MIRA INFORM REPORT

Report Date :

19.02.2014

IDENTIFICATION DETAILS

Name :	NATIONAL TEXTILE CORPORATION LIMITED (w.e.f.01.10.2002)
Formerly Known As :	NATIONAL TEXTILE CORPORATION PRIVATE LIMITED
Registered Office :	Scope Complex, Core-IV, Lodhi Road, New Delhi - 110003
Country :	India
Financials (as on) :	31.03.2013
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
TAN No.: [Tax Deduction & Collection Account No.]	DELN00083G / DELN05933E
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 :	Manufacturing and Trading of Yarn, Fabric and Readymade.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 77800000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
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 appears huge accumulated losses recorded by the company. 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The worst is over for India’s economy with gross domestic product likely to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s Analytics. Concerns over the rupee and current account deficit are under control, said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up from the estimated 4.8 % for 2013/14.  Total economic growth, infrastructure bottlenecks and lack of transparency and consistency in foreign direct investment policies seem to have taken a toll on India’s attractiveness as an investment destination, says an Ernst & Young survey.  Projects with FDI component fell 16.4 % across the globe in 2012 from the previous year.  The drop in India was steeper at 21 %. State run carrier Air India is doling out free tickets to its 24000 employees, even as it expects to incur a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn. 550000 number of jobs generated across India in 2013, a fall of 0.4 % as compared to with a year earlier. The National Capital Region has a one-fourth share in total jobs created, according to a study by industry lobby group Assochem, Banks, real estate, automobile and telecommunications sectors are showing a rise of job creation. $ 805 mn investments by venture capital firms in India during 2013, registering a drop of about 18 % over the previous year. The Information Technology and IT-Enabled Services Industry retained its status as the favourable venture capital investors in 2013. Pakistan has temporarily banned gold imports for the second time in six months, as it tries to stem smuggling into India. India’s import duty on gold is 10 % and curbs on purchases have dried up legal imports into what used to be the world’s biggest bullion buyers. The World Gold Council puts the amount smuggled into India at upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed bank deposits estimated to be about Rs 35000 mn be used for education and awareness among depositors.  According to the plan, deposits that have not been claimed for at least 10 years will be transferred to the scheme.

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 is not 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-IV, Lodhi Road, New Delhi – 110003, India
Tel. No.:	91-11-24362632/ 24360101
Fax No.:	91-11-24361112
E-Mail :	cspankajntc@gmail.com ntcsro@bsnl.in
Website :	www.ntcltd.co.in
Southern Regional Office :	NTC House, 35-B, Somasundaram Mills Road, Coimbatore – 641009, Tamilnadu, India
Tel. No.:	91-422-2231665/ 2230667
Fax No.:	91-422-2232171
Western Regional Office :	NTC House, 15 N. M. Marg, Ballard Estate, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22686600/ 22686601
Fax No.:	91-22-22686631
Branch Offices :	Located at: · Indore Kanpur Kolkata Bangalore Ahmedabad

DIRECTORS

AS ON 14.08.2013

Name :

Mr. Rakesh Kumar Sinha

Designation :

Managing director

Address :

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

Date of Birth/Age :

20.07.1962

Qualification :

MSW, LL.B

Date of Appointment :

24.09.2013

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	Company/ LLP Status	Defaulting status
1	U74899DL1968PLC004866	NATIONAL TEXTILE CORPN LIMITED	Managing director	24/09/2013	06/12/2010	Active	NO
2	U17121MH2007GOI195403	AURANGABAD TEXTILES AND APPAREL PARKS LIMITED	Additional director	26/12/2013	31/03/2011	Active	NO
3	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Additional director	26/12/2013	31/03/2011	Active	NO
4	U17291MH2007GOI195397	APOLLO DESIGN APPAREL PARKS LIMITED	Additional director	26/12/2013	31/03/2011	Active	NO
5	U17291MH2007GOI195489	INDIA UNITED TEXTILE MILL LIMITED	Additional director	26/12/2013	31/03/2011	Active	NO
6	U17291MH2007GOI195493	NEW CITY OF BOMBAY MFG. MILLS LIMITED	Additional director	26/12/2013	31/03/2011	Active	NO
7	L25209UP1970PLC003320	SWADESHI POLYTEX LIMITED	Nominee director	05/08/2013	05/08/2013	Active	NO
8	U51490MH1971GOI014733	THE COTTON CORPORATION OF INDIA LIMITED	Nominee director	25/10/2013	25/10/2013	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

Qualification :

B.Com., PGDM

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

Name :

Mr. Prem Chandra Vaish

Designation :

Whole-time director

Address :

Flat No.57, Mangalam Co-Operative Group Housing Society Limited, Plot No.12A, Sector 21, Faridabad – 121001, Haryana, India

Date of Birth/Age :

15.06.1960

Qualification :

