Friday, August 3, 2012

Company History - LML Ltd. - Economic Times


1972 - The Company was Incorporated on 1st May, at Kanpur. The Company manufacture finished leather and processing of synthetic yarn.
1975 - The Company undertook the manufacture of highly sophisticated machinery required for man-made fibre industry like crimping machines, draw texturising machines, assembly twisting machinery, uptwisting machine, tow to top conversion equipment, screen printing carriages, etc.

1977 - All shares allotted to promoters, directors etc.

1979 - Allotted 54,000 No. of Equity shares to directors and 47,450 No. of Equity to SIT on 30.7.1979. 49,750 No. of Equity shares allotted otherwise. 48,800 No. of Equity shares allotted to Goldrock Investments, Ltd. 4,60,000 Bonus Equity shares then issued in prop. 4:5 on 3.10.1979.

1980 - Allotted 54,000 No. of Equity shares to directors and 47,450 No. of Equity to SIT on 30.7.1979. 49,750 No. of Equity shares allotted otherwise. 48,800 No. of Equity shares allotted to Goldrock Investments, Ltd. 4,60,000 Bonus Equity shares then issued in prop. 4:5 on 3.10.1979.

1981 - Suryodaya Investment & Trading Co. Ltd., offered out of its holding certain number of equity shares as rights at par to the existing shareholders, who were holding upto 50 No. of equity shares in the following manner: (i) 8 No. of equity shares for every 25 No. of equity shares held and (ii) 5 No. of equity shares for shareholders holding 26 to 50 No. of equity shares.

1982 - (15 months) the Company installed one magnetic crimping machine which increased the production capacity of the yarn processing unit to 3 tonnes per day. A rapid dyeing plant was also installed to increase the production of texturised dyed yarn.

- The Twister Machines Division was started for manufacture of twisting machines such as two-for-one uptwister, assembly twister, etc., in collaboration with Verdol SA, France, Lezzeni Mario, Italy, etc.

- The Company issued 2,82,500-13.5% secured convertible debentures of Rs 200 each during September. Rs 70 out of each debenture was converted into 7 No. of equity shares of Rs 10 each at par at in November 1983. The balance Rs 130 per debenture was to be redeemed as follows: (i) Rs 50 at the expiry of 7th year; (ii) Rs 40 at the expiry of 8th year and (iii) Rs 40 at the expiry of 9th year.

- The Company issued 8,00,000 - 13.5% partially convertible debentures of Rs 125 each to meet part of the cost of VESPA XE scooter project. A portion of Rs 10 of each debenture was converted into one equity share of Rs 10 each at par on the expiry of 6 months from the date of allotment. The residual amount of Rs 115 each was to be redeemed in three instalments of Rs 40, Rs 40 and Rs 35 on 4th August of 1991, 1992 and 1993.

1983 - The Engineering Division fabricated and supplied a part of plant and machinery required for Nylon-6 chips project.

- The Company received industrial licences to manufacture 10 Nos. draw winders and 400 Nos. spinning frames per annum. DGTD registration was received to manufacture 30 Nos. metal cutting including grinding machines and special purpose machines per annum. Spinning and take-up equipment was also added in the licence to manufacture tow to top conversion equipments. The Company initiated effective steps for the implementation of these projects.

- The Company received letters of intent to manufacture additional 2,00,000 scooters as well as 50,000 three-wheelers per annum. Government's approval was received for technical collaboration with Piaggio & C.S.P.A., Italy for the manufacture of three-wheelers.
- 19,77,500 No. of Equity shares allotted in conversion of debentures. 19,95,000 No. of equity shares allotted as Rights (Prop. 21:12; prem. Rs 2.50 per share).

1984 - To implement the licences, a new company was incorporated under the name and style of Vespa Car Company Limited during the year. This new company is a sub-licencee, for the scooters and a large number of components were to be supplied to the new company by the company.
- 20,91,018 No. of Equity shares issued in conversion of debentures of I and II series.

1985 - The Company offered 9,09,090 - 13.5% partly convertible debentures of Rs 110 each to the equity shareholders of the Company on a right basis in the proportion of 2 debentures: 25 equity.

