Manaksia Ltd Company Summary

Manaksia Ltd Summary

Manaksia Limited formerly incorporated as Hindusthan Seals Limited on December 27, 1984, had subsequently changed its present name to Manaksia Limited on December 4, 2003. The Company is focused on the economic opportunities coming out of Nigeria, where its subsidiaries produce galvanized steel and prepainted profiled sheets, colour-coated aluminium coils and sheets, metal closures, paper packaging products, and non-ferrous alloys for the automotive sector. Mr. Basudeo Agrawal and Suresh Kumar Agrawal are Promoters of the Company.The Companys 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 Companys 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 50,000 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 30,00,000 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 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 as a going concern w.e.f. 1st October, 2013 into four fully owned subsidiary companies viz., Manaksia Aluminium Company Limited, Manaksia Steels Limited, Manaksia Industries Limited and Manaksia Coated Metals & Industries Limited respectively, and the Scheme was made effective from 23rd November, 2014.The installed capacity in packaging paper segment increased 30% in FY 2022-23.