B.Com., FCA

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	U17291MH2007GOI195402	GOLDMOHUR DESIGN AND APPAREL PARK LIMITED	Director	21/08/2012	30/12/2011	-	Active	NO
4	U17291MH2007GOI195397	APOLLO DESIGN APPAREL PARKS LIMITED	Director	21/08/2012	30/12/2011	-	Active	NO
5	U17291MH2007GOI195489	INDIA UNITED TEXTILE MILL LIMITED	Director	21/08/2012	30/12/2011	-	Active	NO
6	U17291MH2007GOI195493	NEW CITY OF BOMBAY MFG. MILLS LIMITED	Director	21/08/2012	30/12/2011	-	Active	NO
7	U17121MH2007GOI195403	AURANGABAD TEXTILES AND APPAREL PARKS LIMITED	Director	21/08/2012	30/12/2011	-	Active	NO
8	L25209UP1970PLC003320	SWADESHI POLYTEX LIMITED	Director	19/09/2013	01/07/2012	-	Active	NO
9	U17117UP1920GOI000162	BRITISH INDIA CORPORATION LIMITED	Director	12/10/2012	12/10/2012	-	Active	YES

Name :

Mrs. 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

Qualification :

IAS

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	U17232WB1980GOI032768	NATIONAL JUTE MANUFACTURES CORPRATION LIMITED	Nominee director	29/05/2012	29/05/2012	-	Active	NO
5	U17232WB1971GOI027958	THE JUTE CORPORATION OF INDIA LIMITED	Nominee director	29/05/2012	29/05/2012	-	Active	NO
6	L74899DL1956GOI002674	THE STATE TRADING CORPORATION OF INDIA LIMITED	Director	30/05/2012	30/05/2012	-	Active	NO
7	U74899DL1976NPL008453	INDIA TRADE PROMOTION ORGANISATION	Nominee director	18/06/2012	18/06/2012	-	Active	NO
8	U72900MH2001NPL133410	MEDIA LAB ASIA	Additional director	17/10/2012	17/10/2012	-	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

Qualification :

M.Sc., IAS

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 & 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	Additional director	12/11/2013	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	21/08/2013	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
20	L74899DL1984PLC146935	RELIGARE ENTERPRISES LIMITED	Director	13/09/2013	06/05/2013	-	Active	NO
21	U67100MH2013PLC241104	L&T INFRA DEBT FUND LIMITED	Additional director	21/01/2014	21/01/2014	-	Active	NO

Name :

Mr. Raman Singh Sidhu

Designation :

Director

Address :

606-B, The Aralias DLF Golf Link, DLF Phase V, Gurgaon – 122009, Haryana, India

Date of Birth/Age :

06.07.1957

Qualification :

B.A., CA

Date of Appointment :

15.10.2012

DIN No.:

00121906

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	U74140WB1991PTC094523	ACCORD GROUP (INDIA) PRIVATE LIMITED	Director	01/01/2002	01/01/2002	07/05/2008	Active	NO
2	U67120DL1996PTC080556	G4S CORPORATE SERVICES (INDIA) PRIVATE LIMITED	Director	22/12/2005	22/12/2005	-	Active	NO
3	U74899DL1995PLC104560	FIRST BLUE HOME FINANCE LIMITED	Director	24/08/2006	24/08/2006	14/12/2010	Amalgamated	NO
4	U72200PN1988PLC015974	INDIACOM LIMITED	Additional director	21/05/2007	21/05/2007	21/08/2007	Active	NO
5	L40101HR1975GOI032564	NHPC LIMITED	Director	07/04/2008	07/04/2008	06/04/2011	Active	NO
6	U67190DL2006GOI144520	INDIA INFRASTRUCTURE FINANCE COMPANY LIMITED	Director	14/05/2010	14/05/2010	30/05/2011	Active	NO
7	U74899DL1968PLC004866	NATIONAL TEXTILE CORPN LIMITED	Director	15/10/2012	15/10/2012	-	Active	NO

Name :

Mr. Amarendra Mahapatra

Designation :

Director

Address :

Duplex 10, Mai Ivihar, Chandrasekharpur, Bhubaneswar – 751023, Orissa, India

Date of Birth/Age :

04.07.1950

Qualification :

PG IN Labour and Social Welfare, LL.B

Date of Appointment :

15.10.2012

DIN No.:

00043383

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	L51909DL1963GOI004033	MMTC LIMITED	Whole-time director	16/02/2006	16/02/2006	30/07/2010	Active	NO
2	U74899DL1968PLC004866	NATIONAL TEXTILE CORPN LIMITED	Director	15/10/2012	15/10/2012	-	Active	NO
3	U13100MH1972GOI016078	MINERAL EXPLORATION CORPORATION LIMITED	Director	12/08/2013	12/08/2013	-	Active	NO

Name :

Pushpa Subrahmanyam

Designation :

Nominee director

Address :

