speciality papers limited · f‘\ speciality papers limited cin no: l2101zgj1961plc001073...
TRANSCRIPT
II SHREE GANESHAY NAMAH 11
• SPECIALITY PAPERS LIMITEDManufacturers of Speciality Grade Papers
CIN: L21012GJ1961PLC001073
Sales Office: 93, Dadiseth Agiary Lane, Kalbadevi, Mumbai - 400 002. T.: +91 - 22 - 2209 4033/34, 6631 0061/62 F.: +91 - 22 - 2205 3899 I W: www.speciolitypapersltd.com I E: [email protected]
Date: 24th May, 2019
To, Department of Corporate Services, BSE LIMITED P. J. Towers, Dalal Street, Mumbai - 400 001.
Scrip Code: 502465
Dear Sir/ Madam,
Sub: -Outcome Of Board Meeting Held On Friday, 24th May, 2019 at 2:00 P.M.
With reference to the above mentioned subject we would like to inform you that the meeting of the board of directors of Speciality Papers Ltd was held on Friday, 24th May, 2019 at our registered office situated at No 8 National Highway Village Morai, Vapi, P O Box 7, Valsad - 396191. Gujarat. India, Meeting Commenced at 2:00 pm and concluded at 06: 30 pm among others the following business as specified below were transacted at the meeting:-
The Board of Director duly Considered and approved the Audited Standalone financial results of the Company for the quarter and year Ended on 3 pt March, 2019 along with the Auditor report thereon.
We hereby enclose the following documents:
A. Standalone Financial Results for the Year ended 31st March, 2019.B. Statement of Assets and LiabilityC. Reports of the AuditorD. Declaration about unmodified opinion of Auditor on financial Results
Kindly take the same on your records.
Thanking You, Yours Truly,
For, Speciality Papers Ltd-�
N IGf�-1� -.,;"" (-' 0) - \ -
(>
/. '/) Mr. Nemchand Gala� '-:. (\":Managing Director �o;;;- -DIN: 00193256
Factory Office : Morai Village, (Opp. Morai Railway Phatak), N. H. No. 8, Vapi, Dist. Valsad - 396101. Gujrat. T.: 91 - 260 2437159 / 60 I E : [email protected]
Assets
Non-current assets
Property, plant and equipment
(i) Tangible Assets
(ii) Intengible Assets
Financial assets
(i) Trade Receivables
(ii) Investments
(iii) Loans
(c) Other non current assets
(d) Deferred tax assets (Net)
Total non-current assets
(a)
Current assets
Inventories
Financial assets
(i) Trade Receivables
(ii) Cash and cash equivalents
(iii) Loans
(c) Other current assets
Total current assets
Total assets
Equity and Liabilities
Equity
(a) Equity share capital
(b) Other equity
Total equity
Liabilities
Non-current liabilities
(a) Financial liabilities
(i) Borrowings
(a) Deferred tax liabilities (Net)
Total non-current assets
Current liabilities
(a) Financial liabilities
(i) Borrowings
(ii) Trade payables
(iii) Other financial liabilities
b) Short Term Provisions
Total current liabilities
Total equity and liabilities
Notes forming part of the financial statements
As per our report of even date
For Agarwal Sanganeria 8- Co
Chartered Accountants
Firm Registration Number 317224E
cube/b “t ‘0CA Hardik Jain
‘
Partner
Membership Number 162503
Date: 24.05.2019
Speciality Papers Limited
cm No : L210126J1961PL0001073
balance sheet as at 31 March 2019
Note
11
12
13
1-34
As at
31 March 2018
As at
31 March 2019
1.92 519.21
7,784.23 8,411.10
37.28 36.44
227.85 227.91
1,116.92 714.12
9,168.20 9,908.77
587.19 481.93
18.08 129.94
271.26 24.16
0.72 155.20
32.78 16.97
910.03 808.19
10,078.24 10,716.97
15.616.41 15.616.41
(5,784.51) (5,940.92)
9,831.90 9,675.49
— 41.69
57.36 58.55
2195 773.03
167.02 168.20
246.33 1,041.48
10,078.23 10,716.97
For and on behalf of the Board
Mil
/
Mr.Nemchand J.Gala
Managing Director
DIN ; 00193256
{flNIL
Company Secretan
rm ShahMr. Tanil Mafatlal Shah
Director
DIN 3 08147255
f‘\
Speciality Papers Limited
CIN No : L2101ZGJ1961PLC001073
Statement of profit and loss for the year ended 31 March 2019
(Rs. in lakhs)
NoteYear ended Year ended
31 March 2019 31 March 2018
income
Revenue from operations19 1,472.23 94.75
Other income20 243.42 292.62
Total income1,715.65 387.37
Expenses
Cost of sales and other operational expenses21 1,486.64 93.94
Employee Benefit Expenses22 5.47 0.11
Depreciation and Amortization Expenses4 6.93 8.85
Other expenses23 258.34 955.23
Total expenses1,757.37 1,058.12
Profit before tax(41.72) (670.75)
Less : Tax expense30
Current tax-
—
Deferred tax (350.10) (710.90)
Profit for the year308.39 40.15
Other comprehensive income
Other comprehensive income not to be reclassified to profit or loss in
