MIRA INFORM REPORT

Report Date :

12.03.2012

IDENTIFICATION DETAILS

Name :	NATIONAL TEXTILE CORPORATION LIMITED [w.e.f. 01.10.2002] NEW MINERVA MILLS [A UNIT OF NATIONAL TEXTILE CORPORATION LIMITED]
Formerly Known As :	NATIONAL TEXTILE CORPORATION PRIVATE LIMITED
Registered Office :	Scope Complex, Core IV, 7 Lodi Road, New Delhi-110001
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.04.1968
Com. Reg. No.:	55-004866
Capital Investment / Paid-up Capital :	Rs.30621.601 Millions
CIN No.: [Company Identification No.]	U74899DL1968PLC004866
Legal Form :	A Public Limited Liability Company. The company is owned by the Government of India
Line of Business :	Manufacturer of Textile Products.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (19)

RATING		STATUS	PROPOSED CREDIT LINE
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an old and established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	Scope Complex, Core 4, 7 Lodi Road, New Delhi-110001, India
Tel. No.:	91-11-24360101/24362632
Fax No.:	91-11-24361112/24362439/24363900
E-Mail :	cspankajntc@gmail.com cmdntc@bol.net.in ntckrp@bol.net.in ntcga@vsnl.net

DIRECTORS

As on 23.09.2011

Name :

Mr. Krishna Ramchandran Pillal

Designation :

Chairman

Address :

N-4, 2^nd Floor, Jangpura Extension, New Delhi-110014, India

Date of Birth/Age :

26.05.1951

Date of Appointment :

13.08.2004

Din No.:

00227784

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L25209UP1970PLC003320	SWADESHI POLYTEX LIMITED	Nominee director	08-09-03	08-09-03	-	Active	NO
2	U99999MH1974GOI017823	NATIONAL TEXTILE CORPORATION (MAHARSHTRA NORTH) LIMITED	Director	13-08-04	13-08-04	-	Amalgamated	NO
3	U17110MH1974GOI017824	NATIONAL TEXTILE CORPORATION (SOUTH MAHARSHTRA) LIMITED	Director	13-08-04	13-08-04	-	Amalgamated	NO
4	U51490MH1971GOI014733	THE COTTON CORPORATION OF INDIA LIMITED	Nominee director	28-03-05	28-03-05	-	Active	NO
5	U17115KL1975SGC002670	SITARAM TEXTILES LIMITED	Director	24-11-06	24-11-06	13-05-10	Active	NO
6	U18101KL1972SGC002405	KERALA STATE TEXTILE CORPORATION LIMITED	Director	29-12-06	29-12-06	13-05-10	Active	NO
7	U74899DL1968PLC004866	NATIONAL TEXTILE CORPORATION LIMITED	Managing director	26-02-07	26-02-07	-	Active	NO
8	U17121MH2007GOI195403	AURANGABAD TEXTILES AND APPAREL PARKS LIMITED	Director	14-11-07	12-11-07	-	Active	NO
9	U17291MH2007GOI195397	APOLLO DESIGN APPAREL PARKS LIMITED	Director	14-11-07	12-11-07	-	Active	NO
10	U17291MH2007GOI195493	NEW CITY OF BOMBAY MFG. MILLS LIMITED	Director	14-11-07	13-11-07	-	Active	NO
11	U17291MH2007GOI195489	INDIA UNITED TEXTILE MILL LIMITED	Director	14-11-07	13-11-07	-	Active	NO
12	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Director	14-11-07	13-11-07	-	Active	NO
13	U17120DL2009GOI189315	ESKAY APPAREL PARKS LIMITED	Director	13-04-09	13-04-09	-	Active	NO
14	U17120DL2009GOI189311	JAYBHARAT APPARELS LIMITED	Director	13-04-09	13-04-09	-	Active	NO
15	U17120DL2009GOI189310	KSL APPARELS LIMITED	Director	13-04-09	13-04-09	-	Active	NO

Name :