Plot No.106, Road No.71, Nav Nirman Nagar, Jubilee Hills, Hyderabad - 500033, Andhra Pradesh, India

Date of Birth/Age :

03.01.1962

Date of Appointment :

13.12.2013

DIN No.:

01894076

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	U65993AP1993SGC015241	ANDHRA PRADESH URBAN FINANCE AND INFRASTRUCTURE DEVELOPMENT CORPORATION LIMITED	Nominee director	11/04/2007	11/04/2007	11/11/2010	Dormant	NO
2	U45200AP1979SGC002483	A.P.STATE HOUSING CORPORATION LIMITED	Director	20/11/2007	20/11/2007	16/11/2010	Active	YES
3	U45400AP2007SGC055093	ANDHRA PRADESH RAJIV SWAGRUHA CORPORATION LIMITED	Nominee director	21/10/2009	21/10/2009	21/12/2009	Active	NO
4	U40109AP2000SGC034911	ANDHRA PRADESH POWER FINANCE CORPORATION LIMITED	Nominee director	01/07/2011	01/07/2011	-	Active	NO
5	U40109AP2000SGC034116	CENTRAL POWER DISTRIBUTION COMPANY OF ANDHRA PRADESH LIMITED	Nominee director	28/07/2011	28/07/2011	03/12/2013	Active	NO
6	U31909AP1998SGC030805	TRANSMISSION CORPORATION OF ANDHRA PRADESH LIMITED	Director	23/11/2011	23/11/2011	04/11/2013	Active	NO
7	U99999AP1973SGC001630	ANDHRA PRADESH INDUSTRIAL INFRASTRUCTURE CORPN LIMITED	Nominee director	20/04/2013	20/12/2011	-	Active	NO
8	U40109AP1998SGC030806	ANDHRA PRADESH POWER GENERATION CORPORATION LIMITED	Director	19/01/2012	19/01/2012	03/12/2013	Active	NO
9	U51490MH1971GOI014733	THE COTTON CORPORATION OF INDIA LIMITED	Nominee director	25/10/2013	25/10/2013	-	Active	NO
10	U74899DL1968PLC004866	NATIONAL TEXTILE CORPN LIMITED	Nominee director	13/12/2013	13/12/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Pankaj Agarwal
Designation :	Secretary
Address :	House No.38, Shakti Khand IV, Indirapuram, Gaziabad – 201010, Uttar Pradesh, India
Date of Birth/Age :	08.08.1965
Date of Appointment :	30.09.2008
PAN No.:	ACZPA4484D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 14.08.2013

Names of Shareholders	No. of Shares
The President of India	30548819
Anita Agnihotri	1
Sujit Gulati	1
Neelam Kumar	1
Geeta Narayan	1
A K Sharma	1
Sushanta 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 Lt. Governor – State Government of Pondicherry, India	500
The Lt. Governor – State Government of NCT of Delhi, India	8348
The Governor – State Government of Rajasthan, India	4585
The Governor – State Government of Punjab, India	2500
Total	30621601

AS ON 14.08.2013

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

BUSINESS DETAILS

Line of Business :

Manufacturing and Trading of Yarn, Fabric and Readymade.

Products/ Services :

ITC Code No.	Product Descriptions
52051101	Cotton and Polyester Yarn
54079100	Other woven fabrics

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Corporation Bank

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

· State Bank Of Travancore

Pudukkad Branch, Pudukkad P O, Thrissur - 680301, Kerala, India

· Punjab National Bank

Bo : Large Corporate Branch, Tolstoy House, Tolstoy Marg, New Delhi - 110001, Delhi, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Rupee term loans from others	0.000	408.084
SHORT TERM BORROWINGS
Other loans and advances	134.960	67.622
Total	134.960	475.706

