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. 2019 -Premier Ltd. Shifting of Registered Office of the Company from Mumbai-Pune Road, Chinchwad Chakan Industrial Area at Village Sawardari, Taluka Khed.