Post on 28-Feb-2020
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Annual Report 2014-15
- "Inevitable Truth"SoulImmortal
GLOSTER LIMITED
ANNUAL REPORT 2014-15
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Gloster Limited
Tribute to Shri Gopal Das Bangur 01 Financial Highlights 14 Corporate Information 15 Chart – Distribution of Revenue 16 Directors’ Report 17 Corporate Governance Report 44 Shareholder Information 53 Independent Auditors’ Report 56 Balance Sheet 60 Statement of Profit and Loss 61 Cash Flow Statement 62 Notes to the Financial Statements 64 Independent Auditors’ Report on Consolidated Financial Statements 85 Consolidated Balance Sheet 90 Consolidated Statement of Profit and Loss 91 Consolidated Cash Flow Statement 92 Notes to the Consolidated Financial Statements 94 Details of Subsidiary Companies 114
Contents
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Annual Report 2014-15
The Man with the Midas
Touch15th Nov, 1946 - 8th June, 2015
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Gloster Limited
A magnanimous man and an exemplary visionary
Our Executive Chairman, the Late Gopal
Das Bangur was born into the illustrious
Bangur family. Not only was he blessed with
the inborn qualities of his family’s business
acumen and excellence, he was also bestowed
with a philanthropic bent of mind that
manifested itself in every aspect of his life.
Gopal babu as he was fondly known in the
business and social circles navigated the
company to attain unprecedented heights
of success having come to the helm at a time
when the industry was in a precarious state.
By dint of his sincere dedication and hard
work, he charted the course of Gloster and
wrote its destiny in the golden letters of
SUCCESS. While he tasted the dizzying heights
of professional achievement, he also gave back
to the community in which he operated by
stint of his compassion and philanthropic
bent of mind.
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Gloster Limited
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Annual Report 2014-15
While Gloster went on to become a formidable
business entity and highly flourishing
organization, anchored by an extraordinary force
of more than 5,000 employees belonging to all
castes and religions. Gopal babu also devoted
time and resources to aid society in innumerable
charitable ways by building social, educational
and health infrastructure.
He was a perceptive
entrepreneur and his foresight
and vision was his greatest
asset. He firmly believed that
achievements are determined
by 3 D's - Desire, Dedication
and Devotion.
Gopal babu was the Chairman
of Indian Jute Mills Association
- the apex body of jute
manufacturers- for the periods
1992-93 and 1993-94.
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Annual Report 2014-15
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Gloster Limited
AboveandbeyondGopal babu was beyond the
league of ordinary humans
and belonged to the league
extraordinaire.
Gopal babu was a true philanthropist at the core.
He has contributed greatly in the commissioning
of social, health and education infrastructure for
the downtrodden and underprivileged sections
of society. A large percentage of his social work
is centred in and around the jute factory and
various plantation estates of the group in Assam,
Kerala, Karnataka as part of his community
outreach programmes.
A born philanthropist, throughout his life
he has supported various hospitals, which
served the under-privileged. He contributed
immensely to the development of educational
infrastructure with a special focus on the
upliftment of the girl child. His contribution
towards the capacity building in communities
where the Group operated was exemplary.
Environmental cleanliness, occupational health
of the workers working in various factories of
the group and a green society were closest to
his heart. He felt that only with the inclusive
growth of the underprivileged we shall be able
to make an egalitarian society.
His graciousness and magnanimity will forever
remain unparalleled and he will continue
to shine like a beacon in the sky of human
compassion.
Gloster Limited
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Annual Report 2014-15
A spiritual mindset
Gopal babu was a peace-loving man
at heart. He always propounded that
peace of mind was the key nourishment
for the human soul and was one factor
that ultimately determined quality of
the mind as well as life. To him, life was
not about material successes or awards
and recognition. The essence of life, to
him, was in being able to serve society
and fellow human beings, especially
the downtrodden. The awe-inspiring
Hanuman Temple at Bauria was
conceptualized and consecrated by him
to fulfill the long standing wish of the
community at Bauria.
Gopal babu believed in encouraging
others to realize and attain their true
potential. He always encouraged
people to do whatever makes them feel
happy. Each day and every moment
one lived and breathed in was of
paramount importance, according
to him. He did not believe in keeping
regrets and believed that the most
opportune moment was NOW! He
always urged everyone to start the
journey to fulfill their latent desires and
dreams.
“The best efforts of everybody changes from
moment to moment; it will be different when
we are healthy as opposed to when we are
sick. Under any circumstance, we should do
our best and avoid self judgment.”
-Gopal babu
Annual Report 2014-15
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Gloster Limited
The genesis
Gloster owes its origin to the inception in 1872
of the Jute Mill at Fort Gloster. With the dawn of
independence the Scottish owned and run company
was taken over by the Late P.D.Bangur and Late R.N.
Bangur, when the Bangurs took over the Managing
Agency of Kettlewell Bullen & Co. Ltd.
Gopal babu started looking after the various
companies of the Group at an early stage. He was
deeply involved in running the Jute Mills of
the diversified conglomerate of the House of the
Bangurs namely Fort Gloster, Hastings & Fort William.
With the passage of time he took over as Chairman
in early 80’s and successfully navigated Gloster
through a very turbulent phase in the history of Jute
Mills in India. His efforts ensured that Gloster has
risen like a phoenix from the ruinous period, to be
recognized as the most dynamic Jute company in
the World.
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Gloster Limited
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Annual Report 2014-15
"If you do not act upon life,
life has a habit of acting upon
you." -Gopal babu
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Gloster Limited
Gloster, established in 1872, is a leading manufacturer and exporter of jute products in India, promoted and managed by the Bangur Group, based in Kolkata, West Bengal.
The company has a rich and diverse product
mix and has emerged as the one-stop shop for
jute products over the last few years. Products
include hessian, double warp cloth, sacking
cloth, tarpauline cloth, canvas cloth, scrim cloth,
Hessian bags, sacking bags, double warp bags,
lifestyle products, yarn, geo textiles, soil savers,
non-woven, jute tape, nursery liners and sheets
and other specialty downstream products.
Promote the principles of sustainability in
our operations and activities
Be committed to our workforce,
consumers, suppliers, shareholders and
other stakeholders, at large
Make our business a part of the society
and contribute to the welfare of the larger
community
Cater to the needs of customers all over
the world
Win recognition as a producer of quality
jute and allied products
Provide products at a competitive price
while delivering value
Gloster has acquired for itself a reputation
that is unrivalled and is a true outcome of
its illustrious legacy. Under Gopal babu’s
Chairmanship Gloster has achieved
astronomical heights and is considered
the pioneer mill in jute industy worldover.
Gloster has been principally guided by
Gopal babu’s vision and his able guidance
has enabled the Company to successfully
mitigate the industry risks and volatile
conditions of the unpredictable jute
industry, in the past. In the process,
Gloster has created an enduring history
and become case-study material to be
archived as inspiration.
Gopal babu was the key catalyst in paving
Gloster’s transition from a mere corporate
entity to an unwavering establishment
and Gloster will remain forever indebted
and bound to his principles and legacy.
vision mission
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Gloster Limited
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Annual Report 2014-15
milestones1872
1954
19922002-03
2007-13
2013-14
The company’s journey
61 years of qualitative excellence
In the 21st century, Gloster has charted
a growth trajectory that has been driven
by unwavering focus, uncompromising
quality, enduring values and the highest
level of ethical standards and operational
excellence. This aptly forms the foundations
of the Company's success.
Inception of the mills
House of Bangurs took
over the mills
Jute division of House of
Bangurs carved out in the
Form of Gloster Limited
First phase of Modernization & Expansion
- Commissioning of Ananya Unit and
Power plant.
Completed 3 more phases
of modernization
Initiated 5th phase of
modernization
[[9
Annual Report 2014-15
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Gloster Limited
At the heart of Gloster, is a green conscience. The company has evolved beyond a mere manufacturer in becoming a green manufacturer.
Encourages & supports cultivation of
Organic Jute
Installed effluent treatment plant having
re-cycling system for the effluents. The
processing system therefore does not
release any type of effluents to drains /
streams etc
Installed Electrostatic Precipitator to
collect & precipitate dust emissions
from the exhaust flue gases of boilers,
preventing environment air pollution
Installed Humidification plant
Installed dust absorption and dust
suppression system
The installed boilers use “jute process
waste” as fuel instead of coal
Installed overhead conveyor system for
drying wet processed fibre "Morahs" by
means of wind & solar energy in place of
steam drying.
Installed Voltaic Solar Panel System on
roof top to save Electricity
Kitchen & garden waste used to
generate bio-gas
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Gloster Limited
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Annual Report 2014-15
Going global
Gloster has significant international presence with exports
to countries such as USA, Australia, New Zealand, Japan,
Canada, and major European nations including UK,
Netherlands and Germany. With the development of new
products the company intends to tap new markets and
hopes to create greater waves on foreign shores. [[11
Annual Report 2014-15
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Gloster Limited
The circle of lifeLife and death. Two inevitable truths. In the life cycle of human, plant and jute products.
Gloster Limited
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Annual Report 2014-15
As a person gives up old and worn out garments and accepts new apparelSo does the soul give up old and worn out bodies and accept new bodies
Bhagvad Gita, Chapter 2 , Verse 22
Immortality of soul is the inevitable truth and
the only constant; the ability to live forever is
celebrated in the Bhagvad Gita. The journey
of a soul continues infinitely and only its form
changes.