subsequent periods:
— Net gain/ (loss) on fair value of equity instruments (204.69)-
- lncome Tax effect on above52.71
—
Other comprehensive income for the year, net of tax (151.98)-
Total comprehensive income for the year156.41 40.15
Earning per share on equity shares of Rs.10 each fully paid up 28
Basic and diluted0.20 0.03
Notes forming part of the financial statements 1 - 34
As per our report of even date
For Agarwal Sanganeria & Co For d on behalf of the Board
Chartered Accountants
Firm Registration Number 317224E
CA Hardik Jain
Partner
Membership Number 162503
Date: 24.05.2019
MMr.Nemchand J.Gala
Managing Director Company Secretary
DlN : 00193256in a V‘
/mNI L V ' ’ S
Mr. Tanil Mafatlal Shah
Director
DIN : 08147255
flgarwafSanganerz’a 62: Co.
Chartered Accountants
INDEPENDENT AUDITOR’S REPORT
To The Members of
SPECIALITY PAPERS LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of SPECIALITY
PAPERS LIMITED (”the Company”), which comprise the Balance Sheet as at March 31,
2019, and the Statement of Profit and Loss (including Other Comprehensive Income),
the Statement of Changes in Equity and the Statement of Cash Flows for the year then
ended and a summary of the significant accounting policies and other explanatory
information.
Management’s Responsibility for the Standalone Financial Statements
The Company’s Board of Directors is responsible for the matters stated in Section 134(5)
of the Companies Act, 2013 (“the Act”) with respect to the preparation of these
standalone financial statements that give a true and fair view of the financial position,
financial performance including other comprehensive income, cash flows and changes
in equity of the Company in accordance with the Indian Accounting Standards (Ind AS)
prescribed under section 133 of the Act read with the Companies (Indian Accounting
Standards) Rules, 2015, as amended, and other accounting principles generally accepted
in India
This responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding the assets of the Company
and for preventing and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and presentation of
the standalone financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these standalone financial statements
based on our audit. In conducting our audit, we have taken into account the provisions
of the Act, the accounting and auditing standards and matters which are required to be
included in the audit report under the provisions of the Act and the R 45% it 2: m: there
under and the Order issued under section 14301) of the Act.
.01:
(69 {a
208, Maker Bhavan - 3, Behind Aaykar Bhavan, 2] New Marine Lines, MW”.© : 9] (22) 2201 3715, 6635 5335 W : www.asac.co.in
We conducted our audit of the standalone financial statements in accordance with the
Standards on Auditing specified under Section 143(10) of the Act. Those Standards
require that we comply with ethical requirements and plan and perform the audit to
obtain reasonable assurance about whether the standalone financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts
and the disclosures in the standalone financial statements. The procedures selected
depend on the auditor’s judgment, including the assessment of the risks of material
misstatement of the standalone financial statements, whether due to fraud or error. In
making those risk assessments, the auditor considers internal financial control relevant
to the Company’s preparation of the standalone financial statements that give a true
and fair View in order to design audit procedures that are appropriate in the
Circumstances. An audit also includes evaluating the appropriateness of the accounting
policies used and the reasonableness of the accounting estimates made by the
Company's Directors, as well as evaluating the overall presentation of the standalone
financial statements.
We believe that the audit evidence obtained by us is sufficient and appropriate to
provide a basis for our audit opinion on the standalone financial statements.
Opinion
The company does not hold the relevant share certificate documents for the equity
investments held by the company as disclosed in Note 5 of the accompanied financial
statements (except for One Investment of Rs.300.00 Lakhs). Further these investments
are fair valued based on Net Assets Value method as per latest data available of
respective companies at MCA Website.
