Lakshmi Machine Works Ltd.

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History of Lakshmi Machine Works Ltd.

YEAR EVENTS 1962 - The Comp. was incorporated on 14th September, at Chennai. It manufactures textile machinery.

1963 - Shares subscribed for in cash by promoters, Directors, their friends & associates.

1964 - Further 1,221 shares subscribed for by directors etc. 30,000 shares reserved for Rieter Machine Works limited 20,000 shares reserved for IFCW. 1,00,000 shares offered to public during February 1964.

1968 - 30,133 shares allotted to technical collaborators [384 in 1965, 16,265 in 1966, 5,000 in 1967 & 5,021 in 1968s].

1971 - Further 10,000 shares issued to the technical collaborators during 1971-72.

1979 - 60 forfeited shares reissued at market price.

1980 - Government approved the Company collaboration agreement with Rieter Machine Works, limited Switzerland for manufacture of improved & sophisticated ring frame Rieter Model 'G5/1' the first of which was delivered in November 1982.

- The Comp. also finalised technical collaboration agreements with Rieter Machine Works, Ltd., Switzerland for manufacture of open end spinning machines & with Investa Czechoslovakia for the supply of spinning units.

1981 - 1,52,394 bonus shares issued in prop. 3:5.

1982 - The Government permitted the Comp. to manufacture 150 nos. of open end spinning machines within the overall licensed capacity & approved the collaboration agreement with Rieter Machine Works, limited Switzerland.

- In January the Comp. was granted a letter of intent for the establishment of pilot mill with 3,000 spindles at its existing site at Perianaickenpalayam [Coimbatores] for research and development purposes.

1984 - A letter of intent was received for manufacture of 200 metal cutting & printing machines at Unit II at Kariyur village.

1986 - The Machine Tool Division which had been recently established, converted a letter of intent received into an industrial licence for manufacture of CNC lathes & CNC machinery centres. Design documents pertaining to the project were received from the collaborators Movi Seuki Co., limited Japan.

1989 - The Comp. was concentrating on the replacement market as most of machinery supplied by Comp. in the earlier years were due for replacement.

- The machine tool division introduced into the market CNC machines viz. MV-Junior & SL-3 models. The manufacture of other models was also being taken up.

- The Comp. entered into a collaboration agreement for advance technology in the manufacture of open end rotors spinning machines with M/s. Schubert and Salzer, Ingolstadf, West Germany. This project was under implementation.

- 2,03,192 bonus shares issued in prop. 1:2.

1990 - Government approval was received for Company investment in the equity capital of Pugoda Textiles Lanka Ltd., Sri Lanka.

1992 - The Comp. jointly with Rieter Machine Works Ltd., Switzerland [RMWLs] set up a new Comp. under the name of Rieter-LMW Machinery Ltd., as a 100% export unit for manufacture of G5/3 family ring of frame assemblies for buy-back by RMWL.

1993 - The Comp. established a modern foundry division at Arasur for manufacture of Grey Iron Castings of grade 20, 25 & 30 using chemical bonded process for captive requirement & also to meet the fast growing engineering sector in India & abroad.

1995 - The Comp. had entered into a long-term partnership with Mikron of Switzerland for manufacture of universal milling and boring Mikron machines for their world market.

1996 - The Comp. undertook to set up a second unit at Kaniyur village, 23 kilometers from Coimbatore.

- As on 31st March, the Comp. held 45,00,000 No. of equity shares of Rs 10 each of issue capital of Sri Lanka company.

1997 - 6,09,576 bonus shares issued in prop. 1:1.

- Work at unit II of textile machinery division of Lakshmi Machine Works Ltd [LMWs], located at Kaniyur near here, has been hit due to failure of management & the workers to reach a revised wage accord. The workers had called a strike on September 15 following failure of Kaniyur LMW Unit Workers & Staff Union & the management to arrive at a consensus on revising the previous five year settlement which came to an end.

