Solid Containers Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Jun 2020

NOTES:

1. "The above unaudited financial results, prepared in accordance with the Indian Accounting Standards (Ind AS), the provisions of the Companies Act, 2013 and guidelines issued by the Securities and Exchange Board of India, have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 12 August 2020. The statutory auditors have carried out a limited review of the e results for the quarter ended 30 June 2020."



2. The Company is not carrying on any manufacturing Operations since September 1998, as it is commercially viable. The company has substantial accumulated losses. The net worth of the Company has been fully eroded due to the accumulated losses. In view of the above, the company is no longer a going concern. However the accounts have been prepared on the going concern basis as the management are exploring possible steps to revive its operations.



3. The number of investor complaints at the beginning and pending at the end of the Quarter were Nil.



4. The Auditor has reported in its report that the Company is not carrying on any manufacturing operations and has incurred substantial accumulated losses and consequently the net worth of the Company has been fully eroded. The matter was reviewed internally and the management is of the view that the accumulated losses are mainly because of closure of commercial operation for years due to various reasons including unfavorable market conditions and other reasons whereas the Company continue to incur compliance and other cost. However, the Management is exploring possible steps in this respect and hopeful for revival measures.



5. In context of COVID-19 environment, the Company continues to monitor the developments and is taking necessary precautions however it has no impact on the revenue of the Company.



6. Figures for the previous quarter/year have been regrouped/rearranged wherever considered necessary.