Solid Containers Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2021

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 11 May 2021. The statutory auditors have carried out a limited review of the results for the quarter and year ended 31 March 2021.



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 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.



4. The Company has requested Fairplay Properties Private Limited (Lender) , that due to the Company's financial condition and the present COVID-19 Pandemic environment in the Country, it would be difficult for the Company to pay interest on the Inter Corporate Deposit (ICD) of amounting to Rupees 39,00,73,462/- and therefore have requested to waive the interest. The Lender has acceded the request to waive of the interest for the financial year 2020-21.



5. The statutory 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.



6. 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.



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



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