Gloster 5385950315 PDF

ANNUAL REPORT 2014-15
GLOSTER LIMITED
Immortal
Soul
- "Inevitable Truth"
1
Annual Report 2014-15
Contents
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
2
Gloster Limited
The Man
with the Midas
Touch
15th Nov, 1946 - 8th June, 2015
1
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 familys 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
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 Gopal babu was the Chairman
asset. He firmly believed that of Indian Jute Mills Association
achievements are determined - the apex body of jute
by 3 D's - Desire, Dedication manufacturers- for the periods
and Devotion. 1992-93 and 1993-94.
3
Above
and
A born philanthropist, throughout his life
he has supported various hospitals, which
served the under-privileged. He contributed
beyond
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.
Gopal babu was beyond the
Environmental cleanliness, occupational health
league of ordinary humans
of the workers working in various factories of
and belonged to the league the group and a green society were closest to
extraordinaire. his heart. He felt that only with the inclusive
growth of the underprivileged we shall be able
Gopal babu was a true philanthropist at the core. to make an egalitarian society.
He has contributed greatly in the commissioning
of social, health and education infrastructure for His graciousness and magnanimity will forever
the downtrodden and underprivileged sections remain unparalleled and he will continue
of society. A large percentage of his social work to shine like a beacon in the sky of human
is centred in and around the jute factory and compassion.
various plantation estates of the group in Assam,
Kerala, Karnataka as part of his community
outreach programmes.
4
Gloster Limited
A spiritual mindset
Gopal babu was a peace-loving man Gopal babu believed in encouraging

at heart. He always propounded that others to realize and attain their true
peace of mind was the key nourishment potential. He always encouraged
for the human soul and was one factor people to do whatever makes them feel
that ultimately determined quality of happy. Each day and every moment
the mind as well as life. To him, life was one lived and breathed in was of
not about material successes or awards paramount importance, according
and recognition. The essence of life, to to him. He did not believe in keeping
him, was in being able to serve society regrets and believed that the most
and fellow human beings, especially opportune moment was NOW! He
the downtrodden. The awe-inspiring always urged everyone to start the
Hanuman Temple at Bauria was journey to fulfill their latent desires and
conceptualized and consecrated by him dreams.
to fulfill the long standing wish of the
community at Bauria.
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
The
genesis
Gloster owes its origin to the inception in 1872 the diversified conglomerate of the House of the
of the Jute Mill at Fort Gloster. With the dawn of Bangurs namely Fort Gloster, Hastings & Fort William.
independence the Scottish owned and run company With the passage of time he took over as Chairman
was taken over by the Late P.D.Bangur and Late R.N. in early 80s and successfully navigated Gloster
Bangur, when the Bangurs took over the Managing through a very turbulent phase in the history of Jute
Agency of Kettlewell Bullen & Co. Ltd. Mills in India. His efforts ensured that Gloster has
risen like a phoenix from the ruinous period, to be
Gopal babu started looking after the various recognized as the most dynamic Jute company in
companies of the Group at an early stage. He was the World.
deeply involved in running the Jute Mills of
6
Gloster Limited
"If you do not
act upon life,
life has a habit
of acting upon
you."
-Gopal babu
7
Gloster, established
in 1872, is a leading
manufacturer and Gloster has acquired for itself a reputation
exporter of jute that is unrivalled and is a true outcome of
its illustrious legacy. Under Gopal babus
products in India, Chairmanship Gloster has achieved
promoted and astronomical heights and is considered

the pioneer mill in jute industy worldover.
managed by the
Gloster has been principally guided by
Bangur Group, based Gopal babus vision and his able guidance
has enabled the Company to successfully
in Kolkata, West mitigate the industry risks and volatile
Bengal. conditions of the unpredictable jute
industry, in the past. In the process,
The company has a rich and diverse product Gloster has created an enduring history
mix and has emerged as the one-stop shop for and become case-study material to be
jute products over the last few years. Products archived as inspiration.
include hessian, double warp cloth, sacking
cloth, tarpauline cloth, canvas cloth, scrim cloth, Gopal babu was the key catalyst in paving
Hessian bags, sacking bags, double warp bags, Glosters transition from a mere corporate
lifestyle products, yarn, geo textiles, soil savers, entity to an unwavering establishment
non-woven, jute tape, nursery liners and sheets and Gloster will remain forever indebted
and other specialty downstream products. and bound to his principles and legacy.
vision mission
t Promote the principles of sustainability in t Cater to the needs of customers all over
our operations and activities the world
t Be committed to our workforce, t Win recognition as a producer of quality

consumers, suppliers, shareholders and jute and allied products
other stakeholders, at large
t Provide products at a competitive price
t Make our business a part of the society while delivering value
and contribute to the welfare of the larger
community
8
Gloster Limited
milestones
The companys journey
1872
1954 Inception of the mills
House of Bangurs took
over the mills
2002-03
First phase of Modernization & Expansion
- Commissioning of Ananya Unit and 1992
Power plant. Jute division of House of
Bangurs carved out in the
Form of Gloster Limited
2007-13
Completed 3 more phases
of modernization
2013-14
Initiated 5th phase of
modernization
[ [
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.
9
At the heart of Gloster,
is a green conscience.
The company has
evolved beyond a
mere manufacturer
in becoming a green
manufacturer.
t Encourages & supports cultivation of t Installed overhead conveyor system for
Organic Jute drying wet processed fibre "Morahs" by
means of wind & solar energy in place of
t Installed effluent treatment plant having
steam drying.
re-cycling system for the effluents. The
processing system therefore does not t Installed Voltaic Solar Panel System on
release any type of effluents to drains / roof top to save Electricity
streams etc
t Kitchen & garden waste used to
t Installed Electrostatic Precipitator to generate bio-gas
collect & precipitate dust emissions
from the exhaust flue gases of boilers,
preventing environment air pollution
t Installed Humidification plant
t Installed dust absorption and dust

suppression system
t The installed boilers use jute process

waste as fuel instead of coal
10
Gloster Limited
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
The circle
of life
Life and death.
Two inevitable
truths.
In the life cycle
of human, plant
and jute products.
12
Gloster Limited
As a person gives up old and worn out garments and accepts new apparel
So 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 Jute as a biodegradable product continues its
the only constant; the ability to live forever is lifecycle in some form or the other. Jute has the 3
celebrated in the Bhagvad Gita. The journey Rs as the basis of its existence-Reduce, Replenish
of a soul continues infinitely and only its form and Recycle.
changes.
Jute springs in all its vitality from the earth,
The body depletes on finishing its life journey and provides precious raw material for superior
becomes one with the five elements, but the soul products, allows multiple use & recycling and
is immortal and exists eternally and is replenished finally replenishes and organically enriches
with the birth of a new life. the soil. It provides the basis for a benign
environment through its bio-degradable
We are all of the opinion that the end of the properties and paves the foundation of a
earthly life of Gopal babu is truly not the end of sustainable community and business future. In
his legacy. He will continue to inspire us with his short, even at the end of its life cycle, jute, the
ideals and vision and be the guiding force for the principal product of Gloster Ltd., continues to
company to achieve new pinnacles of success. enrich the soil to which it returns.
13
Financial Highlights
Income Cash
Share Net Cash Earnings
Reserves From Net Wrot Earnings Book Dividend
Year Ended Capital Worth Wrot Per Share
(` lakhs) Kperaons (` lakhs) Per Share Value (`) (%)
(` lakhs) (` lakhs) (` lakhs) (`)
(` lakhs) (`)
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 Netorth includes Revaluaon Reserves arising on revaluaon o Fied ssets

Book Value Earning Per Share Cash Earning Per Share calculated on epanded Capital or all ears
14
Gloster Limited
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Distribution of Revenue for the year 2014-15
2.76% 1.48% 2.08% 4.01%
Cost of Raw Material 50.61%

Mfg. & Other Expenses 39.06% 39.06% 50.61%
Depreciation 2.76%
Finance Cost 1.48%
Tax 2.08%
Profit (PAT) 4.01%
Distribution of Revenue for the year 2013-14

