Annual Report 2022-23
Resilient by Nature
Driven by Future
Across the Pages
Corporate Overview 01- 50
Resilient by Nature, Driven by Future | 1 |
Legacy that Brightens the Future: Our Story | 2 |
Harnessing Capabilities for a Resilient Future | 4 |
Building a Portfolio with an Eye to the Future | 6 |
Shining Bright with Robust Financials | 10 |
Chairperson Communique | 12 |
From the Managing Director's Desk | 16 |
Strengthening Imprint to Secure the Future | 20 |
Achieving Landmarks to Shape the Future | 22 |
Ushering Transformation to Catalyse Efficiency | 24 |
Leveraging Technology to Embrace the Future | 26 |
Nurturing the Future through Resilient Action | 28 |
Creating Greener Legacy through Determined Action | 30 |
Fostering A Culture of Diversity and Inclusion | 34 |
Enriching Lives to Empower Future | 38 |
Powering Progress with Ethical Endeavours | 44 |
Recognitions that Honour Capabilities | 46 |
Leading with a Pragmatic Approach | 48 |
Corporate Information | 50 |
Statutory Reports 51 - 155
Management Discussion and Analysis | 51 |
Board's Report | 64 |
Corporate Governance Report | 86 |
Business Responsibility and Sustainability Reporting | 103 |
Financial Statements 157 - 226
Standalone | 157 |
AGM Notice 227-236
Notice | 227 |
For more investor-related information, please visit https://www.anandgroupindia.com/ gabrielindia/investors/
Or, scan the QR code above
Investor Information
Market Capitalisation
as on March 31, | |
2023 | : ` 1,954 Cr. (BSE) & ` 1,948 Cr. (NSE) |
CIN | : L34101PN1961PLC015735 |
BSE Code | : 505714 |
NSE Symbol | : GABRIEL |
Dividend Declared : ` 2.55 per share in FY 2022-23 (Interim dividend of ` 0.90 per share and Final dividend of ` 1.65 per share)
AGM Date | : August 14, 2023 |
AGM Venue | : Through Video Conferencing / |
Other Audio Visual Means (VC) |
Disclaimer: This document contains statements about expected future events and financials of Gabriel India Limited, which are forward- looking. By their nature, forward-looking statements require the Company to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the assumptions, predictions and other forward-looking statements may not prove to be accurate. Readers are cautioned not to place undue reliance on forward-looking statements as several factors could cause assumptions, actual future results and events to differ materially from those expressed in the forward-looking statements. Accordingly, this document is subject to the disclaimer and qualified in its entirety by the assumptions, qualifications and risk factors referred to in the Management Discussion and Analysis section of this Annual Report.
Resilient by Nature
Driven by Future
For us, these two elements are interconnected and essential. Resilience and a future-focused vision are two sides of the same coin. Our resilient nature empowers us to make positive adjustments in the face of adversity, while our future-focused vision enables us to anticipate and cater to the needs of tomorrow.
Resilient by Nature
Over the past 62 years, Gabriel India Limited (referred to as 'Gabriel India' or 'the Company') has weathered unprecedented challenges, both sectoral and economic, including the cascading impact of the geopolitical disruption
in Europe, regulatory changes in the auto sector, post-pandemic recovery, and supply chain strains. Despite these circumstances, we have tackled obstacles head-on, prioritising value creation for our stakeholders. Through these experiences, resilience has become an integral part of our DNA, strengthening us with each challenge we
encounter.
Driven by Future
Building on this resilient foundation, we remain dedicated to shaping the future. The automotive industry is currently undergoing a transformation with Electric Vehicle (EV) penetration on the rise, growing demand from consumers for personal vehicles in the post-pandemic era, rising investments, an expanding national highway network conducive to increased personal mobility, and greater policy support. We embrace the emerging possibilities that allow us to be a bigger part of the automotive landscape of tomorrow.
We invite you to explore the key developments of the past year and the vision we have set for the future. This report serves as a reflection of how, over the years, we have cultivated
a resilient nature while consistently being
Driven by Future.
Cover Note: The cover is a tribute to resilient mangrove trees. Witness the exceptional adaptation of the mangrove tree to coastal environments through the growth of specialised above-ground roots called breathing roots or pneumatophores. These roots symbolise resilience, adaptability, and continuous growth, enabling mangroves to flourish in challenging coastal ecosystems. This cover is a parallel between Gabriel India's journey, its corporate resilience as a brand, and how it flourishes.
Legacy that Brightens
the Future: Our Story
Growing Stronger with a Future-Focused Approach
Gabriel India: Redefining Ride Comfort in India
Known for its Leadership in Suspension Systems
As the reputed flagship of the ANAND Group, Gabriel India has led ride control product manufacturing for over six decades since its inception in 1961.
As a respected participant in the auto component space, Gabriel India has a strong brand reputation globally for innovation, product quality and durability over the decades. With a vast portfolio of over 500 carefully designed products, Gabriel India serves multiple segments and sub-sectors in mobility. In a landmark achievement, Gabriel India is the only auto component company serving all vehicle segments in India, including passenger cars, two- and three-wheelers and commercial vehicles.
The Company specialises in manufacturing superior ride control components such as shock absorbers, struts, and front forks. Its state-of-the-art technology, robust design, and strong engineering capabilities have gained worldwide recognition. Additionally, the Company's strong presence in the aftermarket and an extensive distribution network allow it to strengthen its local and global outreach.
With 75 filed patents and six granted, the Company's future-focused approach fuels its growth and enables it to anticipate tomorrow's needs.
Gabriel India has entered the fast- growing automotive sunroof segment in alliance with Netherlands-based Inalfa Roof Systems. This partnership reflects the Company's commitment to adaptability, strong belief in India's growth and its increasingly relevant role in India's fast growing auto sector.
25+ | 4,000+ | 7+3 | ||||||
OEMs Served | Employees | Manufacturing Plants + | ||||||
Satellite Plants respectively | ||||||||
2
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
500+
Product Models
75
Patents Filed
(6 Granted)
Aftermarket
Leadership in India
700+
Distributors
11
Carrying and Forwarding
Agents (CFAs)
20,000+
Retailers
30+
Countries across six continents
Vision
The Company's vision is 'To be
amongst the Top 5 Shock Absorber
Manufacturers in the world'.
Values
Gabriel India is defined by a value system
engrained in the ANAND Way, which guides its work ethics. These core values help us make our decisions in every sphere of our work and help us shoulder social responsibilities. These foundational beliefs and philosophies always have, and always will, continue to define the
way we do business.
Annual Report 2022-23
3
Harnessing Capabilities
for a Resilient Future
Strong Parentage of
ANAND Group
As the flagship of the
21-company ANAND Group, Gabriel India integrates robust partnerships, quality, governance and sustainability frameworks into its strategic operations. Being part of a Group that spans the entire auto systems and components industry allows Gabriel India to build deep customer insights with original equipment manufacturers, new mobility players, as well as align closely with the needs of the end-users of vehicles, and build its products that are well tailored to their emerging requirements.
Over Six Decades of Performance
Emerging from the fertile soil of AatmaNirbharBharat (self reliance), well before it became a byword for India's domestic manufacturing resilience in recent years, Gabriel India harnesses its six-decade- long presence to ride on new megatrends with exceptional efficiency. Nurtured by immense knowledge of a large and dedicated talent pool, a broad database and an experienced leadership team, the Company implements sustainable practices rooted in a vibrant and transparent work culture and
a resolute customer-oriented approach.
Strong Focus on R&D
With a strong focus on research and development, Gabriel India is committed to launch products of the highest quality and standards. Within its industry-leading R&D tech centres, a team of skillfull specialists are persistently involved in delivering best- in-class and quality-focused customised product solutions. This enables Gabriel India to stay ahead of the curve, and consistently offer future-ready solutions that anticipate and meet the evolving needs of its customers.
4
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
#1 Brand in | Long-Standing Customer | |
Aftermarket | Relationships | |
As the undisputed market leader with an impressive market share of over 40%, Gabriel India's dominance resonates powerfully within the industry. Its strong reputation establishes the Company as an example of excellence. Across the country, its logistics network connects 700+ dealers and 20,000+ retailers, ensuring that the Gabriel brand reaches every corner of the market.
As a frontrunner in the industry, Gabriel India places utmost importance on product quality and extensive range. This winning combination inspires confidence and fosters customer trust. Furthermore, the Company's commitment to improvement enables it
to forge lasting bonds with valued clients, with several of marquee names in the auto sector being its customers for decades. Gabriel India continues to consolidate
its position as a leading provider of comprehensive auto component and supply solutions.
Annual Report 2022-23
5
Building a Portfolio
with an Eye to the Future
Gabriel India leads the segment with over 500 high-precision ride control products and solutions. Its customer-centric approach and strong R&D enable it to adapt to market trends, while prioritising sustainability and emission reduction for greener mobility. By building such a comprehensive portfolio, while keeping an eye on the future, Gabriel India positions itself as a beacon of innovation and growth in the industry.
Business | Products Offered | Manufacturing Units | Customers | Market | Contribution |
Segment | Share | ||||
Two- and | Canister Shock Absorber | Hosur (Tamil | Greaves Electric | 32% | 64% |
Three- | Telescopic Front Fork | Nadu) | Ather | ||
Wheelers | Inverted Front Fork | Nashik | Bajaj Auto | ||
24 New | (Canister and Big Piston | (Maharashtra) | Hero Electric | ||
design) | Parwanoo | Okinawa | |||
Products | |||||
Mono Shox | (Himachal | ||||
introduced in | TVS Motors | ||||
Shock Absorbers | Pradesh) | ||||
FY 2022-23 | Yamaha India | ||||
Sanand (Gujarat) | |||||
HMSI | |||||
Satellite Plants | |||||
Ola | |||||
Aurangabad | |||||
Mahindra & | |||||
(Maharashtra) | |||||
Mahindra | |||||
Hosur S3 (Tamil | |||||
Royal Enfield | |||||
Nadu) | |||||
SMIL | |||||
Manesar | |||||
Piaggio | |||||
(Haryana) |
E-Bike Fork Business | Parwanoo | Hero Spur |
Mountain Bikes | (Himachal | |
Pradesh) | ||
Modern E-bikes | ||
6
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business | Products Offered | Manufacturing Units | Customers | Market | Contribution |
Segment | Share | ||||
Passenger | Rear Shock Absorbers | Chakan | Mahindra & | 23% | 22% |
Vehicles | Strut Assembly | (Maharashtra) | Mahindra | ||
Khandsa | Maruti Suzuki | ||||
7 New | FSD Suspension | ||||
Products | (Haryana) | Stellantis | |||
introduced in | Parwanoo | TATA Motors | |||
FY 2022-23 | (Himachal | Toyota | |||
Pradesh) | |||||
Skoda | |||||
Volkswagen | |||||
Commercial | Axle Dampers | Chakan | Ashok Leyland | 89% | 12% |
Vehicles | Cabin Dampers | (Maharashtra) | Mahindra & | ||
9 New | Seat Dampers | Dewas (Madhya | Mahindra | ||
Products | Pradesh) | TATA Motors | |||
introduced in | Parwanoo | VECV | |||
FY 2022-23 | (Himachal | DAF | |||
Pradesh) | DICV | ||||
Force Motors | |||||
ISUZU |
Annual Report 2022-23
7
Business | Products Offered | Manufacturing Units | Customers | Market | Contribution |
Segment | Share | ||||
Railways | Double-Acting Hydraulic | Chakan | ICF, Chennai | Covered under | |
28 Types | Shock Absorbers for | (Maharashtra) | Rail Coach Factory | Commercial Vehicles | |
Conventional Coaches | |||||
of Shock | (RCF), Kapurthala | ||||
for Integral Coach | |||||
Absorbers/ | Modern Coach | ||||
Factory (ICF) | |||||
Dampers | |||||
Factory (MCF), Rae | |||||
Shock Absorber for EMU/ | |||||
8 New | Bareli | ||||
MEMU/DMU Coaches | |||||
Products | Chittaranjan | ||||
introduced in | Dampers for Diesel | ||||
Locomotive Works | |||||
FY 2022-23 | Locomotives | ||||
(CLW) | |||||
Dampers for Rajdhani | Banaras | ||||
and Shatabdi (LHB) | |||||
Locomotive Works | |||||
Coaches | |||||
(BLW) | |||||
Damper for ICF Trains | Patiala Locomotive | ||||
18-Vande Bharat | |||||
Works (PLW) | |||||
Coaches (Launched in | |||||
All Zonal Railways | |||||
2022-23) | |||||
Damper for Electric | of Indian Railways | ||||
Bharat Earth | |||||
Locomotives (Launched | |||||
in 2022-23) | Movers Limited | ||||
(BEML) | |||||
Medha Servo Drive | |||||
Gabriel India is proudly present in all segments for Shock Absorbers.
8
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business | Products Offered | Major Markets | Distribution | Market | Revenue |
Segment | Network | Share | Contribution | ||
Aftermarket | Shock Absorbers | Domestic- | 11 CFA | > 40% | 13% |
Two- and | MacPherson Struts | Market leader in | locations | ||
Three- | Gas Springs | India since 1961 | and network | ||
Wheelers | Export-Present | of 700+ | |||
Brake Pads | |||||
Passenger | across six | channel | |||
Drive Shafts | |||||
Cars | continents in | partners | |||
LCV | Suspension Parts | Aftermarket: | Presence | ||
Suspension and Strut Bush | Asia, Africa, | in 20,000+ | |||
HCV | |||||
Kits | South America, | retail outlets, | |||
4,000+ SKUs | |||||
OC Springs | North America, | supported | |||
across all | |||||
Europe & | by an | ||||
Coolants | |||||
segments | |||||
Australia | effective | ||||
More than | Brake Fluids | ||||
sales force | |||||
1,355 SKUs | Front Fork Components | ||||
launched in | Oil Seal | ||||
the last 5 | |||||
Front Fork Oil | |||||
years | |||||
Wheel Rims-Two- and | |||||
Three-Wheelers |
Spokes
Cone Sets-Two- and Three-
Wheelers
Tyres & Tubes-Two- and
Three-Wheelers
Annual Report 2022-23
9
Shining Bright
with Robust Financials
Gabriel India's inbuilt resilience has enabled us achieve our highest-ever revenue of ₹ 2,972 Cr. in FY 2022-23, reflecting our market dominance, strategic acumen, and commitment to sustained growth and success.
Revenue from Operations (₹ in Cr.) | EBITDA (in %) | ||||||||
2,076 | 1,870 | 1,695 | 2,332 | 2,972 | 8.6 | 7.4 | 6.1 | 6.3 | 7.2 |
FY | FY | FY | FY | FY | FY | FY | FY | FY | FY |
2018-19 | 2019-20 | 2020-21 | 2021-22 | 2022-23 | 2018-19 | 2019-20 | 2020-21 | 2021-22 | 2022-23 |
Net Profit (in %) | Net worth (₹ in Cr.) | ||||||||
4.6 | 4.5 | 3.6 | 3.9 | 4.5 | 590 | 652 | 696 | 767 | 870 |
FY | FY | FY | FY | FY | FY | FY | FY | FY | FY |
2018-19 | 2019-20 | 2020-21 | 2021-22 | 2022-23 | 2018-19 | 2019-20 | 2020-21 | 2021-22 | 2022-23 |
1010
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
RoCE (in %) | Dividend (in ₹ per share) | ||||||||
25.8 | 17.8 | 16.8 | 21.3 | 31.5 | 1.5 | 1.3 | 0.9 | 1.6 | 2.6 |
FY | FY | FY | FY | FY | FY | FY | FY | FY | FY |
2018-19 | 2019-20 | 2020-21 | 2021-22 | 2022-23 | 2018-19 | 2019-20 | 2020-21 | 2021-22 | 2022-23 |
Annual Report 2022-23
11
Chairperson
Communique
As we come to the end of another successful financial year, I am delighted to use this moment to reflect upon the significant advancements we have made, propelling us towards a stronger future. Much has occurred in the past year for Gabriel India as it came out of the pandemic stronger and, more than ever, ready to embrace the exciting transformation underway in India's auto sector.
1212 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Dear Shareholders,
As we come to the end of another successful financial year, I am delighted to use this moment to reflect upon the significant advancements we have made, propelling us towards a stronger future. Much has occurred in the past year for Gabriel India as it came out of the pandemic stronger and, more than ever, ready to embrace the exciting transformation underway in India's auto sector. Across multiple
The durability of the Gabriel India organisation and brand over the decades allows the Company to be in pole position to seize the historic opportunity that the Indian auto sector presents today. The country's auto market is the world's third-largest, generating 37 million jobs, and holding a 4.7% share in India's exports.
parameters, ANAND Group's listed flagship has shown its ability to persevere through tough times. We continue to grow significantly through a focus on innovation and technological upgradation, an unstinting approach to building world-class quality products, and a granular understanding of our customers and the needs of vehicle end-users. In FY 2022-23, Gabriel India achieved its highest-ever revenue of ₹ 2,9,72 Cr., a milestone achievement that underscores its market leadership and commitment to sustained growth. Furthermore, EBITDA grew nearly 47% to ₹ 214 Cr. highlighting how the Company is strengthening its leadership position via a laser focus on emerging customer needs, targeted technology upgradation, prudent financial management, and an enabling and learning climate for its diverse workforce.
Gabriel India's Resilience: A Catalyst for Enduring Success
Over the span of 62 years, we at Gabriel India have weathered numerous economic storms-the
most recent being the pandemic and the geopolitical crisis in Europe and its economic consequences; displaying steady resilience as the bedrock of our enduring success. This resilience is not merely event- based but a deliberate endeavour by Gabriel India's resolute team, which has diligently implemented robust supply chains and nimble cost practices, as well as closely monitored operational and governance practices.
The durability of the Gabriel India organisation and brand over the decades allows the Company to be in pole position to seize the historic opportunity that the Indian auto sector presents today. The country's auto market is the world's third- largest, generating 37 million jobs, and holding a 4.7% share in India's exports. The sector has been further bolstered by the government's ambitious EV penetration goal of 30% for private cars, 70% for commercial vehicles, and 80% for two and three- wheelers by 2030. Moreover, an increasing desire among many more Indians for personal mobility, coupled with higher incomes and strong GDP
growth, as well as an evolving culture of domestic driving tourism, is making it India's time in auto. Against this scenario, Gabriel India will continue to be at the forefront of India's auto boom.
Against this beckoning backdrop, Gabriel India's pursuit of becoming a global top 5 shock absorber manufacturer is accelerating. As the automotive landscape shifts towards EVs, our strategic partnerships with leading EV companies has helped us establish a strong presence in the two-wheelers segment, securing both market leadership and industry respect. This positions Gabriel India well to capitalise on greater opportunities in this space-and it intends to do so unflaggingly.
Furthermore, we take immense pride in being recognised as the first indigenous Company to develop shock absorbers for Rajdhani and Shatabdi Coaches (LHB) and Vande Bharat Coaches. This is a significant milestone in our journey, displaying the Company's commitment to India's massive infrastructure development drive.
Annual Report 2022-23
13
Where Technology Meets
Innovation: Technology and R&D
Focus
In a world where technological change is accelerating continuously and business cycles are becoming shorter, Gabriel India continues to keep an unwavering eye on ensuring rapid technology adaption to enhance quality with a view to zero defects, upheld by 'Garuda,' the level-zero automation. To meet evolving customer demands, our Company
Gabriel India has long been known for its commitment to sustainability, as it works to address pressing climate change challenges. Embracing a sustainable business model enables us to assume a leadership role in environmental stewardship. In this context, we have set ambitious targets for enhanced sustainability: By 2025, we seek to achieve the prestigious Zero Waste to Landfill status across all our sites, while targeting water and carbon neutrality in our operations.
is embracing Artificial Intelligence (AI), Machine Learning (ML), digital transformation, and robotics. For instance, in FY 2022-23, by fostering collaboration among top engineers in R&D, Programme Management, Process Engineering, and Supply Chain, as well as leveraging the expertise of European consultants, we expanded our product portfolio, added semi-active technology and unveiled the first Indian designed Technology Demonstration vehicle. Through virtual analysis, Product Lifecycle Management (PLM) and Noise Vibration and Harshness (NVH) measures, we provide superior quality and cater to evolving customer needs such as safety enhancements, comfort improvements, and advanced technology integration.
On Diversity & Inclusion, Gabriel India Means Business
At Gabriel India, we are dedicated to building a workplace culture that fosters diversity and inclusivity to enable individuals to achieve their full potential. This includes gender and geographical diversity in our workforce and ensuring we have effective listening and feedback
mechanisms, so our employees feel-andare-empowered. Recently, top-tier media outlets such as CNBC- TV18 and BBC World covered Gabriel India for being at the leading edge of corporate India's efforts to increase gender diversity on the shop floor as the nation ramps up its manufacturing production. Our efforts in this regard will only intensify.
Sustainability at Gabriel India
Gabriel India has long been known for its commitment to sustainability, as it works to address pressing climate change challenges. Embracing a sustainable business model enables us to assume a leadership role in environmental stewardship. In this context, we have set ambitious targets for enhanced sustainability: By 2025, we seek to achieve the prestigious Zero Waste to Landfill status across all our sites, while targeting water and carbon neutrality in our operations. For its part, our R&D department is continuously focused on connectivity, cutting-edge shock absorber technology, lightweight materials, and environmentally friendly solutions to enhance user experience and reduce carbon emissions.
Gabriel India has also taken significant steps to reduce its carbon footprint, including installing a 1.0- MW solar group captive plant in Chakan, a rooftop solar system in Parwanoo, and a solar captive plant in Hosur.
Additionally, our goal is to derive 50% of our energy needs from renewable sources by 2025, and we are well on our way. We take pride in our unrelenting focus on sustainability and are honoured to have received numerous prestigious awards that recognise our efforts in this domain.
1414 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Strengthening Focus Areas: Delivering Value
Cultural Connectivity
By nurturing talent and empowering leadership through the ANAND University, we foster a collaborative, accountable, and diverse internal culture.
Sustainability
By reducing energy consumption with LED lighting technology and embracing renewable energy sources, we minimise our carbon footprint and cultivate eco-friendly solutions.
Financial Robustness
By leveraging our brand and diverse product portfolio, we prioritise operational efficiencies and prudent capital allocation to maintain a healthy balance sheet.
Manufacturing Excellence
By adopting a customer-centric approach, we deepen competence, enhance product quality, and expand our portfolio, while embracing the ANAND House of Quality.
Research & Development
By investing in robust testing infrastructure and collaborating with global technology partners, we deliver compelling value propositions and cutting-edge innovations to address specific customer needs.
Closing Note
As we forge ahead, we are resolute in our pursuit of global market share expansion and capitalising on new domestic opportunities such as sunroofs. Our partnership with Netherlands-based Inalfa Roof Systems not only strengthens our commitment to the government's AatmaNirbharBharat manufacturing drive but also ensures a robust domestic supply chain for sunroofs, supporting OEM customers in their growth plans in this segment.
I would like to express my deepest gratitude to our valued shareholders for their support and trust in Gabriel India. Your belief in our vision and commitment has been instrumental in steering us forward on this remarkable trajectory of resilience, growth, sustainability, and innovation and has allowed your Company
to embrace a future of boundless possibilities.
With best wishes,
Mrs. Anjali Singh
Executive Chairperson,
Gabriel India Limited
Annual Report 2022-23
15
From the Managing
Director's Desk
One key feature of our Company-and a reason for its continued success and profitability-has been its ability to understand granularly the changing customer mindset in terms of expectations of newer and smarter features
in automobiles, and on safety. Our Company is keenly aware of this expanding demand and has taken proactive measures to align itself accordingly, particularly by swiftly expanding our presence in the EV and SUV segments.
1616 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Dear Shareholders,
Over the course of the last 62 years, Gabriel India has consistently displayed an impressive ability
to adapt to changing industry cycles and emerge stronger from each. Throughout this journey, our commitment to delivering value has extended beyond our shareholders, encompassing all stakeholders involved. I am honoured to reflect upon the remarkable achievements and the continued growth of our Company. This report encapsulates the tireless
According to the Society of Indian Automotive Manufacturers, the country's auto sector has emerged as the world's third-largest market, overtaking Japan, with 4.25 million vehicles sold in 2022. This can be attributed to a confluence of factors, including rising disposable incomes, availability of credit and financing options, an improved highway network, and a growing and increasingly aspirational population.
efforts, unyielding determination, collaborative spirit, and resilient nature of Gabriel India in this ever-evolving business landscape that reflects well in our numbers and strong market presence.
One key feature of our Company- and a reason for its continued success and profitability-has been its ability to understand granularly the changing customer mindset in terms of expectations of newer and smarter features in automobiles, and on safety. Our Company is keenly aware of this expanding demand and has taken proactive measures to align itself accordingly, particularly by swiftly expanding our presence in the EV and SUV segments. Gabriel India has seized the opportunity presented by the expansion in the EV two- and three-wheeler industry, capturing significant growth in the past financial year.
Indian Automotive Sector: A Catalyst for Gabriel India's Growth
Amid the dynamic landscape of the automotive sector, Gabriel India has adeptly positioned itself for healthy growth. According to the Society of Indian Automotive Manufacturers, the country's auto sector has emerged as the world's third-largest market, overtaking Japan, with 4.25 million vehicles sold in 2022. This can be attributed to a confluence of factors, including rising disposable incomes, availability of credit and financing options, an improved highway network, and a growing and increasingly aspirational population. Gabriel India stands poised to harness this incredible potential in the current decade and beyond, and to continue on a robust growth trajectory by developing auto systems and components that cater to all segments of the automotive industry.
Performance at a Glance
It gives me immense pride to announce a robust performance across multiple metrics that encompass revenue, market share, and profitability. Despite challenges, Gabriel India's inbuilt resilience has enabled us to overcome them and achieve the highest-ever revenue of ₹ 2,971.7 Cr., reflecting a strong growth rate of 27.4% compared to the previous fiscal. Our EBITDA stood at ₹ 213.7 Cr., marking a substantial YoY increase of 46.4%. Moreover, our Profit Before Tax reached ₹ 1,77.9 Cr., demonstrating significant YoY growth of 40.7%. While global input prices and inflationary pressures impacted our margins, we remained focused on successfully executing our 'Core 90 Cost Reduction Drive' to enhance profitability.
Annual Report 2022-23
17
Driven by Future
We bolstered our presence in the EV market by placing a strong emphasis on sustainability and leveraging our core competencies. Our aftermarket segment also exhibited healthy growth rising by 10.7% to reach
₹ 388 Cr., fuelled by our extensive |
distribution network, strong brand |
equity, and expanding sales through |
national channels. The industry |
awards we have received serve as |
further validation of our persistent |
commitment to delivering excellence. |
Notably, we were honoured with |
Our commitment to embracing innovation and adapting to customer preferences has been instrumental in building our manufacturing strength. By proactively incorporating technological advancements and digitalisation, we have significantly enhanced productivity and solidified our position as an industry leader. Through the seamless integration of over 60 advanced robots and further exploring AI technologies and digital twin systems, our operations have been optimised, enhancing competitive advantage.
the Gold Award in the Restorative |
category at the 41st CII National |
Kaizen Competition, as well as |
the Gold Awards in Low-Cost |
Automation, also given by CII. |
Furthermore, TVS Motor Company |
recognised us as the 'Best Supplier |
of the Year'. Our commitment |
to environmental sustainability |
and customer satisfaction was |
acknowledged throughy recognitions |
such as the 'Best Support Supplier' |
by MSIL, 'Best Development Supplier' |
by M&M, 'MSESA' by M&M along with |
the Quality Achievement (10 PPM) |
Award by PACCAR Inc. |
Moreover, we also received the award for Pre "C" VA Activity by Honda Motorcycle & Scooter India; a Special Support award from Maruti Suzuki India Limited; and a "Going Extra Mile" Award from TATA Motors.
Embracing Innovation: Our Manufacturing Strength
To remain ahead of the innovation curve and accelerate growth, Gabriel India has placed strong emphasis on product development that caters to
emerging and future customer needs. The Company has introduced its own electronic suspension technology, particularly focusing on semi-active suspensions. With the establishment of a new technology centre in Europe, in addition to its existing facilities in Chakan and Hosur, Gabriel India is keeping a laser focus on ensuring world-class research talent, validation labs, and test tracks, guaranteeing durable products that meet future customer needs.
Our commitment to embracing innovation and adapting to customer preferences has been instrumental in building our manufacturing strength. By proactively incorporating technological advancements and digitalisation, we have significantly enhanced productivity and solidified our position as an industry leader. Through the seamless integration of over 60 advanced robots and further exploring AI technologies and digital twin systems, our operations have been optimised, enhancing competitive advantage. Strategic partnerships and entry into high-value
market segments such as electronic suspension systems have boosted growth and profitability.
Environmental, Social, and Corporate Governance
Acknowledging the indispensable contribution of our highly skilled employees to our success, we prioritise attracting and retaining top-tier talent to fuel our growth and competitiveness. Through targeted and well-researched recruitment strategies, as well as a culture of creativity and collaboration, we foster professional development and ensure a diverse, motivated and proficient workforce. This empowers us to navigate challenges, seize opportunities, capitalise on emerging trends early, and deliver exceptional results consistently. Additionally, through a strategic commitment to sustainability, we address environmental concerns and take concrete steps to tackle climate change. Our adoption of ESG principles and the launch of our inaugural ESG report demonstrates
1818 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
our dedication to responsible governance and embracing more sustainable practices for the future.
In fact, two of our new facilities have been rated as Green Buildings by the Indian Green Building Council, which clearly demonstrates our commitment towards implementing on-the-ground sustainable initiatives.
Moreover, we envision providing our employees with comprehensive safety training, aiming for 36 safety training hours per employee by 2027, ensuring their well-being and a safe work environment. Our ultimate aspiration is to achieve zero injuries and zero accidents.
Embracing the Future: Gabriel India Thrives Amid Shifting
Automotive Trends
We are driven by a firm commitment to the future with a focus on
becoming one of the top 5 shock absorber manufacturers worldwide. At Gabriel India, we have adeptly woven innovation with technology, positioning us at the forefront of the automotive industry's tectonic shifts. As the industry undergoes transformative changes, particularly the transition from IC engines to EVs, we recognise the immense opportunity. Further, with the SUV segment witnessing remarkable growth, we are poised to seize a larger market share. Notably, our dominance in the EV two-wheeler segment is evident with a market share exceeding 60%.
Closing Note
With utmost gratitude, I humbly extend my thanks to our esteemed
shareholders. We take pride in our team's dedication, upbeat spirit and the unwavering commitment of all employees. To our shareholders, partners, and customers, your support and trust propel us through challenges, allow us to explore new opportunities, and help us to forge a resilient bedrock on which to build a thriving tomorrow.
Thanking you all.
Warm wishes,
Manoj Kolhatkar
Managing Director,
Gabriel India Limited
Annual Report 2022-23
19
Strengthening Imprint to Secure the Future
With an unwavering focus on quality, talent, inclusive work culture and innovation, Gabriel India operates multiple state-of-the-art manufacturing plants spread across India. These exceptional facilities, equipped with cutting-edge technology, enable the Company to meet the bespoke requirements of its customers. With meticulous attention to detail and a commitment to delivering excellence, Gabriel India leaves no stone unturned in ensuring that every product developed within its facilities reflects the highest standards of quality and precision. Our dedication to delivering impeccable results solidifies Gabriel India's imprint in the industry, bolstering its future endeavours with confidence and assurance.
Sanand - 2W
Chakan - PC, CV, 3W
Hosur - 2W, 3W
2020 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
GIL Plants
GIL Satellite Locations
This map is a generalised illustration only for the ease of the reader to understand the locations, and it is not intended to be used for reference purposes. The representation of political boundaries and the names of geographical features/states do not necessarily reflect the actual position. The Company or any of its directors, officers or employees, cannot be held responsible for any misuse or misinterpretation of any information or design thereof. The Company does not warrant or represent any kind of connection to its accuracy or completeness.
Parwanoo - 2W, CV
Khandsa - PC
Dewas - CV, 3W
Nashik - 2W
Annual Report 2022-23
21
Achieving Landmarks
to Shape the Future
Set up two plants: | |||||||||||||||||||
1980-1985 | |||||||||||||||||||
Chakan for | |||||||||||||||||||
1961-1979 | Opened a new | ||||||||||||||||||
passenger cars, | |||||||||||||||||||
Started Journey. | business segment | and Hosur for | |||||||||||||||||
with Swaraj Mazda | |||||||||||||||||||
Strengthened Position. | motorcycles | ||||||||||||||||||
and VECV (then Eicher | |||||||||||||||||||
Motors) as customers. | Started | ||||||||||||||||||
Gabriel India | manufacturing gas | ||||||||||||||||||
shock absorbers | |||||||||||||||||||
came into | |||||||||||||||||||
existence as the | Signed a | ||||||||||||||||||
first company | Launched | Entered a | technology | ||||||||||||||||
of the ANAND | an in-house | technological | assistance | ||||||||||||||||
Group founded | Listed | special purpose | collaboration | agreement with | |||||||||||||||
by Mr. Deep C. | on stock | machine design | with SOQI Inc., | KYB Corporation, | |||||||||||||||
ANAND | exchange | centre | Japan | Japan | |||||||||||||||
1961 | 1965 | 1978 | 1985 | 1987 | 1991 | 1993 | 1997 | 1998 |
Started supplying | Undertook the | Unveiled a |
to OEMs across | first expansion | unique HR |
various segments: | by setting up | practice: |
TELCO, Bajaj | the Khandsa | Machines |
Auto, Mahindra & | plant to supply | operated by |
Mahindra, Premier | to Maruti Suzuki | knowledge |
Auto, Ashok | workers, | |
Leyland, and | designated | |
Hindustan Motors | as operating | |
engineers (OEs) |
1986-1998
Bagged TATA Motors' first passenger car project
Built a state-of-the- art validation centre in Chakan
Became self- sufficient in terms of designing and developing indigenous customised solutions
Turned 25. Expanded Horizons.
2222 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
1999- 2013
Enhanced Facilities. Improved
Performance.
Became the | Strengthened | ||||||
first company | presence in the | ||||||
in Asia to | aftermarket | ||||||
install the | segment | ||||||
dynachrome | through the Elite | ||||||
automation | Retailer loyalty | ||||||
machine | programme | ||||||
2014-2023
Celebrated Excellence.
Won Accolades.
Listed among 'India's Top-500 Companies' by Dun & Bradstreet for three years in a row
Recognised as a 'Great Place to Work' by Great Place To Work Institute®
Gabriel India, Dewas plant, received the 'Gold Award' at the 7th edition of FICCI Quality Systems Excellence Awards for Industry
Gabriel India, Chakan plant, received the prestigious Zero PPM, Best Quality Certificate from Toyota India
Achieved highest ever revenue of
- 2,972 Cr.
Started manufacturing E-Bike front forks
Established a Tech Centre in Europe
2006 | 2008 | 2010 | 2012 | 2013 | 2014 | 2021 | 2022 | 2023 |
Bagged | Built | Commissioned | Received the | Gabriel India |
contracts | manufacturing | the first robotic | prestigious | celebrated |
from | facility at | shock absorber | Golden Peacock | its milestone |
Renault | Sanand | line at Hosur | award for 'Eco- | Diamond |
India | Acquired | Innovation' | Jubilee | |
Won FICCI | anniversary | |||
Developed | passenger cars | |||
the first ride | (Brio) business | Quality Systems | Gabriel India | |
tuning van | from Honda for | Excellence | was included | |
the first time | award for | in Fortune | ||
manufacturing | India's The | |||
Next 500 | ||||
Companies | ||||
for 2021 in | ||||
the mid-size | ||||
category |
Published first ESG report
Built state- of-the-art Tech Centre in Chakan
Annual Report 2022-23
23
Ushering Transformation
to Catalyse Efficiency
By ushering in a transformative era of digitalisation, Gabriel India has catalysed efficiency across its operations. By embracing Industry 4.0 principles, the Company has achieved advancements that enhance efficiency and cost-effectiveness.
Through the implementation of digital tools, Gabriel India has significantly reduced the need for repetitive processes, saving valuable time and resources
The integration of various disciplines through innovative R&D practices has facilitated seamless collaboration and accelerated the development of multiple product iterations such as the introduction of 'Garuda', an initiative to enhance automation that ensures level-zero human intervention, to help boost the quality, efficiency and safety in the Company. This commitment to digitalisation has positioned Gabriel India as a pioneer in innovation and optimisation.
R&D
Product
Robustness
Road Load Data
Acquisition (RLDA)
RLDA-Based
Testing
Testing Facility
Upgradation
Design for
Robustness
Product
Technology
New Products
Product Features
Innovation
E-assisted
Products
Product
Know-How
Vehicle Dynamics
Model-Based
Simulation
Processes
Automation
Vehicle Interfaces
Failure Modes and
Causes
2424 Gabriel India Limited
Corporate Overview
Statutory Reports
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End-to-End Product Development Capabilities
Concept | Product Design | Prototyping | Testing | Product & | ||||||
Process | ||||||||||
Validation |
Key Focus Areas
Product | Process | Testing and | Integrating People | ||||
Technology | Technology | Validation | with Technology |
Gabriel India Tech Centres
Chakan (Pune, Maharashtra) | Hosur (Tamil Nadu) | |
Technology Collaboration | Technology Collaboration | |
KYB | Yamaha Motor Hydraulic System Company | |
KONI | Limited (formerly SOQI), Japan | |
Annual Report 2022-23
25
Leveraging Technology
to Embrace the Future
Amid the ever-changing tech landscape, Gabriel India is highly focused on delivering results for its customers and end-users. Guided by exceptional engineers, it forges pioneering paths, embracing novel technologies with cross-functional unity to test the boundaries of innovation. Simultaneously, Gabriel India works relentlessly to create advancements in productivity, resource utilisation, and quality across its seamless operations; integrating technology to continue on its future-driven approach.
How Gabriel India Makes it Possible
Ahead of the Curve
Gabriel India's strategic advantage as an early entrant in the EV sector has propelled its market leadership in the electric two- and three-wheeler segments via secured Electric business. The Company embraces evolving consumer preferences for premium SUVs and two-wheelers, maximising content per vehicle. Amid industry volatility, Gabriel India has remained resilient, with sustainable initiatives to reduce carbon footprints, capitalising on the transformative shift to EVs and capturing substantial market share in the EV two- wheeler segment.
Manufacturing Trends and Technologies
Gabriel India, in its pursuit of staying at the forefront of the industry, has embraced
leading-edge manufacturing trends and technologies. Our focus on the Internet of Things (IoT) has allowed for superior process control across assembly lines and enhanced quality assurance.
Upgrading for a Competitive Edge
Gabriel India recognises the significance of adopting cutting-edge technologies and continually upgrading its practices to derive maximum benefits. The Company is working on its new product development process by the use of digital twin technology. Computer models of the products enable optimisation of strength, performance, and product life, ensuring that Gabriel India delivers exceptional real- world solutions that exceed
customer expectations. Moreover, AI-enabled control algorithms will enable intelligent suspension systems in the future, pushing the boundaries of vehicle control and passenger comfort.
Driving Efficiency through Advanced Technologies
Gabriel India, at the forefront of innovation, has recognised the pivotal role of embracing advanced technologies like automation, robotics, and the Internet of Things (IoT) to drive efficiency within its production line. By integrating appropriate automation with robotics, the Company has minimised human intervention between operations, reducing disturbances and fatigue, while maintaining a high- paced workflow. Digitalisation
2626 Gabriel India Limited
Corporate Overview
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Financial Statements
plays a vital role by providing live data monitoring and alerts, enabling swift resolution of abnormalities and ensuring uninterrupted operations. Furthermore, the implementation of AI-poweredcamera-based quality control systems further enhances precision and efficiency in the manufacturing process.
On the Digitalisation Journey
Gabriel India has undertaken several initiatives to achieve its digitalisation goals. Through the implementation of standalone and inter-connected digitalisation systems, the Company has witnessed significant improvements in cross-functional information flows and overall plant performance. The Sanand plant, identified as the IoT lighthouse, has paved the way for IoT integration across various functions, resulting in centralised monitoring and real-time data availability. This ensures quick support and enables efficient decision- making at all levels.
Maximising Potential through Software Development
Gabriel India, leveraging the collaboration between European experts and its in- house software development team, is actively engaged in the development of electronic damper control algorithms. These algorithms, incorporating driver inputs and vehicle motion data, optimise damping responses at each wheel, enhancing vehicle control and passenger
comfort. This strategic investment in software development aligns with Gabriel India's vision to achieve global recognition as a top 5 shock absorber manufacturer.
Leveraging AI in Production and
Assembly
Gabriel India is leveraging AI applications to revolutionise automotive assembly and production lines. The integration of smart robots, human-machine interaction, and advanced quality assurance methods empowers the Company to enhance productivity, increase throughput rates, and drive overall operational efficiencies. Machine learning plays a crucial role in production, facilitating better controls, setups, and ultimately leading to higher efficiency and performance.
Quality Assurance and 3D
Printing
Gabriel India's commitment to quality assurance is evident in its meticulously designed manufacturing processes and workstations. These processes ensure well- controlled operations, including thorough inspections of incoming parts, minimising defects, and manual interventions. Additionally, the Company occasionally utilises rapid prototyping, enabling the creation of mock-ups for new suspension concepts.
Annual Report 2022-23
27
Nurturing the Future
through Resilient Action
Environment
12% | 256 kWp |
Renewable Energy | Rooftop Solar Installed |
Consumption | |
34.6% | 98% |
Water Recycled | of Waste Generated |
Diverted from Landfill |
Social
4,307 | 0.02 |
Workforce Strength | Lost Time Injury Frequency |
Rate (LTIFR) per 2 Lakh Man | |
Hours Worked |
11% | Zero |
Women Workforce | Human Rights |
Complaints |
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Governance
60+ | 3-tier |
R&D Specialists | ESG Governance Framework |
75 | 27.4% YoY |
Patents Filed till | Increase in the Revenues during |
FY 2022-23 | FY 2022-23 |
3 | 46.4% YoY |
DISR-approved R&D | Increase in the EBITDA |
Centres | during FY 2022-23 |
50% | |
Female Representation | |
on the Board |
14 | ₹ 2.08 Cr. |
Average Training Hours for | Invested towards CSR Efforts |
Permanent Employees |
- 1.94 Cr. 18
Invested on Employees' | Social Impact Programmes |
Upskilling | Conducted during FY 2022-23 |
Annual Report 2022-23
29
Creating a Greener Legacy
through Determined Action
Gabriel India strives to make positive contributions to the nation's economy, while acknowledging and addressing potential environmental consequences. With a proactive and accountable approach to decision-making, the Company aims at employing sustainable practices and is actively assuming responsibility for its environmental footprint. By integrating an action plan determinedly, Gabriel India aims to create a greener legacy for future generations, ensuring a seamless balance between economic prosperity and environmental preservation.
Effectively Managing Energy and Emissions
In addition to adopting various energy efficiency measures, Gabriel India has significantly increased the uptake of renewable energy as a key aspect of its decarbonisation strategy. The Company's carbon emission reduction steps include the following:
Partnered with TATA Power and ANAND investors to install a 1.0 MW solar group captive plant at Chakan plant, increasing usage of renewable energy
Collaborated with Swelect Energy to establish a 1.0 MW solar group captive plant at Hosur plant, enhancing renewable energy share
Implemented a 256 kWp rooftop solar system at Parwanoo plant for clean energy generation
Switched Nashik plant from LPG to PNG
Gabriel India has successfully increased the share of renewable power in its energy consumption from 0% in FY 2013-14 to 12% in FY 2022-23, a clear testament to a focus on sustainability, and to enable change for a better future.
3.23 million units p.a.
Sourced from Group Captive Solar Power Plant at Chakan
2.14 million units p.a.
Sourced from Group Captive Solar Power Plant at Hosur
3.6 million units p.a.
Sourced from Group Captive Wind Power
3030 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Year-on-Year Emission Comparison (tCO2e)
FY 2021-22
Scope 1 Emissions (Tonnes)
Scope 2 Emissions (Tonnes)
Total Scope 1 and
Scope 2 (gCO2e/INR)
Investing in Clean Technologies
FY 2022-23
5,274
6,447
15,399
17,284
0.89
0.81
Gabriel India is dedicated to enhancing its environmental performance through the implementation of renewable energy sources, the adoption of clean technologies, and the pursuit of innovative solutions. Gabriel India has invested ~₹ 8 Cr. and undertaken the following clean technology initiatives:
Installed variable speed drives in machines Switched to daylight-based streetlamps
Initiated auto-timers for ACs and started use of 5-star rated ACs Deployed LED lighting at the Company's plants
Increased renewable energy initiatives through rooftop solar and group captive wind energy installations Utilised technology like heat recovery in air compressors & heating ovens
Implemented an IoT based software across the Company to help focus on energy efficiency by ensuring quick reduction in manufacturing losses
Annual Report 2022-23
31
Enhancing Water Management | Managing Waste Efficiently |
Gabriel India is committed to the conscientious use of water in its operations and has taken the following steps:
Process wastewater through effluent treatment plants using reverse osmosis, as well as evaporator in order to reuse in manufacturing processes
Treated sewage water is used for gardening purposes through a sprinkler system, ensuring conservation of fresh water
Achieved judicious water management through Zero Liquid Discharge facilities at Hosur, Chakan and Nashik
Generated wastewater is sent to a Common Effluent Treatment Plant at our site in Sanand
Gabriel India, driven by a firm belief in the principles of the Circular Economy, holds a strong conviction that waste should be viewed as a valuable resource with the potential for reuse, leading to positive environmental and economic outcomes. To efficiently manage waste, Gabriel India maintains logs of different types of hazardous and non-hazardous wastes, and waste is disposed off on monthly basis. Hazardous waste (ETP sludge) is sent to cement industries for co-processing thus, avoiding landfilling. The generated electronic waste
is sent to government-authorised vendors for disposal. Furthermore, Gabriel India is actively engaged in the process of eliminating plastics from the packaging of raw materials sourced from its vendors. This commitment reinforces the Company's dedication to environmental stewardship and sustainability.
Sustainable Footprint Success Story: A Greener Journey from 2017 to 2023
Gabriel India's Carbon Footprint
19.8 | 0.60 | 32.8 | 21.1 | 0.60 | 35.3 | 17.7 | 0.56 | 31.4 | 15.9 | 0.54 | 29.6 | 20.7 | 0.61 | 34.0 | 23.4 | 0.60 | 39.1 |
FY 2017-18 | FY 2018-19 | FY | 2019-20 | FY 2020-21 | FY 2021-22 | FY 2022-23 | |||||||||||
GHG (million kg) | Production (nos. in million) | GHG/shox |
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Solar Rooftops Investment: Installed 1.80 MW capacity across manufacturing plants
Group Captive Wind Power: Invested in Hosur plant to source 3.6 million units annually
Group Captive Solar Power: Invested in Hosur plant (2.14 million units annually) and Chakan plant (3.23 million units annually) for renewable power sourcing
Renewable Power Progress: Achieved 12% power from renewable sources, up from 0% in FY 2013-14
IoT Implementation: Implementing IoT-based software for better energy consumption insight and quicker reduction in manufacturing losses in plant operations
Ambitious Targets to Contribute towards a Safe Environment
Zero Waste
to Landfill
Status Across All Sites by FY 2024-25
50%
Of Energy from Renewable and Green Sources by 2025
Carbon
and Water
Neutrality
in Operations by FY 2024-25
Annual Report 2022-23
33
Fostering a Culture
of Diversity and Inclusion
At Gabriel India, care serves as the foundation that drives the Company to create innovative solutions with a positive impact on all stakeholders. The Company highly values its employees as its most valuable assets, recognising their significant contributions to its success. Gabriel India is dedicated to cultivating a diverse and inclusive culture, appreciating the unique value that each individual brings to the organisation. Through a commitment to collaboration and inclusion, Gabriel India harnesses the power of its workforce to achieve collective excellence.
Diversity, Inclusion and Non-discrimination
Gabriel India believes that teams embracing diverse perspectives achieve exceptional outcomes. Through its Diversity and Inclusion Council, the Company fosters an environment valuing differences and, ensuring sustainable growth for all.
Gender Diversity | |||||||
Male | Female | ||||||
86% | 89% | 89% | 89% | 14% | 11% | 11% | 11% |
FY 2019-20 | FY 2020-21 | FY 2021-22 | FY 2022-23 | FY 2019-20 | FY 2020-21 | FY 2021-22 | FY 2022-23 |
11%
Female Workforce
4,307
Workforce
Talent Recruitment and Retention
At Gabriel India, the Company is dedicated to attracting, developing, and retaining exceptional talent through well-planned, robust and flexible recruitment strategies. The Company attracts top industry professionals, offers smooth onboarding experiences, and supports growth through mentorship and feedback. The Company prioritises skill development, and continuously improves HR processes to align with its objectives.
3434 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
In FY 2022-23, Gabriel India invested ₹ 1.94 Cr. on training programmes that benefitted 70% of our employees
Human Rights and Labour Relations
The Company holds human rights in the highest regard, taking collective responsibility to prevent violations. The ANAND Code of Conduct guides ethical behaviour, with policies addressing labour issues. The Company prioritises harmonious labour relations, promptly addressing employee needs and aligning them with its corporate vision.
Zero | Zero |
Incidents of Human | Incidents or Issues in |
Rights Violations | Relation to Trade Unions |
Zero
Fatalities
1
Lost Time Incidents
9
First Aid Cases
209
Near Misses
Occupational Health and Safety
Gabriel India fosters a safe work environment, prioritising the well-being of its workforce. It ensures security with the Gabriel India House of Safety Culture, holds ISO 45001 certification, and promotes safety through EHS training, hazard reporting, and comprehensive healthcare services.
Lost Time Injury Frequency Rate (number of incidents per 200,000 man-hours worked)
NA
Unsafe Acts Captured
NA
Unsafe conditions captured
FY 2022-23
FY 2021-22
FY 2020-21
FY 2019-20
FY 2018-19
0.02
0.19 | 0.02 |
0.27 | Lost Time Injury Frequency Rate |
0.15 | |||
0.11 | 22,924 | ||
Safety Training Hours |
Annual Report 2022-23
35
Safety Focus House
Creating
Sustainable Safety
Culture Across
Gabriel India
Standardisation
SOPs clearly defined for activities with Operational Safety controls
Transformation from | Leadership Commitment |
& Governance Standards | |
Instinctive to Self- | |
& Procedures Safety | |
Sustaining Culture | |
Philosophy | |
Communication | Training and Skill Development |
Ensuring SPOCs at different | Developing skills to ensure |
levels of hierarchy | adherence to safety while working |
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Continual Improvement | Technology | Reward, Recognition and | |||
Improving on existing methods to | Using technology to reinforce safety | Consequence Management | |||
enhance safety | while working | To inculcate positive safety culture | |||
Annual Report 2022-23
37
Enriching Lives
to Empower Futures
Gabriel India's mission is to ensure a sustainable future for upcoming generations, while simultaneously helping build a flourishing company. With a firm commitment to addressing society's urgent needs, the Company actively contributes to enhancing community growth while balancing corporate commitments. By integrating the core value of enriching lives in its endeavours, Gabriel India seeks to create a positive and lasting impact on society. Through sustainable practices, responsible actions, and a focus on social well-being, the Company strives to empower individuals and communities, enabling them to thrive and succeed.
To translate this vision into tangible action, SNS Foundation, the CSR arm of ANAND Group, collaborates closely with Gabriel India's CSR Committee to uplift lives and foster
a sense of empowerment for generations to come. The Committee convenes quarterly meetings and submits status reports to the Board to discuss and review ongoing progress.
During the period under review, Gabriel India carried out 18 activities in six locations:
Key Focus Areas
Education
Holistically engages with government and government-aided schools with a focus on guiding students towards a sustainable career path
Skill Development
Prepares opportunity disadvantaged and differently abled youth for the 21st century marketplace through market aligned and industry certified technical trainings
Rewari
JAWAI
Dewas
Parwanoo
Gurugram
Nashik
Health and Hygiene
Focuses on Healthcare in underserved areas, Reproductive and Child Health, HIV/AIDS, and Industrial Health in partnerships with State AIDS Control Societies, as well as National Health Mission and industries
Community Conservation
Supports rural development initiatives in Micro-Finance,Micro-Entrepreneurship, Water Harvesting, Wildlife Conservation, and Afforestation in partnership with government organisations
3838 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Education
Parwanoo
10 girls between the ages of 3-7 received scholarships to study at ANAND School
JAWAI
1,329 students taught by 10 SNSF teachers to improve their learning outcomes in 9 partner government schools
Nashik
994 students taught by 14 SNSF teachers to improve their learning outcomes in 10 partner government schools
Dewas
11 matriculate girls awarded MEDHAVI scholarships to help them complete their Diploma in Mechanical Engineering
4 engineering scholarship awardees entered employment and increased their family income by 135%, on average
410 students taught by 4 SNSF teachers to improve their learning outcomes in 4 partner government schools
Annual Report 2022-23
39
Skill Development
Parwanoo
132 (80% females) unskilled youth skilled in NSDC job roles - Accounts Executive, Domestic Data Entry Operator, Self-Employed Tailor, Beauty Therapist, and General Duty Assistant
39 youths entered self/wage employment and increased their family income by 133%, on average
Dewas
92 (91% females) unskilled youth skilled in NSDC job roles - General Duty Assistant and Home Health Aide
76 youth entered self/wage employment and increased their family income by 167%, on average
Gurugram
415 (98% females) unskilled youth skilled in NSDC job roles - Self-Employed Tailor, Computer Education, Assistant Beauty Therapist , Assistant Fashion Designer, and Sewing Machine Operator
87 youth entered self/wage employment and increased their family income by 141%, on average
Rewari
921 (92% females) unskilled youth skilled in NSDC job roles - Self-Employed Tailor, Computer Education, Assistant Beauty Therapist , Assistant Fashion Designer, General Electrician, Sewing Machine, Operator, and Office Assistant
373 youth entered self/wage employment and increased their family income by 152%, on average
Health and Hygiene
JAWAI | 12,385 (58% females) rural people living around the SUJÁN JAWAI Leopard Camp provided with |
mobile medical services such as preventive healthcare |
1,270 households provided with daily sanitation services such as sweeping of village lanes, regular collection, and disposal of garbage
Community
Conservation
Dewas
160 Self Help Groups (SHGs) of 1,764 members supported with microcredit operations
- 81.6 lakhs of bank loans facilitated for 30 SHGs
19 SHG members initiated livelihood activities and increased their family income by 188%, on average
Parwanoo
3 public parks maintained in collaboration with Municipal Council of Parwanoo and Department of Forests, Solan
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Corporate Overview
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Salient features of Gabriel India's CSR Action Plan for 2023-24
Project
Implementation
Teams (SNSF
Staff)
70
Teachers, Skills Instructors, Village Level Workers, Location Managers, etc.
Partner
Government
Schools
28
Across Dewas, JAWAI, Hosur, and Nashik
School Students (in partner government schools)
5,774
Across 28 partner government schools helped with academic and non-academic inputs
Engineering
Scholarship
Awardees
8
MEDHVAVI Scholarship awardees to be supported for their Diploma in Engineering
Youth for
Skilling
1,920
Unskilled youth to be skilled in 10 job roles of National Skill Development Corporation, India
Women Groups
23
23 Groups with
1,994 members to be supported with training on livelihood activities and microcredit operations
Health Services
16k
Underserved population across 7 villages around JAWAI provided with mobile medical services and free medicines
Groundwater
Recharge
25KL
Installed Modular Rainwater Harvesting structure of 25
KL capacity at 1 of 3 public parks maintained at Parwanoo
Annual Report 2022-23
41
Success Stories
Youth Skilling Programmes across Four Locations
Usha Devi, 40 years, Rewari
Self-Employed Tailor
After 10 years of marriage in Delhi, Usha's husband was affected by a mental health challenge, leaving her without means to feed and educate her three school- going children
She moved to her parents' home in Rewari with her children, living with her homemaker mother and cobbler father, who earned ₹ 4,000 a month
She enrolled in SNSF's Self-Employed Tailor course in Rewari because her income of ₹ 3,000 from housekeeping jobs was not sufficient to meet the daily needs of her family
Post-training, she was able to secure a job with a garment store in Rewari. She now earns ₹ 8,500 a month , and her family's income has more than doubled from ₹ 7,000 to ₹ 15,500
Rohit Kumar, 21 years, Parwanoo
Accounts Executive
Rohit is a native of Kangra district in Himachal Pradesh
After completing his schooling, he sought employment to support his family. Through his peers, he learned about SNSF skilling courses in Parwanoo and enrolled in a six-month Accounts Executive course
Rohit was hired by a pharmaceutical company at a monthly salary of ₹ 11,000
He now supports the family's farm income of ₹ 80,000 annually and ensures that the education of his siblings is continued. He aspires to pursue higher education and become an entrepreneur
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Micro-Finance and Micro-Entrepreneurship
Sangita Narayan Gorne, 30 years, Nashik
Entrepreneur
Sangita is an SHG member living in a nuclear family with her two children and husband, who worked as a farm labourer
Supported by SNSF, Sangita secured a bank loan of ₹ 40,000 and started a business of selling dry fish
Her monthly income of ₹ 10,500 now complements her husband's income
She plans to expand to nearby markets and undertake fishery in ponds to enhance her profits
Kalavati Thakur, 44 years, Dewas
Entrepreneur
Kalavati studied only till the eight standard grade, with only a ray of hope to start a livelihood, apart from producing rice on her own land. In 2014, she joined the Naitik SHG formed by SNSF
She currently resides in Bhorasa village located 25 kilometres from Dewas, with her son, sister-in-law, and farmer husband
Her family's income increased from ₹ 3,500 to ₹ 12,000 per month after SNSF assisted her in obtaining a loan of ₹ 50,000 to start a grocery store
Since joining the SHG, she has enhanced her self-esteem,decision-making capacity, and socioeconomic status
Annual Report 2022-23
43
Powering Progress
with Ethical Endeavours
Business Ethics and Compliance
Gabriel India acknowledges the vital importance of maintaining a robust ethical foundation and upholding accountability to foster sustainable economic growth. Gabriel India's Code of Conduct reinforces its unwavering commitment to integrity, fairness, and ethical governance. The Company's corporate governance structure ensures compliance with legal standards and meets the expectations of stakeholders.
To oversee ethics-related matters, the Company has an Ethics Committee, which reports to the Audit Committee on a quarterly basis. Gabriel India's legal compliance cell ensures that the Company's policies and practices align with its established code. Stakeholders can report any unethical practices or grievances through its Internal Complaints Committee or ethics helpline. Employees are encouraged to promptly report any breaches of the Code or misconduct, with protected disclosures made to the Audit Committee or the Board of Directors. Gabriel India employs compliance software for assessing statutory risk and environmental, health, and safety (EHS) compliance. The Company's corporate governance practices follow the secretarial standards set by the Institute of Company Secretaries of India (ICSI) and comply with the Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 (SEBI (LODR) Regulations, 2015). The Board regularly reviews compliance reports and takes necessary steps to rectify any instances of non-compliance.
Corporate Governance, Transparency, Disclosures
Gabriel India is dedicated to establishing and implementing a robust corporate governance system that enables effective and transparent management across all operational aspects. The Company has well-defined policies and guidelines aligned with its values and governance practices, providing a clear decision-making framework. These policies are supported by a risk management framework to promote fairness, accountability, and transparency, reflecting the principles of good and transparent business.
4444 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Gabriel India - Policies
ANAND Code
of Conduct
Policy on Preservation and Archival of Documents
Corporate Social
Responsibility Policy
Prevention of Sexual Harassment Policy (POSH)
Dividend
Distribution Policy
Related Party Transaction Policy
Data Privacy | Whistle Blower Policy | |
Policy | ||
Gabriel India Code of
Conduct
Policy on Determination of Materiality of Events
Policy on Control and Maintenance of Stationary
Policy on Prevention of Insider Trading
Data Privacy and Security
At Gabriel India, robust measures to ensure the protection of sensitive information concerning its employees, customers, and stakeholders are implemented. The Company's focus on information security risk is ingrained in its risk management practices, with a dedicated Chief Information Security Officer (CISO) actively assessing and monitoring potential cyber risks. The Company prioritises employee awareness and compliance with information security standards, conducting periodic training sessions led by its Human Resources (HR) and Head of Departments (HODs).
