Mar 31, 2014
1. SHARE CAPITAL:
a. Terms/right attached to equity shares
The Company has only one class of equity shares having a par value of
Rs. 10 per share. All issued shares rank pari-passu and have same
voting rights per share. The company declares and pays dividend in
Indian Rupees. The final dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual
General Meeting. In the event of liquidation of the company, the
holders of the equity shares will be entitled to receive remaining
assets of the company, after distribution of preferential amounts. The
distribution will be in proportion to the number of equity shares held
by the shareholders.
b. Terms/right attached to Redeemable Cumulative Preference Shares
(i) 8,000,000 (8,000,000) 12% Redeemable Cumulative Preference shares
of Rs. 10/- each fully paid up (allotted on 19 August 1999) are
redeemable at any time after the expiry of three years from the date of
allotment with prior approval of the financial institutions or even
before three years from the date of allotment provided that the Company
settles its dues with the financial institutions. These shares are yet
to be redeemed by the company.
(ii) 6,000,000 (6,000,000) 9 % Redeemable Cumulative Preference shares
of Rs. 10/- each fully paid up (allotted on 12 September 2002) are
redeemable at any time after the expiry of three years from the date of
allotment with prior approval of the financial institutions or even
before three years from the date of allotment provided that the Company
settles its dues with the financial institutions. These shares are yet
to be redeemed by the company.
2. SHORT-TERM BORROWINGS (Unsecured)
(i) Loan from Government of Maharashtra of Rs. 1,364,649/- (Rs.
1,364,649/-) carries interest @ 12.50% p.a. which is overdue from
financial year 1983-84.
(ii) Inter-corporate Loans of Rs. 19,043,687/- (Rs. 13,399,656/-)
carries interest @ 9% p.a. and Rs. 2,34,686,864/- (Rs. 2,33,106,864/-)
carries interest @ 6% p.a. The loans are repayable on demand.
3. OTHER CURRENT LIABILITIES
# includes interest of Rs. 66,903,461/- (Rs. 50,205,369/-) which is
overdue.
4. FIXED ASSETS
Note:- The Company had written up the value of freehold factory land as
on 1 April, 1991 by Rs. 16,086,822/- as per the valuation report dated
27 December 1991 of M/s. Budhbatti & Associates (Chartered Engineers).
The revaluation amount was taken as Revaluation Reserve under the
Reserves and Surplus.
5. The Company has no amounts due to suppliers under the Micro, Small
and Medium Enterprises Development Act, 2006 (MSMED Act) as at 31 March
2014.
6. Contingent liabilities not provided for:
(Amount in Rupees)
2014 2013
Disputed Indirect Taxes 9,566,782 11,000,969
Disputed Direct Tax 3,06,306 3,06,306
Dividend on preference share capital 2,10,672,329 1,95,672,329
Claims not acknowledged as debts 40,77,416 40,77,416
7. Taxation
In view of losses incurred during the year, as per the provisions of
the Income Tax Act, 1961, provision for current tax is not required to
be made. Further, the amount of deferred tax assets is not being
accounted in view of uncertainty as to absorption of losses in the
foreseeable future based on the current level of operation of the
company.
8. The Company has closed its commercial operations since 25 September
1998. The net worth of the Company is fully eroded due to accumulated
losses and the Company has become a Sick Industrial Company within the
meaning of Section 3(1)(O) of the Sick Industrial Companies (Special
Provision) Act, 1985 and therefore, application had been made to the
Board for Industrial and Financial Reconstruction (BIFR) according to
the provisions of the said Act to consider the proposal for the
rehabilitation of the Company. The Board for Industrial and Financial
Reconstruction had rejected the application. The Company has also
become a Sick Industrial Company u/s 2(46AA) of the Companies Act,
1956.
In view of the above and in absence of suitable rehabilitation
measures, the Company is no longer a going concern. However, the
Company has not made any adjustment to the financial statements
relating to recoverability of recorded asset amounts and in respect of
liabilities as might be necessary for compilation, where the Company is
no longer a going concern. The effect on the loss for the year and net
worth of the Company is not ascertained.
9. (i) In the opinion of the Board of Directors, the current assets
and loans and advances are at least of the value stated, if realized in
the ordinary course of business and necessary provision for all known
liabilities has been made except stated otherwise.
(ii) Certain debit and credit balances are subject to confirmation,
reconciliation and adjustments.
10. Operating Lease
(i) a) The Company has taken residential/commercial premises under
cancelable operating leases.
The lease agreements are normally renewed on expiry.
b) The rental expenses in respect of operating leases are Rs. 18,600
(Rs. 18,600/-).
