Philips Domestic Appliances India Unlisted Shares Annual Reports

Philips Domestic Appliances India Unlisted Shares

Versuni's Annual Report for 2023-24 highlights the company's financial and non-financial performance, governance, and strategy. Versuni's mission is to help people turn Houses into Homes, aiming to be a great place to work. The vision statement is to be the fastest growing Domestic Appliances Company in India. **Corporate Overview:** Versuni focuses on four key priorities: driving efficiencies through integration, increasing local portfolios, being future-ready with direct-to-consumer and digital platforms, and a dual-brand approach leveraging Philips and Preethi. The company's footprint includes offices in Gurgaon, Bangalore, and Chennai, with manufacturing facilities in Chennai and Ahmedabad, and R&D in Chennai and Gurgaon. **Product Range & Business Review:** Versuni's kitchen appliances category (Philips and Preethi) experienced impressive growth driven by innovative solutions and integration of smart features. The garment care range also achieved strong growth through innovation and consumer-centric design. The air care category saw significant growth. Versuni introduced Espresso machines and security cameras to expand its offerings. Air fryers are a pioneering product, while the floor care range offers easy-to-use cleaning solutions. Preethi gas stoves continue to set industry benchmarks. Despite challenging market conditions in FY 2023-24, Versuni India strengthened its industry leading Gross Margins and improved profitability by 2.3 percentage points. Revenue stood at ₹17,449 Mln. Versuni strengthened its supply chain, enhanced operational efficiency, and increased investment in eco-friendly practices. The company inaugurated its first Airfryer manufacturing facility in Ahmedabad. **Future Trends:** The report identifies key future trends including smart technology integration, sustainability initiatives (energy efficiency, eco-friendly products, circular economy), and innovations in product design (durable, repairable products). **Chairman's and MD's Messages:** Chairman Susim Mukul Datta is pleased with the company's strategic implementation and achievements. The company has inaugurated its 1st Air fryer manufacturing facility in India in January 2024 with a capacity scalable up to 1 million units. There's commitment to customer satisfaction in the Preethi brand. MD Gulbahar Taurani highlighted the company’s achievements as an independent organization and its commitment to becoming the 'Best Domestic Appliances Company in India.' **Governance & ESG:** The board of directors includes Susim Mukul Datta, Gulbahar Taurani, Anisha Motwani, Piyush Kalra, and Aruna Arulsingh. Versuni India has received numerous awards and recognitions for excellence and innovation. The company is committed to consumers through innovation, manufacturing, after-sales service, and packing, with manufacturing highlights at Ahmedabad and Chennai plants. Corporate Social Responsibility initiatives focus on education, healthcare, and community development. 160 students were financially supported. Projects included Pragya, aiming to prevent school dropouts. A local area development project provided infrastructure support to schools in Thaiyur, Chennai. The company contributed to children detected with Leukemia disease by ensuring timely and effective treatment to 30 children across India. Versuni collaborated with the Sankalp Taru Foundation for the Rural Livelihood Support Program, planting 121,500 fruit tree saplings. 23,077 saplings were planted across 7,692 square meters through the Project-Green Growth- Versuni **Financials and Statutory Information:** The report includes information on the 4th Annual General Meeting, outlining ordinary and special business to be transacted, including the adoption of audited financial statements, the appointment and remuneration of directors, and the approval of an ex-gratia payment. The notice details procedures for electronic voting and participation in the AGM. During the Financial Year 2023-24, the name of the Company has been changed from "PHILIPS DOMESTIC APPLIANCES INDIA LIMITED" to "VERSUNI INDIA HOME SOLUTIONS LIMITED". An interim dividend of INR 20 per equity share aggregating to INR 1150 Million was approved. For the Financial Year 2023-24, the Board of Directors do not propose to transfer any amount to the General Reserve. The board comprises Susim Mukul Datta, Gulbahar Taurani, Piyush Kalra, Aruna Arulsingh, and Anisha Motwani. The company's general information lists the Statutory Auditors as M/s S.R. Batliboi & Co. LLP and CS Ashok Tyagi as the Secretarial Auditor. **Annexures and Detailed Financial Information:** The document includes several annexures detailing the company's corporate social responsibility initiatives, related party transactions, and the secretarial audit report. Detailed financial statements, including the balance sheet, statement of profit and loss, cash flow statement, and statement of changes in equity, are provided with notes on accounting policies, share capital, reserves, long-term borrowings, and other financial details. Discussions also include capital management, financial risk management, and sensitivity analyses. The Statutory Auditors' report and notes are included.

