Tirupati Innovar Share price

Tirupati Tyres Limited (hereinafter referred to as "theCompany") was incorporated as a Private Limited Companyunder the Companies Act 1956 on 3rd May 1988 in the nameand style of Tirupati Tyres Private Limited andsubsequently convened into Public Limited Company u/s 31 ofthe Companies Act 1956 w.e.f. 2nd Jan 1995 vide ordersdated 7th Feb 1995 of Registrar of Companies PunjabHimachal Pradesh and Chandigarh at Jalandhar and was renamedas Tirupati Tyres Ltd.The company was promoted by Shri Manoj Kumar Poddar alongwith his associates in the year 1988. The company wasinitially dormant till 1990. The Company setup its originalplant initially for manufacturing of 5000 tyres per day ata total cost of Rs. 143.87 Lacs which was funded by a termLoan of 90 Lacs from Punjab Financial Corporation ShareCapital of 34 Lacs introduced by the promoters LTD''s of8.5 Lacs and DG Set subsidy of Rs. 0.50 Lacs against Rs.133 Lacs as appraised by Punjab Financial Corporationresulting into the cost overrun of Rs. 10.87 Lacs which wasfunded by way of medium term loan of Rs. 5 Lacs from StateBank of India and balance out of the short term resourcesthe project was originally scheduled to start its commercialproduction from November 1991 however due to delay insanction of loan and disbursement of the same the projectcould commence commercial production only in June ''93.Encouraged by the demand of their products companygradually expanded it''s capacity to the present 15000 tyresper day by installing balancing equipments within theexisting set up and infrastructure. The said expansion wasfunded out of the internal accruals of the company from timeto time. The products of the company are well accepted inthe market under the name of "SHIV" tyres. However thename SHIV is not registered in the name of the company. Thecompany is the OE supplier to Road Master Industries (RMI)and AVON. They have also entered into an agreement withDunlop India Limited for the supply of tyres for which thecompany is in the process of enhancing their existingcapacity from the present capacity of 15000 tyres per day to30000 tyres per day. The company is presently working at70% capacity utilisation in the financial year 1995-96 andproposes to increase its capacity to fulfill the additionaldemand created out of the exploration of new customers likeDunlop India Ltd. and other local buyers.SUBSIDIARY CONCERNSThe Company has no subsidiary companies.