The body depletes on finishing its life journey and
becomes one with the five elements, but the soul
is immortal and exists eternally and is replenished
with the birth of a new life.
We are all of the opinion that the end of the
earthly life of Gopal babu is truly not the end of
his legacy. He will continue to inspire us with his
ideals and vision and be the guiding force for the
company to achieve new pinnacles of success.
Jute as a biodegradable product continues its
lifecycle in some form or the other. Jute has the 3
R’s as the basis of its existence-Reduce, Replenish
and Recycle.
Jute springs in all its vitality from the earth,
provides precious raw material for superior
products, allows multiple use & recycling and
finally replenishes and organically enriches
the soil. It provides the basis for a benign
environment through its bio-degradable
properties and paves the foundation of a
sustainable community and business future. In
short, even at the end of its life cycle, jute, the
principal product of Gloster Ltd., continues to
enrich the soil to which it returns.
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Annual Report 2014-15
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Gloster Limited
Financial Highlights
Year EndedShare
Capital (` lakhs)
Reserves (` lakhs)
Net Worth
(` lakhs)
Income From
pera ons (` lakhs)
Net ro t (` lakhs)
Cash ro t
(` lakhs)
Earnings Per Share
(`)
Cash Earnings Per Share
(`)
Book Value (`)
Dividend (%)
31-03-1993 22 26 48 3,909 30 65 1 1 1 20%
31-03-1998 65 773 838 6,983 331 390 6 7 16 35%
31-03-2003 131 1,744 1,875 11,052 377 505 7 10 36 35%
31-03-2008 131 4,251 4,382 15,816 1,104 1,616 21 31 84 50%
31-03-2009 262 4,875 5,137 16,794 908 1,419 17 27 98 50%
31-03-2010 262 26,251 26,513 19,529 975 1,515 19 29 507 60%
31-03-2011 262 26,653 26,915 30,686 1,408 2,010 27 38 514 70%
31-03-2012 262 27,254 27,516 30,860 1,894 2,536 36 48 526 200%
31-03-2013 262 39,775 40,037 34,623 2,021 2,732 39 52 765 100%
31-03-2014 523 38,893 39,416 33,602 1,408 2,163 27 41 753 60%
31-03-2015 523 35,749 36,272 32,542 1,324 2,237 25 43 693 60%
Reserves Net orth includes Revalua on Reserves arising on revalua on o Fi ed ssets Book Value Earning Per Share Cash Earning Per Share calculated on e panded Capital or all ears
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Annual Report 2014-15
C RP R E INF R I N
Board o Directors
Compan Secretar
Chie Financial cer
Bankers
uditors
Registrar Share rans er gents
Registered dministra ve ce
Mills
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Gloster Limited
Distribution of Revenue for the year 2014-15
Distribution of Revenue for the year 2013-14
2.08% 4.01%1.48%2.76%
39.06% 50.61%
1.80% 4.14%1.56%2.21%
39.36% 50.93%
50.61%Cost of Raw Material
39.06%Mfg. & Other Expenses
2.76%Depreciation
1.48%Finance Cost
2.08%Tax
4.01%Profit (PAT)
50.93%Cost of Raw Material
39.36%Mfg. & Other Expenses
2.21%Depreciation
1.56%Finance Cost
1.80%Tax
4.14%Profit (PAT)
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Annual Report 2014-15
HE MEMBERS
FIN NCI RES S
`
Par culars Standalone Consolidated
Year Ended Year Ended Year Ended Year Ended
32,542.33 33,601.93 32,927.14 33,601.93
29,630.99 30,752.25 30,016.75 30,753.38
2,911.34 2,849.68 2,910.39 2,848.55
488.01 530.14 488.63 530.14
912.50 754.93 912.50 754.93
1,510.83 1,564.61 1,509.26 1,563.48
500.55 455.27 657.84 522.34
2,011.38 2,019.88 2167.10 2,085.82
687.83 611.52 711.57 617.45
1,323.55 1,408.36 1,455.53 1,468.37
495.55 554.57 617.42 616.43
1,819.10 1,962.93 2,072.95 2,084.80
ppropria ons
314.01 314.01 314.01 314.01
63.92 53.37 63.92 53.37
800.00 1,100.00 800.00 1,100.00
217.97 - 217.97 -
423.20 495.55 677.05 617.42
DIREC RS REP R
DIVIDEND ND RESERVES
``
`
`
PER I NS
S E F C MP NY S FF IRS
` `
`
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Gloster Limited
E P R S
``
M DERNI I N
`
CREDI R IN
CH N E IN N RE F B SINESS IF NY
M ERI CH N ES ND C MMI MEN S FFEC IN HE FIN NCI P SI I N F HE C MP NY
S BSIDI RY C MP NIES
PERF RM NCE F S BSIDI RY C MP NIES
loster i est le imited
``
` `
loster Speciali es imited
``
` `
C NS ID ED FIN NCI S EMEN S
M N EMEN DISC SSI N N YSIS REP R
nne ure I
C RP R E VERN NCE
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Annual Report 2014-15
SH RE C PI
`
N MBER F B RD MEE IN S HE D
MEE IN S F INDEPENDEN DIREC RS
B RD EV I N
C MMI EES F HE B RD
udit Commi ee
Nomina on and Remunera on Commi ee
Stakeholders Rela onship Commi ee
DIREC RS EY M N ERI PERS NNE
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Gloster Limited
N MIN I N REM NER I N P ICY
nne ure II
F MI I RI I N PR R MME
WHIS E B WER P ICY
RE ED P R Y R S C I NS
C RP R E S CI RESP NSIBI I Y (CSR)
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Annual Report 2014-15
Name o the Mem ers Categor
nne ure III
DE CY F IN ERN FIN NCI C N R S WI H REFERENCE HE FIN NCI S EMEN S
RIS M N EMEN
DI RS DI R S REP R
C S DI RS
SECRE RI DI R
nne ure IV
E R C F HE NN RE RN
nne ure V
C NSERV I N F ENER Y ECHN Y BS RP I N ND F REI N E CH N E E RNIN S
nne ure VI
P R IC RS F EMP YEES
as nne ure VII
nne ure VIIB
DEP SI S
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Gloster Limited
P R IC RS F NS R N EES R INVES MEN S BY C MP NY
SI NIFIC N ND M ERI RDERS P SSED BY HE RE RS R C R S
DIREC RS RESP NSIBI I Y S EMEN
ENVIR NMEN ND S FE Y
R DE RE I NS
DEP SI RY SYS EM
DISC S RES NDER SE H R SSMEN F W MEN W R P CE (PREVEN I N PR HIBI I N REDRESS ) C
C N W ED EMEN
For on ehal o the Board
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Annual Report 2014-15
NNE RE I HE DIREC RS REP RM N EMEN DISC SSI N ND N YSIS
a) Industr structure and developments
) pportuni es and hreats Risks Concerns
pportuni es
` 2.50
Risk Concern hreat
c) Segment ise or product ise per ormance
`
Par cularsInside India Outside India otal
23,136.11 24,096.36 8,919.91 9,049.50 32,056.02 33,145.86
1,458.73 989.85 309.65 484.87 1,768.38 1,474.72
989.79 1,311.70 989.79 1,311.70
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Gloster Limited
d) Outlook
`
e) Internal control s stems and their ade uac
) Discussion on nancial per ormance ith respect to opera onal per ormance
`
Par culars Increase (Decrease)
32,542.33 33,601.93
16,714.41 17,329.21
488.01 530.14
1,323.55 1,408.36
g) Human Resources Industrial Rela ons
h) Cau onar statement
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Annual Report 2014-15
NNE RE II O HE DIREC ORS REPORNOMIN ION REM NER ION PO ICY
Pream le
ims O ec ves
Principles o remunera on
Polic or selec on and appointment o the Board Mem ers and determining Directors independence
4.1 Board mem ership criteria
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Gloster Limited
4.2 Selec on o Board Mem ers e tending invita on to a poten al director to oin the Board
Compensa on Structure
Supplementar provisions
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Annual Report 2014-15
NNE RE III O HE DIREC ORS REPORNN REPOR ON CSR C IVI IES
`
`
`
`
`
Sl No
CSR Pro ect or ac vit iden ed
Sector in which the pro ect is covered (vide
schedule VII to the Companies
ct )
Pro ects or programs ocal area or other Speci the state
and district where pro ects or programs
was undertaken
mount outla ( udget)
pro ect or programs wise
mount spent on the pro ects or programs Su heads
Cumula ve e penditure
up to the repor ng
period
mount spent: Direct or through
implemen ng agenc
A 11 .00 11 .00 11 .00B
7.00 7.00 7.00
6.13 6.13 6.13
D10.58 10.58 10.58
Dharam Chand Bahe Hemant Bangur