Annual Report 2022-23
45
Recognitions that
Honour Capabilities
Customer Awards and
Accolades
Dewas Plant
Supplier Samrat National Runner Up in
Proprietary award at Suppliers Summit 2022
by Ashok Leyland
Regional Supplier Samrat by Ashok Leyland
in 2022
Nashik Plant
Gold Consistency Award at Chakan + Waluj
Cluster Convention by Bajaj Auto Vendor
Association 2022
Pre 'C' VA Activity Award at Honda Vendor
Meet 2023
Khandsa Plant
Special Support Award in Maruti Suzuki
Vendor Conference 2023
Chakan Plant
Mahindra Supplier Evaluation Standard "A"
Level award at Mahindra Supplier Meet
Special Appreciation Award for Development Support, XUV 700 at Mahindra Supplier Meet
10 PPM Award by DAF in 2023
Hosur Plant
Periodic Cost Reduction Award at Suzuki
Motorcycle India Private Limited Vendor
Conference in 2022
4646
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Industry Awards and
Accolades
Khandsa Plant
Three Gold Awards received from Quality
Circle Forum of India (QCFI) , Delhi
Chapter in 2022
Quality System - Certificate of
Appreciation by Federation of Indian Chambers of Commerce and Industry (FICCI) in 2022
Chakan Plant
Innovative HR/Beyond HR category Award by Automotive Component Manufacturers Association of India (ACMA) in 2023
Gold Award for Railway Quality by International Convention on Quality Control Centre (ICQCC)
Hosur Plant
Gold Award for Manufacturing Competitiveness by International Research Institute of Manufacturing (IRIM) in 2022
Annual Report 2022-23
47
Leading with a
Pragmatic Approach
Mrs. Anjali Singh
Executive Chairperson
Joined ANAND Group in 2005
Since 2011 serves as the Executive Chairperson of the Group Supervisory Board, ANAND
Executive Chairperson of Gabriel India since 2014
Mr. Manoj Kolhatkar
Managing Director
Joined Gabriel India in 2011
Prior to Gabriel India, served with the TATA Group for 22 years, including in senior roles
Mr. Atul Jaggi
Deputy Managing Director
Joined ANAND Group in 1999
Over 22 years of experience in core functions like Maintenance, Supplier Development, Corporate Quality, Manufacturing Excellence
Successfully managed the Two-andThree-Wheeler and Commercial Vehicles business units
Mr. Jagdish Kumar
Non-Executive Director
Joined ANAND Group in 2015
Group President & Group CFO, ANAND Group
Prior to ANAND, over
29 years of experience in leadership roles
at DuPont, TATA Consultancy Services and Ballarpur Industries Limited
4848 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Mr. Pradeep Banerjee
Non-Executive Independent
Director
Associated with Unilever since 1980 and has worked across geographies (London, Singapore, India) and functions (Marketing, R&D and Manufacturing, Procurement and Supply Chain)
From 2010 -2019, he served as the Executive Director on the Board of HUL, and Vice President for Supply Chain for Unilever in South Asia
Ms. Matangi Gowrishankar
Non-Executive Independent
Director
Senior leadership roles in India & overseas with Standard Chartered Bank, Reebok, GE, Cummins and British Petroleum, UK
A qualified Executive Coach and specialist in Diversity, Equity & Inclusion
Deep experience in Leadership Development
-
Organisation
Transformation
Diverse board experience in India and overseas
Mrs. Pallavi Joshi Bakhru
Non-Executive Independent
Director
Fellow Member of The Institute of Chartered Accountants of India
Member of Indian Institute of Corporate Affairs
Head of the private client service offering at Grant Thornton in India and heads the UK Corridor
Recognised as one of the top 10 Women in Tax in India by the International Tax Review
Ms. Mahua Acharya
Non-Executive Independent
Director
Chief of Staff, CQuest Capital, LLC
Former Managing Director and Chief Executive Officer of Convergence Energy Services Limited, Government of India
Currently manages a carbon financed based energy transition platform with operations in 21 countries. Formerly led electric mobility initiatives for India, started and managed the largest electric bus programme across the world
Annual Report 2022-23
49
Corporate
Information
Board of Directors
Mrs. Anjali Singh
Executive Chairperson
Mr. Manoj Kolhatkar
Managing Director
Mr. Atul Jaggi
Deputy Managing Director
Mr. Jagdish Kumar
Non-Executive Director
Mr. Pradeep Banerjee
Non-Executive Independent Director
Ms. Matangi Gowrishankar
Non-Executive Independent Director
Mrs. Pallavi Joshi Bakhru
Non-Executive Independent Director
Ms. Mahua Acharya
Non-Executive Independent Director
Registered Office
29th Milestone, Pune-Nashik Highway,
Village Kuruli, Taluka Khed,
Pune - 410 501, Maharashtra
Tel.: 02135-610700/610757
Email:secretarial@gabriel.co.in
Corporate Identity Number
L34101PN1961PLC015735
Chief Operating Officers
Mr. Amitabh Srivastava
Mr. R. Vasudevan
Mr. Puneet Gupta
Chief Financial Officer
Mr. Rishi Luharuka
Company Secretary
Mr. Nilesh Jain
Bankers
HDFC Bank Limited
Citi Bank
ICICI Bank Limited
Kotak Mahindra Bank
Axis Bank
Statutory Auditors
Price Waterhouse Chartered Accountants LLP, Chartered Accountants, Pune
Manufacturing Locations
Plot No. 5, Sector II, Parwanoo - 173 220, Himachal Pradesh
NH8, 38th Milestone, Behrampura Road, Delhi-Jaipur Highway, Village Khandsa, Gurugram - 122 001, Haryana
5, Industrial Area No. 5, A.B. Road, Dewas - 455 001, Madhya Pradesh
C-5, Tata Motors Vendor Park, P.O. Vironchannagar, Taluka Sanand, Dist. Ahmedabad - 382 170, Gujarat
B2, MIDC, Ambad Industrial Area,
Nashik - 422 010, Maharashtra
29th Milestone, Pune-Nashik Highway, Village Kuruli, Taluka Khed, Pune - 410 501, Maharashtra
52-55, S.No. 102/3-106 (PT), SIPCOT Phase II, Moranapalli Village, District Krishnagiri, Hosur - 635 109, Tamil Nadu
5050 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Management
Discussion &
Analysis
Annual Report 2022-23
51
About the Company
Gabriel India Limited ('Gabriel India' or the 'Company'), a leading auto component manufacturer, is widely recognised as one of India's most trusted and respected brands. Established in 1961, the Company has specialised in producing a diverse range of ride control products, including shock absorbers, struts, and front forks. The Company has expanded its product line over the years to meet the needs of top automotive Original Equipment Manufacturers ('OEMs') and diverse business segments.
Gabriel India's extensive presence across various business segments, including Two- and Three-Wheelers, Passenger Cars, Commercial Vehicles, Railways, and Aftermarket is a testament to its commitment to excellence and customer satisfaction. The Company has established long-term relationships with virtually every OEM and providing an attractive aftermarket portfolio across various product verticals, and has been steadily growing its export presence across six continents.
The flagship company of the ANAND Group, Gabriel India's success can be attributed to its unwavering focus on delivering high-quality products and its exceptional engineering capabilities. The Company's reputation for reliability and trust has made it a household name in the Indian market, and its commitment to innovation and customer satisfaction has positioned it as a leader in the auto component manufacturing industry. With a growing global presence and a diverse product line, Gabriel India is poised for continued success in the years ahead.
Global Economic Overview
The FY 2022-23 was marked by significant global events that had far-reaching consequences on the world economy. The escalation of the Russia-Ukraine war, China's decision to enforce lockdowns and its zero- COVID policy, and the European market slowdown due to inflation collectively resulted in a major global supply chain disruption - leading to extreme volatility in input prices. This uncertainty made it difficult for businesses to plan and prepare costing scenarios.
Despite these challenges, the International Monetary Fund ('IMF') projects a growth rate of 2.8% in the global economy in 2023, with an expected increase to 3% in 2024. While inflation has been a major concern, the IMF forecast indicates a decrease from 8.7% in the previous year to 7%
in the current year. A further decline to 4% is also predicted in 2024 as major economies tighten monetary policies and prices stabilise.
According to the IMF, core inflation rates are expected to decline to 5.1% this year as major economies experience a cooling down of inflation. While the US and Europe are expected to face significant economic challenges, Asia is projected to drive much of the global growth in 2023 due to ongoing reopening dynamics and relatively lower inflationary pressures compared to other regions. Despite the challenges and volatility in the global economy, the IMF's projections suggest a positive outlook in the coming years.
World Economic Outlook, April 2023: A Rocky
Recovery (imf.org)
Indian Economic Overview
India has proven to be a shining example of resilience in the face of global challenges, solidifying its position as a key driver of global economic growth In particular, the Indian economy experienced an impressive growth
5252 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
rate of 6.8% in 2022, making it the world's fastest- growing major economy, according to the IMF's April 2023 Global Economic Outlook. This growth can be partly attributed to the efforts of the private sector in enhancing transportation infrastructure, logistics, and the overall business ecosystem. India's record-breaking GST collection and import figures have also contributed to this growth, with the Indian Rupee weakening at a slower rate than expected, thus indicating a potential decrease in dependence on the US Dollar in the near future.
However, inflation has been a persistent concern in India, driven by input prices, which have caused the inflation rate to exceed the RBI's target of 6.7% in FY2022-23. To address this issue, the RBI raised interest rates quarterly, resulting in a slowdown in spending. In April 2023, the RBI maintained the status quo and held interest rates steady, allowing earlier rate hikes to take full effect. India also began purchasing oil from Russia at a lower price to manage inflation. These measures resulted in a drop in the inflation rate to a 16-months low of 5.7%, demonstrating India's progress in managing inflation.
Real GPD (%)
6.85.96.3
FY 2021-22 | FY 2022-23 | FY 2023-24 |
According to the IMF's April 2023 Global Economic Outlook report, the Indian economy is projected to grow at a rate of 5.9% in 2023, with further momentum expected in 2024, resulting in a growth rate of 6.3%. To sustain this growth, the Indian government is focusing on taxation to bolster economic growth. Increased tax collections will be used to finance infrastructure development programs such as Production-Linked Incentive (PLI) schemes and the PM Gati Shakti initiative. The government is also committed to maintaining fiscal responsibility by implementing
a medium-term framework for public finances. This balanced approach to growth-oriented policies and prudent fiscal management aims to support India's continued economic expansion while mitigating the risks of instability or unsustainable debt.
World Economic | India's Economy to Grow by | |
Outlook, April 2023: | 6.4% in FY2023, Rise to 6.7% in | |
A Rocky Recovery | FY2024 | Asian Development | |
(imf.org) | Bank (adb.org) |
Annual Report 2022-23
53
Global Automotive Sector Overview
The automotive sector is rapidly transitioning towards cleaner and sustainable transportation, with various vehicle types like electric, hybrid-electric, and natural gas gaining prominence. Despite this, diesel and petrol vehicles will continue to play a crucial role, driven by demand from the transportation, commercial, and tourism sectors. The industry's growth is also fuelled by changing consumer preferences, sustainable policies, new technologies, and emerging markets.
Technological advancements have made the automotive industry highly competitive, leading to reasonable prices in the market. The global automotive market is valued at USD 20,85,778.43 million in 2022 and is expected to grow to USD 2,460.23 billion by 2028, exhibiting a CAGR of 2.8%. Additionally, the Industry 4.0 and Made in China 2025 proposals have created a new ecological environment for the manufacturing industry, further supporting growth in the sector.
Further, Europe and North America, with their strong economic and technological advancements, are home to several large automotive enterprises. These companies have considerable brand influence and market share, providing opportunities for the expansion of the automotive market in these regions.
The automotive industry is a critical driver of economic growth, continuously striving to meet evolving customer demands by embracing innovative technologies.
The availability of skilled labour, robust research and development centres, and cost-effective steel production has supported the sector globally. As the industry moves forward, it will continue to enhance its capabilities, rework its strategies, and build connectivity to sustain growth and meet the demands of the changing market.
Information
Source
Indian Automotive Sector Overview
According to the Society of Indian Automotive Manufacturers, the Indian automotive sector has emerged as the world's third-largest market, surpassing Japan, with 4.25 million vehicles sold in 2022. The growth of this sector can be accredited to factors such as increasing
disposable incomes, availability of credit and financing options, and a growing population.
Further, the Indian Government's industry-friendly policies and initiatives are expected to play a significant role in further fuelling these developments. For instance, the allocation of ₹ 3,000 Cr. to the Indian Semiconductor Mission will strengthen the auto component ecosystem and boost the auto components sector. Businesses are also working collaboratively with the government to develop hybrid vehicles as a transitional step towards fully electric models. In addition, the Government's release of funds to set up 7,432 public charging stations will significantly push EV adoption, making EV charging convenient and reducing range and charging time anxieties for EV owners. With a large workforce and potential for job creation, manufacturing growth could strengthen India's position in the global automotive industry.
Information | Information | |
Source | Source |
5454 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
OEM aftermarket segments. As the world moves towards more efficient, safer, and reliable electric, and hybrid cars, new opportunities are expected to emerge for auto component manufacturers.
Moreover, India is heavily investing in electric vehicle infrastructure to prepare for the transportation industry's future, creating newer verticals and opportunities for the sector in the current decade. This will position India as a key player in the global electric vehicle industry and further boost its growth prospects. Overall, the Indian auto component industry is a crucial contributor to the country's economy, and its future growth potential is significant.
Information
Source
Indian Automotive Component
Sector Overview
The Indian auto component industry is vital to the country's economic growth and employment. This industry comprises players of all sizes, from micro entities to large corporations, and is distributed across various clusters. Currently, it contributes 2.3% to India's GDP, which is expected to grow to 5-7% by 2026, providing direct employment to 1.5 million people.
The industry has shown remarkable growth, with a 34.8% increase in turnover to ₹ 2.65 Lacs Cr. (USD 33.8 billion) during April-September 2022 compared to the same period in the previous year, driven by lower base effect due to COVID-19 lockdowns. The Automobile Component Manufacturers Association (ACMA) predicts that auto component exports from India will reach USD 30 billion by 2026, and the industry is likely to achieve a revenue of USD 200 billion by the same year.
In the current fiscal year, the auto component industry is expected to grow by 20-23%, propelled by strong international demand and a resurgence in the local original
Annual Report 2022-23
55
Business Segments
Two-andThree-Wheeler
The Company boasts extensive experience in the 2W and 3W industry also positions itself as a leading 2W and 3W EV player as well. With a focus on supplying top-notch front fork and rear shock absorbers to the industry's biggest Original Equipment Manufacturers (OEMs), the Company's two-and three- wheeler segment saw impressive growth from 22% to record ₹ 1,834.4 Cr. in the fiscal year 2022-23, a significant jump from the previous year's
-
1,507.1 Cr. Generating about 64% of its total revenue, the Company's top three customers are TVS Motors, Yamaha, and Bajaj Auto.
The Company's success can be primarily credited to its continuous endeavour to increase its market share currently 32% by attracting major customers and developing innovative products that meet industry's ever-changing needs. Gabriel India's products have established a strong presence in the market thanks to its high acceptance rate and superior quality.
Passenger Cars
Gabriel India's presence in the utility vehicle segment is steadily growing stronger, with the Company now holding a 33% market share in this high growth segment, compared to its overall market share of 23% in the passenger car market. This positions Gabriel India favourably within the growing segment of passenger cars, which has seen a notable increase in demand due to the introduction of new models by key customers, and a surge in the popularity of SUVs. One such key customer of the Company is Maruti Suzuki, which launched several successful programmes this year, contributing significantly to the volume increase. The Company has also established a major presence in the aftermarket segment of passenger cars, which saw a remarkable growth of 37% during the FY 2022-23, reaching a record
- 691 Cr., up from ₹ 503 Cr. the previous year.
The Company's top three customers are Maruti Suzuki, Volkswagen, and Mahindra & Mahindra, which highlights the Company's strong position in the market. Additionally, the Company has made significant progress towards future readiness by developing partnerships with major automotive companies such as MSIL, M&M, TML, TKM Private Limited, and VW.
5656 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Commercial Vehicles and Railways
Gabriel India, a leading manufacturer of shock absorbers for commercial vehicles (CV), holds a remarkable market share of 89%. In the Railways segment, the Company has expanded its product line to serve all segments of Indian Railways, including the prestigious 'Vande Bharat Express', for which Gabriel India is the only qualified Indian supplier. While the Company had not previously supplied shock absorbers for electric locomotives, it has now fulfilled the development order for both the 'Vande Bharat Express' and the electric locomotives, marking a significant milestone in its growth and expansion.
The Company currently holds a dominant position in the commercial vehicle segment and has made a strategic decision to leverage this position
to pursue growth overseas. This expansion has already begun through its association with DAF, and efforts are underway to establish relationships with other customers as well. In the financial year 2022-23, the Company 's segment grew significantly by 42% to ₹ 357 Cr. compared to the previous year's ₹ 252 Cr. The Company's plans for future development include partnerships with Volvo, JBM, and a new electric vehicle customer, as well as two programmes for DAF. Among the top three customers are Tata Motors, Mahindra & Mahindra, and Ashok Leyland.
Aftermarket
Over the past 60 years, Gabriel India has established a dominant market position and an exceptional brand reputation in the aftermarket sector, catering to various types of vehicles, including 2W and 3W, passenger vehicles, and commercial vehicles. With a market share of more than 40%, Gabriel India has been leading the aftermarket segment to new heights of growth, with a remarkable 18% increase in sales-the highest ever recorded. The launch of new products has been a key driver of this impressive growth, including 203 SKUs in
FY 2022-23, and more than 1,355 SKUs in the last 5 years. Furthermore, the Company has successfully introduced 18 new product lines in recent years, with four more in the pipeline. Gabriel India is the only company present in all segments of the market, namely TW, PC, CV, and Railways, and has completed 4 IT-enablement projects in FY 2022-23. This growth is supported by an extensive distribution network spanning six continents, 11 CFAs, over 700 dealer networks, and around 20,000 retail outlets, backed by a highly efficient sales force.
Annual Report 2022-23
57
Financial Overview
(₹ in Cr.) | ||
Particulars | FY 2022-23 | FY 2021-22 |
Net sales | 2,942.14 | 2,310.46 |
EBITDA | 213.69 | 145.93 |
Profit before Tax (PBT) | 177.91 | 126.46 |
Profit after Tax (PAT) | 132.35 | 89.52 |
(₹ in Cr.) | ||
Particulars | FY 2022-23 | FY 2021-22 |
EBITDA/Turnover (%) | 7.2 | 6.3 |
EBITDA/Net interest ratio | 46.61 | 34.15 |
Debt-equity ratio (x) | 0.01 | 0.02 |
Return on equity (%) | 16.2 | 11.5 |
Book value per share (₹) | 60.58 | 53.38 |
Earnings per share (₹) | 9.21 | 6.23 |
Debtors Turnover (days) | 47.60 | 60.41 |
Inventory Turnover (days) | 27.89 | 33.17 |
Interest Coverage Ratio (x) | 46.61 | 34.15 |
Current Ratio (x) | 1.81 | 1.66 |
Operating Profit Margin (%) | 24.2 | 24.5 |
Net Profit Margin (%) | 4.5 | 3.9 |
5858 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Opportunities and Threats
Opportunities
Shift towards Electric Vehicles: The Indian government's concerted efforts to promote electric vehicles are catalysing a major transformation in the country's passenger vehicle market. In response to this growing demand, automakers are rolling out electric vehicles in the Indian market, while the Government is offering incentives to encourage their widespread adoption. According to a report published by the International Energy Agency, India is projected to emerge as the largest market for electric vehicles worldwide by 2030, highlighting the significant momentum in the country's electric vehicle ecosystem.
Customer Preferences Shift Towards Premium Products: As income levels continue to rise and the number of affluent consumers in India also increases, the demand for premium passenger vehicles has significantly risen. These consumers are willing to pay more for vehicles' advanced safety features, superior comfort, luxury interiors, and advanced infotainment systems. In response to this trend, automakers are introducing premium models and variants of their popular passenger vehicle models, effectively catering to India's growing demand for premium passenger vehicles .
Infrastructure Development: Infrastructure development is a key focus for governments worldwide, with substantial investments being made towards constructing essential components such as roads, bridges, and highways. As a result, there has been a significant increase in demand for commercial vehicles, which play a vital role in transportation and logistics.
Government Policies: The commercial vehicle industry is likely to experience a substantial boost by implementing government policies, including incentives tailored to encourage the adoption of electric vehicles, scrappage programmes aimed at phasing out older vehicles, and regulations regarding load- carrying capacity. These policies can directly help the growth and progress of the commercial vehicle industry. The government can create a more sustainable and efficient transportation system by providing incentives that stimulate the adoption of electric vehicles and the elimination of older vehicles. Additionally, regulations concerning load- carrying capacity can help improve road safety and reduce wear and tear on infrastructure. Implementing these policies can contribute to a more prosperous and sustainable commercial vehicle industry.
Annual Report 2022-23
59
Threats
Rising Geopolitical Tensions: Over the past few years, geopolitical tensions have been on the rise, resulting in a range of issues impacting the global supply chain. For example, the Russia-Ukraineconflict has had a significant effect on the industry, as have high levels of inflation around the world, and banking crises in the USA. Such factors can cause input prices to increase, which directly impact the margins of companies and could also result in production delays. This highlights the importance of having a robust risk management plan to mitigate such events' impact on businesses.
Global Shortage of Semiconductors: Semiconductors play a vital role in microchips and are essential components used in the automotive industry, particularly in control units that regulate vehicle performance, airbags, and driving assistance systems. Despite the automotive industry's hopes of resolving the semiconductor shortage by 2022, leading manufacturers are still facing longer lead times. Experts predict that the shortage may persist well into 2024, posing significant challenges to the industry. The extended shortfall in semiconductor supply may lead to a delay in production schedules, an increase in input costs, and lower profit margins for the automakers.
Change in Consumer Behaviour: Consumer buying patterns have changed due to the unstable global economy, price inflation, and the state of financials and public health. In 2021, buying a car from dealerships became difficult due to year-longwait periods, but automakers transitioned their inventories to an order- based model and made car purchases experience digital. However, geopolitical tensions have reversed progress automakers had made. Car firms need to secure reliable raw materials, parts, and components, establish centralised production models, and collaborate with governments and financial institutions to introduce new incentives to address the challenges in the automobile sector.
Risks and Concerns
Having a robust risk-management framework is a crucial aspect of Gabriel India's business strategy. As is the case with many automotive companies, the Company is exposed to various operating business risks. However, the Company proactively monitors these risks and takes corrective actions to mitigate them. To prevent risks from arising in the first place, the Company has an independent and dedicated Enterprise Risk Management (ERM) system in place that identifies, manages, and mitigates business risks. Gabriel India takes an integrated approach to minimise risk and conducts proper assessments to maximise growth. The Company's success relies on its ability to identify and capitalise on opportunities generated by its business and the markets that it operates within. By managing the associated risks, the Company strives to strike a balance between its growth and return goals and the related risks.
Human Resources
At Gabriel India, the Company attributes its success to its dedicated and resilient employees, who have been instrumental in propelling the Company to new heights. As a testament to the Company's commitment towards its workforce, Gabriel India has continuously enhanced its HR-related processes, practices, and systems to further align with its organisational objectives. Through on-the-job training, workshops, and external training programmes, the Company ensures that its employees receive adequate training and development opportunities to help them grow professionally. The Company's ability to attract and retain top-notch talent has been instrumental in furthering its business. The Company maintains cordial industrial relations, and its employees enjoy the strong support of the ANAND Group management in ensuring their safety and well-being.
6060 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
At Gabriel India, the Company goes beyond the traditional boundaries of HR management, which involves compensation, performance reviews, and development. The Company also looks at the entire work-life cycle of its employees and strives to provide timely interventions that enable them to build a fruitful and long-lasting career. Gabriel India's employees are seasoned resources with in-depth knowledge of the sector, and the Company takes pride in their contributions to its success.
Employee Composition of the Company
Total number of employees
3,829 | March 31, 2022 | |||
4,307 | March 31, 2023 | |||
The average age of employees
29 | March 31, 2022 | ||
30 | March 31, 2023 | ||
Average employee experience
8 | March 31, 2022 | |
7 | March 31, 2023 | |
- of the Company's employees covered through training programme
73% | March 31, 2022 | |||
70% | March 31, 2023 | |||
Total investment made on training and development programme (` in Cr.)
1.05 | March 31, 2022 | |||
1.94 | March 31, 2023 | |||
Revenue per employee (` in Cr.)
0.58 | March 31, 2022 | |
0.69 | March 31, 2023 | |
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61
Environment, Health and Safety
At Gabriel India, sustainability is not just an afterthought but a core value of the organisation. The Company firmly believes that conducting responsible business is essential to achieving comprehensive economic growth and sustained social development. This is why Gabriel India prioritises promoting sustainability through leading initiatives in Environmental, Social, and Governance (ESG) areas. These efforts reflect the Company's unwavering commitment to sustainability and responsible business practices.
Gabriel India Limited has ensured that all of its plants are ISO 45001 certified for Health and Safety, with dedicated EHS officers in each plant to ensure compliance. Employees are continuously trained for EHS in accordance with ISO14001/ISO45001 certifications. The Company also monitors training hours during business review meetings and conducts regular EHS training at the shop floor. Induction training for new employees is also routine.
Gabriel India's Carbon Footprint
21.1 | 35.3 | 17.7 | 31.4 | 15.9 | 29.6 | 20.7 | 34.0 | 23.4 | 39.1 |
FY19 | FY20 | FY21 | FY22 | FY23 |
GHG (million kg)
Production (nos. in million)
6262 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Sustainable Business Practices
Gabriel India is a company that prioritises the environmental and social impact of its operations. The Company's goal is to become a top producer of ecologically friendly automotive components in India. In order to achieve this, the Company has implemented a number of greener practices at its facilities by adopting technical and functional controls. An example of this is the Company's Zero Liquid Discharge effluent treatment facilities at its Hosur, Chakan and Nashik plants. The Company strongly emphasises efficiency, resource conservation, and the use of renewable energy to minimise its carbon footprint. The Company's Sanand facility has received the Indian Green Building Council's (IGBC) 'Green Factory Building Certification-Silver', which is evidence of its steadfast commitment to sustainability.
Approach towards Materiality
Gabriel India conducted a comprehensive materiality assessment during the reporting year to enhance its relationships with stakeholders and gain insights into their expectations. The study was conducted following extensive meetings with the senior leadership team and involved gathering feedback from employees, vendors, investors, customers, and community representatives via a materiality survey. This exercise helped the organisation identify and prioritise environmental, social, and governance issues essential to the Company's long-term sustainability and resilience. The Company's ESG strategy and corresponding initiatives tackle these priority challenges through improvement plans, indicators, short-term and long-term goals, targets, and enabling policies. The Company intends to evaluate and update its materiality regularly.
Internal Control Systems and their Adequacy
The Company proactively manages its operating business risks through regular monitoring and corrective actions. The Company has established proper and adequate internal control systems that align with the size and nature of
its operations. These systems ensure that all assets are safeguarded and transactions are appropriately authorised, recorded, and reported.
The internal control systems are designed to ensure that the financial and other records are reliable and accurately reflect the Company's business operations. The Audit Committee convenes every quarter to review and discuss the various Internal Audit reports, closure of agreed actions, and compliance with the audit plan. This ensures that the Company always complies with regulatory requirements and that all operations are executed with transparency and accountability.
Outlook
Gabriel India, a leading manufacturer of shock absorbers, has been a global player in its industry. The Company has set its sights on achieving a place in the top 5 shock absorber manufacturers globally, and is working tirelessly towards realizing this vision. In addition to its core business of shock absorber manufacturing, the Company is also considering diversification as a means of expanding its business. This strategic move will enable the Company to tap into new markets and explore new opportunities for growth. With a clear focus on innovation and customer satisfaction, the Company is well-positioned to achieve its ambitious goals and maintain itself as a dominant player in the global market for shock absorbers. The Company's commitment to excellence, coupled with its strong leadership team and talented workforce, makes it a force to be reckoned with in the automotive industry and beyond.
Cautionary Statement
Statements made in the Management Discussion & Analysis describing the Company's objectives, projections, estimates, and expectations may be 'forward-looking statements' within the meaning of applicable securities Laws & Regulations. Actual results could differ from those expressed or implied. Important factors that could make a difference to the Company's operations include economic conditions affecting demand, supply and price conditions in the domestic and overseas markets in which the Company operates, changes in the Government regulations, tax laws, and other statutes, and other incidental factors.
Disclosure of Accounting Treatment: Where in the preparation of financial statements, a treatment different from that prescribed in an Accounting Standard has been followed, the fact shall be disclosed in the financial statements, together with the management's explanation as to why it believes such alternative treatment is more representative of the true and fair view of the underlying business transaction.
Annual Report 2022-23
63
DIRECTORS REPORT
To,
The Members,
Your Directors present the 61st Annual Report on the business and operations of Gabriel India Limited ('the Company'), along with the Audited Financial Statements for the financial year ended March 31, 2023.
FINANCIAL RESULTS
(Amount in ₹ million)
Particulars | Financial Year | Financial Year | |||||
2022-23 | 2021-22 | ||||||
Net Sales | 29,421.42 | 23,104.55 | |||||
Earnings | before | Interest, | |||||
Tax and | Depreciation | and | 2,136.88 | 1,459.28 | |||
Amortisation (EBITDA) | |||||||
Finance Cost | 45.85 | 42.74 | |||||
Depreciation | and | 485.85 | 413.61 | ||||
amortisation expenses | |||||||
Profit/(Loss) | Before | Tax | 1,779.08 | 1,264.59 | |||
(PBT) | |||||||
Provision for Taxation: | |||||||
- Current | 435.53 | 326.54 | |||||
- Deferred Tax | 20.02 | 42.90 | |||||
Profit/(Loss) | After | Tax | 1,323.53 | 895.15 | |||
(PAT) | |||||||
Profit/(Loss) | Account | ||||||
Balance at the beginning of | 6,862.92 | 6,161.02 | |||||
the year | |||||||
Profit | available | for | 8,172.10 | 7,042.47 | |||
appropriations | |||||||
Appropriations: | |||||||
Dividend on Equity Shares | 272.92 | 179.55 | |||||
Tax on Dividend | - | - | |||||
Transferred | to | General | - | - | |||
Reserves | |||||||
Profit/(Loss) | Account | ||||||
balance at the end of the | 7,899.18 | 6,862.92 | |||||
year | |||||||
PERFORMANCE HIGHLIGHTS |
Your Company recorded net sales of ₹ 29,421.42 million in financial year 2022-23 as compared to ₹ 23,104.55 million in financial year 2021-22, a growth of 27.34%. It reported a 46.43% growth in EBITDA to ₹ 2,136.88 million, largely due to volume growth across all business units viz. 2&3 Wheelers, Passenger Cars, Commercial Vehicles and Aftermarket. The Company's Profit before tax stood at ₹ 1,779.08 million, an increase of 40.68% over financial year 2021-22. Profit after tax of the Company was pegged at ₹ 1,323.53 million compared
to ₹ 895.15 million in the financial year 2021-22. The EPS increased to ₹ 9.21 per share in financial year 2022-23 from ₹ 6.23 per share in the financial year 2021-22.
BUSINESS OUTLOOK
FY 2022-23 was marked by global events causing significant disruptions to the world economy, including the Russia- Ukraine conflict, China's lockdowns, and the European market slowdown. These led to supply chain disruption and volatile input prices, making cost planning challenging. IMF projects a slight contraction in global economic growth from 3.4% in 2022 to 2.8% in 2023 and 3.0% in 2024. But emerging markets show promising prospects estimated at 3.9% in 2023 and an anticipated increase to 4.2% in 2024.
India showcased resilience with a remarkable 6.8% growth rate, becoming the fastest-growing economy. The government's taxation focus aims to drive economic growth and infrastructure development. The automotive sector emerged as the world's third-largest market, with 4.25 million vehicle sales. Challenges in the entry-level segment were offset by strong demand for higher-priced cars, SUVs, and premium models. Further, commercial vehicles grew by 34%, and the EV market achieved 1 million sales. Overall, it has been a positive year for the Company.
Key Focus Areas: Company's commitment to cultural transformation and leadership empowerment drives sustainable growth in the past 62 years. This reinforces customer and stakeholder relationships through sustainable practices and prudent financial management. Investments in manufacturing excellence and research and development further has strengthened the roots, establishing it as a trusted industry partner. Additionally, the comprehensive three- year localisation plan strengthens the Company's presence, improves efficiency, and enhances customer engagement.
OPERATIONS
Throughout the full year, the Company experienced exceptional performance, achieving its highest-ever revenue, aligning with the overall success of the auto industry. The Company's strategic alliance with Inalfa Roof System represents its entry into the burgeoning automotive sunroof segment, demonstrating its dedication to India's transformative auto Sector. With an unwavering commitment to innovation and technology, the Company has strategically positioned itself at the forefront of the automotive industry's transformative shifts. Leveraging remarkable growth in the SUV segment and
6464 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Directors Report (Contd.)
maintaining a dominant market share exceeding 60% in the EV 2W sector, the Company is well-prepared to seize emerging opportunities and sustain its ongoing success in the dynamic market landscape.
CHANGE IN NATURE OF BUSINESS
There has been no change in the nature of business of your Company during the year.
MATERIAL CHANGES AND COMMITMENTS
During the year under review no material changes and commitments occurred between the end of the financial year as on March 31, 2023, and the date of this report which affects the financial position of the Company.
CREDIT RATING
Your Company has obtained the credit rating from CRISIL Limited ("CRISIL') for its banking facilities. The agency has reaffirmed the Company's rating as CRISIL AA/Stable for Long Term facilities.
DIVIDEND
During the year under review your directors declared an interim dividend of ₹ 0.90 per equity share of ₹ 1 each (previous year
- 0.55 per equity share of ₹ 1 each). This dividend amounted to ₹129.28 million (Previous year ₹ 79.00 million). This was distributed to shareholders, whose names appeared on the Register of Members as on November 18, 2022.
TRANSFER TO RESERVES
The closing balance of the retained earnings of the Company for the financial year 2022-23, after all appropriations and adjustments was ₹ 7,899.18 million.
INVESTOR EDUCATION AND PROTECTION FUND (IEPF)
During the year under review, in terms of Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 following dividend, corresponding shares and matured deposits along with the accrued interest were transferred to the Investor Education and Protection Fund following a due notice to the members. The same can be claimed by the respective investor through submission of Form IEPF-5.
The list of shareholders is available on Company's website at URL: https://www.anandgroupindia.com/gabrielindia/investors/investor-information/.Future cash benefits like dividends to such transferred shares shall be transferred by the Company to bank account of IEPF authority.
1. Details of unclaimed/unpaid dividend and Corresponding shares transferred to IEPF:
S. | Particulars | Amount of | No. of |
No. | Dividend (₹) | Shares | |
1 | Final Dividend 2014-15 | 14,07,030 | 38,089 |
2 | Interim Dividend | 11,19,348 | 39,931 |
2015-16 |
2. Details of matured fixed deposit along with interest accrued thereon transferred to IEPF:
Your directors further recommended for the approval of shareholders a final dividend of ₹ 1.65 per equity share of ₹ 1 each (previous year ₹ 1.00 per equity share of ₹ 1 each). This proposed dividend will amount to ₹ 237.01 million (previous year ₹ 143.64 million). Income Tax Act, 1961, ('the IT Act') as amended by the Finance Act, 2020, mandates that dividends paid or distributed by a Company after April 01, 2020, shall be taxable in the hands of members hence the dividend payout is exclusive of dividend distribution tax. The dividend, subject to its declaration, will be distributed to shareholders whose names appear on the Register of Members on Monday,
August 07, 2023.
The Company also has its Dividend distribution Policy which has been approved by the Board of Directors. The said policy is available on the Company's website at URL:
https://www.anandgroupindia.com/gabrielindia/investors/ corporate-governance/
- Month for which No. amount was
transferred
- April-2022
- May-2022
- June-2022
- July-2022
- August - 2022
- September - 2022
- October -2022
- November - 2022
- December - 2022
- January - 2023
- February - 2023
- March - 2023
Amount of
Unclaimed
Matured
Deposit ( ₹ )
-
10,000
25,000
-
-
11,000
-
-
-
-
-
-
Amount of
Unclaimed
Interest ( ₹ )
-
135
584
17,561
249
7,618
12,392
89
1,953
14,525
1,070
235
Annual Report 2022-23
65
Directors Report (Contd.)
3. Details of resultant benefit arising out of shares already transferred to IEPF:
S. | Particulars | Amount (₹) | |
No. | |||
1 | Final Dividend 2021-22 | 11,28,604.00 | |
2 | Interim Dividend 2022-23 | 10,14,982.10 |
DEPOSITS
The Company has discontinued the acceptance of deposits with effect from November 09, 2015. Accordingly, no further deposits shall be accepted by the Company under the said scheme. The deposits already accepted under the said scheme up to November 07, 2015, were served till their applicable tenure. The details pertaining to deposits is as under:
SHARE CAPITAL
The issued, subscribed and paid-up equity share capital as on March 31, 2023 was ₹ 143.64 million comprising of 14,36,43,940 Equity Shares of ₹ 1 each. During the year under review, the Company did not issue any shares and did not grant stock options or sweat equity shares to employees. The details of the shareholding of the Directors as on March 31, 2023, are as mentioned below:
S.
No.
i
ii
iii
Details
Public deposits accepted during the year
Deposits that remained unpaid or unclaimed as at the end of the year
Whether there has been any default in repayment of deposits or payment of Interest thereon:
a. | at the beginning of the year |
b. | maximum during the year |
Amount (₹ in million) /
Remark
-
0.07
-
-
S.
No.
1
2
Particulars
Mrs. Anjali
Singh
Mr. Manoj
Shareholding
6,41,942 equity shares
4,000 equity shares
% of shareholding
0.45
0.003
iv
c. at the end of the year |
Details of deposits which are not in compliance with the requirements of Chapter V of the Companies Act, 2013
-
-
3
Kolhatkar
Mrs. Pallavi
Joshi Bakhru
22,500 equity shares
0.016
MEETINGS OF THE BOARD AND AUDIT COMMITTEE
During the year, 5 Board Meetings and 4 Audit Committee meetings were convened and held, the details of which are given in the Corporate Governance Report forming part of this
SUBSIDIARY, JOINT ARRANGEMENTS AND ASSOCIATE
COMPANIES
On May 09, 2023, the Company had acquired 100% equity shares of Inalfa Gabriel Sunroof Systems Private Limited ('IGSSPL'), a Company incorporated under the Companies Act, 2013 having its registered office at Chennai, Tamil Nadu to make it a Wholly Owned Subsidiary ('WOS') to undertake business of engineering, designing, developing, manufacturing, assembly, marketing, sales and distribution of the automotive sunroofs, related child parts and other allied activities.
The Company shall be executing a Joint Venture Agreement with Inalfa Roof Systems Group B.V., a corporation incorporated under the laws of The Netherlands ('Inalfa'). Inalfa shall acquire 51% of the equity shares of IGSSPL after receiving requisite approvals (including requisite corporate, statutory, and regulatory approvals) resulting into an equity shareholding ratio of Inalfa and the Company as 51:49, respectively.
Annual Report. The intervening gap between the meetings did not exceed the period 120 days as prescribed under the Companies Act, 2013.
COMMITTEES
The Company has the following committees, which have been established as a part of the corporate governance practices and are in compliance with the requirements of the relevant provisions of applicable laws and statutes.
- Audit Committee
- Nomination and Remuneration Committee
- Stakeholders Relationship Committee
- Corporate Social Responsibility Committee
- Risk Management Committee
The details with respect to the compositions, powers, roles, terms of reference and number of meetings held during the year of relevant committees are given in detail in the Corporate Governance Report of the Company, which forms part of this Board's Report
6666 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Directors Report (Contd.)
MANAGEMENT
-
Directors
As on March 31, 2023, there were eight Directors on the Board of the Company, consisting of 1 Executive Chairperson, 2 Executive Director, 1 Non- Executive Director and 4 Independent Directors.
In accordance with Article 128, 129 and 130 of the Articles of Association of the Company and Section 152(6)(d) and (e) of the Companies Act, 2013, Mr. Atul Jaggi retires by rotation and being eligible, offers himself for reappointment.
B. Declaration of independence and statement on |
compliance of code of conduct |
The Non-Executive Independent Directors enlisted below have: |
- Name of Director
No.
1 Mrs. Anjali Singh
- Mr. Manoj Kolhatkar
- Mr. Atul Jaggi
- Mr. Jagdish Kumar
- Mr. Aditya Vij**
- Mr. Pradeep Banerjee*
- Ms. Matangi Gowrishankar
- Mrs. Pallavi Joshi Bakhru
- Ms. Mahua Acharya***
DIN
02082840
03553983
07263848
00318558
03200194
02985965
01518137
01526618
03030535
Position
Executive
Chairperson
Managing
Director
Deputy
Managing
Director
Non-
Executive
Director
Non-
Executive
Independent
Director
Non-
Executive
Independent
Director
Non-
Executive
Independent
Director
Non-
Executive
Independent
Director
Non-
Executive
Independent
Director
1. | Provided a declaration under Section 149(7) of the |
Companies Act, 2013 that they meet the criteria | |
of independence. The declaration from the said | |
directors is attached as Annexure 'A' to this Report. | |
2. | Complied with the Code for Independent Directors |
prescribed in Schedule IV to the Companies Act, | |
2013. | |
3. | Complied with the Code of Conduct for Board of |
Directors, Members of Senior Management and | |
Insiders. |
S. | Name of the director | DIN | |
No. | |||
1 | Mr. Pradeep Banerjee | 02985965 | |
2 | Ms. Matangi Gowrishankar | 01518137 | |
3 | Mrs. Pallavi Joshi Bakhru | 01526618 | |
4 | Ms. Mahua Acharya | 03030535 | |
C. | Formal Evaluation |
Pursuant to the provisions of the Companies Act, 2013 | |
and the Regulations of The Securities and Exchange | |
Board of India (Listing Obligations & Disclosure | |
Requirements) Regulations, 2015 ('SEBI (LODR), 2015'), | |
the Board carried out an annual evaluation of its own, | |
its Committees, the Chairperson, and the Directors, | |
individually. A detailed note on the manner of evaluation | |
forms a part of the Corporate Governance Report. | |
D. | Key Managerial Personnel |
- Mr. Pradeep Banerjee was re-appointed for a second term of 2 years as a Non-Executive Independent Director of the Company w.e.f. December 14, 2022.
- Mr. Aditya Vij ceased to be a Non- Executive Independent Director on March 30, 2023, upon completion of two consecutive terms as an Independent Director.
- Ms. Mahua Acharya was appointed as an Additional Non- Executive Independent Director w.e.f. March 31, 2023, and her appointment shall be regularised by the members of the Company by passing resolution through postal ballot.
There has been no change in the Key Managerial |
Personnel of the Company during the financial year |
2022-23. |
COMPANY'S POLICY ON DIRECTOR'S APPOINTMENT AND REMUNERATION
The Company has in place a Nomination and Remuneration Policy which was duly approved by the Board in the financial year 2014-15. The remuneration, in all forms, paid to the Executive Directors was in compliance with the said Policy. The remuneration to Non-Executive Independent Directors
Annual Report 2022-23
67
Directors Report (Contd.)
in the form of commission and sitting fees was also paid in terms of the said Policy. The disclosure of the details of the Nomination and Remuneration Policy forms part of the Corporate Governance Report.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENT
Disclosures relating to Loans, Guarantees or Investments, as defined under Section 186 of the Companies Act, 2013, forms part of the Notes to the Financial Statement.
VIGIL MECHANISM
A Vigil Mechanism in the form of an Ethics Helpline and Whistle Blower Policy was established by the Company to trace and deal with instances of fraud and mismanagement. The details/report for the same was directly reported to the Audit Committee Chairman. A brief note on the Whistle Blower Policy is disclosed in the Corporate Governance Report. The full text of Policy is available on Company's website at URL : https://www.anandgroupindia.com/wp-content/uploads/2018/01/Gabriel-India-Whistle-Blower-Policy.pdf
INTERNAL CONTROLS AND SYSTEMS
The Company has established adequate internal control systems and vigilance systems to commensurate with the size of the business, nature of the business and risk management which are continuously evaluated by professional internal and statutoryauditorsofrepute.TheCompanycontinues toimprove the present internal control systems by implementation of appropriate policy and processes evaluated based on the Enterprise Risk Management, Internal Financial Controls and Internal Audits. Adequate benchmarking is done to upgrade the same from time to time and such update is based on the changes in the risk factors, probability and impact to the organisation. The Company has in place an adequate system to ensure effectiveness, efficacy of operations, compliance with applicable legislation, safeguarding of assets, adherence to management policies and promotion of ethical conduct.
A dedicated legal compliance cell ensures that the Company conducts its business with high standards of legal, statutory and regulatory compliances. The Audit committee reviews the internal control systems and procedures quarterly. The Company maintains a system of Internal Financial Controls ('IFC') designed to provide a high degree of assurance on various business areas such as Inventory, Procure to Pay, Record to Report, Legal, Order to Cash, Fixed Assets, Human Resource, Information Technology regarding effectiveness and efficiency of operations, reliability of financial controls
and compliance with laws and regulations. This is done by recording the results of key manual controls status across the Company and retaining the back-up of the same in a common secured server for future reference. The Audit committee periodically evaluates internal financial controls and risk management system.
BUSINESS RISK MANAGEMENT
Like any other industry, the Company faces several business risks. The Company's business is exposed to internal and external risks which are identified and revisited every year. For proper risk management, the Company has Risk Management Policy and a well-defined Risk framework comprising of Risk Governance, Risk Enabled Strategic Processes, Risk Enabled Operational Processes, Coordinated Risk Assurance and Technology Enablement. A Risk Management Committee formed and comprising of two Non-Executive Independent Directors and one Non-Executive Director meets every quarter to monitor various components of the risk framework in compliance to Risk Management Policy, review progress of actions planned and an update of the same is presented to the Board members. The Company has taken necessary actions for risk mitigation in the financial year 2022-23.
The key risks of the organisation are as under. The Company has plans to mitigate the same.
Industry Risk
The Company has customer relationships with a large number of OEMs in all business segments - 2&3 Wheelers, Passenger cars, Commercial vehicles and Railways which has substantially mitigated industry risk. Additionally, the Company is continuously widening its exports and aftermarket presence.
Competition Risk
The Company is working closely with customers to develop products collaboratively for their upcoming models. The Company has identified cost leadership as one of the key drivers to combat competition and is working aggressively to retain its cost competitiveness.
The Company is investing in automation and process upgradation, thus strengthening margins in the process. The Company invested in renewable energy with the objective to moderate costs in long term. Company is investing at locations close to customer's location to garner new businesses.
The Company has drawn a technology road map and has taken up various projects under automation initiative to manage and mitigate technology risk arising due to dated software, lack of automation and high dependency of manual efforts.
6868 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Directors Report (Contd.)
For improvement of quality, initiatives such as COPQ 2.0 and AHQ have been implemented to aid in managing and mitigating risk of sub-standard product quality that may result in reduction of export volumes / increasing warranty costs.
The Company has developed plan with quarterly targets focusing on developing new products to ensure increase foothold in the market in line with long term strategic plans.
Procurement Risk
The Company has a rationalised vendor base to enhance purchasing efficiencies. The Company has successfully minimised excessive dependence on specific vendors. This was achieved by way of strategic partnerships, alternate sourcing, and vendor consolidation for high-risk vendors.
The Company continues to use e-sourcing to get additional cost reductions from existing / new vendors on a regular basis. Annual cost reduction workshops are continuing to give new avenues to control the raw material costs. Import localisation has helped the Company to reduce strain on margins due to competitive pricing.
Export Risk
The Company commissioned a full-fledged Two Wheelers R&D Centre at Hosur in December 2013 and strengthened its R&D capabilities in its Passenger Cars, Commercial Vehicles and Railways Business Unit at Pune. A modern R&D Technology Center for Passenger Cars and Commercial Vehicles product development was established at Chakan, Pune.
The Company has set up a dedicated team to focus on exports for the regions of South Asia, ASEAN, the Middle East and Latin America. The Company is constantly working on upgrading it's manufacturing processes to meet higher product standards for the exports business.
Compliance Risk
The Company has adequate controls to ensure that all transactions are correctly authorised, recorded and reported. Its internal control system is supplemented by an extensive array of internal audits, reviews of findings and assessment of improvement opportunities across business processes, systems and controls. The Company has established compliance software across all Plants and at its registered office to ensure the same. The Company has identified additional risk of statutory and EHS compliance at key vendors for continuous monitoring.
Contingency Risk
This risk can arise due to unanticipated contingencies which
may arise due to internal or external factors. The Company has defined Business Continuity Plan ('BCP') and Disaster Recovery Plan ('DRP') to ensure smooth running of business and operation, safeguarding of the assets, employee/ people/ visitor health safety and compliances. Adequate controls are updated and documented based on the risk factors, government guidelines, notifications issued from time to time. BCP plan outlines the procedures for immediate management level responses to manage the crisis which includes business recovery strategies. DRP plan outlines specific procedures required to recover and restore critical IT systems during such unanticipated disruptive events.
FRAUDS REPORTED BY AUDITOR
During the year under review, no instance of fraud in the Company was reported by the Auditors.
EXPLANATION IN RESPOSE TO THE AUDITORS' QUALIFICATION
During the year under review, neither Statutory Auditor nor Secretarial Auditor and Cost Auditor reported any qualifications, reservations, or adverse remarks in their respective reports.
CONTRACT AND ARRANGEMENT WITH RELATED PARTIES
During the year under review, the Company has not entered into any contract/ arrangement/ transaction with related parties which were either not at an arm's length or not in the ordinary course of business and further could be considered material in accordance with the Policy of the Company on materiality of related party transactions. Hence, there is no information to be provided in Form AOC-2, while the particulars of all related party transactions in terms of IND AS 24 forms part of Notes to the Financial Statements provided in this Annual Report.
The Policy on Materiality of Related Party Transactions and dealing with Related Party Transactions was revised in line with the amendment in SEBI (LODR) 2015 and the same is available on the Company's website.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS
There were no significant and material orders passed by the regulators or courts having competent jurisdiction, which could have an impact on the business of the Company under the going concern concept.
Annual Report 2022-23
69
Directors Report (Contd.)
COMPLIANCE WITH SECRETARIAL STANDARDS
The Company has devised proper systems to ensure compliance with the provisions of all applicable Secretarial Standards issued by the Institute of Company Secretaries of India.
CORPORATE GOVERNANCE REPORT
A separate section on Corporate Governance is included in the Annual Report and the certificate from the Secretarial Auditors, confirming the compliance of conditions of Corporate Governance, as stipulated under SEBI (LODR), 2015 is annexed thereto.
MANAGEMENT DISCUSSION ANALYSIS REPORT
In terms of the provisions of Regulation 34 of SEBI (LODR), 2015, the Management's Discussion and Analysis Report is set out in this Annual Report.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The Company's Corporate Social Responsibility Policy is hosted on the website of the Company. The Company has a CSR Committee to monitor adherence to Corporate Social Responsibility Policy and to track transactions related to Ongoing / Non-ongoing projects etc. A detailed report on the CSR activities inter- alia disclosing the composition of CSR Committee and CSR activities is attached as Annexure 'B-I' to this Report. Certification by Chief Financial Officer on disbursement and utilisation of Corporate Social Responsibility funds is attached as Annexure 'B - II' to this Report.
The disclosure pertaining to the constitution of committee and number of meetings held during the year forms part of the Corporate Governance Report which is a part of Annual Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO
As required under Section 134(m) of the Companies Act, 2013, read with the Companies (Accounts) Rules 2014, information relating to the foregoing matters is attached as Annexure 'C' to this Report.
PREVENTION OF SEXUAL HARASSMENT POLICY
The Company has zero tolerance for sexual harassment at workplace. The Company has in place a Prevention of Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention,
Prohibition and Redressal) Act, 2013 and Rules framed thereunder. Through the Policy, the Company has constituted a committee and established a grievance procedure through Internal Complaints Committee ('ICC') for protection against victimisation.
During the year under review no complaint of sexual harassment was raised.
The Company is committed to providing a healthy environment to all its employees conducive to work without the fear of prejudice and gender bias.
AUDITORS
Statutory Auditors
In 59th Annual General Meeting held on August 04, 2021, Price Waterhouse Chartered Accountants LLP (PWC), were appointed as Statutory Auditors of the Company for a period of five years till the conclusion of the 64th Annual General Meeting of the Company.
Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company appointed KPRC & Associates, a firm of Company Secretaries in practice, to undertake the Secretarial Audit. The self-explanatory Report of the Secretarial Audit is attached as Annexure 'D' to this Report.
Cost Audit
In terms of the provisions of Section 148 of the Companies Act, 2013, the Company is required to have the audit of its cost records conducted by a Cost Accountant. The Board of Directors of the Company has on the recommendation of the Audit Committee, approved the appointment of M/s. Dhananjay V. Joshi and Associates, Cost Accountants, Pune as Cost Auditors (Registration No. 00030) of the Company for financial year 2022-23 to conduct cost audits for relevant products prescribed under the Companies (Cost Records and Audit) Rules, 2014. On recommendation of the Audit Committee, the Board has recommended to the members, as per resolution set in item number 4 of the Notice of the forthcoming Annual General Meeting, the remuneration payable to the said Cost Auditors. M/s. Dhananjay V. Joshi and Associates, have, under Section 139(1) of the Act and the Rules framed thereunder furnished a certificate of their eligibility and consent for appointment. The cost accounts and records of the Company are duly prepared and maintained as required under Section 148(1) of the Companies Act, 2013.
7070 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Directors Report (Contd.)
ANNUAL RETURN
Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies (Management and Administration) Rules, 2014 the Annual Return for financial year 2022-23 is available on Company's website at URL : https://www.anandgroupindia.com/gabrielindia/investors/annual-reports/
PARTICULARS OF EMPLOYEES
Disclosure pertaining to remuneration and other detail as required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as Annexure 'E'.
Statement containing particulars of top 10 employees and particulars of employees as required under Section 197
- of the Act read with Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is available on Company's website at URL :https://www.anandgroupindia.com/gabrielindia/investors/annual- reports/
In furtherance to the above, Mrs. Anjali Singh, Whole-time Director of the Company has received remuneration from Asia Investments Private Limited, its holding company, during the financial year 2022-23.
DIRECTORS' RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:
- In preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.
- The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent, to give a true and fair view of the state of affairs of the Company at the end of the financial year March 31, 2023 and of the Profit of the Company for that period.
- The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this act for safeguarding the assets of the Company and for preventing / detecting fraud and other irregularities.
- The Directors have prepared the annual accounts on a going concern basis.
-
The Directors have laid down internal financial controls followed by the Company and that such financial controls are adequate and operating effectively.
The Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
DETAILS OF APPLICATION MADE OR ANY PROCEEDING PENDING UNDER THE INSOLVENCY AND BANKRUPTCY CODE, 2016 (31 OF 2016) AND THEIR STATUS
There are no applications made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year.
DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOANS FROM THE BANKS OR FINANCIAL INSTITUTION ALONGWITH THE REASONS THEREOF
There are no such events occurred during the period from April 01, 2022 to March 31, 2023, thus no valuation is carried out for the one-time settlement with the Banks or Financial Institutions
ACKNOWLEDGEMENTS
Your Directors wish to thank the collaborators, technology partners, financial institutions, bankers, customers, suppliers, shareholders and employees for their continued support and co-operation.
For and on behalf of the Board | |
Manoj Kolhatkar | |
Place : Pune | Managing Director |
Date: May 23, 2023 | (DIN 03553983) |
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71
ANNEXURE
ANNEXURE 'A'
DECLARATION OF INDEPENDENCE
DECLARATION UNDER SECTION 149(7) OF THE COMPANIES ACT, 2013 AND REGULATION 25(8) OF SEBI (LODR), 2015:
We, Pradeep Banerjee, Matangi Gowrishankar, Pallavi Joshi Bakhru and Mahua Acharya being the Independent Directors of Gabriel India Limited ('the Company') hereby acknowledge, confirm and declare that:
- We are or were not promoter of the Company or its holding, subsidiary or associate ompany or member of the promoter group of the Company; nor are we related to promoter or directors in the Company, its holding, subsidiary or associate Company.
- We do not have or had any pecuniary relationship, other than remuneration as director nor have transaction exceeding ten percent of our total income or such amount as may be prescribed, with the Company, it's holding, subsidiary or associate Company or their promoters or directors, during the three immediately preceding financial years or during the current financial year.
- None of our relatives:
- is holding securities of or interest in the Company, its holding, subsidiary or associate Company during the three immediately preceding financial years or during the current financial year of face value in excess of fifty Lacs rupees or two percent of the paid-up capital of the Company, its holding, subsidiary or associate Company, respectively, or such higher sum as may be specified.
- is indebted to the Company, its holding, subsidiary or associate Company or their promoters, or directors, in excess of an amount of fifty Lacs rupees, during the three immediately preceding financial years or during the current financial year;
-
has given a guarantee or provided any security in connection with the indebtedness of any third person to the Company, its holding, subsidiary or associate Company or their promoters, or directors of such holding company, for an amount of fifty
Lacs rupees, during the three immediately preceding financial years or during the current financial year; or
- has any other pecuniary transaction or relationship with the Company, or its subsidiary, or its holding or associate Company, amounting to two percent or more of its gross turnover or total income or fifty lacs rupees or such higher amount as may be prescribed from time to time, whichever is lower.
- We ourselves nor any of our relatives :
- Hold or has held the position of key managerial personnel or is or has been an employee of the Company or its holding, or subsidiary or associate Company or any Company belonging to the Promoter group of the Company in any of the three financial years immediately preceding the financial year in which we were appointed;
- are or has been an employee or proprietor or partner, in any of the three financial years immediately preceding the financial year in which we were appointed, of -
- A firm of auditors or Company secretaries in practice or cost auditors of the Company or its holding or subsidiary or associate company; or
- Any legal or consulting firm that has or had any transaction with the Company, or its holding or subsidiary or associate Company amounting to ten per cent or more of the gross turnover of such firm;
- holds together two per cent or more of the total voting power of the Company;
- are Chief Executive or Director, by whatever name called, of any non-profit organisation that receives twenty five percent or more of its receipt or corpus from the Company, any of its promoters or directors or its holding or subsidiary or associate Company or that holds two percent or more of total voting power of the Company;
- are material supplier, service provider or customer or a lessor or lessee of the Company.
- We are not less than 21 years of age.
- We are not a non-independent director of another Company on the board of which any non-independent director of the Company is an independent director.
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Financial Statements
- We possess appropriate skills, experience and knowledge in one or more discipline(s) related to the Company's business.
-
We meet the criteria of independence as provided in clause
(b) of sub-regulation (1) of regulation 16 of SEBI (LODR), 2015 and that we are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact our ability to discharge duties with an objective independent judgment and without any external influence.
- We are registered with Indian Institute of Corporate Affairs for inclusion of our name in the data bank of
Independent Directors and confirm to renew the same within prescribed period from the date of expiry of said registration.
Pradeep Banerjee | Matangi Gowrishankar |
DIN: 02985965 | DIN: 01518137 |
Place: Mumbai | Place: Pune |
Pallavi Joshi Bakhru | Mahua Acharya |
DIN: 01526618 | DIN: 03030535 |
Place: New Delhi | Place: New Delhi |
Date: April 01, 2023 |
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73
ANNEXURE 'B - I'
ANNUAL REPORT ON CSR ACTIVITIES
The Corporate Social Responsibility ('CSR') Committee of the Company was constituted on May 14, 2014 in terms of provisions of Section 135 of the Companies Act, 2013 ('the Act') read with the Companies (Corporate Social Responsibility), Rules 2014 ('the Rules').
1. BRIEF OUTLINE ON CSR POLICY OF THE COMPANY
Pursuant to amendment in Section 135 of the Act and the Rules framed thereunder it was a mandatory commitment for a corporate to contribute and operate in an economically, socially and environmentally sustainable manner and also establish a Corporate Social Responsibility Policy ('CSR Policy') with an 'Aim and Objective' and guiding principles for selection, implementation, and monitoring of the activities and a Committee to track the transactions relating to CSR initiatives. Hence, it is a continuing commitment for a Company to perform ethically and contribute to economic development of the society. CSR, therefore, is not a mere philanthropic activity but also comprises of activities that require a Company to integrate social, environmental and ethical concerns into the Company's vision and mission through such activities.
The brief details of CSR projects / programmes / activities undertaken by the Company in terms of Schedule VII to the Companies Act, 2013 through SNS Foundation are enlisted below:
- Education to school students from government / low grade private schools
- Scholarships to promote education
- Skill development for youth's in NSDC Healthcare Sector
2. COMPOSITION:
The CSR Committee consists of the following members as on March 31, 2023:
Sr. | Name of | Designation | Number of |
No. | Director | / Nature of | meetings |
Directorship | of CSR | ||
Committee | |||
attended | |||
during the | |||
year | |||
1 | Mrs. Anjali | Chairperson, | 3 |
Singh | Executive | ||
Director | |||
2 | Mr. Atul Jaggi | Member, Deputy | 4 |
Managing | |||
Director | |||
3 | Ms. Matangi | Member, | 4 |
Gowrishankar | Non-Executive | ||
Independent | |||
Director |
Members of the CSR committee are eminent professionals and financially literate.
