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Philips Domestic Appliances India Unlisted Shares

Annual Report: 2022

Year: 2022

Annual Report Summary

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.

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