MIRA
INFORM REPORT
|
Report Date : |
17.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
NATIONAL TEXTILE CORPN LIMITED |
|
|
|
|
Formerly Known
As : |
NATIONAL TEXTILE CORPORATION PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Scope Complex, Core-IV, |
|
|
|
|
Country : |
|
|
|
|
|
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 Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Trading of Yarn, Fabric and Readymade. |
|
|
|
|
No. of Employees
: |
Not Divulged |
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 : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
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. It is an old and well-established enterprise having satisfactory track record. The management has seen a better increase in its sales revenue but there appears a continuous dip in its net profitability during 2013. The company is gradually wiping off its huge accumulated losses with the help of the minimal profit which is recorded in the books. The revival scheme for the subject approved by Board for Industrial and Financial Reconstruction (BIFR) is under implementation which envisages closure of 77 unviable mills and revival of 24 viable mills by the subject itself. The ratings also take into consideration the continuous expansion and diversification, with recent foray into readymade garments business which may act as a potential revenue generator. Trade relations appears to be fair. Business is active. Payment terms are reported as slow but correct. In view of complete support extended from both the Central as well as State Government, the subject can be considered for business dealings at usual 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of Investigation
books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest Euro
100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that it had willfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-11-24362632)
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 : |
|
|
Website : |
|
|
|
|
|
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 |
|
|
|
|
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 |
|
|
|
|
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 |
|
|
|
|
Name : |
Mrs. Anita Agnihotri |
|
Designation : |
Nominee director |
|
Address : |
A-7, Tower 2, 7th 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 |
|
|
|
|
Name : |
Mr. Arun Ramanathan |
|
Designation : |
Director |
|
Address : |
6A, 6th 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 |
|
|
|
|
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 |
|
|
|
|
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 |
|
|
|
|
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 |
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 : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
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 : |
|
|
|
|
|
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 : |
|
|
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 Mining
and 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 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Share Capital |
30621.601 |
30621.601 |
30621.601 |
|
Reserves & Surplus |
(13319.511) |
(12018.068) |
(11166.898) |
|
Net
worth |
17,302.090 |
18,603.533 |
19,454.703 |
|
|
|
|
|
|
Long-term borrowings |
3969.859 |
408.084 |
0.000 |
|
Short term borrowings |
75.198 |
68.797 |
136.527 |
|
Total
borrowings |
4,045.057 |
476.881 |
136.527 |
|
Debt/Equity
ratio |
0.234 |
0.026 |
0.007 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Sales |
6365.388 |
6922.345 |
10258.842 |
|
|
|
8.750 |
48.199 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Sales |
6365.388 |
6922.345 |
10258.842 |
|
Profit |
13042.378 |
1301.437 |
851.170 |
|
|
204.90% |
18.80% |
8.30% |
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, KARNATAKA - 573201, INDIA |
B17380890 |
|
2 |
10286409 |
06/04/2011 |
50,000,000.00 |
CORPORATION BANK |
BO : INDUSTRIAL FINANCE
BRANCH, 1604, TRICHY ROAD, COIMBATORE, TAMILNADU - 641018, INDIA |
B12795431 |
|
3 |
10102598 |
24/04/2008 |
10,000,000.00 |
STATE BANK OF
TRAVANCORE |
PUDUKKAD BRANCH,
PUDUKKAD P O, THRISSUR, KERALA - |
A38462701 |
|
4 |
10012274 |
14/06/2006 |
53,100,000.00 |
INDIAN OVERSEAS
BANK |
DR. NANJAPPA
ROAD BRANCH, COIMBATORE, COIMBATORE, |
A02076503 |
|
5 |
80007771 |
03/03/2004 |
20,800,000.00 |
PUNJAB NATIONAL
BANK |
Q S ROAD,
KOLLAM, KERALA - 691001, INDIA |
- |
|
6 |
90054643 |
09/09/2002 |
2,000,000.00 |
INDIAN OVERSEAS
BANK |
DR. NANJAPA ROAD
BRANCH, COIMBATORE, DELHI - 641018, INDIA |
- |
|
7 |
90235631 |
01/12/1987 * |
34,500,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL BRANCH,
JUSTICE G N VIADYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
8 |
90052608 |
03/10/1997 * |
12,000,000.00 |
INDIAN OVERSEAS
BANK |
KURICHI BRANCH,
SUNDARAPURAM, COIMBATORE, TAMILNADU - 641024, INDIA |
- |
|
9 |
90185994 |
06/11/1993 |
1,664,000.00 |
PUNJAB NATIONAL
BANK |
21; RAJENDRA
PLACE, NEW DELHI, 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, DELHI - 110006, |
- |
|
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 DEL |
- |
|
19 |
90236942 |
07/01/1992 |
2,400,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, JUSTICE G N VIADYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
20 |
90235504 |
07/01/1992 |
3,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, JUSTICE G N VIADYA MARG, BOMBAY, MAHARASHTRA - 400023, 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 |
- |
* 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
PRESS RELEASES
NTC ENTERS
READYMADE GARMENTS BIZ, TO SET UP 300 STORES IN 2 YEARS
OCT
2, 2013
HYDERABAD:
State-owned National Textile Corporation (NTC) has announced its entry into the
readymade garments business where the union
textiles minister Kavuri
Sambasiva Rao unveild the logo 'Indian Republic' in Hyderabad on Wednesday.