In our opinion and to the best of our information and according to the explanations
given to us, except for the above observation the aforesaid standalone financial
statements give the information required by the Act in the manner so required and give
a true and fair view in conformity with the accounting principles generally accepted in
India, of the state of affairs of the Company as at March 31, 2019, and its profit, total
comprehensive income, the changes in equity and its cash flows for the year ended on
that date.
Emphasis on Matters
Other Current Asset in Note 11 of the accompanied standalone financial statement
includes Rs.184.21 Lakhs relating to Excise Duty Carried Forward Balance, which is
being claimed as trans credit with GST Department. The company is in process of filling
a writ with Hon.Guj High Court for claiming transitional credit.
Other Matter
The company has not carried out an internal audit for the financial year ending March
31 2019 as required by section 138 of the Companies Act 2013.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, based on our audit we report that:
a) we have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the purposesof our audit.
b) in our opinion, proper books of account as required by law have been kept by the
Company so far as it appears from our examination of those books.
c) the Balance Sheet, the Statement of Profit and Loss including Other Comprehensive
Income, Statement of Changes in Equity and the Statement of Cash Flow dealt with by
this Report are in agreement with the books of account.
d) in our opinion, the aforesaid standalone financial statements comply with the Indian
Accounting Standards prescribed under section 133 of the Act.
e) on the basis of the written representations received from the directors of the
Company as on March 31, 2019 taken on record by the Board of Directors, one of the
directors is disqualified as on March 31, 2019 from being appointed as a director in
terms of Section 164(2) of the Act.
f) with respect to the adequacy of the internal financial controls over financial reporting
of the Company and the operating effectiveness of such controls, refer to our separate
Report in ”Annexure A”. Our report expresses an unmodified opinion on the adequacy
and operating effectiveness of the Company’s internal financial controls over financial
reporting.
g) with respect to the other matters to be included in the Auditor’s Report in accordance
with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our
opinion and to the best of our information and according to the explanations given to
us:
i. The Company has disclosed the impact of pending litigations on its financial
position in its standalone financial statements.
ii. The Company has made provision, as required under the applicable law or
accounting standards, for material foreseeable losses, if any, on long-term
contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company.
2. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued
by the Central Government in terms of Section 143(11) of the Act, we give in ”Annexure
B” a statement on the matters specified in paragraphs 3 and 4 of the Order.
For AGARWAL SANGANERIA & CO.
Chartered Accountants
F.R.No. 317224E
Wk [0.Hardik Jain, AC
Place: Mumbai
PartnerDate: 24m May 2019
IrC.A.I. M. No. 162503
ANNEXURE ”A” TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 1(f) under ’Report on Other Legal and Regulatory
Requirements’ section of our report to the Members of Speciality Papers Limited of
even date)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i)
of Subsection 3 of Section 143 of the Companies Act, 2013 (“the Act”)
We have audited the internal financial controls over financial reporting of
SPECIALITY PAPERS LIMITED (”the Company") as of March 31, 2019 in conjunction
with our audit of the standalone financial statements of the Company for the year
ended on that date.
Management’s Responsibility for Internal Financial Controls
The Board of Directors of the Company is responsible for establishing and maintaining
internal financial controls based on the internal control over financial reporting criteria
established by the Company considering the essential components of internal control
stated in the Guidance Note on Audit of Internal Financial Controls Over Financial
Reporting issued by the Institute of Chartered Accountants of India These
responsibilities include the design, implementation and maintenance of adequate
internal financial controls that were operating effectively for ensuring the orderly and
efficient conduct of its business, the safeguarding of its assets, the prevention and
detection of frauds and errors, the accuracy and completeness of the accounting
records, and the timely preparation of reliable financial information, as required under
the Companies Act, 2013.
Auditor’s Responsibility
Our responsibility is to express an opinion on the internal financial controls over
financial reporting of the Company based on our audit. We conducted our audit in
accordance with the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting (the "Guidance Note”) issued by the Institute of Chartered
Accountants of India and the Standards on Auditing prescribed under Section 143(10)
of the Companies Act, 2013, to the extent applicable to an audit of internal financial
controls. Those Standards and the Guidance Note require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about
whether adequate internal financial controls over financial reporting was established
and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy
of the internal financial controls system over financial reporting and their operating
effectiveness. Our audit of internal financial controls over financial reporting included
obtaining an understanding of internal financial controls over financial reporting,
assessing the risk that a material weakness exists, and testing and evaluatin the design
and operating effectiveness of internal control based on the as $5‘
N.
