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History of Lakshmi Automatic Loom Works Ltd.

YEAR EVENTS 1973 - The Comp. was Incorported on 12th December, at Chennai.

- The Company object is to manufacture textile machinery like automatic weaving machines [loomss] & grey iron & S.G. iron castings. The textile products manufactured are marketed under the trade mark 'LAKSHMI RUTI'.

- The Comp. was promoted by G.K. Devarajulu of Lakshmi Group of South India.

- Allotted 6,00,000 shares to promoters, etc. & 7,50,000 shares to Ruti Machinery works, Switzerland.

1974 - On 9th April, a 10 year collaboration agreement was entered into with Ruti Machinery Works Ltd., Ruti ZH, Switzerland for manufacture of high speed `C' type looms in the width of 110 to 350 cms., dobbies & spares thereof.

1979 - During May 1976, 16,50,000 shares offered at par to the public.

1984 - 9,550 forfeited equity shares re-issued.

1987 - The Company L-5000 Airjet weaving machine was being upgraded by the introduction of drum feeders, colours in the weft, micro-processor & electronic let off.

- The Comp. also undertook to manufacture Rapier conversion and a suitable jacquard for `C' type weaving machines.

- As a part of modernisation scheme taken up in the foundry division, two new moulding machines were installed. - The Comp. entered into a collaboration with M/s. Terrot Strickmaschinen GmbH, Germany to manufacture high speed circular knitting machines.

1988 - The offtake of weaving machines suffered due to large scale imports of Airjet weaving machines by mills taking advantage of concessional rate of import duty granted against furnishing of guarantee to export the cloth.

1990 - The turnover in the textile machinery division declined to mainly due to go-slow by workmen.

- As per the approval to BIFR the Coimbatore Pioneer Machine Works Ltd., was amalgamated with the Comp. with effect from 1st January. As per the terms of scheme, shareholders of The Coimbatore Pioneer Machine Works limited were to be allotted without payment in cash one equity share of Lakshmi Automatic Loom Works limited for every 18 No. of equity shares held by them in The Coimbatore Pioneer Machine Works Ltd.

- 51,994 shares allotted without payment in cash to member of Coimbatore Pioneer Machine works limited on its merger.

1993 - The Comp. allotted 30,51,994 No. of equity shares of Rs.10 each for cash at a prem. of Rs.15 per share on rights basis to shareholders in the ratio of 1:1.