MIRA INFORM REPORT

Report Date :

07.09.2011

IDENTIFICATION DETAILS

Name :	CENTURY PLYBOARDS (INDIA) LIMITED
Registered Office :	6, Lyons Range, Kolkata – 700 001, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.01.1982
Com. Reg. No.:	21-34435
Paid-Up Capital :	Rs.227.500 Millions
CIN No.: [Company Identification No.]	L20101WB1982PLC034435
TAN No.: [Tax Deduction & Collection Account No.]	CALC04599A
PAN No.: [Permanent Account No.]	AABCC1682J
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturers and Sellers of Plywood and Veneer.
No. of Employees :	2500 (approximately)

RATING & COMMENTS

MIRA’s Rating :

A (63)

RATING		STATUS	PROPOSED CREDIT LINE
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large

Maximum Credit Limit :	USD 9200000
Status :	Good
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established and reputed company having fine track. Financial position is good. Payments are usually correct and as per commitments. The company is doing well. It can be considered good for any normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

LOCATIONS

Registered Office :	6, Lyons Range, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22104321/22/23/24/25/26
Fax No.:	91-33-22483539
E-Mail :	century@giasc101.vsnl.net.in web@centuryply.com Kolkata@centuryply.com arun@centuryply.com
Website :	http://www.centuryply.com
Factory 1 :	Plywood, Veneer and Laminate Units Diamond Harbour Road, Kanchowki, Bishnupur, Dist: 24 Parganas (S), (West Bengal)
Tel. No.:	91-33-24709680/9155/9157
Factory 2 :	Ferro Alloy and Power Units EPIP Area, Byrnihat, Dist. Ri-Bhoi, (Meghalaya)
Branches :	EAST ZONE Kolkata - Sales Bhubaneswar Jharkhand - Ranchi Guwahati Patna Chattisgarh WEST ZONE Mumbai Ahmedabad Pune Nagpur NORTH ZONE Delhi Jaipur Lucknow Indore Chandigarh Varanasi SOUTH ZONE Chennai Bangalore Kochi Hyderabad

DIRECTORS

As On 31.03.2010

Name :	Sri S. B. Ganguly
Designation :	Chairman
Name :	Mr. Hari Prasad Agarwal
Designation :	Vice Chairman
Qualification :	B.Com.
Date of Appointment :	05.06.1982
Name :	Mr. Sajjan Bhajanka
Designation :	Managing Director
Qualification :	B.Com.
Date of Appointment :	05.06.1982
Name :	Mr. Prem Kumar Bhajanka
Designation :	Joint Managing Director
Name :	Mr. Vishnu Khemani
Designation :	Joint Managing Director
Name :	Mr. Santanu Ray
Designation :	Director
Name :	Mr. Manindra Nath Banerjee
Designation :	Director
Name :	Mr. Ajay Baldawa
Designation :	Executive Director
Name :	Mr. N. R. Tater
Designation :	Executive Director
Name :	Mr. Mangi Lai Jain
Designation :	Director
Name :	Mr. Sajan Kumar Bansal
Designation :	Director
Name :	Mr. Brij Bhushan Agarwal
Designation :	Director
Name :	Ms. Plistina Dkhar
Designation :	Director

KEY EXECUTIVES

Name :	Mr. A. K. Julasaria
Designation :	Company Secretary / Finance Controller
Name :	Mr. Banwari Lal Agarwal
Designation :	Chairman Emeritus

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2011

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	122,600,297	55.18
Bodies Corporate	39,329,080	17.70
Sub Total	161,929,377	72.88
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	161,929,377	72.88
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	9,989	-
Foreign Institutional Investors	1,271,937	0.57
Sub Total	1,281,926	0.58
(2) Non-Institutions
Bodies Corporate	27,587,794	12.42
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	7,717,538	3.47
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	23,564,227	10.61
Any Others (Specify)	92,128	0.04
Non Resident Indians	61,531	0.03
Trusts	7,500	-
Clearing Members	23,097	0.01
Sub Total	58,961,687	26.54
Total Public shareholding (B)	60,243,613	27.12
Total (A)+(B)	222,172,990	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	222,172,990	-

BUSINESS DETAILS

Line of Business :

Manufacturers and Sellers of Plywood and Veneer.

Products :

Item Code No.	Product Description
440810.10	Sheets for Plywood
44129.10	Decorative Plywood
482390.10	Decorative Laminates
--	Ferrous and Non Ferrous Metals

• New Mica Designs
• Mystic
• Evoluzion (New range of Decorative Veneer)
• Architect Ply
• Fire Safe Plywood
• Flexible Plywood
• Decorative Natural Plywood
• BWR Flexible Decorative Plywood
• Fleece Back Decorative Veneers
• Marine Grade  Plywood
• Shuttering and Film Faced Plywood
• BWR  Plywood
• BWP Block Board
• BWP Flush Door
• MR Grade Commercial Ply and BB
• Centuryply Mica (Laminates)
• Centuryply Prelam
• Veneerd Particle Boards
• Centuryply Flexomica
• Adhesive

