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Biggest loan defaulters in India

Last updated on: June 30, 2014 16:22 IST

Biggest loan defaulters in India

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All India Bank Employees' Association (AIBEA) has announced a list of top 50 loan defaulters, mainly the corporate firms, whose total default amount to the banks is allegedly to be around Rs 40,528 crore (Rs 4056.28 billion).

The association demanded a remedy for the bad loans at the earliest to safeguard the public money in the banks.

The list, released by the association, is on the data on loan not paid from Public Sector Banks except State Bank of India, IDBI and foreign banks. The association also plans to come out with top 30 defaulters in each Bank.

The biggest defaulter according to the list is Kingfisher Airlines.

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Image: Vijay Mallya
Photographs: Punit Paranjpe/Reuters

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Moser Baer India Ltd. & Group Companies

Rank: 25

Loan not repaid: Rs 581 crore

Moser Baer India Limited is a leading global tech-manufacturing company. Established in 1983, the company is one of the world's largest manufacturers of Optical Storage media like CDs and DVDs.

Every fifth disc manufactured globally belongs to Moser Baer and it is the lowest cost optical media manufacturer in the world.

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Photographs: Courtesy, Moser Baer India

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Century Communication Limited

Rank: 24

Loan not repaid: Rs 624 crore

Century Communication has one of the largest post-production facilities in India under Pixion. The studio has worked on scores of Indian films (Jail and London Dreams among recent ones), Hollywood films and ad films.

The company also owns TV channels under the brand name Mahuaa. According to Business Standard, it’s the Mahuaa bouquet of channels that have caused problems to the company.

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Photographs: Courtesy, Mahuaa Facebook Page.

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Indian Technomac

Rank: 23

Loan not repaid: Rs 629 crore

Indian Technomac is a mining company that also manufactures silicon, chrome alloys, Manganese alloys , titanium alloys and nickel.

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Photographs: Courtesy, Indian Technomac

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ICSA (India)

Rank: 22

Loan not repaid: Rs 646 crore

Hyderabad-based ICSA (India) Limited provides solutions and software for the Energy Sector, which includes power, oil, natural gas and water.

The Company is also engaged in the business of providing energy Audit solutions.

The focus area for ICSA has been the technology solutions to Power Sector to identify Transmission and Distribution (T&D) losses and monitor power consumption.

K.S. Oil Resources

Rank: 21

Loan not repaid: Rs 678 crore

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Photographs: Reuters

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Deccan Chronicle Holdings Limited

Rank: 20

Loan not repaid: Rs 700 crore

Deccan Chronicle Holdings Limited or DCHL publishes the English-language dailies Deccan Chronicle, Financial Chronicle and Asian Age and the Telugu daily Andhra Bhoomi.

Banks have been taking possession of the DCHL’s property and assets and disposing them off to recover loans.

Enforcement Directorate is also probing the company over money laundering allegations.

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Photographs: Kkm010/Wikimedia Commons

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Pixion Media Pvt. Limited

Rank: 19

Loan not repaid: Rs 712 crore

As per the Ministry of Corporate Affairs record, Prabodh Kumar Tewari and Anand Kumar Tiwari are directors of the company.

The company is related to the Century Communication mentioned earlier.

Zylog Systems (India) Limited

Rank: 18

Loan not repaid: Rs 715 crore

Zylog Systems (India) Limited is an Information Technology company registered in Chennai.

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Surya Pharma

Rank: 17

Loan not repaid: Rs 726 crore

Surya Phamaceutical started in 1992 and it is an integrated pharmaceuticals company. It focuses on contract research and manufacturing.

STCL Limited

Rank: 16

Loan not repaid: Rs 860 crore

STCL (formerly called as Spices Trading Corporation Limited) is a subsidiary of State Trading Corporation of India based in Bangalore. The government has recommended winding up of this loss making public sector company, as it cannot be revived.

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Photographs: Reuters

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National Agricultural Co-Operative

Rank: 15

Loan not repaid: Rs 862 crore

Nafed is the government’s procurement agency for non-cereal crops such as cotton, oilseeds and pulses.

According to a report in Business Standard, loans to National Agricultural Cooperative Marketing Federation of India (Nafed) by several state-run banks have turned bad,  and banks have classified these as non-performing assets (NPAs). The overall exposure of these banks to Nafed stands at about Rs 2,000 crore (Rs 20 billion).

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Photographs: Reuters

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Murli Industries & Exports Limited

Rank: 14

Loan not repaid: Rs 884 crore

Nagpur-based Murli industries is leading manufactures of all types of paper & paper boards, cement, edible oil, pulps, solvent and power.

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Tags: Murli , India

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Kemrock Industries & Exports

Rank: 13

Loan not repaid: Rs 929 crore

Gujarat-based Kemrock Industries & Exports manufactures and exports composite for major industrial sectors such as aerospace, defense, renewable energy, wind energy, and railways.

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Orchid Chemicals & Pharmaceutical

Rank: 12

Loan not repaid: Rs 938 crore

Established in 1992 as an export-oriented unit (EOU), Orchid Chemicals & Pharmaceuticals is a vertically integrated company spanning the entire pharmaceutical value chain from discovery to delivery.

