My IADR Project

A Study Report Submitted
To
Mahatma Gandhi Vidyamandir’s
SAMAJSHREE PRASHANTDADA HIRAY COLLEGE OFMANAGEMENT &TECHNOLOGY
towards the fulfillment of concurrent evaluation of subject

214 Industry Analysis – Desk Research
On
(Amber Enterprises India Ltd)
(Blue Star Ltd)
(Whirlpool India Ltd)
Submitted by
Name: Swapnil Arun Avhad
MBA-I
Semester-II
Roll no-04
ACKNOWLEDGEMENT
It is indeed a great pleasure to submit this project, which is a sheer output of my hard work and dedication and
staff. Personnel who have put their best efforts to make this project a success. I take pleasure in thanking each other
of them.
I would like to express my sincere gratitude to my project guide from the PROF H.B.JAGDALE, the continued
support and direction she gives during this project work.
I would like to thank for Vice Principal Dr. GANESH TELTUMBADE and project guide PROF H.B.JAGDALE for their
valuable support, I would like to thank all these persons. Whose valuable guidance at every phase of the project has
helped me in the completion of this project.
Date: -
Place: - Nashik Mr. SWAPNIL ARUN AVHAD
(MBA 1st Year)
DECLERATION
I, the undersigned Mr. SWAPNIL ARUN AVHAD , hereby declared that the project work entitled “Amber Enterprises
India Ltd and Blue Star Ltd, Whirlpool India Ltd” has been successfully completed from the result of my own effort
and the same has not previously submitted to any examination of the PUNE UNIVERSITY or any other university.
This project report is submitted to Savitribai Phule Pune University in the partial fulfillment of the degree of Master of
Business Administration (MBA).
Date: -
Place: - NASHIK Mr. SWAPNIL ARUN AVHAD
(MBA 1st Year)
INDEX
SR No. CONTENT PAGE

NUMBER
1 Chapter I : Introduction
1.1 Nature of Industry to which selected company belongs, Players
in that Industry, Names of top 5 and bottom 5 Players,
Classification of companies into Leaders and followers.
1.2 Product profile of the company
1.3 Capacity Analysis: Companies total capacity, in case of different
plants then plant capacity.
1.4 Geographical spread( Domestic, global)
1.5 Online presence of the company and Innovation of the company
2 ChapterII : Management and Ethos

2.1 Background of promoter group, Companies Vision Mission ethos
and philosophy.
2.2 Brief profiles of Management persons with career highlights
(CMD, CEO GM etc.)
2.3 Corporate Social responsibility (CSR) Policy, Grievance
initiatives, environment conservation policy, Social inclusion
Policy.
3 Chapter III : External Environment

3.1 Controlling ministry, regulatory body, Regulatory policies at
State, National and global level
3.2 Initiatives by government to promote the industry/ company.
3.3 Any issues or action taken against the company by bodies like
SEBI, Competition Commission of India FDA etc.
4 Chapter IV : Financials
4.1 Last 5 years trend of profit/loss, sales, demand
4.2 Calculation of Ratios and interpretation of the same for last 5
years
4.3 Sick players in the industry
5 Chapter V : Recent Developments

5.1 Impact of Fiscal policy, Exim policy if company is into imports/
exports, Mergers and acquisitions.
5.2 Labour problems, Technological development in the field,
Emerging companies or entrepreneurs in the same field.
6 Chapter VI : Annexure
6.1 References
Chapter I
Introduction
1.1 Nature of Industry to which selected company belongs, players in that Industry, Names of
top 5 and bottom 5 players, Classification of companies into Leaders and followers.
1) Amber Enterprises India Ltd:-
Established in the Year 1990 Amber Enterprises India Limited is the most backward integrated market
leader in the Indian Room Air Conditioner (RAC) industry. The Company has a presence across both, the
components space and finished goods, in the HVAC industry. Our diversified product portfolio includes Room AC
(indoor & outdoor units as well as window ACs), Reliable Critical Components, and Mobility Applications for
railways, metros, buses, and Defense, among others. We also provide solutions under Commercial Air
Conditioners (CAC) for higher tonnage ACs. The Company’s 27 state-of-the-art manufacturing facilities are
spread across strategic locations pan India in proximity to the customers – ensuring quicker turn-around time.
This enables us to deliver higher quality products at a much more efficient and faster pace to our top marquee
clientele across RAC and other divisions in the industry. Amber’s backward integration coupled with strong R&D
capabilities, secures a higher proportion in the ODM industry for the Company. Amber a prominent solution
provider for Air conditioner OEM/ODM Industry in India. Amber Enterprises India Limited
manufactures heating and ventilation equipment. The Company offers refrigerators, heat exchangers, air
conditioners, home appliances, vacuum forming, and lighting products.
Amber makes room ACS for eight of the top ten AC companies, and its clients include Voltas, Panasonic, Blue
Star, Daikin, and Hitachi. It has a 55 per cent share of the contract AC manufacturing and 19 percent of the total
room AC markets. It has 11 manufacturing facilities across India. Amber Group is a leading crypto finance
services provider, specializing in digital wealth management and crypto-native liquidity solutions. The firm
offers a comprehensive range of digital asset services, spanning liquidity provisioning, trading, financing, and
investing.
From its rich yellow-gold color to its captivating hidden fossils, Amber is known worldwide as a high-valued
material. This fossilized tree resin is used for various things like jewelry and natural healing. Amber is
appreciated for its unique process and its precious elements held within. Mr. Jabir Singh is the Chairman and
Chief Executive Officer of the Company. He has more than 19 years of experience in the RAC manufacturing
sector. Amber Enterprises India Limited was incorporated as a Private Limited Company with the name Amber
Enterprises India Private Limited on April 2, 1990 at Jalandhar, Punjab.
Amber Enterprises India is rated 3.9 out of 5, based on 440 reviews by employees on Ambition Box. Amber
Enterprises India is known for undefined which is rated at the top and given a rating of 3.9. However, Career
growth is rated the lowest at 3.5 and can be improved. Amber Enterprises India is forecast to grow earnings and
revenue by 31.5% and 17.2% per annum respectively. EPS is expected to grow by 31% per annum. Return on
equity is forecast to be 15% in 3 years.
Amber makes room ACS for eight of the top ten AC companies, and its clients include Voltas, Panasonic, Blue
Star, Daikin, and Hitachi. It has a 55 per cent share of the contract AC manufacturing and 19 per cent of the total
room AC markets. It has 11 manufacturing facilities across India.
Players in that Industry
1) Voltas
2) Panasonic
3) Daikin
4) Hitachi
5) Wipro Enterprises
TOP 5 Players
1) Havells India Ltd

HAVELLS
2) Dixon Technologies (India) Ltd

DIXON
3) Voltas Ltd
VOLTAS
4) Blue Star Ltd

BLUESTARCO
5) Crompton Greaves Consumer Electricals Ltd

CROMPTON
Bottom 5 players
1) Apollo Hospitals Enterprise Ltd

APOLLOHOSPITAL
2) Britannia Industries Ltd
BRITANNIA
3) Asian Paints Ltd
ASIANPAINT
4) Reliance Industries Ltd
RELIANCE
5) Kotak Mahindra Bank Ltd
KOTAKBANK
Classification of company Leaders
1) JASBIR SINGH: - CEO and Chairman of Amber Enterprises India.
2) DALJIT SINGH : - Managing Director of Amber Enterprises India Ltd
Followers of Amber Enterprises India Ltd
1) Sudha Pillai
2) Girish Ahuja
3) Konica Yadav
4) Kartar Singh
2) Blue Star Ltd:-
Blue Star Ltd is an Indian multinational home appliances company, headquartered in Mumbai. It
specializes in air conditioning, commercial refrigeration and MEP (mechanical, electrical, plumbing and
firefighting). It is the country's second largest homegrown player in the air conditioning space. Blue
Star is India's leading Heating, Ventilation, Air conditioning and Commercial Refrigeration
(HVAC&R) Company, with an annual revenue of over Rs 7977 cores (972 million USD), a network of 30
offices, 7 modern manufacturing facilities including the new state-of-the-art deep freezer facility at
Wada, and Blue Star.
Blue Star was founded in 1943 by Mohan T Advani as a reconditioning company. Soon after
inception, Blue Star ventured into the manufacturing of ice candy machines and bottle coolers and
began the design and execution of central air conditioning projects, followed by the manufacturing of
water coolers. The company later expanded into new product lines and began exporting to Dubai. It
went public in 1969 with an initial public offering, listing on the Bombay Stock Exchange. In the late
2000s, Blue Star ventured into the electrical, plumbing and fire-fighting contracting businesses,
offering customers an integrated mechanical, electrical, and plumbing (MEP) solution. It then forayed
into the residential air conditioning segment a few years later, along with entering the water and air
purification segments as well as the engineering facility management (EFM) space recently.
Blue Star manufactures the country's widest range of air conditioning and refrigeration products
from its five ISO 9001-2015 certified plants. Blue Star's manufacturing facilities have set very high
standards for AC&R plants in India. A blue supergiant (BSG) is a hot, luminous star, often referred to as
an OB supergiant. They have luminosity class I and spectral class B9 or earlier. Blue supergiant are
found towards the top left of the Hertz sprung–Russell diagram, above and to the right of the main
sequence.
Mohan T Advani was such a man, whose most enduring achievement was the creation of Blue Star in
1943. Though the Company started small, MTA's vision and courage led it on an eventful corporate
journey until his untimely demise in 1974. Blue Star is India's leading integrated MEP service provider
with over seven decades of experience.
Blue Star's other businesses include marketing and maintenance of imported professional
electronics and industrial products and systems, which is handled by a wholly owned subsidiary of the
Company called Blue Star Engineering & Electronics Ltd.
The Company has manufacturing facilities at Dadra, Himachal Pradesh, Wada and Ahmadabad, which
use modern, state-of-the-art manufacturing equipment to ensure that the products have consistent
quality and reliability. The Company has a manufacturing footprint of more than 1 lakh sq m, with the
mainstay of product development and R&D being energy-efficiency, coupled with eco-friendly and
sustainable products.
1) IBM Consulting
2) HP Enterprise Consulting
3) Capgemini Services
4) Maxima
5) Sunday tech
6) EPS
TOP 5 Players
1) Jet partners
2) Carrier
3) WACKER Chemie AG
4) Evonik Industries
5) LG
Bottom 5 Players
1) Shree Cement Ltd
SHREECEM
2) Varun Beverages Ltd
VBL
3) United Spirits Ltd
MCDOWELL-N
4) Bharti Airtel Ltd
BHARTIARTL
5) Tata Power Company Ltd
TATAPOWER
Classification of company Leaders
1) VIR S ADVANI :- chairman & managing director
2) ASHOK M ADVANI:- chairman emeritus
Followers of blue star Ltd
1) Vipin sondhi
2) Murlidhar Gangadharan
3) DINESH N VASWANI
4) ARVIND K SINGHAL
3)Whirlpool India Ltd:-
Whirlpool of India Ltd is a subsidiary of Whirlpool Corporation, committed to being the best
global kitchen and Laundry Company, in constant pursuit of improving life at home. Headquartered in
Guru Gram, we are one of the largest manufacturers and marketers of major home appliances in the
country. The company owns three manufacturing facilities at Faridabad, Pondicherry and Pune. Each
manufacturing setup is designed in ways conducive to growth and expansion while also ensuring
efficiency and state-of-the-art processes. With over 110 years of global expertise, we are present across
multiple categories in India and the Indian subcontinent with a wide product portfolio ranging from
washing machines and refrigerators to air conditioners and kitchen appliances.
Embracing the brand philosophy of Every Day Care, Whirlpool is committed towards providing
solutions that are meaningful and advanced with consumers at the heart. Its ‘Make in India’ initiative,
year on year Great Place To Work recognition, Super brands award are all a testament of its endeavor
to fulfill its stakeholder aspirations, and contribute to the economy.
Whirlpool entered India in the late 1980s as part of its global expansion strategy. It forayed into the
market under a joint venture with TVS group and established the first Whirlpool manufacturing facility
in Pondicherry for washing machine category. In 1995 Whirlpool acquired Kelvinator India Limited
and marked an entry into the refrigerator market as well. The same year the company also saw
acquisition of major shares in TVS joint venture and later in 1996, Kelvinator and TVS acquisitions
were merged to create Whirlpool of India Limited. This expanded the company’s portfolio in the Indian
subcontinent to washing machines, refrigerator, microwave ovens and air conditioners.
We have three World class factories manufacturing a wide range of Refrigerators and Washing
Machines. Our appliances are exported all over the globe from Australia & New Zealand in the East
right up to Latin America in the West. Currently we are supplying to more than 30 markets all over the
world. These factories are each supported by a Global Product Development Centers located in India
where hundreds of engineers and technicians are working round the clock, developing product designs
not only for the local but also for the entire Whirlpool world.
We have a large team of International Business Professionals are based at our Corporate
Headquarters at Gurgaon in the NCR region to serve our customers all over the world. The
manufacturer of home appliance firm. Manufactures washers, dryers, refrigerators’, dishwashers,
freezers, rangers, compacters and microwave ovens. Sells these in 170 others under brand names such
as Whirlpool, Maytag, Magic Chef, Jenn-Air, Amana, Kitchen Aid, and Kenmore Brastemp.
1) Samsung
2) LG
3) Toshiba
4) Sony
5) Bajaj Electric
6) IFB Industries
Top 5 Players
1) Bosch Ltd
BOSCHLTD
2) Maruti Suzuki India Ltd

