Mar 31, 2014
(i) Basis of preparation
The financial statements of the Company have been prepared in
accordance with generally accepted accounting principle in India
(Indian GAAP). The company has prepared these financial statements to
comply in all material respect with the Accounting Standards notified
under the Companies (Accounting Standards) Rules, 2006, (as amended)
and the relevant provision of the Companies Act, 1956 read with General
Circular 8/2014 dated 4 April 2014, issued by the Ministry of Corporate
Affairs. The financial statements have been prepared on an accrual
basis and under the historical cost convention (except for revaluation
of land). The accounting policies adopted in the preparation of
financial statement are consistent with those of previous year.
(ii) Use of Estimates
The preparation of financial statements requires the management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, as of the date of financial statements and the
reported amount of revenue and expenses of the year. Actual results
could differ from these estimates. The difference between the actual
results and estimates are recognized in the period in which the results
are known/materialised.
(iii) Tangible Fixed Assets
Fixed Assets are stated at original cost of acquisition/installation
net off less accumulated depreciation except land which is carried at
revalued cost including lease premium. The cost of fixed assets
includes taxes, duties, freight and other incidental expenses related
to the acquisition and installation of the respective assets including
financial expenses incurred during pre-operative and trial runs period.
(iv) Depreciation tangible assets
a) Depreciation on tangible fixed assets is provided on straight line
method at the rates specified in Schedule XIV to the Companies Act,
1956.
b) Premium on Leasehold Improvements are amortized over the period of
Lease.
(v) Impairment of Tangible Assets
If the carrying amount of fixed assets exceeds the recoverable amount
on the reporting date, the carrying amount is reduced to the
recoverable amount. The recoverable amount is measured as the higher of
the net selling price and value in use determined by the present value
of estimated future cash flows. An impairment loss is charged to the
statement of profit and loss in the year in which an asset is
identified as impaired.
(vi) Revenue Recognition
Income and Expenditure are accounted on accrual basis.
(vii) Retirement Benefits
a) Short term employee benefits are recognised as an expense at the
undiscounted amount in the Statement of Profit and Loss of the year in
which the related service is rendered.
b) Post employment and other long term benefits are recognised as an
expense in the Statement of Profit and Loss for the year in which the
employee has rendered services. The expense is recognised at the
present value of the amounts payable determined using actuarial
valuation techniques. Actuarial gains and losses in respect of post
employment and other long-term benefits are charged to the Statement of
Profit and Loss.
(viii) Accounting for Taxes on Income
a) Current tax is determined as the amount of tax payable in respect of
taxable income for the year.
b) Deferred tax is recognised, subject to the consideration of
prudence, on timing differences, being the difference between taxable
income and accounting income that originates in one period and are
capable of reversal in one or more subsequent periods and measured
using relevant enacted tax rates.
(ix) Operating Leases
Lease of assets under which all the risk and rewards of ownership are
effectively retained by the lessor are classified as operating leases.
Lease payments under operating leases are recognized as an expense on
accrual basis in accordance with the respective lease agreements.
(x) Earnings per share
Basic earnings per share is computed and disclosed using the weighted
average number of common shares outstanding during the year. Dilutive
earnings per share is computed and disclosed using the weighted average
number of common and dilutive common equivalent shares outstanding
during the year, except when the results would be anti-dilutive.
(xi) Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes forming part of the financial statements. Contingent assets are
neither recognised nor disclosed in the financial statements.
Mar 31, 2013
(i) Basis of preparation
The financial statements are prepared in accordance with the Indian
Generally Accepted Accounting Principles ("GAAP") under the historical
cost convention (except revaluation of the land) on an accrual basis
and comply in all material aspects with accounting standards under
section 211 (3C), Companies (Accounting Standards) Rules, 2006, the
provisions of Companies Act, 1956 and guidelines issued by the
Securities and Exchange Board of India (SEBI).
(ii) Use of Estimates
The preparation of financial statements requires the management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, as of the date of financial statements and the
reported amount of revenue and expenses of the year. Actual results
could differ from these estimates. The difference between the actual
results and estimates are recognized in the period in which the results
are known / materialized.
(iii) Tangible Fixed Assets
Fixed Assets are stated at original cost of acquisition / installation
net off less accumulated depreciation except land which is carried at
revalued cost including lease premium. The cost of fixed assets
includes taxes, duties, freight and other incidental expenses related
to the acquisition and installation of the respective assets including
financial expenses incurred during pre-operative and trial runs period.
