Solid Containers Ltd. - Quarterly/Annual Result Disclosures and Notes dated 30 Sep 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 6 November 2020 . The statutory auditors have carried out a limited review of the results for the quarter and half year ended 30 September 2020. "



2. The Company is not carrying on any manufacturing Operations since September 1998. 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 Company had requested the Lender of loan to waive the interest expense for the FY 2020-21 which is accepted by the Lender of loan as an exceptional case and the impact of the same is:

a) The Company has reversed the provision for interest expense for the Quarter Ending 30th June 2020 amounting to Rs.58,35,072/- due to which the loss for the Current Quarter is lower to that extent.

b) The Company has not made provision of interest expense for the loan of the Lender as referred in 'a' above in the Current Quarter also amounting to Rs. 58,99,193/-.

c) The cumulative impact of reversal of provision for interest expense of immediate Previous Quarter and non provision for interest expense for the Current Quarter has resulted in Net Profit for the Current Quarter.



4. The performance for the Current Quarter is showing Net Profit for the Quarter for the reasons stated in Point 3 above. However, due to accumulated losses for past years, no provision for Income tax is required to be made.



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. The number of investors complaints at the beginning and at the end of the Quarter were Nil.

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