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.