`
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Gloster Limited
NNE RE IV O HE DIREC ORS REPORForm No MR
SECRE RI DI REPOR FOR HE FIN NCI YE R ENDED S M RCH
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Annual Report 2014-15
Not no ed during the period under udit hence not applica le
M B ssociates
Mano umar Banthia
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Gloster Limited
NNE RE V O HE DIREC ORS REPOR
FORM NO M
E R C OF NN RE RN
I RE IS R ION O HER DE I S
II PRINCIP B SINESS C IVI IES OF HE COMP NY
Name and Descrip on o main products services
NIC Code o the products services % to total turnover o the Compan
131, 139 100%
III P R IC RS OF HO DIN S BSIDI RY ND SSOCI E COMP NIES
Sr No
Name and address o the compan
CIN N Holding Su sidiar ssociate
% o shares Held pplica le Sec on
1. 100%
2. 100%
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Annual Report 2014-15
IV SH RE HO DIN P ERN (E uit Share Capital Breakup as percentage o otal E uit )
Categor wise Share Holding
Categor o Shareholders
No o Shares held at the eginning o the ear ( s on st pril )
No o Shares held at the end o the ear ( s on st March ) % Change
during the earDemat Ph sical otal
% o otal shares
Demat Ph sical otal% o otal
shares
Promoters
1) Indian
7,80,344 5,712 7,86,056 15.02 8,38,385 5,712 8,44,097 16.13 1.11
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
26,74,963 0 26,74,963 51.11 26,35,305 0 26,35,305 50.36 -0.75
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
Su total ( ) (1): 1 1 1 1 1
) Foreign
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
Su total ( )( ): 0 0 0 0 0 0 0 0 0
otal shareholding o Promoter ( )
( )(1) ( )( )1 1 1 1 1
B Pu lic Shareholding
1) Ins tu ons
0 0 0 0 0 0 0 0 0
2,492 6,084 8,576 0.16 2,492 6,042 8,534 0.16 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
Funds0 0 0 0 0 0 0 0 0
11,67,042 0 11,67,042 22.30 11,51,597 0 11,51,597 22.00 -0.30
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0 0
Su total(B)(1): 11 11 1 11 11 1 1 1
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Gloster Limited
Categor o Shareholders
No o Shares held at the eginning o the ear ( s on 1st pril 1 )
No o Shares held at the end o the ear ( s on 1st March 1 ) % Change
during the earDemat Ph sical otal
% o otal shares
Demat Ph sical otal% o otal
shares
Non Ins tu ons
46,597 10,892 57,489 1.10 77,963 7,884 85,847 1.64 0.54
0 0 0 0 0 0 0 0 0
`
4,25,188 90,804 5,15,992 9.86 3,91,930 74,047 4,65,977 8.90 -0.96
`
15,040 0 15,040 0.29 28,112 0 28,112 0.54 0.25
20 0 20 0 8,764 0 8,764 0.17 0.17
1,039 0 1,039 0.02 402 0 402 0.01 -0.01
2,183 5,040 7,223 0.14 2,123 2,682 4,805 0.09 -0.05
Su total (B)( ) 1 11 1 1 11
otal Pu lic Shareholding (B) (B)(1) (B)( )
1 1 1 1 1 1 1 1 1
C Share held Custodian or DRs
DRs (C)
rand otal ( B C) 1 1 1 1 1 1 1
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Annual Report 2014-15
ii Shareholding o Promoters
Sr No
Shareholder s Name
Shareholding at the eginning o the ear
Shareholding at the end o the ear% change in share holding
during the ear
No o shares
% o total shares o the
compan
% o Shares Pledged
encum ered to total shares
No o shares
% o total shares o the
compan
% o Shares Pledged
encum ered to total shares
19,23,944 17.66 0 8,93,903 17.08 0
27,55,008 14.43 0 7,55,008 14.43 0 0
35,73,181 10.95 0 5,91,564 11.31 0 0.36
43,05,190 5.83 0 3,05,190 5.83 0 0
5 1,78,570 3.41 0 1,78,570 3.41 0 0
6 1,37,210 2.62 0 1,70,210 3.25 0 0.63
7
1,69,912 3.25 0 1,69,912 3.25 0 0
8 1,36,666 2.61 0 1,36,666 2.61 0 0
9 1,08,400 2.07 0 1,33,441 2.55 0 0.48
101,11,192 2.12 0 83,192 1.59 0
11 49,186 0.94 0 49,186 0.94 0 0
126,448 0.12 0 6,448 0.12 0 0
13Bangur
5,312 0.05 0 5,312 0.05 0 0
14 400 0.01 0 400 0.01 0 0
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Gloster Limited
iii Change in Promoters Shareholding
Sr No
Par culars Share holdingransac on
Date
Shareholding at the eginning o the ear
Cumula ve Shareholding during the ear
No o shares % o total shares o the compan
No o shares % o total shares o the compan
1 e lewell Bullen and Compan imited
01.04.2014 9,23,944 17.66 9,23,944 17.66
12.09.2014 8,93,903 17.08
31.03.2015 8,93,903 17.08
2 Madhav rading Corpora on imited
01.04.2014 5,73,181 10.95 5,73,181 10.95
24.10.2014 263 0.01 5,73,444 10.96
31.10.2014 240 0.00 5,73,684 10.96
19.12.2014 222 0.00 5,73,906 10.97
31.12.2014 185 0.00 5,74,091 10.97
23.01.2015 3,568 0.07 5,77,659 11.04
30.01.2015 475 0.01 5,78,134 11.05
06.02.2015 673 0.01 5,78,807 11.06
27.02.2015 5,752 0.11 5,84,559 11.17
13.03.2015 2,000 0.04 5,86,559 11.21
20.03.2015 2,165 0.04 5,88,724 11.25
27.03.2015 2,000 0.04 5,90,724 11.29
31.03.2015 840 0.02 5,91,564 11.31
31.03.2015 5,91,564 11.31
3 Pushpa Devi Bangur
01.04.2014 1,37,210 2.62 1,37,210 2.62
12.09.2014 33,000 0.63 1,70,210 3.25
31.03.2015 1,70,210 3.25
4 Vinita Bangur
01.04.2014 1,08,400 2.07 1,08,400 2.07
12.09.2014 25,041 0.48 1,33,441 2.55
31.03.2015 1,33,441 2.55
5 he Cam a Investment Corpora on imited
01.04.2014 1,11,192 2.12 1,11,192 2.12
12.09.2014 83,192 1.59
31.03.2015 83,192 1.59
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Annual Report 2014-15
iv Shareholding Pa ern o top ten Shareholders ( other than Directors Promoters and Holders o DRs and DRs)
Sr No
For Each o the op 1 ShareholdersShareholding
ransac on Date
Shareholding at the eginning o the ear
Cumula ve Shareholding during the ear
No o shares% o total
shares o the compan
No o shares% o total
shares o the compan
1 i e Insurance Corpora on o India
01.04.2014 11,67,042 22.30 11,67,042 22.30
31.12.2014 11,65,692 22.27
02.01.2015 11,64,692 22.25
09.01.2015 11,53,597 22.04
16.01.2015 11,51,597 22.00
31.03.2015 11,51,597 22.00
2 B Capital Markets Pvt td
01.04.2014 24,500 0.47 24,500 0.47
31.03.2015 24,500 0.47
3 Harimohan Bangur
01.04.2014 15,040 0.29 15,040 0.29
31.03.2015 15,040 0.29
4 E uanimit Realt Private imited
01.04.2014
27.03.2015 14,459 0.28 14,459 0.28
31.03.2015 14,459 0.28
5 Chetan Dhiresh hai Shah
01.04.2014
31.12.2014 6,660 0.13 6,660 0.13
02.01.2015 550 0.01 7,210 0.14
09.01.2015 2,505 0.05 9,715 0.19
16.01.2015 1,993 0.04 11,708 0.23
23.01.2015 1,385 0.02 13,093 0.25
13.02.2015 0.00 13,072 0.25
31.03.2015 13,072 0.25
6 Sheth am Ha i re Bham Waka
01.04.2014
22.08.2014 8,744 0.17 8,744 0.17
31.03.2015 8,744 0.17
36
Gloster Limited
Sr No
For Each o the op 1 ShareholdersShareholding
ransac on Date
Shareholding at the eginning o the ear
Cumula ve Shareholding during the ear
No o shares% o total
shares o the compan
No o shares% o total
shares o the compan
7 Benu opal Bangur
01.04.2014 7,808 0.15 7,808 0.15
31.03.2015 7,808 0.15
8 San iv Dhiresh hai Shah
01.04.2014
28.11.2014 2,894 0.06 2,894 0.06
05.12.2014 674 0.01 3,568 0.07
12.12.2014 2,122 0.04 5,690 0.11
19.12.2014 437 0.00 6,127 0.11
31.03.2015 6,127 0.11
9 Vi a umar garwala
01.04.2014 2,800 0.05 2,800 0.05
13.06.2014 3,000 0.06 5,800 0.11
20.06.2014 458 0.01 6,258 0.12
30.06.2014 442 0.00 6,700 0.12
04.07.2014 100 0.00 6,800 0.12
11.07.2014 800 0.02 7,600 0.14
18.07.2014 50 0.00 7,650 0.14
08.08.2014 50 0.00 7,700 0.14
14.08.2014 250 0.00 7,950 0.14
30.09.2014 150 0.00 8,100 0.14
06.03.2015 7,400 0.13
13.03.2015 5,700 0.10
20.03.2015 5,300 0.10
31.03.2015 5,300 0.10
10 Bhar Shro
01.04.2014 5,208 0.10 5,208 0.10
31.03.2015 5,208 0.10
11 eshav umar othari
01.04.2014 5,200 0.10 5,200 0.10
31.03.2015 5,200 0.10
37
Annual Report 2014-15
Sr No
For Each o the op 1 ShareholdersShareholding
ransac on Date
Shareholding at the eginning o the ear