MARUTI
3) UltraTech Cement Ltd

ULTRACEMCO
4) Hero MotoCorp Ltd

HEROMOTOCO
5) ABB India Ltd

ABB
Bottom 5 Players
1) NTPC Ltd
NTPC
2) Hindustan Zinc Ltd

HINDZINC
3) Vedanta Ltd
VEDL
4) GAIL (India) Ltd

GAIL
5) Tata Power Company Ltd

Classification of Leaders
1) Mr. Narasimhan Eswar :- Managing Director
2) Vishal Bhola :- Former Managing Director, Whirlpool of India Ltd
Followers of Whirlpool India Ltd
1) Aditya Jain
2) Roopal Singh
3) JV Rao
4) Mahendra Patil
1.2 Product profile of the company
1)Amber Enterprises India Ltd:-
Amber Enterprises India Limited manufactures heating and ventilation equipment. The Company
offers refrigerators, heat exchangers, air conditioners, home appliances, vacuum forming, and lighting
products. Amber Enterprises also produces auto parts, injection molding, and sheet metal components.
1) Air conditioners:- Amber makes room ACs for eight of the top ten AC companies. Voltas 1.5 Ton 3
star inverter split AC is currently the largest selling AC model due to the strong compressing power and
durability. Air conditioners electricity consumption depends on its EER rating. 5 Star ACs are more
energy-efficient than 3 Star ACs. The electricity consumption of a 5 Star AC (1.5 tons) is approximately
1.5 units per hour, whereas a 3 Star AC (1.5 tons) consumes 1.6 units every hour.
2) Refrigerators:- A refrigerator, colloquially fridge, is a commercial and home appliance consisting of

a thermally insulated compartment and a heat pump (mechanical, electronic or chemical) that
transfers heat from its inside to its external environment so that its inside is cooled to a temperature
below the room temperature. So the refrigerator reduces the rate of spoilage. A refrigerator maintains
a temperature a few degrees above the freezing point of water. The Amber enterprises India
manufacture having many double doors refrigerators having best quality.
3) Vacuum forming:- Vacuum forming is a much more economical process than other forming
processes and offers several processing advantages. Some of these are usage of inexpensive plastic for
molds since the process uses low pressure and mold fabrication time is shorter. The low forming
pressures also allow
for comparatively lower cost tooling. Some of the technical features of our vacuum forming and
trimming machines.
4) Heat exchangers:- A heat exchanger is a system used to transfer heat between a source and a
working fluid. Heat exchangers are used in both cooling and heating processes. The fluids may be
separated by a solid wall to prevent mixing or they may be in direct contact. Depending on the specific
application and requirements, these waste heat recovery unit exchangers can take various forms, such
as shell-and-tube, plate-and-frame, or finned-tube heat exchangers. Air preheaters, economizers,
evaporators, super heaters, condensers, and cooling towers used in a power plant are a few examples
of heat exchangers.
These are the different products made by Amber enterprises India ltd. And export the other country
Europe, Australia, America and other remaining countries use this product of Amber enterprises India
Ltd.
2)Blue Star Ltd:-
Blue Star is India’s leading air conditioning and commercial refrigeration company. A company
built on trust; Blue Star is recognized as an industry leader and is known for innovation, quality and
durability in several countries across the globe. The Company offers a comprehensive range of
products that are not only technologically advanced but also sustainable, energy-efficient and
intuitively designed. Packed with contemporary features, these products ensure the best of comfort
and convenience. Further, Blue Star prides itself in offering a world-class customer experience and
exemplary after-sales service.
1) Air conditioners:- Blue Star is India's leading Heating, Ventilation, Air conditioning and
Commercial Refrigeration (HVAC&R) Company. Blue star is a well known brand for air conditioners
and has a good reputation as well and now I know why. I've been using air conditioners for well over a
decade now but never bought a Blue Star AC before and this use is very most urban areas of India and
this is very easy and slim to use.
2) Water Purifiers:- Blue Star water purifiers offer several benefits, including advanced purification
technology that removes impurities and contaminants from water. Energy-efficient designs that
consume less electricity. Low maintenance requirements and easy-to-replace filters. Water
purifiers not only clean the water but also make it safe by removing bacteria that cause diseases such
as cholera, typhoid, diarrhea and cancer.
3) Air Coolers:- Air coolers are considered eco-friendlier as they consume less energy, utilize
natural evaporation processes, and do not emit harmful gases or contribute to ozone depletion AC
conditioners
While efficient in cooling, can have an environmental impact due to the use of refrigerants. Room
coolers, also known as evaporative coolers or swamp coolers, are an energy-efficient and cost-effective
alternative to traditional air conditioners.
4) Air Purifiers:- An air purifier removes contaminants from a room's air to enhance the quality of the
air. Pollen, pesticides, dust, ragweed, pet dander, dust mites, mildew, paint fumes, and second-hand
smoke are just a few of the toxins that the air purifier filters. These devices are commonly marketed as
being beneficial to allergy sufferers and asthmatics, and at reducing or eliminating second-hand
tobacco smoke. An air purifier is made up of a filter, motor/fan and housing.
These are the different products made by Blue star India ltd. And export the other country Europe,
Australia, America and other remaining countries use this product of Blue star India Ltd.
Whirlpool of India Ltd is a subsidiary of Whirlpool Corporation, committed to being the best
global kitchen and laundry company, in constant pursuit of improving life at home. Headquartered in
Gurugram, we are one of the largest manufacturers and marketers of major home appliances in the
country. Whirlpool of India Ltd. manufactures appliances. The Company produces refrigerators,
washing machines, air conditioners, microwave ovens, water purifiers, built-in appliances and other
products.
1) Microwaves:- Whirlpool is a renowned brand that has some of the best microwave ovens in India. It
has a capacity of 29 liters which make it a great choice for a modern kitchen. With the built-in air fryer,
you can enjoy tasty yet healthy delicacies at the touch of a button. On average, microwaves range in
capacity from 0.7 cu. ft., which is suitable for most dinner plates, to 2.2 cu. ft., which is a better size for
bigger cookware.
2) Dishwashers:- Whirlpool dishwashers are manufactured by the Whirlpool Corporation, whose

offices are based in Michigan. Miele dishwashers are known for their reliability and durability. In fact,
Miele dishwashing machines are made and tested to last an astounding 20 years! While they're not
exactly inexpensive, are made of top-quality materials, and they also use minimal water consumption
and energy.
3) Cook tops:- A cook top, sometimes called a stovetop, is a staple in most homes. It is a flat surface
with one or more burners used to heat up pots and pans. While most cook tops are standalone
appliances, some are part of a unit, integrated into ovens to form a range. They can be powered by gas,
electricity, or induction. Heats pans directly and rapidly, cooks food faster than gas or electric.
Precision: Precise temperature control, great for simmering and delicate sauces.
4) Ice makers and compactors:- A flake ice machine works by freezing water inside a metal cylinder
and allowing the frozen liquid to flow through the coils. The refrigerant freezes and the water then flow
through the cylinder, where it builds up a column of ice. This is then expelled from the evaporator and
into a reservoir. Commercial ice makers improve the quality of ice by using moving water. The water is
run down a high nickel content stainless steel evaporator.
These are the different products made by Whirlpool India ltd. And export the other country Europe,
Australia, America and other remaining countries use this product of Whirlpool India Ltd.
1.3 Capacity Analysis : Companies total capacity, in case of different plants then plant capacity:-
Total Capacity of Amber Enterprises India Ltd:-
Amber Enterprises India Ltd is a prominent solution provider for HVAC Industry in India. It has a
dominant presence in RACs complete built unit and major RAC components with 27 manufacturing
facilities across India focusing in on different product segments.
Capex & capacity utilization: - The Company’s overall capacity utilization is at 65-70%. Capacity
utilization at its new Greenfield facility in the City is 20% and is expected to go up to 35-40% in FY24.
Amber Enterprises India Ltd is a prominent solution provider for HVAC Industry in India. It has a
dominant presence in RACs complete built unit and major RAC components with 27 manufacturing
facilities across India focusing in on different product segments.
For the quarter ended 31-12-2023, the company has reported a Consolidated Total Income of Rs
1,299.97 Crore, up 38.32 % from last quarter Total Income of Rs 939.81 Crore and down 4.22 % from
last year same quarter Total Income of Rs 1,357.24 Crore.
Different plant of Amber Enterprises India Ltd and then plant Capacity:-
1) Pune unit:-
Address:- Plot No. D-93 & D-163+165+167 Ranjan Gaon, MIDC, Tal Shirur,Ranjangaon, Pune,
Maharashtra-412209.
Location: from Pune 34km Near Ranjangaon
Area: 15,000 sq m
Revenue (Amount in Crores) 4 year CAGR: 21.6% Yearly Growth: 34.67%
2) SUPA UNIT:-
Address:- A-3/4, Supa-Parner Industrial Park, Waghunde Bk, Tal. Parner, Ahmednagar, Maharashtra-
414301.
Location: Supa-Parner Road Near waghunde Bk
Area:13,000 sq m
3) EVER ELECTRONICS SATARA UNIT:-
Address:- Gat No. 161/2, Pimple Jagtap Road, Koregaon Bhima, Tal. Shirur, Satara, Maharashtra-
412216.
Location: 20km from koregaon Bhima Near shirur
Area: 10,000 sq m
4) KADI UNIT (GUJRAT):-

Address:- 155/1, 159/P,160/P, Near Golden Industrial Estate, Chahtral Kadi Road Village-Dhanot Tal-
Kalol, Gandhinagar, Gujrat-382729
Location: Near Golden industrial estate, Dhanot Gandhinagar
Area: 8,000sq m
Revenue (Amount in Crores) 4 year CAGR:35.23% Yearly Growth:64.11%

