MIRA INFORM REPORT

Report Date :

01.04.2013

IDENTIFICATION DETAILS

Name :	NATIONAL TEXTILE CORPORATION LIMITED [w.e.f. 01.10.2002] NEW MINERVA MILLS [A UNIT OF NATIONAL TEXTILE CORPORATION LIMITED]
Registered Office :	Scope Complex, Core IV7, Lodhi Road, New Delhi – 110003
Country :	India
Financials (as on) :	31.03.2012
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
PAN No.: [Permanent Account No.]	AAACN2847D
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 :

B (31)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 74000000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Exist
Comments :	Subject is a Central Public Sector Enterprise under the Ministry of Textile. It is an old and well-established company having a moderate track record. There appear huge accumulated losses recorded by the company. There are several cases pending against the company. Several charges are also filed against the subject. However, it receives support from the Government. Trade relations are fair. Business is active. Payment terms are slow. The company can be considered for business dealings with great caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name has been found enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Scope Complex, Core IV7, Lodhi Road, New Delhi – 110003, India
Tel. No.:	91-11-24360101
Fax No.:	91-11-24361112
E-Mail :	cspankajntc@gmail.com
Website :	www.ntcltd.co.in
Regional Office 1 :	35-B, Somasundaram Mills Road, Coimbatore – 641009, Tamil Nadu, India
Tel. No.:	91-422-2231665 / 2230667
Fax No.:	91-422-2232171
E-Mail :	ntcsro@bsnl.in
Regional Office 2 :	15 N. M. Marg, Ballard Estate, Mumbai – 40000, Maharashtra, India
Tel. No.:	91-22-22686600 / 22686601
Fax No.:	91-22-22686631
Regional Office 3 :	C/O Marketing Division, 41, Jangampura, Malganj Chauraha, Indore – 452002, Madhya Pradesh, India
Regional Office 5 :	Sylverton, 14/82, Civil Lines, Kanpur-208001, Uttar Pradesh, India
Regional Office 6 :	7, Jawaharlal Nehru Road, Kolkata-700013, West Bengal, India
Regional Office 7 :	29/2, K.H.Road, Shantinagar, Bangalore – 560027, Karnataka, India
Regional Office 8 :	1791, Ashram_Road, Ahmedabad-380009, Gujarat, India
Production Unit :	Located at · Andhra Pradesh · Gujarat · Karnataka · Kerala · Madhya Pradesh · Maharashtra · Tamilnadu · West Bengal

DIRECTORS

As on 27.09.2012

Name :	Mr. Krishna Ramachandran Pillai
Designation :	Managing Director
Address :	N-4, 2^nd Floor, Jangpura Extnsion, Delhi – 110014, India
Date of Birth/Age :	26.05.1951
Date of Appointment :	26.02.2007
DIN No.:	00227784

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L25209UP1970PLC003320	SWADESHI POLYTEX LIMITED	Nominee director	08/09/2003	08/09/2003	-	Active	NO
2	U99999MH1974GOI017823	NATIONAL TEXTILE CORPORATION (MAHARSHTRA NORTH) LIMITED	Director	13/08/2004	13/08/2004	-	Amalgamated	NO
3	U17110MH1974GOI017824	NATIONAL TEXTILE CORPORATION (SOUTH MAHARSHTRA) LIMITED	Director	13/08/2004	13/08/2004	-	Amalgamated	NO
4	U51490MH1971GOI014733	THE COTTON CORPORATION OF INDIA LIMITED	Nominee director	28/03/2005	28/03/2005	-	Active	NO
5	U17115KL1975SGC002670	SITARAM TEXTILES LIMITED	Director	24/11/2006	24/11/2006	13/05/2010	Active	NO
6	U18101KL1972SGC002405	KERALA STATE TEXTILE CORPORATION LIMITED	Director	29/12/2006	29/12/2006	13/05/2010	Active	NO
7	U74899DL1968PLC004866	NATIONAL TEXTILE CORPN LIMITED	Managing director	26/02/2007	26/02/2007	-	Active	NO
8	U17121MH2007GOI195403	AURANGABAD TEXTILES AND APPAREL PARKS LIMITED	Director	14/11/2007	12/11/2007	-	Active	NO
9	U17291MH2007GOI195397	APOLLO DESIGN APPAREL PARKS LIMITED	Director	14/11/2007	12/11/2007	-	Active	NO
10	U17291MH2007GOI195493	NEW CITY OF BOMBAY MFG. MILLS LIMITED	Director	14/11/2007	13/11/2007	-	Active	NO
11	U17291MH2007GOI195489	INDIA UNITED TEXTILE MILL LIMITED	Director	14/11/2007	13/11/2007	-	Active	NO
12	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Director	14/11/2007	13/11/2007	-	Active	NO
13	U17120DL2009GOI189315	ESKAY APPAREL PARKS LIMITED	Director	13/04/2009	13/04/2009	-	Active	NO
14	U17120DL2009GOI189311	JAYBHARAT APPARELS LIMITED	Director	13/04/2009	13/04/2009	-	Active	NO
15	U17120DL2009GOI189310	KSL APPARELS LIMITED	Director	13/04/2009	13/04/2009	-	Active	NO

