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Solid Containers Ltd.

BSE Live

Dec 03, 15:30
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.)

    42.90 (20)

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 2006

Director’s Report

ANNUAL REPORT 2005-2006 DIRECTOR'S REPORT To, THE MEMBERS, Your Directors have pleasure in presenting the Forty-first Annual Report of the Company together with the Audited Accounts for the year ended 31st March, 2006. FINANCIAL RESULTS (Rs. in Lacs) Year ended Year ended 31.03.2006 31.03.2005 Sales Nil Nil Loss before Depreciation & Extra-ordinary Items 202 76 Depreciation 88 88 Extra-ordinary Items Nil Nil Loss for the year 290 164 DIVIDEND Your Directors regret their inability to recommend dividend in view of loss incurred during the year. OPERATIONS REVIEW There has been no change in the status of the Company's operations. The operations continued to be suspended and unviable. There have been no positive development which warrant the company to commence its operations. DIRECTORS Mr. Ashok Kumar Goel, Director, retires by rotation and being eligible, offers himself for re-appointment. Mr. J. M. Fernandes has been appointed as an Additional Director with effect from 16th March, 2006 to hold office as an Independent Director upto the conclusion of the ensuing Annual General Meeting. Members are requested to appoint Mr. Fernandes as a Director of the Company. The brief resume of Mr. Ashok Kumar Goel and Mr. J. M. Fernandes, Directors, as required by Clause 49 of the Listing Agreement with the Stock Exchanges, is provided in the notice convening the forty-first Annual General Meeting of the Company. AUDITORS: M/s. MGB & Co., Chartered Accountants, the retiring Auditors being eligible, offer themselves for reappointment as Auditors. The reappointment shall be in accordance of Section 224(IB) of the Companies Act, 1956. AUDITORS' REPORT The qualification and observations made by the Auditors in their report are self-explanatory. The Auditors have pointed out non-compliance of Accounting Standard (AS)-10 'Accounting for Fixed Assets' and AS-28 'Impairment of Assets'. The said non-compliances primarily arises from the fact that the Company's operations are suspended and consequently, the Auditors have to qualify the company as a going concern. As and when, the operations can commence, your Board will endeavour to ensure the compliances of the above mentioned Accounting Standards. The members would then be accordingly informed. Also the Auditors have pointed out in Notes on Accounts that the Company does not have an Audit Committee and Managing Director during the financial year 2005-06. In this regard, it may be noted that the company has constituted Audit Committee of Board of Directors and has also adopted Code of Conduct for all its Board members and employees on 29th May, 2006. Further, the Company has not appointed any Managing Director as the Company has suspended its operations since September 1998 and has been suffering losses. As and when, the Company can commence its operations, it will be in a position to appoint Managing Director as required by Section 269 of the Companies Act, 1956. PARTICULARS OF EMPLOYEES None of the Employees were in receipt of remuneration in excess of the limit specified under Section 217 (2A) of the Companies Act, 1956, and Companies (Particulars of Employees) Rules, 1975. DIRECTOR'S RESPONSIBILITY STATEMENT Pursuant to Section 217 (2AA) of the Companies Act, 1956 as amended by the Companies (Amendment) Act, 2000, Director's confirm that: 1) In the preparation of the annual accounts, the applicable Accounting Standards have been followed except non compliance of Accounting Standard 10 & 28 as pointed by Auditors in their report. 2) Appropriate Accounting Policies have been selected and applied consistently and have made judgment and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2006. 3) Proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. 4) The annual accounts have been prepared on a going concern basis. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS / OUTGO In accordance with the requirement of Section 217(1) (e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 were not applicable since there was no operation during the year. CORPORATE GOVERNANCE: A separate report on Corporate Governance alongwith the Auditors' statement on its compliance forms a part of this Report.

Director’s Report