(iv) Depreciation
Depreciation is provided as per the Straight Line Method at the rates
and in the manner specified in the Schedule XIV to the Companies Act,
1956.
(v) Impairment of Tangible Assets
If the carrying amount of fixed assets exceeds the recoverable amount
on the reporting date, the carrying amount is reduced to the
recoverable amount. The recoverable amount is measured as the higher of
the net selling price and value in use determined by the present value
of estimated future cash flows. An impairment loss is charged to the
statement of profit and loss in the year in which an asset is
identified as impaired.
(vi) Inventories
a) Inventories are valued at lower of cost or estimated net realizable
value.
b) The basis of determining cost of inventories are as follows:
i) Stock of Raw materials, Stores and Spares : Cost on FIFO basis
ii) Finished goods / Goods in process : Includes an appropriate share
of
manufacturing, other overheads and depreciation
c) Excise duty is added in the Closing Inventory of Finished Goods.
(vii) Retirement Benefits
a) Short term employee benefits are recognized as an expense at the
undiscounted amount in the Statement of Profit and Loss of the year in
which the related service is rendered.
b) Post employment and other long term benefits are recognized as an
expense in the Statement of Profit and Loss for the year in which the
employee has rendered services. The expense is recognized at the
present value of the amounts payable determined using actuarial
valuation techniques. Actuarial gains and losses in respect of post
employment and other long-term benefits are charged to the Statement of
Profit and Loss.
(viii) Accounting for Taxes on Income
a) Current tax is determined as the amount of tax payable in respect of
taxable income for the year.
b) Deferred tax is recognized, subject to the consideration of
prudence, on timing differences, being the difference between taxable
income and accounting income that originates in one period and are
capable of reversal in one or more subsequent periods and measured
using relevant enacted tax rates.
(ix) Operating Leases
Lease of assets under which all the risk and rewards of ownership are
effectively retained by the less or are classified as operating leases.
Lease payments under operating leases are recognized as an expense on
accrual basis in accordance with the respective lease agreements.
(x) Earnings per share
Basic earnings per share is computed and disclosed using the weighted
average number of common shares outstanding during the year. Dilutive
earnings per share is computed and disclosed using the weighted average
number of common and dilutive common equivalent shares outstanding
during the year, except when the results would be anti-dilutive.
(xi) Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognized when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes forming part of the financial statements. Contingent assets are
neither recognized nor disclosed in the financial statements.
Mar 31, 2012
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 suffering losses.
2. Significant Accounting Policies:
(i) Basis of preparation
The financial statements are prepared in accordance with the Indian
Generally Accepted Accounting Principles ("GAAP") under the historical
cost convention (except revaluation of the land) on an accrual basis
and comply in all material aspects with accounting standards under
section 211(3C), Companies (Accounting Standards) Rules, 2006, the
provisions of Companies Act, 1956 and guidelines issued by the
Securities and Exchange Board of India (SEBI).
(ii) Use of Estimates
The preparation of financial statements requires the management to make
estimates and assumptions that affect the reported amounts of assets
and liabilities, as of the date of financial statements and the
reported amount of revenue and expenses of the year. Actual results
could differ from these estimates. The difference between the actual
results and estimates are recognized in the period in which the results
are known / materialised.
(iii) Tangible Fixed Assets
Fixed Assets are stated at.original cost of acquisition / installation
net off less accumulated depreciation except land which is carried at
cost including lease premium. The cost of fixed assets includes taxes,
duties, freight and other incidental expenses related to the
acquisition and installation of the respective assets including
financial expenses incurred during pre- operative and trial runs
period. -
(iv) Depreciation
Depreciation is provided as per the Straight Line Method at the rates
and in the manner specified in the Schedule XIV to the Companies Act,
1956.
(v) Impairment of Tangible Assets
If the carrying amount of fixed assets exceeds the recoverable amount
on the reporting date, the carrying amount is reduced to the
recoverable amount. The recoverable amount is measured as the higher of
the net selling price and value in use determined by the present value
of estimated future cash flows. An impairment loss is charged to the
statement of profit and loss in the year in which an asset is
identified as impaired.
