Solid Containers Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Sep 2019

1. The above 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 14 November 2019. The statutory auditor have carried out a limited review of the above financial results. Company's management has exercised necessary due diligence to ensure that such financial results provide a true and fair view of its affairs.



2. The Company not carrying out any manufacturing Operations and 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 of the Company.

3. The manufacturing operations have been suspended since September 1998, being not commercially viable to continue.

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

5. A scheme of Amalgamation of Ayepee Lamitubes Limited (ALL / Transferor Company) with Solid Containers Limited (SCL / Transferee Company) and their respective shareholders (the Scheme) has been sanctioned by Hon'ble National Company Law Tribunal, Mumbai Bench vide its order dated 08 February 2019 and was filed with the Registrar of Companies, Mumbai on 22nd March, 2019. The Scheme has been given effect in the above financial results for the quarter/year ended 31st March, 2019 with Appointed date of 01 April, 2017. Pursuant to the Scheme 16,80,896 number equity shares of Rs. 10 each fully paid up of the SCL (Transferee Company) have been allotted to the shareholders of ALL (Transferor Company) on 29th April, 2019 and equivalent number of equity shares of Rs. 10 each fully paid up held by ALL (Transferor Company) in the SCL (Transferee Company) have been cancelled. Post allotment of the above equity shares, the paid up equity capital of the SCL (Transferee Company) has been increased to Rs. 4,38,08,960/-

6. The Auditor has reported in its report that the Company not carrying out 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 closer of commercial operation for years because of 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.

7. The Shareholders in their meeting held on 26 September 2019, had authorised Board of Directors to issue and allot fresh 80,00,000 , 1 % Non-Cumulative Redeemable Preference Shares of face value of Rs. 10/- each for redemption of 80,00,000, 12% Redeemable Cumulative preference shares of Rs. 10/- each. Accordingly, the Board of Directors in their meeting held on 30 September 2019 issued and allotted fresh 80,00,000 , 1 % Non-Cumulative Redeemable Preference Shares of face value of Rs. 10/- each to M/s. Vyoman Tradelink India Private Limited. Subsequently, company has redeemed 80,00,000, 12% Redeemable Cumulative preference shares of Rs. 10/- each on 01 October 2019.

8. There are no pending dues to any bank, employees or financial institutions.

9. The current quarter other income includes license fees received from a lessee which was not reasonably certain to accrue in the earlier year. The same has been received and accounted during the period

10. Figures for the quarter are the balancing figures between the audited figures in respect of full financial year and the published year to date unaudited quarterly financial results.

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


1. The above 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 14 November 2019. The statutory auditor have carried out a limited review of the above financial results. Company's management has exercised necessary due diligence to ensure that such financial results provide a true and fair view of its affairs.



2. The Company not carrying out any manufacturing Operations and 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 of the Company.

3. The manufacturing operations have been suspended since September 1998, being not commercially viable to continue.

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

5. A scheme of Amalgamation of Ayepee Lamitubes Limited (ALL / Transferor Company) with Solid Containers Limited (SCL / Transferee Company) and their respective shareholders (the Scheme) has been sanctioned by Hon'ble National Company Law Tribunal, Mumbai Bench vide its order dated 08 February 2019 and was filed with the Registrar of Companies, Mumbai on 22nd March, 2019. The Scheme has been given effect in the above financial results for the quarter/year ended 31st March, 2019 with Appointed date of 01 April, 2017. Pursuant to the Scheme 16,80,896 number equity shares of Rs. 10 each fully paid up of the SCL (Transferee Company) have been allotted to the shareholders of ALL (Transferor Company) on 29th April, 2019 and equivalent number of equity shares of Rs. 10 each fully paid up held by ALL (Transferor Company) in the SCL (Transferee Company) have been cancelled. Post allotment of the above equity shares, the paid up equity capital of the SCL (Transferee Company) has been increased to Rs. 4,38,08,960/-

6. The Auditor has reported in its report that the Company not carrying out 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 closer of commercial operation for years because of 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.

7. The Shareholders in their meeting held on 26 September 2019, had authorised Board of Directors to issue and allot fresh 80,00,000 , 1 % Non-Cumulative Redeemable Preference Shares of face value of Rs. 10/- each for redemption of 80,00,000, 12% Redeemable Cumulative preference shares of Rs. 10/- each. Accordingly, the Board of Directors in their meeting held on 30 September 2019 issued and allotted fresh 80,00,000 , 1 % Non-Cumulative Redeemable Preference Shares of face value of Rs. 10/- each to M/s. Vyoman Tradelink India Private Limited. Subsequently, company has redeemed 80,00,000, 12% Redeemable Cumulative preference shares of Rs. 10/- each on 01 October 2019.

8. There are no pending dues to any bank, employees or financial institutions.

9. The current quarter other income includes license fees received from a lessee which was not reasonably certain to accrue in the earlier year. The same has been received and accounted during the period

10. Figures for the quarter are the balancing figures between the audited figures in respect of full financial year and the published year to date unaudited quarterly financial results.

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