Texmaco

YEAR                       EVENTS
 1939 - The Company was incorporated on 4th August at Calcutta.  The
 main
        objective of the company is to manufacture of large variety of
 
        items.  Its Textile Machinery Division manufactures machinery
        for textile mills.  Its Boiler and Heavy Engineering Division
        manufacturers boilers, super heaters, economisers, chimneys,
        pressure vessels, bridges and structurals, equipment for
        chemicals, paper, cement, coke oven and iron and steel
 factories,
        coal and other solid material handling and conveying plants,
        railways, railway rolling stocks.  Steel Foundry Division
 makes
        castings for railway equipment, sugar mill machinery etc.  On
 the
        structural side, the Company had been engaged in the supply
 of
        equipment for high pressure boilers for the well-known DVC 
        thermal power project.  The Company is manufacturing No. 3
 Ward
        Capstan lathes and is trying to start manufacture of No. 7.
 
 1946 - 25,000 Right Redeemable Pref. shares issued at par in prop.
 5:63
        irrespective of class.  3,00,000 Right shares issued at par
 in
        prop. 1:1.
 
 1955 - 9,00,000 Rights Equity shares of Rs. 10 each issued at par in
 the
        prop. 3:2 Equity.
 
 1959 - 1,00,000 - 6 1/4% Right Pref. shares issued at par in the
 prop.
        1:10 Equity shares or 10:19 Pref. shares.  The three types of
        Pref. shares rank pari passu as regards payment of dividend
 and
        return of capital.
 
 1963 - The Company entered into a collaboration agreement with Zinser
 
        Textilemaschinen of West Germany for the manufacture of high
        quality ring frames.  In 1970, Government approved the
 Company's
        collaboraton agreement with M/s. Howa Machinery Ltd. of Japan
 for
        the manufacture of high speed carding engines, simplex and
 draw
        frames.
 
 1971 - 8,544 8.928% Pref. shares redeemed on 30.9.1991.  Dividend
 rate
        on 8.928% Pref. shares raised to 9.3% new Pref. shares issued
 at
        par.  These shares are redeemable on 31.12.1980.
 
 1972 - The Company's proposal for foreign collaboration with H.W.
 Ward
        & Co., for the manufacture of 2-Ds capstan lathe was approved
 by
        Government.
 
 1975 - It was decided to utilise the spare capacity for the
 manufacture
        of jute machinery for the new company, Swadeshi Jute
 Machinery
        Corporation Ltd., floated jointly by the Company and Star
 Textile
        Engineering Works Ltd.
 
 1977 - 380-9.3% Pref. shares redeemed in 1972 and 50-9.3% Pref.
 shares
        redeemed in 1973.  91,446-9.3% old Pref. shares redeemed -
 380
        shares in 1972, 50 shares in 1973 and 91,016 shares.
 
 1979 - The company acquired fixed assets of the factory owned by
 Modern
        India Construction Co., Ltd. (MICCO), located at B.T. Road,
        Sukchar, 24-Parganas and named it as Sodepur Works.  This
        acquisition included the industrial licence of MICCO for
        structurals, chemical machinery, producer gas plan and gas
        cleaning plant.
 
 1980 - Another agreement was concluded with Howa Machinery Ltd.,
 Japan
        for the manufacture of their latest high-speed frames.
 
      - The company obtained a letter of intent for the manufacture
 of
        cement mill machinery.
 
 1981 - With effect from 1st April, Company took over the units owned
 by
        The Birla Cotton Spg. & Wvg. Mills Ltd. (BCM), comprising of
 a
        composite textile mill at Delhi, a textile spinning mill at
        Kathua (J & K), four ginning factories and oil mills situated
 in
        the State of Punjab, Rajasthan and Haryana and dairy at
 Sahadra,
        Delhi.  These units were acquired by the Company under a
 Scheme
        of Arrangement approved by the shareholders, as partially
 amended
        by the Department of Company Affairs, Government of Indian
 and
        duly sanctioned by the Hon'ble High Courts of Calcutta and
 Delhi.
 
      - In consideration of such takeover, the Company had allotted
 to
        BCM 3,75,000 No. of equity shares of Rs. 10 each, credited as
        fully paid-up and ranking apri passu in all respects with the
        existing shares of texmaco, provided that they would not be
        eligible for any dividend for the year ended 31st December.
 
      - The Birla Cotton Spg. & Wvg. Mills Ltd. (BCM) company, the
 mill
        at Delhi having been was renamed `Birla Textiles'.
 
      - 3,75,000 shares allotted without payment in cash to The Birla
        Cotton Spg. & Wvg. Mills, Ltd. as consideration for take over
 of
        some of its units. 
 