(v) Inventories
a) Inventories are valued at lower of cost or estimated net realizable
value.
b) The basis of determining cost of inventories are as follows:
i) Stock of Raw materials, Stores and Spares : Cost on FIFO basis
ii) Finished goods/ Goods in process : Includes an appropriate share of
manufacturing, other overheads and depreciation
c) Excise duty is added in the Closing Inventory of Finished Goods.
(vi) Retirement Benefits
a) Short term employee benefits are recognised as an expense at the
undiscounted amount in the Statement of Profit and Loss of the year in
which the related service is rendered.
b) Post employment and other long term benefits are recognised as an
expense in the Statement of Profit and Loss for the year in which the
employee has rendered services. The expense is recognised at the
present value of the amounts payable determined using actuarial
valuation techniques. Actuarial gains and losses in respect of post
employment and other long-term benefits are charged to the Statement of
Profit and Loss.
(vii) Accounting for Taxes on Income
a) Current tax is determined as the amount of tax payable in respect of
taxable income for the year.
b) Deferred tax is recognised, subject to the consideration of
prudence, on timing differences, being the difference between taxable
income and accounting income that originates in one period and are
capable of reversal in one or more subsequent periods and measured
using relevant enacted tax rates.
(viii) Operating Leases
Lease of assets under which all the risk and rewards of ownership are
effectively retained by the lessor are classified as operating leases.
Lease payments under operating leases are recognized as an expense on
accrual basis in accordance with the respective lease agreements.
(ix) Earnings per share
Basic earnings per share is computed and disclosed using the weighted
average number of common shares outstanding during the year. Dilutive
earnings per share is computed and disclosed using the weighted average
number of common and dilutive common equivalent shares outstanding
during the year, except when the results would be anti-dilutive.
(x) Provisions, Contingent Liabilities and Contingent Assets
Provisions involving substantial degree of estimation in measurement
are recognised when there is a present obligation as a result of past
events and it is probable that there will be an outflow of resources.
Contingent Liabilities are not recognized but are disclosed in the
notes forming part of the financial statements. Contingent assets are
neither recognised nor disclosed in the financial statements.
c. 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.
d. Terms / right attached to Redeemable Cumulative Preference Shares
(i) 8,000,000 (5,000,000) 12% Redeemable Cumulative Preference shares
of Rs. 10/- each fully paid up (alloted 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 (alloted 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
Mar 31, 2010
A. System of Accounting:
i. These accounts have been prepared under the historical cost except
the revaluation of the land.
ii. The company follows accrual system of accounting and recognizes
income and expenditure on accrual basis except those with significant
uncertainties.
b. Fixed Assets:
Fixed Assets are stated at cost less depreciation. Cost comprises of
cost of acquisition, construction, erection, all direct expenses,
expenses incidental to implementation of project including financial
expenses incurred during pre-operative and trial runs period.
c. Depreciation:
Depreciation is provided as per the Straight Line Method at the rates
and in the manner specified in the Schedule XIV to the Companies Act,
1956.
d. Inventories:
i. Inventories are valued at cost or net realizable value.
ii. The basis of determining cost of inventories are as follows:
a) Stock of Raw materials, Stores and Spares : Cost on FIFO basis
b) Finished goods/ Goods in process : Includes an appropriate
share of manufacturing,
other overheads and
depreciation.
e. Retirement Benefits:
i. Short term employee benefits are recognised as an expense at the
undiscounted amount in the Profit and Loss account of the year in which
the related service is rendered.
ii. Post employment and other long term benefits are recognised as an
expense in the profit and loss account for the year in which the
employee has rendered services. The expense is recognised at the
present value of the amounts payable determined using actuarial
valuation techniques. Actuarial gains and losses in respect of post
employment and other long-term benefits are charged to the Profit and
Loss account.
f. Accounting for Taxes on Income
Tax liability of the company is estimated considering the provisions of
the Income Tax Act, 1961. Deferred tax is recognized subject to the
consideration of prudence, on timing differences in respect of
differences between taxable income and accounting income, that
originate in one period and are capable of reversal in one or more
subsequent periods.
g. Operating Leases:
Lease on assets under which all the risk and rewards of ownership are
effectively retained by the lessor are classified as operating (ease.
Lease payments under operating leases are recognized as expenses on
accrual basis in accordance with the respective lease agreements.
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article