2)Blue Star Ltd:-
Total capacity of Blue star Ltd:-
Air conditioning and refrigeration company Blue Star Ltd. has opened a new plant in Sri City, Andhra
Pradesh. The factory's first phase has a capacity of 3 lakh room AC units, with the potential to scale up
to 1.2 million units by the financial year 2027. Blue Star Climatech Limited’s world-class facility at Sri
City; 3132 employees, and 4040 channel partners. The Company has 8000 stores for room ACs,
packaged air conditioners, chillers, cold rooms as well as refrigeration products and systems, along
with 1,251 service associates reaching out to customers in over 4,100 talukas.
The Company has reported Revenue from Operations of Rs 6045.58 crores for the year ended March
31, 2022, on a consolidated basis, compared to Rs 4263.59 crores during FY21, representing a growth
of 41.8%.
Blue Star will be producing 5 lakh ACs per annum from this new plant and with that total capacity will
be enhanced to 10 lakh units. It has an operational plant at Sirmaur in Himachal where it manufactures
5 lakh air-conditioners per annum.
Revenue:- 6,081 crore (US$760 million)
Operating income:- 296 crore (US$37 million)
Number of employees:- 2,800+
Different plant of Blue star Ltd and Then Plant Capacity:-
1)Dadra:- Started in: 1997

Location: Dadra and Nagar Haveli, a Union Territory 200 km from Mumbai with its capital at Silvassa
Area: 12,000 sq m
Blue Star’s Dadra plant's processes are all integrated through SAP ERP. All modern manufacturing
concepts have been incorporated, notable among them being visual management of the factory, Just in
Time, Kaizen, 5S, Pokayoke, SMED, Kanban, TPM, Lean Manufacturing and Six Sigma. This unit is
regarded by industry experts as one of the best manufacturing facilities in India for air conditioning
products. It has been built in technical collaboration with Rheem, USA.
2) Wada:- Started in: 2007

Location: 60 kms from Thane, near Mumbai.
Area: 29,900 sq m
The Wada facility is one of the most contemporary plants of the company, situated 60 kms from Thane,
near Mumbai. With a plot size of over 35 acres, this facility is designed to eventually be Blue Star’s
biggest manufacturing facility. Modern manufacturing systems are being deployed with the focus on
quality systems through programmes like Lean Manufacturing, Six Sigma, TPM and Kaizen. The factory
has been certified as a Gold-Rated Green Building by the Indian Green Building Council, Hyderabad.
3) Himachal Pradesh Plant:- Started in: 2005
Location: This factory is 300 km north west of North Delhi
Area: 16,000 sq m
The industrial zone of Baddi in the Solan district of Himachal Pradesh has seen a proliferation of
manufacturing setups in the recent past. Blue Star has successfully capitalised on this opportunity to
augment its manufacturing capabilities. This factory has been set up in the sylvan settings of Kala Amb.
It is a highly productive, automated and flexible unit that manufactures outdoor units of spilt air
conditioners coupled with a fin and tube heat exchangers (FTHX) coil manufacturing setup.
4) Sri City Plant:- Started in: 2023

Location: Sri City, Andhra Pradesh
Area: 19,000sq m
The Sri City Plant of Blue Star Climatech Limited, a strong proponent of the Aatmanirbhar Bharat
Abhiyaan, with its cutting-edge infrastructure and the latest automation techniques, is meticulously
designed for assembly line and material handling operations, and it has extensively deployed a slew of
initiatives towards IoT and digitisation. Nestled in close proximity to southern ports, the Sri City Plant
promises not only efficient logistics management but also substantial savings in both inbound and
outbound logistics. 750 operators and maintaining a remarkable 1:1 female-to-male ratio—a testament
to its commitment to diversity and inclusion.
Total Capacity of Whirlpool India Ltd:-
Whirlpool annual revenue for 2023 was $19.455B, a 1.36% decline from 2022. Whirlpool annual
revenue for 2022 was $19.724B, a 10.28% decline from 2021. Whirlpool annual revenue for 2021 was
$21.985B, a 13% increase from 2020. Consumer durables maker Whirlpool of India Ltd on Friday
reported a 22.07 per cent decline in consolidated net profit at Rs 38.20 crore for the second quarter
ended September 30 as compared to Rs 49.02 crore in the same quarter last year. The net profit more
than halved from Rs 76.72 crore in the previous quarter.
The revenue of Whirlpool of India Limited in the financial year 2023 amounted to 66.7 billion Indian
rupees, an increase from about 63 billion Indian rupees in the previous financial year. During the
presented period, a general growth trend could be observed.
Whirlpool has invested about 800 crore-900 crore in capacity expansion as well as to get controlling
stake in Elica PB India. Whirlpool Mauritius Ltd. held a 75 per cent stake in Whirlpool of India as of 31
December 2023, stock exchange filings show. In November last year, it had stated its intent to take
some money off the table by selling a 24 per cent stake, while maintaining majority control in the
Indian unit.
Whirlpool India is ramping up its manufacturing capacity, marking its foray in the front-load washing
machine segment in the country. The company has invested 115 crore in its existing plant at
Puducherry to manufacture premium front-load washing machines.
Number of Employee work: 61,000
Different Plants of Whirlpool India Ltd and then Plant Capacity:-
1) PUNE:- Started in :1996

Location: Located in Ranjangaon, an industrial area at a distance of 54 kms from Pune
Area: 15,000sq m
Pune plant was inaugurated in October 1996 and manufactures state of the art Single Door and Double
Door Refrigerators. Located in Ranjangaon, an industrial area at a distance of 54 kms from Pune, it is
one of the fastest developing manufacturing hubs in India. Pune is known as the “Oxford of the East”
due to the presence of several well-known educational institutions. and this is make the topest brand of
the refrigerators and Microwave, AC and many other product makes whirlpool india Ltd.
2) Gurugram:- Started in : 2002

Location: near New Delhi
Area: 10,000sq m
Whirlpool of India Limited is headquartered in Gurugram, one of the most important financial and
industrial cities near New Delhi. The company owns three state-of-the-art manufacturing facilities at
Faridabad, Puducherry and Pune. Each of the manufacturing operations feature an infrastructure
showcasing Whirlpool Corp.’s commitment to improving life at home for our consumers. Gurugram is
known for its booming infrastructure, rapid urbanization, and economic prosperity. As a rapidly
growing city, Gurugram is an example of a blend between the old and the new, and offers a wide array
of entertainment, culture, and world-class cuisine.
3) FARIDABAD:- Started in : 1995
Location: It is located in the Faridabad NIT only a 10 minutes drive from its nearest metro station Bata
chowk.
Area:13,000sq m
The Whirlpool Faridabad Operation is the oldest and largest single product plant in Indian home
appliance manufacturing, producing single door refrigerators since 1995. It is located in the Faridabad
NIT, only a 10 minutes drive from its nearest metro station, Bata Chowk. Faridabad is one of the 100
smart cities in India selected in the Smart City Mission initiative by the Union Ministry of Urban
Development. In addition to being one of the leading industrial centres of Delhi NCR, Faridabad offers a
variety of contemporary facilities for residence, entertainment, transportation, education and
healthcare.
4) PUDUCHERRY:- Started in : 2004

Location: Located in one of the Union Territories in India.
Area: 8,000sq m
Located in one of the Union Territories in India, Puducherry is also commonly referred as Pondy.
Whirlpool established its operations in Puducherry to manufacture washing machines. Puducherry, a
former French colony is a perfect amalgamation of the traditional Indian sensibilities and French
architecture, making it a dreamy escape that offers the best of both worlds.
1.4 Geographical Spread(Domestic, global)
The Company was incorporated as Amber Enterprises India Private Limited, under the Companies
Act, 1956. It turned to a Public Limited company on September 22, 2017. From a single factory in
Rajpura, Punjab, that commenced operations in 1994, we have today grown to 27 manufacturing
facilities across 9 locations in India. Our manufacturing facilities have a high degree of backward
integration and are strategically located in proximity to our customers.
Domestic plants(India):-
1) Maharashtra: Pune Unit: Ranjangaon the manufacturing plants of Maharashtra is Located in Pune.
and second plant is in Bhima Koregaon, Tal. Shirur. Dist. Pune.
2) Punjab: Rajpura Unit:, C-l, Phase-II, Focal Point the manufacturing plants of Punjab is Located in
Rajpura.
3) Himachal Pradesh: Mainthapal Unit: Tal. Sirmour the manufacturing plants of Himachal Pradesh is
Located in Mainthapal.
4) Haryana: Haryana Unit: Tal. Dadri the manufacturing plants of Haryana is Located in Dadri Dist.
Jhajjar.
International Plants:-
Amber Enterprises also has manufacturing facilities in other countries to cater to global markets. While
specific details on their international plant locations are not readily available, the company has
expanded its operations into countries such as:
1) Thailand: Amber Enterprises has established manufacturing plants in Thailand to serve the
southest Asian market.
2) Europe: The Company has manufacturing facilities in European countries to cater to the European
market.
This are Different international plants of Amber enterprises India ltd and country names. The
international plants are not more than 2 countries like Asia and Europe.
2)Blue Star Ltd:-
Blue Star International FZCO is a wholly owned subsidiary of Blue Star Limited, founded in May 2017
and headquartered in Dubai, United Arab Emirates managing the Company’s overseas businesses. It
houses the erstwhile international business group of Blue Star, its product exports business and
international joint ventures. The company has presence across 18 countries in the Middle East, Africa,
SAARC and ASEAN regions through its products distribution business and joint venture companies.
Domestic plants (India):-

1) Maharashtra: headquartered in Mumbai and Dadra and Nagar Haveli and the manufacturing plants
of Maharashtra Located in Mumbai and union territory. and Wada Tal. Wada Dist. Thane.
2)Himachal Pradesh: factory is in north west of North Delhi . and their manufacturing plants in
Himachal Pradesh Located in Baddi Tal. Baddi Dist. Solan.
3) Andhra Pradesh: Sri City in Located in Andhra Pradesh. and they are manufacturing plants of
Andhra Pradesh.
From a geographical perspective, the Global Product Sales business covers the Middle East, SAARC,
Africa, and ASEAN regions. The Company is currently present through distributors in the following
countries: Saudi Arabia, Kuwait, Bahrain, UAE, Oman, Qatar and Yemen in the Middle East; Bangladesh,
Sri Lanka, Maldives, Nepal and Bhutan in the SAARC region; and Kenya, Nigeria, Sudan and Tanzania in
the African continent.
1) Asia region: Bangladesh, Sri Lanka, Maldives, Nepal and Bhutan in the Asia and SAARC region.
2) Middle East: Saudi Arabia, Kuwait, Bahrain, UAE, Oman, Qatar and Yemen in the Middle East.
3) African region: Kenya, Nigeria, Sudan and Tanzania in the African continent.
This are the different international plants of Blue star Ltd. Blue star Ltd flows All world like mention in
the plants.
Whirlpool operated manufacturing sites in 36 locations across 10 countries worldwide in 2022. Most
of Whirlpool's manufacturing sites are located in the United States, the company's home market. It is
the only country in which Whirlpool has a double-digit number of manufacturing locations. Whirlpool
Corporation is a global collection of small communities, leveraging our broad scale while our tailoring
multiple consumers needs in the countries we serve.
Domestic plants (India):-