Brand Name :

‘Centuryply’

PRODUCTION STATUS (As On 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Veneer	CBM	50200	25879*
Plywood	CBM	25400	22896
Laminate Sheets	Nos.	2400000	2195176
Pre-laminated Boards	SQM	800000	132536
Ferro Silicon	MT	10620	11464
Power	KWH	13.80	89403360#

GENERAL INFORMATION

No. of Employees :	2500 (approximately)
Bankers :	State Bank of India Commercial Branch, N. S. Road, Kolkata 700 001, India UCO Bank Flagship Corporate Centre, N. S. Road, Kolkata 700 001, India Oriental Bank of Commerce Park Street Branch, Kolkata 700 016, India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	S. R. Batliboi and Company Chartered Accountants
Address :	22, Camac Street, 3^rd Floor, Block ‘C’, Kolkata – 700016, West Bengal, India
Tel. No.:	91-33-66153400
Fax No.:	91-33-22817750
Subsidiaries :	Cement Manufacturing Company Limited Megha Technical and Engineers Private Limited Auro Sundaram Ply and Doors Private Limited (w.e.f 20.12.2006) Century Star Shipping Limited (from 27. 11 .2006 to 1 5.03.2007)
Associates :	Brijdham Merchants (P) Limited Sriram Merchants Private Limited Sriram Vanijya Private Limited Sumangal Business Private Limited Sumangal International Private Limited Century Star Shipping Limited Meghalaya Power Limited Ara Suppliers Private Limited Apnapan Viniyog Private Limited Adonis Vyaper Private Limited Arham Sales Private Limited

CAPITAL STRUCTURE

As On 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
57050000	Equity Shares	Rs.10/- each	Rs.570.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22750000	Equity Shares	Rs.10/- each	Rs.227.500 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		227.500	227.500	227.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2060.200	1459.900	1405.400
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		2287.700	1687.400	1632.900
LOAN FUNDS
1] Secured Loans		1784.700	1979.400	1285.600
2] Unsecured Loans		177.900	0.000	68.400
TOTAL BORROWING		1962.600	1979.400	1354.000
DEFERRED TAX LIABILITIES		17.000	0.700	41.200
TOTAL		4267.300	3667.500	3028.100
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1111.100	932.000	912.700
Capital work-in-progress		465.200	191.700	23.100
INVESTMENT		504.500	419.900	328.400
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1494.300	1200.900	1277.000
	Sundry Debtors	1059.100	839.600	1064.400
	Cash & Bank Balances	155.600	186.300	149.300
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	540.900	517.500	382.600
Total Current Assets		3249.900	2744.300	2873.300
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors and Other Current Liabilities	984.500	539.400	989.600
	Provisions	78.900	81.000	121.700
Total Current Liabilities		1063.400	620.400	1111.300
Net Current Assets		2186.500	2123.900	1762.000
MISCELLANEOUS EXPENSES		0.000	0.000	1.900
TOTAL		4267.300	3667.500	3028.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	7680.200	6977.500	5940.800
		Other Income	456.100	250.900	96.600
		TOTAL (A)	8136.300	7228.400	6037.400
Less	EXPENSES
		Raw Materials	4061.300	4055.700	3313.900
		Power and Fuel Cost	334.400	346.500	302.800
		Employee Cost	557.400	471.800	311.500
		Other Manufacturing Expenses	242.600	204.800	150.900
		Selling and Administration Expenses	1518.400	1209.100	1081.100
		Miscellaneous Expenses	174.200	486.900	111.100
		TOTAL (B)	6888.300	6774.800	5271.300
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1284.000	426.100	881.500
Less	FINANCIAL EXPENSES (D)		130.000	175.500	122.600
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1154.000	250.600	758.900
Less/ Add	DEPRECIATION/ AMORTISATION (F)		189.200	169.200	139.300
	PROFIT BEFORE TAX (E-F) (G)		964.800	81.400	619.600
Less	TAX (I)		155.300	[29.700]	173.400
	PROFIT AFTER TAX (G-I) (J)		809.500	111.100	446.200
	EARNINGS IN FOREIGN CURRENCY		241.100	--	--

QUARTERLY RESULTS

PARTICULARS	30.06.2010 1^st Quarter	30.09.2010 2^nd Quarter	31.12.2010 3^rd Quarter	31.03.2011 4^th Quarter	30.06.2011 5^th Quarter
Net Sales	2014.700	2351.770	2423.960	2526.570	2718.750
Total Expenditure	1748.020	2063.590	2164.930	2393.160	2369.090
PBIDT (Excl OI)	266.680	288.180	259.030	133.410	349.660
Other Income	5.380	13.350	66.350	67.090	5.770
Operating Profit	272.060	301.530	325.380	200.500	355.430
Interest	22.490	25.640	26.460	25.300	25.360
PBDT	249.570	275.890	298.920	175.200	330.070
Depreciation	46.380	59.650	60.570	75.160	61.340
Profit Before Tax	203.190	216.240	238.350	100.040	268.730
Tax	32.420	(3.080)	26.400	(43.010)	37.460
Profit After Tax	170.770	219.320	211.950	143.040	231.270
Net Profit	170.770	219.320	211.950	143.040	231.270