- A portion of Rs 10 of each debenture was convertible into one equity share of Rs 10 each at par on the expiry of 6 months from the date of allotment. 2,27,272 additional debentures were allotted to retain over-subscription. The residual amount of Rs 100 was to be redeemed in three instalments of Rs 35, Rs 35 and Rs 30 on 31st October of 1992, 1993 and 1994.

- Preference shares redeemed. 73,020 shares allotted on extinguishment of debs. of series I. 11,72,578 shares issued at par in conversion of III & III series debs. Another 37,000 shares issued. 40,00,000 Rights shares issued (prem. Rs 80 per share; prop. 7:16).

1986 - The Company introduced LML models name LML Vespa, NV3, Alfa, T5 & 4W. To restructure the Company's activities of Scooter and Synthetic yarn manufacturing, the undertakings of the Fibre division was transferred to one of the wholly owned subsidiary' companies, viz. LML Fibres, Ltd. with effect from close of business on 31st July, 1987.
- Preference shares redeemed. 73,020 shares allotted on extinguishment of debs. of series I. 11,72,578 shares issued at par in conversion of III & III series debs. Another 37,000 shares issued. 40,00,000 Rights shares issued (prem. Rs 80 per share; prop. 7:16).

1987 - The Name of the Company was changed from Lohia Machines, Ltd. to LML Ltd. with effect from 6th May.
1988 - The Company proposed to implement the scheme of Indeginisation to bring about cost reduction.

- 75,00,000 Rights shares issued at par in prop. 5:9. Only 30,08,740 shares taken up.

1989 - The Company's joint venture agreement with Piaggio V.E., SPA, Italy for participation in the Company's equity and in the management reached its final stage of settlement during the year.
- LML Fibres, Ltd. Prakti Synthetics, Ltd., and Anurag Synthetics Ltd. are subsidiaries of the Company. During 1990-91 LML Fibres, Ltd. and Prakti Synthetics, Ltd. ceased to be subsidiaries of the Company.

- A detailed proposal for revival and organisational/financial restructuring of the Company, its subsidiaries and its sister concern Vespa Car Co. Ltd. was submitted to financial institutions/banks.

1990 - The Company's operations were affected by the political instability, foreign exchange crisis and severe credit squeeze.

- Unsubscribed portion of the Rights issued allotted in 1989/90 and 1990/91 (9,17,121 shares to foreign collaborators and 35,74,139 Shares to promoters etc.). Another 74,11,700 shares allotted at par to collaborators.

- LML Fibres Ltd. and Prakti Synthetics Ltd. ceased to be subsidiaries of the Company.

1991 - The working results were adversely affected mainly due to the recession that prevailed in the automobile industry.

- 76,600 Shares allotted at par to foreign collaborators. In March 100,80,000 shares offered at par as follows: (96,00,000 shares as Rights in prop. 1:3 (all taken up) and (ii) 4,80,000 shares to the employees of the Company (only 1,46,153 shares taken up). 3,33,847 shares not taken up by employees allowed to lapse. 31,62,000 shares allotted at par to financial institutions upon conversion of lonas on 23.3.1992. (6,50,300 shares to IFCI; 15,04,700 shares to IDBI; 6,50,000 shares to ICICI and 3,56,700 shares to IRBI).

1992 - The Company introduced during September a new range of highly fuel efficient scooters.
1993 - The Company launched a diversification-cum-expansion project involving a capital expenditure of Rs 204 crores as appraised by IFCI, which will be funded by term loans from Banks and Financial Institutions, lease finance, increase in share capital through public and Rights issue and internal accruals.

1994 - The Company undertook an expansion project to increase the capacity to 6,00,000 vehicles per annum as well as diversification of the product range.
- The name of the subsidiary has been changed from Anurag Synthetics Ltd. to ASL Ltd. ASL Ltd. ceased to be a subsidiary of the Company with effect from 27.09.1997.

- 3,30,847 No. of Equity shares was cancelled by the Board.

- The Company has launched the Diversification-cum-Expansion project involving a capital expenditure of Rs. 204 crores as appraised by IFCI.

- The Company's Research and Development Wing is also adapting and absorbing the technology under transfer from its Collaborators.