Philips Domestic Appliances India Unlisted Shares

Annual Report 2022-23 of Versuni India Home Solutions Limited (formerly Philips Domestic Appliances India Limited) includes information on general company details, notice for the Annual General Meeting (AGM), Board's Report, Independent Auditor’s Report, financial statements, and related notes. **General Information:** The report lists the Board of Directors, including Susim Mukul Datta (Chairman & Independent Director), Gulbahar Taurani (Vice-Chairman & Managing Director), Anil Chandak (Whole Time Director and CFO), Anisha Motwani (Independent Director), and Aruna Arulsingh (Whole Time Director & Company Secretary). The statutory auditors are M/s S.R. Batliboi & Co. LLP, and the secretarial auditor is CS Ashok Tyagi. **Notice of AGM:** The 3rd AGM will be held on September 12, 2023, via video conferencing. Ordinary business includes adopting the audited financial statements for FY23, re-appointing Anil Chandak as a director, and declaring a final dividend of INR 7.5 per equity share (totaling INR 43,13,79,315). Special business includes appointing and determining the remuneration of Aruna Arulsingh as Whole Time Director, and revising the remuneration of Gulbahar Taurani and Anil Chandak. The report includes detailed procedures for participating in the AGM via VC/OAVM and e-voting, along with contact information for KFin Technologies Limited (the Registrar and Share Transfer Agent). A cut-off date of September 6, 2023, is set for determining voting rights and dividend entitlement. **Board's Report:** The Board submits its report on the business and operations, including financial results for FY23 (ending March 31, 2023). Key financial metrics (in million INR) include: * Gross Income: 17,959 (FY23) vs. 17,461 (FY22) * Profit before tax: 1,955 (FY23) vs. 1,848 (FY22) * Profit after tax: 1,449 (FY23) vs. 1,372 (FY22) The company unveiled "VERSUNI" as its new name and is committed to transforming houses into homes via Philips and Preethi brands. New product introductions included Philips Juicer Mixer Grinder, Philips Airfryer Essential XL Connected, and Philips Sneaker Cleaner. Preethi partnered with TV shows like "Big Boss" and "Cook with Comali", and Philips launched the #TasteOfLove campaign and an industry-first 10-year warranty for mixer grinders. The company paid an interim dividend of INR 15 per equity share and recommended a final dividend of INR 7.5 per share. The Board does not propose transferring any amount to General Reserves. The company hasn't accepted any public deposits. No material changes affecting the financial position have occurred since year-end. There are no significant material orders passed by regulators or courts impacting the company's operations. The company does not have any subsidiary, joint venture or associate company. **Directors and Key Managerial Personnel:** Rajiv Mathur resigned, and Aruna Arulsingh was appointed as an Additional and Whole Time Director. Mr. Anil Chandak retires by rotation and offers himself for re-appointment. The company received declarations from the Independent Directors that they meet the criteria of independence. There have been six board meetings. The report also detailed the composition and meetings of the Audit Committee, Nomination and Remuneration Committee, and Stakeholder Relationship Committee. The company's policy regarding directors' appointments, remuneration, and duties is summarized. Details of remuneration paid to key personnel and the rationale for revision in remuneration for specific individuals are included. **Other Key Points from the Board's Report:** * There are adequate internal financial controls * Details of the Corporate Social Responsibility (CSR) Committee are provided, and declaration by independent directors is included. * The company has 30% improved solar energy utilization during the year 2023 and achieved 75% consumption from renewable energy during daytime. * Details related to technology absorption, foreign exchange earnings and outgo, loans and guarantees, related party transactions, and risk management are disclosed. * S.R. Batliboi & Co LLP is the Statutory Auditor. The Secretarial Auditor is CS Ashok Tyagi. * The report includes detail relating to compliances with various laws. **Independent Auditor's Report:** The auditor's report expresses an unqualified opinion on the financial statements, confirming they give a true and fair view of the company’s state of affairs. The report refers to Annexure 1 for comments on the Companies (Auditor’s Report) Order, 2020 and Annexure 2 for the report on internal financial controls. **Financial Statements:** The report provides the Balance Sheet as at 31 March 2023, the Statement of Profit and Loss, Statement of Changes in Equity, and Cash Flow Statement for the year ended 31 March 2023, along with detailed notes on the financial statements, including significant accounting policies. It covers details related to property, plant, and equipment, intangible assets, financial assets, deferred tax assets, inventories, trade receivables, cash and cash equivalents, equity share capital, other equity, financial liabilities, provisions, trade payables, and financial risk management. It also provides details about the shareholding pattern, related party transactions, and significant estimates.

