Skyline Millars Ltd Share Price

History of Skyline Millars Ltd

Skyline Millars Limited, formerly known as Millars India Limited was incorporated as 'The ACME Manufacturing Company Limited' on November 28, 1919. The name of the Company was changed to Millars India Limited on January 4, 2002 and later on to Skyline Millars Limited on October 23, 2007. 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 Limited got merged with The ACME Manufacturing Company Limited effective 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. Initially, the Company was engaged in manufacturing of construction equipment and electric overhead traveling (EOT) cranes. It is engaged in the activities relating to Real Estate business. The Company's manufacturing activities are carried out at Karamsad, Gujarat. The Company's real estate project is a Ghatkopar Property building. 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 was no longer a 'Sick' Company. The Wada Plant got commissioned in 2017, with the latest manufacturing technology to produce concrete products mainly pipes and man-holes. The Plant in manhole is the top opening to an underground utility vault used to house an access point for making connections, inspection, valve adjustments or performing maintenance on underground and buried public utility and other services including sewers, telephone, electricity, storm drains, district heating and gas. The Millars watertight Perfect Manhole System is a precast off-site solution which enables contractors to install a modular water tight manhole without the need for a concrete surround. This quick assembly system comprises of a monolithic precast concrete base pre-benched to any inlet / outlet configuration, together with thick walled chamber rings with water tight joints incorporating an elastomeric gasket and a sealed cover slab. The system also incorporates push fit elastometric seals for inlet and outlet pipes. Specifiers, designers and contractors can be assured that the Millars Perfect Manhole System offers a safer, faster, sustainable, off-site bespoke manhole solution. Millars, a trusted name at construction sites in India, offers steel reinforced concrete pipes recognized for its quality of manufacturing, consistency of strength, availability in design and sizes to serve most installations, being easy to place and providing a reliable and durable system, particularly under load. The Company is licensed under BIS (Bureau of Indian Standards).