Banking Relations :	--
Auditors :
Name :	Jagdish Chand And Company Chartered Accountants
Address :	H-20, LGF, Green Park (Main), New Delhi - 110016, India
Tel. No.:	91-11-26511953/ 26533626/ 41759467
Fax No.:	91-11-41759467
E-Mail :	mail@jcandco.org
Income-tax PAN of auditor or auditor's firm :	AACFJ5456F
Joint Venture :	· Aurangabad Textiles And Apparel Parks Limited [U17121MH2007GOI195403] New City of Bombay Mfg. Mills Limited [U17291MH2007GOI195493] Apollo Design Apparel Parks Limited [U17291MH2007GOI195397] Goldmohur Design and Apparel Park Limited [U17291MH2007GOI195402] India United Textile Mill Limited [U17291MH2007GOI195489]
Subsidiary Company :	· Swadeshi Minning & Manufacturing Company Limited
Associate Company :	Swadeshi Polytex Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs. 1000/- each	Rs. 50000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
30,621,601	Equity Shares	Rs. 1000/- each	Rs. 30621.601 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	30621.601	30621.601	30621.601
(b) Reserves & Surplus	(11166.898)	(12018.068)	(13319.511)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	19454.703	18603.533	17302.090
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	408.084	3969.859
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	196.455	721.106	826.676
(d) long-term provisions	1309.468	1902.260	1945.769
Total Non-current Liabilities (3)	1505.923	3031.450	6742.304
(4) Current Liabilities
(a) Short term borrowings	136.527	68.797	75.198
(b) Trade payables	1666.981	1789.983	2075.496
(c) Other current liabilities	8611.156	8280.649	4526.720
(d) Short-term provisions	3455.409	3148.884	2963.035
Total Current Liabilities (4)	13870.073	13288.313	9640.449
TOTAL	34830.699	34923.296	33684.843
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	9064.343	7986.896	7414.370
(ii) Intangible Assets	8.581	12.240	15.017
(iii) Capital work-in-progress	4023.983	3205.865	2618.340
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	181.182	181.187	181.181
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	975.798	1034.080	88.966
(e) Other Non-current assets	362.045	351.688	321.733
Total Non-Current Assets	14615.932	12771.956	10639.607
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	2574.117	2562.269	2496.550
(c) Trade receivables	648.845	414.255	258.165
(d) Cash and cash equivalents	14783.015	16768.216	17741.521
(e) Short-term loans and advances	1077.059	1171.108	576.557
(f) Other current assets	1131.731	1235.492	1972.443
Total Current Assets	20214.767	22151.340	23045.236
TOTAL	34830.699	34923.296	33684.843

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		revenue from operations	10258.842	6922.345	6365.388
		Other Income	2068.061	2011.421	773.114
		TOTAL (A)	12326.903	8933.766	7138.502
Less	EXPENSES
		Cost of materials consumed	5243.157	4672.355	4089.528
		Purchases of stock-in-trade	806.096	615.455	183.526
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(278.088)	(262.195)	(859.029)
		Employee benefit expense	2667.750	2282.103	2599.108
		Other expenses	3081.801	2283.834	3200.128
		Prior period items	(458.077)	24.559	(138.461)
		Exceptional items	(5.850)	(20.380)	(52.616)
		Extraordinary items	(1016.252)	(3260.017)	(19828.847)
		TOTAL (B)	10040.537	6335.714	(10806.663)
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2286.366	2598.052	17945.165
Less	FINANCIAL EXPENSES (D)		497.628	486.765	539.871
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1788.738	2111.287	17405.294
Less/ Add	DEPRECIATION/ AMORTISATION (F)		926.300	719.289	501.658
	PROFIT BEFORE TAX (E-F) (G)		862.438	1391.998	16903.636
Less	TAX (H)		11.268	90.561	3861.258
	PROFIT AFTER TAX (G-H) (I)		851.170	1301.437	13042.378
	Earnings Per Share (Rs.)		27.80	42.50	425.92

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	6.90	14.57	182.70
Net Profit Margin (PBT/Sales)	(%)	8.41	20.11	265.56
Return on Total Assets (PBT/Total Assets}	(%)	2.82	4.41	54.73
Return on Investment (ROI) (PBT/Networth)		0.04	0.07	0.98
Debt Equity Ratio (Total Debt/Networth)		0.01	0.03	0.23
Current Ratio (Current Asset/Current Liability)		1.46	1.67	2.39

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	--
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

