1 Corporate Information
STEL Holdings Limited (the Company) is a Company registered under the
Companies Act, 1956 and is listed on the Bombay Stock Exchange and
National Stock Exchange. The Company is in the business of investments.
The Company is in the process of applying to the Reserve Bank of India
for registration as a Core Investment Company.
4 Terms and rights attached to equity shares
The Company has only one class of shares referred to as equity shares
having a par value of Rs. 10/- per share. Each holder of equity shares
is entitled to one vote per share. The Company declares and pays
dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting. The Board of Directors do not propose any
dividend during the current year. No dividend was declared in the
In the event of liquidation of the Company, the holders of equity
shares will be entitled to receive any of the remaining assets of the
Company, after distribution of all preferential amounts. However, no
such preferential amounts exist currently. The distribution will be in
proportion to the number of equity shares held by the shareholders.
Deferred tax asset on account of unabsorbed tax losses is not
recognized during the year since there is no virtual certainty of
taxable profits in the foreseeable future which would offset the asset
as the Company has mainly one source of income being dividend which is
exempt under Income Tax Act.
2. Segement Information
The Company''s income for the year consisted of dividend, interest and
income from disposal of investments and accordingly there are no
(Amount in Rs.)
March 31, 2012 March 31, 2011
2.1 Contingent Liabilities Nil Nil
2.2 Derivative instruments and
unhedged foreign currency exposure Nil Nil
2.3 Loans and advances in the
nature of loans given to subsidiaries
and associates and firms/companies
in which directors are interested.
Advance to Universal Industrial
Fund Ltd. for purchase of shares 42,110,756 42,110,756
Maximum amount outstanding
during the year 42,110,756 42,110,756
2.4 Details of dues to micro, small and medium enterprises as defined
under the Micro, Small and Medium Enterprises Development Act, 2006
The Company has not received any intimation from its vendors regarding
their status under Micro, Small and Medium Enterprises Development Act,
2006 and hence disclosures, if any, required under the said Act have
not been made.
2.5 Previous years figures
Till the year ended March 31, 2011, the Company was using pre-revised
Schedule VI to the Companies Act 1956, for preparation and presentation
of its financial statements . During the year ended March 31, 2012, the
revised Schedule VI notified under the Companies Act 1956, has become
applicable to the Company. The Company has reclassified previous year
figures to confirm to this year''s classification .Except accounting for
dividend on investments in subsidiaries, the adoption of revised
Schedule VI does not impact recognition and measurement principles
followed for preparation of financial statements. However , it
significantly impacts presentation and disclosures made in the
financial statements, particularly presentation of Balance Sheet.