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Notes to Accounts of Sterling Powergensys Ltd.

Mar 31, 2015

1. Contingent Liability

Amount in Rs.

As at As at Particulars 31st March, 31st March, 2015 2014

Interest and Penalty on Sales tax* 43,62,886 43,62,886

* The company has taken the benefit of Sales Tax Deferral Scheme for deferment of sales tax of Rs. 2,44,46,488/- shown as other long term liabilities (Refer Note 5). The Department of Sales Tax has not allowed the deferment of sales tax amounting to Rs. 49,60,184/- and has levied interest and penalty on the same.

2. The Company has no amount due to suppliers under the Micro, Small and Medium Enterprises Note:27 Development Act, 2006 (MSMED Act) as at 31 March 2015.

3. In the opinion of t he Board the current assets, loans and advances, balances of which are su bject to confirmation by respective parties and are outstanding for long time, if realized in the ordinary course of business have value on realization at least to the amount at which they are stated in the Balance Sheet.

The provision for all known liabilities subject to confirmation by respective parties are adequate and not in excess of amount reasonably necessary.

4. In view of BIFR approval of Revival scheme dated 07.04.2011, Company has neither paid nor provided interest liability on unpaid statutory dues and liability of interest thereon has not also been ascertained.

5. Related Party Disclosure

Key Management Personnel (KMP)

Mr. S. Venkat Subrmanian Chairman

Mr. Deepak S. Shah (resigned on 29.01.2015) Managing Director

Mr. Ranjit C. Singh (w.e.f. 06.02.2015) Managing Director

6. The figures of previous year have been regrouped or rearranged wherever necessary/practicable to con form to current year's presentation as per Schedule III to the Companies Act 2013.


Mar 31, 2014

1. Corporate Information

Sterling Strips Limited is a public company domiciled in India and incorporated under the provisions of Companies Act, 1956. Its Shares are listed on Bombay Stock Exchange. Company is into Manufacturing activities- Boiler and Steam generation plants, Solar, Industrial Refrigeration Plants, Heavy Industrial Fabrication and is in process of establishing itself as EPC contractor in field of mini steel & power plant.

Note -1 In the opinion of the Board the current assets, loans and advances , balances of which are subject to confirmation by respective parties and are outstanding for long time , if realized in the ordinary course of business have value on realization at least to the amount at which they are stated in the Balance Sheet . The provision for all known liabilities subject to confirmation by respective parties are adequate and not in excess of amount reasonably necessary.

Payment received, made and adjusted in the parties accounts consisting debtors, creditors, loans, advances and deposits are generally by way

Note -2 of account payee cheques. Cash payment made by the Company are by and large to local labour employed at remote locations and wherever supporting bills / invoices are not available proper documentation has been maintained by the company.

Note -3 In view of BIFR approval of Revival scheme dated 07.04.2011 , Company has neither paid nor provided interest liability on unpaid statutory dues and liability of interest thereon has not also been ascertained .

Note -4 ADDITIONAL INFORMATION PURSUANT TO THE PROVISION OF PARAGRAPHS 3, 4, 4B, 4C & 4D OF PART II OF SCHEDULE VI OF THE COMPANIES


Mar 31, 2013

1. Corporate Information

Sterling Strips Limited is a public company domiciled in India and incorporated under the provisions of Companies Act, 1956. Its Shares are listed on Bombay Stock Exchange. Company is into Manufacturing activities- Boiler and Steam generation plants, Solar, Industrial Refrigeration Plants, Heavy Industrial Fabrication and is in process of establishing itself as EPC contactor in field of mini steel & power plant.

Note -2 In the opinion of the Board the current assets, loans and advances , balances of which are subject to confirmation by respective parties and are outstanding for long time , if realized in the ordinary course of business have value on realization at least to the amount at which they are stated in the Balance Sheet . The provision for all known liabilities subject to confirmation by respective parties are adequate and not in excess of amount reasonably necessary.

Note -3 Payment received, made and adjusted in the parties accounts consisting debtors, creditors, loans, advances and deposits are generally by way of account payee cheques. Cash payment made by the Company are by and large to local labor employed at remote locations and wherever supporting bills / invoices are not available proper documentation has been maintained by the company.

Note -4 In view of BIFR approval of Revival scheme dated 07.04.2011 , Company has neither paid nor provided interest liability on unpaid statutory dues and liability of interest thereon has not also been ascertained .

Note -5 ADDITIONAL INFORMATION PURSUANT TO THE PROVISION OF PARAGRAPHS 3, 4, 4B, 4C & 4D OF PART II OF SCHEDULE VI OF THE COMPANIES


Mar 31, 2012

1. Corporate Information

Sterling Strips Limited is a public company domiciled in India and incorporated under the provisions of Companies Act, 1956. Its Shares are listed on Bombay Stock Exchange. Company is into Manufacturing activities- Boiler and Steam generation plants, Industrial Refrigeration Plants, Heavy Industrial Fabrication and is in process of establishing itself as EPC contactor in field of mini steel & power plant.

Measurement of foreign currency monetary items at the Balance Sheet date

Foreign currency monetary items (other than derivative contracts) of the Company and its net investment in non-integral foreign operations outstanding at the Balance Sheet date are restated at the year-end rates.

