Solid Containers Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2018
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2018
1. The above financial results were reviewed by the Audit Committee and approved by the Board of Directors of the Company in its meeting held on 30 May 2018. However, the 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 has adopted Ind-AS with effect from April 1, 2017 with a transition date of April 1, 2016. The audited financial results has been prepared by the Company following the accounting policies consistent with those used in the preparation of the company's opening audited balance sheet as at April 1, 2016, prepared in accordance with Ind- AS prescribed under section 133 of the Companies Act, 2013 and other recognized accounting practices and policies. The financial results for all the periods presented have been prepared in accordance with recognition and measurement principles laid down in the "Ind-AS 34: 'Interim Financial Reporting' prescribed under section 133 of the Companies Act, 2013 read with relevant rules issued there under and the other accounting principles generally accepted in India.
3. The format of the above financial results is as specified in SEBI's Circular CIR/CFD/CMD/15/2015 dated 30 November 2015 read with SEBI's Circular CIR /CFO/FAC/62/2016 dated 5 July 2016 issued in connection with first time transition to IND-AS.
4. The Company not carrying out any manufacturing Operations and has substantial accumulated tosses. 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.
5. 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.
6. The reconciliation of net profit reported for the corresponding quarter ended 31 March 2017 as per previous Indian GAAP and Ind AS as required by SEBI's circular dated 5 July 2016, is as under:(For Table, kindly refer Corporate Announcements on www.bseindia.com.)
7. Figures of the previous year have been regrouped/reclassified/rearranged wherever considered necessary.
8. The Board of Directors of the Company on 22 December 2017, on the recommendation of the Audit Committee, has approved the Scheme of Amalgamation of Ayepee Lamitubes limited with Solid Containers limited (the Scheme), pursuant to the applicable provisions of the Companies Act 2013. the Company has made application to BSE Ltd for its approval as per requirement of applicable regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, The Scheme is subject to requisite approvals of Shareholders, NCLT and other Statutory or Regulatory authorities as may be applicable. The Scheme is in process of various compliance and approvals and therefore the above results do not include any effects thereof.
9. 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 unfavourable 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, appropriate resources including by way of possible merger.