the end of the reporting Period

57517242

575.000

 

 

Rights, preferences and restrictions attached to the equity shares

 

The Company has only one class of equity shares having a par value of INR 10/- per share (March 31, 2016: INR 10/- per share) (April 1, 2015: INR 10/- per share). Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

 

Shares Held By Holding and the Ultimate Holding Company

 

Particulars

As on 31.03.2017

 

No. of shares

INR in Million

Koninklijke Philips N.V (KPNV)

55290182

553.000

 

Details of equity shares held by the holding and the ultimate holding Company

 

Particulars

As on 31.03.2017

 

No. of shares

INR in Million

Koninklijke Philips N.V (KPNV)

55290182

553.000

 

Details of Shareholders Holding More Than 5% Shares of the Company

 

Particulars

As on 31.03.2017

 

No. of shares

%

Koninklijke Philips N.V (KPNV)

55290182

96.13

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET [STANDALONE]

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

575.000

575.000

575.000

(b) Reserves & Surplus

19450.000

17606.000

16486.000

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

0.000

0.000

0.000

Total Shareholders’ Funds (1) + (2)

20025.000

18181.000

17061.000

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

405.000

155.000

218.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

752.000

685.000

598.000

(d) long-term provisions

651.000

591.000

843.000

Total Non-current Liabilities (3)

1808.000

1431.000

1659.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

0.000

0.000

287.000

(b) Trade payables

5061.000

5406.000

9129.000

(c) Other current liabilities

3981.000

4156.000

4013.000

(d) Short-term provisions

1084.000

1591.000

2126.000

Total Current Liabilities (4)

10126.000

11153.000

15555.000

 

 

 

 

TOTAL

31959.000

30765.000

34275.000

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2403.000

1984.000

3834.000

(ii) Intangible Assets

0.000

0.000

0.000

(iii) Capital work-in-progress

106.000

78.000

103.000

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

7622.000

4814.000

1000.000

(c) Deferred tax assets (net)

572.000

510.000

809.000

(d) Advance Income tax (net of provision)

2142.000

1742.000

3401.000

(e) Other Non-current assets

1107.000

993.000

2263.000

Total Non-Current Assets

13952.000

10121.000

11410.000

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

4554.000

4542.000

6504.000

(c) Trade receivables

6070.000

8511.000

8679.000

(d) Cash and cash equivalents

5161.000

5406.000

3705.000

(e) Short-term loans and advances

0.000

0.000

3797.000

(f) Other current assets

2222.000

2185.000

180.000

Total Current Assets

18007.000

20644.000

22865.000

 

 

 

 

TOTAL

31959.000

30765.000

34275.000

 

 

PROFIT & LOSS ACCOUNT [STANDALONE]

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

36903.000

35416.000

63458.000

 

Other Income

419.000

552.000

419.000

 

TOTAL

37322.000

35968.000

63877.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

2175.000

1542.000

4271.000

 

Purchases of Stock-in-Trade

13969.000

15674.000

31115.000

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(18.000)

(609.000)

(350.000)

 

Employees benefits expense

9989.000

9151.000

10169.000

 

 Exceptional Items

7335.000

6573.000

11926.000

 

Other expenses

0.000

0.000

(675.000)

 

TOTAL

33450.000

32331.000

56456.000

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

3872.000

3637.000

7421.000

 

 

 

 

 

Less

FINANCIAL EXPENSES

113.000

112.000

88.000

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

3759.000

3525.000

7333.000

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

507.000

469.000

1058.000

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

3252.000

3056.000

6275.000

 

 

 

 

 

Less

TAX

1188.000

(910.000)

2040.000

 

 

 

 

 

 

PROFIT FOR THE YEAR

2064.000

3966.000

4235.000

 

 

 

 

 

 

Other comprehensive income

(12.000)

8.000

0.000

 

 

 

 

 

 

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2052.000

3974.000

4235.000

 

 

 

 

 

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

398.000

424.000

 424.000

 

Dividend

 173.000

173.000

173.000

 

Tax on Dividend

35.000

398.000

35.000

 

Total

606.000

995.000

632.000

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

NA

3002.000

3068.000

 

TOTAL EARNINGS

NA

3002.000

3068.000

 

 

 

 

 

 

IMPORTS

 

 

 

 

Traded Goods

NA

11819.000

12455.000

 

Raw Materials

NA

1177.000

1655.000

 

Components and Stores parts

NA

42.000

33.000

 

