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LML
BSE: 500255|NSE: LML|ISIN: INE862A01015|SECTOR: Auto - 2 & 3 Wheelers
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Company History - LML
YEAR                                                               
 EVENTS
 1972 - The Company was Incorporated on 1st May, at Kanpur.  The
 Company
        manufacture finished leather and processing of synthetic
 yarn.
 
 1975 - The Company undertook the manufacture of highly sophisticated
        machinery required for man-made fibre industry like crimping
        machines, draw texturising machines, assembly twisting
        machinery, uptwisting machine, tow to top conversion
 equipment,
        screen printing carriages, etc.
 
 1977 - All shares allotted to promoters, directors etc.
 
 1979 - Allotted 54,000 No. of Equity shares to directors and 47,450
 No. 
        of Equity to SIT on 30.7.1979.  49,750 No. of Equity shares
        allotted otherwise. 48,800 No. of Equity shares allotted to 
        Goldrock Investments, Ltd.  4,60,000 Bonus Equity shares then
        issued in prop. 4:5 on 3.10.1979.
 
 1980 - Allotted 54,000 No. of Equity shares to directors and 47,450
 No. 
        of Equity to SIT on 30.7.1979.  49,750 No. of Equity shares
        allotted otherwise. 48,800 No. of Equity shares allotted to 
        Goldrock Investments, Ltd.  4,60,000 Bonus Equity shares then
        issued in prop. 4:5 on 3.10.1979.
 
 1981 - Suryodaya Investment & Trading Co. Ltd., offered out of its
        holding certain number of equity shares as rights at par to
 the
        existing shareholders, who were holding upto 50 No. of equity
        shares in the following manner: (i) 8 No. of equity shares
 for
        every 25 No. of equity shares held and (ii) 5 No. of equity
        shares for shareholders holding 26 to 50 No. of equity
 shares.
 
 1982 - (15 months) the Company installed one magnetic crimping
 machine
        which increased the production capacity of the yarn
 processing
        unit to 3 tonnes per day.  A rapid dyeing plant was also 
        installed to increase the production of texturised dyed yarn.
 
      - The Twister Machines Division was started for manufacture of
        twisting machines such as two-for-one uptwister, assembly
        twister, etc., in collaboration with Verdol SA, France,
 Lezzeni
        Mario, Italy, etc.
 
      - The Company issued 2,82,500-13.5% secured convertible
 debentures
        of Rs 200 each during September.  Rs 70 out of each debenture
 was
        converted into 7 No. of equity shares of Rs 10 each at par at
 in
        November 1983.  The balance Rs 130 per debenture was to be
        redeemed as follows: (i) Rs 50 at the expiry of 7th year; (ii)
 Rs
        40 at the expiry of 8th year and (iii) Rs 40 at the expiry of
 9th
        year.
 
      - The Company issued 8,00,000 - 13.5% partially convertible
        debentures of Rs 125 each to meet part of the cost of VESPA
 XE
        scooter project.  A portion of Rs 10 of each debenture was
        converted into one equity share of Rs 10 each at par on the
        expiry of 6 months from the date of allotment.  The residual
        amount of Rs 115 each was to be redeemed in three instalments
 of
        Rs 40, Rs 40 and Rs 35 on 4th August of 1991, 1992 and 1993.
 
 1983 - The Engineering Division fabricated and supplied a part of
 plant
        and machinery required for Nylon-6 chips project.
 
      - The Company received industrial licences to manufacture 10
 Nos.
        draw winders and 400 Nos. spinning frames per annum.  DGTD
        registration was received to manufacture 30 Nos. metal
 cutting
        including grinding machines and special purpose machines per
        annum.  Spinning and take-up equipment was also added in the
        licence to manufacture tow to top conversion equipments.  The
        Company initiated effective steps for the implementation of
 these
        projects.
 
      - The Company received letters of intent to manufacture
 additional
        2,00,000 scooters as well as 50,000 three-wheelers per annum.
        Government's approval was received for technical
 collaboration
        with Piaggio & C.S.P.A., Italy for the manufacture of
        three-wheelers.
 
      - 19,77,500 No. of Equity shares allotted in conversion of
        debentures.  19,95,000 No. of equity shares allotted as Rights
 
        (Prop. 21:12; prem. Rs 2.50 per share).
 
