Well,finally I have done it...
Played with the code and found this code works fine with what is required:
<s:Rect id="backgroundAndShadow2" left="0" right="0" top="0" bottom="0"
topLeftRadiusX="5" topLeftRadiusY="5" topRightRadiusX="5" topRightRadiusY="5"
bottomLeftRadiusX="5" bottomLeftRadiusY="5" bottomRightRadiusX="5" bottomRightRadiusY="5">
<s:fill>
<s:SolidColor color="#4B7CB6" alpha="0.5"/>
</s:fill>
<s:filters>
<s:DropShadowFilter blurX="5" blurY="5" quality="3" strength="0.65" distance="4" />
<s:GlowFilter blurX="7" blurY="7" quality="3" color="#004DAF"/>
<s:BevelFilter blurX="1" blurY="1" quality="3" strength="2" highlightColor="#9FC7F5" angle="60" distance="1"/>
<s:BlurFilter blurX="1.5" blurY="1.5"/>
</s:filters>
</s:Rect>
<s:Rect id="backgroundAndShadow" left="1.5" right="1.5" top="1.5" bottom="1.5"
topLeftRadiusX="5" topLeftRadiusY="5" topRightRadiusX="5" topRightRadiusY="5"
bottomLeftRadiusX="5" bottomLeftRadiusY="5" bottomRightRadiusX="5" bottomRightRadiusY="5">
<s:fill>
<s:LinearGradient scaleX="51" rotation="90">
<s:GradientEntry ratio="0" color="#013465"/>
<s:GradientEntry ratio="0.32156863" color="#013A7F"/>
<s:GradientEntry ratio="1" color="#003990"/>
</s:LinearGradient>
</s:fill>
<s:filters>
<s:DropShadowFilter inner="true" angle="-130" blurX="2" blurY="0.8" strength="0.5" color="#00275C" alpha="0.8"/>
</s:filters>
</s:Rect>
<s:Label id="labelDisplay"
textAlign="center"
verticalAlign="middle"
maxDisplayedLines="2"
horizontalCenter="0" verticalCenter="0"
left="10" right="10" top="2" bottom="2">
</s:Label>
Modified the skinclass and got the results!