Dear Shareholders

The Indian economy continued to strengthen in 2018 reclaiming its position as theworld's fastest-growing economy. This economic growth was led by several factors likeclarity in India's political scenario macro-economic policies improved consumersentiment and structural reforms introduced by the Government.

Indian Paper Industry is growing the fastest in the world at a steady pace of 6%-7%.With current per capita consumption at 13 kg in India and its expected to increase to 17kg by FY25 we stand at a point where a million tonne of production is needed every yearto meet this growing demand. With the Government's thrust on education increasingliteracy rates and plastic ban in all states are further going to lead to an increase indemand for paper and paper products. The government support to the domestic industry isvisible through Anti-dumping duty placed on uncoated paper imports from ASEAN countriesand a basic customs duty imposed on textbook imports in the FY20 budget.

SIL has lived up to the expectations and continues to be one of the largest Wood andAgro-based paper manufacturers in India. In the financial year 201819 your companyreported revenues of INR 752 Cr representing a growth of 12% against last year.

This happened with the clarity in leadership strong commitment from our employees andwilling support from our stakeholders. We worked on enhancing our capability by continuousdebottlenecking and enhancing our facility in every manner. We have always stayed one stepahead in implementing new technologies strategies and processes to cater to the growingdemand for paper products along with following environmental obligations.

In the future your company's strategy is to set up a new paper machine in our facilitywhich could double our current production levels. Your company also plans to enhanceitself in an integrated manner that would support our future growth plans. We wouldcontinue to be making better parameters to show you growth. I hereby thank you all foryour continued support and encouragement.

Best Wishes

Dr. Ajay Satia

Chairman & Managing Director