 1984 - To implement the licences, a new company was incorporated
 under      
        the name and style of Vespa Car Company Limited during the
 year.
        This new company is a sub-licencee, for the scooters and a
 large
        number of components were to be supplied to the new company
 by
        the company.
 
      - 20,91,018 No. of Equity shares issued in conversion of
 debentures
        of I and II series.
 
 1985 - The Company offered 9,09,090 - 13.5% partly convertible
        debentures of Rs 110 each to the equity shareholders of the
        Company on a right basis in the proportion of 2 debentures:
 25
        equity.
 
      - A portion of Rs 10 of each debenture was convertible into one
        equity share of Rs 10 each at par on the expiry of 6 months
 from
        the date of allotment.  2,27,272 additional debentures were
        allotted to retain over-subscription.  The residual amount of
        Rs 100 was to be redeemed in three instalments of Rs 35, Rs
 35
        and Rs 30 on 31st October of 1992, 1993 and 1994.
 
      - Preference shares redeemed.  73,020 shares allotted on
        extinguishment of debs. of series I.  11,72,578 shares issued
 at
        par in conversion of III & III series debs.  Another 37,000
        shares issued.  40,00,000 Rights shares issued (prem. Rs 80
 per
        share; prop. 7:16).
 
 1986 - The Company introduced LML models name LML Vespa, NV3, Alfa,
 T5 & 
        4W.  To restructure the Company's activities of Scooter and
        Synthetic yarn manufacturing, the undertakings of the Fibre
        division was transferred to one of the wholly owned
 subsidiary'     
        companies, viz. LML Fibres, Ltd. with effect from close of
        business on 31st July, 1987.
 
      - Preference shares redeemed.  73,020 shares allotted on
        extinguishment of debs. of series I.  11,72,578 shares issued
 at
        par in conversion of III & III series debs.  Another 37,000
        shares issued.  40,00,000 Rights shares issued (prem. Rs 80
 per
        share; prop. 7:16).
 
 1987 - The Name of the Company was changed from Lohia Machines, Ltd.
 to
        LML Ltd. with effect from 6th May.
 
 1988 - The Company proposed to implement the scheme of Indeginisation
 to
        bring about cost reduction.
 
      - 75,00,000 Rights shares issued at par in prop. 5:9.  Only
        30,08,740 shares taken up.
 
 1989 - The Company's joint venture agreement with Piaggio V.E., SPA,
        Italy for participation in the Company's equity and in the
        management reached its final stage of settlement during the
 year.
 
      - LML Fibres, Ltd. Prakti Synthetics, Ltd., and Anurag
 Synthetics
        Ltd. are subsidiaries of the Company.  During 1990-91 LML
 Fibres,
        Ltd. and Prakti Synthetics, Ltd. ceased to be subsidiaries of
 the
        Company.
 
      - A detailed proposal for revival and organisational/financial
        restructuring of the Company, its subsidiaries and its sister
        concern Vespa Car Co. Ltd. was submitted to financial
        institutions/banks.
 
 1990 - The Company's operations were affected by the political
        instability, foreign exchange crisis and severe credit
 squeeze.
 
      - Unsubscribed portion of the Rights issued allotted in 1989/90
 and
        1990/91 (9,17,121 shares to foreign collaborators and
 35,74,139 
        Shares to promoters etc.).  Another 74,11,700 shares allotted
 at
        par to collaborators.
 
      - LML Fibres Ltd. and Prakti Synthetics Ltd. ceased to be
        subsidiaries of the Company.
 
 1991 - The working results were adversely affected mainly due to the
        recession that prevailed in the automobile industry.
 
      - 76,600 Shares allotted at par to foreign collaborators.  In
 March
        100,80,000 shares offered at par as follows: (96,00,000 shares
 as
        Rights in prop. 1:3 (all taken up) and (ii) 4,80,000 shares
 to
        the employees of the Company (only 1,46,153 shares taken up).
        3,33,847 shares not taken up by employees allowed to lapse.
        31,62,000 shares allotted at par to financial institutions
 upon
        conversion of lonas on 23.3.1992.  (6,50,300 shares to IFCI;
        15,04,700 shares to IDBI; 6,50,000 shares to ICICI and
 3,56,700 
        shares to IRBI).
 
 1992 - The Company introduced during September a new range of highly
        fuel efficient scooters.
 
 1993 - The Company launched a diversification-cum-expansion project
        involving a capital expenditure of Rs 204 crores as appraised
 by
        IFCI, which will be funded by term loans from Banks and
 Financial
        Institutions, lease finance, increase in share capital
 through
        public and Rights issue and internal accruals.
 
