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Speciality Papers Ltd.

BSE: 502465 Sector: Industrials
NSE: N.A. ISIN Code: INE260F01011
BSE 00:00 | 04 Mar Speciality Papers Ltd
NSE 05:30 | 01 Jan Speciality Papers Ltd
OPEN 0.94
PREVIOUS CLOSE 0.94
VOLUME 824620
52-Week high 0.94
52-Week low 0.35
P/E
Mkt Cap.(Rs cr) 15
Buy Price 0.94
Buy Qty 1500.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.94
CLOSE 0.94
VOLUME 824620
52-Week high 0.94
52-Week low 0.35
P/E
Mkt Cap.(Rs cr) 15
Buy Price 0.94
Buy Qty 1500.00
Sell Price 0.00
Sell Qty 0.00

Speciality Papers Ltd. (SPECIALPAPERS) - Director Report

Company director report

DIRECTOR

To

The Shareholders of

Speciality Papers Limited.

The Directors have pleasure in submitting their 53rd Annual Report on thebusiness and operations of the Company along with the Audited Balance Sheet and Profit& Loss Accounts for the year ended 31st March 2014.

Financial Result:

(Rs. In Lacs)
Particulars Current Year 31/03/2014 Previous Year 31/03/2013
Sales & other Income 55.46 4541.87
Profit/(Loss) before Interest & Depreciation (2232.88) (632.84)
Less: Interest - -
Less: Depreciation 216.91 217.97
Net Profit / (Loss) for the year before Taxation (2015.97) (414.87)
Less: Provision for Taxation
Net Profit/(Loss) after Deferred Tax (2015.97) (414.87)

Dividend:

Keeping in view the losses incurred during the year by the Company Your Directors donot recommend any Dividend for the year ended on 31st March 2014.

Review of Operation:

The year under review was overall not satisfactory year for the Company. The companyhas achieved gross sales of Rs 55.46 Lacs as against Rs.4541.87 Lacs in the previous yearand incurred a loss of Rs 2015.97 lacs against the loss of Rs 414.87 Lacs of thecorresponding previous year.

Pollution Control Safety And Environmental Protection

The Company is very much concerned for the safety of men and machines. The preservationof the environment in and around the manufacturing plants has always received highsignificance in all over corporate decisions.

Directors:

The Board consists of Executive and Non- Executive Director including independentdirector who have wide and varied experience in different disciplines of corporatefunctioning. The Composition of the Board of Directors has been constituted as per theprovisions of Clause 49 of the Listing Agreement.

Mr. Pradeep Kumar Chopra directors of the Company liable to retire by rotation rdtireat this Annual General Meeting and being eligible to be re-appointed offer themselves tobe reappointed.

Mr. Darshak N Gala who was appointed as a Director of the Company in the Board meetingheld on 12th April 2012 is being proposed to be re- appointed as a Directorliable to retire by rotation upon the notice received in writing signifying his intentionto propose the said director as candidate for the Office of Directors.

Mrs. Urmila N Gala who was appointed as a Director of the Company in the Board meetingheld on 12th April 2012 is being proposed to be re- appointed as a Director liable toretire by rotation upon the notice received in writing signifying her intention to proposethe said director as candidate for the Office of Directors.

Auditors:

During the year M/S.JAMES SHAH & CO reappointed as the Statutory Auditory of theCompany to hold office from annual general meeting till the conclusion of next AnnualGeneral Meeting.

The Company has received a certificate from the auditors to the effect that theirre-appointment if made would be in accordance with the provisions of section 224 (1B) ofthe Companies Act 1956.

Directors' Responsibility Statement:

In accordance with the provisions of section 217 (2AA) of the Companies Act 1956 yourdirectors state that:-

• In the preparation of accounts the applicable accounting standards have beenfollowed along with proper explanation relating to material departures.

• Accounting policies selected were applied consistently. Reasonable and prudentjudgments and estimates were made so as to give a true and fair view of the state ofaffairs of the Company as at the end of 31 st March 2014 and the profit of the Companyfor the year ended on that date.

• Proper and sufficient care has been taken for the maintenance of adequateaccounting records in accordance with the provisions of Companies Act 1956 forsafeguarding the assets of the Company and for preventing and detecting frauds and otherirregularities.

• The annual accounts of the Company have been prepared on a going concern basis.

Corporate Governance:

Your Company is committed to good Corporate Governance Practices and is regularcompliant with all the applicable provisions of Companies Act 1956 and Clauses of ListingAgreement following to the guidelines prescribed by the SEBI and Bombay Stock Exchangesfrom time to time. The Company has implemented all of its major stipulations as applicableto the Company. Report on Corporate Governance is annexed to and forming part of theDirectors' Report.

Managing Discussion and Analysis;

A Management discussion and Analysis as required under the Clause 49 of the ListingAgreement is annexed and forming part of the Annual Report.

Conservation of Energy Research and Development Technology Absorptions and ForeignExchange Earnings and Outgo:

The information pertaining to conservation of energy technology absorption foreignexchange earnings and outgo as required under section 217(l)(e) of the Companies Actl956 read with the Companies (Disclosure of Particulars in the Report of the Board ofDirectors) Rules 1988 is given as per 'Annexure A' and forms part of the Directors'Report.