The
procedures selected depend on the auditor’s judgement, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained, is sufficient and appropriate to
provide a basis for our audit opinion on the Company’s internal financial controls
system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A company’s internal financial control over financial reporting is a process designed to
provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposesin accordance with generally
accepted accounting principles. A company’s internal financial control over financial
reporting includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorisations of
management and directors of the company; and (3) provide reasonable assurance
regarding prevention or timely detection of unauthorised acquisition, use, or
disposition of the company’s assets that could have a material effect on the financial
statements.
Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting,
including the possibility of collusion or improper management override of controls,
material misstatements due to error or fraud may occur and not be detected. Also,
projections of any evaluation of the internal financial controls over financial reporting to
future periods are subject to the risk that the internal financial control over financial
reporting may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, to the best of our information and according to the explanations given to
us, the Company has, in all material respects, an adequate internal financial controls
system over financial reporting and such internal financial controls over financial
reporting were operating effectively as at March 31, 2019, based on the internal control
over financial reporting criteria established by the Company considering the essential
components of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued by the Institute of Chartered
Accountants of India.
For AGARWAL SANGANERIA 8: CO.
Chartered Accountants
F.R.No. 317224E
Hardik Jain, APlace: Mumbai
Partner
Date: 24th May 2019
I.C.A.I. M. No. 162503
ANNEXURE 'B’ TO THE INDEPENDENT AUDITOR’S REPORT
(Referred to in paragraph 2 under ’Report on Other Legal and Regulatory
Requirements’ section of our report to the Members of Speciality Papers Limited of
even date)
(i) Fixed Assets:
(ii)
(iii)
(1")
a)
b)
a)
b)
The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
The management at reasonable intervals has physically verified the Fixed Assets
and as such there was no material discrepancies noticed at the time of
verification.
According to the information and explanations given to us, the records
examined by us and based on the examination of the conveyance deeds
provided to us, we report that, the title deeds, comprising all the immovable
properties of land and buildings which are freehold, are held in the name of the
Company as at the balance sheet date. In respect of immovable properties of
land and building that have been taken on lease and disclosed as fixed assets in
the standalone financial statements, the lease agreements are in the name of the
Company.
Inventories
The inventory has been physically verified during the year by the management.
in our opinion, the frequency of verification is reasonable.
In our opinion and according to the information and explanations given to us,
the procedures of physical verification of inventories followed by the
management are reasonable and adequate in relation to the size of the Company
and the nature of its business.
The company has maintained proper records of inventory. As explained to us,
there was no material discrepancy noticed on physical verification of inventory
as compared to the book records.
Granting of Loans to certain Parties
In our opinion and according to information and explanations given to us, the
Company has not granted any loans, secured or unsecured, to companies, firms,
Limited Liability Partnerships or other parties covered in the register maintained
under section 189 of the Act. Accordingly, paragraph 3(iii) of the Order is not
applicable to the Company.
In our opinion and according to the information and explanations given to us,
the Company has complied with the provisions of Sections 185 and 186 of the
Act in respect of grant of loans, making investments and providing guarantees
and securities, as applicable.
(Vi)
(vii)
In our opinion and according to the information and explanations given to us,
the Company has not accepted any deposits from public in contravention of
Directives issued by Reserve Bank of India and the provisions of section 73 to 76
or any other relevant provisions of the Act and the rules framed there under,
where applicable. No order has been passed by the Company Law Board or
National Company Law Tribunal or Reserve Bank of India or any court or any
other tribunal.
The maintenance of cost records has not been specified by the Central
Government under section 148(1) of the Companies Act, 2013 for the business
activities carried out by the Company. Thus reporting under clause 3(vi) of the
order is not applicable to the Company.
According to the information and explanations given to us, in respect of
statutory dues:
(a) According to the information and explanations given to us and based on the
records of the Company examined by us, there were undisputed statutory
dues remaining outstanding as on 315‘ March 2019 for a period of more than
six months from the date they become payable are as follows:
Nature of Dues l Amount in (Rs.