MEETINGS
Four CSR committee meetings were held during the financial year 2022-23, details of which are as under:
Dates | Members | Members |
Strength | Present | |
May 24, 2022 | 3 | 3 |
August 04, 2022 | ||
3 | 3 | |
November 10, 2022 | ||
3 | 2 | |
February 03, 2023 | ||
3 | 3 |
- Facilitated bank credit to initiate livelihood activity
- Mobile medical services to promote health care
- Daily sanitation services for rural development
- Infrastructure development for School to promote education
- Construction at Tribal residential school to promote education
- Supported government authorities to maintain public parks for environmental sustainability
-
WEB-LINK
Composition of CSR Committee, CSR Policy and CSR projects approved by the Board are disclosed on the website of the Company at URL: https://www.anandgroupindia.com/wp-content/uploads/2018/01/
Corporate-Social-Responsibility-Policy-2021.pdf -
IMPACT ASSESSMENT
Impact assessment is not applicable to the Company as the obligation on the contribution to CSR activities is less than ` 10 Cr.
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5. a) AVERAGE NET PROFIT OF THE COMPANY FOR LAST THREE FINANCIAL YEARS:
(Amount in ₹ million) | ||||
Financial Year | 2021-22 | 2020-2021 | 2019-2020 | |
Net Profit | 1,256.29 | 820.11 | 1,029.88 | |
Average net profit for last three financial years | 1,035.43 | |||
PRESCRIBED CSR EXPENDITURE: | ||||
(Amount in ₹ million) | ||||
S. | Description | Amount | ||
No. | ||||
5b) | Two percent of average net profit of the Company as per Section 135(5) of the Act | 20.71 | ||
5c) | Surplus arising out of the CSR projects or programmes or activities of the previous financial | |||
- | ||||
years | ||||
5d) | Amount required to be set off for the financial year, if any | - | ||
5e) | Total CSR obligation for the financial year 2022-23(5b+5c-5d):- | |||
20.71 | ||||
6. CSR SPENT (BOTH ONGOING PROJECT AND OTHER THAN ONGOING PROJECT)
(Amount in ₹ million) | |||
S. | Description | Amount | |
No. | |||
a. | Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project) | 20.79 | |
b. | Amount spent in Administrative Overheads | - | |
c. | Amount spent on Impact Assessment, if applicable | - | |
d. | Total amount spent for financial year (6a+6b+6c) | 20.79 | |
- CSR amount spent or unspent for the financial year 2022-23 :
(Amount in ₹ million) | ||||||
Total amount | Amount Unspent | |||||
spent for the | ||||||
Total Amount transferred to Unspent | Amount transferred to any fund specified under | |||||
financial year | ||||||
CSR Account as per subsection (6) of | Schedule VII as per second proviso to sub-section | |||||
2022-23 | ||||||
section 135 | (5) of section 135. | |||||
Amount | Date of Transfer | Name of the | Amount | Date of Transfer | ||
Fund |
20.71
-
NA
NA
-
NA
- Excess amount for set-off, if any:
(Amount in ₹ million)
S.
No.
Particulars
Amount
i)
ii)
iii)
iv)
v)
Two percent of average net profit of the Company as per sub-section (5) of section 135
Total amount spent for the Financial Year
Excess amount spent for the Financial Year [(ii)-(i)]
Surplus arising out of the CSR projects or programmes or activities of the previous Financial Years, if any
Amount available for set off in succeeding Financial Years [(iii)-(iv)]
20.71
20.71
-
-
-
Annual Report 2022-23
75
7. Details of unspent CSR amount for the preceding three financial years:
(Amount in ₹ million)
S. | Preceding | Amount | Balance |
No. | financial year | transferred | Amount in |
to | Unspent | ||
Unspent | CSR | ||
CSR | Account | ||
Account | under | ||
under | subsection | ||
subsection | (6) of | ||
(6) of | section 135 | ||
section 135 |
Amout
spent in the financial year
Amount transferred to a Fund as specified under Schedule VII as per second proviso to subsection (5) of section 135, if any
Amount | Date of |
Transfer | |
Amount
remaining to be spent in the financial years
Deficie
ncy, if
any
1
2
3
2021-22
2020-21
2019-20
-
4.70
-
-
1.40
-
-
0.08
-
-
NA
-
-
NA
-
-
1.42
-
-
-
-
8. Whether any capital assets have been created or acquired through Corporate Social Responsibility amount spent in the Financial Year: No
If yes, enter the number of Capital assets created/ acquired:
Furnish the details relating to such asset(s) so created or acquired through Corporate Social Responsibility amount spent in the Financial Year:
S.
No.
Short particulars of | Pincode of | Date of | Amount |
the property or asset(s | the | creation | of CSR |
[including complete address | property | amount | |
and location of the property] | or asset(s) | spent | |
Details of entity/ Authority/
beneficiary of the registered owner
CSR Registration | Name | Registered |
Number, if applicable | address |
----------Not Applicable ----------
(All the fields should be captured as appearing in the revenue record, flat no, house no, Municipal Office/Municipal Corporation/ Gram panchayat are to be specified and also the area of the immovable property as well as boundaries)
9. Specify the reason(s), if the Company has failed to spend two per cent of the average net profit as per sub section (5) of section 135 - Not Applicable
By the order of Board | |
Manoj Kolhatkar | Anjali Singh |
Managing Director | Chairperson of Board and CSR Committee |
(DIN 03553983) | (DIN 02082840) |
Place: Pune | |
Date: May 23, 2023 |
7676 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
ANNEXURE 'B - II'
CERTIFICATION BY CHIEF FINANCIAL OFFICER ('CFO')
ON DISBURSEMENT AND UTILISATION OF CORPORATE SOCIAL RESPONSIBILITY FUNDS
To
The Board of Directors
Gabriel India Limited
I, Rishi Luharuka, Chief Financial Officer of Gabriel India Limited ('the Company') certify that the funds disbursed by the Company during the financial year 2022-23 have been utilised for the purposes and in the manner as approved by the Board of Directors in terms of Corporate Social Responsibility ('CSR') Policy of the Company.
The CSR activities and manner of utilisation of funds for said activities during financial year 2022-23 are disclosed as Annexure B - I of the Directors Report and forms part of the Annual Report.
During the financial year 2022-23, CSR budgeted expenditure was fully utilised and spent by the Company and no amount is required to be transferred to Unspent CSR Account.
Rishi Luharuka
Place : PuneChief Financial Officer
Date: May 23, 2023
Annual Report 2022-23
77
ANNEXURE 'C'
CONSERVATION OF ENERGY AND GREEN TECHNOLOGY
Information as per Section 134 (m) of the Companies Act, 2013, read with Companies (Accounts) Rules, 2014 and forming part of the Directors' Report for the year ended March 31, 2023.
1. CONSERVATION OF ENERGY AND GREEN TECHNOLOGY/ INITIATIVES
Your Company has been continuously working towards energy conservation green initiatives with innovative solutions. This year the Company has worked mainly in following areas:
- Using / improving energy efficiency using LED lighting technology at its plants, saving energy & reducing carbon footprint.
- In FY 2022-23, the contribution of renewable energy was 12% in plant operations. New rooftop solar projects were commissioned at Parwanoo & Dewas (D2) plants. Open Access Solar Group Captive power supply has been started at Chakan plant. To further increase the share, rooftop solar is planned at plants located at Nashik (new store building) & Hosur (new store building) and Open Access Solar Group Captive at plants at Hosur and Nashik.
- Energy Efficiency: Reduction in energy losses through technology application like variable speed drives, optimisation of process parameters affecting energy consumption, idling timers, elimination of compressed air leakages has been done.
- IoT: For better insight into the energy consumption in plant operations, IoT based software is being implemented across the Company that will help on focusing & quick reduction in manufacturing losses.
- Renewable Energy: A total of 1.80 MW of rooftop solar and Open Access Group Captive Wind & Solar Energy during the year.
The following graph shows the increase in production vis a vis the trend of the carbon footprint reduction.
Sustainable Footprint Success Story: A Greener Journey from 2017 to 2023
Gabriel India's Carbon Footprint
21.1 | 0.60 | 35.3 | 17.7 | 0.56 | 31.4 | 15.9 | 0.54 | 29.6 | 20.7 | 0.61 | 34.0 | 23.4 | 0.60 | 39.1 | |
FY 2017-18 | FY 2018-19 | FY | 2019-20 | FY 2020-21 | FY 2021-22 | FY 2022-23 | |||||||||
GHG (million kg) | Production (nos. in million) | GHG/shox |
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Corporate Overview
Statutory Reports
Financial Statements
2. RESEARCH AND DEVELOPMENT (R&D)
- Specific areas in which R&D was carried out by the Company:
- Development of semi-active continuously adjustable electronic control shock absorbers for electric passenger vehicles
- Development of shock absorbers for multinational OEM railway dampers
- Joint development with global OEM platforms for shock absorbers
- Improvement is design activities to address new safety regulations
- Product light-weighting to support energy efficiency of vehicles
- Cost reduction activities to improve competitiveness of products
- Development of shock absorbers for new generation of Passenger cars
- Benefits derived as a result of the above R&D:
- Meeting new regulations for vehicle product requirements
- Improve business wins with multinational OEMs
- Customer delight
- Cost reductions
Inputs are captured from following stake holders to identify R&D objectives and thrust areas:
- Global Technology trends
- Customer feedback on existing and future products
- Business goals & objectives
- Gabriel India's Vision
- Gabriel India's cross-functional teams
- Plan of action:
Realise Gabriel's Vision of being market leader in passengers, cars, commercial vehicles and railways by improving customer satisfaction through product design & development, increase Product validation test & simulation capabilities for products, introducing cost competitive products. The center aims to provide a superior product engineering
experience to meet future needs of electric & ICE mobility, by focusing on :
- Delivering exciting products to meet current & future needs of customers.
- Design optimisations to reduce and reuse raw materials to ensure sustainability.
- Closer interface with multinational technology partners & OEMs to increase global presence.
- Commercial vehicles damper technology development
- Develop technology for alternate product domains & market expansion.
Expenditure on R & D :
(Amount in ₹ million) | ||
Capital | : | 119.24 |
Recurring | : | 223.45 |
Total | : | 342.69 |
Total R&D Expenditure | : | 1.16% (Percentage of |
Net Sales) |
Technology Absorption, Adaptation and Innovation
Efforts, in brief, made towards technology adaptation and innovation are :
- A) Technology from Kayaba Industry Co. Limited, Japan was used for manufacture of Shock Absorbers, McPherson Struts & Front Forks mainly for Japanese OEMs in India.
- KYB Suspensions, Europe, SA a wholly owned subsidiary of Kayaba Industry Co. Limited., Japan provided technology for new generation vehicles of European origin.
- Technical Assistance with Yamaha Motor Hydraulic System Company Limited, Japan (formerly SOQI) for technology of front fork and two-wheeler shock absorbers.
- Technical Assistance with KONI B. V., Netherlands for technology of shock absorbers for future commercial vehicles (trucks & buses).
- Benefits derived as a result of the above
Annual Report 2022-23
79
efforts are acquiring new business, product development, import substitution, product improvement and cost reduction.
3. Particulars of imported technology in the last five years: Technology development and assimilation is an ongoing process. In order to meet the ever-increasing demand
of customers and continuously changing global standards, access to proven foreign technology is available.
- R&D facilities for ride control products for 2 & 3 - Wheelers at Hosur and Nashik and 4 wheelers passenger segment at Pune (Chakan) are being upgraded and expanded with improved capabilities in design, engineering, validation and testing.
- The Company is working on various innovation projects to develop new products and features
8080 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
ANNEXURE-'D'
FORM NO. MR-3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED MARCH 31, 2023
[Pursuant to Section 204 (1) of the Companies Act, 2013 and Rule-9 of the Companies
(Appointment and Remuneration Personnel) Rules, 2014]
To,
The Members,
Gabriel India Limited
(CIN: L34101PN1961PLC015735)
Regd. Office: 29th Milestone Pune - Nashik Highway, Village Kuruli, Taluka Khed, Pune (M.H.) - 410501
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Gabriel India Limited (here in after referred to as (the 'Company'). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.
Management's Responsibility for Secretarial Compliances
The Company's management is responsible for the preparation and maintenance of Secretarial Records and for devising proper systems to ensure compliance with the provisions of applicable laws and regulations.
Auditor's Responsibility
Our responsibility is to express an opinion on the Secretarial records, standards and procedures followed by the Company with respect to Secretarial Compliances on a test basis.
Opinion
Based on our verification of the Company's relevant books, papers, minute books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorised representatives during the conduct of secretarial audit, the explanations and clarifications given to us and the representation made by the Management of the Company, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on March, 31 2023 generally complied with the statutory provisions listed hereunder and also that the Company has proper Board- processes and compliance-mechanism in place to the extent,
in the manner and subject to the reporting made hereinafter:
- The Companies Act, 2013 (the Act) and the rules made there under;
- The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the rules made there under; -NotApplicable for the period under review as no events occurred for the compliances.
- The Depositories Act, 1996 and the Regulations and Bye- laws framed there under;
- The Foreign Exchange Management Act, 1999 and the rules and regulations made there under to the extent of Foreign Direct Investment;
- The following Regulations and Guidelines prescribed under the securities and Exchange Board of India Act, 1992 ('SEBI Act'): -
- The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011; - Not Applicable for the period under review as no events occurred for the compliances.
- The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
- The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018; Not Applicable for the period under review as no events occurred for the compliances.
-
The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 and the Securities Exchange Board of India (Share
Based Employee Benefits) Regulations,2014; -
Not Applicable for the period under review as no events occurred for the compliances. - The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008; -
Not Applicable for the period under review.
Annual Report 2022-23
81
- The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client;
-
The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; -
Not Applicable for the period under review as no events occurred for the compliances; and -
The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998; - Not
Applicable for the period under review as no events occurred for the compliances. - The Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018.
We have also examined compliance with the applicable clauses of the following:
- Secretarial Standards 1, 2 and 3 as issued and notified by The Institute of Company Secretaries of India.
- The Listing agreement entered into by the Company with BSE Limited and National Stock Exchange of India Limited and Securities and Exchange Board of India (Listing Obligations & Disclosure Requirements) Regulations, 2015.
During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above.
Based on the information received and records maintained, we further report that;
1. The Board of Directors of the Company is duly constituted with a proper balance of Executive Directors, Non-Executive Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.
- During the period under review Mr. Pradeep Banerjee (DIN: 02985965) was re-appointed as Non-Executive Independent Director for the term of two consecutive year w.e.f. from December 14, 2022 to December 13, 2024 and was ratified in the Annual General Meeting held on August 04, 2022 and Mrs. Anjali Singh (DIN: 02082840) was re-appointed as an Executive Chairperson of the Company for the term of
five consecutive years w.e.f. May 15, 2022 and was ratified in the Annual General Meeting held on dated August 04, 2022 by filing Form MGT-14.
-
Further, the tenure of Mr. Aditya Vij (DIN: 03200194) was ended on March 30, 2023, as Non-Executive Independent Director, who was appointed for first term of 5 years on March
31, 2015, and was re-appointed for the second term of 3 year from March 31, 2020, to March 30, 2023. Further, to comply with the provision of Regulation 17 of SEBI (LODR) Regulation 2015, Ms. Mahua Acharya (DIN: 03030535) was appointed as Non-executive Independent Additional Director with effect from March 31,
2023, for the term of 5 years by filing of Form
DIR 12.
-
Further, the tenure of Mr. Aditya Vij (DIN: 03200194) was ended on March 30, 2023, as Non-Executive Independent Director, who was appointed for first term of 5 years on March
- Adequate notices were found to have been given to all Directors to schedule the Meetings of Board, committee; agenda and detailed notes on agenda were sent at least seven days in advance and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.
-
After going through IEPF data and required compliances, we found that the Company had filed Form IEPF 1 &
IEPF 2 from time to time and also transferred the funds to designate IEPF account of MCA, however, we were informed that, in certain cases excel file is not uploaded due to technical errors on IEPF webportal and those certain forms were rejected, the Company is in follow up with MCA for suitable solutions to this matter. - All the decisions of the Board and its Committee were carried out with requisite majority.
Based on the Compliance mechanism processes as explained by the Company and on the basis of the Compliance Certificate(s) issued by the Company Secretary and authorised departmental compliance officers of the Company and taken on record by the Board of Directors at their duly convened and held meetings, we are of the opinion that the management has;
- Adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
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Corporate Overview
Statutory Reports
Financial Statements
- Systems and processes are in place and the Company has implemented compliance tool for better and more efficient compliances for the laws hereinafter as listed, which are applicable to the Company;
- The Environment (Protection) Act, 1986.
- The Water (Prevention and Control of Pollution) Act, 1974.
- The Hazardous Wastes (Management, Handling and Trans - boundary Movement) Rules, 2008.
- The Air (Prevention and Control of Pollution) Act, 1981.
- The Factories Act, 1948.
- The Industrial Dispute Act, 1947.
- The Payment of Wages Act, 1936.
- The Minimum Wages Act, 1948.
- The Employees' State Insurance Act, 1948.
- The Employees' Provident Funds and Miscellaneous Provisions Act, 1952.
- The Payment of Bonus Act, 1965.
- The Payment of Gratuity Act, 1972.
- The Contract Labor (Regulation and Abolition) Act, 1970.
- The Maternity Benefit Act, 1961.
- The Child Labor (Prohibition and Regulation) Act, 1986.
- The Industrial Employment (Standing Order) Act, 1946.
- The Employee Compensation Act, 1923.
- The Apprentices Act, 1961.
- The Equal Remuneration Act, 1976.
-
The Employment Exchange (Compulsory
Notification of Vacancies) Act, 1956. - The Company has as on the date of this certificate complied with the Due Diligence report for the half year ended March 2022 and September 2022 as required to be prepared pursuant to
RBI Circular - RBI/2008-2009/183/DBOD. No. BP.BC.46/08.12.001/2008-09 dated September 19,
2008.
As informed to us and as per the data of reports of Compliance tool, we report that there are no Legal Dispute/s, corporate and Industrial issues/ cases going on against the Company, other than of normal routine nature, which we were informed that the Company is contesting legally.
For KPRC & Associates
Company Secretaries
CS Pawan G. Chandak
Partner
M. No. F-6429
CP. No. 6687
UDIN: F006429E000363038
Date: May 23, 2023 Place : Pune
Note: This report is to be read with our letter which is annexed as Annexure A and forms an integral part of this report.
Annual Report 2022-23
83
ANNEXURE A TO SECRETARIAL AUDIT REPORT ISSUED BY COMPANY SECRETARY IN PRACTICE (NON-QUALIFIED)
To,
The Members,
Gabriel India Limited
(CIN: L34101PN1961PLC015735)
Regd. Office: 29th Milestone Pune - Nashik Highway,
Village Kuruli, Taluka Khed, Pune - 410501,
Maharashtra India.
Our report of even date is to be read with this letter.
- Maintenance of secretarial records and other records of applicable laws is the responsibility of the management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit.
- We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the content of the secretarial records, compliance mechanism. The verification was done on test basis to ensure that correct facts are reflected in the secretarial records. We believe that the processes and practices, we followed provide reasonable basis of our opinion for the purpose of issue of the Secretarial Audit Report.
- We have not verified the correctness and appropriateness of the financial records and books of accounts of the Company.
- Wherever required, we have obtained management representation about the compliance of laws, rules and regulations and happening of major events during the audit period.
- The compliance of the provisions of corporate and all other applicable laws and rules, regulations, standards applicable to the Company is the responsibility of the management of the Company. Our examination was limited to verification of records and procedures on test check basis for the purpose of issue of secretarial audit report.
- The secretarial audit report is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.
For KPRC & Associates
Company Secretaries
CS Pawan G. Chandak
Partner
M. No. F-6429
CP. No. 6687
UDIN: F006429E000363038
Date: May 23, 2023
Place : Pune
8484
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
ANNEXURE 'E'
DETAILS PERTAINING TO REMUNERATION FOR THE FINANCIAL YEAR 2022-23 PURSUANT TO SECTION 197(12) OF THE COMPANIES ACT, 2013 READ RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014, AS AMENDED
S.
No.
Details of disclosure
Remark
a
b
c
d e
f
Ratio of remuneration of each director to the median remuneration of the employees of the Company for the financial year.
(The remuneration of the Managing Director has been considered for the calculation)
Percentage increase in remuneration of each Director, Chief Financial Officer and Company Secretary in the financial year :
- Mrs. Anjali Singh, Executive Chairperson
- Mr. Manoj Kolhatkar, Managing Director
- Mr. Atul Jaggi, Deputy Managing Director
- Mr. Rishi Luharuka, Chief Financial Officer
- Mr. Nilesh Jain, Company Secretary
Percentage increase in median remuneration of employees in the financial year
Number of permanent employees on the roll of the Company
Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof pointing out any exceptional circumstances for the increase in the managerial remuneration
Affirmation that the remuneration paid is as per the remuneration policy of the Company
1:111
13.06%*
11.30%
16.20%
9.00%
13.00%
12.00%
2,338
The average percentile increase made in the salaries of employees other than the managerial personnel in the last financial year was 9.4%. The increase in the managerial remuneration
in the last year was 12.6%. Senior Management's annual incentives depend on achieving Company's performance targets
Yes
*Excluding variable compensation
Annual Report 2022-23
85
CORPORATE GOVERNANCE REPORT
1. COMPANY'S PHILOSOPHY ON CODE OF GOVERNANCE
Code on Corporate Governance is defined as a set of systems, processes and principles, which ensure that a Company is governed in the best interest of all stakeholders. Corporate Governance is about promoting corporate fairness, transparency and accountability. In other words, 'Good Corporate Governance' is simply 'Good and Transparent Business'. The Company's philosophy of Corporate Governance aims at establishing and practicing a system of good Corporate Governance which will assist the management in managing the
Company's business in an efficient and transparent manner in all facets of its operations.
In India, the question of Corporate Governance has emerged mainly in the wake of economic liberalisation and de-regularisation of industry and business. The objective of any Corporate Governance system is to simultaneously improve corporate performance and accountability. These, in turn, help to attract financial and human resources on the best possible terms and prevent corporate failures.
The Company is equipped with a robust framework of corporate governance that considers the long-term interest of every stakeholder as we operate on the objectives with a commitment to integrity, fairness, equity, transparency, accountability and commitment to values namely :-
- Shareholders : as providers of risk capital, to provide them a reasonable return and enhance shareholder value
: to provide adequate customer service
Society | : to maintain Company's economic |
viability as producer of goods and | |
services | |
Other | : fulfilling the obligations towards other |
stakeholders | stakeholders namely government, |
suppliers, creditors, etc. |
Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015 ('SEBI (LODR) Regulations, 2015') sets up norms and disclosures that are to be met by the Company for ensuring Corporate Governance. We confirm our compliance with Corporate Governance criteria, as required under the said Regulations and Company's code of Conduct vide this report.
2. BOARD OF DIRECTORS Composition
The strength of the Board of Directors as on March 31, 2023 was of 8 Directors. The Board is Comprised of three Executive Directors designated as Managing Director, Deputy Managing Director and Whole Time Director. The rest are Non-Executive Directors in which four are Independent Directors. The Board meets the requirement of not less than half of the Board being Independent Directors, the Chairperson (woman director) being executive promoter director.
Five Board meetings were held during the financial year
2022-23, details of which are as under:
Date of Meetings | Board Strength | No. of |
Directors | ||
present |
and quality products focusing the activities on customer expectations and meeting them
- Environment : to adhere to the environment standards to make the product and process, environment friendly
May 24, 2022
August 04, 2022
November 10, 2022
February 03, 2023
March 30, 2023
8
8
8
8
8
8
8
8
8
8
: to promote development and well- being and to enhance innovation and teamwork
The time gap between any two meetings was less than 120 days.
8686
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
CORPORATE GOVERNANCE REPORT (Contd.)
The composition of Board of Directors and attendance of Directors at the Board Meetings during the year and at the last Annual General Meeting and also number of other directorships, committee memberships and chairmanships held by them are given below:
Name of the Director
DIN
Details | Attendance | No. of other Directorships and | Other listed entity in | |||||||
Particulars | Committee Memberships / | which the directors have | ||||||||
Chairmanships held in Public | directorships | |||||||||
Limited Companies | ||||||||||
Category | Shares | Board | Last | Director | Committee | Committee | Name of | Category | ||
held as | Meeting | AGM | ships | Member | Chairman | the listed | ||||
on March | ships# | ships# | Entity | |||||||
31, 2023 | ||||||||||
Mrs. Anjali Singh | 02082840 | Promoter | 6,41,942 |
and E.C. | |||
Mr. Manoj | 03553983 | E.D. | 4,000 |
Kolhatkar | |||
Mr. Atul Jaggi | 07263848 | E.D. | - |
Mr. Aditya Vij* | 03200194 | I.N.E.D. | - |
Mr. Jagdish | 00318558 | N.E.D. | - |
Kumar |
5 | Yes |
5 | Yes |
5 | Yes |
5 | Yes |
5 | Yes |
Nil
Nil
Nil
1
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
- | - |
- | |
- | |
- | |
- | |
- | - |
- | - |
Mr. Pradeep Banerjee
Ms. Matangi Gowrishankar
02985965 I.N.E.D.
01518137 I.N.E.D.
-
-
5 | Yes |
5 | Yes |
8
6
7
4
1
1
Whirlpool | Independent |
of India | Director |
Limited | |
Chambal | Independent |
Fertilisers | Director |
and | |
Chemicals | |
Limited | |
Jubilant | Independent |
Ingrevia | Director |
Limited | |
Atul | Independent |
Limited | Director |
Cyient | Independent |
Limited | Director |
Greenlam | Independent |
Industries | Director |
Limited | |
Gujarat | Independent |
Pipavav | Director |
Port | |
Limited |
Mrs. Pallavi Joshi | 01526618 | I.N.E.D. | 22,500 |
Bakhru | |||
Ms. Mahua | I.N.E.D. | ||
03030535 | - | ||
Acharya** | |||
5 Yes
- N.A.
2
NIL
2
NIL
1
NIL
Filatex | Independent |
India | Director |
Limited | |
- | |
- | |
Annual Report 2022-23
87
CORPORATE GOVERNANCE REPORT (Contd.)
Key Terms: E.C. : Executive Chairperson E.D. : Executive
Director; N.E.D. : Non-Executive Director; I.N.E.D.: Independent Non-Executive Director
#Excludes directorship in the Company, private companies, foreign companies, Section 8 companies. For
S. | Core Skills and | Name of the Director |
No. | Competencies | |
4. Merger and Acquisitions Mr. Jagdish Kumar,
and Reconstruction | Mrs. Pallavi Joshi |
Bakhru |
ascertaining, membership and chairmanship, only Audit Committee and Stakeholder Relationship Committee were considered.
* Mr. Aditya Vij ceased to be an Independent Director |
of the Company as the two consecutive terms of his |
appointment were completed on March 30, 2023. The |
Number of Directorships, Committee positions and |
shareholding details are as on the date of his cessation. |
** Ms. Mahua Acharya was appointed as an Additional |
5.
6.
7.
Finance
Technical expertise
IT Skills
Mr. Jagdish Kumar,
Mrs. Pallavi Joshi
Bakhru, Ms. Mahua
Acharya
Mr. Manoj Kolhatkar, Mr.
Pradeep Banerjee, Mr.
Atul Jaggi, Ms. Mahua
Acharya
All Board members
Non-Executive Independent Director of the Company |
w.e.f. March 31, 2023, and her appointment was |
regularised by obtaining shareholders' approval through |
postal ballot on June 20, 2023. |
Directors inter-se are not related to each other. The Company has robust automation tool to monitor the compliances of all laws applicable to the Company and the Board periodically reviews Compliance Reports of all laws applicable to the Company as well as steps taken by the Company to rectify instances of non- compliances, if any. The Board ensures that a succession plan for appointment of the board of directors and senior management is in place.
The Details of familiarisation programmes imparted to Independent Directors are available on the web
linkhttps://www.anandgroupindia.com/gabrielindia/investors/corporate-governance/
The List of core skills/expertise/competencies identified by the board of directors as required in the context of its business and sector(s) for it to function effectively and available with the Board are:
S. | Core Skills and | Name of the Director |
No. | Competencies |
The independent directors fulfilled the conditions of SEBI (LODR) Regulations, 2015 and are independent of the management.
No Independent Director of the Company has resigned before the expiry of their tenure during the financial year.
The minimum information in terms of Part A of Schedule
II of SEBI (LODR) Regulations, 2015 are regularly placed | |
before the Board of Directors. The Chief Executive | |
Officer (Managing Director) and the Chief financial | |
Officer provide the compliance certificate to the Board | |
of Directors as specified in Part B of Schedule II of SEBI | |
(LODR) Regulations, 2015. | |
3. CODE OF CONDUCT | |
In addition to the Anand Code of conduct for the | |
employees of the Company, the Board has laid down the | |
Gabriel Additional Code of Conduct for Board Members | |
and Senior Management of the Company, which also | |
includes the duties of Independent Directors. | |
The said Code of Conduct has been posted on the | |
website of the Company and is available on the web | |
link | https://www.anandgroupindia.com/gabrielindia/ |
investors/corporate-governance/ | |
All Board members and Senior Management Personnel | |
have | affirmed compliance with the said Code. A |
1.
2.
3.
Leadership
Industrial Knowledge
Corporate Strategy
All Board members
All Board members
Mr. Manoj Kolhatkar,
Mr. Jagdish Kumar, Ms.
Matangi Gowrishankar,
Mrs. Pallavi Joshi
Bakhru, Ms. Mahua
Acharya
declaration to this effect signed by the Managing Director |
is enclosed as Appendix I. |
4. AUDIT COMMITTEE |
The Audit Committee met four times during the financial |
year 2022-23 on May 24, 2022, August 04, 2022, |
November 10, 2022, and February 03, 2023. The time gap |
8888
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
CORPORATE GOVERNANCE REPORT (Contd.)
between the two Audit Committees was less than one hundred and twenty days.
The composition of Audit Committee as on March 31, 2023, and attendance at its meetings is given hereunder:
(1) | Review the recommendation for appointment, |
remuneration and terms of appointment of auditors | |
of the Company. | |
(2) | Review and monitor the auditor's independence and |
Name
Mrs. Pallavi Joshi Bakhru*
Mr. Jagdish Kumar
Ms. Mahua Acharya**
Category
Independent
Non-
Executive
Director
Non-
Executive
Director
Independent
Non-
Executive
Director
Chairperson
/ Member
Chairperson
(w.e.f.
March 31,
2023)
Member
Member
No. of
meeting(s)
attended
4
(as a
member of
the Audit
committee)
4
NA
performance and effectiveness of audit process. | |
(3) | Examination of the financial statement and the |
Auditor's Report thereon. | |
(4) | Approval of any subsequent modification of |
transactions of the Company with related parties. | |
(5) | Security of inter- corporate loans and investments. |
(6) | Valuation of undertakings or assets of the Company, |
wherever it is necessary. | |
(7) | Evaluation of inter financial controls and risk |
management systems. | |
(8) | Monitoring the end use of funds raised through |
The Board reconstituted the Audit Committee w.e.f. from March 31, 2023.
Mr. Aditya Vij, Non-Executive Independent Director was Chairman of the Audit Committee till March 30, 2023. He attended all four committee meetings held during the financial year 2022-23.
*Mrs. Pallavi Joshi Bakhru, Non-Executive Independent Director was appointed as chairperson effective from March 31, 2023.
**Ms. Mahua Acharya, Non-Executive Independent Director was appointed as a member of the Audit Committee w.e.f. March 31, 2023.
As on March 31, 2023, the Audit Committee has three members. Two-thirds of the members are Independent Directors. The members of the Audit Committee are eminent professionals and financially literate.
The Audit Committee meetings were held at the Registered Office through Video Conferencing and were attended by the Internal Auditors, Chief Financial Officer and representative of the Statutory Auditors from their respective locations. The Company Secretary acts as the Secretary of the Audit Committee. The Chairman of the Audit Committee is an Independent Director. Mr. Aditya Vij, Chairman of the Audit committee till March 30, 2023 was present at the last Annual General Meeting of the Company.
The broad description of terms of reference of the Audit Committee is as follows:
public offer and related matters. |
(9) Review the functioning of the whistle blower |
mechanism. |
5. NOMINATION AND REMUNERATION COMMITTEE |
The Committee met four times during the financial year |
2022-23 on May 24, 2022, August 04, 2022, February 03, |
2023, and March 30, 2023. |
The composition of the Nomination and Remuneration |
Committee as on March 31, 2023, is as follows: |
Name | Category | Chairman / | No. of |
Member | meeting(s) | ||
attended | |||
Mr. Pradeep | Independent | Chairman | 4 |
Banerjee | Non-Executive | ||
Director | |||
Ms. Matangi | Independent | Member | 4 |
Gowrishankar | Non-Executive | ||
Director | |||
Mr. Jagdish | Non-Executive | Member | 4 |
Kumar | Director |
As on March 31, 2023, the said committee has three members. All members of the committee are Non- Executive Directors and at least fifty percent of the members are Independent Directors. The Chairman of the Committee is a Non-Executive Independent director.
The terms of reference of the Nomination and Remuneration Committee are disclosed under objectives of Remuneration Policy forming part of this Report.
Annual Report 2022-23
89
CORPORATE GOVERNANCE REPORT (Contd.)
Performance Evaluation criteria:
Pursuant to the provisions of the Companies Act, 2013 and SEBI (LODR) Regulations, 2015, the Nomination and Remuneration Committee specified the manner for effective evaluation of performance of Board, its committee, and the Directors individually. Accordingly, the Board has carried out the annual performance evaluation. A structured questionnaire was prepared and issued as suggested by Institute of Company Secretaries of India ('ICSI') and after taking into consideration inputs received from the Directors, covering various aspects of the Board's and its committee's functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance.
Individual Directors were evaluated on parameters such as level of engagement and contribution, independence of judgment, safeguarding the interest of the Company and its minority shareholders etc. The performance evaluation of the Chairperson and the Non-Independent Directors was carried out by the Independent Directors who also reviewed and evaluated the flow of information between the Company Management and the Board of the Company. The Directors expressed their satisfaction with the evaluation process and also suggested improvement areas in the Board Performance.
Performance evaluation criteria for Independent Directors, inter alia, includes the following:
- Ability to contribute and monitor Company's corporate governance practices.
- Active participation in strategic planning.
- Commitment to the fulfillment of a director's obligations and fiduciary responsibilities, this includes participation in Board and Committee meetings.
6. REMUNERATION OF DIRECTORS
-
All pecuniary relationship or transactions of the
Non-Executive Directors vis-a-vis the Company
Details of the commission and sitting fees paid to
Non-Executive Directors during the financial year
2022-23 are given below:-
(Amount in ₹ million)
Name of Directors | Commission for the | Sitting |
financial year ended | Fees | |
March 31, 2022, paid | ||
during the year under | ||
review | ||
Mr. Aditya Vij* | 2.0 | 0.09 |
Mr. Pradeep | 2.0 | 0.07 |
Banerjee | ||
Ms. Matangi | 2.0 | 0.07 |
Gowrishankar | ||
Mrs. Pallavi Joshi | 2.0 | 0.07 |
Bakhru | ||
Mr. Jagdish | - | - |
Kumar |
The sitting fees indicated above also include payment for Board level Committee meetings.
*Mr. Aditya Vij ceased to be a Non-Executive Independent Director of the Company on March 30, 2023.
-
Criteria of making payments to Non-Executive Directors
The criteria for making payments to Non-Executive Directors is covered hereunder in Remuneration Policy. - Remuneration Policy:
The Board has approved the Nomination and Remuneration Policy in the meeting held on March 31, 2015, in compliance with Section 178 of the Companies Act, 2013 read with Rules thereto and Clause 49 of the Listing Agreement, as applicable during that time and amended the same in its meeting held on November 03, 2015. This Policy on Nomination and Remuneration of Directors, Key Managerial Personnel ('KMP') and members of Senior Management has been formulated by the Nomination and Remuneration Committee. This Policy includes the objective, role of the Committee, appointment and removal of Director, KMP and Senior Management and evaluation criteria of Directors, Independent Directors.
The objective of the Policy is: - To guide the Board in relation to appointment of Directors, KMP and members of Senior Management.
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Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
CORPORATE GOVERNANCE REPORT (Contd.)
- To formulate criteria for determining qualifications, positive attributes and independence of a Director, recommend to the Board a policy, relating to the remuneration of the Directors, KMPs and Employees in the Senior Management.
- To evaluate the balance of skills, knowledge, and experience on the Board and on the basis of such evaluation, prepare a description of the role and capabilities required of an Independent Director.
- To evaluate the performance of the members of the Board and provide a necessary report to the Board for further evaluation of the Board to see that relationship of remuneration to performance is clear and meets appropriate benchmarks.
- To recommend to the Board on Remuneration payable to the Directors, KMPs and Senior Management, the level and composition of remuneration being reasonable and sufficient to attract, retain and motivate Directors, KMPs and Senior Management required to run the Company successfully.
- To formulate criteria for evaluation of Independent Directors and the Board.
- To devise a Policy on Board diversity.
The Policy defines the manner of remuneration to Director/ KMPs/ Senior Management as given below
- Remuneration to Managing Director / Whole- time Directors:
-
The remuneration/ commission etc. to be paid to Managing Director / Whole-time
Director etc. shall be governed as per provisions of the Companies Act, 2013 and Rules made there under or any other enactment for the time being in force and the approvals obtained from the members of the Company, if required. - The total remuneration payable to Managing Director shall not exceed the limits prescribed under Section 196, 197 read with Schedule V and all other applicable provisions, if any, of the Companies Act, 2013 and Rules made
-
The remuneration/ commission etc. to be paid to Managing Director / Whole-time
thereunder. The remuneration shall consist of fixed pay and Management Incentive Bonus pay and in accordance with the Company's Policy and HR Manuals and to be given or increased within the above said limits annually or at such intervals as may be considered appropriate.
-
Remuneration to Non- Executive /
Independent Directors: - The Non-Executive / Independent
Directors may receive sitting fees and such other remuneration as permissible under the provisions of the Companies Act, 2013. - The Non-Executive/ Independent
Directors may also be paid commission as decided by the Board of Directors and subject to approval of the shareholders if required within an aggregate limit of 1% of the Net profit of the Company for a particular financial year. - All the remuneration of the Non- Executive
/ Independent Directors (excluding remuneration for attending meetings as prescribed under Section 197(5) of the Companies Act, 2013) shall be subject to ceiling/ limits as provided under
Companies Act, 2013 and Rules made there under or any other enactment for the time being in force. The amount of such remuneration shall be such as may be recommended by the Nomination and Remuneration Committee and approved by the Board of Directors or shareholders, as the case may be. - An Independent Director shall not be eligible to get stock options and also shall not be eligible to participate in any share-based payment schemes of the Company.
- The Non-Executive / Independent
- Remuneration to Key Managerial Personnel and Senior Management:
- The remuneration to Key Managerial Personnel and Senior Management shall consist of fixed pay and incentive pay, in compliance with the provisions of the
Annual Report 2022-23
91
CORPORATE GOVERNANCE REPORT (Contd.)
Companies Act, 2013 and in accordance with the Company's Policy and HR Manuals.
- The Fixed pay shall include monthly remuneration, employer's contribution to Provident Fund, contribution to Pension Fund, Pension Schemes, etc. as decided from time to time.
- Incentive pay shall be decided based on the balance between performance of the Company and performance of the Key Managerial Personnel and Senior Management, to be decided annually or at such intervals as may be considered appropriate.
Payment of remuneration to the Managing Director and Whole time Director is governed by the Letter of Appointment issued to the said director by the Company, the terms and conditions of which were approved by the Board of Directors and the Shareholders. The remuneration structure comprises of salary, perquisites and allowances, contributions to provident fund, superannuation / National pension system and gratuity funds. The Non-Executive Directors do not draw any remuneration from the Company other than sitting fees and commission payable to such Non-Executive Directors as may be determined by the Board.
- Disclosures with respect to remuneration
Name of the
Director / KMP
Mrs. Anjali
Singh
Mr. Manoj
Kolhatkar
Mr. Atul Jaggi
Category /
Designation
Executive
Chairperson
(Whole-time
Director)
Managing
Director
Deputy
Managing
Director
All elements of
remuneration
package i.e. salary, benefits, bonuses, stock options, pension, etc. (₹ in million)
36.80
44.53
17.56
Fixed component | Service | Stock option with |
and performance | contracts period, | details, if any and |
linked incentives | notice severance | issued at discount as |
along with the | fees | well as the period over |
performance | which accrued and | |
criteria | over which exercisable | |
(₹ in million) | ||
- | - | - |
- | - | - |
- | - | - |
Salary includes Basic, HRA, Conveyance, Special Allowances, other allowances and Perquisites.
Remuneration paid to Mrs. Anjali Singh includes variable compensation paid to her during the financial year 2022-23.
The Company does not have stock option scheme for grant of stock options either to the Executive Directors or employees.
7. STAKEHOLDERS' RELATIONSHIP COMMITTEE
The Committee met four times during the financial year
2022-23 on May 24, 2022, August 04, 2022, November 10, 2022, and February 03, 2023.
The Chairman of the Stakeholders' Relationship Committee is a Non-Executive Director. The composition
of Stakeholders' Relationship Committee as on March 31,
2023 and attendance at its meeting is given hereunder:
Name | Category | Chairman | No. of |
/ Member | meeting(s) | ||
attended | |||
Mr. Pradeep | Independent | Chairman | 4 |
Banerjee | Non- | ||
Executive | |||
Director | |||
Mrs. Pallavi | Independent | Member | NA |
Joshi Bakhru* | Non- | ||
Executive | |||
Director | |||
Mr. Manoj | Executive | Member | 4 |
Kolhatkar | Director |
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Corporate Overview
Statutory Reports
Financial Statements
CORPORATE GOVERNANCE REPORT (Contd.)
The Board reconstituted the Stakeholder's Relationship Committee effective from March 31, 2023.
Mr. Aditya Vij was member of the said Committee till March 30, 2023. He attended all four Committee meetings held during the financial year 2022-23.
*Mrs. Pallavi Joshi Bakhru, Non-Executive Independent Director was appointed as member effective from March 31, 2023
The broad terms of reference of Stakeholders' Relationship Committee are to consider and resolve
Name
Mrs. Anjali Singh
Ms. Matangi Gowrishankar
Mr. Atul Jaggi
Category
Executive Director
Independent
Non-
Executive
Director
Executive Director
Chairperson
/ Member
Chairperson
Member
Member
No. of
meetings attended
3
4
4
the grievances of the security holders of the Company including complaints related to transfer of shares, non- receipt of annual report and non-receipt of declared dividends.
Details of complaints / requests for action in terms of Regulation 13(3) of SEBI (LODR) Regulations, 2015 (such as change of address, revalidation of warrants, etc.) received from Shareholders / Investors are as under:
Number of complaints/ requests received | 217 |
during the financial year | |
Number of complaints/ requests resolved to | 217 |
the satisfaction of complainant | |
Number of complaints/ requests not resolved | Nil |
to the satisfaction of complainant | |
Number of complaints/ requests pending | Nil |
The Company has attended all the investor's grievances/ correspondence within a period of fifteen days from the date of receipt of the same.
Mr. Nilesh Jain, Company Secretary, is the Compliance Officer of the Company.
8. CORPORATE SOCIAL RESPONSIBILITY COMMITTEE |
The Corporate Social Responsibility Committee ('CSR |
Committee') of the Board met four times during the |
financial year 2022-23 on May 24, 2022, August 04, 2022, |
November 10, 2022, and February 03, 2023. |
Terms of reference of CSR Committee are:
- Formulate and recommend to the Board, a Corporate Social Responsibility Policy which shall indicate the activities to be undertaken by the Company as specified in Schedule VII to the Companies Act 2013 and the Annual Action plan.
- Recommend the amount of expenditure to be incurred on the activities referred to in clause (a); and
- Monitor the Corporate Social Responsibility Policy of the Company from time to time.
9. RISK MANAGEMENT COMMITTEE
The Risk Management Committee ('RMC') of the Board met four times during the financial year 2022-23 on May
23, 2022, August 02, 2022, November 09, 2022, and February 02, 2023.
The chairperson of the RMC is a Non-Executive Independent Director.
The composition of RMC as on March 31, 2023, is given hereunder:
Name | Category | Chairperson | No. of |
/ Member | meeting(s) | ||
attended | |||
Mrs. Pallavi | Independent | Chairperson | 4 |
Joshi Bakhru | Non- | ||
Executive | |||
Director |
All Corporate Social Responsibility activities are being |
routed through the Corporate Social Responsibility Policy |
under the guidance of the CSR Committee. |
The composition of CSR Committee as on March 31, |
2023, is given hereunder: |
Ms. Mahua Acharya*
Mr. Jagdish Kumar
Independent
Non-
Executive
Director
Non-
Executive
Director
Member
Member
NA
4
Annual Report 2022-23
93
CORPORATE GOVERNANCE REPORT (Contd.)
The Board reconstituted the RMC effective from March 31, 2023.
Mr. Aditya Vij was a member of RMC till March 30, 2023. He attended all four Committee meetings held during the financial year 2022-23.
*Ms. Mahua Acharya, Non-Executive Independent Director was appointed as the member w.e.f. March 31, 2023.
Terms of reference of committee are:
The powers, role and terms of reference of Risk Management Committee covers the areas as
of the Company, taking into account the views of | |
Executive Director and Non-executive Directors. | |
• | Evaluation of quality, quantity and timeliness |
of flow of information between the Company's | |
Management and the Board that is necessary for | |
the Board to effectively and reasonably perform its | |
duties. |
11. GENERAL BODY MEETINGS
- Location and time where last three Annual General Meetings were held:
contemplated under Regulation 21 of the SEBI (LODR) Regulations, 2015. The brief terms of reference of Risk Management Committee are as under:
(a) | Formulation of detailed Risk Management Policy |
and monitoring its implementation; | |
(b) Periodic review of Risk Management Policy; | |
(c) | Monitoring and reviewing of the risk management |
plan; |
Financial Year
2021-22
2020-21
2019-20
Date
August
04, 2022
August
04, 2021
August
07, 2020
Time | Location | |
02:30 pm | Through | Video |
Conferencing | ||
02:30 pm | Through | Video |
Conferencing | ||
02:30 pm | Through | Video |
Conferencing |
(d) | Incorporating and monitoring the cyber security |
framework; | |
(e) | Review of the appointment, removal and terms of |
remuneration of the Chief Risk Officer (if any); | |
(f) | Review of consolidated Risk Register; |
(g) | Review of new risks identified by process owners |
and Risk champion's and escalated through | |
respective Functional Heads; | |
(h) | Status of measures implemented to manage the |
key/ significant business risks; | |
(i) | Action measures to address risks escalated to |
senior management members; | |
(j) | New business risks which emanate from changes |
in business environment and regulations; | |
(k) | Risk materialised, their impact and action plans to |
be taken; | |
(l) | Review of the minutes of the last RMC meeting. |
10. INDEPENDENT DIRECTOR'S MEETING | |
During the year under review, the Independent Directors | |
met on February 03, 2023, inter alia, to discuss: | |
• | Evaluation of the performance of Non-Independent |
Directors and Board of Directors as a whole; | |
• | Evaluation of performance of the Chairperson |
- Special Resolutions passed in the previous three Annual General Meetings:
The details of the special resolutions passed in the previous three Annual General Meetings are: - At the Annual General Meeting held on August 04, 2022
- Re- appointment of Mr. Pradeep Banerjee (DIN: 02985965) as an Independent Director for a second term of two years from December 14, 2022, to December 13, 2024.
- Re- appointment of Mrs. Anjali Singh (DIN: 02082840) as an Executive Chairperson, Whole time Director of the Company for a term of five years.
-
Payment of Commission at the rate upto
1% of the Net Profits of the Company to the Non- Executive Directors for a period of five years.
- At the Annual General Meeting held on August 04, 2021:
- Revision in the terms and conditions of payment of remuneration to Mrs. Anjali Singh (DIN : 02082840), Executive Chairperson of the Company.
9494
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
CORPORATE GOVERNANCE REPORT (Contd.)
- At the Annual General Meeting held on August 07, 2020:
-
Appointment of Ms. Matangi Gowrishankar (DIN: 01518137), as a Non- Executive Independent Director of the
Company for a term of five consecutive years commencing from February 14, 2020 to February 13, 2025.
-
Appointment of Ms. Matangi Gowrishankar (DIN: 01518137), as a Non- Executive Independent Director of the
- Postal Ballot:
No special resolution was passed during the financial year 2022-23 through the Postal Ballot. The
Company is not proposing passing of any special resolution through postal ballot in the ensuing Annual General Meeting.
12. MEANS OF COMMUNICATION
i. | Quarterly Results | Published in the English and | |
Marathi newspaper every | |||
quarter | |||
ii. | Newspapers | a) | The Business Standard |
wherein results | b) | Loksatta | |
normally published |
- Any Website, wherehttps://www
displayedanandgroupindia.com gabrielindia/
iv. | Whether it also | Yes |
displays official | ||
news release | ||
v. | The presentation | The presentations are |
made to | available on the website of | |
institutional | the Company | |
investors or to the | ||
analysts |
13. SHAREHOLDER INFORMATION | |||||
i. | AGM date, time and | : August | 14, | 2023, | at |
venue | 02.30 | p.m. through Video | |||
Conferencing / Other Audio | |||||
Visual Means (VC) | |||||
ii. | Financial Year | : April 01, 2022, to March 31, | |||
2023 | |||||
iii. | Date of Book Closure | August 08, 2023 to August | |||
14, 2023 | (Both | days | |||
inclusive) |
- Dividend payment date On or before September 12,
2023- Listing on Stock Exchange and Stock Code
- BSE Limited
25th Floor, P. J. Towers, Dalal Street, Mumbai - 400 001
Stock code: 505714
- The National Stock Exchange of India Limited
Exchange Plaza, Bandra Kurla Complex, Bandra (E), Mumbai - 400 051
Stock code: GABRIEL
The Company is regular in payment of Listing fees to aforesaid Stock Exchanges.
The ISIN Number of the Company is INE524A01029
- Market Price Data: High, Low during each month in last financial year
High/Low of market price of the Company's shares traded on the BSE Limited, Mumbai and The National Stock Exchange of India Limited, Mumbai during the financial year 2022-23 is furnished below.
Financial Year 2022-23 | BSE Limited | The National Stock Exchange of India Limited | |||||
High | Low | Closing | High | Low | Closing | ||
Apr-22 | 126.45 | 112.40 | 119.65 | 126.80 | 112.35 | 119.60 | |
May-22 | 122.35 | 102.45 | 118.85 | 122.35 | 102.00 | 118.50 | |
June-22 | 136.50 | 112.00 | 128.80 | 137.25 | 111.40 | 128.80 | |
Jul-22 | 141.55 | 127.15 | 129.85 | 141.70 | 127.00 | 129.90 | |
Aug-22 | 162.40 | 130.95 | 158.30 | 162.35 | 130.65 | 157.95 | |
Sep-22 | 175.45 | 144.20 | 154.15 | 175.50 | 144.25 | 153.70 | |
Oct-22 | 157.90 | 148.40 | 153.85 | 158.00 | 148.15 | 153.70 | |
Nov-22 | 200.65 | 149.05 | 191.60 | 200.90 | 149.00 | 192.25 | |
Dec-22 | 197.75 | 158.10 | 186.00 | 198.45 | 158.00 | 185.85 | |
Jan-23 | 196.80 | 168.75 | 177.70 | 197.00 | 169.00 | 177.75 | |
Feb-23 | 181.60 | 150.20 | 152.45 | 182.00 | 150.55 | 152.50 | |
Mar -23 | 158.70 | 129.50 | 135.65 | 158.80 | 129.45 | 136.05 | |
Annual Report 2022-23
95
CORPORATE GOVERNANCE REPORT (Contd.)
- Performance in comparison to broad -based indices such as BSE Sensex, Nifty, etc,
Stock Performace
Gabriel India Ltd. Share Price V/s NSE Nifty & BSE Sensex
Base 100 = Apr'22
Nifty 50 | SENSEX | Gabriel | ||
165.00
155.00
145.00
135.00
125.00
115.00
105.00
95.00
85.00
75.00
Apr-22May-22Jun-22Jul-22Aug-22Sep-22Oct-22Nov-22Dec-22Jan-23Feb-23Mar-23
viii. | Registrar and | : KFin Technologies | Limited | |
Transfer Agent | (Formerly | known | as KFin | |
Technologies Private Limited) | ||||
xi. | Share Transfer | : All | the requests for transfer | |
System | of | shares | are processed by |
Shareholding pattern as on March 31, 2023
Sr. | Description | No. of shares | % of |
No. | shareholding | ||
1 | Indian Promoters | 7,90,04,167 | 55.00 |
2 | Banks & Financial | 9,700 | 0.006 |
Institutions | |||
Registrar and Transfer Agent |
and are approved by Authorised
officials of the Company in one- two weeks' time.
- Distribution of Shareholding as on March 31, 2023:
No. of | No. of | % share | Total no. of | % |
shares | share- | holders | shares held | holding |
3
4
5
6
Mutual Funds & Trusts
FIIs & NRIS
Domestic
Companies
Resident
Individuals
1,36,87,260
58,49,534
33,78,357
3,71,81,284
9.53
4.07
2.35
25.89
holders | ||||
Upto 5000 | 1,00,491 | 99.21 | 2,22,21,924 | 15.47 |
5001 to | 32,89,513 | |||
451 | 0.45 | 2.29 | ||
10000 | ||||
10001 to | 299 | 0.29 | 70,07,054 | 4.88 |
100000 | ||||
100001 and | 46 | 0.05 | 11,11,25,449 | 77.36 |
above | ||||
Total | 1,01,287 | 100.00 | 14,36,43,940 | 100.00 |
7 | Others | 45,38,638 | 3.16 | ||
TOTAL | 143,643,940 | 100.00 | |||
- Dematerialisation of Shares and Liquidity
The Company's shares are available for trading in the depository system of both the National Securities Depository Limited and the Central Depository Services (India) Limited. As on March 31, 2023, the total shares dematerialised were 14,23,51,530 in both depositories accounting for 99.10% of the share capital of the Company.
9696 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
CORPORATE GOVERNANCE REPORT (Contd.)
- Outstanding GDRs/ADRs/Warrants or any: Not issued.
-
Commodity price risk or foreign exchange risk and hedging activities:
The Company has a Board approved Forex Policy which lays down the principles of hedging forex risk. - Plant Locations:
The Company's Plants and Satellite Plants are located at Chakan (Pune), Nashik, Dewas, Hosur, Khandsa, Parwanoo, Sanand, Aurangabad and Manesar. - Address for Correspondence :
Shareholders correspondence and investor grievances should be addressed to the Registrars and Transfer Agent at the address given above or can be emailed to secretarial@gabriel.co.inor be sent to following address of the Registered office of the Company:
Gabriel India Limited
29th Milestone, Pune - Nashik Highway,
Village Kuruli, Taluka Khed, Pune (M.H.) - 410501 - Credit Rating
CRISIL Limited ("CRISIL") has reviewed the credit rating of the Company for its bank facilities and reaffirmed the Company's rating as CRISIL AA/ Stable (Re-affirmed) for Long Term facilities.
14. DISCLOSURES
-
Related Party Transaction
None of the transactions with any of the related parties were in conflict with the interests of the Company at large during the Financial Year 2022-23.
The Company has formulated a Policy on Related Party Transactions and on dealing with material related party transactions. The said policy is available on the web link: https://www.anandgroupindia.com/gabrielindia/investors/corporate-governance/ -
Strictures and Penalties
Details of non-compliance by the Company, penalties and strictures imposed on the Company by Stock Exchanges or SEBI or any statutory authority, on any matter related to capital markets, during the last three years: None. - Whistle Blower Policy or Vigil Mechanism
The Company has a Whistle Blower Policy as required by SEBI (LODR) Regulations, 2015. The Policy is available on the web link: https://www. anandgroupindia.com/gabrielindia/investors/corporate-governance/
The Company has established the necessary mechanism in line with SEBI (LODR) Regulations, 2015 for the employees to report concerns about unethical behavior at Ethics Helpline Number (Toll free).
No person has been denied access to the Audit Committee.
Annual Report 2022-23
97
CORPORATE GOVERNANCE REPORT (Contd.)
(iv) The Company has complied with mandatory requirements under SEBI (LODR) Regulations, 2015.
Disclosure with regard to discretionary requirements as specified in Part E of Schedule II to the SEBI (LODR) Regulations,
2015 is as under:
Discretionary Requirement | Discretionary Requirement - to the extent adopted | |||
A | The Board: | The Company has an Executive Chairperson. | ||
A Non-Executive Chairperson may be entitled to | ||||
maintain a chairperson's office at the Company's | ||||
expense and allowed reimbursement of expenses | ||||
incurred in the performance of his/her duties | ||||
B | Shareholder Rights: | As the half yearly results are published in English | ||
A half yearly declaration of financial performance | newspapers having wide circulation all over India and | |||
including summary of the significant events in last six | in a Marathi newspaper (having circulation in Pune & | |||
months may be sent to each household of shareholders. | Mumbai), the same are not sent to the shareholders | |||
of the Company. Annual audited financial results are | ||||
taken on record by the Board and then published in | ||||
newspapers as aforesaid and also communicated to | ||||
the shareholders through the Annual report. | ||||
C | Modified opinion(s) in audit report | The Company is in the regime of unqualified financial | ||
statements. | ||||
D | Separate posts of Chairperson and the Managing | The Company has appointed separate persons to | ||
Director or the Chief Executive Officer | the post of Chairperson and Managing Director. The | |||
Board of Directors unanimously approved an Executive | ||||
Director to be the Chairperson of the Company. | ||||
E | Reporting of Internal Auditor | Internal Auditors report directly to the Audit Committee | ||
of the Company. | ||||
(v) The | Company does not have any subsidiary | of companies by the Board / Ministry of Corporate | ||
Company as on March 31, 2023. | Affairs or any such statutory authority. |
- Secretarial Audit
Pursuant to Section 204 of the Companies Act, 2013 the Company has appointed KPRC & Associates, Pune, Company Secretaries in Practice to conduct an independent Secretarial Audit of the Company for the financial year 2022-23. The detailed Secretarial
Audit Report forms part of the Board of Director's Report.
- Preferential allotment or qualified institutions placement
Company has not raised any funds from preferential allotment or qualified institutions placement during the financial year 2022-23.
-
Certificate from a Company Secretary in practice
Pursuant to SEBI (LODR) Regulations, 2015, the
Company has taken a certificate from KPRC &
Associates, Pune, Company Secretaries in Practice stating that none of the directors on the Board of the Company have been debarred or disqualified from being appointed or continuing as directors
(ix) Non-Acceptance by Board for any Recommendation by Committee's
During the financial year 2022-23, there was no instance where the Board had not accepted any recommendation of any committee of the Board which is mandatorily required.
- During the financial year 2022-23, the Company has paid total fees of ₹ 5.70 million for all services to the statutory auditor.
- Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
Particulars | Number of |
Complaints | |
a. Number of complaints filed | Nil |
during the financial year | |
b. Number of complaints disposed | NA |
of during the financial year | |
c. Number of complaints pending | Nil |
as on end of the financial year |
9898
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
CORPORATE GOVERNANCE REPORT (Contd.)
- The Company has not granted any Loans and advances in the nature of loans to firms/companies in which directors are interested.
- The Company has complied with all requirements of the Corporate Governance report.
15. CEO and CFO Certification
The Managing Director and Chief Financial Officer has issued certificate pursuant Regulation 17(8) of the SEBI (LODR) Regulations, 2015, certifying that the financial statements do not contain any untrue statement and these statements represent a true and fair view of the
Company's affairs. The said certificate is annexed and forms part of the Annual Report.
16. Details of Director seeking appointment/re-appointment at the ensuing Annual General Meeting as required under Regulation 36 of SEBI (LODR) Regulations, 2015 are given under Notice to the Annual General Meeting.
For and on behalf of the Board | |
Manoj Kolhatkar | |
Place : Pune | Managing Director |
Date: May 23, 2023 | (DIN 03553983) |
Annual Report 2022-23
99
CORPORATE GOVERNANCE REPORT (Contd.)
Appendix I
Declaration regarding compliance by Board Member and Senior Management Personnel with the Company's Code of Conduct.
I, Manoj Kolhatkar, being the Managing Director and a member of the Board of Directors of Gabriel India Limited ('the Company') hereby acknowledge, confirm and certify that:
- All the Directors and Senior Management Personnel have received, read and understood the Code of Conduct for Board Members and Senior Management of the Company;
- All the Directors/Senior Management Personnel are bound by the said Code to the extent applicable to their functions as a member of the Board of Directors / Senior Management of the Company respectively;
-
Since the date of appointment as a Directors/Senior Management Personnel of the Company, all the Directors/Senior Management Personnel, have affirmed compliance with the provisions of the Code of conduct which were adopted by the
Company; - Directors and Senior Management Personnel were not a party to any non-compliance with the said Code.
