MIRA INFORM REPORT
|
Report Date : |
14.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
GREENPLY INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Makum Road, Tinsukia – 786125, Assam |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
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 |
|
|
|
|
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 Wind Power. |
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
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 19000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established company having fine track record. The financial position of the company
is sound and healthy. Directors are reported to be experienced and
respectable businessman. Trade relations are reported as trustworthy.
Business is active. Payments are reported to be regular and as per
commitments. Company can be
considered good 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
October 7, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A1 |
|
Rating Explanation |
Very strong degree of Safety and lowest
credit risk. |
|
Date |
October 7, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Ms. Priyanka |
|
Designation : |
Admin Executive |
|
Contact No.: |
91-11-42791300 |
|
Date : |
10.10.2013 |
LOCATIONS
|
Registered Office : |
Makum Road, Tinsukia – 786125, Assam, India |
|
Tel. No.: |
91-11-42791300 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office 1 : |
1501 – 1505, Narain Manzil, 23, Barakhamba Road, New Delhi – 110001,
India |
|
Tel. No.: |
91-11-42791300 |
|
E-Mail : |
|
|
|
|
|
Corporate Office 2 : |
16-A Shakespeare
Sarani, Kolkata - 700001, West Bengal |
|
Tel. No.: |
91-33-30515000/ 2282-2175 |
|
Fax No.: |
91-33-30515010 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Plywood and Allied
Products
Laminate and Allied
Products
Medium Density
Fibreboard
Plywood and
Reconstructed Veneers
|
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Shiv Prakash Mittal |
|
Designation : |
Whole-time director |
|
Date of Birth/ Age : |
63 Years |
|
Experience : |
39 Years |
|
Qualification : |
B.Sc |
|
Date of Appointment : |
01.02.2012 |
|
DIN No : |
00237242 |
|
|
|
|
Name : |
Mr. Rajesh Mittal |
|
Designation : |
Managing Director - Promoter Director |
|
Date of Birth/ Age : |
49 Years |
|
Experience : |
28 Years |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.01.2011 |
|
DIN No : |
00240900 |
|
|
|
|
Name : |
Mr. Saurabh Mittal |
|
Designation : |
Whole-time Director |
|
Date of Birth/ Age : |
19.08.1980 |
|
Experience : |
14 Years |
|
Qualification : |
B.Com |
|
Date of Appointment : |
01.09.2011 |
|
DIN No : |
00273917 |
|
|
|
|
Name : |
Mr. Shobhan Mittal |
|
Designation : |
Whole-time Director |
|
Date of Birth/ Age : |
32 Years |
|
Experience : |
7 Years |
|
Qualification : |
Bachelor of Business Administration from the University of Westminster, London |
|
Date of Appointment : |
01.09.2011 |
|
List of outside
directorship held excluding alternate directorship: |
|
|
DIN No : |
00347517 |
|
|
|
|
Name : |
Mr. Moina Yometh Konyak |
|
Designation : |
Director |
|
Date of Appointment : |
16.04.1996 |
|
DIN No : |
00669351 |
|
|
|
|
Name : |
Mr. Susil Kumar Pal |
|
Designation : |
Non Executive – Independent Director |
|
Date of Appointment : |
06.12.05 |
|
DIN No : |
00268527 |
|
|
|
|
Name : |
Mr. Vinod Kumar Kothari |
|
Designation : |
Director |
|
Date of Appointment : |
31.05.2006 |
|
DIN No : |
00050850 |
|
|
|
|
Name : |
Mr. Anupam Kumar Mukerji |
|
Designation : |
Non Executive – Independent Director |
|
Date of Birth/ Age : |
27.08.1936 |
|
Date of Appointment : |
08.08.2006 |
|
Qualification : |
M. Sc (Botany) from the Birla Institute of Technology and Science, Pilani, Rajasthan and AIFC diploma from Indian Forest College, Dehradun |
|
DIN No : |
00396878 |
|
|
|
|
Name : |
Ms. Sonali Bhagwati Dalal |
|
Designation : |
Director |
|
Date of Birth/ Age : |
15.10.1961 |
|
Qualification : |
B. Arch from the Centre for Environmental Planning and Technology (CEPT), Ahmedabad |
|
Date of Appointment : |
11.07.2007 |
|
List of outside
directorship held excluding alternate directorship: |
|
|
DIN No : |
01105028 |
|
|
|
|
Name : |
Mr. Upendra Nath Challu |
|
Designation : |
Non-Executive- Independent Director |
|
Date of Birth/ Age : |
20.10.19501 |
|
Qualification : |
B.A. from the Meerut University, Meerut |
|