DEMAT of Shares

As on date about 99.02% shares of the Company have been' dematerialized and theCompany solicits co-operation from its investors to have their holdings converted in DEMATform to provide them better liquidity in future.

Particulars of Employees:

During the year under review no employee of the Company was entitled to theremuneration exceeding the sum prescribed under section 217 (2A) of the Companies Act1956 read with the Companies (Particulars of Employees) Rules 1975 and no other provisionof the aforesaid section are applicable to the Company for the financial year underreview.

Audit Committee:

According to the provisions of Section 292A of the Companies Act 1956 every publicCompany having paid-up capital of not less than Rs. 5 Crores shall constitute an AuditCommittee consisting of the members of the Board.

The important role of the Audit Committee is to support the Board of Directors in itssurveillance and control duties. The most important of these duties is to ensure thatgenerally accepted accounting principles are properly applied and to check that theinternal control systems used when drawing up the individual and consolidated AnnualAccounts are adequate and complete.

Corporate Social Responsibility (CSR):

Social welfare and community development is at the core of the Speciality’s CSRphilosophy and this continues to be a top priority. The Company’s contributions tothe community are in the areas of recycling of papers and assistance in the event of anatural disaster and contributions to other social development organisations.

Acknowledgement:

Your Company not performed so extensively well in a challenging year but will continueto maintain its quality standards in forthcoming future. It has also been improving thequality and cost benchmarks and continues to build shareholder value.

Your Directors place on record their appreciation for the overwhelming co-operation andassistance received from investors customers business associates bankers vendors aswell as regulatory and governmental authorities. Your Directors also thank the employeesat all levels who through their dedication co-operation support and smart work haveenabled the Company to achieve rapid growth.

Place: Mumbai For and on behalf of the Board
Date: 14/08/2014
NEMCHAND J. GALA
Chairman and Managing Director

ANNEXURE "A" TO THE DIRECTOR’S REPORT

PARTICULARS AS REQUIRED UNDER SECTION 217(1)(E) OF THE COMPANIES ACT 1956. READ WITHTHE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF DIRECTORS) RULES 1988. ANDFORMING PART OF THE DIRECTORS REPORT FOR THE YEAR ENDED 31ST MARCH 2014.

ENERGY CONSERVATION:

A) MEASURES TAKEN:

1) Optimum utilization of power to keep Power factor more than 0.95.

2) By proper recycling of Water Water consumption has reduced substantially.

FORM-A

(Form of Disclosure Particulars with respect to conservation of energy)

Particulars For the year ended 31st March 2014 For the year ended 31st March 2013
(Rs. In Lacs) (Rs. In Lacs)
A. POWER AND FUEL CONSUMPTION
1. Electricity
(a) Purchased Unit Lac KWH Nil Nil
Total amount Nil Nil
Rate/Unit (Rs.) Nil Nil
2. Coal/Lignite
Quantity (Tonnes) Nil Nil
Total Cost Nil Nil
Average rate Rs./Per Ton Nil Nil
3. Furnace Oil LDO & Other Fuel
Quantity (KL) Nil Nil
Total Cost Nil Nil
Average rate Rs./Per KL Nil Nil
B. CONSUMPTION PER UNIT OF FINISHED GOODS
Production Paper Nil Nil
Electricity (KWHZMT) Nil Nil
Coal (KGS/MT) Nil Nil

FORM-B

(Form of disclosure of particulars with respect to Technology Absorption).

RESEARCH & DEVELOPMENT

1. Specified areas in which R & D carried out by the Company.

The Company has not carried out any R & D activities during the year for thedevelopment of Anti Rust Papers and Crepe Tissue.

2. Future plan and Action.

Management of the Company is currently reviewing its technology and is committed tobring further advancement to the technology.

3. Expenditure on R & D;

a) Capital Rs. Nil
b) Recurring Rs. Nil
c) Total Rs. Nil
d) Total R & D expenditure as a Rs. Nil
e) Percentage of total turnover

TECHNOLOGY ABSORBTION ADOPTION AND INNOVATION

1 Effort made in brief towards technology absorption adoption and innovation:

The Company has not made any development of Technology for manufacture of various typesof papers. The Directors are taking effective steps to be update with latest availabletechnology in the Industry.

2 Benefit derived as a result the above efforts:

The Company’s plant is not operating satisfactorily.

• Product Improvement:

The qualities of the product are satisfactory and well accepted to the market.

•Cost Reduction:

There has been no reduction in cost directly due to the same.

• Product Development:

The Company is able to satisfy the demand of various types of industries and customers.

• Import Substitution:

Efforts are on.

1. Information required in case of technology (imported during the last 5 Yearsreckoned from the beginning of the financial years):

Not applicable as the technology is indigenous.

FOREGIN EXCHANGE EARNING AND OUTGO

The Company had not earned any foreign exchange equivalent towards export sale ofpapers neither it has spent any foreign exchange towards purchase of Raw Materials Stores& Spares and Traveling Expenses.