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Dyna Lamps & Glass Works Ltd.

BSE: 523542 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Dyna Lamps & Glass Works Ltd. (DYNALAMPS) - Director Report

Company director report

Annual Report 1998-99 Dyna Lamps and Glass Works Limited DIRECTORS REPORT Your Directors present the 12th Annual Report and the audited accounts for the year ended 31st March 1999. PERFORMANCE During the year under review, the Company had to face many hurdles particularly due to liquidity, which affected the Working of the Plant. During April 1998 the Company entered into a selling agreement with M/s. Osram India Pvt. Ltd. But the agreement was discontinued by Osram India Ltd. due to their own internal reasons. As there was a recession in the entire market, the Company could not find a suitable party to whom they can manufacture and sell the products. And so they achieved a turnover of Rs.313.75 lakhs as against the turnover of Rs. 1239.48 lakhs during 1997- 98. During March 1999, the Company has entered into an M.O.U. with M/s. Crompton Greaves Ltd. and its group company CG Glass Ltd. for manufacture and supply of FTLs and TL Shells respectively. Therefore, the company hopes to make some marginal profit by the end of the financial year 1999-2000. DIRECTORS a) Sri S. Susai retires by rotation and being eligible offers himself for re-appointment. b) During the year under review, Sri. K. Ganesan, I.A.S., Chairman of the Board of Directors resigned from the Board and Sri. Hemant Kumar Sinha I.A.S., nominated by TIDCO, took over as Chairman of the Board of Directors of the Company. c) During, the year under review, Sri. P. Obul Reddy, Justice S. Natarajan, Sri. Ajay Kayan and Sri. P. Dwaraknath Reddy, Directors representing the Management and Sri. V. Soundararajan and Sri. P. Shanmugasundararn, Directors representing TIDCO resigned from the Board. Alternatively, the promoters nominated Sri. K. Venkateswaran as Director on the Board and Sri. Sanjib Sinha as Managing Director of the Company at Board Meeting held on 30th August 199. Sri K. Venkateswaran's appointment gets automatically terminated at this Annual General Meeting and being eligible offers himself for re- appointment. d) Your Board wishes to place on record their appreciation of the valuable services rendered by Sri K. Ganesan, I.A.S., as the Chairman of the Board of Directors, Sri P. Dwaraknath Reddy as the Managing Director of the Board and Sri P. Obul Reddy, Justice S. Natarajan and Sri Ajay Kayan as the Directors on the Board, during this tenure of office. AUDITORS M/s. Karra & Co., Chartered Accountants, retire at this 12th Annual General Meeting and are eligible for re-appointment. ADDENDUM TO AUDITORS REPORT With reference to clause 12 of the Statutory Auditor; report, the Board of Directors would like to inform that M/s. R.V. Chander & Associates has been appointed as the Internal Auditors of the Company to strengthen the Internal Audit System. PERSONNEL There was no employee covered by the provisions of Section 217 (A) of the Companies Act 1956. Y2K COMPLIANCE Your Directors wish to report that the hardware and software systems installed by the Company are Y2K compliant and your company has taken all necessary step to tackle any problem which may arise due to year 2000 issues. ENERGY, TECHNOLOGY AND FOREIGN EXCHANGE The particulars as required under section 217 (1) of the Companies Act 1956, are enclosed. ACKNOWLEDGEMENT The Directors express their gratitude to the Shareholders, financial Institutions viz., Industrial Development Bank of India (IDBI), Industrial Finance Corporation of India Ltd. (IFCI), Industrial Credit & Investment Corporation of India (ICICI), State Industries Promotion Corporation of Tamilnadu Ltd. (SIPCOT), and the Bankers, Indian Bank, Bank of Baroda, The Federal Bank Ltd. and the Bharat Overseas Bank Ltd. for their kind co- operation and assistance. The Directors also thank all the dealers, distributors, stockists and retailers of the Company's products all over the country. The Board record its appreciation for the services rendered by the employees at all levels. For and on behalf of the Board Place: Chennai HEMANT KUMAR SINHA Date : 29.11.99 Chairman Disclosure of particulars with respect to Conservation of Energy, Development Activities & Technology absorption as required under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988, and forming part of the Report of Board or Directors for the period ended 31st March 1999. A. CONSERVATION OF ENERGY a) Energy Conservation measures taken: Various measures are being taken to contain the Furnace Oil consumption to optimum level at the Glass Plant. b) Additional Investments and proposals, if any being implemented for reduction: No additional Investments were made during the year to reduce the consumption of energy . c) Impact of the measures at (a) and (b) on energy consumption and consequent impact on the cost of production of goods. The impact of (a) and (b) will be reflected on the cost of production. FORM B Form for disclosure of particulars with respect, to Absorption 1. Specific areas in which R&D carried out by the Company: The present R&D activities are aimed at improving the quality of the products manufactured . 2. Benefits derived as a result of above R & D: Various methods for reducing the expenditure on Spares are being implemented to keep the Plant maintenance under control. 3. Future plan of Action: In future, R&D efforts would be directed towards machine development and process development. 4. Expenditure on R & D: There is no separate accounting head for R & D. As such the expenses are recorded under the appropriate heads in Profit & Loss account. TECHNOLOGY ABSORPTION, ADAPTION AND INNOVATION 1. Efforts in brief, made towards technology absorption, adaption and innovation: Manufacturing technologies of all the four products have been fully absorbed. 2. Benefits derived as a result of above efforts i.e product improvement, cost reduction, product development, import substitution etc. Both GLS Shells and TL Shells are widely accepted by many Lamp manufacturers and the consignments have obtained zero defect certification. 3. Foreign Exchange Earnings and Outgo: a) Activities relating to Exports. Initiatives taken to increase exports, development of new export markets for products and services and export plans: No Export sales were made during the period 1998-99. b) Total Foreign Exchange used and earned: Foreign Exchange used 31/3/99 31/3/98 1) Technical Know-how Fees Nil Nil 2) Travelling Nil Nil Foreign Exchange earned For and on behalf of the Board Place: Chennai HEMANT KUMAR SINHA Date : 29-11-99 Chairman