you are here:

Solid Containers Ltd.

BSE Live

Dec 03, 16:00
43.00 0.00 (0.00%)
Volume
AVERAGE VOLUME
5-Day
55
10-Day
78
30-Day
1,007
3
  • Prev. Close

    43.00

  • Open Price

    45.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
No Data Available
0
  • Prev. Close

    -

  • Open Price

    -

  • Bid Price (Qty.)

    - (0)

  • Offer Price (Qty.)

    - (0)

Solid Containers is not listed on NSE

Annual Report

For Year :
2014 2013 2011 2010 2009 2008 2007 2006

Auditor's Report

1. We have audited the attached Balance Sheet of SOLID CONTAINERS LIMITED as at 31 March 2010, and Profit and Loss Account and the Cash Flow Statement of the company for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Companys 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 (Auditors Report) Order, 2003 issued by the Central Government of India in terms of section 227(4A) of the Companies Act, 1956, and on the basjs 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 and Profit and Loss Account 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. 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 31 March 2010 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 Note No. 4 regarding substantial operating losses due to closure of commercial operations of the company and in the absence of any rehabilitation measures the company is no longer a going concern. The Gompany has not made adjustment to accounts relating to recoverability of recorded asset amounts and in respect of liabilities as might be necessary for compilation, 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. Considering the impact of above, the accounts does not give a true and fair view in conformity with the accounting principles generally accepted in India. (i) In the case of Balance Sheet, of the state of affairs of the company as at 31 March 2010; (ii) In the case of Profit and Loss Account, the loss for the year ended on that date; and (iii) In the case of Cash Flow Statement, of the cash flow of the company for the year ended on that date. ANNEXURE REFERRED TO IN PARAGRAPH 3 OF AUDITORS REPORT TO THE MEMBERS OF SOLID CONTAINERS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2010. (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, the Company has not sold a substantial part of fixed assets. (2) Due to closure of commercial operations company is not having any inventory during the year and hence, 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 the requirements of the clause (b), (c) and (d) are not applicable. (b) The company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under section 301 of the companies Act. 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 explanation given to us, there are no transactions that need to be entered in to register in pursuance of section 301 of the Act. 6) According to the information and explanations given to us, the company has not accepted any 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) According to information and explanation given to us and on the basis of examination of records of the company, the company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, investor education and protection fund, employees state insurance, income tax, sales tax/Value Added Tax, wealth tax, service tax, custom duty, excise duty, cess and other material statutory dues applicable except delay in few cases. There are no undisputed amounts payable in respect of the aforesaid dues outstanding as at 31 March 2010 for a period of more than six months from the date they became payable. 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 1,894,007 Commissioner of (FY 2007-08) Central Excise, Dadar. Central Excise Act Excise Duty 292,787 Assistant Commissioner of (FY 1994 - 95) Central Excise, Kalyan Central Excise Act Excise Duty 58,549 Assistant Commissioner of (FY 1994 - 95) Central Excise, Dadar Central Excise Act Excise Duty 1,434,197 Assistant Commissioner of (FY 1983 - 85) Central Excise, Kalyan 10) According to the records of the company and in our opinion, the Companys 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 March 31, 2010 and in the immediately preceding 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 any special statue applicable to Chit Fund/Nidhi/Mutual benefit Fund/ Society are not applicable to the company. 14) The nature of Companies business / activities during the year does not include dealing in shares, securities, debentures or other investments; hence the requirement of offering comments on clause (xiv) 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, hence 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 or 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 Firm Registration No. 101169W Sanjay Kothari Partner Membership No.: 48215 Place : Mumbai Date : 23 August, 2010