Cumula ve Shareholding during the ear
No o shares% o total
shares o the compan
No o shares% o total
shares o the compan
12 Madan opal Bangur
01.04.2014 4,800 0.92 4,800 0.92
31.03.2015 4,800 0.92
13 usum Mohta
01.04.2014 4,800 0.92 4,800 0.92
31.03.2015 4,800 0.92
14 nited Commercial Bank
01.04.2014 4,800 0.92 4,800 0.92
31.03.2015 4,800 0.92
15 Pra k Shailesh Shah
01.04.2014 6,000 0.11 6,000 0.11
06.06.2014 250 0.00 5,750 0.11
13.06.2014 627 0.01 5,123 0.10
20.06.2014 555 0.01 4,568 0.09
30.06.2014 690 0.02 3,878 0.07
04.07.2014 278 0.00 3,600 0.07
08.08.2014 237 0.01 3,363 0.06
14.08.2014 363 0.00 3,000 0.06
29.08.2014 401 0.01 2,599 0.05
05.09.2014 99 0.00 2,500 0.05
23.01.2015 2,500 0.05
31.03.2015
16 Champa Devi
01.04.2014 7,088 0.15 7,088 0.15
29.08.2014 7,088 0.15
31.03.2015
17 Shoe Ismail eewa
01.04.2014 8,744 0.17 8,744 0.17
29.08.2014 8,744 0.17
31.03.2015
38
Gloster Limited
v Shareholding o Directors and e Managerial Personnel
Sr No
Shareholding o each Directors and each e Managerial Personnel
Shareholdingransac on
Date
Shareholding at the eginning o the ear
Cumula ve Shareholding during the ear
No o shares% o total
shares o the compan
No o shares% o total
shares o the compan
1 opal Das Bangur E ecu ve Chairman
01.04.2014 1,78,570 3.41 1,78,570 3.41
31.03.2015 1,78,570 3.41
2 Hemant Bangur Vice Chairman
01.04.2014 1,36,666 2.61 1,36,666 2.61
31.03.2015 1,36,666 2.61
3 Dharam Chand Bahe Managing Director
01.04.2014 3,160 0.06 3,160 0.06
31.03.2015 3,160 0.06
4 a umar garwal Compan Secretar
01.04.2014 600 0.01 600 0.01
04.04.2014 575 0.01
11.04.2014 525 0.01
18.04.2014 400 0.01
25.04.2014 225 0.01
16.05.2014
31.03.2015
5 Shankar al edia CFO
01.04.2014 600 0.01 600 0.01
31.03.2015 600 0.01
39
Annual Report 2014-15
V INDEB EDNESS
Inde tedness o the Compan including interest outstanding accrued ut not due or pa ment `
Par cularsSecured oans
e cluding depositsnsecured
oansDeposits otal Inde tness
Inde tedness at the eginning o the nancial ear
5,456.79 188.55 5,645.34
17.32 17.32
otal (i ii iii) 11 1
Change in Inde tedness during the nancial ear
1,483.91 188.55 1,672.46
Inde tedness at the end o the nancial ear
3,979.68 3,979.68
10.52 10.52
otal (i ii iii)
VI REM NER ION OF DIREC ORS ND EY M N ERI PERSONNE
Remunera on to Managing Director Whole me Director and or Manager `
Sr No
Par culars o Remunera onShri opal Das Bangur
E ecu ve ChairmanShri Dharam Chand Bahe
Managing Directorotal
mount
1.
75.49 67.97 1
19618.30 9.80 1 1
1961
2
3
4
35.00 40.00
5
otal ( ) 11 11
40
Gloster Limited
B Remunera on to other Directors `
Sr No
Par culars o Remunera on
Name o Directors
otal mount
Shri Hemant Bangur
Shri Bhaskar Mi er
Smt Nandita
Sen
Shri ru as
Mahapatra
Shri S N Bha achar a
Dr Pra ir Ra
1 Independent Directors
0.80 1.00 0.30 0.30 2.40
0.22 3.96 3.96 3.96 3.96 16.06
otal B (1) 1
2 Other Non E ecu ve Directors
1.00
3.96
otal B ( )
otal B (B1 B )
otal Managerial Remunera on ( B)
264.54
C Remunera on to e Managerial Personnel other than MD Manager W D `
Sr No
Par culrs o Remunera onShri a umar garwal
Compan SecretarShri Shankar al edia CFO
otal mount
1
21.38 14.25 35.63
4.67 3.12 7.79
2
3
4
5
otal 1
VII PEN IES P NISHMEN COMPO NDIN OF OFFENCES
41
Annual Report 2014-15
NNE RE VI O HE DIREC ORS REPOR
Conserva on o Energ
he steps taken the Compan or u li ing alternate sources o energ :
he capital investment on energ conserva on e uipment
`
B echnolog sorp on
E orts made towards technolog a sorp on
Bene ts derived
C Foreign e change earnings and outgo:
`
`
42
Gloster Limited
P R IC RS OF EMP OYEES
(a) he ra o o the remunera on o each Director to the median remunera on o the emplo ees o the compan or the nancial ear:
E ecu ve Directors Ra o to median remunera on
62.62
62.08
Non E ecu ve Directors Ra o to median remunera on
2.61
2.51
1.71
2.61
2.24
( ) he percentage increase in remunera on o each Director Chie Financial O cer Chie E ecu ve O cer Compan Secretar or Manager i an in the nancial ear:
Name % increase in remunera on in the nancial ear 1 1
14.79
22.35
17.42
32.44
NNE RE VII O HE DIREC ORS REPOR 22.35
23.34
24.77
13.10
(c) he percentage increase in the median remunera on o emplo ees in the nancial ear
3.60%
(d) he num er o permanent emplo ees on the rolls o compan as on 1st March 1 is
4,369
(e) he e plana on on the rela onship etween average increase in remunera on and compan per ormance
( ) Comparison o the remunera on o the e Managerial Personnel against the per ormance o the compan
Name
% increase in remunera on
in the nancial ear
1 1
Comparison o remunera on against the per ormance o
the Compan
14.79
24.77
13.10
(g) Varia ons in the market capitali a on o the compan price earnings ra o as at the closing date o the current
nancial ear and previous nancial ear and percentage increase over decrease in the market uota ons o the
43
Annual Report 2014-15
shares o the compan in comparison to the rate at which the compan came out with the last pu lic o er in case o listed companies and in case o unlisted companies the varia ons in the net worth o the compan as at the close o the current nancial ear and previous nancial ear
(h) verage percen le increase alread made in the salaries o emplo ees other than the managerial personnel in the last nancial ear and its comparison with the percen le increase in the managerial remunera on and us ca on thereo and point out i there are an e cep onal circumstances or increase in the managerial remunera on percen le ma e read as percentage
(i) Comparison o the each remunera on o e Managerial Personnel against the per ormance o the compan
( ) he ke parameters or an varia le component o remunera on availed the Directors
(k) he ra o o the remunera on o the highest paid Director to that o the emplo ees who are not Directors ut receive remunera on in e cess o the highest paid Director during the ear
(l) rma on that the remunera on is as per the remunera on polic o the compan
NNE RE VIIB O HE DIREC ORS REPOR
In orma on pursuant to Rule ( ) o Chapter III o Companies ( ppointment and Remunera on o Managerial Personnel) Rules 1
Name Designa onRemunera on
Received (`)
Nature o emplo ment
whether contractual
or otherwise
uali ca ons and
e perience o the
emplo ee
Date o commencement
o emplo ment
ge (Years)
ast emplo ment
held
% o e uit shares held
Rela onship with other Directors
Das Bangur1,18,78,656
12.04.2000 68 3.41%
Bangur
1,17,77,000
01.04.1992 67 0.06%
44
Gloster Limited
CORPOR E OVERN NCE REPORIN ROD C ION
1 COMP NY S PHI OSOPHY ON CODE OF OVERN NCE
BO RD OF DIREC ORS
COMPOSI ION ND C E ORY
Name o Director Categor o Directorship Directorship in Other Companies (#)
No o Board Commi ees (other than loster td) in which Chairman
Chairperson Mem er
ChairmanChairperson
Mem er
4 1 2
7 1
3
45
Annual Report 2014-15
CORPOR E OVERN NCE REPOR
INDEPENDEN DIREC ORS
BO RD PROCED RE
END NCE OF E CH DIREC OR HE BO RD MEE IN S ND HE S NN ENER MEE IN
Name o the Director No o Board
Mee ngs a ended
endance at last M held on 6th
Septem er 1
2 Yes
4 Yes
NA
3 Yes
4 Yes
3 Yes
3
4
F MI I RIS ION PRO R MME
SEP R E MEE IN OF INDEPENDEN DIREC ORS
46
Gloster Limited
DI COMMI EE
COMPOSI ION
Name o the Director Posi on Categor
BRO D ERMS OF REFERENCE
CORPOR E OVERN NCE REPOR
47
Annual Report 2014-15
MEE IN S ND END NCE
under:
Name o the Director No o mee ngs a ended
4
5
5
IN ERN DI ORS
NOMIN ION ND REM NER ION COMMI EE
COMPOSI ION
Name o the Director Posi on Categor
CORPOR E OVERN NCE REPOR
48
Gloster Limited
BRO D ERMS OF REFERENCE
MEE IN S ND END NCE
2014.