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	9.95	1.54	7.39
Net Profit Margin (PBT/Sales)	(%)	12.56	1.17	10.42
Return on Total Assets (PBT/Total Assets}	(%)	22.12	2.21	16.37
Return on Investment (ROI) (PBT/Networth)		0.42	0.05	0.38
Debt Equity Ratio (Total Liability/Networth)		1.32	1.54	1.51
Current Ratio (Current Asset/Current Liability)		3.06	4.42	2.59

LOCAL AGENCY FURTHER INFORMATION

HISTORY:

Subject was incorporated on 05.01.1982 at Kolkata in West Bengal having Company Registration Number 34435.

Subject, makers of the well known “Century” Brand of Plywood, was set up in the year 1986 in Kolkata and today is the leading brand in India. Creating a special niche for itself in a short period, the company manufacturers the entire range of commercial, marine, concrete, shuttering and decorative plywood.

Century have the distinction of becoming the first ISO – 9002 Company in India for Veneer and Plywood. Most probably till now it is the only ISO – 9002 Company for Veneer and Plywood.

It has its manufacturing facilities at D. H. Road at Bishnupur, between Joka and Amtala. The facility comprises of 10 acre plot of land with 4 acre covered area with world class selection of plant and machinery.

PERFORMANCE AND OPERATIONS REVIEW

The year was an exceptional year of profitability after an exceptional year of turbulences. When they presented the financial results for 2008-09, the economy was passing through grave uncertainties and it was

not clear how and when crisis would be over. The financial years 2008-09 and 2009-10 were challenging years for the Indian economy as well as for the Company.

While it is true that India could not remain immune to global meltdown and the impact of global financial crisis on India was stronger than expected, it is also fact that it was first to recover. India was among the first few countries in the world to implement a broad-based counter-cyclic policy package to respond to the negative fall out of the global slowdown. Indian banking system was flooded with funds at reasonable interest rates, which proved to be key driver to growth of infrastructure, real estate and related productive sectors.

If they look at India's turnaround indicators during year under review, they find that Cement sector has grown, Steel sector has shown recovery, the job losses were lowest, interest rates were considerably lowered, availability and liquidity of money was comfortable, rupee strengthened against dollar, stock markets turned around and overall growth rate was satisfactory. Government continued its focus on simulating demand by ensuring flow of credit to trade, industry, investment in infrastructure, housing and real estate. India again continued to remain a preferred investment destination.

Despite all odds they are proud to state that their economy as well as the Company have weathered the worst crisis and have come out even stronger.

Profitability of the Company's Plywood, Laminate, Logistic and Cement divisions improved substantially. Company's newly setup CFS division started to contribute within the very first year of its operation. However, due to lack of demand and subdued prices, the Company's ferro alloy division could book only reasonable profits. The Company could book substantial gains on account of foreign exchange difference because of weakening of US Dollar against rupee coupled with Company's conscious foreign exchange risk policy.

During the year, the Company achieved Gross Income of Rs. 8498.200 Millions against Rs. 7613.200 Millions during the previous year reflecting a growth of over 11%. The net profit increased significantly from Rs. 111.100 Millions to Rs. 809.500 Millions reflecting a growth of over 628%. The Company continued its dominance in plywood, veneer and allied products and further increased its market share.

On consolidated basis also, the Company's operations grew significantly. During the year, the Company achieved Gross Income of Rs.13437.800 Millions against Rs. 11791.900 Millions during the previous year, reflecting a growth of over 13%. The Net Profit after minority interest increased from Rs. 572 Millions to Rs. 1461.800 Millions, reflecting a growth of over 155%.

SUBSIDIARIES AND ASSOCIATES

As a purposeful strategy, the Company carries a part of its business operations through several subsidiaries which are formed either directly or as step-down subsidiaries or in certain cases by acquisition of majority stake in existing companies. As on 31.03.2010, Cement Manufacturing Company Limited (CMCL), Auro Sundram Ply and Door Private Limited (ASPDPL), Meghalaya Power Limited (MPL), Megha Technical and Engineers Private Limited (MTEPL) and Star Cement Meghalaya Limited (SCML) continued to remain subsidiaries of the Company. During the Financial Year 2009-10, the Company acquired controlling interest in Aegis Business Limited (ABL) and as such ABL became a subsidiary of the Company with effect from 06.07.2009. ABL acquired controlling interest in Aegis Overseas Limited (AOL) and as such AOL also became an ultimate subsidiary of the Company with effect from 15.07.2009. Company's wholly owned subsidiary Cent Ply Private Limited amalgamated with the Company with effect from appointed date 01.04.2009.

CMCL along with its subsidiary MTEPL operates integrated Cement plant at Meghalaya with aggregate annual installed capacity of 1 Million Tonne. CMCL along with SCML is setting up a 1.75 Million Tonne per annum capacity clinker unit at Meghalaya and 3.20 Million Tonne per annum cement grinding units at Assam and Bihar. After giving effect to all these expansions, the Company's consolidated cement manufacturing capacity will go up to 4.20 Million Tonne per annum.

