MIRA INFORM REPORT

Report Date :

06.07.2012

IDENTIFICATION DETAILS

Name :	GREENPLY INDUSTRIES LIMITED [17.01.1996]
Formerly Known As :	MITTAL LAMINATES LIMITED
Registered Office :	Makum Road, Tinsukia-786125, Assam
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.11.1990
Com. Reg. No.:	02-003484
Capital Investment / Paid-up Capital :	Rs.120.682 Millions
CIN No.: [Company Identification No.]	L20211AS1990PLC003484
PAN No.: [Permanent Account No.]	SHLG00156C
Legal Form :	A public limited liability company. The company’s shares are listed on the Stock Exchanges.
Line of Business :	Manufacturing and Marketing of Decorative Laminates, Sawing of Logs, Peeling of Logs, Plywood and Windpower.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (65)

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 12900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Directors are reported to be experienced and respectable businessman. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. Company can be considered normal for 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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 :	Makum Road, Tinsukia-786125, Assam, India
Tel. No.:	91-33-22822175/8233/22422175 / 22428233 / 22427940
Fax No.:	91-33-22420825
E-Mail :	greenply@giascl01.vsnl.net.in / grenply@vsnl.com / kaushal@greenply.com
Website :	http://www.greenply.com
Corporate Office :	16-A Shakespeare Sarani, Kolkata-700001, West Bengal
Tel. No.:	91-33-22822175 / 22828233 / 30515000 / 22822175
Fax No.:	91-33-22820825 / 30515010
E-Mail :	greenply@giascl01.vsnl.net.in / admin@greenply.com / Kolkata@greenply.com
Factory :	PLYWOOD AND ALLIED PRODUCTS • P.O. Tizit, Dist: Mon, Nagaland • Kriparampur, P.O. Sukhdevpur, Dist: 24 Parganas (South) West Bengal, India LAMINATE AND ALLIED PRODUCTS Plot no. E-/176-179 , Phase –II, RIICO Industrial Area, P.O. Behror-301701, District Alwar, Rajasthan, India Ph: 91-1494-220701 / 702        91-1494-220721 / 722 Email : behror@greenply.com PLYWOOD AND PARTICLE BOARD Integrated Industrial Estate, Pantnagar, Udham Singh Nagar, Uttarakhand, India WINDPOWER Village: Seilanallur, Near Kayathar District Tirunelveli Kattabumman, Tamilnadu, India
Marketing office :	1501-1505, Narain Manzil, 23, Barakhambha Road, New Delhi-1 (India)
Tel. No.:	91-11-42791300
Fax No.:	91-11-52791330
E-Mail :	delhi@greenply.com
Branch Office :	Located At : Chandigarh Jaipur Lucknow Patna Guwahati Bhubaneshwar Hyderabad Bangalore Chennai Kochi Pune Mumbai Ahmedabad Indore Nagpur Coimbatore Raipur Ranchi Rudrapur Singapore Hong Kong Indonesia

DIRECTORS

As on 31.03.2011

Name :	Mr. Shiv Prakash Mittal
Designation :	Executive Chairman
Name :	Mr. Rajesh Mittal
Designation :	Managing Director
Name :	Mr. Saurabh Mittal
Designation :	Joint Managing Director
Name :	Mr. Shobhan Mittal
Designation :	Executive Director
Name :	Mr. Moina Yometh Konyak
Designation :	Director
Name :	Mr. Gautam Dutta
Designation :	Director (Nominee of IDBI Bank Limited)
Name :	Mr. Susil Kumar Pal
Designation :	Director
Name :	Mr. Vinod Kumar Kothari
Designation :	Director
Name :	Mr. Anupam Kumar Mukerji
Designation :	Director
Name :	Ms. Sonali Bhagwati Dalal
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Saurabh Mittal
Designation :	Chief Executive Officer
Name :	Mr. Vishwanathan Venkatramani
Designation :	Chief Finance Officer
Name :	Mr. Kaushal Kumar Agarwal
Designation :	Company Secretary and Vice President-Legal
AUDIT COMMITTEE:
	Mr. Susil Kumar Pal, Chairman Mr. Saurabh Mittal Mr. Gautam Dutta Mr. Anupam Kumar Mukerji Mr. Vinod Kumar Kothari
SHARE TRANSFER AND INVESTORS GRIEVANCE COMMITTEE:
	Mr. Anupam Kumar Mukerji, Chairman Mr. Susil Kumar Pal Mr. Rajesh Mittal Mr. Saurabh Mittal
REMUNERATION COMMITTEE:
	Mr. Susil Kumar Pal, Chairman Mr. Gautam Dutta Mr. Anupam Kumar Mukerji
OPERATIONAL COMMITTEE:
	Mr. Shiv Prakash Mittal Mr. Rajesh Mittal Mr. Saurabh Mittal Mr. Susil Kumar Pal
RIGHT ISSUE COMMITTEE:
	Mr. Shiv Prakash Mittal, Chairman Mr. Rajesh Mittal Mr. Saurabh Mittal Mr. Vinod Kumar Kothari Mr. Susil Kumar Pal

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2012

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4,318,636	17.89
Bodies Corporate	8,956,364	37.11
Sub Total	13,275,000	55.00
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	13,275,000	55.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	14,499	0.06
Foreign Institutional Investors	2,537,092	10.51
Sub Total	2,551,591	10.57
(2) Non-Institutions
Bodies Corporate	2,605,791	10.80
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	920,276	3.81
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	4,677,200	19.38
Any Others (Specify)	106,516	0.44
Non Resident Indians	106,516	0.44
Sub Total	8,309,783	34.43
Total Public shareholding (B)	10,861,374	45.00
Total (A)+(B)	24,136,374	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)	24,136,374	-

