1. Summary Information

		Country	INDIA
Company Name	ALOK INDUSTRIES LIMITED	Principal Name 1	MR. M.V. MUTHU
Status	Good	Principal Name 2	MR. DAVID RASQUINHA
		Registration #	11-000334
Street Address	17/5/1, 521/1, VILLAGE RAKHOLI, SAILY, SILVASSA – 396 230, UNION TERRITORY OF DADRA AND NAGAR HAVELI
Established Date	12.03.1986	SIC Code	--
Telephone#	91-260-3087000	Business Style 1	MANUFACTURER
Fax #	91-260-2645289	Business Style 2	--
Homepage	http://www.alokind.com	Product Name 1	WOVEN FABRICS OF COTTON MIXTURE
# of employees	23031 (APPROXIMATELY)	Product Name 2	MAN MADE FILAMENT YARN (OTHER THAN SEWING THREAD)
Paid up capital	Rs.7,877,900,000/-	Product Name 3	PILE FABRIC INCLUDING KNITTED OR CROCHETTED
Shareholders	PROMOTER AND PROMOTER GROUP – 31.78% PUBLIC SHAREHOLDING – 68.22%	Banking	STATE BANK OF INDIA
Public Limited Corp.	YES	Business Period	26 YEARS
IPO	YES	International Ins.	--
Public Enterprise	YES	Rating	Ba (52)
Related Company
Relation	Country	Company Name	CEO
SUBSIDIARY	INDIA	ALOK INFRASTRUCTURE LIMITED	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	36,089,300,000	Current Liabilities	9,298,400,000
Inventories	20,026,200,000	Long-term Liabilities	96,535,700,000
Fixed Assets	74,272,100,000	Other Liabilities	5,861,400,000
Deferred Assets	0,000	Total Liabilities	111,695,500,000
Invest& other Assets	12,283,800,000	Retained Earnings	23,098,000,000
		Net Worth	30,975,900,000
Total Assets	142,671,400,000	Total Liab. & Equity	142,671,400,000
Total Assets (Previous Year)	121,768,500,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales	63,884,300,000	Net Profit	4,043,600,000
Sales(Previous yr)	43,111,700,000	Net Profit(Prev.yr)	2,473,400,000

MIRA INFORM REPORT

Report Date :

06.07.2012

IDENTIFICATION DETAILS

Name :	ALOK INDUSTRIES LIMITED
Registered Office :	17/5/1, 521/1, Village Rakholi, Saily, Silvassa – 396 230, Union Territory of Dadra and Nagar Haveli
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.03.1986
Com. Reg. No.:	11-000334
Capital Investment / Paid-up Capital :	Rs.7877.900 Millions
CIN No.: [Company Identification No.]	L17110DN1986PLC000334
TAN No.: [Tax Deduction & Collection Account No.]	MUMA02206B MUMA19032G
PAN No.: [Permanent Account No.]	AAACA0201C
Legal Form :	A Public Limited Liability Company. The Company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturing of cotton and viscose / blended grey and processed fabrics and 100% cotton knitted fabrics and intermingled yarn.
No. of Employees :	23031 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (58)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 123000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established and reputed company having good track. Financial position of the company is doing well. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal business dealing 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 – September 30, 2011

Country Name	Previous Rating (30.09.2011)	Current Rating (31.12.2011)
India	A1	A1

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

LOCATIONS

Registered Office :	17/5/1, 521/1, Village Rakholi, Saily, Silvassa – 396 230, Union Territory of Dadra and Nagar Haveli, India
Tel. No.:	91-260-3087000
Fax No.:	91-260-2645289
E-Mail :	premkumar@alokind.com info@alokind.com
Website :	http://www.aloktextile.com http://www.alokind.com
Corporate Office :	Peninsula Tower ‘A’ Wing, Peninsula Corporate Park, G.K. Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India
Tel. No. :	91-22-24996200/ 6500
Fax No.:	91-22-24936078
E-Mail :	info@alokind.com
Factory 1 :	B-43, Mittal Tower, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22874865/ 22832923/ 24940129/ 22845233/ 22881279/ 22832923
Fax No.:	91-22-22874864/ 24936078
E-Mail :	aloknpt@bom7.vsnl.net.in info@aloktextile.com info@alokind.com sales@aloktextile.com sunil@alokind.com krishna@alokind.com premkumar@alokind.com
Works :	Spinning 412, Saily, Silvassa, Union Territory of Dadra and Nagar Haveli, India Weaving a) 17/5/1 and 521/1, Rakholi / Saily, Silvassa, Union Territory of Dadra and Nagar Haveli, India b) 209/1 and 209/4, Dadra, U. T. of Dadra and Nagar Haveli, India c) Babla Compound, Kalyan Road, Bhiwandi – District Thane, Maharashtra, India Processing a) 254, 261, 268, Balitha, Taluka Pardi, District Valsad, Gujarat, India b) C-16/2, Village Pawane, TTC Industrial Area, MIDC, Navi Mumbai District Thane, Maharashtra, India Knitting 412, Saily, Silvassa, Union Territory of Dadra and Nagar Haveli, India Hemming 103/2, Rakholi, Silvassa, Union Territory of Dadra and Nagar Haveli, India Polyester Yarn (POY and Texturised Yarn) 521/1, Village Saily, Silvassa, Union Territory of Dadra and Nagar Haveli, India Garments a) 374/2/2, Saily, Silvassa Khanvel Road, Union Territory of Dadra and Nagar Haveli, India b) 17/5/1, Rakholi, Silvassa, Union Territory of Dadra and Nagar Haveli, India c) 273/1/1, Hingraj Industrial Estate, Atiawad, Daman, India Home Textiles Bed Linen a) 374/2/2, Saily, Silvassa, Union Territory of Dadra and Nagar Haveli, India b) 149/150, Morai Taluka, Pardi, District Valsad, Gujarat, India Terry Towel 263/P1 and 251/2P1 Balitha, Taluka Pardi, District Valsad, Gujarat, India
Branch Office :	177, Alok House, Sant Nagar, East of Kailash, New Delhi – 110 065, India
Marketing Offices (Domestic) :	Located at: v Delhi v Bangaluru v Chennai
Marketing Offices (Overseas) :	Located at: v Sri Lanka v Bangladesh v China v U.S.A. v Czech Republic v United Kingdom v British Virgin Islands

DIRECTORS

As on 31.03.2011

Name :

Mr. Ashok Bhagirathmal Jiwrajka

Designation :

Whole Time Director

Address :

301, Krishan Kunj, Shivaji Park Road No.5, 3^rd Floor, Mahim, Mumbai-400016, Maharashtra, India

Date of Birth/Age :

07.10.1950

Qualification :

Commerce Graduate

Experience :

30 Years

Other Committee Memberships :

Chairman of the Executive Committee of Grabal Alok Impex Limited

Member of Share Transfer and Investors’ Grievances Committee of Grabal Alok Impex Limited

Date of Appointment :

12.03.1986

DIN No :

00168350

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L17110DN1986PLC000334	Alok Industries Limited	Whole-time director	12/3/1986	12/3/1986	-	Active	NO
2	U17100MH1988PLC046581	Alok Knit Exports Limited	Director	15/10/1992	15/10/1992	-	Active	NO
3	U65990MH1992PTC069023	Jiwrajka Investment Private Limited	Director	15/10/1992	15/10/1992	-	Active	NO
4	U51900MH1992PTC069604	Jiwrajka Associates Private Limited	Director	17/11/1992	17/11/1992	-	Active	NO
5	L51900DN1993PLC000352	Grabal Alok Impex Limited	Director	17/12/1993	17/12/1993	-	Active	NO
6	U65990MH1994PTC078951	Niraj Realtors and Shares Private Limited	Director	14/06/1994	14/06/1994	-	Active	NO
7	U17120MH1995PLC086170	Alok Denims (India) Limited	Director	8/3/1995	8/3/1995	-	Active	NO
8	U67120MH1995PTC086796	Ashok Realtors Private Limited	Director	24/03/1995	24/03/1995	-	Active	NO
9	U65910MH1994PTC080710	Alok Finance Private Limited	Director	14/03/2003	14/03/2003	-	Active	NO
10	U67120MH1992PTC069094	Nirvan Holdings Private Limited	Director	15/03/2003	15/03/2003	-	Active	NO
11	U45201MH2006PLC164267	Alok Infrastructure Limited	Director	1/9/2006	1/9/2006	-	Active	NO
12	U45200MH1988PTC047603	Gogri Properties Private Limited	Director	29/09/2007	1/3/2007	-	Active	NO
13	U45200GJ2007PLC064986	Alspun Infrastructure Limited	Director	7/4/2007	7/4/2007	-	Active	NO
14	U18109MH2007PTC171850	Alok Apparels Private Limited	Director	20/06/2007	20/06/2007	-	Active	NO
15	U17299MH2007PTC172611	Amigo Sport Private Limited	Director	25/07/2007	25/07/2007	13/12/2008	Active	NO
16	U17200MH2007PLC173934	Alok Retail (India) Limited	Director	7/9/2007	7/9/2007	-	Active	NO
17	U17291MH2007GOI195493	New City of Bombay Mfg. Mills Limited	Director	22/12/2008	22/12/2007	26/06/2009	Active	NO
18	U45400MH2008PTC177834	Alok Realtors Private Limited	Director	16/01/2008	16/01/2008	-	Active	NO
19	U45204MH2007PTC172817	Ashford Infotech Private Limited	Director	30/09/2008	29/01/2008	-	Active	NO
20	U70102MH2008PTC179047	Alok Land Holdings Private Limited	Director	19/02/2008	19/02/2008	-	Active	NO
21	U45400MH2008PTC180428	Alok New City Infratex Private Limited	Director	25/03/2008	25/03/2008	16/11/2009	Active	NO
22	U45400MH2008PTC180429	Alok Aurangabad Infratex Private Limited	Director	25/03/2008	25/03/2008	16/11/2009	Active	NO
23	U55101MH2008PTC181867	Alok HB Hotels Private Limited	Director	2/5/2008	2/5/2008	10/3/2010	Active	NO
24	U70102MH2008PTC181869	Alok HB Properties Private Limited	Director	2/5/2008	2/5/2008	10/3/2010	Active	NO
25	U70102MH2009PTC194907	Nirvan Builders Private Limited	Director	13/08/2009	13/08/2009	-	Active	NO
26	U74900DN2009PLC000303	Alok H and A Limited	Director	12/10/2009	12/10/2009	-	Active	NO
27	U67120MH2006PTC159739	Springdale Information and Technologies Private Limited	Director	15/09/2010	18/11/2009	-	Active	NO
28	U45201MH2006PTC165536	Kesham Developers and Infotech Private Limited	Director	15/09/2010	18/11/2009	-	Active	NO

Name :

Mr. Dilip Bhagirathmal Jiwrajka

Designation :

Managing Director

Address :

6, Bay View, Abdul Gafar Khan Road, Worli, Sea Face, Mumbai-400018, Maharashtra, India

Date of Birth/Age :

09.10.1956

Date of Appointment :

12.03.1986

DIN No :

00173476

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L17110DN1986PLC000334	Alok Industries Limited	Managing director	12/3/1986	12/3/1986	-	Active	NO
2	U17100MH1988PLC046581	Alok Knit Exports Limited	Director	15/10/1992	15/10/1992	-	Active	NO
3	U65990MH1992PTC069023	Jiwrajka Investment Private Limited	Director	15/10/1992	15/10/1992	-	Active	NO
4	U51900MH1992PTC069604	Jiwrajka Associates Private Limited	Director	17/11/1992	17/11/1992	-	Active	NO
5	L51900DN1993PLC000352	Grabal Alok Impex Limited	Director	17/12/1993	17/12/1993	-	Active	NO
6	U65990MH1994PTC078951	Niraj Realtors and Shares Private Limited	Director	14/06/1994	14/06/1994	-	Active	NO
7	U65910MH1994PTC080710	Alok Finance Private Limited	Director	1/9/1994	1/9/1994	-	Active	NO
8	U17120MH1995PLC086170	Alok Denims (India) Limited	Director	8/3/1995	8/3/1995	-	Active	NO
9	U67120MH1992PTC069094	Nirvan Holdings Private Limited	Director	15/03/2003	15/03/2003	-	Active	NO
10	U45201MH2006PLC164267	Alok Infrastructure Limited	Director	1/9/2006	1/9/2006	-	Active	NO
11	U45200MH1988PTC047603	Gogri Properties Private Limited	Director	29/09/2007	1/3/2007	-	Active	NO
12	U45200GJ2007PLC064986	Alspun Infrastructure Limited	Director	7/4/2007	7/4/2007	-	Active	NO
13	U18109MH2007PTC171850	Alok Apparels Private Limited	Director	20/06/2007	20/06/2007	-	Active	NO
14	U17299MH2007PTC172611	Amigo Sport Private Limited	Director	25/07/2007	25/07/2007	13/10/2009	Active	NO
15	U17200MH2007PLC173934	Alok Retail (India) Limited	Director	7/9/2007	7/9/2007	-	Active	NO
16	U17121MH2007GOI195403	Aurangabad Textiles and Apparel Parks Limited	Director	16/01/2009	22/12/2007	-	Active	NO
17	U45400MH2008PTC177834	Alok Realtors Private Limited	Director	16/01/2008	16/01/2008	-	Active	NO
18	U45204MH2007PTC172817	Ashford Infotech Private Limited	Director	30/09/2008	29/01/2008	-	Active	NO
19	U70102MH2008PTC179047	Alok Land Holdings Private Limited	Director	19/02/2008	19/02/2008	-	Active	NO
20	U45400MH2008PTC180428	Alok New City Infratex Private Limited	Director	25/03/2008	25/03/2008	16/11/2009	Active	NO
21	U45400MH2008PTC180429	Alok Aurangabad Infratex Private Limited	Director	25/03/2008	25/03/2008	16/11/2009	Active	NO
22	U55101MH2008PTC181867	Alok HB Hotels Private Limited	Director	2/5/2008	2/5/2008	10/3/2010	Active	NO
23	U70102MH2008PTC181869	Alok HB Properties Private Limited	Director	2/5/2008	2/5/2008	10/3/2010	Active	NO
24	U70102MH2009PTC194907	Nirvan Builders Private Limited	Director	13/08/2009	13/08/2009	-	Active	NO
25	U74900DN2009PLC000303	Alok H and A Limited	Director	12/10/2009	12/10/2009	-	Active	NO
26	U67120MH2006PTC159739	Springdale Information and Technologies Private Limited	Director	15/09/2010	18/11/2009	-	Active	NO
27	U45201MH2006PTC165536	Kesham Developers and Infotech Private Limited	Director	15/09/2010	18/11/2009	-	Active	NO
28	U17120MH1967PLC013669	Confederation of Indian Textile Industry	Director	28/09/2010	28/09/2010	30/09/2011	Active	NO