ASPDPL is operating a plywood unit at Raipur Industrial Area, Uttarkhand. This unit is manufacturing plywood and allied products from eco-friendly agro-forestry timber and is entitled to various incentives including excise duty and income tax exemption.

MPL is setting up a 51 MW power generation capacity near Company's existing and proposed clinker unit at Meghalaya. Most of the power generated will be used for upcoming cement and clinker units. Out of such 51 MW, 8 MW capacity is already complete.

ABL and AOL are engaged in import and trading of mineral and other commodities. They are exploring feasibility of acquiring mines in Thailand and Middle-east countries to develop this business. Although contribution to revenue during the current financial year was not substantial, their business module holds great potential.

FUTURE OUTLOOK

The Finance Minister in his recent budget speech stated that the challenge before the nation is to quickly revert to high GDP growth path of 9% and then to cross double digit growth barrier. Provision of quality and efficient infrastructure is essential to achieve this growth and utilize full potential of the emerging Indian economy. Economic and population growth place additional pressure on existing infrastructure facilities and unless they are developed further to cope with growth, they become constraint to development. To sustain 9% growth, the Government of India has estimated that an investment over USD 492 billion is required in 11th Five Year Plan. In the recent finance budget a sum of Rs. 1735520 Millions has been provided for infrastructure development, which account for over 46% of total plan allocation. With the Government's continued focus on infrastructure development, it seems very probable that the country's economic survival will be driven by infrastructure growth, which in turn will accelerate real estate activities.

The Indian real estate sector plays a significant role in the country's economy. The real estate sector is second only to agriculture in terms of employment generation and contributes considerably towards GDP. Almost 5% of the country's GDP is contributed by the housing sector, which is expected to rise to 6%. According to the tenth five year plan, there is a shortage of 22.4 million dwelling units. Thus, over the next 10 to 15 years 80 to 90 million dwelling units will have to be constructed. According to a study, the real estate market in India is expected to grow rapidly due to improvement in affordability, better job security and availability of housing finance.

Since Cement, Plywood, laminate and steel related products are essential part of construction right from initial brick and mortar stage to final stage of furnishing, the demand for these products is directly related to the growth of infrastructure and real estate sector. With continued government focus on infrastructure and real estate sector the demand for Company's products is expected to remain buoyant. With strong and preferred 'Centuryply' brand under its fold, the Company is expected to perform better in current fiscal.

FUTURE PLANS OF EXPANSION

Considering buoyant demand for the products and marketing strength of 'Centuryply' brand, the Company has plans for capacity expansions through organic and inorganic routes.

The Company is also increasing its focus on logistic service sector. The Company is already operating a jetty at Falta, South 24 Parganas, West Bengal with Ministry of Commerce, Government of India. The Company has also developed approx 100000 sq.m. area as Container Freight Stations (CFS) near Kolkata Port. Out of this approx 20000 sq.m area was fully operational during current financial year and balance 80000 sq.m area is also ready to commence operations. The Company is exploring further possibilities in logistic service sector.

The subsidiaries of the Company are also having ambitious growth plans. CMCL along-with its subsidiaries is expanding its cement manufacturing capacity from 1 million MT to 4.20 million MT per annum, with adequate

captive power capacity.

DIRECTORS

Sri Banwari Lal Agarwal, Founder and Chairman Emeritus of the Company suddenly expired on 27th May, 2010. He served the Company for more than 25 years and was the key force behind success of the Company. The Board places on record its respect and homage to departed soul.

In accordance with Articles of Association of the Company, Sri Satya Brata Ganguly, Sri Vishnu Khemani and Sri Sajan Kumar Barisal retire by rotation, and being eligible, offer themselves for re-appointment. In view of their considerable experience, the Directors recommend their re-appointment.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT

The projected growth of Company's products (Plywood, Laminates, Cement and Ferro Alloys) is based on the push-and-pull effects of supply and demand determinants like the economic trends in India, growth of infrastructure and housing.

Home is an invention on which no one has yet improved. Of all aspirations known to humankind, owning a home is most basic. It is the basic infrastructure required for development of a country and its citizens. Housing is a highly sensitive investment area throughout the world. Investment in this sector is often recognised as a barometer to measure the health of an economy at any point of time. The extreme sensitivity of the housing sector on the overall economic growth is not difficult to explain. The sector, by the nature, is widely linked with a very large number of manufacturing segments. There are about 250 industries, large and small, which depend on what happens in the housing and construction business. This includes large ones that make cement and steel, medium ones that make plywood, paint, tiles, electrical and the small ones that make nuts and bolts. These linkage effects not only stimulate production and investments in the linked segments of manufacturing, they also push up the aggregate additional income generated in the process. In short, growth in housing stimulates production and overall growth in the economy.

