MOHITE INDUSTRIES Share price

The company was incorporated on 31st October 1990 as aPublic Limited company and received the Certificate forCommencement of Business on 22nd March 1991 from Registrarof Companies Maharashtra. The Company has set up a 100%E.O.U. cotton spinning unit at R.S. No.347 Ambapwadi Phata(Vadgaon) Ott. N.H.4 (Hatkanangale Block) MaharashtraState Pin Code - 416 112. The company shall export theentire 100% production excluding rejections not exceeding5% for a period of 10 years. After the export obligationperiod is over the unit shall be allowed to produce fordomestic market in the light of industrial policy in forceat the time in relation to manufacture of items reservedfor small scale sector.The company has received a letter of intent from Governmentof India Ministry of Industry (SIA) vide fetterNo:LI:EOB:18(91)/ E.O.432(90)/IL dated 5th February 1991for 21168 spindles and 1080 rotors for the manufacture ofcarded and combed yarn upto 60 counts. This permission wasmodified for 26568 spindles by Government of IndiaMinistry of Industry (SIA) vide letter No.E.O.432(90)-INdated 29th August 1995.The company decided to implement the project in phases. Inthe first phase the company decided to install 14112spindles of which the company has already installed 7056spindles and started the production thereon from 2nd May1995. It was proposed to expand the capacity by puttingadditional 7056 spindles so as to make the total installedcapacity to 14112 spindles. Accordingly additional 7056spindles are installed and the company has started thecommercial production for the expanded capacity in December1995. In the second phase the company proposes to installadditional spindles in order to make the total installedcapacity to 26568 spindles. However company has notfinalised any plan for the second phase. The second phasehas no connection with the present issue.The company''s day to day operations are looked after by Mr.Anant Yashwant Bhide who is incharge of the company aschief executive. He has experience for working as chiefexecutive with Arwind Cotspin Ltd and Amit Spinning &Weaving Industries Ltd Kolhapur.The raw material requirement of the company is met by themajor suppliers like Highspin (Gujarat) Pvt. Ltd Limbdi(Dist - Surendranagar) Resham Udyog Pvt. Ltd Ahmedabadand Jayesh Cotton Company Mumbai. The quality of the yarnproduced by the company has been appreciated by LakshmiMachine Works Ltd. Coimbatore as very good and the Usterlevel in the top.The company is exporting its products and the major buyersare Dianong Corporation Seoul South Korea Golden FieldUnited Textiles Ltd China Granada Trading Ltd IsraelIndotech Ltd Hong Kong Essar Textiles Ltd MauritiusArwind Worldwide (M) Inc Hong Kong and Zinger ZamirKnitting Factory Israel.The company has to face the major competitors in the areaof Kolhapur like Arvind Cotspin Ltd Amit Spinning &Weaving Industries Ltd Indo Count Industries Ltd.Eurotex Industrial-and Exports Ltd. and Nagrika ExportsLtd.