SEC Form 17-A: Annual Report - the solid group inc website

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- 3 - (b) Mergers of Certain Subsidiaries On December 26, 2011 and January 10, 2012, the SEC approved the mergers of SC and SMC; OLC and OSSI; respectively, whereby SMC and OSSI will be the surviving entities. Both mergers became effective on January 1, 2012; hence, starting that date, SC started to operate under the corporate name of SMC and OLC under the corporate name of OSSI (see Note 1.1). On May 28, 2012, SEC approved the merger of Mytel and My Solid, wherein My Solid would be the surviving entity. The merger became effective on June 1, 2012 (see Note 1.1). The Group expects that these mergers will result in efficiency in operations and management of the surviving entities, which will ultimately result positively in the overall financial performance of the Group. (c) Phasing-out of Manufacturing Business and Related Services of Certain Subsidiaries On November 23, 2009, the Parent Company’s management disclosed to the public its plan of phasing-out its unprofitable manufacturing business and related services, which include the plastic injection molding parts operations of Kita and SLC, with the expectation that this will positively impact the overall financial performance of the Group. Kita and SLC have ceased their plastic injection manufacturing business as of December 31, 2010 (see Note 5). 1.3 Other Corporate Information The registered offices and principal places of business of the Parent Company and its subsidiaries, except those listed below, are located at 2285 Don Chino Roces Avenue Extension, Makati City. The registered offices and principal places of business of the other subsidiaries are as follows: BRL - 2 nd Floor, Abbott Building, P.O. Box 933, Road Town, Tortola, British Virgin Islands Kita - 7175 Gil Puyat Ave. cor. Feati St., Clark Freeport Zone, Clarkfield, Pampanga OSSI - Ganado Street, Laguna International Industrial Park, Mamplasan, Biñan, Laguna SMC and CBHI - 1000 J. Bocobo St., Ermita, Manila SE Corp. - 1172 E. delos Santos Avenue, Balintawak, Quezon City Starworld - Bo. Prinza, Calamba City ZTC - 1111 Natividad A. Lopez Street, Brgy. 659-A, Zone 79 District 5, Ermita, Manila PNCI - 139 Joy St. Balingasa, Quezon City Fil-Dragon - 16 Zhujin Road, ASEAN Commercial Park, Nanning City, Guangxi Province, PRC. My Solid and SGTC - 2000 East Service Road Bicutan, Parañaque City 1.4 Approval for Issuance of Consolidated Financial Statements The consolidated financial statements of the Group for the year ended December 31, 2012 (including the comparatives for the years ended December 31, 2011 and 2010) were authorized for issue by the Parent Company’s BOD on April 8, 2013.
- 4 - 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies that have been used in the preparation of these consolidated financial statements are summarized below. These policies have been consistently applied to all the years presented, unless otherwise stated. 2.1 Basis of Preparation of Consolidated Financial Statements (a) Statement of Compliance with Philippine Financial Reporting Standards The consolidated financial statements of the Group have been prepared in accordance with Philippine Financial Reporting Standards (PFRS). PFRS are adopted by the Financial Reporting Standards Council (FRSC), from the pronouncements issued by the International Accounting Standards Board (IASB). The consolidated financial statements have been prepared using the measurement bases specified by PFRS for each type of asset, liability, income and expense. The measurement bases are more fully described in the accounting policies in the succeeding pages. (b) Presentation of Consolidated Financial Statements The consolidated financial statements are presented in accordance with Philippine Accounting Standard (PAS) 1, Presentation of Financial Statements. The Group presents the consolidated statement of comprehensive income in two statements: a Consolidated Statement of Income and a Consolidated Statement of Comprehensive Income. Two comparative periods are presented for the consolidated statement of financial position when the Group applies an accounting policy retrospectively, makes a retrospective restatement of items in its consolidated financial statements, or reclassifies items in the consolidated financial statements. (c) Functional and Presentation Currency These consolidated financial statements are presented in Philippine pesos, the Group’s functional and presentation currency, and all values represent absolute amounts except when otherwise indicated. Items included in the consolidated financial statements of the Group are measured using the Parent Company’s functional currency, which is the currency of the primary economic environment in which the Parent Company operates.
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SOLID GROUP INC. April 30, 2013 THE
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12. Check whether the issuer: (a) h
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1 PART I. BUSINESS AND GENERAL INFO
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3 Solid Laguna Corporation (SLC) wa
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5 Status of any-publicly announced
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7 • Distributoship Agreement with
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9 Major Risks involved in the Busin
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11 reform. On August 13, 1997, Soli
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13 The above lease contracts are re
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15 The number of shareholders of re
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17 Item 6. Management’s Discussio
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19 2010 Revenue improved by 17% in
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21 broadband segment posted P267 mi
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23 Advances from related parties am
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25 Other operating income amounted
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27 Total assets reached P11,716 mil
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29 Cost of rentals amounted to P38
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31 Property, plant and equipment am
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33 thumb of 2 : 1 by achieving a cu
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35 vii. Causes for any Material Cha
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37 Principally due to additional co
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39 The decrease was mainly in relat
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41 Non-current trade and other rece
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43 Principally due to other compreh
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45 Increase was due to higher trade
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47 Cost of real estate sold - 37% d
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49 Mainly from higher commissions,
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51 The overall scope of the audit w
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53 Mr. Joseph Lim is the Founding C
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55 executive officers Susan L. Tan
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- 53 - 19. OTHER INCOME 19.1 Other
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- 55 - These expenses are classifie
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- 57 - 22.2 Post-employment Benefit
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- 59 - For determination of the pos
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- 61 - The reconciliation of tax on
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- 63 - The net deferred tax liabili
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- 65 - 24. EQUITY 24.1 Capital Stoc
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- 67 - The Group’s outstanding re
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- 69 - 26.5 Advances to and from Re
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- 71 - 26.10 Key Management Personn
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- 73 - (d) Gain on Sale of Assets S
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- 75 - 28.9 Others As of December 3
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- 77 - The Group’s management con
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- 79 - 30. CATEGORIES AND FAIR VALU
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Supplementary Schedules SOLID GROUP
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Solid Group Inc. and Subsidiaries S
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SOLID GROUP INC. Schedule I Reconci
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SOLID GROUP INC. AND SUBSIDIARIES S
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PAS 33 Earnings per Share a PAS 34
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SEC Form 17-A: Annual Report - the solid group inc website

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