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Solid Containers Ltd.

BSE Live

Oct 21, 14:35
42.50 -2.20 (-4.92%)
Volume
AVERAGE VOLUME
5-Day
1,432
10-Day
3,812
30-Day
8,736
2,959
  • Prev. Close

    44.70

  • Open Price

    42.50

  • Bid Price (Qty.)

    42.50 (41)

  • Offer Price (Qty.)

    44.70 (18)

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

The Directors have pleasure in presenting the Forty-third Annual Report of the Company together with the Audited Accounts for the year ended 31st March, 2008. FINANCIAL RESULTS: (Rs. in Lacs) Year Ended Year Ended 31.03.2008 31.03.2007 Sales NIL NIL Loss before depreciation & Extra-ordinary items 186 198 Depreciation 18 88 Extra-ordinary items 421 (233) Loss for the year 625 53 DIVIDEND: Your Directors regret their inability to recommend any dividend in view of loss incurred during the year. OPERATIONS REVIEW: There has been no change in the status of the Companys operations. The operations continued to be suspended and unviable. There has been no positive development which warrants the Company to commence its operations. SALE OF MACHINERY The machinery of plant no. 2 which was lying idle for more than eight years and damaged in the floods which took place in July 2005 was sold on As is where is basis for a total consideration of Rs.4,28,62,500/- (including VAT @ 12.5%). DIRECTORS: Mr. Ashok Kumar Goel, Director, retires by rotation and being eligible, offers himself for re-appointment. Mr. Mohender Garg has been appointed as an Additional Director with effect from 29th April, 2008 to hold office as a Non-Executive Independent Director upto the conclusion of the ensuing Annual General Meeting. Members are requested to appoint Mr. Mohender Garg as a Director of the Company. The brief resume of Mr. Ashok Kumar Goel and Mr. Mohender Garg, Directors, as required by Clause 49 of the Listing Agreement with the Stock Exchanges, is provided in the notice convening the forty-third Annual General Meeting of the Company. Mr. Suresh Kumar Suri has been appointed as Manager under Section 269 of the Companies Act, 1956 with effect from 29th April, 2008. Members are requested to pass Special Resolution as provided in the notice convening this Annual General Meeting. AUDITORS: M/s. MGB & Co., Chartered Accountants, the retiring Auditors being eligible, offer themselves for reappointment as Statutory Auditors of the Company. The reappointment is 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 also pointed out non-compliance of Accounting Standard - 15 (AS-15) Employee Benefits for Actuarial valuation of Gratuity and Leave encashment. In this regard, it may be noted that your Company has suspended its operations since September 1998 and has been suffering losses. Considering this fact and that there are only two employees on the payroll, the said non- compliance has arisen. Further, Management of the Company will endeavor to comply with the same in the near future. Also the Auditors have pointed in the Notes on Accounts that certain provisions of section 292A of the Companies Act, 1956 pertaining to Audit Committee have not yet been complied. As and when, the Company can commence its operations, it will be in a position to comply fully with all the provisions of the Section 292A 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. DIRECTORS RESPONSIBILITY STATEMENT: Pursuant to Section 217 (2AA) of the Companies Act, 1956 as amended by the Companies (Amendment) Act, 2000, Directors confirm that: 1) In the preparation of the annual accounts, the applicable accounting standards have been followed except non compliance of accounting standard 15 Employee Benefits for Actuarial valuation of Gratuity and Leave encashment 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 31 st March, 2008. 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 form a part of this Report. MANAGEMENT DISCUSSION AND ANALYSIS REPORT: Management Discussion and Analysis Report is provided in a separate section and forms a part of this Report. ACKNOWLEDGEMENTS: The Board of Directors expresses their gratitude to the Shareholders of the Company for their continuous support. BY ORDER OF THE BOARD FOR SOLID CONTAINERS LIMITED Place : Mumbai ASHOK KUMAR GOEL Date : 21st July, 2008 DIRECTOR

Director’s Report