Name :	Mr. Rakesh Kumar Sinha
Designation :	Director
Address :	Flat No 13, Pocket 1, 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/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1968PLC004866	NATIONAL TEXTILE CORPN LIMITED	Director	06/12/2010	06/12/2010	-	Active	NO
2	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Director	29/09/2011	31/03/2011	30/12/2011	Active	NO
3	U17291MH2007GOI195397	APOLLO DESIGN APPAREL PARKS LIMITED	Director	29/09/2011	31/03/2011	30/12/2011	Active	NO
4	U17291MH2007GOI195493	NEW CITY OF BOMBAY MFG. MILLS LIMITED	Director	29/09/2011	31/03/2011	30/12/2011	Active	NO
5	U17121MH2007GOI195403	AURANGABAD TEXTILES AND APPAREL PARKS LIMITED	Director	29/09/2011	31/03/2011	30/12/2011	Active	NO
6	U17291MH2007GOI195489	INDIA UNITED TEXTILE MILL LIMITED	Director	29/09/2011	31/03/2011	30/12/2011	Active	NO

Name :	Ms. Anita Agnihotri
Designation :	Nominee Director
Address :	A-7, Tower 2, 7^th Floor, New Moti Bagh, New Delhi – 110022, India
Date of Birth/Age :	10.10.1956
Date of Appointment :	16.05.2012
DIN No.:	02865537

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U36912MH1978PTC020126	HINDUSTAN DIAMOND COMPANY PRIVATE LIMITED	Nominee director	30/09/2009	30/09/2009	07/03/2012	Active	NO
2	U74899DL1968PLC004866	NATIONAL TEXTILE CORPN LIMITED	Nominee director	16/05/2012	16/05/2012	-	Active	NO
3	L51909DL1963GOI004033	MMTC LIMITED	Nominee director	22/05/2012	22/05/2012	-	Active	NO
4	U17232WB1971GOI027958	THE JUTE CORPORATION OF INDIA LIMITED	Nominee director	29/05/2012	29/05/2012	-	Active	NO
5	L74899DL1956GOI002674	THE STATE TRADING CORPORATION OF INDIA LIMITED	Director	30/05/2012	30/05/2012	-	Active	NO
6	U74899DL1976NPL008453	INDIA TRADE PROMOTION ORGANISATION	Nominee director	18/06/2012	18/06/2012	-	Active	NO
7	U72900MH2001NPL133410	MEDIA LAB ASIA	Additional director	17/10/2012	17/10/2012	-	Active	NO