1) Maharashtra: Pune unit is Located in Ranjangaon is the manufacturing plants of Maharashtra.and
they are in Tal. Ranjangaon Dist. Pune.
2) New Delhi: Gurugram Plant is Located in Delhi is the manufacturing plants of New Delhi. is known
for its booming infrastructure, rapid urbanization, and economic prosperity.
3) Haryana : Faridabad plant is located in the Faridabad( Haryana )and is the manufacturing plants of
Haryana.Near Delhi.
Whirlpool Corporation is a global collection of small communities, leveraging our broad scale while our
tailoring multiple consumers needs in the countries we serve. Our founding families’ companies began
in the United States, Brazil, Italy, Canada, India, Germany and France. Such a strong reputation for
premium performance that Brastemp is now synonymous for high quality in Brazil. We continue to be
inspired by Louis Jenn, who rejected the status quo to create the first downdraft range for JennAir.
1) North America: North America has nine manufacturing operations in the U.S. and three in Mexico.
Benton harbor, Michigan, USA.
2) Europe, Middle East and Africa: Europe, Middle East and Africa employ approximately 19,000 and
operate in 11 manufacturing and technology research centers in five countries. Italy, Poland, UK,
Slovakia, Brazil, Argentina, Ecuador, Peru.
3) ASIA: Our Asia region is headquartered in Hong Kong, operating in five clusters. China, India, HTKJ,
Hong Kong, Taiwan, Korea, Japan, Southeast Asia and Oceania with six manufacturing locations.
This are the different international plants of Whirlpool India Ltd. Whirlpool India Ltd flows all world
like mention in the plants.
1.5 Online presence of the company and Innovation of the company
Amber enterprises India ltd Company As my knowledge cutoff in September 2021, Amber
Enterprises India Ltd had an online presence through its official website. The website provides
information about the company and its products, services and contact details. However. Information
about conducting online business transactions or the availability of a dedicated mobile app for
business purposes may not be readily available.
Online presence:-
In achievement of innovations, Amber Enterprises has been activity involved in research and
development to introduce new technologies and improve the efficiency of their products. While specific
details about their recent innovations may not be available, the company has a dedicated research and
development division that focuses on innovation and technological advancements in the conditioning
and cooling solutions industry.
And the company significantly presence on social media platforms such as

Facebook,Twitter,Linkdin and Instagram they are use these platforms to share company updates
thought leadership content, job opportunities and engage with their audience. and the blog articles,
newspaper, you tube, different new technologies mobile app in presence of Amber Enterprises India
Ltd company.
Innovation:-
To obtain the most accurate and up-to-date information on Amber Enterprises online presence
including any online business transactions or the availability of a mobile app, as well as their recent
innovations, I recommend visiting their official website or reaching out to the company directly. They
can provide the latest information on their online offerings to the company including any available
apps for business transactions, and updates on their innovation developments.
Amber Innovations Limited is a software solutions provider with a strong focus on customer
engagement and enterprise mobility. A subsidiary of Amber Group, Amber Innovations works through
its development teams in Jamaica and India to serve its clients in areas ranging from product
development, startup evolution and big data management to internet of things (IOT) advanced
analytics and artificial intelligence/machine learning.
2) Blue Star Ltd:-
Blue star Ltd Company As my knowledge cutoff in AUGUST 2020, Blue star Ltd had an online
presence through its official website. The website provides information about the company and its
products, services and contact details. However. Information about conducting online business
transactions or the availability of a dedicated mobile app for business purposes may not be readily
available.
Online presence:-
In terms of innovations, Blue star Ltd has been activity involved in research and development to
introduce new technologies and improve the efficiency of their products. While specific details about
their recent innovations may not be available, the company has a dedicated research and development
division that focuses on innovation and technological advancements in the conditioning and cooling
solutions industry.

thought leadership content, job opportunities and engage with their audience. And the blog articles,
newspaper, you tube, different new technologies mobile app in presence of Blue star Ltd company.
Innovation:-
Enhance the most accurate and up-to-date information on Blue star online presence including any
online business transactions or the availability of a mobile app, as well as their recent innovations, I
recommend visiting their official website or reaching out to the company directly. They can provide the
latest information on their online offerings to the company including any available apps for business
transactions, and updates on their innovation developments.
Blue star Ltd Innovations Limited is a software solutions provider with a strong focus on customer
engagement and enterprise mobility. A subsidiary of Blue star Group, Blue star Innovations works
through its development teams in Singapur and India to serve its clients in areas ranging from product
development, startup evolution and big data management to internet of things (IoT) advanced
analytics and artificial intelligence/machine learning.
Whirlpool entered India in the late January 1980s as part of its global expansion strategy. It forayed
into the market under a joint venture with TVS group and established the first Whirlpool
manufacturing facility in Pondicherry for washing machine category. In 1995 Whirlpool acquired
Kelvinator India Limited and marked an entry into the refrigerator market as well. The same year the
company also saw acquisition of major shares in TVS joint venture and later in 1996, Kelvinator and
TVS acquisitions were merged to create Whirlpool of India Limited.
Online presence:-
In policy of innovations, Whirlpool India Ltd has been activity involved in research and development
to introduce new technologies and improve the efficiency of their products. While specific details about
their recent innovations may not be available, the company has a dedicated research and development
division that focuses on innovation and technological advancements in the conditioning and cooling
solutions industry.

thought leadership content, job opportunities and engage with their audience. And the blog articles,
newspaper, you tube, different new technologies mobile app in presence of Whirlpool India Ltd
company.
Innovation:-
Company celebrates over 100 years of industry-firsts and game-changing products; we’ve never scaled
back on our investments in innovation and product development. The ability to see beyond the current
needs and behaviors of our consumers to create solutions that address how to improve their lives at
home permeates our culture. World Class Manufacturing, IOT, environmental and social responsibility,
leading-edge design, craftsmanship, and digital technologies drive innovation at Whirlpool
Corporation.
Whirlpool India Ltd Innovations Limited is a software solutions provider with a strong focus on
customer engagement and enterprise mobility. A subsidiary of Whirlpool India Ltd Group, Whirlpool
India Ltd Innovations works through its development teams in Argentina and India to serve its clients
in areas ranging from product development, startup evolution and big data management to internet of
things (IOT) advanced analytics and artificial intelligence/machine learning.
Chapter II
Management and Ethos
2.1 Background of promoter group, Companies Vision Mission ethos and philosophy
Background of promoter group:-
Amber Enterprises India Ltd is a prominent company in the air conditioning and cooling solutions
industry. The company was founded by the Jain family, led by Mr. Jasbir Singh and Mr. Daljit Singh, who
serve as the promoters and Directors of the company. The Jain family has a long-standing experience in
the air conditioning and original equipment manufacturing (OEM) Industry.
Vision:
Amber Enterprises vision is to be the No.1 OEM/ODM and parts manufacturing company. And provide
excellent services give to our customers. Create growth for all associated with our organization. And
for stakeholders employees by delivering high-quality products and services.
Mission:
Amber Enterprises mission is to be the first choice make the customer. and to add value to their
Business. and to ensure discipline or the implement strong management principle. Amber Enterprises
is to be design, develop and manufactures energy and eco-friendly cooling solutions that enhances the
comfort and well-being India company strives to be a trusted partner for its customers, providing them
with and advanced cooling Technologies.
Ethos and Philosophy:

Amber Enterprises is committed to maintaining high ethical standards in the operations. The company
values integrity, transparency, and accountability in all in them believe in forecasting a culture of
continuous improvement, innovation and arrive the growth and exceed customer expectations. And
smart working performance or Happiness to all customers.
Amber Enterprises is also emphasizes sustainable practices and environmental aim they carry to
minimize their ecological footprint by developing energy or environmentally friendly products. The
company focuses on adopting green practices and investing in research and developments to introduce
sustainable activity of the overall performance.
Amber Enterprises manages the best products in our India. They always remember customer’s choice
and their wishes. Amber Enterprises having good supply connection to the outside countries and states
to manufacturing the different products makes and reach the customers safely and all bills payable do
not fraud to our customers and this guarantee of the Amber Enterprises company. .
2) Blue Star Ltd:-
In September 1943, with just two employees and two thousand rupees, Mr. Advani started Blue Star
Engineering Company. At the time, he was thirty years old, and World War II was well underway. It
could only be his confidence and ambition that carried him through. Seeing opportunity where others
saw difficulty, he built a company that was progressive and flexible. A large-hearted man who loved life
with a passion, Mohan Advani was a natural leader, inspiring great devotion in his staff and instilling a
progressive work culture.
Vision:
Blue star Ltd vision is to be the to dream to strive to care and above all to be the best in everything we
do. and the Blue star Ltd has taken the promise to our customers of the next 50 years growing our
customers value and products value determine they in satisfied to our products and invest the money
in share market for profit gain and in all the world our products reach and customers always happy for
feel to our products use.
Mission:
Blue star Ltd mission is to be the first choice makes the customer. and to add value to their Business.
and to ensure discipline or the implement strong management principle. Blue star Ltd is to be design,
develop and manufactures energy and eco-friendly cooling solutions that enhances the comfort and
well-being India company strives to be a trusted partner for its customers, providing them with and
advanced cooling Technologies.

Blue star Ltd is committed to maintaining high ethical standards in the operations. The company values
integrity, transparency, and accountability in all in they believe in forecasting a culture of continuous
improvement, innovation and arrive the growth and exceed customer expectations. And smart working
performance or Happiness to all customers.
Blue star Ltd is also emphasizes sustainable practices and environmental aim they carry to minimize
their ecological footprint by developing energy or environmentally friendly products. The company
focuses on adopting green practices and investing in research and developments to introduce
Blue star Ltd manages the best products in our India. They always remember customer’s choice and
their wishes. Amber Enterprises having good supply connection to the outside countries and states to
manufacturing the different products makes and reach the customers safely and all bills payable do not
fraud to our customers and this guarantee of the Blue star Ltd Company.
3) Whirlpool India Ltd:-
Whirlpool entered the Indian market in the late 1980s as part of its global expansion strategy. It
founded a joint venture with the TVS Group and established the first Whirlpool manufacturing facility
in Puducherry, where it manufactured washing machines. Whirlpool announced the appointment
of Narasimhan (Nachi) Eswar as Managing Director of Whirlpool of India Limited (Whirlpool India),
effective April 4, 2023. Vishal Kumar has a Managing Director. Whirlpool India has a good developing
company it is the best and popular company of the India.
Vision:
Whirlpool India Ltd vision is to be the Life at home has always been at the heart of our business, and
it's why we are committed to being the best global kitchen and laundry company, in constant pursuit of
improving life at home. Whirlpool India Ltd has taken the promise to our customers of the next 50
years growing our customers value and products value determine they in satisfied to our products and
invest the money in share market for profit gain and in all the world our products reach to customers.
Mission:
Whirlpool India Ltd Mission is to be the best kitchen and Laundry Company, in constant pursuit of
improving life at home. Earn trust and create demand for our brands in a digital world by providing
consumers access to a vast selection of affordable products and by providing merchants access to
hundreds of millions of consumers globally. Well-being India company strives to be a trusted partner
for its customers, providing them with and advanced cooling Technology.

