The sources said the company, which is controlled by Dubai-based NRI M R Chhabria, has registered a net sales of Rs 207.77 crore as compared to Rs 562.99 crore which it had posted in the previous 12-month accounting year.

The total expenditure of the company during last accounting period amouted to Rs 421.09 crore, including adjustment of Rs 169.26 crore due to cancellation of the real estate sale.

Company analysts said the decision of the board of Dunlop India to come out with a nine-month accounting period was due to the fact that the top management was too keen to register the company with Borard of Industrial and Financial Reconstruction (BIFR).

However, BIFR, not convinced that the company is sick, has asked Industrial Development Bank of India (IDBI) to scrutinise its accounts and submit a report. United Bank of India, theCalcutta-based bank and one of bankers to company, had also said that Dunlop was not sick as was being claimed by the management. The analysts said even after the company posted a loss of Rs 231 crore the networth of the company during the nine-month period, which is sum total of paid-up equity share capital and free reserves, is around Rs 48.9 crore - nearly one-third of the networth of the company in the previous year.

They said since Dunlop's networth position did not erode completely the company could not be termed as totally sick but a potentially sick one.

In such circumstances the company would not get any reliefs and concessions from its creditors, which is the prime aim of the company top management, they said. The analysts said it is not clear how the company financed the huge loss of Rs 231 crore, especially since its reserves position during the period went down roughly to Rs 100 crore. Out of Rs 231 crore a loss of Rs 100 crore was due to decline in reserves position from Rs 125 crore to Rs29 crore. Financing of the remaining Rs 131 crore loss was not clear from the published profit and loss statement of the company, the analysts said.