Philips Domestic Appliances India Unlisted Shares

Philips Domestic Appliances India Limited Annual Report 2021-2022 Summary: **General Information:** * The report covers the financial year ended March 31, 2022. * Key personnel include Mr. Susim Mukul Datta (Chairman), Mr. Gulbahar Taurani (Vice-Chairman & Managing Director), and Mr. Anil Chandak (Whole Time Director and Chief Financial Officer). * Statutory Auditors are M/s S.R. Batliboi & Co. LLP. * Registered office is located in Kolkata, India. **Notice of Annual General Meeting:** * The Second Annual General Meeting will be held on September 27, 2022, via video conferencing. * Ordinary business includes adopting the audited financial statements for the year ended March 31, 2022, re-appointing Mr. Gulbahar Taurani as a director, and declaring a dividend of INR 10 per equity share. * Special business involves appointing Mr. Susim Mukul Datta and Ms. Anisha Motwani as Directors, as well as appointing and revising the remuneration of Mr. Anil Chandak and Mr. Gulbahar Taurani as Whole Time Directors. * Approval for payment of remuneration to Non-Executive/Independent Directors is also on the agenda. * The remote e-voting period is from September 24-26, 2022, through KFintech. **Board's Report:** * The financial performance summary shows a Gross Income of INR 17,461 million in FY 2021-22 compared to INR 12,644 million in FY 2020-21 and a Profit after tax of INR 1,372 million compared to INR 747 million. * Business restructuring occurred, with the Domestic Appliances business of Philips India Limited being hived off and merged into Philips Domestic Appliances India Limited and Preethi Kitchen Appliances Private Limited was dissolved. The company started its operations from August 1, 2021. * Dividend of Rs. 10/- per share has been recommended, absorbing INR 575,172,420. * No transfer to general reserves is proposed. * No public deposits were accepted. * Details on Directors and Key Managerial Personnel changes are provided, including resignations and appointments. * The board met seven times during the financial year. * Various committees of the board are detailed, including the Audit Committee, Nomination and Remuneration Committee, and Stakeholder Relationship Committee. * The company declares adherence to internal financial controls and secretarial standards. * Conservation of energy, technology absorption, and foreign exchange earnings and outgo are discussed. * The company has not granted any loans or guarantees. * Details of related party transactions are provided in Annexure I. * The company had foreign exchange outgo of INR 1,803 million and earnings of INR 339 million. * Details on remuneration paid to Mr. Anil Chandak and Mr. Gulbahar Taurani. **Independent Auditor's Report:** * The auditor's opinion states that the financial statements give a true and fair view in conformity with accounting principles generally accepted in India. * The report includes statements on compliance with Companies Act, accounting standards, and internal financial controls. **Financial Statements:** * The balance sheet, statement of profit and loss, statement of changes in equity, and cash flow statement are provided. These show financial performance, assets, liabilities and equity. * Notes to the financial statements provide detailed explanations of various items, accounting policies, and related party transactions. * Key financial statement figures are included, such as equity share capital of INR 575 million and retained earnings of INR 1,356 million. * Inventory stands at INR 2,240 million and trade receivables at INR 1,011 million. * The company adopted the Industry 4.0 and has followed safety and sustainability initiatives. **Additional Information:** * Details are provided on remote e-voting procedures, including instructions for individual and non-individual shareholders. * Contact information for KFin Technologies Ltd. is provided for shareholder inquiries. * Details regarding dividend payments, tax deductions, and the Investor Education and Protection Fund (IEPF) are included. * Procedures for inspection of documents are outlined.