Whirlpool India Ltd is committed to maintaining high ethical standards in the operations. The company
values integrity, transparency, and accountability in all in them believe in forecasting a culture of
continuous improvement, innovation and arrive the growth and exceed customer expectations. And
smart working performance or Happiness to all customers.
Whirlpool India Ltd is also emphasizes sustainable practices and environmental aim they carry to
minimize their ecological footprint by developing energy or environmentally friendly products. The
company focuses on adopting green practices and investing in research and developments to introduce
Whirlpool India Ltd manages the best products in our India. They always remember customer’s choice
and their wishes. Amber Enterprises having good supply connection to the outside countries and states
to manufacturing the different products makes and reach the customers safely and all bills payable do
not fraud to our customers and this guarantee of the Whirlpool India Ltd Company.
2.2 Brief profiles of Management persons with career highlights (CMD, CEO, GM etc.)
Mr. Jasbir Singh

Chairman & CEO
Mr. Daljit Singh

Managing Director
Mr. Manoj Kumar Sehrawat

Nominee Director
Dr. Girish Kumar Ahuja
Independent Director
Ms. Sudha Pillai

Mr. Arvind Uppal

2)Blue Star Ltd:-
Mr. VIR S Advani

Vice Chairman & managing director
Mr. Ashok M Advani

Chairman emeritus
Mr. Shailesh Haribhakti

Chairman
Mr. SAM BALSARA
Mr. MURLIDHAR GANGADHARAN

Mr. B THIAGARAJAN
Managing Director
Mr. Narasimhan Eswar

Managing Director
Mr. Vishal Bhola

Former Managing Director
Mr. Pradeep banerjee

Non-Executive Independent Director
Mr. Anil berera
Non- Executive Director
Mr. Amit Aggarwal

Director of Information Technology
Mr. A.H.B Narayana Reddy

Executive Director
2.3 Corporate Social responsibility (CSR) Policy, Grievance initiatives, environment conservation
policy, Social inclusion policy
As of my knowledge cutoff in September 2021, here is an overview of the corporate social

responsibility (CSR) policy, grievance initiatives, environmental conservation policy, and social
inclusion policy of Amber Enterprises India Ltd:
Corporate Social Responsibility (CSR) Policy:

Amber Enterprises has a CSR policy that outlines its commitment to making a positive impact on
society and the environment. The company focuses on areas such as education, healthcare, community
development, and environmental sustainability. Through its CSR initiatives, Amber Enterprises aims to
contribute to the well-being of communities and create a sustainable future.
Grievance Initiatives:
Amber Enterprises recognizes the importance of providing a platform for employees and stakeholders
to address their grievances and concerns. The company may have grievance redressal mechanisms in
place to ensure that individuals have a channel to report any grievances related to work, safety, ethics,
or other matters. These initiatives may include procedures for reporting, investigating, and resolving
grievances in a fair and timely manner.
Environmental Conservation Policy:

Amber Enterprises is likely to have an environmental conservation policy that reflects its commitment
to minimizing its environmental impact and promoting sustainability. The company may adopt various
practices to conserve resources, reduce waste generation, and mitigate environmental risks. This
policy may include measures to enhance energy efficiency, promote the use of eco-friendly materials,
and comply with relevant environmental regulations.
Social Inclusion Policy:

Amber Enterprises may have a social inclusion policy aimed at promoting diversity, equity, and
inclusion within the organization. This policy may focus on providing equal opportunities for
employees from diverse backgrounds, fostering an inclusive work environment, and promoting non-
discrimination and respect. The company may also undertake initiatives to support the communities it
operates in and contribute to their social development.
They have maintain different attribute to social policy Promoting gender equality, empowering
women, setting up homes and hostels for women and orphans; setting up old age homes day care
centers and such other facilities for senior citizens and measures for reducing inequalities faced by
socially and economically backward family.
2) Blue Star Ltd:-
As of my knowledge cutoff in July 2021, here is an overview of the corporate social responsibility
(CSR) policy, grievance initiatives, environmental conservation policy, and social inclusion policy of
Blue star Ltd:

Blue star Ltd. has a CSR policy that outlines its commitment to making a positive impact on society and
the environment. The company focuses on areas such as education, healthcare, community
development, and environmental sustainability. Through its CSR initiatives, Blue star Ltd aims to
contribute to the well-being of communities and create a sustainable future.
Blue star Ltd. recognizes the importance of providing a platform for employees and stakeholders to
address their grievances and concerns. The company may have grievance redressal mechanisms in

Blue star Ltd is likely to have an environmental conservation policy that reflects its commitment to
minimizing its environmental impact and promoting sustainability. The company may adopt various

Blue star Ltd may have a social inclusion policy aimed at promoting diversity, equity, and inclusion
within the organization. This policy may focus on providing equal opportunities for employees from
diverse backgrounds, fostering an inclusive work environment, and promoting non-discrimination and
respect. The company may also undertake initiatives to support the communities it operates in and
contribute to their social development.
As of my knowledge cutoff in April 2021, here is an overview of the corporate social responsibility
(CSR) policy, grievance initiatives, environmental conservation policy, and social inclusion policy of
Whirlpool India Ltd:

Whirlpool India Ltd has a CSR policy that outlines its commitment to making a positive impact on
society and the environment. The company focuses on areas such as education, healthcare, community
development, and environmental sustainability. Through its CSR initiatives, Whirlpool India Ltd aims
to contribute to the well-being of communities and create a sustainable future.
Whirlpool India Ltd recognizes the importance of providing a platform for employees and stakeholders
to address their grievances and concerns. The company may have grievance redressal mechanisms in

Whirlpool India Ltd is likely to have an environmental conservation policy that reflects its commitment
to minimizing its environmental impact and promoting sustainability. The company may adopt various

Whirlpool India Ltd may have a social inclusion policy aimed at promoting diversity, equity, and
inclusion within the organization. This policy may focus on providing equal opportunities for
employees from diverse backgrounds, fostering an inclusive work environment, and promoting non-
discrimination and respect. The company may also undertake initiatives to support the communities it
operates in and contribute to their social development.
Chapter III
External Environment
3.1 Controlling ministry, regulatory body, Regulatory Policies at State , National and global level
As of my knowledge cutoff in September 2021, here is an overview of the controlling ministry,

regulatory body, and regulatory policies at the state, national and global levels that may be applicable
to Amber Enterprises India Ltd:
Controlling ministry:
Amber Enterprises India Ltd operates in the consumer durables industry, primarily involved in
manufacturing and providing solutions related to air conditioning systems. The controlling ministry for
companies in this sector in India is the Ministry of Commerce and Industry. This ministry is responsible
for formulating and implementing policies related to trade, industrial development and promoting
economic growth.
Regulatory Body:
The regulatory body that oversees and regulates the consumer durables industry in India is the Bureau
of Indian standards (BIS). BIS is responsible for the development, implementation, and enforcement of
standards and quality control for various products, including air conditioning systems. It sets
guidelines and regulations to ensure product safety, performance, and quality compliance.
Regulatory Policies:
At the state, national and global levels, there are various regulatory policies that may be applicable to
Amber Enterprises India Ltd and the consumer durables industry. These policies can cover areas such
as manufacturing standards, environmental regulations, labor laws, trade policies, and intellectual
property rights. Here is a brief overview of regulatory policies at different levels:
1) State Level: State governments in India may have specific regulations related to industrial
development, pollution control, labor laws, and taxation. These regulations may vary from state to
state and can impact the operations of companies like Amber Enterprises in terms of licensing, permits,
labor compliance, and environmental practices.
2) National Level: The Indian government implements various policies and regulations that impact
the consumer durables industry at the national level. These can include import-export regulations,
taxation policies, environmental regulations, safety standards, and labor laws. Compliance with these
policies is crucial for companies like Amber Enterprises to ensure adherence to legal requirements.
3) Global Level: Global regulatory policies and standards can also influence the operations of
companies like Amber Enterprises. These may include international trade regulations, environmental
agreements, safety standards, and intellectual property rights protection. Compliance with global
regulations becomes important for companies involved in export/import activities and international
business operations.
2)Blue Star Ltd:-
As of my knowledge cutoff in July 2021, here is an overview of the controlling ministry, regulatory
body, and regulatory policies at the state, national and global levels that may be applicable to blue star
Ltd:
Blue star Ltd. operates in the consumer durables industry, primarily involved in manufacturing and
providing solutions related to air conditioning systems. The controlling ministry for companies in this
sector in India is the Ministry of Commerce and Industry. This ministry is responsible for formulating
and implementing policies related to trade, industrial development and promoting economic growth.
Regulatory Body:
Blue star Ltd. and the consumer durables industry. These policies can cover areas such as
manufacturing standards, environmental regulations, labor laws, trade policies, and intellectual
state and can impact the operations of companies like Blue star Ltd in terms of licensing, permits, labor
compliance, and environmental practices.
policies is crucial for companies like Blue star Ltd. to ensure adherence to legal requirements.
companies like Amber Enterprises. These may include international trade regulations, environmental
As of my knowledge cutoff in April 2021, here is an overview of the controlling ministry, regulatory
body, and regulatory policies at the state, national and global levels that may be applicable to
Whirlpool India Ltd:
Whirlpool India Ltd operates in the consumer durables industry, primarily involved in manufacturing
and providing solutions related to air conditioning systems. The controlling ministry for companies in
this sector in India is the Ministry of Commerce and Industry. This ministry is responsible for
formulating and implementing policies related to trade, industrial development and promoting
economic growth.
Regulatory Body:
Whirlpool India Ltd and the consumer durables industry. These policies can cover areas such as
manufacturing standards, environmental regulations, labor laws, trade policies, and intellectual
state and can impact the operations of companies like Whirlpool India Ltd in terms of licensing,
permits, labor compliance, and environmental practices.
policies is crucial for companies like Blue star Ltd. to ensure adherence to legal requirements.
companies like Whirlpool India Ltd. These may include international trade regulations, environmental
3.2 Initiatives by government to promote the Industry/company
As of my knowledge cutoff in September 2021, I can provide you with some general information on
initiatives by the government to promote the industry or companies in the consumer durables sector,
which includes Amber Enterprises India Ltd. That specifies initiatives may have been introduced or
modified after that date. It is always advisable to refer to the latest government announcements and
policies for the most accurate and up-to-date information. Here are some common initiatives:
1) Make in India: The Indian government’s “Make in India” initiative aims to promote domestic
manufacturing and attract investments in various sectors, including consumer durables. The initiative
encourages companies to manufacture their products within India, thereby boosting employment,
fostering innovations, and enhancing the growth of the manufacturing sector.
2) Skill Development: The governments take decision to develop Vocational Skill Development
through M/s SS Skills Academy. And this academy may be creating the facilities to be government to
student of many state or union territory. This makes good work of these skill programmers our Indian
student or his parent to feel happy performance to government. This is first to involve in Greater noida.
3) Promoting Education: The governments take the other important decision of the Encouraging and
enabling government school teachers to learn innovative teaching practices, lead innovation in their
classroom, share stories, lessons, and community. And the schools are develop to large amounts and
their regional language of student they may be learned and studied to his programmers.
4) Promoting health care: The governments take the other important decision of the Support CAN
Protect Foundation for organizing awareness campaign and free screening camps for the early
detection of breast cancer in India specifically in rural and hilly areas and procurement of breast
scanner machine for detection of cancer. And this patient can take treatment to best doctor. And this
can be achieving the probable condition to health care of their children and friends or Husband to
provide support and facilities to available in their activities.
2) Blue Star Ltd:-
As of my knowledge cutoff in July 2021, I can provide you with some general information on initiatives
by the government to promote the industry or companies in the consumer durables sector, which
includes Blue star Ltd. That specifies initiatives may have been introduced or modified after that date.
It is always advisable to refer to the latest government announcements and policies for the most
accurate and up-to-date information. Here are some common initiatives:
student of many state or union territory. This makes good work of this skill programmes our Indian
student or his parent to feel happy performance to government. This is first to involve in Tripura.
their regional language of student they may be learned and studied to his programmes.
4) Promoting health care: The governments take the other important decision of the Support can
As of my knowledge cutoff in April 2021, I can provide you with some general information on
initiatives by the government to promote the industry or companies in the consumer durables sector,
which includes Whirlpool India Ltd That specify initiatives may have been introduced or modified after
that date. It is always advisable to refer to the latest government announcements and policies for the
most accurate and up-to-date information. Here are some common initiatives:
student of many state or union territory. This makes good work of this skill programmes our Indian
student or his parent to feel happy performance to government. This is first to involve in Odisa.
their regional language of student they may be learned and studied to his programmed.
4) Promoting health care: The governments take the other important decision of the Support can
3.3 Any issues or action taken against the company by bodies like SEBI, Competition Commission of
India FDA etc.
Any issues or action taken against the company by bodies:
As an AI language model, I don’t have real time information or access to the latest news. My knowledge
is based on information available up until September 2021. Therefore, I cannot provide you with the
most recent updates on my issues or actions taken against Amber Enterprises India Ltd by regulatory
bodies such as SEBI, Competition Commission of India (CCI) or FDA.
To get the most accurate and up-to-date information on any actions or issues involving the company, I
recommend checking official sources such as the websites of SEBI,CCI, FDA, or other relevant
regulatory authorities. They will provide the latest information on any actions or issues related to
Amber Enterprises India Ltd.
With reference to intimation dated 15/10/2023 and pursuant to regulation 30 of SEBI Listing
Regulations, we would like to inform you that, Shivaliks Mercantile Private Limited, the JV-SPV of
Sidwal Refrigeration Industries Private Limited, the wholly owned material subsidiary of the Company
has acquired 34.59% stake in the share capital of Titagarh Fireman, a company based out of Italy, at a
cost consideration aggregating to approximately Rs. Euro 20.21 million, yo grow capabilities and
capacities for various products in India and Italy.
Additional disclosure of U.K.:

