National Organic Chemical Industries (Nocil) has recorded a loss of Rs 355.75 crore for the 18-month period ended September 30, 2003. | |
| The company has changed the accounting year September 30, 2003, by extending it by six more months "now onwards, due to the delay in implementation of the restructuring proposal", a company release said. |
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| Since the networth of the company as of September 30, 2003, has been totally eroded, Nocil's board on Monday has decided to make a reference to the Board for Industrial and Financial Reconstruction (BIFR). |
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| Nocil's turnover for the period under review was Rs 452 crore against Rs 738 crore in 2001-02. This turnover mainly reflects the performance of the rubber chemicals division and the plastic products division as the petrochemicals division was in operation only for 15 days during the period under consideration, the company said. |
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| Meanwhile, Nocil is restructuring its business into Nocil Petrochemicals which will include assets of the petrochemicals division and plastic products division. The rubber chemicals division will now be the main business of the restructured Nocil, the release said. |
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| Besides, the company has reached an understanding with a business associate of Reliance Industries, Sunbright Cement Agencies Pvt Ltd, to take over Nocil Petrochemicals Ltd as a going concern. |
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| This is expected to unlock the potential of the rubber chemicals division under Nocil, the release said. |
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| The company's application for closure of the petrochemicals division has been approved by the commissioner of labour, the release said. |
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