Starting with the menswear range, NTC plans to launch 300 retail stores through
franchise network by end of March 2015.
Aloke Banerjee, NTC's marketing director said the corporation expects to
spend about Rs1250.000 Millions towards the retail stores and some Rs 200.000
Millions on advertisements during the next two years, expecting to earn
revenues of about Rs 2500.000-3000.000 Millions from the retain stores network
which is expected provide direct employment to some 4,000 people.
NTC, which reported a revenue of Rs 12000.000 Millions last fiscal,
expects to earn a revenue of Rs 14000.000 Millions this fiscal including about
Rs 1000.000 Millions from exports.
The corporation plans to set up its first retain branded garments store
in Hyderabad and then expand to cities like Bangalore, Chennai and New Delhi,
and then spread to about 90 tier-I and tier-II cities over the next couple of
years.
NTC human resources director RK Sinha said the prices of the Indian
Republic garments would be 30-40% cheaper compared to the competing brands and
price range would start from Rs 399 and goes up to Rs 1,499.
Further, Sinha said NTC would invest about Rs 5000.000 Millions to set
up its spinning and weaving composite unit in Andhra Pradesh and the company is
currently scouting for suitable land of about 25 acres near Guntur and Eluru.
Minister Rao said in all AP was expected to receive about Rs 30000.000
Millions investments over the
next one year or so. The ministry is set to approve 4-5 new textile parks in
the state, which together have a potential to attract over Rs 20000.000
Millions of investments, apart from Rs 5000.000 Millions of investment by NTC.
NTC has spent Rs 15000.000 Millions on modernization of its 18 existing
plants in the country and has also set up three new units in Hasan, Nagpur and
Ahmadabad recently. With this, the total production capacity of NTC has now
reached 7.5 lakh spindles and 700 looms.
NTC'S 15 MILLS
MAKE PROFITS IN 2012-13
NEW DELHI, AUG 26:
Of the total 23 working units of National Textiles Corporation (NTC), 15
have generated cash profits in 2012-13, Parliament was informed on Monday.
“Out of 23 working units, 15 units (of NTC) have generated cash profits
during 2012-13,” Minister of State for Textiles Panabaaka Lakshmi said in a
written reply to the Lok Sabha.
Among the mills which have witnessed profits, Finlay (Achalpur,
Maharashtra) registered a maximum profit of Rs 104.000 Millions, followed by
Madhya Pradesh-based Burhanpur Tapti Rs 45.100 Millions and Kerala-based Vijay
Mohini Rs 26.100 Millions, she added.
Asked if there output of various NTC mills have declined in the last
three years, she said, “There is no reduction in the overall production in NTC
mills during the last three years except for minor variations due to power cut
and labour shortages in certain mills.
Further, Lakshmi said, NTC has offered Modified Voluntary Retirement
Scheme (MVRS) to all its employees of the closed mills as per the Board for
Industrial and Financial Reconstruction.
“Till date, 63,196 employees have availed the benefit of MVRS and an
amount of Rs 23495.600 Millions has been paid as compensation,” she added.
