Immortal Soul - Bombay Stock Exchange...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

1

Annual Report 2014-15

- "Inevitable Truth"SoulImmortal

GLOSTER LIMITED

ANNUAL REPORT 2014-15

2

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

1


The Man with the Midas

Touch15th Nov, 1946 - 8th June, 2015

2

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.

2

Gloster Limited

3


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.

3


4

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

4

5


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


5

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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.

6

Gloster Limited

7


"If you do not act upon life,

life has a habit of acting upon

you." -Gopal babu

7


8

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

8

Gloster Limited

9


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


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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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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


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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

12

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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.

13


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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

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

16

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)

17


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

19


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)

21


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

23


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

25


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

27


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

`

28

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

29


Not no ed during the period under udit hence not applica le

M B ssociates

Mano umar Banthia

30

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%

31


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

33


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

34

Gloster Limited

iii Change in Promoters Shareholding

Sr No

Par culars Share holdingransac on

Date


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

35


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



No o shares% o total

shares o the compan


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


ransac on Date




shares o the compan


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


Sr No


ransac on Date




shares o the compan


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




shares o the compan


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


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


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


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


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


47


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



48

Gloster Limited


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


49


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




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


51


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


52

Gloster Limited


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


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


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


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


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


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


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


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


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



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


67


`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


`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


`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


`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


`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


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


`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


`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


` `

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


`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





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


D C Bahe

85


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


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


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


D C Bahe

91


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


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


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


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


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


`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


`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


`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


`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


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


`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


`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


`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


`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




113


`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


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


NO ES

116

Gloster Limited

NO ES

117


118

Gloster Limited

GLOSTER LIMITED

www.advacom

unique

.com

CIN - L17119WB1992PLC054454

21 Strand Road, Kolkata 700001, West Bengal, India

T +91 33 2230 9601 | F +91 33 2210 6167, 2231 4222

E [email protected] | W glosterjute.com

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