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History of Orissa Industries Ltd.

YEAR EVENTS 1944 - The Comp. was Incorporated on 23rd December, at Orissa. The Company objects is to manufacture refractories, sanitary wares & 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 Comp. under the name Nepal Orind Magnesite [Ps] Ltd., was registered as a joint venture between Nepal Govt. & the Company on a fifty-fifty basis for mining of magnesite in Nepal.

1981 - The Talc plant was installed & commissioned.

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

- The Comp. 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 Lathikata unit from 85,000 TPA to 1,02,260 TPA in addition to enabling production of high alimina shrouds and nozzles & dolomite bricks.

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

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

- Due to losses sustained over years & 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 & 782 shares allotted privately. Another 38,000 shares offered at par to employees [all were taken ups].

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

- The Plant couldn't produce DBM due to technical problem. In view of 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 & the Board of Joint venture asked the Comp. to lend its technical expertise & restart the plant that was closed for about one & a half year. During the year, supply of raw magnesite commenced & the Comp. was hopeful of starting the plant in the near future.

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

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

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

- Oriented Exports limited was incoporated on 24th August.

- The Comp. proposed to issue not exceeding 35,00,000 No. of equity shares of Rs.10 each at par on rights basis. - Simultaneously, the Comp. 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 public issue was to be offered to the employees of 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 limited pursued the following activities:

- [is] Setting up a joint venture in Peoples' Republic of China for manufacture of refractory products;

- [iis] Setting up an export oriented unit in Western India to manufacture refractory products.

1995 - The Company sales & production was affected due to severe disruption in supply of appropriate raw materials.

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

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

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

- During February/March, the Comp. 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 ups].

- 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 performance was affected due to highly competitive & sluggish market & recessionary trends faced by steel industry.

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

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

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

- Sri K. K. Panda, Executive Director [Marketings] has been appointed as Director [Operationss] to assist the Managing Director/Chief Executive Officer.

- Sri Gautam Meour was nominated by 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 & Sri M. K. Jhunjhunwala retires by rotation & 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 Detachable Warrants.

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

- The Comp. has entered into Joint Venture Agreement with Lafarge Refractories Monolithics [LRMs] of France for manufacture of High Alumina, precast & unshaped refractory products under LRM licence & to sell the same in India.

- A separate Comp. under the name & style 'Orind Lafarge Monolithics [Ps] limited has been registered in which ORIND & LRM will contribute the capital equally. - Sri B. Rai & Sri S. K. Basu retire by rotation & are eligible for reappointment.

2000 - The Comp. has been declared sick by BIFR.