Manoj Kolhatkar | |
Place : Pune | Managing Director |
Date: May 23, 2023 | (DIN 03553983) |
1001 0 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
CERTIFICATE REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
To,
The Members
Gabriel India Limited
(CIN: L34101PN1961PLC015735)
Regd. Office: 29th Milestone Pune - Nashik Highway,
Village Kuruli, Taluka Khed, Pune (M.H.) - 410501,
We have examined the compliance of conditions of Corporate Governance by Gabriel India Limited, ('the Company') for the year ended March 31, 2023, as stipulated in regulations 17 to 27, clauses (b) to (i) of sub-regulation (2) of regulation 46 and paragraphs C and D of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('SEBI (LODR) Regulations, 2015').
Management Responsibility
1. The compliance of conditions of Corporate Governance is the responsibility of the Management. The responsibility includes the design, implementation and maintenance of internal control and procedures to ensure the compliance with the conditions of the Corporate Governance stipulated in the SEBI (LODR) Regulations, 2015.
Our Responsibility
- Our examination was limited to procedures and implementation thereof, adopted by the Company for ensuring the compliance of the conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
- We have examined the books of account and other relevant records and documents maintained by the Company for the purpose of providing reasonable assurance on the compliance with Corporate Governance requirements of the Company.
-
We have carried out an examination of the relevant records of the Company in accordance with the Guidance Note on
Certification of Corporate Governance issued by the Institute of Company Secretaries of India ('the ICSI'), in so far as applicable for the purpose of this certificate.
Opinion
- Based on our examination of the relevant records and according to the information and explanations given to us and the representations provided by the Management, we certify that the Company has complied with the conditions of Corporate Governance as stipulated in regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and para C and D of Schedule V of the SEBI (LODR) Regulations, 2015 during the year ended March 31, 2023.
- We further state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company.
For KPRC & Associates | |
Company Secretaries | |
CS Pawan G. Chandak | |
Partner | |
M. No. F-6429 | |
Place : Pune | CP. No. 6687 |
Date: May 23, 2023 | UDIN: F006429E000363049 |
Annual Report 2022-23 | 101 |
CEO/CFO Certification
We, Manoj Kolhatkar, Managing Director and Rishi Luharuka, Chief Financial Officer of the Company hereby certify that:
- We have reviewed the financial statements and the cash flow statement for the financial year ended March 31, 2023, and that to the best of our knowledge and belief:
- These statements do not contain any material untrue statement or omit any material fact or contain statements that might be misleading.
- These statements together present a true and fair view of the Company's affairs and are in compliance with existing Accounting Standards, applicable laws and regulations.
- There are, to the best of our knowledge and belief, no transactions entered into by the Company during the financial year which are fraudulent, illegal or violative of the Company's Code of Conduct.
- We accept responsibility for establishing and maintaining internal controls for financial reporting and that I have evaluated the effectiveness of internal control systems of the Company pertaining to financial reporting and have disclosed to the auditors and the Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which we are aware and the steps we have taken or propose to take to rectify these deficiencies.
- We have indicated to the Auditors and the Audit Committee that:
-
There has not been any significant changes in internal control over financial reporting during the year ended
March 31, 2023; - There has not been any significant changes in accounting policies during the year ended March 31, 2023 requiring disclosure in the notes to the financial statements; and
-
We have not come across any instance of significant fraud where there was involvement of the management or an employee having a significant role in internal control system with respect to financial reporting during the year ended
March 31, 2023.
-
There has not been any significant changes in internal control over financial reporting during the year ended
Manoj Kolhatkar | Rishi Luharuka | |
Place : Pune | Managing Director | Chief Financial Officer |
Date: May 23, 2023 |
102102 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report 2022-23
SECTION A - GENERAL DISCLOSURES
Details of the Listed Entity
1
2
3
4
5
6
7
8
9
10
11
12
13
Corporate Identity Number (CIN) of the Listed Entity
Name of the Listed Entity
Year of incorporation
Registered office address
Corporate address
Telephone
Website
Financial year for which reporting is being done.
Name of the Stock Exchange(s) where shares are listed.
Paid-up Capital (`)
Name and contact details (telephone, email address) of the person who may be contacted in case of any queries on the BRSR report.
Reporting boundary - Are the disclosures under this report made on a standalone basis (i.e. only for the entity) or on a consolidated basis (i.e. for the entity and all the entities which form a part of its consolidated financial statements, taken together).
L34101PN1961PLC015735
Gabriel India Limited
1961
29th Milestone, Pune- Nashik Highway, Village Kuruli, Taluka Khed, Pune (M.H.) 410501
29th Milestone, Pune- Nashik Highway, Village Kuruli, Taluka Khed, Pune (M.H.) 410501
secretarial@gabriel.co.in
2135670161
https://www.anandgroupindia.com/gabrielindia
2022-23
National Stock Exchange (NSE) and Bombay Stock Exchange (BSE)
14,36,43,940.00
Rishi Luharuka
Chief Financial Officer
29th Milestone, Pune- Nashik Highway, Village Kuruli, Taluka Khed, Pune (M.H.) 410501
Email:secretarial@gabriel.co.in
Contact: 02135-610714
Standalone Basis
Annual Report 2022-23 | 103 |
Business Responsibility and Sustainability Report (Contd.)
-
Products/services
14. Details of business activities (accounting for 90% of the turnover):
S. | Description of Main Activity | Description of Business Activity | % of Turnover of the entity |
No. | |||
1
2
Manufacturing
Trading
Manufacture of Shock absorbers, Struts and Front forks
Trading of Automobile components
97.59
1.40
15. | Products/Services sold by the entity (accounting for 90% of the entity's Turnover): | |||||||
S. | Product/Service | NIC Code | % of Turnover | |||||
No. | of the entity | |||||||
1 | Shock absorbers, Struts & Front forks | 29301 | 97.59 | |||||
III. Operations | ||||||||
16. | Number of locations where plants and/or operations/offices of the entity are situated: | |||||||
Location | Number of plants | Number of offices | Total | |||||
National
International
10
Nil
1
Nil
11
Nil
17. Market served by the entity. a. Number of Locations
Locations | Number |
National (No. of States)
International (No. of Countries)
29
28
- What is the contribution of exports as a percentage of the total turnover of the entity?
3.52 % - A brief on types of customers
By establishing dedicated Strategic Business Units (SBUs), Gabriel India has effectively expanded its production capacity and diversified its range of products, thus enhancing its capability to meet customer demands. Placing customers at the core of our business model, the four SBUs (Two- and Three- wheelers, Passenger Cars, Commercial Vehicles and Railways, and Aftermarket) have successfully designed, developed and manufactured products tailored to specific customer requirements. This focused approach, spearheaded by a committed Chief Operating Officer (COO), facilitates responsible manufacturing, collaborative product development, and the creation of innovative solutions.
The Company has cultivated strong customer relationships with numerous Original Equipment Manufacturers (OEMs) across all business segments, including Two- and Three- wheelers, Passenger
Cars, Commercial Vehicles, and Railways. This extensive network has significantly mitigated industry risks. Moreover, Gabriel India is actively expanding its presence in exports and the aftermarket to further augment its market reach.
104104 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
IV. Employees
18. Details as at the end of Financial Year : 2023
a. Employees and workers (including differently abled):
S.
No.
Particulars
Total
(A)
Male | Female | ||||
No. (B) | % (B/A) | No. (C) | % (C/A) | ||
1
2
3
4
5
6
Permanent (D)
Other than Permanent (E)
Total Employees (D+E)
Permanent (F)
Other than Permanent (G)
Total workers (F +G)
Employees
637 | 564 |
- 66
- 630
Workers
1,701 | 1,369 |
1,895 | 1,823 |
3,596 | 3,192 |
88.50
89.19
88.61
80.48
96.20
88.76
73
8
81
332
72
404
11.45
10.81
11.39
19.51
3.80
11.23
Note: Apprentices included under NAPS have not been considered in the list. Numbers of NAPS as on March 31, 2022 were 131 while on March 31, 2023, the total number under NAPS was 312
- Differently-abledEmployees and workers:
S.
No.
Particulars
Total
(A)
Male | Female | ||||
No. (B) | % (B/A) | No. (C) | % (C/A) |
Differently Abled Employees
1
2
3
Permanent (D)
Other than Permanent (E)
Total differently abled employees (D + E)
1 Nil
1
1 Nil
1
100 Nil
100
Nil Nil
Nil
Nil Nil
Nil
4
5
6
Permanent (F)
Other than permanent (G)
Total differently abled workers (F + G)
Differently Abled Workers
3 | 3 | 100 |
8 | 8 | 100 |
11 | ||
11 | 100 | |
Nil Nil
Nil
Nil Nil
Nil
19. Participation/Inclusion/Representation of women
Total (A) No. and percentage of Females | |
No. (B) | % (B/A) |
Board of Directors
Key Managerial Personnel
8
5
4
1
50%
20%
Annual Report 2022-23 | 105 |
Business Responsibility and Sustainability Report (Contd.)
20. Turnover rate for permanent employees and workers
FY 2022-23 | FY 2021-22 | FY 2020-21 | ||||||||||
(Turnover rate in | (Turnover rate in | (Turnover rate in the year | ||||||||||
current FY) | previous FY) | prior to the previous FY) | ||||||||||
Male | Female | Total | Male | Female | Total | Male | Female | Total | ||||
Permanent Employees | 23.15 | 22.52 | 23.08 | 7.18 | 19.11 | 8.68 | 12.13 | 15.29 | 12.55 | |||
Permanent Workers | 43.55 | 62.92 | 47.38 | 30.17 | 50.16 | 34.91 | 18.85 | 29.22 | 20.81 |
- Holding, Subsidiary and Associate Companies (including joint ventures)
21. (a) Names of holding / subsidiary / associate companies / joint ventures
S. | Name of the | Indicate whether | % of shares | Does the entity indicated at |
No. | holding / subsidiary / | holding/ Subsidiary/ | held by listed | column A, participate in the |
associate companies | Associate/ Joint | entity | Business Responsibility initiatives | |
/ joint ventures (A) | Venture | of the listed entity? (Yes/No) | ||
1 | Asia Investments | Holding | 52.64% | No |
Private Limited | ||||
VI. CSR Details
22. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: (Yes/No) - Yes
- Turnover (in `) ` 29,42,14,18,674 Net worth (in `) ` 8,70,26,00,957
VII Transparency and Disclosures Compliances
23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible Business Conduct:
Stakeholder | Grievance Redressal | FY 2022-23 | FY 2021-22 | ||||||
group from | Mechanism in (Yes/No) | Current Financial Year | Previous Financial Year | ||||||
whom | (If Yes, then provide | Number of | Number of | Remarks | Number of | Number of | Remarks | ||
complaint is | web-link for grievance | ||||||||
Complaints | complaints | Complaints | complaints | ||||||
received | redress policy) | Filed during | pending | Filed during | pending | ||||
the year | resolution at | the year | resolution at | ||||||
close of the | close of the | ||||||||
year | year | ||||||||
Communities | Yes,https://www. | Nil | Nil | Nil | Nil | Nil | Nil | ||
anandgroupindia.com/ | |||||||||
gabrielindia/contact-us/ | |||||||||
Investors | Yes, https://www. | Nil | Nil | Nil | Nil | Nil | Nil | ||
(other than | anandgroupindia.com/ | ||||||||
shareholders) | gabrielindia/contact-us/ |
106106
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
Stakeholder | Grievance Redressal | FY 2022-23 | FY 2021-22 | ||||||
group from | Mechanism in (Yes/No) | Current Financial Year | Previous Financial Year | ||||||
whom | (If Yes, then provide | Number of | Number of | Remarks | Number of | Number of | Remarks | ||
complaint is | web-link for grievance | ||||||||
Complaints | complaints | Complaints | complaints | ||||||
received | redress policy) | Filed during | pending | Filed during | pending | ||||
the year | resolution at | the year | resolution at | ||||||
close of the | close of the | ||||||||
year | year | ||||||||
Shareholders | Yes, as per SEBI Listing | 217 | Nil | Nil | 187 | Nil | Nil | ||
Regulations | |||||||||
https://www. | |||||||||
anandgroupindia.com/ | |||||||||
gabrielindia/investors/ | |||||||||
lodr | |||||||||
Employees & | Yes | Nil | Nil | Nil | Nil | Nil | Nil | ||
workers | |||||||||
Customers | Yes, https://www. | 145 | Nil | Nil | 117 | Nil | Nil | ||
anandgroupindia.com/ | |||||||||
gabrielindia/contact-us/ | |||||||||
Value Chain | Yes, https://www. | Nil | Nil | Nil | Nil | Nil | Nil | ||
Partners | anandgroupindia.com/ | ||||||||
gabrielindia/contact-us/ | |||||||||
Others | Yes, https://www. | Nil | Nil | Nil | Nil | Nil | Nil | ||
(please | anandgroupindia.com/ | ||||||||
specify) | gabrielindia/contact-us/ | ||||||||
24. Overview of the entity's material responsible business conduct issues
Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or mitigate the risk along-with its financial implications, as per the following format
Annual Report 2022-23
107
Business Responsibility and Sustainability Report (Contd.)
The risks and opportunities of all corporations are inherent and inseparable elements. Directors and management of the Company take constructive decisions to protect the interests of the stakeholders. The Company has in place a Risk Management Policy which is monitored and reviewed under the guidance of Audit, Risk Management and Ethics Committee. The Committee comprises various departmental heads who meet regularly to identify processes exposed to risks, determine risk mitigation strategies, and monitor their implementation.
- Material
No. issues identified
Indicate whether risk or opportunity (R/O)
Rationale for identifying
risk / opportunity
In case of risk, approach to
adapt or mitigate
Financial
implications of the risk or opportunities (indicate positive or negative implications)
1
2
Investment
in Clean
Technology
Water Stewardship
O
O
Clean technology investments demonstrate our commitment to sustainability and reduction in carbon footprint. They contribute to building a
positive reputation and enhancing the brand image.
Cleaner technology will lead to improved resource management resulting in enhanced profitability.
Gabriel India plants are significantly water intensive.
Water stewardship is increasingly becoming a focus area for stakeholders, including customers, investors, and communities. Embracing sustainable water practices contributes to achieving global targets related to water security, conservation, and equitable access to water resources.
NA
NA
Positive
Positive
108108 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
- Material
No. issues identified
Indicate whether risk or opportunity (R/O)
Rationale for identifying
risk / opportunity
In case of risk, approach to
adapt or mitigate
Financial
implications of the risk or opportunities (indicate positive or negative implications)
3
4
Waste Management
Energy and
Emissions
Management
O
O
Waste management presents an opportunity for the Company to improve resource efficiency. We are already implementing waste reduction, reuse and recycling practices, which provides us the opportunity for resource conservation and reduce environmental impact. By generating less waste, the associated emissions from waste disposal, including
landfill emissions and incineration are being reduced.
Managing energy consumption and reducing greenhouse gas emissions is crucial for addressing climate change and is of utmost priority for the Company. Implementing energy-efficient technologies, equipment, and processes can reduce energy consumption and, consequently, Scope 1 emissions. By utilising renewable energy for electricity, we are directly reducing our Scope 2 emissions.
NA
NA
Positive
Positive
Annual Report 2022-23
109
Business Responsibility and Sustainability Report (Contd.)
- Material
No. issues identified
Indicate whether risk or opportunity (R/O)
Rationale for identifying
risk / opportunity
In case of risk, approach to
adapt or mitigate
Financial
implications of the risk or opportunities (indicate positive or negative implications)
5
6
Sustainable
Products and
Services
Environmental
Risk
Management
O
R
Embracing | sustainability | and | NA | |||||||||||||
offering | sustainable | products | ||||||||||||||
and | services | enhances | a | |||||||||||||
Company's | reputation | and | ||||||||||||||
brand | image. | the Company's | ||||||||||||||
focus | on | sustainability | attracts | |||||||||||||
loyal | customers, | strengthen | ||||||||||||||
brand loyalty, and improve long- | ||||||||||||||||
term | customer | relationships. | ||||||||||||||
Sustainable | product | design | ||||||||||||||
can | incorporate | elements | that | |||||||||||||
facilitate | the | disassembly | and | |||||||||||||
recycling of products at the | ||||||||||||||||
end of their life. This includes | ||||||||||||||||
using materials that are easily | ||||||||||||||||
recyclable, | reducing | the | use | |||||||||||||
of | hazardous | substances, | ||||||||||||||
and | ensuring | proper | labelling | |||||||||||||
and | identification | for | recycling | |||||||||||||
purposes. | ||||||||||||||||
Environmental | regulations | To | mitigate | environmental | ||||||||||||
are | becoming | increasingly | risks, the Company has in | |||||||||||||
stringent | across | the | globe. | place a | clearly | articulated | ||||||||||
Effective | environmental | risk management framework, | ||||||||||||||
risk | management | ensures | which enables us to identify, | |||||||||||||
compliance | with | these | assess, | categorise, address | ||||||||||||
regulations, | preventing | and mitigate all relevant risks | ||||||||||||||
legal | issues, | penalties, | and | through a well-formulated | ||||||||||||
reputational damage. | process | with | defined | roles | ||||||||||||
and responsibilities assigned | ||||||||||||||||
at every stage. | ||||||||||||||||
It is structured to ensure | ||||||||||||||||
continuous mapping | and | |||||||||||||||
categorisation | of | the | risks, | |||||||||||||
their | regular | monitoring, | ||||||||||||||
tracking, | review | and | ||||||||||||||
mitigation through a well- | ||||||||||||||||
laid-out governance and | ||||||||||||||||
process framework. | ||||||||||||||||
Positive
Negative
11010 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
- Material
No. issues identified
Indicate whether risk or opportunity (R/O)
Rationale for identifying
risk / opportunity
In case of risk, approach to
adapt or mitigate
Financial
implications of the risk or opportunities (indicate positive or negative implications)
7
8
9
Responsible Procurement
Biodiversity
Employee
Wellbeing and
Development
O
O
O
By prioritising suppliers that align with ethical, social, and
environmental standards, the Company can mitigate supply chain risks, reduce its environmental impact, support
sustainable development goals, foster innovation, and meet the expectations of
stakeholders. Responsible
procurement strengthens the overall sustainability and reputation of the Company.
Biodiversity conservation can drive innovation and create market opportunities for the Company. By incorporating
biodiversity considerations into product development and supply chain management, the Company can identify new ways to reduce its environmental footprint, develop sustainable practices, and create innovative solutions. This can lead to competitive advantages, access to new markets, and potential revenue streams.
To safeguard the Company's financial resources, it is crucial to address the accumulating expenses related to recruitment, onboarding and training. This can be achieved by prioritising the establishment of an appealing work environment, offering
competitive compensation and benefits, and creating opportunities for growth and development. By nurturing a positive company culture, the Company can boost productivity, reduce costs, maintain consistent quality, preserve institutional knowledge and ultimately enhance its competitive edge in the market.
NA
NA
NA
Positive
Positive
Positive
Annual Report 2022-23
111
Business Responsibility and Sustainability Report (Contd.)
S. | Material | Indicate | Rationale for identifying | In case of risk, approach to | Financial |
No. | issues | whether | risk / opportunity | adapt or mitigate | implications |
identified | risk or | of the risk or | |||
opportunity | opportunities | ||||
(R/O) | (indicate | ||||
positive or | |||||
negative | |||||
implications) |
10 Occupational Health and Safety
R
Compliance | with | health | and | We | have | implemented | ||||||||
safety regulations is paramount | the | following measures | to | |||||||||||
for a company like Gabriel | minimise risks: | |||||||||||||
India. Breaches of health and | • | We have put in place | ||||||||||||
safety regulations can tarnish | several | safeguards | to | |||||||||||
the | Company's | reputation, | ensure that our staff are | |||||||||||
both | internally | and | externally. | safe on the job. | ||||||||||
Negative publicity surrounding | • | We | have | built | a | |||||||||
workplace | accidents | or | ||||||||||||
illnesses | can | erode | trust | framework | for | safety | ||||||||
through | a | methodical | ||||||||||||
among stakeholders, including | ||||||||||||||
manner | known | as | the | |||||||||||
employees, | customers, | and | ||||||||||||
Gabriel | India House | of | ||||||||||||
investors. It | can | also lead to | ||||||||||||
Safety Culture. | ||||||||||||||
increased cost for the Company | ||||||||||||||
• | All our | employees | can | |||||||||||
including | medical | expenses, | ||||||||||||
compensation | claims, | and | use | an | application | |||||||||
insurance premiums. | called 'Myennovation' to | |||||||||||||
report any type of safety | ||||||||||||||
hazard, | such as | near | ||||||||||||
misses, unsafe conduct, | ||||||||||||||
or situations. | ||||||||||||||
• | As | required | by | |||||||||||
ISO14001/ISO45001 | ||||||||||||||
certifications, | we | |||||||||||||
provide | extensive | |||||||||||||
EHS | training | to | our | |||||||||||
personnel. | ||||||||||||||
• | Safety | awareness | ||||||||||||
sessions include details | ||||||||||||||
on the | importance | of | ||||||||||||
PPEs, | Lock | Out | Tag | |||||||||||
Out, | firefighting, | first | ||||||||||||
aid, | industrial | safety | ||||||||||||
practices | and | the | ||||||||||||
Company's | safety | |||||||||||||
requirements, amongst | ||||||||||||||
others. |
Negative
11212 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
- Material
No. issues identified
Indicate whether risk or opportunity (R/O)
Rationale for identifying
risk / opportunity
In case of risk, approach to
adapt or mitigate
Financial
implications of the risk or opportunities (indicate positive or negative implications)
11 Diversity, Inclusion and Non- Discrimination
12 Human Rights and Labour Relations
O
R
Embracing | diversity | and | NA | ||||
fostering | an | inclusive | work | ||||
environment | can | positively | |||||
impact business performance. | |||||||
Employees are more likely to | |||||||
be attracted to and stay with | |||||||
an organisation that promotes | |||||||
a culture of inclusivity and | |||||||
provides | equal | opportunities | |||||
for growth and advancement. | |||||||
When employees feel included, | |||||||
they are more likely to | |||||||
contribute | their | full | potential, | ||||
collaborate effectively, and be | |||||||
motivated to achieve Company | |||||||
goals. | |||||||
Failure | to | comply | with | 1. | Ethics committee & | ||
labour laws | not | only violates | helpline | ||||
fundamental | human | rights | 2. | Whistle blower policy | |||
but | also | exposes | industrial | 3. | Legal compliances | ||
machinery | manufacturing | ||||||
companies | to | significant | |||||
legal | and | reputational | risks. | ||||
Instances of non-compliance, | |||||||
such as labour disputes, strikes, | |||||||
or other labour-related issues, | |||||||
can | attract negative publicity. | ||||||
This negative publicity has the | |||||||
potential | to | erode | customer | ||||
confidence, | diminish | sales, | |||||
and inflict long-term damage | |||||||
on the Company's reputation. | |||||||
It is therefore imperative for | |||||||
the Company to uphold labour | |||||||
laws and regulations to protect | |||||||
the rights of workers, mitigate | |||||||
legal risks, and safeguard its | |||||||
standing in the market. |
Positive
Negative
Annual Report 2022-23
113
Business Responsibility and Sustainability Report (Contd.)
- Material
No. issues identified
Indicate whether risk or opportunity (R/O)
Rationale for identifying
risk / opportunity
In case of risk, approach to
adapt or mitigate
Financial
implications of the risk or opportunities (indicate positive or negative implications)
13
Talent
Recruitment
and Retention
R
The | Company | relies | on | 1. | Roadmap | for | |||
skilled | workforce to | operate | development & growth | ||||||
effectively | and | maintain | its | of employees | |||||
competitive | position | in the | 2. | Employee | engagement | ||||
market. | Recruitment | and | through | feedback | |||||
retention of talented individuals | surveys | ||||||||
ensure that the Company has | 3. | Employees | benefit | ||||||
the | necessary expertise | and | |||||||
capabilities to deliver high- | schemes | ||||||||
5. | Fall back | planning on | |||||||
quality | products | and | services | ||||||
to its customers | loss of employee | ||||||||
Negative
14
Community Engagement
O
The Company operates within a specific community, and the support and acceptance of that community are crucial for the Company's operations. Engaging with the community helps build trust, foster positive relationships, and demonstrate the Company's commitment to being a responsible corporate citizen. By actively listening to community concerns and addressing them in a transparent and responsive manner, the Company can minimise the risk of conflicts, protests, or opposition to its activities. Proactively managing community expectations can prevent reputational damage and costly disruptions to operations.
NA
Positive
11414 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
- Material
No. issues identified
Indicate whether risk or opportunity (R/O)
Rationale for identifying
risk / opportunity
In case of risk, approach to
adapt or mitigate
Financial
implications of the risk or opportunities (indicate positive or negative implications)
15
16
17
Product
Quality and
Safety
Economic Performance
Ethics and Compliance
O
O
R
Product quality and safety are | NA | |||||||
closely linked to the Company's | ||||||||
brand | reputation. | A | strong | |||||
reputation | for | producing | ||||||
safe | and | reliable | products | |||||
establishes | trust | among | ||||||
customers, suppliers, and other | ||||||||
stakeholders. | Positive | brand | ||||||
reputation | can | attract | new | |||||
customers, open doors to new | ||||||||
markets, and differentiate The | ||||||||
Company from its competitors. | ||||||||
Economic | performance | NA | ||||||
directly relates to the financial | ||||||||
stability | and | profitability | of | |||||
the Company. The Company's | ||||||||
ability | to generate | consistent | ||||||
and | sustainable | revenue, | ||||||
manage costs effectively, and | ||||||||
achieve profitability is critical for | ||||||||
its long-term viability. Positive | ||||||||
economic performance allows | ||||||||
the Company to reinvest in | ||||||||
its | operations, | fund | research | |||||
and | development, | expand its | ||||||
market | presence, | and | create | |||||
value for its shareholders. | ||||||||
Adherence to ethical standards | 1. | Policies & procedures | ||||||
and compliance with applicable | 2. | Ethics committee & | ||||||
laws | and | regulations | are | helpline | ||||
essential for the Company to | ||||||||
3. | Whistle blower policy | |||||||
operate within the boundaries | ||||||||
of the law. Non-compliance | 4. | Legal compliances | ||||||
can result in legal penalties, | ||||||||
fines, | litigation | and | damage | |||||
to the | Company's | reputation. | ||||||
By | prioritising | ethics | and | |||||
compliance, | the | Company | ||||||
mitigates legal and regulatory | ||||||||
risks and ensures responsible | ||||||||
business practices. |
Positive
Positive
Negative
Annual Report 2022-23
115
Business Responsibility and Sustainability Report (Contd.)
S. | Material | Indicate | Rationale for identifying | In case of risk, approach to | Financial | ||||||||||||
No. | issues | whether | risk / opportunity | adapt or mitigate | implications | ||||||||||||
identified | risk or | of the risk or | |||||||||||||||
opportunity | opportunities | ||||||||||||||||
(R/O) | (indicate | ||||||||||||||||
positive or | |||||||||||||||||
negative | |||||||||||||||||
implications) | |||||||||||||||||
18 | R&D and | R | Breaches in cybersecurity can | 1. | Data | exchange | wit | Negative | |||||||||
Intellectual | lead to the unauthorised use | vendors/ customer | via | ||||||||||||||
Property | or theft of valuable intellectual | secure IT modes | |||||||||||||||
Management | property, | compromising | 2. | Periodic | information | ||||||||||||
the | Company's | competitive | security audits | ||||||||||||||
advantage | and | reputation. | |||||||||||||||
3. | NDA with parties | for | |||||||||||||||
Successfully | commercialising | ||||||||||||||||
R&D | outcomes | and | turning | exchanging information | |||||||||||||
them into profitable products or | 4. | Latest antivirus software | |||||||||||||||
services | is challenging. There | 5. | Patent | filing & patent | |||||||||||||
is a risk of market rejection, low | awareness sessions for | ||||||||||||||||
customer demand, or failure to | |||||||||||||||||
employees | |||||||||||||||||
effectively bring innovations to | |||||||||||||||||
market. If proper due diligence | |||||||||||||||||
and | clearance | searches | are | ||||||||||||||
not | conducted | to | identify | ||||||||||||||
existing | patents, | trademarks, | |||||||||||||||
or | copyrights, | outside | firms | ||||||||||||||
holding the IP rights may take | |||||||||||||||||
legal action to protect their | |||||||||||||||||
intellectual property. | |||||||||||||||||
19 | Market | O | A | customer-focused | approach | NA | Positive | ||||||||||
Presence and | contributes | to | revenue | ||||||||||||||
Customer | generation for the Company. By | ||||||||||||||||
Focus | delivering high-quality products | ||||||||||||||||
and services that align with | |||||||||||||||||
customer needs, the Company | |||||||||||||||||
can | increase | customer | |||||||||||||||
satisfaction | a | and | loyalty. | ||||||||||||||
Establishing | strong | market | |||||||||||||||
presence | and | maintaining | a | ||||||||||||||
customer-focused | approach | ||||||||||||||||
gives the Company a competitive | |||||||||||||||||
advantage. | By | understanding | |||||||||||||||
the needs and preferences of | |||||||||||||||||
their target market, the Company | |||||||||||||||||
can | develop | products and | |||||||||||||||
services | that meet | customer | |||||||||||||||
expectations, | from | differentiate | |||||||||||||||
themselves | competitors, | ||||||||||||||||
and capture a larger market | |||||||||||||||||
share. |
11616 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
- Material
No. issues identified
Indicate whether risk or opportunity (R/O)
Rationale for identifying
risk / opportunity
In case of risk, approach to
adapt or mitigate
Financial
implications of the risk or opportunities (indicate positive or negative implications)
20
21
22
Data Privacy and Security
Corporate Governance, Transparency and Disclosures
Resilient
Business
Model
R
R
O
The rise of cyber threats | 1. | Data | exchange | with | |||||||
poses a significant risk to the | vendors/ | customer | via | ||||||||
Company | data | privacy | and | secure IT modes | |||||||
security. Malicious actors, such | 2. | Periodic | information | ||||||||
as hackers and cybercriminals, | security audits | ||||||||||
continually | seek | to | gain | 3. | NDA | with parties | for | ||||
unauthorised | access | to | exchanging information | ||||||||
sensitive | data | for | various | ||||||||
4. | Latest antivirus software | ||||||||||
purposes, | including | financial | |||||||||
gain, | industrial | espionage, | or | ||||||||
sabotage. | |||||||||||
Adhering | to | corporate | 1. | Policies & procedures | |||||||
governance | standards, | 2. | Ethics | committee | & | ||||||
regulations, | and | legal | helpline | ||||||||
requirements is crucial for the | 3. | Whistle blower policy | |||||||||
Company. Failure | to comply | 4. | Legal compliances | ||||||||
with these standards can result | |||||||||||
in | reputational | damage | and | ||||||||
loss | of investor | confidence. | |||||||||
Any lack of transparency or | |||||||||||
disclosure | of | inaccurate | or | ||||||||
misleading | information | can | |||||||||
harm the Company's reputation | |||||||||||
and erode stakeholder trust. | |||||||||||
By focusing on a resilient | NA | ||||||||||
business model, the Company | |||||||||||
can | navigate | uncertainties, | |||||||||
seize opportunities, | and | build | |||||||||
a | sustainable | competitive | |||||||||
advantage. | It | enables | the | ||||||||
Company to proactively respond | |||||||||||
to | market | changes, | effectively | ||||||||
manage risks, deliver value to | |||||||||||
stakeholders, and achieve long- | |||||||||||
term business success. |
Negative
Negative
Positive
Environment
Social
Governance
Annual Report 2022-23
117
Business Responsibility and Sustainability Report (Contd.)
SECTION B: MANAGEMENT AND PROCESS DISCLOSURES
Principle | Applicable Policies | Link for policies | ||||||
Principle 1: | Anand Code of Conduct | https://www.anandgroupindia.com/wp-content/ | ||||||
Businesses | should | conduct | and | uploads/2018/01/ANAND-CodeofConduct.pdf | ||||
govern | themselves | with Ethics, | ||||||
Transparency and Accountability | ||||||||
Principle 2: | Sustainability Policy | * Refer Note | ||||||
Businesses | should | provide | ||||||
goods and services that are safe | ||||||||
and contribute to | sustainability | |||||||
throughout their life cycle | ||||||||
Principle 3: | Prevention of Sexual | https://www.anandgroupindia.com/gabrielindia/ | ||||||
Businesses | should | promote | the | Harassment Policy | investors/corporate-governance/ | |||
wellbeing of all employees | (POSH) | |||||||
Principle 4: | Corporate, Social | https://www.anandgroupindia.com/gabrielindia/ | ||||||
Businesses | should | respect | the | Responsibility Policy | investors/corporate-governance/ | |||
interests of, and be responsive | ||||||||
towards all stakeholders, especially | ||||||||
those | who | are | disadvantaged, | |||||
vulnerable and marginalised | ||||||||
Principle 5: | Whistle Blower Policy | https://www.anandgroupindia.com/gabrielindia/ | ||||||
Businesses | should | respect | and | investors/corporate-governance/ | ||||
promote human rights | ||||||||
Principle 6: | EHS Policy | * Refer Note | ||||||
Business should respect, protect, | ||||||||
and make efforts | to restore | the | ||||||
environment | ||||||||
Principle 7: | Anand Code of Conduct | https://www.anandgroupindia.com/gabrielindia/ | ||||||
Businesses, | when | engaging | in | investors/corporate-governance/ | ||||
influencing | public | and | regulatory | |||||
policy, should do so in a responsible | ||||||||
manner | ||||||||
Principle 8: | Corporate, Social | https://www.anandgroupindia.com/gabrielindia/ | ||||||
Businesses | should | support | Responsibility Policy | investors/corporate-governance/ | ||||
inclusive growth | and | equitable | ||||||
development | ||||||||
Principle 9: | Quality Policy | * Refer Note |
Businesses should engage with and provide value to their customers and consumers in a responsible manner
11818 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards adopting the NGRBC Principles and Core Elements.
Principle 1:
Businesses should conduct and govern themselves with Ethics, Transparency and Accountability.
Principle 4:
Businesses should respect
the interests of and
be responsive to all its
stakeholders.
Principle 7:
Businesses, when engaging
in influencing public and regulatory policy, should do so in a manner that is responsible and transparent.
Principle 2:
Businesses should provide
goods and services in a
manner that is sustainable
and safe.
Principle 5:
Businesses should respect and promote human rights.
Principle 8:
Businesses should promote
inclusive growth and
equitable development.
Principle 3:
Businesses should respect and promote the well-being of all employees, including those in their value chains.
Principle 6:
Businesses should respect
and make efforts to
protect and restore the
environment.
Principle 9:
Businesses should engage
with and provide value to their consumers in a responsible manner.
Annual Report 2022-23 | 119 |
120120
Disclosure Questions | P1 | P2 | P3 | P4 | P5 | P6 | P7 | P8 | P9 |
Policy and management processes
Gabriel India Limited
1. a. Whether your entity's |
policy/policies cover |
each principle and |
its core elements of |
the NGRBCs. |
(Yes/No) |
b. Has the policy been |
approved by the |
Board? |
(Yes/No) |
c. Web Link of the |
Policies, if available |
2. Whether the entity has |
translated the policy |
into procedures. |
(Yes / No) |
Yes
Yes
Yes
https://www.
anandgroupindia. com/wp-content/ uploads/2018/01/
ANAND-
CodeofConduct.
Yes
Yes | Yes | Yes | Yes | Yes | Yes |
Yes | Yes | Yes | Yes | Yes | Yes | ||||||||||||||||||||||||||||||||||||||||||
Yes | Yes | Yes | Yes | Yes | Yes | ||||||||||||||||||||||||||||||||||||||||||
EOHS Policy | https://www. | https://www. | https://www. | EOHS Policy | http://www. | ||||||||||||||||||||||||||||||||||||||||||
is available on | anandgroupindia. | anandgroupindia. | anandgroupindia. | is available on | gabrielindia. | ||||||||||||||||||||||||||||||||||||||||||
intranet for | com/gabrielindia/ | com/ | com/gabrielindia/ | intranet for | com/investors | - | |||||||||||||||||||||||||||||||||||||||||
employees | investors/ | gabrielindia/ | investors/ | employees | section/code- | ||||||||||||||||||||||||||||||||||||||||||
corporate- | investors/ | corporate- | of-conduct. | ||||||||||||||||||||||||||||||||||||||||||||
governance/ | corporate- | governance/ | aspx | ||||||||||||||||||||||||||||||||||||||||||||
governance/ | |||||||||||||||||||||||||||||||||||||||||||||||
Yes | Yes | Yes | Yes | Yes | Yes | ||||||||||||||||||||||||||||||||||||||||||
Yes | Yes |
Yes | Yes | |||||||||||
Yes | Yes | |||||||||||
https://www. | Quality Policy | |||||||||||
anandgroupindia. | is available on | |||||||||||
com/ | intranet for | |||||||||||
gabrielindia/ | employees | |||||||||||
investors/ | ||||||||||||
corporate- | ||||||||||||
governance/ | ||||||||||||
Yes | Yes | |||||||||||
3. Do the enlisted policies |
extend to your value |
chain partners? |
(Yes/No) |
Yes
Yes | Yes | Yes | Yes | Yes | Yes | Yes | Yes |
4. Name of the national and international codes/certifications/ labels/ standards (e.g.
Forest Stewardship Council, Fairtrade, Rainforest Alliance, Trustea) standards (e.g. SA 8000, OHSAS, ISO, BIS) adopted
by your entity and mapped to each principle.
Yes
ISO-9001
Yes
IATF
certification
Yes
ISO-45001
Yes
ISO-9001
-
Yes
ISO-14001
-
-
IATF 16949-
Disclosure Questions | P1 | P2 | P3 | P4 | P5 | P6 | P7 | P8 | P9 |
5. Specific commitments, goals and targets
set by the entity with defined timelines1.
Yes
Yes. Our products undergo rigorous testing to ensure 100% safety and we are actively engage d in process of developing sustainable products.
Yes
Yes
Yes
Yes. Our
ambitious
objective is to attain carbon and water neutrality while eliminating all waste to landfill by the year 2025.
Yes
Yes
Yes
6. Performance of the entity against the specific commitments, goals and targets along-with reasons in case the same are not met2.
Yes.
We have
initiated the
exercise
of setting targets for Sustainability in the FY 2023-24 for P2.
Yes.
Yes
Yes
Yes.
Yes
Yes
Yes
- Note: EHS & Quality Policy are available on intranet for employees
1We are committed to excel and to be amongst the top 5 shock absorber manufacturer in the world focusing on sustainability. Climate change is the defining challenge of | |
our times, and Gabriel India is wholly committed to playing its part in addressing it. Our sustainability roadmap helps us to be a leader in environmental stewardship. We aim | |
Annual | to become carbon and water neutral by 2025 by reducing greenhouse gas (GHG) emissions, strengthening our energy conservation and water conservation practices along |
with zero-wastage to landfill. We are giving our teams the freedom to take responsible decisions that will promptly meet customer needs. | |
Report | neutrality:25%, Water Neutrality: 27%, Zero waste to landfill: 71%. Periodic review of performance is being done and all action plan against the set target is monitored by |
2022- | 2Our ambitious objective is to attain carbon and water neutrality while eliminating all waste to landfill by the year 2025. Performance in FY 2022-23 is as follows: Carbon |
the top management. Required resources are provided to meet the target. We are improving and sustaining the business not only on financial front but also on our ESG | |
23 | performance. |
121 | |
Corporate Overview Statutory Reports Financial Statements
Business Responsibility and Sustainability Report (Contd.)
Governance, leadership, and oversight
7.
Statement by director responsible for the business responsibility & sustainability report
- Gabriel believes that sustainability goals are part and parcel of its financial goals, and the Company has, accordingly, integrated sustainability considerations into its business decisions and operations. The Company is focused on executing a strong ESG proposition by working with all stakeholders, and this commitment to sustained value creation is reflected in its mission "To Create Value Sustainably through the Pursuit of Excellence and Good Governance" and to be amongst the "top five Shock Absorber manufacturers in the world".
- The Company also recognises that climate change is not just an environmental issue, and that it has broader implications for the business and its ability to create value for its stakeholders. Aware of its social and environmental responsibility, the Company continues in its endeavour to reduce its carbon footprint. Towards this objective, it has been consistently investing in technology and building a robust digital environment and undertaking various other measures that are covered in the report.
- We aspire to become India's leading sustainable auto component manufacturer. Our constant endeavour is to serve our customers with the highest standards of quality efficiency and sustainability.
8
Details of the highest authority responsible for implementation MD & CEO is continuously monitoring the
and oversight of the Business Responsibility policy(ies) progress of ESG performance and delegated the authority to Senior management of the organisation for implementation and oversight of the business responsibility policy and procedure. On day-to-day basis, the Committee continuously evaluates the Company's social, environmental, governance and economic obligations.
9
Does the entity have a specified Committee of the Board/ Yes - Anand Sustainability Committee is the Director responsible for decision-making on sustainability specified committee comprised of board of
related issues? (Yes / No). If yes, provide detailsdirectors, KMP responsible for decision making on sustainability related issues.
1221 2 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
10. Details of Review of NGRBCs by the Company:
Subject for Review
Indicate whether review was undertaken | Frequency: Annually (A) / Half yearly (H) / | ||||||||||||||||||
by Director / Committee of the Board/ Any | Quarterly (Q) / Any other - please specify | ||||||||||||||||||
other Committee | |||||||||||||||||||
P1 | P2 | P3 | P4 | P5 | P6 | P7 | P8 | P9 | P1 | P2 | P3 | P4 | P5 | P6 | P7 | P8 | P9 |
Performance against above policies & follow up action
Compliance with statutory requirements of relevance to the principles, and rectification of any non- compliances
Yes (Reviewed by Board)
Yes
On Need basis
On Need basis
11. Has the entity carried out independent assessment/ evaluation of the working of its policies by an external agency?
(Yes/No). If yes, provide name of the agency.
P1 | P2 | P3 | P4 | P5 | P6 | P7 | P8 | P9 |
No independent assessment has been carried out
12. If answer to question (1) above is "No" i.e. not all Principles are covered by a policy, reasons to be stated:
Questions
P1 P2 P3 P4 P5 P6 P7 P8
P9
The entity does not consider the Principles material to its business (Yes/No)
The entity is not at a stage where it is in a position to formulate and implement the policies on specified principles (Yes/No)
The entity does not have the financial or/human and technical resources available for the task (Yes/No)
It is planned to be done in the next financial year (Yes/No)
Any other reason (please specify)
NA since question (1) above is Yes.
Annual Report 2022-23 | 123 |
Business Responsibility and Sustainability Report (Contd.)
SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE
This section is aimed at helping entities demonstrate their performance in integrating the Principles and Core Elements with key processes and decisions. The information sought is categorised as "Essential" and "Leadership". While the essential indicators are expected to be disclosed by every entity that is mandated to file this report, the leadership indicators may be voluntarily disclosed by entities which aspire to progress to a higher level in their quest to be socially, environmentally, and ethically responsible.
PRINCIPLE 1: Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, Transparent and Accountable.
Essential Indicators
Percentage coverage by training and awareness programmes on any of the principles during the financial year:
Segment | Total number of | Topics / principles covered under | % of persons in respective | |||||
training and awareness | the training and its impact | category covered by the | ||||||
programmes held | awareness programmes | |||||||
Board of Directors | 4 | • | Presentation | on | the | 100 | ||
performance of the Company | ||||||||
and Plant visits, BoDs were | ||||||||
briefed about the Sustainability | ||||||||
initiatives of the Company | ||||||||
• Training | on | changes | / | |||||
developments in the domestic | ||||||||
/ global corporate scenarios. | ||||||||
Key Managerial | 9 | • | POSH | 100 | ||||
Personnel | • | Human rights | ||||||
• | Team building | |||||||
• | Effective communication skills | |||||||
• | Cyber security | |||||||
• Personal & people leadership | ||||||||
• | Leading self | |||||||
• Anand Code of conduct | ||||||||
• | Whistle blower policy | |||||||
Employees other | 11 | • | POSH | 100 | ||||
than BoD and KMPs | • | Human rights | ||||||
• | Team building | |||||||
• | Effective communication skills | |||||||
• | Technical training | |||||||
• | Cyber security | |||||||
• Personal & people leadership | ||||||||
• Leading | self-accountability | & | ||||||
collaboration | ||||||||
• | ISMS | |||||||
• Anand code of conduct | ||||||||
• | Whistle blower policy | |||||||
• | Sustainability |
124124 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
Segment
Total number of
training and awareness
programmes held
Topics / principles covered under
the training and its impact
- of persons in respective category covered by the awareness programmes
Workers | 9 | • | POSH | 100 |
• | Human rights | |||
• | Team building | |||
• | effective communication skills | |||
• | technical training | |||
• | Creative skill training | |||
• | Aster | |||
• | Disha | |||
• Anand code of conduct | ||||
• | Whistle blower policy | |||
• | Sustainability |
2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings (by the entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in the financial year, in the following format (Note: the entity shall make disclosures on the basis of materiality as specified in Regulation 30 of SEBI (Listing Obligations and Disclosure Obligations) Regulations, 2015 and as disclosed on the entity's website):
NGRBC | Name of the | Amount | Brief of the | Has an appeal | ||
Principle | regulatory/ | (In `) | Case | been preferred? | ||
enforcement agencies/ | (Yes/No) | |||||
judicial institutions | ||||||
Monetary |
Penalty/ Fine
Settlement
Compounding fee
P1-P9
P1-P9
P1-P9
NA
NA
NA
Nil
Nil
Nil
NA
NA
NA
NA
NA
NA
NGRBC | Name of the | Brief of the Case | Has an appeal | ||
Principle | regulatory/ | been preferred? | |||
enforcement agencies/ | (Yes/No) | ||||
judicial institutions | |||||
Non-Monetary |
Imprisonment
Punishment
P1-P9
P1-P9
Nil
Nil
No Case
No Case
NA
NA
3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where monetary or non-monetary action has been appealed.
Case Details
NA
Name of the regulatory/enforcement agency/
judicial intuitions
NA
Annual Report 2022-23
125
Business Responsibility and Sustainability Report (Contd.)
-
Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, provide a web link to the policy.
Our Polices related to ethics, bribery and corruption i.e., Anand Code of Conduct and Whistle Blower Mechanism not only covers the Company but it extends to the Group Companies. Gabriel has zero tolerance for any form of corruption or bribery. The policy applies to all employees of the Company at all levels and in all locations. In every business and locations, all employees are required to act with the utmost honesty. All of the Company's facilities must adhere to a variety of anti-bribery and anti-corruption laws and regulations. All agents, suppliers, contractors and business partners are informed of the Company's zero tolerance policy to bribery and corruption during the commencement of the Company's business engagement with them. At the time of joining, new employees are given a copy of the policy to read. All existing value chain partners are also informed of the policy. Trainings are conducted throughout the Company as part of the prevention, identification, and detection of anti-corruption issues. Wherever it operates, the Company maintains the highest standards and does not tolerate bribery or corruption.
The Code of Conduct of Anand group is available at the following url:https://www.anandgroupindia.com/wp-content/uploads/2018/01/ANAND-CodeofConduct.pdf - Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law enforcement agency for the charges of bribery/ corruption:
FY 2022-23 | FY 2021-22 | |
(Current Financial Year) | (Previous Financial Year) | |
Directors | Nil | Nil |
KMPs | Nil | Nil |
Employees | Nil | Nil |
Workers | Nil | Nil |
6. Details of complaints with regard to conflict of interest:
FY 2022-23 | FY 2021-22 | ||||
(Current Financial Year) | (Previous Financial Year) | ||||
Number | Remark | Number | Remark | ||
Number of complaints received in relation to issues | Nil | - | Nil | - | |
of Conflict of Interest of the Directors | |||||
Number of complaints received in relation to issues | Nil | - | Nil | - | |
of Conflict of Interest of the KMPs | |||||
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by regulators/ law enforcement agencies/ judicial institutions on cases of corruption and conflicts of interest.
NA
126126
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.) | ||||
Leadership Indicators | ||||
1. | Awareness programmes conducted for value chain partners on any of the Principles during the financial year | |||
Total number of awareness | Topics / principles covered under | % age of value chain partners | ||
programmes held | the training | covered (by value of business | ||
done with such partners) under the | ||||
awareness programmes | ||||
All direct material suppliers | Business Ethics and Sustainability | 100 | ||
covered (210 awareness | ||||
programmes and sessions) | ||||
2. | Does the entity have processes in place to avoid/ manage conflict of interest involving members of the Board? | |||
(Yes/No) If yes, provide details of the same. |
Yes, the Company has Internal processes in place to avoid/manage conflict of interests involving members of the board and it is as per the Terms of Appointment of Directors to Board. The Company's Code of Conduct states that an employee or director of an ANAND Group Company shall always act in the interest of the Company, and ensure that any business or personal association which he/she may have, does not involve a conflict of interest with the operations of the Company and his/her role therein.
Principle 2: Businesses should provide goods and services in a manner that is sustainable and safe
Essential Indicators
1. Percentage of R&D and capital expenditure (CAPEX) investments in specific technologies to improve the environmental and social impacts of product and processes to total R&D and CAPEX investments made by the entity, respectively.
FY 2022-23 | FY 2021-22 | Details of Improvements in | |
Current Financial Year | Previous Financial Year | Environmental and social impacts | |
R&D | Nil | Nil | - |
CAPEX | 5.64% | 4.54% | Reduction in GHG emission and |
water consumption, changes in | |||
technology to pave a path to achieve | |||
carbon and water neutrality. |
2 Does the entity have procedures in place for sustainable sourcing? (Yes/No)
If yes, what percentage of inputs were sourced sustainably?
Yes, 55% of the inputs were sourced sustainably.
- Gabriel has purchase agreement signed off with Direct Material Suppliers covering clauses of non-usage of hazardous material, environmental standards, etc.
- Gabriel has a 10-point check list for Supplier EHS compliance and
100% of direct material suppliers are audited every year to seek compliance. Quarterly audits are done for low score suppliers. Audits are outsourced to third party service provider. - Gabriel started drive on sustainable packaging for inbound material with direct material suppliers in Q4 FY 2022-23 and is targeting to minimise non sustainable packaging by Q3 FY 2023-24.
Annual Report 2022-23 | 127 |
Business Responsibility and Sustainability Report (Contd.)
3 | Describe | the processes | in place | Since the product, is directly supplied to the OEMs, the Company has |
to safely reclaim your products for | limited scope for reclaiming it at the end of its life cycle. The Company, | |||
reusing, recycling and disposing at the | however, has systems in place to recycle plastics (including packaging), | |||
end of life, for (a) Plastics (including | e-waste, and hazardous waste in a safe manner. | |||
packaging) (b) E-waste (c) Hazardous | For the disposal of such waste, the Company contracts with authorised | |||
waste and (d) other waste. | recyclers and files returns with the appropriate statutory bodies. | |||
Also, the Company has optimised its processes to the point where | ||||
the majority of the waste produced is recycled and reused in its own | ||||
operations. | ||||
4 | Whether | Extended | Producer | Yes, we have applied for the EPR certification with CPCB and waste |
Responsibility (EPR) is applicable to | collection plan will be executed on completion of registration. | |||
the entity's activities (Yes / No). If yes, | ||||
whether the waste collection plan is | ||||
in line with the Extended Producer | ||||
Responsibility (EPR) plan submitted to | ||||
Pollution Control Boards? If not, provide | ||||
steps taken to address the same. |
Leadership Indicator
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products (for manufacturing industry) or for its services (for service industry)? If yes, provide details in the following format?
NIC Code | Name of | % of total | Boundary for | Whether | Results |
Product | Turnover | which the | conducted by | communicated | |
/Service | contributed | Life Cycle | independent | in public domain | |
Perspective / | external agency | (Yes/No) | |||
Assessment | (Yes/No) | If yes, provide | |||
was conducted | the web-link. | ||||
The Company has not conducted any life cycle assessment for the products till date. However, it is planning to carry out the LCA for products in the coming future.
2. If there are any significant social or environmental concerns and/or risks arising from production or disposal of your products / services, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other means, briefly describe the same along-with action taken to mitigate the same.
Name of the product /service
Description of the risk/concern
Action Taken
Not Applicable. We are in the process of carrying out the Life Cycle Assessment in the coming year.
3. Percentage of recycled or reused input material to total material (by value) used in production (for manufacturing industry) or providing services (for service industry).
Indicate input Materials | Recycled - or reused input materials to total materials | |
FY 2022-23 | FY 2021-22 | |
Current Financial Year | Previous Financial Year | |
Nil | Nil | |
128128
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused, recycled, and safely disposed, as per the following format:
FY 2022-23 | FY 2021-22 | |||||||
Current Financial Year | Previous Financial Year | |||||||
Reused | Recycled | Safely | Reused | Recycled | Safely | |||
disposed | disposed | |||||||
Plastics including packaging | Nil | Nil | Nil | Nil | Nil | Nil | ||
E-Waste | Nil | Nil | Nil | Nil | Nil | Nil | ||
Hazardous waste | Nil | Nil | Nil | Nil | Nil | Nil | ||
Other waste | Nil | Nil | Nil | Nil | Nil | Nil |
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category.
Indicate product category
Reclaimed products and their packaging materials as
% of total products sold in respective category
Since the product is directly supplied to the OEMs, the Company has
limited scope for reclaiming it at the end of its life cycle.
PRINCIPLE 3: Businesses should respect and promote the well-being of all employees, including those in their value chain
Essential Indicators
1. a. Details of measures for the well-being of employees:
Category | % of employees covered by | ||||||||||
Total | Health Insurance | Accident | Maternity | Paternity Benefits | Day Care | ||||||
(A) | Insurance | Benefits | Facilities | ||||||||
Number | % | Number | % | Number | % | Number | % | Number | % | ||
(B) | (B/A) | (C) | (C/A) | (D) | (D/A) | (E) | (E/A) | (F) | (F/A) |
Permanent employees
Male
Female
Total
564
73
637
564
73
637
100
100
100
564
73
637
100
100
100
Nil | Nil |
- 100
- 11.46
564
Nil
564
100
Nil
88.54
564
73
637
100
100
100
Other than Permanent Employees
Male
Female
Total
66
8
74
- 53.03
- 25.00
37 50.00
- 53.03
- 25.00
37 50.00
Nil
2
2
Nil
25.00
2.70
35
Nil
35
53.03
Nil
47.30
- 53.03
- 25.00
37 50.00
Annual Report 2022-23 | 129 |
Business Responsibility and Sustainability Report (Contd.)
- Details of measures for the well-being of workers:
Category
% of workers covered by
Total | Health Insurance | Accident | Maternity | Paternity Benefits | Day Care | |||||
(A) | Insurance | benefits | facilities | |||||||
Number | % | Number | % | Number | % | Number | % | Number | % | |
(B) | (B/A) | (C) | (C/A) | (D) | (D/A) | (E) | (E/A) | (F) | (F/A) |
Permanent workers
Male
Female
Total
1,369
332
1,701
1,369
332
1,701
100
100
100
1,369 | 100 | Nil | Nil |
332 | 100 | 332 | 100 |
1,701 | 100 | 332 | 19.52 |
Other than Permanent workers
1,369
Nil
1,369
100
Nil
80.48
1,369
332
1,701
100
100
100
Male
Female
Total
1,823
72
1,895
1,823
72
1,895
100
100
100
1,823
72
1,895
100
100
100
Nil
72
72
Nil
100
3.80
1,823
Nil
1,823
100
Nil
96.20
1,823
72
1,895
100
100
100
2. Details of retirement benefits, for Current Financial Year and Previous Financial Year.
Benefits | FY 2022-23 | FY 2021-22 | ||||
Current Financial Year | Previous Financial Year | |||||
No. of | No. of | Deducted | No. of | No. of | Deducted | |
employees | workers | and | employees | workers | and | |
covered as | covered as | deposited | covered as | covered as | deposited | |
% of total | % of total | with the | % of total | % of total | with the | |
employees | workers | authority | employees | workers | authority | |
(Y/N/N.A.) | (Y/N/N.A.) | |||||
PF | 100 | 100 | Y | 100 | 100 | Y |
Gratuity | 100 | 100 | Y | 100 | 100 | Y |
ESI | Nil | 100 | Y | Nil | 100 | Y |
Others - please specify | Nil |
- Accessibility of workplaces
Are the premises / offices of the entity accessible to differently abled employees and workers, as per the requirements of the Rights of Persons with Disabilities Act, 2016? If not, whether any steps are being taken by the entity in this regard.
Yes, the management is committed to provide all the required accessible infrastructure to the disabled employees. We have high contrast signages in our plant to enhance visibility and ensure clear communication of important safety instructions and information. - Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If so, provide a web-link to the policy.
Gabriel India provides equal employment opportunities, without any discrimination on the grounds of age, colour, disability, marital status, nationality, race, religion, sex, sexual orientation. The Company strives to maintain a work environment that is free from any harassment based on the above considerations. The same is covered under Code of Conduct Policy available athttps://www.anandgroupindia.com/wp-content/uploads/2018/01/
Gabriel-Code-of-Conduct.pdf.
130130 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
5. Return to work and retention rates of permanent employees and workers who took parental leave.
Gender
Male
Female
Total
Permanent Employees | Permanent Workers | ||
Return to work | Retention rate | Return to work | Retention rate |
rate in % | in % | rate in % | in % |
100 | |||
100 | 100 | 100 | |
100 | 100 | 100 | 100 |
100 | 100 | 100 | 100 |
6. Is there a mechanism available to receive and redress grievances for the following categories of employees and worker? If yes, give details of the mechanism in brief.
Particulars
Yes/No (If yes give the details of the
mechanisms in brief
Permanent workers
Other than permanent workers
Permanent Employees
Other than permanent employees
Yes
Yes
Yes
Yes
- The Company has always followed an open-door policy, wherein any employee irrespective of hierarchy have access to the business heads, HR, legal & compliance, senior management, or other such members.
- Individuals can communicate their grievances verbally to their immediate supervisor or manager. Grievances can be submitted in writing through an official grievance form available at the HR department or electronically via email to the designated grievance email address. We recognise that some individuals may prefer to remain anonymous while reporting their grievances. For such cases, a confidential and anonymous reporting mechanism, such as a suggestion box or dedicated email address, will be made available.
- In addition to that, a Whistle-Blower Policy has been formulated for employees and Directors to report concerns about unethical behaviour, actual or suspected fraud or violation of the Anand code of conduct policy. Any grievances and feedback related to the policies can be sent to secretarial@gabriel.co.in.
- The Company has zero tolerance for sexual harassment at the workplace and is compliant with provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.
- The Company also has various online training modules and awareness programmes which sensitise its employees on such issues.
- The Company is committed to redressing every grievance of its employees in a fair and just manner.
- The Company provides various channels of grievance redressal and safeguards employees against any form of victimisation.
Annual Report 2022-23 | 131 |
Business Responsibility and Sustainability Report (Contd.)