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Decorative Laminates, Sawing of Logs, Peeling of Logs, Plywood and Windpower.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO. (ITC CODE)
Decorative Laminates	4823.90
Plywood	4412.00
Greenwood/Sawn Timber	4407.90
Prelaminated Particle Board	4410.90

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Installed Capacity	Actual Production
Decorative Laminates	Sheets	10020000	9371525
Prelaminated Particle Board	SQM	2000000	6226.32
Plywood	SQM	30750000	137861.206
Medium Density Fibreboard	CBM	180000	26924.496
Wind Power	K.W.	550	648744

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited

· Bank of Baroda

· Export-Import Bank of India

· ICICI Bank Limited

· IDBI Bank Limited

· Indus-Ind Bank Limited

· ING Vysya Bank Limited

· Landesbank Baden-Wurttemberg

· Standard Chartered Bank

· State Bank of Hyderabad

· State Bank of India

· Yes Bank Limited

Facilities :

SECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
A. Term Loans
From Financial Institutions
Export Import Bank of India	251.959	216.387
From Banks
ING Vysya Bank Limited	16.667	50.000
ING Vysya Bank Limited (FCL)	63.989	170.760
IDBI Bank Limited	320.679	369.209
State Bank of India (FCNR)	94.831	182.032
State Bank of Hyderabad	50.000	32.124
State Bank of Indore	266.686	316.527
Axis Bank Limited	291.382	373.697
Standard Chartered Bank (FCTL)	534.960	541.080
Landesbank Baden-Wurttenberg (FCTL)	864.349	897.721
Bank of Baroda	500.000	0.000
IndusInd Bank Limited	300.000	0.000
B. Working Capital
From Financial Institutions
Export Import Bank of India	67.000	0.000
Export Import Bank of India (PCFC)	44.580	45.090
From Banks
Rupee Loan	556.273	454.270
Foreign Currency Loan (FCNR(B))	96.680	0.000
C. Vehicle Finance
From Banks and others	24.908	16.777
Total	4344.943	3665.674
NOTES: A. Term Loans All Term Loans except term loan from Landesbank Baden-Wurttenberg are secured by first mortgage and charge on the immovable and movable properties of the Company other than MDF plant, ranking on pari passu basis, save and except current assets, both present and future and second charge over the current assets. Some of the loans are also secured by personal guarantees of three Directors of the Company. Term Loan from Landesbank Baden-Wurttenberg is secured by first priority security charge on MDF plant. B. Working Capital All Working Capital Loans are secured by first charge by way of hypothecation of current assets and second charge over movable and immovable properties of the Company, on pari-passu basis. C. Vehicle Finance Vehicle finance are secured by hypothecation of respective vehicles.
UNSECURED LOAN	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
From Banks	100.000	150.000
Commercial Paper from a Bank	200.000	0.000
From Corporate Bodies	553.042	258.327
Total	853.042	408.327

Banking Relations :	--
Statutory Auditors :
Name :	D. Dhandaria and Company Chartered Accountants
Address :	Thane Road, P.O. Tinsukia-786125, Assam, India
Wholly-Owned Subsidiaries :	· Greenlam Asia Pacific Pte. Limited Address: 18, Sungei Kadut Street 2, Sungei Kadut Industrial Estate, Singapore – 729 236 · Greenlam America, INC. Address: 8669 NW, 36^th Street, Unit 350, Doral, FI. 33166
Parties Where Control Exists:	· Himalaya Granites Limited · Prime Holdings Private Limited · S.M. Management Private Limited · Greenply Leasing and Finance Limited · Vanashree Properties Private Limited · Trade Combines

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
32000000	Equity Shares	Rs.5/- each	Rs.160.000 Millions
5000000	Cumulative Redeemable Preferences Shares	Rs.10/- each	Rs.50.000 Millions
	Total		Rs.210.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
24136374	Equity Shares	Rs.5/- each	Rs.120.682 Millions

NOTE:

· Of the above, 60,11,446 Equity Shares of Rs.5/- each have been allotted as fully paid up in earlier years pursuant to Scheme of Amalgamation without payment being received in cash.

· The Company had allotted 20,39,694 detachable warrants on 16.10.2009 along with the Equity Shares on a rights basis to the existing equity shareholders, which were convertible into equity shares, on exercise of option by the shareholders within a period of 18 months from the date of allotment. All such warrants were converted into equity shares on 24.03.2011, pursuant to exercise of such option.

· As per the terms and conditions of the issue, the Warrant exercise price was to be the higher of a) floor price being Rs.90, and b) 75% of the average of the daily closing price of the equity shares on the relevant stock exchange for a period of 90 days before the relevant date. Such price was computed at Rs.144.52 per warrant. Had the warrant been converted at this price, the total amount raised would have exceeded the amount sought to be raised through the "Letter of Offer". So, the warrants were issued at a price of Rs.142/- each.

· Subsequently, as directed by SEBI, a differential amount of Rs.28,27,341.72, calculated at the rate of Rs.2.52 per warrant on 11,21,961 warrants has been collected from promoter/promoter group on 17.05.2011.

