Skyline Millars Ltd

Skyline Millars Ltd

Skyline Millars Ltd (SML) is engaged in the manufacturing of construction equipment and electric overhead traveling (EOT) cranes. It has also entered into property development business. It operates in two segments: construction equipment and real estate development. The Company's manufacturing activities are carried out at Karamsad Gujarat. The Company's real estate project is a Ghatkopar Property buliding. Skyline Millars Ltd (SML) (formerly Known as Millars India Ltd) was incorporated as The ACME Manufacturing Company Ltd on November 28 1919 under the Indian Companies Act 1913. Its name was changed to Millars India Ltd on January 4 2002 and later on changed to Skyline Millars Ltd on October 23 2007. The company has its registered office at Ghatkopar (West) Mumbai.The Company was promoted by the Walchand Group. Ashok Patel son of J.V.Patel acquired the shares from Walchand Group and took over the management in 1972. Khandelwal Udyog Ltd a manufacturer of EOT Cranes & Millars Timber and Trading Company were acquired by Mr. J.V. Patel in 1969 and 1970 respectively. Khandelwal Udyog Ltd was merged with The ACME Manufacturing Company Ltd with effect from October 1 1974 as per the order of the Bombay High Court dated August 13 1976. The running business of construction machinery of Millars Machinery Company Pvt Ltd was taken over by the Company in 1984. The main activities of the Company are manufacturing of construction equipment and EOT cranes. It has recently entered into property development business. The Company's manufacturing activities which were being carried out at its unit at Ghatkopar Mumbai have been fully shifted since October 2003 from Ghatkopar Mumbai to its works at Karamsad Gujarat.The company continued to make operating profits and net profits up to 1994-95. It's started incurring operating losses from 1995-96. Due to recession in the capital goods industry and high labour cost at Ghatkopar Mumbai the crane manufacturing activity at Ghatkopar started incurring losses from 1996 and thereafter due to continuous losses in the Company for four years it was declared as a Sick Industrial Undertaking by the Board for Industrial and Financial Reconstruction (BIFR). BIFR sanctioned a scheme of Rehabilitation in 2001 appointing Bank of India as a monitoring agency. As a rehabilitation measure the company shifted its manufacturing activities from Ghatkopar Mumbai to Karamsad Gujarat in October 2003 and entered into joint development agreement for its Ghatkopar property with M/s Skyline Residency Private Limited. The Company adopted various other rehabilitation measures which has resulted in its net worth becoming positive from 2003-04. Consequently as per the summary record of the proceedings of the review hearing held on 17th October 2006 the BIFR has discharged the Company from the purview of the Sick Industrial Companies (Special Provisions) Act 1985 / BIFR. Accordingly SML is no longer a 'Sick' Company.