Company History - Mysore Kirloskar
YEAR
EVENTS
1941 - The company was incorporated on 7th April 1941, at Harihar,
Mysore.
The company manufactures machine tools & castings. The
other important
products manufactured by the Company are geared-head &
cone pulley
lathes, capstan & turrent lathes, hacksaw machines &
power presses.
The companies products are marketed under the trade
marks MK & Kirloskar.
1984 - The company entered into a collaboration with Balding
Engineering Company
U.K. for the manufacture of CNC machining centres &
with Meceonica Nova,
Italy for the manufacture of NC/CNC internal grinders.
1988 - The company received a letter of intent to manufacture
Aluminium Alloy Castings.
1989 - The company received a letter of intent for manufacture of
pollution control
system & equipments.
- The company has started a joint venture under the name
Kirloskar Snyder
General Ltd. in technical and financial collaboration
with the US company Snyder
General Inc. to manufacture a complete range of
pollution-control systems.
Both will have a 50% stake in the company.
- The company has also entered into a technical
collaboration with Linde AG of
Germany for the manufacture of Waste Water Treatment
Plants.
- It has a subsidiary by the name of Precision Tooling
Systems Ltd, in which it has
a holding of 51 per cent.
- MKL is the leading exporter of lathes in the country.
The company is the first machine
tool company in India to receive the ISO-9001
certification by Reotuv Germany.
1997 - The Company has already promoted a Company under the name
Kirloskar Toyoda
Textile Machinery Ltd., (KTTM) in technical and
financial collaboration with Toyoda
Automatic Loom Works Limited, Japan, for the manufacture
and sale of textile machinery.
- The Authorised Capital of Company is Rs.150,000,000
(Rupees One hundred Fifty
million) consisting of 14,000,000 Equity Shares of
Rs.10/- each amounting to
Rs.140,000,000 (Rupees One hundred Forty million) and
1,000,000 Preference Shares of
Rs.10/- each amounting to Rs.10,000,000 (Rupees Ten
million).
- Company has established a new division for the
manufacture and sale of
Cobalt Therapy Equipments for the treatment of cancer
and to deal in other
medical equipments also.
1998 - 2,50,000-14% Non-convertible Redeemable Debentures of Rs.100/-
each
privately placed with Financial Institutions, redeemable
in three equal
yearly instalments commencing from 4th November, 1996,
at a premium of
5% payable with the last instalment.
- b) 1,00,000 - 20% Non-convertible Redeemable debentures
of Rs. 100/-
each, privately placed with SBI Mutual Fund, at premium
of Rs.5/- each,
redeemable in three equal instalments commencing from
5th June, 1998 at
a premium of 5%, payable with the last instalment.
- c) 6,55,540 - 15.63% fully paid Partly Convertible
Debentures of Rs.100/- each,
privately placed with ICICI, redeemable in 20 quarterly
instalments commencing from
15th May, 1996.
- d) 65,200-15.08% fully paid Non-convertible Debentures
of Rs.100/- each, privately
placed with IFCI, redeemable in 20 quarterly
instalments commencing from 15th
May, 1996.
- e) 5,67,750 - 16.63% fully paid Non-convertible
Debentures of Rs.100/- each, privately
placed with IDBI, redeemable in 22 quarterly
instalments commencing from 1st January,
1996
1999 - a) 2,50,000 - 14% Non-convertible Redeemable Debentures of
Rs.100/- each privately
placed with Financial Institutions, redeemable in three
equal yearly instalments
commencing from 4th November, 1996, at a premium of 5%
payable with the last instalment.
- b) 1,00,000- 20% Non-convertible Redeemable Debentures
of Rs.100/- each, privately
placed with SBI Mutual Fund, at a premium of Rs.5/-
each, redeemable in three equal
instalments commencing from 5th June, 1998 at a premium
of 5%, payable with the last instalment.
- c) 6,55,540 - 15.63% fully paid Partly Convertible
Debentures of Rs.100/- each, privately
placed with ICICI, redeemable in 20 quarterly
instalments commencing from 15th May, 1996.
- d) 65,200- 15.08% fully paid Non-convertible Debentures
of Rs.100/- each, privately
placed with IFCI, redeemable in 20 quarterly
instalments commencing from 15th May, 1996.
- e) 5,67,750 - 16.63% fully paid Non-convertible
Debentures of Rs.100/- each, privately placed
with IDBI, redeemable in 22 quarterly instalments
commencing from 1st January, 1996.
- f) 5,02,807- Fully paid up Non-convertible Part B of
Rs.44/- each of 12.5% Secured Redeemable
Partly Convertible Debentures of Rs.100/- each, falling
due on 1st June, 1998.
2000 - Due to the shifting of operations from the company's Hubli
plant to Harihar, there
was a loss of production and consequently sales for a
period of eight months.
- During September, the company has entered into an
agreement with
M/s. 600 UK Limited, England for exports of substantial
quantity of machines from
April, 2001 onwards, which will improve sales of the
company.
