Modern Insulators Ltd Share Price

Summary

Incorporated as a public limited company in May 82, Modern Insulators Limited (MIL), a member of the Modern group, was promoted in the joint sector by H S Ranka and the Rajasthan State Industrial Corporation (RSICO). It manufactures various types of high-tension (HT) insulators upto 400 kV (inst. cap. : 6000 tpa) producing sectional and post insulators, solid core insulators for the Railways and bushings for transformers, apparatus insulators, solid core insulators including long rod and line post insulators in technical collaboration with Siemens, Germany. The Company is primarily engaged in the business of manufacturing insulators and terry towels.Since inception, MIL has been facing technical problems resulting in a high degree of rejection at various stages of manufacture. With a view to help MIL overcome its resultant liquidity problems and stabilise operations on a viable footing, institutions have been extending relief by way of interest deferments and reschedulement of principal repayments. However, despite grants of reliefs / concessions, there was no appreciable improvement in the performance of MIL and it continued to incur losses. Based on the audited results for Apr.91, a reference was made to the BIFR on the basis of which it was registered with the BIFR. However, another reference made to the BIFR on the basis of its audited accounts for the period ending 31 Oct.92 which indicated a positive net worth, led to the case being deregistered.MIL came out with a rig
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