1995 - Two new models of scooters - SUPREMO and STAR were introduced in the upper and middle price segments and well accepted in the market.

- The Company has entered into a new Joint Venture arrangement and executed several agreements, alongwith Piaggio and Indian Promoters.

- The Company proposes to make a Rights/Warrants issue, term loans from Financial Institutions and Banks, internal accruals, leasing etc.

1996 - The Company launched 125 cc scooter `Sensation' during the year.

- During the year under review, with the completion of the first phase of expansion, the Company has achieved increase in its production capacity from 200000 units to 300000 per annum.

- The Company has entered into Several Licence Agreements with Piaggio of Italy for import of technology and know-how to manufacture new models of Scooters and other two wheelers in different segments.

1997 - LML manufactures only scooters but has access to collaborator Piaggio's technology.

- LML Limited has launched its latest model - Star, the fuel efficient, 150 cc two stroke engine which boasts of several unique features for the first time in the Indian scooter industry.

- LML and Asian Paints are set to enter into a joint venture to introduce a pay-by-scooter concept.

- LML was formed in joint venture between the Kanpur-based Singhanias and the Italian Scooter giant Piaggio.

- LML has entered into a buy-back agreement with Piaggio to manufacture two-wheeler engines of various capacities for the Italian firm.

- LML Ltd, the second largest scooter manufacturer in the country with more than 30 per cent market share, has decided to advance the launch of its motorcycles from 1999 to the last quarter of 1998.

1998 - LML Ltd has set up the first of its six planned service training centres outside Kanpur at Noida near Delhi.

- LML launched a unique facility, Tollfree helpline, for customers in Delhi offering assistance and information on its top of the line scooter Supremo 98.

- The company has set up additional lines for enhancing capacity and introducing new models.

- The company is set to double its capacity to 8,00,000 numbers by 2000 AD.

- The company had set up a new electric starter plant in Kanpur as the company intends to make electric start a standard feature of all new vehicles, including the four motor cycles.

- The Kanpur-based LML Ltd is sewing up a comprehensive agreement with its Italian joint venture partner, Piaggio, to ensure that the latter buys back a specified amount of components, CKD kits or complete two-wheelers manufactured in India.

- LML Ltd has launched scooterette `Trendy', the first from the stable of the Singhanias without support from their Italian joint venture partner Piaggio.

- Piaggio established its presence in the Indian two-wheeler market, in its collaboration with LML, by bringing in a number of models of its famous brand of scooters.

1999 - Leading two-wheeler manufacturing LML will launch its first 60 cc scooterette Trendy in the Delhi.

- LML Ltd, Carrier Aircon and Vesuvius India Ltd -- have failed to sign up with the depository on time to enable their institutional shareholders to dematerialise the shares of the companies.

- Italian scooter-maker Piaggio has decided to exit from its joint venture LML Ltd.

- Italian auto manufacturer Piaggio & CSPA is contemplating setting up a fully-owned subsidiary in India to manufacture the entire range of two-wheeler vehicles, ranging from mopeds to motorbikes, in addition to its recently launched big scooter X-9.

- The 100-cc model proposed to be launched by LML is akin to Kinetic Honda scooter.

- LML has already entered into a collaboration with Daelim of Korea for motorcycles.

- The Company launched new two wheelers, and has recently introduced "Xpress 5" engine (which is based on reed valve induction technology), on its 150 cc scooters.

- The Company undertook implementation of `JUST IN TIME' (JIT) system of inventory management.

- Piaggio has also issued a letter to the Company purporting to terminate the Joint Venture Agreement and various other agreements, to which Company is a party.

2000 - Castrol India, subsidiary of the lubricant major Burmah Castrol Plc, has entered into strategic alliances with leading Indian automobile companies like Telco and LML Ltd to introduce its customised products.

- ICRA has assigned `A1' rating to the company's commercial papers for Rs. 10 crores.

- The Company is to hive off the IT department of the company including Computer Design Aided activities to its subsidiary/corporate body.

- The Company has proposed a preferential issue to the Indian promoters and/or their nominees at Rs 40 per share. 22.17 lakh shares shall be issued to the Indian promoters, which will increase their stake in the company from 47.21 per cent to 49.89 per cent.

