|The Company was incorporated as a Public Limited Company in the State of West Bengal at Calcutta on 6th Arpil, 1990 and obtained the Certificate of Commencement of Business on 20th April, 1990. The main objects of the Company have been fully stated elsewhere in the Prospectus and Memorandum and Articles of Association of the Company. The immediate object of the company is to set up a new Industrial undertaking at Falta Export Processing Zone (FEPZ), a Free Trade Zone, for manufacture of Multi-Cellular Polyurethane (MCP) tubeless cycle tyres. The licensed capacity of the plant is 10,00,000 tyres per annum and the installed capacity is 8,60,000 tyres per annum on two shift basis.
The Company has been promoted by Mr.J P Toshniwal, Mr.M L Kankaria and Mr.C L Sarawgli in collaboration with Poly Air Tires Inc., Canada,a professionally managed company, which is represented on the Board by Mr.Edward R Alsman who has a Master Degree in Administration and Mrs.Charlotte K Alsman who is an Educationalist. PolyAir Tires Inc., was incorporated in Canada in the year 1986. Mr.Edward R Alsman is its principal Promoter. After extensive Research & Development, PolyAir has developed a technology for manufacture of MCP Tyres and is presently operating a pilot plant successfully at Windsor, Canada. They have also
established a wide marketing network in USA, Canada and Europe. Mr.J P Toshniwal is an experienced industrialists. Among the industries promoted by him - Jayshree Enterprises,a Partnership Firm is manufacturing portable generator sets for Indian Railways. Kisan Krishi Yantra Udyog,a Partnership Firm, is manufacturing rice mill, dal mill, oil expellers and agricultural equipments. He is also a Director on the Board of Shree Durga Engineering Works Private Limited, which is engaged in the manufacture of engineering spares for Hindustan Aeronautics Ltd., and Defence. All the three units are running profitabily. The combined turnover of these firms was Rs.264.16 lakhs and Rs.289.91 lakhs during the year 1989-90 and 1990-91 repectively. His other business interests include distributorship of major brands of matches, soaps, paper etc. for the North Bengal region. Mr.M L Kanaria is a qualified Engineer having a decade of experience in Business Management and Marketing. He has served in different managerial capacities in various organisations. Mr.C L Sarawgi is a resourceful Businessman. He has interest in retail and wholesale business of Textile Goods and has rich experience in marketing. He has set-up and is running a prestigious outlet for textile goods in Central Calcutta since 1973. The turnover for the year ended 31.3.1991 was over Rs.60.00 lacs.
-Mr. Ritesh Agarwal has been appointed as the Company Secretary of the Company w.e.f. November 20, 2003. Moreover, henceforth, he will be active as the Compliance Officer also in place of Ms. Shyamali Ghosh.