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Photographs: Courtesy, Orchid Chemicals & Pharmaceutical

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Varun Industries Limited

Rank: 11

Loan not repaid: Rs 1,129 crore

Varun Industries is a global conglomerate of businesses which includes stainless steel raw materials, steel ware, energy, commodity trading and agricultural products.

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Sterling Oil Resources

Rank: 10

Loan not repaid: Rs 1,197 crore

Based in Mumbai, Sterling Oil Resources Limited is a venture from the Sandesara Group, which is a $ 6.9 billion group.

The Sandesara group has many successful and diversified ventures. The Sterling Biotech, the flag-ship company, is  listed on NSE and BSE in India, Luxembourg in Europe and Singapore in Asia.

Other leading ventures of Sandesara Group are PMT Machine Tools Limited , Sterling SEZ Limited, Sterling Ports Limited, Sterling International Enterprises Limited.

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Forever Precious Jewellery & Diamonds

Rank: 9

Loan not repaid: Rs 1,254 crore

Forever Precious Jewellery & Diamond, a part of Su-Raj Diamonds & Jewellery, supplies an extensive range of fine jewellery and accessories to jewellers and jewellery manufacturers.

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Corporate Ispat Alloys

Rank: 8

Loan not repaid: Rs 1,360 crore

Corporate Ispat Alloys Ltd (CIAL) is a unit of Abhijeet group. According to the company’s website, Under CIAL the Group has obtained environment clearance for an integrated steel plant along with 280 MW power plant in Jharkhand.

Abhijeet group has interest in power, mining, steel, roads, and cements.

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Surya Vinayak Industries

Rank: 7

Loan not repaid: Rs 1,446 crore

Surya Vinayak Industries is part of Floriana Group based out of New Delhi. According to the company’s website, Surya Vinayak Industries imports, exports and trade in agri products. It is also a leading manufacturer of essential oils and other speciality perfumery compounds.

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S. Kumars Nationwide Limited

Rank: 6

Loan not repaid: Rs 1,692 crore

SKNL is one of India’s leading textile and apparel company with expertise in multi-fibre manufacturing. The company has extended its presence in multiple product categories from Fabrics to Apparels and Home Textiles.

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Image: S Kumars Vice Chairman and Managing Director Nitin S Kasliwal.
Photographs: Courtesy, S Kumars

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Sterling Biotech Limited

Rank: 5

Loan not repaid: Rs 1,732 crore

Sterling Biotech is a pharmaceutical firm with focus on contract research and manufacturing. It is flag ship company of Sandesara Group, which also owns Sterling Oil Resources.

Zoom Developers Private Limited

Rank: 4

Loan not repaid: Rs 1,810 crore

Vijay Choudhary and B L Kejriwal are the brains behind Zoom Developers who charted exponentially growth for the company. But the global financial crisis of 2008 shattered all their dreams. The group tried to grow faster than they could handle.

Nearly 27 Indian banks, with a majority of public sector banks have lent close to Rs 2,700 crore to this company. This debt has been admitted in the corporate debt restructuring cell.

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Electrotherm India Limited

Rank: 3

Loan not repaid: Rs 2,211 crore

Electrotherm (India) has been engineering metal melting industry since 1983 and holds a 2,500,000 kW market share in the metal melting industry globally.

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Winsome Diamond & Jewellery

Rank: 2

Loan not repaid: Rs 2660 crore

The company manufactures and exports gold, silver and platinum jewellery studded with diamonds, colour stones and semi precious stones as well as plain jewellery.

This company is part of Su-Raj Diamonds & Jewellery and holds 49 per cent stake in Forever Precious Jewellery.

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Kingfisher Airlines

Rank: 1

Loan not repaid: Rs 2,673 crore

Until December 2011, Kingfisher Airlines had the second largest share in India's domestic air travel market. The airline faced severe financial crisis at the beginning of 2012 and is dysfunctional as of now.

The 14 banks, led by State Bank of India, which lent Rs 6,500 crore (Rs 65 billion) to the airline, are now involved in litigation over the money, as Mallya has sued them in multiple courts.

Today, Mallya owes money to banks, employees, tax officials, caterers, aircraft leasing companies, fuel supplier Hindustan Petroleum Corporation and to taxi operators, too.

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Image: Vijay Mallya.
Photographs: Mark Thompson/Getty Images

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Other famous companies that defaulted

PSL Limited

Rank: 26

Loan not repaid: Rs 577 crore

With a production capacity in excess of the 1 million ton, PSL is India’s largest manufacturer of HSAW pipes.

Housing Development & Infra Ltd

Rank: 29

Loan not repaid: Rs 526 crore

HDIL is a real estate developer based in Mumbai. It specialises in Slum Rehabilitation projects.

Educomp Infrastructure & School Management

Rank: 34

Loan not repaid: Rs 477 crore

Educomp Infrastructure & School Management is a subsidiary of a subsidiary of Educomp Solutions. The latter is the largest education company in India.

EISML provides infrastructure services, on long term lease basis, and management solutions to various K-12 (Kindergarten - 12th Grade) schools run by the various independent trusts and/or societies.




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