Solid Containers Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2020

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 24 June 2020. The statutory auditors 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.

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2. Figures for the quarter ended 31March are the balancing figures between the audited figures in respect of full financial year and the published year- to- date figures upto the third quarter of the relevant financial year, which were subjected to limited review.

3. 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.

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

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

6. The Company has allotted 16,80,896 nos. Equity shares of Rs. 10/-each fully paid up to the shareholders of Ayepee Lamitubes Limited (Transferor company)on 29 th April,2019 pursuant to the sanction of the Scheme of Amalgmation by NCLT(Mumbai) vide its order dated 29th March,2019.The scheme has been given effect in the financial results of the previous year.

7. 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.

8. The Company has allotted 80,00,000, 1% Non Cumulative Redeemable Preference Shares of Rs. 10/- each for cash at par on private placement basis aggregating to Rs. 8,00,00,000 on 30th September,2019.

9. The Company has allotted 60,00,000, 0.5 % Non Cumulative Redeemable Preference Shares of Rs. 10/- each for cash at par on private placement basis aggregating to Rs. 6,00,00,000 on 23rd December, 2019.

10. The Company has redeemed 80,00,000 ,12% Redeemable Cumulative Preference Shares of Rs. 10/- each for cash at par aggregating to Rs. 8,00,00,000 on 1st October,2019 being the date of redemption out of the proceeds of the fresh issue of preference shares.

11. The Company has redeemed 60,00,000 ,9% Redeemable Cumulative Preference Shares of Rs. 10/- each for cash at par aggregating to Rs. 6,00,00,000 on 23rd December,2019 being the date of redemption out of the proceeds of the fresh issue of preference shares.

12. "The Company has evaluated events and transactions for potential recognition or disclosure post balance sheet date. The World Health

Organization has also declared the outbreak of COVID-19, a novel strain of Coronavirus, a pandemic. The coronavirus outbreak is disrupting

supply chains and affecting production and sales across a range of industries. The extent of the impact of the outbreak on the Company’s

operational and financial performance will depend on certain developments, including the duration and spread of the outbreak. The Company is monitoring the developments and are taking necessary measures to mitigate the impact on the Company, if any."

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

14. 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.

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