In developed countries like United States 72.5% of citizens own their homes. While 69% live in their own houses in the UK. If they aspire to become a developed nation by the year 2020, they must ensure a decent home for each family of the country. According to the tenth five year plan, there is a shortage of 22.4 million dwelling units and over the next 10 to 15 years 80 to 90 million housing dwelling units will have to be constructed. According to Confederation of Real Estate Developers Association of India (CREDAI) India's total housing requirement can be estimated at 200-225 million housing units, out of which they have just 170 million. We will have to create additional 30 million to meet gap. Further next 15-20 years will create an additional demand for 70 million houses. So, by year 2020 they are to gear up to build 100 million additional houses. A daunting target, but achievable. It is achievable because almost all Indians have capacity to buy a reasonable home. All Indians, not owning their own home are already paying rent on their accommodation. Even if they are living in slums, they are paying rent to their slumlords. The EMI of housing loan today is either equal or not substantially more than the rent one has to pay for rented house. The rent one pays is an expense that once paid is lost, whereas the EMI is payment for creation of an asset, value of which will multiply with passage of time. Anyone who lives in a rented apartment will be unable to afford rent after 20 years as the rent will keep on increasing year to year. Anyone who acquire house on EMI will have a home of his own by parting with almost same money, but with multifold asset value. Availability of easy home loans at reasonable interest rates has propelled growth of housing. Although economic slow down of 2008-09 has adversely affected housing but that can be considered temporary. In long run housing sector growth is bound to propel.

Provision of quality and efficient infrastructure is essential to achieve growth and utilize full potential of the emerging Indian economy. Economic and population growth place additional pressure on existing infrastructure facilities and unless they are developed further to cope growth, they become constraint to development. In the recent finance budget a sum of Rs.1735520 Millions has been provided for infrastructure development, which account for over 46% of total plan allocation. With the Government's continued focus on infrastructure development, it seems very probable that the county's economic survival will be driven by infrastructure growth.

Segment-wise or product-wise performance

Plywood

The turnover of Plywood segment was up from Rs. 4944.500 Millions in 2008-09 to Rs. 5922.500 Millions in 2009-10 showing growth of over 19%. The profit of this segment increased from Rs. 37 Millions to Rs. 362.500 Millions showing growth of over 879%. This is mainly due to improved global markets and overall economy, especially in the real estate sector.

Laminates

Laminate division also performed quite well. The company's focus remained to grab premium market share.

The 'CENTURYLAMINATES' the brand under which company's laminates are being sold is today a symbol of quality and is attaining consumer preference. During current financial year this segment earned profit of Rs. 101.100 Millions.

Ferro Alloys and Power

Due to lack of demand and subdued prices, the Profit of this segment was reduced from Rs. 207.400 Millions to Rs. 15.900 Millions.

Cement

The cement capacities run by company's subsidiaries also posted impressive performance. The turnover increased from Rs. 4422 Millions to Rs. 5061.200 Millions showing growth of over 14%. Segment profit increased from Rs. 1263.500 Millions to Rs. 1338.400 Millions showing growth of over 5%.

Logistics

Logistics division also performed quite well. During current financial year this segment earned profit of Rs. 78 Millions.

Others

Other segments mainly chemicals also performed well during 2009-10.

Outlook

The Company's and its subsidiaries' products are Plywood, Laminates, Cement and Ferro Alloys demand for which is linked to infrastructure and real estate sector. In view of improved economic situation and the Government's thrust towards infrastructure and real estate activities, the company is hopeful to achieve better results and attain growth. With modern plants, latest technologies, and precious brands the products of the company are positioned to fully exploit emerging opportunities.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2011