Capital Goods

NA

237.000

186.000

 

TOTAL IMPORTS

NA

13275.000

14329.000

 

 

 

 

 

 

Earnings per equity share

(for continuing operations)

35.88

32.50

73.63

 

Earnings per equity share (

for discontinuing operations)

--

36.45

--

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

280.000

106.000

131.000

Cash generated from operations

5122.000

6058.000

595.800

Net cash generated from operating and discontinuing activities

3005.000

3804.000

3468.000

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

[Sundry Debtors / Income * 365]

60.04

87.72

49.92

 

 

 

 

Account Receivables Turnover

[Income / Sunday Debtors]

6.08

4.16

7.31

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

114.42

114.61

94.16

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.85

0.80

1.14

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

1.54

1.76

1.88

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.34

0.37

0.46

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.03

0.01

0.04

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

0.51

0.61

0.91

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

0.13

0.11

0.23

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

34.27

32.47

84.33

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

PAT to Sales

((PAT / Sales) * 100)

%

5.56

11.22

6.67

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

6.42

12.92

12.36

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

10.25

21.86

24.82

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.78

1.85

1.47

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

1.33

1.44

1.05

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.63

0.59

0.50

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

1.19

0.45

1.11

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.78

1.85

1.47

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Share Capital

575.000

575.000

575.000

Reserves & Surplus

16486.000

17606.000

19450.000

Net worth

17061.000

18181.000

20025.000

 

 

 

 

long-term borrowings

218.000

155.000

405.000

Short term borrowings

287.000

0.000

0.000

Current Maturities of Long term debt

131.000

106.000

280.000

Total borrowings

636.000

261.000

685.000

Debt/Equity ratio

0.037

0.014

0.034

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

63458.000

35416.000

36903.000

 

 

(44.190)

4.199

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

63458.000

35416.000

36903.000

Profit

4235.000

3974.000

2052.000

 

6.67%

11.22%

5.56%

 

 

 

ABRIDGED BALANCE SHEET [CONSOLIDATED]

 

SOURCES OF FUNDS

 

31.03.2017

31.03.2016

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

 

575.000

575.000

(b) Reserves & Surplus

 

15232.000

14678.000

(c) Non-controlling Interest

 

0.000

2619.000

 

 

 

 

(2) Share Application money pending allotment

 

0.000

0.000

Total Shareholders’ Funds (1) + (2)

 

15807.000

17872.000

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

 

414.000

158.000

(b) Deferred tax liabilities (Net)

 

0.000

0.000

(c) Other long term liabilities

 

751.000

685.000

(d) long-term provisions

 

754.000

653.000

Total Non-current Liabilities (3)

 

1919.000

1496.000

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

 

191.000

154.000

(b) Trade payables

 

5725.000

5940.000

(c) Other current liabilities

 

4115.000

4322.000

(d) Short-term provisions

 

1099.000

1607.000

Total Current Liabilities (4)

 

11130.000

12023.000

 

 

 

 

TOTAL

 

28856.000

31391.000

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

 

2939.000

2467.000

(ii) Intangible Assets

 

1221.000

1832.000

(iii) Capital work-in-progress

 

121.000

109.000

(iv) Intangible assets under development

 

0.000

0.000

(v) Goodwill

 

1191.000

1191.000

(b) Non-current Investments

 

107.000

112.000

(c) Deferred tax assets (net)

 

572.000

510.000

(d) Advance Income tax (net of provision)

 

2148.000

1751.000

(e) Other Non-current assets

 

1206.000

1086.000

Total Non-Current Assets

 

9505.000

9058.000

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

 

0.000

0.000

(b) Inventories

 

5153.000

5089.000

(c) Trade receivables

 

6167.000

8604.000

(d) Cash and cash equivalents

 

5737.000

6383.000

(e) Short-term loans and advances

 

0.000

0.000

(f) Other current assets

 

2294.000

2257.000

Total Current Assets

 

19351.000

22333.000

 

 

 

 

TOTAL

 

28856.000

31391.000

 

 

PROFIT & LOSS ACCOUNT [CONSOLIDATED]

 

 

PARTICULARS

 

31.03.2017

31.03.2016

 

SALES

 

 

 

 

Income

 

41240.000

39140.000

 

Other Income

 

898.000

729.000

 

TOTAL

 

42138.000

39869.000

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

 

4693.000

3816.000

 

Purchases of Stock-in-Trade

 

