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Orissa Luminaires Ltd.

BSE: 517542 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Orissa Luminaires Ltd. (ORISSALUMINAIRE) - Director Report

Company director report

1995 ORISSA LUMINAIRES LIMITED DIRECTORS' REPORT Your Directors have pleasure in presenting their Third Annual Report of the Company with the Audited Accounts for the your ended 31 st March, 1995. 1. DIVIDEND / TRANSFER TO RESERVE: No dividend is being recommended in view of the inadequacy of profits. The entire profit of Rs. 4,41,963/- earned during the year is being transferred to the reserves. 2. PUBLIC ISSUE: The Company came out with its maiden Public Issue of 49,50,000 Equity Shares of Rs. 10/- each for cash at par during the year. The issue was over-subscribed by nearly 12 times. 3. AMALGAMATION Crown Wire Industries Private Ltd. is amalgamation with the company is pending before the Hon'ble High Court at Cuttack. 4. DIRECTORS: Pursuant to provisions of the Companies Act, 1956 and Articles of Association, Sri B.D. Kapadia and Sri Anders Sjoblom, Directors shall retire by rotation and being eligible offer themselves for reappointment. 5. AUDITORS: M/s. P.C. Trivedi & Co. Chartered Accountants, Bombay & M/s. P.A. & Associates, Chartered Accountants, Bhubaneswar, the joint Auditors of the Company retire at the conclusion of this 3rd Annual General Meeting and the Board recommends their re-appointment. Certificates from the Auditors will be received for such re-appointment, if made, within the prescribed time period as per the provision of Sec. 224 (IB) of the Companies Act, 1956. 6. AUDITORS' REPORT: Your Directors wish to inform you that as such, there is no specific observation made by the Auditors in their Report. 7. INDUSTRIAL & LABOUR RELATION: The industrial & Labour Relation was cordial during this year under review. DETAILS REGARDING CONSERVATION OF ENERGY: At present the Company manufactures only chokes & electrical fittings which do not consume substantial energy. The Company will take energy conservation measures when the production of High Pressure Sodium Vapour lamps & GLS lamps commences. FOREIGN EXCHANGE EARNING AND OUTGO: During the year the Company incurred an expenditure of Rs. 35,12,466/- in foreign currency on account of travel and training of personnel and technical know-how fees. There was no foreign exchange earning. POWER AND FUEL CONSUMPTION DURING THE YEAR 1993 - 94: Electricity Units Value (Rs.) From S E B. 28,524 96,251.00 Own generation Nil Nil Fuel There is no consumption of fuel during the year under review. PARTICULARS WITH RESPECT TO ABSORPTION OF TECHNOLOGY/FOREIGN COLLABORATION: 01. Name of the Indian company : ORISSA LUMINAIRES LIMITED 02. Name of the Foreign Collaborator with the name of the country. : OY AIRAM ECTRIC AB,FINLAND 03. Name of the products being : General Lighting Service (GLS) & manufactured by the company High Pressure Sodium Vapour (HPSV) under foreign collaboration. Lamps. 04: Name of the Industrial Unit : ORISSA LUMINAIRES LIMITED & its location (Dist. & State) 05. Nature of Agreement/Financial : Collaboration Agreement Collaboration /Financial-Cum- (Technical Knowhow Agreement) Technical/Technical. 06. Capital Investment: a) Total Equity Investment : Rs. 1062.00 lacs b) Amount of Foreign Investment : Rs. 1,25,28,880.00 c) % of. foreign capital to total capital. : 11.80% 07. Total Licensed Capacity/ : GLS LAMPS: 2.69 LAC NOS. approved capacity : HPSV LAMPS: 2.74 LAC NOS. 08. Total capacity actually : INSTALLATION IN PROGRESS installed. 09. Annual production of the above from the beginning upto date. : Nil. 10. Annual requirement of raw materials (imported & indigenous). Indigenous: Laminations 41873.50 kg. Rs. 14,27,903.00 Enameled Alu. wire 5397.50 kg. Rs. 8,13,173.81 others - Rs. 9,77,030.00 Rs. 32,18,106.81 Imported 11. Royalty, if any, paid to the foreign collaborator. : Nil 12. Lump-sum payment to the foreign collaborator including free shares, if any. : Rs. 46,60,116.00 13. Dividends already remitted/ due for remittance on the foreign shareholding year wise. : Nil 14. Actual Exports made by the Company : Nil 15. Technicians: i) No. of foreigners employed: a) Technicians : Nil b) Others : Nil ii) No. of Indians trained (year-wise) : Five Duration : Three weeks 16. Ref. No. & Date of Govt.'s : Letter No. FC II 312 (93) dtd. approval at the initial 09.09.93 of Govt. of India, agreement. Department of Industrial Development. 17. Period of Agreement : The duration of the Agreement is for an unrestricted period from the date it was approved by the Government. 18. Date of expiry of initial agreement. : -do- 19. Renewal, if any: a) Period for which renewal accorded. : Not applicable. b) Reasons for according renewal : Not applicable. c) Date on which the agreement will finally expire. : Not applicable. 20. Agreement for Research/ : Not applicable. Development made during/after the expiry of the agreement. ACKNOWLEDGEMENT: Your Directors are grateful to the Govt. Authorities and Bankers for their co-operation and timely support to the Company. The management also sincerely extends its thanks to various agencies/ persons responsible for the successful Public issue of Equity Shares. The devoted services by the employees at all levels are sincerely acknowledged and the management expresses their gratitude to them. For and on behalf of the Board of Directors B.D. KAPADIA CHAIRMAN Place : Bhubaneswar Date : 29th June, 1995.