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10298611	23/06/2011	50,000,000.00	CORPORATION BANK	BO : HASSAN MAIN, N.R.CIRCLE, H.N.PURA ROAD, HASSAN - 573201, KARNATAKA, INDIA	B17380890
2	10286409	06/04/2011	50,000,000.00	CORPORATION BANK	BO : INDUSTRIAL FINANCE BRANCH, 1604, TRICHY ROAD, COIMBATORE - 641018, TAMILNADU, INDIA	B12795431
3	10102598	24/04/2008	10,000,000.00	STATE BANK OF TRAVANCORE	PUDUKKAD BRANCH, PUDUKKAD P O, THRISSUR - 680301, KERALA, INDIA	A38462701
4	10012274	14/06/2006	53,100,000.00	INDIAN OVERSEAS BANK	DR. NANJAPPA ROAD BRANCH, COIMBATORE, COIMBATORE - 641018, TAMILNADU, INDIA	A02076503
5	80007771	03/03/2004	20,800,000.00	PUNJAB NATIONAL BANK	Q S ROAD, KOLLAM - 691001, KERALA, INDIA	-
6	90054643	09/09/2002	2,000,000.00	INDIAN OVERSEAS BANK	DR. NANJAPPA ROAD BRANCH, COIMBATORE, COIMBATORE - 641018, TAMILNADU, INDIA	-
7	90235631	01/12/1987 *	34,500,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G N VIADYA MARG, BOMBAY - 400023, MAHARASHTRA, INDIA	-
8	90052608	03/10/1997 *	12,000,000.00	INDIAN OVERSEAS BANK	KURICHI BRANCH, SUNDARAPURAM, COIMBATORE - 641024, TAMILNADU, INDIA	-
9	90185994	06/11/1993	1,664,000.00	PUNJAB NATIONAL BANK	21; RAJENDRA PLACE, NEW DELHI - 110008, INDIA	-
10	90185891	17/12/1992	28,800,000.00	STATE BANK OF BIKANER AND JAIPUR	D N FORT ROAD, FORT, MUMBAI, MAHARASHTRA, INDIA	-
11	90185882	06/11/1992	11,300,000.00	PUNJAB NATIONAL BANK	7; BHIKA JI CAMA PLACE, NEW DELHI - 110006, INDIA	-
12	90185879	02/11/1992	4,300,000.00	STATE BANK OF BIKANER & JAIPUR	D N ROAD; FORT, MUMBAI, MAHARASHTRA, INDIA	-
13	90185876	30/10/1992	35,000,000.00	STATE BANK OF INDIA	NAGPUR BRANCH; KINGSWAY, NAGPUR, MAHARASHTRA, INDIA	-
14	90204847	12/10/1992	2,210,000.00	THE STATE BANK OF INDORE	P. Y. ROAD BRANCH, INDORE, MADHYA PRADESH, INDIA	-
15	90185869	17/09/1992	10,000,000.00	STATE BANK OF INDIA	154; TILAK MARG, NEW DELHI, DELHI - 110008, INDIA	-
16	90185847	24/07/1992	5,000,000.00	STATE BANK OF BIKANER & JAIPUR	D N ROAD ; FORT, MUMBAI, MAHARASHTRA, INDIA	-
17	90202784	16/07/1992	470,000.00	THE STATE BANK OF INDORE	P. Y. ROAD BRANCH, INDORE, MADHYA PRADESH, INDIA	-
18	90253458	30/03/1992	3,300,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	16; SANDAD MARG, BANK OF BARODA BUILDING, NEW DELHI - 110001, INDIA	-
19	90236942	07/01/1992	2,400,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G N VIADYA MARG, BOMBAY - 400023, MAHARASHTRA, INDIA	-
20	90235504	07/01/1992	3,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G N VIADYA MARG, BOMBAY - 400023, MAHARASHTRA, INDIA	-
21	90185763	24/03/1999 *	220,500,000.00	STATE BANK OF BIKANER AND JAIPUR	D N FORT ROAD, FORT, MUMBAI, MAHARASHTRA, INDIA	-
22	90207191	25/06/1991	17,000,000.00	THE STATE BANK OF INDORE	P. Y. ROAD BRANCH, INDORE, MADHYA PRADESH, INDIA	-
23	90185719	25/04/1991	8,000,000.00	STATE BANK OF INDIA	ACHALPUR BRANCH, CIVIL LINES, AMRAVTI, MAHARASHTRA, INDIA	-
24	90204738	22/06/1990	3,000,000.00	THE STATE BANK OF INDIA	BUDHWARA BRANCH, UJJAIN, MADHYA PRADESH, INDIA	-
25	90207037	31/08/1989	2,650,000.00	THE STATE BANK OF INDORE	P. Y. ROAD BRANCH, INDORE, MADHYA PRADESH, INDIA	-
26	90206948	07/11/1988	1,370,000.00	THE DENA BANK	LAL BAG, BURHANPUR, MADHYA PRADESH, INDIA	-
27	90204663	03/11/1988	1,630,000.00	THE STATE BANK OF INDORE	P. Y. ROAD BRANCH, INDORE, MADHYA PRADESH, INDIA	-
28	90204656	26/08/1988	545,000.00	THE STATE BANK OF INDORE	P. Y. ROAD BRANCH, INDORE, MADHYA PRADESH, INDIA	-
29	90204642	11/06/1988	909,000.00	THE STATE BANK OF INDORE	P. Y. ROAD BRANCH, INDORE, MADHYA PRADESH, INDIA	-
30	90206871	11/01/1988	500,000.00	THE STATE BANK OF INDORE	P. Y. ROAD BRANCH, INDORE, MADHYA PRADESH, INDIA	-
31	90233397	10/01/1992 *	24,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, JUSTICE G N VIADYA MARG, BOMBAY - 400023, MAHARASHTRA, INDIA	-
32	90253244	28/06/1991 *	33,720,000.00	UNITED BANK OF INDIA	N. S. RAOD BRANCH, CALCUTTA - 700001, WEST BENGAL, INDIA	-
33	90206678	23/08/1985	500,000.00	THE STATE BANK OF INDORE	P. Y. ROAD BRANCH, INDORE, MADHYA PRADESH, INDIA	-
