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History of Lakshmi Synthetics Machinery Mfg Ltd.

YEAR EVENTS 1988 - The Comp. was incorporated on 9th December, & obtained the Certificate of Commencement of Business on 3rd March, 1989. The Comp. was promoted by G.K. Sundaram of Lakshmi Companies of Coimbatore. The main objective of Comp. is to manufacture of textile machinery.

- The Comp. undertook to set up a project for manufacture of;

- [is] 6 lines per annum of spinning line for synthetic filament yarn [synthetic textile machinerys];

- [iis] 20 machines per annum of high speed draw texturising crimping machines;

- [iiis] 60 machines per annum of two for one twister for filament yarn-single deck & double deck; and

- [ivs] 12 lines per annum of blown film line [packaging machinerys]. The project was located at Nallattipalayam, a declared backward area of Pollachi Taluk in Coimbatore District of Tamil Nadu.

1991 - During the Comp. undertook an indigenisation scheme of major items of imports for draw texturising machines.

1992 - 10,044 No. of equity shares subscribed by signatories to Memorandum.

- 40,39,956 No. of equity shares issued at par of which the following were reserved & allotted:

- 14,89,956 shares to promoters, directors etc., 12,00,000 shares to foreign collaborators Barmag, W. Germany.

- Out of balance 13,50,000 shares, 2,02,500 shares were offered to the employees.

- The remaining 11,47,500 shares were offered for subscription to the public in October 1990.

- Details of allotment not known. Additional 6,07,500 shares were allotted to retain oversubscription [4,05,000 shares to promoters & 2,02,500 shares to publics].

1995 - The liberal import of second hand machine & the depressed market conditions prevailed in the texturising industry throughout the year affected the sale of texturising machines & spinning lines. The prices of filament yarn were unremunerative for texturisers due to high cost of POY as a result of shortage of raw materials.

- The Comp. entered into a collaboration agreement with Barmag AG, West Germany, for providing technial know how, engineering & manufacturing technology & also participating in the equity capital of Company.

1997 - During the Comp. was reffered to the BIFR under the provisions of sick Industrial Companies [Special provisions] Act, 1985 & declared as sick industrial company. IDBI was appointed as the operating agency for subsitting a rehabilitation proposal.

- The offtake of machinery was affected due to demand recession in the textile industry.

1998 - The Government of India, Ministry of Textiles has announed Rs.25,000 crores Technology Upgradation Fund for modernisation of textile industry, hence the demand for texturising machine was expected to pickup.