7. Membership of employees and worker in association(s) or Unions recognised by the listed entity:
Category
FY 2022-23 | |
(Current Financial Year) | |
Total | No. of employees/ |
employees/ | workers in respective |
workers in | category, who are |
respective | part of association(s) |
category (A) | or Union (B) |
% (B/A)
FY 2021-22 | ||
(Previous Financial Year) | ||
Total | No. of employees/ | |
employees/ | workers in respective | |
workers in | category, who are part | |
respective | of association(s) or | |
category (C) | Union (D) |
% (D/C)
Male Female
Male Female
564
73
1,369
332
Total Permanent Employees
Nil | Nil | 596 |
Nil | Nil | 84 |
Total Permanent Workers | ||
212 | ||
15.48 | 1,333 | |
22 | 6.62 | 337 |
Nil
Nil
214
22
Nil
Nil
16.05
6.53
8. Details of training given to employees and workers:
Category | FY 2022-23 | FY 2021-22 | ||||||||||||
Current Financial Year | Previous Financial Year | |||||||||||||
Total | On Health & Safety | On Skill | Total | On Health & Safety | On Skill | |||||||||
(A) | Measures | Upgradation | (D) | Measures | Upgradation | |||||||||
Number | % | Number | % | Number | % | Number | % | |||||||
(B) | (B/A) | (C) | (C/A) | (E) | (E/D) | ( F) | (F/D) | |||||||
Employees | ||||||||||||||
Male | 630 | 630 | 564 | 89.52 | 647 | |||||||||
100 | 647 | 100 | 596 | 92.12 | ||||||||||
Female | 81 | 81 | 100 | 73 | 90.12 | 84 | 84 | 100 | 84 | 100 | ||||
Total | 711 | 711 | 100 | 637 | 89.59 | 731 | 731 | 100 | 680 | 93.02 | ||||
Workers | ||||||||||||||
Male | 3,192 | 3,192 | 100 | 1,369 | 42.89 | 2,972 | 2,972 | 100 | 1,333 | 44.85 | ||||
Female | 404 | 404 | 100 | 332 | 82.18 | 361 | 361 | 100 | 337 | 93.35 | ||||
Total | 3,596 | 3,596 | 100 | 1,701 | 47.30 | 3,333 | 3,333 | 100 | 1,670 | 50.11 |
9. Details of performance and career development reviews of employees and worker:
Category | FY 2022-23 | FY 2021-22 | ||||
Current Financial Year | Previous Financial Year | |||||
Total (A) | No. (B) | % (B/A) | Total (C) | No. (D) | % (D/C) | |
Employees |
Male
Female
Total
Male
Female
Total
630 | 564 | 89.52 | 647 | 596 | 92.12 | |||
81 | 73 | 90.12 | 84 | 84 | 100 | |||
711 | 637 | 89.59 | 731 | 680 | 93.02 | |||
Workers | ||||||||
3,192 | 1,369 | 42.89 | 2,972 | |||||
1,333 | 44.85 | |||||||
404 | 332 | 82.18 | 361 | 337 | 93.35 | |||
3,596 | 1,701 | 47.30 | 3,333 | 1,670 | 50.11 | |||
132132
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
10. Health and safety management system:
- Whether an occupational health and Yes - A structured approach has been adopted under which a safety management system has framework for safety at Gabriel India Limited has been prepared been implemented by the entity? namely, Gabriel House of Safety Culture. This framework, which (Yes/No). If yes, the coverage such consists of six aspects of safety that have been elaborately outlined
system? | to achieve a sustainable safety culture, was unveiled in LSIP on |
April 01, 2022 and is implemented across the plants and office. | |
All plants at Gabriel India Limited are ISO 45001certified for Health | |
and Safety and all the internationally recognised processes are in | |
place as per the standard. The Company appointed a dedicated | |
Environment, Health and Safety (EHS) officer who ensures | |
compliance with the norms related to employee health and safety | |
for each plant. The employees are trained for EHS continuously | |
as required by ISO14001/ISO45001 certifications. In addition, the | |
training hours for EHS are being monitored by the management | |
during business review meetings. There are regular trainings | |
conducted by the EHS officer at shop floor for safety and security | |
aspect. Induction training of new employees is a routine practice. |
- What are the processes used to While continuously employing measures to promote employee identify work-related hazards and well-being and healthcare, a proper hazard identification risk assess risks on a routine and non- management system has been put in place to ensure continuous
routine basis by the entity? | improvement of occupational health and safety of the organisation. |
Hazard Identification Risk Assessment (HIRA) is carried out | |
regularly at all levels in following six steps by a highly skilled | |
Process owner or a Qualified Safety Officer well versed with details | |
of all activities and Safety standards: |
- Pre- Assessment preparations
- Pre-Assessmentmeeting with HSE Leaders
- Conducting interviews
- Walk-RoundTour/Quantification of Hazards
- Evaluation of Hazard/Person/Severity Factors
- Post Evaluation activity
-
Whether you have processes for Yes. The Company has put in place Safety Observation and Near workers to report the work-related Miss Reporting System.
hazards and to remove themselves from such risks. (Y/N)
d. Do the employees/ worker of | Yes. All the employees of the Company are offered a variety of |
the entity have access to non- | health and wellness benefits, including medical insurance and |
occupational medical and healthcare | accident insurance for the employee and his/her immediate family, |
services? (Yes/ No) | which provides financial assistance in the event of an accident |
or serious illness. Aside from that, Gabriel offers coverage for | |
dependent spouse and children, periodic health checks, wellness | |
programmes, as well as nutritious and subsidised food. |
Annual Report 2022-23 | 133 |
Business Responsibility and Sustainability Report (Contd.)
11. Details of safety related incidents, in the following format:
Safety Incident/Number
Lost Time Injury Frequency Rate (LTIFR) (per one million-person hours worked)
Total recordable work-related injuries
No. of fatalities
High consequence work-related injury or ill-health (excluding fatalities)
Category | FY 2022-23 | FY 2021-22 |
Current | Previous | |
Financial Year | Financial Year | |
Employees | 0.10 | 0.97 |
Workers | ||
Employees | 1 | 8 |
Workers | ||
Employees | Nil | Nil |
Workers | ||
Employees | Nil | Nil |
Workers | ||
12. Describe the measures taken by the entity to ensure a safe and healthy workplace.
At Gabriel India, we are continually focused on providing a safe work environment that does not jeopardise our employees' health and well-being. We have implemented various measures to affirm that our work premises are safe for our employees. We have built a framework for safety through a methodical manner known as the Gabriel India House of Safety Culture. This framework consists of six areas of safety that have been meticulously designed to create a sustainable culture of safety first. The framework is currently under implementation. All our plants are certified with the ISO 45001 accreditation for Health and Safety. The Company has assigned an Environment, Health and Safety (EHS) officer to each plant to oversee compliance with the applicable safety standards. As required by ISO14001/ISO45001 certifications, we provide extensive EHS training to our personnel. We place a high emphasis on EHS training and track the training hours in business review meetings. In addition to safety measures, we ensure that all our employees have access to additional healthcare facilities. As part of our benefit offerings, we hold annual health check-ups, eye check-ups, mental health programmes, yoga sessions, and blood donation camps. Our employees are given health insurance cards. For workers who are engaged in functions involving hazardous substances or perform welding operations, a medical check-up is conducted annually.
We ensure regular health monitoring to reduce the risk of employees becoming ill and provide help to employees and their families.
New employee orientation on health and safety issues is a common practice in the Company. Safety awareness sessions include details on the importance of PPEs, Lock Out Tag Out, firefighting, first aid, industrial safety practices and the Company's safety requirements, amongst others. All our employees can use an application called 'MyeNovation' to report any type of safety hazard, such as near misses, unsafe conduct, or situations. The concerned department assesses this daily, and efforts are taken to close the gaps. Furthermore, employees are involved in the development and review of policies and procedures to manage risk. They are consulted when there are any changes that affect workplace health and safety. As a result of our continuous efforts taken towards strengthening health and safety, we have recorded zero fatalities during the year under review. We have state-of-art Occupational Health centres at each location.
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Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
13. Number of Complaints on the following made by employees and workers:
FY 2022-23 | FY 2021-22 | |||||
(Current Financial Year) | (Previous Financial Year) | |||||
Filed | Pending | Remarks | Filed during | Pending | Remarks | |
during the | resolution at | the year | resolution at the | |||
year | the end of year | end of year | ||||
Working | Nil | NA | Nil | Nil | NA | Nil |
Conditions | ||||||
Health & Safety | Nil | NA | Nil | Nil | NA | Nil |
14. Assessments for the year:
Health and safety practices
Working Conditions
-
of your plants and offices that were assessed
(by entity or statutory authorities or third parties)
Internal and External HSE Audit - 100
Internal and External HSE Audit - 100
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on significant risks / concerns arising from assessments of health & safety practices and working conditions.
Gabriel tracks accidents rates in all its locations. The overall reduction in health and safety incidences is attributed to the strong commitment of both management and workers to ensure a safe working environment by adhering to the Company's set management approach and adopting a health and safety-firstmind-set in the execution of duties. Following corrective actions have been taken and are being continuously monitored for effectiveness.
- Safety curtains for machines to stop the operation when body part is approaching the hazardous area of the machine
Leadership Indicator
-
Does the entity extend any life insurance or any compensatory package in the event of death of (A) Employees
(Y/N) (B) Workers (Y/N).
Yes, Gabriel helps in the event of a tragic occurrence, such as death, and has a death relief policy in place for its permanent employees and workers. - Provide the measures undertaken by the entity to ensure that statutory dues have been deducted and deposited by the value chain partners.
The Company takes great care to ensure that the statutory dues applicable are deducted and deposited by the value chain partners. All compliance is being ensured by regular audit of the supply chain partners as per the checklist defined. Checklist points are as follows:
1
2
3
4
Whether | appropriate approvals | from | Whether consent to operate under air/water and hazardous | |
Pollutions Control Boards are available? | waste is available from State Pollution Control Board. | |||
Whether | ISO 14001/OHSAS | 18001 | ISO 14001 / OHSAS 18001 certification | |
certificate is available? | ||||
Has the plant obtained Factory license? | Factory Licence copy | |||
Are other supporting documents of Factory | 1. | Whether Approved Building Plan is available? | ||
license available? | 2. | Whether Building Stability Certificate is available? | ||
Annual Report 2022-23 | 135 |
Business Responsibility and Sustainability Report (Contd.)
5 | Are all fire safety requirements adequately | 1. | Whether Fire NOC is available? |
met? | 2. | Whether extinguishers are available in adequate no. | |
and whether they are quarterly checked? Form B? | |||
3. | Whether Fire hydrant or sprinkler system is available? | ||
6 | Whether the plant has an ETP and it is run | 1. | Whether ETP available in operating condition? |
as per the conditions mentioned in the | 2. | Whether flow meters available for taking water readings | |
consent? | at inlet and outlet? | ||
3. | Whether pH level, ETP flow meter readings and chemical | ||
dosing information is maintained in a register? | |||
7 | Are all environmental testing conducted 1. | Whether Wastewater parameters testing is conducted | |
regularly as per conditions under consent | by SPCB approved laboratory at least once in a year? | ||
to operate? | 2. | Whether Ambient Air Quality and Stack monitoring | |
conducted once in a year (Stack monitoring applicable | |||
for all stacks including DG)? | |||
3. | Whether environmental return is filed every year in form 5? | ||
8 | Whether the hazardous waste disposal | 1. | Whether Hazardous waste disposal is carried out as per |
is carried on time as per the guidelines in | manifest system Form 10 through an approved waste | ||
consent? | recycler? |
2. Whether hazardous waste return is filed every year in
Form IV?
9 Whether all employees undergo medical Medical test report for employee tests regularly?
10 Is there any child labour employed?
11 Whether critical parameters related to 1. Are electrical fittings in good condition, plug points used
electrical safety are complied with? | for making electrical connections and wires laid only |
after proper ducting (No loose wiring should be seen) ? |
- Are rubber mats provided before electrical panels?
- Are all earth pits painted and numbered and checked yearly?
3. Provide the number of employees / workers having suffered high consequence work- related injury / ill-health / fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in suitable employment or whose family members have been placed in suitable employment:
Total no. of affected employees/ workers
No. of employees/workers that are rehabilitated
and placed in suitable employment or
whose family members have been placed in
suitable employment
FY 2022-23 | FY 2021-22 | FY 2022-23 | FY 2021-22 | |
(Current | (Previous | (Current Financial Year) | (Previous Financial Year) | |
Financial Year) | Financial Year) | |||
Employees | Nil | Nil | Nil | Nil |
Workers | Nil | Nil | Nil | Nil |
Note: The incidents reported in response to Q-11 were minor that did not affect employees/workers to the extent that needed to rehabilitate
them.
136136
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
-
Does the entity provide transition assistance programs to facilitate continued employability and the management of career endings resulting from retirement or termination of employment? (Yes/ No)
Yes - Details on assessment of value chain partners:
% of value chain partners (by value of business | |
done with such partners) that were assessed | |
Health and safety practices | 100% of Direct Material Suppliers |
Working Conditions | 100% of Direct Material Suppliers |
6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from assessments of health and safety practices and working conditions of value chain partners.
Nil
Principle 4: Businesses should respect the interests of and be responsive to all its stakeholders
Essential Indicators
-
Describe the processes for identifying key stakeholder groups of the entity.
Key Stakeholders are identified on the basis of the materiality assessment and influence they have on the Company or on how they are materially influenced by the Company's corporate decisions and the consequences of those decisions. We recognise the importance of identifying and addressing material issues that have a significant impact on our operations, stakeholders and the environment. We actively seek input from a diverse range of stakeholders, including employees, customers, suppliers, local communities and investors. We conduct regular surveys, interviews, focus groups and meetings to gather their feedback and insights. We collect and analyze relevant data on our environmental performance, social impact and governance practices. This data-driven approach enables us to assess our current state, identify trends, and pinpoint areas where improvements are needed.
Based on the stakeholder feedback, internal assessment and data analysis, we conduct a materiality assessment to prioritise the identified issues. The identified material issues are integrated into our strategic planning processes, sustainability goals and reporting frameworks. We strive to align our business strategies and initiatives with the material issues, enabling us to address them effectively and transparently. - List stakeholder groups identified as key for your entity and the frequency of engagement with each stakeholder group.
Stakeholder | Whether | Channels of communication (Email, | Frequency of engagement | Purpose and scope of | ||
Group | identified | SMS, Newspaper, Pamphlets, | (Annually/ Half/ yearly/ | engagement including | ||
Vulnerable & | Advertisement, Community | Quarterly/ others - | key topics and | |||
Marginalised | Meetings, Notice Board, | please specify) | concerns raised during | |||
Group (Yes/No) | Website), Others | engagement | ||||
Shareholders/ | No | 1. Annual report, ESG report, | 1. | Annually | Sharing of key updates, | |
Investors | press releases | 2. | Annually | results, management | ||
2. | Investor presentations | 3. | Periodically | comment on the | ||
3. | Corporate website | 4. Quarterly | progress of company | |||
5. As and when required | including financial | |||||
4. | Quarterly & Annual results | |||||
and non-financial | ||||||
5. | Social Media/News Paper blication | disclosures | ||||
6. | Intimation to stock exchange |
Annual Report 2022-23
137
Business Responsibility and Sustainability Report (Contd.)
Stakeholder | Whether | Channels of communication (Email, | Frequency of engagement | Purpose and scope of |
Group | identified | SMS, Newspaper, Pamphlets, | (Annually/ Half/ yearly/ | engagement including |
Vulnerable & | Advertisement, Community | Quarterly/ others - | key topics and | |
Marginalised | Meetings, Notice Board, | please specify) | concerns raised during | |
Group (Yes/No) | Website), Others | engagement | ||
Banker | No | Email, meeting and documentation | As and when required | Financial transaction |
related to business | ||||
Employees | No | 1. Mail communication, Conferences, | 1. Periodically | 1. Inform about |
workshops, Publications, | 2. Half Yearly | important advances in | ||
newsletters & | 3. Quarterly | the Company. | ||
reports, online portals, employee | 4. Annually | 2. Help the employees | ||
surveys, Idea management, | expand their knowledge | |||
2. One-on-one interactions | in the industry. | |||
3. Employee engagement | 3. Getting employee | |||
feedback and resolving | ||||
Team Building | ||||
their issues. | ||||
4. Townhall meeting with MD | ||||
Business | No | Dialogue with sales organisations | Periodically | Provide service to |
Partners | and | present customers | ||
coordinating units of importers | while | |||
increasing the potential | ||||
for future growth. | ||||
Customer | No | Interviews, personal visits, | Weekly and | Business |
publications, mass media & digital | Quarterly | Survey | ||
communications, plant visits, | Annually | Feedback | ||
Support programmes, social media, | Monthly | Complaints | ||
Conferences and events | Marketing | |||
Sustainability | ||||
Communities | No | Community engagement through | Periodically | CSR |
CSR Activities, | Community | |||
Meeting with local people in and | engagement | |||
around the operating sites | ||||
Suppliers & | No | Supplier & vendor meets, | Periodically | Supply of material & |
service | Workshops & trainings, Audits | services. | ||
providers | Policies, | |||
IT-enabled information sharing | ||||
tools and recognition platforms, | ||||
Dialogue in the context of | ||||
industry initiatives, joint events, | ||||
training courses, presentations, | ||||
Supplier risk assessments | ||||
Government | No | 1. Official communication channels | Monthly | They help and guide in |
and Regulatory | 2. Regulatory audits/ inspections | Annually | terms of connecting | |
Bodies | 3. Environmental compliance | Periodically | with | |
4. Policy intervention | Annually | Govt. Schemes in the | ||
5. Good governance | same area for increased | |||
effectiveness and | ||||
compliance to | ||||
applicable rule and | ||||
regulations. |
138138
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
Leadership Indicators
-
Provide the processes for consultation between stakeholders and the Board on economic, environmental, and social topics or if consultation is delegated, how is feedback from such consultations provided to the Board.
Gabriel India has established an ESG Committee at Board level. The ESG committee is responsible for keeping the board informed about various developments and seeking input from the Directors. Continuous stakeholder engagement, combined with an in-depth assessment by the ESG committee, aids the organisation in aligning its business with ESG, allowing it to better serve its stakeholders. - Whether stakeholder consultation is used to support the identification and management of environmental, and social topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders on these topics were incorporated into policies and activities of the entity.
Yes, Gabriel India has always maintained a regular and proactive engagement with the Company's key stakeholders, allowing it to effectively work on its ESG strategies and be transparent about the outcomes. In response to current regulations and interactions with stakeholders, the Company performs periodic evaluations to update and re-issue policies as needed. - Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable/ marginalised stakeholder groups.
The Company, through its implementing agency, SNS Foundation, is actively engaged in skill development initiatives for women as part of its corporate social responsibility activities. These initiatives aim to empower women by providing them with vocational skills and training opportunities. The focus is on enhancing their employability and economic independence. By promoting skill development among women, the Company contributes to their personal growth, uplifts economically disadvantaged sections of society, and supports gender equality. Additionally, these efforts align with the Company's commitment to social development and sustainable community impact.
Principle 5: Businesses should respect and promote human rights
Essential Indicators
1. Employees and workers who have been provided training on human rights issues and policy (ies) of the entity:
- The Company promotes a culture of fairness and inclusion. It is the policy and practice of the Company to provide equal employment opportunities to everyone. The Company's value system encourages dignity of labour. Its policies and managerial framework ensure that human rights of employees are fully protected.
-
Policies and processes like POSH, Whistleblower, Grievance Redressal, Equal Employment Opportunity,
Code of Conduct etc. are in place to protect the human rights of employees. - The Company policies are well defined and are informed, trained, and disseminated through the electronic medium.
Annual Report 2022-23 | 139 |
Business Responsibility and Sustainability Report (Contd.)
Category | FY 2022-23 | FY 2021-22 | ||||||
Current Financial Year | Previous Financial Year | |||||||
Total (A) | No. of | % (B/A) | Total (C) | No. of | % (D/C) | |||
employees/ | employees/ | |||||||
workers | workers | |||||||
covered (B) | covered (D) | |||||||
Employees | ||||||||
Permanent | 637 | 100 | 680 | |||||
637 | 680 | 100 | ||||||
Other than | 74 | 74 | 100 | 51 | 51 | 100 | ||
permanent | ||||||||
Total Employees | 711 | 711 | 100 | 731 | 731 | 100 | ||
Workers |
Permanent
Other than permanent
Total Workers
1,701
1,895
3,596
1,701
1,895
3,596
- 1,670
- 1,663
100 3,333
1,670
1,663
3,333
100
100
100
2. Details of minimum wages paid to employees and workers, in the following format:
Category | FY 2022-23 | FY 2021-22 | |||||||||
Current Financial Year | Previous Financial Year | ||||||||||
Total | Equal | More than | Total | Equal | More than | ||||||
(A) | Minimum | Minimum Wage | (D) | Minimum | Minimum Wage | ||||||
Wage to | Wage To | ||||||||||
No. | % (B/A) | No. % (C/A) | No. | % (E/D) | No. | % (F/D) | |||||
(B) | (C) | (E) | (F) | ||||||||
Employees |
Permanent
Male
Female
Other than Permanent
Male
Female
564
73
66
8
Nil
Nil
31
6
Nil
Nil
46.97
75.00
564
73
35
2
100
100
53.03
25.00
596
84
51
Nil
Nil
Nil
20
Nil
Nil
Nil
39.22
Nil
596
84
31
Nil
100
100
60.78
Nil
Workers
Permanent
Male
Female
Other than Permanent
Male
Female
1,369
332
1,823
72
414
128
1,823
72
30.24
38.55
100
100
955
204
Nil
Nil
69.76 1,333
61.45 337
Nil | 1,639 |
Nil | 24 |
127
12
1,544
24
9.53 1,206
- 325
- 95
- Nil
90.47
96.44
5.80
Nil
140140
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
3. Details of remuneration/salary/wages, in the following format
Board of Directors (BoD)
Key Managerial Personnel
Employees other than BoD and KMP
Workers
Male | |
Number | Median remuneration/ |
salary/ wages of | |
respective category | |
2 | ` 18,985,412 |
2 | ` 5,740,605 |
626 | ` 522,600 |
1,369 | ` 203,049 |
Female | |
Number | Median remuneration/ |
salary/ wages of | |
respective category | |
1 | ` 23,264,640 |
- | - |
80 | ` 470,796 |
332 | ` 202,796 |
- Do you have a focal point
(Individual/ Committee) responsible for addressing human rights impacts or issues caused or contributed to by the business? (Yes/No)
5 Describe the internal mechanisms in place to redress grievances related to human rights issues.
No. The Company has covered aspects of human rights such as child labour, forced labour, occupational safety, prevention of sexual harassment, non- discrimination, health and safety of the employees, associates, customers and societies through its various internal human resource policies which states that the employees can address their complaints or grievances to the Human Resource department or to the Senior Management. There shall be no retaliation or reprisal taken against any employee or associate who raises concerns in accordance with the policy. A committee may be formed or delegated to investigate the reported issues. The Committee will be responsible for evaluating the reported issues and ensuring that they are addressed and rectified. In collaboration with Senior Management, the Committee may also recommend a suitable resolution.
Gabriel recognises the important role that business can play in ensuring the long-term protection of human rights, and the Company is dedicated to upholding the human rights of its employees, communities, contractors, and suppliers in accordance with the International Bill of Human Rights, the International Labour Organisation's (ILO) Declaration on Fundamental Principles and Rights at Work, and the United Nations Global Compact.
6. Number of Complaints on the following made by employees and workers:
Category
FY 2022-23
Current Financial Year
Filed during | Pending | Remarks |
the year | resolution | |
at the end of | ||
the year |
FY 2021-22
Previous Financial Year
Filed during | Pending | Remarks |
the year | resolution | |
at the end of | ||
the year |
Sexual Harassment
Discrimination at workplace
Child Labour
Wages
Other human rights related issues
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Annual Report 2022-23
141
Business Responsibility and Sustainability Report (Contd.)
7
8
9
Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
Do human rights requirements form part of your business agreements and contracts?
(Yes/No)
Assessment for the Year
Child Labour
Forced/involuntary labour
Sexual Harassment
Discrimination at workplace
Wages
Others (please specify)
While dealing with the complaints as a part of grievance redressal mechanism every care is taken to conduct the enquiry in a peaceful manner for avoiding any stressful conditions. The entire process is carried out in a highly confidential manner. The Company has a Grievance Policy which states that all members of the Grievance Committee and those entrusted to record keeping, as well as any staff member questioned about an issue, are bound by a duty of confidentiality at all times and must keep all paperwork and information exchanged in the process confidential. Harsh or insulting behaviour of anyone participating in or conducting grievance proceedings is not at all tolerated. Any such behaviour will be viewed as misconduct under the Organisation's disciplinary policies and strict actions will be taken against such unethical behaviour.
Yes - human rights requirements form part of Gabriel's Code of Conduct. Suppliers are urged to respect internationally recognised human rights standards and to work towards them in all business activities within their own sphere of influence. Any forced or compulsory labour is prohibited.
- of your plants and offices that were assessed (by entity or statutory authorities or third parties)
100%.
10. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 9 above.
All the plants and offices of the Company were found to fully comply with the requirements and as a result no corrective actions were required on the criteria stated above.
Leadership Indicator
-
Details of a business process being modified / introduced as a result of addressing human rights grievances/complaints.
Nil - Details of the scope and coverage of any Human rights due diligence conducted.
Exclusive Human rights due diligence is yet to be conducted. We are planning to take it up in the coming years. - Is the premise/office of the entity accessible to differently abled visitors, as per the requirements of the Rights of Persons with Disabilities Act, 2016?
No
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Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
4. Details on assessment of value chain partners:
- of value chain partners (by value of business done with such partners) that were assessed
Sexual Harassment
Discrimination at workplace
Child Labour
Forced Labour/Involuntary Labour
Wages
Others (please specify)
100
100
100
100
100
Nil
5. Provide details of any corrective actions taken or underway to address significant risks / concerns arising from the assessments at Question 4 above.
In compliance with Gabriel Code of Conduct, EHS and other regulatory compliance, suppliers are audited and monitored on a variety of sustainability topics through third party and based on that scoring is provided. Continuous evaluation and improvements are being done to improve the sustainability performance of value chain partner.
Principle 6: Businesses should respect and make efforts to protect and restore the environment.
Essential Indicators
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
Parameter | FY 2022-23 | FY 2021-22 |
(Current Financial Year) | (Previous Financial Year) | |
Total electricity consumption (A) | 1,02,865 GJ | 85,284 GJ |
Total fuel consumption (B) | 1,00,722 GJ | 85,678 GJ |
Energy consumption through other sources (C) | Nil | Nil |
Total energy consumption (A+B+C) | 2,03,587 GJ | 1,70,962.00 GJ |
Energy intensity per rupee of turnover | 6.92 KJ/` | 7.33 KJ/` |
(Total energy consumption/ turnover in rupees) | ||
Energy intensity (optional) - the relevant metric may | - | - |
be selected by the entity |
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.
No assessment/evaluation/assurance was carried out by an external agency during the year.
2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance, Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action taken, if any.
Not applicable
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Business Responsibility and Sustainability Report (Contd.)
3. Provide details of the following disclosures related to water, in the following format:
Parameter
FY 2022-23
(Current Financial Year)
FY 2021-22
(Previous Financial Year)
Water withdrawal by source (in kilolitres)
(i) Surface water
(ii) Ground water | 7,862.00 | 6,782.00 |
(iii) Third party water | 81,764.00 | 1,40,020.00 |
(iv) Sea water / desalinated water | Nil | Nil |
(v) Others - Municipal Supply | 99,210.41 | Nil |
Total volume of water withdrawal (in kilolitres) | 1,88,836.41 | 1,46,802.00 |
(i + ii + iii + iv + v) | ||
Total volume of water consumption (in kilolitres) | 1,88,836.41 | 1,46,802.00 |
Water intensity per ` of turnover (Water consumed | 0.01 L/` | 0.01 L/` |
/ turnover) | ||
Water intensity (optional)-the relevant metric may | - | - |
be selected by the entity |
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.
No assessment/evaluation/assurance carried out by an external agency during the year.
-
Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage and implementation.
Yes, Gabriel India has implemented ZLD at its 3 locations out of 7 viz. Hosur, Chakan, Nashik. The program covers all wastewater from industrial processes in the plants including painting, component cleaning, plating, machining and grinding coolant, backwash for resin-based chemical/water treatment. The existing effluent water treatment plant has been upgraded by adding reverse osmosis to filter the treated effluent water to achieve the water quality suitable for industrial process. Thus, industrial wastewater is being recycled. Also, the wastewater from reverse osmosis is distilled using multi effect evaporator to achieve water quality suitable for industrial process resulting in recycling of water. The dissolved solids in the water are collected in the powder form from evaporator & disposed-off to Pollution Control Board approved Common Hazardous Waste Disposal Site. - Please provide details of air emissions (other than GHG emissions) by the entity, in the following format:
Parameter | Please | FY 2022-23 | FY 2021-22 |
specify unit | (Current Financial Year) | (Previous Financial Year) | |
NOx | Mg/nm3 | 2,356.32 | 2,389.38 |
SOx4 | Mg/nm3 | 379.21 | 385.19 |
Particulate matter (PM) | Mg/nm3 | 2,050.46 | 1,737.26 |
3ZLD Implemented at Hosur in October 2014, Chakan in March 2022 and in Nashik March 2022.
4The entity had 65 stacks in FY2021-22 and 69 stacks in FY 2022-23. Plant at Parwanoo has 2 DG set stacks for which SOx has not been monitored and hence the reported value for SOx is from 63 stacks in FY 2021-22 and 67 stacks in FY 2022-23.
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Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
Parameter
Please
specify unit
FY 2022-23 | FY 2021-22 |
(Current Financial Year) | (Previous Financial Year) |
Persistent organic pollutants (POP)
Volatile organic compounds (VOC)
Hazardous air pollutants (HAP)
Others - please specify
Not being tracked
Not being tracked
Not being tracked
Not being tracked
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.
No assessment/evaluation/assurance carried out by an external agency during the year.
6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity, in the following format:
Parameter | Unit | FY 2022-23 | FY 2021-22 | ||||
(Current Financial Year) | (Previous Financial Year) | ||||||
Total | Scope | 1 | emissions | ||||
(Break-up | of the | GHG into | CO2, | tCO2e | 6,447 | 5,274 | |
CH4, N2O, HFCs, | PFCs, | SF6, | NF3, | ||||
if available) | |||||||
Total | Scope | 2 | emissions | ||||
(Break-up | of the | GHG into | CO2, | tCO2e | 17,284 | 15,399 | |
CH4, N2O, HFCs, | PFCs, | SF6, | NF3, | ||||
if available) | |||||||
Total Scope 1 and Scope 2 emissions | gCO2e/` | 0.81 | 0.89 | ||||
per rupee of turnover | |||||||
Total Scope 1 and Scope 2 | |||||||
emission | intensity | (optional) | - | - | - | ||
- the relevant metric may be selected | |||||||
by the entity |
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.
No assessment/evaluation/assurance carried out by an external agency during the year.
7. Does the entity have any project related to reducing Green House Gas emission? If yes, then provide details.
Gabriel is constantly improving and innovating ways to reduce consumption and the resulting emissions in the Company's manufacturing processes. The Company has taken the following projects as an effort to reduce Green House Gas (GHG) emissions:
- To reduce GHG emission, the Company has increased the renewable source of energy through roof top solar based power generation and other process optimisation at different operating sites. We are working on the decarbonisation plan which includes the improvement of the energy mix towards the adoption of renewable energy and the replacement of fossil fuels with those with comparatively lesser emissions.
- LED lighting provides high luminous efficiency and increased safety. Fuel consumption by LED lights reduces the CO2 emission to a greater extent as compared to conventional lights.
- Installation of various types of solar panels at few plants to reduce CO2 consumption.
- Installation of energy efficient hot water generator to mitigate the climate change and global warming.
Annual Report 2022-23
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Business Responsibility and Sustainability Report (Contd.)
8. Provide details related to waste management by the entity, in the following format:
Parameter
FY 2022-23
(Current Financial Year)
FY 2021-22
(Previous Financial Year)
Total Waste generated (in metric tonnes)
Plastic waste (A) | Nil | Nil |
E-waste (B) | 6.98 | 3.31 |
Bio-medical waste (C) | 0.45 | 1.33 |
Construction and demolition Waste (D) | Nil | Nil |
Battery waste (E) | 0.91 | 0.002 |
Radioactive waste (F) | Nil | Nil |
Other Hazardous waste. Please specify, if any. (G) | 463 | 436 |
Non-hazardous waste. Please specify, if any. (H) (Break- | 4,410.29 | 3,215 |
up by composition i.e., by materials relevant to the | ||
sector)- Wooden pallets, cardboard, metal scrap. etc | ||
Total (A + B + C + D + E + F + G + H) | 4,881.63 | 3,655.64 |
For each category of waste generated, total waste recovered through recycling, re-using or other recovery operations (in metric tonnes)
Category of waste
- Recycled
- Re-used
-
Other recovery operations - Co processing, Incineration with energy recovery
Total
4,242.13
Nil
256.117
4,498.25
3,253.32
52
25
3,330.32
For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
Category of waste
- Incineration
- Landfilling
-
Other disposal operations
Total
84.42
96.18
Nil
180.60
94.75
230
Nil
324.75
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.
No assessment/evaluation/assurance carried out by an external agency during the year
9. Briefly describe the waste management practices adopted in your establishments. Describe the strategy adopted by your Company to reduce usage of hazardous and toxic chemicals in your products and processes and the practices adopted to manage such wastes.
Gabriel India has made waste management a priority by incorporating the 5R (reduce, reuse, recycle, recover and rot/dispose) waste management principles into Company decision making. Using the principles of the solid waste management hierarchy, the Company encourages its teams to innovate and divert waste. The Company is constantly working to reduce hazardous and non-hazardous waste in its manufacturing sites. Throughout the year, the Company has implemented measures such as recycling waste oil via a change in disposal pathway, which reduces hazardous waste load and recycling ETP sludge, which reduces disposal to landfills. We comply with all the applicable rules and regulation of waste management across the sites.
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Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) where environmental approvals / clearances are required, please specify details in the following format:
S. | Location of | Type of | Whether the conditions of environmental approval / |
No. | operations/offices | operations | clearance are being complied with? (Y/N) |
If no, the reasons thereof and corrective action | |||
taken, if any. | |||
Nil | Nil | There are no operating sites in or around ecologically | |
sensitive areas where Forest Clearance is required |
11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws, in the current financial year:
Name and brief details of | EIA | Date | Whether | Results | Relevant |
project | Notification | conducted by | communicated in | Web link | |
No. | independent | public domain | |||
external agency | (Yes / No) | ||||
(Yes / No) |
NA. In all areas of its operations, Gabriel is in compliance with the regulatory environmental laws and ethical conduct
12. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India; such as the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment protection act and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the following format:
The Company is in compliance with all applicable environmental laws.
S. | Specify the law / | Provide details of the | Any fines / penalties | Corrective action taken |
No. | regulation / guidelines | non- compliance | / action taken by | if any |
which was not | regulatory agencies | |||
complied with | such as pollution control | |||
boards or by courts | ||||
Nil | NA | NA | NA | |
Leadership Indicators
1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable and non-renewable sources, in the following format:
Parameter | FY 2022-23 | FY 2021-22 |
(Current Financial Year) | (Previous Financial Year) | |
From renewable sources | ||
Total electricity consumption (A) | 26,048 GJ | 15,445 GJ |
Total fuel consumption (B) | Nil | Nil |
Energy consumption through other sources (C) | Nil | Nil |
Total energy consumed from renewable sources | 26,048 GJ | 15,445 GJ |
(A+B+C) | ||
Annual Report 2022-23 | 147 |
Business Responsibility and Sustainability Report (Contd.)
Parameter | FY 2022-23 | FY 2021-22 |
(Current Financial Year) | (Previous Financial Year) | |
From non-renewable sources | ||
Total electricity consumption (D) | 76,817 GJ | 69,839 GJ |
Total fuel consumption (E) | 1,00,722 GJ | 85,678 GJ |
Energy consumption through other sources (F) | Nil | Nil |
Total energy consumed from non-renewable (D+E+F) | 1,77,539 GJ | 1,55,517 GJ |
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.
No assessment/evaluation/assurance carried out by an external agency during the year
2. Provide the following details related to water discharged:
At all our operating sites effluent is treated through primary, secondary and tertiary system and being reused in the process and domestic purpose.
Parameter
FY 2022-23
(Current Financial Year)
FY 2021-22
(Previous Financial Year)
Water discharge by destination and level of treatment (in kilolitres)
(i) To Surface water | Nil |
- No treatment
- With treatment - please specify level of Treatment
(ii) To Groundwater | Nil |
- No treatment
- With treatment - please specify level of Treatment
(iii) To Seawater | Nil |
- No treatment
- With treatment - please specify level of Treatment
(iv) Sent to third-parties | Nil |
- No treatment
- With treatment - please specify level of Treatment
(v) Others | Nil |
- No treatment
- With treatment - please specify level of Treatment
Total water discharged (in kilolitres) | Nil |
Nil
Nil
Nil
Nil
Nil
Nil
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.
No assessment was carried out by an external agency during the year.
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Corporate Overview
Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
3. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres): For each facility / plant located in areas of water stress, provide the following information:
- Name of the area -Nashik- Overexploited, Khandsa -Overexploited, Dewas -Overexploited
- Nature of operations - No borewell water used at any location, water is being supplied by govt. agency through municipality.
- Water withdrawal, consumption and discharge in the following format:
Parameter | FY 2022-23 | FY 2021-22 | ||
(Current Financial Year) | (Previous Financial Year) | |||
Water withdrawal by source (in kilolitres) | ||||
(i) Surface water | Nil | Nil | ||
(ii) Ground water | Nil | Nil | ||
(iii) Third party water | 29,895 | 23,173 | ||
(iv) Sea water / desalinated water | Nil | Nil | ||
(v) Others - Municipality | 61,709.41 | 49,233 | ||
Total volume of water withdrawal (in kilolitres) | 91,604.41 | 72,406 | ||
Total volume of water consumption (in kilolitres) | 91,604.41 | 72,406 | ||
Water intensity per rupee of turnover (Water | 0.003 L/` | 0.003 L/` | ||
consumed / turnover) | ||||
Water intensity (optional) - the relevant metric may | Nil | Nil | ||
be selected by the entity | ||||
Water discharge by destination and level of treatment (in kilolitres) | ||||
(i) | Into Surface water | Nil | Nil | |
- | No treatment | |||
- | With treatment - please specify level of | |||
treatment | ||||
(ii) | Into Ground water | Nil | Nil |
- No treatment
- With treatment - please specify level of treatment
(iii) Into Sea water | Nil | Nil |
- No treatment
- With treatment - please specify level of treatment
(iv) | Sent to third-parties | Nil | Nil | ||
- | No treatment | ||||
- | With | treatment-please specify level of | |||
treatment | |||||
(v) | Others | Nil | Nil |
- No treatment
- With treatment - please specify level of treatment
Total water discharged (in kilolitres) | Nil | Nil |
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.
No assessment was carried out by an external agency during the year
Annual Report 2022-23 | 149 |
Business Responsibility and Sustainability Report (Contd.)
4. Please provide details of total Scope 3 emissions & its intensity, in the following format:
Parameter | Unit |
Total Scope 3 emissions (Break-up | Metric tonnes |
of the GHG into CO2, CH4, N2O, HFCs, | of CO2 |
PFCs, SF6, NF3, if available) | equivalent |
Total Scope 3 emissions per rupee of | |
turnover | |
Total Scope 3 emission intensity | |
(optional) - the relevant metric may | |
be selected by the entity |
FY 2022-23
(Current Financial Year)
Not Done
Not Done
Not Done
FY 2021-22
(Previous Financial Year)
Not Done
Not Done
Not Done
Note: Indicate if any independent assessment/ evaluation/assurance has been carried out by an external agency? (Y/N) If yes, name of the external agency.
No assessment being done.
5. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above, provide details of significant direct & indirect impact of the entity on biodiversity in such areas along-with
prevention and remediation activities.
NA
6. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve resource efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide details of the same as well as outcome of such initiatives, as per the following format:
S. | Initiative undertaken | Details of the initiative | Outcome of the initiative |
No | (Web-link, if any, may be provided | ||
along-with summary) | |||
1 | Use of SaaS Based Energy | Energy Meters connected to | System will trigger automatic |
management system | Central Energy Monitoring | notification for excess energy | |
System | consumption without manual | ||
intervention |
7. Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web link.
The Company has defined Business Continuity Plan ('BCP') and Disaster Recovery Plan ('DRP') to ensure smooth running of business and operation, safeguarding of the assets, employee/ people/ visitor health safety and compliances. Adequate controls are updated and documented based on the risk factors, government guidelines, notifications issued from time to time. BCP plan outlines the procedures for immediate management level responses to manage the crisis which includes business recovery strategies. DRP plan outlines specific procedures required to recover and restore critical IT systems during such unanticipated disruptive events.
8. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What mitigation or adaptation measures have been taken by the entity in this regard.
No adverse impact reported during the reporting period.
9. Percentage of value chain partners (by value of business done with such partners) that were assessed for environmental impacts.
100 %
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Corporate Overview
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Business Responsibility and Sustainability Report (Contd.)
PRINCIPLE 7 Businesses, when engaging in influencing public and regulatory policy, should do so in a manner that is responsible and transparent
1. a. Number of affiliations with trade and industry chambers/ associations. Gabriel India is affiliated to 1 trade and industry chamber/association.
1. b. List the top 10 trade and industry chambers/ associations (determined based on the total members of such body) the entity is a member of/ affiliated to.
S.
No.
1
Name of the trade and industry chambers/ associations
Automotive Components Manufacturers' Association [ACMA]
Reach of trade and industry chambers/
associations (State/National)
National
2. Provide details of corrective action taken or underway on any issues related to anti- competitive conduct by the entity, based on adverse orders from regulatory authorities.
Name of Authority | Brief of the Case | Corrective action taken |
There were no incidents of anti-competitive behaviour involving the Company during the reporting period (2022-23).
Principle 8: Businesses should promote inclusive growth and equitable development
Essential Indicator
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in the current financial year.
Name and brief | SIA | Date of | Weather | Result | Relevant |
details of the Project | notification | Notification | conducted by | communicated | Weblink |
Number | independent | in Public Domain | |||
external Agency | (Yes/No) | ||||
(Yes or No) |
No such project was initiated in the current financial year which requires Social Impact Assessment.
Annual Report 2022-23 | 151 |
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being undertaken by your entity, in the following format:
S.No
Name of the Project
for which R&R is
going
State
District
Number of projects Affected Families
- of PAFs covered by R&R
Amount Paid to PAFs in FY (In `)
Not applicable
-
Describe the mechanisms to receive and redress grievances of the community.
We have proper mechanism like mail and other way of communication to receive and redress the grievances of community members through our CSR volunteers. A team of senior management analyse the received grievances and address in time bound manner appropriately. - Percentage of input material (inputs to total inputs by value) sourced from suppliers:
FY 2022-23 | FY 2021-22 | |
(Current Financial Year) | (Previous Financial Year) | |
Directly sourced from MSMEs/ small producers | 77.00% | 79.70% |
Sourced directly from within the district and | 58.22% | 60.33% |
neighbouring districts | ||
Leadership Indicator
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact Assessments (Reference: Question 1 of Essential Indicators above):
Details of negative social impact Identified
Corrective Action Taken
NA
2. Provide the following information on CSR projects undertaken by your entity in designated aspirational districts as identified by government bodies:
S No.
State
Aspirational district
Amount spent (in `)
NA as no CSR projects have been undertaken by Gabriel India in designated Aspirational Districts
3a
3b
3c
Do you have a preferential procurement policy where you give preference to purchase from suppliers comprising marginalised /vulnerable groups? (Yes/No)
From which marginalised /vulnerable groups do you procure?
What percentage of total procurement (by value) does it constitute?
No
NA
NA
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Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.) | ||||||||
4. | Details of the benefits derived and shared from the intellectual properties owned or acquired by your entity | |||||||
(in the current financial year), based on traditional knowledge: | ||||||||
S. | Intellectual property | Owned/Acquired | Benefits Shared | Basis of calculating | ||||
No. | based on traditional | (Yes/No) | Yes or No | benefits share | ||||
knowledge | ||||||||
Nil | ||||||||
5. | Details of corrective actions taken or underway, based on any adverse order | in intellectual property | ||||||
related disputes wherein usage of traditional knowledge is involved. |
Name of the Authority
Brief of the case
Corrective Action taken
Nil
6. Details of beneficiaries of CSR Projects:
S. | CSR Project | No. of persons benefitted | % of beneficiaries |
No. | from CSR Projects | from vulnerable and | |
marginalised groups |
1
2
3
4
5
6
7
8
9
10
Provide education to 400+ school students | 410 govt. school students aged 7 | ||
from 4 Govt. Schools | to 14 years (54% females) | ||
MEDHAVI Scholarships: Support 11 | 18 underprivileged girls | aged 17 | |
matriculate girls to complete their Diploma | -20 years studying Dip. Engg. in | ||
in Mech. Engg. | Acropolis Institute of Technology | ||
and Research | |||
Skill 65 youth (male & female) in NSDC's | 65 underprivileged unskilled youth | ||
Healthcare Sector Skill Council job role of | aged 18 to 25 years (89% females) | ||
General Duty Assistant and ensure jobs for | |||
80% trained | |||
Skill 45 youth (male & female) in NSDC's | 27 underprivileged unskilled youth | ||
Healthcare Sector Skill Council job role of Home | aged 18 to 25 years (96% females) | ||
Health Aide and ensure jobs for 80% trained | |||
Facilitate bank credit for 50 self-help group | 323 | underprivileged | women- |
members to initiate livelihood activity | members of 30 self-help groups | ||
Skill 500+ female youth and women aged 18 - | 415 | underprivileged | unskilled |
55 years in NSDC approved job roles of Asst. | youth and women aged 18 to 55 | ||
Beauty Therapist, Self Employed Tailor etc. | years | (98% females) | |
Skill 900+ female youth and women aged 18 - | 921 | underprivileged | unskilled |
55 years in NSDC approved job roles of Asst. | youth and women aged 18 to 55 | ||
Beauty Therapist, Self Employed Tailor etc. | years | (92% females) | |
Provide education to 1000+ school students | 1329 govt. school students aged | ||
from 9 Govt. schools | 6 to 16 years (51% females) | ||
Infra projects at Govt. Sr. Sec. School and | 837 govt. school students aged 11 | ||
Govt. Girls Middle Sch Bisalpur | to 18 years (70% females) | ||
Provide mobile medical services as | 12835 individuals from rural areas | ||
preventive health care to 16K+ rural | (58% females) | ||
population living in villages around JAWAI | |||
Leopard Camp |
100
100
100
100
100
100
100
100
100
100
Annual Report 2022-23 | 153 |
Business Responsibility and Sustainability Report (Contd.)
- CSR Project
No.
No. of persons benefitted
from CSR Projects
- of beneficiaries from vulnerable and marginalised groups
11 Provide daily sanitation services of sweeping | 6350 individuals from rural |
of village lanes, regular collection and | households |
disposal of garbage from 1270 households |
12 Provide education to 800+ school students 994 govt. school students aged
from 10 Govt. Schools | 7 to 14 years (46% females) | |||
13 Construction | of dining | shed at | Tribal | 610 govt. school students aged |
Residential | School, | Village | Rohile | 6 to 16 years (76% females) |
- promote micro credit operations with SHGs at Rohile
14 | Scholarships: Ten girls ( 3 - 7 yrs.) to pursue | 10 underprivileged girls aged 3 to | |
education at ANAND School | 8 years | ||
15 | Skill 70+ youth aged 18 - 55 years in NSDC | 105 | underprivileged unskilled |
approved job roles of Asst. Beauty Therapist, | youth and women aged 18 to 55 ye | ||
Self Employed Tailor, Accounts Executive, | ars | (76% females) | |
Domestic Data Entry Operator etc. |
- Skill 30 youth (male & female) in NSDC's 27 underprivileged unskilled youth Healthcare Sector Skill Council job role of aged 18 to 28 years (93% females) General Duty Assistant and ensure jobs for
80% trained - Maintain three public parks in partnership 13950 individuals residing in with Municipal Council, Parwanoo & Dept. of surrounding areas of public parks Forests, Solan
- Provide Mashobara Street -Housekeeping 1 km Area covered in Mashobara
expenses | street |
100
100
100
100
100
100
40
80
Principles 9: Businesses should engage with and provide value to their consumers in a responsible manner
Essential Indicators
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback.
Customer response and customer satisfaction are one of the most important factors of Gabriel India. The Company engages with its customers at various platforms to understand their expectations. The Company obtains customer feedback directly or referring to our website on monthly basis and compiles and resolves the issue on priority. Accordingly, corrective measures have been planned and implemented. Customer satisfaction trends are compiled, monitored and reviewed by top management at defined intervals for getting the directives for improvement.
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Statutory Reports
Financial Statements
Business Responsibility and Sustainability Report (Contd.)
2. Turnover of products and/ services as a percentage of turnover from all products/service that carry information about:
As a percentage to total turnover
Environmental and social parameters relevant to the products
Safe and responsible usages
Recycling and /or safe disposal1
Nil
Nil
Nil
1Environmental and social parameters relevant to the product, Safe and responsible usage, Recycling and/or safe disposal are not being
calculated as percentage of total turnover.
3. Number of consumer complaints in respect of following:
FY 2022-23 | Remarks | FY 2021-22 | Remarks | |||
(Current Financial Year) | (Previous Financial Year) | |||||
Received | Pending | Received | Pending | |||
during the | resolution | during the | resolution | |||
year | at the end | year | at the end | |||
of year | of year |
Data privacy | Nil | Nil | Nil | Nil | Nil | |
Advertising | Nil | Nil | Nil | Nil | Nil | |
Cyber-security | Nil | Nil | Nil | Nil | Nil | |
Delivery of Essential Services | Nil | Nil | Nil | Nil | Nil | |
Restrictive Trade Practices | Nil | Nil | Nil | Nil | Nil | |
Unfair Trade Practices | Nil | Nil | Nil | Nil | Nil | |
Other | Nil | |||||
Nil
Nil
Nil
Nil
Nil Nil
4. Details of instances of product recalls on account of safety issues:
Number | Reasons for Recall |
Voluntary recalls | Nil |
Forced recalls | |
- Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If available, provide a web-link of the policy.
Yes. Gabriel India follows ISO 27001:2013 framework and is certified for IT services and security of IT Assets and information of Gabriel. The details are provided in the Company's Privacy policy which is available at https://www.anandgroupindia.com/wp-content/uploads/2018/03/DataPrivacyPolicy.pdfand also taken care of by the designated IT Security Grievance Officer. - Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery of essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty / action taken by regulatory authorities on safety of products / services.
Since there were no complaints with respect to advertising, and delivery of essential services; cyber security and data privacy of customers; re-occurrence of instances of product recalls; penalty / action taken by regulatory authorities on safety of products / services, no corrective actions are required.
Annual Report 2022-23 | 155 |
Business Responsibility and Sustainability Report (Contd.)
Leadership Indicator
1 Channels | / | platforms | where | Gabriel India Limited website having | all the information related | to |
information on products and services | the products and business and can | be accessed athttps://www. | ||||
of the entity can be accessed (provide | anandgroupindia.com/gabrielindia/products/?pcatid=all&vcatid=all | |||||
web link, if available). |
2 Steps taken to inform and educate Since the products of the Company are directly supplied to the OEMs consumers about safe and responsible who assemble and send the end product to the general customer, usage of products and/or services. Gabriel has limited scope for informing and educating the end user
about the safe and responsible usage of its products. | |
3 Mechanisms in place to inform | Since the products of the Company are directly supplied to the OEMs |
consumers of any risk of disruption/ | who assemble and send the end product to the general customer, |
discontinuation of essential services | Gabriel has limited scope for informing the end user about the risk of |
disruption/discontinuation of its essential service |
4 Does the entity display product Yes. Since the Company's product are OEM specific and as per information on the product over and OEM requirements, the Company displays product requirements above what is mandated as per local on packaging as per requirements of OEM and consistent with laws? (Yes/No/Not Applicable) If yes, applicable laws. Typical information displayed on product includes provide details in brief. Did your entity details of manufacturer, process no., dispatch no., part no. etc. carry out any survey with regard to Customer response and customer satisfaction are one of the consumer satisfaction relating to the most important factors for Gabriel. The Company engages with its major products / services of the entity, customers at various platforms to understand their expectations. significant locations of operation of The Company obtains customer feedback directly or referring to our the entity or the entity as a whole? website under 'Customer report' to identify the areas of concern reported.
(Yes/No) | Accordingly, corrective measures have been planned and implemented. |
Customer satisfaction trends are compiled, monitored and reviewed | |
by top management at defined intervals for getting the directives | |
for improvement | |
5 Provide the following | information Nil |
relating to data breaches: |
- Number of instances of data breaches along-with impact
- Percentage of data breaches involving personally identifiable information of customers
156156 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
INDEPENDENT AUDITORS' REPORT
To the Members of Gabriel India Limited Report on the Audit of the Financial Statements
OPINION
-
We have audited the accompanying financial statements of Gabriel India Limited ("the Company"), which comprise the Balance Sheet as at March 31, 2023, and the Statement of Profit and Loss (including Other
Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies and other explanatory information. - In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 ("the Act") in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2023, and total comprehensive income (comprising profit and other comprehensive income), changes in equity and its cash flows for the year then ended.
BASIS FOR OPINION
3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the "Auditor's Responsibilities for the Audit of the Financial Statements" section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the
Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
KEY AUDIT MATTERS
4. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period.
These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter
How our audit addressed the key audit matter
Revenue recognition (refer note 1.2.4 for accounting policy, note 26 for financial disclosures and note 1.3.4 for significant judgements and estimates to the financial statements)
Revenue from operations for the year ended March 31, 2023, Our procedures included the following: amounted to Rs. 29,717.36 million.
INDEPENDENT AUDITORS' REPORT (CONTD.)
Key audit matter
How our audit addressed the key audit matter
Due to the significance of revenue and the management | d) | Assessed the historical accuracy of management |
estimates and judgement involved in determination of | estimates by comparing them to actual outcomes. | |
variable consideration, revenue recognition is considered as | e) | Evaluated the completeness and accuracy of the source |
a key audit matter. | data used by the Company for determining the accrual | |
of discounts and price revisions. | ||
f) | Tested sales transactions on a sample basis by | |
comparing the underlying sales invoices, sales orders | ||
and dispatch documents to assess whether revenue | ||
was recognised appropriately. | ||
g) | Tested the timing of recognition of revenue including | |
performing cut-off procedures, to determine whether | ||
the same is in line with the terms of contracts. | ||
h) | Tested the journal entries for unusual/irregular revenue | |
transactions, if any. | ||
i) | Evaluated the adequacy of presentation and disclosures | |
made in the financial statements in respect of revenue | ||
recognition. | ||
Based on above procedures, we did not note any significant | ||
exceptions in the assessment made by the Management in | ||
respect of revenue recognition. |
OTHER INFORMATION
5. The Company's Board of Directors is responsible for the other information. The other information comprises the information included in the Director's report, but does not include the financial statements and our auditor's report thereon.
Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
RESPONSIBILITIES OF MANAGEMENT AND THOSE CHARGED WITH GOVERNANCE FOR THE FINANCIAL STATEMENTS
6. The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these financial statements
that give a true and fair view of the financial position, financial performance, changes in equity and cash flows
of the Company in accordance with the accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of
the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively
for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true
and fair view and are free from material misstatement, whether due to fraud or error.
7. In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those Board of Directors are also responsible for overseeing the
Company's financial reporting process.
158158
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
INDEPENDENT AUDITORS' REPORT (CONTD.)
AUDITOR'S RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
- Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
- As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
-
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the
Company's ability to continue as a going concern.
If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
- We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
- From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
13. As required by the Companies (Auditor's Report) Order, 2020 ("the Order"), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
Annual Report 2022-23 | 159 |
INDEPENDENT AUDITORS' REPORT (CONTD.)
14. As required by Section 143(3) of the Act, we report that:
- We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
- In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.
-
The Balance Sheet, the Statement of Profit and
Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account. - In our opinion, the aforesaid financial statements comply with the Accounting Standards specified under Section 133 of the Act.
- On the basis of the written representations received from the directors as on March 31, 2023, taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2023, from being appointed as a director in terms of Section 164(2) of the Act.
- With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and the operating effectiveness of such controls, refer to our separate Report in "Annexure A".
- With respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and according to the explanations given to us:
- The Company has disclosed the impact of pending litigations on its financial position in its financial statements - Refer Note 40 to the financial statements;
- The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses.
- There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year.
- (a) The management has represented that, to the best of its knowledge and belief, as disclosed in the notes to the accounts, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person or entity, including foreign entity ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, whether, directly or indirectly, lend or invest in other person or entity identified in any manner whatsoever by or on behalf of the Company ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries (Refer Note 47 to the financial statements);- The management has represented that, to the best of its knowledge and belief, as disclosed in the notes to the accounts, no funds have been received by the Company from any person or entity, including foreign entity ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether, directly or indirectly, lend or invest in other person or entity identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate
Beneficiaries") or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries (Refer Note 47 to the financial statements); and - Based on such audit procedures that we considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub- clause (a) and (b) contain any material misstatement.
- The dividend declared and paid during the year by the Company is in compliance with Section 123 of the Act.
160160 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
INDEPENDENT AUDITORS' REPORT (CONTD.)
-
As proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 (as amended), which provides for books of account to have the feature of audit trail, edit log and related matters in the accounting software used by the Company, is applicable to the Company only with effect from financial year beginning
April 1, 2023, the reporting under clause (g) of Rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), is currently not applicable.
15. The Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Neeraj Sharma
Partner
Membership No. 108391
UDIN: 23108391BGTBVB2979
Place: Paris
Date: May 23, 2023
Annual Report 2022-23 | 161 |
ANNEXURE A TO INDEPENDENT AUDITORS' REPORT
REFERRED TO IN PARAGRAPH 14(F) OF THE INDEPENDENT AUDITORS' REPORT OF EVEN DATE TO THE MEMBERS OF GABRIEL INDIA LIMITED ON THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31, 2023
REPORT ON THE INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS UNDER CLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE ACT
1. We have audited the internal financial controls with reference to financial statements of Gabriel India Limited
("the Company") as of March 31, 2023 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS
2. The Company's management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting ("the Guidance Note") issued by the Institute of Chartered Accountants of India ("ICAI"). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
AUDITOR'S RESPONSIBILITY
3. Our responsibility is to express an opinion on the
Company's internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing deemed to be prescribed under Section 143(10) of the Act to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by the
ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements was established and maintained and if such controls operated effectively in all material respects.
- Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
- We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls system with reference to financial statements.
MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS
6. A company's internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial controls with reference to financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.
162162
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
ANNEXURE A TO INDEPENDENT AUDITORS' REPORT (CONTD.)
INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS
7. Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
OPINION
8. In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to financial statements and such internal financial controls with reference to financial statements
were operating effectively as at March 31, 2023, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by ICAI.
For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Neeraj Sharma
Partner
Membership No. 108391
UDIN: 23108391BGTBVB2979
Place: Paris
Date: May 23, 2023
Annual Report 2022-23 | 163 |
ANNEXURE B TO INDEPENDENT AUDITORS' REPORT
REFERRED TO IN PARAGRAPH 13 OF THE INDEPENDENT AUDITORS' REPORT OF EVEN DATE TO THE MEMBERS OF GABRIEL INDIA LIMITED ON THE FINANCIAL STATEMENTS AS OF AND FOR THE YEAR ENDED MARCH 31, 2023
- (a) (A) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of Property, Plant and Equipment.
- The Company is maintaining proper records showing full particulars of Intangible Assets.
- The Property, Plant and Equipment are physically verified by the Management according to a phased programme designed to cover all the items over a periodoftwoyearswhich,inouropinion,isreasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, a portion of the Property, Plant and Equipment has been physically verified by the Management during the year and no material discrepancies have been noticed on such verification.
- The title deeds of all the immovable properties (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee), as disclosed in Notes 2 and
3 to the financial statements, are held in the name of the Company.
- The Company has chosen cost model for its Property, Plant and Equipment (including Right of Use assets) and intangible assets. Consequently, the question of our commenting on whether the revaluation is based on the valuation by a Registered Valuer, or specifying the amount of change, if the change is 10% or more in the aggregate of the net carrying value of each class of Property, Plant and Equipment (including Right of Use assets) or intangible assets does not arise.
- Based on the information and explanations furnished to us, no proceedings have been initiated on or are pending against the Company for holding benami property under the Prohibition of Benami Property
Transactions Act, 1988 (as amended in 2016) (formerly the Benami Transactions (Prohibition) Act, 1988 (45 of 1988)) and Rules made thereunder, and therefore the question of our commenting on whether the Company has appropriately disclosed the details in its financial statements does not arise.
- (a) The physical verification of inventory excluding stocks with third parties has been conducted at reasonable intervals by the Management during the year and, in our opinion, the coverage and procedure of such verification by Management is appropriate.
In respect of inventory lying with third parties, these have substantially been confirmed by them. The discrepancies noticed on physical verification of inventory and the confirmations obtained as compared to book records were not 10% or more in aggregate for each class of inventory.- During the year, the Company has not been sanctioned working capital limits in excess of Rs.
5 crores, in aggregate from banks and financial institutions on the basis of security of current assets and accordingly, the question of our commenting on whether the quarterly returns or statements are in agreement with the unaudited books of account of the Company does not arise.
- (a) The Company has made investments in one company and four mutual fund schemes and granted unsecured loans to 138 other parties. The aggregate amount during the year, and balance outstanding at the balance sheet date with respect to such loans to parties other than subsidiaries, joint ventures and associates are as per the table given below. Further, according to the information and explanations given to us and procedures performed by us, we report that the Company did not have any subsidiaries, joint ventures or associate companies during the year.
164164 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
ANNEXURE B TO INDEPENDENT AUDITORS' REPORT (CONTD.)
Loans | ||
Aggregate amount granted/ provided during the year | ||
- Subsidiaries | Nil | |
- Joint Ventures | Nil | |
- Associates | Nil | |
- Others | 13.00 million | |
Balance outstanding as a balance sheet date in respect of the above case | ||
- Subsidiaries | Nil | |
- Joint Ventures | Nil | |
- Associates | Nil | |
- Others | 9.59 million | |
(Also refer Note 5 and 14 to the financial statements)
- In respect of the aforesaid investments and loans, the terms and conditions under which such loans were granted and investments were made are not prejudicial to the Company's interest.
