| YEAR EVENTS
1974 - The Company was Incorporated as a private limited company on 28th
January, and as a public limited company on 22nd August 1975 in
Maharashtra.
- The Company's object is to manufacture tungsten and tungsten
carbide products, drilling rods and drilling bits.
- The chief individual promoters of the company were Mahendra
Sekhri, K.S. Ghotankar, S.J. Ahmed, J.P. Vidwans, and J.K. Khanna
All except J.K. Khanna were actively connected with the tungsten
carbide industry for over 15 years. In addition, SICOM and WMDC
(West Maharashtra Development Corporation) are the co-promoters.
- Issued 1,96,000 share to promoters, directors, etc. 75,000
shares to SICOM and 25,000 shares to (WMDC). 4,44,000 shares
offered to the public in March 1976.
1983 - The market for the products continued to remain sluggish almost
throughout the year due to recession. This coupled with the
normal increase in costs of raw-materials and other costs
resulted in erosion of margins.
1986 - Sales at Rs.568.08 lakhs were lower than the previous year mainly
due to a decline in the sale of marine products.
1988 - Profit margins, however, were under pressure due to hike in raw
material costs.
1989 - 3,550 forfeited shares reissued.
1990 - Though turnover improved by 14%, the profit margins were under
pressure due to substantial drop in production of mining tools
and proportionately higher material costs in respect of bought
out cutting tools, devaluation of Rupee and other measures
adopted to restrict imports that formed substantial part of
company's raw material inputs. Due to R & D efforts, production
of Titanium - Tungsten Carbide, that had hitherto been imported,
was commenced.
- It was decided to increase the range of tungsten carbide products
by taking up the manufacture of indexable tooling system in
technical collaboration with Hertel AG, West Germany.
- It was also proposed to modernise the existing manufacturing
facilities to keep pace with the latest technology changes. The
project for indexable tooling systems was proposed to be located
at Koregaon near Pune.
- The Research and Development unit developed new carbide grades
for steel machining. A project to develop in-house manufacturing
process for the fine grain Tungsten carbide powder and titanium
tungsten carbide powder was under implementation. Furnace
design and other equipment in the powder plant were modified to
improve efficiencies. Remaining trial were carried out to
improve process efficiencies.
- Drillco Hertel Ltd., is a subsidiary of the Company.
1991 - 7,40,000 rights shares offered at par in prop. 1:1. Additional
73,175 shares allotted to retain oversubscription. Another
37,000 shares issued to employees but only 10,400 shares taken up
The balance 26,600 shares allowed to lapse.
1992-99 NO NEWS
2000 - The Company allotment of 6,30,800 No. of equity shares of Rs. 10
at par on preferential basis to the promoters, their friends and
associates.
- SECO Tools AB plans to source some labour intensive products
from its joint venture with Pune-based cutting tool manufacturer,
Drillco.
2014
-Shifting of registered office to 201, Navkar Plaza, Bajaj Road, Vile Parle, Mumbai - 400 056.
-Company has changed its name from Drillco Metal Carbides Ltd to La Tim Metal & Industries Ltd.
2022
-The Company has splits its face value from Rs. 10/- to Rs. 1/-.
2024
-The company issued rights shares of Rs. 1 in the ratio of 1:2 at a premium of Rs. 7.5 per share.
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