Rs. In Millions

SI. NO.	PARTICULARS	STANDALONE
		Quarter ended 30.06.2011 (Unaudited)	Quarter ended 30.06.2010 (Unaudited)	Year ended 31.03.2011 (Audited)
1	Gross Sales/Income from Operations	3143.376	2335.220	10750.783
	Less : Excise Duty	182.566	138.468	608.372
	Less : Sales Tax/VAT	243.466	185.110	833.456
	Net Sales/Income from Operations	2717.344	2011.642	9308.955
	Other Operating Income	1.400	3.061	8.041
	Income from Operations	2718.744	2014.703	9316.996
2	Expenditure
	a. (Increase)/decrease in stock in trade and Work in progress	26.014	5.050	(63.073)
	b. Consumption of Raw materials	1302.940	952.397	4569.472
	c. Purchase of Traded goods	231.908	171.606	807.431
	d. Employees cost	216.027	166.411	752.940
	e. Depreciation	61.337	46.378	241.758
	f. Other expenditure	592.195	452.558	2302.930
	g. Total	2430.421	1794.400	8611.458
3	Profit from Operations before Other Income Interest & Exceptional Items (1-2)	288.323	220.303	705.538
4	Other Income	5.771	5.376	152.171
5	Profit before Interest & Exceptional Items (3+4)	294.094	225.679	857.709
6	Interest	25.359	22.492	99.899
7	Profit after Interest but before Exceptional Items (5-6)	268.735	203.187	757.810
8	Exceptional Items	-	-	-
9	Profit from Ordinary Activities before tax ( 7-8)	268.735	203.187	757.810
10	Tax Expenses
	a. Current Tax	53.950	40.500	129.080
	b. Deferred Tax Liability/(Assets)	(6.890)	0.272	(19.146)
	c. MAT Credit Entitlement	(9.600)	(8.350)	(97.200)
	d. Total	37.460	32.422	12.734
11	Net Profit from Ordinary Activities after tax ( 9-10)	231.275	170.765	745.076
12	Extra ordinary Items	-	-	-
13	Net Profit after Tax but before Minority Interest (11-12)	231.275	170.765	745.076
14	Minority Interest	-	-	-
15	Net Profit after Minority Interest (13-14)	231.275	170.765	745.076
16	Paid up Equity Share Capital	2225.27	222.527	222.527
17	Reserves excluding Revaluation Reserves			2538.963
18	Earnings Per Share (EPS) ( not annualised) Rs.
	- Basic & diluted	1.04	0.77	3.35
	Face Value of Shares Rs 1/-
19	Public Shareholding
	- Number of Shares	60243613	33248839	37413209
	- Percentage of Shareholding	27.12	14.97	16.84
	Promoter & Promoter group shares pledged/encumbered
	Number of shares pledged/encumbered	3000000	20000000	-
	% of total shareholding of promoter & promoter group	1.85	10.59	-
	% of total shareholding of the company	1.35	9.00	-
	Promoter & Promoter group shares non encumbered
	Number of shares non encumbered	158929377	168924151	184759781
	% of total shareholding of promoter & promoter group	98.15	89.41	100.00
	% of total shareholding of the company	71.53	76.03	83.16

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2011

Rs. In Millions

		STANDALONE
SI. NO.	PARTICULARS	Quarter ended 30.06.2011 (Unaudited)	Quarter ended 30.06.2010 (Unaudited)	Year ended 31.03.2011 (Audited)
	SEGMENT RESULTS
A	Segment Revenue (Gross)
	(a) Plywood and Allied Products	2244.005	1755.396	7794.072
	(b) Laminate and Allied Products	527.363	366.460	1580.390
	(c) Logistic
	External Sales Revenue	120.255	47.147	353.666
	Inter Segment Revenue	3.490	0.901	4.941
	(d) Ferro Alloys	2,33.537	26.731	7,91.116
	(e) Power
	- External Sales Revenue	-	1,22.042	1,27.876
	- Inter Segment Revenue	88.125	9.754	2,83.523
	(f) Cement	-	-	-
	(g) Others	-		-
	- External Sales Revenue	18.216	17.444	1,03.663
	- Inter Segment Revenue	4.949	3.189	12.370
	Total Segment Revenue	32,39.940	23,49.064	110,51.617
	Less : Inter Segment Revenue	96.564	13.844	300.834
	Segment Revenue after Inter Segment Adjustment (Gross)	3143.376	2335.220	10750.783
A	Segment Revenue (Net)
	(a) Plywood and Allied Products	1908.255	1484.524	6607.392
	(b) Laminate and Allied Products	444.943	315.187	1350.938
	(c) Logistic
	External Sales Revenue	120.255	47.147	353.666
	Inter Segment Revenue	3.490	0.901	4.941
	(d) Ferro Alloys	226.531	26.021	770.114
	(e) Power
	- External Sales Revenue	-	122.042	127.870
	- Inter Segment Revenue	88.125	9.754	283.523
	(f) Cement	-	-	-
	(g) Others
	- External Sales Revenue	17.360	16.721	98.975
	- Inter Segment Revenue	4.949	3.189	12.370
	Total Segment Revenue	2813.908	2025.486	9609.789
	Less : Inter Segment Revenue	96.564	13.844	300.834
	Segment Revenue after Inter Segment Adjustment (Net)	2717.344	2011.642	9308.955
B	Segment Results (Profit Before Tax & Interest)
	(a) Plywood and Allied Products	201.196	145.991	353.631
	(b) Laminate and Allied Products	47.805	31.187	107.375
	(c) Logistic	37.971	7.101	75.963
	(d) Ferro Alloys	23.590	(10.722)	111.923
	(e) Power	5.315	73.056	106.146
	(f) Cement	-	-	-
	(g) Others	2.303	2.572	14.706
	Total	318.180	249.185	769.744
	Less : Interest	25.359	22.492	99.899
	Add : Unallocable Income net of unallocable expenses	(24.086)	(23.506)	87.965
	Profit Before Tax	268.735	203.187	757.810
C	Capital Employed (Segment Assets Less Segment Liabilities)
	(a) Plywood and Allied Products	2215.607	1774.517	2068.171
	(b) Laminate and Allied Products	660.098	629.699	714.512
	(c) Logistic	745.552	743.053	773.302
	(d) Ferro Alloys	311.178	166.713	281.757
	(e) Power	280.389	335.845	261.316
	(f) Cement	-	-	-
	(g) Others	21.720	19.436	18.484

Notes:

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 20.07.2011.

