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Hyderabad Lamps Ltd.

BSE: 500196 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Hyderabad Lamps Ltd. (HYDLAMPS) - Director Report

Company director report

1994 HYDERABAD LAMPS LIMITED Directors Report Your Directors present the 11th Annual Report together with the audited accounts for the year ended 31st March, 1994. As already reported in the earlier years, several external factors like severe recession in the Lamp Industry,frequent civil disturbances and unhealthy competition over which the company had very little control together with other factors like closures of factory for some times, mainly due to constraints on working capital funds and labour unrest have resulted in almost a grinding halt to the regular operations during the year under review. Despite the closure, as mentioned above the full burden of fixed over-heads and financial costs including a provision of Rs. 180 lakhs towards doubtful debts and advances for the year had led to the loss. The steps initiated over the years for the recovery of stagnant debts other than those which were under legal dispute could not yield any satisfactory results to improve the liquidity particularly in the absence of committed and continued further supplies by the company. It was therefore considered prudent to reflect the active current asets more realistically. Accordingly reconciliation process of accounts receivable which remained pending over the years was completed during the year under review and consequential adjustments have been given effect to in the accounts. All the above have cumulatively contributed to the reflection of substantial operating loss during the year under review. Consequently, the modernisation and diversification plans and Rights Issue have been deferred. Report of Sickness: Since the net worth of the Company has been eroded as on 31.3.1994, the company has taken the neccessary steps to comply with the provision of Sick Industrial Companies (Special Provisions) Act 1985 and to submit the report in the appropriate form to the Board for Industrial and Financial Reconstruction. Industrial Relations: The Factory has been under Lock-out since 21 st March, 1994. Public Deposits: Deposits amounting to Rs. 1.49 lakhs were claimed but not paid as at the end of the year. Directors: During the year, Dr. Kakarla Subba Rao has resigned from the Board. Your Directors take this opportunity to place on record their appreciation of the valuable services rendered by Dr. Kakarla Subba Rao. Sri. V. Venugopal Naidu and Sri. R. P. Saxena, Directors of the Company will retire by rotation at the forthcoming Annual General Meeting and being eligible offer themselves for re-appointment. Auditors: The present Auditors M/s. Nataraja Iyer & Company, Chartered Accountants retire and are eligible for re-appointment, with regard to the various remarks by the Auditors the respective notes are self-explanatory. Particulars of employees as required under Section 217 (2A) of the Companies Act.1956. read with Companies (particulars of employees) Rules,1975 and information required under Section 217 (1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1968 are given in Annexures A and B respectively forming part of the report. Acknowledgement: The Directors thank Central & State Governments, I.C.I.C.I., I.D.B.I., I.F.C.I., A.P.I.D.C. State Bank of India, State Bank of Hyderabad and Andhra Bankforthe Co-operation extended by them to the Company. The Directors record their appreciation for the services rendered by the staff and workers. for and on behalf on the Board V. SUNDARESAN l.A.S. (Rtd) ANNEXURE - B Information as required by companies (disclosure of particulars in the report of board of directors) Rules 1988. A.CONSERVATION OF ENERGY: Energy conservation measures taken and proposals for deduction of consumption of energy during the year and impact of the measures. NIL B. Research & Development (R&D) 1. Specific areas in which R&D carried out by the Company 2. Benefit derived as result of the above R & D. NIL 3. Future plan of action. 4. Expenditure on R & D a. capital b. Recurring c. Total d. Totasl R & D expenditure as a percentage of total turnover.