TDS/TCS | 8,07,136
Professional Tax l 99,775
VAT & CST ,
552,508
Provident Fund4,531,425
Labour Welfare
EFF Payable- Employer
2,235,622
FESIC49,454
TOTAL21,86,250
l_
(b) According to the information and explanations given to us and based on the
records of the Company examined by us, there are following cases of non-
deposit of disputed dues of Sales Tax, Income Tax, Custom Tax, Wealth Tax,
Service Tax, Excise Duty and Cess with appropriate authorities.
1 YearsAmount in Rs. (CroresLl Department
7
_.:
FAY 2010—11 19.37 i CIT(Appeals) i
FAY 2011-12 :62CIT A eals)
(C) According to the information and explanations given to us no amount was
required to be transferred to the Investor Education and Protection Fund in
accordance with relevant provisions of. the Compani 1'4 6 (1 of 1956)
and rules there under.
(viii) Based on the records maintained, we are of the opinion that the Company has
not defaulted in repayments of the dues to the Banks. The Company has neither
issued any debentures nor has borrowed from any Financial Institution
(excluding banks), Government or dues to debenture holders.
(ix) The Company has not raised moneys by way of initial public offer or further
public offer (including debt instruments) or term loans and hence reporting
under clause 3 (ix) of the Order is not applicable to the Company.
(x) To the best of our knowledge and according to the information and explanations
given to us, no fraud by the Company or no material fraud on the Company by
its officers or employees has been noticed or reported during the year.
(Xi) In our opinion and according to the information and explanations given to us, no
Managerial remuneration has been paid or provided. Accordingly, paragraph
3(xi) of the Order is not applicable.
(xii) In our opinion and according to the information and explanations given to us,
the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order
is not applicable.
(xiii) In our opinion and according to the information and explanations given to us,
the Company is in compliance with Section 177 and 188 of the Companies Act,
2013 where applicable, for all transactions with the related parties and the details
of related party transactions have been disclosed in the standalone financial
statements as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us and based on our
examination of the records, the Company has not made any preferential
allotment or private placement of shares or fully or partly convertible debentures
during the year.The company has not entered into any non—cash transactions
with directors or persons connected with him.
(xv) In our opinion and according to the information and explanations given to us,
during the year the Company has not entered into any non—cash transactions
with its Directors or persons connected to its directors and hence provisions of
section 192 of the Companies Act, 2013 are not applicable to the Company.
(xvi) The Company is not required to be registered under Section 45—IA of the Reserve
Bank of India Act, 1934. Accordingly, the provisions of Clause 3(xvi) of the Order
are not applicable to the Company.
For AGARWAL SANGANERIA & CO.
Chartered Accountants
FRNO. 31722417:
W.Hardik Iain, ACA
Partner
I.C.A.I. M. No. 162503
Place: Mumbai
Date: 24th May 2019
ll SHREE GANESHAY NAMAH ||
SPECIALITY PAPERS LIMITEDManufacturers of Speciality Grade Papers
CIN : L2101ZGJ1961PLC001073
Sales Office : 93, Dadiseih Agiary Lane, Kalbadevi, Mumbai - 400 002. T.: +91 - 22 - 2209 4033/34, 6631 0061/62
F.: +91 - 22 - 2205 3899 | W : www.5pecialifypaperslid.com | E : [email protected]
Date: 24"1 May, 2019
To,
Department of Corporate Services,BSE LIMITED
P. J. Towers, Dalal Street,
Mumbai - 400 001.
Scrip Code: 502465
Ref: Declaration pursuant to Regulation 33 of SEBI (Listing Obligations Disclosure
Requirements) Regulations, 2015 with respect to Audit Report for the quarter and year
ended on 31" March, 2019 with unmodified opinion
Pursuant to Regulation 33 of SEBI (Listing Obligations Disclosure Requirements)
Regulations, 2015, we hereby confirm and declare that Statutory Auditors of the Company
M/s Agarwal Sanganeria & Co., have issue Auditors Report with unmodified opinion in
respect of Audited Financial Results for the half year and year ended on March 31, 2019
approved at Board Meeting held on May 24‘“, 2019.
Kindly take the same on your records and acknowledge the receipt.
Thanking You.
Yours Truly,
For, Speciality Papers Ltd
WWW:, ‘
Mr. Tanil Shah
Director
DIN: 08147255
Factory Office : Morai Village, (Opp. Morai Railway Phaiak), N. H. No. 8, Vapi, Dist. Valsad - 396101 . Guirui.
T.: 91 - 260 2437159 / 60 | E : splworks@specia|itypaperslid.com