14371.000

15874.000

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

 

(57.000)

(523.000)

 

Employees benefits expense

 

10546.000

9594.000

 

Share in Profit/(Loss) of Associate

 

55.000

27.000

 

Other expenses

 

8134.000

7299.000

 

TOTAL

 

37742.000

36087.000

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

 

4396.000

3782.000

 

 

 

 

 

Less

FINANCIAL EXPENSES

 

124.000

658.000

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

 

4272.000

3124.000

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

 

1193.000

1145.000

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

 

3079.000

1979.000

 

 

 

 

 

Less

TAX

 

1188.000

(910.000)

 

 

 

 

 

 

Profit for the year

 

1891.000

2889.000

 

 

 

 

 

Add

Other comprehensive income

 

(14.000)

19.000

 

 

 

 

 

 

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

 

1877.000

2908.000

 

 

 

 

 

 

Earnings per equity share

(for continuing operations)

 

32.89

13.77

 

Earnings per equity share (

for discontinuing operations)

 

--

36.45

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

Yes

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

Yes

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

Litigations that the firm/promoter involved in

No

32

Market information

--

33

Payments terms

Yes

34

Negative Reporting by Auditors in the Annual Report

No

 

 

CORPORATE INFORMATION

 

The ‘Company is a public limited company domiciled in India with its registered office at 3rd Floor, Tower A, DLF IT Park, 08 Block AF, Major Arterial Road, New Town (Rajarhat) Kolkata - 700156, West Bengal, India. The Company’s business segments comprise of (a) Personal Health, (b) Health Systems and (c) Innovation Services. The Company has manufacturing facilities in Pune, Maharashtra and Software Development center in Bangalore. The company sells its products primarily in India through independent distributors and modern trade. The Financial statements were authorized by the Board of Directors for issue in accordance with resolution passed on July 18 2017.

 

 

FINANCE AND ACCOUNTS

 

The Company has delivered positive net cash from operations through improved sales performance. The Company has not made any major borrowings in this financial year and has managed working capital requirements from internal cash generation.

 

Capital expenditure during the year was INR 1223.000 million (vis – a – vis INR 929.000 million during Apr’15 – Mar’16) and this expense was incurred towards expansion of Philips Innovation Campus and manufacturing facility at Pune, servers and other IT devices and moulds etc.

 

During the year, the Company infused an amount of INR 2698.000 million into Preethi Kitchen Appliances Private Limited (‘‘Preethi’’) towards its preference share capital. Further to this infusion and reduction of its equity share capital carried out by Preethi with the approval of the Hon’ble Mumbai High Court, the Company consolidated its shareholding in Preethi to 100% and Preethi became a wholly owned subsidiary of the Company with effect from November 22, 2016.

 

Further, during the year, the Company also invested INR 50.000 million in equity share capital of Healthmap Diagnostics Private Limited, joint venture Company and INR 610.000 million in equity share capital of Philips Home Care Services India

 

Private Limited, a wholly owned subsidiary of the Company. The Company has invested its surplus funds in Fixed Deposits and is earning interest on the same.

 

During the year, the Company has transferred unpaid dividend of INR 1.240 million to Investor Education and Protection Fund (IEPF).

 

 

MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT [As On 31.03.2016]

 

The Company carried out detailed feasibility analysis and prepared a business case for operating the Home Healthcare business with investment in the 100% subsidiary. The assumptions taken in the business model for the business were based on results of the Pilot (“Project Vijay”), which was operated by the Company for over a year. The business case was agreed and approved by the Board of Directors in their meeting held on April 25, 2016.

 

Post the approval of the Board, a wholly owned subsidiary of the Company, under the name of Philips Home Care Services India Private Limited was incorporated, on May 25, 2016. The Company will carry out the activities to provide, initiate, encourage or promote home healthcare services, treatment, diagnosis or care for ailments such as chronic heart failure, chronic respiratory disease, post-surgical treatment, sleep disorders, nephrology care, oncology care and similar such diseases, afflictions or any injury, providing of Home care services to patients at home through a team of nurses, paramedics, respiratory therapists and other trained personnel monitored remotely by doctors, providing sleep diagnostic services, providing medical equipment and other devices required for taking care of patients at home. The business of home healthcare services to be operated by Philips Home Care Services has significant potential in a country like India.