In the case of integral operations, assets and liabilities (other than non-monetary items), are translated at the exchange rate prevailing on the Balance Sheet date. Non-monetary items are carried at historical cost. Revenue and expenses are translated at the average exchange rates prevailing during the year. Exchange differences arising out of these translations are charged to the Statement of Profit and Loss.

Treatment of exchange differences

Exchange differences arising on settlement / restatement of short-term foreign currency monetary assets and liabilities of the Company and its integral foreign operations are recognised as income or expense in the Statement of Profit and Loss. The exchange differences on restatement / settlement of loans to non-integral foreign operations that are considered as net investment in such operations are accumulated in a "Foreign currency translation reserve" until disposal / recovery of the net investment.

The exchange differences arising on restatement / settlement of long-term foreign currency monetary items are capitalised as part of the depreciable fixed assets to which the monetary item relates and depreciated over the remaining useful life of such assets or amortised on settlement / over the maturity period of such items if such items do not relate to acquisition of depreciable fixed assets. The unamortised balance is carried in the Balance Sheet as "Foreign currency monetary item translation difference account" net of the tax effect thereon. '

a Details of shares held by the holding company, the ultimate holding company, their subsidiaries and associates: NIL

b Details of Equity Shares have been issued for consideration other than cash during the period of last five years: NIL

Note -2 In the opinion of the Board the current assets, loans and advances , balances of which are subject to confirmation by respective parties and are outstanding for long time , if realized in the ordinary course of business have value on realization at least to the amount at which they are stated in the Balance Sheet . The provision for all known liabilities subject to confirmation by respective parties are adequate and not in excess of amount reasonably necessary.

Note -3 Payment received, made and adjusted in the parties accounts consisting debtors, creditors, loans, advances and deposits are generally by way of account payee cheques. Cash payment made by the Company are by and large to local labor employed at remote locations and wherever supporting bills / invoices are not available proper documentation has been maintained by the company.

Note -4 In view of BIFR approval of Revival scheme dated 07.04.2011 , Company has neither paid nor provided interest liability on unpaid statutory dues and liability of interest thereon has not also been ascertained .


Mar 31, 2010

1. CONTINGENT LIABILITIES :

a) In the event of non-receipt of pending declaration forms from customers the company will be liable to return the concession accounted, amount not ascertained including the interest and penalties thereon under the Sales Tax Law.

b) The Sales Tax Authorities has completed the assessment up to the financial year 2003-2004. The company holds two entitlement certificates for deferral of sales tax dues, one for the period 1.5.1990 to 30.04.1999 for an amount of Rs. 98,47,800/-on erection of main project and the otherdated 20.12.1995 for an amount of Rs. 1,49,73,700/- on expansion project. Forthe purpose of allowing deferral under second entitlement certificate in the assessment of the company the sales tax authorities have calculated the deferral amount at 60.33% of the sales tax payable considering prorata investment inexpansion project and disallowed deferral of 30.67% of the sales tax payable based on prorata amount of investment in main project where entitlement limit was already exhausted, however such disallowed amount together with interest thereon has been stayed as per provision of Sec. 33(4)(C) of the BSTAct, 1959. The company has pleaded that the ratio of P.V. Textile SA No. 48/2000 dated 17.03.2000 be applied and the benefit of deferment may be extended to the entire sales. However the sales tax authorities have not accepted this contention of the company and matter is pending in appeal for adjudication aforesaid non deferral portion works out to Rs. 98,75,994/ 13 Intheopinion of the Board the current assets, loans and advances, balances of which are subjectto confirmation by respective parties and are outstanding for long time, if realized in the ordinary course of business have value on realization at least to the amount at which they are stated in the Balance Sheet except debtors of Rs. 227.58 lacs (Previous Year Rs. 195.46 lacs) considered doubtful and not provided for. The provision for all known liabilities subject to confirmation by respective parties are adequate and not in excess of amount reasonably necessary.

2. Payment received, made and adjusted in the parties accounts consisting debtors, creditors, loans, advances and deposits are generally by way of account payee cheques. Cash payment made by the company are by and large to local labor employed at remote locations and wherever supporting bills/invoices are not available proper documentation has been maintained by the company.

3. The company has no mechanism of getting information as to whether any of its suppliers constitute Small Scale Industrial undertakings and therefore, the amount due to such supplier has not been identified. The company has not received information from vendors regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence disclosure relating to amount unpaid as at the year end together with interest paid / payable under this Act have not been given.

4. The total net worth of the Company has eroded. The company is having huge unabsorbed depreciation and carry forward claim of losses under the Income Tax Act, 1961. In view of pending reference made by the company to BIFR on the basis of its Audited Balance Sheet as at 31.03.2002 which was registered as Case No. 295/2003, there is no virtual certainty that sufficient future taxable income will be available against which deferred tax assets can be realized, therefore management has decided to make accounting of deferred tax asset when it will be reasonably sure that the company will be able to absorb such deferred tax assets against future liabilities.

5. In view of difficult financial position & huge losses companys case is pending with BIFR and pending sanction of revival Scheme. Company has neither paid norprovided interest liability on unpaid statutory dues and liability of interest thereon has not also been ascertained as the company is hopeful of getting it waived in pending BIFR matters.

6. Previous years figures have been regrouped and rearranged wherever considered necessary.

 
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