Neither JM Financial Institutional Securities nor any of its affiliates is authorized in the United Kingdom
(U.K.) by the Financial Conduct Authority. As a result, this report is for distribution only to persons who
(i) have professional experience in matters relating to investments falling within Article 19(5) of the
Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended, the
"Financial Promotion Order"), (ii) are persons falling within Article 49(2)(a) to (d) ("high net worth
companies, unincorporated associations etc.") of the Financial Promotion Order, (iii) are outside the
United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment
activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in
connection with the matters to which this report relates may otherwise lawfully be communicated or
caused to be communicated.
Investors issue:
JM Financial Institutional Securities is registered with the Securities and Exchange Board of India
(SEBI) as a Research Analyst and a Stock Broker having trading memberships of the BSE Ltd. (BSE),
National Stock Exchange of India Ltd. (NSE) and Metropolitan Stock Exchange of India Ltd. (MSEI). No
material disciplinary action has been taken by SEBI against JM Financial Institutional Securities in the
past two financial years which may impact the investment decision making of the investor.
2) Blue Star Ltd:-
is based on information available up until July 2021. Therefore, I cannot provide you with the most
recent updates on my issues or actions taken against Amber Enterprises India Ltd by regulatory bodies
such as SEBI, Competition Commission of India (CCI) or FDA.
regulatory authorities. They will provide the latest information on any actions or issues related to Blue
star Ltd.
Regulations, we would like to inform you that, Rangnath Mercantile Private Limited, the JV-SPV of
Aggarwal Refrigeration Industries Private Limited, the wholly owned material subsidiary of the
Company has acquired 40.69% stake in the share capital of Adinath, a company based out of Italy, at a
cost consideration aggregating to approximately Rs. Euro 15.41 million, yo grow capabilities and
capacities for various products in India and Brazil.
Additional disclosure of SAARC Countries:

Neither JM Financial Institutional Securities nor any of its affiliates is authorized in the SAARC by the
Financial Conduct Authority. As a result, this report is for distribution only to persons who (I) have
professional experience in matters relating to investments falling within Article 17(5) of the Financial
Services and Markets Act 2002 (Financial Promotion) Order 2007 (as amended, the "Financial
Promotion Order"), (ii) are persons falling within Article 47(2)(a) to (d) ("high net worth companies,
unincorporated associations etc.") of the Financial Promotion Order, (iii) are outside the SAARC, or (iv)
are persons to whom an invitation or inducement to engage in investment activity (within the meaning
of section 23 of the Financial Services and Markets Act 2002) in connection with the matters to which
this report relates may otherwise lawfully be communicated or caused to be communicated.
Investors issue:
past four financial years which may impact the investment decision making of the investor.
is based on information available up until April 2021. Therefore, I cannot provide you with the most
recent updates on my issues or actions taken against Whirlpool India Ltd by regulatory bodies such as
SEBI, Competition Commission of India (CCI) or FDA.
regulatory authorities. They will provide the latest information on any actions or issues related to
Whirlpool India Ltd.
Regulations, we would like to inform you that, Ganesh Corporate Private Limited, the JV-SPV of Yadav
Refrigeration Industries Private Limited, the wholly owned material subsidiary of the Company has
acquired 55.26% stake in the share capital of Kailas Enterprises, a company based out of Italy, at a cost
consideration aggregating to approximately Rs. Euro 18.24 million, yo grow capabilities and capacities
for various products in India and Japan.
Additional disclosure of Europe Countries:

Neither JM Financial Institutional Securities nor any of its affiliates is authorized in the Europe by the
Financial Conduct Authority. As a result, this report is for distribution only to persons who (I) have
professional experience in matters relating to investments falling within Article 17(5) of the Financial
Services and Markets Act 2004 (Financial Promotion) Order 2008 (as amended, the "Financial
Promotion Order"), (ii) are persons falling within Article 47(2)(a) to (d) ("high net worth companies,
unincorporated associations etc.") of the Financial Promotion Order, (iii) are outside the Europe, or (iv)
are persons to whom an invitation or inducement to engage in investment activity (within the meaning
of section 23 of the Financial Services and Markets Act 2004) in connection with the matters to which
this report relates may otherwise lawfully be communicated or caused to be communicated.
Investors issue:
past six financial years which may impact the investment decision making of the investor.
Chapter IV
Financials
4.1 Last 5 years trend of profit/loss, sales, demand
Profit & Loss Statement of Amber Enterprises India Ltd
PROFIT & LOSS ACCOUNT OF AMBER ENTERPRISES MAR 23 MAR 22 MAR 21 MAR 20 MAR 19
INDIA LIMITED (in Rs. Cr.)
12 months 12 months 12 months 12 months 12 months
INCOME
REVENUE FROM OPERATIONS [GROSS] 4,868.00 3,137.60 2,258.26 2,951.48 2,133.84
Less: Excise/Service Tax/Other Levies 0.00 0.00 0.00 0.00 0.00
REVENUE FROM OPERATIONS [NET] 4,868.00 3,137.60 2,258.26 2,951.48 2,133.84
TOTAL OPERATING REVENUES 5,022.73 3,137.60 2,295.91 3,002.74 2,188.40
Other Income 48.42 32.99 29.92 5.87 8.96
TOTAL REVENUE 5,071.15 3,170.59 2,325.83 3,008.60 2,197.35
EXPENSES
Cost Of Materials Consumed 4,457.55 2,732.16 1,985.95 2,593.54 1,858.18
Purchase Of Stock-In Trade 0.00 0.00 0.00 0.00 0.00
Operating And Direct Expenses 0.00 0.00 0.00 0.00 0.00
Changes In Inventories Of FG,WIP And Stock-In Trade -26.33 7.73 -15.35 -28.63 -20.99
Employee Benefit Expenses 108.72 81.49 48.16 51.77 40.43
Finance Costs 91.10 36.58 33.35 29.39 14.78
Depreciation And Amortization Expenses 99.71 79.52 67.51 61.07 49.60
Other Expenses 274.09 163.31 128.70 172.55 122.43
TOTAL EXPENSES 5,004.84 3,100.79 2,248.31 2,879.69 2,064.42
PROFIT/LOSS BEFORE EXCEPTIONAL, 66.31 69.80 77.52 128.91 132.93

EXTRAORDINARY ITEMS AND TAX
Exceptional Items 0.00 0.00 0.00 0.00 0.00
PROFIT/LOSS BEFORE TAX 66.31 69.80 77.52 128.91 132.93
TAX EXPENSES-CONTINUED OPERATIONS

Current Tax 15.97 12.16 17.14 28.81 28.88
Less: MAT Credit Entitlement 0.00 0.00 0.00 0.00 0.00
Deferred Tax 1.42 9.54 8.81 -17.85 11.53
Tax For Earlier Years 0.00 0.00 0.00 0.00 0.00
TOTAL TAX EXPENSES 17.39 21.70 25.96 10.97 40.41
PROFIT/LOSS AFTER TAX AND BEFORE 48.92 48.10 51.56 117.94 92.52
EXTRAORDINARY ITEMS
PROFIT/LOSS FROM CONTINUING OPERATIONS 48.92 48.10 51.56 117.94 92.52
PROFIT/LOSS FOR THE PERIOD 48.92 48.10 51.56 117.94 92.52
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) 14.52 14.28 15.77 37.50 29.42
Diluted EPS (Rs.) 14.52 14.28 15.77 37.50 29.42
VALUE OF IMPORTED AND INDIGENIOUS RAW

MATERIALS STORES, SPARES AND LOOSE TOOLS
Imported Raw Materials 0.00 0.00 0.00 0.00 0.00
Indigenous Raw Materials 0.00 0.00 0.00 0.00 0.00
STORES, SPARES AND LOOSE TOOLS
Imported Stores And Spares 0.00 0.00 0.00 0.00 0.00
Indigenous Stores And Spares 0.00 0.00 0.00 0.00 0.00
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Share Dividend 0.00 0.00 0.00 10.06 0.00
Tax On Dividend 0.00 0.00 0.00 2.07 0.00
Equity Dividend Rate (%) 0.00 0.00 0.00 32.00 0.00

2) Blue Star Ltd:-
Profit & Loss Statement of Blue star Ltd
PROFIT & LOSS ACCOUNT OF BLUE STAR (in Rs. Cr.) MAR 23 MAR 22 MAR 21 MAR 20 MAR 19
12 12 12 12 12
months months months months months
INCOME
Other Income 29.83 36.10 62.17 73.43 23.11
TOTAL REVENUE 7,382.96 5,413.09 3,904.40 4,859.92 4,806.81
EXPENSES
Purchase Of Stock-In Trade 1,135.04 888.41 733.18 738.98 790.74
Operating And Direct Expenses 0.00 0.00 0.00 1,277.96 1,244.60
Changes In Inventories Of FG,WIP And Stock-In Trade -149.59 -48.60 25.49 0.53 166.99
Finance Costs 58.18 51.41 67.89 32.37 44.92
Other Expenses 650.48 444.72 349.54 550.09 517.68
TOTAL EXPENSES 7,049.17 5,217.34 3,806.05 4,688.22 4,600.51

Exceptional Items 170.81 0.00 0.00 -4.03 -26.45
Current Tax 118.13 48.01 18.01 25.04 30.72

Deferred Tax 19.89 20.00 14.41 21.76 27.34
Tax For Earlier Years 0.00 0.00 0.00 0.00 0.00
EXTRAORDINARY ITEMS
EARNINGS PER SHARE
Basic EPS (Rs.) 38.06 13.26 6.85 12.55 12.66
Diluted EPS (Rs.) 38.06 13.26 6.85 12.55 12.65

Tax On Dividend 0.00 0.00 0.00 33.55 19.77

Profit & Loss Statement of Whirlpool India Ltd
PROFIT & LOSS ACCOUNT OF WHIRLPOOL OF MAR 23 MAR 22 MAR 21 MAR 20 MAR 19
INDIA. (In Rs. Cr.)
INCOME
Other Income 122.03 61.62 89.60 128.71 104.70
TOTAL REVENUE 6,332.28 6,055.02 5,989.49 6,121.23 5,502.35
EXPENSES
Purchase Of Stock-In Trade 728.55 627.32 556.08 642.68 464.58
Operating And Direct Expenses 0.00 0.00 0.00 0.00 0.00
Changes In Inventories Of FG,WIP And Stock-In Trade -137.30 144.72 -101.95 -236.53 -59.75
Finance Costs 12.50 14.72 15.34 19.85 9.09
Other Expenses 973.78 931.63 1,007.07 1,079.64 887.90
TOTAL EXPENSES 6,085.63 5,749.32 5,538.35 5,468.34 4,875.88

Exceptional Items 0.00 -2.11 0.00 0.00 0.00
Current Tax 67.99 81.21 122.53 181.16 223.20
Deferred Tax -6.97 -0.48 -4.56 -2.29 -3.72

Tax For Earlier Years 0.77 0.01 -0.10 -2.27 -0.06
EXTRAORDINARY ITEMS
EARNINGS PER SHARE
Basic EPS (Rs.) 14.57 17.56 26.27 37.54 32.08
Diluted EPS (Rs.) 14.57 17.56 26.27 37.54 32.08

Tax On Dividend 0.00 0.00 0.00 13.04 10.43

4.2 Calculation of Ratios and interpretation of the same for last 5 years
Financial Ratio of Amber Enterprises India Ltd
FINANCIAL RATIOS OF AMBER ENTERPRISES MAR 23 MAR 22 MAR 21 MAR 20 MAR 19

