Manaksia Ltd

Manaksia Ltd

Manaksia Ltd. (Formerly known Hindusthan Seals Limited) was incorporated on December 27 1984. Subsequently the Company changed to its present name 'Manaksia Limited' and as a result the Company's Shares got listed effective on August 20 1986 on the Calcutta Stock Exchange. The Company is primarily engaged in the business of trading of Metals and other items. The Company has specialists in manufacture of packaging products (crowns closures and metal containers) metal products and fast moving consumer goods among others. The company has having 15 manufacturing plants in India and three abroad two in Nigeria and one in Ghana. Mr. Basudeo Agrawal and Suresh Kumar Agrawal are Promoters of the Company.The Company's metal packaging products include crowns roll-on pilfer-proof closures expanded polyethylene liners as well as push-open and other metal containers. In the fast moving consumer goods segment the company is a dependable mosquito repellents outsourcing destination for the Mortein (owned by Reckitt Benckiser (India) Limited) and Maxo (owned by Jyothy Laboratories) brands.The Company has now diversified into the production of aluminium rolled products secondary specification aluminium alloys and galvanised steel.The Company's wholly owned subsidiary in Nigeria MINL Limited was set up in 1996 and is the market leader in ROPP caps and crown corks in Nigeria. It has also set up facilities for the manufacture of galvanised steel metal colour coated sheets and coils and secondary specification aluminium alloys. The company also has subsidiary companies in Ghana (Dynatech Industries Ghana Limited) and Dubai (Euroasian Ventures FZE).Manaksia Limited went public during 2007. The Company started commercial production at Haldia steel mill; It acquired the NigerianPaper Mills Ltd ((renamed Jebba Paper Mills Ltd); and resultant to change in name the mill commenced production during 2006-07.Company implemented Steel Cold Rolling Mill with a capacity of 50000 TPA during the year 2007-08. During the year 2007-08 Euroasian Venture FZE Dubai a wholly owned Subsidiary of the Company formed a joint Venture with the name of Euroasian Steel LLC in Georgia for implementation of Steel long Product projects for capital costing USD 35 million. During FY 2008-09 two Subsidiary Companies were formed namely Solex Chemicals Private Limited India and Manaksia Global Limited Mauritius.During the year 2009-10 Company subscribed to equity shares to an aggregate amount of Rs 2385.96 lakhs in its wholly owned Subsidiary Companies i.e. Euroasian Ventures FZE and Manaksia Global Limited. The Company invested in 50000 shares of Rs 10 each equivalent to 100% equity of each of the Companies: Manaksia Aluminium Company Ltd Manaksia Overseas Ltd Manaksia Coated Metals & Industries Ltd Manaksia Ferro Industries Ltd and Manaksia Steels Ltd thereby making it wholly owned subsidiary companies.During the year 2012-13 the Company made equity investments by subscribing to additional 3000000 Equity Shares of Rs 10 each in its wholly owned subsidiary company Manaksia Ferro Industries Limited. Further subsequent to the transfer of shares Mark Steels Limited a wholly owned subsidiary company became step down subsidiary company w.e.f. 5th March 2013.During 2014-15 the Board of Directors of the Manaksia Limited (Transferor Company) had approved the restructuring plans of Company through Draft Scheme of Arrangement for demerger in product divisions of Aluminium Steel Packaging and Coated Metal & Mosquito Coil Undertakings of Company on a going concern basis w.e.f. 1st October 2013 into four fully owned subsidiary companies viz. Manaksia Aluminium Company Ltd. Manaksia Steels Ltd. Manaksia Industries Ltd. and Manaksia Coated Metals & Industries Ltd. (Transferee Companies) respectively and the Scheme was made effective from 23rd November 2014.