Name :

Mr. Surendra Bhagirathmal Jiwrajka

Designation :

Whole Time Director

Address :

Flat No.901, Palm Beach Apartments, 67-A, Pochkhanwala Road, Mumbai-400025, Maharashtra, India

Date of Birth/Age :

17.10.1958

Date of Appointment :

12.03.1986

DIN No :

00173525

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L17110DN1986PLC000334	Alok Industries Limited	Whole-time director	12/3/1986	12/3/1986	-	Active	NO
2	U67120MH1992PTC069094	Nirvan Holdings Private Limited	Director	19/10/1992	19/10/1992	-	Active	NO
3	U51900MH1992PTC069604	Jiwrajka Associates Private Limited	Director	1/12/1992	1/12/1992	-	Active	NO
4	L51900DN1993PLC000352	Grabal Alok Impex Limited	Managing director	1/4/2010	17/12/1993	-	Active	NO
5	U65990MH1994PTC078951	Niraj Realtors and Shares Private Limited	Director	14/06/1994	14/06/1994	-	Active	NO
6	U65910MH1994PTC080710	Alok Finance Private Limited	Director	15/10/1994	15/10/1994	-	Active	NO
7	U17120MH1995PLC086170	Alok Denims (India) Limited	Director	8/3/1995	8/3/1995	-	Active	NO
8	U17100MH1988PLC046581	Alok Knit Exports Limited	Director	31/07/1996	31/07/1996	-	Active	NO
9	U65990MH1992PTC069023	Jiwrajka Investment Private Limited	Director	31/07/1996	31/07/1996	-	Active	NO
10	U45201MH2006PLC164267	Alok Infrastructure Limited	Director	1/9/2006	1/9/2006	-	Active	NO
11	U45200MH1988PTC047603	Gogri Properties Private Limited	Director	29/09/2007	1/3/2007	-	Active	NO
12	U45200GJ2007PLC064986	Alspun Infrastructure Limited	Director	7/4/2007	7/4/2007	-	Active	NO
13	U18109MH2007PTC171850	Alok Apparels Private Limited	Director	20/06/2007	20/06/2007	-	Active	NO
14	U17299MH2007PTC172611	Amigo Sport Private Limited	Director	25/07/2007	25/07/2007	13/12/2008	Active	NO
15	U65923DD1992SGC001221	Omnibus Industrial Development Corporation of Daman Diu and Dadra Nagar Haveli Limited	Director	1/8/2007	1/8/2007	-	Active	YES
16	U17200MH2007PLC173934	Alok Retail (India) Limited	Director	7/9/2007	7/9/2007	-	Active	NO
17	U17121MH2007GOI195403	Aurangabad Textiles And Apparel Parks Limited	Director	22/12/2008	22/12/2007	-	Active	NO
18	U45400MH2008PTC177834	Alok Realtors Private Limited	Director	16/01/2008	16/01/2008	-	Active	NO
19	U45204MH2007PTC172817	Ashford Infotech Private Limited	Director	30/09/2008	29/01/2008	-	Active	NO
20	U70102MH2008PTC179047	Alok Land Holdings Private Limited	Director	19/02/2008	19/02/2008	-	Active	NO
21	U45400MH2008PTC180428	Alok New City Infratex Private Limited	Director	25/03/2008	25/03/2008	16/11/2009	Active	NO
22	U45400MH2008PTC180429	Alok Aurangabad Infratex Private Limited	Director	25/03/2008	25/03/2008	16/11/2009	Active	NO
23	U55101MH2008PTC181867	Alok HB Hotels Private Limited	Director	2/5/2008	2/5/2008	10/3/2010	Active	NO
24	U70102MH2008PTC181869	Alok HB Properties Private Limited	Director	2/5/2008	2/5/2008	10/3/2010	Active	NO
25	U70102MH2009PTC194907	Nirvan Builders Private Limited	Director	13/08/2009	13/08/2009	-	Active	NO
26	U74900DN2009PLC000303	Alok H and A Limited	Director	12/10/2009	12/10/2009	-	Active	NO
27	U67120MH2006PTC159739	Springdale Information and Technologies Private Limited	Director	15/09/2010	18/11/2009	-	Active	NO
28	U45201MH2006PTC165536	Kesham Developers and Infotech Private Limited	Director	15/09/2010	18/11/2009	-	Active	NO
29	U17120MH1972GAT016028	Association of Synthetic Fibre Industry	Nominee director	17/05/2010	17/05/2010	-	Active	NO

Name :

Mr. Ashok Girdharidas Rajani

Designation :

Director

Address :

101/102, Read Rose Apartments, Pochkhanwala, Road, Mumbai-400018, Maharashtra, India

Date of Birth/Age :

15.01.1953

Date of Appointment :

27.05.1993

DIN No :

00267748

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L17110DN1986PLC000334	Alok Industries Limited	Director	27/05/1993	27/05/1993	Active	NO
2	U74899DL1978NPL008877	Apparel Export Promotion Council.	Director	26/11/1994	26/11/1994	Active	NO
3	U67120MH1983PTC012935	Flaire Apparel Industries Private Limited	Director	21/06/1996	21/06/1996	Dormant	NO
4	U25209MH1992PTC069803	Vision Apparel Private Limited	Director	28/11/1998	28/11/1998	Active	NO

Name :

Mr. Kandarp Ratanchand Modi

Designation :

Director

Address :

901, Pushpanjali Apartments, Old Prabhadevi Road, Mumbai-400025, Maharashtra, India

Date of Birth/Age :

18.05.1942

Date of Appointment :

10.11.1994

DIN No :

00261506

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L74999MH1989PLC052384	Rolta India Limited	Director	14/11/1989	14/11/1989	Active	NO
2	L17110DN1986PLC000334	Alok Industries Limited	Director	10/11/1994	10/11/1994	Active	NO

Name :

Mr. Chandrakumar Govindram Bubna

Designation :

Whole Time Director

Address :

124/5, Krishna Kunj, Sainik Farm, Central Avenue, New Delhi – 110 062, India

Date of Birth/Age :

15.01.1953

Date of Appointment :

27.05.1993

Name :

Mr. Ramdas Janardhan Kamath

Designation :

Director *

Address :

Leela, 707, 12^th Cross, 7^th Block, Jaya Nagar, Bangalore – 560 082, Karnataka, India

Date of Birth/Age :

28.04.1941

Date of Appointment :

21.05.2005

Name :

Timothy Charles William Ingram Stanley

Designation :

Director

Address :

6, Ranelagn Avenue, London, SW63PJ, United Kingdom

Date of Birth/Age :

18.06.1947

Date of Appointment :

29.07.2005

DIN No :

01430613

Name :

Mr. M.V. Muthu

Designation :

Director

Name :

Mrs. Thankom T. Mathew

Designation :

Director

Name :

Mr. David Rasquinha

Designation :

Director

Name :

Ms. Maya Chakravorty

Designation :

Director

KEY EXECUTIVES

Name :	Mr. Gopal Hariharan Kadayam
Designation :	Secretary
Address :	C-3, Nav Pramanu, CHS, W. T. Patil Marg, Chembur, Mumbai – 400 071, Maharashtra, India
Date of Birth/Age :	31.01.1966
Date of Appointment :	28.07.1994
PAN No :	ADLPG4276G
Name :	Mr. Sunil O. Khandelwal
Designation :	Chief Financial Officer
Name :	Mr. K.H. Gopal
Designation :	President Corporate Affairs and Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Category of Shareholders	No. of Shares	Percentage of holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	65,746,696	7.96
Bodies Corporate	177,410,440	21.47
Any Others (Specify)	19,459,382	2.36
Trusts	19,459,382	2.36
Sub Total	262,616,518	31.78
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	262,616,518	31.78
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2,425,200	0.29
Financial Institutions / Banks	90,894,805	11.00
Foreign Institutional Investors	125,288,651	15.16
Sub Total	218,608,656	26.46
(2) Non-Institutions
Bodies Corporate	62,503,204	7.56
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	93,449,798	11.31
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	106,128,857	12.84
Any Others (Specify)	82,962,324	10.04
Clearing Members	13,751,383	1.66
Market Maker	530,484	0.06
Non Resident Indians	6,250,969	0.76
Overseas Corporate Bodies	3,000	-
Foreign Corporate Bodies	62,419,038	7.55
Trusts	7,450	-
Sub Total	345,044,183	41.76
Total Public shareholding (B)	563,652,839	68.22
Total (A)+(B)	826,269,357	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	826,269,357	-

BUSINESS DETAILS

Line of Business :

Manufacturing of cotton and viscose / blended grey and processed fabrics and 100% cotton knitted fabrics and intermingled yarn.

Products :

Item Code No. (ITC CODE)	Products Description
5208	Woven Fabrics of Cotton Mixture
5406	Man Made Filament Yarn (Other Than Sewing Thread)
6001	Pile Fabric Including Knitted or Crochetted
6002	Other Knitted or Crocheted Fabric

PRODUCTION STATUS [As on 31.03.2011]

Particulars	Unit	Installed Capacity Per Annum+	Actual Production@
Woven Fabric Manufactured	Lacs	1754 looms and 19 Stenters	2733.98
Yarn Dyed	M.T.	-	87.23
Knitted Fabric	M.T.	184 Machines	8801.38
Cotton Yarn – Manufactured	M.T.	330528 Spindles and 3792 Rotors	15245.32
Chips	M.T.	2 Machines	24688.62
Texturised Yarn	M.T.	27600 Spindles	122171.96
Poy	M.T.	5808 Spindles	39086.83
FDY	M.T.	2304 Spindles	15484.72
Handkerchief	Pcs.	64 Machines	9947690
Garments	Pcs.	2587 Machines	5101577
Made-ups	Sets	1026 Machines	5690108
Made-ups	Pcs.	-	3979671
Made-ups	Pairs	-	2129586
Terry Towel	M.T.	48 looms and 1 Stenters	152.61
Terry Towel	Lacs	-	2.10
Terry Towel	Pcs.	-	14384375
PSF	M.T.	-	2242.72
PSF	Lacs	-	0.90

Note:

@ Production includes items produced on job work basis by outside parties.

+ As certified by the management

GENERAL INFORMATION

No. of Employees :

23031 (Approximately)

Bankers :

v Allahabad Bank

v Andhra Bank

v Axis Bank Limited

v Bank of Baroda

v Bank of India

v Bank of Maharashtra

v Canara Bank

v Central Bank of India

v Corporation Bank

v Dena Bank

v Export Import Bank of India

v Indian Bank

v IDBI Bank Limited

v ING Vysya Bank Limited

v Oriental Bank of Commerce

v Punjab National Bank

v Standard Chartered Bank

v State Bank of Bikaner and Jaipur

v State Bank of Hyderabad

v State Bank of India

v State Bank of Mysore

v State Bank of Patiala

v State Bank of Travancore

v Syndicate Bank

v The Jammu and Kashmir Bank Limited

v The Federal Bank Limited

v The Karur Vysya Bank Limited

v UCO Bank

v United Bank of India

v Vijaya Bank

Facilities :

Secured Loans

As on 31.03.2011

(Rs. in Millions)

As on 31.03.2010

(Rs. in Millions)

Debentures

11.50% Redeemable Non Convertible Debenture

2000.000

0.000

12.50% Non Redeemable Non Convertible debentures

2000.000

0.000

11.00% Redeemable Non Convertible Debenture

0.000

3000.000

10.75% Redeemable Non Convertible Debentures

1000.000

0.000

8.00% Redeemable Non Convertible Debentures

2500.000

1000.000

7.30 % Redeemable Non Convertible Debentures

0.000

5000.000

b. Term Loan

1) From Financials Institution

Rupee Loans

1589.100

1061.900

Foreign Currency Loans

2486.500

1842.500

2) From Banks

Rupee Loans

61464.700

53951.300

Foreign Currency Loans

5455.400

6530.000

c. From Banks on cash credit accounts, working Capital Demand Loans Etc.

