Symphony Limited

Symphony Limited.
Public
Traded as BSE: 517385 NSE: SYMPHONY
Industry Consumer Durables
Founded 1988[1]
Founder Achal Bakeri
Headquarters Ahmedabad, India
Products Residential Cooler, Industrial Cooler
Website www.symphonylimited.com

Symphony Limited located in Ahmedabad was established in the year 1988.[2] It is a joint stock, publicly held, listed company.[3] It manufactures products like domestic air coolers, industrial air coolers, and water heaters. Symphony has its operations in about 60 countries.[4] It is also certified by the Guinness World Record Ltd. for manufacturing the world’s largest functioning air cooler.[5][6]

History

Symphony Limited was founded in the year 1988 by Achal Bakeri.[7] Then later in the year 1990, Symphony aired its first TV campaign.[8] Symphony went public in the year 1994 and was also listed at Bombay, Ahmedabad and Delhi stock exchanges.[9] It also included water heaters in its range of products in the same year. In the year 2000, Symphony introduced the world's largest air cooler, Sumo, which got the Guinness World Record certification.[10] It launched mid-segment coolers, in the year 2001. For coastal markets, in the year 2004, Symphony launched the H! Cool air cooler. Symphony's winter air cooler and Sauna water heater were introduced in the year 2005. In 2006, Symphony expanded itself into 33 other countries and also introduced the Surround cooler. In 2008, it separated the range of air coolers in two different ranges.[11] Also launched Jumbo Jr., H! Cool with Ionizer in the same year. In 2009, it launched Sauna water heater, India's first water heater with a 5-star power savings rating.[12] It also acquired IMPCO, USA, in the same year. In 2010, Symphony introduced Industrial coolers in Indian market.[13] Symphony introduced air coolers with remote control, in the year 2011. In 2012, Symphony launched digital models named Storm 70E and Storm 100E.

Corporate Social Responsibility

Symphony has taken a simple looking product like air cooler to a great height of technology. Symphony air coolers are designed to give very high air delivery efficiency. This means that the Symphony air coolers give very high air delivery at very low power consumption. This has been achieved by a combination of several design parameters. These air coolers are designed using latest engineering and computerized techniques and further analyzed and tested at a very high tech state of the art validation center - one of its kinds in the world! Be it 3D modeling, be it computer simulations like stress analysis, mould flow analysis, air flow analysis, acoustic analysis, dynamic analysis, vibration analysis, thermal analysis, psychometric analysis, rapid prototyping etc. Best of the technology across the world has been procured and put to use for designing and developing the air coolers. Several aspects helping Symphony air coolers to achieve extra low power consumption are elaborated as below.

Key Clients

Walmart, Cosco, Sams, Lowe's, Reliance Croma, Big Bazaar, Vijay Sales

Corporate Governance

The Company is committed to highest standard of Corporate Governance. The Company relies on the well-built Corporate Governance System and policies of business for healthy growth, accountability and transparency. Good Corporate Governance frame work enables the Board and Management to accomplish the goals and objectives effectively for the benefits of the organization, its shareholders and all other stakeholders. The Code of Corporate Governance emphasizes on transparency of systems to enrich the benefits to the shareholders, customers and employees of the Company. In addition to compliance with regulatory requirements, the Company undertakes to ensure that the highest standard of ethical conduct is maintained throughout the set up of the entire organization.

Company introduced a Whistle Blower Policy.[14]

In terms of this policy, all employees are encouraged to report any instance/s of unethical behavior, fraud, violation of the Company’s Code of Conduct or any behavior which may otherwise be inappropriate and harmful to the Company. The policy provides a mechanism for employees to raise concerns that relate to violation of the Code of Conduct, Accounting, Internal Accounting Controls, Auditing Matters and applicable national and international laws including statutory/regulatory rules and regulations.

Criticisms

While Symphony Limited is known for the products it manufactures, it has a reputation for its bad customer service. [15] [16]

References

  1. ↑ Symphony, Limited. "Foundation".
  2. ↑ Symphony, Limited. "Location".
  3. ↑ "Symphony Limited". The Money Line.
  4. ↑ Pandrit, Virendra. "Symphony to double India network"., The Business Hindu Line
  5. ↑ Symphony, Limited. "Guinness World Record".
  6. ↑ "Symphony holds Guinness Book of World Record for manufacturing world's largest air cooler". SME News. June 12, 2012.
  7. ↑ Symphony, Limited. "Establishment".
  8. ↑ Symphony, Limited. "First TVC".
  9. ↑ Symphony, Limited. "Public".
  10. ↑ Symphony, Limited. "World Record".
  11. ↑ Symphony, Limited. "33 countries".
  12. ↑ Symphony, Limited. "Water Heater".
  13. ↑ Symphony, Limited. "Industrial Cooler".
  14. ↑ India, BSE. "Annual Report" (PDF).
  15. ↑ Complaints, Consumer. "Consumer Complaints".
  16. ↑ Board, Complaint. "Complaint Board".
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