2.21% 1.56% 1.80% 4.14%
Cost of Raw Material 50.93%

Mfg. & Other Expenses 39.36% 39.36% 50.93%
Depreciation 2.21%
Finance Cost 1.56%
Tax 1.80%
Profit (PAT) 4.14%
16
Gloster Limited
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23
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productsservices
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III PRdICh>RS OF HO>DIN' ShBSIDIRY ND SSOCIdE COMPNIES
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No compan ssociate
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30
Gloster Limited
IV SHRE HO>DIN' PddERN (Euit Share Capital Breakup as percentage o dotal Euit)
Categorwise Share Holding
No o Shares held at the eginning o the No o Shares held at the end o the ear
ear (s on st pril ) (s on st March ) % Change
Categor o
during the
Shareholders % o dotal % o dotal
Demat Phsical dotal Demat Phsical dotal ear
shares shares
Promoters
1) Indian
/,h& 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 11 1 1
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0 0 0 0 0 0 0 0 0
&/ 0 0 0 0 0 0 0 0 0
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Sutotal ()(): 0 0 0 0 0 0 0 0 0
dotal shareholding
o Promoter () 1 11 1 1
()(1)()()
B Pulic
Shareholding
1) Instuons
D&hd/ 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
s
0 0 0 0 0 0 0 0 0
Funds
/
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
&s
0 0 0 0 0 0 0 0 0
&
K 0 0 0 0 0 0 0 0 0
Sutotal(B)(1): 11 111 11 1111 1
31
No o Shares held at the eginning o the No o Shares held at the end o the ear
ear (s on 1st pril 1) (s on 1st March 1) % Change
Categor o
during the
Shareholders % o dotal % o dotal
Demat Phsical dotal Demat Phsical dotal ear
shares shares
NonInstuons

/ 46,597 10,892 57,489 1.10 77,963 7,884 85,847 1.64 0.54
K 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

`
K
d 20 0 20 0 8,764 0 8,764 0.17 0.17
D 1,039 0 1,039 0.02 402 0 402 0.01 -0.01
EZ
2,183 5,040 7,223 0.14 2,123 2,682 4,805 0.09 -0.05
/
Sutotal (B)() 1 111 1 11
dotal Pulic
Shareholding 11 11 11 1 1 1
(B)(B)(1) (B)()
C Share held
Custodian or 'DRs
DRs (C)
'rand dotal (BC) 11 11 1 1 1
32
Gloster Limited
ii Shareholding o Promoters
Shareholding at the eginning o the

Shareholding at the end o the ear
ear % change
% o Shares % o Shares in share
Sr % o total % o total
Shareholders Name Pledged Pledged holding
No No o shares No o shares
encumered encumered during the
shares o the shares o the ear
to total to total
compan compan
shares shares
1 <
9,23,944 17.66 0 8,93,903 17.08 0
>
2 dK
7,55,008 14.43 0 7,55,008 14.43 0 0
>
3 Dd
5,73,181 10.95 0 5,91,564 11.31 0 0.36
>
4 ,
3,05,190 5.83 0 3,05,190 5.83 0 0
/W>
5 ' 1,78,570 3.41 0 1,78,570 3.41 0 0
6 W 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
,h&
8 , 1,36,666 2.61 0 1,36,666 2.61 0 0
9 s 1,08,400 2.07 0 1,33,441 2.55 0 0.48
10 d/
1,11,192 2.12 0 83,192 1.59 0
>
11 ',h& 49,186 0.94 0 49,186 0.94 0 0
12 tWs
6,448 0.12 0 6,448 0.12 0 0
W>
13 W
5,312 0.05 0 5,312 0.05 0 0
Bangur
14 W 400 0.01 0 400 0.01 0 0
33
iii Change in Promoters Shareholding
Sr Parculars Share Shareholding at the eginning o Cumulave Shareholding during

No holding the ear the ear
dransacon
No o shares % o total shares No o shares % o total shares
Date
o the compan o the compan
1 <elewell Bullen and Compan >imited
01.04.2014 9,23,944 17.66 9,23,944 17.66
d 12.09.2014 8,93,903 17.08
31.03.2015 8,93,903 17.08
2 Madhav drading Corporaon >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
d 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
d 12.09.2014 25,041 0.48 1,33,441 2.55
31.03.2015 1,33,441 2.55
5 dhe Cama Investment Corporaon
>imited
01.04.2014 1,11,192 2.12 1,11,192 2.12
d 12.09.2014 83,192 1.59
31.03.2015 83,192 1.59
34
Gloster Limited
iv Shareholding Paern o top ten Shareholders ( other than Directors Promoters and Holders o 'DRs and DRs)
Shareholding at the eginning Cumulave Shareholding

Shareholding o the ear during the ear
Sr
For Each o the dop 1 Shareholders dransacon % o total % o total
No
Date No o shares shares o the No o shares shares o the
compan compan
1 >ie Insurance Corporaon 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 Euanimit 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 Dhireshhai 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 Hai re Bham Waka
01.04.2014
22.08.2014 8,744 0.17 8,744 0.17
31.03.2015 8,744 0.17
35
Sr
No
compan compan
7 Benu 'opal Bangur
01.04.2014 7,808 0.15 7,808 0.15
31.03.2015 7,808 0.15
8 Saniv Dhireshhai 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 Via <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
36
Gloster Limited
Sr
No
compan 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 hnited Commercial Bank
01.04.2014 4,800 0.92 4,800 0.92
31.03.2015 4,800 0.92
15 Prak 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
37
v Shareholding o Directors and <e Managerial Personnel

Sr Shareholding o each Directors and each
dransacon % o total % o total
No <e Managerial Personnel
compan compan
1 'opal Das Bangur Eecuve 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
38
Gloster Limited
V INDEBdEDNESS
Indetedness o the Compan including interest outstandingaccrued ut not due or pament `/
Secured >oans hnsecured

Parculars Deposits dotal Indetness
ecluding deposits >oans
Indetedness at the eginning o the nancial ear
W 5,456.79 188.55 5,645.34
/
/ 17.32 17.32
dotal (iiiiii) 11 1
Change in Indetedness during the nancial ear

Z 1,483.91 188.55 1,672.46
E
Indetedness at the end o the nancial ear
W 3,979.68 3,979.68
/
/ 10.52 10.52
dotal (iiiiii)
VI REMhNERdION OF DIRECdORS ND <EY MN'ERI> PERSONNE>
Remuneraon to Managing Director WholemeDirector andor Manager `/
Sr Shri 'opal Das Bangur Shri Dharam Chand Bahe dotal

Parculars o Remuneraon
No Eecuve Chairman Managing Director mount
1. '
^ 75.49 67.97 1
/
s / 8.30 9.80 11
1961
W/d
1961
2 ^K
3 ^
4

35.00 40.00
5 K
dotal () 11 11
E

39
B Remuneraon to other Directors `/
Name o Directors
Sr Shri Shri Smt Shri dotal
Parculars o Remuneraon Shri S N Dr Prair
No Hemant Bhaskar Nandita <ruas mount
Bhaachara Ra
Bangur Mier Sen Mahapatra
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
K
dotal B (1) 1
2 Other NonEecuve Directors
& 1.00
3.96
K
dotal B ()
dotal B (B1B)
dotal Managerial Remuneraon (B)

K 264.54
E

C Remuneraon to <e Managerial Personnel other than MDManagerWdD `/
Sr Shri a <umar garwal Shri Shankar dotal

Parculrs o Remuneraon
No Compan Secretar >al <edia CFO mount
1 '
^ 21.38 14.25 35.63
/
s/ 4.67 3.12 7.79
W/d
2 ^K
3 ^
4

5 K
dotal 1
VII PEN>dIESPhNISHMENdCOMPOhNDIN' OF OFFENCES

dD
40
Gloster Limited
NNEyhREVI dO dHE DIRECdORS REPORd
/^ B dechnolog sorpon
Z
Eorts made towards technolog asorpon
Conservaon o Energ
/ Z > ^
d Z>