Name :	Mr. Sujit Gulati
Designation :	Nominee 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/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74899DL1965PLC004518	BHARAT ALUMINIUM CO LIMITED	Nominee director	27/06/2006	27/03/2006	17/02/2007	Active	NO
2	L27201WB1967GOI028825	HINDUSTAN COPPER LIMITED	Director	06/06/2006	06/06/2006	18/04/2007	Active	NO
3	L23109WB1973GOI028844	COAL INDIA LIMITED GOVT OF INDIA UNDERTAKING	Director	06/03/2007	06/03/2007	10/09/2007	Active	NO
4	L14100GJ1963SGC001206	GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED	Director	18/04/2007	18/04/2007	19/05/2008	Active	NO
5	U72900GJ2001PLC039162	GUJ INFO PETRO LIMITED	Director	29/09/2007	27/06/2007	30/09/2011	Active	NO
6	U65990GJ1968SGC001524	GUJARAT INDUSTRIAL INVESTMENT CORPORATION LIMITED	Director	08/05/2008	08/05/2008	13/01/2010	Active	NO
7	U74999GJ1994SGC022952	ALCOCK ASHDOWN (GUJARAT) LIMITED	Director	30/05/2008	30/05/2008	07/11/2009	Active	NO
8	U24230GJ1982SGC005422	GUJARAT PORTS INFRASTRUCTURE AND DEVELOPMENT COMPANY LIMITED	Director	10/06/2008	10/06/2008	23/12/2009	Active	NO
9	U99999GJ1992PLC017798	GUJARAT CHEMICAL PORT TERMINAL COMPANY LIMITED	Nominee director	22/12/2008	18/06/2008	15/12/2009	Active	NO
10	L17110GJ1948PLC000753	DIGJAM LIMITED	Nominee director	23/06/2008	23/06/2008	29/12/2009	Active	NO
11	U91110GJ1968SGC001582	GUJARAT AGRO-INDUSTRIES CORPN LIMITED	Director	07/08/2008	07/08/2008	18/01/2010	Active	NO
12	U45209GJ2009SGC056466	GUJARAT INDUSTRIAL CORRIDOR CORPORATION LIMITED	Director	30/03/2009	30/03/2009	04/01/2010	Active	NO
13	U45208GJ2009SGC058064	GUJARAT INDUSTRIAL AREA DEVELOPMENT COMPANY LIMITED	Director	09/09/2009	09/09/2009	-	Active	NO
14	U45209GJ2009PLC058141	GUJARAT INDUSTRIAL INFRASTRUCTURE PROJECTS LIMITED	Director	17/09/2009	17/09/2009	18/12/2009	Active	NO
15	U74899DL1968PLC004866	NATIONAL TEXTILE CORPN LIMITED	Nominee director	23/04/2010	23/04/2010	-	Active	NO
16	U17232WB1980GOI032768	NATIONAL JUTE MANUFACTURES CORPRATION LIMITED	Nominee director	06/05/2010	06/05/2010	-	Active	NO
17	U17232WB1971GOI027958	THE JUTE CORPORATION OF INDIA LIMITED	Director	16/06/2010	16/06/2010	-	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/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U93090TN1949SGC001458	TAMILNADU INDUSTRIAL INVESTMENT CORPORATION LIMITED	Director	22/05/2006	22/05/2006	09/07/2007	Active	NO
2	U67190DL2006GOI144520	INDIA INFRASTRUCTURE FINANCE COMPANY LIMITED	Director	18/01/2008	18/01/2008	23/06/2009	Active	NO
3	L65190GJ1994PLC021012	ICICI BANK LIMITED	Nominee director	18/01/2008	18/01/2008	27/01/2009	Active	NO
4	L65190MH2004GOI148838	IDBI Bank Limited	Director	21/01/2008	21/01/2008	14/05/2009	Active	NO
5	L65191TN1997PLC037415	IDFC Limited	Nominee director	19/02/2008	19/02/2008	20/07/2009	Active	NO
6	L27203WB1960PLC024870	INDIA FOILS LIMITED	Nominee director	13/01/2010	13/01/2010	30/04/2010	Amalgamated	NO
7	L17115RJ1980PLC002075	MODERN THREADS (INDIA) LIMITED	Nominee director	13/01/2010	13/01/2010	30/06/2010	Active	NO
8	L51597WB1922PLC004603	JENSON AND NICHOLSON (INDIA) LIMITED	Nominee director	22/02/2010	22/02/2010	18/05/2011	Active	NO
9	L27203KL1946PLC000057	ALUMINIUM INDUSTRIES LIMITED	Nominee director	30/04/2010	30/04/2010	16/08/2010	Active	NO
10	U40101TN2006PTC059238	CETEX ENERGY GENERARTION COMPANY PRIVATE LIMITED	Director	03/05/2010	03/05/2010	05/04/2011	Active	NO
11	U67110MH2008PLC187576	UNITED STOCK EXCHANGE OF INDIA LIMITED	Director	17/09/2010	05/05/2010	07/02/2012	Active	NO
12	U67120MH2007PLC170358	INDIAN CLEARING CORPORATION LIMITED	Director	29/04/2011	22/06/2010	-	Active	NO
13	L32109PB1976PLC003680	JCT ELECTRONICS LIMITED	Director	30/06/2010	30/06/2010	08/02/2013	Active	NO
14	L63030MH1950GOI008033	SHIPPING CORPORATION OF INDIA LIMITED	Director	29/09/2010	11/08/2010	-	Active	NO
15	U74899DL1968PLC004866	NATIONAL TEXTILE CORPN LIMITED	Director	16/09/2010	16/09/2010	-	Active	NO
16	L74899DL1993GOI054155	OIL AND NATURAL GAS CORPORATION LIMITED	Director	30/08/2011	20/06/2011	-	Active	NO
17	U74899DL1965GOI004343	ONGC VIDESH LIMITED	Director	17/08/2012	22/09/2011	-	Active	NO
18	U65100TN2007PTC064069	EQUITAS HOLDINGS PRIVATE LIMITED	Director	11/06/2012	02/11/2011	-	Active	NO
19	U65993TN1994PTC028002	EQUITAS MICRO FINANCE PRIVATE LIMITED	Director	11/06/2012	17/02/2012	-	Active	NO

