Home  »  Company  »  Sterling Biotech Ltd  »  Quotes  »  Notes to Account
Enter the first few characters of Company and click 'Go'

Notes to Accounts of Sterling Biotech Ltd.

Dec 31, 2014

1. Nature of Operations

Sterling Biotech Limited ("The Company") is engaged in the manufacturing of Pharma Grade Gelatine & Di-Calcium Phosphate and other Pharma products.

2. SEGMENTAL REPORTING

The company''s operations fall under single segment; hence Segment Reporting as defined under AS-17 is not applicable to the Company.

3. Related Party Disclosures

A) Names of related Parties and their relationship

i) Details of Key Management Personnel

Mr. Nitin J. Sandesara - Managing Director

Mr. Chetan J. Sandesara - Joint Managing Director

ii) Enterprises in which significant influence is exercised by Key Management Personnel

Sterling SEZ and Infrastructure Limited Sterling Oil Resources Limited Sterling Port Limited

Sterling International Enterprises Limited

PMT Machines Limited

Atlantic Bluewater Services Pvt. Ltd.

British Oil & Gas Exploration Ltd.

Sterling Fincom Private Limited, Mauritius (Subsidiary)

Sterling Commercial FZE, U.A.E. (subsidiary of Sterling Fincom Private Limited, Mauritius)

4. Dues to micro and small enterprises

Based on the information received by the Company from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 (The Act) there are no amounts due to such vendors during the year and as at the year end. Therefore, disclosure required under the Act have not been given.

5. Previous year figures

Previous year figures have been regrouped / reclassified wherever necessary to correspond with the current year classification / disclosure.


Dec 31, 2013

1. Contingent Liabilities (Not provided for) ( Rs.in Lacs)

Estimated amount of contracts remaining to be executed 778.93 885.81 on capital account

Letters of credit issued by the Banks Nil Nil

Disputed claims / levies in respect of claims by other parties 8,286.44 7,333.29

2. SEGMENTAL REPORTING

The company''s operations fall under single segment; hence Segment Reporting as defined under AS-17 is not applicable to the Company.

3. Related Party Disclosures

A) Names of related Parties and their relationship

i) Details of Key Management Personnel ii) Enterprises in which significant influence

Mr. Nitin J. Sandesara - Chairman and Managing Director is exercised by Key Management

Mr. Chetan J. Sandesara - Joint Managing Director Personnel

Sterling SEZ and Infrastructure Limited

Sterling Oil Resources Limited

Sterling Port Limited

Atlantic Bluewater Services Pvt. Ltd.

British Oil & Gas Exploration Ltd.

Sterling Fincom Private Limited, Mauritius

(Subsidiary)

Sterling Commercial FZE, U.A.E.

(subsidiary of Sterling Fincom Private

Limited, Mauritius)

4. Dues to micro and small enterprises

Based on the information received by the Company from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 (The Act) there are no amounts due to such vendors during the year and as at the year end. Therefore, disclosure required under the Act have not been given.

5. Previous year figures

Previous year figures have been regrouped / reclassified wherever necessary to correspond with the current year classification / disclosure.


Dec 31, 2012

1. Nature of Operations

Sterling Biotech Limited ("The Company") is engaged in the manufacturing of Pharma Grade Gelatine & Di-Calcium Phosphate and other Pharma products.

2. SEGMENTAL REPORTING

The company''s operations fall under single segment; hence Segment Reporting as defined under AS-17 is not applicable to the Company.

3. Dues to micro and small enterprises

Based on the information received by the Company from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 (The Act) there are no amounts due to such vendors during the year and as at the year end. Therefore, disclosure required under the Act have not been given.

4. Previous year figures

The financial statements for the year ended 31st December 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31st December 2012 are prepared as per the Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year''s classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.


Dec 31, 2011

1. Estimated amount of contracts remaining to be executed on capital account and not provided for as on 31st December, 201 1 is Rs 2786.52 Lacs [Previous Year Rs 3236.1 8 Lacs].

2. Contingent liabilities not provided for on account of letters of credit as on 31st December, 2011 are of Rs 4986.00 Lacs [Previous Year Rs 10,100.00 Lacs].

3. Current income Tax is provided for the year as per provisions of the Minimum Alternate Tax under the Income Tax Act, 1961.

4. The company has provided for a deferred tax liability of Rs 300.01 Lacs for the year ended December 31' 2011 on additional depreciation on fixed assets under Income Tax Act [Previous year Rs 3,1 00.00 Lacs].

5. The company's operations fall under single segment. Hence Segmental Reporting as defined under AS 17 is not applicable.

6. Based on the information received by the company from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 (The Act) there are no amounts due to such vendors during the year and as at the year end. Therefore, disclosures required under the Act have not been given.

7. The Ministry of Corporate Affairs, Government of India vide its General Notification No. S.O. 301(E) dated 8rt' February 201 1 issued under section 21 1(3) of the Companies Act, 1956 has exempted certain classes of companies from disclosing certain information in their Profit and Loss Account. The Company being an 'Export Oriented Company' is entitled to the exemption. Accordingly, disclosures mandated by paragraphs 3(i)(a), 3(ii)(a), 3(ii)(b) and 3(ii)(d) of Part II, Schedule VI to the Companies Act, 1956 have not been provided.

8. Figures of the previous year have been regrouped, reclassified whenever necessary to make them Comparable with the current year's figures.


Dec 31, 2010

1. Estimated amount of contracts remaining to be executed on capital account and not provided for as on 31st December, 2010 is Rs. 3,236.18 Lacs [Previous year Rs.4,643.52 Lacs].

