History of Premier Ltd.
YEAR EVENTS 1944 - The Comp. was incorporated on 1944 at Mumbai. The main objective of Comp. is to manufacture passenger cars, trucks & bus chassis, industrial/marine engines & 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. 1:3s] 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 1962 issued allotted. The shares were fully called-up by 1st February 1964.
1964 - Further 39 shares allotted during 1963 & 161 shares allotted during 1964 out of 1962 issue.
1970 - Technical collaboration agreements with North American Rockwell Corporation for axle & components manufacture & that with Fiat S.P.A., Italy expired on 30th September & 30th June.
1972 - The collaboration agreement wth Chyrsler Corporation for manufacture of commercial vehicles expired on 31st December.
1980 - During Government approval was received for foreign collaboration & 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-IIs] & shifting of car assembly plant to Dombivli at an estimated cost of Rs. 28.5 crores. Subsequently technical documentation for 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 & 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 Comp. received an endorsement on its license from the Government increasing its licensed capacity to 50,000 vehicles.
- The Comp. revalued its freehold land, buildings, plant, machinery & equipment as on 30th June, & 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 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 Comp. proposed to implement various projects for manufacture of 118 NE with transmission & FNM diesel engine.
- The Comp. acquired the facilities including technical collaboration agreement with Technolicence Ltd., U.K. from Walchandnagar Industries, Ltd., for manufacture of automotive diesel engines of Frateli Negri Machine [FNMs], 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 Comp. acquired the machine tool division of Walchand Industries Ltd., Chinchwad, a unit in collaboration with reputed companies of Japan & 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 Comp. to manufacture `SUNNY' model cars of Nissan of Japan.
- During August/September, the Comp. 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 shares] in prop. 1:32. 2,69,497 shares offered to employees. Additional 8,43,922 shares allotted to retain oversubscription. 1989 - The Company diesel car was supplied on a fairly regular basis to the taxi trade during the year.
- During the Comp. tied up with AVL of Austria & Power Design Intra [PDIs] of USA. AVL were to assist in upgrading the Padmini engine for better fuel economy, improved rated output of horsepower & torque, improved emission control, etc. PDI were to assist in improving the aerodynamic features, reduction of body weight, increase in safety & comfort of occupants and general restyling to enhance the interior & exterior aesthetics.
1990 - Profitability was adversely affected due to increase in excise duty, rise in interest burden & devaluation of rupee coupled with discrimination of Government between Maruti Udyog limited and rest of automobile manufacturers. During the year, production operations at Kural suffered a set back for few days due to floods in June 1991.
- The Comp. entered into an agreement with M/s. Dorries Scharmann GmbH, Germany for 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 Comp. 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 - Comp. successfully installed diesel engine on the 118 NE car & 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 Comp. 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 said Comp. was to be enlarged & name changed to PAL Peugeot Ltd.
- During the year, the Comp. entered into a technical collaboration agreement with Fiat Auto Spa., Italy for manufacture of model UNO Car at the Company Kurla plant. With this in view, the Comp. envisaged an appreciable rehabilitation & modernisation of 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 Comp. 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 Comp. 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, limited is a wholly owned subsidiary of the Company. Kalyan Motors Comp. limited became a subsidiary of the company.
1995 - Equity shares fully paid-up.
1996 - UNO cars were launched on 5th January. During the year, the Comp. had to suspend the production of Padmini petrol cars pending certain modification to meet the new emission norms introduced effect 1st April. Some of attachments developed to the various machine tools manufactured were, pick-up station for right angle attachment & 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 & Fanuc 0 in machining centres & gear hobbing machines etc.
- The operations of Auto division were adversely affected due to the demand recession in the passenger car industry coupled with financial difficulties caused by lock-out at the factory.
- Modifications & improvements were carried out in the power train for both Padmini diesel & petrol models to meet stringent requirements in central motor vehicles rules [CMVRs] with regard to exhaust omission, crank case emission & safety nors. Synchromesh transmission which is fitted on 118 NE, was introduced on both Padmini diesel & 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 & 3 Axes CNC gear shaping machines.
- During machine tool division signed a MOU with Comars, Italy for marketing & developing components for their high speed centres in India.
- 3,394,664 shares issued to promoters.
1997 - To reduce the dependence on imports & to achieve reduction in costs, the Comp. undertook expenditious indigenisation of UNO Cars & indigenisation of 55% was expected to be achieved by the end of June.
- During the year, the Comp. had localised wheels, wheel caps, jacks, seats, tyres horns, batteries etc. The Comp. introduced the synchromesh transmission on Premier Padmini Diesel. Also, PP137D car with bucket seats were introduced.
- Company automobiles business at Kurla was transferred to Ind Auto limited as a going concern effective from 29th September.
- Ind Auto limited is the joint venture Comp. in which Fiat Auto, Italy through its Indian subsidiary FIAL holds 51% of 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 [PAEs] 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 share capital of the company. The holding of PAE in the Comp. will be 5.86 per cent [15,27,539 sharess].
- PAL has entered into an agreement with a Mitsubishi Motor Group Comp. China Motor Corporation of Taiwan - to foray into the light multi-utility vehicle [MUVs] 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 multi-purpose vehicle late last year, Premier Automobiles Ltd on January 24, 2005
-Premier Auto rolls out Sigma, Roadstar on Feb 10, 2005
2008
-Premier Ltd has appointed Mrs. Kavita Khanna as Director.
