Orissa Industries Ltd. कंपनी का इतिहास और वार्षिक वृद्धि विवरण

YEAR EVENTS
1944 - The Company was Incorporated on 23rd December, at Orissa. The
Company's objects is to manufacture refractories, sanitary
wares and stoneware pipes.

- 16,500 shares were issued for consideration other than cash.

1973 - 62,083 Bonus Equity shares issued in the prop. 1:6 on 23rd May
1974.

1974 - 1,27,500 shares issued to Industrial Development Corporation of
Orissa, Ltd.

1976 - During Sept./Oct. 1975, 5,50,000 shares offered to the public at par.

1977 - A new company under the name Nepal Orind Magnesite (P) Ltd., was
registered as a joint venture between Nepal Govt. and the Company
on a fifty-fifty basis for mining of magnesite in Nepal.

1981 - The Talc plant was installed and commissioned.

1985 - A joint study by IRBI, IFCI and UCO Bank was undertaken to
rehabilitate the unit.

- The company implemented the expansion-cum-modernisation scheme
which was submitted to financial institutions for their approval.
The scheme when implemented was to increase the installed
capacity of the Lathikata unit from 85,000 TPA to 1,02,260 TPA in
addition to enabling production of high alimina shrouds and
nozzles and dolomite bricks.

1986 - Working of this plant continued to be unsatisfactory and the
operations were suspended from 29th August, 1987 to 7th September
1987, in view of financial and labour problems.

1987 - The Company established an office at Dusseldorf, West Germany to
develop market for Indian refractories.

- Due to losses sustained over years and due to serious labour trouble,
lock-out was declared at Barang unit with effect from May 3rd 1990.

1989 - Forfeiture on 250 shares annulled. 7,60,000 right shares issued
at par in the prop. 7:10. Additional, 1,13,218 shares allotted
to retain oversubscription and 782 shares allotted privately.
Another 38,000 shares offered at par to employees (all were taken
up).

1990 - Under the pressure of the Govt. and the decision taken by High
Court of Orissa, the Barang unit was restarted.

- The Plant could not produce DBM due to technical problem. In
view of the losses, the Govt. of Nepal, under the advice from
IFCI decided to close down the unit until full arrangement for
finance was made.

- 26,000 forfeited shares reissued.

1991 - Govt. of Nepal and the Board of the Joint venture asked the
Company to lend its technical expertise and restart the plant
that was closed for about one and a half year. During the year,
supply of raw magnesite commenced and the Company was hopeful of
starting the plant in the near future.

- The Nepal Government had entrusted Refractory Consultants and
Engineers of Austria to study and give the report on the
technology to be adopted.

1992 - 2 Divisions of Baran unit namely Pipe Division and Refractory
division started working after the completion of renovation of
plants. The Sanitary division which was considered unviable was
closed down.

- Out of the 3 divisions, two divisions of the unit Viz. Pipe
division and refractory divisions were working and renovation of
the plants were carried out. The sanitary division being
unviable was closed down.

- Oriented Exports Ltd. was incoporated on 24th August.

- The Company proposed to issue not exceeding 35,00,000 No. of
equity shares of Rs.10 each at par on rights basis.

- Simultaneously, the Company proposed to offer 10,00,000 No. of
equity shares of Rs.10 each at a prem. not exceeding Rs.35 per
share to the public. Another 5% of the public issue was to be
offered to the employees of the company.

1993 - A Modernisation/expansion scheme involving an outlay of Rs.6.50
crores was undertaken for production of high alumia shroods and
dolonite bricks.

- Oriented Exports Ltd. pursued the following activities:

- (i) Setting up a joint venture in Peoples' Republic of China for
manufacture of refractory products;

- (ii) Setting up an export oriented unit in Western India to
manufacture refractory products.

1995 - The Company's sales and production was affected due to severe
disruption in supply of a appropriate raw materials.

- The Company undertook to update its modernisation plan in view of
the changed requirements of the consumers.

- The joint venture in Nepal was suffering due to rigid attitude
taken by His Majesty's Govt. of Nepal. The Oriented Exports Ltd.
appealed to the suprement Govt. of Nepal for violation of the
joint venture agreement by the Company and His Majesty's Govt.
of Nepal.

- An agreement was entered into with Dalian Xiyang Trading Co. Ltd.
& a joint venture Company in the name of Yingkou Orient
Refractories Ltd. was registered in China. The Company was to
provide the necessary technical know-how.

- During February/March, the company issued 40,48,166 Rights equity
shares of Rs.10 each for cash at par with detachable warrants
to the equity holders in prop. 2:1 (all were taken up).

- The shareholders are entitled to detachable warrants in prop. 3
detachable warrants : 2 equity shares allotted.

- Accordingly 60,72,248 warrants were allotted.

- Each warrants convertible into a equity shares after 12 months
from date of allotment.

1996 - The Company's performance was affected due to highly competitive
and sluggish market and recessionary trends faced by steel
industry.

- 7,04,701 No. of equity shares issued on conversion of detachable
warrants.

1998 - The Company faced difficulties in getting adequate working capital facilities from
the Banks in view of delay by the financial institutions in providing second charge on
Fixed Assets in favour of the Banks.

- Sri Ravin Jhunjhunwala has been appointed as Managing Director and Chief Executive
Officer and has been given the responsibility of running the Lathikata Unit.

- Sri K. K. Panda, Executive Director (Marketing) has been appointed as Director
(Operations) to assist the Managing Director/Chief Executive Officer.

- Sri Gautam Meour was nominated by the Industrial Finance Corporation of India Ltd.
as Director effective from 2nd March, 1998 in place of Sri D. K. Ghose whose nomination
was withdrawn.

- Prof. S. C. Kuchhal and Sri M. K. Jhunjhunwala retires by rotation and are eligible for
re-appointment.

1999 - During the year under review 5,00,000 No. of Equity shares of Rs. 10/- each
aggregating to Rs. 50 lacs were allotted to the Promoters' Associates in conversion
of the Detachable Warrants.

- The refractory section and the Sanitary-ware section in the Barang Unit have been closed.
Only Glazed Stoneware Pipes Section is working.

- The Company has entered into Joint Venture Agreement with Lafarge Refractories
Monolithics (LRM) of France for manufacture of High Alumina, precast and unshaped
refractory products under LRM's licence and to sell the same in India.

- A separate company under the name and style 'Orind Lafarge Monolithics (P) Ltd. has
been registered in which ORIND and LRM will contribute the capital equally.
- Sri B. Rai and Sri S. K. Basu retire by rotation and are eligible for reappointment.

2000 - The Company has been declared sick by the BIFR.

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