(b) Rights, preferences & restrictions attached to equity shares

The Company has only one class of equity shares having a par value of ' 10 per share. Each shareholder is eligible for one vote per share held. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend.

In the event of liquidation of the Company, the holders of equity shares are eligible to receive the remaining assets of the Company after distribution of all the preferential amounts, in proportion to their shareholding.

(e) Issue of bonus share

The Board of Directors of the Company at their meeting held on 29.03.2016 have proposed the issue of Bonus share in the ratio 1:1 i.e. one bonus share for every one fully paid-up equity share and the share holders of the Company have approved the same through Postal Ballot, result of which has been announced on 11.05.2016. Subsequent to allotment of the Bonus Shares, the Share Capital of the Company would stand at 1,04,66,880 equity shares of ' 10/- each aggregating to ' 10,46,68,800/-.

(a) The Company had revalued all of its Land, Buildings and Plant & Machinery at its factory at Bauria, Howrah at current replacement value as at 31st March, 2010 and 31st March, 2013 as per valuation report of an approved valuer.

Revaluation Reserve balance of Rs. 5,399.27 lakhs attributable to the depreciable tangible assets (Buildings and Plant & Machinery) has been reversed during the year with corresponding reduction in the book value of such assets with effect from 1st April, 2015.

b) Adjustment to Plant & Machinery includes Subsidy received Rs.16.93 lakhs (2014-15: Rs.41.48 lakhs)

(c) Pursuant to notification of Schedule II of the Companies Act, 2013 (the Act),with effect from April 1, 2014, the Company had reviewed and revised the useful lives of its Fixed Assets. In respect of assets whose useful life are exhausted as at April 1, 2014, the related carrying amount aggregating to Rs. 217.97 lakhs (Net of Deferred Tax of Rs. 112.24 lakhs) and revalued amount of such exhausted assets of Rs. 2,501.87 lakhs has been adjusted against the opening balance of Surplus and Revaluation Reserve respectively as at April 1, 2014 [Refer Note 4 and Note 27]. Further revision of useful life has resulted in additional depreciation of Rs. 145.33 lakhs in previous year's Statement of Profit and Loss.

(a) Purchases is net of discount received on prompt payment of supplier's bills amounting to Rs. 425.98 lakhs (2014-15 : Rs.290.37 lakhs)

The Provident Fund is managed by the Company in line with the Provident Fund and Miscellaneous Provision Act,1952. The Fund is exempted under section 17 of Employees' Provident Fund and Miscellaneous Provision Act, 1952. Condition for grant of exemption stipulate that the employer shall make good deficiency, if any, in the interest declared by the trust vis-a-vis statutory rate. The contribution by the Employer and Employees together with the interest accumulated there on are payable to the employees at the time of their separation from the company or retirement, whichever is earlier.

(b) Defined Benefit Plans

(i) Gratuity : The employees' gratuity fund scheme managed by a Trust and is a defined benefit plan. The funds of the trust is managed by approved insurance companies. Every employee is entitled to a benefit equivalent to fifteen day's salary last drawn for each completed year of service in line with Payment of Gratuity Act,1972. The same is payable at the time of separation from the Company or retirement, whichever is earlier. This benefits vest after five year of continuous service. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

a) The estimates of future salary increases, considered in actuarial valuations, take account of inflation, seniority, promotion and other relevant factors, such as supply and demand in the employment market. The expected return on plan assets is based on actuarial expectation of the average long term rate of return expected on investment of funds during the estimated term of the obligation.

b) The Company made annual contributions to the insurer of an amount as determined by actuarial valuation. Company was not informed of the investments made by the insurer or the break-down of plan assets by investment type.

(c) Corporate Social Responsibility (CSR)

As per the provisions of Companies Act, 2013, the Company is required to spend at least 2% of its average net profits of immediately three preceding years on CSR activities eligible under the Act. Further pursuant to the requirement of the Companies Act, 2013 the Company has constituted a CSR committee which has approved the CSR policy.

The details regarding CSR expenditure for the year is given below:

Gross Amount required to be spent by the Company during the year : Rs. 55.27 lakhs (2014-15 Rs. 59.24 lakhs)

1. The Company's Board of Directors at its meeting held on March 29, 2016 has approved the Scheme of Arrangement between "the Company" and Kettlewell Bullen & Company Limited in terms of the provisions of Section 391 to 394 and other applicable provisions of the Companies Act, 1956 & Companies Act, 2013, to the extent applicable, to enable better realization of potential of the businesses of the Companies and yield beneficial results & enhanced value creation for stakeholders. Upon the coming into effect of the Scheme and with effect from the Appointed Date i.e. 1st January, 2015, the Undertaking of Gloster Limited will be and shall stand transferred to and vested in and/or be deemed to have been transferred to and vested in Kettlewell Bullen & Company Limited, as a going concern, in accordance with Section 2(1B) of the Income Tax Act.

2. Previous year's figure have been rearranged and / or regrouped wherever necessary to make them comparable with that of current year.