(ii) a) The Company has given on lease the commercial premises under
cancelable operating lease.
b) Sub-lease payments received (or receivable) recognized in the
Statement of Profit and Loss for the year is Rs. 3,00,000/- (Rs.
3,00,000.
11. Employee Benefits
As per Accounting Standard-15 "Employee Benefits", the disclosures of
employee benefits as defined in the Accounting Standard are given
below:
The employees'' gratuity fund scheme is a defined benefit plan. The
present value of obligation is determined based on actuarial valuation
using the projected unit credit method, which recognizes each period of
service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation. The obligation for leave encashment is recognized in the
same manner as gratuity.
I. Expenses recognised during the year ended 31 March 2014 (under the
head "Employee benefit expenses")
II. Actuarial assumptions
Notes:
a) The estimates of future salary increases considered in the actuarial
valuation take account of inflation, seniority, promotion and other
relevant factors, such as supply and demand in the employment.
b) "Contribution to provident and other funds" is recognized as an
expense in Note 12 of the Statement of Profit and Loss.
12. Related Party Disclosures
Related parties with whom transactions have taken place during the year
and balances outstanding at the year end.
a) Other related party where the director/their relative have
significant influence
Ayepee Lamitubes Limited
b) Directors of the Company
Non-Executive Directors:
Mr. Ashok Goel
Mr. J. M. Fernandes
Mr. Mohender Garg
13. Managerial Remuneration
The Company has paid remuneration to Manager within the limit of
Schedule XIII of Companies Act, 1956. Details of Remuneration
paid/payable to the Manager is as under:
* Excludes leave encashment and gratuity which is based on actuarial
valuation provided on an overall basis.
14. Other additional information pursuant to Revised Schedule VI to the
Companies Act, 1956 are either nil or not applicable.
15. The Company does not have any manufacturing activity during the
financial year. Accordingly, Accounting Standard-17 "Segment Reporting"
is not applicable.
16. Prior year Comparatives
Previous year''s figures have been regrouped/reclassified wherever
necessary to correspond with the current year''s
classifications/disclosures.
Mar 31, 2013
1. Corporate Information
Solid Containers Limited is a Company incorporated under the Companies
Act, 1956. Operations of the Company have been suspended since
September 1998 and the Company has been incurring losses.
2. The Company has no amounts due to suppliers under the Micro, Small
and Medium Enterprises Development Act, 2006 (MSMED Act) as at 31 March
2013.
3. CONTINGENT LIABILITIES NOT PROVIDED FOR:
(Amount in Rupees)
Particulars 2013 2012
Disputed Indirect Taxes 11,000,969 10,646,353
Disputed Direct Taxes 306,306 -
Dividend on preference
share capital 195,672,329 180,672,329
Claims not acknowledged as debts 4,077,416 4,077,416
4. TAXATION
In view of losses incurred during the year, as per the provisions of
the Income Tax Act, 1961, provision for current tax is not required to
be made. Further, the amount of deferred tax assets is not being
accounted in view of uncertainty as .to absorption of losses in the
foreseeable future based on the current level of operation of the
company.
5. The Company has closed its commercial operations since 25
September 1998. The net worth of the Company is fully eroded due to
accumulated losses and the Company has become a Sick Industrial Company
within the meaning of Section 3(1 )(0) of the Sick Industrial Companies
(Special Provision) Act, 1985 and therefore, application had been made
to the Board for Industrial and Financial Reconstruction (BIFR)
according to the provisions of the said Act to consider the proposal
for the rehabilitation of the Company. The Board for Industrial and
Financial Reconstruction had rejected the application. The Company had
also become a Sick Industrial Company u/s 2(46AA) of the Companies Act,
1956.
In view of the above and in absence of suitable rehabilitation
measures, the Company is no longer a going concern. However, the
Company has not made any adjustment to accounts relating to
recoverability of recorded asset amounts and in respect of liabilities
as might be necessary for compilation, where the Company is no longer a
going concern. The effect on the loss for the year and net worth of the
Company is not ascertained.
6. (i) In the opinion of the Board of Directors, the current assets
and loans and advances are at least of the value stated, if realized in
the ordinary course of business and necessary provision for all known
liabilities has been made except stated otherwise.
(ii) Certain debit and credit balances are subject to confirmation,
reconciliation and adjustments.
7. Operating Lease
(i) a) The Company has taken residential / commercial premises under
cancelable operating leases. These lease agreements are normally
renewed on expiry.
b) The rental expenses in respect of operating leases are Rs.18,600
(Rs.18,600).
