The Hi-Tech Gears Ltd

The Hi-Tech Gears Ltd

Incorporated in 1986 Hi-Tech Gears Limited (HTGL) manufactures automotive gears and shafts at Bhiwadi Rajasthan mainly for Hero Honda Motors (HHML). The Company is an auto component manufacturer (a Tier 1 supplier). Over a period of time it acquired additional equipments to cater to the requirement of gears and shafts for HHML and other original equipment manufacturers. The Company is engaged in the business of gears and transmission components.HTGL has tied up with Kyushu Musashi a subsidiary of Honda Motors Japan to manufacture closed-die forgings in India. This particular product is a raw material for transmission gears and shafts. These forgings are at present imported by HHML. With the implementation of the forgings project the company will stand to benefit as in-house forgings manufacture will result in value-added and cost-effective products. The technology thus acquired will be unique which imparts greater strength to forgings and will not be restricted to the automobile sector. This is the first time this technology is being transferred outside the Honda group.Company commenced supply to M/s Cummins world wide. Besides this the company is developing markets in Germany and increasing its business in U.K. Company also confident about the healthy segment of its business due to company's largest customer M/s Hero Honds Motors Ltd.It has plans of diversifying into the software arena with a foray into e-engineering services. The company has formed a small group named Hi-tech Soft which is utilising software from original equipment (OE) customers to undertake projects on assembly modelling computer aided machining (CAM) drawing and other engineering services. It plans to strengthen it and then hive it off as a separate entity in the future. This division plans to offer product and process life cycle management projects intralink implementation training and consulting services.During the year 2003-04 Hi-Tech Robotic Systemz Inc. was incorporated as a 100% subsidiary of the Company. In 2005 the Company set up Manufacturing plant at Manesar.During 2017-18 the Company incorporated a Wholly Owned Subsidiary Company in US in the name of Neo-Tech Auto Systemz Inc. and subscribed 1000000 common shares of CAD $ 0.01 each. Similarly during the year 2018-19 it incorporated a Wholly Owned Subsidiary in Canada in the name of Neo-Tech Smart Solutions Inc. and subscribed 250000 common shares of CAD $ 1 each.As on March 31 2023 the Company had 9 Wholly-owned Subsidiaries consisting of 3 wholly owned subsidiaries viz. 2545887 Ontario Inc. Neo-Tech Smart Solutions Inc. & Neo-Tech Auto Systemz Inc. and 6 wholly-owned step down subsidiaries viz. 2504584 Ontario Inc. 2323532 Ontario Inc. The Hi-Tech Gears Canada Inc. Teutech Holdings Co. Teutech Leasing Co. and Teutech LLC. However 2 Wholly-owned Step-Down Subsidiaries i.e. 2323532 Ontario Inc. and 2504584 Ontario Inc. got amalgamated with `The Hi-Tech Gears Canada Inc. (Wholly-owned Step down Subsidiary of the Company) w.e.f. June 15 2023 and both the aforesaid Wholly-owned Step-Down Subsidiaries viz. 2323532 Ontario Inc. and 2504584 Ontario Inc have ceased to exist from June 15 2023.