Disclosure as per SEBI Guidelines

The proceeds from the conversion of detachable warrants raised during the year amounting to Rs.289.637 Millions has been partly utilized during the year for the following purposes.

CAPITAL EXPENDITURE	RS. IN MILLIONS
MDF Project	175.591
Laminate Project	10.466
General Corporate Purposes	42.341
Issue Expenses	0.043
Total	228.441

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		120.682	110.483	84.987
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3110.269	2614.137	1724.199
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3230.951	2724.620	1809.186
LOAN FUNDS
1] Secured Loans		4344.943	3665.674	1927.231
2] Unsecured Loans		853.042	408.327	652.706
TOTAL BORROWING		5197.985	4074.001	2579.937
DEFERRED TAX LIABILITIES		246.964	189.222	125.807
TOTAL		8675.900	6987.843	4514.930
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		6039.368	5427.674	1992.084
Capital work-in-progress		105.384	134.899	516.896
INVESTMENT		87.450	41.270	22.126
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2292.825	1997.537	1660.893
	Sundry Debtors	2127.474	1511.257	1354.134
	Cash & Bank Balances	134.050	189.173	162.101
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	741.464	559.197	686.517
Total Current Assets		5295.813	4257.164	3863.645
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2519.859	2646.527	1709.797
	Other Current Liabilities	249.983	148.316	104.949
	Provisions	90.016	88.337	66.170
Total Current Liabilities		2859.858	2883.180	1880.916
Net Current Assets		2435.955	1373.984	1982.729
MISCELLANEOUS EXPENSES		7.743	10.016	1.095
TOTAL		8675.900	6987.843	4514.930

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	12160.896	8714.137	7248.609
		Other Income	17.986	19.466	21.589
		TOTAL (A)	12178.882	8733.603	7270.198
Less	EXPENSES
		Purchase of Finished/Traded Goods	703.198	368.428	316.235
		Raw Materials Consumed	6916.283	4784.852	4085.578
		Manufacturing Expenses	888.881	518.649	375.124
		Payments & Other Benefits to Employees	1037.298	766.350	592.608
		Administrative, Selling, Distribution & Other Expenses	1582.311	1312.750	1026.126
		Loss/(Gain) due to Fluctuation in Foreign Exchange Rates	85.966	(71.806)	160.005
		Transfer to Pre - Operative Expenses	0.000	(0.492)	(0.152)
		Transfer from Revaluation Reserve	(0.323)	(0.511)	(0.511)
		Increase/(Decrease) in Stocks	(131.447)	27.447	(95.718)
		TOTAL (B)	11082.167	7705.667	6459.295
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1096.715	1027.936	810.903
Less	FINANCIAL EXPENSES (D)		377.817	236.873	196.307
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		718.898	791.063	614.596
Less/ Add	DEPRECIATION/ AMORTISATION (F)		410.265	221.251	171.144
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		308.633	569.812	443.452
Less	TAX (H)		57.742	74.147	70.389
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		250.891	495.665	373.063
Less	ACQUIRED ON AMALGAMATION		0.000	0.000	4.320
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1274.440	867.425	578.511
Less	APPROPRIATIONS
		Transfer to General Reserve	50.000	50.000	50.000
		Proposed Dividend on Equity Shares	24.136	33.145	25.496
		Tax on Dividend	3.916	5.505	4.333
	BALANCE CARRIED TO THE B/S		1447.279	1274.440	867.425
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1374.987	940.294	612.357
	IMPORTS
		Raw Materials	2249.107	2038.188	1636.180
		Stores & Spares	37.293	3.910	1.761
		Capital Goods	77.673	1509.678	19.188
		Traded Goods	19.585	0.000	12.653
	TOTAL IMPORTS		2383.658	3551.776	1669.782
	Earnings / (Loss) Per Share (Rs.) (Basic)		11.33	25.64	21.95
	Earnings / (Loss) Per Share (Rs.) (Diluted)		10.39	24.46	21.95

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011	31.03.2012
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	3526.830	4135.980	4186.580	4587.210
Total Expenditure	3146.710	3768.840	3753.210	4140.970
PBIDT (Excl OI)	380.120	367.140	433.370	446.240
Other Income	0.000	0.020	0.000	97.840
Operating Profit	380.120	367.160	433.370	544.080
Interest	120.490	132.490	153.540	201.300
PBDT	259.630	234.670	279.830	342.780
Depreciation	113.470	115.320	118.540	120.380
Profit Before Tax	146.160	119.350	161.290	222.400
Tax	16.590	18.380	20.350	59.780
Profit After Tax	129.570	100.970	140.940	162.620
Net Profit	129.570	100.970	140.940	162.620

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.06	5.67	5.13
Net Profit Margin (PBT/Sales)	(%)	2.54	6.54	6.12
Return on Total Assets (PBT/Total Assets}	(%)	2.72	5.88	7.57
Return on Investment (ROI) (PBT/Networth)		0.10	0.21	0.25
Debt Equity Ratio (Total Liability/Networth)		2.49	2.55	2.47
Current Ratio (Current Asset/Current Liability)		1.85	1.47	2.05

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report (Yes / No)
1) Year of Establishment	Yes
2) Locality of the firm	Yes
3) Constitutions of the firm	Yes
4) Premises details	No
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter’s background	No
8) No. of employees	No
9) Name of person contacted	No
10) Designation of contact person	No
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	Yes
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter involved in	--
23) Banking Details	Yes
24) Banking facility details	Yes
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	Yes
28) Incorporation details, if applicable	Yes
29) Last accounts filed at ROC	Yes
30) Major Shareholders, if available	No

HISTORY:

Subject was incorporated in 1990. The main business profile of subject is wood. Subject had expanded the capacities of Sawing of logs to 12500 Cu. Mt, Peeling of logs to 21000 Cu. Mt, Plywood to 18000 Cu. Mt in 1995. In 1996 the company diversified into Wind mill project at a installed capacity of 550 KW. During 2001 the company introduced a new grade of product under the name of 'Club Premium' and it was well accepted by the customers. The company is mainly focusing on quality product in times to come. A new novel Decorative Sheet with combination of Veneer and Laminates under the name of Duets was introduced during 2001-02.

