Speciality Papers Ltd Management Discussions.

Management Discussion & Analysis (MDA) is a report which enables the investors to see the company "through the eyes of Management"

MDA provides material, historical and Prospective disclosure that enables the Investors and other user of information to access the financial condition, change in financial condition and result of operations of public Company, especially the companys Prospectus for the future.


The mission of Speciality Papers Limited is to provide all customers with Quality product and better services that regularly fulfill their expectations, to optimize all the efforts of the Team in the business of manufacturing and trading of Speciality paper with due consideration towards quality maintenance and ultimate capacity utilization of production for regular flow of supply.


To be a Quality Leader and Low Cost Operator in the Industry, while persisting environment re-spacing by way of use of recycled paper and to provide maximum benefit to the clients as well


The paper industrys challenges would offer opportunities for the best integrated mills with the ability to produce high quality products at the most competitive prices. Vertically integrated producers with the latest technology would be able to offer the best quality products while containing their costs. Improved processes and cost controls would facilitate margins and manage competitive pressures.

Its given in Detailed in Boards Report.


Speciality Papers Limited is a manufacturer of paper and paper related products established in 1961,

Company is focused on reducing the cost and increasing the sales and profitability. Company has plans to perk up production facilities to

Improve the overall in the Quality of the papers to the international standard.

H Increase the speed of the machinery to obtain the more product

Technology makes tasks easier, quicker, more efficient, and better.


There is ample opportunity for the Company for Product Development and Growth in the Markets across India in the years to come. Further the Company is looking forward to employ various plans to expand its business activities.

The Major factors determining the opportunities are as follows:

• Strong economic growth forecast

• Increased literacy

• Increased government spending on Education

• Population and Media Growth

• Changing Demographics

• Increase in advertising

• International grade quality etc.

This said growth derives augment the demand for paper industry in India.


The Economic Environment is subject to the threats. Where there are ample of opportunities, there are bound to be certain threats attached to it. Company may come across certain threats in the future in the Market for the Product due to following factors:

• Increasing imports of low priced paper products from countries like china, Indonesia.

• Increasing competitive pressures from un-organized sector.

Foreign exchange currency fluctuations impact the imported raw material prices.

The Company participates and operates in varied environments, both politically and geographically, where exploration, production and development is more challenging technologically, operationally and financially. While the strengthening of rupee gives comfort on purchase of assets, it adversely affects the earnings in rupee terms. In the projects and countries where your Company has large investments, the risks and losses due to expropriation, change in fiscal regime, additional taxes and increase in Government share or restrictions on exports.

The Company is well prepared to take the challenges in the market and further if required mitigate the risk. The Proper Internal Control System are employed throughout the Company to facilitate disciplined working and transparent activities.


The Company has only one business segment i.e. Paper and hence segment wise or product wise performance is not given.


Human resources continue to be a valuable and intangible asset and key success factor for the Company to grow and sustain its market position in a highly competitive and challenging environment. Company believes that people are the pivotal force behind the growth and excellence in business operations. The overall performance and the market position, the Company enjoys is the result of the aggregate strength of its people.

The Company during the year has specially focused on to developmental activities comprising of sharpening of skills and abilities, developing academic and professional knowledge and cultivating appropriate behavioral skill sets, such as improving interpersonal relations, team building abilities, effective communication and presentation skills. Focus on developing leadership skills and building talent for the future and the process of improving organizational and human capability through competency mapping of managerial positions in all areas of the companys operations, continued as a major initiative.

The Company is committed to provide the right environment to its employees to work and to inculcate a sense of ownership and pride.

Internal Controls:

The companys Internal Control systems are commensurate with the nature and size of its operations. Review of Internal Control systems covers following aspects: d Financial propriety of business transactions.

d Accurate financial reporting of transactions as per applicable Accounting Standards and policies, d Safeguarding assets of the company.

Compliance with relevant statutes, listing agreement provisions, management authorizations, procedures and policies.

ECU d Review of information technology and other business systems so as to suggest ways and means of cost optimization.

The Audit Committee reviews the internal audit findings. Further, the Audit Committee meets the Internal and Statutory Auditors to be assured of the Operations of the internal controls.

Health, Safety And Environment:

The Company is giving due importance to safety, health and environment related issues. The employees are educated and trained to improve awareness and skills in their respective areas of operations.

Cautionary Statement:

Statements in this report on Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may be "forward looking statements" within the meaning of applicable securities laws or regulations. These statements are based on certain assumptions and expectations of future events. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include global and domestic demand supply conditions, finished goods prices, raw material cost and availability, changes in Government regulations, tax regimes, economic developments within India and other factors such as litigation and industrial relations. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent developments, information or events.


I, Mr. Nemchand Gala, Managing Director of the Company hereby certify that:

a. I have reviewed the financial statements and Cash flow statement for the year ended 31st March, 2019 and to the best of my knowledge and belief:

(i) These statements do not contain any materially untrue statement or omit any material fact or contains statements that might be misleading;

(ii) These statements together present a true and fair view of the Companys affairs and are in compliance with existing Accounting Standards, applicable laws and regulations.

b. To the best of my knowledge and belief, no transactions entered into by the Company during the year ended 31st March, 2019 are fraudulent, illegal or violative of the Companys code of conduct.

c. I accept responsibility for establishing and maintaining internal controls for financing reporting and I have evaluated the effectiveness of internal control system of the Company pertaining to financial reporting. Deficiencies in the design or operation of such internal controls, if any, of which I am aware have been disclosed to the auditors and the Audit Committee and steps have been taken to rectify these deficiencies;

i) There has not been any significant change in internal control over financial reporting during the year under reference;

ii) There has not been any significant change in Accounting policies during the year; and

iii) Instances of significant fraud, if any of which we have become aware, and involvement therein, if any, of the management or an employee having a significant role in Companies internal control system over financial reporting shall be disclosed.

For Speciality Papers Limited
Place: Mumbai TANIL M. SHAH
Date: 04/06/2019 DIRECTOR