Name o the Director No o mee ngs a ended
3
3
3
REM NER ION PO ICY
Remunera on to Non E ecu ve Directors
``
B Remunera on to Whole me Directors Managing Directors
DE I S OF REM NER ION O HE DIREC ORS FOR HE YE R ENDED 1S M RCH 1
NON E EC IVE DIREC ORS
Name o the Director Commission ` Si ng Fees `
3,95,664 1,00,000
21,680
3,95,664 80,000
3,95,664 1,00,000
3,95,664 30,000
CORPOR E OVERN NCE REPOR
49
Annual Report 2014-15
WHO E IME DIREC ORS
Name o the Director
Salar `
Bene ts `
Commi ssion `
Service Contract
No ce Period
Severance Fees
Das Bangur, 67,50,000 16,28,656 35,00,000 3 Years
12.04.2013
3
46,20,000 31,57,000 40,00,000 5 Years
27.07.2012
3
PERFORM NCE EV ION
RE IONSHIP OF NON E EC IVE DIRECORS WI H HE COMP NY ND IN ERE SE
S EHO DERS RE IONSHIP COMMI EE
COMPOSI ION
Name o the Director Posi on Categor
BRO D ERMS OF REFERENCE
CORPOR E OVERN NCE REPOR
50
Gloster Limited
MEE IN ND END NCE
under:
Name o the Director No o mee ngs a ended4
34
DE I S OF SH REHO DERS COMP IN S RECEIVED NO SO VED ND PENDIN SH RE R NSFERS
6 S BSIDI RY COMP NIES
CEO CFO CER IFIC ION
ENER BODY MEE IN S
oca on and me where last three nnual eneral Mee ngs ( M) were held is given elow:
Financial Year
Da Date ime
oca on o the Mee ng
Special resolu on passed
2011-12
2012-13
2013-14
` 250
` 250
B Passing o Resolu ons Postal Ballot
C
CODE OF COND C
CORPOR E OVERN NCE REPOR
51
Annual Report 2014-15
1 CODE OF COND C FOR PREVEN ION OF INSIDER R DIN
11 DISC OS RES
1 ME NS OF COMM NIC ION
1 ENER SH REHO DER INFORM ION
CORPOR E OVERN NCE REPOR
52
Gloster Limited
CORPOR E OVERN NCE REPOR
CER IFIC E ON COMP I NCE WI H HE CONDI IONS OF CORPOR E OVERN NCE NDER C SE OF HE IS IN REEMEN
o he Mem ers o loster imited
Sweet apoor
1 COMP I NCE CER IFIC E
DEC R ION
Dharam Chand Bahe
53
Annual Report 2014-15
SH REHO DER INFORM IONRE IS ERED OFFICE
NN ENER MEE IN
FIN NCI YE R
EN IVE FIN NCI C END R
D E OF BOO C OS RE
DIVIDEND
IS IN ON S OC E CH N E
S OC CODE
S OC M R E D
MON HBSE
HI H (`)
OW (`)
VO ME (NO OF SH RES)
180.70 148.00 14,086200.25 151.10 20,396224.90 182.00 31,382221.50 175.00 30,093213.35 177.25 36,812259.90 190.15 99,388257.75 202.05 9,224238.50 211.70 11,872264.00 206.60 18,123279.00 203.00 36,500230.00 194.00 17,345220.30 182.00 14,852
PERFORM NCE BSE D RIN HE FIN NCI YE R 1 13,40,073
` 279.00` 148.00
` 191.70`
OS ER VS SENSE
0.00
5000.00
10000.00
15000.00
20000.00
25000.00
30000.00
0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
450.00
400.00
Apr
2014
May
2014
Jun
2014
Jul
2014
Aug
2014
Sep
2014
Oct
2014
Nov
2014
Dec
2014
Jan
2015
Feb
2015
Mar
2015
Sens
ex
Glo
ster
Ltd
. `
Gloster Close BSE Sensex
DEPOSI ORY CONNEC IVI Y
RE IS R R SH RE R NSFER EN S
54
Gloster Limited
SH REHO DER INFORM IONSH RE R NSFER SYS EM
INVES OR RIEV NCE REDRESS SYS EM
DIS RIB ION OF SH REHO DIN S ON 1S M RCH 1
NO OF E I Y SH RES HE D
NO OF SH RE
HO DERS
% OF SH RE
HO DERS
NO OF SH RES
HE D
% OF SH RE
HO DIN
2,155 89.27 1,79,814 3.44
138 5.72 1,00,360 1.92
54 2.24 77,508 1.48
24 0.99 58,548 1.12
15 0.62 52,571 1.00
5 0.21 22,630 0.43
6 0.25 39,535 0.76
17 0.70 47,02,474 89.85
2,414 100.00 52,33,440 100.00
RECONCI I ION OF SH RE C PI DI
SH REHO DIN P ERN S ON 1S M RCH 1
C E ORY NO OF SH RES
HE D
% OF SH RE
C PI PROMO ER S HO DIN
34,79,402 66.48
Su total 66B NON PROMO ER S HO DIN 1 Ins tu onal Investors
11,60,131 22.17
Su total 11 6 1 1 1 O HERS
85,847 1.644,94,089 9.44
13,971 0.27 Su total 11
R ND O 1
SH REHO DIN P ERN
1.64%
22.17%
9.71%
66.48%
66.48%
22.17%
1.64%
9.71%
DEM ERI IS ION OF SH RES ND I IDI Y
55
Annual Report 2014-15
S S OF DEM ERI IS ION S ON 1S M RCH 1
P R IC RS NO OF SH RES
% O O C PI
NO OF CCO N S
41,88,008 80.02 1,284
9,49,065 18.14 630
51,37,073 98.16 1,91496,367 1.84 500
rand otal 1 1
O S NDIN DRS DRS W RR N S OR NY CONVER IB E INS R MEN S CONVERSION D E ND I E Y IMP C ON E I Y
NOMIN ION
NC IMED DIVIDENDS SH RE CER IFIC ES
NC IMED DIVIDENDS
Financial Year Date o declara on o dividend
Due Date or trans er to IEPF
2007-2008
2008-2009
2009-2010
2010-2011
2011-2012
2012-2013
2013-2014
NC IMED SH RE CER IFIC ES
114
Note
E EC RONIC C E RIN SERVICE
P N OC ION
DDRESS FOR CORRESPONDENCE
Registrar Share rans er gents
Registered O ce
SH REHO DER INFORM ION
56
Gloster Limited
INDEPENDEN DI OR S REPORO HE MEMBERS OF loster imited
Report on the Standalone Financial Statements
Management s Responsi ilit or the Standalone Financial Statements
uditor s Responsi ilit
Opinion
Report on Other egal and Regulator Re uirements
57
Annual Report 2014-15
us:
For ovelock ewes
Sunit umar Basu
INDEPENDEN DI OR S REPOR
58
Gloster Limited
NNE RE O INDEPENDEN DI ORS REPORRe erred to in paragraph o the Independent uditors Report o even date to the mem ers o loster imited on the standalone nancial statements as o and or the ear ended March 1 1
Name o the statute Nature o dues mount (`) Period to which the amount relates
Forum where the dispute is pending
2,91,540 2001-02
9,45,191 2003-04
4,43,167 2003-04
1,70,63,698 2005-06
8,44,112 2005-06
2,68,833 2006-07
1,62,820 2006-07
14,42,916 2007-08
59
Annual Report 2014-15
8,41,751 2007-08
21,61,019 2008-09
6,94,675 2008-09
17,34,219 2009-10
15,54,342 2009-10
22,26,350 2010-11
38,83,904 2010-11
36,53,617 2011-12
1,03,78,370 2011-12
For ovelock ewes
Sunit umar Basu
NNE RE O INDEPENDEN DI ORS REPOR
60
Gloster Limited
B NCE SHEE`
s at1st March 1
E I Y ND I BI I IESShareholders Funds
6 16 39,416.51Non current ia ili es
1 1 818.63Current ia ili es
6 8,573.62 otal 1 48,808.76
SSE SNon current ssets
6 6 66 37,523.45Current assets
1 1 61 11,285.31 otal 1 48,808.76
For ovelock ewes
Sunit umar Basu Hemant Bangur Shankar al edia a umar garwal Nandita Sen
D C Bahe
61
Annual Report 2014-15
S EMEN OF PROFI ND OSS`
Year ended Year ended1st March 1
INCOME
33,601.93
otal Revenue 34,057.20
EXPENSES
otal E penses 1 1 32,037.32
Pro t e ore e cep onal items and ta 11 2,019.88
Pro t e ore ta 11 2,019.88
otal a e penses 6 611.52
Pro t or the ear 1 1,408.36
Earnings per e uit share [Nominal Value per Share ` 1 ( 1 1 ` 1 )
Basic & Diluted 31 25.29 26.91
Corporate In orma on 1
Summar o signi cant accoun ng policies 2
For ovelock & ewes
Sunit umar Basu Hemant Bangur Shankar al edia a umar garwal Nandita Sen
D C Bahe
62
Gloster Limited
C SH F OW S EMEN`
Year ended Year ended Par culars 1st March 1
Cash Flow rom Opera ng c vi es
11 2,019.88
d ustments or:
1.74 2.13
1 1,358.97
1 6 3,378.85
2,669.76
( 11)
Net Cash rom Opera ng c vi es 6 1,939.23
B Cash Flow rom inves ng ac vi es
Net Cash used in Inves ng ac vi es B ( 1)
63
Annual Report 2014-15
C SH F OW S EMEN`
Year ended Year ended Par culars 1st March 1
C Cash Flow rom Financing c vi es
Net Cash rom (used) in Financing c vi es C ( )
1
D Cash and Cash E uivalents
1 332.60
For ovelock & ewes
Sunit umar Basu Hemant Bangur Shankar al edia a umar garwal Nandita Sen
D C Bahe
64
Gloster Limited
NO ES O HE FIN NCI S EMEN S
angi le assets and Deprecia on
a)
)
c)
d)
e)
Intangi le assets and mor a on
a)
)
c)
d)
Impairment o ssets
1 Corporate In orma on
Summar o signi cant accoun ng policies
1 Basis o Prepara on
se o es mates
65
Annual Report 2014-15
NO ES O HE FIN NCI S EMEN S
6 Investments
Su sid overnment rant
Inventories
Emplo ee Bene t
a) De ned Contri u on Plans