- In respect of the aforesaid loans, the schedule of repayment of principal and payment of interest has been stipulated, and the parties are repaying the principal amounts, as stipulated, and are also regular in payment of interest as applicable.
- In respect of the aforesaid loans, there is no amount which is overdue for more than ninety days.
- There were no loans which fell due during the year and were renewed/extended. Further, no fresh loans were granted to same parties to settle the existing overdue loans.
- The loans granted during the year, including to promoters/related parties had stipulated the scheduled repayment of principal and payment of interest and the same were not repayable on demand.
- In our opinion, and according to the information and explanations given to us, the Company has complied with the provisions of Section 186 of the Companies Act, 2013 in respect of the loans and investments made, and guarantees and security provided by it. Further, the Company has not granted any loans covered under
Section 185 of the Act and, accordingly, to this extent, the reporting under clause (iv) of the Order is not applicable to the Company.
- In our opinion, and according to the information and explanations given to us, the Company has complied with the directives issued by the Reserve Bank of India and the provisions of Sections 73, 74, 75 and 76 or any other relevant provisions of the Act and the Rules framed thereunder to the extent notified, with regard to the deposits accepted by the Company or amounts which are deemed to be deposits. According to the information and explanations given to us, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal on the Company in respect of the aforesaid deposits, and therefore, the question of our commenting on whether the same has been complied with or not does not arise.
- Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Section 148(1) of the Act in respect of its products. We have broadly reviewed the same and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.
Annual Report 2022-23 | 165 |
ANNEXURE B TO INDEPENDENT AUDITORS' REPORT (CONTD.)
- (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues in respect of professional tax, labour welfare fund and income tax though there has been a slight delay in a few cases, and is regular in depositing undisputed statutory dues, including provident fund, employees' state insurance, goods and services tax and other material statutory dues, as applicable, with the appropriate authorities. Also, refer note 40 to the
financial statements regarding management's assessment on certain matters relating to provident fund.
- According to the information and explanations given to us and the records of the Company examined by us, the particulars of statutory dues referred to in sub-clause (a) as at March 31, 2023, which have not been deposited on account of a dispute, are as follows:
Name of the statute
Income-tax Act, 1961
Central Excise Act, 1944
Finance Act, 1994
Goods and Services Tax Act, 2017
Nature of dues | Amount | Paid under | Period to which the | Forum where the |
(` in Million) | protest | amount relates | dispute is pending | |
Income Tax | 12.26 | - | FY 2000-01 and FY | High Court |
2001-02 | ||||
Income Tax | 15.80 | - | FY 2012-2013 and FY | Income Tax |
2016-2017 | Appellate Tribunal | |||
Income Tax | 2.93 | - | FY 2020-21 | Deputy |
Commissioner of | ||||
Income Tax | ||||
Income Tax | 82.48 | 44.02 | FY 2017-18, FY 2018- | Commissioner |
2019 and FY 2019-20 | of Income Tax | |||
(Appeals) | ||||
Excise Duty | 52.69 | 1.76 | FY 2014-15 to 2017- | Customs, Excise |
18, Dec 2003 to June | and Service Tax | |||
2007, FY 2011-12 & | Appellate Tribunal | |||
2012-13, July 2015 to | ||||
Sep-2017 | ||||
1.35 | - | FY 2011-12 to 2013- | Joint Commissioner | |
14 | ||||
Service Tax | 3.00 | - | FY 2009-10 to 2017- | Commissioner |
18 | ||||
Goods and | 4.12 | - | July 2017- November | Joint Commissioner |
Services Tax | 2017 | |||
5.13 | 3.40 | FY 2017-18 | Assistant | |
Commissioner | ||||
1.53 | 0.05 | FY 2017-18 and FY | State Tax Officer | |
2021-22 | ||||
3.16 | 1.13 | FY 2017-18 | Superintendent, | |
GST | ||||
0.71 | - | FY 2017-18 | Assistant Central | |
Tax |
1661 6
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
ANNEXURE B TO INDEPENDENT AUDITORS' REPORT (CONTD.)
Name of the statute
Value added Tax Laws
The Central Sales Tax Act, 1956
Nature of dues | Amount | Paid under | Period to which the | Forum where the |
(` in Million) | protest | amount relates | dispute is pending | |
Value Added | 6.18 | 3.75 | FY 2004-05 and FY | Commercial Tax |
Tax and | 2006-07 | Tribunal | ||
Central Sales | 5.84 | 5.24 | FY 2002-03, FY 2005- | Additional |
Tax | 06, FY 2008-09, FY | Commissioner | ||
2012-13 to 2015-16 | ||||
1.29 | 1.29 | FY 2007-08 | Deputy | |
Commissioner | ||||
2.87 | - | FY 2015-16 | Assistant | |
Commissioner |
132.50 11.70 FY 2008-09, FY 2013- Joint Commissioner 14, FY 2016-17, FY
2017-18
- According to the information and explanations given to us and the records of the Company examined by us, there are no transactions in the books of account that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account.
- (a) As the Company did not have any loans or other borrowings from any lender during the year, the reporting under clause 3(ix)(a) of the Order is not applicable to the Company.
-
According to the information and explanations given to us and on the basis of our audit procedures, we report that the Company has not been declared
Wilful Defaulter by any bank or financial institution or government or any government authority. - According to the records of the Company examined by us and the information and explanations given to us, the Company has not obtained any term loans.
- According to the information and explanations given to us, and the procedures performed by us, and on an overall examination of the financial statements of the Company, the Company has not raised funds on short term basis.
- According to the information and explanations given to us and procedures performed by us, we report that the Company did not have any subsidiaries,
-
According to the information and explanations given to us and on the basis of our audit procedures, we report that the Company has not been declared
joint ventures or associate companies during the year.
- According to the information and explanations given to us and procedures performed by us, we report that the Company did not have any subsidiaries, joint ventures or associate companies during the year.
- (a) The Company has not raised any money by way of initial public offer or further public offer (including debt instruments) during the year. Accordingly, the reporting under clause 3(x)(a) of the Order is not applicable to the Company.
-
The Company has not made any preferential allotment or private placement of shares or fully or partially or optionally convertible debentures during the year. Accordingly, the reporting under clause 3(x)
(b) of the Order is not applicable to the Company.
-
The Company has not made any preferential allotment or private placement of shares or fully or partially or optionally convertible debentures during the year. Accordingly, the reporting under clause 3(x)
- (a) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of material fraud by the Company or on the Company, noticed or reported during the year, nor have we been informed of any such case by the Management.
- During the course of our examination of the books and records of the Company, carried out in
Annual Report 2022-23 | 167 |
ANNEXURE B TO INDEPENDENT AUDITORS' REPORT (CONTD.)
accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, a report under Section 143(12) of the Act, in Form ADT-4, as prescribed under rule 13 of Companies (Audit and Auditors) Rules, 2014 was not required to be filed with the Central Government. Accordingly, the reporting under clause 3(xi)(b) of the Order is not applicable to the Company.
- During the course of our examination of the books and records of the Company carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, the Company has received whistle-blower complaints during the year, which have been considered by us for any bearing on our audit and reporting under this clause.
- As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it, the reporting under clause 3(xii) of the Order is not applicable to the Company.
- The Company has entered into transactions with related parties in compliance with the provisions of Sections 177 and 188 of the Act. The details of such related party transactions have been disclosed in the financial statements as required under Indian Accounting
Standard 24 "Related Party Disclosures" specified under
Section 133 of the Act.
- (a) The internal audit of the Company is covered under the group internal audit pursuant to which an internal audit is carried out every year. In our opinion, the Company's internal audit system is commensurate with the size and nature ofits business.
- The reports of the Internal Auditor for the period under audit have been considered by us.
- The Company has not entered into any non-cash transactions with its directors or persons connected with him. Accordingly, the reporting on compliance with the provisions of Section 192 of the Act under clause 3(xv) of the Order is not applicable to the Company.
- (a) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, the reporting under clause 3(xvi)
(a) of the Order is not applicable to the Company.
-
The Company has not conducted non-banking financial / housing finance activities during the year.
Accordingly, the reporting under clause 3(xvi)(b) of the Order is not applicable to the Company. - The Company is not a Core Investment Company
(CIC) as defined in the regulations made by the
Reserve Bank of India. Accordingly, the reporting under clause 3(xvi)(c) of the Order is not applicable to the Company. - Based on the information and explanations provided by the management of the Company, the Group does not have more than one CIC as part of the Group. We have not, however, separately evaluated whether the information provided by the management is accurate and complete.
-
The Company has not conducted non-banking financial / housing finance activities during the year.
- The Company has not incurred any cash losses in the financial year or in the immediately preceding financial year.
xviii.There has been no resignation of the statutory auditors during the year and accordingly the reporting under clause (xviii) is not applicable.
- According to the information and explanations given to us and on the basis of the financial ratios (Also refer Note 45 to the financial statements), ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the Board of Directors and management plans and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the Company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date will get discharged by the Company as and when they fall due.
168168
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
ANNEXURE B TO INDEPENDENT AUDITORS' REPORT (CONTD.)
- (a) In respect of other than ongoing projects, as at balance sheet date, the Company does not have any amount remaining unspent under Section 135(5) of the Act. Accordingly, reporting under clause 3(xx)(a) of the Order is not applicable.
- As at balance sheet date, the Company does not have any amount remaining unspent under Section 135(5) of the Act. Accordingly, reporting under clause 3(xx) of the Order is not applicable.
- The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of Standalone Financial Statements. Accordingly, no comment in respect of the said clause has been included in this report.
For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Neeraj Sharma
Partner
Membership No. 108391
UDIN: 23108391BGTBVB2979
Place: Paris
Date: May 23, 2023
Annual Report 2022-23 | 169 |
BALANCE SHEET
as at March 31, 2023
(Amount in ` million) | |||||||||||
Particulars | Note No. | As at | As at | ||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
A. | ASSETS | ||||||||||
Non Current Assets | 2 | 3,955.01 | 3,689.11 | ||||||||
(a) | Property, plant and equipment | ||||||||||
(b) | Right-of-use assets | 2a | 91.89 | 113.34 | |||||||
(c) | Capital work-in-progress | 2b | 296.42 | 203.39 | |||||||
(d) | Investment Properties | 3 | 63.77 | 21.13 | |||||||
(e) | Intangible assets | 2 | 92.63 | 30.82 | |||||||
(f) | Intangible assets under development | 2c | 54.20 | - | |||||||
(g) | Financial assets | 4 | 11.40 | 6.40 | |||||||
i) | Investments | ||||||||||
ii) | Loans | 5 | 10.30 | 10.51 | |||||||
iii) | Other financial assets | 6 | 117.97 | 97.58 | |||||||
(h) | Non-current Tax assets (net) | 7 | 43.56 | 66.75 | |||||||
(i) | Other non current assets | 8 | 119.53 | 219.12 | |||||||
Current Assets | 4,856.68 | 4,458.15 | |||||||||
(a) | Inventories | 9 | 2,248.07 | 2,099.76 | |||||||
(b) | Financial assets | ||||||||||
i) | Investments | 10 | 784.02 | 831.61 | |||||||
ii) | Trade receivables | 11 | 3,837.15 | 3,824.02 | |||||||
iii) Cash and cash equivalents | 12 | 398.28 | 410.00 | ||||||||
iv) | Bank Balances other than iii) above | 13 | 676.22 | 135.67 | |||||||
v) | Loans | 14 | 4.42 | 2.81 | |||||||
(c) | vi) | Other financial assets | 15 | 1,184.82 | 1,479.68 | ||||||
Other current assets | 16 | 290.36 | 289.25 | ||||||||
Total Assets | 9,423.34 | 9,072.80 | |||||||||
B. | 14,280.02 | 13,530.95 | |||||||||
EQUITY AND LIABILITIES | |||||||||||
Equity | 17 | 143.64 | 143.64 | ||||||||
(a) | Equity Share capital | ||||||||||
(b) | Other Equity | 18 | 8,558.98 | 7,524.15 | |||||||
Non-Current Liabilities | 8,702.62 | 7,667.79 | |||||||||
(a) | Financial Liabilities | 19 | 93.72 | 111.06 | |||||||
i) | Lease Liabilities | ||||||||||
(b) | Provisions | 20 | 131.30 | 147.82 | |||||||
(c) | Deferred tax liabilities (net) | 21 | 159.30 | 144.59 | |||||||
Current Liabilities | 384.32 | 403.47 | |||||||||
(a) | Financial Liabilities | 19 | 17.92 | 17.92 | |||||||
i) | Lease Liabilities | ||||||||||
ii) | Trade payables | 22 | 526.52 | 815.30 | |||||||
Total Outstanding dues of micro enterprises and small | |||||||||||
enterprises | |||||||||||
Total Outstanding dues of creditors other than micro | 3,878.02 | 3,916.11 | |||||||||
enterprises and small enterprises | |||||||||||
iii) | 23 | 367.60 | 319.74 | ||||||||
(b) | Other financial liabilities | ||||||||||
Other current liabilities | 24 | 199.47 | 233.67 | ||||||||
(c) | Provisions | 25 | 203.55 | 156.95 | |||||||
5,193.08 | 5,459.69 | ||||||||||
Total Equity and Liabilities | 14,280.02 | 13,530.95 | |||||||||
The above balance sheet should be read in conjunction with accompanying | notes. | ||||||||||
This is the balance sheet referred in our report of even dated. | |||||||||||
For Price Waterhouse Chartered Accountants LLP | For and on behalf of the Board of Directors | ||||||||||
Firm Registration No.: 012754N/N500016 | |||||||||||
Neeraj Sharma | ANJALI SINGH | MANOJ KOLHATKAR | |||||||||
Partner | Executive Chairperson | Managing Director | |||||||||
Membership No. 108391 | DIN No. 02082840 | DIN No. 03553983 | |||||||||
Place : Paris | RISHI LUHARUKA | NILESH JAIN | |||||||||
Date : May 23, 2023 | Chief Financial Officer | Company Secretary |
Place : Pune
Date : May 23, 2023
170170 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
STATEMENT OF PROFIT AND LOSS
for the year ended March 31, 2023
(Amount in ` million) | |||||
S. | Particulars | Note No. | For the year ended | For the year ended | |
NO. | March 31,2023 | March 31, 2022 | |||
INCOME | |||||
I | Revenue from Operations | 26 | 29,717.38 | 23,319.89 | |
II | Other income | 27 | 173.89 | 261.67 | |
III | TOTAL INCOME (I+II) | 29,891.27 | 23,581.56 | ||
IV | EXPENSES | ||||
Cost of material consumed | 28a | 22,513.18 | 17,631.24 | ||
Purchases of stock-in-trade | 28b | 367.59 | 310.11 | ||
Changes in inventories of finished goods, work-in- | 28c | (192.68) | (78.32) | ||
progress and stock-in-trade | |||||
Employee benefit expense | 29 | 1,831.04 | 1,597.00 | ||
Depreciation and amortisation expense | 30 | 485.85 | 413.61 | ||
Other expenses | 31 | 3,061.36 | 2,400.59 | ||
Finance costs | 32 | 45.85 | 42.74 | ||
Total expenses | 28,112.19 | 22,316.97 | |||
V | PROFIT BEFORE TAX (III-IV) | 1,779.08 | 1,264.59 | ||
VI | INCOME TAX EXPENSE | ||||
Current tax | 33a | 435.53 | 326.54 | ||
Deferred tax | 33a | 20.02 | 42.90 | ||
Total tax expense | 455.55 | 369.44 | |||
VII | PROFIT FOR THE YEAR (V-VI) | 1,323.53 | 895.15 | ||
VIII | OTHER COMPREHENSIVE INCOME | ||||
Items that will not be reclassified to profit or loss | |||||
Remeasurement of post-employment benefit | 39 | (19.17) | (18.31) | ||
obligations | |||||
Income tax relating to above | 33b | 4.82 | 4.61 | ||
Items that may be reclassified subsequently to profit or | |||||
loss | |||||
Net gains / (loss) on cash flow hedges | 18 | (1.93) | 3.72 | ||
Income tax relating to above. | 33b | 0.49 | (0.94) | ||
Other comprehensive income for the year, net of tax | (15.79) | (10.92) | |||
IX | TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 1,307.74 | 884.23 | ||
(VII + VIII) | |||||
X | EARNINGS PER SHARE (OF ` 1/- EACH) | ||||
Basic (`) | 9.21 | 6.23 | |||
Diluted (`) | 44 | 9.21 | 6.23 | ||
Face value per share (`) | 1.00 | 1.00 |
The above statement of profit and loss should be read in conjunction with accompanying notes. This is the statement of profit and loss referred in our report of even date.
For Price Waterhouse Chartered Accountants LLP | For and on behalf of the Board of Directors | |
Firm Registration No.: 012754N/N500016 | ||
Neeraj Sharma | ANJALI SINGH | MANOJ KOLHATKAR |
Partner | Executive Chairperson | Managing Director |
Membership No. 108391 | DIN No. 02082840 | DIN No. 03553983 |
RISHI LUHARUKA | NILESH JAIN | |
Place : Paris | Chief Financial Officer | Company Secretary |
Date : May 23, 2023 |
Place : Pune
Date : May 23, 2023
Annual Report 2022-23
171
STATEMENT OF CASH FLOW
for the year ended March 31, 2023
(Amount in ` million) | |||
Particulars | For the year ended | For the year ended | |
March 31,2023 | March 31, 2022 | ||
A. CASH FLOW FROM OPERATING ACTIVITIES: | |||
Profit before tax | 1,779.08 | 1,264.59 | |
Adjustments for: | |||
Depreciation and amortisation | 485.85 | 413.61 | |
Loss/(Gain) on disposal of Property, plant and equipment | (2.19) | 0.42 | |
Finance costs | 45.85 | 42.74 | |
Rental income | (4.59) | (4.78) | |
Interest income on fixed deposits with banks | (101.92) | (74.20) | |
Interest income from financial asset at amortised cost | (6.13) | (5.44) | |
Profit on sale of investment | (7.58) | (6.20) | |
Provision no longer required written back | (6.02) | (8.70) | |
Fair value changes in mutual fund (net) | 17.06 | (21.37) | |
Provision for doubtful trade and other receivables | 0.59 | 15.21 | |
Net Foreign exchange (gain) / loss | (0.25) | 6.56 | |
Dividend income | (0.07) | - | |
Operating profit / (loss) before working capital changes | 2,199.68 | 1,622.44 | |
Changes in working capital: | |||
Adjustments for (increase) / decrease in Operating assets: | |||
Other non-current financial assets | (15.49) | (0.99) | |
Other non-current assets | 21.60 | 5.79 | |
Inventories | (148.31) | (134.95) | |
Trade receivables | (21.75) | (1,034.10) | |
Other current financial assets | 12.03 | 1.30 | |
Other current assets | (1.11) | (97.31) | |
Adjustments for increase / (decrease) in Operating liabilities | |||
Non current provisions | (16.52) | 9.25 | |
Trade payables | (313.16) | 820.26 | |
Other current financial liabilities | 45.93 | (52.36) | |
Other current liabilities | (34.20) | 91.13 | |
Current Provisions | 47.20 | 36.31 | |
Cash generated from operations | 1,775.90 | 1,266.77 | |
Net income taxes (paid)/ received | (412.34) | (316.80) | |
Net cash inflow from Operating activities (A) | 1,363.56 | 949.97 | |
B. CASH FLOW FROM INVESTING ACTIVITIES | |||
Payment for investment property | (43.04) | 0.01 | |
Payment for intangible assets | (128.09) | (15.68) | |
Payment for property, plant and equipment | (758.60) | (746.62) | |
Proceeds from sale of property, plant and equipment | 9.61 | 6.18 |
172172
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
STATEMENT OF CASH FLOW
for the year ended March 31, 2023
(Amount in ` million) | |||
Particulars | For the year ended | For the year ended | |
March 31,2023 | March 31, 2022 | ||
Payment for purchase of deposits with bank | (2,830.10) | (2,485.62) | |
Loans to employees | (13.00) | (14.12) | |
Repayment of loans by employees | 11.60 | 12.43 | |
Proceeds from sale of deposits with bank | 2,578.41 | 3,344.58 | |
Interest received | 97.12 | 124.92 | |
Dividend received | 0.07 | - | |
Rental income | 4.59 | 4.78 | |
Purchase of Non current investment | (5.00) | (5.36) | |
Proceeds from sale/ (purchase) of investment in mutual funds | 38.12 | (653.37) | |
Net cash inflow/(outflow) from investing activities (B) | (1,038.31) | (427.87) | |
C. CASH FLOW FROM FINANCING ACTIVITIES | |||
Repayment of lease rentals | (28.02) | (32.06) | |
Repayment of fixed deposits from public | (0.14) | (0.30) | |
Interest paid | (35.18) | (28.37) | |
Dividend paid | (273.63) | (180.33) | |
Net cash inflow/ (outflow)from financing activities (C) | (336.97) | (241.06) | |
Net Increase/(Decrease) in Cash & Cash Equivalents (A+B+C) | (11.72) | 281.04 | |
Cash and cash equivalents as at the beginning of the year | 410.00 | 128.96 | |
Cash and cash equivalents as at the end of the year | 398.28 | 410.00 | |
Cash and cash equivalents consists of: | |||
In Current Accounts | 398.28 | 409.50 | |
Fixed deposit maturing within 3 months | - | 0.50 | |
Total | 398.28 | 410.00 | |
Notes:
-
The above statement of cash flows has been prepared under indirect method in accordance with the Indian Accounting
Standard (Ind AS) 7 on "Statement of Cash Flows". - Figures in brackets indicate cash outgo.
For Price Waterhouse Chartered Accountants LLP | For and on behalf of the Board of Directors | |
Firm Registration No.: 012754N/N500016 | ||
Neeraj Sharma | ANJALI SINGH | MANOJ KOLHATKAR |
Partner | Executive Chairperson | Managing Director |
Membership No. 108391 | DIN No. 02082840 | DIN No. 03553983 |
RISHI LUHARUKA | NILESH JAIN | |
Place : Paris | Chief Financial Officer | Company Secretary |
Date : May 23, 2023 | Place : Pune | |
Date : May 23, 2023 |
Annual Report 2022-23
173
STATEMENT OF CHANGES IN EQUITY
for the year ended March 31, 2023
A. EQUITY SHARE CAPITAL | |||||||||||
Particulars | Note No. | (Amount in ` million) | |||||||||
As at March 31,2021 | 143.64 | ||||||||||
Changes in equity share capital | - | ||||||||||
As at March 31,2022 | 17 | 143.64 | |||||||||
Changes in equity share capital | - | ||||||||||
As at March 31,2023 | 143.64 | ||||||||||
B. CHANGES IN OTHER EQUITY | |||||||||||
(Amount in ` million) | |||||||||||
Attributable to owners of Gabriel India Limited | |||||||||||
Note | |||||||||||
Particulars | Reserves and Surplus | Cash flow | Total other | ||||||||
No. | |||||||||||
Securities | General | Retained | |||||||||
Premium | reserve | earnings | hedge reserve | equity | |||||||
Balance as at March 31,2021 | 271.77 | 387.57 | 6,161.02 | (0.88) | 6,819.47 | ||||||
Profit for the year | - | - | 895.15 | - | 895.15 | ||||||
Other comprehensive income | - | - | (13.70) | 2.78 | (10.92) | ||||||
Total comprehensive income for the year | 271.77 | 387.57 | 7,042.47 | 1.90 | 7,703.71 | ||||||
Transactions with owners in their capacity | - | - | 179.55 | - | 179.55 | ||||||
as owners: Dividends paid | |||||||||||
Balance as at March 31,2022 | 18 | 271.77 | 387.57 | 6,862.92 | 1.90 | 7,524.15 | |||||
Profit for the year | - | - | 1,323.53 | - | 1,323.53 | ||||||
Other comprehensive income | - | - | (14.35) | (1.44) | (15.79) | ||||||
Total comprehensive income | 271.77 | 387.57 | 8,172.10 | 0.46 | 8,831.89 | ||||||
Transactions with owners in their capacity | - | - | 272.92 | - | 272.92 | ||||||
as owners: Dividends paid | |||||||||||
Balance as at March 31,2023 | 271.77 | 387.57 | 7,899.18 | 0.46 | 8,558.98 | ||||||
The above statement of changes in equity should be read in conjunction with accompanying notes. | |||||||||||
This is the statement of changes in equity referred in our report of even date. | |||||||||||
For Price Waterhouse Chartered Accountants LLP | For and on behalf of the Board of Directors | ||||||||||
Firm Registration No.: 012754N/N500016 | |||||||||||
Neeraj Sharma | ANJALI SINGH | MANOJ KOLHATKAR | |||||||||
Partner | Executive Chairperson | Managing Director | |||||||||
Membership No. 108391 | DIN No. 02082840 | DIN No. 03553983 | |||||||||
RISHI LUHARUKA | NILESH JAIN | ||||||||||
Place : Paris | Chief Financial Officer | Company Secretary | |||||||||
Date : May 23, 2023 | Place : Pune | ||||||||||
Date : May 23, 2023 |
174174 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
GENERAL INFORMATION | Expected to be realised within twelve months | ||||||||||
Gabriel India Limited (the "Company") offers ride control | after the reporting period, or | ||||||||||
products catering to all segments in the automotive | Cash or cash equivalent unless restricted | ||||||||||
industry. The Company has seven manufacturing plants | from being exchanged or used to settle a | ||||||||||
spread accross India. The Company is domiciled in India | liability for at least twelve months after the | ||||||||||
and is listed on Bombay Stock exchange and National Stock | reporting period | ||||||||||
Exchange of India. | All other assets are classified as non-current. | ||||||||||
The financial statements are approved for issue by the | A liability is current when | ||||||||||
Company's Board of Directors on May 23, 2023. | It is expected to be settled in normal operating | ||||||||||
1 SIGNIFICANT ACCOUNTING POLICIES | cycle | ||||||||||
It is held primarily for the purpose of trading | |||||||||||
This note provides a list of the significant accounting | |||||||||||
It is due to be settled within twelve months | |||||||||||
policies adopted in the preparation of these financial | |||||||||||
statements. These policies have been consistently | after the reporting period, or | ||||||||||
applied to all the years presented, unless otherwise | There is no unconditional right to defer the | ||||||||||
stated. | settlement of the liability for at least twelve | ||||||||||
1.1. Basis of preparation, measurement and transition to | months after the reporting period | ||||||||||
The Company classifies all other liabilities as non- | |||||||||||
Ind AS | |||||||||||
1.1.1. Basis of preparation | current. | ||||||||||
Deferred tax assets and liabilities are classified as | |||||||||||
The | financial | statements | have | been | prepared | ||||||
non-current assets and liabilities. | |||||||||||
taking into consideration | all material | aspects | |||||||||
The operating | cycle | is | the time between | the | |||||||
with | Indian | Accounting | Standards | (Ind-AS) | |||||||
acquisition of | assets | for | processing and | their | |||||||
notified under section 133 of the Companies Act, | |||||||||||
realisation | in | cash and | cash equivalents. The | ||||||||
2013 (the "Act") [Companies (Indian Accounting | |||||||||||
Company | has | identified | twelve | months as its | |||||||
Standards) Rules, 2015, as amended] and the | |||||||||||
operating cycle for the purpose of current and | |||||||||||
other relevant provisions of the Act. | |||||||||||
non-current classification of assets and liabilities. | |||||||||||
1.1.2. Basis of measurement | |||||||||||
1.2.2. Segment reporting | |||||||||||
The financial statements have been prepared on a | |||||||||||
Information reported | to | the | chief operating | ||||||||
historical cost convention except for the following. | |||||||||||
decision | maker (CODM) | for the purposes of | |||||||||
Certain | financial assets | and | liabilities | ||||||||
resource allocation and assessment of segment | |||||||||||
(including | derivative | instruments) are | |||||||||
performance focuses on the types of goods or | |||||||||||
measured at fair value | |||||||||||
services delivered or provided. | |||||||||||
Defined benefit plans - plan assets measured | |||||||||||
Operating | segments are | reported in a manner | |||||||||
at fair value. | |||||||||||
consistent with the internal reporting provided to | |||||||||||
1.2. Summary of significant accounting policies | the chief operating decision maker. | ||||||||||
1.2.1. Current versus non-current classification | The board of directors of the Company assesses | ||||||||||
the financial performance | and | position of | the | ||||||||
The Company presents assets and liabilities in | |||||||||||
Company, | and makes strategic | decisions. The | |||||||||
the balance sheet based on current/ non-current | |||||||||||
board of directors of the Company have been | |||||||||||
classification. An asset is treated as current when | |||||||||||
identified as being the chief operating decision | |||||||||||
it is: | |||||||||||
maker. It consists of Chief Executive Officer of the | |||||||||||
Expected to be realised or intended to be sold | |||||||||||
Company, Chief Financial Officer of the Company | |||||||||||
or consumed in normal operating cycle | |||||||||||
assists board of directors in their decision making | |||||||||||
Held primarily for the purpose of trading | process. The | Company | is in the business of |
Annual Report 2022-23 | 175 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
manufacture and sale automobile components, which in the context of Indian Accounting Standard 108 'Segment Information' represents single reportable business segment.
1.2.3. Foreign currencies
-
Functional and presentation currency
Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the Company operates
('the functional currency'). The financial statements are presented in Indian rupee (`), which is Gabriel India Limited's functional and presentation currency. - Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognised in profit or loss. They are deferred in equity if they relate to qualifying cash flow hedges.
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss. For example, translation differences on non-monetary assets and liabilities such as equity instruments held at fair value through profit or loss are recognised in profit or loss as part of the fair value gain or loss and translation differences on non- monetary assets such as equity investments classified as at FVOCI are recognised in other comprehensive income.
1.2.4.Revenue Recognition
- Sale of goods and services
- Timing of recognition:
The Company offers ride control products catering to all segments in the automotive industry. Sales are recognised when control of the products has transferred, being when the products are delivered to the customer. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract, the acceptance provisions have lapsed, or the Company has objective evidence that all criteria for acceptance have been satisfied. Revenue from providing services is recognised in the accounting period in which the services are rendered.
-
Measurement of revenue:
Revenue towards satisfaction of a performance obligation is measured at the amount of transaction price (net of variable consideration such as various discounts and schemes offered by the Company as a part of contract and revision for changes in commodity prices) allocated to that performance obligation.
The transaction price is the amount of consideration to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties. If the consideration promised in a contract includes a variable amount, the Company estimates the
176176 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
amount of consideration to which the Company will be entitled in exchange for transferring the promised goods or services to a customer.
Accumulated experience is used to estimate and provide for the discounts and returns, expected customer settlement for price changes and expected future sales volume for amortisation of upfront payment to customers, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. No element of financing is deemed present as the sales are made with an average credit term of 45-60 days, which is consistent with market practice.
-
Modification of Transaction price
Contract modification is a change in the scope or price (or both) of a contract that is approved by the parties to the contract.
Contract modification are accounted based on the prospective accounting and cumulative catch up.
An company accounts for a modification as a separate contract, if both the scope increases due to the addition of 'distinct' goods or services and the price increase reflects the goods' or services' stand-alone selling prices under the circumstances of the modified contract. - Interest income
Interest income from debt instruments is recognised using the effective interest rate method as per Ind AS 109. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to the gross carrying amount of a financial asset.
When calculating the effective interest rate, the Company estimates the expected cash flows by considering all the contractual terms of the financial instrument (for example, prepayment, extension, call and similar
options) but does not consider the expected credit losses.
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.
-
Dividend
Dividends are recognised in profit or loss only when the right to receive payment is established, it is probable that the economic benefits associated with the dividend will flow to the Company, and the amount of the dividend can be measured reliably. - Other Operating Income
Benefit on account of entitlement of import of goods free of duty under the "Duty Entitlement Pass Book" (DEPB Scheme) and "Merchandise Export Incentive Scheme" under Duty Exemption Scheme is accounted in the year of export, if the entitlements can be estimated with reasonable assurance and condition precedent to claim are fulfilled as per Ind AS 20.
A government grant is not recognised until there is reasonable assurance that the Company will comply with the conditions attaching to it, and that the grant will be received. Accounting of grant in the nature of subsidy/revenue is on the basis of Income approach.
1.2.5. Government Grants
Grants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received and the Company will comply with all attached conditions. Government grants relating to income are
Annual Report 2022-23 | 177 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
deferred and recognised in the Statement of profit and loss over the period necessary to match them with the costs that they are intended to compensate and presented within other income. Government grants relating to the purchase of property, plant and equipment are included in non-current liabilities as deferred income and are credited to profit or loss on a straight-line basis over the expected lives of the related assets and presented within other income.
1.2.6. Taxation
The income tax expense or credit for the period is the tax payable on the current period's taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.
1. Current income-tax
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation and considers whether it is probable that a taxation authority will accept an uncertain tax treatment. The Company measures its tax balances either based on the most likely amount or the expected value, depending on which method provides a better prediction of the resolution of the uncertainty.
2. Deferred tax
Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.
Deferred tax assets are recognised for all deductible temporary differences and unused tax losses only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.
Deferred income tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry forward of unused tax credits and unused tax losses can be utilised. The carrying amount of deferred income tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilised.
Current and deferred tax is recognised in Statement of profit and loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.
1.2.7. Leases
As a lessee
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:
fixed payments (including in-substance fixed payments), less any lease incentives receivable
variable lease payment that are based on an index or a rate, initially measured using the index or rate as at the commencement date
amounts expected to be payable by the Company under residual value guarantees
the exercise price of a purchase option if the Company is reasonably certain to exercise that option, and
payments of penalties for terminating the lease, if the lease term reflects the Company exercising that option.
178178
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Company, the lessee's incremental borrowing rate is used, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right-of- use asset in a similar economic environment with similar terms, security and conditions.
Lease payments are allocated between principal and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Right-of-use assets are measured at cost comprising the following:
the amount of the initial measurement of lease liability
any lease payments made at or before the commencement date less any lease incentives received
any initial direct costs
restoration costs.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis. If the Company is reasonably certain to exercise a purchase option, the right-of-use asset is depreciated over the underlying asset's useful life.
Payments associated with short-term leases of equipment and all leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less.
As a lessor
Lease income from operating leases where the Company is a lessor is recognised in income on a straight-line basis over the lease term. Initial direct costs incurred in obtaining an operating lease are added to the carrying amount of the underlying asset and recognised as expense over
the lease term on the same basis as lease income. The respective leased assets are included in the balance sheet based on their nature.
1.2.8. Impairment of assets- Non Financial Assets
Property, plant and equipment and Intangible assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are companyed at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or companys of assets (cash-generating units). Non-financial assets that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.
-
Cash and cash equivalents
For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. - Trade receivable
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Company holds the trade receivables with the objective of collecting the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method, less loss allowance.
Annual Report 2022-23 | 179 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
1.2.9. Inventories | The classification depends on the Company's | |||||||||
Raw materials and stores, work in progress, traded | business model for managing the financial | |||||||||
and finished goods are stated at the lower of cost | assets and the contractual terms of the cash | |||||||||
and net realisable value. Cost of raw materials | flows. | |||||||||
and traded goods comprises cost of purchases. | For assets measured at fair value, gains | |||||||||
Cost of work-in-progress and finished goods | and losses will either be recorded in profit | |||||||||
comprises | direct | materials, direct labour and | or loss or other comprehensive income. For | |||||||
an appropriate proportion of variable and fixed | investments in equity instruments that are not | |||||||||
overhead expenditure, the latter being allocated | held for trading, this will depend on whether | |||||||||
on the basis of normal operating capacity. Cost of | the Company has made an irrevocable | |||||||||
inventories also include all other costs incurred in | election at the time of initial recognition to | |||||||||
bringing the inventories to their present location | account for the equity investment at FVOCI. | |||||||||
and condition. Cost includes the reclassification | b) | Recognition & Measurement | ||||||||
from equity of any gains or losses on qualifying | ||||||||||
Regular way purchases and sales of financial | ||||||||||
cash flow hedges relating to purchases of raw | ||||||||||
assets are recognised on trade-date, being | ||||||||||
material but | excludes borrowing | costs. Costs | ||||||||
the date on which the Company commits | ||||||||||
are | assigned | to individual items | of | inventory | ||||||
to purchase or sale the financial asset. the | ||||||||||
on the basis of weighted average basis. Costs | ||||||||||
Company measures a | financial | asset at | ||||||||
of | purchased | inventory | are determined after | |||||||
its fair value plus, in the case of a financial | ||||||||||
deducting rebates and discounts. Net realisable | ||||||||||
asset | not at fair | value | through | profit or | ||||||
value is the estimated selling price in the ordinary | ||||||||||
loss, | transaction | costs | that are | directly | ||||||
course of business less the estimated costs of | ||||||||||
attributable to the acquisition of the financial | ||||||||||
completion and the estimated costs necessary to | ||||||||||
asset. Transaction costs of financial assets | ||||||||||
make the sale. | ||||||||||
carried at fair value through profit or loss are | ||||||||||
1.2.10.Financial instruments | ||||||||||
expensed in profit or loss. | ||||||||||
A financial instrument is any contract that gives | c) Financial Assets at amortised cost | |||||||||
rise to a financial asset of one company and a | ||||||||||
Financial assets are subsequently measured | ||||||||||
financial liability or equity instrument of another | ||||||||||
at amortised cost if these financial assets | ||||||||||
company. | Financial assets and | liabilities are | ||||||||
are held within a business whose objective is | ||||||||||
recognised when the Company becomes a party | ||||||||||
to hold these assets are held to collect (HTC | ||||||||||
to the contractual provisions of the instrument. | ||||||||||
Business Model) contractual cash flows and | ||||||||||
Financial | assets | and | liabilities | are | initially | |||||
the contractual terms of the financial asset | ||||||||||
measured at fair value. | ||||||||||
give rise on specified dates to cash flows that | ||||||||||
Financial Assets | ||||||||||
are solely payments of principal and interest | ||||||||||
a) | Classification | on the principal amount outstanding. | ||||||||
The Company classifies its financial assets | There are three measurement categories | |||||||||
in the following measurement categories: | into which the Company classifies its debt | |||||||||
those to be measured subsequently | instruments: | |||||||||
Amortised cost: Assets that are held for | ||||||||||
at fair value (either through other | ||||||||||
comprehensive | income, | or | through | collection of contractual cash flows where | ||||||
profit or loss) | those cash flows represent solely payments | |||||||||
those to | be measured | at amortised | of principal and interest | are measured at | ||||||
amortised cost. Interest income from these | ||||||||||
cost. | ||||||||||
180180
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
financial assets is included in Other Income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses). Impairment losses are presented as separate line item in the statement of profit and loss.
Fair value through other comprehensive income (FVOCI): Assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets' cash flows represent solely payments of principal and interest, are measured at FVOCI. Movements in the carrying amount are taken through OCI, except for the recognition of impairment gains or losses, interest income and foreign exchange gains and losses which are recognised in profit and loss. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to profit or loss and recognised in other gains/(losses). Interest income from these financial assets is included in other income using the effective interest rate method. Foreign exchange gains and losses are presented in other gains/(losses) and impairment expenses are presented as separate line item in statement of profit and loss.
Fair value through profit or loss (FVTPL): Assets that do not meet the criteria for amortised cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt investment that is subsequently measured at fair value through profit or loss is recognised in profit or loss and presented net within other gains/(losses) in the period in which it arises. Interest income from these financial assets is included in other income.
- De-recognition
A financial asset is derecognised only when
the Company has transferred the rights to receive cash flows from the financial asset or
retains the contractual rights to receive the cash flows of the financial asset, but assumes a contractual obligation to pay the cash flows to one or more recipients.
Where the Company has transferred an asset, the Company evaluates whether it has transferred substantially all risks and rewards of ownership of the financial asset. In such cases, the financial asset is derecognised. Where the Company has not transferred substantially all risks and rewards of ownership of the financial asset, the financial asset is not derecognised.
Where the Company has neither transferred a financial asset nor retains substantially all risks and rewards of ownership of the financial asset, the financial asset is derecognised if the Company has not retained control of the financial asset. Where the Company retains control of the financial asset, the asset is continued to be recognised to the extent of continuing involvement in the financial asset.
- Impairment of financial assets
The Company assesses on a forward looking basis the expected credit losses associated with its assets carried at amortised cost and FVOCI debt instruments. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Note 37 details how the Company determines whether there has been a significant increase in credit risk. For trade receivables only, the Company applies the simplified approach required by Ind AS 109, which requires expected lifetime losses to be recognised from initial recognition of the receivables.
3. Equity investments
The Company subsequently measures all equity investments at fair value. Where the Company's management has elected to present fair value gains and losses on equity investments in other comprehensive income, there is no subsequent reclassification
Annual Report 2022-23 | 181 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
of | fair | value gains | and | losses | to profit | Subsequent costs are included in the asset's | ||||||||||||||
or | loss | following | the | derecognition of | carrying amount or recognised as a separate | |||||||||||||||
the | investment. | Dividends | from | such | asset, as appropriate, only when it is probable that | |||||||||||||||
investments are recognised in profit or loss | future economic benefits associated with the item | |||||||||||||||||||
will flow to the Company and the cost of the item | ||||||||||||||||||||
as other income when the Company's right | ||||||||||||||||||||
can be measured reliably. The carrying amount | ||||||||||||||||||||
to receive payments is established. | ||||||||||||||||||||
of any component accounted for as a separate | ||||||||||||||||||||
Changes in the fair value of financial assets | ||||||||||||||||||||
asset is derecognised when replaced. All other | ||||||||||||||||||||
at fair value through profit or loss are | ||||||||||||||||||||
repairs and maintenance are charged to profit or | ||||||||||||||||||||
recognised in other gain/ (losses) in the | loss during the reporting period in which they are | |||||||||||||||||||
statement of profit and loss. Impairment | incurred. | |||||||||||||||||||
losses (and reversal of impairment losses) on | Transition to Ind AS | |||||||||||||||||||
equity investments measured at FVOCI are | On transition to Ind AS, the Company has elected | |||||||||||||||||||
not reported separately from other changes | ||||||||||||||||||||
to continue with the carrying value of all its | ||||||||||||||||||||
in fair value. | property, plant and equipment recognised as at | |||||||||||||||||||
1.2.11. Property, plant and equipment | April 01, 2016 measured as per the previous GAAP | |||||||||||||||||||
and use that carrying value as the deemed cost | ||||||||||||||||||||
Freehold land is carried at historical cost. All other | ||||||||||||||||||||
of the property, plant and equipment which will be | ||||||||||||||||||||
items of property, plant and equipment are stated | ||||||||||||||||||||
depreciated over its remaining useful life. | ||||||||||||||||||||
at historical cost less depreciation. Historical cost | Depreciation | methods, | estimated | useful lives | ||||||||||||||||
includes expenditure that is directly attributable to | ||||||||||||||||||||
and residual value | ||||||||||||||||||||
the acquisition of the items. Cost may also include | ||||||||||||||||||||
Depreciation is calculated using the straight-line | ||||||||||||||||||||
transfers from equity of any gains or losses on | ||||||||||||||||||||
method to allocate the cost of the assets, net of | ||||||||||||||||||||
qualifying cash flow hedges of foreign currency | ||||||||||||||||||||
their residual values, over their estimated useful | ||||||||||||||||||||
purchases of property, plant and equipment. | ||||||||||||||||||||
lives as follows: | ||||||||||||||||||||
Estimated Useful Life | Specified Useful Life in | |||||||||||||||||||
Asset Class | Schedule II | |||||||||||||||||||
(No. of Years) | ||||||||||||||||||||
(No. of Years) | ||||||||||||||||||||
Building ** | 60 | 60 | ||||||||||||||||||
Factory Building | 30 | 30 | ||||||||||||||||||
Roads | 3-8 | 5 | ||||||||||||||||||
Plant & Machinery* | 1-15 | 15 | ||||||||||||||||||
Furniture & Fixtures | 3-10 | 10 | ||||||||||||||||||
Office Equipments | 3-10 | 10 | ||||||||||||||||||
Computer Hardware | 1-3 | 1-3 | ||||||||||||||||||
Servers & Networks | 6 | 6 | ||||||||||||||||||
Vehicle | 3-8 | 8 | ||||||||||||||||||
** Components pertaining to Building in nature | more than 5% of the original cost of the asset. | |||||||||||||||||||
ancilliaries like Flooring, Liaisoning works etc. has | The | assets' | residual values and useful lives | |||||||||||||||||
estimated life other than 30 years and 60 years | are | reviewed, | and | adjusted if | appropriate, | |||||||||||||||
* Electrical installations & Equipments, Material | at | the | end | of | each | reporting | period. | |||||||||||||
Handling Equipment | and | Air | Conditioner | are | An asset's carrying amount is written down | |||||||||||||||
included in Plant and Machinery | immediately | to | its | recoverable | amount | |||||||||||||||
The | useful | lives | have been | determined | if the | asset's | carrying | amount | is | greater | ||||||||||
than | its | estimated | recoverable | amount. | ||||||||||||||||
based on | technical | evaluation done | by | the | ||||||||||||||||
Gains and losses on disposals are determined by | ||||||||||||||||||||
management's expert which | are | higher | than | |||||||||||||||||
comparing proceeds with carrying amount. These | ||||||||||||||||||||
those specified by Schedule II to the Companies | ||||||||||||||||||||
are included in profit or loss within other gains/ | ||||||||||||||||||||
Act, | 2013, | in | order to reflect | the | actual usage | |||||||||||||||
(losses). | ||||||||||||||||||||
of | the | assets. The | residual | values | are | not | ||||||||||||||
182182
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
Tools, dyes and moulds are depreciated over their estimated economic life determined on the basis of their usage or under straight line method in the manner specified in schedule II. Assets less than ` 5000 are fully depreciated in the year of acquisition.
1.2.12. Investment properties
Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Company, is classified as investment property. Investment property is measured initially at its cost, including related transaction costs and where applicable borrowing costs. Subsequent expenditure is capitalised to the asset's carrying amount only when it is probable that future economic benefits associated with the expenditure will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance costs are expensed when incurred. When part of an investment property is replaced, the carrying amount of the replaced part is derecognised.
Investment properties are depreciated using 'Straight Line Method' over the estimated useful life of the assets, based on the technical evaluation performed by the management's expert. Useful
Estimated useful lives are as under:
Life of Investment properties is estimated at 60 years.
1.2.13. Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortisation and accumulated impairment losses, if any.
Internally generated intangibles, excluding capitalised development costs, are not capitalised and the related expenditure is reflected in profit or loss in the period in which the expenditure is incurred. Expenditure on the development costs is recognised only when criteria for recognition is met.
Amortisation methods and periods
The amortisation period and the amortisation method for an intangible asset is reviewed at least at the end of each reporting period. The amortisation expense on intangible assets is recognised in the statement of profit and loss. The Company amortises intangible assets with a finite useful life using the straight-line method, commencing from the date the asset is available to the Company.
Asset Class
Estimated Useful Life
(No. of Years)
Computer software
Technical Knowhow
3-6
6 or period of agreement
whichever is lower
Transition to Ind AS
On transition to Ind AS, the Company has elected to continue with the carrying value of all its Intangible assets recognised as at April 01, 2016 measured as per the previous GAAP and use that carrying value as the deemed cost of the Intangible assets which will be depreciated over its remaining useful life.
Trade and other payable
These amounts represent liabilities for goods and services provided to the Company prior to the
end of the financial year which are unpaid. The
amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables
are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.
1.2.14. Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is
recognised in profit or loss over the period of the
borrowings using the effective interest method.
Annual Report 2022-23 | 183 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
1.2.15.Borrowing costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or production of a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period of time to get ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. Other borrowing costs are expensed in the period in which they are incurred.
1.2.16.Provisions and contingent liability
Provisions for legal claims and service warranties are recognised when the Company has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated. Provisions are not recognised for future operating losses. Provisions for restructuring are recognised by the Company when it has developed a detailed formal plan for restructuring and has raised a valid expectation in those affected that the Company will carry out the restructuring by starting to implement the plan or announcing its main features to those affected by it. Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. Provisions are measured at the present value of management's best estimate of the expenditure required to settle the present obligation at the end of the reporting period. The discount rate used to determine the present value is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognised as interest expense.
The measurement of provision for restructuring includes only direct expenditures arising from the restructuring, which are both necessarily entailed by the restructuring and not associated with the ongoing activities of the Company.
A disclosure for a contingent liability is made where there is a possible obligation that arises from past events and the existence of which will be confirmed only by the occurrence or non- occurrence of one or more uncertain future events not wholly within the control of the Company or a present obligation that arises from the past events where it is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount cannot be made.
1.2.17.Employee benefits
-
Short-termobligations
Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented as current employee benefit obligations in the balance sheet. - Other long-term employee benefit obligations
The liabilities for earned leave and sick leave are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service.
They are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period using the projected unit credit method.
The benefits are discounted using the market yields at the end of the reporting period that have terms approximating to the terms of the related obligation. Re-measurements as a result of experience adjustments and
184184
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
changes in actuarial assumptions are recognised in profit or loss.
3. Post-employment obligations
The liability or asset recognised in the balance sheet in respect of defined benefit pension and gratuity plans is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by actuaries using the projected unit credit method.
The present value of the defined benefit obligation denominated in ` is determined by discounting the estimated future cash outflows by reference to market yields at the end of the reporting period on government bonds that have terms approximating to the terms of the related obligation. The estimated future payments which are denominated in a currency other than `, are discounted using market yields determined by reference to high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to the terms of the related obligation. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in finance cost in the statement of profit and loss.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the balance sheet.
Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately in profit or loss as past service cost.
4. Defined contribution plans
The Company pays provident fund contributions to publicly administered provident funds as per local regulations. The Company has no further payment obligations once the contributions have been paid. The contributions are accounted for as defined contribution plans and the contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.
1.2.18.Contributed equity
Equity shares issued to shareholders are classified as equity. Incremental costs directly attributable to the issue of new equity shares or stock options are recognised as a deduction from equity, net of any related income tax effects.
1.2.19.Earnings per share (EPS)
The Company reports basic and diluted earnings per share in accordance with Ind AS 33 on Earnings per share.
Basic earnings per share is computed by dividing the net profit or loss for the period by the weighted average number of equity shares outstanding during the period. Diluted earnings per share is computed by dividing the net profit or loss for the period by the weighted average number of equity shares outstanding during the period as adjusted for the effects of all diluted potential equity shares except where the results are anti-dilutive.
The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all years presented for any share splits and bonus shares issues including for changes effected prior to the authorisation for issue of the financial statements by the Board of Directors.
Annual Report 2022-23 | 185 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
1.2.20.Dividend
Provision is made for the amount of any dividend declared, being appropriately authorised and no longer at the discretion of the Company, on or before the end of the reporting period but not distributed at the end of the reporting period.
1.2.21.Rounding of amounts
All amounts disclosed in the financial statements and notes have been rounded off to the nearest million as per the requirement of Schedule III, unless otherwise stated.
1.2.22.Cash flow statement
The Cash Flow Statement is prepared by the indirect method set out in Ind AS 7 on Cash Flow Statements and presents cash flows by operating, investing and financing activities of the Company.
1.2.23. Recent Accounting Pronouncements
-
New and amended standards adopted by the Company
The Ministry of Corporate Affairs had vide notification dated 23 March 2022 notified
Companies (Indian Accounting Standards) Amendment Rules, 2022 which amended certain accounting standards, and are effective 1 April 2022. These amendments did not have any impact on the amounts recognised in prior periods and are not expected to significantly affect the current or future periods. - New and amended standards issued but not effective
The Ministry of Corporate Affairs has vide notification dated 31 March 2023 notified
Companies (Indian Accounting Standards) Amendment Rules, 2023 (the 'Rules') which amends certain accounting standards, and are effective 1 April 2023.
The Rules predominantly amend Ind AS 12, Income taxes, and Ind AS 1, Presentation of financial statements. The other amendments to Ind AS notified by these rules are primarily in the nature of clarifications.
These amendments are not expected to have a material impact on the company in
the current or future reporting periods and on foreseeable future transactions.
1.3. Critical estimates and judgements
The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the Company's accounting policies.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those originally assessed. Detailed information about each of these estimates and judgements included in relevant notes together with information about the basis of calculation of each different line item in the financial statements.
The areas involving critical estimates or judgements are
-
Estimation of useful life of property, plant and equipment
The Company reviews the useful life of property, plant and equipment at the end of each reporting period. This reassessment may result in change in depreciation expense in future periods. Useful life is determined based on the technical evaluation done by the management's expert which are higher than those specified by Schedule II to the Companies Act 2013, in order to reflect the actual usage of the assets. - Estimation of provision and for contingent liabilities
A provision is recognised when the Company has a present obligation as a result of past event and it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions
(excluding retirement benefits and compensated absences) are not discounted to its present value and are determined based on best estimate required to settle the obligation at the balance sheet date. These are reviewed at each balance sheet date adjusted to reflect the current best estimates. Contingent liabilities are not recognised in the financial statements. A contingent asset is
186186
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
neither recognised nor disclosed in the financial statements.
-
Estimation of provision for warranty obligation
The estimated liability for product warranties is accounted when products are sold. These estimates are established using historical information on the nature, frequency and average cost of warranty claims and management estimates regarding possible future incidence based on corrective actions on product failures. - Estimation in determination of variable consideration
Revenue recognition includes variable consideration such as discounts, revision for changes in commodity prices and amortisation of upfront payment to customers which involves estimates and judgements with respect to region and product wise sales volume, expected customer settlement on price changes and expected future sales volume for amortisation of upfront payment to customers. - Estimation of defined benefit obligation
The Company recognised costs related to its post-employment defined benefit plan on an actuarial basis. The cost of providing benefits under abovementioned defined benefit plan is determined using the projected unit credit method
with actuarial valuations being carried out at each balance sheet date, which recognises 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.
Remeasurements, comprising of actuarial gains and losses, the effect of the asset ceiling, excluding amounts included in net interest on the net defined benefit liability and the return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognised immediately in the balance sheet with a corresponding debit or credit to retained earnings through OCI in the period in which they occur. Remeasurements are not reclassified to profit or loss in subsequent periods.
1.3.6. Estimation of expected credit Losses on trade receivables
Allowances for bad and doubtful debts disclosed under note 37A are based on assumptions about risk of default and expected loss rates and timing of the cash flows. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Company's past history, existing market conditions as well as forward looking estimates at the end of each reporting period.
Annual Report 2022-23 | 187 |
11888 Gabriel India Limited
NOTE 2: PROPERTY, PLANT AND EQUIPMENT
(Amount in ` million)
GROSS BLOCK | DEPRECIATION/AMORTIZATION/IMPAIRMENT | NET BLOCK | ||||||||
Cost as | Accumulated | Accumulated | ||||||||
Particulars | Cost as | Additions | Depreciation/ | Depreciation/ | Depreciation/ | As at | As at | |||
on April | during the | Disposal | on | amortisation | amortisation | Disposal | amortisation | March | March | |
March | ||||||||||
01, 2022 | year | as on April | for the year | as on March | 31, 2023 | 31, 2022 | ||||
31, 2023 | ||||||||||
01, 2022 | 31, 2023 | |||||||||
A.Property,Plant & Equipment | ||||||||||
Freehold Land | 532.18 | 14.23 | - | 546.41 | - | - | - | - | 546.41 | 532.18 |
519.21 | 12.97 | - | 532.18 | - | - | - | - | 532.18 | 519.21 | |
Buildings | 1,001.61 | 99.98 | 0.03 | 1,101.56 | 190.58 | 41.82 | 0.02 | 232.38 | 869.18 | 811.03 |
906.72 | 94.89 | - | 1,001.61 | 150.54 | 40.04 | - | 190.58 | 811.03 | 756.18 | |
Roads | 32.27 | 15.89 | - | 48.16 | 22.13 | 2.11 | - | 24.24 | 23.92 | 10.14 |
26.90 | 5.37 | - | 32.27 | 19.68 | 2.45 | - | 22.13 | 10.14 | 7.22 | |
Plant & Machinery | 4,000.04 | 535.90 | 20.46 | 4,515.48 | 1,771.60 | 374.54 | 16.45 | 2,129.69 | 2,385.79 | 2,228.44 |
3,449.60 | 566.56 | 16.12 | 4,000.04 | 1,478.48 | 304.25 | 11.13 | 1,771.60 | 2,228.44 | 1,971.12 | |
Servers & Networks | 9.72 | - | 0.23 | 9.49 | 5.68 | 1.06 | 0.18 | 6.56 | 2.93 | 4.04 |
9.52 | 0.20 | - | 9.72 | 4.64 | 1.04 | - | 5.68 | 4.04 | 4.88 | |
Computer Hardware | 123.88 | 23.35 | 10.76 | 136.47 | 87.85 | 13.92 | 10.24 | 91.53 | 44.94 | 36.03 |
100.09 | 25.38 | 1.59 | 123.88 | 76.56 | 12.77 | 1.48 | 87.85 | 36.03 | 23.53 | |
Vehicle | 65.90 | 20.77 | 15.62 | 71.05 | 34.50 | 9.11 | 12.78 | 30.83 | 40.22 | 31.40 |
54.61 | 16.57 | 5.28 | 65.90 | 29.32 | 9.28 | 4.10 | 34.50 | 31.40 | 25.28 | |
Furniture & Fixtures | 76.24 | 5.12 | - | 81.36 | 45.37 | 7.90 | - | 53.27 | 28.09 | 30.87 |
72.73 | 9.47 | 5.96 | 76.24 | 43.40 | 7.66 | 5.69 | 45.37 | 30.87 | 29.33 | |
Office Equipments | 12.36 | 10.00 | - | 22.36 | 7.37 | 1.46 | - | 8.83 | 13.53 | 4.99 |
12.35 | 0.88 | 0.87 | 12.36 | 7.09 | 1.11 | 0.83 | 7.37 | 4.99 | 5.26 | |
Sub Total (A) | 5,854.20 | 725.24 | 47.10 | 6,532.34 | 2,165.08 | 451.92 | 39.67 | 2,577.33 | 3,955.01 | 3,689.11 |
Sub Total (Previous year) | 5,151.74 | 732.29 | 29.82 | 5,854.20 | 1,809.72 | 378.60 | 23.23 | 2,165.09 | 3,689.12 | 3,342.03 |
NOTES TO FINANCIAL STATEMENTS for the year ended March 31, 2023
Annual Report 2022-23189
NOTE 2: PROPERTY, PLANT AND EQUIPMENT (contd.)
(Amount in ` million)
GROSS BLOCK | DEPRECIATION/AMORTIZATION/IMPAIRMENT | NET BLOCK | ||||||||||||||||
Cost as | Additions | Cost as | Accumulated | Depreciation/ | Accumulated | As at | As at | |||||||||||
Particulars | on | Depreciation/ | Depreciation/ | |||||||||||||||
on April | during the | Disposal | amortisation | amortisation | Disposal | amortisation | March | March | ||||||||||
March | ||||||||||||||||||
01, 2022 | year | as on April | for the year | as on March | 31, 2023 | 31, 2022 | ||||||||||||
31, 2023 | ||||||||||||||||||
01, 2022 | 31, 2023 | |||||||||||||||||
B.Intangible Assets-Acquired | ||||||||||||||||||
Computer Software | 94.22 | 25.51 | - | 119.73 | 72.51 | 9.88 | - | 82.39 | 37.34 | 21.71 | ||||||||
78.51 | 15.71 | - | 94.22 | 64.60 | 7.91 | - | 72.51 | 21.71 | 13.91 | |||||||||
Technical Knowhow | 45.18 | 48.39 | - | 93.57 | 36.07 | 2.21 | - | 38.28 | 55.29 | 9.11 | ||||||||
45.18 | - | - | 45.18 | 34.04 | 2.03 | - | 36.07 | 9.11 | 11.14 | |||||||||
Sub Total (B) | 139.40 | 73.90 | - | 213.30 | 108.58 | 12.09 | - | 120.67 | 92.63 | 30.82 | ||||||||
Sub Total (Previous year) | 123.69 | 15.71 | - | 139.40 | 98.64 | 9.94 | - | 108.59 | 30.82 | 25.05 | ||||||||
Total (A+B) | 5,993.60 | 799.14 | 47.10 | 6,745.64 | 2,273.66 | 464.01 | 39.67 | 2,698.00 | 4,047.64 | 3,719.93 | ||||||||
Total ( Previous year) | 5,275.42 | 748.00 | 29.82 | 5,993.60 | 1,908.36 | 388.54 | 23.23 | 2,273.67 | 3,719.94 | 3,367.08 | ||||||||
Note 2a : Right of Use | ||||||||||||||||||
Right to use | 185.69 | - | - | 185.69 | 72.35 | 21.45 | - | 93.80 | 91.89 | 113.34 | ||||||||
185.69 | - | - | 185.69 | 47.67 | 24.68 | - | 72.35 | 113.34 | 138.02 | |||||||||
Note 2b : Capital Work-In Progress | ||||||||||||||||||
Particulars | Opening | Addition | Transfer | Disposal/Transfer | Closing | |||||||||||||
to P&L | ||||||||||||||||||
Capital Work-In Progress | 203.39 | 892.19 | 799.16 | - | 296.42 | |||||||||||||
277.20 | 683.31 | 748.00 | 9.13 | 203.39 | ||||||||||||||
Note 2c : Intangible assets under development | ||||||||||||||||||
Particulars | Opening | Addition | Transfer | Disposal/Transfer | Closing | |||||||||||||
to P&L | ||||||||||||||||||
Semi-active damping project | - | 54.20 | - | - | 54.20 | |||||||||||||
- | - | - | - | - | ||||||||||||||
Previous year figures are given in ltalics below current year figures.