Mr. Rajan Katoch

Designation :

Director

Address :

C-II/45, Tilak Lane, New Delhi-110001, India

Date of Birth/Age :

03.02.1956

Date of Appointment :

18.04.2011

Din No.:

03371046

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U74899DL1976NPL008453	INDIA TRADE PROMOTION ORGANISATION	Nominee director	30-11-10	30-11-10	Active	NO
2	L51909DL1963GOI004033	MMTC LIMITED	Nominee director	07-12-10	07-12-10	Active	NO
3	L74899DL1956GOI002674	THE STATE TRADING CORPORATION OF INDIA LIMITED	Additional director	15-12-10	15-12-10	Active	NO
4	U74899DL1968PLC004866	NATIONAL TEXTILE CORPORATION LIMITED	Nominee director	18-04-11	18-04-11	Active	NO
5	U17232WB1971GOI027958	THE JUTE CORPORATION OF INDIA LIMITED	Nominee director	25-05-11	25-05-11	Active	NO

Name :

Mr. Sujit Gulati

Designation :

Director

Address :

D-3, Sector 30, Noida, Uttar Pradesh, India

Date of Birth/Age :

22.11.1959

Date of Appointment :

23.04.2010

Din No.:

00177274

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1965PLC004518	BHARAT ALUMINIUM COMPANY LIMITED	Nominee director	27-06-06	27-03-06	17-02-07	Active	NO
2	L27201WB1967GOI028825	HINDUSTAN COPPER LIMITED	Director	06-06-06	06-06-06	18-04-07	Active	NO
3	L23109WB1973GOI028844	COAL INDIA LIMITED GOVT OF INDIA UNDERTAKING	Director	06-03-07	06-03-07	10-09-07	Active	NO
4	L14100GJ1963SGC001206	GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED	Director	18-04-07	18-04-07	19-05-08	Active	NO
5	U72900GJ2001PLC039162	GUJ INFO PETRO LIMITED	Director	29-09-07	27-06-07	30-09-11	Active	NO
6	U65990GJ1968SGC001524	GUJARAT INDUSTRIAL INVESTMENT CORPORATION LIMITED	Director	08-05-08	08-05-08	13-01-10	Active	NO
7	U74999GJ1994SGC022952	ALCOCK ASHDOWN (GUJARAT) LIMITED	Director	30-05-08	30-05-08	07-11-09	Active	NO
8	U24230GJ1982SGC005422	GUJARAT PORTS INFRASTRUCTURE AND DEVELOPMENT COMPANY LIMITED	Director	10-06-08	10-06-08	23-12-09	Active	NO
9	U99999GJ1992PLC017798	GUJARAT CHEMICAL PORT TERMINAL COMPANY LIMITED	Nominee director	22-12-08	18-06-08	15-12-09	Active	NO
10	L17110GJ1948PLC000753	DIGJAM LIMITED	Nominee director	23-06-08	23-06-08	29-12-09	Active	NO
11	U91110GJ1968SGC001582	GUJARAT AGRO-INDUSTRIES CORPORATION LIMITED	Director	07-08-08	07-08-08	18-01-10	Active	NO
12	U45209GJ2009SGC056466	GUJARAT INDUSTRIAL CORRIDOR CORPORATION LIMITED	Director	30-03-09	30-03-09	04-01-10	Active	NO
13	U45208GJ2009SGC058064	GUJARAT INDUSTRIAL AREA DEVELOPMENT COMPANY LIMITED	Director	09-09-09	09-09-09	-	Active	NO
14	U45209GJ2009PLC058141	GUJARAT INDUSTRIAL INFRASTRUCTURE PROJECTS LIMITED	Director	17-09-09	17-09-09	18-12-09	Active	NO
15	U74899DL1968PLC004866	NATIONAL TEXTILE CORPORATION LIMITED	Nominee director	23-04-10	23-04-10	-	Active	NO
16	U17232WB1980GOI032768	NATIONAL JUTE MANUFACTURES CORPRATION LIMITED	Nominee director	06-05-10	06-05-10	-	Active	NO
17	U17232WB1971GOI027958	THE JUTE CORPORATION OF INDIA LIMITED	Director	16-06-10	16-06-10	-	Active	NO