 1982 - Sodepur Works-unit No. 3 was geared for the manufacture of
        specialised items of pressure vessels, heat exchangers and
 other
        chemical plant machinery.
 
      - In April the Company acquired its first ship at a price of
 U.S.
        .6 million.  It is a second-hand bulk carrier of 27,330
 DWT,
        built in 1977 by Mitsui Engineering & Shipbuilding Co. Ltd.,
        Osaka, Japan and was named RENUSAGAR.  In 1983, 1984 and
 1985,
        the operations suffered due to uneconomic freight rates.
 
 1983 - Further technical collaboration was entered into with M/s.
 Howa
        Machinery Ltd., of Japan for the manufacture of their latest
 high
        production cards.
 
      - The Company entered into a technical collaboration agreement
 with
        Toyoda Automatic Loom Works Ltd. of Japan for the manufacture
 of
        their latest model of long length ring frame.  The Company
 also
        took up in hand the project for the manufacture of high
        production cards in collaboration with Howa Machinery Ltd.,
        Japan.
 
      - The Company concluded a foreign technical collaboration
        agreement.
 
      - In March the Company acquired the fixed assets of the
 Panihati
        works of Oriental Machinery & Civil Construction Ltd.
 (OMCCL),
        which remained closed since January 1979.  A rehabilitation
        programme was being taken up.
 
 1984 - The Company also applied for permission to further enhance the
 
        licensed capacity to 1,035 nos. which was granted.
 
      - In spite of a tripartite settlement in May 1983, the labour
        problems continued resulting in another lockout from 10th
        January, which lasted upto 10th April.
 
      - The Company had taken up a modernisation programme entailing a
 
        capital outlay of Rs. 560 lakhs for the spinning and
 processing
        divisions.
 
      - The Company formed a joint venture Company under the name
 Texpro
        Construction Co., Ltd., in collaboration with the Protaxa
 Group
        of Mexco for onshore construction activities like pipe
 laying,
        etc.
 
      - The Company with West Bengal Electronics Industry Development
        Corporation Ltd. (WEBEL) promoted jointly a company for the
        manufacture of telephone instruments (digital type) and store
        programmable control private automatic branch exchange (PABX)
        and accessories.  The new joint venture company under the
 name
        and style WEBEL-TEXMACO ELECTRONICS LTD. was incorporated in
        1985.  However, the Company had to abandon this project due
 to
        resource constraints.
 
 1985 - A working arrangement was entered into with Upper Ganges Sugar
 &
        Industries Ltd. (UGSL), under which the spinning and
 processing
        division of the Birla Textiles unit as well as the 4 ginning
        factories would be operated by UGSL for a period of 2 years
 with
        effect from 1st September.
 
      - Manufacture of diesel forklift trucks in technical
 collaboration
        with M/s. Lansing Ltd., U.K. Commenced.
 
      - The fixed assets of the engineering units of the Company were
        revalued as on 31st December, and the net surplus of Rs.
 3,484.58
        lakhs arising out of this was credited to capital reserves.
 
 1986 - Technical collaboration agreements were entered into with
        wallsend Boilers Ltd., U.K. for the manufacture of fluidised
 bed
        combustion (FBC) steel boilers and with Combustion Systems,
 Ltd.,
        U.K. for the manufacturing FBC water tube boilers.
 
      - It was proposed to take up the manufacture of trucks with
        capacities upto 40 tonnes.
 
 1987 - Capacity under-utilisation continued to be 25% and the Company
 
        proposed to shift its focus to the exports market. 
 Negotiation
        were on with the collaborators for a suitable tie-up for
 third
        country exports.  Necessary steps were taken for
 modernisation
        of its production technology and other facilities to improve
 the
        international competitiveness.
 
      - The working of Cement division was severely affected by
 massive
        power cuts ranging between 40% to 80% between March to March
        1988.
 
      - With an option to UGSL for further extension of the period by
 2
        years.  The working arrangement with Upper Ganges Sugar and
        Industries Ltd., for the operation of the division of Birla
        textiles and 4 ginning and pressing factories was extended
 for
        a period of 5 years effective from 1st July.
 
      - For Birla Textiles, Rs. 20 lakhs per season for the 4 ginning
 and
        pressing factories.
 
      - During the year, the first 40 tonne diesel forklift truck was
        delivered to the Tuticorin Port Trust.  Panihati Division was
        adversely affected for lack of orders from Indian Railways
 for
        fabricated points and crossings.
 
      - The Company was promoted jointly with PICUP and U.P. State
        Textiles Corporation Ltd., a public limited company in the 
        assisted sector, in the name of Texmaco (UP) Ltd., for setting
 up
        a project for the manufacture of textile machinery in a
 backward
        district of U.P.  In 1983 in view of bleak prospects of
 textile
        machinery, it was decided to extend the range of manufacture
 of
        this Company to cover coal handling and washery plants,
 mining
        machinery and chemical and chemical plant machinery.
 
