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History of Pan Clothing and Consolidated Co Ltd.

The Comp. was incorporated as a Public Limited Comp. in the State of Tamil Nadu on December 11, 1992. The Comp. obtained the certificate of commencement of business on December 30, 1992.

The Comp. took over the business of partnership firm, Pan Clothing & Consolidated Comp. along with the assets of firm & the brand name 'Cassidy's' from its Promoters w.e.f. 1.04.1993. At the time of takeover, the book value of assets of Comp. was Rs.426.67 lakhs, which included fixed assets to the tune of Rs.44.67 lakhs, inventories of Rs.111.61 lakhs & Sundry Debtors of Rs.170.11 lakhs. For the year ending 31.03.1993, prior to the takeover of its business by PCCCL, the partnership firm acheived a turnover of Rs.550.24 lakhs & a net profit of Rs.81.15 lakhs. There was only one partner holding more than 5 % stake in the firm, Mr.Narayan Vyas & he continues to be a shareholder of Public Limited Company, PCCCL, which took over the business of firm. There was no revaluation of assets of firm prior to the takeover of business. The partnership firm has since been dissolved. Subsequent to the takeover, PCCCL owns the brand name 'Cassidy's' & has the exclusive rights for usage of brand.

PCCCL started its commercial operations in April 1993 for manufacture of knitwear & woven garments with an installed capacity of 18,00,000 pieces - knitwear, 1,22,000 pieces of shirts & 40,000 pieces of trousers - woven garments at its factories at T.Nagar, Madras & Tirupur.

The factories are being located in premises which have been leased out by company. The products are being marketed under the brand name 'Cassidy's' since then.

The Comp. is in the business of manufacturing readymade garments including shirts, trousers & garments for children & selling these products in the local retail markets as well as marketing these products for exports. The Comp. buys processed cloth, both woven & knitted, depending upon the requirements of buyers. The Comp. also designs & manufactures the garments.