 1994 - The Company undertook an expansion project to increase the
        capacity to 6,00,000 vehicles per annum as well as 
        diversification of the product range.
 
      - The name of the subsidiary has been changed from Anurag
        Synthetics Ltd. to ASL Ltd. ASL Ltd. ceased to be a subsidiary
 of 
        the Company with effect from 27.09.1997.
 
      - 3,30,847 No. of Equity shares was cancelled by the Board.
 
      - The Company has launched the Diversification-cum-Expansion
        project involving a capital expenditure of Rs. 204 crores as
        appraised by IFCI.
 
      - The Company's Research and Development Wing is also adapting
 and
        absorbing the technology under transfer from its
 Collaborators.
 
 1995 - Two new models of scooters - SUPREMO and STAR were introduced
 in
        the upper and middle price segments and well accepted in the
        market.
 
      - The Company has entered into a new Joint Venture arrangement
 and
        executed several agreements, alongwith Piaggio and Indian
        Promoters.
 
      - The Company proposes to make a Rights/Warrants issue, term
 loans
        from Financial Institutions and Banks, internal accruals,
 leasing
        etc.  
 
 1996 - The Company launched 125 cc scooter `Sensation' during the
 year.
 
      - During the year under review, with the completion of the
 first
        phase of expansion, the Company has achieved increase in its
        production capacity from 200000 units to 300000 per annum.
 
      - The Company has entered into Several Licence Agreements with
        Piaggio of Italy for import of technology and know-how to
        manufacture new models of Scooters and other two wheelers in
        different segments.
 
 1997 - LML manufactures only scooters but has access to collaborator
        Piaggio's technology.
 
      - LML Limited has launched its latest model - Star, the fuel
        efficient, 150 cc two stroke engine which boasts of several
        unique features for the first time in the Indian scooter
        industry.
 
      - LML and Asian Paints are set to enter into a joint venture to
        introduce a pay-by-scooter concept.
 
      - LML was formed in joint venture between the Kanpur-based
        Singhanias and the Italian Scooter giant Piaggio.
 
      - LML has entered into a buy-back agreement with Piaggio to
        manufacture two-wheeler engines of various capacities for the
        Italian firm.
 
      - LML Ltd, the second largest scooter manufacturer in the
 country
        with more than 30 per cent market share, has decided to
 advance
        the launch of its motorcycles from 1999 to the last quarter
 of
        1998.
 
 1998 - LML Ltd has set up the first of its six planned service
 training
        centres outside Kanpur at Noida near Delhi.
 
      - LML launched a unique facility, Tollfree helpline, for
 customers
        in Delhi offering assistance and information on its top of
 the
        line scooter Supremo 98. 
 
      - The company has set up additional lines for enhancing
 capacity
        and introducing new models.
 
      - The company is set to double its capacity to 8,00,000 numbers
        by 2000 AD.
 
      - The company had set up a new electric starter plant in Kanpur
 as
        the company intends to make electric start a standard feature
 of
        all new vehicles, including the four motor cycles.
 
      - The Kanpur-based LML Ltd is sewing up a comprehensive
 agreement
        with its Italian joint venture partner, Piaggio, to ensure
 that
        the latter buys back a specified amount of components, CKD
 kits
        or complete two-wheelers manufactured in India.
 
      - LML Ltd has launched scooterette `Trendy', the first from the
        stable of the Singhanias without support from their Italian
        joint venture partner Piaggio. 
 
      - Piaggio established its presence in the Indian two-wheeler
        market, in its collaboration with LML, by bringing in a
 number
        of models of its famous brand of scooters.
 
 1999 - Leading two-wheeler manufacturing LML will launch its first
        60 cc scooterette Trendy in the Delhi.
 
      - LML Ltd, Carrier Aircon and Vesuvius India Ltd -- have failed
        to sign up with the depository on time to enable their
        institutional shareholders to dematerialise the shares of the
        companies.
 
      - Italian scooter-maker Piaggio has decided to exit from its
 joint
        venture LML Ltd.
 
      - Italian auto manufacturer Piaggio & CSPA is contemplating
        setting up a fully-owned subsidiary in India to manufacture
 the
        entire range of two-wheeler vehicles, ranging from mopeds to
        motorbikes, in addition to its recently launched big scooter
 X-9.
 