 

 

INDEX OF CHARGE:

 

SNO

SRN

CHARGE ID

CHARGE HOLDER NAME

DATE OF CREATION

DATE OF MODIFICATION

DATE OF SATISFACTION

AMOUNT

ADDRESS

1

G02206050

10333948

STATE BANK OF INDIA

26/12/2011

29/03/2016

-

400000000.0

CAG BRANCH-1JAWAHAR VYAPAR BHAWAN, TOLSTOY MARG, NEW DELHI -110001, INDIA

2

B31428097

10188755

STATE BANK OF INDIA

07/10/2009

-

03/02/2012

1400000000.0

CAG BRANCH, JAWAHAR VYAPAR BHAWAN11TH & 12TH FLOOR, 1 TOLSTOY MARG, NEW DELHI – 110001, INDIA

3

A72967284

80056063

PUNJAB NATIONAL BANK

26/10/1999

-

13/11/2009

1370000000.0

7, BHIKAJI CAMA PLACE, NEW DELHI – 110066, INDIA

4

A49570278

80049405

CANARA BANK

01/02/1995

-

03/11/2008

280000.0

KHAR (WEST), MUMBAI – 400052, MAHARASHTRA, INDIA

5

A49569213

80049404

CANARA BANK

09/11/1998

-

03/11/2008

1000000.0

KHAR (WEST), MUMBAI – 400052, MAHARASHTRA, INDIA

6

A49568173

80049406

CANARA BANK

15/07/1994

-

03/11/2008

1000000.0

KHAR (WEST), MUMBAI – 400052, MAHARASHTRA, INDIA

7

A49568793

80049403

CANARA BANK

09/11/1998

-

03/11/2008

250000.0

KHAR (WEST), MUMBAI – 400052, MAHARASHTRA, INDIA

8

A49388739

80005083

CANARA BANK

17/11/2003

30/04/2006

25/10/2008

5500000.0

KHAR (WEST), MUMBAI – 400052, MAHARASHTRA, INDIA

9

A49389968

10087443

CANARA BANK

10/05/2007

-

25/10/2008

8500000.0

KHAR (WEST), MUMBAI – 400052, MAHARASHTRA, INDIA

10

A03928561

80010482

BANK OF MAHARASTRA

02/02/2000

21/02/2000

10/08/2006

250000000.0

LOKMANGAL1501, SHIVAJI NAGAR, PUNE – 411005, MAHARASHTRA, INDIA

 

 

CONTINGENT LIABILITIES [As On 31.03.2017]

 

(i) In respect of disputed excise demands - INR 19 (Previous year - INR 19), income tax demands - INR 7400 (Previous year - INR 6268), service tax demands - INR 82 (Previous year - INR 82), VAT- INR 1125 (Previous year - INR 1125) and custom duty INR 62 (Previous year - INR Nil).

 

The Contingent Liability on account of income tax cases relating to erstwhile lighting business of Philips India Limited (PIL) is estimated at INR 3197 (Previous year – INR 2757) out of common estimated income tax liability of

lighting business and other businesses of Philips India Limited. As per the MOU (Memorandum of Understanding) dated 31 March 2016 signed between Philips India Limited and Philips Lighting India Limited at the time of demerger of lighting business, the Income Tax cases upto the effective date of demerger shall be contested by Philips India Limited and the amount of liability, if any, upon conclusion of case relating to lighting business shall be payable by Philips Lighting India Limited to Philips India Limited on the basis of respective segment turnover (agreed as part of MOU) of relevant years

 

(ii) Claims not acknowledged as debts by the Company - Nil (Previous year - INR 48).

(iii) In respect of suppliers’ / customers’ demands and certain tenancy / customs / sales tax / service tax disputes for which the liability is not ascertainable.

 

The Company does not expect any reimbursements in respect of the above contingent liabilities. It is not practicable to estimate the timing of cash outflows, if any, in respect of (i), (ii), and (iii) above pending resolution of the legal proceedings.

 

 

FIXED ASSETS:

 

Tangible fixed assets

 

  • Land
  • Building
  • Plant and equipment
  • Furniture and Fixture
  • Office equipment

 

Intangible fixed assets

 

  • Goodwill
  • Brands
  • Software

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records 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 records 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

INR

US Dollar

1

INR 64.28

UK Pound

1

INR 78.93

Euro

1

INR 89.02

 

 

INFORMATION DETAILS

 

Information Gathered by :

SHL

 

 

Analysis Done by :

PRI

 

 

Report Prepared by :

GEET

 

 

SCORE FACTORS

 

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

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.