Name :

Poornalingam Ramasubramaniam

Designation :

Director

Address :

10, I Cross Street, Indira Nagar, Chennai-600020, Tamilnadu, India

Date of Birth/Age :

15.11.1945

Date of Appointment :

18.06.2010

Din No.:

00955742

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL2005PTC142561	C-DOT ALCATEL-LUCENT RESEARCH CENTRE PRIVATE LIMITED	Director	04-07-06	04-07-06	16-09-09	Active	NO
2	L17111TN1946PLC001361	LOYAL TEXTILE MILLS LIMITED	Additional director	27-10-06	27-10-06	-	Active	NO
3	U74999TN1997PLC039523	TIDEL PARK LIMITED	Director	09-12-06	09-12-06	23-06-11	Active	NO
4	U40109AP2006PTC052129	REGEN POWERTECH PRIVATE LIMITED	Nominee director	24-10-07	24-10-07	16-03-09	Active	NO
5	U70101AP2001PTC038151	NSL SEZ (CHENNAI) PRIVATE LIMITED	Managing director	01-01-08	01-01-08	30-06-08	Active	NO
6	U45200AP2005PTC045511	NSL NAGAPATNAM POWER AND INFRATECH PRIVATE LIMITED	Additional director	25-04-08	25-04-08	04-03-09	Active	NO
7	U15429AP2002PLC038489	NSL TEXTILES LIMITED	Director	19-07-08	22-06-08	04-03-09	Active	NO
8	L74999TZ1984PLC001456	TITAN INDUSTRIES LIMITED	Director	27-07-09	30-03-09	-	Active	NO
9	U45209TN1998PLC040572	TAMIL NADU ROAD DEVELOPMENT COMPANY LIMITED	Director	16-09-10	15-12-09	10-06-11	Active	NO
10	U74899DL1968PLC004866	NATIONAL TEXTILE CORPORATION LIMITED	Director	18-06-10	18-06-10	-	Active	NO
11	U40100TN2008PTC069515	NAGAPATTINAM ENERGY PRIVATE LIMITED	Director	23-06-11	11-01-11	-	Active	NO

Name :

Mr. Arun Ramanathan

Designation :

Director

Address :

6A, 6^th West Cross Street, Shenoy Nagar, Chennai-600030, Tamilnadu, India

Date of Birth/Age :

25.04.1949

Date of Appointment :

16.09.2010

Din No.:

00308848

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U93090TN1949SGC001458	TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LIMITED	Director	22-05-06	22-05-06	09-07-07	Active	NO
2	U67190DL2006GOI144520	INDIA INFRASTRUCTURE FINANCE COMPANY LIMITED	Director	18-01-08	18-01-08	23-06-09	Active	NO
3	L65190GJ1994PLC021012	ICICI BANK LIMITED	Nominee director	18-01-08	18-01-08	27-01-09	Active	NO
4	L65190MH2004GOI148838	IDBI BANK LIMITED	Director	21-01-08	21-01-08	14-05-09	Active	NO
5	L65191TN1997PLC037415	INFRASTRUCTURE DEVELOPMENT FINANCE COMPANY LIMITED	Nominee director	19-02-08	19-02-08	20-07-09	Active	NO
6	L27203WB1960PLC024870	INDIA FOILS LIMITED	Nominee director	13-01-10	13-01-10	30-04-10	Amalgamated	NO
7	L17115RJ1980PLC002075	MODERN THREADS (INDIA) LIMITED	Nominee director	13-01-10	13-01-10	30-06-10	Active	NO
8	L51597WB1922PLC004603	JENSON AND NICHOLSON (INDIA) LIMITED	Nominee director	22-02-10	22-02-10	18-05-11	Active	NO
9	L27203KL1946PLC000057	ALUMINIUM INDUSTRIES LIMITED	Nominee director	30-04-10	30-04-10	16-08-10	Active	NO
10	U40101TN2006PTC059238	CETEX ENERGY GENERARTION COMPANY PRIVATE LIMITED	Director	03-05-10	03-05-10	05-04-11	Active	NO
11	U67110MH2008PLC187576	UNITED STOCK EXCHANGE OF INDIA LIMITED	Director	17-09-10	05-05-10	07-02-12	Active	NO
12	U67120MH2007PLC170358	INDIAN CLEARING CORPORATION LIMITED	Director	29-04-11	22-06-10	-	Active	NO
13	L32109PB1976PLC003680	JCT ELECTRONICS LIMITED	Director	30-06-10	30-06-10	-	Active	NO
14	L63030MH1950GOI008033	SHIPPING CORPORATION OF INDIA LIMITED	Director	29-09-10	11-08-10	-	Active	NO
15	U74899DL1968PLC004866	NATIONAL TEXTILE CORPORATION LIMITED	Director	16-09-10	16-09-10	-	Active	NO
16	L74899DL1993GOI054155	OIL AND NATURAL GAS CORPORATION LIMITED	Director	30-08-11	20-06-11	-	Active	NO
17	U74899DL1965GOI004343	ONGC VIDESH LIMITED	Additional director	22-09-11	22-09-11	-	Active	NO
18	U65100TN2007PTC064069	EQUITAS HOLDINGS PRIVATE LIMITED	Additional director	02-11-11	02-11-11	-	Active	NO
19	U65993TN1994PTC028002	SINGHIVI INVESTMENT AND FINANCE PRIVATE LIMITED	Additional director	17-02-12	17-02-12	-	Active	NO

Name :

Mr. Ravinder Kumar Sharma

Designation :

Director

Address :

1035, Sector A, Pocket B and C,Vasant Kunj, New Delhi-110070, India

Date of Birth/Age :

18.11.1955

Date of Appointment :

08.10.2007

Din No.:

01882634

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L25209UP1970PLC003320	SWADESHI POLYTEX LIMITED	Director	26-02-04	26-02-04	Active	NO
2	U74899DL1968PLC004866	NATIONAL TEXTILE CORPORATION LIMITED	Whole-time director	08-10-07	08-10-07	Active	NO
3	U17291MH2007GOI195397	APOLLO DESIGN APPAREL PARKS LIMITED	Director	12-11-07	12-11-07	Active	NO
4	U17121MH2007GOI195403	AURANGABAD TEXTILES AND APPAREL PARKS LIMITED	Director	12-11-07	12-11-07	Active	NO
5	U17291MH2007GOI195493	NEW CITY OF BOMBAY MFG. MILLS LIMITED	Director	13-11-07	13-11-07	Active	NO
6	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Director	13-11-07	13-11-07	Active	NO
7	U17291MH2007GOI195489	INDIA UNITED TEXTILE MILL LIMITED	Director	13-11-07	13-11-07	Active	NO
8	U17120DL2009GOI189315	ESKAY APPAREL PARKS LIMITED	Director	13-04-09	13-04-09	Active	NO
9	U17120DL2009GOI189311	JAYBHARAT APPARELS LIMITED	Director	13-04-09	13-04-09	Active	NO
10	U17120DL2009GOI189310	KSL APPARELS LIMITED	Director	13-04-09	13-04-09	Active	NO

Name :

Mr. Rakesh Kumar Sinha

Designation :

Whole Time Director

Address :

Flat No. 13, Pocket 12, Sector 19, Dwarka, New Delhi-110075, India

Date of Birth/Age :

20.07.1962

Date of Appointment :

06.12.2010

Din No.:

03391787

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74899DL1968PLC004866	NATIONAL TEXTILE CORPORATION LIMITED	Director	06-12-10	06-12-10	-	Active	NO
2	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Director	29-09-11	31-03-11	30-12-11	Active	NO
3	U17291MH2007GOI195397	APOLLO DESIGN APPAREL PARKS LIMITED	Director	29-09-11	31-03-11	30-12-11	Active	NO
4	U17291MH2007GOI195493	NEW CITY OF BOMBAY MFG. MILLS LIMITED	Director	29-09-11	31-03-11	30-12-11	Active	NO
5	U17121MH2007GOI195403	AURANGABAD TEXTILES AND APPAREL PARKS LIMITED	Director	29-09-11	31-03-11	30-12-11	Active	NO
6	U17291MH2007GOI195489	INDIA UNITED TEXTILE MILL LIMITED	Director	29-09-11	31-03-11	30-12-11	Active	NO

Name :

Mr. Alokendra Banerjee

Designation :

Whole Time Director

Address :

D-86, Gulmohar Park, New Delhi-110049, India

Date of Birth/Age :

25.08.1965

Date of Appointment :

01.09.2011

Din No.:

02749748

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U52100GJ2007PLC052325	ROSEBYS INTERIORS INDIA LIMITED	Director	31-12-09	21-10-09	01-07-10	Active	NO
2	U74899DL1968PLC004866	NATIONAL TEXTILE CORPORATION LIMITED	Whole-time director	01-09-11	01-09-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pankaj Agarwal
Designation :	Secretary
Address :	House No. 38, Shakti Khand IV, Indirapuram, Ghaziabad-201010, Uttar Pradesh, India
Date of Birth/Age :	08.08.1965
Date of Appointment :	30.09.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2011

Names of Shareholders	No. of Shares
The President of India, India [Representative Suminer Kaur]	30548819
Rajan Katoch	1
Sujit Gulati	1
Madhavi Das	1
Shanta Thampi	1
Shamsher Kaur	1
Susanta Das	1
The Governor, India [State Government of Uttar Pradesh]	16928
The Governor, India [State Government of Orissa]	800
The Governor, India [State Government of West Bengal]	24600
The Governor, India [State Government of Bihar]	2668
The Governor, India [State Government of Karnataka]	9450
The Governor, India [State Government of Andhra Pradesh]	2397
The Governor, India [State Government of Puducherry]	500
The LT. Governor [Government of New Delhi]	8348
The Governor, India [State Government of Rajasthan]	4585
The Governor, India [State Government of Punjab]	2500
Total	30621601

As on 23.09.2011

Equity Share Breakup	Percentage of Holding
Category
Government [Central and State]	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Textile Products.

Products :

PRODUCT DESCRIPTION	ITEM CODE
Cotton Yarn	520511.01
Polyester Yarn	540220.01
Other Woven Fabrics	540791-00

Purchasing :

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Licensed Capacity	Installed Capacity
Looms	Numbers	7958	2050
Spindles	Numbers	1548936	1032596

ACTUAL PRODUCTION:

Particulars	Actual Production
Cloth
Metre	127.32
Pcs.	1.67
Kgs.	0.06
Yarn Kgs.	298.75
Waste Kgs.	32.95

GENERAL INFORMATION

Bankers :

· Corporation Bank, BO Hassan Main, N.R. Circle, H.N. Pura Road, Hassan-573201, Karnataka, India

· Corporation Bank, CGO Complex, Lodhi Road, New Delhi-110003, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loan	44.987	1250.000
Working capital loans	30.211	33.641
Other debts	0.000	26.813
Interest accrued due other debts	0.000	11.234
Total	75.198	1321.688
Unsecured Loan
Rupee term loans	2718.765	2718.774
Interest accrued due other debts	1251.094	868.271
Total	3969.859	3587.045

