Symphony Ltd

Symphony Limited, formerly Symphony Comfort Systems Ltd, provides residential, mobile commercial, packaged and central air cooling solutions for domestic and industrial customers in 60 countries across the globe. It is the world's largest manufacturer of residential, commercial and industrial air coolers. Incorporated in 1988, Symphony Comfort Systems was promoted by Achal Anil Bakeri. The company commenced business with the manufacture of air coolers. In 1991, the company introduced room heaters with plastic bodies, a child-proof grill and thermostat heat control. The company also introduced ventilation fans during 1991-92. In Dec.'92, it started manufacturing domestic flour mills. During the year 1999-2000, the company has successfully launched 4 new models in air cooler category viz; Sumo, Ninja, Mini Sumo and S-4700. The company's air coolers got entry into the Guinness Book of World Records. It has developed the world's largest working model of air cooler having Sumo design measuring 14 feet in height, 8 feet 10 inches in length and 8 feet in width. In order to establish its products in European countries, the company has successfully obtained CE certificate for 2 more models i.e. Sumo and Mini Kaizen. In 2005, Symphony launched the first ever cooler with 4-side cooling. In 2008, Symphony introduced coolers with power saving technology. In 2009, Symphony acquired IMPCO (North America). Under Symphony, IMPCO expanded its product line with Symphony portable coolers which were highly accepted in the Mexican market and made IMPCO the company which offered the widest variety of evaporative air coolers. In 2010, Symphony introduced central air cooling solutions. During the year under review, the company implemented India's largest commercial air cooling project. The name of the company was changed to Symphony Limited from Symphony Comfort Systems Ltd with effect from 11 March 2010. In 2012, Symphony introduced the Intelligent Cooler range. During the year under review, the company introduced Storm - the world's largest tower cooler. During the year under review, the company received government recognition for its R&D center. On 11 November 2013, Symphony announced that it has tied up with Carrefour in Indonesia for selling Symphony Air coolers through a local distributor. Carrefour, headquartered in France, is the world's 2nd largest retail group having one of the largest retail chains in Indonesia. This tie-up will make Symphony coolers widely available in Indonesia which is one of the most populous countries in the world and an emerging market. The Board of Directors of Symphony Limited at its meeting held on 5 August 2013 decided to open a branch in United Arab Emirates (UAE). On opening of this branch, the company foresees to expand its presence in this area. On 25 November 2013, Symphony announced that its subsidiary Impco S.De. RL.De. CV, Mexico has successfully executed and commissioned a pilot project of central air cooling the first of several locations of the Dutch owned Makro' chain of super-markets in Colombia, South America. In 2014, Symphony introduced a range of window coolers with sun resistant body. On 4 September 2014, Symphony announced that it has decided to set up an additional unit at Special Economic Zone (SEZ), Kandla, Gujarat. This additional SEZ unit will help the company in better logistics and will also provide several direct and indirect tax benefits including 100% exemption under the Income Tax Act, 1961 on export profits. On 3 November 2014, Symphony announced that its subsidiary Impco S.de. RL.de. CV, Mexico has received an order to cool 35 stores of 'EKONO', a subsidiary of Wal-Mart, Chile, South America, by Symphony Central Air Coolers. On 27 January 2015, Symphony announced that it has developed a range of Packaged Air Coolers suitable for commercial applications, small industrial applications and for large residential applications. Another first initiative by Symphony is to define the cooling capacity of air coolers in tons of cooling, as in air-conditioning. On 13 August 2015, Symphony signed an equity transfer agreement (ETA) with shareholders of Munters Keruilai Air Treatment Equipment (Guangdong) Co. Ltd. (MKE), China to acquire 100% of the equity share capital of MKE. MKE is a market leading brand in China, producing energy-saving and environment-friendly evaporative air coolers under brand Keruilai. The acquisition will facilitate Symphony's access to China, among the largest air-cooler markets in the world after India. The consideration for the proposed acquisition will be RMB 1.5 M (equivalent to approximately Rs 1.55 crore). On 15 February 2016, Symphony Limited announced the launch of the world's first wall mounted Air Cooler named as CLOUD similar to Split AC but without outdoor unit. The company has filed for global patent for this unique product. The Board of Directors of Symphony Limited at its meeting held on 26 July 2016 recommended the issue of bonus equity shares in the ratio of 1:1. On 16 November 2016, Symphony Limited announced the launch of MobiCool' range of air coolers to tap huge potential in the commercial and industrial space including cooling requirement of large open spaces, halls etc. The company eyes to tap huge potential for MobiCool' range which is currently catered by unorganised players. The company is also considering exporting these coolers globally. MobiCool' is an ideal cooling appliance for outdoors and most suitable for large open areas including party plots, wedding halls, restaurants and religious spaces. It also has huge potential in the commercial and industrial spaces such as factories, workshops, warehouses, school and colleges, bus stations, railway stations and similar large floor space places. On 26 December 2016, Symphony Limited announced that Impco S. de R. L. de C.V Mexico (IMPCO), a step down subsidiary of the company, has decided to close the operation of its wholly owned subsidiary (WOS) company in USA viz. Symphony USA Inc. (SUI) (earlier known as Impco Air Coolers Inc.) with effect from 31 December 2016 and accordingly SUI, USA will cease to be a step down subsidiary of the