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Tamil Nadu Industrial Explosives Ltd.

BSE: 524028 Sector: Industrials
NSE: N.A. ISIN Code: INE398G01017
BSE 05:30 | 01 Jan Tamil Nadu Industrial Explosives Ltd
NSE 05:30 | 01 Jan Tamil Nadu Industrial Explosives Ltd

Tamil Nadu Industrial Explosives Ltd. (TNINDLEXPLO) - Company History

Promoted by the Tamilnadu Industrial Development Corporation (TIDCO) which holds 51% of the equity capital, Tamilnadu Industrial Explosives manufactures NG explosives. The project was set up in technical collaboration with Bofors Nobel Chematur, Sweden, with the sub-collaboration of Dyno Industries, Norway, to manufacture 15,000 tpa of nitroglycerine explosives and 5 mln mtr pa of detonating fuses. Most other companies manufacture slurry explosives, which are safer to store and transport. But, of late, with more sophistication in the manufacturing process, even NG explosives have been rendered safer. The company manufactures NG explosives of both small and large diameter, in the permitted and non-permitted varieties in both gelatinous and powder forms. The major customer is the coal mining industry. The company sells directly to Coal India, Singareni Collieries, Neyveli Lignite, etc. The company has become sick and the IDBI (the operating agency) has sent the proposal of Senthel Building Mati Manufacturing Co Pvt Ltd for approval to the BIFR. The scrip was thinly traded on the Bombay Stock Exchange; it is currently listed only on the Madras Stock Exchange. During 1995-96, sales turnover of the company amounted to Rs. 50.56 Crores as against Rs. 28.25 Crores during the year 1994-95 thereby showing an increase of 79% over the previous year. During the same year the company received a National Safety Appreciation Star Award for the year 1994 by the Madras Chapter of National Safety Council. During 1996-97, the company has developed a new brand of slurry explosives in the title TELDINE which have been successful during trials and effective steps are being taken to introduce them in the market. The company proposes to start an emulsion explosives unit and SMS type plants in the near future to fill up the vacuum that may be created by the slow phasing - out NG products. To overcome its raw materials problem the company has a proposal to establish an AN plant. The company has proposed to diversify in the year 1999-2000, and enter in the area of manufacture of Emulsion Based Explosives, Non-electrical detonators, Site Mixing Slurry Explosives and low grammage detonating fuses and TIDCO with its expertise has been extending valuable support to the company. The company has already finalised the selection of a joint venture partner for the proposed manufacture of Emulsion based Explosives,Non-electrical detonators,Site Mixing Slurry Explosives and low grammage detonating fuses. The approval of state government for furtherance in implementing the Emulsion Explosives Project is awaited. During 2000-01,the company has registered a record turnover of Rs.53 crores. The company had settled the entire term loan dues to the Financial Institutions & Banks as per the Scheme sanctioned by the BIFR.The BIFR bench has expressed satisfaction over the performance and implementation of its Scheme in the hearing held on 12.10.2001. The Bench also noted that the networth of the company had become positive.