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    PremierLtd. History

    BSE:500540  |  NSE:PREMIERBE  |  IND:Engineering - Others  |  ISIN code:INE342A01018  |  SECT:Engineering

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    The Company History page lists out the major events in chronological order for Premier Ltd.

    Company History - Premier Ltd.
    YEAR EVENTS

    1944 - The company was incorporated on 1944 at Mumbai. The main

    objective of the company is to manufacture passenger cars, trucks

    and bus chassis, industrial/marine engines and air conditioners.



    1956 - Equity `B' shares converted into Equity `A' shares. During the

    period 1950-195, 1,236 shares taken up.



    1959 - 277 shares subscribed for during 1956-59. 7,387 shares were

    allotted in conversion of debentures.



    1960 - During 1959/61, further 1,46,373 debentures converted into

    shares. In February 1960, 1,84,600 Rights shares issued at par

    in the proportion 1:2.



    1962 - Further 6,043 shares issued in conversion of debentures. 271

    shares subscribed for. In April, 1,87,237 Right shares offered

    (prem. Rs. 10 per share; prop. 1:3) Only 47,000 shares were

    allotted by June.



    1963 - During the year, further 12 shares issued in conversion of

    debentures. Further, 1,39,232 shares out of the 1962 issued

    allotted. The shares were fully called-up by 1st February 1964.



    1964 - Further 39 shares allotted during 1963 and 161 shares allotted

    during 1964 out of the 1962 issue.



    1970 - Technical collaboration agreements with North American Rockwell

    Corporation for axle and components manufacture and that with

    Fiat S.P.A., Italy expired on 30th September and 30th June.



    1972 - The collaboration agreement wth Chyrsler Corporation for the

    manufacture of commercial vehicles expired on 31st December.



    1980 - During Government approval was received for foreign collaboration

    and for import of capital goods for improving fuel economy of the

    engine as well as upgrading of Premier Padmini car through

    adoption of Fiat 124 car body on the existing power train.

    Simultaneously, another project was undertaken for modernisation

    (phase-II) and shifting of car assembly plant to Dombivli at an

    estimated cost of Rs. 28.5 crores. Subsequently technical

    documentation for the new model car was received from foreign

    collaborators.



    1981 - 40 Forfeited shares either reissued or forfeiture on them

    annulled. 60,000 shares allotted on conversion of

    loans/debentures. 13,000 shares to IDBI on 18.4.1982; 15,000

    shares to ICICI on 28.4.1982; 13,000 shares to UTI on 28.4.1982;

    6,000 shares to IFCI on 1.5.1982 and 13,000 shares to LIC on

    1.8.1982.



    1983 - During the licensed capacity was augmented from 18,000 to 28,600

    passenger cars per annum.



    1985 - The Company received an endorsement on its license from the

    Government increasing its licensed capacity to 50,000 vehicles.



    - The Company revalued its freehold land, buildings, plant,

    machinery and equipment as on 30th June, and the net surplus of

    Rs. 7,01,125 lakhs was credited to revaluation reserve.



    1986 - In recession in the automotive industry affected the overall

    working of the Company. The situation was aggravated by the

    unfair competition in terms of discriminatory benefits offered

    to passenger car units in the public sector.



    - As a part of its phased manufacturing programme towards

    indigenisation, the Company proposed to implement various

    projects for the manufacture of 118 NE with transmission and FNM

    diesel engine.



    - The Company acquired the facilities including technical

    collaboration agreement with Technolicence Ltd., U.K. from

    Walchandnagar Industries, Ltd., for the manufacture of automotive

    diesel engines of Frateli Negri Machine (FNM), Italy. Padmini

    cars fitted with diesel engines performed well in the test

    trails.



    - Capital reclassified. 80,94,910 bonus equity shares then issued

    in prop. 1:1.



    1987 - On 2nd August, the Company acquired the machine tool division of

    Walchand Industries Ltd., Chinchwad, a unit in collaboration with

    reputed companies of Japan and W. Germany. This Acquisition of

    Machine Tool, well equipped to manufacture a range of machine

    tools including computerised numerical control machines and

    special purpose machines, had been exporting regularly to USA,

    UK, USSR, etc.



    1988 - During Government finally rejected an application made by the

    Company to manufacture `SUNNY' model cars of Nissan of Japan.



