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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.


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


-Loyal Textile Mills Ltd has appointed Mr R Poornalingam as a Director of the Company with effect from October 27, 2006.
Oct 21, 12:00 am
Oct 21, 4:14 pm
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