- Two wheeler major LML has chalked out a major organisational revamp entailing the "transfer" of its information technology division in order to "emerge as a flatter organisation" through manpower rationalisation.

- The Company has moved towards launching mobikes. To test market the new products, Adreno 100 cc and Energy 100 cc, LML has placed a dozen of them in the Kanpur market and will be introducing two other models this fiscal.

- LML Ltd is tying up with a Chinese two-wheeler manufacturer to make scooterretes an step-thrus.

- The Company besides its existing tie-up with Daelim of South Korea for two-wheelers, is looking at forging technical alliances with two other companies.

- The Board of Directors has allotted 22,16,067 equity shares of Rs.10 each at a premium of Rs.30 per share to the Indian promoters and their nominees on preferential basis. The paid up equity share capital of the company has increased from Rs.4143.95 lakhs to Rs.4365.56 lakhs.

- The Company's 132-KV main power station has been recommissioned. The power station had tripped and suffered damage on August 30.

2001 - The Company's 4-stroke motorbikes `Adreno' and `Energy' have been launched all over ndia during January, 2001.


-Appointed Mr siromani Sharma as the Additional Director on the board of the company.

-Releases a new version of 110 cc mobike price tagged at Rs.30,000 named 'Freedom'.
-Board decides to voluntarily delist the equity shares from Delhi Stock Exchange.

-Appoints Mr Dasu Govind Prasad as the Nominee Director of Export-Import bank of India.

-Purchases 50000 equity shares of Rs.10 each at par of its subsidiary company Perfect Polycons Ltd.


-Board approves the cessation of Perfect Polycons as its subsidiary.


-Equity shares of the company delisted from Ahmedabad Stock Exchange (ASE) w.e.f. January 16, 2004

-Lml Ltd. has informed that pursuant to the application of the Company for voluntary delisting of its equity shares from Delhi Stock Exchange Assn. Ltd. (DSE), the DSE has vide letter dated January 20, 2004 confirmed, the delisting of equity shares of the company from its Exchange wef January 23, 2004.

- LML launched two motorcycles and one variant in three different segments to boost sales and diversify product portfolio.

- Ropes in Sharukh Khan as brand ambassador


-LML ancillary rolls out 3 wheeler as SA


- LML Ltd has informed that Board for Industrial & Financial Reconstruction (BIFR) under the provisions of Sick Industrial Companies (Special Provisions) Act, 1985, has appointed Mr. K K Shangloo as Special Director on the Board of the Company with immediate effect.

Wednesday, August 1, 2012

LML launches new Select scooter in Goa

LML, a brand known for the famous Vespa scooters is on its road to recovery. After facing a lock-out in 2005-06 the company again started its operation in 2010. LML fist launched the products only in North Indian and has now spread its wings where there is demand for the LML Scooters. One such market is Goa which has a good fan following.
LML first launched the NV in the 2-stroke and 4-storke engine options followed by the NVLS a more lifestyle scooter variant of the NV.
The company recently launched the Select scooter in Goa. The Select basically gets the same 4-stroke engine which also powers the NV.
The Select is priced at Rs. 53,875 ex-showroom Goa and Rs. 59,300 on-road.
Select Speculations
Power6.5 kw @ 6,250
Torque11.3 Nm @ 4,250
Transmission4- speed, manual
BrakesDrum with expanding shoe
Fuel tank capacity5.5 litres
The Select is expected to give a mileage of 80kmpl plus. There is nothing much changed when we compare it to the older Select which was quite a popular model.
The cosmetic changes include:
  • Clear lens headlight
  • White turn indicators with Orange bulb
  • Metallic paint
  • New design Instrument console

Tuesday, July 31, 2012

Sunday, July 29, 2012


LML NV Scooters. 150cc engine in 2 stroke & 4 stroke technology. Metal body. Stunning new colors.

Monsoon Scooter Rally 2012 at Navi Mumbai - TOI News




There were 39 daredevil dirt riders, but a few could complete the challenging task on the terrain course of the scooter rally held recently amidst heavy rains that lashed the city. The torrential rains that the city experienced over the last few days made the riding on the gravel-laden, winding course dicey. Virtually almost all the riders took a tumble or two and some even damaged their scooters due to lesser visibility of the course which was affected by knee-deep water-logging patches all through the densely forest at the foothill of Targhar village near Uran.