REVIEW OF OPERATIONS:

Gross turnover for 2009-10 was Rs.9796.826 Millions and Rs.13778.567 Millions in 2010-11, reflecting a robust growth of 40.64%. The net profit for the year was Rs.250.891 Millions against Rs.495.665 Millions for the corresponding previous year. Exports recorded a growth of 49.98% from Rs.1071.854 Millions in the previous year to Rs.1607.565 Millions in the current year.

As per the consolidated financial statements, the gross turnover and net profit for 2010-11 were Rs.14204.351 Millions and Rs.234.666 Millions. The decline in the bottom-line in 2010-11 was a temporary aberration involving technical issues in stabilization of their MDF plant and low product value-mix in new Nalagarh laminate plant. They failed to achieve the expected production target and could not cover adequately the interest and depreciation that was charged, resulting in a decline in their bottom-line.

During 2010-11, the Company continued its efforts in the area of product integration and market penetration. The Company continued to expand its export markets for laminates during 2010-11. Over the years, the Company has steadily grown as an interior infrastructure solutions provider, offering the entire product range viz. plywood, laminates, decorative veneers and medium density fibreboard (MDF). The Company is present across different price points to cater to all customers across high-end, mid-market and value segments.

OUTLOOK AND EXPANSION:

The Company’s outlook remains favourable on account of its product integration, growing brand popularity and the continuous support from its employees, shareholders, creditors, consumers, dealers and lenders. The Company’s vision is to be a one-stop solution for all interior infrastructure products (in its field of operation) in the country. The Company’s pan-India distribution network ensures easy availability of products in almost every part of India.

During the year, the Company commenced commercial production of densified plywood by increasing the production capacity of the plywood unit situated at GIDC Estate, Bamanbore, Surendranagar, Gujarat. The said new product can be used in railway seats, floorings, truck body building, transformers etc.

Further, after overcoming the technical issues, the operation of the MDF plant stabilised in October, 2010 and they recorded improved utilisation levels in every successive month and expect to cross more than 90% capacity utilisation in 2012-13.

They have also recorded improved capacity utilization from their new laminate plant in Nalagarh. The unit is expected to achieve higher capacity utilisation and better product mix over the next three to four quarters.

The Directors are confident of achieving significantly better results in the coming years.

SUBSIDIARIES:

Greenlam Asia Pacific Pte. Limited, Singapore and Greenlam America, Inc., USA, continued to be wholly-owned subsidiaries of the Company. Greenlam Asia Pacific Pte. Limited continues to explore new markets for the Company’s laminates in South-east Asian countries and Greenlam America, Inc. continues to market high-pressure laminates in North and South America.

The following may be read in conjunction with the consolidated financial statements enclosed with the accounts. Ministry of Corporate Affairs, Government of India vide General Circular No: 2/2011 dated February 8, 2011 has granted general exemption by directing that the provisions of Section 212 of the Companies Act, 1956 shall not apply in relation to subsidiaries of those companies which fulfill certain conditions mentioned in the said circular.

Accordingly, by fulfilling the conditions mentioned in the said circular, the balance sheet, profit and loss account and other documents of the said subsidiaries are not attached with the Company’s accounts. As required by the said circular, the financial information of the said subsidiaries is being disclosed in the Annual report and the detailed accounts of individual subsidiary shall be put on the Company’s website www.greenply.com. The Company will make available the annual accounts of the said subsidiaries and the related detailed information to any member of the Company who may be interested in obtaining the same. The annual accounts of the said subsidiaries will also be kept open for inspection by any shareholders at the Company’s registered office and that of the respective subsidiaries. The consolidated financial statements presented by the Company include financial results of the said subsidiaries. A statement of holding Company's interest in said subsidiaries is also furnished.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE AND DEVELOPMENT:

According to industry estimates, Rs.130000.000 Millions Indian interior infrastructure industry is poised to grow at 10% annually over the foreseeable future. Plywood comprises around 60% of the interior infrastructure industry and is set to gain the most. India’s real estate sector is expected to grow from USD 14 billion to around USD 50 billion by 2020, which increase the share of real estate in India’s GDP from 5% to 6% in five years, translating into growth for the country’s interior infrastructure sector.

India’s per capita income doubled in seven years and is expected to increase to USD 2,000 by 2016- 17 and USD 4,000 by 2025. Increasing per capita income strengthened the consumption of lifestyle products like furniture. Traditionally, Indians have invested in real estate, which augurs well for interior infrastructure companies.

As in many other timber processing sectors in India, the share of small and medium-sized companies in the furniture sector is around 85% of the total output, which is expected to decline following a movement towards economies of scale and stronger tax coverage. As a result of the growing housing and tourism sectors and rising per capita incomes, the furniture sector output is expected to grow 15% annually for the next five years.

