Mar 31, 2015
1.1 Basis of accounting and preparation of Financial Statements
The Company maintains its accounts on accrual basis.
The financial statements have been prepared in accordance with
applicable Accounting Standards and relevant presentational
requirements of the Companies Act,1956, unless otherwise stated and
are based on historical cost convention.
Accounting policies have been consistently applied except where a
newly issued accounting standard has been adopted for the first time
or a revision to an existing standard requires a change in the
accounting policy hitherto in use.
1.2 Investments
Non-current Investments are carried individually at cost less
provision for diminution, other than temporary, in the value of such
investments.
1.3 Revenue recognition Other Income
Bank interest on deposits is accounted on accrual basis.
Bank interest, other than on deposits, is accounted for on receipt
basis.
Dividend income is recognised when right to receive it is established.
1.4 Taxes on Income
Tax on income for the current period is determined on the basis of
taxable income computed in accordance with the provisions of the
Income Tax Act, 1961.
The Company has no deferred tax liability as defined in Accounting
Standard AS- 22.
1.5 Earnings per share
Basic and diluted earnings per share is computed by dividing net
profit after tax by weighted average number of shares outstanding
during the year.
There are no dilutive potential equity shares.
1.6 Segment Reporting
Since the Company's primary activity is to invest in shares and
securities, the Company has only one reportable segment.
1.7 Provisions and 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
reliable estimate can be made. Contingent liabilities are not
recognised in the financial statements.
1.8 Related Party Disclosures
Name of the party Nature of relationship
Chemicals & Ferro Alloys Ltd. Company holding substantial voting power
There were no transactions with related party during the year.
1.9 Previous year's figures have been regrouped wherever necessary to
conform to this year's classification.
Mar 31, 2014
1.1 Basis of accounting and preparation of Financial Statements
The Company maintains its accounts on accrual basis.
The financial statements have been prepared in accordance with
applicable Accounting Standards and relevant presentational
requirements of the Companies Act,1956, unless otherwise stated and are
based on historical cost convention.
Accounting policies have been consistently applied except where a newly
issued accounting standard has been adopted for the first time or a
revision to an existing standard requires a change in the accounting
policy hitherto in use.
1.2 Investments
Non-current Investments are carried individually at cost less provision
for diminution, other than temporary, in the value of such investments.
1.3 Revenue recognition
Bank interest on deposits is accounted on accrual basis.
Bank interest, other than on deposits, is accounted for on receipt
basis.
Dividend income is recognised when right to receive it is established.
1.4 Taxes on Income
Tax on income for the current period is determined on the basis of
taxable income computed in accordance with the provisions of the Income
Tax Act, 1961.
The Company has no deferred tax liability as defined in Accounting
Standard AS- 22.
1.5 Earnings per share
Basic and diluted earnings per share is computed by dividing net profit
after tax by weighted average number of shares outstanding during the
year.
There are no dilutive potential equity shares.
1.6 Segment Reporting
Since the Company''s primary activity is to invest in shares and
securities, the Company has only one reportable segment.
1.7 Provisions and 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 reliable
estimate can be made. Contingent liabilities are not recognised in the
financial statements.
Mar 31, 2013
1.1 Basis of accounting and preparation of Financial Statements The
Company maintains its accounts on accrual basis.
The financial statements have been prepared in accordance with
applicable Accounting Standards precribed by Companies (Accounting
Standard''s) Rule,2006 and relevant presentational requirements of the
Companies Act, 1956, unless otherwise stated and are based on
historical cost convention.
Accounting policies have been consistently applied except where a newly
issued accounting standard has been adopted for the first time or a
revision to an existing standard requires a change in the accounting
policy hitherto in use.
1.2 Investments
Non-current Investments are carried individually at cost less provision
for diminution, other than temporary, in the value of such investments.
1.3 Revenue recognition
Bank interest on deposits is accounted on accrual basis.
Bank interest, other than on deposits, is accounted for on receipt
basis.
Dividend income is recognised when right to receive it is established.
1.4 Taxes on Income
Tax on income for the current period is determined on the basis of
taxable income computed in accordance with the provisions of the Income
Tax Act, 1961.
The Company has no deferred tax liability as defined in Accounting
Standard AS- 22.
1.5 Earnings per share
Basic and diluted earnings per share is computed by dividing net profit
after tax by weighted average number of shares outstanding during the
year.
There are no dilutive potential equity shares.
1.6 Segment Reporting
Since the Company''s primary activity is to invest in shares and
securities, the Company has only one reportable segment.
1.7 Provisions and 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 reliable
estimate can be made. Contingent liabilities are not recognised in the
financial statements.
1.8 Related Party Disclosures
Name of the party Nature of relationship
Chemicals & Ferro Alloys Ltd. Company holding substantial voting power
There were no transactions with related party during the year.
1.9 Previous year''s figures have been regrouped wherever necessary to
conform to this year''s classification.
Mar 31, 2012
1.1 Basis of accounting and preparation of Financial Statements The
Company maintains its accounts on accrual basis.
The financial statements have been prepared in accordance with
applicable Accounting Standards and relevant presentational
requirements of the Companies Act, 1956, unless otherwise stated and
are based on historical cost convention.
Accounting policies have been consistently applied except where a newly
issued accounting standard has been adopted for the first time or a
revision to an existing standard requires a change in the accounting
policy hitherto in use.
1.2 Investments
Non-current Investments are carried individually at cost less provision
for diminution, other than temporary, in the value of such investments.
1.3 Revenue recognition Other Income
Bank interest on deposits is accounted on accrual basis.
Bank interest, other than on deposits, is accounted for on receipt
basis.
Dividend income is recognized when right to receive it is established.
1.4 Taxes on Income
Tax on income for the current period is determined on the basis of
taxable income computed in accordance with the provisions of the Income
Tax Act, 1961.
The Company has no deferred tax liability as defined in Accounting
Standard AS- 22.
1.5 Earnings per share
Basic and diluted earnings per share is computed by dividing net profit
after tax by weighted average number of shares outstanding during the
year.
There are no dilutive potential equity shares.
1.6 Segment Reporting
Since the Company's primary activity is to invest in shares and
securities, the Company has only one reportable segment.
1.7 Provisions and Contingent Liabilities
A provision is recognized 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 reliable
estimate can be made. Contingent liabilities are not recognized in the
financial statements.
1.8 Related Party Disclosures
Name of the party Nature of relationship
Chemicals & Ferro
Alloys Ltd. Company holding substantial voting power
There were no transactions with related party during the year.
1.9 Previous year's figures have been regrouped wherever necessary to
conform to this year's classification.
Mar 31, 2010
(a) Accounts are prepared in accordance with the accounting principles
and are on the accrual basis of accounting.
(b) Investments in Shares, Units etc. (Long Term) are stated at cost.
However, provision for diminution is made to recognize a decline other
than temporary,in the value of investments wherever applicable.
2 Since the Companys primary activity is to invest in Shares and
Securities, there are no separate segments as per Accounting Standard
17 ( Segment Reporting).
3 Basic and Diluted earning per equity shares of Rs. 10/- each for the
year ended 31st March,2010 is Rs. 14.31 (previous yearRs. 12.22)
4 As defined in Accounting Standard 22 Company has no deferred tax
liability.
5 Related Party Disclosures:
Company holding substantial
interest in voting power : Chemicals & Ferro Alloys ltd
There are no transactions with related parties during the year
6 Additional disclosure persuant to Circular CRD/GEN/2003/1 dated
February 6,2003 of the Stock Exchange, Mumbai are not applicable for
the year ended 31 st March, 2010