Many riders had to literally push and drag their scooters stuck in the slushy terrain to avoid penalty timing. But it was an amazing experience for motor sports lovers of the city who explored all possibilities to have a glimpse of the spectacular adventure held once a year in the backwoods of Navi Mumbai. Kharghar rider E S Shekharan was the medal hopeful but he disappointed the home crowd that made their presence felt all along the competition track.In the main competitive course, former champion and Mumbai resident Rustom Patel overcame unyielding conditions and a strong field to emerge triumphant in the 23rd Gulf Monsoon Scooter Rally, organised by Sportscraft. Rustom came up trump with judicious riding over the dirt tracts of Navi Mumbai to win the gruelling 35 km race with a penalty of 29 minutes and 54 seconds.
“I retained this title after several seasons of arduous struggle with consistent training. This was the most cherished moment after winning the show for yet another time which gave me an impetus to stay in the field when the race is going bigger and better every edition with new rides coming in to participate,” said champion Rustom.
While new entrant Muzzafar Ali from Bhopal who participated for the first time came in creditable second with a penalty of 30 minutes and 15 seconds, Chembur lad Kunal Rao had to settle for third position with a penalty of 33 minutes and 07 seconds. Defending champion and Mulund rider Avtar Singh failed to match the speed of medal winners this time due to a few falls along the course.
The show was kicked off from Parel after which the riders rode to the eastern side of the city for competition along the backwoods of Vashi, Targhar, Bombay Pada and Vovale.
The riders had to exercise extreme caution while negotiating the steep inclines and hairpin bends along the entire course of 35 km. It was also difficult riding through water logged areas but almost all riders went through the exercise rather efficiently.
Rustom Patel was also first in his class in the 110 to 160 cc class (4 stroke) while Muzaffar Ali and Nikunj Gala were second and third respectively in the same class. While four-time champion and Mulund resident Manjit Singh topped in the 111cc to 160 cc class (2 strokes), followed by Chinmay Bisht and Freddy Elavia on second and third position respectively. In the 80cc to 110cc class( 2 stroke), Kunal Rao lead the pack from the front, Ashish Nair was second while Sashank Shewale was third.

Thursday, May 17, 2012

The Vespa Mailer...

Vespa - Fashion Unchanged.jpg

Saturday, May 5, 2012

Fashion buzz - Vespa Comeback.....

Fashion buzz:

Kyle Pereira / Mumbai May 05, 2012, 00:34 IST

Ads by Google
The Vespa has arrived : The emblem of fashion and lifestyle now available in India. Book now!
Haute couture on two wheels? Kyle Pereira rides the new Vespa.
Oh, so cute!” the young lady squealed. Her attention was certainly not directed at me, for sure, but at the bright yellow Vespa I was standing next to. There were many more like her, who were instantly taken in by the little scooter wherever we took it. Called the LX 125 the world over, it is known simply as the Vespa here in India. Importantly, it heralds Italian manufacturer Piaggio’s re-entry into the ever growing two-wheeler market in the country. And no, the Vespa isn’t intended as a competitor to the very popular Honda Activa and Suzuki Access, but is being pitched by Piaggio as a lifestyle product.