NTC GARNERS RS
61540.000 MILLIONS THROUGH SALE OF SURPLUS LAND
AUG
5, 2013
NEW DELHI: National Textiles Corporation (NTC)
has generated Rs 61540.000 Millions funds from the sale of surplus land, Parliament
was informed today.
As on June 30, 2013, NTC has sold 1,476.03 acres and has generated sale
proceeds worth Rs 61549.400 Millions, Minister
of State for Textiles Panabaaka
Lakshmi said in a written reply to the Lok Sabha.
Besides, the total area of excess land available with the company for
sale is 2,774.70 acres, the minister said.
"The sale of land is being effected by NTC as per the revival plan
approved by the government and sanctioned by the Board for Industrial and Financial
Reconstruction (BIFR)," she
said.
The plan, being self-financing, the resources are to be generated by
sale of surplus land and assets, she added.
Based on the Techno-Economic Viability Study (TEVS) conducted by
Textiles Research Associations (TRA), BIFR approved the revival scheme for NTC
in 2002 and subsequently modified in 2006 and 2008.
As per the scheme approved by the BIFR, NTC has closed down 78 mills.
Presently, 23 NTC units are functioning in the country.
TEXTILES MINISTER INAUGURATES MODERNISED NEW
BHOPAL TEXTILE MILLS
Jul 22, 2013
NEW DELHI: Textiles Minister K Sambasiva Rao today inaugurated the
modernised New Bhopal Textile Mills of National Textile Corporation (NTC) and said the revival will help in
generating more jobs.
"The government
is committed to improve textiles production in the state. Issues of livelihood
are integral to the sector as it is the second biggest employment generator in
the country after agriculture," an official release said.
"I am sure that
with the support of the Textiles Ministry, New Bhopal Textile Mills will prove
to be a catalyst of industrial development in the region," he added.
As per the approved
scheme of the Board for Industrial and Financial
Reconstruction ( BIFR), in the first phase NTC in 2008 replaced 16,848 spindles at a cost of
Rs 264.200 Millions and commissioned 25,200 new spindles to revive the sick
unit.
"This resulted
in increase of monthly production from 1,800 kgs per day to 5,000 kgs per day
which meant that even after providing Modified Voluntary Retirement Scheme
(MVRS) to surplus workers, about 380 workers started getting wages everyday
which invariably secured employment for about 600 local families," the
statement said.
In the second phase
of modernisation, NTC had approved Rs 810.000 Millions with which modernised
machines were set up. This would increase the production from the present 5,000
kgs a day to 14,000 kgs per day, it said.
This would mean that
from the current sustenance of 380 workers, the mill will be able to sustain
650 workers every day which will invariably support 1,000 local families. This
modernisation would lead to a total sale of Rs 720.000 Millions every year, it
added.
SECOND PHASE OF
REVIVAL OF NEW BHOPAL TEXTILE MILLS INITIATED
New
Bhopal Textile Mills of National Textile Corporation (NTC) in Bhopal received
another tranche of Rs 810.000 Millions for its facelift today
BHOPAL
JULY 22, 2013
New Bhopal Textile Mills of National
Textile Corporation (NTC) in
Bhopal received another tranche of Rs 810.000 Millions for
its facelift today. Of the total package of Rs 1070.000 Millions, Rs 270.000 Millions has already been invested in the mill. However, surplus staff will be
given retirement.
The Union Minister of Textiles Dr. K Sambasiva
Rao today initiated the second phase of revival here, and said the mill would
soon attain double of its existing capacity. Besides New Bhopal Textile Mills, Tapti Mills in Burhanpur will also be revived.
Set up in 1937, the mill was referred to Board for Industrial and Financial
Reconstruction (BIFR). Under the
first phase, National Textile Corporation Limited replaced 16,848 spindles and
commissioned 25,200 new spindles with an investment of Rs 270.000 Millions in 2008. Although this resulted in increase of
monthly production from 1800 kilograms per day to 5000 kilograms of textile per
day, it required further capital infusion.
The second phase of modernization would increase
production from existing 5000 kilograms per day to 14000 kilograms textile per
day. The mill would provide direct jobs to 650 workers from existing 380
workers. 'It would support 1000 local families and secure employment for them
for a long duration of time,” the minister said. The modernisation process is
expected a total sale of approximately Rs 720.000 Millions every year.