The furniture sector sources a significant share of raw materials from local agro forestry plantations and species like sissoo (Dalbergia sissoo), babul/kikar (Acacia arabica), mango (Mangifera indica) and neem (Melia azadirachta).

The country’s furniture sector is predominantly in the hands of small unorganised units. Fortunately, large corporations have started taking interest in the production of modern furniture. The plywood industry, which is hardly discussed in any national forum, is growing at a rapid pace. Moreover, following the recent spurt in the housing sector, plywood and laminates are likely to play a more prominent role.

INDIAN PLYWOOD INDUSTRY:

Indian plywood industry is estimated at Rs.78000.000 Millions and the laminate industry at almost Rs.30000.000 Millions, expected to grow 10% annually. The Indian plywood market is fragmented with small and medium-sized companies accounting for almost 80% of the total market. The rest is supplied by large companies with the advantage of volume, quality and superior manufacturing facilities. Plywood alone accounts for 78% of the wood panel market in India, the rest comprising engineered panels like MDF and particleboard. For the housing interiors industry, the Indian market is still dominated by plywood and block board though the trend is changing following a growing share for particle board and MDF.

Panel and plywood are the main wood products in India. Their product categories include veneer sheets, particle board (composite wood core with plastic laminate finish), panel products (fibreboard), plywood from hard and softwood (veneered panels and laminated woods) and medium density fibreboards. Imports constitute 20% of the total annual wood consumption in India, while plantations and forestry contribute 58% and 22% respectively.

Timber and wood products are in good demand, their prices firming. The shortfall in the supply of non-teak hardwood is met through the import of Malaysian hardwood logs. Teak trade is active, prices hardening, owing to continuing demand from Europe, the US and the Middle East. Higher log prices are pushing sawn-wood prices higher. The demand for plywood is steady. Local production costs are rising; the import of plywood and other panel products from China make it difficult for Indian producers to pass these cost increases to consumers.

SEGMENT-WISE PERFORMANCE:

PLYWOOD AND ALLIED PRODUCTS:

HIGHLIGHTS, 2010-11:

· Grew 32.82% in value terms and 20.61% in volume terms

· Enhanced overall capacity utilisation from 110% in 2009-10 to 119%

· Increased production from 26.36 million sq.mtr in 2009-10 to 29.70 million sq.mtr

· Enhanced sales from 28.67 million sq.mtr in 2009-10 to 34.58 million sq.mtr

· Created the flush doors vertical; increased the sales from Rs.301.200 Millions in 2009-10 to Rs.439.000 Millions in 2010-11

· Increased rural revenues from Rs.300.000 Millions in 2009-10 to Rs.630.000 Millions

· Introduced products in the technical plywood segment for the transportation industry

· Added compreg plywood to the product basket.

MEDIUM DENSITY FIBREBOARD (MDF):

· Due to a series of unexpected developments in the first half of 2010-11, the plant could not resume production. Following repairs, the plant recommenced production in October, 2010 and achieved a capacity utilisation of 57% in March, 2011.

· The product was accepted and appreciated. The division offered more sizes than competitors. The Company received FSC Certification of Controlled Wood (CW) and Chain of Custody (C-O-C). It is working on new resin technology, meet worldwide standards on formaldehyde emissions and obtain E-1 and CARB certifications.

· The unit expects to achieve 60% utilisation in 2011-12, making Green Panelmax MDF market leader in India, riding growth in the Indian furniture market and evolving preference from cheap plywood to MDF. The division expects to cross 90% capacity utilisation in 2012-13.

LAMINATES AND ALLIED PRODUCTS:

HIGHLIGHTS, 2010-11

LAMINATES:

· Production increased from 7.2 million sheets in 2009-10 to 9.37 million sheets

· Average realization increased from Rs.436 per sheet in 2009-10 to Rs.480 per sheet

· Capacity utilization at 94% on enhanced capacity.

· Exports grew 54.89% from Rs.1015.900 Millions in 2009-10 to Rs.1573.500 Millions

· Launched new Green Design Studios in Ludhiana, Kolkata, Gangtok, Bhopal, Erode, Bhatinda, Raipur, Ranchi and Chandigarh

· Launched anti-bacterial laminates for the first time in India

· Launched ‘Extraordinaire’ brand of super premium laminates (digitally printed, customised and unicore laminates)

· Recruited McCann-Ericson to provide brand Solutions

· Created a specific website for Rest Room Cubicles

DECORATIVE VENEERS:

· Increased production from 1.19 million sq.mtr in 2009-10 to 1.39 million sq.mtr

· Increased average realization from Rs.662 per sq.mtr in 2009-10 to Rs.723 per sq.mtr

· Capacity utilization increased from 28% in 2009-10 to 33%

· Launched value-added products under the brand ‘Impression’, textured veneers and Sapwood (a veneer category)

OUTLOOK:

RESIDENTIAL:

· India’s housing shortage in 2007 was 24 million units; this is expected to increase to more than 26 million units by 2012

· The growing working age population in the 15–60 age group is expected to reach 918 million, or 64% of the population by 2025

· The Census of India has estimated that by 2026 the urban population would rise to around 535 million or 38.2% of the total population, up from the figure of 285.35 million (27.8% of the total population) in 2011

COMMERCIAL:

· The demand for office space is expected to increase, driven by a growth in the services industry (telecom, financial services, IT and ITeS), which accounts for the maximum demand of commercial office space in the country.