NOTES TO FINANCIAL STATEMENTS for the year ended March 31, 2023
Corporate Overview Statutory Reports Financial Statements
190190 Gabriel India Limited
NOTE 2: PROPERTY, PLANT AND EQUIPMENT (contd.)
1. Capital Work in Progress
- Aging of CWIP :
(Amount in ` million)
Capital work-in-progress for FY 2022-23 | Capital work-in-progress for FY 2021-22 | |||||||||||||
Particulars | Less than | 1- 2 | 2 - 3 | more | Less than | 1- 2 | 2 - 3 | more | ||||||
than 3 | Total | than 3 | Total | |||||||||||
1 year | years | years | years | 1 year | years | years | years | |||||||
(i) Projects in progress | 238.62 | 22.03 | 33.75 | 2.02 | 296.42 | 143.11 | 30.95 | 27.14 | 2.19 | 203.39 | ||||
(ii) Projects temporarily suspended | - | - | - | - | - | - | - | - | - | - | ||||
Total | 238.62 | 22.03 | 33.75 | 2.02 | 296.42 | 143.11 | 30.95 | 27.14 | 2.19 | 203.39 | ||||
(b) Completion schedule for capital work-in-progress whose completion is overdue or has exceeded its cost compared to its original plan:
(Amount in ` million)
To be completed in, for FY 2022-23 | To be completed in, for FY 2021-22 | ||||||||||||
Particulars | Less than | 1- 2 | 2 - 3 | more | Total | Less than | 1- 2 | 2 - 3 | more | Total | |||
1 year | years | years | than 3 | 1 year | years | years | than 3 | ||||||
years | years | ||||||||||||
(i) Projects in progress | |||||||||||||
New Paint line Buidling - Dewas | - | - | - | - | - | 56.34 | - | - | - | 56.34 | |||
CNC Centreless Grinding Machine | 10.95 | - | - | - | 10.95 | 10.95 | - | - | - | 10.95 | |||
Front Fork Outer Tube Buffing Dia 41 | 3.80 | - | - | - | 3.80 | 3.80 | - | - | - | 3.80 | |||
YBA Piston Banding Project | 2.02 | - | - | - | 2.02 | 2.02 | - | - | - | 2.02 | |||
Front Fork limb assembly automation | 27.85 | - | - | - | 27.85 | ||||||||
Semi automatic shock absorber | 23.11 | - | - | - | 23.11 | ||||||||
Front Fork Assembly automation Dia | 5.89 | - | - | - | 5.89 | ||||||||
30 | |||||||||||||
KONI Project | 1.61 | - | - | - | 1.61 | ||||||||
Inhouse Capacity of Outer Tube | 4.21 | - | - | - | 4.21 | ||||||||
(ii) Projects temporarily suspended | - | - | - | - | - | - | - | - | - | - | |||
- | |||||||||||||
Total | 79.44 | - | - | - | 79.44 | 73.11 | - | - | - | 73.11 | |||
NOTES TO FINANCIAL STATEMENTS for the year ended March 31, 2023
NOTE 2: PROPERTY, PLANT AND EQUIPMENT (contd.)
2. Intangible assets under development
- Aging of Intangible assets under development:
(Amount in ` million)
Intangible assets under development for FY 2022-23 | Intangible assets under development for FY 2021-22 | |||||||||||
Particulars | Less than | 1- 2 | 2 - 3 | more | Less than | 1- 2 | 2 - 3 | more | ||||
than 3 | Total | than 3 | Total | |||||||||
1 year | years | years | years | 1 year | years | years | years | |||||
(i) Projects in progress | 54.20 | - | - | - | 54.20 | - | - | - | - | - | ||
(ii) Projects temporarily suspended | - | - | - | - | - | |||||||
Total | 54.20 | - | - | - | 54.20 | - | - | - | - | - | ||
- Intangible assets under development whose completion is overdue or has exceeded its cost compared to its original plan- NIL
Annual Report 2022-23191
NOTES TO FINANCIAL STATEMENTS for the year ended March 31, 2023
Corporate Overview Statutory Reports Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 3 INVESTMENT PROPERTIES | |||
(Amount in ` million) | |||
Particulars | As at | As at | |
March 31,2023 | March 31,2022 | ||
Gross carrying amount | 24.75 | 24.75 | |
Opening gross carrying amount / Deemed cost | |||
Additions | 43.03 | - | |
Closing gross carrying amount | 67.78 | 24.75 | |
Accumulated depreciation | 3.62 | 3.23 | |
Opening Accumulated depreciation | |||
Depreciation charge | 0.39 | 0.39 | |
Closing accumulated depreciation | 4.01 | 3.62 | |
Net carrying amount | 63.77 | 21.13 | |
- Amounts recognised in statement profit or loss for investment properties
(Amount in ` million) | ||||
Particulars | For the year ended | For the year ended | ||
March 31,2023 | March 31, 2022 | |||
Rental income | 4.40 | 4.58 | ||
Profit from investment property before depreciation | 4.40 | 4.58 | ||
Depreciation | (0.39) | (0.39) | ||
Profit from investment properties | 4.01 | 4.19 | ||
ii) Fair value of investment properties | ||||
(Amount in ` million) | ||||
Particulars | As at | As at | ||
March 31,2023 | March 31,2022 | |||
Investment properties | 106.84 | 62.55 |
- Estimation of Fair Value
The fair values of investment properties have been determined with the help of independent certified valuer on a case to case basis. Valuation is based on government rates, market research, market trend and comparable values as considered appropriate.
NOTE 4 NON-CURRENT INVESTMENTS | |||
(Amount in ` million) | |||
Particulars | As at | As at | |
March 31,2023 | March 31,2022 | ||
Investment in equity instruments at Fair value through Profit or Loss | |||
(Unquoted) | 5.36 | 5.36 | |
TP Solapur Solar Limited | |||
5,36,280 (March 31, 2022 - 5,36,280) Equity shares of ` 10 each fully paid | 0.67 | 0.67 | |
Watsun Infrabuild Private Limited | |||
66,756 (March 31, 2022 - 66,756) Equity shares of ` 10 each fully paid | 0.37 | 0.37 | |
Shivalik Solid Waste Management Limited | |||
20,000 (March 31, 2022 - 20,000) Equity shares of ` 10 each fully paid | 5.00 | - | |
Swelect Taiyo Energy Private Limited | |||
5,00,000 (March 31, 2022 - NIL) Equity shares of ` 10 each fully paid | 11.40 | 6.40 | |
Total | |||
192192 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 5 LOANS | ||||
(Amount in ` million) | ||||
Particulars | As at | As at | ||
March 31,2023 | March 31,2022 | |||
Unsecured, considered good | 10.30 | 10.51 | ||
Loans to employees | ||||
Total | 10.30 | 10.51 | ||
NOTE 6 OTHER NON-CURRENT FINANCIAL ASSETS | ||||
(Amount in ` million) | ||||
Particulars | As at | As at | ||
March 31,2023 | March 31,2022 | |||
Security deposits | 117.33 | 95.72 | ||
Bank deposit with remaining maturity more than 12 months | 0.64 | 1.86 | ||
Total | 117.97 | 97.58 | ||
NOTE 7 NON-CURRENT TAX ASSET (NET) | ||||
(Amount in ` million) | ||||
Particulars | As at | As at | ||
March 31,2023 | March 31,2022 | |||
Advance Income taxes (net) | 43.56 | 66.75 | ||
(Net of provisions of ` 2,311.32 million (` 1,875.79 million as at March | ||||
31, 2022)) | ||||
Total | 43.56 | 66.75 | ||
NOTE 8 OTHER NON-CURRENT ASSETS | ||||
(Amount in ` million) | ||||
Particulars | As at | As at | ||
March 31,2023 | March 31,2022 | |||
Unsecured, considered good | 70.17 | 148.16 | ||
Capital advances | ||||
Contract Assets (refer note below) | 37.47 | 56.51 | ||
Prepaid expenses | 11.89 | 14.45 | ||
Total | 119.53 | 219.12 | ||
(Amount in ` million) | ||||
Particulars | As at | As at | ||
March 31,2023 | March 31,2022 | |||
Contract Assets | ||||
Opening at April 01 | 56.51 | 59.62 | ||
Less : Revenue recognised from Opening Contract Assets | 9.52 | 3.11 | ||
Closing at March 31 | 46.99 | 56.51 | ||
Contract Assets Non- Current - Refer Note 8 | 37.47 | 56.51 | ||
Contract Assets Current - Refer Note 16 | 9.52 | - | ||
NOTE 9 INVENTORIES | ||||
(Amount in ` million) | ||||
Particulars | As at | As at | ||
March 31,2023 | March 31,2022 | |||
Raw materials and components | 1,011.61 | 1,003.97 | ||
Goods-in-transit- Raw Material | 47.73 | 86.84 | ||
1,059.34 | 1,090.81 |
Annual Report 2022-23 | 193 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 9 INVENTORIES (contd.) | |||
(Amount in ` million) | |||
Particulars | As at | As at | |
March 31,2023 | March 31,2022 | ||
Work-in-progress | 376.99 | 298.09 | |
Finished goods | 544.88 | 489.13 | |
Goods-in-transit-Finished Goods | 90.27 | 42.82 | |
635.15 | 531.95 | ||
Stock-in-trade | 73.91 | 63.33 | |
Stores and spares | 102.68 | 115.58 | |
Total | 2,248.07 | 2,099.76 | |
Write-downs of inventories to net realisable value amounted to ` 42.10 million (March 31, 2022 - NIL). These were recognised as an expense during the year and included in 'changes in value of inventories of work-in-progress,stock-in-trade and finished goods' in statement of profit and loss.
NOTE 10 CURRENT INVESTMENTS
(Amount in ` million) | |||
Particulars | As at | As at | |
March 31,2023 | March 31,2022 | ||
Investments measured at Fair value through Profit or Loss | |||
Investment in Mutual funds (Unquoted) | - | 2.00 | |
Kotak Liquid Direct Plan Growth | |||
No. of Units as on | |||
March 31, 2022 - 463.70 | |||
March 31, 2023 - NIL | - | 60.54 | |
HSBC Cash Fund-Direct Growth Plan | |||
No. of Units as on | |||
March 31, 2022 - 28,531.00 | |||
March 31, 2023 - NIL | 200.18 | 200.05 | |
HSBC Overnight Fund - Direct Growth | |||
No. of Units as on | |||
March 31, 2022 - 1,79,950.56 | |||
March 31, 2023 - 1,70,656.09 | - | 1.44 | |
Aditya Birla Sun Life Liquid Fund-Direct Growth Plan | |||
No. of Units as on | |||
March 31, 2022 - 4,202.26 | |||
March 31, 2023 - NIL | - | 206.89 | |
HSBC Low Duration Fund-Growth Direct Plan | |||
No. of Units as on | |||
March 31, 2022 - 1,15,28,196.53 | |||
March 31, 2023 - NIL | - | 360.69 | |
HSBC Short Duration Fund-Growth Direct Plan | |||
No. of Units as on | |||
March 31, 2022 - 1,02,81,027.40 | |||
March 31, 2023 - NIL | 583.84 | - | |
Axis Overnight fund - Direct Growth Plan | |||
No. of Units as on | |||
March 31, .2022 - NIL | |||
March 31, 2023 - 4,92,460.06 | 784.02 | 831.61 | |
Total | |||
194194 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 10 CURRENT INVESTMENTS (contd.)
Additional Information :
(Amount in ` million) | |||||||||||||
Particulars | As at | As at | |||||||||||
March 31,2023 | March 31,2022 | ||||||||||||
Aggregate amount of unquoted investment | 784.02 | 831.61 | |||||||||||
Aggregate amount of impairment in the value of investment | - | - | |||||||||||
NOTE 11 TRADE RECEIVABLES | |||||||||||||
(Amount in ` million) | |||||||||||||
Particulars | As at | As at | |||||||||||
March 31,2023 | March 31,2022 | ||||||||||||
Unsecured: | |||||||||||||
Considered good (refer note 34) | 3,893.79 | 3,880.07 | |||||||||||
Less: allowance for expected credit loss | (56.64) | (56.05) | |||||||||||
Total | 3,837.15 | 3,824.02 | |||||||||||
Aging of trade receivables as at March 31, 2023 | |||||||||||||
(Amount in ` million) | |||||||||||||
Particulars | Outstanding for following periods from due date of payment | Total | |||||||||||
Unbilled | Not due | Less than | 6 months - | 1 - 2 | 2 - 3 | More than | |||||||
6 months | 1 year | years | years | 3 years | |||||||||
Undisputed trade receivables - | (1,179.15) | 3,994.23 | 874.55 | 132.72 | 42.22 | 11.38 | 17.84 | 3,893.79 | |||||
considered good | |||||||||||||
Less : allowance for expected | (56.64) | ||||||||||||
credit loss | |||||||||||||
Total - Trade receivables | 3,837.15 |
Aging of trade receivables as at March 31, 2022
(Amount in ` million)
Particulars
Outstanding for following periods from due date of payment
Unbilled | Not due | Less than | 6 months - | 1 - 2 | 2 - 3 | More than |
6 months | 1 year | years | years | 3 years |
Total
Undisputed trade receivables - considered good
Less : allowance for expected credit loss
Total - Trade receivables
(404.65)
3,599.41
538.28
92.31
33.23
12.38
9.10
3,880.07
(56.05)
3,824.02
NOTE 12 CASH AND CASH EQUIVALENTS | |||
(Amount in ` million) | |||
Particulars | As at | As at | |
March 31,2023 | March 31,2022 | ||
Balances with banks | 398.28 | 409.50 | |
In current accounts | |||
Deposits with maturity of less than three months | - | 0.50 | |
Total | 398.28 | 410.00 | |
Annual Report 2022-23 | 195 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 13 OTHER BANK BALANCES | ||||
(Amount in ` million) | ||||
Particulars | As at | As at | ||
March 31,2023 | March 31,2022 | |||
Deposits with maturity of more than three months but less than 12 months | 660.00 | 118.74 | ||
Unclaimed dividend accounts with bank | 16.22 | 16.93 | ||
Total | 676.22 | 135.67 | ||
NOTE 14 LOANS | ||||
(Amount in ` million) | ||||
Particulars | As at | As at | ||
March 31,2023 | March 31,2022 | |||
Unsecured, considered good | 4.42 | 2.81 | ||
Loans to employees (refer note 34) | ||||
Total | 4.42 | 2.81 | ||
NOTE 15 OTHER CURRENT FINANCIAL ASSETS | ||||
(Amount in ` million) | ||||
Particulars | As at | As at | ||
March 31,2023 | March 31,2022 | |||
Derivatives designated as cash flow hedges | - | 3.13 | ||
Deferred government grants | - | 0.44 | ||
Bank Deposits with remaining maturity less than 12 months | 1,141.35 | 1,428.99 | ||
Security deposits | 2.59 | 2.59 | ||
Insurance claims receivables | - | 0.61 | ||
Interest accrued on deposits | 35.95 | 31.14 | ||
Accrued export benefits | 4.93 | 12.78 | ||
Total | 1,184.82 | 1,479.68 | ||
NOTE 16 OTHER CURRENT ASSETS | ||||
(Amount in ` million) | ||||
Particulars | As at | As at | ||
March 31,2023 | March 31,2022 | |||
Advance to employees | 2.86 | 2.06 | ||
Advances to suppliers | 202.77 | 179.47 | ||
Prepaid expenses | 57.10 | 46.78 | ||
Balances with government authorities | 13.53 | 60.78 | ||
Contract Assets | 9.52 | - | ||
Other current assets | 4.58 | 0.16 | ||
Total | 290.36 | 289.25 | ||
196196 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 17 EQUITY SHARE CAPITAL
- Authorised, Issued, subscribed and paid up share capital:
(Amount in ` million) | ||||
Particulars | As at March 31,2023 | As at March 31,2022 | ||
Number of | Amount | Number of | Amount | |
shares | shares | |||
Authorised: | ||||
Equity shares of ` 1 each | 15,00,00,000 | 150.00 | 15,00,00,000 | 150.00 |
Redeemable preference shares of ` 100 each | 1,00,000 | 10.00 | 1,00,000 | 10.00 |
Total | 15,01,00,000 | 160.00 | 15,01,00,000 | 160.00 |
Issued, subscribed and fully paid up: | ||||
Equity shares of ` 1each | 14,36,43,940 | 143.64 | 14,36,43,940 | |
143.64 | ||||
Total | 14,36,43,940 | 143.64 | 14,36,43,940 | 143.64 |
- Rights, preferences and restrictions attached to Equity shares:
The Company has only one class of share referred to as Equity shares having a par value of ` 1 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the unlikely event of liquidation of the Company, the holders of Equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number and amount paid on equity shares held by the shareholders.
- Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting year :
(Amount in ` million) | ||||
Particulars | As at March 31,2023 | As at March 31,2022 | ||
Number of | Amount | Number of | Amount | |
shares held | shares held | |||
Outstanding as at the beginning and end of the | 14,36,43,940 | 143.64 | 14,36,43,940 | 143.64 |
year | ||||
There were no bonus shares issued or alloted for consideration other than cash or shares bought back during the current financial year and immediately preceding financial year.
- Details of shares held by the Holding /ultimate Holding company :
Particulars | As at March 31,2023 | As at March 31,2022 | ||
Number of | % of | Number of | % of | |
shares held | Shareholding | shares held | Shareholding | |
Equity shares of ` 1 each fully paid up held | 7,56,17,079 | 52.64 | 7,56,17,079 | 52.64 |
by Asia Investments Private Limited (Holding | ||||
Company) |
- Details of shares held by each shareholder holding more than 5% of the aggregate shares in the Company :
Particulars | As at March 31,2023 | As at March 31,2022 | ||
Number of | % of | Number of | % of | |
shares held | Shareholding | shares held | Shareholding | |
Equity shares of ` 1 each fully paid up held by | 7,56,17,079 | 52.64 | 7,56,17,079 | 52.64 |
Asia Investments Private Limited | ||||
Annual Report 2022-23 | 197 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 17 EQUITY SHARE CAPITAL (contd.)
- Details of Promoters shareholding :
Name of the promoter | Number of | % of total | Number of | % of total | % of change | |||||||
shares March | number | shares March | number of | during | ||||||||
31, 2023 | of shares | 31, 2022 | shares | the year | ||||||||
Deep C Anand | 21,45,786 | 1.49 | 21,45,786 | 1.49 | 0.00 | |||||||
Anjali Anand | 6,41,942 | 0.45 | 6,41,942 | 0.45 | 0.00 | |||||||
Kiran D Anand | 5,99,360 | 0.42 | 5,99,360 | 0.42 | 0.00 | |||||||
Asia Investments Private | 7,56,17,079 | 52.64 | 7,56,17,079 | 52.64 | 0.00 | |||||||
Limited | ||||||||||||
Total | 7,90,04,167 | 55.00 | 7,90,04,167 | 55.00 | - | |||||||
NOTE 18 OTHER EQUITY | ||||||||||||
(Amount in ` million) | ||||||||||||
Particulars | As at | As at | ||||||||||
March 31,2023 | March 31,2022 | |||||||||||
a) | Securities Premium account | |||||||||||
Balance as at beginning and end of the year | 271.77 | 271.77 | ||||||||||
b) | General Reserve | |||||||||||
Balance as at beginning and end of the year | 387.57 | 387.57 | ||||||||||
c) | Retained earnings | |||||||||||
Balance as at beginning of the year | 6,862.92 | 6,161.02 | ||||||||||
Net profit for the period | 1,323.53 | 895.15 | ||||||||||
Items of other comprehensive income recognised directly in retained | ||||||||||||
earnings | ||||||||||||
- Remeasurements of post-employment benefit obligation, net of tax | (14.35) | (13.70) | ||||||||||
Dividends | 272.92 | 179.55 | ||||||||||
Balance as at end of the year | 7,899.18 | 6,862.92 | ||||||||||
d) Cash flow hedge reserve | ||||||||||||
Balance as at beginning of the year | 1.90 | (0.88) | ||||||||||
Net gains / (loss) on cash flow hedges, net of tax | (1.44) | 2.78 | ||||||||||
Balance as at end of the year | 0.46 | 1.90 | ||||||||||
Total | 8,558.98 | 7,524.15 |
NATURE OF RESERVES
Securities Premium : Securities Premium account comprises of the premium on issue of shares. The reserve is utilised in accordance with the specific provisions of the Companies Act, 2013.
General Reserve : The General Reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in the General reserve will not be reclassified subsequently to the statement of profit and loss.
Cash Flow Hedge Reserve : The Cash Flow Hedge Reserve represents the cumulative effective portion of gains or losses arising on changes in fair value of designated portion of hedging instruments entered into for cash flow hedges. The cumulative gain or loss arising on changes in fair value of the designated portion of the hedging instruments that are recognised and accumulated under the heading of cash flow hedge reserve will be reclassified to statement of profit and loss only when the hedged items affect the profit or loss.
Retained Earnings: Retained Earnings comprises of the undistributed earning after tax, kept aside to meet future (known or unknown) obligations.
198198 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 19 LEASE LIABILITIES | |||||||
(Amount in ` million) | |||||||
Particulars | As at | As at | |||||
March 31,2023 | March 31,2022 | ||||||
Lease Liabilities | 93.72 | 111.06 | |||||
Non Current Lease Obligations | |||||||
Current Lease Obligations | 17.92 | 17.92 | |||||
Total | 111.64 | 128.98 | |||||
Net debt reconciliation | |||||||
This section sets out an analysis of net debt and the movements in net debt for each of the periods presented | |||||||
(Amount in ` million) | |||||||
Particulars | As at | As at | As at | ||||
March 31,2023 | March 31,2022 | March 31,2021 | |||||
Cash and cash equivalents | 398.28 | 410.00 | 128.96 | ||||
Lease Liabilities | (111.64) | (128.98) | (146.68) | ||||
Deposits | (0.32) | (0.46) | (0.76) | ||||
Investments | 784.02 | 831.61 | 150.68 | ||||
Net cash/(debt) | 1,070.34 | 1,112.17 | 132.19 | ||||
(Amount in ` million) | ||||||||
Other assets | Liabilities from financing | Total | ||||||
activities | ||||||||
Cash and Cash | Investments | Lease | Deposits | |||||
Equivalents | obligations | |||||||
Net (debt)/cash as at | 128.96 | 150.68 | (146.68) | (0.76) | 132.19 | |||
April 01, 2021 | ||||||||
Cash Flow | 281.04 | 17.70 | 0.30 | |||||
653.37 | 952.40 | |||||||
Interest Expenses | - | (14.36) | - | |||||
- | (14.36) | |||||||
Interest Paid | - | 14.36 | - | |||||
- | 14.36 | |||||||
Fair value adjustments | - | - | - | |||||
27.56 | 27.56 | |||||||
Net (debt)/cash as at | 410.00 | (128.98) | (0.46) | |||||
831.61 | 1,112.16 | |||||||
March 31, 2022 | ||||||||
Cash Flow | (11.72) | (38.12) | 17.34 | 0.14 | (32.35) | |||
Interest Expenses | - | |||||||
- | - | (10.67) | (10.67) | |||||
Interest Paid | - | |||||||
- | - | 10.67 | 10.67 | |||||
Fair value adjustments | - | |||||||
- | (9.47) | - | (9.47) | |||||
Net (debt)/cash as at | (0.32) | |||||||
398.28 | 784.02 | (111.64) | 1,070.33 | |||||
March 31, 2023 | ||||||||
NOTE 20 NON-CURRENT PROVISIONS | ||||||||
(Amount in ` million) | ||||||||
Particulars | As at | As at | ||||||
March 31,2023 | March 31,2022 | |||||||
Provision for employee benefits: | 94.49 | 110.38 | ||||||
Compensated absences | ||||||||
Gratuity (refer note 39) | 36.81 | 37.44 | ||||||
Total | 131.30 | 147.82 | ||||||
Annual Report 2022-23 | 199 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 21 DEFERRED TAX LIABILTIES (NET)
(Amount in ` million)
Property, plant | Expenditure |
and equipment | allowable for tax |
and investment | purpose on |
property | payment basis |
Derivatives
Defined benefit obligation
Other Temporary differences
Total
At April 1, 2021
Changed / (Credited)
- to Profit or loss
- to other comprehensive income
At March 31, 2022
Changed / (Credited)
- to Profit or loss
- to other comprehensive income
202.42
46.30
-
248.72
8.05
-
(15.24)
(8.11)
-
(23.35)
(0.01)
-
(1.81)
-
0.94
(0.87)
-
(0.49)
(22.33)
-
(4.61)
(26.94)
-
(4.82)
(57.68)
4.71
-
(52.97)
11.98
-
105.36
42.90
(3.67)
144.59
20.02
(5.31)
At March 31, 2023 | 256.77 | (23.36) | (1.36) | (31.76) | (40.99) | 159.30 | |||||||||
NOTE 22 TRADE PAYABLES | |||||||||||||||
(Amount in ` million) | |||||||||||||||
Particulars | As at | As at | |||||||||||||
March 31,2023 | March 31,2022 | ||||||||||||||
Total Outstanding dues of micro enterprises and small enterprises | 526.52 | 815.30 | |||||||||||||
(refer note 41) | 3,878.02 | 3,916.11 | |||||||||||||
Total Outstanding dues of Creditors other than micro enterprises and small | |||||||||||||||
enterprises | 4,404.54 | 4,731.41 | |||||||||||||
Total | |||||||||||||||
Aging of trade payable as at March 31, 2023 | (Amount in ` million) | ||||||||||||||
Particulars | Outstanding for following periods from due date of payment | Total | |||||||||||||
Unbilled | Not Due | Less than | 1-2 years | 2-3 years | More than | ||||||||||
1 year | 3 years | ||||||||||||||
(i) MSME | - | 397.07 | 128.79 | 0.14 | 0.20 | 0.32 | 526.52 | ||||||||
(ii) Others | - | 2,094.66 | 1,053.58 | 4.71 | 1.43 | (6.54) | 3,147.84 | ||||||||
(iii) Unbilled amount | 730.18 | - | - | - | - | - | 730.18 | ||||||||
Total -Trade payable | 730.18 | 2,491.73 | 1,182.37 | 4.85 | 1.63 | (6.22) | 4,404.54 | ||||||||
Aging of trade payable as at March 31, 2022 | (Amount in ` million) | ||||||||||||||
Particulars | Outstanding for following periods from due date of payment | Total | |||||||||||||
Unbilled | Not Due | Less than | 1-2 years | 2-3 years | More than | ||||||||||
1 year | 3 years | ||||||||||||||
(i) MSME | - | 535.05 | 277.74 | 0.90 | 0.66 | 0.95 | 815.30 | ||||||||
(ii) Others ) Others | - | 2,365.12 | 590.87 | 2.06 | 0.86 | 1.30 | 2,960.20 | ||||||||
(iii) Unbilled amount | 955.91 | - | - | - | - | - | 955.91 | ||||||||
Total -Trade payable | 955.91 | 2,900.15 | 868.60 | 2.97 | 1.52 | 2.25 | 4,731.41 |
2002 0 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 23 OTHER FINANCIAL LIABILITES | |||||
(Amount in ` million) | |||||
Particulars | As at | As at | |||
March 31,2023 | March 31,2022 | ||||
Unclaimed dividends * | 16.22 | 16.92 | |||
Employee benefits payable | 225.12 | 206.90 | |||
Fixed deposits (Unsecured) | 0.04 | 0.04 | |||
Unclaimed matured deposits | 0.07 | 0.21 | |||
Unclaimed interest on deposits | 0.21 | 0.21 | |||
Capital creditors | 64.40 | 46.08 | |||
Contract Liability (refer note) | - | 5.50 | |||
Derivatives designated as cash flow hedges-foreign exchange forward | 8.11 | - | |||
contracts | |||||
Deposit from customers | 48.78 | 43.74 | |||
Other financial liabilities | 4.65 | 0.14 | |||
Total | 367.60 | 319.74 | |||
*There are no amounts due and outstanding to be credited to Investor Education and Protection Fund. | |||||
(Amount in ` million) | |||||
Particulars | As at | As at | |||
March 31,2023 | March 31,2022 | ||||
Contract Liabilities | |||||
Opening at April 01 | 5.50 | 36.20 | |||
Less: Payments during the year | 5.50 | 30.70 | |||
Closing at March 31 | - | 5.50 | |||
NOTE 24 OTHER CURRENT LIABILITES | |||||
(Amount in ` million) | |||||
Particulars | As at | As at | |||
March 31,2023 | March 31,2022 | ||||
Statutory tax payables | 110.03 | 153.14 | |||
Others (advance from customers, etc.) | 89.44 | 80.53 | |||
Total | 199.47 | 233.67 | |||
NOTE 25 CURRENT PROVISIONS | |||||
(Amount in ` million) | |||||
Particulars | As at | As at | |||
March 31,2023 | March 31,2022 | ||||
Provision for employee benefits: | |||||
Compensated absences | 67.74 | 24.32 | |||
Gratuity (refer note 39) | 24.37 | 3.41 | |||
Superannuation | 1.64 | 5.21 | |||
Provision for others: | 93.75 | 32.94 | |||
Warranty (refer note A) | 46.76 | 37.85 | |||
Other provision (refer note B) | 63.04 | 86.16 | |||
109.80 | 124.01 | ||||
Total | 203.55 | 156.95 | |||
Annual Report 2022-23 | 201 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 25 CURRENT PROVISIONS (contd.) | |||
Notes: | |||
A. Details of warranty provision | |||
(Amount in ` million) | |||
Particulars | As at | As at | |
March 31,2023 | March 31,2022 | ||
Carrying amount as at April 01 | 37.85 | 57.20 | |
Additional Provision made during the year | 69.57 | 8.50 | |
Less : Amount paid / utilised during the year | 60.66 | 27.85 | |
Carrying amount as at March 31 | 46.76 | 37.85 | |
Provision is made for estimated warranty claims in respect of products sold which are still under warranty at the end of the
reporting period. These claims are expected to be settled in the next financial year. Management estimates the provision based on
historical warranty claim information and any recent trends that may suggest future claims could differ from historical amounts.
B. Details of other provision | |||
(Amount in ` million) | |||
Particulars | As at | As at | |
March 31,2023 | March 31,2022 | ||
Carrying amount as at April 01 | 86.16 | 75.08 | |
Additional Provision made during the year | - | 11.08 | |
Less : Reversal during the year | 12.01 | - | |
Less : Amount paid / utilised during the year | 11.11 | - | |
Carrying amount as at March 31 | 63.04 | 86.16 | |
Other provision represents estimates made for probable claims arising out of litigations/disputes pending with authorities under various statutes. The probability and the timing of the outflow with regard to these matters depend on the ultimate settlement/
conclusion with the relevant authorities.
NOTE 26 REVENUE FROM OPERATIONS | ||||
(Amount in ` million) | ||||
Particulars | For the year ended | For the year ended | ||
March 31,2023 | March 31, 2022 | |||
Sale of products | ||||
Finished goods | 29,002.65 | 22,712.86 | ||
Traded goods | 418.77 | 391.69 | ||
Total | 29,421.42 | 23,104.55 | ||
Sale of services | 74.85 | 40.52 | ||
Other operating revenue | ||||
Scrap sales | 194.54 | 154.57 | ||
Export incentives | 24.09 | 19.06 | ||
Government incentive received | 2.48 | 1.19 | ||
Total | 221.11 | 174.82 | ||
Total | 29,717.38 | 23,319.89 | ||
Reconciling the amount of revenue recognised in the statement of profit or loss with the contracted price | ||||
(Amount in ` million) | ||||
Particulars | For the year ended | For the year ended | ||
March 31,2023 | March 31, 2022 | |||
Revenue as per contracted price | 30,592.79 | 23,369.26 | ||
Adjustments | ||||
Discounts | (362.23) | (321.06) | ||
Price changes | (509.04) | 283.44 | ||
Others | (30.72) | (32.00) | ||
Revenue from contract with customers* | 29,690.80 | 23,299.64 | ||
202202 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
*Excludes export incentives and government incentives
NOTE 27 OTHER INCOME
(Amount in ` million) | ||||
Particulars | For the year ended | For the year ended | ||
March 31,2023 | March 31, 2022 | |||
Income tax refund | - | 8.20 | ||
Rental income | 4.59 | 4.78 | ||
Foreign exchange fluctuation (net) | 33.36 | 57.44 | ||
Dividend income from non current Investments | 0.07 | - | ||
Interest income on fixed deposits with banks | 101.92 | 74.20 | ||
Interest income from financial asset at amortised cost | 6.13 | 5.44 | ||
Profit on disposal of property plant and equipment (net) | 2.19 | - | ||
Fair value changes in mutual fund (net) | 2.21 | 19.26 | ||
Profit on sale of mutual fund | 7.58 | 6.20 | ||
Provisions no longer required written back | 6.02 | 8.70 | ||
Miscellaneous income | 9.82 | 77.45 | ||
Total | 173.89 | 261.67 | ||
NOTE 28a COST OF MATERIAL CONSUMED | ||||
(Amount in ` million) | ||||
Particulars | For the year ended | For the year ended | ||
March 31,2023 | March 31, 2022 | |||
Opening inventory of Raw Material | 1,090.81 | 1,029.33 | ||
Add: Purchases | 22,481.71 | 17,692.72 | ||
23,572.52 | 18,722.05 | |||
Less: Closing inventory of Raw Material | 1,059.34 | 1,090.81 | ||
Total | 22,513.18 | 17,631.24 | ||
NOTE 28b PURCHASES OF STOCK-IN-TRADE (TRADED GOODS) | ||||
(Amount in ` million) | ||||
Particulars | For the year ended | For the year ended | ||
March 31,2023 | March 31, 2022 | |||
Purchase of stock-in-trade | 367.59 | 310.11 | ||
Total | 367.59 | 310.11 | ||
NOTE 28c CHANGES IN INVENTORIES OF FINISHED GOODS,WORK IN PROGRESS AND STOCK IN TRADE | ||||
(Amount in ` million) | ||||
Particulars | For the year ended | For the year ended | ||
March 31,2023 | March 31, 2022 | |||
Inventories at the beginning of the year : | ||||
Finished goods | 531.95 | 427.58 | ||
Work-in-progress | 298.09 | 328.87 | ||
Stock-in-trade | 63.33 | 58.60 | ||
Inventories at the end of the year : | 893.37 | 815.05 | ||
Finished goods | 635.15 | 531.95 | ||
Work-in-progress | 376.99 | 298.09 | ||
Stock-in-trade | 73.91 | 63.33 | ||
1,086.05 | 893.37 | |||
Total | (192.68) | (78.32) | ||
Annual Report 2022-23 | 203 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 29 EMPLOYEE BENEFIT EXPENSES | ||||
(Amount in ` million) | ||||
Particulars | For the year ended | For the year ended | ||
March 31,2023 | March 31, 2022 | |||
Salaries, wages and bonus | 1,470.68 | 1,310.61 | ||
Contributions to provident and other funds | 86.90 | 82.97 | ||
Gratuity expense (refer note 39) | 24.22 | 21.69 | ||
Staff welfare expenses | 249.24 | 181.73 | ||
Total | 1,831.04 | 1,597.00 | ||
NOTE 30 DEPRECIATION AND AMORTISATION EXPENSES | ||||
(Amount in ` million) | ||||
Particulars | For the year ended | For the year ended | ||
March 31,2023 | March 31, 2022 | |||
Depreciation of property, plant and equipment | 451.93 | 378.60 | ||
Depreciation of Right of Use assets | 21.45 | 24.68 | ||
Depreciation of investment properties | 0.39 | 0.39 | ||
Amortisation of intangible assets | 12.08 | 9.94 | ||
Total | 485.85 | 413.61 | ||
NOTE 31 OTHER EXPENSES | ||||
(Amount in ` million) | ||||
Particulars | For the year ended | For the year ended | ||
March 31,2023 | March 31, 2022 | |||
Consumption of stores and spare parts | 289.48 | 217.86 | ||
Power and fuel | 428.23 | 314.71 | ||
Rent | 18.56 | 16.56 | ||
Contractual labour expenses | 448.09 | 317.67 | ||
Repairs and maintenance | ||||
Building | 17.51 | 16.69 | ||
Machinery | 225.18 | 199.84 | ||
Others | 54.01 | 53.58 | ||
Insurance | 26.03 | 21.00 | ||
Rates and taxes | 15.46 | 29.25 | ||
Communication | 13.83 | 11.92 | ||
Travelling and conveyance | 78.11 | 30.33 | ||
Printing and stationery | 10.28 | 7.51 | ||
Freight and forwarding | 505.52 | 417.53 | ||
Business promotion expenses | 35.44 | 20.51 | ||
Royalty | 24.11 | 15.50 | ||
Expenditure towards corporate social responsibility (CSR) (refer to note 46) | 20.71 | 21.68 | ||
Legal and professional fees (refer to note 34) | 645.26 | 521.33 | ||
Payments to auditors ( refer note below) | 6.13 | 4.91 | ||
Provision for doubtful trade and other receivables | 0.59 | 15.21 | ||
Directors fees and commission | 25.08 | 14.49 | ||
Warranty costs | 69.57 | 8.50 | ||
Miscellaneous expenses | 104.18 | 123.59 | ||
Total | 3,061.36 | 2,400.59 | ||
204204 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 31 OTHER EXPENSES (contd.) | ||||
(Amount in ` million) | ||||
Particulars | For the year ended | For the year ended | ||
March 31,2023 | March 31, 2022 | |||
Payments to auditors | ||||
As auditors | 5.70 | 4.75 | ||
Reimbursement of expenses | 0.43 | 0.16 | ||
Total | 6.13 | 4.91 | ||
NOTE 32 FINANCE COSTS | ||||
(Amount in ` million) | ||||
Particulars | For the year ended | For the year ended | ||
March 31,2023 | March 31, 2022 | |||
Interest and finance charges on lease liabilities | 10.67 | 14.36 | ||
Interest to others | 35.18 | 28.38 | ||
Total | 45.85 | 42.74 | ||
NOTE 33 INCOME TAXES
- Tax expense recognised in profit and loss
(Amount in ` million) | ||||
Particulars | For the year ended | For the year ended | ||
March 31,2023 | March 31, 2022 | |||
Current tax expense for the year | 432.98 | 320.21 | ||
Tax expense charge / (credit) relating to prior years | 2.55 | 6.33 | ||
Net Current tax expense for the year | 435.53 | 326.54 | ||
Net deferred income tax liability/(Asset) | ||||
Origination and reversal of temporary differences | 20.02 | 42.90 | ||
Total | 455.55 | 369.44 | ||
b Tax expense recognised in other comprehensive income | ||||
(Amount in ` million) | ||||
Particulars | For the year ended | For the year ended | ||
March 31,2023 | March 31, 2022 | |||
Items that will not be reclassified to profit or loss in subsequent | ||||
period | ||||
Remeasurements of the defined benefit plans | (4.82) | (4.61) | ||
Items that may be reclassified to profit or loss in subsequent period | ||||
The effective portion of gains and loss on hedging instruments in | (0.49) | 0.94 | ||
cash flow hedge | ||||
Total | (5.31) | (3.67) | ||
c | Reconciliation of effective tax rate | |||
(Amount in ` million) | ||||
Particulars | For the year ended | For the year ended | ||
March 31,2023 | March 31, 2022 | |||
Profit from operation | 1,779.08 | 1,264.59 | ||
Tax at the Indian tax rate of 25.17% for CY; 25.17% for PY | 447.76 | 318.27 | ||
Tax effects of amounts which are not taxable in calculating taxable | ||||
income | ||||
Tax related to previous year | 2.55 | 6.33 | ||
Deferred tax previous year | - | 34.74 | ||
Other items(Permanent difference) | 5.24 | 10.10 | ||
Total | 455.55 | 369.44 | ||
Annual Report 2022-23 | 205 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 34 RELATED PARTY DISCLOSURES
-
Names of related parties and related party relationship (with whom Company has transactions during the year) Category I - Holding Company
Asia Investments Private Limited
Category II- Fellow Subsidiaries
Anand Automotive Private Limited
Anand I-Power India Limited (erstwhile Perfect Circle India Limited 'PCIL') Victor Gaskets India Limited
Anand CY Myutec Automotive Private Limited (erstwhile Chang Yun India Private Limited) Anchemco Limited
Category III- Individuals having control or significant influence over the Company by reason of voting power and their relatives
Mrs. Anjali Singh- Executive Chairperson
Category IV- Enterprise, over which control is held by individuals or through relative(s) listed in 'Category III' above
Anchemco Anand LLP (formerly Anchemco )
Anfilco Limited
Sujan Tiger Polo Foundation Ansysco Anand LLP
SNS Foundation
Category V- Other Related Parties - Entities which are member of the group
Dana Anand India Private Limited (Formerly Spicer India Private Limited)
Mahle Anand Thermal India Private Limited (Formerly Mahle Behr India Private Limited)
Mahle Anand Filter Systems India Private Limited (Formerly Mahle Filter Systems India Private Limited) Mando Automotive India Private Limited
Ansysco Anand LLP (formerly Ansysco) Haldex Anand India Private Limited
- Entities which are member of the group
206206
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 34 RELATED PARTY DISCLOSURES (contd.)
- Entities where Director of the company is Director
Grant Thornton Advisory Private Limited (Common Director- Pallavi Joshi Bakhru) Sunbeam Lightweighting Solution Pvt Ltd (Common Director -Aditya Vij)
Category VI - Key Managerial Personnel (KMP) and their Relatives
-
KMPs
Mrs. Anjali Singh (Executive Chairperson) Mr. Manoj Kolhatkar (Managing Director) Mr. Atul Jaggi (Deputy Managing Director)
Mr. Rishi Luharuka (Chief Financial Officer)
Mr. Nilesh Jain (Company Secretary) - Relative of KMPs Deep C Anand
Kiran D Anand
Category VII - Non Executive Director
Mr. Jagdish Kumar (Director)
Mr. Aditya Vij (Independent Director retired on March 30, 2023)
Ms. Matangi Gowrishankar (independent Director)
Mr. Pradeep Banerjee (Independent Director)
Mrs. Pallavi Joshi Bakhru (Independent Director)
Ms. Mahua Acharya (Independent Director w.e.f. March 31, 2023)
Annual Report 2022-23 | 207 |
208208 Gabriel India Limited
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 34 RELATED PARTY DISCLOSURES (contd.)
-
Transactions with Related parties:
Summary of Related Party Transactions for the Year
Enterprises over | (Amount in ` million) | ||||||||||||
which control | Key Managerial | ||||||||||||
is exercised | |||||||||||||
Personnel or their | |||||||||||||
Fellow Subsidiary | by Individuals | Other Related | |||||||||||
Holding Company | relatives/ | Total | |||||||||||
Particulars | Companies | having Significant | Parties | ||||||||||
Non Executive | |||||||||||||
influence over the | |||||||||||||
Director | |||||||||||||
company or their | |||||||||||||
relatives | |||||||||||||
March | March | March | March | March | March | March | March | March | March | March | March | ||
31, 2023 | 31, 2022 | 31, 2023 | 31, 2022 | 31, 2023 | 31, 2022 | 31, 2023 | 31, 2022 | 31, 2023 | 31, 2022 | 31, 2023 | 31, 2022 | ||
Transactions during the year | |||||||||||||
Sales of products | - | - | - | - | 14.22 | - | 18.81 | 51.84 | - | - | 33.03 | 51.84 | |
Recovery of expenses from | - | - | 7.40 | 12.39 | - | 0.11 | 5.21 | 2.99 | - | - | 12.61 | 15.49 | |
related parties | |||||||||||||
Sponsorship fees | - | - | - | - | 15.00 | 12.00 | - | - | - | - | 15.00 | 12.00 | |
Purchase of raw material and | - | - | - | 20.62 | 37.41 | 13.80 | 30.54 | 17.67 | - | - | 67.95 | 52.09 | |
components | |||||||||||||
Management Fees | - | - | 585.35 | 460.34 | - | - | - | - | - | - | 585.35 | 460.34 | |
Payment of Reimbursement of | - | 0.18 | 34.87 | 18.15 | 0.17 | - | 1.84 | - | 1.91 | 1.79 | 38.79 | 20.12 | |
expenses | |||||||||||||
Remuneration to Key Managerial | - | - | - | - | - | - | - | - | 144.93 | 111.64 | 144.93 | 111.64 | |
Personnel * | |||||||||||||
Contribution to CSR activity | - | - | - | - | - | - | 20.71 | 21.68 | - | - | 20.71 | 21.68 | |
Purchase of Property,Plant & | - | - | - | - | - | - | 2.04 | - | - | - | 2.04 | - | |
Equipment | |||||||||||||
Purchase of investment | - | - | - | - | - | - | 40.00 | - | - | - | 40.00 | - | |
properties | |||||||||||||
Intangible Assets-Acquired | - | - | 1.14 | - | - | - | - | - | - | - | 1.14 | - | |
Advances to employees | - | - | - | - | - | - | - | - | - | 1.05 | - | 1.05 | |
Director's sitting fees | - | - | - | - | - | - | - | - | 0.30 | 0.27 | 0.30 | 0.27 | |
Sale of Property,Plant & | - | - | - | - | - | - | 0.81 | - | - | - | 0.81 | - | |
Equipment | |||||||||||||
Commission to Independent | - | - | - | - | - | - | - | - | 10.00 | 8.00 | 10.00 | 8.00 | |
Directors * | |||||||||||||
- | - | 4.04 | 4.09 | 0.46 | - | 0.46 | 0.54 | - | - | 4.96 | 4.63 | ||
Rental income | |||||||||||||
Dividend Expenses | 143.67 | 94.52 | - | - | - | - | - | - | 6.44 | 0.81 | 150.11 | 95.33 | |
Rent expenses | - | - | 4.79 | 4.63 | 2.96 | 3.18 | 0.42 | 0.54 | - | - | 8.17 | 8.35 | |
Note :- |
- Transaction amount is exclusive of Taxes
- Transaction are made at arm's length.
* Commission to Directors are based on the provision basis.
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 34 RELATED PARTY DISCLOSURES (contd.)
C Balances outstanding
(Amount in ` million) | ||||
Balances | As at | As at | ||
March 31,2023 | March 31,2022 | |||
Holding Company | ||||
Deposits | 83.20 | 83.20 | ||
Fellow Subsidiary Companies | ||||
Trade receivables | 11.20 | 0.06 | ||
Trade payables | (88.89) | (62.46) | ||
Enterprises over which control is exercised by Individuals having | ||||
Significant influence over the Company. | ||||
Trade receivables | 0.46 | - | ||
Trade payables | (2.77) | (2.50) | ||
Other Related Parties | ||||
Trade receivables | 11.12 | 7.55 | ||
Trade payables | (17.12) | (1.61) | ||
Key Managerial Personnel/Non Executive Director | ||||
Loan to KMPs | 0.58 | 1.05 | ||
Advances to KMPs | 0.17 | (0.14) | ||
Other balance payables | (0.16) | (0.14) | ||
Terms and conditions for outstanding balances
- Payables/Liabilities are denoted in brackets.
- Transaction with the Related Parties includes Taxes.
- Outstanding balances at the year-end are unsecured and repayable in cash.
- There have been no guarantees provided or received for any related party receivables or payables.
- For the year ended March 31, 2023, the Company has not recorded any impairment of receivables relating to amounts owed by related parties (March 31, 2022: Nil). This assessment is undertaken each financial year through examining the financial position of the related party and the market in which the related party operates.
- Compensation of Key Managerial Personnel
(Amount in ` million) | ||||
Nature of Transaction/Related Party | March 31,2023 | March 31,2022 | ||
Short-term employee benefits** | 122.57 | 101.99 | ||
Long term employee benefits | 5.90 | 5.30 | ||
Post-employment benefits | 16.46 | 4.35 | ||
*Total | 144.93 | 111.64 | ||
- Does not include Reimbursement of Expenses and Dividend Paid on the share held by KMPs
- Short Term Employee Benefits includes provisions of ` 14.78 million (`12.65 million in March 31,2022) for variable compensation to Chairperson.
Annual Report 2022-23 | 209 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 35 FAIR VALUE MEASUREMENT
- Categories of Financial Instruments
(Amount in ` million)
As at | As at | |||||||||
Particulars | Note | March 31, 2023 | March 31, 2022 | |||||||
Carrying value | Fair value | Carrying value | Fair value | |||||||
A. | Financial Assets | |||||||||
a) Measured at amortised cost | ||||||||||
Cash and cash equivalents | 12 | 398.28 | 398.28 | 410.00 | 410.00 | |||||
Other bank balances | 13 | 676.22 | 676.22 | 135.67 | 135.67 | |||||
Loans | 5 & 14 | 14.72 | 14.72 | 13.32 | 13.32 | |||||
Trade receivables | 11 | 3,837.15 | 3,837.15 | 3,824.02 | 3,824.02 | |||||
Other financial assets | 6 & 15 | 1,302.79 | 1,302.79 | 1,574.13 | 1,574.13 | |||||
Subtotal | 6,229.16 | 6,229.16 | 5,957.14 | 5,957.14 | ||||||
b) Measured at Fair value through Profit | ||||||||||
or Loss | ||||||||||
Investments in equity shares | 4 | 11.40 | 11.40 | 6.40 | 6.40 | |||||
Investment In mutual funds | 10 | 784.02 | 784.02 | 831.61 | 831.61 | |||||
Subtotal | 795.42 | 795.42 | 838.01 | 838.01 | ||||||
c) Measured at Fair Value through Other | ||||||||||
Comprehensive Income | ||||||||||
Derivative instruments designated as | 15 | - | - | 3.13 | 3.13 | |||||
hedging instruments | ||||||||||
Subtotal | - | - | 3.13 | 3.13 | ||||||
Total financial assets | 7,024.58 | 7,024.58 | 6,798.28 | 6,798.28 | ||||||
(Amount in ` million) | ||||||||||
As at | As at | |||||||||
Particulars | Note | March 31,2023 | March 31,2022 | |||||||
Carrying value | Fair value | Carrying value | Fair value | |||||||
B. | Financial Liabilities | |||||||||
a) Measured at amortised cost | ||||||||||
Lease Liabilities | 19 | 111.64 | 111.64 | 128.98 | 128.98 | |||||
Trade Payables | 22 | 4,404.54 | 4,404.54 | 4,731.41 | 4,731.41 | |||||
Other Financial Liabilties | 23 | 359.50 | 359.50 | 319.74 | 319.74 | |||||
Subtotal | 4,875.68 | 4,875.68 | 5,180.13 | 5,180.13 | ||||||
b) Derivatives measured at fair value | ||||||||||
Derivative instruments designated as | 23 | 8.11 | 8.11 | - | - | |||||
hedging instruments | ||||||||||
Total financial Liabilties | 4,883.79 | 4,883.79 | 5,180.13 | 5,180.13 | ||||||
The carrying amounts of trade receivables, trade payables, capital creditors and cash and cash equivalents are considered to be the same as their fair values, due to their short-term nature.
-
Fair value hierachy
Fair value of the financial instruments is classified in various fair value hierarchies based on the following three levels:
Level 1: Quoted prices (unadjusted) in active market for identical assets or liabilities.
Level 2: Inputs other than quoted price included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
210210
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 35 FAIR VALUE MEASUREMENT (contd.)
The fair value of financial instruments that are not traded in an active market is determined using market approach and valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.
Derivatives are valued using valuation techniques with market observable inputs such as foreign exchange spot rates and forward rates at the end of the reporting period, yield curves, risk free rate of returns, volatility etc., as applicable. Investment in mutual funds are valued based on the NAV obtained from asset management company.
Level 3: Inputs for the assets or liabilities that are not based on observable market data (unobservable inputs).
The fair value of trade receivables, trade payables and other Current financial assets and liabilities is considered to be equal
to the carrying amounts of these items due to their short-term nature. Where such items are Non-current in nature, the
same has been classified as Level 3 and fair value determined using discounted cash flow basis.
There has been no change in the valuation methodology for Level 3 inputs during the year. The Company has not classified any material financial instruments under Level 3 of the fair value hierarchy. There were no transfers between Level 1 and
Level 2 during the year.
The following table presents the fair value hierarchy of assets and liabilities measured at fair value on a recurring basis:
(Amount in ` million) | |||||
Particulars | Fair value | As at | As at | ||
Hierachy (Level) | March 31,2023 | March 31,2022 | |||
Financial Assets | |||||
Measured at fair Value through Profit or Loss | 11.40 | 6.40 | |||
Investment in Equity Shares | 3 | ||||
Investment in Mutual Funds | 2 | 784.02 | 831.61 | ||
Total | 795.42 | 838.01 | |||
Derivatives measured at fair value through Other | |||||
Comprehensive Income | |||||
Derivatives instruments designated as hedging | 2 | - | 3.13 | ||
instruments | |||||
- | 3.13 | ||||
Total | |||||
Total | 795.42 | 841.14 | |||
Financial Liabilities | |||||
Derivatives measured at fair value through Other | |||||
Comprehensive Income | |||||
Derivative instruments designated as hedging | 2 | 8.11 | - | ||
instruments | |||||
8.11 | - | ||||
Total | |||||
NOTE 36 FINANCIAL RISK MANAGEMENT
The Company's activities expose it to market risk, liquidity risk and credit risk. In order to minimise any adverse effects on the financial performance of the Company, derivative financial instruments, such as foreign exchange forward contracts are entered to hedge certain foreign currency risk exposures. Derivatives are used exclusively for hedging purposes and not as a trading or speculative instruments.
This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the impact of hedge accounting in the financial statements.
Annual Report 2022-23 | 211 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 36 FINANCIAL RISK MANAGEMENT (contd.)
Risk
Exposure arising from
Measurement
Management
Credit risk
Liquidity risk
Market risk- Security Prices
Commodity Price Risk
Market risk - foreign exchange
Cash and cash equivalents, Trade receivables, financial assets measured at amortised cost and fair value through profit or loss
Borrowings and other liabilities
Investment in mutual funds
Change in the price index of Steel, Oil, Aluminium, etc.
Future commercial transactions and Recognised financial assets and liabilities not denominated in Indian rupee (`)
Aging analysis and historical data
Rolling cash flow forecasts
Sensitivity analysis
Price index changes as agreed with vendors and customers
Cash flow Forecasting and sensitivity analysis
Diversification of bank deposits and monitoring of Trade receivables and financial assets on a monthly basis
- Availability of committed credit lines and borrowing facilities
- Diversification of bank deposits, credit limits, investment in liquid mutual funds
- Monitoring cash flows and matching maturity profiles of assets and liabilities
Portfolio diversification and focus on credit risk free investment
Back to back recovery or settlement from customers and vendors
Forward foreign exchange contracts
The Company's risk management is carried out by the Finance Department under policies approved by the Board of Directors.
Finance Department identifies, evaluates and hedges financial risks.
-
Credit risk
Credit risk arises from cash and cash equivalents, deposits with banks and financial institutions, security deposits classified at amortised cost as well as credit exposures to trade receivables and contract assets. - Credit risk management
Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and from its investing activities, including deposits with banks and financial institutions, investment in mutual funds, other receivables and deposits, foreign exchange transactions and other financial instruments. - Trade receivables
Customer credit risk is managed through established policy, procedures and control relating to customer credit risk management. Further, Company's customers includes Original Equipment Manufacturers (OEMs) and After Market (AM) dealers having long standing relationship with the Company. Outstanding customer receivables are regularly monitored and reconciled. At March 31, 2023, receivable from Company's top 10 customers accounted for approximately 12% of sales (March 31, 2022: 15%) of which 94% (March 31, 2022: 90%) are receivables outstanding.
An impairment analysis is performed at each reporting date on an individual basis for major clients. The Company uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Company's past history, existing market conditions as well as forward looking estimates at the end of each reporting period. The Company does not hold collateral security. The Company evaluates the concentration of risk with respect to trade receivables as low, as its customers are located in several jurisdictions.
- Credit risk management
212212 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 36 FINANCIAL RISK MANAGEMENT (contd.)
(Amount in ` million)
Trade Receivables under Simplified Approach (March 31, 2023)
Expected Credit Loss | Not due | 0-180 | 180-365 | 365 days | Total | |
days | days | and above | ||||
Gross Carrying amount | 2,815.08 | 874.55 | 132.72 | 71.44 | 3,893.79 | |
Expected Credit Loss (%) | 0% | 1% | 7% | 56% | 0% | |
Expected Credit Loss | 0.90 | 6.80 | 9.16 | 39.78 | 56.64 | |
Carrying Amount of Trade Receivables | 2,814.18 | 867.75 | 123.56 | 31.66 | 3,837.15 | |
During the year ended March 31, 2023 the Company has written off trade receivables of ` Nil | ||||||
(Amount in ` million) | ||||||
Trade Receivables under Simplified Approach (March 31, 2022) | ||||||
Expected Credit Loss | Not due | 0-180 | 180-365 | 365 days | Total | |
days | days | and above | ||||
Gross Carrying amount
Expected Credit Loss (%)
Expected Credit Loss
Carrying Amount of Trade Receivables
3,301.59
0%
0.58
3,301.01
481.51
1%
4.67
476.84
64.20
31%
20.08
44.12
32.77
94%
30.72
2.05
3,880.07
0%
56.05
3,824.02
During the year ended March 31, 2022 the Company has written off trade receivables of ` Nil
The Company has used a practical expedient by computing the expected loss allowance for financial assets based on historical credit loss experience and adjustments for forward looking information.
(Amount in ` million)
Reconciliation of loss allowance provision
Loss Allowance as on April 01, 2021
Changes in Loss Allowance
Loss Allowance as on March 31, 2022
Changes in Loss Allowance
Loss Allowance as on March 31, 2023
- Other receivables, deposits with banks and loans given
40.84
15.21
56.05
0.59
56.64
Credit risk from balances with banks, financial institutions and mutual funds is managed in accordance with the Company's approved investment policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. Counterparty credit limits are reviewed by the Company's Board of Directors on regular basis and the said limits are revised as and when appropriate. The limits are set to minimise the concentration of risks and therefore mitigate financial loss through counterparty's potential failure to make payments.
-
Liquidity Risk
Prudent liquidity risk management implies maintaining sufficient cash and avaiIabiIity of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the dynamic nature of the underlying business, the Company's treasury maintains fIexibiIity in funding by maintaining avaiIabiIity under committed credit lines.
The development of financial assets and liabilities is monitored on an ongoing basis. Internal directives regulate the duties and responsibilities of liquidity management and planning. Management monitors rolling forecasts of the Company`s liquidity position and cash and cash equivalents on the basis of expected cash flows. - Financing Arrangement
The Company has obtained fund and non-fund based working capital line from banks. The Company invests its surplus funds in bank fixed deposit and liquid schemes of mutual funds, which carry low mark to market risks.
- Financing Arrangement
Annual Report 2022-23 | 213 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 36 FINANCIAL RISK MANAGEMENT (contd.)
-
Maturities of financial liabilities
The table below analyses the Company's financial liabilities into relevant maturity groupings based on their contractual maturities for: - aII non-derivative financial IiabiIities, and
- net and gross settIed derivative financial instruments for which the contractual maturities are essential for an understanding of the timing of the cash flows.
The amounts disclosed in the tabIe are the contractual undiscounted cash flows.
(Amount in ` million) | |||
Contractual maturities of Financial Liabilities - | Less than 1 year | 1 to 5 years | > 5 years |
March 31, 2023 | |||
Non Derivatives | |||
Lease Liabilities | 26.36 | 82.93 | 108.82 |
Trade Payables | 4,404.54 | - | - |
Other Financial Liabilities | 359.50 | - | - |
Total Non-Derivatives liabilities | 4,790.40 | 82.93 | 108.82 |
Derivatives (net settled) | |||
Foreign exchange forward contracts | 8.11 | - | - |
Total Derivative Liabilities | 8.11 | - | - |
(Amount in ` million) | |||
Contractual maturities of Financial Liabilities - | Less than 1 year | 1 to 5 years | > 5 years |
March 31, 2022 | |||
Non Derivatives | |||
Lease Liabilities | 29.85 | 118.65 | 121.89 |
Trade Payables | 4,731.41 | - | - |
Other Financial Liabilities | 314.24 | 5.50 | - |
Total Non-Derivatives liabilities | 5,075.50 | 124.15 | 121.89 |
- Commodity price sensitivity
The Company has significant usage of commodities like Steel, Oil, Aluminium exposing it to price risk arsing out of market fluctuations. Commodity price risk exposure is evaluated and managed through procurement and other related operating policies. As the Company has a back to back pass through arrangements for volatility in raw material prices there is limited impact on the profit and loss and equity of the Company. - Market risk - Foreign currency risk
The Company enters into international transactions and is exposed to resultant foreign exchange risk, primarily with respect to the USD, CNH (RMB), EUR and JPY. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not the Company's functional currency (`). The risk is measured through a forecast of highly probable foreign currency cash flows. The objective of the hedges is to minimise the volatility of the ` cash flows of highly probable forecast transactions.