'This mill will soon have jobs for more workers
and it is proposed to be linked with MNREGS (Mahatma Gandhi National Employment
Guarantee Scheme). I am sure that with the support of the Textiles
Ministry, New Bhopal Textile Mills will prove to be a catalyst of industrial
development in the region,” the minister further said.
National Textile Corporation Limited (Madhya
Pradesh) took over seven loss making mills which have incurring losses since
1992. All of them were referred to BIFR, five of these seven mills were closed
as unviable units. As per the scheme of arrangement all the workers of the five
closed mills were given retirement.
NATIONAL TEXTILE
CORPORATION MILL WORKERS TO CONTINUE STRIKE
JANUARY
24, 2014
Workers of National Textile Corporation (NTC) mills have decided to
continue their strike after talks with labour officials here failed on
Thursday. Representatives of trade unions, which included Centre of Indian
Trade Unions (CITU), Indian National Trade Union Congress (INTUC) and New
Democratic Labour Front (NDLF), were involved in the talks for wage revision.
“It has been nearly 13 months since the last revision was made. We have
been waiting for a long time for the general wage revision,” said C. Padmanabhan
of the CITU.
As many as 5,000 workers from mills in Coimbatore and Ramanathapuram
have been on strike for the past three days.
Members of trade unions said the strike led to production loss of nearly
Rs. 10.000 Millions and wage loss of Rs. 1.000 Million a day but the protest
would continue since there was no positive outcome.
Labour union representatives said further talks had been scheduled in
Coimbatore on January 25 with the Assistant Labour Commissioner.
REVIVAL SCHEME FOR
NATIONAL TEXTILE CORPORATION (NTC)
08-AUGUST, 2011
The revival scheme for National
Textile Corporation (NTC) approved
by the Board for Industrial and Financial Reconstruction (BIFR) envisages closure of 77 unviable mills
and revival of 24 viable mills by NTC itself. State-wise list of these mills along
with status of implementation as per BIFR recommendation is Annexed.
Under the Modified Voluntary Retirement Scheme (MVRS), NTC has
paid Rs.15851.800 Millions
as compensation to 46014 employees of closed mills who opted for MVRS.
As regards utilising the
land of closed mills for residential cum-commercial purposes by the Government,
there is no approved proposal.
NTC has sold 1533.09 acres surplus land till date and has generated sale
proceeds worth Rs.59874.100 Millions.
The revival of mills is through internal generation of resources by NTC
from sale of surplus assets; there is no infusion of funds by Government.
NTC
mills closed / revived as per recommendation of BIFR
|
S.N. |
State |
Number of NTC mills |
Status of implementation as per BIFR revival
scheme |
|
|
|
|
Closed |
Revived |
|
|
1 |
Andhra Pradesh |
5 |
1* |
1 mill partially
modernised. |
|
2 |
Assam |
1 |
Nil |
Done |
|
3 |
Bihar |
2 |
Nil |
Done |
|
4 |
Chhattisgarh |
1 |
Nil |
Done |
|
5 |
Gujarat |
10 |
1 |
Done |
|
6 |
Karnataka |
3 |
1 |
Done |
|
7 |
Kerala |
Nil |
4 |
Done |
|
8 |
Madhya Pradesh |
4 |
2 |
Done |
|
9 |
Maharashtra |
21 |
5 |
Done |
|
10 |
Puducherry |
Nil |
1 |
Done |
|
11 |
Punjab |
4 |
Nil |
Done |
|
12 |
Rajasthan |
2 |
1* |
1 mill slated
for Technical Textiles. |
|
13 |
Tamil Nadu |
5 |
7* |
1 mill partially
modernised. |
|
14 |
Uttar Pradesh |
10 |
Nil |
Done |
|
15 |
West Bengal |
9 |
1 |
Done |
|
TOTAL |
77 |
24 |
|
|
This information was given by the Minister of State in the Ministry of
Textiles, Smt. Panabaaka Lakshmi, in a written reply in the Lok Sabha today.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 61.10 |
|
|
1 |
Rs. 99.05 |
|
Euro |
1 |
Rs. 79.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
52 |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.