8689.600

8437.800

d. Loans under Hire/ Purchase/ Lease Arrangement

78.700

43.100

Total

87264.000

80866.600

Note:

1. Debentures are secured by:

a) Debentures redeemed during the year

PARTICULARS	Nos.	Amount (Rs. In Millions)	Date of redemption
8.00% Redeemable Non convertible Debentures of Rs.1.000 million each	1000	1000.000	06.07.2011
8.00% Redeemable Non convertible Debentures of Rs.1.000 million each	750	750.000	12.07.2011
8.00% Redeemable Non convertible Debentures of Rs.1.000 million each	750	750.000	19.07.2011
10.75% Redeemable Non convertible Debentures of Rs.1.000 million each	333	333.000	20.10.2016
10.75% Redeemable Non convertible Debentures of Rs.1.000 million each	333	333.000	20.10.2017
10.75% Redeemable Non convertible Debentures of Rs.1.000 million each	334	334.000	20.10.1918
11.50% Redeemable Non convertible Debentures of Rs.1.000 million each	700	700.000	28.06.2014
11.50% Redeemable Non convertible Debentures of Rs.1.000 million each	700	700.000	28.06.2015
11.50% Redeemable Non convertible Debentures of Rs.1.000 million each	600	600.000	28.06.2016
12.50% Redeemable Non convertible Debentures of Rs.1.000 million each	667	667.000	03.03.2015
12.50% Redeemable Non convertible Debentures of Rs.1.000 million each	667	667.000	03.03.2016
12.50% Redeemable Non convertible Debentures of Rs.1.000 million each	666	666.000	03.03.2017
TOTAL		7500.000

b) All the debentures in a) above are secured by pari passu charge on the immovable property situated at Mouje Irana, Taluka Kadi, District Mehsana in the state of Gujarat

c) The debentures of Rs.5000.000 millions in a) above are secured by subservient charge on fixed and current assets of the Company (excluding Land and Building)

2 Term loans are secured as under :

a) Term loans from financial institutions and from banks (Including foreign currency loans) to the extent of Rs.1069.200 millions (previous year 1393.800 millions) and Rs.24929.900 millions (previous year Rs.27702.400 millions) respectively, are secured by

(i) a pari passu first charge created/to be created on all present and future movable and immovable assets of the company subject to exclusive charges created/to be created on specific fixed assets in favour of specified lenders.

(ii) a charge created/ to be created on all current assets of the company subject to a prior charge on such current assets created/to be created in favour of the company's bankers towards working capital requirements and (iii) the personal guarantees of three promoter directors.

b) Term loan from banks to the extent of Rs.6476.600 millions (previous year Rs. 2597.700 millions) is secured by

(i) an exclusive charge created on specific assets financed by them and (ii) the personal guarantees of three promoter directors.

c) Term loans from the Banks and Financial Institutions to the extent of Rs.1189.700 millions (previous year Rs.2041.900 millions) and Rs.1890.000 millions (previous year Rs.382.200 millions) respectively, are secured by (i) subservient charge on all movable assets of the Company present and future subject to prior charge on specific movable assets in favour of the company’s term lenders and towards working capital requirements (ii) the personal guarantee of three Promoter Directors of the Company.

d) Term loans from the Banks to the extent of Rs.95.800 millions (previous year Rs.1320.000 millions) are secured by (i) subservient charge on all assets of the Company excluding Land and Building (ii) Pledge of company's investment in a subsidiary viz. Alok Industries International Limited (ii) the personal guarantee of three Promoter Directors of the Company.

e) Term loan from the Bank to the extent of Rs.342.281 millions (previous year Rs.28007.200 millions), are secured by subservient charge on all present and future moveable fixed assets, stocks and receivables of the Company subject to prior charge in favour of the company’s term lenders and working capital bankers.

f) Term loan from Financial Institution of Rs.11.164 millions (previous year Rs.1128.500 millions) is secured by (i) subservient charge on all the present and future moveable fixed assets of the company except land and building

3 Working Capital limits from banks are secured by (i) hypothecation of Company’s current assets (ii) second /subservient charge created / to be created on the fixed assets of the Company (iii) immovable properties belonging to the Company / Guarantors and (iv) the personal guarantees of three promoter directors of the Company.

4 Vehicle loans are secured by vehicles under hypothecation with banks against such loans taken.

UNSECURED LOANS

As on 31.03.2011

(Rs. in Millions)

As on 31.03.2010

(Rs. in Millions)

a. Term Loan and Advances

1) From Banks Financials Institution

Rupee Loans

8149.500

1930.000

Foreign Currency Loans

1122.200

1228.100

b. Nil (previous year 475) 1% Foreign Currency Bonds (FCCBs)

0.000

1072.100

Total

9271.700

4230.200

Notes :

Term Loan from banks

a. Includes commercial paper of Rs.7200.000 millions. Maximum amount outstanding at any time during the year Rs.9150.000 millions (Previous year Rs. Nil).

b. Term Loan from banks To the extent of Rs.449.500 millions (Previous year Rs.400.000 millions) are secured by Personal Guarantee of three Promoter Directors.

Banking Relations :

--

Statutory Auditors :

Name 1 :

Gandhi and Parekh

Chartered Accountants

Address :

6, Saraswati Darshan, 2^nd Floor, Opposite New Era Cinema, S. V. Road, Malad (West), Mumbai – 400 064, Maharashtra, India

Name 2 :

Deloitte Haskins and Sells

Chartered Accountants

Internal Auditors :

Bhandarkar and Company

Chartered Accountants

Devdhar Joglekar and Srinivasan

Chartered Accountants

N.T. Jain and Company

Chartered Accountants

Shah Gupta and Company

Chartered Accountants

T.R. Chadha and Company

Chartered Accountants

Legal Advisors and Statutory :

Kanga and Company

Associate Companies :

v Grabal Alok (UK) Limited (Formerly known as Hamsard 2353 Limited)

v Alspun Infrastructure Limited

v Ashford Infotech Private Limited

v Nirvan Builders Private Limited

v Next Creation Holdings LLC

Entities under common control :

v Alok Denims (India) Private Limited

v Gogri Properties Private Limited

v Alok Finance Private Limited

v Green Park Enterprises

v Alok Knit Exports Limited

v Jiwrajka Associates Private Limited

v Alok Textile Traders

v Jiwrajka Investment Private Limited

v Ashok B. Jiwrajka (HUF)

v Niraj Realtors and Shares Private Limited

v Ashok Realtors Private Limited

v Nirvan Exports

v Buds Clothing Company

v Nirvan Holdings Private Limited

v D. Surendra and Company

v Pramatex Enterprises

v Dilip B. Jiwrajka (HUF)

v Pramita Creation Private Limited

v Grabal Alok Impex Limited

v Surendra B. Jiwrajka (HUF)

v Grabal Alok International Limited

v Trumphant Victory Holdings Limited

Subsidiaries :

v Alok Inc.

v Alok Infrastructure Limited

v Alok Industries International Limited

v Alok Apparels Private Limited

v Alok Retail (India) Limited (Formerly known as Alok Homes and Apparel Private Limited)

v Alok New City Infratex Private Limited

v Alok Land Holdings Private Limited

v Alok Realtors Private Limited

v Alok Aurangabad Infratex Private Limited

v Alok HB Hotels Private Limited

v Alok H and A Limited Alok HB Properties Private Limited

v Alok International, Inc.

v Springdale Information and Technologies Private Limited

v Alok European Retail, s.r.o.

v Kesham Developers and Infotech Private Limited

v Mileta, a.s.

Joint Venture :

v Aurangabad Textiles and Apparel Parks Limited

v New City of Bombay Mfg. Mills Limited

CAPITAL STRUCTURE

As on 29.09.2011

Authorised Capital : Rs.15000.000 millions

Issued, Subscribed & Paid-up Capital : Rs.8262.694 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
900000000	Equity Shares	Rs.10/- each	Rs.9000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
787784357	Equity Shares	Rs.10/- each	Rs.7877.800 Millions
	Add: Forfeited Shares (13921 shares of Rs.10/- each Rs.5/- paid up)		Rs.0.100 Million
	Total		Rs.7877.900 Millions

Notes:

a) During the year ended 31 March 2010, 590823309 equity shares are issued as under:

i] 40,87,23,061 Equity Shares of Rs.10/- are issued at a premium aggregating to Rs.408.700 millions on Rights basis in the ratio of 83 Rights Equity Shares for every 40 Equity Shares held.

ii] 182100248 Equity Shares of Rs.10/- issued at a premium aggregating to Rs.2425.600 millions in Qualified Institutional Placements (QIP).

b) Of the above shares:

i] 745396 equity shares were allotted as Bonus shares by way of capitalization of General Reserve.

ii] 62550 equity shares being forfeited shares were reissued during 2001.

.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		7877.900	7877.900	1969.700
2] Share Application Money		0.000	0.000	1375.000
3] Share Warrants		0.000	0.000	102.000
3] Reserves & Surplus		23098.000	19284.000	14103.900
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		30975.900	27161.900	17550.600
LOAN FUNDS
1] Secured Loans		87264.000	80866.600	62562.400
2] Unsecured Loans		9271.700	4230.200	3401.100
TOTAL BORROWING		96535.700	85096.800	65963.500
DEFERRED TAX LIABILITIES		5076.600	4069.800	3079.700
FOREIGN CURRENCY MONITORY ITEM TRANSLATION DIFFERENCE ACCOUNT		2.200	0.000	0.000
TOTAL		132590.400	116328.500	86593.800
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		74272.100	62058.600	38255.900
Capital work-in-progress		10612.000	9392.500	21582.700
INVESTMENT		1671.800	2296.900	4785.800
DEFERRED TAX ASSETS		0.000	0.000	0.000
FOREIGN CURRENCY TRANSLATION MONETARY ACCOUNTS		0.000	1.700	112.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	20026.200	14744.100	9438.400
	Sundry Debtors	17402.000	11012.300	8841.900
	Cash & Bank Balances	11412.100	13902.900	3449.500
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	7275.200	8359.500	5129.500
Total Current Assets		56115.500	48018.800	26859.300
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	6228.400	3799.100	3673.200
	Other Current Liabilities	3070.000	1090.200	1040.800
	Provisions	782.600	550.700	287.900
Total Current Liabilities		10081.000	5440.000	5001.900
Net Current Assets		46034.500	42578.800	21857.400
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		132590.400	116328.500	86593.800

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	63884.300	43111.700	29769.200
		Other Income	64.400	640.200	208.200
		TOTAL (A)	63948.700	43751.900	29977.400
Less	EXPENSES
		Purchases of traded goods	3426.200	3984.600	1052.600
		Manufacturing and other expenses	45184.500	30380.700	24555.400
		Increase in Stock of Finished Goods and Process Stocks	(2225.500)	(3338.200)	(3856.700)
		TOTAL (B)	46385.200	31027.100	21751.300
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		17563.500	12724.800	8226.100
Less	FINANCIAL EXPENSES (D)		6543.700	5350.800	3041.200
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11019.800	7374.000	5184.900
Less/ Add	DEPRECIATION/ AMORTISATION (F)		5187.900	3626.100	2335.000
	PROFIT BEFORE TAX (E-F) (G)		5831.900	3747.900	2849.900
Less	TAX (H)		1788.300	1274.500	966.200
	PROFIT AFTER TAX (G-H) (I)		4043.600	2473.400	1883.700
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1809.100	2766.300	2962.000
Add	Excess Short Provision of Dividend		0.000	0.000	1.700
Less	APPROPRIATIONS
		Transfer from/to Debenture Redemption Reserves	(3843.000)	3001.000	1908.300
		Transfer to General Reserve	250.000	200.000	0.000
		Proposed Dividend – Equity Shares	196.900	196.900	147.700
		Corporate Dividend Tax thereon	32.700	32.700	25.100
	BALANCE CARRIED TO THE B/S		9216.100	1809.100	2766.300
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Exports	20323.400	14370.600	9724.800
		Interest Received on Fixed Deposits	0.600	74.500	25.100
	TOTAL EARNINGS		20324.000	14445.100	9749.900
	IMPORTS
	Raw Materials		3993.300	5054.300	1514.200
	Stores & Spares		473.100	772.500	341.400
	Capital Goods		9395.500	3175.600	5848.700
	Packing Materials Purchased		71.500	0.000
	TOTAL IMPORTS		13933.400	9002.400	7704.300
	Earnings Per Share (Rs.)
	- Basic		5.13	4.58	8.85
	- Diluted		5.13	4.58	7.74

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011	31.03.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	16448.900	21367.900	23866.500	25953.800
Total Expenditure	11926.700	16182.600	17443.900	18666.000
PBIDT (Excl OI)	4522.200	5185.300	6422.600	7287.800
Other Income	7.000	224.500	20.100	86.600
Operating Profit	4529.200	5409.800	6442.700	7374.400
Interest	2004.400	2520.100	2712.700	3346.000
Exceptional Items	0.000	0.000	(1842.300)	2275.600
PBDT	2524.800	2889.700	1887.700	6304.000
Depreciation	1649.700	1700.000	1875.000	1735.900
Profit Before Tax	875.100	1189.700	12.700	4568.100
Tax	297.400	372.600	378.500	1733.100
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	577.700	817.100	(365.800)	2835.000
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	577.700	817.100	(365.800)	2835.000

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.32	5.65	6.28
Net Profit Margin (PBT/Sales)	(%)	9.12	8.69	9.57
Return on Total Assets (PBT/Total Assets}	(%)	4.47	3.40	4.38
Return on Investment (ROI) (PBT/Networth)		0.18	0.14	0.16
Debt Equity Ratio (Total Liability/Networth)		3.44	5.14	4.07
Current Ratio (Current Asset/Current Liability)		5.56	8.83	5.37

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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	No

Shift in Registered Office

The registered office of the company was shifted from ‘B/43, Mittal Tower, Nariman point, Mumbai 400 021, Maharashtra’ to ‘17/5/1 and 521/1 Rakholi / Saily, Silvassa - 396 230, Union Territory of Dadra and Nager Haveli effective from 25 June 2010 pursuant to an Order passed by the Company Law Board.