RETAIL SPACE:

· The Ministry of Commerce and Industry proposed 100% FDI for multi–brand retail outlets (approval awaited).

· The share of organized retail in the total Indian retail trade pie is projected to grow at 40% per annum.

HOSPITALITY SPACE:

· Demand for hotel rooms is around 2,40,000 rooms, while supply is around 1,00,000.

· This gap is expected to reduce as several hotel projects are in the pipeline.

· The potential for budget hotels, service apartments, spas and other niche products is significant.

INFORMATION TECHNOLOGY:

In today’s business environment, information is power and a critical asset for any organisation. As they accelerate their pace, they need to understand how information technology (IT) impacts organizational characteristics and outcomes. Staying abreast the technology curve gives an organisation an edge over its competitors, expands business operations portfolio and brings in new customers. The business environment in these times demands that organisations continually respond to evolution, change and transformation, while laying parallel emphasis on becoming agile, quick response and increased productivity. Every business has to focus on the cost elements of their operation and for ways to do more with less.

Information technology is a wide field, and has enabled organisations across the world to work in an efficient manner. It plays a very important role in effective management and running of a business. Information technology contributes largely to process advancements in organisations.

The Company kept its focus on the use of technology in processing various transactions to improve operational efficiency. Subject is witnessing strong business growth year-on-year, and is going to surge incrementally with increase in consumer sentiments in domestic and global markets. Their IT strategy has complemented the business initiatives and ensured that benefits are realised at operational level.

In the year under consideration, the Company rolled out applications like Business Intelligence for faster and drilled down analysis. BI (Business Intelligence) addresses the challenge to transform data into information, which can be further used for taking apt business decisions. The year also saw us expand their SAP ERP domain with new roll-outs in various domains.

Another important technology the Company effectively started using is Unified Communications. This technology of Unified Communications helps achieve strategic objectives of enhancing employee productivity, improving collaboration and reducing cost of telecom operations.

IT is a driver for business transformation. They are geared up to embrace technology, to bring new innovations in their business and become more competitive in the market. The company shows that IT will stand true in reciprocating the trust and faith through business enabled IT solutions and will help improve organisational effectiveness.

FINANCIAL AND OPERATIONAL PERFORMANCE:

Subject gross turnover increased by 40.64% to Rs.13778.600 Millions from Rs.9796.800 Millions in 2009-10. The net turnover recorded a jump of 39.55% to Rs.12160.900 Millions. The Company’s operating profit (after adjusting currency gains and other income) increased by 24.44% to Rs.1164.400 Millions from Rs.935.700 Millions in 2009-10. The Company’s PAT declined to Rs.250.900 Millions from Rs.495.700 Millions in 2009-10.

FIXED ASSETS:

• Trademarks
• Freehold Land
• Leasehold Land
• Plantation
• Land
• Building
• Plant and Machinery
• Furniture and Fixture
• Vehicles
• Office Equipments

STATEMENT OF AUDITED RESULTS FOR THE YEAR ENDED 31^ST MARCH, 2012

Rs. in Millions

PARTICULAR	QUARTER ENDED		YEAR ENDED
	UNAUDITED	UNAUDITED	AUDITED
	31.12.2011	31.03.2012	31.03.2012
(a) Net Sales / Income from operations	4181.007	4583.750	164277.761
(b) Other Operating Income	5.570	3.460	13.821
Total Income	4186.577	4587.210	164291.582
Expenditure
Cost of material consumed	2393.340	2491.101	9236.637
Purchases of stock in trade	285.756	165.420	905.823
Changes in inventories of finished goods, work in progress and stock in trade	(197.035)	179.101	(206.977)
Employee benefits expenses	318.617	352.892	1300.124
Depreciation and amortization expenses	118.544	120.381	467.713
Loss/ Gain due to fluctuation in foreign exchange rates	61.107	(38.781)	181.578
Other expenses	891.413	952.455	3353.742
Total	3871.742	952.455	15238.640
Profit from operations before other income, interest and exceptional Items	314.835	364.641	1197.942
Other income	0.000	59.056	59.073
Profit before interest and exceptional Items	314.835	423.697	1257.015
Interest	153.544	201.301	607.821
Profit after Interest but before Exceptional Items	161.291	222.396	649.194
Exceptional Items	0.000	0.000	0.000
Profit (+)/Loss(-) from Ordinary Activities before tax	161.291	222.396	649.194
Tax expense
For current	(32.300)	(44.489)	(129.889)
For deferred	(20.351)	(33.268)	(88.587)
For MAT credit	32.300	17.979	103.379
Net Profit (+)/Loss(-) from Ordinary Activities after tax	140.940	162.618	534.097
Extraordinary items	0.000	0.000	0.000
Net Profit (+) / Loss (-) for the year period	140.940	162.618	534.097
Paid up equity share capital (Face value of Rs.10/- per share)	120.682	120.682	120.682
Reserves excluding revaluation reserves as per balance sheet of previous accounting year	--	--	3585.541
Earnings per share (EPS)
(a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)	5.84	6.74	22.13
(a) Basic and diluted EPS before Extraordinary items for the period, for the year to date and for the previous year (not to be annualised)	5.84	6.74	22.13
Public shareholding
Number of shares	10861374	10861374	10861374
Percentage of shareholding	45.00	45.00	45.00
Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	Nil	Nil	Nil
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	Nil	Nil	Nil
Percentage of shares (as a % of total share capital of the company)	Nil	Nil	Nil
b) Non Encumbered
Number of shares	13275000	13275000	13275000
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	100.00	100.00	100.00
Percentage of shares (as a % of total share capital of the company)	55.00	55.00	55.00

INVESTOR COMPLAINTS

PARTICULAR	THREE MONTHS ENDED 31^ST MARCH, 2012
Pending at the beginning of the quarter	Nil
Received during the quarter	2
Disposed of during the quarter	2
Remaining unresolved at the end of the quarter	Nil

NOTE:

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on 30th May, 2012.

