ORISSA LUMINAIRES LIMITED
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.
Crown Wire Industries Private Ltd. is amalgamation with the company is
pending before the Hon'ble High Court at Cuttack.
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.
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
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)
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
09. Annual production of the above
from the beginning upto date. : Nil.
10. Annual requirement of raw
materials (imported & 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
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
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
17. Period of Agreement : The duration of the Agreement is
for an unrestricted period from
the date it was approved by the
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.
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
Place : Bhubaneswar
Date : 29th June, 1995.