|The company was incorporated as a public limited company on the 4th January 1995. Its present authorised capital stands at Rs.650 lacs. The company is promoted by Mr.Surendra Bhandari, his associates and members of his family, and B.I.Holdings (Bangalore) Private Limited. an investment company promoted by Mr.Surendra Bhandari. The company has
filed with the Secretariat of Industrial Approvals (SIA) the Industrial Entrepreneur's Memorandum vide letter dated the 14th September 1995 for the manufacture of drills and taps and has received the acknowledgement (No. 5588/SIA/IMO/95 dated 10-11-1995).
The company had initially decided to locate the project in Gummidipoondi in Tamilnadu and has acquired land admeasuring 2.50 acres in the SIPCOT Industrial Complex at Gummidipoondi on lease. The company subsequently decided to alter the project concept and to locate the same at Peenya
Industrial Area where the promoters already have an existing base. The project can be segregated into two distinct components: (a) to take on lease the assets of an existing profit-making two decades old proprietory concern of Mr.Surendra Bhandari named Hindustan Tools Corporation as a going concern, and (b) to expand installed capacity
and establish facilities to diversify the product range on its own account.
Lease arrangement between the Company and Hindustan Tools Corporation
Hindustan Tools Corporation was established in 1971 as a proprietory concern of Mr.Surendra Bhandari to manufacture a range of drills and has, over the years. established the brand name HITTCO in the domestic markets. The firm has a good track record of performance and growth. and details in this regard are given elsewhere in this Prospectus. The
lease arrangement between the company and Hindustan Tools Corporation has been made effective from the 15th September 1995 and will be in force for a period of twentyfive years. In terms of the arrangement, the company has acquired the entire assets of Hindustan Tools Corporation, other than sundry debtors and sundry creditors, on a lease basis as a
going concern for a consideration of Rs,90 lacs. This amount is viewed as reasonable by KSIIDC who has appraised the project and sanctioned the term loan. The benefits to the company, besides the use of the fixed assets of value approximately Rs.168,32 lacs as per approved valuer's
report, includes the use of the well-established brand name HITTCO as also a well-trained workforce and an established marketing office network, For more details in regard to valuation, please see paragraph under the head cost of project.
2000 - The Company has changed its identity to become Hittco Online
Technologies Ltd. (HOTL) as part of its strategy to enter the
Internet and IT-enabled services segment.
- The Company is set to launch a transaction-based B2B portal for
tools and industrial consumables - toolconsume.com.
-Hittco Tools Ltd has appointed Mr. Sidharth Bhandari as Managing Director of the Company with effect from December 13, 2007.
-Hittco Tools Ltd has appointed Mr. Shimoga Ramarao Satish, Mr. Nuggehalli Krishnaswamy Raghunatha and Mr. Rajeev Gobindram Hassanand as Independent Directors of the Company with effect from May 19, 2008.