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Gangotri Textile Ltd. Company History and Annual Growth Details

The Company was incorporated on July 26, 1989 as Gangotri
Textiles Private Limited. The Company was converted into a
public limited company on January 1, 1993 and received a fresh
certificate of incorporation consequent to the change of name to
Gangotri Textiles Limited dated January 1, 1993.

Shri Manoj Kumar Tibrewal, Managing Director of the Company
along with Shri Mohanlal Tibrewal, his brother, and Shri Ramesh
Kumar Tibrewal, his cousin brother, have promoted the Company.

Gangotris Mission

The Company considers itself as an instrument in serving society
through industry. The Company believes that the following are the
means by which it can achieve this.

.. Meeting the growing needs of the customer in a changing
competitive world.

.. Delivering total customer satisfaction by ensuring quality goods
and services cost effectively.

.. Providing a satisfactory return on equity investment through
profitable growth in a sustained manner.

.. Fulfilling career aspirations and economic needs of the employees.

.. Maintaining cordial and ethical relationship with each and everyone
associated with the Company.

.. Fulfilling national and social priorities.

HISTORY AND MAJOR EVENTS

Gangotri Textiles Ltd. (GTL) is an existing listed textile company engaged
the business of manufacturing textiles by way of open-ended (OE) spinning,
ring spinning and garment manufacturing.

GTL was promoted by the Shri. Manoj Kumar Tibrewal, who started his
business as waste-cotton re-cycler and trader in the late 1980s in Kolkata.
Subsequently, in July 1989, he promoted GTL as a private limited company.

Later, GTL was converted into a public limited company in January 1993.
The first project undertaken by GTL was to set up 4 open end spinning
machines at Palladam Taluk in Coimbatore (Unit I) at an investment of Rs.4.76
Crores. GTLs Unit I became operational in August 1993. In July 1994, GTL
made a public issue of equity shares at par for an amount of Rs.2.10 crores to
part-fund the expansion of Unit I.

The second expansion came with the setting up of Sri Dwarka Textiles (Unit II)
at Avinashi Taluk, Coimbatore, which started commercial production in March
1995.

During the period 1997-98, GTL purchased an existing open end spinning sick
unit at Kolhapur, Maharashtra (Unit III) and managed to make it a viable profitable
unit. In March 2000, GTL acquired a 7 years old 16,800 spindle ring-spinning sick
unit (Palani Andavar Cotton & Synthetics Ltd.) located in Udumalpet, and also
managed to make it a viable a profitable unit. Later in FY2002, a modernization
program was taken up at the above unit. Post modernization, the unit is working
at full capacity from FY2003.

In the year 2000, GTL had ventured into the ready-made-garments (RMG) market
through its division - Gangotri Apparels, by launching its 'Tibre' brand of cotton
trousers in Coimbatore. GTL has slowly increased the geographical coverage for
marketing its trousers and presently the Tibre brand is present in the following
cities and small towns of the country.

Gangotri had a 100% subsidiary by the name of Gangotri Textile Processor Limited
(GTPL), which was incorporated in the year 1999. In the year 2001, the merger of
the two companies was proposed by their Board of Directors and was to be given
effect in accordance with the appropriate provisions of the Companies Act, 1956.

The Scheme has been passed under Section 395 of the Companies Act through
a special resolution passed at the EGM and GTPL was amalgamated with its
parent company, Gangotri, with effect from April 1, 2001. While the appropriate
provisions of the Companies Act, 1956 governing the above arrangment would
be Sections 391 394, the Company has completed the said arrangement under
the provisions of Section 395 of the Companies Act, 1956.

Subsequently the Company received a letter No. JP/F-35A/C/8952 dated April 1,
2002 from RoC requiring the Company to intimate the RoC about the completion
of the process and to put up a proposal to have the company's (GTPL) name
struck off under Section 560 of the Companies Act. Accordingly, GTPL made an
application (vide letter No. GTPL/2002/1240 dated April 12, 2002) under Section
560 of the Companies Act to strikeout or deregister its name from the register of
companies maintained by the ROC.

ROC has by a letter dated January 23, 2006 informed GTPL about its intention to
strikeout or de-register GTPL's name from the register of companies under
sub-section 3 of section 560 of the Companies Act on the expiry of 3 (three) months
from the date of the letter resulting in its dissolution without any further act or deed.

MILESTONES ACHIEVED BY THE COMPANY

Year Milestones

1989 Gangotri Textiles Limited was incorporated on July 26, 1989 as a private
limited company
1992 Converted into a public limited company
1993 Unit I commenced production with 4 O.E frames
1994 Initial Public Offering of GTL involving 21,00,000 Equity shares of
Rs.10/- each
1994 Unit I expanded with 2 more O.E. Frames
1995 Unit II commenced its production with 7 O.E Frames
1997 Took over sick unit viz., M/s. Arihant Spinning Mills Kolhaphur District,
Maharastra and managed to make a viable profitable unit.
1998 Unit III expanded with 3 more O.E Frames
2000 Launched 'TIBRE' brand trousers at Bangalore and other cities.
2000 Took over a sick unit viz. Palani Andavar Cotton & Synthetic Ltd. at
Udumalpet - Dindugal District, Tamil Nadu and made it one of its units.
GTL successfully turned around this unit into a viable profit making unit
(Unit - IV)
2000 Expanded Unit II with 3 more O.E Frames
2001 Processing Unit V for garments at Perundurai SIPCOT Complex
2002 Modernisation scheme implemented in Unit IV
2003 Awarded ISO 9001:2000 quality certification for Unit I & II
2004 Installed a captive power generation plant at Unit IV
2005 Two Wind Mills of 1.65 M.W each installed at Udamalpet for captive
consumption of power
2005 Established cotton waste recycling unit (Unit VII) at Coimbatore
 
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