    - During August/September, the Company offered 20,00,000-14%

    secured redeemable non-convertible debentures of Rs. 100 each for

    cash at par on rights basis in the proportion 1 debenture: 8

    equity shares. All were taken up.



    - The debentures were to be redeemed at a premium of Rs. 5 per

    debenture in 3 yearly instalments from the expiry of 6 years from

    the date of allotment of debentures.



    - 53,89,940 Right shares issued (Prem. Rs. 7.50 per share) in prop.

    1:32. 2,69,497 shares offered to employees. Additional 8,43,922

    shares allotted to retain oversubscription.



    1989 - The Company's diesel car was supplied on a fairly regular basis

    to the taxi trade during the year.



    - During the Company tied up with AVL of Austria and Power Design

    Intra (PDI) of USA. AVL were to assist in upgrading the Padmini

    engine for better fuel economy, improved rated output of

    horsepower and torque, improved emission control, etc. PDI were

    to assist in improving the aerodynamic features, reduction of

    body weight, increase in safety and comfort of occupants and

    general restyling to enhance the interior and exterior

    aesthetics.



    1990 - Profitability was adversely affected due to increase in excise

    duty, rise in interest burden and devaluation of rupee coupled

    with discrimination of Government between Maruti Udyog Ltd. and

    rest of the automobile manufacturers. During the year,

    production operations at Kural suffered a set back for few days

    due to floods in June 1991.



    - The Company entered into an agreement with M/s. Dorries Scharmann

    GmbH, Germany for the manufacture of CNC Vertical turning centres

    in the machine tools division at Chinchwad near Pune.



    1991 - During the year, the Wadala plant was closed down.



    1992 - During March, the company issued 25,00,000-19% secured redeemable

    non-convertible debentures of Rs. 100 each at par to financial

    institutions on private placement basis. These debentures were

    to be redeemed at a premium of 5% in 3 yearly instalments from

    the expiry of 6 years from the date of allotment of debentures.



    1993 - Company successfully installed diesel engine on the 118 NE car

    and the version was given a new name viz., 1.38 D. The

    synchromesh transmission which has been a common feature of 118

    NE model car, was also introduced on the Padmini Cars.



    - In addition, improved petrol engines developed with technical

    assistance of AVL Austria was introduced in Padmini Cars. The

    machine tool division developed new attachments to the various

    machine tools manufactured such as automatic pallet changes,

    automatic tool changes, rigid tapping attachment, through

    coolant attachment etc.



    - During the Company entered into a joint venture agreement with

    Automobiles Peugeot of France to manufacture their model 309 car

    in India. In due course of time, the equity base of the said

    Company was to be enlarged and name changed to PAL Peugeot Ltd.



    - During the year, the Company entered into a technical

    collaboration agreement with Fiat Auto Spa., Italy for

    manufacture of model UNO Car at the Company's Kurla plant. With

    this in view, the Company envisaged an appreciable rehabilitation

    and modernisation of the existing facilities including the paint

    shop at Kurla Plant.



    1994 - The machine tool division developed CNC gear tooth chamfering

    machine, special CNC turning machine for wheel rim etc.



    - During the machine tool division entered into a technical

    collaboration agreement with Hermann Pfauter of Germany to

    manufacture CNC gear hobbing machine Model PE 250 in the country.

    A team of engineers was deputed to Hermann Pfauter works to

    obtain the knowledge of production techniques, fabrication

    procedure as also inplant training.



    - During October the company issued 33,94,664 warrants at Rs. 52.25

    per warrants to promoters with an option to convert them after 18

    months from date of allotment. The company allotted 33,94,664

    No. of equity shares of Rs. 10 each at a premium of Rs. 42.25 per

    share to promoters on conversion of warrants.



    - PAL Hire Purchase, Ltd. is a wholly owned subsidiary of the

    Company. Kalyan Motors Company Ltd. became a subsidiary of the

    company.



    1995 - Equity shares fully paid-up.