Name :	Mr. Ravinder Kumar Sharma
Designation :	Whole-Time Director
Address :	1035, Sector-A, Vasant Kunj, Delhi – 110070, India
Date of Birth/Age :	18.11.1955
Date of Appointment :	08.10.2007
DIN No.:	01882634

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L25209UP1970PLC003320	SWADESHI POLYTEX LIMITED	Director	26/02/2004	26/02/2004	-	Active	NO
2	U74899DL1968PLC004866	NATIONAL TEXTILE CORPN LIMITED	Whole-time director	08/10/2007	08/10/2007	-	Active	NO
3	U17291MH2007GOI195397	APOLLO DESIGN APPAREL PARKS LIMITED	Director	12/11/2007	12/11/2007	-	Active	NO
4	U17121MH2007GOI195403	AURANGABAD TEXTILES AND APPAREL PARKS LIMITED	Director	12/11/2007	12/11/2007	-	Active	NO
5	U17291MH2007GOI195493	NEW CITY OF BOMBAY MFG. MILLS LIMITED	Director	13/11/2007	13/11/2007	-	Active	NO
6	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Director	13/11/2007	13/11/2007	-	Active	NO
7	U17291MH2007GOI195489	INDIA UNITED TEXTILE MILL LIMITED	Director	13/11/2007	13/11/2007	-	Active	NO
8	U17120DL2009GOI189315	ESKAY APPAREL PARKS LIMITED	Director	13/04/2009	13/04/2009	-	Active	NO
9	U17120DL2009GOI189311	JAYBHARAT APPARELS LIMITED	Director	13/04/2009	13/04/2009	-	Active	NO
10	U17120DL2009GOI189310	KSL APPARELS LIMITED	Director	13/04/2009	13/04/2009	-	Active	NO

Name :	Mr. Prem Chandra Vaish
Designation :	Whole-Time Director
Address :	Flat No.57, Manglam Co-Operative Group Housing Society Limited, Plot No.12A, Sector 21D, Faridabad – 121001, Haryana, India
Date of Birth/Age :	15.06.1960
Date of Appointment :	05.12.2011
DIN No.:	03440470