2. As per consistent practice, foreign Exchange loss/gain towards creditors/debtors pertaining to specific segments has been included as unallocable expenditure/income, as the amount of such exchange loss/income for different segment is not ascertainable. However, there is no impact of this on profit for the quarter. Auditors have referred this in their report for the year ended 31st March'2011.

3. Status of Investors' complaint for the quarter ended 30.06.2011 : Opening NIL; Received and Resolved during the quarter 5; Closing NIL.

4. The consolidated results include the subsidiaries Cement Manufacturing Company Limited, Auro Sundram Ply and Door Private Limited, Aegis Business Limited, Star Ferro and Cement Limited and ultimate subsidiaries Star Cement Meghalaya Limited, Megha Technical and Engineers Private Limited, NE Hills Hydro Limited, Meghalaya Power Limited and Aegis Overseas Limited.

5. The Board of Directors of the Company has decided to demerge the business and interest of the Company in manufacture of Ferro-Alloys and Cement including captive power plants attached thereto by transferring the same to a wholly owned subsidiary namely Star Ferro and Cement Limited. through a scheme of arrangement w.e.f. 01.04.2011, subject to necessary approvals. Pending such approvals, no accounting adjustment thereof has been made in the above results.

6. Previous year/period figures have been rearranged /regrouped wherever necessary to make them comparable with current period figures.

FIXED ASSETS

• Land and Site Development
• Factory Building
• Non Factory Building
• Leasehold Property
• Plant and Machinery
• Electrical Installation
• Furniture and Fixtures
• Office Equipment
• Computers
• Vehicles

AS PER WEBSITE DETAILS

Profile

Subject makers of the well-known ‘Centuryply’ brand of Plywood and decorative veneers, was set up in 1986 in Kolkata, a joint effort of Mr. Sajjan Bhajanka and Mr. Sanjay Agarwal. The largest seller of plywood and decorative veneers in the Indian organized plywood market, Centuryply today is the leading brand and in its short duration of existence has created a special niche for itself in the industry.

Subject has the distinction of becoming the first ISO 9002 company in India for Veneer and Plywood. Beside this Century has proved to be the pioneer in number of ways. In 1997, CPIL was the first to introduce the borer proof plywood in India. Over the years Centuryply has introduced the boiling water resistant decorative veneer, seven-year powder proof guaranteed PF plywood, the revolutionary non – leachable Firesafe plywood. The year 2002 brought another laurel to Centuryply when Flexoply, the only flexible plywood variety was introduced. Later, Architect Ply and the Fantasy range of decorative veneer were introduced in India. was the first to introduce the borer proof plywood in India. Over the years Centuryply has introduced the boiling water resistant decorative veneer, seven-year powder proof guaranteed PF plywood, the revolutionary non – leachable Firesafe plywood. The year 2002 brought another laurel to Centuryply when Flexoply, the only flexible plywood variety was introduced. Later, Architect Ply and the Fantasy range of decorative veneer were introduced in India. In the year 2004, Centuryply’s laminate plant started operation. The best quality laminates ‘Centuryply Mica’ started rolling out and was an instant hit in the market due to its quality and the brand equity of Centuryply.

The moment of pride came in when the Hon’ble Chief Minister of West Bengal, Shree Buddhadev Bhattacharjee inaugurated the Pre – Lam particleboard plant on March 26th 2005. Centuryply also started manufacturing Hi – Pressure Laminates, Pre- Laminated Particle Board and MDF and with this Centuryply completed the full range of manufacturing of plywood and veneer related items. Today Centuryply stands as a one point-manufacturing unit of all kind of plywood related items.

Centuryply, after its inception in 1986, never looked back and has created a name today, which ensures quality and return worth every penny spent by the customer. Centuryply has, over the years, maintained a consistent growth rate. Centuryply was adjudged the Fastest Growing Company with the Highest Turnover by the famous Journal ‘Construction World’ in the year 2003 and 2006.Centuryply was adjudged the Fastest Growing Company with the Highest Turnover by the famous Journal ‘Construction World’ in the year 2003, 2005,2006, 2007 and 2008, 5 times in a row.

MANAGEMENT:

Sri S. B. Ganguly – Chairman

Chairman Emeritus of Exide Industries Limited and Associated Battery Manufacturers (Ceylon) Limited, Sri Lanka. Currently, he holds a number of high-profile positions in the form of Director of ING Vysya Life Insurance Company Limited, West Bengal Industrial Development Corporation Limited, The Calcutta Stock Exchange Association Limited, Sundarban Infrastructure Development Corporation Limited and Peerless Trust Management Company Limited A graduate in Chemical Engineering, Mr. Ganguly is a Fellow Member of Plastics and Rubber (London), Institute of Chemical Engineers and the Institute of Chemicals. His involvement in number of educational, technical and research institutes of the nation just goes in to show his values of giving something back to the society. With 45 years of experience in various fields, Mr. Ganguly can be rightly said as the torch-bearer of Century Group.

Mr. Hari Prasad Agarwal - Vice Chairman

He is also a prominent figure in this field. He is in charge of the total financial part of the company and the day today administration. He is also associated with different social and trade related organizations.

