GANGOTRI TEXTILES Share price

INCORPORATIONThe 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.Gangotri?s MissionThe 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 EVENTSGangotri 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.4.76Crores. GTL?s 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 16800 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 COMPANYYear Milestones1989 Gangotri Textiles Limited was incorporated on July 26 1989 as a private limited company1992 Converted into a public limited company1993 Unit I commenced production with 4 O.E frames1994 Initial Public Offering of GTL involving 2100000 Equity shares of Rs.10/- each1994 Unit I expanded with 2 more O.E. Frames1995 Unit II commenced its production with 7 O.E Frames1997 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 Frames2000 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 Frames2001 Processing Unit V for garments at Perundurai ?SIPCOT Complex2002 Modernisation scheme implemented in Unit ? IV2003 Awarded ISO 9001:2000 quality certification for Unit I & II2004 Installed a captive power generation plant at Unit IV2005 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