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Dyna Lamps & Glass Works Ltd.

BSE: 523542 Sector: Others
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Dyna Lamps & Glass Works Ltd
NSE 05:30 | 01 Jan Dyna Lamps & Glass Works Ltd

Dyna Lamps & Glass Works Ltd. (DYNALAMPS) - Company History

Incorporated in Sep.'87, Dyna Lamps & Glass Works was promoted jointly by the Tamilnadu Industrial Development Corporation and P Obul Reddy and associates. The company is engaged in the manufacture of fluorescent tube lamps, glass tubes for FTLs, general lighting service and glass shells for GLS lamps. The products are commercial in natural and are mainly for domestic consumers and industrial users. The company came out with a public issue in Apr.'92 to part-finance the cost of setting up a plant to manufacture FTLs. The company has entered into a consortium agreement with Corning Engineering, US; and Sale Tilney Technology, UK; for the supply of technical know-how for glass technology and lamp technology respectively. The company has extended a commitment for export of some of its products to avail of the concessional customs duty of 25% on capital goods worth about Rs 900 lac. The company incurred losses continuously in spite of the increased turnover over the years. Various factors, like a sluggish market in the initial period and the low offtake of shells leading to idle capacity, were responsible for the losses suffered by the company. Interest alone constituted about 82% of the total accumulated losses in 1994-95. Various effective measures like taking up branding work for greater utilisation of capacity, re-orientation of marketing capacity, etc, have been taken up to tackle the situation and to improve the company's performance in future. Considering the fact that more than 50% of the net worth has been eroded as on 31 Mar.'95, a report was made to the Board for Industrial & Financial Reconstruction (BIFR). The company has analysed the reasons for such erosion and has come to the conclusion that the situation can be rectified. During the year 1997-98, the company achived a turnover of Rs. 1239.83 lakhs as against turnover ot Rs. 477.69 lakhs during the previous year, this increase was mainly due to agreement entered with M/s. Philip India Limited. The company has also entered into a fresh selling agreement with M/s. Osram India Pvt Ltd and hope improve productivity & make substantial profit in 1998-99. During March 1999, the company has entered into an MOU with M/s Crompton Greaves Ltd. and its group company CG Glass Ltd for manufacture and supply of FTLs and TL Shells respectively.