// /
/ Z
/// DdWdW

// /
/s h

>>
Benets derived
/// /^<s
W ^ / /
<s
W , // /
/// Z
dhe steps taken the Compan or uliing alternate C Foreign echange earnings and outgo:
sources o energ:
&
/ / d s ^ > `

&
// / `

dhe capital investment on energ conservaon euipment
/ `
41
NNEyhREVII dO dHE DIRECdORS REPORd
PRdICh>RS OF EMP>OYEES ^<D 22.35
d /
WZ 23.34
Z D W Z /
^< 24.77
(a) dhe rao o the remuneraon o each Director to the ^
median remuneraon o the emploees o the compan or
^^><&K 13.10
the nancial ear:
(c) dhe percentage increase in the median remuneraon o
Eecuve Directors Rao to median emploees in the nancial ear
remuneraon
3.60%
^' 62.62
(d) dhe numer o permanent emploees on the rolls o
compan as on 1st March 1 is
^ 62.08
D 4,369
NonEecuve Directors Rao to median (e) dhe eplanaon on the relaonship etween average
remuneraon increase in remuneraon and compan perormance
W /
^, 2.61

Ê^ 2.51
d
^Ê 1.71

^<D 2.61
() Comparison o the remuneraon o the <e Managerial
WZ 2.24 Personnel against the perormance o the compan
D % increase in
Comparison o
remuneraon
remuneraon against
Name in the
the perormance o
nancial ear
() dhe percentage increase in remuneraon o each Director the Compan
11
Chie Financial Ocer Chie Eecuve Ocer Compan
Secretar or Manager i an in the nancial ear: ^' d
W
Name % increase in Z
remuneraon in the D
^
nancial ear 11
14.79

^' D

^<
^ 14.79 D
24.77
D W
^ /
^, 22.35
E ^^>
13.10
<&K
Ê^ 17.42
/ (g) Variaons in the market capitaliaon o the compan
price earnings rao as at the closing date o the current
^Ê 32.44
nancial ear and previous nancial ear and percentage
/
increase over decrease in the market uotaons o the
42
Gloster Limited
shares o the compan in comparison to the rate at which W
the compan came out with the last pulic oer in case o
listed companies and in case o unlisted companies the
(i) Comparison o the each remuneraon o <e Managerial
variaons in the net worth o the compan as at the close o
Personnel against the perormance o the compan
the current nancial ear and previous nancial ear
Z
dWZ
D () dhe ke parameters or an variale component o
Dd remuneraon availed the Directors

WKW d
E

(h) verage percenle increase alread made in the salaries
o emploees other than the managerial personnel in the (k) dhe rao o the remuneraon o the highest paid Director
last nancial ear and its comparison with the percenle to that o the emploees who are not Directors ut receive
increase in the managerial remuneraon and uscaon remuneraon in ecess o the highest paid Director during
thereo and point out i there are an eceponal the ear
circumstances or increase in the managerial remuneraon E
percenle ma e read as percentage
(l) rmaon that the remuneraon is as per the remuneraon
polic o the compan

d
ZW
NNEyhREVIIB dO dHE DIRECdORS REPORd

Inormaon pursuant to Rule() o Chapter yIII o Companies (ppointment and Remuneraon o Managerial Personnel) Rules
1
d
Nature o Yualicaons
Date o
Remuneraon emploment and >ast Relaonship
commencement ge % o euit
Name Designaon Received whether eperience emploment with other
o (Years) shares held
(`) contractual o the held Directors
emploment
or otherwise emploee
:
d &
^' t
1,18,78,656 12.04.2000 68 / 3.41% ^,
Das Bangur
> Bangur
W
&'
^ /
D t
1,17,77,000 01.04.1992 67 > 0.06% E

t

43
CORPORdE 'OVERNNCE REPORd
INdRODhCdION
z ' ' E

d
' BORD OF DIRECdORS

COMPOSIdION ND CdE'ORY
'd
/
'
d

d

d /
d
'
dD
1 COMPNYS PHI>OSOPHY ON CODE OF 'OVERNNCE ^
z W
'
^ WE
EWD

/E
z
^ D /

d

Name o Director Categor o Directorship
Directorship in Other No o Board Commiees (other than
Companies (#) 'loster >td) in which Chairman
ChairpersonMemer
Chairman Memer
Chairperson
^' W 4 1 2
^, WE 7 E 1
^D /E E E E
Ê^ /E E E E
^<D /E E E E
WZ /E E E E
^Ê /E E E E
^ EWD 3 E E

K

D
44
Gloster Limited
K ^ dD
Z D

E
ddENDNCE OF ECH DIRECdOR d dHE BORD MEEdIN'S
ND dHE >Sd NNh> 'ENER> MEEdIN'
INDEPENDENd DIRECdORS D
d/ DD
E&d
^ D'
> D'D
/
Name o the Director No o endance
>
Board at last 'M
Meengs held on 6th
aended Septemer 1

^' 2 Yes
BORD PROCEDhRE
^, 4 Yes
d ^D E NA

Ê^ 3 Yes
d
^<D 4 Yes
d D WZ 3 Yes

^Ê 3 E
Dd
^ 4 E

D d FMI>IRISdION PRO'RMME

d /

d y d
> ^

&W/
d SEPRdE MEEdIN' OF INDEPENDENd DIRECdORS

D /
&

d
d E/

E

d D D

D

d D
45
hDId COMMIddEE

COMPOSIdION

D
E/ K
E/

Z

d

Name o the Director Posion Categor
Ê^ / Z
E
^, D E
^D D / D
E Z ^
^<D D /
E

d/
^ ^ D
d
'D ^
^
d
^
>

d
Y

Z

Z

d D D
Z

D

BROD dERMS OF REFERENCE

d
^
46
Gloster Limited
s /

d
/

Z
MEEdIN'S ND ddENDNCE
D
Z DD
K K
& d
D
d D
under:

Name o the Director No o meengs aended
Z
Ê^ 4

^, 5
^D E

^<D 5

d^
d INdERN> hDIdORS

d
/
d
dt /
&K t NOMINdION ND REMhNERdION COMMIddEE
&
COMPOSIdION
DEZ

E W
d
E

d

d
^<D /
D E
^, D E
^ ^D D /
E
Ê^ D /
E
D
^
47
d E Name o the Director No o meengs aended
Z D
^<D 3
^
d ^, 3
^D E
> Ê^ 3
d ^ ^

d^
d E Z
' D REMhNERdION PO>ICY
^
Remuneraon to NonEecuve Directors
BROD dERMS OF REFERENCE
d E
d d Z E Z ^ E
`
`
Z

t B Remuneraon to Wholeme DirectorsManaging Directors
D
d t D
t
D E Z
^s
^ ' D
d t
&
D

W

&

'D
< D W
E Z

& /
W

/
DEdI>S OF REMhNERdION dO >> dHE DIRECdORS
<^ D W
FOR dHE YER ENDED 1Sd MRCH 1

NONEyEChdIVE DIRECdORS

d Name o the Director Commission ` Sing Fees `
^, 3,95,664 1,00,000
^D 21,680 E/>

Ê^ 3,95,664 80,000
MEEdIN'S ND ddENDNCE ^Ê
D
E Z D ^<D 3,95,664 1,00,000
DE WZ 3,95,664 30,000
2014.
W
d E Z
D >//
48
Gloster Limited
WHO>EdIME DIRECdORS d ^ Z
D
Name o the Salar Benets Commi Service Noce Severance
^d
Director ` ` ssion ` Contract Period Fees

^' 67,50,000 16,28,656 35,00,000 3 Years 3 E
>
Das Bangur, ^
d
12.04.2013
^^
^ 46,20,000 31,57,000 40,00,000 5 Years 3 E BROD dERMS OF REFERENCE
^
D 27.07.2012 d ^ Z