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U40101MN2009GOI008249	LOKTAK DOWNSTREAM HYDROELECTRIC CORPORATION LIMITED	Nominee director	17/02/2011	17/02/2011	05/12/2011	Active	NO
2	U74899DL1968PLC004866	NATIONAL TEXTILE CORPN LIMITED	Whole-time director	05/12/2011	05/12/2011	-	Active	NO
3	U17121MH2007GOI195403	AURANGABAD TEXTILES AND APPAREL PARKS LIMITED	Director	21/08/2012	30/12/2011	-	Active	NO
4	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Director	21/08/2012	30/12/2011	-	Active	NO
5	U17291MH2007GOI195397	APOLLO DESIGN APPAREL PARKS LIMITED	Director	21/08/2012	30/12/2011	-	Active	NO
6	U17291MH2007GOI195489	INDIA UNITED TEXTILE MILL LIMITED	Director	21/08/2012	30/12/2011	-	Active	NO
7	U17291MH2007GOI195493	NEW CITY OF BOMBAY MFG. MILLS LIMITED	Director	21/08/2012	30/12/2011	-	Active	NO
8	L25209UP1970PLC003320	SWADESHI POLYTEX LIMITED	Nominee director	01/07/2012	01/07/2012	-	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/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U52100GJ2007PLC052325	ROSEBYS INTERIORS INDIA LIMITED	Director	31/12/2009	21/10/2009	01/07/2010	Active	NO
2	U74899DL1968PLC004866	NATIONAL TEXTILE CORPN LIMITED	Whole-time director	01/09/2011	01/09/2011	-	Active	NO
3	U17121MH2007GOI195403	AURANGABAD TEXTILES AND APPAREL PARKS LIMITED	Director	21/08/2012	01/07/2012	-	Active	NO
4	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Director	21/08/2012	01/07/2012	-	Active	NO
5	U17291MH2007GOI195397	APOLLO DESIGN APPAREL PARKS LIMITED	Director	21/08/2012	01/07/2012	-	Active	NO
6	U17291MH2007GOI195489	INDIA UNITED TEXTILE MILL LIMITED	Director	21/08/2012	01/07/2012	-	Active	NO
7	U17291MH2007GOI195493	NEW CITY OF BOMBAY MFG. MILLS LIMITED	Director	21/08/2012	01/07/2012	-	Active	NO

KEY EXECUTIVES

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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2012

Names of Shareholders	No. of Shares
The President of India	30548819
Anita Agnihotri	1
Sujit Gulati	1
Madhavi Das	1
Shantha Thampi	1
Shamsher Kaur	1
Sushanta S Das	1
The Governor – State Government of Uttar Pradesh, India	16928
The Governor – State Government of Orrisa, India	800
The Governor – State Government of West Bengal , India	24600
The Governor – State Government of Bihar, India	2668
The Governor – State Government of Karnataka, India	9450
The Governor – State Government of Andhra Pradesh, India	2397
The Governor – State Government of Pondicherry, India	500
The Governor – State Government of Delhi, India	8348
The Governor – State Government of Rajasthan, India	4585
The Governor – State Government of Punjab, India	2500
Total	30621601

Equity Share Break up (Percentage of Total Equity)

As on 27.09.2012

Category	Percentage
Government (Central and States)	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

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

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loans from Banks	17.861	75.198
Other Loans and Advances	49.761	0.000
Total	67.622	75.198

Banking Relations :	--
Auditors :
Name :	Alka and Suniil Chartered Accountants
Address :	E-176, Greater Kailash, Part-One, New Delhi-110048, India
PAN No.:	AAPFA2186G
Memberships :	· Aurangabad Textiles And Apparel Parks Limited CIN NO.: U17121MH2007GOI195403 · New City of Bombay Mfg. Mills Limited CIN NO.: U17291MH2007GOI195493 · Apollo Design Apparel Parks Limited CIN NO.: U17291MH2007GOI195397 · Goldmohur Design and Apparel Park Limited CIN NO.: U17291MH2007GOI195402 · India United Textile Mill Limited CIN NO.: U17291MH2007GOI195489

