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Orissa Lamps Ltd.

BSE: 517413 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Orissa Lamps Ltd. (ORISSALAMPS) - Director Report

Company director report

1995 ORISSA LAMPS LIMITED DIRECTOR'S REPORT Your Directors have pleasure in presenting the Fifth Annual Report of the Company together with the Audited Accounts for the year ended 31st March, 1995. OPERATIONS: During the year under review, the Company has been able to improve its operations to a considerable extent. The Fluorescent Tube Lamp (FTL) Plant has operated continuously on all working days and. the second shift operation has also started from the last week of March, 1995. The Company has sold 17,50,659 Nos. of FTL during the year 1994-95. The Company has imported an additional FTL Chain from Poland having an installed capacity of 39.00 lacs nos. per annum, which would substantially increase the production levels of the Company. During the year, the Company has earned a cash profit of Rs. 24.69 lacs. DIVIDEND: In view of the absence of profits, no dividends is being recommended for the year under review. MARKETING: The 'Rashmi' brand tube lights being produced by the Company has been well- accepted in the markets over India and Nepal. Recently, the Company has received the prestigious ISI Mark for its tube DIRECTORS: During the year under review, Sri A. Das, Asst. Vice President of ICICI was nominated by the institution as Director on the Board of the Company. Pursuant to the provisions of the Companies Act,1956, and the Articles of Association of the Company Sri Juntunen Jaakkco and Sri R.V. Yakil, Directors shall retire by rotation and being eligible offer them-selves for reappointment. AUDITORS: M/s. Patel, Shah & Joshi, Chartered Accountants of Bombay, and M/s. P.A. & Associates, Chartered Accountants of Bhubaneswar, the Joint Auditors of the Company retire at the conclusion of the 5th Annual General Meeting and the Board recommends their re-appointment. Certificates from the Auditors have been received to the effect that their re-appointment, if made, would be within the prescribed limits under Sec. 224 (IB)-of the Companies Act, 1956. AUDITORS' REPORT: Your Directors wish to inform you that as such there is no specific observation made by the Auditors in their Report. INDUSTRIAL & LABOUR RELATIONS: The Industrial & Labour Relations was cordial during the year. DETAILS REGARDING CONSERVATION OF ENERGY: The following steps for conservation of energy to be carried out :- 1. Utilisation of waste fuel gases from baker for heating of Air for drying of tubes after washing a coating. 2. Utilisation of solar energy for heating of D.M. Water which will be used for washing of tubes. This will save the diesel consumption in Boiler to a great extent FOREIGN EXCHANGE EARNING AND OUTGO: Foreign Exchange earning - Nil Foreign Exchange outgo - Nil POWER AND FUEL CONSUMPTION DURING 1993 - 94: Units Value (Rs. Electricity (S. E. B.) 806290 30,90,376/- (Own Generation) 121372 3,08,000/- L P G 101.16 MT 11,81,000/- PARTICULARS WITH RESPECT TO ABSORPTION OF TECHNOLOGY/FOREIGN COLLABORATION. 01. Name of the Indian Company ORISSA LAMPS LIMITED 02. Name of the Foreign Collaborator OY AIRAM ELECTRIC AB, HELSINKI, with the name of the country. FINLAND. 03. Name of the products being manufactured FLUORESCENT TUBE LIGHTS (FTL) by the Company under foreign collaboration. 04. Name of the Industrial Unit and its ORISSA LAMPS LIMITED location (Dist & State). PLOT NO - 2285 (P) INDUSTRIAL ESTATE PO/DT- KHURDA ORISSA. 05. Nature of AgreemenT/Financial Collabor- COLLABIORATION AGREEMENT ation/Financial-curn-Technical/Technical. (TECHNICAL KNOW-HOW AGREEMENT 06. Capital Investment NOT APPLICABLE a) Total Equity Investment b) Amount of Foreign Investment c) % of foreign capital to total capital. 07. Total Licensed Capacity/approved capacity. 58.00 LAKH NOS. 08. Total Capacity actually installed. 58.00 LAKH NOS. 09. Annual production of the above Item. Qty. Value from the beginning up to date FTL 16.77 2,93,82,666 10. Annual Requirements of materials Qty. Lakh Nos. Value (Rs. '000) (imported & indigenous) Tubular Glass Shells (TGS) 20,73,452 Pcs. 7504.50 Bi-pin-caps 39,88,996 1805.31 Phosphorus Powder 4,444 Kg. 1061.32 Sleeves 16,83,808 Pcs. 2600.10 Others - 1730.74 Imported Items - 6455.33 21157.30 11. Royalty, if any, paid to the foreign collaborator. a) Rate of royalty approved and basis of calculation Nil b) Royalty paid so far year wise. Nil 12. Lump-sum payment to the foreign collaborator including free shares, if any. Nil a) Total payment envisaged in the agreement US $ 3.005 b) Payments (already made year-wise) US $ 3.005 Lakhs paid during 1993-94. 13 Dividends already remitted/ due for remittance on the foreign shareholding year-wise. NOT APPLICABLE 14. Actual exports made by the Company. NIL 15 Technicians 1) No. of foreigners employed: a) Technicians NIL b) Others NIL ii) No. of Indians trained (Year-wise) Duration NIL 16. Ref.No.& Date of Govt's approval at the FC-II-NO. 242 (93)/311 (93) initial agreement. DATED - 22.07.1993. 17. Period ot Agreement THE DURATION OF THE AGREEMENT IS FOR AN UNRESTRICTED PERIOD FROM THE DATE IT WAS APPROVED BY THE GOVT. 18. Date of expiry of initial agreement. -do- 19. Renewal, it 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 / Development made during /after the expiry of the agreement. NIL PROMISE VS. PERFORMANCE: Below is given a statement of promise vs. performance as required by the Listing Agreement with Stock Exchanges :- Actuals for the year Projections in the ending 31.3 95. prospectus dated 09.02.94 of the company for the year ending 31.3.95. 01. Net Sales, Income from operation. 444.48 1944.00 02. Other Income 6.15 -- 03. Total Expenditure 344.18 1015.00 04. Interest 76.01 470.00 05. Gross Profit (+) / Loss (-) after interest but before depreciation and taxation (1+2-3-4) 30.44 459.00 06. Depreciation 73.93 294.00 07. Provision for taxation ----- -- 08. Net Profit (+) / Loss ( - ) (5-6-7) (43.49) 165.00 09. Paid-up equity share capital 1610 161 10. Reserves excluding revaluation reserves (as per balance sheet of previous accounting year) ---- ---- ACKNOWLEDGMENT: The management is grateful for the co-operation extended by the Govt. of India, Govt. of Orissa, Reserve Bank of India, UTI, SBI, Union Bank of India, ICICI, IDBI, IPICOL, I-Sec and various Stock Exchange The Board of Directors also wish to place on record their appreciation for the dedication and excellent contribution made by the employees at all levels in realising the objectives of the Company. For and on behalf of the Board of Directors B.D. KAPADIA CHAIRMAN Place : Bhubaneswar Dated : 6th July, 1995.