34	90206596	18/01/1984 *	10,000,000.00	THE STATE BANK OF INDIA	RAJNANDGAON, RAJNANDGAON, MADHYA PRADESH, INDIA	-
35	90206589	11/10/1983	6,000,000.00	THE STATE BANK OF INDIA	BHOPAL MAIN BRANCH, T. T. NAGAR, BHOPAL, MADHYA PRADESH, INDIA	-
36	90253193	06/09/1983	500,000.00	CENTRAL BANK OF INDIA	GAYA, GAYA, BIHAR, INDIA	-
37	90206578	10/05/1983	700,000.00	THE STATE BANK OF INDORE	P. Y. ROAD BRANCH, INDORE, MADHYA PRADESH, INDIA	-
38	90051940	29/01/1983	500,000.00	INDIAN OVERSEAS BANK	KURICHI BRANCH, SUNDARAPURAM, COIMBATORE - 641024, TAMILNADU, INDIA	-
39	90206571	21/01/1983 *	2,000,000.00	THE STATE BANK OF INDORE	P. Y. ROAD BRANCH, INDORE, MADHYA PRADESH, INDIA	-
40	90051929	10/05/1982	11,600,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	NARIMAN BHAVAN, 227; VINAY K. SHAH MARG; NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA	-
41	90253156	30/03/1982	12,900,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	227; VINAY K. SHAH MARG, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA	-
42	90206539	15/01/1982	6,200,000.00	DENA BANK	LAL BAUG, BURHANPUR, MADHYA PRADESH, INDIA	-
43	90253151	23/12/1981	18,000,000.00	IFCI BANK	BANK OF BARODA BUILDING, 16; SANSAD MARG, NEW DELHI, INDIA	-
44	90051914	26/09/1981	6,200,000.00	INDUSTRIAL DEVELOMENT BANK OF INDIA	BOMBAY, BOMBAY, MAHARASHTRA, INDIA	-
45	90253143	17/09/1981	2,200,000.00	UNITED BANK OF INDIA	ROYAL EXCHANGE BRANCH, 67; NETAJI SUBHAS RAOD, CALCUTTA - 700001, WEST BENGAL, INDIA	-
46	90253135	26/06/1981	2,000,000.00	UNITED BANK OF INDIA	ROYAL EXCHANGE BRANCH, 67; NETAJI SUBHAS RAOD, CALCUTTA - 700001, WEST BENGAL, INDIA	-
47	90253134	23/06/1981	3,500,000.00	UNITED BANK OF INDIA	ROYAL EXCHANGE BRANCH, 67; NETAJI SUBHAS RAOD, CALCUTTA - 700001, WEST BENGAL, INDIA	-
48	90233107	19/03/1981	73,400,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	NARIMAN BHAVAN, BOMBAY - 400021, MAHARASHTRA, INDIA	-
49	90253126	06/12/1980	6,500,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	NARIMAN BHAVAN; 227; VINAY K. SHAH MARG, NARIMAN POINT, BOMBAY - 400021, MAHARASHTRA, INDIA	-
50	90051896	03/09/1980 *	2,500,000.00	STATE BANK OF HYDERABAD	KASTURBA GANDHI MARG, NEW DELHI, DELHI, INDIA	-
51	90253125	25/08/1980	1,200,000.00	BANK OF BARODA	4; BRABOURNE ROAD, CALCUTTA - 700001, WEST BENGAL, INDIA	-
52	90194686	07/02/1980	8,000,000.00	INDUSTRIAL DEVELOPMENT BANK OF INDIA	BACKBAY RECLAMATION, BOMBAY - 400001, MAHARASHTRA, INDIA	-
53	90236580	01/12/1989 *	2,500,000.00	SYNDICATE BANK	414/18 SIR J J ROAD J J JOSPITAL BYCULLA, BOMBAY - 400008, MAHARASHTRA, INDIA	-
54	90194678	18/05/1978	700,000.00	SYNDICATE BANK	TADAPATRI, TADAPATRI, KERALA, INDIA	-
55	90194675	29/04/1977	600,000.00	STATE BANK OF TRAVANCORE	POOJAPURA, TRIVENDRUM, KERALA, INDIA	-
56	90184396	02/11/1988 *	21,000,000.00	PUNJAB NATIONAL BANK	SIR P M ROAD; FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	-
57	90189225	24/12/1976	6,172,000.00	STATE BANK OF INDIA	CANNANORE, CANNANORE, TAMILNADU, INDIA	-
58	90194673	16/12/1976	500,000.00	CORPORATION BANK LTD.	ADONI, ADONI, KARNATAKA, INDIA	-
59	90194672	15/12/1976	400,000.00	THE ANDHRA BANK LTD.	HYDERABAD BRANCH, NIRMAL, KARNATAKA, INDIA	-
60	90194671	31/07/1976	1,200,000.00	BANK OF MAHARASHTRA	DAVANGERA BRANCH, DAVANGERA, KARNATAKA, INDIA	-
61	90194670	26/07/1976	400,000.00	SYNDICATE BANK	TADAPATRI, TADAPATRI, KARNATAKA, INDIA	-
62	90194669	14/07/1976	500,000.00	PUNJAB NATIONAL BANK	408; OPPANAKKARA ST., POST BOX NO. 35, COIMBATORE - 641001, TAMILNADU, INDIA	-
63	90194668	19/04/1976	1,000,000.00	VIJAYA BANK LTD.	TIRUPATHI, TIRUPATHI, TAMIL NADU, INDIA	-
64	90194667	02/04/1976	8,856,000.00	CANARA BANK	SECUNDERABAD, SECUNDERABAD, ANDHRA PRADESH, INDIA	-
65	90194666	23/02/1976	632,985.00	SYNDICATE BANK	GULBARGA, GULBARGA, KARNATAKA, INDIA	-
66	90194665	09/02/1976	1,500,000.00	VIJAYA BANK	TIRUPATHI, TIRUPATHI, TAMIL NADU, INDIA	-
67	90194662	23/09/1975	1,500,000.00	SYNDICATE BANK	GULBARGA, GULBARGA, TAMIL NADU, INDIA	-