) De ned Bene t Plans
(i) ratuit
(ii) Compensated sences
d) Other Short erm Emplo ee Bene ts
1 Research & Development Cess and E cise dut
66
Gloster Limited
11 Sale o oods
1 Other Income
1 Foreign Currenc ransac on
(i) Ini al Recogni on
(ii) Su se uent Recogni on
1 a a on
1 Borrowing Cost
16 Provisions and Con ngent ia ili es
1 Earnings per Share
NO ES O HE FIN NCI S EMEN S
67
Annual Report 2014-15
`NO ES O HE FIN NCI S EMEN S Share capital s at 1st March 1
uthorised
`
Issued Su scri ed and Full Paid up
`
otal 523.34
(a) Reconcilia on o num er o e uit shares s at 1st March 1
No o Shares ` In lakhs `
52,33,440 523.34
( ) Rights pre erences & restric ons a ached to e uit shares
`
(c) Shares allo ed as ull paid up wa o onus shares and pursuant to contract(s) without pa ment eing received in cash
s at 1st March 1 No o Shares
(d) Details o shares held shareholders holding more than % o the aggregate e uit shares in the Compan
s at 1st March 1
No o Shares % holding
68
Gloster Limited
`NO ES O HE FIN NCI S EMEN S Reserves and Surplus s at 1st March 1
Capital Reserve 1 150.00
Securi es Premium Reserve
Deduct:
Revalua on Reserve
Deduct:
Deduct:
Balance as at the end o the ear 6 28,251.96
eneral Reserve
Deduct:
dd:
Balance as at the end o the ear 1 66 9,995.66
Surplus in the Statement o Pro t and oss
ess: `
dd:
Deduct:
` `
Balance as at the end o the ear 495.55
otal 38,893.17
69
Annual Report 2014-15
`NO ES O HE FIN NCI S EMEN S ong term orrowings s at 1st March 1
Secured
erm oans
nsecured
erm loans
978.23 544.78
otal 11 299.70
(a) Nature o securit and terms o repa ment or secured orrowings (including current maturi es o ong term orrowings in Note 11)
Nature o Securit erms o repa ment
` `
` `
6 De erred ta lia ili es (net) s at 1st March 1
De erred ta lia ili es
De erred ta assets
otal 1 6 307.08
Other long term lia ilit s at 1st March 1
otal
ong term provisions s at 1st March 1
otal 6 6 183.76
70
Gloster Limited
`NO ES O HE FIN NCI S EMEN S Short term orrowings s at 1st March 1
Secured
otal 1 5,100.56
` `
` `
1 rade pa a les s at 1st March 1
otal 238.61
11 Other current lia ili es s at 1st March 1
otal 1 6 2,038.04
` ` ``
1 Short term provisions s at 1st March 1
Provision or Emplo ee Bene ts (also re er Note )
Other Provisions
` ` `
` `
otal 1 6 1,196.41
71
Annual Report 2014-15
`NO ES O HE FIN NCI S EMEN S 1 angi le assets
ROSS B OC DEPRECI ION IMP IRMEN NE B OC F ER IMP IRMEN
Par culars Cost Valua on s at s at s at as at 31st 31st March, 31st March, 31st March,
March, 1 1 1 1 2014 Note (c)
1 , 3 1 1 , 3 1 19,093.18
, 3 1,355.21 472.04 40.19 1, 6 ,6 3 8,073.41
31 229.45
1 , 6,960.61 3,985.39 11.10 1 , 3 185.23 26.39 11 6 , 11 6,387.39
3 111 1 322.03
69.40 28.49 16.17 1 1 3 130.22
3 1 0.01
1 6 6 6 1 117.00
1 1 31 3 199.41
o t a l 3, 1 31 1, 1 33 ,33 ,6 31 , 6 6 13, 3 1 33 3 , 1 34,552.10
Par culars
` `
` 194.89
`` ` ` `
` ``
`
72
Gloster Limited
`NO ES O HE FIN NCI S EMEN S 1 Intangi le assets
ROSS B OC MOR IS ION NE B OC
Par culars Cost Valua on s at s at as at 31st 31st March, 31st March,
March, 1 1 1 2014
3 1 1 6 9.71
o t a l 36 3 1 6 3 1 1 6 9.71
1 Non current investments s at 31st March, 1
ong erm Investments
rade Investments (valued at cost unless stated otherwise)
n uoted E uit Instruments
Investment in Su sidiaries
`
`
`
Other Investments (valued at cost unless stated otherwise)
n uoted E uit Instruments
`
uoted E uit Instruments
`
` `
`
De entures ( uoted)
`
`
De entures ( n uoted)
`
73
Annual Report 2014-15
`NO ES O HE FIN NCI S EMEN S s at 31st March, 1
Mutual Fund ( uoted)
Others ( n uoted)
`
`
`
`
`
`
`
otal ,3 61 1,848.61
16 ong term loans and advances s at 31st March, 1
nsecured, considered good (unless otherwise stated)
otal 6 63 698.35
74
Gloster Limited
NO ES O HE FIN NCI S EMEN S 1 Current investments s at 31st March, 1
t Cost Current por on o ong term investments ( n uoted) De enture
`
Current por on o ong term investments ( uoted) Mutual Fund
Investment in Mutual und t cost or air value, whichever is less n uoted
Others ( n uoted)
`
otal 66 1,612.53
75
Annual Report 2014-15
`NO ES O HE FIN NCI S EMEN S 1 Inventories (Re er Note ) s at 31st March, 1
` `
otal 6, 6 6 6,761.17
1 rade receiva les s at 31st March, 1
nsecured, considered good
otal 1, 6 3 1,474.72
Cash and Bank alances s at 31st March, 1
Cash and cash e uivalents
Balances with anks
472.14 332.60
Other Bank alances
otal 1 347.07
1 Short term loans and advances s at 31st March, 1
nsecured, considered good (unless otherwise stated)
otal 1 1,056.22
76
Gloster Limited
`NO ES O HE FIN NCI S EMEN S Other current assets s at 31st March, 1 nsecured, considered good
otal
3 Revenue rom opera ons Year ended Year ended 31st March, 1 Sale o products
32,288.28 33,399.43 Other opera ng revenues
otal 3 , 33 33,601.93
Other Income Year ended Year ended 31st March, 1 Interest Income on
otal 455.27 Cost o materials consumed Year ended Year ended 31st March, 1
20,006.90 20,512.78
otal 16, 1 1 17,329.21
` `
77
Annual Report 2014-15
`NO ES O HE FIN NCI S EMEN S 6 Changes in inventories o nished goods, stock in process and semi nished goods Year ended Year ended 31st March, 1
Inventories at the end o the ear
otal ( ) ,6 3 2,641.05
Inventories at the eginning o the ear
otal (B) ,6 1 2,669.83
(Increase) decrease in inventories (B ) 11 28.78
Emplo ees ene ts e pense Year ended Year ended 31st March, 1
otal 6, 66 6 6,526.49
(a) De ned Contri u on Plans Year ended Year ended 31st March, 1
( ) De ned Bene t Plans
ratuit :
78
Gloster Limited
`NO ES O HE FIN NCI S EMEN S Sl Descrip on ratuit (Funded) No Year ended Year ended 31st March, 1 (a) Reconcilia on o Opening and Closing alances o the Present Value o the De ned Bene t O liga on
Present Value o O liga on at the end o the ear ,3 3,684.68 ( ) Reconcilia on o the Opening and Closing alances o Plan ssets
Fair Value o Plan ssets at the end o the ear , 61 1 3,340.49 (c) Reconcilia on o the Present Value o the De ned Bene t O liga on and the Fair Value o Plan ssets
ssets ( ia ili es) recogni ed in the Balance Sheet ( 6 ) (d) E pense recognised in the Pro t and oss ccount
otal E pense recogni ed 6 344.19 (e) Categor o Plan ssets : [Re er note ( ) elow
otal , 61 1 3,340.49 ( ) ctuarial ssump ons
79
Annual Report 2014-15
`NO ES O HE FIN NCI S EMEN S
1 1 13 1 1 13 11 1 1 11
Finance costs Year ended Year ended 31st March, 1
otal 1 530.14
Deprecia on and amor a on e pense Year ended Year ended 31st March, 1
ess:
ess : 909.54 748.46
otal 1 754.93
3 Other e penses Year ended Year ended 31st March, 1
otal 6, 3 6,867.77
80
Gloster Limited
`NO ES O HE FIN NCI S EMEN S
` `
Year ended Year ended 31st March, 1
otal 21.66
`
In Cash Yet to e paid in cash otal
31 Earnings per e uit share (EPS)
Par culars Year ended Year ended 31st March, 1
(I) Basic
`
`
`
(II) Diluted
`
81
Annual Report 2014-15
`NO ES O HE FIN NCI S EMEN S 3 Con ngent lia ili es s at 31st March, 1
33 Commitments s at 31st March, 1
3 In orma on in accordance with ccoun ng Standard 1 on Segment Repor ng:
Par culars Within India Outside India otal
31st March, 31st March, 31st March, 1 2014 1 2014 1 2014
3 Related Part Disclosures pursuant to re uirements o ccoun ng Standard 1