CAPITAL STRUCTURE

As on 31.03.2012

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		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		30621.601	30621.601	30621.601
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	36255.545
4] (Accumulated Losses)		(12018.068)	(13319.511)	(62617.446)
NETWORTH		18603.533	17302.090	4259.700
LOAN FUNDS
1] Secured Loans		67.622	75.198	1321.688
2] Unsecured Loans		4404.457	3969.859	3587.045
TOTAL BORROWING		4472.079	4045.057	4908.733
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		23075.612	21347.147	9168.433
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7999.136	7429.387	5506.111
Capital work-in-progress		3205.865	2618.340	3915.301
INVESTMENT		181.187	181.181	181.180
DEFERREX TAX ASSETS		0.000	0.000	1894.700
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2562.269	2496.550	1086.877
	Sundry Debtors	414.255	258.165	252.534
	Cash & Bank Balances	16756.731	17741.521	3698.892
	Other Non-Current Assets	259.521	321.733	0.000
	Other Current Assets	2045.460	1972.443	330.366
	Loans & Advances	1498.491	665.523	2019.475
Total Current Assets		23536.727	23455.935	7388.144
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1716.181	2075.496	5531.001
	Other Current Liabilities	5079.978	5353.396	2354.271
	Provisions	5051.144	4908.804	1831.731
Total Current Liabilities		11847.303	12337.696	9717.003
Net Current Assets		11689.424	11118.239	(2328.859)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		23075.612	21347.147	9168.433

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	6922.345	6365.388	4851.265
		Other Income	2011.421	773.114	580.997
		TOTAL (A)	8933.766	7138.502	5432.262
Less	EXPENSES
		Cost of materials consumed	4593.452	4089.528	3477.156
		Purchases of stock-in-trade	615.455	183.526
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(262.195)	(859.029)
		Employee benefit expense	2282.103	2599.108
		Other expenses	2362.681	3200.128
		Prior period items	24.559	(138.461)
		Exceptional items	(20.380)	(52.616)
		Extraordinary items	(3260.017)	(19828.847)
		TOTAL (B)	6335.658	(10806.663)	3477.156
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2598.108	17945.165	1955.106
Less	FINANCIAL EXPENSES (D)		486.765	539.871	579.149
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2111.343	17405.294	1375.957
Less/ Add	DEPRECIATION/ AMORTISATION (F)		719.289	501.658	398.236
	PROFIT BEFORE TAX (E-F) (G)		1392.054	16903.636	977.721
Less	TAX (H)		90.617	3861.258	(53.600)
	PROFIT AFTER TAX (G-H) (I)		1301.437	13042.378	1031.321
	Earnings Per Share (Rs.)		42.50	425.92	33.68

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	14.57	182.70	18.99
Net Profit Margin (PBT/Sales)	(%)	20.11	265.56	20.15
Return on Total Assets (PBT/Total Assets}	(%)	4.41	54.73	7.58
Return on Investment (ROI) (PBT/Networth)		0.07	0.98	0.23
Debt Equity Ratio (Total Debt/Networth)		0.24	0.23	1.15
Current Ratio (Current Asset/Current Liability)		1.99	1.90	0.76

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

LITIGATION DETAILS

IN THE HIGH COURT OF DELHI AT NEW DELHI

CS(OS) 2617/2012 and I.A. No.15676/2012 (u/o 39 R. 1 and 2 CPC)

HINDUSTAN PETROLEUM CORPORATION LTD ..... Plaintiff

Through: Mr. Rajiv Kapoor and Ms. Vatsala Rai, Advocates

versus

M/S NATIONAL TEXTILE CORPORATION LTD. ..... Defendant

Through: Mr. Sanjoy Ghose and Mr. Mohd. Farrukh, Advocates

CORAM:

HON'BLE MR. JUSTICE P.K. BHASIN

O R D E R

08.02.2013

Counsel for the defendant wants some time to file written statement and reply. Let the same be filed within three weeks. Thereafter, list the matter on 12th March, 2013.