* Date of charge modification

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
SHORT TERM BORROWINGS
Other loans and advances	1.567	1.175
Total	1.567	1.175

TEXTILE SCENARIO AND NTC

Textile is India’s oldest and still the largest manufacturing sector. However, the Indian textile industry has not been able to capitalize on the more liberal global trade regime so far, since its inception in 2005, though the potential is tremendous.

The Indian Textile Industry has been able to retain its position in Industrial Production, GDP and country’s Export earnings with 14 percent, 4 percent and 17 percent respectively. It provides direct employment to over 35 million people, which includes a substantial number of SC/ST/OBC 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 31 billion in the year 2012-13. In financial year 2012-13, the textile industry attracted FDI investment of USD 129 million.

In spite of overall stagnation in world Economic Scenario, 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.

The year 2012-13 was a challenging year for the Company as the Company continued with the several initiatives started in earlier year in NTC?s business transformation and achieving the targets in the direction of modernization, diversification, revamping of showrooms. The Company’s goal has always been to make its products cost-competitive, well recognized for quality and customer acceptability.

The Company has completed 18 mills modernization. Three mills, viz., Ahmedabad (Gujarat), Achalpur (Maharashtra); and Hassan (Karnataka), the relocated Green Field Projects are also operational. 2 mills are proposed subsequent additions under MS-08. Thus, making the total 23. The 24th mill is proposed as a Technical Textile Unit. ISO 9001-2008 certifications have been awarded to 21 textile mills of NTC and also to Regional Office, Mumbai.

In the direction of being an environmentally conscious company one of its mills has obtained its first Oeko-tex certification. The Company has plans to transform itself into an integrated textile company with spinning and weaving, besides diversifying into technical textiles.

The Retail Marketing Division of NTC shall be focusing effectively on branding and retailing of its fabrics through its own stores as well as through franchisee stores and increase its volume of institutional sales in the coming days. The export increased to the level of Rs. 940.000 Millions from Rs. 500.000 Millions during the year 2012-13. Technical textiles are an area where there is a tremendous scope for the company to improve its turnover and profitability, hence initially marketing joint ventures are being formed to do the same.

In the beginning, funds required for payment of MVRS compensation were mobilized by private placement of bonds from the market to the extent of Rs. 20280.400 Millions. The Company has already paid on time Rs. 20280.400 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. 65464.300 crore 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, we are not availing any budgetary support for its wages, for the last four years i.e. 2009-10, 2010-11, 2011-12 and 2012-13.

The Company has nine members on its board - consisting of four functional Directors including the CMD and two nominee Directors from the Ministry of Textiles besides one BIFR Nominee Director and two Independent Directors. Additional charge of the Post of CMD has been assigned to Shri R.K. Sharma, Director (Tech.) w.e.f. 1st June, 2013 consequent upon cessation of Shri K. Ramachandran Pillai w.e.f. 31st May, 2013, from the post. Action has already been initiated for the appointment of remaining two independent Directors.

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 We have trimmed their surplus workforce through voluntary retirement schemes, thus making the strength of the employee 8251 as on 31.03.2013. The industrial relations in the company by and large were cordial.

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.

PRODUCTION:

NTC Mills produced 42.80 million kgs. of market yarn as against the production of 35.20 million kgs., in the previous year. These mills also produced 12.73 million mts. of cloth during the current year as against the production of 10.19 million mtrs. of previous year. During the year under review the no. of working mills were 23.

SALES:

The total turnover of the company during the year was Rs.10258.800 Millions as against Rs. 6922.300 Millions in the previous year i.e. an increase of 48.20 % over the previous year.