Names o Related Par es and nature o rela onship:
a) Su sidiar Companies
) e Management Personnel
c) Rela ves o e Management Personnel with whom transac ons took place during the ear
d) Enterprise over which e Management Personnel & rela ves o e Management Personnel have signi cant in uence
82
Gloster Limited
`NO ES O HE FIN NCI S EMEN Sransac ons with related par es are as ollows:
Par culars Year Su sidiar e Rela ve o e Enterprise over which e Companies Management Management Management Personnel Personnel Personnel & rela ves o e Management Personnel have signi cant In uence
ransac ons during the ear
B Outstanding alance at ear end
36 Deriva ve instruments and unhedged oreign currenc e posure
Nature o E posure s at 31st March, 1
83
Annual Report 2014-15
`NO ES O HE FIN NCI S EMEN S
Nature o E posure s at 31st March, 1
Nature o E posure s at 31st March, 1
3 Dues to micro and small enterprises
Sl Par culars s at No 31st March, 1
` `
3 Value o imports calculated on CIF asis Year ended Year ended 31st March, 1
otal 1,618.56
84
Gloster Limited
`NO ES O HE FIN NCI S EMEN S 3 E penditure in Foreign currenc Year ended Year ended 31st March, 1
otal 3 11 51.21
Imported and indigenous raw materials, stores, spare parts and components consumed
Year ended Year ended 31st March, 1
% ` in lakhs % `
Raw materials
1 16, 1 1 100.00 17,329.21
Stores, spare parts and components
1 , 1 100.00 2,455.46
3
1 Earnings in Foreign currenc Year ended Year ended 31st March, 1
In orma on pursuant to clause 3 o the lis ng agreement with Stock E change
Par culars Balance as at Ma imum amount 31st March, 1 outstanding during the ear ended 31st March, 1
Interest ree:
3
For ovelock & ewes
Sunit umar Basu Hemant Bangur Shankar al edia a umar garwal Nandita Sen
D C Bahe
85
Annual Report 2014-15
INDEPENDEN DI OR S REPORo the Mem ers o loster imited
Report on the Consolidated Financial Statements
Management s Responsi ilit or the Consolidated Financial Statements
uditors Responsi ilit
Opinion
Other Ma er
` 2081.87 `
` ``
86
Gloster Limited
Report on Other egal and Regulator Re uirements
For ovelock & ewes
Sunit umar Basu
INDEPENDEN DI OR S REPOR
87
Annual Report 2014-15
NNEX RE O INDEPENDEN DI ORS REPORRe erred to in paragraph o the Independent uditors Report o even date to the mem ers o loster imited on the consolidated nancial statements as o and or the ear ended March 31, 1
88
Gloster Limited
NNEX RE O INDEPENDEN DI ORS REPOR
Name o the statute Nature o dues mount (`)Period to which
the amount relatesForum where the dispute is
pending
2,91,540 2001-02
9,45,191 2003-04
4,43,167 2003-04
1,70,63,698 2005-06
8,44,112 2005-06
2,68,833 2006-07
1,62,820 2006-07
14,42,916 2007-08
8,41,751 2007-08
21,61,019 2008-09
6,94,675 2008-09
17,34,219 2009-10
15,54,342 2009-10
22,26,350 2010-11
38,83,904 2010-11
36,53,617 2011-12
1,03,78,370 2011-12
89
Annual Report 2014-15
For ovelock & ewes
Sunit umar Basu
90
Gloster Limited
CONSO ID ED B NCE SHEE`
s at31st March, 1
E I Y ND I BI I IESShareholders Funds
36, 6 1 39,538.38Non current ia ili es
1, 1 818.63Current ia ili es
, 1 1 8,573.75otal , 6 48,930.76SSE S
Non current ssets
33, 3 37,575.78Current assets
11, 66 6 11,354.98otal , 6 48,930.76
For ovelock & ewes
Sunit umar Basu Hemant Bangur Shankar al edia a umar garwal Nandita Sen
D C Bahe
91
Annual Report 2014-15
CONSO ID ED S EMEN OF PROFI ND OSS`
Year ended Year ended31st March, 1
INCOME
3 , 1 33,601.93
33, 34,124.27
EXPENSES
otal E penses 31, 1 32,038.45
Pro t e ore e cep onal items and ta ,16 1 2,085.82
Pro t e ore ta ,16 1 2,085.82
otal a e penses 11 617.45
Pro t or the ear 1, 3 1,468.37
Earnings per e uit share [nominal value per share ` 1 (31 3 1 ` 1 )
Basic & Diluted 31 27.81 28.06
Corporate In orma on 1
Summar o signi cant accoun ng policies 2
For ovelock & ewes
Sunit umar Basu Hemant Bangur Shankar al edia a umar garwal Nandita Sen
D C Bahe
92
Gloster Limited
CONSO ID ED C SH F OW S EMEN`
Year ended Year ended Par culars 31st March, 1
Cash Flow rom Opera ng c vi es
d ustments or:
1, 3 1,291.90
3, 6 3,377.72
d ustments or:
6
3, 6 1 2,668.61
( )
Net Cash rom Opera ng c vi es 3, 6 1,932.57
B Cash Flow rom inves ng ac vi es
Net Cash used in Inves ng ac vi es B 11
93
Annual Report 2014-15
CONSO ID ED C SH F OW S EMEN`
Year ended Year ended Par culars 31st March, 1
C Cash Flow rom Financing c vi es
Net Cash rom (used) in Financing c vi es C (1, 36 )
Net Increase (Decrease) in Cash and Cash E uivalents ( B C) 1,61
D Cash and Cash E uivalents
, 66 385.08
Notes:
For ovelock & ewes
Sunit umar Basu Hemant Bangur Shankar al edia a umar garwal Nandita Sen
D C Bahe
94
Gloster Limited
NO ES O HE CONSO ID ED FIN NCI S EMEN S 1 Corporate In orma on
Name o the compan
Countr o Incorpora on
%o Holding as at 31st March, 1
100%
100%
Summar o signi cant accoun ng policies
1 Basis o prepara on
Basis o Consolida on
3 se o es mates
angi le assets and Deprecia on
95
Annual Report 2014-15
NO ES O HE CONSO ID ED FIN NCI S EMEN S
Intangi le assets and mor a on
6 Impairment o ssets
Investments
Su sid overnment rant
Inventories
1 Emplo ee Bene t
a) De ned Contri u on Plans
) De ned Bene t Plans
(i) ratuit
(ii) Compensated a sences
96
Gloster Limited
d) Other Short erm Emplo ee Bene ts
11 Research & Development Cess and E cise dut
1 Sale o goods
13 Other Income
1 Foreign Currenc ransac on
(i) Ini al Recogni on
(ii) Su se uent Recogni on
NO ES O HE CONSO ID ED FIN NCI S EMEN S
1 a a on
16 Borrowing Cost
1 Provisions and Con ngent ia ili es
1 Earnings per Share
97
Annual Report 2014-15
`NO ES O HE CONSO ID ED FIN NCI S EMEN S 3 Share Capital s at 31st March, 1
uthorised
`
Issued, Su scri ed and Full Paid up
`
otal 3 3 523.34
(a) Reconcilia on o num er o e uit shares s at 31st March, 1
No o Shares ` in lakhs `
,33, 3 3 52,33,440 523.34
( ) Rights a ached to e uit shares
`
(c) Shares allo ed as ull paid up wa o onus shares and pursuant to contract(s) without pa ment eing received in cash
s at 31st March, 1 No o Shares
(d) Details o shares held shareholders holding more than % o the aggregate e uit shares in the Parent Compan
s at 31st March, 1
No o Shares % holding
98
Gloster Limited
`NO ES O HE CONSO ID ED FIN NCI S EMEN S Reserves and Surplus s at 31st March, 1
Capital Reserve 1 150.00
Revalua on Reserve
Deduct:
Deduct:
Balance as at the end o the ear ,3 6 28,251.96
eneral Reserve
Deduct:
dd:
Balance as at the end o the ear 1 , 66 9,995.66
Surplus in the Statement o Pro t and oss
ess:
`
dd:
ess:
` `
Balance as at the end o the ear 6 617.42
otal 36, 6 39,015.04
99
Annual Report 2014-15
`NO ES O HE CONSO ID ED FIN NCI S EMEN S ong term orrowings s at 31st March, 1
Secured
erm oans
nsecured
erm oans
978.23 544.78
otal 11 299.70
(a) Nature o securit and terms o repa ment or secured orrowings (including current maturi es o ong term orrowings in Note 11)
Nature o Securit erms o repa ment
` `
` `
6 De erred ta lia ili es (net) s at 31st March, 1
De erred ta lia ili es
De erred ta assets
otal 1 6 307.08
Other long term lia ilit s at 31st March, 1
otal
ong term provisions s at 31st March, 1
otal 36 6 183.76
100
Gloster Limited
`NO ES O HE CONSO ID ED FIN NCI S EMEN S Short term orrowings s at 31st March, 1
Secured
otal 3, 3 5,100.56
` `
` `