P.K. BHASIN, J

FEBRUARY 08, 2013

CHARGES

ENTITY	COMPETENT AUTHORITY	REGULATORY CHARGES	REGULATORY ACTION(S) / DATE OF ORDER
NATIONAL TEXTILE CORP.(UP) LIMITED  (Along with: SWADESHI POLYTEX LIMITED)	CLB	CONDUCTED AFFAIRS OF COMPANY IN A MANNER DETRIMENTAL TO THE INTEREST OF COMPANY	DIRECTED PETITIONER TO ENTER INTO SETTLEMENT WITH WORKERS OF COMPANY AND TO RESPONDENTS TO SELL OFF THEIR INVESTMENT IN COMPANY 01-MAY-2002
NATIONAL TEXTILE CORP.LIMITED	EPFO	EXEMPTED AND UNEXEMPTED ESTABLISHMENTS DEFAULTED WITH EPFO INCLUDING PROVIDENT FUND, PENSION AND EDLI CONTRIBUTION, ADMINISTRATION CHARGES AND PENAL DAMAGES OF RS.20.928 MILLIONS	AMONG OTHER ACTIONS, NAMES OF DEFAULTERS PUT ON THE EPFO WEBSITE 31-MAR-2012
NATIONAL TEXTILE CORP.LIMITED	DRT	DEFAULT OF DUES	NOTICE DEBTS RECOVERY TRIBUNAL NO.I, MUMBAI 20-OCT-2010
NATIONAL TEXTILE CORP.LIMITED	DRT	DEFAULT OF DUES	SUMMONS BY PAPER PUBLICATION- RS.47.667 MILLIONS MUMBAI DEBTS RECOVERY TRIBUNALNO.I, MUMBAI 26-SEP-2005
NATIONAL TEXTILE CORP.LIMITED  (Along with: SWADESHI POLYTEX LIMITED)	CLB	CONDUCTED AFFAIRS OF COMPANY IN A MANNER DETRIMENTAL TO THE INTEREST OF COMPANY	DIRECTED PETITIONER TO ENTER INTO SETTLEMENT WITH WORKERS OF COMPANY AND TO RESPONDENTS TO SELL OFF THEIR INVESTMENT IN COMPANY 01-MAY-2002

DETAILS UNSECURED LOAN

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Borrowing from Government Semi-Government Bodies	4403.282	3969.859
Other Loans and Advances	1.175	0.000
Total	4404.457	3969.859

TEXTILE SCENARIO AND NTC

Textile is India’s oldest and still the largest manufacturing sector. Yet the Indian textile industry has not been able to capitalize on the more liberal global trade regime so far.

The Indian textile industry contributes about 14 percent to industrial production, 4 percent to the GDP and 17 percent to the country’s export earnings. It provides direct employment to over 35 million people, which includes a substantial number of SC/ST and women. The textile sector is the second largest provider of employment after agriculture.

India’s textile and apparel share in world trade is 4.5%. India’s textile exports were USD 26.8 billion in the year 2011-12. In financial year 2011-12, the textile industry attracted FDI investment of USD 129 million.

Though many countries are facing slow growth or are even near stagnation, still India is confident to achieve at least a 6% CAGR in the next decade. This would sustain the interest of international Companies - including retailers and fashion brands for substantial investment in India in the coming years, inspite of the current spate of negative global press coverage of Indian textile industry.

The year 2011-12 was a challenging year for the Company as the Company has taken several initiatives in NTC’s business transformation and achieving the targets in the direction of modernization, diversification, revamping of showrooms and sale of assets etc. The Company’s goal has always been to make its products cost-competitive, well recognized for quality and customer acceptability.

he Company has completed 18 mills modernization. Three mills, viz., Ahmedabad (Gujarat), Achalpur (Maharashtra); and Hassan (Karnataka), are relocated Green Field Projects which are now operational. 2 mills are subsequent additions under MS-08. Thus, making the total 23. The 24 th mill is proposed as a Technical Textile Unit. ISO 9001-2008 certifications have been awarded to 17 textile mills of NTC.