2. Contingent liabilities not provided for on account of letters of credit as on 31st December, 2010 are of Rs.10,100.00 Lacs [Previous year Rs. 4,986.27 Lacs].

3. Current income Tax is provided for the year as per provisions of the Minimum Alternate tax under the Income Tax Act, 1961.

4. The company has provided for a deferred tax liability of Rs. 3,100 Lacs for the year ended December 31, 2010 on additional depreciation on fixed assets under Income Tax Act [Previous year? 3,350 Lacs].

5. The company's operations fall under single segment. Hence Segmental Reporting as defined under AS 17 is not applicable.

6. Based on the information received by the company from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 (The Act) there are no amounts due to such vendors during the year and as at the year end. Therefore, disclosures required under the Act have note been given.

7. Additional information pursuant to the provisions of Paragraph (3) & (4) of Part IV of Schedule VI to the Companies Act, 1956, together with other notes.

The Ministry of Company Affairs, New Delhi have granted exemption to the Company from disclosure of quantitative details in compliance of Para 3(i)(a) and 3(ii)(a)(1)&(2) of Part II, Schedule VI to the Companies Act, 1956 in respect of the Financial Year ended 31st December, 2010 by their order no. 46/201/2010-CL-lll dated 01.11.2010 under Section 211 (4) of the Companies Act, 1956.

8. Related Party Information

A. Names of related parties and relationships. i) Details of Key Management Personnel

- Mr. Nitin J. Sandesara - Chairman and Managing Director

- Mr. Chetan J. Sandesara - Joint Managing Director

ii) Enterprises in which significant influence is exercised by Key Management Personnel

- Sterling SEZ and Infrastructure Limited

- Sterling Oil Resources Limited

- Sterling Port Limited

9. Figures of the previous year have been regrouped, reclassified whenever necessary to make them Comparable with the current year's figures.


Dec 31, 2009

1. Estimated amount of contracts remaining to be executed on capital account and not provided for as on 3rtDecember,2009 is Rs. 4,643.52 Lacs [Previousyear Rs. 3,721.69 Lacs].

2. Contingent liabilities not provided for on account of letters of credit as on 31st December, 2009 are of Rs. 4,986.27 Lacs [Previous year Rs. 4,497.1 6 Lacs].

3. Current income Tax is provided for the year as per provisions of the Minimum Alternate Tax under the lncomeTaxAct,1961.

4. The company has provided for a deferred tax liability of Rs. 3,350 Lacs for the year ended December 31,2009 on additional depreciation on fixed assets under Income Tax Act, 1 961 [Previous year Rs. 7,550 Lacs].

5. The companys operations fall under single segment. Hence Segmental Reporting as defined under AS 1 7 isnotapplicable.

6. Based on the information received by the company from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 (The Act) there are no amounts due to such vendors during theyearand as at the yea rend. Therefore, disclosures required underthe Act have not been given.

7. Additional information pursuant to the provisions of Paragraph (3) & (4) of Part IV of Schedule VI to the Companies Act, 1956, together withother notes:

The Ministry of Corporate Affairs, New Delhi, have granted exemption to the Company from disclosure of quantitative details in compliance of Para 3(i)(a) and 3(ii)(a) (1) & (2) of Part II, Schedule VI to the Companies Act, 1 956 In respect of the Financial Year ended 31st December, 2009 by their order No. 46/234/2009-CL-lll dated 04.11.2009 under Section 211 (4) of the Companies Act, 1956.

8. Related Party Information

A. Names of related parties and relationships.

i) Details of Key Management Personnel

- Mr. Nitin J. Sandesara Chairman and Managing Director

- Mr. Chetan J. Sandesara Joint Managing Director

ii) Enterprises in which significant influence is exercised by Key Management Personnel

- Sterling SEZ and Infrastructure Limited

- Sterling Oil Resources Limited

9. Figures of the previous year have been regrouped, reclassified whenever necessary to make them Comparable with the current years figures.


Dec 31, 2008

1. Estimated amount of contracts remaining to be executed on capital account and not provided for as on 31st December, 2008 is Rs. 3721.69 Lacs [Previous year Rs.8763.12 Lacs].

2. Contingent liabilities not provided for on account of letters of credit as on 31st December, 2008 are of Rs. 4497.16 Lacs [Previous year Rs.1598.07 Lacs].

3. Current income Tax is provided for the year as per provisions of the Minimum Alternate tax under the Income Tax Act, 1961.

4. The company has provided for a deferred tax liability of Rs. 7550 Lacs for the year ended December 31,2008 on additional depreciation on fixed assets under Income Tax Act [Previous year Rs.6350 Lacs].

5. The companys operations fall under single segment. Hence Segmental Reporting as defined under AS 17 is not applicable.

6. The company is not in a position to identify the dues to small scale industrial undertakings as on the balance sheet date in absence of the status of the creditors available with the company.

7. Additional information pursuant to the provisions of Paragraph (3) & (4) of Part IV of Schedule VI to the Companies Act, 1956, together with other notes.

The Ministry of Company Affairs, New Delhi have granted exemption to the Company from disclosure of quantitative details in compliance of Para 3(i) (a) and 3(ii) (a) of Part II, Schedule VI to the Companies Act, 1956 in respect of the Financial Year ended 31st December, 2008 by their order no. 46/221/2008-CL-lll dated 11-12-2008 under Section211(4) of the Companies Act, 1956.

8. Figures of the previous year have been regrouped, reclassified whenever necessary to make them Comparable with the current years figures.

 
Subscribe now to get personal finance updates in your inbox!