Notes to Accounts of Speciality Papers Ltd.

Mar 31, 2015

1.SHARE CAPITAL

The Company has only one class of share capital ,i.e, equity shares having face value of Rs. 10 per share. Each holder of equity share is entitled to one vote per share

The aggregate number of equity shares alloted as fully paid up by way of bonus shares in immediately preceding five ended march 31,2015 are 38,40,838 (previous period of five years ended march 31,2014: 38,40,838 shares)

2. Corporate Information

Speciality Papers Limited ("Company") has been incorporated in India on July 18. 1961 under the Companies Act 1956. The principal activities of the Company include trading of various types papers and production of tissue paper, toilet rolls, and Paper napkins of different sizes as per customer specifications.

3. Foreign Currency Transaction :

(a) Imports during the year (C1F) value - Rs. Nil (Previous Year: Nil)

(b) Expenditure in Foreign Currencies during the year

[i] Travelling NIL (NIL)

[ii] Others NIL (NIL)

4. Disclosure pertaining to Micro, Small and Medium Enterprises Development Act 2006 (as per information available with the company) :

Principal amount due outstanding as at March 31, 2015 is Rs.NIL, and interest paid is Rs. NIL.

5. Earnings in foreign exchange : NIL

6. Balance confirmations :

Sundry Debtors, Advances, Deposits and Current liabilities are subject to confirmation adjustments if any on confirmation.

7. Related Party disclosures under Accounting Standard 18

Nature of Relationship Name of related parties

Chairman / Managing Director Nemchand. J. Gala. I

Director Urmila. N. Gala.

Director Darshak. N. Gala.

Associate Companies

Reliable Paper (India) Ltd.

Prime Hygiene Papers Pvt Ltd.

Global Impex Private Ltd

Transactions with related P arties

2014-15 Particulars Nature of Transaction Amount Rs

Salary / Remuneration

Urmila Gala Rent 2,22,000

Urmila Gala Unsecured Loan 10,000

Purchase / Sales

Reliable Paper Mart Sales of goods 4,90,779

Reliable Paper Mart Purchase of goods 7,08,70,804



Particulars 2013-14 Amount

Salary / Remuneration

Urmila Gala 2,22,000

Urmila Gala 5.000

Purchase / Sales

Reliable Paper Mart 19,01,624.56

Reliable Paper Mart Nil

8. Segment Reporting:

The company is in to trading and manufacturing of Paper and Paper related Product. The company has only one segment, therefore no separate disclosure of segment wise information is made.

9. Comparatives:

Comparative financial information (i.e. the amounts and other disclosures for the preceding year) presented above, is included as an integral part of the current year's financial statement, and is to be read in relation to the amounts and other disclosures relating to the current Figures of the previous year are regrouped and reclassified, wherever necessary to correspond to figures of the current year.

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Mar 31, 2014

1. SHARE CAPITAL

The Company has only one class of share capital ,i.e. equity shares having face value of 10 per share. Each holder of equity share is entitled to one vote per share

The aggregate number of equity shares alloted as fully paid up by way of bonus shares in immediately preceding years five ended march 31,2014 are 38,40,838 (previous period of five years ended march 31,2013: 38,40,838 shares)

2. Corporate Information

Speciality Papers Limited ("Company") has been incorporated in India on July 18, 1961 under the Companies Act 1956. The principal activities of the Company include trading of various types of papers and production of tissue paper, toilet rolls, and Paper napkins of different sizes as per customer specifications.

3. Additional information pursuant to the provisions of paragraphs 3,4C and 4D of part II of Schedule VI of the Companies Act,1956.

(a) Imports during the year (CIF) value - Rs. Nil (Previous Year: Nil)

(b) Expenditure in Foreign Currencies during the year

[i] Travelling NIL (NIL)

[ii] Others NIL (NIL)

4. Disclosure pertaining to Micro, Small and Medium Enterprises Development Act 2006 (as per information available with the company) :

Principal amount due outstanding as at March 31, 2014 is Rs.NIL, and interest paid / payable is Rs. NIL.

5. Earnings in foreign exchange : NIL

6. Balance confirmations :

Sundry Debtors, Advances, Deposits and Current liabilities are subject to confirmation / adjustments if any on confirmation.

7. Related Party disclosures under Accounting Standard 18

Nature of Relationship Name of related parties

Chairman / Managing Director Nemchand. J. Gala.

Director Urmila. N. Gala.

Director Darshak. N. Gala.

Associate Companies Reliable Paper (India) Ltd.

Opel Paper Mills Ltd.

Prime Hygiene Papers Pvt Ltd.

Global Impex Private Ltd

8. Segment Reporting:

The company is in to trading and manufacturing of Paper and Paper related Product. The company has only one segment, therefore no separate disclosure of segment wise information is made.

9. Comparatives :

Comparative financial information (i.e. the amounts and other disclosures for the preceding year) presented above, is included as an integral part of the current year's financial statement, and is to be read in relation to the amounts and other disclosures relating to the current year. Figures of the previous year are regrouped and reclassified wherever necessary to correspond to figures of the current year.