INDIA LIMITED (in Rs. Cr.)
PER SHARE RATIOS
Basic EPS (Rs.) 14.52 14.28 15.77 37.50 29.42
Diluted EPS (Rs.) 14.52 14.28 15.77 37.50 29.42
Cash EPS (Rs.) 44.11 37.88 35.34 56.92 45.19
Book Value [Excl RevalReserve]/Share (Rs.) 491.16 473.22 452.90 343.68 310.13
Book Value [Incl RevalReserve]/Share (Rs.) 491.16 473.22 452.90 343.68 310.13
Dividend / Share(Rs.) 0.00 0.00 0.00 3.20 0.00
Revenue from Operations/Share (Rs.) 1,490.70 931.21 681.41 954.87 695.91
PBDIT/Share (Rs.) 76.31 55.17 52.94 69.76 62.74
PBIT/Share (Rs.) 46.72 31.57 32.90 50.34 46.97
PBT/Share (Rs.) 19.68 20.71 23.01 40.99 42.27
Net Profit/Share (Rs.) 14.52 14.28 15.30 37.50 29.42
PROFITABILITY RATIOS
PBDIT Margin (%) 5.11 5.92 7.76 7.30 9.01
PBIT Margin (%) 3.13 3.39 4.82 5.27 6.74
PBT Margin (%) 1.32 2.22 3.37 4.29 6.07
Net Profit Margin (%) 0.97 1.53 2.24 3.92 4.22
Return on Net worth / Equity (%) 2.95 3.01 3.37 10.91 9.48
Return on Capital Employed (%) 7.09 5.54 6.54 12.28 13.22
Return on Assets (%) 0.95 1.14 1.63 4.67 4.43
Total Debt/Equity (X) 0.68 0.54 0.19 0.25 0.16
Asset Turnover Ratio (%) 1.08 0.85 72.72 119.11 105.01
LIQUIDITY RATIOS
Current Ratio (X) 1.09 1.10 1.30 1.21 1.38
Quick Ratio (X) 0.80 0.81 0.88 0.76 0.88
Inventory Turnover Ratio (X) 5.91 4.28 3.76 5.36 4.52
Dividend Payout Ratio (NP) (%) 0.00 0.00 0.00 8.53 0.00
Dividend Payout Ratio (CP) (%) 0.00 0.00 0.00 5.62 0.00
Earnings Retention Ratio (%) 0.00 0.00 0.00 91.47 0.00
Cash Earnings Retention Ratio (%) 0.00 0.00 0.00 94.38 0.00
VALUATION RATIOS
Enterprise Value (Cr.) 6,772.89 12,261.25 11,205.78 4,035.95 2,687.73
EV/Net Operating Revenue (X) 1.35 3.91 4.88 1.34 1.23
EV/EBITDA (X) 26.34 65.96 62.82 18.40 13.62
Market Cap/Net Operating Revenue (X) 1.22 3.79 4.87 1.28 1.18
Retention Ratios (%) 0.00 0.00 0.00 91.46 0.00
Price/BV (X) 3.71 7.45 7.33 3.57 2.64
Price/Net Operating Revenue 1.22 3.79 4.87 1.28 1.18
Earnings Yield 0.01 0.00 0.00 0.03 0.04

CASH FLOW of Amber Enterprises India Ltd
CASH FLOW OF AMBER ENTERPRISES INDIA LIMITED (in MAR 23 MAR 22 MAR 21 MAR 20 MAR 19
Rs. Cr.)
NET PROFIT/LOSS BEFORE EXTRAORDINARY ITEMS 66.31 69.80 77.52 128.91 132.93
AND TAX
Net Cash Flow From Operating Activities 177.46 136.05 194.87 243.59 -36.59
Net Cash Used In Investing Activities -296.61 -563.84 -458.15 -319.13 -130.79
Net Cash Used From Financing Activities 164.30 520.35 376.34 86.91 98.22
Foreign Exchange Gains / Losses 0.00 0.00 0.00 0.00 0.00
Adjustments On Amalgamation Merger Demerger Others 0.00 0.00 0.00 0.00 0.00
NET INC/DEC IN CASH AND CASH EQUIVALENTS 45.15 92.57 113.06 11.38 -69.16
Cash And Cash Equivalents Begin of Year 254.73 162.16 49.10 37.72 106.88
Cash And Cash Equivalents End Of Year 299.87 254.73 162.16 49.10 37.72
2) Blue Star Ltd:-
Financial Ratios of Blue star Ltd
FINANCIAL RATIOS OF BLUE STAR (in Rs. Cr.) MAR 23 MAR 22 MAR 21 MAR 20 MAR 19
PER SHARE RATIOS
Basic EPS (Rs.) 38.06 13.26 6.85 12.55 12.66
Diluted EPS (Rs.) 38.06 13.26 6.85 12.55 12.65
Cash EPS (Rs.) 46.41 21.62 16.02 21.31 19.83
Revenue from Operations/Share (Rs.) 763.56 558.36 398.99 497.04 496.75
PBDIT/Share (Rs.) 49.05 34.02 26.44 29.95 33.27
PBIT/Share (Rs.) 40.70 25.67 17.26 21.19 26.09
PBT/Share (Rs.) 52.40 20.33 10.21 17.41 18.68
PBDIT Margin (%) 6.42 6.09 6.62 6.02 6.69
PBIT Margin (%) 5.33 4.59 4.32 4.26 5.25
PBT Margin (%) 6.86 3.64 2.55 3.50 3.75
Return on Assets (%) 7.64 3.16 1.89 3.64 3.75
LIQUIDITY RATIOS
Current Ratio (X) 1.08 1.12 1.22 1.01 1.07
Quick Ratio (X) 0.70 0.72 0.82 0.65 0.69

Earnings Retention Ratio (%) 73.74 69.85 0.00 -59.36 21.02
VALUATION RATIOS
EV/EBITDA (X) 28.72 31.92 36.55 16.30 21.44
Retention Ratios (%) 73.73 69.84 0.00 -59.36 21.01
Price/BV (X) 10.38 10.04 9.82 5.22 6.80
Earnings Yield 0.03 0.01 0.01 0.03 0.02

CASH FLOW of Blue Star Ltd
CASH FLOW OF BLUE STAR LTD(in Rs. Cr.) MAR 23 MAR 22 MAR 21 MAR 20 MAR 19
AND TAX
Net Cash Flow From Operating Activities 308.10 57.33 308.35 398.34 152.22
Net Cash Used In Investing Activities -86.12 -2.36 -245.69 -64.41 -77.92
Net Cash Used From Financing Activities -247.77 -150.10 15.35 -137.54 -104.65
NET INC/DEC IN CASH AND CASH EQUIVALENTS -25.79 -95.13 78.01 196.39 -30.35
Cash And Cash Equivalents Begin of Year 201.06 296.19 218.18 21.79 52.14
Cash And Cash Equivalents End Of Year 175.27 201.06 296.19 218.18 21.79
Financial Ratios of Whirlpool India Ltd
FINANCIAL RATIOS OF WHIRLPOOL OF MAR 23 MAR 22 MAR 21 MAR 20 MAR 19

INDIA. (In Rs. Cr.)
PER SHARE RATIOS
Basic EPS (Rs.) 14.57 17.56 26.27 37.54 32.08
Diluted EPS (Rs.) 14.57 17.56 26.27 37.54 32.08
Cash EPS (Rs.) 27.29 28.31 37.47 47.73 40.86
Revenue from Operations/Share (Rs.) 489.50 472.40 465.03 472.34 425.45
PBDIT/Share (Rs.) 33.14 36.00 47.97 63.22 58.87
PBIT/Share (Rs.) 20.43 25.26 36.77 53.03 50.10
PBT/Share (Rs.) 19.44 23.93 35.56 51.46 49.38
PBDIT Margin (%) 6.77 7.62 10.31 13.38 13.83
PBIT Margin (%) 4.17 5.34 7.90 11.22 11.77
PBT Margin (%) 3.97 5.06 7.64 10.89 11.60
Return on Assets (%) 3.51 4.43 6.64 10.96 10.97
LIQUIDITY RATIOS
Current Ratio (X) 1.96 1.98 2.09 2.09 1.80
Quick Ratio (X) 1.18 1.26 1.41 1.33 1.15

Earnings Retention Ratio (%) 65.69 71.54 80.97 86.69 87.53
VALUATION RATIOS
EV/EBITDA (X) 36.00 40.34 43.10 26.99 24.44
Retention Ratios (%) 65.68 71.53 80.96 86.68 87.52
Price/BV (X) 5.36 6.70 10.02 9.00 9.01
Earnings Yield 0.01 0.01 0.01 0.02 0.02