MARKETING:

Launching of new Brands:

NTC through its new marketing strategy has decided to reposition itself as a preferred clothier of Indian masses and a supplier of choice to yarn customers. Major Corporate houses now trust the quality of NTC and are buying continuously yarn from us. Positioning itself to be a repository of India Textile Legacy, the strategy outlined is to create new brands and retail formats that deliver value for money apparel and home textiles to Indian masses and make available Indian heritage textiles to all potential customers across the globe eventually.

NTC has set out to reach a turnover of Rs. 20000.000 Millions by 2016-17 from current turnover of Rs.10258.800 Millions. It wants to create value for money brands in the men’s shirt segment, innerwear, as well as home textile segment.

In keeping with the marketing vision and mission statement, NTC plans to be consolidator for the power loom sector, handloom sector and allied handicrafts sector to bring indigenous products to Indian and international customers through 300 NTC stores and 100 Brand India stores in India and abroad. It also plans to move from selling yarn as a commodity to selling branded yarn by differentiating the yarn from those of other sellers and highlighting the USP?s through appropriate name design, symbol, logo and packaging.

The main shift of its focus lies changing the company’s reputation from just being a production organization to a market oriented organization and communicate the change to all the stake holders on the new philosophy through various initiatives.

Institutional and Export sales will be thrust sector for NTC in the coming years.

SIGNING OF MOU WITH MINISTRY OF TEXTILES:

The MOU for the year 2013-14 has been signed between the Company and Ministry of Textiles on 18th March, 2013. As per the MOU the Company proposes to achieve new financial targets of Rs. 10000.000 Millions as turnover and improved technical performance by taking spinning utilization percentage to the level of 85%.

NEW INITIATIVES:

Status of 3 Green field units:

Finlay Mills- Achalpur:

The then Hon’ble President of India laid the foundation stone of this mill in September, 2008.

All the Spinning Preparatory and Spinning Machinery, Post Spinning, Weaving Preparatory and Weaving looms have been installed. Production on 72 looms out of 144 erected have started and all 40 Ring Frames are into regular production. 2.5 ton boiler for fixing is under erection and rest of the looms shall be commissioned thereafter.

New Minerva Mills- Hassan:

All the Spinning preparatory and Spinning Machinery, Post Spinning, Weaving Preparatory and Weaving Looms have been installed and commissioned. Production on all 36 Ring Frames and 48 Looms has started.

Rajnagar Mills - Ahmedabad:

All the spinning and weaving machinery has been installed, commissioned and started. This includes 36000 spindles and 72 wider widths looms.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
(a) Claims against the Company not acknowledged as debts :
For workmen compensation*	1185.471	1010.389
For Excise & Custom Duty	52.759	58.854
Sales Tax/Purchase Tax ?disputed	618.270	684.339
Disputed Claims in appeals	35.323	37.387
Disputed Property Tax and other Taxes	195.995	153.244
Interest claims of Suppliers/claims not provided as per Board for Industrial & Financial Reconstruction ( BIFR) order	3280.549	2733.054
Towards resale loss of cotton bales & carrying charges	68.995	68.995
Disputed mesne profit for enhancement of rent/eviction of property	4209.880	3434.201
Premium claimed by Govt. of Maharashtra, New Hind Textile Mills	347.762	347.762
Disputed Market Fee under appeal (Post Nationalization)	27.854	27.854
Claim by the parties for 11 Joint Ventures Mills for damages towards loss of profit due to cancellation of Joint Ventures	5136.200	4437.400
Interest on Income Tax Dues- Case pending before (BIFR)	648.054	308.453
For others	261.314	111.012
(b) Guarantees given by the Company to the Banks /Financial institutions /Others	210.685	70.812
(c) Others
For Income Tax demands raised by the department - disputed	7.895	1.641
Liability that may be arising on account of damages and penalty for delayed payment of Statutory dues (Pre -Nationalisation)	0.000	18.707
Estimated Damages and Interest on PF and ESI dues (Pre - Nationalisation)	178.400	333.543
Estimated Damages on PF and ESI dues (Post-Nationalization)	949.394	963.451
Electricity dues (Pre-Nationalisation/under litigation)	10.856	10.731
Stamp duty liability for issue of shares for which exemption is available as per BIFR Orders	25.251	25.251
Liability towards export obligations	119.020	429.684
Bills Discounted & Purchased	0.000	49.761
Total	17569.927	15316.525

* In some cases of workmen compensation, amount is not ascertainable.

FIXED ASSETS:

· Land

Buildings

Residential building

Factory building

Plant and equipment

Factory equipments

Other pollution reduction equipment

Other plant and equipment

Furniture and fixtures

Vehicles

Ships vessels

Motor vehicles

Office equipment

Computer equipments

Other equipments

Livestock

Railway sidings

Plantations

Mines quarries

Goodwill

Brands and trade marks

Computer software

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. 62.12
UK Pound	1	Rs. 103.93
Euro	1	Rs. 85.17

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	1
--CREDIT LINES	1~10	3
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.