2. The previous periods figures have been regrouped and reclassified wherever necessary.

3. The figures for the quarter ended 31st March, 2012 and 31st March, 2011 are the respective balancing figures between audited figures in respect of the full financial year ended 31st March, 2012 and 31st March, 2011 and the published year to date figures upto the third quarter ended 31st December, 2011 and 31st December, 2010 respectively.

4. The Board of Directors has recommended final dividend of Rs. 2/- per equity share of Rs. 5/- each subject to approval of shareholders.

5. The Company has exercised the option available to it under Rule 46A of the Companies (Accounting Standards) (Second Amendment) Rules, 2011 in respect of accounting for fluctuations in foreign exchange relating to "Long Term Foreign Currency Monetary Items". Accordingly, it has adjusted a sum of Rs. 87.216 Millions to the cost of its fixed assets on account of such difference arising during the current financial year and has provided for depreciation thereon over the balance useful life of the respective assets. Consequently, the charge to the Profit and Loss Account is lower to that extent. The figures for earlier quarters have not been re-stated pursuant to such change in accounting treatment and so the same are not comparable to that extent.

6. The consolidated financial results include the financial results of wholly owned subsidiaries Greenlam Asia Pacific Pte. Limited and Greenlam America, Inc., and step-down subsidiaries Greenlam Asia Pacific (Thailand) Company Limited and Greenlam Holding Company Limited.

7. In respect of the expansion of production capacity of the Plywood Unit of the Company situated at GIDC Estate, Bamanbore, Surendranagar, Gujarat, the civil construction works and erection of plant and machineries are in progress.

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

Rs. in Millions

PARTICULAR	31.03.2012
EQUITY AND LIABILITIES
SHAREHOLDERS FUND
Share capital	120.682
Reserves and surplus	3594.014
Money received against share warrants	0.000
Total	3714.696
NON-CURRENT LIABILITIES
Long-term borrowings	2668.605
Deferred tax liabilities (Net)	335.551
Other long-term liabilities	74.354
Long-term provisions	123.363
Total	3201.873
CURRENT LIABILITIES
Short-term borrowings	3340.140
Trade payables	1653.421
Other current liabilities	1155.834
Short-term provisions	70.357
Total	6219.752
TOTAL EQUITY AND LIABILITIES	13136.321
ASSETS
NON-CURRENT ASSETS
Fixed assets	6327.959
Non-current investment	87.450
Deferred tax assets	0.000
Long-term loans and advances	137.900
Other non-current assets	2.619
Total	6555.928
CURRENT ASSETS
Current investment	0.000
Inventories	2772.915
Trade receivables	2908.701
Cash and cash equivalents	121.628
Short-term loans and advances	774.587
Other current assets	2.562
Total	6580.393
TOTAL CURRENT ASSETS	13136.321

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED

Rs. in Millions

PARTICULAR	QUARTER ENDED		YEAR ENDED
	UNAUDITED	UNAUDITED	UNAUDITED
	31.12.2011	31.03.2012	31.03.2012
SEGMENT REVENUE
Plywood and Allied Products	2109.430	2172.174	8155.813
Laminates and Allied Products	1406.956	1590.702	5829.778
Medium Density Fibreboards	664.621	820.874	2437.170
Unallocated	0.000	0.000	0.000
Total	4181.007	4583.75	16422.761
Less: Inter Segment Revenue	96.614	96.054	389.110
Net Sales/ Income from Operations	4084.393	4487.696	16033.651
2.SEGMENT RESULT [PROFIT/(LOSS) BEFORE TAX AND INTEREST]
Plywood and Allied Products	135.061	125.846	643.675
Laminates and Allied Products	114.426	171.730	492.549
Medium Density Fibreboards	106.823	121.536	234.484
Unallocated	0.028	(0.028)	0.000
Total	356.338	419.084	1370.708
Less: (I) Interest	153.544	201.301	607.821
(ii)Other Unallocable expenditure net of unallocable Income	41.503	(4.613)	113.693
Total Profit before Tax	161.291	222.396	649.194
CAPITAL EMPLOYED
Plywood and Allied Products	2429.651	2565.498	2565.498
Laminates and Allied Products	3329.687	3135.773	3135.773
Medium Density Fibreboards	2925.856	2890.477	2890.477
Unallocated	423.440	366.868	366.868
Total	9108.634	8958.616	8958.616

NOTE:

1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on 30th May, 2012.

