Hitech Corporation Ltd
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BSE Code:
526217
NSE Code:
HITECHCORP
Business Profile
Business Profile
Hitech Plast (HPL), incorporated on Oct. 16, 1991, is a provider of packaging solutions in rigid plastic. It has been promoted by Ashwin Dani, who is currently the Vice Chairman and Managing Director of Asian Paints - the largest paint company in South Asia.
The ISO 9001:2000 certified company offers a product range encompassing Bocan and pails for the paint industry, tapered pails, light-weight pails for the lubes and grease industry, hair and skin-care jars, health and hygiene-care flats and containers, and bottles for food and dairy products.
The manufacturing units are located at Pune, Masat (Silvassa), Galonda (Silvassa), Sarigam (Gujarat), Pondicherry, and Sri Perumbudur (Tamil Nadu). The company has established a modern tool room consisting of CNC lathes and milling machines for mold maintenance as well as for making new molds. It has technical collaboration with Flamegrace (UK) to manufacture their patented range of cylindrical thin-walled plastic containers and CHT Design Services, Australia, to manufacture their patented designs for lube customers. The client list of company includes Hindustan Levers, Procter and Gamble, Asian Paints, Hindustan Petroleum, ICI, JL Morrison and others.
Clear Plastics, a subsidiary caters to the packaging requirements of FMCG companies through the manufacture and sale of extrusion blow-molded products. It has its manufacturing units at Naroli (Silvassa), Sarigam (Gujarat), and Baddi (Himachal Pradesh). It FY07, the company acquired 60% of the paid-up equity share capital of Mipak Polymers, which thus became a subsidiary. It manufactures products using injection stretch blow molding and extrusion blow molding technology catering to the pesticide industry and a host of major FMCG customers.
The registered office is located at C-130, Solaris Building No 1, Opposite L&T Gate No 6. Powai, Mumbai-400072.
Financials
Hitech Plast registered a 51.12% growth in net profit to Rs 19.51 million for the quarter ended December 2007 from a profit of Rs 12.91 million for the quarter ended December 2006.
Net sales rose 23.12% to Rs 264.73 million for the quarter ended December 2007 from Rs 215.01 million for the quarter ended December 2006.
Total income rose 24.14% to Rs 267.76 million for the quarter ended December 2007 from Rs 215.69 million for the quarter ended December 2006.
The earnings per share (EPS) of the company stood at Rs 1.48 for the quarter ended December 2007.
Recent Developments
01-APR-08
On Mar. 26, 2008, the shareholders of Clear Plastics, a wholly owned subsidiary of the company, passed a resolution for the issue and allotment of 664,000 equity shares of Rs 10 each to Geetanjali Trading and Investments on private placement basis. Pursuant to the resolution, the board of directors on Mar. 29, 2008 issued and allotted 664,000 equity shares of Rs 10 each to Geetanjali Trading and Investments. The shareholding of the company in Clear Plastics thus stands reduced from the earlier 100% to 60%. Accordingly, it ceased to be a wholly-owned subsidiary of the company.