The Company uses foreign exchange forward contracts to hedge its exposure in foreign currency risk. As per the risk management policy, foreign exchange forward contracts are permitted to hedge the foreign currency risk. The Company's policy of hedging is as explained below
(Amount in ` million) | ||
Particulars | % of Exposure sought to be hedged | |
Expected Exposure in next 12 months | 25% | |
Expected Exposures in next 9 months | 50% | |
Expected Exposures in next 6 months | 75% | |
Expected Exposures in next 3 months | 100% | |
214214
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 36 FINANCIAL RISK MANAGEMENT (contd.)
-
Hedged Foreign currency risk exposure:
The Company's exposure to foreign currency risk at the end of the reporting period expressed in `, are as follows;
(Amount in ` million)
Financial Liabiltities | As at March 31, 2023 | As at March 31, 2022 | ||||||||
USD | CNH | EUR | JPY | GBP | USD | CNH | EUR | JPY | GBP | |
Trade Payables | 11.15 | 36.46 | 4.66 | 74.48 | - | 29.23 | 66.35 | 41.48 | 40.57 | - |
Trade Receivables | (90.53) | - | (128.12) | - | - | (95.86) | ||||
- | (91.70) | (5.34) | - | |||||||
Net Exposure | (79.38) | 36.46 | (123.46) | 74.48 | - | (66.64) | ||||
66.35 | (50.23) | 35.23 | - |
(b) Un Hedged Foreign currency risk exposure:
The Company's exposure to unhedged foreign currency risk at the end of the reporting period expressed in `, are as follows: (Amount in ` million)
Financial Liabiltities | As at March 31, 2023 | As at March 31, 2022 | ||||||||||||
USD | CNH | EUR | JPY | GBP | USD | CNH | EUR | JPY | GBP | |||||
Trade Payables | - | - | - | 0.69 | - | - | - | 0.24 | ||||||
Trade Receivables | - | - | - | |||||||||||
- | ||||||||||||||
Net Exposure | - | - | - | - | 0.69 | - | - | - | ||||||
- | 0.24 |
Figures in brackets indicate cash inflows.
-
Sensitivity
The sensitivity of profit or loss to changes in the exchange rates arises mainly from foreign currency denominated financial instruments and the impact on other components of equity arises from foreign forward exchange contracts designated as cash flow hedges. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases.
(Amount in ` million) | ||||||
Sensitivity | As at March 31, 2023 | As at March 31, 2022 | ||||
Impact on Profit After Tax | Impact on Profit After Tax | |||||
1% Movement | Strengthening | Weakening | Strengthening | Weakening | ||
GBP | 0.01 | (0.01) | 0.00* | (0.00)* | ||
* Amount is below the rounding off norm followed by the Company | ||||||
(Amount in ` million) | ||||||
Impact of Hedging Activities - for Cash flow Hedge as on March 31, 2023 | ||||||
Type of hedge and risks | Nominal | Carrying | Maturity date | Hedge ratio | Average strike rate | |
value | amount of | for outstanding | ||||
hedging | hedging | |||||
instrument | instruments | |||||
Cash flow hedge | ||||||
Foreign exchange risk | ||||||
(i) Foreign exchange forward | 419.73 | 9.52 | Apr-23 to Mar-24 | 1:1 | USD:` - 83.59 | |
contracts - Asset | CNH:` - 11.91 | |||||
EUR:` - 83.35 | ||||||
JPY:` - 0.60 | ||||||
(ii) Foreign exchange forward | 1,215.02 | (17.63) | Apr-23 to Mar-24 | 1:1 | USD:` - 81.69 | |
contracts - Liability | CNH:` - 12.34 | |||||
EUR:` - 88.56 | ||||||
JPY:` - 0.66 |
Annual Report 2022-23 | 215 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 36 FINANCIAL RISK MANAGEMENT (contd.)
(Amount in ` million) | |||||
Impact of Hedging Activities - for Cash flow Hedge as on March 31, 2022 | |||||
Type of hedge and risks | Nominal | Carrying | Maturity date | Hedge ratio | Average strike rate |
value | amount of | for outstanding | |||
hedging | hedging | ||||
instrument | instruments | ||||
Cash flow hedge | |||||
Foreign exchange risk | |||||
(i) Foreign exchange forward | 265.27 | 4.79 | Apr-22 to Mar-23 | 1:1 | USD:` - 77.27 |
contracts - Asset | CNH:` - 11.86 | ||||
EUR:` - 91.56 | |||||
JPY:` - 0.64 | |||||
(ii) Foreign exchange forward | 1,213.86 | (1.66) | Apr-22 to Mar-23 | 1:1 | USD:` - 77.01 |
contracts - Liability | CNH:` - 12.09 | ||||
EUR:` - 86.715 | |||||
JPY:` - 0.69 |
Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. For hedges of foreign currency purchases and sales, the Company enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item. The Company therefore performs a qualitative assessment of effectiveness. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Company uses the hypothetical derivative method to assess effectiveness. Ineffectiveness is reccorded in the Statement of Profit and Loss.
NOTE 37 CAPITAL MANAGEMENT
For the purpose of the Company's capital management, capital includes issued equity capital and all other equity reserves attributable to the equity holders of the Company. The primary objective of the Company's capital management is to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximise shareholder value.
Risk Management
The Company has equity capital and other reserves attributable to the equity shareholders, as the primary source of capital with limited reliance on borrowings/ debts.
The amount of dividend payments are as follows: | |||
(Amount in ` million) | |||
Particulars | For the year ended | For the year ended | |
March 31,2023 | March 31, 2022 | ||
(i) Dividend Recognised on Equity shares | |||
Final Dividend for the year ended March 31, 2022 of ` 1.00 per share | 143.64 | 100.55 | |
(March 31, 2021-` 0.70 per share) | |||
Interim Dividend for the year ended March 31, 2023 of ` 0.90 per share | 129.28 | 79.00 | |
(March 31, 2022- ` 0.55 per share) | |||
272.92 | 179.55 | ||
(ii) Dividends not recognised at the end of the reporting period | |||
In addition to the above dividends, since the year ended the directors | |||
have recommended the payment of a final dividend of ` 1.65 per | |||
fully paid equity share for the year ended March 31, 2023 (March 31, | 237.01 | 143.64 | |
2022- ` 1.00). This proposed dividend is subject to the approval of | |||
shareholders in the ensuing annual general meeting |
216216
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 38 SEGMENT REPORTING
Information reported to the Chief Operating Decision Maker (CODM) for the purposes of resource allocation and assessment of segment performance focuses on the types of goods or services delivered or provided. The Company is in the business of manufacture and sale of automobile components, which in the context of Indian Accounting Standard 108 'Segment Information' represents single reportable business segment. The accounting policies of the reportable segments are the same
as the accounting policies disclosed in Note 1. The revenues, total expenses and net profit as per the Statement of Profit and Loss represents the revenue, total expenses and the net profit of the sole reportable segment
Geographical information
The Company primarily operates in India and its revenue from operations from external customers by location of operations and information about its non-current assets by location of assets are detailed below:
Disaggregation of revenue from contracts with customers | ||||
(Amount in ` million) | ||||
Particulars | For the year ended | For the year ended | ||
March 31,2023 | March 31, 2022 | |||
Revenue from External Customers | ||||
India | 28,794.07 | 22,405.54 | ||
Netherlands | 341.35 | 331.60 | ||
Rest of the world | 581.96 | 582.75 | ||
Gross | 29,717.38 | 23,319.89 | ||
Non-current assets (other than financial instruments) | ||||
(Amount in ` million) | ||||
Particulars | For the year ended | For the year ended | ||
March 31,2023 | March 31, 2022 | |||
India | 4,717.01 | 4,343.67 | ||
Outside India | - | - | ||
Total | 4,717.01 | 4,343.67 | ||
Information about major customers
Revenues of ` 7,002.55 million (31 March 2022- ` 5,665 million ) are derived from a single external customer.
NOTE 39 DISCLOSURE IN ACCORDANCE WITH IND AS - 19 ON EMPLOYEE BENEFITS
-
Defined contribution plans
The Company has certain defined contribution plans. Contributions are made to provident fund in India for employees at the rate of 12% of basic salary as per local regulations. The contributions are made to provident fund administered by the government. The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation.
Contributions are made to employees family pension fund in India for employees as per local regulations. The contributions are made to provident fund administered by the government. The obligation of the Company is limited to the amount contributed and it has no further contractual nor any constructive obligation. The Company has recognised the following amount in the Statement of Profit and Loss for the year.
(Amount in ` million) | ||||
Particulars | For the year ended | For the year ended | ||
March 31,2023 | March 31, 2022 | |||
Contribution to Employees Provident Fund | 68.80 | 65.82 | ||
Contribution to Superannuation Fund | 0.25 | 3.89 | ||
Contribution to National Pension Scheme | 6.43 | 6.04 | ||
Contribution to other Funds (ESIC,Labour welfare funds) | 5.08 | 5.90 | ||
Total | 80.56 | 81.65 | ||
Annual Report 2022-23 | 217 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 39 DISCLOSURE IN ACCORDANCE WITH IND AS - 19 ON EMPLOYEE BENEFITS (contd.)
-
Post-employmentobligations
Gratuity
The Company provides for gratuity for employees as per the Payment of Gratuity Act, 1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity payable on retirement/termination is the employees last drawn basic salary per month computed proportionately for 15 days salary multiplied for the number of years of service. The gratuity plan is a funded plan and the Company makes contributions to fund managed by Life Insurance Corporation of India. Contributions are made as per the working by LIC of India.
The amounts recognised in the balance sheet and the movements in the net defined benefit obligation over the year are as follows:
(Amount in ` million) | |||||||||
Particulars | Present Value of | Fair Value of | Net | ||||||
Obligation | Plan Assets | ||||||||
As at April 01, 2021 | 215.08 | (182.26) | 32.82 | ||||||
Current service cost | 21.69 | - | 21.69 | ||||||
Interest expenses/(income) | 14.05 | (13.41) | 0.65 | ||||||
Total amount recognised in Profit and loss | 35.74 | (13.41) | 22.34 | ||||||
Remeasurements | |||||||||
Return on plan assets, excluding amounts included in interest | |||||||||
expense/(income) | |||||||||
(Gain)/loss from change in financial assumptions | 10.51 | 0.20 | 10.71 | ||||||
Experience (gains)/losses | 11.49 | (3.89) | 7.60 | ||||||
Total amount recognised in Other Comprehensive Income | 22.00 | (3.69) | 18.31 | ||||||
Employer contribution | (46.62) | (46.62) | |||||||
Mortality charges and taxes | - | ||||||||
Benefits payments | (16.82) | 16.82 | - | ||||||
As at March 31, 2022 | 256.00 | (229.16) | 26.84 | ||||||
Current service cost | 24.22 | - | 24.22 | ||||||
Interest expenses/(income) | 17.43 | (16.48) | 0.95 | ||||||
Total amount recognised in Profit and loss | 41.65 | (16.48) | 25.17 | ||||||
Remeasurements | |||||||||
Return on plan assets, excluding amounts included in interest | |||||||||
expense/(income) | |||||||||
(Gain)/loss from change in demographic assumptions | (0.91) | - | (0.91) | ||||||
(Gain)/loss from change in financial assumptions | 24.83 | (0.92) | 23.92 | ||||||
Experience (gains) / losses | (1.20) | (2.64) | (3.84) | ||||||
Total amount recognised in Other Comprehensive Income | 22.72 | (3.56) | 19.17 | ||||||
Employer contribution | (27.22) | (27.22) | |||||||
Mortality charges and taxes | - | ||||||||
Benefits payments | (27.75) | 27.75 | - | ||||||
As at March 31, 2023 | 292.62 | (248.65) | 43.97 | ||||||
The net liability disclosed above relates to funded and unfunded plans are as follows: | |||||||||
(Amount in ` million) | |||||||||
Particulars | As at | As at | |||||||
March 31,2023 | March 31,2022 | ||||||||
Present Value of Obligation | 292.62 | 256.00 | |||||||
Fair Value of Plan Asset | (248.65) | (229.16) | |||||||
Deficit of funded plan | 43.97 | 26.84 | |||||||
Unfunded plan | 17.20 | 14.00 |
218218
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 39 DISCLOSURE IN ACCORDANCE WITH IND AS - 19 ON EMPLOYEE BENEFITS (contd.)
(Amount in ` million) | ||||
Particulars | As at | As at | ||
March 31,2023 | March 31,2022 | |||
Deficit before asset ceiling | 61.17 | 40.84 | ||
Liabilities recognised in Balance Sheet |
Current Non current
24.37
36.81
3.41
37.44
The Company has no legal obligation to settle the deficit in the funded plans with an immediate contribution or additional one off contributions. The Company intends to continue to contribute the defined benefit plans as per the demand from LIC of India.
The significant estimates and actuarial assumptions were as follows:
(Amount in ` million) | ||||
Particulars | As at | As at | ||
March 31,2023 | March 31,2022 | |||
a) Discount rate | 7.50% | 7.20% | ||
b) Expected rate of return on plan assets | 7.20% | 6.80% | ||
c) Salary escalation rate | 8.50% | 7.00% | ||
d) Normal retirement age | 55 ,57, 58 , 60 & 62 | 55 ,57, 58 & 60 | ||
e) Mortality table | As per Indian Assured | As per Indian Assured | ||
Lives Mortality | Lives Mortality (2012-14) | |||
(2012-14) | ||||
f) Withdrawal rate | ||||
Age upto 30 years | 10.00% per annum | 10.00% per annum | ||
Age 31 - 40 years | 4.00% per annum | 4.00% per annum | ||
Age 41 - 44 years | 4.00% per annum | 4.00% per annum | ||
Age above 44 years | 2.00% per annum | 2.00% per annum | ||
The estimates of future salary increases considered in actuarial valuation takes into account inflation, seniority, promotion and other relevant factors.
Sensitivity analysis: The sensitivity of the defined benefit obligation to changes in the weighted principal assumptions
(Amount in ` million)
Change in assumption | Impact on defined benefit obligation | ||||||
Particulars | Increase in present | Decrease in present | |||||
value of obligation | value of obligation | ||||||
March | March | March | March | March | March | ||
31,2023 | 31,2022 | 31,2023 | 31,2022 | 31,2023 | 31,2022 | ||
Discount rate | 1.00% | 1.00% | (23.98) | (20.34) | 27.74 | 23.50 | |
Salary Escalation Rate | 1.00% | 1.00% | 24.33 | 20.83 | (21.54) | (18.44) | |
Withdrawal Rate | 1.00% | 1.00% | (1.62) | 0.30 | 1.83 | (0.70) | |
The above sensitivity analyses are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognised in the balance sheet.
Annual Report 2022-23 | 219 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 39 DISCLOSURE IN ACCORDANCE WITH IND AS - 19 ON EMPLOYEE BENEFITS (contd.)
Risk exposure
Through its defined benefit plans, the Company is exposed to a number of risks, the most significant of which are detailed
- Asset volatility : All plan assets are maintained in a trust managed by a public sector insurer viz.LIC of India.LIC has a sovereign guarantee and has been providing consistent and competetive returns over the years.The Company has opted for a traditional fund wherein all assets are invested primarily in risk averse markets. The Company has no control over the management of funds but this option provides a high level of safety for the total corpus. A single account is maintained for both the investment and claim settlement and hence 100% liquidity is ensured. Also interest rate and inflation risk are taken care of.
- Changes in bond yields: A decrease in bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of plans' bond holdings
- Future salary increase and inflation risk: Since price inflation and salary growth are linked economically, they are combined for disclosure purposes. Rising salaries will often result in higher future defined benefit payments resulting in a higher present value of liabilities especially unexpected salary increases provided at management's discretion may lead to uncertainities in estimating this increasing risk.
Asset-Liability mismatch risk: Risk which arises if there is a mismatch in the duration of the assets relative to the liabilities. By matching duration with the defined benefit liabilities, the Company is successfully able to neutralise valuation swings caused by interest rate movements. Hence Company is encouraged to adopt asset-liability management.
The Company's assets are maintained in a trust fund managed by public sector insurance via, LIC of India. LIC has been providing consistent and competitive returns over the years. The plan asset mix is in compliance with the requirements of the respective local regulations.- Defined benefit liability and employer contributions
The Company has agreed that it will aim to eliminate the deficit in gratuity plan over the years. Bonding levels are monitored on an annual basis and the current agreed contribution rate is 12% of the basic salaries. The Company considers that the contribution rates set at the last valuation date are sufficient to eliminate the deficit over the agreed period and that regular contributions, which are based on service costs, will not increase significantly.
The weighted average duration of the defined benefit obligation is 12 years . The expected maturity analysis of gratuity is as follows:
(Amount in ` million)
Defined benefit obligation - gratuity | Less than | between | between | over 5 | Total | |||||
1 year | 1-2 years | 2-5 years | years | |||||||
March 31, 2023 | 24.37 | 30.06 | 85.18 | 239.39 | 379.00 | |||||
March 31, 2022 | 32.55 | 20.26 | 58.92 | 214.88 | 326.59 | |||||
h) Plan assets | ||||||||||
(Amount in ` million) | ||||||||||
As at | As at | |||||||||
Particulars | March 31,2023 | March 31,2022 | ||||||||
Unquoted | Unquoted | |||||||||
Investment funds | ||||||||||
Investments with Insurer (Life Insurance Corporation of India) | 248.65 | 229.16 | ||||||||
Total | 248.65 | 229.16 | ||||||||
Expected contributions to post-employment benefit plans for the year ending March 31, 2024 are ` 43.98 million.
22020
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 40 CONTINGENT LIABILITIES AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR)
(Amount in ` million) | ||||
Particulars | As at | As at | ||
March 31,2023 | March 31,2022 | |||
Contingent Liabilities | ||||
Disputed Direct and Indirect Tax matters : | ||||
a) Direct tax matters | 113.47 | 125.49 | ||
b) Indirect tax matters | 202.22 | 252.57 | ||
(Amount in ` million) | ||||
Particulars | As at | As at | ||
March 31,2023 | March 31,2022 | |||
Claims against the Company, not acknowledged as debts | 202.28 | 211.17 | ||
(Amount in ` million) | ||||
Particulars | As at | As at | ||
March 31,2023 | March 31,2022 | |||
Commitments: | ||||
Estimated amount of unexecuted capital contracts (net of advances and | 204.43 | 167.87 | ||
deposits) | ||||
Others: | ||||
Guarantees issued by banks on behalf of the Company | 58.11 | 33.59 |
The honorable Supreme Court has issued a judgement in February, 2019 in relation to inclusion of certain allowances in the
definition of basic wages as defined under the Employees' Provident Funds & Miscellaneous Provisions Act, 1952. The Company
has completed its evaluation and it believes that there will not be any additional liability due to supreme court judgement. The Company will continue to monitor and evaluate its position based on future events and developments
NOTE 41 DUES TO MICRO AND SMALL ENTERPRISES
The Company has certain dues to suppliers registered under Micro and Small Enterprises Development Act,2006 ('MSMED Act'). The disclosures pursuant to the said MSMED Act are as follows :
(Amount in ` million) | |||
Particulars | As at | As at | |
March 31,2023 | March 31,2022 | ||
a) Principal amount due to suppliers registered under the MSMED Act | 506.29 | 800.79 | |
and remaining unpaid as at year end (Refer note 22) | |||
b) Interest due to suppliers registered under the MSMED Act for the year | 20.23 | 14.51 | |
and remaining unpaid as at year end | |||
c) Principal amounts paid to suppliers registered under the MSMED Act, | 3,861.08 | 3,464.00 | |
beyond the appointed day during the year | |||
d) Interest paid, other than under Section 16 of MSMED Act, to suppliers | |||
registered under the MSMED Act, beyond the appointed day during the | 13.38 | - | |
year | |||
e) Interest due and payable towards suppliers registered under MSMED | 5.71 | 11.84 | |
Act, for payments already made | |||
f) Further Interest remaining due and payable for earlier years | 14.51 | 2.67 |
The information has been given in respect of such vendors to the extent they could be identified as 'Micro and Small Enterprises'
on the basis of the information available with the Company.
Annual Report 2022-23 | 221 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 42 RESEARCH AND DEVELOPMENT EXPENDITURE
Accounting for research and development expenditure incurred at R&D Centres
(Amount in ` million) | ||||
Particulars | Total | |||
For the year ended | For the year ended | |||
March 31,2023 | March 31, 2022 | |||
Capital Expenditure | 119.24 | 74.16 | ||
Revenue Expenditure | 223.45 | 164.77 | ||
Total Capital & Revenue Expenditure | 342.69 | 238.93 | ||
NOTE 43 LEASE
This note provides information for leases where the Company is a lessee. For leases where the Company is a lessor, see Note 3. The Company leases various Leasehold land, Solar power generate unities, computer and printers. Rental contracts are typically made for fixed periods of two years to fifteenyears, but may have extension options as described in (ii) below.
Right of use assets
-
Amounts recognised in balance sheet
The balance sheet shows the following amounts relating to leases:
(Amount in ` million) | ||||
Particulars | As at | As at | ||
March 31,2023 | March 31,2022 | |||
Solar Plants | 37.30 | 42.98 | ||
Leasehold Land | 10.48 | 10.61 | ||
Leasehold Premises | 44.11 | 59.73 | ||
Total | 91.89 | 113.32 | ||
(Amount in ` million) | ||||
Particulars | As at | As at | ||
March 31,2023 | March 31,2022 | |||
Current Liabilities | 17.92 | 17.92 | ||
Non-current Liabilities | 93.72 | 111.06 | ||
Total | 111.64 | 128.98 | ||
Additions to the right-of-use assets during the year were ` NIL (March 31, 2022: ` NIL).
-
Amounts recognised in the statement of profit and loss
The statement of profit or loss shows the following depreciation amounts relating to leases:
(Amount in ` million) | |||||
Particulars | As at | As at | |||
March 31,2023 | March 31,2022 | ||||
Solar Plants | 5.70 | 6.75 | |||
Computer and Printers | 0.00 | 0.26 | |||
Leasehold Land | 0.13 | 0.13 | |||
Leasehold Premises | 15.62 | 17.54 | |||
Total | 21.45 | 24.68 | |||
(Amount in ` million) | |||||
Particulars | As at | As at | |||
March 31,2023 | March 31,2022 | ||||
Interest expense (included in finance costs) | 10.67 | 14.36 |
The total cash outflow for leases for the year was ` 28.02 million (March 31, 2022 was ` 32.06 million)
2222
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 44 EARNINGS PER SHARE | |||||||||||
(Amount in ` million) | |||||||||||
Particulars | As at | As at | |||||||||
March 31,2023 | March 31,2022 | ||||||||||
Profit attributable to Equity shareholders (` in million)-(A) | 1323.53 | 895.15 | |||||||||
Basic / Weighted | |||||||||||
Average number of Equity Shares outstanding during the year - (B) | 14,36,43,940 | 14,36,43,940 | |||||||||
Nominal Value of Equity shares (`) | 1.00 | 1.00 | |||||||||
Basic / Diluted Earning per share (`) - (A)/(B) | 9.21 | 6.23 | |||||||||
NOTE 45 FINANCIAL RATIOS | |||||||||||
(Amount in ` million) | |||||||||||
As at | As at | Change | |||||||||
Particulars | Numerator | Denominator | March | March | Remarks | ||||||
in % | |||||||||||
31,2023 | 31,2022 | ||||||||||
a) | Current Ratio (in | Inrease in | |||||||||
times) | inventories, | ||||||||||
Total current assets | Total current liabilities | 1.81 | 1.66 | 9.20 | deposits and | ||||||
decrease | |||||||||||
in trade | |||||||||||
payables | |||||||||||
b) | Debt-Equity Ratio | Decrease due | |||||||||
(in times) | Debt consists of | to increase | |||||||||
borrowings and lease | Total Equity | 0.01 | 0.02 | (23.74) | in equity and | ||||||
liabilities | reduction in | ||||||||||
lease liability | |||||||||||
c) | Debt Service | Net Profit after taxes | Increase in | ||||||||
Coverage Ratio (in | profit for the | ||||||||||
+ Non-cash operating | |||||||||||
times) | Debt service = Interest | year and | |||||||||
expenses + Interest | 66.21 | 48.70 | 35.96 | ||||||||
and lease payments | reduction | ||||||||||
+ Other non-cash | in lease | ||||||||||
adjustments | |||||||||||
repayments | |||||||||||
d) | Return on Equity | Increased due | |||||||||
Ratio (in %) | Profit for the year | Average total equity | 16.17 | 12.26 | 31.85 | to increase in | |||||
((Opening + Closing )/2) | profits for the | ||||||||||
year | |||||||||||
e) | Inventory Turnover | Average inventory | Increase in | ||||||||
Ratio (in times) | Cost of goods sold | 22.92 | 20.91 | 9.62 | operations | ||||||
((Opening + Closing )/2) | |||||||||||
year on year | |||||||||||
f) | Trade Receivable | Average trade | Increase in | ||||||||
Turnover Ratio (in | Total sales | receivables | 7.70 | 7.00 | 10.07 | operations | |||||
times) | ((Opening + Closing )/2) | year on year | |||||||||
g) | Trade payable | Average trade payables | Increase in | ||||||||
Turnover Ratio (in | Total purchases | 4.92 | 4.10 | 20.07 | operations | ||||||
((Opening + Closing )/2) | |||||||||||
times) | year on year | ||||||||||
h) | Net Capital turnover | Working capital (i.e. | Increase in | ||||||||
Ratio (in times) | Total current assets | ||||||||||
Total sales | 6.97 | 11.45 | (39.08) | operations | |||||||
less Total current | |||||||||||
year on year | |||||||||||
liabilities) | |||||||||||
Annual Report 2022-23 | 223 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 45 FINANCIAL RATIOS (contd.)
(Amount in ` million)
As at | As at | Change | |||||
Particulars | Numerator | Denominator | March | March | Remarks | ||
in % | |||||||
31,2023 | 31,2022 | ||||||
i) Net profit Ratio (in | Increased due | ||||||
%) | Profit for the year | Total sales | 4.49 | 3.87 | 16.02 | to increase in | |
profits for the | |||||||
year | |||||||
j) | Return on Capital | Capital employed = Net | Increased due | ||||
Employed (in %) | Profit before tax and | to increase in | |||||
worth + Lease liabilities | 20.34 | 16.46 | 23.54 | ||||
finance costs | profits for the | ||||||
+ Deferred tax liabilities | year | ||||||
k) | Return on | Increased due | |||||
investment (in %) | Profit before tax and | Average total assets | 13.12 | 10.27 | 27.82 | to increase in | |
finance costs | ((Opening + Closing )/2) | profits for the | |||||
year |
NOTE 46
During the year, the Company was required to spend ` 20.71 million (i.e 2% of the Average Net Profit of the three preceding years) on CSR Activities which represented donations/ contributions to Companies which are engaged in CSR activities eligible under Section 135 of the Companies Act, 2013 as specified in Schedule VII. In furtherance to the budgeted expenditure the Company
has spent ` 20.71 million (Previous year Budgeted CSR amount ` 21.68 million & Actual CSR spent ` 21.68 million) on the CSR Activities during the year.
Corporate Social Responsibility (CSR) - Disclosure with regard to CSR activities are as under :
(Amount in ` million)
- Amount required to be spent by the Company during the year
- Amount of expenditure incurred
- Construction/acquisition of any asset
- On purposes other than i) above.
- Shortfall at the end of the year
- Total of previous years shortfall - (Unspent amount of FY 2020-21)
- Reason for shortfall - The Company had done full CSR contribution to SNS Foundation during FY 2020-21. ` 4.70 million were allocated towards ongoing project's to be spent in succeeding years in terms of the provisions of the Companies Act, 2013
- Nature of CSR activities- Promoting Education , Enhancing Vocational skills among women, Promoting Education ect.
- Details of related party transactions- Contribution to a trust in which relative of director i.e. Mrs. Anjali Singh having contol in relation to CSR expenditure as per relevant Accounting Standard
- Where a provision is made with respect to a liability incurred by entering into a contractual obligation, the movements in the provision during the year should be shown separately
20.71
-
20.71
-
1.40
SNS Foundation
-
22424 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 47 ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III
-
Details of benami property held
No proceedings have been initiated on or are pending against the Company under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and Rules made thereunder. - Borrowing secured against current assets
The Company has no borrowings from banks and financial institutions secured against current assets. - Wilful defaulter
The Company has not been declared wilful defaulter by any bank or financial institution or government or any government authority. - Relationship with struck off companies
(Amount in ` million) | ||||
Nature of transactions | Balance | Balance | Relationship with the Struck | |
Name of struck off | with struck-off Company | outstanding as on | outstanding as on | off company, if any, to be |
March 31, 2023 | March 31, 2022 | disclosed | ||
Company | ||||
Receivables/ | Receivables/ | |||
(Payables) | (Payables) | |||
Helpful Innovative | Advance against | 0.20 | 0.20 | Not a related party |
Solutions | Professional fees | |||
Caparo Tubes Limited | Payables in nature for | (0.08) | (0.03) | Not a related party |
supply of Tubes | ||||
Meuse Hotels & | Receivables in nature | |||
for supply hospitality | 0.00* | 0.00* | Not a related party | |
Hospitality Private Limited | ||||
services | ||||
Ford India Limited | Receivables in nature for | 0.05 | 0.02 | Not a related party |
supply of goods | ||||
Amr Qtech Air Projects | Payables in nature for | (2.12) | (1.12) | Not a related party |
Private Limited | supply of goods | |||
Fountainhead Lifestyle | Receivables in nature for | 0.03 | 0.03 | Not a related party |
Private Limited | supply of goods | |||
Mangalam Polypack | Payables in nature | |||
for supply of packing | (0.02) | (0.02) | Not a related party | |
Private Limited | ||||
material | ||||
Pheonix Industries Limited | Payables in nature for | (2.92) | 0.05 | Not a related party |
supply of goods | ||||
Prompt Security Services | Payables in nature for | (2.22) | (1.91) | Not a related party |
Private Limited | supply of manpower | |||
Rohit Industries Group (P) | Payables in nature for | (0.05) | - | Not a related party |
Limited | repairs & maintenance | |||
Supreme Enterprises | Payables in nature for | (0.02) | (0.02) | Not a related party |
supply of goods | ||||
Aditya Automobile Spares | Receivables in nature for | 0.27 | 0.27 | Not a related party |
supply of goods | ||||
International Research | Payables in nature of | (0.16) | - | Not a related party |
professional fees | ||||
* Amount is below the rounding off norm followed by the Company |
- Compliance with number of layers of companies
The Company has complied with the number of layers prescribed under the Companies Act, 2013. - Compliance with approved scheme(s) of arrangements
The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.
Annual Report 2022-23 | 225 |
NOTES TO FINANCIAL STATEMENTS
for the year ended March 31, 2023
NOTE 47 ADDITIONAL REGULATORY INFORMATION REQUIRED BY SCHEDULE III (contd.)
-
Utilisation of borrowed funds and share premium
The Company has not advanced or loaned or invested funds to any other person or entity, including foreign entities (Intermediaries) with the understanding that the Intermediary shall: - directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company (Ultimate Beneficiaries) or
- provide any guarantee, security or the like to or on behalf of the ultimate beneficiaries
The Company has not received any fund from any person or entity, including foreign entities (Funding Party) with the understanding (whether recorded in writing or otherwise) that the Company shall:
- directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) or
- provide any guarantee, security or the like on behalf of the ultimate beneficiaries
-
Undisclosed income
There is no income surrendered or disclosed as income during the current or previous year in the tax assessments under the Income Tax Act, 1961, that has not been recorded in the books of account. - Details of crypto currency or virtual currency
The Company has not traded or invested in crypto currency or virtual currency during the current or previous year. - Valuation of PP&E, intangible asset and investment property
The Company has not revalued its property, plant and equipment (including right-of-use assets) or intangible assets or both during the current or previous year. - Registration of charges or satisfaction with Registrar of Companies
There are no charges or satisfaction which are yet to be registered with the Registrar of Companies beyond the statutory period. - Title deeds of immovable properties not held in the name of company
The title deeds of all the immovable properties as disclosed in Note 2 and 3 to the financial statements, are held in the name of the Company.
NOTE 48
On May 09, 2023, the Company acquired 100% equity shares of Inalfa Gabriel Sunroof Systems Private Limited ('IGSSPL') and entered into a technical collaboration with Inalfa Roof Systems Group B.V., of The Netherlands ('Inalfa') to undertake the activities of manufacture and sale of the automotive sunroofs through IGSSPL. The Board of Directors of Gabriel India Limited ('Gabriel India') also accorded its approval to execute the joint venture agreement between Inalfa, Gabriel India and IGSSPL, subject to receipt of requisite approvals, pursuant to which the shareholding of Inalfa and Gabriel India in IGSSPL will be in the ratio of 51:49 in accordance with the terms contained therein.
NOTE 49
Previous year figures have been re-grouped/reclassified wherever necessary to conform to current year's classification.
For Price Waterhouse Chartered Accountants LLP | For and on behalf of the Board of Directors | |
Firm Registration No.: 012754N/N500016 | ||
Neeraj Sharma | ANJALI SINGH | MANOJ KOLHATKAR |
Partner | Executive Chairperson | Managing Director |
Membership No. 108391 | DIN No. 02082840 | DIN No. 03553983 |
RISHI LUHARUKA | NILESH JAIN | |
Place : Paris | Chief Financial Officer | Company Secretary |
Date : May 23, 2023 |
Place : Pune
Date : May 23, 2023
22626 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
NOTICE
NOTICE is hereby given that the Sixty First Annual General Meeting of the members of Gabriel India Limited ('the Company') will be held on Monday, August 14, 2023 at 02:30 p.m IST through Video Conferencing / Other Audio Visual Means (VC) to transact the following businesses:
ORDINARY BUSINESS
-
To receive, consider and adopt the Audited Financial
Statements of the Company for the financial year ended
March 31, 2023, together with the Reports of Board of Directors and Auditors thereon. - To declare final dividend for the financial year 2022-23.
- To appoint a director in place of Mr. Atul Jaggi (DIN: 07263848), who retires by rotation and being eligible, offers himself for re-appointment.
SPECIAL BUSINESS
4. To consider and if thought fit, to pass with or without modification(s) the following resolution as an Ordinary
Resolution:
"RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, if any, of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules and Companies (Cost Records and
Audit) Rules (including any statutory modification(s) or amendment(s) thereto or re-enactment(s) thereof for the time being in force), the remuneration payable to M/s. Dhananjay V. Joshi & Associates, Cost
Accountants, Pune (Firm registration No. 000030), Cost Auditors of the Company, to conduct the audit of cost records of the Company for the financial year ending
March 31, 2024, as recommended by the Audit Committee of the Company and approved by the Board of Directors of the Company, amounting to ` 1,75,000/- plus applicable taxes and out of pocket expenses incurred for conducting the aforesaid audit, be and is hereby ratified and confirmed.
RESOLVED FURTHER THAT the Board of Directors of the Company be and is hereby authorised to delegate / authorise any director and/ or official of the Company to take such steps as may be necessary, desirable or expedient to give effect to this resolution."
Notes:
1. In continuation to the General Circular No. 02/2022 issued by Ministry of Corporate Affairs ('MCA') and
Circular number SEBI/HO/CFD/CMD2/CIR/P/2022/62
issued by the Securities and Exchange Board of India (SEBI), MCA issued General Circular No. 10/2022 and SEBI issued Circular Number SEBI/HO/CFD/PoD-2/P/ CIR/2023/4 (hereinafter collectively referred to as "the Circulars"), permitting the companies whose Annual General Meeting ('e-AGM') are due in the year 2023 to hold their AGM through VC/OVAM till September 30, 2023.
- In compliance with the applicable provisions of the Companies Act, 2013 read with aforesaid circulars the 61st Annual General Meeting of the Company is being conducted through Video Conferencing (VC) herein after called as 'e-AGM'. For this purpose, the Company has appointed KFin Technologies Limited (Formerly known as KFin Technologies Private Limited ('KFintech'), Registrars and Transfer Agents of the Company, to provide video conferencing facility for the Annual General Meeting and the attendant enablers for conducting of the e-AGM.
- Members entitled can attend the meeting through log in credentials provided to them to connect to video conference. Physical attendance of the members at the meeting venue is not required. Appointment of proxy to attend and cast vote on behalf of the member is not available. Body Corporates should send the Board Resolution passed under Section 113 of the Companies Act 2013, authorising their representative to attend the e-AGM through VC/OAVM and cast their votes through e-voting.
- Members can join the e-AGM 15 minutes before and after the scheduled time of the commencement of the meeting by following the procedure mentioned in the Notice. In case of joint holders attending the meeting, only such joint holder who is higher in the order of names will be entitled to vote at the e-AGM.
- For attendance of the members, members logged in to the e-AGM will be counted for the purpose of reckoning the quorum under Section 103 of the Companies Act, 2013.
- In line with the MCA Circulars, the Notice calling the e-AGM has been uploaded on the website of the Company at https://www.anandgroupindia.com/gabrielindia/. The Notice can also be accessed from the websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.comand www.nseindia.comrespectively and the e-AGM Notice is also available on the website of KFintech at https://
Annual Report 2022-23 | 227 |
Notice (Contd.)
evoting.kfintech.com/.
- The Register of members and Share transfer books of the Company will remain closed from Tuesday, August 08, 2023, to Monday, August 14, 2023 (both days inclusive).
- In terms of MCA and SEBI Circulars, the Company has sent the Annual Report, Notice of e-AGM and e-Voting instructions only in electronic form to the registered email addresses of the shareholders. Therefore, those shareholders who have not yet registered their email address are requested to get their email addresses registered by following the procedure given below:
- Members holding share(s) in electronic mode are requested to register / update their e-mail address with their respective Depository Participants "DPs" for receiving all communications from the Company electronically.
- Shareholders are also requested to visit the website of the Companyhttps://www.anandgroupindia. com/gabrielindia/ or the website of KFintechhttps://evoting.kfintech.com/for downloading the Annual Report and Notice of the e-AGM.
Physical copy of the Annual Report shall be sent by the permitted mode to the member who request for the same to the Company at email IDsecretarial@gabriel. co.in
- Dividend, as may be declared by the members at the e-AGM will be paid to those members whose names stand on the Company's Register of Members as on Monday, August 07, 2023. In respect of shares held in dematerialised form, the dividend will be paid on the basis of particulars of beneficial ownership furnished by the Depositories as at the end of business on
Monday, August 07, 2023. - Members may note that the Income Tax Act, 1961, ("the IT Act") as amended by the Finance Act, 2020, mandates that dividends paid or distributed by a Company after April 01, 2020 shall be taxable in the hands of members. The Company shall therefore be required to deduct tax at source (TDS) at the time of making the payment of final dividend. In order to enable the Company to determine the appropriate TDS rate as applicable, members are requested to upload the following documents in accordance with the provisions of the IT Act by accessinghttps://ris.kfintech.com/form15/default.aspx.
For Resident shareholders, taxes shall be deducted at
source (on dividend distributed during FY 2023-24) under Section 194 of the IT Act as follows-
- Members having valid PAN - 10% or as notified by the Government of India*
- Members not having PAN / valid PAN - 20% or as notified by the Government of India*
- However, no tax shall be deducted on the dividend payable to a resident individual if the total dividend to be received by him / her during the FY 2023-24 does not exceed ` 5,000.
Furthermore, no tax shall be deducted in cases where members provide Form 15G / Form 15H (applicable to individuals aged 60 years or more) subject to conditions specified in the IT Act.
Resident shareholders / member may also submit any other document as prescribed under the IT Act to claim a lower / Nil withholding tax. PAN is mandatory for members providing Form 15G / 15H or any other document as mentioned above.
For Non-resident shareholders, taxes are required to be withheld in accordance with the provisions of Section 195 and other applicable Sections of the IT Act, at the rates in force.
The withholding tax shall be at the rate of 20% (plus applicable surcharge and cess) or as notified by the Government of India on the amount of dividend payable.
However, as per Section 90 of the IT Act, non-resident shareholders have the option to be governed by the provisions of the Double Tax Avoidance Agreement (DTAA) between India and the country of tax residence of the member if they are more beneficial to them. For this purpose, i.e. to avail the benefits under the DTAA, nonresident shareholders will have to provide the following:
-
Copy of the PAN card allotted by the Indian Income
Tax authorities duly attested by the member. - Copy of Tax Residency Certificate (TRC) for the
FY 2023-24 obtained from the revenue authorities of the country of tax residence, duly attested by member. - Self-declarationin Form 10F.
- Self-declarationby the shareholder of having no permanent establishment in India in accordance with the applicable tax treaty (read with the applicable multilateral instrument).
22828 Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Notice (Contd.)
- Self-declarationof beneficial ownership by the non- resident shareholder..
- Any other documents as prescribed under the IT
Act for lower withholding of taxes if applicable, duly attested by member.
In case of Foreign Institutional Investors / Foreign Portfolio Investors, tax will be deducted under Section 196D of the IT Act @ 20% (plus applicable surcharge and cess).
The aforesaid declarations and documents need to be submitted by the shareholders on or before Wednesday, August 02, 2023. No communication would be accepted from members after Wednesday, August 02, 2023, regarding the tax withholding matters. Members shall receive Form 16A only at their registered Email id.
-
Members please be informed that respective bank details and address, as registered with the Company furnished by them or by NSDL / CDSL to the Company for shares held in the Physical certificate form and in the dematerialised form respectively, will be printed on their dividend warrants as a measure of protection to members against fraudulent encashment.
Members holding shares in dematerialised form may note that bank particulars registered against their respective depository account will be used by the Company for the payment of dividend. The Company or its Registrar and Transfer Agents, KFintech cannot act on any request received directly from the members holding shares in dematerialised form for any change of bank particulars or bank mandates. Such changes are to be advised only to the Depository Participant of the members. - Members holding shares in physical certificate form are requested to notify / send the following to the
Company's Registrars and share transfer agent at the address - KFin Technologies Limited (Formerly Known as KFin Technologies Private Limited )(Unit : Gabriel India Limited), Selenium Tower B, Plot Nos. 31-32, Financial District, Nanakramguda, Serilingampally Mandal, Hyderabad Telangana 500 032, or email at einward.ris@ kfintech.com or call on 1800 309 4001 (toll free). to facilitate better service: - Any change in their address / mandate / bank details,
- Particulars of their bank account, in case the same have not been furnished earlier, and
- Share certificates held in multiple accounts in identical names or joint accounts in the same order
of names, for consolidation of such shareholdings into a single account.
Members holding shares in dematerialised form are requested to intimate immediately any change in their address to their Depository Participants with whom they are maintaining their demat accounts.
- Members holding shares in physical certificate form are requested to consider converting their holding to dematerialised form to eliminate all risks associated with physical shares and for ease of portfolio management. Members can contact Company or KFintech for assistance in this regard.
- Members seeking any information with regard to the Financial Accounts are requested to write to the Company on or before Monday, August 07, 2023 to the attention of the Company Secretary at secretarial@gabriel.co.in,so as to enable the Company to keep the information ready.
- Pursuant to the provisions of Section 124 and 125 of the Companies Act, 2013, the Company has transferred the unpaid or unclaimed amount of Final Dividend for the FY 2014-2015 and Interim dividend for the FY 2015- 2016 on September 12, 2022, and December 21, 2022, respectively to the Investor Education and Protection Fund established by the Central Government.
Members who have not encashed their dividend warrants for the financial year ended March 31, 2016 or any subsequent years are requested to lodge their claim with the Company's Registrar and Share Transfer Agent, KFintech.
Further, Section 124(6) read with Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017 requires that all shares in respect of which dividend has not been paid or claimed for seven consecutive years or more shall be transferred by the Company in name of IEPF and be credited to Demat Account of the Authority. Accordingly, the Company has transferred such shares relevant to unpaid or unclaimed final dividend for the FY 2014-2015 and interim dividend for the FY 2015-16 to the Demat Account of the Authority. Members are informed that they can recover their shares by approaching IEPF Authority. - Pursuant to the provisions of Investor Education and Protection Fund (Uploading of Information regarding unpaid and unclaimed amounts lying with Companies) Rules, 2012, the Company has uploaded the details of unpaid and unclaimed amounts lying with the Company
Annual Report 2022-23 | 229 |
Notice (Contd.)
as on August 04, 2022 (date of the last Annual General Meeting) on the website of the IEPF (www.iepf.gov.in) as also on the website of the Companyhttps://www. anandgroupindia.com/gabrielindia/.
- Members who hold shares in physical certificate form can nominate a person in respect of all the shares held by them singly or jointly, by providing details to the Share transfer agent of the Company, KFintech in the prescribed form.
Members holding shares in dematerialised form may contact their respective Depository Participant(s) for recording nomination in respect of their shares. - Explanatory statement pursuant to Section 102 of the Companies Act, 2013, with respect to the special business set out in the Item No. 4 above and additional particulars of Director retiring by rotation and eligible for appointment /re-appointment pursuant to Regulation
36 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred as SEBI Listing Regulations) are mentioned in the Annexure A & B.
- The Register of Directors and Key Managerial Personnel and their shareholding, maintained under Section 170 of the Act, and the Register of Contracts or Arrangements in which the directors are interested, maintained under Section 189 of the Act, will be available electronically for inspection by the members during the e-AGM. All documents referred to in the Notice will also be available for electronic inspection without any fee by the members from the date of circulation of this Notice up to the date of e-AGM i.e. August 14, 2023. Members seeking to inspect such documents can send an email tosecretarial@ gabriel.co.in.
-
Procedure for Login for E-voting and Attending e-AGMthrough VC/OAVM for Individual Shareholders holding securities in Demat mode.
In terms of SEBI circular dated December 09, 2020, on e-Voting facility provided by Listed Companies, Individual shareholders holding securities in Demat mode are allowed to vote through their Demat account maintained with Depositories and Depository Participants. Shareholders are advised to update their mobile number and email Id in their Demat accounts to access e-Voting facility.
230230
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Notice (Contd.)
- Login method for Individual shareholders holding securities in Demat mode:
Individual shareholders holding securities in Demat mode with National Securities Depository Limited ("NSDL")
Individual Shareholders holding securities in Demat mode with Central Depository Services (India) Limited ("CDSL")
1. User already registered for IDeAS facility:
I. Openhttps://eservices.nsdl.com
- Click on the "Beneficial Owner" icon under 'IDeAS' section.
- On the new page, enter User ID and Password. Post successful authentication, click on "Access to e-Voting"
IV. Click on Bank Name or e-Voting service provider and you will be re-directed to e-voting service provider website for casting your vote during the remote e-Voting period.
2. User not registered for IDeAS e-Services:
- To register, open https://eservices.nsdl.com either on a Personal Computer or on a mobile.
- Select "Register Online for IDeAS "Portal or click on https://eservices.nsdl.com/ SecureWeb/IdeasDirectReg.jsp.
- Proceed with completing the required fields
3. By visiting the e-Voting website of NSDL:
- Open https://www.evoting.nsdl.com/ either on a Personal Computer or on a mobile.
- Click on the icon "Login" which is available under 'Shareholder/Member' section
-
A new screen will open. You will have to enter your User ID (i.e. your sixteen digit Demat account number hold with NSDL), Password/OTP and a Verification
Code as shown on the screen.
IV. Post successful authentication, you will be redirected to NSDL Depository site wherein you can see e-Voting page.
- Click on Bank name or e-Voting service provider name and you will be redirected to e-Voting service provider website for casting your vote during the remote e-Voting period.
- Users who have opted for CDSL Easi / Easiest facility, can login through their existing user id and password. Option will be made available to reach e-Voting page without any further authentication. The users to login to Easi / Easiest are requested to visit
CDSL website www.cdslindia.comand click on login icon & New System Myeasi Tab. - After successful login the Easi / Easiest user will be able to see the e-Voting option for eligible companies where the evoting is in progress as per the information provided by company. On clicking the evoting option, the user will be able to see e-Voting page of the e-Voting service provider for casting your vote during the remote e-Voting period or joining virtual meeting & voting during the meeting. Additionally, there is also links provided to access the system of all e-Voting Service Providers, so that the user can visit the e-Voting service providers' website directly.
- If the user is not registered for Easi/Easiest, option to register is available at CDSL website www.cdslindia.comand click on login & New System Myeasi Tab and then click on registration option.
- Alternatively, the user can directly access e-Voting page by providing Demat Account Number and PAN No. from a e-Voting link available on www.cdslindia.comhome page. The system will authenticate the user by sending OTP on registered Mobile & Email as recorded in the Demat Account. After successful authentication, user will be able to see the e-Voting option where the evoting is in progress and also able to directly access the system of all e-Voting Service Providers.
Annual Report 2022-23 | 231 |
Notice (Contd.)
Individual Shareholders (holding | You can also login using the login credentials of your Demat account through your | |
securities in | Demat mode) | Depository Participant registered with NSDL/CDSL for e-Voting facility. |
login through | their depository | Once login, you will be able to see e-Voting option. Once you click on e-Voting option, you |
participants | will be redirected to NSDL/CDSL Depository site after successful authentication, wherein | |
you can see e-Voting feature. | ||
Click on Bank Name or e-Voting service provider name and you will be redirected to | ||
e-Voting service provider website for casting your vote during the remote e-Voting period. |
Important note: Members who are unable to retrieve User ID/ Password are advised to use Forget User ID and Forget
Password option available at abovementioned website.
Helpdesk for Individual Shareholders holding securities in DEMAT mode for any technical issues related to login through Depository i.e. NSDL and CDSL.
Login type
Helpdesk details
Individual Shareholders holding Members facing any technical issue in login can contact NSDL helpdesk by sending a securities in Demat mode with request at evoting@nsdl.co.inor call at toll free no.: 1800 1020 990 and 1800 22 44 30
NSDL
Individual Shareholders holding Members facing any technical issue in login can contact CDSL helpdesk by sending a securities in Demat mode with request at helpdesk.evoting@cdslindia.comor contact at toll free no. 1800 22 55 33
CDSL
- Login method for remote e-voting for shareholders other than individual shareholders holding securities in demat mode and shareholders holding securities in physical mode.
- Initial password is provided in the body of the e-mail.
- Launch internet browser and type the URL:https:// evoting.kfintech.com in the address bar.
-
Enter the login credentials i.e. User ID and password mentioned in your e-mail. Your Folio No./DP ID
Client ID will be your User ID. However, if you are already registered with KFin for e-voting, you can use your existing User ID and password for casting your votes. - After entering the correct details, click on LOGIN.
-
You will reach the password change menu wherein you are required to mandatorily change your password. The new password shall comprise minimum 8 characters with at least one upper case
(A-Z), one lower case (a-z), one numeric value (0-9) and a special character (@, #, $, etc.). It is strongly recommended not to share your password with any other person and take utmost care to keep your password confidential. - You need to login again with the new credentials.
-
On successful login, the system will prompt you to select the EVENT i.e. GABRIEL INDIA LIMITED
AGM.
- On the voting page, the number of shares (which represents the number of votes) held by you as on the cut-off date will appear. If you desire to cast all the votes assenting/dissenting to the resolution, enter all shares and click 'FOR'/'AGAINST' as the case may be or partially in 'FOR' and partially in
'AGAINST', but the total number in 'FOR' and/or
'AGAINST' taken together should not exceed your total shareholding as on the cut-off date. You may also choose the option 'ABSTAIN', in which case, the shares held will not be counted under either head. - Members holding multiple folios/demat accounts shall choose the voting process separately for each folio/demat account.
- Cast your votes by selecting an appropriate option and click on 'SUBMIT'.
- A confirmation box will be displayed. Click 'OK' to confirm, else 'CANCEL' to modify. Once you confirm, you will not be allowed to modify your vote subsequently. During the voting period, you can login multiple times till you have confirmed that you have voted on the resolution.
- Corporate/institutional members (i.e. other than individuals, HUF, NRI, etc.) are required to send scanned image (PDF/JPG format) of certified true copy of relevant board resolution/authority letter etc. together with attested specimen signature
232232
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
Notice (Contd.)
of the duly authorised signatory(ies) who is/are authorised to vote, to the Scrutiniser through email at savitajyoti@yahoo.com and may also upload the same in the e-voting module in their login. The scanned image of the above documents should be in the naming format '61ST AGM of Gabriel India Limited.'
-
In case of any queries/grievances, you may refer the
Frequently Asked Questions (FAQs) for members and e-voting User Manual available at the 'download' section of https://evoting.kfintech.comor call KFin on 1800 309 4001 (toll free).
-
In case of any queries/grievances, you may refer the
- Instructions for all the shareholders for Voting at e-AGM
- Only those members/shareholders, who will be present in the e-AGM and who have not cast their vote through remote e-voting and are otherwise not barred from doing so are eligible to vote.
- Members who have voted through remote e-voting will still be eligible to attend the e-AGM.
- Members attending the e-AGM shall be counted for the purpose of reckoning the quorum under section 103 of the Act.
- Voting at e-AGM will be available at the end of the e-AGM and shall be kept open for 15 minutes. Members viewing the e-AGM, shall click on the 'e-voting' sign placed on the left-hand bottom corner of the video screen. Members will be required to use the credentials, to login on the e-Meeting webpage, and click on the 'Thumbs-up' icon against the unit to vote.
- Instructions for members for attending the e-AGM
- Members will be able to attend the e-AGM through
VC/OAVM or view the live webcast of e-AGM provided by KFin at https://emeetings.kfintech.comby using their remote e-voting login credentials and by clicking on the tab "video conference". The link for e-AGM will be available in members login, where the EVENT and the name of the Company can be selected. - Members are encouraged to join the meeting through devices (Laptops, Desktops, Mobile devices) with Google Chrome for seamless experience.
- Further, members registered as speakers will be required to allow camera during e-AGM and hence are requested to use internet with a good speed to
- Members will be able to attend the e-AGM through
avoid any disturbance during the meeting.
- Members may join the meeting using headphones for better sound clarity.
- While all efforts would be made to make the meeting smooth, participants connecting through mobile devices, tablets, laptops, etc. may at times experience audio/video loss due to fluctuation in their respective networks. Use of a stable Wi-Fi or LAN connection can mitigate some of the technical glitches.
- Members, who would like to express their views or ask questions during the e-AGM will have to register themselves as a speaker by visiting the URLhttps:// emeetings.kfintech.com/ and clicking on the tab 'Speaker Registration' during the period starting from August 12, 2023 up to August 13, 2023. Only those members who have registered themselves as a speaker will be allowed to express their views/ ask questions during the e-AGM. The Company reserves the right to restrict the number of speakers depending on the availability of time for the e-AGM. Only questions of the members holding shares as on the cut-off date will be considered.
- A video guide assisting the members attending e-AGM either as a speaker or participant is available for quick reference at URLhttps://emeetings. kfintech.com/, under the "How It Works" tab placed on top of the page.
- Members who need technical assistance before or during the e-AGM can contact KFin at emeetings@ kfintech.comor Helpline: 1800 309 4001.
Procedure for Registration of email and Mobile: securities in physical mode
Physical shareholders are hereby notified that based on SEBI Circular number: SEBI/HO/MIRSD/MIRSD-PoD-1/P/ CIR/2023/37, dated March 16, 2023, all holders of physical securities in listed companies shall register the postal address with PIN for their corresponding folio numbers. It shall be mandatory for the security holders to provide mobile number. Moreover, to avail online services, the security holders can register e-mail ID. Holder can register/update the contact details through submitting the requisite ISR 1 form along with the supporting documents.
ISR 1 Form can be obtained by following the link:
https://ris.kfintech.com/clientservices/isc/default.aspx
Annual Report 2022-23 | 233 |
Notice (Contd.)
ISR Form(s) and the supporting documents can be provided by any one of the following modes:
- Through 'In Person Verification' (IPV): the authorised person of the RTA shall verify the original documents furnished by the investor and retain copy(ies) with IPV stamping with date and initials; or
- Through hard copies which are self-attested, which can be shared on the address below; or
Name | KFIN Technologies Limited |
Address | Selenium Building, Tower-B, |
Plot No 31 & 32, Financial District, | |
Nanakramguda, Serilingampally, | |
Nanakramguda, | Hyderabad, Rangareddy, Telangana |
Serilingampally, | India - 500 032. |
- Through electronic mode with e-sign by following the link:https://ris.kfintech.com/clientservices/isc/default. aspx#
Detailed FAQ can be found on the link:https://ris.kfintech. com/faq.html
For more information on updating the email and Mobile details for securities held in electronic mode, please reach out to the respective DP(s), where the DEMAT a/c is being held.
- The Company has appointed Ms. Savita Jyoti Practicing Company Secretary as the Scrutiniser for conducting the e-voting process in a fair and transparent manner.
- The scrutiniser shall, immediately after the conclusion
of voting at the e AGM first count the votes cast at the meeting, thereafter unlock the votes through remote e-voting in the presence of at least two witnesses, not in the employment of the Company and make, not later than 48 hours from the conclusion of the meeting, a consolidated scrutiniser's report of the total votes cast in favour or against, if any, to the Chairperson of the Company or a person authorised by her in writing who shall countersign the same.
23. The scrutiniser shall submit her report to the Chairperson or a person authorised by her, who shall declare the result of the voting. The results declared along with the scrutiniser's report shall be placed on the Company's website https://www.anandgroupindia.com/gabrielindia/ and on the website of KFintech athttps://evoting. kfintech.com and shall also be communicated to the stock exchanges. The resolution shall be deemed to be
Registered Office: By Order of the Board of Directors
29th Milestone, Pune-Nashik Highway, | |
Village Kuruli, Taluka Khed, | |
Pune - 410 501, Maharashtra, India | |
Place: Pune | Nilesh Jain |
Date: May 23, 2023 | Company Secretary |
234234
Gabriel India Limited
Corporate Overview
Statutory Reports
Financial Statements
ANNEXURE A
EXPLANATORY STATEMENT AS REQUIRED UNDER SECTION 102 (1) OF THE COMPANIES ACT, 2013
ITEM NO. 4
Ratification of remuneration payable to Cost Auditors for financial year 2023-24
The Board of Directors, on the recommendation of the Audit Committee, has approved the appointment of M/s. Dhananjay V. Joshi & Associates, Cost Accountants, Pune (Firm registration No. 00030) as Cost Auditors at a remuneration of ` 1,75,000/- plus applicable taxes and out of pocket expenses incurred for conducting the Cost Audit for financial year 2023-24.
Pursuant to Section 148 of the Companies Act, 2013 and Rule 14 of Companies (Audit and Auditors) Rules, 2014, the remuneration payable to Cost Auditor is required to be ratified by the members of the Company.
None of the Directors and Key Managerial Personnel ('KMP') of the Company or their relatives is, in any way, concerned or interested financially or otherwise in the said resolution. The Board recommends the resolution set in Item no. 4 for the approval of members as ordinary resolution.
Annual Report 2022-23 | 235 |
ANNEXURE - B
Details of Director seeking appointment/re-appointment at the ensuing Annual General Meeting as required under Regulation 36(3) of SEBI Listing Regulation.
Mr. Atul Jaggi
Name of Director | Atul Jaggi |
Director Identification Number (DIN) | |
07263848 | |
Date of Birth | October 27, 1976 |
Date of Appointment as director of the Company | May 26, 2021 |
Qualifications | B.E and MS (Quality Management) |
Expertise in Functional Area | Maintenance, Supplier Development, Corporate Quality and |
Manufacturing Excellence | |
Relationship with other Board members | Nil |
List of other Listed Companies in which Directorships held | Nil |
List of other Listed Companies in which Memberships/ | Nil |
Chairmanships of Board Committees held | |
Listed entities from which he has resigned in the past three years | Nil |
Shareholding in the Company | Nil |
236236 Gabriel India Limited
GABRIEL INDIA LIMITED
29TH MILESTONE, PUNE-NASHIK HIGHWAY VILLAGE KURULI, TALUKA KHED
PUNE 410 501 MAHARASHTRA, INDIA
- 02135 610700 / 610757
- 02135 610796 / 610704
E: secretarial@gabriel.co.in
W: www.anandgroupindia.com/gabrielindia
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Gabriel India Ltd. published this content on 22 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 July 2023 07:39:07 UTC.