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Solid Containers Ltd.

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Oct 22, 16:00
42.50 0.00 (0.00%)
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2,023
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3,084
30-Day
8,658
5
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Dec 27, 11:22
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Solid Containers is not listed on NSE

Annual Report

For Year :
2014 2013 2011 2010 2009 2008 2007 2006

Auditor's Report

ANNUAL REPORT 2005-2006 AUDITORS' REPORT To, The Members of SOLID CONTAINERS LIMITED 1. We have audited the attached balance sheet of SOLID CONTAINERS LIMITED as at 31st March 2006, and Profit and Loss Account of the company for the year ended on that date annexed thereto and the cash flow statement for the year ended on that date. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures,in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in terms of section 227(4A) of the Companies Act, 1956, and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we enclose in the annexure a statement on the matters specified in paragraph 4 and 5 of the said order to the extent applicable. 4. Further to our comments in the Annexure referred to above, we report that: a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit. b) In our opinion, proper Books of Accounts as required by Law have been kept by the company, so far as appears from our examination of the books. c) The Balance Sheet, Profit and Loss Account and cash flow statement dealt with by this report are in agreement with the books of account. d) In our opinion, the balance sheet, profit and loss account and cash flow statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 to the extent applicable to the Company except Non Compliance of AS -10 for 'Accounting for Fixed Assets' and AS 28 for 'Impairment of Assets' as stated in this report. e) On the basis of written representations received from the Directors, and taken on record by the Board of Directors, we report that, 'none of the directors is disqualified as on 31st March 2006 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956 f) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with the notes thereon, give in the prescribed manner the information required by the act, but in view of: (i) Note No. 5 (a) regarding substantial operating losses and due to closure of commercial operation of the company and in absence of any rehabilitation measures the company is no longer a going concern. The Company has not made adjustment to accounts relating to recoverability of recorded assets amounts and in respect of liabilities as might be necessary for compilation as where the Company is no longer a going concern. The effect on the Loss for the year and Net Worth of the company is unascertained. (ii) Note No. 5 (b) regarding non-compliance of AS-10 'Accounting for Fixed Assets' for its plant and machinery retired from active use and held for disposal but the assets continue to be carried forward at book value instead of realizable value. The effect on the Loss for the year and Net Worth of the company is unascertained. (iii) Note No 6 regarding non- compliance of AS- 28 'Impairment of assets', according to which impairment loss is not arrived at and the effect on the loss for the year, reserves and assets of the company is unascertained. Considering the impact of para (i) (ii) and (iii), the accounts does not give a true and fair view in conformity with the accounting principles generally accepted in India. (i) In so far as it relates to the Balance Sheet of the state of affairs of the company as at 31st March 2006; (ii) In so far as it related to the Profit and Loss Account the Loss for the year ended on that date; and (iii) In so far as it related to the case of Cash Flow Statement, of the cash flow of the company for the year ended on that date. For MGB & Co. Chartered Accountants Sanjay Kothari Partner Membership No. 48215 Place : Mumbai Date : 16th August, 2006 ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITOR'S REPORT TO THE MEMBERS OF SOLID CONTAINERS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2006. 1) (a) As explained to us, the company has maintained proper records showing full particulars including quantitative details and situation of fixed assets but the same have not been produced for verification as reported to be untraceable. (b) The fixed assets are not physically verified during the year. (c) During the year, there is no sale of fixed assets, but the company has otherwise turned out to be not a going concern. 2) Considering the nature of business, clauses (ii) a, (ii) b, (ii) c of the Order regarding inventories are not applicable to the company 3) (a) The Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 301 of the Act. Accordingly, sub-clause (b), (c) and (d) are not applicable. (b) The company has not taken any loan, secured or unsecured from companies, firms, or other parties, covered in the register maintained under section 301 of the companies Act, 1956. Accordingly, sub-clause (f) and (g) are not applicable. 4) In our opinion and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the company and the nature of its business. However, there are no purchases of inventory, fixed assets and sale of goods and services during the year. 5) In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered in to the register in pursuance of section 301 of the Act. 6) According to the information and explanations given to us, the company has not accepted deposits from the public during the year. 7) As informed to us, the company did not have Internal Audit System during the year. 8) In view of closure of manufacturing activities, the report on the maintenance of cost records as prescribed by the Central Government under section 209 (1)(d) of the Companies Act, 1956 is not required. 9) a) Undisputed Statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax, wealth tax, service tax, custom duty, excise duty, cess have not been regularly deposited with the appropriate authorities and there have been delays in a large number of cases. Arrears of statutory dues as at the last day of the financial year for a period of more than six months from the date they became payable is Rs. 19,970/- for Sales Tax. b) According to the records of the company disputed dues in respect of income tax, wealth tax, service tax, sales tax, custom duty, excise duty and cess which have not been deposited are as under: Name of the Nature of Amount Forum where dispute Statutes Dues in Rupees is pending Central Excise Act Excise Duty 2,92,787 Assistant Commissioner of Central Excise, Kalyan Central Excise Act Excise Duty 58,549 Assistant Commissioner of Central Excise, Dadar Employees State Payment of Employees state Insurance Act Contract Labour 1,14,350 Insurance Court, Bandra Sales Tax Act Sales Tax 1,61,142 Assistant Commissioner of Sales Tax 10) According to the records of the company and in our opinion, the Company's accumulated losses at the end of the financial year are more than fifty percent of its net worth. Further, the company has incurred cash losses during the financial year ended 31st March 2006 and in the immediately preceeding financial year. 11) The company has not taken loans from Financial Institutions or Banks and has not issued debentures. Therefore para 4(xi) of the order is not applicable. 12) According to the information and explanation given to us, the company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities. 13) The provisions of special statue applicable to Chit Fund, Nidhi or Mutual benefit Fund / Society are not applicable to the company. 14) The nature of Company's business / activities during the year does not include dealing in shares, securities, debentures or other investments, hence the requirement of offering comments on this clause is not applicable. 15) The Company has not given any guarantee for loans taken by others from bank or financial institutions. 16) As the Company has not taken any term loan, para 4(xvi) of the order is not applicable. 17) On the basis of review of utilization of funds which is based on an overall examination of the Balance Sheet of the Company and related information as made available to us, we report that no funds raised on short-term basis have been used for long-term purposes. 18) As the company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Act, para 4(xviii) of the order is not applicable. 19) As the company has not issued any Debentures during the year, para 4(xix) of the order is not applicable. 20) The company has not raised any money by way of public issues during the year. 21) On the basis of our examination and according to the information and explanations given to us, no fraud on or by the company has been noticed or reported during the year. For MGB & Co Chartered Accountants Sanjay Kothari Partner Membership No. 48215 Place : Mumbai Date : 16th August, 2006