Annual Report: 2023
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:
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.
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