company with effect from 31 December 2016. SUI is located in Phoenix, Arizona and has been the marketing arm in USA of IMPCO, Mexico since 2009. To improve operational efficiency and to simplify business operations, IMPCO has decided to outsource marketing activities in USA to one or more distributors/dealers to save the cost of holding inventories, blockage of funds in working capital, regulatory compliances and also recurring overheads. In 2017, Symphony introduced Touch range - world's first air coolers with touch screen and voice assist. On 4 February 2017, Symphony Limited announced that Impco S de R L de CV, Mexico (IMPCO) - step-down subsidiary of the company, has bought back its entire shareholding held by Sylvan Holding Pte Limited, Singapore (Sylvan) and thus IMPCO, Mexico has become direct subsidiary of Symphony Limited. On 16 January 2018, Symphony Limited announced that it has come up with a distinguished range of air coolers setting a new benchmark in the air cooler industry. The company has launched, Sense, and, Diamond range of air coolers. With this launch, the company has added 7 models to its existing portfolio totalling to 48 matchless models. 'Sense' range consists of three models where the controls can be activated by the air-cooler sensing gestures. This is a path-breaking innovation in the world of air coolers. The 'Diamond' range consisting of four models is synonymous with a stylish and trendy drawing look inspiration from the cuts or facets of a Diamond. On 16 January 2018, Symphony announced that its air cooler model 'Cloud', which is the world's first wall mounted air cooler, has been granted 'Patent' rights by South Africa for its innovation. Being wall mounted like a split air-conditioner, 'Cloud' does not occupy any floor space but unlike a split air-conditioner, does not have any outdoor unit. It therefore combines the best attributes of air-coolers with that of air-conditioners. On 22 June 2018, Symphony entered into a Share Sale Agreement to effectively purchase 95% equity stake in Climate Technologies Pty Limited, Australia, through a newly incorporated Subsidiary Company viz. Symphony AU Pty Limited, Australia. Climate Technologies is Australia's leading manufacturer of cooling and heating appliances. The strategic acquisition will provide Symphony access to new geographies like Australia and US, which is one of the largest air cooler markets in the world. It will provide the company with an opportunity of moderating its business risk because of complimentary weather conditions prevailing in India and Australia. In 2019, the Company introduced commercial range of air coolers & world's first universal air cooler manufactured in India. It introduced new 9 models in the market. These new 48 + models included Winter+ range in new colour schemes and with enhanced air delivery, Hi Cool 45T, etc. It tied up with various Consumer and Channel Finance companies to penetrate the market and help trade partners and consumers to tie up for their fund requirements & purchase the products. During the year 2019, almost 50% dealer network was strengthened by with the distributors contributing a major share in scouting new dealers. It continued to operate from Kandla Special Economic Zone at Kutch, in Gujarat. On April 5, 2019, the Company executed a deed of surrender of lease rights with the Developer and received a consideration of Rs 3.50 Crores towards the same. During the year 2019, Company focused on product value engineering and invested the required capital to fund value engineering projects, product and parts SKU rationalization, and on establishing better sources through the resources of group companies. It re-structured supply chain department to focus on global sourcing. Also, a quality manager was inducted to drive product and process quality improvement. 6S was rolled out to improve business process. It had incorporated a subsidiary Company, Symphony AU Pty Limited for acquisition of Climate Technologies Pty Limited, Australia in the year 2019. During FY 2020, some unique cooler models were launched. Diet 3D series of coolers were introduced with features like automatic pop up touchscreen control panel, 3 side honeycomb cooling pads, etc. The old models of Symphony were workhorses in their heydays, but competition had chipped away some market share of those models by copying them. To counter this, the iconic Sumo series of air coolers were completely revamped and launched with fresh looks and innovative features. A Double Decker model of Sumo was launched that was till now unprecedented in the air cooler category. Also, a new range of commercial coolers called 'Movicool XL' range was launched meant for cooling large commercial spaces. During the year 2020, new products like IC model (KD25) and a CC model (KF100) were launched. During the year 2020, the Company incorporated a subsidiary company Symphony Climatizadores Ltd, in Brazil. During year 2021, the Company sold operations in SEZ unit at Kandla and started merchant export without affecting overseas business. During 2022, new models were designed and launched exclusively for e-commerce and modern trade channels; a unique table-top personal cooler 'Duet' was launched in manual, touchscreen and remote control manifestations. Two new locally manufactured products were launched, an 80-liter tank air cooler and a unique to market window cooler with 3 speeds and swing. The Company launched 19 new models in FY 2022-23. The Company initiated auto generated installation and subsequent four free preventive maintenance calls through the CRM to increase product life and satisfaction levels using Large Space Venti Cooling (LSV) coolers. It developed 'Koolz' - the first ever liquid descaling cleaner for air coolers, and has initiated the sale of cooler covers and accessories to its customers. During the year 2022-23, the Company purchased balance 5% shares of Symphony AU Pty Limited, Australia from its existing investor and made it a wholly owned subsidiary of the Company. Accordingly, CT and BUSA became first level wholly owned subsidiary and second level wholly owned subsidiary of the Company, respectively.