2. Segment Revenue for the previous quarters and year has been changed from Gross to Net in accordance with requirements of Revised

PRESS RELEASE:

Q4 AND FY 2012 RESULTS RELEASE:

Net Sales up by 36% at Rs. 17064.200 Millions on consolidated basis

Net Profits up by 142% at Rs. 567.000 Millions on consolidated basis

EDITORS’ SYNOPSIS

Standalone figures for Q4 and FY 2012

• Net sales for Q4- FY12 grew by 31.43 % to Rs 4583.700 Millions (y-o-y)
• EBIDTA for Q4 FY12 (excluding currency gains / losses and other income) up by 21.88% at Rs 442.800 Millions (y-o-y)
• Net Profit for Q4 FY12 up by 174.66% at Rs 162.600 Millions
• Net sales for FY12 up by 35.05% at Rs 16422.700 Millions
• EBIDTA for FY 12 (excluding currency gains / losses and other income) up by 57.45% at Rs 1833.400 Millions (y-o-y)
• Net Profit for FY12 up by 112.87% at Rs 534.100 Millions

KOLKATA, 30TH MAY, 2012:

Greenply Industries Limited, leader in plywood and laminate industry in India, today reported a standalone Net Sales of Rs 4583.700 Millions for Q4 FY12, a jump of 31.43% as against Rs 3487.600 Millions posted in the same period of the last fiscal.

Net Profit for the fourth quarter recorded a growth of 174.66% at Rs 162.600 Millions, as compared to Rs 59.200 Millions posted in the corresponding quarter of last fiscal. This was primarily due to improved performances by the new MDF and Laminate units at Pantnagar, Uttarakhand and Nalagarh, Himachal Pradesh. Earnings per share (diluted) for Q4FY12 stood at Rs 6.74, as compared to Rs 2.45 in Q4FY11.

EBIDTA (excluding foreign currency gains / losses and other income) was up by 21.88% at Rs 442.800 Millions as compared to Rs 363.300 Millions in the same quarter of previous year.

Net sales for the year ended March 31, 2012 grew by 35.05 % to Rs 16422.700 Millions compared to Rs 12160.900 Millions in the year ago period. EBIDTA (excluding foreign currency gains / losses and other income) was up by 57.45% at Rs 1833.400 Millions as compared to Rs 1164.400 Millions in FY11. EBIDTA Margin recorded a growth of 159 basis points at 11.16% compared to 9.58% in FY11. Net Profit was up by 112.87% at Rs 534.100 Millions as against Rs 250.900 Millions in FY 2011.

Earnings Per Share (EPS) on diluted basis for FY12 was Rs 22.13 as compared to Rs 10.39 in FY11.

Speaking on the results Mr. Rajesh Mittal, Managing Director, Greenply Industries said "We have achieved a growth of 35% and 112% in Net Revenues and Net Profits respectively during the year and we expect better results in future on achieving optimum utilisations and better value-mix in the new MDF and Laminate plants."

Q2 FY12 NET SALES UP BY 32% AT RS.4180.000 MILLIONS

EDITORS SYNOPSIS:

FOR THE QUARTER:

• Net sales up by 32.09% to Rs 4181.000 Millions vs. Rs. 3165.400 Millions (y-o-y)
• Net Profit up by 95.97% to Rs 140.900 Millions vs. Rs. 71.900 Millions (y-o-y)
• EBIDTA (excluding currency gains / losses and other income) up by 78.18% to Rs 488.900 Millions vs. Rs 274.400 Millions (y-o-y)

KOLKATA, 2^ND FEBRUARY, 2012:

Greenply Industries Limited, leader in plywood and laminate industry in India, today reported net sales of Rs. 4181.000 Millions for the quarter ended December 31, 2011, registering a growth of 32.09% as against Rs. 3165.400 Millions posted in the same period of the last fiscal.

Net Profit for the quarter stood at Rs. 140.900 Millions, as compared to Rs. 71.900 Millions posted in the corresponding quarter of last fiscal. This was primarily due to improved performance in the MDF segment and overall improvement in realisations and product-mix in all the business segments.

Operating Profit (EBIDTA excluding Other Income and currency losses) for the quarter was up by 78.18% at Rs 488.900 Millions as compared to Rs 274.400 Millions earned in Q3FY11.

EBIDTA margin (excluding foreign currency gains) increased by 302 basis points to 11.69% compared to 8.67% in the corresponding quarter of the previous year.

Net Profit margin for Q3FY12 stood at 3.37% compared to 2.27% in the corresponding quarter of the previous year. The improvement in net profit margin was in spite of currency losses of Rs 61.100 Millions compared to currency gains of Rs 3.900 Millions in the corresponding quarter of the previous year.

Earnings per share (diluted) for Q3FY12 stood at Rs. 5.84, as compared to Rs. 2.98 in Q3FY11.

Reflecting on the quarter, Mr. Saurabh Mittal, Joint Managing Director and CEO, Greenply Industries Limited said, "The quarterly results reflect the improvement in the MDF business segment and we expect better results in future on achieving optimum utilisations and superior value-mix in the new MDF and Laminate plants".

ABOUT GREENPLY INDUSTRIES LIMITED:

Greenply Industries Limited (GIL) is India's largest interior infrastructure company with a turnover of 14200.000 Millions consolidated. The company is engaged in the manufacture of decorative laminate, plywood, decorative veneers and MDF (medium density fiberboard).

The company has seven state of the art manufacturing facilities across the country manufacturing products of global standards.

The company has 38 branches across the country and a strong channel network of over 13000 dealers, distributors, sub-dealers and retailers. Greenlam (the laminate brand) is available in over70 countries with more than 300 distributors and dealers. It has a strong brand presence in US, Europe, Singapore, Thailand, Malaysia, and UAE amongst others.

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 records 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.55.02
UK Pound	1	Rs.85.93
Euro	1	Rs.68.97

INFORMATION DETAILS

Report Prepared by :

TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--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		65

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.