PERFORMANCE

During the financial year, the Company sales increased by 48.18% to Rs.63884.300 millions and achieved profit after tax of Rs.4043.600 millions, an increase of 68.48 % over the previous year. The exports of the Company for the year, including incentives, increased by 42.24% to Rs.22174.300 millions. All the divisions of the company recorded growth both in domestic and export sales.

Capital

During the year, the Company, as per the terms of Letter of Offer dated 19 March 2009 and relevant provisions of Articles of Association of the Company, forfeited 13,921 partly paid rights equity shares held by 83 shareholders for nonpayment of allotment money of Rs.5/- and interest due thereon.

Consequent to the forfeiture of Rights shares the Company’s equity share capital as on 31 March 2011 stands at Rs.7877.800 millions divided into 787784357 fully paid equity shares of Rs.10/- each.

FCCBs

The 475 outstanding FCCBs of USD 50000 each aggregating to Rs.1072.100 millions as at 31 March 2010 were redeemed during the year, on their due date i.e. 26 May 2010.

Loans

During the, the Company has raised incremental debt of Rs.11438.900 millions, both secured and unsecured, by way of rupee loans, foreign currency loans and non-convertible debentures for meeting capital expenditure and working capital requirements. The total debt at the end of year stood at Rs.96535.700 millions compared to Rs.85096.800 millions at the end of previous year.

Merger

The Directors at their meeting held on 29 July 2011 approved the proposal of amalgamation of Grabal Alok Impex Limited (‘GAIL’) into the Company as per terms and conditions mentioned in the Scheme of Amalgamation to be filed with the stock exchanges. The salient features of the proposed Scheme are as under:

(a) Amalgamation of GAIL with the Company;

(b) The Appointed Date of the Scheme will be 1 April 2011;

(c) The Company to issue its shares to the shareholders of GAIL as on record date, based on the share exchange ratio determined by the independent valuers, M/s Ernst and Young Private Limited and the fairness report provided by Fortune Financial Services (India) Limited and approved by the Board of Directors of the Company which is as under:

“1 (One) fully paid up equity share of Rs. 10 each of the Company shall be issued and allotted for every 1 (One) equity share of Rs.10 each held in GAIL”

(d) The Scheme is subject to approval of the shareholders, creditors, the Financial Institutions /Banks, the Hon’ble High Court of Bombay, relevant stock exchanges and any other statutory or regulatory authorities, which by law may be necessary for the implementation of the Scheme.

Awards and Recognition

During the year, the Company was awarded the following awards and recognitions by the Cotton Textile Exports Council of India (TEXPROCIL) in three categories:

• Gold Trophy in Highest Exports of Bleached/ Dyed/ Yarn – dyed/ Printed Fabrics”
• Gold Trophy in – “Highest Exports of Bed – Linen/ Bed sheets/ Quilts”
• Silver Trophy in – “Highest Global Exports”
• The Company is the proud winner of IMC – Ramakrishna Bajaj National Quality (RBNQ) Performance Excellence Trophy – 2010 in its maiden attempt

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC OVERVIEW

WORLD

Economic activity in most developing countries is back on a high growth momentum. Supported by resurgence in international and domestic financial flows and higher commodity prices, most of the spare capacity in developing countries that was created by the crisis has been reabsorbed, and developing countries have regained trend growth rates close to those observed in the pre-crisis period. Economic output growth in emerging developing economies improved from 2.7% in calendar year (CY) 2009 to 7.3% in CY2010.

In contrast, the recovery in many high income countries (and several economies in developing Europe and Central Asia) has not been strong enough to make major inroads into high unemployment and spare capacity. Prospects in these economies, many of which were at the centre of the financial boom and bust, continue to be weighed down by banking sector restructuring, high consumer debt and a right-sizing of economic sectors that grew unsustainably large during the boom period. Having said so, driven primarily by resurgence in the world’s largest economy – USA – advanced economies recovered from a 3.4% drop in economic output in CY2009 to a 3% growth in CY2010. Consequently, global economic output increased by 5% in CY2010 against a drop of – 0.5% in CY2009.

The robust recovery in developing countries is even more remarkable because it mainly reflects an expansion of their internal markets. Developing countries are not just leading the recovery. Increasingly they are an important source of stability, with many of the risks to global growth centered in high-income countries and reflecting as yet unresolved imbalances generated by the boom period. Very low policy-induced interest rates in high – income countries plus better growth prospects in developing countries prompted a strong recovery in capital flowes, mainly to middle-income countries. Overall net private capital fl owes to developing countries expanded 44% in CY2010, but remain well below record 2007 levels. For most countries, the increase in fl owes was beneficial, helping to finance growth enhancing investment.

Strong growth of domestic demand in developing countries will continue to lead the world economy. Developing countries domestic demand is playing a major role in the recovery, representing 46% of global growth in 2010.

While, overall, indicators are positive, there are some concerns with the global economy as well, which in the short-run could de-rail the recovery to differing degrees. The market concerns over debt sustainability in Europe continue to escalate. Continued very low interest rates in high income countries once again prompt large and volatile fl owes of capital toward developing countries that contribute to destabilizing movements in exchange rates, commodity prices, and asset prices.

Commodities prices, especially of food and oil have increased sharply in some poor countries; and if international prices continue to rise, affordability issues and poverty impacts could intensify.

On average both non-oil commodity and oil prices increased by over 27% in CY2010, while they have declined in CY2009.

INDIA

The Indian economy continued to grow appreciably – recording 8.5% growth in 2010-11 on the back of 8% growth in 2009-10. It is apparent that there has been steady growth at well over 8% since Q4, 2009-10. And, this trend had continued through the first 3 quarters of 2010-11. However, there has been a slight slowdown in the fourth quarter.

The slowdown is a reflection of certain uncertainties prevailing in the Indian economy. First, there is high rate of inflation. Much of this inflation is driven by high prices of food, which being an essential commodity has curbed general consumption spending in the country. In the process, demand has reduced affecting economic growth.

Second, there is a concern with rising rates of interest. In order to curb inflation rates from spiraling upward, the Reserve Bank of India (RBI) has tightened monetary policies. The resultant reduction in money supply has caused an increase in interest rates. On the consumer front, such interest rate increase affect automobile and housing purchases, as most of it is done through credit. These are two important customer segments for AIS. Such high rates of inflation have a negative impact on investments. And, a slowdown in investments at the macro-level may lead to lower economic growth in the future. WPI based inflation has remained at levels over 8% for most of the period since March 2010. And, in line with this increase the benchmark reverse repo rate has increased steadily over the period.

TEXTILES, CLOTHING AND FIBER INDUSTRY

GLOBAL DEVELOPMENTS

World consumption of textile fibers increased in the past two years and hit record levels in CY2010. A shortfall of cotton saw a sharp jump in cotton prices in 2010. After a 7% decline in 2008 in the aftermath of the global economic crisis, world fiber consumption increased by 4% in CY 009 and by 5% in CY2010, according to data from the European Manmade Fiber Association (CIRFS), the International Wool Textile Organization (IWTO) and the International Cotton Advisory Committee (ICAC). Estimates suggest that world fiber consumption was 75,100 million kilograms (mkg) in 2010, which is 2,000 mkg above the pre-crisis levels of CY2007.

While in CY2009, growth was mainly driven by a 9% increase in consumption of cotton, in 2010, cotton consumption rose by only 3% as it was replaced by polyester staples when cotton prices surged upwards rapidly. In fact, in CY2010, growth was driven by synthetic fibers – synthetic staple fiber consumption increased by 6% to 16,600 mkg, while synthetic filament fiber consumption increased by 8% to 28,200 mkg.

The two leading importers of apparel and textiles – USA and EU – witnessed growth in imports. The imports of textile and apparel products to the US increased from US$ 81 bn in 2009 to US$ 93 bn in 2010 – growth of 15%, while in the EU imports increased by 6.6% from US$ 215 bn in 2009 to US$ 229 bn in 2010.

On the supply and production front, there were different trends for various textile fibers in CY2010. Different production decisions were responses to the cotton price upsurge and the inevitable substitution of cotton by cheaper polyester staples. Cotton prices were expected to increase in 2010-11. According to the International Cotton Advisory Committee (ICAC), world cotton production had declined by 7% in 2009-10 with drop in production in China and the US – two of the world’s three largest cotton producing countries. The global polyester industry, on the other hand, has over capacity with significant investments in

China in the recent past. However, the sharp rise in cotton prices seen in 2010 resulted in garment manufacturers substituting cotton with polyester in their fabrics, in particular in shirt fabrics. As a result, the increased polyester production was absorbed by this higher demand. In contrast to the increased production of polyester, world acrylic fiber production was held back in CY2010 by a shortage of acrylonitrile (the raw material). This restricted production of acrylic fiber in spite of very strong demand.

The demand supply situation is well reflected in the price trends. The ‘Cot Look A’ index, which is the world cotton price indicator, increased by 120% in 2010, hitting a record 175.7 US cents/pound (387 USc/kg) in mid – December 2010. Acrylic fiber prices lifted in response to the higher demand but tight supplies. Polyester prices also rose, but the extent was limited by increased production and excess production capacity.

Clearly, with the global economic recovery, demand improved for garments and textiles. However, supply side constraints are the lower end of the value chain in key fiber inputs like cotton and acrylic resulted in severe margin pressures for industry players in the higher end of the value chain who produce fabric and garments.

INDIA

The Indian textiles and apparel market, both domestic and exports, continues to grow. In 2010, the total Indian textiles and apparel market was estimated to be around Rs.3680000.000 millions (US$ 78 bn) and is estimated to grow at a CAGR of 11% to reach Rs.10320000.000 millions (US$ 220 bn) by 2020. Within this industry the domestic apparel industry is growing by 10%, while home textiles demand is growing by around 12%.

Cotton yarn, which accounts for 74% of total yarn production, grew by 12%, while blended yarn grew by 11% and non cotton yarn by 9% in 2010-11. In terms of fabric, cotton based cloth, which accounts for 51% of total fabric production grew by 7%, blended cloth by 5%, while non-cotton cloth reduced by 3% in the first 10 months of 2010-11.

Apart from catering to growing domestic demand, exports started picking up since August 2010 after a slight blip in the first quarter of 2010-11. Over 60% of the country’s exports are to USA and the EU. India’s exports of Textiles and Apparel products, specifically to US has increased by 19% to Rs. 220540.000 millions (around US$ 4,967 mn) for 11 months ending Feb’11, compared to Jan-Feb ‘10. India’s share in the total US trade is stable at 6%. The Indian exports of textiles and apparel category to EU has also shown a positive growth. The exports have grown by 17% for the ten months ending Jan 2011 as compared to same period last year. In fact, encouraged by the impressive growth, the Government of India has increased the target for India’s textiles and apparel exports to around US$ 30 bn for 2011-12 against around US$25 bn achieved in 2010-11. Through 2010-11, and especially from January 2011 there was strengthening of fiber and yarn prices. Due to high demand and supply side constraints, there is a continuous rise in raw material prices. The average prices of cotton yarn rose by 45 % YoY in Mar ’11 to reach 207/Kg while PV yarn and PC yarn has shown 35% increase each for the same period and stands at 233/kg and 221/kg respectively. Since then, however, there has been a downward movement in prices in Q1, 2010-11 to more sustainable levels. The Government of India (GoI) continues to take several steps to promote the industry. Some of these include:

SCHEME FOR INTEGRATED TEXTILE PARKS (SITP):

40 Textile Park projects have been sanctioned by the Textile Ministry till date in various states. These Parks are planned to have facilities for spinning, sizing, text rising, weaving, processing, apparels etc. and are expected to approximately 7.5 lakh persons. Till date four projects have been completed and production started in 24 out of 40. So far government assistance of Rs.8826.000 millions has been provided for execution of these projects. The promoters of these textiles park projects have brought in Rs.10000.000 millions (approx.) as their contribution.