    1996 - UNO cars were launched on 5th January. During the year, the

    Company had to suspend the production of Padmini petrol cars

    pending certain modification to meet the new emission norms

    introduced effect 1st April. Some of the attachments developed

    to the various machine tools manufactured were, pick-up station

    for right angle attachment and 400 mm dia milling cutter on

    horizontal machining centre, ring type autoloader on gear

    shaping machine, state-of-the-art CNC systems like NUM1060,

    Siemens 840C and Fanuc 0 in machining centres and gear hobbing

    machines etc.



    - The operations of the Auto division were adversely affected due

    to the demand recession in the passenger car industry coupled

    with financial difficulties caused by the lock-out at the

    factory.



    - Modifications and improvements were carried out in the power

    train for both Padmini diesel and petrol models to meet

    stringent requirements in central motor vehicles rules (CMVR)

    with regard to exhaust omission, crank case emission and safety

    nors. Synchromesh transmission which is fitted on 118 NE, was

    introduced on both Padmini diesel and petrol models. During the

    year, the machine tools division developed vertical turning

    lathe, special propose gap milling machines, CNC gear hobbing

    machines, CNC gear tooth, rounding chamfering machine and 3 Axes

    CNC gear shaping machines.



    - During machine tool division signed a MOU with Comars, Italy for

    marketing and developing components for their high speed centres

    in India.



    - 3,394,664 shares issued to promoters.



    1997 - To reduce the dependence on imports and to achieve reduction in

    costs, the Company undertook expenditious indigenisation of UNO

    Cars and indigenisation of 55% was expected to be achieved by the

    end of June.



    - During the year, the Company had localised wheels, wheel caps,

    jacks, seats, tyres horns, batteries etc. The Company introduced

    the synchromesh transmission on Premier Padmini Diesel. Also,

    PP137D car with bucket seats were introduced.



    - Company's automobiles business at Kurla was transferred to Ind

    Auto Ltd. as a going concern effective from 29th September.



    - Ind Auto Ltd. is the joint venture company in which Fiat Auto,

    Italy through its Indian subsidiary FIAL holds 51% of the equity

    capital while PAL holds 49%.



    - Another collaboration agreement was entered into with Hermann

    Pfauter of Germany to manufacture CNC gear hobbing machine, model

    PE 250 in India.



    2000 - Premier Auto Electric Ltd (PAE) has acquired from PAL Credit &

    Capital Ltd 2,39,950 No. of equity shares of Rs. 10 each of the

    company, representing 0.92 per cent of the share capital of the

    company. The holding of PAE in the company will be 5.86 per cent

    (15,27,539 shares).



    - PAL has entered into an agreement with a Mitsubishi Motor Group

    company China Motor Corporation of Taiwan - to foray into the

    light multi-utility vehicle (MUV) segment from its now-defunct

    Kalyan facility.



    2001 - PAL has entered into an agreement with China Motor Corporation of Taiwan to

    manufacture a lightweight van called "Varica" in India.



    2005



    -Rolls out of a multi-purpose vehicle late last year, Premier Automobiles Ltd on January 24, 2005



    -Premier Auto rolls out Sigma, Roadstar on Feb 10, 2005



    -Company has changed its name from Premier Automobiles Ltd. to Premier Ltd.



    -Registered Office of the Company has been shifted From Lal Bahadur Shastri Marg,Kurla,Mumbai-400070 To Mumbai Pune Road,Chinchwad,Pune-411019.



    2008



    -Premier Ltd has appointed Mrs. Kavita Khanna as Director.



    2009



    -Premier Ltd launches New Vehicle



    -"Premier launches compact SUV in India"



    2010



    -Premier Ltd has recommended an equity dividend of 27%, i.e. Rs 2.70 per share



    -Mr. Dilip J Thakkar has been appointed as an Additional Director of the Company.



    2011



    -Premier Wins The Fie Foundation Award At IMTEX 2011



    -Inauguration of Premier’s Technology Centre, Bangalore



    2012



    -"Premier and FIAT ink 1.3 litre Multi-jet Diesel Engine Supply Agreement for ‘RIO’"



    2013



    -Premier has entered into an agreement with Horizon Projects Pvt. Ltd., part of the Runwal Group, to develop an Affordable / Middle Income Housing project on 150 acres (out of 218 acres) of its land at Dombivli, Mumbai.



    2014



    -Company has recommended an equity dividend of 30% (Rs. 3.00 per equity share of Rs. 10/- each) for the year ended March 31, 2014.









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