W
PERFORMNCE EV>hdION
W
>

d
YD

D
& Z
^d

EZ

RE>dIONSHIP OF NONEyEChdIVE DIRECORS WIdH dHE
COMPNY ND INdERESE dZ
^dDDW>
d
E

Sd<EHO>DERS RE>dIONSHIP COMMIddEE

COMPOSIdION

D ^ Z

E W
E
d

^, E
^D D / ^
E ZDD
Ê^ D / W>dK
E Z ^
^<D D / d
E
d^Z
^dDDW>
49
'ENER> BODY MEEdIN'S
^/ ^/ >ocaon and me where last three nnual 'eneral
Z ^ ^KZ^ ^ Meengs ('M) were held is given elow:
Z
Financial Da Date >ocaon o the Special resoluon
dD^Z
Year dime Meeng passed
D
2011-12 d ^^ E/>
,Z^

^ D Z<
2012-13 d ^^ E/>
: ,Z^

MEEdIN' ND ddENDNCE
D Z<
D^ 2013-14 ^ <<
ZD ^^
E& ^ <
d^Z
D
under:
^
Name o the Director No o meengs aended
^, 4
^D E
Ê^ 3
^<D 4
` 250

DEdI>S OF SHREHO>DERS COMP>INdS RECEIVED NOd
SO>VED ND PENDIN' SHRE dRNSFERS ^

d

D ` 250
d
Dd
DE B Passing o Resoluons Postal Ballot E
W
^ / ,

^ Z
6 ShBSIDIRY COMPNIES d W

d
>
C E
, W

CODE OF CONDhCd
WD^ d
^Dd
CEOCFO CERdIFICdION

/y > ^Dd
K&K ^
K^^><&K
D D
50
Gloster Limited
^ d / ^ / /^/
D /
^ ^
1 CODE OF CONDhCd FOR PREVENdION OF INSIDER dRDIN'
' W
/ ^ D Z Z D
/ W / d Z D d ^
W & WZ
/ d ^ Z
/d
11 DISC>OShRES
d E
^
W D
1 MENS OF COMMhNICdION

d
d
^ÊE W
Z >
d d
>^d
ZWd d
/^W
d

> ^
d Z
^/
^/ ^
E

dsDt D
W Z

d^
d /

tW 1 'ENER> SHREHO>DER INFORMdION
d
^ /
Z
51
1 COMP>INCE CERdIFICdE
DEC>RdION
>^^D
W'D
&'>
W< Dharam Chand Bahe
D D

CERdIFICdE ON COMP>INCE WIdH dHE CONDIdIONS OF CORPORdE 'OVERNNCE
hNDER C>hSE OF dHE >ISdIN' 'REEMENd
do dhe Memers o 'loster >imited
/''>
D > ^ d
'D

'/
/
/
'>/

D
Sweet <apoor
W< W^
D DE&^WE
52
Gloster Limited
SHREHO>DER INFORMdION
RE'ISdERED OFFICE SdOC< MR<Ed Dd
^Z d
< ^ >
/E>tW> ^>
d
NNh> 'ENER> MEEdIN' BSE

MONdH HI'H >OW VO>hME
d ^D (`) (`) (NO OF SHRES)
WZ/> 180.70 148.00 14,086
s ^^,Z^ Dz 200.25 151.10 20,396
Z< :hE 224.90 182.00 31,382
:h>z 221.50 175.00 30,093
FINNCI> YER h'h^d 213.35 177.25 36,812
^WdDZ 259.90 190.15 99,388
D
KdKZ 257.75 202.05 9,224
dENddIVE FINNCI> C>ENDR EKsDZ 238.50 211.70 11,872
DZ 264.00 206.60 18,123
& :EhZz 279.00 203.00 36,500
: &ZhZz 230.00 194.00 17,345
DZ, 220.30 182.00 14,852
&
Ê PERFORMNCE d BSE DhRIN' dHE FINNCI> YER 11
E^ 3,40,073
& ,^W` 279.00
& >^W` 148.00
D` 191.70
&
DD`
DD
'>OSdER VS SENSEy
DdE OF BOO< C>OShRE
30000.00
^^ 450.00
25000.00
400.00
350.00
20000.00
DIVIDEND
Gloster Ltd. `
300.00
Sensex
250.00 15000.00
d 200.00
10000.00
150.00
'D 100.00
5000.00
^ 50.00
0.00
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
0.00
2014 2014 2014 2014 2014 2014 2014 2014 2014 2015 2015 2015
>ISdIN' ON SdOC< EyCHN'E
Gloster Close BSE Sensex
d^>d
DEPOSIdORY CONNECdIVIdY
^>
E^>
>&^> ^/>
d^>
RE'ISdRR SHRE dRNSFER 'ENdS
SdOC< CODE
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53
SHRE dRNSFER SYSdEM SHREHO>DIN' PddERN S ON 1Sd MRCH 1
d CdE'ORY NO OF % OF
D D W > SHRES SHRE
/ HE>D CPId>
E PROMOdERS HO>DIN'
^ > ^ W
/ > W / /W 34,79,402 66.48
>^ &W
^^d Sutotal 66
B NONPROMOdERS HO>DIN'
1 Instuonal Investors
INVESdOR 'RIEVNCE REDRESS> SYSdEM D&hd/
&/ 11,60,131 22.17
d/ /
Z^dDD &
W><^ Sutotal 11611 1
OdHERS
W 85,847 1.64
Z^d /W 4,94,089 9.44
K 13,971 0.27
Sutotal 11
'RND dOd> 1
DISdRIBhdION OF SHREHO>DIN' S ON 1Sd MRCH 1 SHREHO>DIN' PddERN
NO OF EYhIdY NO OF % OF NO OF % OF W 66.48%

SHRES HE>D SHRE SHRE SHRES SHRE &/ 22.17%
HO>DERS HO>DERS HE>D HO>DIN' /
h 2,155 89.27 1,79,814 3.44 1.64%
138 5.72 1,00,360 1.92 'WK 9.71%
54 2.24 77,508 1.48 1.64%

24 0.99 58,548 1.12 9.71%
15 0.62 52,571 1.00
22.17%
5 0.21 22,630 0.43
6 0.25 39,535 0.76
66.48%
17 0.70 47,02,474 89.85
'ZEdKd> 2,414 100.00 52,33,440 100.00
RECONCI>IdION OF SHRE CPId> hDId
^/ W ^
Z^
E ^
> E^> ^ / > DEMdERI>ISdION OF SHRES ND >IYhIDIdY
^>d
^ Dd
d>W E ^ >
E^> ^ / > ^>
E^>^>

54
Gloster Limited
SddhS OF DEMdERI>ISdION S ON 1Sd MRCH 1 /

PRdICh>RS NO OF % dO dOd> NO OF

SHRES CPId> CCOhNdS
>
E^ 41,88,008 80.02 1,284
> E E
^ 9,49,065 18.14 630 E ^ ^ E
/> ^ ^
d 51,37,073 98.16 1,914 K K
W 96,367 1.84 500 ^ h ^
'rand dotal 1 1 h h ^ h
^ ^ ^
OhdSdNDIN' 'DRSDRSWRRNdS OR NY CONVERdIB>E

INSdRhMENdS CONVERSION DdE ND >I<E>Y IMPCd ON D

EYhIdY
E E E 114
EKdWW>/>

NOMINdION

/ Note
h^^

E d h
^D
E^>^>E
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d d ^ / ^/
hNC>IMED DIVIDENDS SHRE CERdIFICdES

hNC>IMED DIVIDENDS E ^ E^
E^ /
E^
/ d
W&/W&'
'

/W& ,

Financial Year Date o declaraon o Due Date or transer to W
dividend IEPF
P>Nd >OCdION
2007-2008 ^ WK&',t
2008-2009 ^ DDRESS FOR CORRESPONDENCE
2009-2010 ^ E
Registrar Share dranser gents
2010-2011 ^
DW>
2011-2012 ^ D>
2012-2013 : <
2013-2014 ^ K d
&
D
/W&
Registered Oce
hNC>IMED SHRE CERdIFICdES
^Z<
> d
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55
INDEPENDENd hDIdORS REPORd
dO dHE MEMBERS OF 'loster >imited

