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Solid Containers Ltd.

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Dec 03, 16:00
43.00 0.00 (0.00%)
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55
10-Day
78
30-Day
1,007
3
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    43.00

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    45.00

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NSE Live

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

1. We have audited the attached Balance Sheet of Solid Containers Limited (the Company) as at 31 March 2011, and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date, annexed thereto. 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 Government of India in terms of section 227(4A) of the Companies Act, 1956 (the Act), and on the basis of such checks as we considered appropriate and according to the information and explanations given to us, we annex hereto a statement on the matters specified in paragraph 4 and 5 of the said order.

4. Further to our comments in the Annexure referred to Paragraph (3) above, we report that:

(i) 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;

(ii) 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;

(iii) The Balance Sheet, the Profit and Loss Account and the Cash Flow statement dealt with by this report are in agreement with the books of account;

(iv) In our opinion, the Balance Sheet, the Profit and Loss Account and the Cash Flow statement dealt with by this report comply with the accounting standards referred to in Section 211 (3C) of the Act;

(v) On the basis of written representations received from the Directors as at 31 March 2011 and taken on record by the Board, we report that none of the directors is disqualified as at 31 March 2011 from being appointed as a director in terms of clause (g) of sub- section (1) of section 274 of the Act;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read with the significant accounting policies and notes to accounts as per Schedule 12 thereon, give the information required by the Act in the manner so required, but in view of Note No. 5 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 Company 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 the Balance Sheet, of the state of affairs of the Company as at 31 March 2011;

(ii) In the case of the Profit and Loss Account, of the Loss of the Company for the year ended on that date; and

(iii) In the case of Cash Flow Statement, of the cash flows 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 2011.

(i) (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) The Company has not disposed off substantial part of fixed assets during the year.

(ii) Due to closure of commercial operations the 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.

(iii) (a) According to the information and explanations given to us, 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) According to the information and explanations given to us, 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.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems 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 or services during the year. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in the internal control systems in respect of the aforesaid areas.

(v) According to the information and explanation given to us, there are no contracts or arrangements, the particulars of which are required to be entered into the register in pursuance to section 301 of the Act.

(vi) In our opinion and according to the information and explanations given to us, the Company has not accepted deposits from the public during the year.

(vii) As informed to us, the Company did not have an internal audit system during the year.

(viii) 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 Act is not required.

(ix) According to information and explanation given to us and on the basis of examination of records of the Company;

a) The Company has been 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 a few delays. There are no undisputed amounts payable in respect of aforesaid dues outstanding as at 31 March 2011 for a period of more than six months from the date they became payable.

b) There are no disputed dues on account of Income Tax, Wealth Tax, Custom Duty, Sales Tax / Value Added Tax, Service Tax and Cess. Dues on account of the disputed Excise Duty which have not been deposited are as under: Name of Nature of Amount in the Statute the Dues Rupees

Central Excise Excise Duty 1,434,197 Act, 1944

7,576,028

2,92,787

58,549

Name of the Period to which Forum where the Statue the amount relates dispute is pending

Central Excise FY 1983-84 to Commissioner of Central Act,1944 FY 1985-86 Excise (Appeals), Mumbai

FY 1994-95 to Commissioner of Central FY 1997-98 Excise (Appeals), Thane

FY 1994-95 Assistant Commissioner of Central Excise, Kalyan

FY 1994-95 Assistant Commissioner of Central Excise, Dadar

(x) 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 31 March 2011 and in the immediately preceding financial year.

(xi) 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.

(xii) 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.

(xiii) The Company is not a chit fund or a nidhi / mutual benefit fund / society.

(xiv) The Company is not dealing or trading in securities, debentures and other investments.

(xv) The Company has not given any guarantee for loans taken by others from bank or financial institutions during the year.

(xvi) According to the information and explanations given to us, the Company has not raised any term loan during the year.

(xvii) 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 short term funds have not been used for long term purposes.

(xviii) 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 during the year.

(xix) The Company has not issued any debentures during the year.

(xx) The Company has not raised any money by way of public issues during the year.

(xxi) Based on the audit procedures performed and according to the information and explanations given to us, we report that 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 : August 30, 2011