` `
1 rade pa a les s at 31st March, 1
otal 238.61
11 Other current lia ili es s at 31st March, 1
otal 1, 1 2,038.25
` ` ``
1 Short term provisions s at 31st March, 1
Provision or Emplo ee Bene ts ( also re er Note )
Other Provisions
` `
otal 1, 63 1,196.33
101
Annual Report 2014-15
`NO ES O HE CONSO ID ED FIN NCI S EMEN S 13 angi le assets
ROSS B OC DEPRECI ION IMP IRMEN NE B OC F ER IMP IRMEN
Par culars Cost Valua on s at s at s at as at 31st 31st March, 31st March, 31st March,
March, 1 1 1 1 2014 Note (c)
1 , 3 1 1 , 3 1 19,093.18
, 3 1,355.21 472.04 40.19 1, 6 ,6 3 8,073.41
31 229.45
1 , 6,960.61 3,985.39 11.10 1 , 3 185.23 26.39 11 6 , 11 6,387.39
3 111 1 322.03
69.40 28.49 16.17 1 1 3 130.22
3 1 0.01
1 6 6 6 1 117.00
1 1 31 3 199.41
o t a l 3, 1 31 1, 1 33 ,33 ,6 31 , 6 6 13, 3 1 33 3 , 1 34,552.10
Par culars
` `
``
` ` ` `
` ``
`
102
Gloster Limited
`NO ES O HE CONSO ID ED FIN NCI S EMEN S 1 Intangi le assets
ROSS B OC MOR IS ION NE B OC
Par culars Cost Valua on s at s at as at 31st 31st March, 31st March,
March, 1 2014 1 1 2014
3 1 1 6 9.71
o t a l 36 3 1 6 3 1 1 6 9.71
1 Non current Investments s at 31st March, 1
ong erm Investments
rade Investments (valued at cost unless stated otherwise)
n uoted E uit instruments
`
`
`
`
uoted E uit instruments
`
` `
`
uoted Bonds
`
De entures ( uoted)
`
`
De entures ( n uoted)
`
Mutual Fund ( uoted)
103
Annual Report 2014-15
`NO ES O HE CONSO ID ED FIN NCI S EMEN S s at 31st March, 1
Others ( n uoted)
`
`
`
`
`
`
`
otal , 1 33 1,900.94
16 ong term loans and advances s at 31st March, 1
nsecured, considered good (unless otherwise stated)
otal 6 63 698.35
104
Gloster Limited
`NO ES O HE CONSO ID ED FIN NCI S EMEN S 1 Current Investments s at 31st March, 1 t Cost Current por on o ong term investments ( n uoted)
`
Current por on o ong term investments ( uoted)
uoted E uit instruments
`
Investment in Mutual und t cost or air value, whichever is less n uoted
lterna ve Investment Fund ( n uoted)
`
otal 6 1,612.53
105
Annual Report 2014-15
`NO ES O HE CONSO ID ED FIN NCI S EMEN S 1 Inventories (Re er Note No ) s at 31st March, 1
` `
otal 6, 6 6 6,761.17
1 rade receiva les s at 31st March, 1
52.61 12.09
otal 1, 6 3 1,474.72
Cash and Bank alances s at 31st March, 1 Cash and cash e uivalents
Balances with Banks
2,004.66 385.0 Other Bank Balances
otal , 6 399.55
1 Short term loans and advances s at 31st March, 1 nsecured, considered good (unless otherwise stated)
Other dvances
otal 1,056.22
Other current assets s at 31st March, 1 nsecured, considered good
otal 1 50.79
106
Gloster Limited
`NO ES O HE CONSO ID ED FIN NCI S EMEN S 3 Revenue rom opera ons Year ended Year ended 31st March, 1
Sale o products
3 ,6 3 33,399.43
Other opera ng revenues
otal 3 , 1 33,601.93
Other Income Year ended Year ended 31st March, 1
Interest Income on
otal 6 522.34
Cost o materials consumed Year ended Year ended 31st March, 1
20,006.90 20,512.78
otal 16, 1 1 17,329.21
` `
107
Annual Report 2014-15
`NO ES O HE CONSO ID ED FIN NCI S EMEN S 6 Changes in inventories o nished goods, stock in process and semi nished goods Year ended Year ended 31st March, 1
Inventories at the end o the ear
otal ( ) ,6 3 2,641.05
Inventories at the eginning o the ear
otal (B) ,6 1 2,669.83
(Increase) decrease in inventories (B ) 11 28.78
Emplo ees ene ts e pense Year ended Year ended 31st March, 1
otal 6, 66 6 6,526.49
(a) De ned Contri u on Plans Year ended Year ended 31st March, 1
( ) De ned Bene t Plans
ratuit :
108
Gloster Limited
`NO ES O HE CONSO ID ED FIN NCI S EMEN S Sl Descrip on ratuit (Funded) No Year ended Year ended 31st March, 1 (a) Reconcilia on o Opening and Closing alances o the Present Value o the De ned Bene t O liga on
Present Value o O liga on at the end o the ear ,3 3,684.68 ( ) Reconcilia on o the Opening and Closing alances o Plan ssets
Fair Value o Plan ssets at the end o the ear , 61 1 3,340.49 (c) Reconcilia on o the Present Value o the De ned Bene t O liga on and the Fair Value o Plan ssets
ssets ( ia ili es) recogni ed in the Balance Sheet ( 6 ) (d) E pense recognised in the Pro t and oss ccount Current Service Cost 217.26 194.16
otal E pense recogni ed 6 344.19 (e) Categor o Plan ssets : [Re er note ( ) elow
otal , 61 1 3,340.49 ( ) ctuarial ssump ons Discount Rate ( Per annum ) % 9.00% E pected Rate o Return on ssets ( Per annum ) % 8.00% Salar Escala on % 8.00%
109
Annual Report 2014-15
`NO ES O HE CONSO ID ED FIN NCI S EMEN S
1 1 13 1 1 13 11 1 1 11
Finance costs Year ended Year ended 31st March, 1
otal 63 530.14
Deprecia on and amor a on e pense Year ended Year ended 31st March, 1
909.54 748.46
otal 1 754.93
3 Other e penses Year ended Year ended 31st March, 1
otal 6, 3 6,868.90
110
Gloster Limited
`NO ES O HE CONSO ID ED FIN NCI S EMEN S
` `
`
`
In Cash Yet to e paid in cash otal
31 Earnings per e uit share (EPS)
Par cular Year ended Year ended 31st March, 1
(I) Basic
`
`
`
(II) Diluted
`
3 Con ngent lia ili es s at 31st March, 1
33 Commitments s at 31st March, 1
111
Annual Report 2014-15
`NO ES O HE CONSO ID ED FIN NCI S EMEN S 3 In orma on in accordance with ccoun ng Standard 1 on Segment Repor ng :
Par culars Within India Outside India otal 31st March, 31st March, 31st March, 1 2014 1 2014 1 2014
3 Related Part Disclosures pursuant to re uirements o ccoun ng Standard 1 Names o Related Par es and nature o rela onship a) e Management Personnel
) Rela ves o e Management Personnel with whom transac ons took place during the ear
c) Enterprise over which e Management Personnel have signi cant in uence
ransac ons with related par es are as ollows: Par culars Year e Rela ve o e Enterprise over which ke Management Management Management Personnel Personnel Personnel have signi cant In uence ransac ons during the ear
2013-14 9.09 6.83 46.20
B Outstanding alance at ear end
112
Gloster Limited
`NO ES O HE CONSO ID ED FIN NCI S EMEN S 36 Deriva ve instruments and unhedged oreign currenc e posure
Nature o E posure s at 31st March, 1
Nature o E posure s at 31st March, 1
Nature o E posure s at 31st March, 1
113
Annual Report 2014-15
`NO ES O HE CONSO ID ED FIN NCI S EMEN S 3 Statement providing addi onal in orma on, as re uired under Schedule III to the Companies ct, 13, o enterprises considered or prepara on o the Consolidated Financial Statements
s at Year Ended 31st March, 1 31st March, 1
Name o the En t Net s a % o Net s a % o [Re er Note ( a ) elow ssets Consolidated Pro t Consolidated Net ssets Pro t ( oss)
Parent
Su sidiaries
36, 6 1 1 % 1, 3 1 %
For ovelock & ewes
Sunit umar Basu Hemant Bangur Shankar al edia a umar garwal Nandita Sen
D C Bahe
114
Gloster Limited
Form OC 1
Part : Su sidiaries `
Sl No 1
1. Name o the su sidiar loster i est le imited loster Speciali es imited
2.
3.
4. 400.00 400.00
5. 119.24 134.61
6. 1,032.91 1,048.96
7. 1,032.91 1,048.96
8. 243.89 256.89
9. 192.41 192.40
10. 75.95 78.69
11. 11.71 12.04
12. 64.24 66.65
13.
14. 100% 100%
Part B : ssociates and oint Ventures
Hemant Bangur Shankar al edia a umar garwal Nandita Sen
D C Bahe
115
Annual Report 2014-15
NO ES
116
Gloster Limited
NO ES
117
Annual Report 2014-15
118
Gloster Limited
GLOSTER LIMITED
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