Report on the Standalone Financial Statements
/
t
' >
^ D
^W>&^

Managements Responsiilit or the Standalone Financial

Statements

d
^

t

/
^^ Opinion
Z Z
d /

/
D

Report on Other >egal and Regulator Reuirements

ZK
'/

K

uditors Responsiilit
K
K
t ^
Z t

t ^ /
^

/ / d
^ d^^W>
&^Z

/
^
^Z
d Z
56
Gloster Limited
K
D ZE

dD
D

^

t Z E
ZZ
Z D

d

/
us:
W &
d D
D
For >ovelock >ewes

&ZE

Sunit <umar Basu

W< W
D DE
57
NNEyhRE dO INDEPENDENd hDIdORS REPORd
Reerred to in paragraph o the Independent uditors
Report o even date to the memers o 'loster >imited on the
standalone nancial statements as o and or the ear ended
March 1 1 &

d

dD
d

^

W t

D ' /

^
d
D / t

/
D

K

d

d

^
d
K d
D
/

Name o the statute Nature o dues mount (`) Period to which Forum where the dispute is
the amount relates pending
^d ^d 2,91,540 2001-02 ,,
t^d t 9,45,191 2003-04 tdd
^d ^d 4,43,167 2003-04 ,,
tsd tsd 1,70,63,698 2005-06 Z
^d ^d 8,44,112 2005-06 Z
tsd tsd 2,68,833 2006-07 Z
^d ^d 1,62,820 2006-07 Z
tsd tsd 14,42,916 2007-08 Z
58
Gloster Limited
NNEyhRE dO INDEPENDENd hDIdORS REPORd
^d ^d 8,41,751 2007-08 Z
tsd tsd 21,61,019 2008-09 Z
^d ^d 6,94,675 2008-09 Z
tsd tsd 17,34,219 2009-10 Z
^d ^d 15,54,342 2009-10 Z
tsd tsd 22,26,350 2010-11
^d ^d 38,83,904 2010-11
tsd tsd 36,53,617 2011-12 ^:
^d ^d 1,03,78,370 2011-12 ^:
d /
W &

K

/
d

/

/ D
For >ovelock >ewes

&ZE

Sunit <umar Basu

W< W
D DE
59
B>NCE SHEEd^d^dDZ, `
s at
E 1st March 1 D
EYhIdY ND >IBI>IdIES
Shareholders Funds
^
Z^
616 39,416.51
Noncurrent >iailies
>

K
>
11 818.63
Current >iailies
^
dW
K
^
6 8,573.62
dotal 1 48,808.76
SSEdS
Noncurrent ssets
&
d
/

E
>
6666 37,523.45
Current assets

/
d

^
K
1161 11,285.31
dotal 1 48,808.76
/
^
d&^
d^
For >ovelock >ewes
&ZE

Sunit <umar Basu Hemant Bangur s

W< W Shankar >al <edia a <umar garwal Nandita Sen
D DE &K ^ D C Bahe D
60
Gloster Limited
SddEMENd OF PROFId ND >OSS&KZd,zZE^dDZ, `
Year ended Year ended
E 1st March 1 D
INCOME
Z
>Z
Z 33,601.93
K/
dotal Revenue 34,057.20
EXPENSES

&

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dotal Epenses 11 32,037.32
Prot eore eceponal items and ta 11 2,019.88

Prot eore ta 11 2,019.88
d

dotal da epenses 6 611.52
Prot or the ear 1 1,408.36
Earnings per euit share
[Nominal Value per Share ` 1 (11 ` 1)
Basic & Diluted 31 25.29 26.91
Corporate Inormaon 1
Summar o signicant accounng policies 2
d
d^W>
For >ovelock & >ewes
&ZE


61
CSH F>OW SddEMENd&KZd,zZE^dDZ, `
Parculars 1st March 1 D
Cash Flow rom Operang cvies
E 11 2,019.88
dustments or:

&
tK
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E
E/
h'>
'>DD/ 1.74 2.13
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W/WW
W
tK
1 1,358.97
K 16 3,378.85

//
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/dKW

2,669.76
/d (11)
Net Cash rom Operang cvies 6 1,939.23
B Cash Flow rom invesng acvies
W&
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^&
W
WE
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Net Cash used in Invesng acvies B (1)
62
Gloster Limited
CSH F>OW SddEMENd&KZd,zZE^dDZ, `
Parculars 1st March 1 D
C Cash Flow rom Financing cvies
E^
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Net Cash rom (used) in Financing cvies C ()
E/ 1
D Cash and Cash Euivalents

E/

D 1 332.60
d&^^
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63
NOdES dO dHE FINNCI> SddEMENdS
1 Corporate Inormaon

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64
Gloster Limited
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& D W

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6 Investments (i) 'ratuit
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d W & ^ d

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66
Gloster Limited
NOdES dO dHE FINNCI> SddEMENdS `
Share capital s at
1st March 1 D
uthorised
^`
Issued Suscried and Full Paidup
^`
dotal 523.34
(a) Reconciliaon o numer o euit shares s at

1st March 1 D
No o Shares ` In lakhs E^ `/

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52,33,440 523.34
() Rights preerences & restricons aached to euit shares

d`
d/d
'D
/

(c) Shares alloed as ull paid up wa o onus shares and pursuant to contract(s) without pament eing received in cash
s at
1st March 1 D
No o Shares E^

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(d) Details o shares held shareholders holding more than % o the aggregate euit shares in the Compan
s at
1st March 1 D
No o Shares % holding E^
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67
Reserves and Surplus s at
1st March 1 D
Capital Reserve 1 150.00
Securies Premium Reserve

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Revaluaon Reserve

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^//
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dZE
d
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Balance as at the end o the ear 6 28,251.96
'eneral Reserve

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Balance as at the end o the ear 166 9,995.66
Surplus in the Statement o Prot and >oss

>ess:W^//
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Balance as at the end o the ear 495.55
dotal 38,893.17
68
Gloster Limited
>ongterm orrowings s at
1st March 1 D
Secured
derm >oans
&ZE
hnsecured
derm loans
KW
978.23 544.78
>KZE
dotal 11 299.70
(a) Nature o securit and terms o repament or secured orrowings (including current maturies o >ong term orrowings
in Note 11)
Nature o Securit derms o repament
d` Z
` D

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6 Deerred ta liailies (net) s at

1st March 1 D
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Deerred ta assets
W
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Other longterm liailit s at

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K
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>ongterm provisions s at

1st March 1 D
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69
Shortterm orrowings s at
1st March 1 D
Secured
>ZE
dotal 1 5,100.56
>``

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1 drade paales s at

1st March 1 D
dZED
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11 Other current liailies s at

1st March 1 D
E

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hZE
^

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dotal 16 2,038.04
d/W&^
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1 Shortterm provisions s at

1st March 1 D
Provision or Emploee Benets (also reer Note )
W'
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W``
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Wd
WdEd``
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70
Gloster Limited
1 dangile assets
'ROSS B>OC< DEPRECIdION IMPIRMENd NEd B>OC<
FdER IMPIRMENd
Parculars ^ Cost ^
s Valuaon s at / s at s at
as at 31st & 31st March, >& 31st March, 31st March, D
E March, 1 1 1 1 2014
E Note (c) E E
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,3 1,355.21 472.04 40.19 1,6 ,63 8,073.41
Z 31 229.45
W 1, 6,960.61 3,985.39 11.10 1,3 185.23 26.39 116 ,11 6,387.39
&& 3 111 1 322.03
Ds 69.40 28.49 16.17 1 13 130.22
> 3 1 0.01
K 16 66 1 117.00
/ 11 31 3 199.41
dotal 3,131 1,1 33 ,33 ,631 , 66 13,3 1 33 3,1 34,552.10
Wz
d>WD,
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1 Intangile assets
'ROSS B>OC< MORdISdION NEd B>OC<

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s Valuaon s at s at
as at 31st & 31st March, 31st March, D
March, 1 1 1 2014
^ 31 16 9.71
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1 Noncurrent investments s at
31st March, 1 D
>ong derm Investments
drade Investments (valued at cost unless stated otherwise)
hnuoted Euit Instruments
Investment in Susidiaries
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s at
31st March, 1 D
Mutual Fund (Yuoted)
Z&,&yys///^'
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16 >ongterm loans and advances s at
31st March, 1 D
hnsecured, considered good (unless otherwise stated)