 1988 - The improved performance was attributed to increase in
 production
        and turnover of the engineering, boiler division and the
 sugar
        mill machinery division.  However, the overall working was
        affected by the poor performance of the cement division on
        account of massive power cuts suffered by the division.
 
      - The Company proposed to take up production of some special
 wagons
        for defence.
 
 1989 - The textile machinery division entered into a technical
        collaboration with Howa Machinery, Ltd., Japan for the
        manufacture of combers.
 
      - The Company entered into a technical collaboration agreement
 with
        Salzgitter Maschinenbau GmbH, West Germany, for the
 manufacture
        of sugar centrifugals.  Government's approval was awaited.
 
      - The unit received Industrial Licences for the manufacture of
        vibratory compaction equipments and machinery and equipments
 for
        the construction and maintenance of Railway tracks.
 
      - However, the working results were adversely affected due to
        sharp rise in the cost of inputs coupled with poor value 
        realization caused by a production glut in South India.
 
      - The Company came under the provisions of the Sick Industrial
        Companies (Sp. Provisions) Act, 1985 and a reference was made
 to
        the Board for Industrial and Financial Reconstruction (BIFR).
 
 1990 - The shortage of free-supply mounted wheelsets caused a
 bottleneck
        in the regular flow of production.
 
      - The company received a letter of intent for the manufacture
 of
        longwall face mining equipment.
 
      - However, the drastic power cuts forced the cement division to
        operate plant on DG sets which raised the Unit cost of power.
 
      - The freight market was depressed due to Gulf-War. 
 Consequently,
        the working of the shipping division adversely affected.
 
      - 7,07,289 No. of equity shares issued at par in part conversion
 of
        loans (2,73,289 shares to financial institutions and 4,34,000
 
        shares to bodies corporate.
 
 1991 - The Company received Government approval for technical
        collaboration with Standard Car Truck Co. of USA for
 manufacture
        of modern freight bogies for wagons.
 
      - The Company received Government approval for technical
        collaboration with CDFI, France for manufacture of long-wall
        face mining equipment.
 
      - The Company undertook to set up a cement plant.  Consultancy
        services for the project were secured from Holtec Engineers
 Pvt.
        Ltd.
 
      - During the year, additional DG set was installed.
 
      - Shipping division was hit by the devaluation of the Indian
 Rupee
        and suffered substantial increase in its liability on capital
 
        account for outstanding Eurodollar loan and funded interest.
 
      - BIFR had formulated a draft scheme for rehabilitation of the
        cement division which was substantially at variance with the
        proposal submitted by the Operating Agency (ICICI).  The
 Company
        had requested the BIFR to reconsider the draft scheme in
        consonance with the Operating Agencies' report.
 
 1992 - Entered into a working arrangement with Zuari Agro Chemicals
 Ltd.
        for running the cement factory at Yerranguntla.
 
      - The working of Shipping division was affected due to the
        depression in the freight market and recessionary conditions.
 
 1994 - As per MOU signed on 28.10.94, the unit was transferred to
 Zuari
        Agro.  Moreover, working of the Company's major division
        producing Wagon was severly affected on account of drastic cut
 in
        procurement of wagons by Railway Board.
 
 1995 - The off-take of machinery against confirmed orders was
 affected
        by the prevailing liquidity crunch.
 
 1996 - Upper Ganges and Sugar Industries Ltd., have decided to carry
 on
        the business in partnerhsip with Gobind Sugar Mills Ltd., and
        Sutlej Cotton Mills, Ltd. Birla textiles, Delhi Unit of the
        Company was closed down with effect from 30th November, as
 per
        Supreme Court Order and the existing working arrangement with
 the
        partnership firm comprising Hindustan Times Ltd.
 
      - The Company decided to join the partnership for with 5% share
        along with Hindustan Times Ltd., Upper Ganges Sugar Ltd. and 
        Sutlej Industries Ltd. to relocate Birla Textiles at Baddi,
        Himachal Pradesh.
 
      - 25,81089 Right Equity shares issued (Prem. Rs. 50) (Prop.
 1:1)
 
 1997 - Due to persistent sluggish demand the company was forced to
 cut 
        down its production and restrict its range to only
 preparatory
        machines viz. cardings, draw frames and simplex frames.
 
 1998 - Pref. shares has been redeemed during the year.
 
 2003-Agreement with M/s K Raheja Group for construction and
 development of companys leasehold property at Worli, Mumbai.
 
 
 2004
 
 -Texmaco bags order from NTPC
 
 2006
 -Texmaco secures order from Container Corporation of India