Mackinnon Mackenzie & Company Ltd. Company History and Annual Growth Details

YEAR EVENTS
1951 - The Company was incorporated as a public limited company on 30th
March, and the Certificate of Commencement Business was obtained
on 2nd April. The Company was converted into a private limited
Company on 27th March, 1956 and was again converted into a public
limited company on 27th March, 1956 and again converted into a
public limited company on 9th March, 1976.

- The main object of the Company is port agency ship manning,
clearing and forwarding, air cargo, travel, tourism, shipbroking,
export of sea-going craft and operating ships. The Company also
assits Indian entrepreneurs to establish and operate shipping
companies.

- Soon after incorporation, the Company took over the business of
the partnership firm of Mackinnon Mackenzie & Co., which had been
in existence in India since the 1950s.

- Until 1956, the Company acted mainly as Managing Agents to
British India Steam Navigation Co., Ltd.(BISN). In this
capacity, the Company was responsible for technical services
including maintenance of ships on India based trades, operations
including routing vessels on such trades, supplying and
administering officers and crew, etc.

- In addition to this, the company acted and continues to act as
port agents and recruiting agents for officers and crew both at
Mumbai and Calcutta for vessels belonging to the P&O Groups as
well as to many other foreign companies such as
Cunard-Brocklebank, Bankline, Elder Dempster and Waterman and
Indian Companies.

- The Managing Agency of BISN was terminated in 1956. When that
Company's operational headquarters moved to London. This
combined with the development of Indian shipping and coupled
with the closure of the Suez Canal, led to an aerosion in the
traditional P&O services to India, resulting in a steep drop in
the Company's business. To meet the situation, the Company
intensified and expanded its traditional activities of port
agency, ship manning, clearing and forwarding, etc. It further
diversified into allied activities like air cargo, travel,
tourism and shipbroking. It also assisted Indian entreprenuers
to establish and operate shipping companies.

- All shares held by British India Steam Navigation Co. Ltd., and
its nominees. 99,993 shares issued without payment in cash.

1976 - Authorised capital reclassified. Shares subdivided on 9th March.
15,00,000 shares issued at par (prospectus dated 8th April)
50,000 shares each reserved for directors, etc., and employees of
the company and 14,00,000 shares offered to the public during
May.

1978 - The Peninsular & Oriental Steam Navigation Company, who held 40%
of the equity capital of the company through their wholly owned
subsidiary, British India Steam Navigation Co. Ltd., decided to
sell these shares entered into a sale agreement with India
Steamship Co. Ltd., in July. This sale was subject to various
approvals from the Indian Government. No further information was
reported thereafter.

1987 - However, the company was unable to operate its two ships without
impediments and delays due to critical financial crisis. As a
result, the contribution of the Company's ships could not come up
to the desired level. Both the Company's vessels were old and
were very close to the end of their life span. It was therefore
proposed to sell both these ships.

1988 - The Company was unable to take advantage of the stability in
freight levels. One of the two ships m.v. `CHANDA' owned by the
Company was available for trading during first three months and
had been laid up since June. The Company's other bulk carrier
m.v. "TEESTA" was utilised effectively, although its performance
could have been much better if the Company had adequate working
capital.

1990 - Two ships were disposed of. The Company's traditional activities
showed a downward trend due to inadequate working capital and
continued substantial increase in staff costs and overheads.

1995 - The earnings at Mumbai was limited to property owning and leasing
as even the portion of the Clearing and Forwarding activities to
Government contracts had practically come to an end. The Company
was faced with a situation of progressively deteriorating ability
to carry on any business at Mumbai.

1996 - Mackinnons Travel (New Delhi) Ltd., and Strand Properties Ltd.,
are subsidiaries of the Company.

- British India Steam Navigation Co. Ltd., a company incorporated
in England, was wholly owned subsidiary of the Peninsular &
Oriental Steam Navigation Co. (P & O), a company incorporated by
Royal Charter in England.

2003

-The paid-up capital of the company is proposed to be reduced from Rs 2,50,00,000 to Rs 25,00,000 by reducing the nominal amount of each share of Rs 10/- to Re 1/-

2008

-Company has created email id for grievance redressal division / compliance officer: [email protected]

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