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73
1 Current investments s at
31st March, 1 D
t Cost
Current poron o >ong term investments (hnuoted) Deenture
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^WZ&DW^DZ'

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Ds

74
Gloster Limited
1 Inventories (Reer Note ) s at
31st March, 1 D
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dotal 6,66 6,761.17
1 drade receivales s at

31st March, 1 D
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K

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dotal 1,63 1,474.72
Cash and Bank alances s at

31st March, 1 D
Cash and cash euivalents

Balances with anks
/
472.14 332.60
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h
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1 Shortterm loans and advances s at

31st March, 1 D
^
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dotal 1 1,056.22
75
Other current assets s at
31st March, 1 D
/
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3 Revenue rom operaons Year ended Year ended

31st March, 1 D
Sale o products
&
32,288.28 33,399.43
Other operang revenues

Z
>Z
dotal 3,33 33,601.93
Other Income Year ended Year ended

31st March, 1 D
Interest Income on

K
>
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W
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dotal 455.27
Cost o materials consumed Year ended Year ended

31st March, 1 D
/
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20,006.90 20,512.78
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76
Gloster Limited
6 Changes in inventories o nished goods, stockinprocess and seminished goods Year ended Year ended
31st March, 1 D
Inventories at the end o the ear
^
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Inventories at the eginning o the ear
^
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(Increase)decrease in inventories (B) 11 28.78
Emploees enets epense Year ended Year ended

31st March, 1 D
^t
WK&ZE
t^t
dotal 6,666 6,526.49
(a) Dened Contriuon Plans Year ended Year ended

31st March, 1 D
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'ratuit:ddd

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31st March, 1 D
(a) Reconciliaon o Opening and Closing alances o the Present Value o the
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WsK
^
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Present Value o Oligaon at the end o the ear ,3 3,684.68
() Reconciliaon o the Opening and Closing alances o Plan ssets
&sW
ZW
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Fair Value o Plan ssets at the end o the ear ,611 3,340.49
(c) Reconciliaon o the Present Value o the Dened Benet Oligaon and the
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&sW
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() ctuarial ssumpons
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Gloster Limited
d^
11 131 113 111 111

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Finance costs Year ended Year ended

31st March, 1 D
/
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Depreciaon and amoraon epense Year ended Year ended

31st March, 1 D
d
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909.54 748.46
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31st March, 1 D

W
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79
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31st March, 1 D
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E E E
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31st March, 1 D
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80
Gloster Limited
3 Conngent liailies s at
31st March, 1 D

^
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33 Commitments s at
31st March, 1 D

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3 Inormaon in accordance with ccounng Standard 1 on Segment Reporng:

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31st March, D 31st March, D 31st March, D
1 2014 1 2014 1 2014
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3 Related Part Disclosures pursuant to reuirements o ccounng Standard 1

Names o Related Pares and nature o relaonship:
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dransacons with related pares are as ollows:
Parculars Year Susidiar <e Relave o <e Enterprise over which <e
Companies Management Management Management Personnel
Personnel Personnel & relaves o <e
Management Personnel
have signicant Inuence
dransacons during the ear
ZW

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^

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B Outstanding alance at ear end
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36 Derivave instruments and unhedged oreign currenc eposure

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31st March, 1 D
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82
Gloster Limited
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31st March, 1 D
dh^
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d^dD^D
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d
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3 Value o imports calculated on CIF asis Year ended Year ended

31st March, 1 D
^^
'
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dotal 1,618.56
83
3 Ependiture in Foreign currenc Year ended Year ended
31st March, 1 D
/
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dotal 311 51.21
Imported and indigenous raw materials, stores, spare parts and components consumed
31st March, 1 D
% ` in lakhs % `
Raw materials
/
/
1 16,11 100.00 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 D
&K
Inormaon pursuant to clause 3 o the lisng agreement with Stock Echange

>
Parculars Balance as at Maimum amount D
31st March, 1 D outstanding during the
ear ended
31st March, 1 D
Interest ree:
'>> E E E
'^> E E E
3 W


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do the Memers o 'loster >imited t ^
^
Report on the Consolidated Financial Statements

t / / d
' > ^
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^

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Managements Responsiilit or the Consolidated Financial ,
Statements
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` 2081.87
uditors Responsiilit
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85

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^

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Report on Other >egal and Regulator Reuirements '
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ZK
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Sunit <umar Basu

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NNEXhRE dO INDEPENDENd hDIdORS REPORd
Reerred to in paragraph o the Independent uditors
Report o even date to the memers o 'loster >imited on the ,
consolidated nancial statements as o and or the ear ended
March 31, 1
&
d ,
,

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87
NNEXhRE dO INDEPENDENd hDIdORS REPORd
Period to which Forum where the dispute is
Name o the statute Nature o dues mount (`)
the amount relates pending
^d ^d 2,91,540 2001-02 ,,
t^d t 9,45,191 2003-04 tdd
^d ^d 4,43,167 2003-04 ,,
tsd tsd 1,70,63,698 2005-06 Z
^d ^d 8,44,112 2005-06 Z
tsd tsd 2,68,833 2006-07 Z
^d ^d 1,62,820 2006-07 Z
tsd tsd 14,42,916 2007-08 Z
^d ^d 8,41,751 2007-08 Z
tsd tsd 21,61,019 2008-09 Z
^d ^d 6,94,675 2008-09 Z
tsd tsd 17,34,219 2009-10 Z
^d ^d 15,54,342 2009-10 Z
tsd tsd 22,26,350 2010-11
^d ^d 38,83,904 2010-11
tsd tsd 36,53,617 2011-12 ^:
^d ^d 1,03,78,370 2011-12 ^:
K

,

d / ,
W&,

/
,

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d,
/

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88
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d
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Sunit <umar Basu

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89
CONSO>IDdED B>NCE SHEEd^d^dDZ, `
s at
E 31st March, 1 D
EYhIdY ND >IBI>IdIES
Shareholders Funds
^
Z^
36,61 39,538.38
Noncurrent >iailies
>

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>
1,1 818.63
Current >iailies
^
d
K
^
,11 8,573.75
dotal ,6 48,930.76
SSEdS
Noncurrent ssets
&
d
/

E/
>
33,3 37,575.78
Current assets
/
/
d

^
K
11,666 11,354.98
dotal ,6 48,930.76
/
^
d
d^
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90
Gloster Limited
CONSO>IDdED SddEMENd OF PROFId ND >OSS&KZd,zZE^dDZ, `
E 31st March, 1 D
INCOME
Z
>Z
Z 3,1 33,601.93
K/
dZ 33, 34,124.27
EXPENSES

W

&

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dotal Epenses 31,1 32,038.45
Prot eore eceponal items and ta ,161 2,085.82

Prot eore ta ,161 2,085.82
d

d
dotal da epenses 11 617.45
Prot or the ear 1,3 1,468.37
Earnings per euit share
[nominal value per share ` 1 (3131 ` 1)
Basic & Diluted 31 27.81 28.06
Corporate Inormaon 1
Summar o signicant accounng policies 2
d
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CONSO>IDdED CSH F>OW SddEMENd&KZd,zZE^dDZ, `
Parculars 31st March, 1 D
Cash Flow rom Operang cvies
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dustments or:

&
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W/WW
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tK
1,3 1,291.90
K 3,6 3,377.72
dustments or:
//
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6
3,61 2,668.61
/d ()
Net Cash rom Operang cvies 3,6 1,932.57
B Cash Flow rom invesng acvies
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/

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Net Cash used in Invesng acvies B 11
92
Gloster Limited
CONSO>IDdED CSH F>OW SddEMENd&KZd,zZE^dDZ, `
Parculars 31st March, 1 D
C Cash Flow rom Financing cvies
E^
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/h
Net Cash rom (used) in Financing cvies C (1,36)
Net Increase (Decrease) in Cash and Cash Euivalents (BC) 1,61
D Cash and Cash Euivalents