And why not? Like the Beetle, the Mini and the Fiat 500, the Vespa too went from being a mere machine to a worldwide cult, soon becoming a fashion icon. It was a part of popular culture and inevitably attained star status too, having acted in over 150 films. But Vespa is closer to us Indians than far-flung Hollywood. The brand has been a part of this country right from the 1960s, when the scooters were manufactured in collaboration with Bajaj. The partnership dissolved in 1971, but this was not the end of the road for Vespa. In 1983, Piaggio and LML tied up to produce the scooters. However, in 1999, LML bought over Piaggio's stake and the collaboration came to an end.
As you’re reading this, brightly coloured Vespas are rolling off a newly inaugurated plant in Baramati, about 100 km from Pune. At Rs 66,661 (ex-showroom Maharashtra), Piaggio is positioning this example of alto moda on two wheels at a premium.
But this is no handbag. It’s a scooter and, as with scooters, its true calling is the road. Twist that rather bling throttle grip, and the 126cc, 9.9-bhp motor gets to work with a buzzy sound, hauling its light body, and rider, forward. It’s not frantic, but the greenery around seems to pass by quicker till about 70 kmph. Beyond that, the little Vespa begins to run out of breath.
Also breathtaking is the Vespa’s styling, especially, as mentioned before, to women. This Piaggio is nifty looking, with lines that show more than a passing resemblance to the Vespas of yore — a contoured and stubby front end leading to a rather curvaceous rear, but now more pronounced, with a crease line that defines the flanks. However, what mars the package is the prominent panel gaps that are inconsistent while certain plastic sections are still rough around the edges.
The chrome bits, sprinkled liberally all over, lend a nice, premium air to it. Small things like the smart-looking levers, the shiny kick lever, the rubber footboard strips and the Vespa badge on the lights prove that the devil is in the details. Underseat space is limited to just about enough for a single helmet, but the new-age, full face lids won’t fit.
To a bloke, however, it might seem a bit out of place to admit that the yellow (of course, there are other colours available) Vespa does something for him. It’s one of those things, I guess; petite Vespas in bright colours might be great fun to ride, but you don’t really want your buddy catching you on one.
There’s no doubt, however, about how well the Vespa will change direction at your whim. The monocoque frame helps, without question, and the 125 flicks this way and that with an air of ease that will surprise most scooterists accustomed to the usual lumpy riding dynamics of their steeds. I was having so much fun on this agile scooter that the only limiting factor that prevented the Vespa from dipping deeper into corners was the lack of grip from the Nylogrip tyres. These hoops are adequate on dry surfaces, but get a little skittish in the wet.
Another facet of the Vespa that will go a long way in keeping life cheerful is the scooter’s ride quality. Despite sporting an old school trailing link-type suspension at the front, the 125 will go over really bad potholes and you still won’t stir from your Roman Holiday state of mind; a weird grin plastered across your face as you roll down the road, with your make-believe Audrey Hepburn riding pillion.
That Hepburn lady would have to like you plenty, as she would have to sit awfully close to you, because of the limited pillion seat length. The rider’s pad is fine, more than ample actually. Although the breadth of the Vespa’s saddle is expansive, the pillion needs to stick really close to the rider in order to fit in. Audrey’s more than welcome then, but my colleague Aneesh? Not really!
Another grouse is the deadpan feel of the front brake. As if contending with a low tech drum brake isn’t enough, the wooden feel of the thing doesn’t help matters. Apart from being numb, the stopper really doesn’t do much stopping — pull in the lever with all your might and it still won’t cut speed quickly enough. A slightly longer brake arm should increase leverage enough to keep things from getting scary. Perhaps a softer brake lining material might slow down things more effectively. Or both! The rear brake makes up for the front, with its progressive functioning and good bite to leave behind a dark rubber line on the concrete.
On the whole, I’m certain that the Vespa will find favour with the glitterati, but as a working scooter, I’m not too sure it entirely fits the bill. Besides, the thing is too pretty to park anywhere other than outside a swanky spa or coffee shop. So you better dress up if you’re heading out on one — might as well earn some compliments for yourself.
Like many other great automotive ideas, the Vespa was the fruit of a determined effort to overcome severe adversity. After World War II, Italy was trying to pick up the pieces the years of fighting had left behind. During the war, Piaggio manufactured aircraft but with the cessation of hostilities, nobody needed military planes any more. Enrico Piaggio then thought of putting his Pontedera aircraft manufacturing plant to use in the production of cheap and reliable transportation for the Italian market.
Corradino D’Ascanio, an aeronautical engineer, was entrusted with the task. D'Ascanio disliked motorcycles. He thought of them as temperamental machines that loved to dirty the clothes of their riders. His machine had to be everything a motorcycle of the time wasn’t. It had to offer decent weather protection, keep road muck off the rider and be easy for both men and women to ride. The resultant prototype was called the MP6. Piaggio was thrilled and remarked that the MP6 resembled a Vespa, the Italian word for ‘wasp’. And so the iconic Vespa was born.

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