TECHNOLOGY UP-GRADATION FUND SCHEME (TUFS):

Since its inception, Rs.111960.000 millions of subsidy has been released. The Union Budget for 2011-12 has provided an allocation of Rs. 29800.000 millions for the scheme. Government has also enhanced subsidy allocation for modernization of the textiles industry to Rs.1540.400 millions from earlier sanction of Rs.80000.000 millions for the current Plan ending 2012. Of the additional Rs.74040.000 millions, Rs.19720.000 millions would be available for fresh sanctions while the remaining Rs.54320.000 millions is meant for fulfilling the committed liabilities under the TUF scheme. Some key points of the new scheme, which focuses on balanced development and forward integration, are:

_ 5% interest re-imbursements plus 10% capital subsidy for spinning units with matching capacity in weaving/knitting/ processing/garmenting

_ Reducing repayment period to 7 years with 2 years moratorium to promote financial efficiency

_ 5% interest re-imbursements plus 10% capital subsidy for establishment of new shuttle less looms

_ Interest subsidy/capital subsidy/margin money subsidy on the basic value of the machineries excluding the tax

component for the purpose of valuation

COTTON YARN EXPORTS – APPROVAL:

Ceding to the demands of the Cotton Yarn exporters, the Directorate General of Foreign Trade (DGFT) under the Ministry of Commerce announced approval of cotton yarn exports from April 1, 2011 subject to registration of export contracts with DGFT.

FINANCIAL PERFORMANCE

Subject (‘Alok’ or ‘the Company’) is a diversified business group with millions interests in the textiles and apparel business. The primary business is its integrated textile operations, which is based in India. The stand-alone financial results reflect the performance of this business. This is the largest and the central business of the Company.

Alok has made several investments to diversify and grow related businesses. It has extended its textiles business to overseas operations by acquiring Mileta, a Czech Republic based integrated textiles player. There are investments in the retail business in India and in the United Kingdom (UK). In India, through its subsidiaries, the Company is actively developing its retail format – ‘H and A’ stores, while in UK it operates the ‘Store Twenty One’ outlets through its associate Grabal Alok Impex Limited. In addition, the Company has also made investments in the real estate business.

India Textiles Business: Operations Review

Alok Industries is an integrated player in the textiles and apparel industry with presence across the value chain. At the starting end of the chain it produces cotton and polyester yarn. Both of which, are primarily to service internal requirements of yarn but some of the produce is sold in the market. The Company produces fabric both through weaving and knitting and lays great emphasis on specialised products in this space. It is also into manufacturing of home textiles including terry towels. At the front end of the chain, there is a relatively small garmenting operation. The garmenting business is supplemented by the Indian subsidiary Alok Apparels Private Limited.

With 43% share, woven fabrics have the largest share of revenues, followed by polyester yarn with 26%; home textiles with 15%; cotton yarn with 9%; knitted fabric with 4% and garments with 3%.

While domestic sales grew by 51.55% from Rs.27521.800 millions in 2009-10 to Rs.41710.000 millions in 2010-11, exports continued to grow impressively, especially in the second half of 2010-11. The export growth was 42.24% from Rs.15589.900 millions in 2009-10 to Rs.22174.300 millions in 2010-11.

The largest value of exports is to USA with a share of 39% of total exports. Asia has the second largest share of 23%. South America has gained considerable share and is the third largest export destination for Alok with a share of 18%. Europe is next with 17%, while non-US North America and Africa have small shares of 2% and 1% respectively.

Cotton Yarn

Alok’s requirement of cotton yarn increased considerably with the expansion of weaving and knitting capacities and made strategic sense to have some portion of its total yarn requirement produced in-house. This also mitigates the risk of total dependence on the market where availability could be a constraint with a lot of high speed weaving capacities being added in the country in the quota free regime. Consequently, the size of the cotton yarn division is larger if we also account for internal consumption.

External sales of cotton yarn is sold to traders, manufacturing units and weavers. Domestic sales increased by 309.10% from Rs.1017.900 millions in 2009-10 to Rs.4164.000 millions in 2010-11, while exports reduced from Rs.2253.100 millions in 2009-10 to Rs.1365.000 millions in 2010-11 – a drop of 39.40%. There were considerable opportunities in the domestic market, which the Company effectively tapped. With demand being there from internal requirements, high domestic sales resulted in supply side constraints for exports. Consequently, exports dropped during 2010-11. Overall, total cotton yarn sales increased by 69.03% to Rs.5529.000 millions in 2010-11 against Rs.3271.000 millions in 2009-10.

Looking to the increased requirement, the Company is further expanding its spinning capacity by installing 68,000 spindles and 1,888 rotors taking the total production capacity to 80,000 tpa.

Apparel Fabric

Alok produces a wide range of woven and knitted fabrics. The high quality of its products is a result of its design capabilities, product knowledge and state of the art manufacturing facilities. On the weaving front it has modern facilities that utilise the best technology available in the world. This includes Benninger warping and sizing machines from Switzerland for preparatory, projectile Sulzer make looms, wider width/ narrow width Air Jet looms of Toyota/ Picanol make, Rapier Sulzer make looms with Staubli make dobby and Rapier Sulzer make looms with Bonas make Jacquard attachment. It also outsources fabric from power looms and mills to meet its requirements. Presently, the company has 1018 nos. apparel width looms with an installed capacity of 93 mn meters and 855 nos. wider width looms with an installed capacity of 68 mn meters.

In knitting, today, the Company has 171 Mayer and Cie / Pialung circular knitting machines of various types like single jersey, double jersey, interlock, auto striper and rib structure. The total installed capacity is 18,200 tpa. The products include single jersey, double jersey, interlock, ribs, jacquards, auto striper and fi bres used include cottons, blends of cotton with polyester or viscose, polyester, viscose and lyrca blended.

• Woven: Domestic sales increased from 16347.200 millions in 2009-10 to Rs.24588.500 millions in 2010-11 – a growth of 50.41%. Exports increased by 64.57% to Rs.2727.700 millions in 2010-11 against Rs.1657.500 millions in 2009-10. Total woven fabric sales increased by 54.4% to Rs.27316.200 millions.

• Knitted: Domestic sales increased by 141.46% from Rs.483.600 millions in 2009-10 to Rs.1167.700 millions in 2010-11. Export increased to Rs.1247.900 millions in 2010-11 against Rs. 939.000 millions in 2009-10 – an increase of 32.90%. Total knitted fabric sales increase by 59.3% to Rs.2415.600 millions in 2010-11.

• Total Apparel Fabric: Domestic sales increased by 53.03% to Rs.25756.200 millions in 2010-11, while exports increased by 53.10% to Rs.3975.600 millions in 2010-11. These sales growths contributed to a total apparel fabric sales growth of 53.04% from Rs.19427.300 millions in 2009-10 to Rs.29731.800 millions in 2010-11.

To promote further profitable growth in this division, Alok is focusing on three segments of the apparel fabric market: (a) fashion wear; (b) yarn dyed fabrics; and (c) work-wear and technical textiles.

In fashion wear fabrics, Alok produces a wide range in both knits and wovens. Fabric types include twills, voiles, cambrics, poplins, Lycra poplins gabardines, jacquard, satins, matte, canvases, butta dobby, lawn, yarn dyed and many more. There are several distribution channels through which the Company caters to specified target customer groups. The direct customers include Indian exporters or converters in international countries, domestic garment manufacturers, retailers and traders, and institutional sales.

Within fashion-wear, the Company is focusing on yarn dyed fabrics, which are used for fashionable shirting and high end women’s wear and command premium prices in the market. Alok has a capacity to produce 5,000 TPA of dyed yarn, which is being further expanded. In the near future, the company plans to make yarn dyed fabric a major growth driver of its apparel fabric sales.

Technical textiles are speciality fabrics, such as fire retardant fabric, water repellent and soil release fabric and high visibility fabric. They require special functionality and are used in industrial, aerospace, military, marine, medical, construction, transportation and high technology applications. Due to their specialised nature, they offer higher margins than conventional textiles. The technical textiles market in India is still in infancy and fairly unorganised. It is also highly import intensive. Estimates suggest that this market will grow at a CAGR of 10% to reach Rs.1460000 millions (US$ 31 bn) by 2020.

In weaving, the Company under its ongoing expansion proposes to install 200 nos. Toyota make Air jet wider width looms with an installed capacity of 24 mn meters. The company is also installing 120 normal width Picanol make Airjet / Rapier looms with an installed capacity of 27 mn meters. Thus the total weaving capacity would increase to 212 mn. meters and total no. of looms to 2,183. Looking to the growing demand for the knitted fabrics, the company is further expanding its capacities by installing additional circular knitting machines taking the total capacity to 25000 tpa.

Home Textiles

Alok ventured into made-ups segment by installing wider width (3 meter width) processing house at Vapi and as a forward integration set up made-up unit of 100 stitching machines and other allied machines at Vapi. Subsequently, it setup a new factory with 400 stitching machines at Silvassa taking the capacity to 6 million sets. Alok, has created a large and prestigious customer base like Wal – Mart, Target and Kohl‘s, in the Home Textiles segment. Looking to the good demand the company later on expanded its weaving and processing capacity. The products include Sheet-sets, duvets, comforters, blankets, quilts, bed-in-a-bag, Curtains in prints, solids, embroidery, sateen‘s, flannel, Jacquards, Dobbies, yarn-dyed from 180 TCs to 1000 TCs. Within this segment in 2009-10, the Terry Towel plant was commissioned. It has 48 looms, capable of producing 6,700 TPA and an equivalent amount of terry towel processing capacity.

Home textiles are exported to overseas retailers and brands, sold in the domestic market to retailers and brands, and also distributed through the Indian retail venture ‘H and A’ stores and the UK based ‘Store Twenty One’ outlets.

Domestic sales increased by 215.70% from Rs.171.300 millions to Rs.540.800 millions. While this growth looks large it is on a small base. Exports grew to Rs.9460.300 millions in 2010-11 against Rs.6901.300 millions – an increase of 37.08%. Total home textiles sales increased by 41.41% to Rs.10001.100 millions. Growth was supported by faster penetration of H and A operations and growth in terry towel sales, where production is getting stabilised.

In home textiles, processing capacity is being increased by 22.50 mn meters to 105 mn meters, while weaving capacity is being increased by 24 mn meters to a total capacity of 92 mn meters. And, terry towel capacity is being doubled to 13,400 tonnes.

Garments

Alok commenced its garment manufacturing operations in 2004 as a pilot project by setting up a unit of 100 stitching machines at Turbhe, Navi Mumbai with an installed capacity of 1 mn pieces per annum. The company has evolved into a nominated or preferred vendor for big global label and retailers like Mother Care, Carrefour, JC Penny and Kappa.

With the removal of quotas and the sourcing of garments by the western countries shifting to low cost countries like India, garment stitching is an important value added service for the buyer. With a view to increase its production capacity, the company has added 1,547 Juki machines. The company currently has installed capacities of 22 mn pieces with 1,647 Juki machines in Silvassa.

While garment sales, especially for exports, show encouraging growth potential, there is fierce cost competition. Alok is therefore also looking at increasing capacities through outsourcing, either directly or through its subsidiaries to low cost operators, both in India and overseas, especially Bangladesh, where quality garments can be produced at competitive prices. The work-wear segment, too, offers opportunities for this division to grow profitably

The products include knitted or woven garments for ladies, gents and children, garments for sportswear, active wear, casual wear and sleepwear, garments made from fabrics like solid, mélange, yarn dyed, auto stripes, jacquards, embroidered and variety of prints like transfer prints, and block prints.

This remains primarily an export oriented business. And, exports increased to Rs.1629.900 millions in 2010-11 against Rs.1311.400 millions in 2009-10 – a growth of 25.28%. While, domestic sales increased from Rs.98.600 millions in 2009-10 to Rs.110.700 millions in 2010-11. Total garment sales increased by 23.45% to Rs.1740.600 millions in 2010-11.

Polyester Yarn

As a backward integration to texturising, the Company had ventured in Partially Oriented Yarn (POY) with an installed capacity of 54,000 tpa in 2006 through chip route. Looking to the expansion of texturising capacity and to save on the raw material cost, the Company has increased the total production capacity of POY from 54,000 tpa to 200,000 tpa. This has been done through Continuous Polymerization (CP) route in March 2009. Under the CP route, POY is manufactured from PTA and MEG.