E/

D ,66 385.08
Notes:
d&^^&
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93
NOdES dO dHE CONSO>IDdED FINNCI> SddEMENdS
1 Corporate Inormaon Basis o Consolidaon
'>WW d
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Et:'d&ZW& ^
Z:W/W ^ & ^
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:^Dh'
:
t d d
,'td
^>
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d^

Name o the Countr o %o Holding as at
compan Incorporaon 31st March, 1
'> 3 hse o esmates
> / 100%
d
'^ / 100%
> / 'W
''
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W
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Summar o signicant accounng policies

1 Basis o preparaon
d dangile assets and Depreciaon

/ W ,

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&
Intangile assets and moraon
/
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a) Dened Contriuon Plans
/
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^ ' '

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^ ' ' ^W>
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95
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d) Other Short derm Emploee Benets
^ d 1 daaon

11 Research & Development Cess and Ecise dut

Z

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1 Sale o goods
^ ^ ^
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13 Other Income ^
d
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16 Borrowing Cost

K
^

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1 Foreign Currenc dransacon d

(i) Inial Recognion
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(ii) Suseuent Recognion t

1 Earnings per Share

d
d
^

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96
Gloster Limited
NOdES dO dHE CONSO>IDdED FINNCI> SddEMENdS `
3 Share Capital s at
31st March, 1 D
uthorised
^`
Issued, Suscried and Full Paidup
^`
dotal 33 523.34
(a) Reconciliaon o numer o euit shares s at

31st March, 1 D
No o Shares ` in lakhs E^ `

^/
,33, 33 52,33,440 523.34
() Rights aached to euit shares

dW `
d/d
'D
/

(c) Shares alloed as ull paid up wa o onus shares and pursuant to contract(s) without pament eing received in cash
s at
31st March, 1 D
No o Shares E^

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^W'Z
(d) Details o shares held shareholders holding more than % o the aggregate euit shares in the Parent Compan
s at
31st March, 1 D
No o Shares % holding E^
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97
Reserves and Surplus s at
31st March, 1 D
Capital Reserve 1 150.00
Revaluaon Reserve

Deduct:
^//
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dZE
d
Deduct:
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Balance as at the end o the ear ,36 28,251.96
'eneral Reserve

Deduct:
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dd:
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Balance as at the end o the ear 1,66 9,995.66
Surplus in the Statement o Prot and >oss

>ess:
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E
dd: W
>ess:
W`
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d'Z
Balance as at the end o the ear 6 617.42
dotal 36,6 39,015.04
98
Gloster Limited
>ongterm orrowings s at
31st March, 1 D
Secured
derm >oans
&ZE
hnsecured
derm >oans
K>
978.23 544.78
>KZE
dotal 11 299.70
(a) Nature o securit and terms o repament or secured orrowings (including current maturies o >ong term orrowings
in Note 11)
Nature o Securit derms o repament
d` Z

` D

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6 Deerred ta liailies (net) s at

31st March, 1 D
Deerred ta liailies

Deerred ta assets
W
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dotalZE 16 307.08

Other long term liailit s at

31st March, 1 D
K
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>ongterm provisions s at

31st March, 1 D
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dotal 366 183.76
99
Shortterm orrowings s at
31st March, 1 D
Secured
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1 drade paales s at

31st March, 1 D
d
dotal 238.61
11 Other current liailies s at

31st March, 1 D
E

/
hZE
^

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dotal 1,1 2,038.25
d/W&^
^^

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1 Shortterm provisions s at

31st March, 1 D
Provision or Emploee Benets ( also reer Note )
W'
W
Other Provisions
W
Wd
WdEd``
dotal 1,63 1,196.33
100
Gloster Limited
13 dangile assets
'ROSS B>OC< DEPRECIdION IMPIRMENd NEd B>OC<
FdER IMPIRMENd
Parculars ^ Cost ^
s Valuaon s at / s at s at
as at 31st & 31st March, >& 31st March, 31st March,D
E March, 1 1 1 1 2014
E Note (c) E
&> 1,31 1,31 19,093.18
,3 1,355.21 472.04 40.19 1,6 ,63 8,073.41
Z 31 229.45
W 1, 6,960.61 3,985.39 11.10 1,3 185.23 26.39 116 ,11 6,387.39
&& 3 111 1 322.03
Ds 69.40 28.49 16.17 1 13 130.22
> 3 1 0.01
K 16 66 1 117.00
/ 11 31 3 199.41
dotal 3,131 1,1 33 ,33 ,631 , 66 13,3 1 33 3,1 34,552.10
Wz
d>WD,
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101
1 Intangile assets
'ROSS B>OC< MORdISdION NEd B>OC<
Parculars ^ Cost ^
s Valuaon s at s at
as at 31st & 31st March, 31st March, D
March, 1 2014 1 1 2014
^ 31 16 9.71
dotal 36 3 1 6 31 16 9.71
Wz
1 Noncurrent Investments s at

31st March, 1 D
>ong derm Investments
drade Investments (valued at cost unless stated otherwise)
hnuoted Euit instruments
&t^^W>
^`
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^`
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Z&,&yys///^'
hEh
102
Gloster Limited
s at
31st March, 1 D
<D&DW^D&
^WZ&DW^DZ'
Eh
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Eh
EW>d/
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16 >ongterm loans and advances s at

31st March, 1 D

^
dotal 663 698.35
103
1 Current Investments s at
31st March, 1 D
t Cost
Current poron o >ong term investments (hnuoted)
EE`
^W>
Current poron o >ong term investments (Yuoted)
^WZ&DW^DZ'

>d&DW^WD'

>/ED&&DW^

Z&,&yys^'W

t^ZW'
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,&&DWD/^Z'
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t cost or air value, whichever is less
hnuoted
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///W'&/WW&KZW

^/W'ZW
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^/&ZW'
E
lternave Investment Fund (hnuoted)
&^
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dotal 6 1,612.53

Ds

104
Gloster Limited
1 Inventories (Reer Note No ) s at
31st March, 1 D
Z
^
^&'
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dotal 6,66 6,761.17
1 drade receivales s at

31st March, 1 D
h
K 52.61 12.09
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dotal 1,63 1,474.72
Cash and Bank alances s at

31st March, 1 D
Cash and cash euivalents

Balances with Banks
/
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2,004.66 385.0
Other Bank Balances
h
D
dotal ,6 399.55
1 Shortterm loans and advances s at

31st March, 1 D
^
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'
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Other dvances
'

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dotal 1,056.22
Other current assets s at

31st March, 1 D
/
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/&
/
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dotal 1 50.79
105
3 Revenue rom operaons Year ended Year ended
31st March, 1 D
Sale o products
&
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3,63 33,399.43
Other operang revenues

Z
>Z
dotal 3,1 33,601.93
Other Income Year ended Year ended

31st March, 1 D
Interest Income on

K
>
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/

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EW
E'
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>
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dotal 6 522.34
Cost o materials consumed Year ended Year ended

31st March, 1 D
/
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20,006.90 20,512.78
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dotal 16,11 17,329.21
W
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106
Gloster Limited
6 Changes in inventories o nished goods, stockinprocess and semi nished goods Year ended Year ended
31st March, 1 D
Inventories at the end o the ear
^W
^&'
&'
dotal () ,63 2,641.05
Inventories at the eginning o the ear
^W
^&'
&'
dotal (B) ,61 2,669.83
(Increase)decrease in inventories (B) 11 28.78
Emploees enets epense Year ended Year ended

31st March, 1 D
^t
WK&ZE
t^t
dotal 6,666 6,526.49
(a) Dened Contriuon Plans Year ended Year ended

31st March, 1 D
W

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dW&W&DWd
&W&DW

d

() Dened Benet Plans
'ratuit :ddd

W'd
d
dWhD

107
Sl Descripon 'ratuit (Funded)
No Year ended Year ended
31st March, 1D
(a) Reconciliaon o Opening and Closing alances o the Present Value o the
Dened Benet Oligaon
WsK
^
/
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Present Value o Oligaon at the end o the ear ,3 3,684.68
() Reconciliaon o the Opening and Closing alances o Plan ssets
&sW
ZW
'>

