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Veejay Lakshmi Engineering Works Ltd. Company History and Annual Growth Details

YEAR EVENTS
1974 - Veejay Lakshmi Engineering Works Limited (hereinafter referred to
as "The Company") was originally incorporated on 26thAugust as a
private limited Company. It became a deemed public limited company
on 1st July 1990. It was subsequently converted into a full fledged
Public Limited company by a special Resolution passed on 25th May 1994.

- Veejay Lakshmi Engg. Works Ltd Works Limited was established to produce
textile machinery particularly twisting machines. The Company acquired from
SITRA the know how to manufacture twisting machines. The technology was
further developed by the company in house.

- The company has acquired a substantial market share in the field of twisting
machines, by indigenously developing the machines with negligible import
content and thus retain its competitive advantage.

- During the early seventies Mr. V J Jayaraman realised the potential for special
purpose Two for One twisting machines in a location like Coimbatore and made
efforts to tie up Foreign collaboration which did not materialise due to the then
prevailing govt, Policy on imports.

1975 - Veejay Lakshmi singned a collaboration agreement with South India Textile
Research Association (SITRA) which has developed a 2 spindle proto
type model of TFO Twister.

1976 - Veejay Lakshmi developed the first commercial model of the indigenous
TFO Twister which was displayed in a fair at SITRA in February.

1981 - During the period from 1976 to 1981, Veejay Lakshmi focused on re designed
the Twister to overcome the teething problems. The efforts were hampered
by the need to design and manufacture almost all the components in house.

- The Company manufactures Twisting machinery comprising of Two For One
Twisters, Baloonless Twisters, Assembly Twisters and Heavy Duty Ring Twisters
suitable for cotton, blends, synthetics, jute, paper, glass, polypropylene fibres
and various applications of fancy and combination twisting of different kinds of
yarn (Combi Twisting) and elasto twisting applications.

- The Company has installed sophisticated imported CNC machine Tools for
machining operations like Turning, Milling, Cutting, Grinding and Sheet Metal
Processing.

1992 - The company will become a deemed public company with effect from
1st July.

- There was a strike in the factory for a period of three months due to dispute
with workers.

1993 - The company has proposed to set up a separate unit at Annur.

- The company has obtained a Letter of Intent for production of 200 Nos. of
Yarn Making Machinery at Annur.

- Tthe company has acquired lands at Annur and the building construction work
has commenced.

- The company has plans for diversification and is exploring the possibility of
setting up a textile mill and a textile processing house.

1994 - The Company has acquired a running textile mill with a capacity of 7696
spindles in Udamalpet.

- The Company also has set up a Textile Process House and the work is nearing
completion.

- The Company has installed 4 wind mills each of 225 KVA capacity totalling 900 KVA
in Kethanur village near Palladam inCoimbatore District.

- The Company diversified into Textile Spinning, Processing and power Generation,
by implementing projects at a cost of over Rs. Ten Crores.

- The Company has entered into an agreement with the Tamilnadu Electricity Board
for supply of the power generated from the wind mill into the grid and draw
equivalent units for the operations of the company.

- The Company set up a second unit for manufacturing twisting machines with a
capacity of 100 Nos. per annum.

- The Company is setting up a Process House at Thekkampatti village in
Mettupalayam for dying/bleaching of yarn with a capacity of 1200 kgs/day.

1995 - The Company have received the ISO 9002 certificate from TUV Germany,
for the Engineering Unit at Sengalipalayam.

- During the year under review, the capacity of the mill at Udamalpet has been
increased from 7696 spindles to 10896 spindles and a major portion of the
machinery has been replaced with new machines.

- The new mill at Mettupalayam will be functioning with a capacity of 15120
spindles during the current year.

- Sri R Leelakrishnan, Director of the Company has resigned from the Board
of Directors.

1996 - The Company had obtained ISO Certification for the Engineering Unit at
Kariampalayam. Now both Engineering units have Certification for the ISO
9001 standard.

- The Company has set up a separate twisting unit in one of the buildings in the
Engineering Unit at Annur.

- A new Company named 'Veejay Savio Lakshmi Machinery Private Limited'
has been formed.

- The Company also has entered into a Collaboration Agreement with M/s OMM di
Mascheroni Riccardo, Italy for manufacture of their Precision Assembly Winding
Machines in India.

1997 - The Company has commenced the building work for the manufacture of Automatic
Cone Winding Machines under the joint venture agreement with M/s. Savio Macchine
Tessili S.p.A. Italy.

- The workers of Textile unit were on strike for 2 1/2 months from October on Bonus
issue and resumed to work on their own.

1999 - The Company has issued bank guarantees to Customs for import of Components
and equipments under specific exemption schemes.

- The Company continues to use the manufacturing facilities of M/s. Kongarar Cotton
& Synthetics Ltd on jobwork basis. The lockout declared in this unit during June '98
was lifted only on March '99.

- Sri. S. Balasundaram, Director of the Company, passed away on 14th February.

2000

-The Coimbatore-based textile machinery manufacturer Veejay Lakshmi Engineering has set up a new plant to step up production of Auto Cone Winding machinery.Â

2014

-Veejay Lakshmi Engineering signed an agreement with M/s. Lakshmi Machine Works Limited for sale of the technical know-how for a new model of Cone winding machine being developed by the Company.

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