With prices of cotton increasing steeply, cotton fabric got replaced by polyester fabric, giving a fillip to demand for polyester yarn. Table 10 shows that Alok’s domestic sales increased by 18.45% to Rs.11138.300 millions in 2010-11, while exports increased by 127.23% to Rs.5743.500 millions in 2010-11. Consequently, total polyester yarn sales increased by 41.50% to Rs.16881.800 millions in 2010-11 against Rs.11930.800 millions in 2009-10.

The Company expects growth in global demand for polyester yarn and is setting up another CP plant with a capacity of 300,000 tonnes taking total capacity to 500,000 tonnes, out of this 100,000 tpa has commenced operation in March 2011. The Company is also increasing DTY capacity by 56,000 tonnes to create total capacity of 170,000 tonnes

Quality

Alok has always stressed on maintaining high quality of manufacturing facilities and operational processes. The Company has the following accreditations.

ISO Certifications

The company is now accredited with Integrated Management System (IMS). There are 4 certificates under this system:

1. ISO 9001: 2000 – Quality Management System

2. ISO 14001:2004 – Environmental Management System

3. OHSAS 18001: 2007 – Occupational Health and Safety Assessment System

4. SA 8000: 2008 – Social Accountability

Alok is the only India textile company to have obtained IMS with all the four certifications.

ECO-Certification

Alok is the first Indian Textile company to have been awarded all three certifications for its eco-friendly products. This includes:

• EU Flower – the eco-certificate from European Union

• KRAV certification for organic products

• SWAN certification – a Nordic eco-labelling certification

In addition, the Company is also certified for Global Re-cycled Standard (GRS) certification for entire supply chain (spinning to finished product). The testing Laboratory at Vapi and Pawane has been accredited by NABL (National Accreditation Board for Testing and Calibration Laboratories) for ISO 17025:2005 Quality Management System

Strategic Investments

In addition to the core Indian textiles operations, the Company has diversified its business scope by making investments into subsidiaries and associate companies. While some of these investments were to reach out to new markets, others were made to fi ll a gap in the complete textile industry value chain. The outlays in the realty business were a pure opportunistic financial investment.

The Company’s strategic investments into subsidiaries and group companies decreased from Rs.2170.600 millions as on 31 March 2010 to Rs.1396.400 millions as on 31 March 2011. The decrease is primary due to reduction in equity investment into Alok Industries International Limited from Rs.793.700 millions as on 31 March 2010 to Rs.2.200 millions as on 31 March 2011. This step-down subsidiary has the majority of investments in Mileta and Grabal Alok (UK) Limited of the strategic investments, mainly Rs.360.500 millions is in Alok (H and A) Limited, Rs. 100.000 millions in Alok Apparels Private Limited and Rs.715.000 millions in realty assets of New City of Bombay Manufacturing Mills Limited. In the textiles space, the two primary subsidiaries or associate companies are Mileta and Alok Apparels Private Limited.

Mileta

Alok holds 100% stake in Mileta, a Czech based manufacturing company through its wholly own subsidiary Alok Industries International Limited. The plants of Mileta are located in Horice (Weaving and Administration) and Cerny Dul (processing) in the Czech Republic.

Mileta provides benefi ts from its technology skills in yarn-dyed fabrics and hemming that results in higher per unit realizations and new product lines. The Mileta range of products includes handkerchiefs, high quality shirting, batistes and voiles, complete line of functional table linen and bed linen. Their brands including ‘Mileta’, ‘Erba’, ‘Cottonova’, ‘Wall Street’ and ‘lord Nelson’ are being introduced in the Indian domestic market. Alok also leverages Mileta’s extensive marketing network in Europe, Russia and Africa to promote its existing products.

Mileta witnessed a turnaround in 2010-11. Net Sales grew by 3.02% from – € 19.85 million in 2009-10 to – € 20.45 million in 2010-11. PBT has turned around from a deficit of – € 1.54 million in 2009-10 to profits of € 0.7 million in 2010-11.

Alok Apparels Private Limited

Alok’s 100% subsidiary, Alok Apparels Private Limited, manufactures woven and knit fashion garments at Silvassa. In 2010-11, the unit achieved sales of Rs.108.900 millions. This business is expected to grow both through own manufacturing as well as outsourcing.

In order to further reach out to end customers and fill the void of the ‘last mile’, Alok has entered the retail space. In India, this endeavour is through the ‘HandA’ stores, while in UK it is through ‘Store Twenty One’

H and A: Domestic Retail

The Company’s domestic retail operations are today carried out through the cash and carry company called ‘Alok H and A Limited’, a 100% subsidiary of the company and Alok Retail (India) Limited. The Company has been expanding its H and A chain of stores at a rapid pace. It has increased its number of stores from 226 at the beginning of 2010-11 to 291 by the end of 2010-11. This includes ‘shop in shop’ formats. With this, there is now presence in 22 states across over 75 cities. Most of the shops are operated through the franchisee model. The stores offer quality products in home textiles, men’s wear, women’s wear, kids’ wear and accessories like ties, handkerchiefs and cuff-lings.

In 2010-11, Alok H and A Limited recorded sales of Rs. 403.700 millions and was a profitable business. Going forward the company plans to expand its network to 500 operational stores by March 2012, including a few large format stores with carpet area of around 2,500 square feet. All the new stores will be on the franchisee model and will therefore have lower set up costs and accelerated roll out. There are plans to roll out new accessories like footwear, sun-glasses and perfumes. The goal is to become an established affordable lifestyle store brand in India.

Store Twenty One: UK Retail

Alok Group presently has a stake of 91% in Grabal Alok (UK) Limited the company that operates the ‘Store Twenty One’ chain of value-format stores in UK. Today, the chain comprises around 215 stores, which offer a value proposition for quality apparel for women, men, and children.

They also sell accessories like artificial jewellery, shoes, leather bags, and toys, which complement the apparel range. The focus in this business over the recent past has been to restructure and grow revenues while optimising costs. And, in 2010-11, there were positive achievements on this front.

• For the 12 month period ended March 2011, the stores have registered gross sales of £ 129.75 million as compare to £ 117.06 million in FY 2010, a growth of 10.84%.

• Store margin increased from 40.30% in FY 2009-10 to 40.67% in FY 2010-11. On the costs front, people costs reduced marginally from 11.72% in 2009-10 to 11.68% in 2010-11.

• Operating profits or EBIDTA turned around from a negative of £ 3.01 million in 2009-10 to positive territory of £ 1.71 million in 2010-11.

The Company has also made investments in the realty sector. The focus in this business is to create value from the existing investments and monetize the assets in an opportunistic manner. The investments here include:

Peninsula Business Park (Lower Parel)

This includes Tower B 641,600 sq ft at measuring of ultra modern office premises with 600 car parks. The project is developed by Peninsula Lands Limited and civil work by out by Shapoorji Pallonjee. The First level starts at a height of 80 feet from the ground, thereby offering a fabulous view of the Arabian Sea and the Mahalaxmi Race Course. The building has received occupancy certificate from respective authorities. Two of the floors measuring about 32,000 sq. ft. each have been leased.

The total project cost is Rs.13068.000 millions. This has been funded by equity of Rs.5568.000 millions and debt of Rs.7500.000 millions.

Ashford Royale Premium Residential Complex (Nahur)

The project is being developed jointly by Ashford Investment and Trading Company Private Limited and Alok Infrastructure Limited It is a residential complex on a 7 acre plot (CEAT factory) at Nahur. The architects appointed for the project are Talati and Panthaky and the proposed saleable area is around 1.1 mn Sq. ft. It is being developed as a modern residential complex with large landscaped gardens and water bodies, with club house and gymnasium.

The total project cost is estimated to be about Rs.5500.000 millions, which is being funded by equity of Rs.1360.000 millions, advance from customers of Rs.3140.000 millions and debt of Rs.1000.000 millions. The certification of conversion of land to ‘residential’ use was received and the project launched in February 2011. The initial launch has been well received in the market and is expected to be completed by March 2014.

Ashford Centre (Lower Parel)

This 60,000 square feet of prime office space is located in Lower Parel in close proximity to Lower Parel and Currey Road stations; 5 star hotels ITC and Four Seasons; and other major complexes like Indiabulls, DLF, HDFC Bank House and Ambit RSM. The project developed by Ashford Group with Billimoria as architects. It is 10 storey commercial building of which 8 fl oors alongwith 40 car parks have been purchased by us. The total project cost is Rs.1245.000 millions. Construction is complete and possession handed. Out of the 8th fl oors, 4 floor are being capitively used and balance 4 floor are being offered for sale.

Since the two commercial properties are now nearly completed, Alok group is looking at bringing back its investments from its realty subsidiaries over a period of next two years. The proceeds shall be utilised towards repaying part of the existing debt of the subsidiary and parent company and thus reduce the gearing ratio of Subject In addition, Alok had entered into a Joint Venture Agreement with National Textile Corporation (NTC) for the development and revival of New City Mills at Mumbai and Aurangabad Textile Mills at Aurangabad. Progress on this has been satisfactory – the units at Aurangabad and Mumbai with 135 garmenting machines and 125 garmenting machines have been set up; a design studio at New City Mills has also been established.

Future Outlook

The recovery of global economies is happening at a slower pace, however, growth in Asian economies is quite encouraging and fuelling the overall global economy. India has emerged as the second fastest growing economies in the world driven by its manufacturing output and infrastructure growth. The monsoon in 2011-12 is expected to be normal and initial indicators are showing that India is expected to grow at around 8%. The demand for Textiles has been growing in the domestic market in line with the growth in GDP and presently it is estimated at USD 52 billion (about Rs.2340000 millions). On export front also, Indian textile exports has been growing consistently and it is at about USD 26 billion (about Rs.1170000 millions). Thus, the total size of Indian Textile industry presently is about USD 78 billion (about Rs.3510000 millions).

In case of domestic market, apparel segment is the highest constituting almost 70% of the total textile consumption and is estimated to be USD 36 billion (about Rs.1620000 millions). The next biggest segment is the technical textiles with an estimated size of USD 12 billion (about Rs.540000 millions). The home textile segment is estimated to be around USD 4 billion (about Rs.180000 millions). The main drivers of domestic growth are increasing population, increasing income levels, rapid urbanization, improving demographics, increased organized players and increasing penetration of retailers into smaller cities. Accordingly, the domestic market is expected to grow at a CAGR of about 10% to reach USD 140 billion (about Rs.6300000 millions) by the year 2020. All the three sectors are expected to grow uniformly with apparel segment to reach USD 100 billion (about Rs.4500000 millions), technical textile to grow to USD 30 billion (about Rs.1350000 millions) and home textile domestic market is estimated to be USD 10 billion (about Rs.450000 millions). As an indicator of rising domestic consumption, the Retail sector in India grew at 10%-14% CAGR between 2004-05 and 2007-08 on the backdrop of favourable demographics, rising disposable income and increasing urbanization. Organised retail grew faster at 28% led by new entrants, low penetration and large expansions by existing players. Going forward, Indian retail is expected to grow at 13.5% CAGR over the next 5 years and expected to almost double to Rs.27200000 millions (USD 604 billion) from its existing 14400000 millions (USD 320 billon). Organised retail is expected to grow faster at 22.3% increase its share in retail to 9.4% by 2014 from the existing 6.5%. The global textile and apparel is estimated to be around USD 600 billion and is expected to grow at a CAGR of 5% to reach USD 1000 billion by 2020. With the world population expected to grow 1 bn. by 2025, there would be an additional fibre consumption of approx. 20mn. Tons The Indian textile exports are likely to grow considerably to USD 80 billion by the year 2020 at a CAGR of about 12% and its share is expected to increase from present about 4% to about 8% by 2020. The Indian textile and apparel exports are expected to increase at a higher pace in the future due to: (a) increased shift in sourcing from developed countries to Asia; (b) the overseas buyers are now looking at India as good a alternative to de-risk their sourcing requirements from China (c) growing domestic demand in China limiting its export surplus; and (d) Chinese announcement to allow more flexibility to its currency Yuan vis-a-vis USD thereby giving level playing field to the Indian Textile Exporters. The recent slow-down has indicated that global textile and apparel buyers are, to reduce supply chain costs and quality variations, now looking at reducing the number of suppliers from whom they source materials and preferring to consolidate their purchases with a few large and efficient suppliers; thus, textile players with capabilities to deliver large volumes of high quality textiles and apparel, are expected to benefit. Alok has been gearing itself, from last of couple of years, for these opportunities. It has created large scale capacities with backward and forward integration, adopted modern technologies, widened its product range and created a flexible set up to quickly adopt to the changing customer’s needs. Its integration and scale enable it to produce high quality products at most competitive prices and at lowest lead times. It has a well diversified customer base and has become a reliable sourcing partner for its customers. It also plans to penetrate in the domestic market by expanding its domestic retail outlets ‘H and A’ at a pan India level. With its expansion programmes nearing completion, Alok would be looking to consolidating its operations with a focus on maximising Return On Capital Employed (ROCE), effective utilisation of capacities and cost control. It would be looking at increasing its asset turnover by concentrating on value added products on the cotton side and increasing capacities on polyester side. It would also be looking at expanding its market by increasing its geographical reach. Alok also believes that its retail business will be a profitable revenue earner in the near future.