CASH FLOW of Whirlpool India Ltd
CASH FLOW OF WHIRLPOOL OF INDIA. (In Rs. Cr.) MAR 23 MAR 22 MAR 21 MAR 20 MAR 19
AND TAX
Net Cash Flow From Operating Activities 189.06 93.89 524.14 380.22 402.48
Net Cash Used In Investing Activities -100.53 -543.16 337.59 -71.98 -261.90
Net Cash Used From Financing Activities -94.15 -85.43 -75.43 -87.19 -61.92
NET INC/DEC IN CASH AND CASH EQUIVALENTS -5.62 -534.70 786.30 221.05 78.66
Cash And Cash Equivalents Begin of Year 1,525.76 2,060.46 1,274.16 1,053.11 974.45
Cash And Cash Equivalents End Of Year 1,520.14 1,525.76 2,060.46 1,274.16 1,053.11
4.3 Sick players in the Industry
Sick Players in the Industry:
As of my knowledge cutoff in September 2021, I do not have specific information on sick Players in
the industry related to Amber Enterprises India Ltd. Identifying sick companies or the reasons behind
their financial difficulties requires access to up-to-date financial data of industry or reports and news
sources.
However, it’s worth nothing that various factors can contribute in the financial distress companies in
any industry. These may include changes in market dynamics, interpretation and competition,
inadequate financial management, economic downturns, regulatory challenges, or the industry-specific
factors.
To get the most accurate and recent information on sick Players in the industry and the reasons for
their financial difficulties. I recommend referring to financial news sources, industry reports, or
consulting with financial experts who can provide insights on the specific challenges faced companies
in the sector.
The copies of the following documents and contracts which have been entered or are to be entered into
by our Company (not being contracts entered into in the ordinary course of business carried on by our
Company or contracts entered into more than two years before the date of the Draft Red Herring
Prospectus) which are or may be deemed material will be attached to the copy of the Red Herring
Prospectus which will be delivered to the ROC for registration. Copies of the abovementioned contracts
and also the documents for inspection referred to hereunder, may be inspected at the Registered Office
between 10 a.m. and 5 p.m. on all Working Days from the date of the Red Herring Prospectus until the
Bid/Issue Closing Date.
We put our customers at the heart of what we do and the services we deliver. We focus on to deliver
greater productivity with innovation and thus, optimizing efficiency. In pursuit of progress and
development, we have been awarded with the best performance and business innovation award thus
providing our customers with industry’s most award-winning products.
Giving excellent service to our customers is what we thrive on. The strong background in technology
has helped us to provide the best services to our customers. Our efforts have been widely recognized
with the vendor performance excellence award.
2) Blue Star Ltd:-
As of my knowledge cutoff in July 2021, I do not have specific information on sick Players in the
industry related to Blue star Ltd. Identifying sick companies or the reasons behind their financial
difficulties requires access to up-to-date financial data of industry or reports and news sources.
factors.
in the sector.
As of my knowledge cutoff in April 2021, I do not have specific information on sick Players in the
industry related to Whirlpool India Ltd. Identifying sick companies or the reasons behind their
financial difficulties requires access to up-to-date financial data of industry or reports and news
sources.
factors.
in the sector.
Chapter V
Recent Developments
5.1 Impact of fiscal policy, Exim policy if company is into imports/exports, Mergers and acquisitions.
As of my knowledge cutoff in September 2021, I can provide some general information on the
potential impact of fiscal policy, Exim policy and mergers and acquisitions on companies like Amber
Enterprises India Ltd. However, that specific policies and business activities may have changed since
them, so it’s important to refer to the latest updates and official sources for the most accurate
information. Here are some insights.
1) Fiscal Policy: Fiscal policy refers to the government’s use of taxation, public spending, and
borrowing to influence the economy. Changes in fiscal policy, such as tax rates, incentives, and
government spending, can have an impact on businesses. For example, if the government reduces
corporate tax rates, it can lead to increased profitability for companies like Amber Enterprises India
Ltd. Conversely, if the government implements austerity measures, it may impact overall demand and
investment in the industry.
2) Exim Policy: The Exim (Export/import) policy, also known as the foreign trade policy, outlines the
rules, regulations, and incentives for import and export activities for companies involved in imports or
exports. Changes in the Exim policy can have a significant impact on their operations. Alterations in
import duties, export incentives, trade barriers, or regulatory requirements can affect the cost of
imports or exports, trade volumes, and competitiveness in the international market.
3) Mergers and Acquisitions: Mergers and acquisitions (M&A) involve the consolidation of
companies through various means, such as acquisitions, mergers, or joint ventures. M&A activities can
have both positive and negative impacts on companies. For Amber Enterprises India Ltd, if they are
involved in M&A deals, if can provide opportunities for expansion, diversification, access to new
markets or technologies, challenges, financial strain, or potential dilution of shareholder value.
It’s important to the specific impact of fiscal policy, Exim policy and M&A activities on Amber
Enterprises India Ltd would depend on the specific policies implemented, market conditions, and the
company’s strategic decisions. To understand the most recent and accurate impact of these factors on
the company, it is advisable to refer to the company’s annual reports, official statements, and updates
from relevant government authorities or regulatory bodies.
2) Blue Star Ltd:-
As of my knowledge cutoff in July 2021, I can provide some general information on the potential
impact of fiscal policy, Exim policy and mergers and acquisitions on companies like Blue star Ltd
However, that specific policies and business activities may have changed since them, so it’s important
to refer to the latest updates and official sources for the most accurate information. Here are some
insights.
corporate tax rates, it can lead to increased profitability for companies like Blue star Ltd. Conversely, if
the government implements austerity measures, it may impact overall demand and investment in the
industry.
have both positive and negative impacts on companies. For Blue star Ltd, if they are involved in M&A
deals, if can provide opportunities for expansion, diversification, access to new markets or
technologies, challenges, financial strain, or potential dilution of shareholder value.
It’s important to the specific impact of fiscal policy, Exim policy and M&A activities on Blue star Ltd
would depend on the specific policies implemented, market conditions, and the company’s strategic
decisions. To understand the most recent and accurate impact of these factors on the company, it is
advisable to refer to the company’s annual reports, official statements, and updates from relevant
government authorities or regulatory bodies.
As of my knowledge cutoff in April 2021, I can provide some general information on the potential
impact of fiscal policy, Exim policy and mergers and acquisitions on companies like Whirlpool India Ltd
However, that specific policies and business activities may have changed since them, so it’s important
to refer to the latest updates and official sources for the most accurate information. Here are some
insights.
corporate tax rates, it can lead to increased profitability for companies like Whirlpool India Ltd.
Conversely, if the government implements austerity measures, it may impact overall demand and
investment in the industry.
have both positive and negative impacts on companies. For Blue star Ltd, if they are involved in M&A
deals, if can provide opportunities for expansion, diversification, access to new markets or
technologies, challenges, financial strain, or potential dilution of shareholder value.
It’s important to the specific impact of fiscal policy, Exim policy and M&A activities on Whirlpool India
Ltd would depend on the specific policies implemented, market conditions, and the company’s
strategic decisions. To understand the most recent and accurate impact of these factors on the
company, it is advisable to refer to the company’s annual reports, official statements, and updates from
relevant government authorities or regulatory bodies.
5.2 Labour problems, Technological development in the field, Emerging companies or entrepreneurs in
the same field
As of my knowledge cutoff in September 2021, I can provide some general information about labor
problems, technological developments, and emerging companies or entrepreneurs in the same field as
Amber Enterprises India Ltd. The knowledge of the above information specifies the requirement up to
date management skills achievement performances.
1) Labour Problems:
Like many companies in the manufacturing sector, Amber Enterprises India Ltd may face various
labor-related challenges. These can include issues such as labor strikes, disputes over wages and
working conditions, labor shortage or turnover, and compliance with labor laws and regulations.
Companies in the manufacturing industry often need to focus on ensuring a safe and healthy work
environment, fair employment practices, and effective employee engagement to mitigate labor-related
risks.
2) Technological Development:
The field of manufacturing, including the HVAC (heating, ventilation, and air conditioning) industry in
which Amber Enterprises operates, is undergoing technological advancements. Companies are
adopting automation, robotics, IOT (Internet of Things), and data analytics to enhance operational
efficiency, improve product quality, and optimize supply chairs management Technological
developments in areas such as energy efficiency, smart buildings, and sustainable solutions also
influence the HVAC industry.
3) Emerging Companies and Entrepreneurs:

The HVAC industry has seen the emergence of new companies and entrepreneurs offering innovations
products, services, or business models. These companies often focus on areas such as energy/efficient
HVAC systems, smart home technologies, sustainable solutions, and digitalization, startups and
entrepreneurial ventures in the field of HVAC can bring fresh ideas and competition, driving innovation
and growth in the industry.
To stay updated on the latest labor issues, technological developments, and emerging companies or
entrepreneurs in the HVAC industry, it is advisable to refer industry publications, trade associations’
conferences, and other reliable sources that provide insights specific to Amber Enterprises India Ltd
and the HVAC sector.
2) Blue Star Ltd:-
As of my knowledge cutoff in July 2021, I can provide some general information about labor problems,
technological developments, and emerging companies or entrepreneurs in the same field as Blue star
Ltd The knowledge of the above information specifies the requirement up to date management skills
achievement performances.
1) Labour Problems:
Like many companies in the manufacturing sector, Blue star Ltd may face various labor-related
challenges. These can include issues such as labor strikes, disputes over wages and working conditions,
labor shortage or turnover, and compliance with labor laws and regulations. Companies in the
manufacturing industry often need to focus on ensuring a safe and healthy work environment, fair
employment practices, and effective employee engagement to mitigate labor-related risks.
which Blue star Ltd operates, is undergoing technological advancements. Companies are adopting
automation, robotics, IOT (Internet of Things), and data analytics to enhance operational efficiency,
improve product quality, and optimize supply chairs management Technological developments in
areas such as energy efficiency, smart buildings, and sustainable solutions also influence the HVAC
industry.

conferences, and other reliable sources that provide insights specific to Blue star Ltd and the HVAC
sector.
As of my knowledge cutoff in April 2021, I can provide some general information about labor
problems, technological developments, and emerging companies or entrepreneurs in the same field as
Whirlpool India Ltd The knowledge of the above information specifies the requirement up to date
management skills achievement performances.
1) Labour Problems:
Like many companies in the manufacturing sector, Whirlpool India Ltd may face various labor-related
challenges. These can include issues such as labor strikes, disputes over wages and working conditions,
labor shortage or turnover, and compliance with labor laws and regulations. Companies in the
manufacturing industry often need to focus on ensuring a safe and healthy work environment, fair
employment practices, and effective employee engagement to mitigate labor-related risks.
which Whirlpool India Ltd operates, is undergoing technological advancements. Companies are
adopting automation, robotics, IOT (Internet of Things), and data analytics to enhance operational
efficiency, improve product quality, and optimize supply chairs management Technological
developments in areas such as energy efficiency, smart buildings, and sustainable solutions also
influence the HVAC industry.

conferences, and other reliable sources that provide insights specific to Whirlpool India Ltd and the
HVAC sector.
ChapterVI
Annexure
6.1 References
Amber Enterprises India Ltd references:
www.ambergroupindia.com.
www.amber India pvt.Ltd.com
www.moneycontrol.com
www.wikipedia.org
www.indiainfoline.com
www.economictimes.indiantimes.com
www.financialexpress.com
www.sebi.govt.in
www.bseindia.com
Financial Documents of Amber Enterprises India Ltd published on Economic Times(Online Published).
2) Blue Star Ltd:-
Blue star Ltd references:
www.bluestarindia.com
www.consumer.blue star india.com
www.wikipedia.org
www.sebi.govt.in
www.bseindia.com
Financial Documents of Blue star Ltd published on Economic Times (Online Published).
Whirlpool India Ltd references:
www.whirlpool india.com
www.whirlpoolcorp.com
www.wikipedia.org
www.sebi.govt.in
www.bseindia.com
Financial Documents of Whirlpool India Ltd published on Economic Times (Online Published).

My IADR Project

Uploaded by

Document Information

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

My IADR Project

Uploaded by

Copyright:

Available Formats

A Study Report Submitted

towards the fulfillment of concurrent evaluation of subject

SR No. CONTENT PAGE

2 ChapterII : Management and Ethos

3 Chapter III : External Environment

5 Chapter V : Recent Developments

1) Amber Enterprises India Ltd:-

1) Havells India Ltd

2) Dixon Technologies (India) Ltd

4) Blue Star Ltd

5) Crompton Greaves Consumer Electricals Ltd

1) Apollo Hospitals Enterprise Ltd

1) JASBIR SINGH: - CEO and Chairman of Amber Enterprises India.

2) DALJIT SINGH : - Managing Director of Amber Enterprises India Ltd

Followers of Amber Enterprises India Ltd

1) Shree Cement Ltd

2) Varun Beverages Ltd

3) United Spirits Ltd

4) Bharti Airtel Ltd

5) Tata Power Company Ltd

2) ASHOK M ADVANI:- chairman emeritus

Followers of blue star Ltd

2) Maruti Suzuki India Ltd

3) UltraTech Cement Ltd

4) Hero MotoCorp Ltd

5) ABB India Ltd

2) Hindustan Zinc Ltd

4) GAIL (India) Ltd

5) Tata Power Company Ltd

1) Mr. Narasimhan Eswar :- Managing Director

2) Vishal Bhola :- Former Managing Director, Whirlpool of India Ltd

Followers of Whirlpool India Ltd

1)Amber Enterprises India Ltd:-

2) Refrigerators:- A refrigerator, colloquially fridge, is a commercial and home appliance consisting of

2) Dishwashers:- Whirlpool dishwashers are manufactured by the Whirlpool Corporation, whose

1)Amber Enterprises India Ltd:-

Total Capacity of Amber Enterprises India Ltd:-

Location: Supa-Parner Road Near waghunde Bk

Location: 20km from koregaon Bhima Near shirur

Revenue (Amount in Crores) 4 year CAGR: 29.3% Yearly Growth: 50.62%

4) KADI UNIT (GUJRAT):-

Location: Near Golden industrial estate, Dhanot Gandhinagar

Revenue (Amount in Crores) 4 year CAGR:35.23% Yearly Growth:64.11%

Total capacity of Blue star Ltd:-

1)Dadra:- Started in: 1997

2) Wada:- Started in: 2007

4) Sri City Plant:- Started in: 2023

Total Capacity of Whirlpool India Ltd:-

1) PUNE:- Started in :1996

2) Gurugram:- Started in : 2002

4) PUDUCHERRY:- Started in : 2004

1)Amber Enterprises India Ltd:-

Domestic plants (India):-

Domestic plants (India):-

1)Amber Enterprises India Ltd:-

And the company significantly presence on social media platforms such as

And the company significantly presence on social media platforms such as

And the company significantly presence on social media platforms such as

1)Amber Enterprises India Ltd:-

Background of promoter group:-

Ethos and Philosophy:

Background of promoter group:-

Ethos and Philosophy:

Background of promoter group:-