(ii) a) The Company has given on lease the commercial premises under
cancelable operating lease.
b) Sub-lease payments received (or receivable) recognized in the
Statement of Profit and Loss for the year is Rs. 300,000 (Rs. 300,000).
8. Employee Benefits
As per Accounting Standard - 15 "Employee Benefits", the disclosures of
employee benefits as defined in the Accounting Standard are given
below:
The employees'' gratuity fund scheme is a defined benefit plan. The
present value of obligation is determined based on actuarial valuation
using the projected unit credit method, which recognizes each period of
service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation. The obligation for leave encashment is recognized in the
same manner as gratuity.
Notes:
(a) The estimates of future salary increases considered in the
actuarial valuation take account of inflation, seniority, promotion and
other relevant factors, such as supply and demand in the employment.
(b) "Contribution to provident and other funds" is recognized as an
expense in Note 12 of the Statement of Profit and Loss. :
9. Related Party Disclosure
Related parties with whom transactions have taken place during the year
and balances outstanding at the year end.
a) Other related party where the director / their relative have
significant influence
Ayepee Lamitubes Limited
b) Directors of the Company
Non-Executive Directors :Mr. Ashok Goel
Mr. J. M. Fernandes
Mr. R. Chandrasekhar (Resigned with effect from 31.01.2013) Mr.
Mohender Garg
* Excludes leave encashment and gratuity which is based on actuarial
valuation provided on an overall basis.
10. Other additional information pursuant to Revised Schedule VI to
the Companies Act, 1956 are either nil or not applicable.
11. The Company does not have any manufacturing activity during the
financial year. Accordingly, Accounting Standard-17 "Segment Reporting"
is not applicable.
12. Prior year Comparatives
Previous year''s figures have been regrouped / reclassified wherever
necessary to correspond with the current year''s classifications /
disclosures
Mar 31, 2012
1. TAXATION
In view of losses incurred during the year, as per the provisions of
the Income Tax Act, 1961, provision for current tax is not required to
be made. Further, the amount of deferred tax assets is not being
accounted in view of uncertainty as to absorption of losses in the
foreseeable future based on the current level of operation of the
company.
2. The Company has closed its commercial operations since 25
September 1998. The net worth of the Company is fully eroded due to
accumulated losses and the Company has become a Sick Industrial Company
within the meaning of Section 3(1 )(0) of the Sick Industrial Companies
(Special Provision) Act, 1985 and therefore, application had been made
to the Board for Industrial and Financial Reconstruction (BIFR)
according to the provisions of the said Act to consider the proposal
for the rehabilitation of the Company. The Board for Industrial and
Financial Reconstruction had rejected the application. The Company had
also become a Sick Industrial Company u/s 2(46AA) of the Companies Act,
1956.
In view of the above and in absence of suitable rehabilitation
measures, the Company is no longer a going concern. However, the
Company has not made any adjustment to accounts relating to
recoverability of recorded asset amounts and in respect of liabilities
as might be necessary for compilation, where the Company is no longer a
going concern. The effect on the loss for the year and net worth of the
Company is not ascertained.
3. (i) In the opinion of the Board of Directors, the current assets
and loans and advances are at least of the value stated, if realized in
the ordinary course of business and necessary provision for all known
liabilities has been made except stated otherwise.
(ii) Certain debit and credit balances are subject to confirmation,
reconciliation and adjustments.
4. Operating Lease
(i) a) The Company has taken residential / commercial premises under
cancelable operating leases. These lease agreements are normally
renewed on expiry.
b) The rental expenses in respect of operating leases are Rs.18,600
(Rs.18,600).
(ii) a) The Company has given on lease the commercial premises under
cancelable operating lease.
b) Sub-lease payments received (or receivable) recognized in the
Statement of Profit and Loss for the year is Rs. 300,000 (Rs. 300,000).
5. Employee Benefits
As per Accounting Standard - 15 "Employee Benefits", the disclosures of
employee benefits as defined in the Accounting Standard are given
below:
The employees'' gratuity fund scheme is a defined benefit plan. The
present value of obligation is determined based on actuarial valuation
using the projected unit credit method, which recognizes each period of
service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation. The obligation for leave encashment is recognized in the
same manner as gratuity.
Notes:
(a) The estimates of future salary increases considered in the
actuarial valuation take account of inflation, seniority, promotion and
other relevant factors, such as supply and demand in the employment.
(b) "Contribution to provident and other funds" is recognized as an
expense in Note 12 of the Statement of Profit and Loss.