Banking Relations :	--
Auditors :
Name :	Alka and Sunil Chartered Accountants
Address :	E-176, Greater Kailash, Part I, New Delhi-110048, India
Pan No.:	AAPFA2186G
Joint Venture :	· Apollo Design Apparel Parks Limited · Goldmohur Design and Apparel Parks Limited · Aurangabad Textile and Apparel Parks Limited · New City of Bombay Manufacturing Mills Limited · India United Textile Mills Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
50000000	Equity Shares	Rs.1000/- each	Rs.50000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30621601	Equity Shares	Rs.1000/- each	Rs.30621.601 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		30621.601	30621.601	30621.601
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		36255.557	36255.545	36254.532
4] (Accumulated Losses)		(49575.068)	(62617.446)	(63648.766)
NETWORTH		17302.090	4259.700	3227.367
LOAN FUNDS
1] Secured Loans		75.198	1321.688	27.925
2] Unsecured Loans		3969.859	3587.045	8476.057
TOTAL BORROWING		4045.057	4908.733	8503.982
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		21347.147	9168.433	11731.349
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		8298.887	5506.111	5542.958
Capital work-in-progress		2618.340	3915.301	570.160
INVESTMENT		181.181	181.180	181.178
DEFERREX TAX ASSETS		0.000	1894.700	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2496.550	1086.877	972.497
	Sundry Debtors	260.577	252.534	349.227
	Cash & Bank Balances	17897.935	3698.892	10136.972
	Other Current Assets	386.377	330.366	1515.337
	Loans & Advances	1544.996	2019.475	878.724
Total Current Assets		22586.435	7388.144	13852.757
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4858.286	5531.001	4631.723
	Other Current Liabilities	3129.329	2354.271	2104.133
	Provisions	4350.081	1831.731	1679.848
Total Current Liabilities		12337.696	9717.003	8415.704
Net Current Assets		10248.739	(2328.859)	5437.053
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		21347.147	9168.433	11731.349

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	6345.871	4851.265	4117.692
		Other Income	830.068	580.997	1440.305
		TOTAL (A)	7175.939	5432.262	5557.997
Less	EXPENSES
		Consumption Materials Changes Inventories	3414.025	2541.959
		Manufacturing Service Costs	1489.609	1230.049
		Employee Related Expenses	2601.094	2290.552	(37509.158)
		Administrative Selling Other Expenses	1710.882	445.494
		Extraordinary Items	(19828.861)	(1214.925)
		Prior Period Items	(140.751)	(1815.973)
		TOTAL (B)	(10754.002)	3477.156	(37509.158)
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17929.941	1955.106	43067.155
Less	FINANCIAL EXPENSES (D)		524.647	579.149	1038.577
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		17405.294	1375.957	42028.578
Less/ Add	DEPRECIATION/ AMORTISATION (F)		501.658	398.236	229.132
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		16903.636	977.721	41799.446
Less	TAX (H)		3861.258	(53.600)	5.114
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		13042.378	1031.321	41794.332
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(62617.446)	(63648.767)	(105443.099)
	BALANCE CARRIED TO THE B/S		(49575.068)	(62617.446)	(63648.767)
	Earnings / (Loss) Per Share (Rs.)		425.92	33.68	1364.86

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	181.75	18.99	751.97
Net Profit Margin (PBT/Sales)	(%)	266.37	20.15	1015.12
Return on Total Assets (PBT/Total Assets}	(%)	54.73	7.58	215.51
Return on Investment (ROI) (PBT/Networth)		0.97	0.23	12.95
Debt Equity Ratio (Total Liability/Networth)		0.95	3.43	5.24
Current Ratio (Current Asset/Current Liability)		1.83	0.76	1.65