Mr. Sajjan Bhajanka - Managing Director

A commerce graduate, is considered a very experienced industrialist in the field of plywood and veneer. He is also the Chairman of Cement Manufacturing Company Limited and Shyam Centuryply ferrous Limited in Meghalaya. He is associated with various economic, commercial and social organizations. He is the President of the Federation of Indian Plywood and Panel Industry and All India Veneer Manufacturers Association, Chairman of Indian Plywood Industries Research and Training Institute (IPIRTI), Bangalore. He is also the President of the Marwari Relief Society, Vice Chairman of Maharaja Agarsen Institute of Medical Research and Education, Agroha (Hissar) and Vivekananda Kendra, Kolkata.

Social Commitment

Centuryply believes that a Company is a family, a group of professionals working together in harmony at all levels and grades. Which is why the Company takes the greatest care of its most valuable assets.

From building school near its factories, where the children of workers and the children of the region can study, to implementing self appraisal systems that allow Centuryply to keep in step with its employees'' thought processes. For the Company, taking active measures to keep its people happy and motivated is a continuous process. These are part of the way in which Centuryply extends its corporate mandate beyond the ordinary.

Associations

Centuryply is associated with various schools, charitable institutions and hospitals like the Heritage School and the Heritage Institute of Technology, Vivekananda Kendra, the Marwari Relief Society, Friends of Tribals Society and Anandlok. Playing its part in assuring India''''s citizens of the future a head start in life.

Centuryply sources its trainees carefully from a pick of young MBAs. All its managers are empowered to make their own decisions without referring to the CEO. Centuryply believes that the Company works smarter working together rather than working alone. Its dedication to its team is complete and ever changing.

PRESS RELEASES

Century Plyboards (India) Limited declares financial result for the first quarter of the year 2011 – 12: Turnover and Net Profit increases by 35%

Result Highlights:

1. Turnover of the company increases by 35%

2. Net profit also increases by 35%

3. Earning per share increases from Rs. 0.77 to Rs. 1.04

Kolkata, 20.07.2011… Century Plyboards (India) Limited, the leading  plywood and veneer manufacturing company in India, today declared the financial results for the first quarter of the financial year 2011 – 12, ended on June 30^th 2011.

Standalone – The net profit has increased from Rs. 170.700 millions to Rs. 231.200 millions marking a significant increase of more than 35% over the last quarter in 2010 -11. The turnover of the company has increased from Rs. 2335.200 millions to Rs. 3143.300 millions registering a stupendous increase of around 35%.

Consolidated - The net profit has increased from Rs. 514.400 millions to Rs. 537.000 millions an increase of 4.38%. The Turnover has increased from Rs. 3583.900 millions to Rs. 4822.700 millions, registering an increase of 34.57%. The EPS has increased from Rs. 1.86 to Rs. 1.95.

The company has fared extremely well in the first quarter of this financial year and the team continues the spirit of surging ahead in this Silver Jubilee year of the company.

All the expansion plans chalked out by the company is going ahead in full swing. The company is expanding its plywood and veneer capacity by 30,000 CBM by setting up the plant at Kandla, Gujarat. This will take the total plywood installed capacity from current 122,420 CBM to 152,420 CBM. There will be expansion in the production of laminate capacity by 1.2 million sheets from current 2.4 million sheets at the existing unit at Joka, Kolkata. This will take the total laminate installed capacity to 3.6 million sheets. The Pre-Laminated Boards capacity at the Chennai plant will be doubling from the current capacity of 800,000 sqm to 1,600,000 sqm. The plan to set up a fiber board plant at Nellor, Andhra Pradesh is also in the progress.

The expansion plan to increase cement capacity from 1.2 MT to 4.4 MT is under progress. The expansion plan includes new clinker unit of 1.75MT, grinding units with capacity of 1.6MT each at Guwahati and at Kahalgaon.

About Century Plyboards (India) Limited:

Century Plyboards (I) Limited, makers of the well-known ‘Centuryply’ brand of Plywood and decorative veneers, was set up in 1986 in Kolkata, a joint effort of Mr. Sajjan Bhajanka and Mr. Sanjay Agarwal. The largest seller of plywood and decorative veneers in the Indian organized plywood market, Centuryply today is the leading brand and in its short duration of existence has created a special niche for itself in the industry.

Century Plyboards (India) Limited believes in being “first” in whatever it does. Century Plyboards (India) Limited has the distinction of becoming the first ISO 9002 company in India for Veneer and Plywood. It has recently joined CII (Confederation of Indian Industries) and Indian Green Business Council as a founder member to promote the green building movement in India.

The Brand CenturyPly

Century Ply has repositioned the brand in the Lifestyle Products segment, breaking away from the concept of utility products. The product category of decorative veneer and laminates are becoming lifestyle statements and the end user can wear the brand. To pioneer in this category and create a niche for itself, the traditional way of advertising or making associations around the Brand was the way forward and Centuryply chose the glamorous entertainment industry of Bollywood to create those associations.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.46.13
UK Pound	1	Rs.74.18
Euro	1	Rs.64.88

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		63

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.