3. Related Party Disclosure
Related parties with whom transactions have taken place during the year
and balances outstanding at the year end.
a) Other related party where the director / their relative have
significant influence
Ayepee Lamitubes Limited
b) Directors of the Company
Non-Executive Directors: Mr. Ashok Kumar Goel
Mr. J. M. Femandes Mr. R. Chandrasekhar Mr. Mohender Garg
4. Other additional information pursuant to Revised Schedule VI to
the Companies Act, 1956 are either nil or not applicable.
5. The Company does not have any manufacturing activity during the
financial year. Accordingly, Accounting Standard-17 "Segment Reporting"
is not applicable.
6. Prior year Comparatives
Schedule VI to the Companies Act, 1956 is revised and has become
effective from 1 April 2011. This has significantly impacted the
disclosure and presentation made in the financial statements. Previous
year''s figures have been regrouped / reclassified wherever necessary to
correspond with the current year''s classifications / disclosures.
Mar 31, 2010
1. Previous years figures have been regrouped, rearranged and recast
wherever considered necessary. Figures in bracket pertains to previous
year.
2. Contingent liabilities not provided for:
(Amount in Rs.)
Particulars As at As at
31.03.2010 31.03.2009
Disputed Demands of Excise Duty and
Income Tax 4,964,342 1,820,301
Dividend on Preference Share Capital 150,672,329 135,672,329
Claim against the Company not
acknowledged as debt 2,144,807 2,144,807
3. In view of losses, no provision is required to be made for Income
Tax as per the provisions of the Income Tax Act, 1961. Further the
amount of deferred tax assets is not being accounted in view of the
uncertainty as to absorption of losses in the foreseeable future based
on the current level of operation of the company.
4. The company has closed its commercial operations since 25 September
1998. The net worth of the company is fully eroded due to accumulated
losses and the company has become a Sick Industrial Company within the
meaning of Section 3(1) (O) of the Sick Industrial Companies (Special
Provision) Act, 1985 and therefore reference had been made to the Board
for Industrial and Financial Reconstruction (BIFR) according to the
provisions of the said Act to consider the proposal for the
rehabilitation of the company. Board for Industrial and Financial
Reconstruction has rejected the application. The company has also
become a Sick Industrial Company u/s 2(46AA) of the Companies Act,
1956.
In view of the above and in absence of suitable rehabilitation
measures, the Company is no longer a going concern. However, the
Company has not made any adjustment to accounts relating to
recoverability of recorded asset amounts and in respect of liabilities
as might be necessary for Compilation when the Company is no longer a
going concern. The effect on the Loss for the year and Net Worth of the
company is not ascertained.
5. (i) In the opinion of the Board of Directors the current assets and
loans and advances are at least of the value stated, if realized in the
ordinary course of business and necessary provision for all known
liabilities has been made except stated otherwise.
(ii) Debit and credit Balances are subject to confirmation,
reconciliation and adjustments.
6. Operating Lease
i) a) The company has taken residential/commercial premises under
cancelable operating leases. These lease agreements are normally
renewed on expiry.
b) The rental expenses in respect of operating leases is Rs 18,600/-
(Rs 18,600/-).
ii) a) The company has given on lease the commercial premises under
cancelable operating lease.
b) Sub-lease payments received (or receivable) recognized in the
statement of Profit and Loss for the year is Rs. 300,000/- (Rs.
300,000/-).
Note:
(a) Amounts recognized as an expense and included in the Schedule 9
"Personnel Cost" are gratuity Rs. (11,417) (Rs. 5,445) and leave
encashment Rs. (35,250) (Rs. (168,461))
(b) The estimates of future salary increases considered in the
actuarial valuation take account of inflation, seniority, promotion and
other relevant factors, such as supply and demand in the employment.
(c) "Contribution to provident and other funds" is recognized as an
expense in Schedule 9 of the Profit and Loss Account.
7. Related party disclosure
Related parties with whom transaction have taken place during the year
and balances outstanding as on the last day of the year.
a) Other related parties where the Director/their relative have
significant influence. Ayepee Lamitubes Limited
b) Directors of the Company
Non-Executive Directors : Mr. Ashok Kumar Goel
Mr. J. M. Fernandes
Mr. R. Chandrasekhar
Mr. Mohender Garg
8. Managerial Remuneration
a) Since no Commission is paid/ payable to any Director/Manager and
loss was incurred during the year, the computation of profits under
Section 198/349 of the Companies Act, 1956 is not furnished.
9. Other additional information pursuant to the provision of Part II
of Schedule VI to the Companies Act, 1956 are either nil or not
applicablee.