      - The 100-cc model proposed to be launched by LML is akin to
        Kinetic Honda scooter.
 
      - LML has already entered into a collaboration with Daelim of
        Korea for motorcycles.
 
      - The Company launched new two wheelers, and has recently
        introduced Xpress 5 engine (which is based on reed valve
        induction technology), on its 150 cc scooters.
 
      - The Company undertook implementation of `JUST IN TIME' (JIT)
        system of inventory management.
 
      - Piaggio has also issued a letter to the Company purporting to
        terminate the Joint Venture Agreement and various other
        agreements, to which Company is a party.
 
 2000 - Castrol India, subsidiary of the lubricant major Burmah
 Castrol
        Plc, has entered into strategic alliances with leading Indian
        automobile companies like Telco and LML Ltd to introduce its
        customised products.
 
      - ICRA has assigned `A1' rating to the company's commercial
        papers for Rs. 10 crores.
 
      - The Company is to hive off the IT department of the company
        including Computer Design Aided activities to its
        subsidiary/corporate body.
 
      - The Company has proposed a preferential issue to the Indian
        promoters and/or their nominees at Rs 40 per share.  22.17
 lakh
        shares shall be issued to the Indian promoters, which will
        increase their stake in the company from 47.21 per cent to
 49.89
        per cent.
 
      - Two wheeler major LML has chalked out a major organisational
        revamp entailing the transfer of its information technology
        division in order to emerge as a flatter organisation through
        manpower rationalisation.
 
      - The Company has moved towards launching mobikes. To test
 market
        the new products, Adreno 100 cc and Energy 100 cc, LML has
 placed
        a dozen of them in the Kanpur market and will be introducing
 two
        other models this fiscal.
 
      - LML Ltd is tying up with a Chinese two-wheeler manufacturer to
 make
         scooterretes an step-thrus.
 
       - The Company besides its existing tie-up with Daelim of South
 Korea for 
          two-wheelers, is looking at forging technical alliances with
 two other 
          companies.
 
        - The Board of Directors has allotted 22,16,067 equity shares
 of Rs.10 each at a 
           premium of Rs.30 per share to the Indian promoters and
 their nominees on preferential
           basis.  The paid up equity share capital of the company has
 increased from Rs.4143.95
           lakhs to Rs.4365.56 lakhs.
 
        - The Company's 132-KV main power station has been
 recommissioned.  The power
           station had tripped and suffered damage on August 30.
 
 2001 - The Company's 4-stroke motorbikes `Adreno' and `Energy' have
 been launched all 
              over ndia during January, 2001.
 
 2002
 
 -Appointed Mr siromani Sharma as the Additional Director on the board
 of the company.
 
 -Releases a new version of 110 cc mobike price tagged at Rs.30,000
 named 'Freedom'.
 
 -Board decides to voluntarily delist the equity shares from Delhi
 Stock Exchange.
 
 -Appoints Mr Dasu Govind Prasad as the Nominee Director of
 Export-Import bank of India.
 
 -Purchases 50000 equity shares of Rs.10 each at par of its subsidiary
 company Perfect Polycons Ltd.
 
 2003
 
 -Board approves the cessation of Perfect Polycons as its subsidiary.
 
 2004
 
 -Equity shares of the company delisted from Ahmedabad Stock Exchange
 (ASE) w.e.f. January 16, 2004
 
 -Lml Ltd. has informed that pursuant to the application of the
 Company for voluntary delisting of its equity shares from Delhi Stock
 Exchange Assn. Ltd. (DSE), the DSE has vide letter dated January 20,
 2004 confirmed, the delisting of equity shares of the company from
 its Exchange wef January 23, 2004.
 
 -  LML launched two motorcycles and one variant in three different
 segments to boost sales and diversify product portfolio.
 
 - Ropes in Sharukh Khan as brand ambassador
 
 2006
 
 -LML ancillary rolls out 3 wheeler as SA
 
 2008
 
 - LML Ltd has informed that Board for Industrial & Financial
 Reconstruction (BIFR) under the provisions of Sick Industrial
 Companies (Special Provisions) Act, 1985, has appointed Mr. K K
 Shangloo as Special Director on the Board of the Company with
 immediate effect.
 
 
 2011
 
 - Re-appointment of Mr. Deepak Singhania as Chairman & Managing
 Director.
Source : Dion Global Solutions Limited
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