TEXTILES: INDIAN OPERATIONS

BUSINESS HIGHLIGHTS: FOR THE QUARTER ENDED 31 MARCH 2012

 Net Sales of Rs.25953.800 millions

o An increase of 18.19% over quarter ended 31 March 2011 (Rs.21958.700 millions)

 Exports worth Rs.8149.000 millions

o Growth of 40.26 % over quarter ended 31 March 2011 (Rs.5809.800 millions)

 Operating EBIDTA of Rs.7374.400 millions

o Growth of 28.05% over quarter ended 31 March 2011 (Rs.5759.000 millions)

o Margin increased to 28.41% of sales (26.23% during quarter ended 31 March 2011)

 Operating PBT of Rs.2292.500 millions

o A reduction of 10.35% over quarter ended 31 March 2011 (Rs.2557.200 millions)

o Interest outgo increased by 100.68% to Rs.334.60 (Rs.1667.300 millions)

 PBT (after exceptional items) of Rs.4568.100 millions

o Growth of 106.05% over quarter ended 31 March 2011 (Rs.2216.900 millions)

o Marked to Market foreign Exchange gains of Rs.2275.600 millions

 PAT (after exceptional items) is Rs.2835.000 millions

o Growth of 77.73% over quarter ended 31 March 2011 (Rs.1595.100 millions)

BUSINESS HIGHLIGHTS: FOR FULL YEAR ENDED 31 MARCH 2012

 Net Sales of Rs.89008.600 millions

o An increase of 39.33% over year ended 31 March 2011 (Rs.63884.400 millions)

 Exports worth Rs.30295.600 millions

o Growth of 36.64% over year ended 31 March 2011 (Rs.22172.500 millions)

 Operating EBIDTA of Rs.26247.500 millions

o Growth of 39.67% over year ended 31 March 2011 (Rs.18793.000 millions)

o Margin increased to 29.49% of sales (29.42% of sales)

 Operating PBT of Rs.7617.700 millions

o An increase of 21.95% over year ended 31 March 2011 (Rs.6246.200 millions)

o Interest increased by 56.22% to Rs.11495.500 millions

 PBT (after exceptional items) of Rs.6405.000 millions

o Growth of 9.82% over year ended 31 March 2011 (Rs.5831.700 millions)

o Marked to Market foreign Exchange loss of Rs.1212.700 millions

 PAT (after exceptional items) is Rs.3805.300 millions

UNAUDITED FINANCIAL RESULTS FOR QUARTER AND YEAR ENDED 31^ST MARCH 2012

(Rs. in millions)

Particulars	3 Months ended 31.03.2012 (Note 3 and 4)	3 Months ended 31.12.2011 (Note 4)	Year ended 31.03.2012 (Audited)
1 Income from Operations
a) Net Sales / Income from operation (Net of Excise duty)	25953.800	23866.500	89008.600
Total Income from Operations (net)	25953.800	23866.500	89008.600
2 Expenses
a) Cost of Raw materials consumed	19426.400	13734.700	57483.400
b) Purchase of stock-in-trade	200.000	670.700	1614.500
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(5518.400)	(3199.100)	(15166.600)
d) Employees Benefit expenses	654.500	742.200	2672.800
e) Depreciation and Amortisation	1735.900	1875.000	7134.300
f) Other Expenses	3903.500	5371.500	16813.800
Total Expenses	20401.900	19195.000	70552.200
3 Profit from operations before other income, finance costs and exceptional items	5551.900	4671.500	18456.400
4 Other Income	86.600	40.600	656.800
5 Profit from ordinary activities before finance costs and exceptional items	5638.500	4712.100	19113.200
6 Finance Costs	3346.000	2857.100	11495.500
7 Profit from ordinary activities after finance costs but before exceptional items	2292.500	1855.000	7617.700
8 Exceptional Items	(2275.600)	1842.300	1212.700
9 Profit from ordinary activities before tax	4568.100	12.700	6405.000
10 Tax expense	1733.100	378.500	2599.700
11 Net Profit / (Loss) for the period/Year	2835.000	(365.800)	3805.300
12 Paid up Equity Share Capital (Face Value Rs.10/- per equity shares)	8262.800	7877.900	8262.800
13 Reserves excluding revaluation reserves	--	--	28292.000
14 Earnings Per Share (Rs.)
Basic	3.48*	(0.46)*	4.69
Diluted * - Not annualised	3.48*	(0.46)*	4.69
A PARTICULARS OF SHAREHOLDING
1 Public Shareholding
- Number of shares	56,36,52,839	55,18,78,073	56,36,52,839
- Percentage of shareholding	68.22%	70.06%	68.22%
2 Promoters and Promoter Group Shareholding
a) Pledged/Encumbered
- Number of Shares	19,25,28,869	21,49,42,754	19,25,28,869
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	73.31%	91.11%	73.31%
-Percentage of Shares (as a % of the total share capital of the Company)	23.30%	27.28%	23.30%
b) Non- encumbered
- Number of Shares	7,00,87,649	2,09,63,530	7,00,87,649
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group)	26.69%	8.89%	26.69%
-Percentage of Shares (as a % of the total share capital of the Company)	8.48%	2.66%	8.48%
B INVESTOR COMPLAINTS
Pending at the beginning of the quarter	Nil
Received during the quarter	40
Disposed of during the quarter	40
Remaining unresolved at the end of the quarter	Nil

Notes:

1. The above audited results have been reviewed by the Audit Committee, adopted and approved by the Board of Directors of the Company at their meeting held on 18 May 2012.

2. a) The company, considering its high level of international operations and present internal financial reporting based on geographical location of customer, has identified geographical segment as its primary segment. The geographical segment consists of domestic sales and export sales. Revenue directly attributable to segments is reported based on items that are individually identifiable to that segment. The company believes that it is not practical to allocate segment expenses, segment results, assets except debtors, used in the company's business or liabilities contracted since the resources/services/assets are used interchangeably within the segments. Accordingly, no disclosure relating to same is made. Domestic sales during the quarter were Rs.17804.800 millions and export sales were Rs.8149.000 millions. Similarly, export debtors were Rs.3523.800 millions and domestic debtors were Rs.17995.400 millions as on 31^st March 2012.

b) The Company has identified business segment as its secondary segment. The company is operating into a single business i.e. Textile and as such all business activities revolve around the segment. Hence, there is no separate secondary segment to be reported considering the requirement of AS 17 on "Segment Reporting".

3. Figures for the quarter ended 31 March 2012 are the balancing figures between audited figures for the full financial year and the published year to date figures up to the third quarter of the current financial year of the Company and Grabal Alok Impex Limited, the amalgamated company.

4. The amalgamation of Grabal Alok Impex Limited (GAIL) into the company was completed on 1 March 2012 with effect from 1 April 2011, as per the terms and conditions mentioned in the Scheme of Amalgamation. One fully paid equity share of Rs.10/- each of the company was issued and allotted for every One fully paid equity share of Rs. 10/- each held in GAIL.

Figures for the quarter and year ended 31 March 2012 include figures of Grabal Alok Impex Limited. Figures for the quarter ended 31 December 2011 include only figures of Alok Industries Limited, since the amalgamation scheme was sanctioned only in the current quarter.

5. Due to unusual depreciation in the value of the Indian Rupee (INR) against US Dollar (USD) during the year, the exchange loss/ gain arising out of (a) restatement of foreign currency liabilities/assets and (b) Mark to Market (MTM) losses on foreign exchange derivatives taken by the Company has been presented as an exceptional item with corresponding changes for comparative periods.

6. Income tax charge for the year ended 31 March 2012 includes Rs.491.700 millions (Rs.254.800 millions pertaining to the previous year) on account of certain permanent disallowances considered by the Company during the year.

7. Jiwrajka Investment Private Limited (JIPL), a promoter group company, purchased 1,60,00,000 Warrants convertible into equity shares from an Investor in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended from time to time and subsequently exercised the option of conversion of 1,60,00,000 Warrants into equity shares of the Company. By virtue of the above allotment and the amalgamation of Grabal Alok Impex Limited, the paid up equity share capital of the Company increased from 78,77,84,357 equity shares of the face value of Rs.10/- each to 82,62,69,357 equity shares of the face value of Rs.10/- each.

8. The company has concluded the following deals relating to real estate properties held by its wholly owned subsidiary:

i. Eight floors out of Twenty floors in Tower 'B' of Peninsula Business Park, Lower Parel have been sold. Token consideration has been received and Letters of Intent (LOI) have been executed. The Sale Deeds should be signed against the full consideration as per the terms of the LOIs.

ii. Three floors out of Eight floors in Ashford Centre, Lower Parel have been leased / sold. Earnest money deposits have been received and the Sale Deeds should be executed against full payment.

9. The Board considered and recommended equity dividend of 3% i.e. Rs.0.30 per equity share for financial year ending 31 March 2012, (previous year – 2.5%) subject to the approval of the members at the Annual General Meeting, which has been fixed for Tuesday the 14 August 2012.

10. During the quarter the capacity of continuous polymerization was increased from 400,000 to 500,000 tons per annum.

11. The Board approved a preferential allotment of up to 2.75 crore Equity Shares and up to 5.00 crore Warrants

to Promoters / Promoter Group Company in terms of SEBI (ICDR) Regulations 2009, as amended from time to time, subject to approval of the shareholders.

12. No. of investor complaints at the beginning of the quarter were NIL, received during the quarter were 40, disposed off during the quarter were 40 and lying unsolved at the end of the quarter were NIL.

13. The figures of previous quarter/period have been reclassified/ regrouped wherever necessary to correspond with those of the current quarter/period.

Notable Events for the quarter January – March 2012

a) i) The amalgamation of Grabal Alok Impex Limited (GAIL) into the company was completed on 1 March 2012 (effective date being 1 April 2011) as per the terms and conditions mentioned in the Scheme of Amalgamation. One fully paid equity share of Rs.10/- each of the company was issued and allotted for every One fully paid equity share of Rs.10/- each held in GAIL.

ii) Jiwrajka Investment Private Limited (JIPL), a promoter group company, purchased 1,60,00,000 Warrants convertible into equity shares from an Investor in accordance with SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 as amended from time to time and subsequently exercised the option of conversion of 1,60,00,000 Warrants into equity shares of the Company. By virtue of both the above allotments, the paid up equity share capital of the Company increased from 78,77,84,357 equity shares of the face value of Rs.10/- each to 82,62,69,357 equity shares of the face value of Rs.10/- each.

b) The company concluded the following deals relating to real estate held by its wholly owned subsidiary:

i. Eight floors out of Twenty floors in Tower 'B' of Peninsula Business Park, Lower Parel have been sold; Token consideration has been received and Letters of Intent (LOI) have been executed; The Sale Deeds should be signed against the full consideration as per the terms of the LOIs.

ii. Three floors out of Eight floors in Ashford Centre, Lower Parel have been leased / sold; Earnest money deposits have been received and the Sale Deeds should be executed against full payment.

c) The polyester expansion project of increasing the partially oriented yarn (POY) capacity from 300,000 to 500,000 tons per annum was completed.

d) The company as part of a strategic initiative of realigning its corporate structure, introduced Alok Infrastructure Limited, a wholly owned subsidiary as the parent company for Alok Industries International Ltd (“Alok BVI”) and Grabal Alok International Ltd (“Grabal BVI”), thus making them both as step down subsidiaries for the company. Earlier, both Alok BVI and Grabal BVI were wholly owned subsidiaries of the company.

e) The Board approved a preferential allotment of up to 2.75 crore Equity Shares and up to 5.00 crore Warrants to Promoters / Promoter Group Company in terms of SEBI (ICDR) Regulations 2009, as amended from time to time, subject to approval of the shareholders.

f) The Board considered and recommended equity dividend of 3% i.e. Rs.0.30 per equity share for financial year ending March 31, 2012, (previous year – 2.5%) subject to the approval of the members at the Annual General Meeting, which has been fixed for Tuesday the 14 August 2012.