Fair Value o Plan ssets at the end o the ear ,611 3,340.49
(c) Reconciliaon o the Present Value o the Dened Benet Oligaon and the
Fair Value o Plan ssets
WsK
&sW
ssets(>iailies) recognied in the Balance Sheet (6)
(d) Epense recognised in the Prot and >oss ccount
Current Service Cost 217.26 194.16
/
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'>
dotal Epense recognied 6 344.19
(e) Categor o Plan ssets : [Reer note () elow
&^>/>
&,&>
dotal ,611 3,340.49
() ctuarial ssumpons
Discount Rate ( Per annum ) % 9.00%
Epected Rate o Return on ssets ( Per annum ) % 8.00%
Salar Escalaon % 8.00%
DZ
/ /
/ /
> >
D D

d
d

d

108
Gloster Limited
d^
11 131 113 111 111

W
^

Finance costs Year ended Year ended

31st March, 1 D
/
K
dotal 63 530.14
Depreciaon and amoraon epense Year ended Year ended

31st March, 1 D
d
>^//

ZEE
EZK
ZZ
KK
^^W>
>ZZZZE
909.54 748.46
/
dotal 1 754.93
3 Other epenses Year ended Year ended

31st March, 1 D

W
Z
Z
Z
Z
/
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W
&
ZZE
d

tK
tK
E>
^ZZE
D
W&
W&/WW
dotal 6,3 6,868.90
109
/ZZ
``
^Z^Z

^Z &
^Z^Z
d^Z
'`
& `
In Cash Yet to e paid in cash dotal
E E E
K E
31 Earnings per euit share (EPS)

E

Parcular Year ended Year ended
31st March, 1 D
(I) Basic
EW`
E^
E^
t^
&s^`
>`
(II) Diluted
W^
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///
>^///`
3 Conngent liailies s at

31st March, 1 D

^
^/

33 Commitments s at
31st March, 1 D

K
110
Gloster Limited
3 Inormaon in accordance with ccounng Standard 1 on Segment Reporng :
d:
, / /
'
Parculars Within India Outside India dotal
31st March, D 31st March, D 31st March, D
1 2014 1 2014 1 2014
^

3 Related Part Disclosures pursuant to reuirements o ccounng Standard 1

Names o Related Pares and nature o relaonship
a) <e Management Personnel
^'
^
) Relaves o <e Management Personnel with whom transacons took place during the ear
^,
c) Enterprise over which <e Management Personnel have signicant inuence
:d/>
<>
dransacons with related pares are as ollows:
Parculars Year <e Relave o <e Enterprise over which ke
Management Management Management Personnel
Personnel Personnel have signicant Inuence
dransacons during the ear
ZW

W
2013-14 9.09 6.83 46.20
ZW

>'

^

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/Z

>'Z

B Outstanding alance at ear end
W

111
36 Derivave instruments and unhedged oreign currenc eposure
d & &

31st March, 1 D
&h^
&'W
&hZ
&:Wz
&h^
W
31st March, 1 D
dh^
d'W
dhZ
h^
hZ
^dh^
dh^
d&
^
'>DD&
31st March, 1 D
WZDD>
112
Gloster Limited
3 Statement providing addional inormaon, as reuired under Schedule III to the Companies ct, 13,
o enterprises considered or preparaon o the Consolidated Financial Statements
s at Year Ended
31st March, 1 31st March, 1
Name o the Ent Net s a % o Net s a % o
[Reer Note ( a ) elow ssets Consolidated Prot Consolidated
Net ssets Prot (>oss)
Parent
'>
Susidiaries
''>ZE
'>>
'^>
36,61 1% 1,3 1%
/
d'>D
^W>
dEEW
Wz^W>

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113
Form OC 1
WZ
^
Part : Susidiaries `
Sl No 1
1. Name o the susidiar 'loster >iestle >imited 'loster Specialies >imited
2. Z h h

3. Z E E
&
4. ^ 400.00 400.00
5. Z^ 119.24 134.61
6. d 1,032.91 1,048.96
7. d> 1,032.91 1,048.96
8. / 243.89 256.89
9. d 192.41 192.40
10. Wd 75.95 78.69
11. Wd 11.71 12.04
12. Wd 64.24 66.65
13. W E E
14. 100% 100%
E E
E ''>
Part B : ssociates and :oint Ventures E
Hemant Bangur s

W< Shankar >al <edia a <umar garwal Nandita Sen
D &K ^ D C Bahe D
114
Gloster Limited
NOdES
115
NOdES
116
Gloster Limited
117
www.advacomunique.com
GLOSTER LIMITED
CIN - L17119WB1992PLC054454
21 Strand Road, Kolkata 700001, West Bengal, India
T +91 33 2230 9601 | F +91 33 2210 6167, 2231 4222
E info@glosterjute.com | W glosterjute.com
118
Gloster Limited

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ANNUAL REPORT 2014-15

Gopal babu as he was fondly known in the

Gopal babu was a peace-loving man Gopal babu believed in encouraging

The best efforts of everybody changes from

promoted and astronomical heights and is considered

t Be committed to our workforce, t Win recognition as a producer of quality

t Installed Humidification plant

t Installed dust absorption and dust

t The installed boilers use jute process

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 Netorth includes Revaluaon Reserves arising on revaluaon o Fied ssets

Compan Secretar <

Chie Financial Kcer ^><

Registrar Share dranser gents DW>

Registered dministrave Kce ^Z

Cost of Raw Material 50.61%

Distribution of Revenue for the year 2013-14

Cost of Raw Material 50.93%

Parculars Standalone Consolidated

DIVIDEND ND RESERVES ``

CREDId RdIN' d '  `

MdERI> CHN'ES ND CKMMIdMENdS FFECdIN' dHE />

/ & >

SECREdRI> hDId REPORd

EydRCd OF NNh> REdhRN

I RE'ISdRdION OdHER DEdI>S

II PRINCIP> BhSINESS CdIVIdIES OF dHE COMPNY

III PRdICh>RS OF HO>DIN' ShBSIDIRY ND SSOCIdE COMPNIES

Categorwise Share Holding

Shareholding at the eginning o the

Sr Parculars Share Shareholding at the eginning o Cumulave Shareholding during

Shareholding at the eginning Cumulave Shareholding

Shareholding at the eginning Cumulave Shareholding

Secured >oans hnsecured

Sr Shri 'opal Das Bangur Shri Dharam Chand Bahe dotal

dotal Managerial Remuneraon (B)

C Remuneraon to <e Managerial Personnel other than MDManagerWdD `/

Sr Shri a <umar garwal Shri Shankar dotal

VII PEN>dIESPhNISHMENdCOMPOhNDIN' OF OFFENCES

dhe capital investment on energ conservaon euipment

NNEyhREVIIB dO dHE DIRECdORS REPORd

Name o the Director Posion Categor

CORPORdE 'OVERNNCE REPORd

NNh> 'ENER> MEEdIN' BSE

NO OF EYhIdY NO OF % OF NO OF % OF W 66.48%

138 5.72 1,00,360 1.92 'WK 9.71%

54 2.24 77,508 1.48 1.64%

RECONCI>IdION OF SHRE CPId> hDId

For >ovelock >ewes

Sunit <umar Basu

For >ovelock >ewes

Sunit <umar Basu

Sunit <umar Basu Hemant Bangur s

Registrar Share dranser gents DW>

CREDId RdIN' d ' `

MdERI> CHN'ES ND CKMMIdMENdS FFECdIN' dHE />

/ & >

Sunit <umar Basu Hemant Bangur s

Sunit <umar Basu Hemant Bangur s

Sunit <umar Basu Hemant Bangur s

^ 1 Borrowing Cost

Sunit <umar Basu Hemant Bangur s

Sunit <umar Basu Hemant Bangur s

Sunit <umar Basu Hemant Bangur s

Sunit <umar Basu Hemant Bangur s