Timely Progress

Timely Progress Hansavivek HYDERABAD ALLWYN's watch project is in progress. The first phase of the project for the component manufacture was inaugurated in April last year. The indigenisation of the components started in 1985-86 and is expected to be in full swing in the current year. The capacity of the watch case unit is also being expanded to t million pieces per annum. The company proposes to set up one more unit for manufacture of refrigerators in AP. This will increase its annual production capacity to 2.5 lakh numbers. The company was able to lift its sales during the year ended July 1986 from Rs 61.22 crore to Rs 75.54 crore but margins lagged behind and gross profit looked up only modestly from Rs 3.42 crore to Rs 3.58 crore. Net profit came to Rs 2.81 crore (Rs 2,53 crore) and the unchanged dividend of 14 per cent was covered 2.60 times by earnings as against 4.96 times previously. Production and sale of refrigerators were 70,501 and 71,066 numbers against 60,017 and 60,051 numbers, respectively during the previous year. The The Week's Companies company continues to extend 7 years' warranty for its compressors in the refrigerators- Turnover of the auto division was also better and prospects of the current year are encouraging with sufficient orders on hand. The company had increased the production capacity of LPG cylinders to one million numbers per annum, but production during the year was only 3.16 lakh numbers due to low offtake by the oil companies. Production and sale of watches was 8.33 lakh and 8.02 lakh numbers compared to 6.35 lakh and 6.74 lakh numbers, respectively, in the previous year The company has revived manufacturing and selling of steel furniture and office equipment in a big way III mover during the year was Rs 180 lakh compared to Rs 66 lakh in the previous year The directors expect production and sale of furniture to go up upto about three times the turnover in 1985-86. During the year, the company permitted conversion of 30 per cent of the face value debentures into equity shares as per the terms of the debenture issue. Accor (Rs lakh) * 17 months.