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Loyal Textiles Mills Ltd. Company History and Annual Growth Details

Objects & Activites : Spinning of yarns of 20s and 100s and manufacture of grey mulls longcloth and stape fibre yarn.

Expansion & Modernisation : During 1982-1987 major expansion & modernisation were done, 48 airjet looms, compressors, automatic cone winder were installed Also a 1100 KVA generator, two `open end' looms and additional 16 airjet looms were imported and installed.

Diversification : The Company proposed to diversify its activities into the fields of pharmaceuticals, leasing and hire purchase, trading and biological fertilizers.

Subsidiaries : Loyal Credit & Investment Ltd and Loyal Machine Works are the two subsidiaries of the company.

Revaluation of Assets : The company revalued its land, building and plant and machinery at Kovilpatti as on 30th June 1985. The surplus of Rs 571.94 lakhs arising out of this was credited to revaluation reserve.

Rationalisation of Capital Structure : A scheme of arrangement of the capital structure was approved by the class meetings held on 6th June, 1983 was conformed by the Madras High court their order dated 20th December, 1983. Under this scheme, the following rationalisation was made

a) The preference share capital comprising 15,000-6.5% (tax free) cumulative preference share of Rs 100 each were extinguished with effect from 1st April, 1984 and in lieu therefore secured non-convertible redeemable debentures `B' series of Rs 100 each bearing interest at the rate of 12% per annum were allotted.

b) 40,000 deferred shares of Rs 5 each were converted into equity shares by issuing & equity share of Rs 50 each for every 10 deferred shares held. In Rs 6,00,000 additional 12,000 equity shares of Rs 50 each were issued without payment is cash to deferred shareholders by capitalisation of reserves.

2004

-Delist from the Delhi Stock Exchange with effect from December 11, 2004.


2006

-Loyal Textile Mills Ltd has appointed Mr R Poornalingam as a Director of the Company with effect from October 27, 2006.


2007

- Recommended a dividend of Rs 3.90 (39%) per equity share of Rs 10/- each for the financial year.

- Mr. Manikam Ramaswami has been re-appointed as Chairman & Managing Director.

- Mr. Sreedhar Subramanian has been inducted in to the Board as an Additional Director.


2008

- The Board of Directors of the Company, has recommended a dividend of Rs 3.90 (39%) per equity share of Rs 10/- each for the financial year.

- Mr. P Mannivanan has been appointed as an additional Director of the Company.


2010

- The Board of Directors of the Company, have recommended a dividend of Rs. 3.00 (30%) per equity share of Rs. 10 each.

- Mr. P I Murugappan has been appointed as Chief Financial Officer.


2011

- The shareholders of M/s Loyal Textile Mills Limited unanimously approved the amalgamation of Ms. Shri Chintamani Textile Mills Limited with M/s Loyal Textile Mills Limited in the Court Convened Meeting as directed by the Honorable High Court of Madras Judicature.

- The Board of Directors of the Company, has declared an Interim Dividend of 100% i.e. Rs. 10 per each equity share.


2012

- The Board of Directors of the Company, has recommended a final dividend of Rs. 1.00/- (10%) per equity share of Rs. 10/- each.

2013
- Mr. M. Arumugam has been appointed as Company Secretary and Compliance Office.
-Loyal Textile Mills Ltd has recommended a Final Dividend of Rs. 5/- (50%) per equity shares of Rs. 10/- each.

2014
-Mr. R. Mohan has been appointed has been as Chief Financial Officer of the Company.
-Loyal Textile Mills Ltd has recommended a Final Dividend of Rs. 7.50/- (75%) per Equity Shares of Rs. 10/- each.

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