FINANCIAL POSITION

BALANCE SHEET

SUMMARY BALANCE SHEET

(Rs. in millions)

PARTICULARS	As on 31.03.2012
GROSS FIXED ASSETS	118406.300
NET FIXED ASSETS	94662.300
CURRENT ASSETS	85963.500
INVESTMENTS	1759.900
TOTAL ASSETS	182385.800
EQUITY SHARE CAPITAL	8262.800
RESERVE & SURPLUS	28292.400
TANGIBLE NET WORTH	36555.100
DEFERRED TAX LIABILITIES	6267.700
TOTAL BORROWINGS	127722.300
CURRENT LIABILITIES	11840.700
TOTAL LIABILITIES	182385.800

CONTINGENT LIABILITIES IN RESPECT OF:

Particulars	31.03.2011 (Rs. In Millions)	31.03.2010 (Rs. In Millions)
A Customs duty on shortfall in export obligation in accordance with EXIM Policy (The company is hopeful of meeting the export obligation within the stipulated period)	Amount Unascertained	Amount Unascertained
B Pending Litigation	0.500	0.500
C Guarantees given by banks on behalf of the Company	246.900	439.600
D Corporate Guarantees given to bank for loans taken by Subsidiary Companies	2133.500	2127.900
E Bills discounted	2429.400	717.400
Taxation Matters : a) During the year, the Company received Income Tax demand mainly on account of alleged short deposition of TDS amounts for four years arising from wrong TAN numbers mentioned while uploading the TDS return and certain payments not considered by the Tax authorities, although duly paid by the company. The Company has fi led an appeal with the Commissioner of Income Tax (A) and also made application for rectification u/s 154 providing details of amounts paid to the bank and is hopeful of a favourable order. 5.91 - b) Demands of Works Contract Tax not acknowledged as debts and not provided for. The company has initiated proceedings against such demand and is hopeful of favourable decision.	59.100 5.900	0.000 0.000
Guarantee provided to New City of Bombay Mfg. Mills Limited (Joint Venture company) for loan given to Grabal Alok Impex Limited and another company	180.000	0.000

FIXED ASSETS:

Tangible Assets:

v Freehold Land

v Leasehold Land

v Buildings

v Office Premises

v Plant and Machinery

v Computer and Peripherals

v Office Equipment

v Furniture and Fittings

v Vehicles

v Tools and Equipment

Intangible Assets:

v Computer Software

v Trademarks/ Brands

WEBSITE DETAILS:

BUSINESS DESCRIPTION:

Subject is an India-based integrated textile business company. It operates in five divisions: Cotton Yarn, Apparel Fabric, Home Textiles, Garments and Polyester Yarn. The Company provides textile solutions through its five divisions. Its products include woven fabrics of cotton, man made filament yarn and pile fabric. Its pile fabric includes long pile fabrics, terry fabrics, and knitted or crocheted fabrics. The Company exports about 35% of its products to over 70 countries, such as United States, Europe, Latin America, Asia and Africa. The Company has manufacturing units in Navi Mumbai, Vapi and Silvassa. During the fiscal year ended March 31, 2010 (fiscal 2010), the Company manufactured 192.387 million meters of woven fabric; 6,852.32 million tons of knitted fabric; 10,989.08 million tons of cotton yarn, and 106,958.80 million tons of texturised yarn. Its subsidiaries include Alok Industries International Limited, Alok International Inc., Alok Inc. and Alok H and A Limited. For the nine months ended 31 December 2010, subject revenues increased 46% to RS41.67B. Net income increased 47% to RS2.17B. Revenue reflects an increase in income from operation and higher other income. Net income also reflects an increase in operating profit margins. The company has engaged in textile manufacturing and won GOLD trophy for highest exports of bleached dyed, yarn dyed and printed fabrics

BOARD OF DIRECTORS

Ashok B. Jiwrajka - Executive Chairman of the Board

Mr. Ashok B. Jiwrajka is Executive Chairman of the Board of Subject. He is a Commerce graduate with 29 years of experience in the marketing of textiles. He is responsible for the marketing and exports of the company.

Chandra Kumar Bubna - Executive Director

Mr. Chandrakumar Bubna is Executive Director of Subject. He has been partnering with the promoters since 1982 and is associated with the company since May 1993 as a Board member in the capacity of an Additional Director and thereafter as Executive Director from May 1995. He is a graduate in commerce andassociated with the textile industry in the field of marketing for about four decades. He manages the Company’s marketing operations for the entire northern region and is also actively involved in the planning and execution of the Company's marketing strategies.

Hiroo S. Advani - Director

Shri. Ashok B. Jiwrajka is Executive Chairman of the Board of Subject. Mr. Jiwrajka completed his schooling and college from Mumbai After a brief stint with two then textile companies, he joined the family partnership firm and went on to co-promote Subject in 1986 with his two brothers. Mr. Jiwrajka has a experience of over three decades in textiles. His functions as the Executive Chairman include participating in strategizing the company's growth trajectory besides overseeing the cotton yarn and home textile segment.

Timothy C.W. Ingram - Non-Executive Independent Director - Director/Board Member

Mr. Timothy C. W. Ingram is Non-Executive Director of Subject. since 29 July 2005. He has done his Masters in Arts and Economics from Cambridge University, an MBA from INSEAD Business School and is a Fellow of the Chartered Institute of Bankers. He spent most of his career in banking (Grindlays Bank, ANZ, Abbey National) and then in 2002 became CEO of Caledonia Investments plc, a UK listed investment company. He retired from Caledonia Investments in 2010 and is now Chairman of Collins Stewart Hawkpoint plc, a UK listed investment banking and wealth management business.

Surendra B. Jiwrajka - Joint Managing Director, Executive Director - Director/Board Member

Shri. Surendra B. Jiwrajka is Joint Managing Director and Executive Director of Subject. Mr. Jiwrajka's schooling and college were completed in Mumbai. Immediately after his graduation, he joined the family partnership firm for trading in yarn and thereafter co-founded Subject in 1986 with his two brothers. Mr. Jiwrajka brings with him an experience of over 25 years in textiles. As the Joint Managing Director, he plays a critical role in charting the company's growth strategy, oversees the manufacturing and marketing functions of the polyester segment, domestic retail 'H AND A' and is responsible for all capital expansion projects.

Dilip B. Jiwrajka - Managing Director, Executive Director - Director/Board Member

Shri. Dilip B. Jiwrajka is Managing Director and Executive Director of Subject Mr. Jiwrajka did his schooling and college from Mumbai and subsequently his post-graduation in Business Entrepreneurship and Management. In the early 80s, he started the business of trading in textiles mainly for the readymade garment sector. Starting with a partnership firm, he gradually co promoted Subject in 1986 along with his two brothers. His functions as the Managing Director include envisioning the company's growth strategy, responsibility for the apparel fabric and garment segments. He also oversees the Finance and Administration functions of the company, besides managing the operations of the overseas subsidiaries.

K. R. Modi - Non-Executive Independent Director - Director/Board Member

Shri. K. R. Modi is Non-Executive Independent Director of Subject, since 10 November 1994. He is an Advocate and Solicitor by profession with over 40 years experience. His academic qualifications include a Bachelor Degree in Arts and Law. He was a Senior Partner with Messrs Kanga and Company, a reputed firm of Advocates & Solicitors in Mumbai, who act as the ompany's Legal Advisors.

Ashok G. Rajani - Non-Executive Independent Director - Director/Board Member

Shri. Ashok G. Rajani is Non-Executive Independent Director of Subject since 27 May 1993. He is a graduate in commerce and the Founder Chairman of the Midas Touch Group and Midas Touch Apparel Private Limited, one of the garment export companies in the country. He has experience in the field of garment manufacturing and exports. He is associated with various garment and textile organizations. He was the Chairman of the Export Promotion Committee of the Apparel Export Promotion Council and is a member on its Executive Committee. Till recently he was the President of The Clothing Manufacturers Association of India and was on the Board of Governors of The National Institute of Fashion Technology.

Maya Chakravorty - Non-Executive Independent Director, Director - Nominee of IDBI Bank Limited - Director/Board Member

Smt. Maya Chakravorty is Non-Executive Independent Director, Director - Nominee of IDBI Bank Limited of Subject with effect from June 23, 2011. She is B. E. (Chemical), MBA and CFA. She has experience of over two decades. She joined SAIL as Management Trainee, worked with ONGC as Asst. Executive Engineer (Production) for 3 years. She joined IDBI Bank Limited as Manager and is presently the General Manager (Treasury), where she is incharge of liquidity / fund management, resource mobilisation, statutory compliances likeCRR/ SLR,PDoperation, etc.

Thankom T. Mathew - Non-Executive Independent Director - Nominee of Life Insurance Corporation of India - Director/Board Member

Smt. Thankom T. Mathew is Non-Executive Independent Director - Nominee of Life Insurance Corporation of India of Alok Industries Ltd., since October 2009. She is M.Sc (Chemistry) and joined LIC of India as Assistant Administrative Officer (AAO). She is presently working as Executive Director (Underwriting and Re- Insurance) with LIC of India. She has over 30 years of experience and specialises in the fields of marketing, finance, underwriting, administration and audit.

M. V. Muthu - Non-Executive Independent Director, Nominee Director - IFCI Limited - Director/Board Member

Shri. M.V. Muthu is Non-Executive Independent Director, Nominee Director - IFCI Limited of Subject, since April 2011. He has done his BSc, ANSI Sugar Technology, Programme in Investment Appraisal and Management from Havard. Mr. Muthu has experience in the manufacturing segment and also in Financial services for over three decades. He joined IFCI Ltd as Asst. Technical Officer and served there in various capacities. He retired as CEO from IFCI Limited. He was Chairman of IFCI Venture Capital. He served on Boards of ITC and Andhra Pradesh Paper Mills Limited.

David Rasquinha - Non-Executive Independent Director - Nominee of Export Import Bank of India - Director/Board Member

Mr. David Rasquinha is an Non-Executive Independent Director - Nominee of Export Import Bank of India of Subject, since October 2009. He holds a first class graduate degree in Economics from Bombay University. He also holds a Post Graduate qualification in Business Management from XLRI, Jamshedpur, where he was awarded a Gold Medal in Economics. He is with Export Import Bank of India since 1985, presently designated as Chief General Manager and heads the project and trade finance group. He has a wide range of exposure and experience in the fields of export credit, treasury, multilateral agency funded projects, planning and research, risk management, trade finance and project finance.

PRESS RELEASES:

ALOK INDUSTRIES BAGS PRESTIGIOUS EXPORT AWARDS

01 December 2011

India, December 01 -- Alok Industries, country's leading integrated textile company has bagged prestigious export awards - gold trophy for bleached, dyed, yarn dyed and printed fabrics. One more gold trophy for bed linen, bed sheets, quilts made-up and silver trophy for highest global exports for the year 2010-11 from the Cotton Textiles Export Promotion Council (TEXPROCIL). The company has also bagged silver trophy for continuous yarn (polyester Yarn) from Synthetic and Rayon Textiles Export Promotion Council (SRTEPC). Alok has evolved from a small trading business into India's largest integrated textiles player. It is present across various verticals of the textile value chain - from yarn manufacturing to garmenting. Alok's production facilities are at Silvassa, Vapi and Navi Mumbai. The company also has a presence in the domestic retail segment and in real estate through a wholly-owned subsidiary.

ALOK INDUSTRIES TRADES HIGHER ON THE BOURSES

01 December 2011

India, December 01 -- Alok Industries is currently trading at Rs.18.85, up by 0.25 points or 1.34% from its previous closing of Rs 18.60 on the BSE. The scrip opened at Rs.19.20 and has touched a high and low of Rs 19.45 and Rs.18.85 respectively. So far 579622 shares were traded on the counter. The BSE group 'B' stock of face value Rs.10 has touched a 52 week high of Rs 29.50 on 04-January-2011 and a 52 week low of Rs 15.60 on 19-Aug-2011.Last one week high and low of the scrip stood at Rs.19.45 and Rs.17.25 respectively. The current market cap of the company is Rs.14653.000 millions. The promoters holding in the company stood at 29.95% while Institutions and Non-Institutions held 28.69% and 41.36% respectively. Alok Industries, country's leading integrated textile company has bagged prestigious export awards - gold trophy for bleached, dyed, yarn dyed and printed fabrics. One more gold trophy for bed linen, bed sheets, quilts made-up and silver trophy for highest global exports for the year 2010-11 from the Cotton Textiles Export Promotion Council (TEXPROCIL). The company has also bagged silver trophy for continuous yarn (polyester Yarn) from Synthetic and Rayon Textiles Export Promotion Council (SRTEPC). Alok has evolved from a small trading business into India's largest integrated textiles player. It is present across various verticals of the textile value chain - from yarn manufacturing to garmenting. Alok's production facilities are at Silvassa, Vapi and Navi Mumbai. The company also has a presence in the domestic retail segment and in real estate through a wholly-owned subsidiary.

ALOK INDUSTRIES AWARDED SECOND BEST EXPORT PERFORMANCE BY SRTEPC

19 November 2011

India, November 19 -- Alok Industries has been awarded 'Second Best Export Performance (Silver Trophy)' for the category of Continuous Yarn (Polyester Yarn) for the Financial Year 2010-2011 by Synthetic and Rayon Textile Export Promotion Council (SRTEPC). Alok has evolved from a small trading business into India's largest integrated textiles player. It is present across various verticals of the textile value chain - from yarn manufacturing to garmenting. Alok's production facilities are at Silvassa, Vapi and Navi Mumbai. The company also has a presence in the domestic retail segment and in real estate through a wholly-owned subsidiary.

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 records 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 records 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.55.02
UK Pound	1	Rs.85.93
Euro	1	Rs.68.97

INFORMATION DETAILS

Report Prepared by :

SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		58

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.