LOCAL AGENCY FURTHER INFORMATION

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U74899DL1968PLC004866
Name of the company	NATIONAL TEXTILE CORPORATION LIMITED
Address of the registered office or of the principal place of business in India of the company	Scope Complex, Core 4, 7 Lodi Road, New Delhi-110001, India
Type of charge	Book Debts
Particular of charge holder	Corporation Bank, BO Hassan Main, N.R. Circle, H.N. Pura Road, Hassan-573201, Karnataka, India Email: cb020@corpbank.co.in
Nature of description of the instrument creating or modifying the charge	1. Common Deed of Hypothecation of Movables/Assets/Debts (I.D. 12004) 2. Agreement for Inland/Foreign Bills (I.D. 924) 3. Letter of Undertaking/Declaration from the Borrower(s) (I.D. 13001) 4. DPN (I.D. 901) 5.Take Delivery Letter to DPN(I.D.902)
Date of instrument Creating the charge	23.06.2011
Amount secured by the charge	Rs.50.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest @ Base Rate + 0.10% i.e. 10% p.a., compounded with monthly rests. Presently Base Rate is 9.90% p.a. Interest shall be subject to change from time to time. Terms of Repayment BELC limit of Rs. 50.000 Millions is repayable on demand. Tenor in case of usance inland bills not exceeding 120 days. In case of Foreign documentary bills - Sight bills to be paid with the normal transit period and usance bills not exceeding 120 days from the date of bill of lading. Margin As may be specified by the bank from time to time. Extent and Operation of the charge 100% in favour Corporation Bank, BO: Hassan Main, N.R. Circle, H. N. Pura Road, Hassan - 573201. Others The BELC limit of Rs.50.000 Millions is sanctioned to M/s New Minerva Mills, a unit of National Textiles Corporation Limited. for financing the specific Receivables/ export receivables.
Short particulars of the property charged	Hypothecation by way of 1st and exclusive charge on specific Receivables/export receivables of the Company, financed by the Bank. Sight bills to be paid within the normal transit period and in case of usance bills tenor shall not exceed 120 days from the date of bill of lading.

CONTINGENT LIABILITIES NOT PROVIDED FOR:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Claims against the Corporation not acknowledged as debts :
a) For workmen compensation	1024.110	963.796
b) For Excise and Custom Duty	62.023	62.299
c) Sales Tax/Purchase Tax-disputed	263.370	239.735
d) Disputed Claims in appeal	39.022	44.714
e) Disputed Property Tax and other Tax	126.856	150.695
f) Interest claims of Suppliers/claims not provided as per BIFR order	2295.520	1900.973
g) Towards resale loss of cotton bales and carrying charges	68.995	68.995
h) Disputed mesne profit for enhancement of rent/eviction of property	2881.450	2415.262
i) Premium claimed by Government of Maharashtra -New Hind Textile Mills	347.762	347.762
j) Disputed Market Fee under appeal (Post Nationalization)	27.854	27.854
k) For others	137.007	127.458
Estimated amt. of contracts remaining to be executed on Capital account and not provided	451.096	1271.204
For guarantees given by the Corporation to the Bank/ Financial institutions /Other	261.960	183.595
For Income Tax demands raised by the department - disputed	7.895	130.419
Liability that may be arising on account of damages and penalty for delayed payment of Statutory dues	28.045	30.975
Claims for Protection and Preservation of the Structures with Heritage value	0.000	200.000
Estimated Damages and Interest on PF and ESI dues (Pre-Takeover)	312.083	320.936
Estimated Damages on PF and ESI dues (Post-Nationalization)	952.707	847.568
Electricity dues (pre-takeover/under litigation)	97.395	98.518
Liability towards export obligation	442.127	89.017
Estimated amount in respect of DA merger to retired employees from 01/04/2004 to 31.12.2005 and for the pay revision to closed mills employees in CDA and IDA from 1.1.2006 and 1.1.2007 respectively.	0.000	347.051
Stamp duty liability for issue of shares for which exemption is available as per BIFR Orders	25.251	25.221
Total	9852.528	9894.047

FIXED ASSETS:

v Land

v Goodwill

v Building

v Tube Well

v Plant And Machinery

v Vehicles

v Furniture and Fixtures

v Bio Gas Plant

v Lab Equipments

v Lives Stock

v Computer

v Electrical Fittings

v Office and Factory Equipments

v Silver Coins and Utensils

v Railway

WEBSITE DETAILS:

OVERVIEW:

Subject is a Central Public Sector Enterprise under the Ministry of Textiles which was incorporated in April 1968 for managing the affairs of sick textile undertakings, in the private sector, taken over by the Government. Starting with 16 mills in 1968, this number gradually rose to 103 by 1972-73. In the year 1974 all these units were nationalized under the Sick Textile Undertakings (Nationalization) Act 1974. The number of units increased to 119 by 1995 and 1 new mill purchased set up on land purchased by NTC in SEZ area in Hassan (Karnataka). These 120 mills were controlled by NTC (HC) Limited with the help of 9 subsidiary Corporations, with an authorized capital of Rs 100.000 millions which was raised from time to time and which is now Rs. 50000.000 millions and the paid up share capital of the corporation is Rs. 30621.600 millions as on 31.03.2011.

BIFR approved 8 revival schemes for 8 erstwhile subsidiary companies of subject and 1 revival scheme for 9th subsidiary company (not referred to BIFR then) was approved by GOI. Later, BIFR approved 2 Modified Revival Schemes 1st MRS-06 in the year 2006 and 2nd MS 08 in the year 2008.

Looking to the reduced number of mills and in line with the contemporary industry’s trend all 9 subsidiary companies have been merged with NTC-HC making it into a single Company w.e.f. 01.04.2006.
NTC has so far closed 78 mills and has transferred 2 mills in the State of Puducherry to the State Government of Puducherry and surrendered of 3 mills to Government of Maharashtra under IDS.

Subject is to modernize/set up 24 (22+2) mills by itself through generation of funds from the sale of its surplus assets.

Subject has modernized 18 mills so far and is in the process of setting up 3 Composite Textile Units of which one is an SEZ area. Subject would be setting up 1 Technical Textile Unit and modernizing 2 more units taken out from the list of Joint Venture apart from going into Ginning and Garmenting by way of forward and backward integration to have a presence in all components of the value chain.

JOINT VENTURE

 It was also decided to modernize 16 mills through JV route by inducting private partners with NTC stake of 51%.

In pursuance to the GOM decision dated 22.08.2007 subject has finalized 3 parties namely Alok Industries, Pantaloon Retail India Limited (consortium) and Bhasker Industries Limited (consortium) for 5 mills to be revived and run through Joint Venture .NTC has not transferred the ownership of the land in the arrangement but is only giving a right to use of the land to the Joint Venture Companies (JVC) in which subject is the major shareholder with 51% stake with 5 out of 8 directors on the Board of JVC.

Further subject invited offers for making Joint Venture in respect of other 11 mills where MOU was signed but later reviewed and now in the process of cancellation, which has been challenged in the Delhi High Court, through the hearing has been completed, yet the judgment is still reserved.

BOARD OF DIRECTORS:

MR. K. RAMACHANDRAN PILLAI

CHAIRMAN CUM MANAGING DIRECTOR

Mr. K. Ramachandran Pillai is currently the Chairman and Managing Director of the Corporation. He is a Fellow of the National Institute of Personnel Management and has widely visit abroad. He has got about 30 years of Industrial experience both in Public Sector and Private Sector Companies.
He was conferred the first NIPM RATNA AWARD for his contributions in the field of Management/HR Management in 2008 and was awarded the DELHI RATAN award for 2007 by All India Conference of Intellectuals, New Delhi.

MR. R.K. SHARMA

DIRECTOR (TECHNICAL)

Mr. R.K. Sharma, who is the Director Technical since October,2007 is an I.I.T graduate having varied experiences in Textiles in diverse capacities right from the Shop floor to the Corporate level.

MR. ALOKENDRA BANERJEE

DIRECTOR (MARKETING)

Mr. Alokendra Banerjee, Director (Marketing) is Post Graduate Diploma in Management (Marketing and HR) from Xavier Institute of Management, Bhuvneshwar. Prior to joining NTC he was working as CEO, ROSEBYS Interiors India Limited.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.02
UK Pound	1	Rs.79.00
Euro	1	Rs.66.17

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		19

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.