Philips Domestic Appliances India Unlisted Shares

The Philips Annual Report 2021 highlights that the company focuses on innovating healthcare and improving people's health. ## Financial Highlights * Full-year sales of EUR 17.2 billion, down 1% year-on-year, impacted by supply chain disruptions and the Respironics recall. * Adjusted EBITA margin of 12.0%. * Net income of EUR 3.3 billion, increased due to a gain from the Domestic Appliances divestment. * Completed divestment of the Domestic Appliances business, resulting in a EUR 2.5 billion after-tax gain. * Made a EUR 0.7 billion field action provision for the Philips Respironics repair and replacement program. * Completed the 2019 share buyback program, and announced a new EUR 1.5 billion share buyback program. ## Strategic Imperatives and Objectives Philips' strategy is centered around innovative solutions combining products, systems, software, and services, leveraging clinical and operational data to help customers achieve the "Quadruple Aim": better health outcomes, improved patient experience, improved staff experience, and lower cost of care. The report targets for 2021-2025 include accelerating average annual Group comparable sales growth to 5-6%, Adjusted EBITA margin improvement of 60-80 basis points annually, free cash flow above EUR 2 billion by 2025, and organic Return on Invested Capital (ROIC) of mid-to-high teens by 2025. The company aims to improve the lives of 2 billion people per year by 2025, including 300 million in underserved communities. ## Business Segment Performance * **Diagnosis & Treatment:** Sales of EUR 8.6 billion, up 8% comparable, driven by Image Guided Therapy and diagnostic imaging, benefiting from a resumption of elective procedures. * **Connected Care:** Sales of EUR 4.6 billion, down 23% comparable, due to the Respironics recall and a high comparison base in 2020. * **Personal Health:** Sales of EUR 3.4 billion, up 9% comparable, driven by new product introductions. ## Environmental, Social, and Governance (ESG) Philips aims to reach carbon-neutrality in operations, support supply chain decarbonization, and increase circular revenues to 25% of sales. It improved 1.67 billion lives, including 167 million in underserved communities. Philips is pursuing an integrated ESG framework, focusing on Environmental, Social, and Governance dimensions. The Environmental section focuses on reducing carbon emissions ( Scope 1.0 emissions from own operations & Scope 2.0 by sourcing 100 % renewable energy), increasing circularity, improving energy efficiency, and addressing hazardous substances. Social value is measured in part by the number of lives improved, workforce diversity, employee health & safety, and community engagement. Philips aims to deliver superior long-term value and maintain high ethical and governance standards. ## Risk Management Philips has enterprise risk management processes to identify and address strategic, operational, compliance and financial risks. There is a dedicated focus on Patient Safety and ESG expectations. ## Respironics Recall Philips Respironics initiated a voluntary recall due to potential health risks related to the sound abatement foam in certain sleep and respiratory care products. A provision of EUR 0.7 billion was made to cover the costs of the recall. The company is conducting a comprehensive test and research program to better characterize health risks and applying learnings from the recall across the organization. Philips aims to complete the repair and replacement program in the fourth quarter of 2022. ## Macroeconomic Landscape In 2021, the world economy grew, with recovery across markets like Latin America, Europe and Japan (according to Oxford Economics), however global real GDP is expected to moderate to 4.2% in 2022. ## Organizational Structure The Board of Management manages the company, and the Supervisory Board oversees their activities. The Executive Committee supports the Board of Management. Feike Sijbesma is Chairman of the Supervisory Board, and Frans van Houten is CEO. ## Financial Statements The document includes audited consolidated financial statements prepared in accordance with IFRS and statutory financial statements in compliance with Dutch Civil Code. Ernst & Young Accountants LLP audited the financial statements. ## Other * Reached 1.67 billion people with products and services, 167 million in underserved communities. * CDP A List rating for climate action for the ninth consecutive year.