The Company has plans to transform itself into an integrated textile company with spinning, weaving, processing, garmenting, besides diversifying into technical textiles.

NTC will be focusing effectively on branding and retailing of its fabrics through Retail Marketing Division and increase its volume of institutional sales in the coming days. The Export increased to the level of Rs. 50 Crore during the year 2011-12. Technical Textiles is an area where there is a tremendous scope for the company to improve its turnover and profitability.

The entire funds required for payment of MVRS compensation was mobilized by private placement of bonds from the market to the extent of Rs.20280.000 Millions. The Company has already paid on time Rs.20280.000 Millions on redemption of bonds and Rs.8830.000 Millions as interest on these bonds, in addition to paying Rs.2940.000 Millions as one-time settlement to banks and financial institutions. The entire funds required for the implementation of the Revival Scheme is generated through sale of assets of the closed mills and surplus assets of the viable mills. NTC has so far generated Rs.65421.400 Millions by sale of assets by the Asset Sale Committee, constituted by BIFR/MOT.

While the Company had been enjoying the benefit of budgetary support from its inception, they are not availing any budgetary support for its wages, for the last three years i.e. 2009-10, 2010-11 and 2011-12.

The Company has nine members on its board – consisting of five functional Directors including the CMD and two nominee Directors from the Ministry of Textiles besides one BIFR Director Nominee and one Independent Director. Two independent Directors completed their tenure and have ceased to be on the Board w.e.f. 5th December, 2011. Action has already been taken for the appointment of remaining three independent Directors.

Ø Finlay Mill, Achalpur has been conferred with MEGA PROJECTS STATUS by Government of Maharashtra.

Ø Power cut, labour shortage and absenteeism were the major factors which adversely affected the performance of some of the modernized mills. The Company has made all out efforts to manage these constraints. Initially, the power shortage was supplemented through private power purchase agreements which are now further being augmented by procurement of DG sets wherever required.

Ø The functioning of the company was seriously hampered by lack of professional people in managing its essential functions. Steps have been initiated to recruit professionally qualified manpower in the various disciplines to solve this problem.

Ø They have trimmed our surplus workforce through voluntary retirement schemes, thus making the strength of the employee 8024 as on 31.03.2012. The industrial relations in the company by and large were cordial except in two Kerala mills where there were strikes by the workers on engagement of women employees. The management has signed a work load agreement for improving the production and the productivity of the Kerala based four mills during the period of July, 2011- Oct, 2011.

As NTC is poised to achieve higher growth and enlarge its reach across the country, the company is committed to transform it into “ Clothier of the Nation”. This, the company plan to do through re-engineering and re-inventing itself through technological innovation, creative marketing campaigns and managerial commitment to deliver much better results.

As NTC spins its future, the company is confident that it will be able to deliver consistent growth and at the same time steadily adhere to its commitment to good Corporate Governance.

FINANCIAL RESULTS:

During the year the Company has made a net profit (after tax) of Rs.1301.500 Millions from the Extra Ordinary income on account of sale of FSI. The company has accounted for net Extra-Ordinary Income of Rs.3280.400 Millions which among others contains income of Rs.3897.900 Millions generated mainly from sale of FSI earned on Mumbai properties. The Company’s turnover registered an increase of 8.75% from Rs.6365.400 Millions to Rs.6922.300 Millions.

FIXED ASSETS:

· Land and Building

· Plant and Equipments

· Pollution Reduction Equipment

· Furniture and Fixtures

· Vehicles

· Ships Vessels

· Office Equipment

· Computer Equipments

· Factory Equipments

· Railway Sidings

· Mines Quarries

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 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 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.54.39
UK Pound	1	Rs.82.32
Euro	1	Rs.69.54

INFORMATION DETAILS

Report Prepared by :

SDA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	-
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	YES
TOTAL		31

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.