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Mar 31, 2013

1. Corporate Information

Speciality Papers Limited ("Company") has been incorporated in India on July 18, 1961 under the Companies Act 1956. The principal activities of the Company include trading of various types of papers and production of tissue paper, toilet rolls, and Paper napkins of different sizes as per customer specifications.

2. Additional information pursuant to the provisions of paragraphs 3,4C and 4D of part II of Schedule VI of the Companies Act,1956.

(a) Imports during the year (CIF) value - Rs. Nil (Previous Year: Nil)

(b) Expenditure in Foreign Currencies during the year

[i] Travelling NIL (NIL)

[ii] Others NIL (NIL)

3. Disclosure pertaining to Micro, Small and Medium Enterprises Development Act 2006 (as per information available with the company) : Principal amount due outstanding as at March 31, 2013 is Rs.NIL, and interest paid / payable is Rs. NIL.

4. Earnings in foreign exchange : NIL

5. Balance confirmations:

Sundry Debtors, Advances, Deposits and Current liabilities are subject to confirmation / adjustments if any on confirmation.

6. Segment Reporting:

The company is in to trading and manufacturing of Paper and Paper related Product The company has only one segment, therefore no separate disclosure of segment wise information is made.

7. Comparatives :

Comparative financial information (i.e. the amounts and other disclosures for the preceding year) presented above, is included as an integral part of the current year''s financial statement, and is to be read in relation to the amounts and other disclosures relating to the current year. Figures of the previous year are regrouped and reclassified wherever necessary to correspond to figures of the current year.

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Mar 31, 2009

1. Land and Building were revalued in the accounts on 30th September 1985 on the basis of report of approved valuers on market value / replacement cost basis using standards indices. The following revalued amount (net of withdrawals) remain substituted for the historical cost in the Gross Block of fixed assets;

Land 14,77,170 (14,77,170)

Building 61,07,110 (61,07,110)

2. The balance outstanding in Sundry Debtors, Sundry Creditors, Loans and Advances accounts are subject to confirmation and reconciliation. The board is of the opinion that current Assets, Loans and Advances have value on realization in the ordinary course of the business.

3. The Company in its board resolution dated. 05/07/2007 has decided to amalgamate witl its associates concerns namely

Reliable Paper (I) Pvt. Ltd.

- Opel Paper Mills Pvt. Ltd.

- Prime Industries

4 An intimation to this effect has been given to Bombay Stock Exchange which in ti wide letter no. DSC/AMAL/HKK/Form/714/2007-08 dated 05/07/2007 has asked the company to get the scheme of amalgamation approved before applying to tr Concerned judicial authority.

5. A scheme of amalgamation has been filed by the Company for amalgamation with Reliable Paper India Ltd., Opel Paper Mill Ltd., Prime Industries with the honourable Gujarat High Court it has filled necessary documents with Bombay Stock Exchange and company had also held meeting with Equity Share Holders, Secured creditors and unsecured creditors on 15th September 2008,. Company had also submitted scrutinizer report and chairmans report as required under the Act. The Honorable Gujarat High Court had admitted the petition with respect to Scheme of amalgamation by its order dated 14th November 2008 and the matter was fixed for hearing before honorable High Court judge on 12th January 2009. The matter is still pending before the court and the company has yet to get the approval for amalgamation.

6. After obtaining necessary approval from the regulatory authorities the company has issued Bonus shares in the ratio of one share for every one share held on the record date which was 17.04.2008

7. Other Income include Rs.26,453 /- (P.Y. Rs.47,66,489/-) as income received by way of Commission Income and Sundry Balance Written Back Rs.14,96,813/- (P.Y.98,186/-).

8. In the absence of information regarding Sundry Creditors with regard to their Status as a Micro, Small and Medium Industrial Undertaking, it is not possible to determine the amount, if any, payable to sundry creditors falling within the meaning of Micro, Small and Medium industrial undertaking.

9. Sales tax assessment have been completed up to the accounting year 2004-2005 for Vapi Factory.

10. Income tax assessments have been completed up to the Accounting year 2005-06 (i.e. Assessment year 2006-07)

11. Exchange fluctuation difference relating to the transaction which have been completed during the year Rs.571943/- (P.Y. Rs.2179192/-) debited / credited to. Exchange fluctuation difference relating to the transaction outstanding on the balance sheet date is debited to profit & loss a/c Rs.17257898/- (Previous year Rs.9083831/- credit).

12. Related Party Disclosure

List of Related and Associated Parties :

Reliable Paper (India) Ltd. Prime Industries Global Impex Ltd. Mekan J. Gala Kinjal M. Gala Urmila. M.Gala Opel Paper Mill Ltd. Jay Marchandise & Marketing Pvt. Ltd. Mekan J. Gala Family Trust Mekan J. Gala (H.U.F)

13. Figures in brackets in Notes No.2,7,11,13,14,15,16,17,18,21,22,24,25 are in respect of previous year.

14. The figures of the previous year have been re-grouped/rearranged/ reclassified wherever considered necessary to confirm with the current years presentation.