- In a bid to cut down burgeoning administrative costs, the textile machinery major, Lakshmi Machine Works Ltd has offered the voluntary retirement scheme [VRSs] to its employees.

1998 - The new product range introduced by LMW comprises the high-speed CNC machines in the Pilatus range, high-power CNC lathe in the Rigi range, vertical machining centres in the Kodi range, Ooty 40, which is the all-new horizontal machining centre & a mould-making machine, Kodi Mould 50.

- LMW, which is one of biggest investors in the machine tools business, especially in the last decade, has so far invested about Rs.50 crores in updating its manufacturing facilities.

- Sisco is a joint sector Comp. promoted by LMW & Tamilnadu Industrial Development Corporation [Tidcos] to set up a steel-making project.

- The new machines being introduced includes high speed CNC machines in the Pilatus range, & machines in the Kodi & Ooty range. The Comp. bagged the Machinist award for most innovative display at the recently concluded Imtex 98.

1999 - Lakshmi Machine Works Ltd [LMWs], is one among three companies in the world to manufacture the entire range of spinning machinery.

- Lakshmi Machine Works Ltd [LMWs], a pioneer in the manufacture of spinning machinery, has coined a new theme & logo `Spinning Value', in-addition to its existing logo `goddess Lakshmi' and the theme, Spinning System.

- The textile show is scheduled between June 1 & 10 at Paris. Held once every four years at various venues around Europe, ITMA provides a platform for display of latest products by major manufacturers the world over. This is the first time that LMW will be displaying its latest innovations at ITMA.

- LMW was the first Indian Comp. to introduce the automatic bale plucking machine `Flexifloc' in the blowroom, which surpassed any other bale plucking machine in the world.

- The Comp. has developed four state-of-the-art machines such as automatic bale plucking machine Flexifloc, carding machine LC300A, speed frame LFS 1660, & ring frame XLA30.

- Southern Iron & Steel Comp. Ltd [Siscos], a joint sector project promoted by Lakshmi Machine Works Ltd [LMWs] & Tamilnadu Industrial Development Corporation Ltd [Tidcos], mulls setting up a coke over project near its existing facility to ensure availability of quality inputs for its steel plant.

- The collaboration agreement between the textile machinery manufacturing major, Lakshmi Machine Works Ltd [LMWs] & Rieter Machine Works Ltd, Switzerland [Rieters] has lapsed, following which the Rieter nominees on the LMW Board have resigned.

- The Comp. proposes to carry on the business of developers, purchasers, consultants & technical advisors in the field of computers, computer software, information & management systems, development & dealing in computer programmes, application systems, maintenance, software development & to depute personnel to develop & process software & hardware & other electronic items in India & abroad.

- Ailing India Precision Bearings [IPBs] is merging with the country largest textile machinery manufacturer Lakshmi Machine Works [LMWs], according to top level sources at LMW.

- It has merged India Precision Bearing Manufactures with itself with effect from April.

- The Comp. was the largest supplier of ring spinning machines in the world with over 12 millions spindles in operation.

- Textile machinery manufacturing major, Lakshmi Machine Works Ltd [LMWs] has chosen the International Textile Machinery Association [ITMAs] textile show as the launch pad for its new products.

- The leading textile machinery manufacturer in India, Lakshmi Machine Works [LMWs], has designed & developed new generation machines for millenium. These machines have been fabricated through the in-house R&D facilities set to meet international parameters of end-products.

2000 - The Comp. has launched two CNC machines -- Smarturn & Smash directly in the market.

2003

-Board approves for acquisition of wholly owned subsidiaries of Comp. - LMW Investments Ltd & Deejay Leasing Comp. Ltd.

-LTE Industries acquires 12000 shares amounting to .984% of LMW Ltd.

-Stocks appreciated by about 65%.

-Charges Rs.8.3 crs for dimunition in the value of investments.

-Offers 1:200 swap ratio or cash option of Rs.10 for each Textool share for its merger with the company.

-Board of Industrial Finance & Reconstruction approves for merger of Textool Comp. with LMW Ltd.











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