Prabhu Steel Industries
The Company was incorporated during 1970 with the object of setting up of Re-rolling Mill. The manufacturing operations were commenced during 1970-71. The performance of the company was extremely good during initial years between 1970 to 1988. Due to encouraging performance and results the company had gone in to expansion and established another Re-rolling Mill at Hyderabad. The said unit also performed very well. Nagpur unit availed the working capital facilities to the tune of about Rs.500.00 Lacs from Punjab National Bank and Hyderabad unit availed WC facilities from Andhra Bank to the tune of about Rs.110.00 Lacs. Steel Industry in general faced severe recession during 1990 onwards followed by global recession, which affected the company very badly. Thus the company incurred heavy losses during 1990s. However, fortunately the Company has performed exceedingly well since then and all the liabilities/debts of banks were paid off fully. Thus as on date the Company stands debt free, since no term loan or working capital limits from any Bank or Institution is under utilization. The entire assets and performance represents self-financing being debt free.