Date of Appointment : |
31.08.2012 |
|
List of outside
directorship held excluding alternate directorship: |
|
|
DIN No : |
05214065 |
KEY EXECUTIVES
|
Name : |
Mr. Kaushal Kumar Agarwal |
|
Designation : |
Company Secretary and Vice President |
|
|
|
|
Name : |
Ms. Priyanka |
|
Designation : |
Admin Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2012
|
Category of Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4318636 |
17.89 |
|
|
8956364 |
37.11 |
|
|
13275000 |
55.00 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
13275000 |
55.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1401780 |
5.81 |
|
Foreign Institutions /
Banks |
1008 |
0.00 |
|
|
3187265 |
13.21 |
|
|
4590053 |
19.02 |
|
|
|
|
|
|
1174478 |
4.87 |
|
|
|
|
|
|
834620 |
3.46 |
|
|
4177438 |
17.31 |
|
|
84785 |
0.35 |
|
|
84785 |
0.35 |
|
|
6271321 |
25.98 |
|
Total Public shareholding (B) |
10861374 |
45.00 |
|
Total (A)+(B) |
24136374 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0.000 |
0.00 |
|
|
0.000 |
0.00 |
|
|
0.000 |
0.00 |
|
|
0.000 |
0.00 |
|
Total (A)+(B)+(C) |
24136374 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and
Marketing of Decorative Laminates, Sawing of Logs, Peeling of Logs, Plywood
and Wind Power. |
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 : |
150 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
D. Dhandaria and Company Chartered Accountants |
|
|
|
|
Wholly-Owned Subsidiaries : |
|
|
|
|
|
Parties Where Control Exists : |
|
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32000000 |
Equity Shares |
Rs.5/- each |
Rs. 160.000 Millions |
|
5000000 |
Cumulative Redeemable Preference 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 |
|
|
|
|
|
Details of share holding more than 5% shares in the company
|
Name of the
shareholder |
No. of Shares |
% of holding in the class |
|
S.M.Management
Private Limited |
3543462 |
14.68% |
|
Greenply Leasing
and Finance Limited |
2714731 |
11.25 |
|
Ashish Dhawan |
2429545 |
10.07% |
|
Prime Holdings
Private Limited |
2408560 |
9.98% |
|
Jai-Vijay
Resources Private Limited |
1294245 |
5.36% |
|
Shiv Prakash Mittal,
Saurabh Mittal and Shobhan Mittal on behalf of
Trade Combines, partnership firm |
2110476 |
8.74% |
Disclosure as per SEBI guidelines
On
24.03.2011, the Company allotted 20,39,694 equity shares of Rs.5 each at a premium
of Rs.137 per equity share on account of conversion of 20,39,694 detachable
warrants issued and allotted on 16th October, 2009 pursuant to the Letter of
Offer dated 14th September, 2009 and received Rs. 292.464 millions (including
Rs.2.827 millions brought in by promoters/promoter group as advised by stock
exchanges under instruction from SEBI) from the said conversion of detachable
warrants. The said proceeds have been fully utilised towards the following
purposes.
|
Particulars |
Rs. In Millions |
|
MDF Project |
198.542 |
|
Laminate Project |
10.466 |
|
General
Corporate Purpose |
83.413 |
|
Issue
Expenses |
0.043 |
|
Total |
292.464 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
120.682 |
120.682 |
120.682 |
|
(b) Reserves & Surplus |
4650.623 |
3594.014 |
3110.269 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
4771.305 |
3714.696 |
3230.951 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2353.436 |
2668.605 |
2812.724 |
|
(b) Deferred tax liabilities (Net) |
403.345 |
335.551 |
246.964 |
|
(c) Other long term liabilities |
84.135 |
74.354 |
52.075 |
|
(d) long-term provisions |
166.706 |
123.363 |
96.686 |
|
Total Non-current
Liabilities (3) |
3007.622 |
3201.873 |
3208.449 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2976.567 |
3340.140 |
2369.580 |
|
(b) Trade payables |
2933.226 |
1653.421 |
1679.653 |
|
(c) Other current liabilities |
1466.963 |
1155.834 |
1010.563 |
|
(d) Short-term provisions |
102.845 |
70.357 |
36.562 |
|
Total Current
Liabilities (4) |
7479.601 |
6219.752 |
5096.358 |
|
|
|
|
|
|
TOTAL |
15258.528 |
13136.321 |
11535.758 |
|
|
|
|
|
|
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6434.568 |
6156.405 |
5993.698 |
|
(ii) Intangible Assets |
83.316 |
36.536 |
45.670 |
|
(iii) Capital work-in-progress |
233.708 |
111.525 |
105.384 |
|
(iv) Intangible assets under development |
0.000 |
23.493 |
0.000 |
|
(b) Non-current Investments |
175.250 |
87.450 |
87.450 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
433.851 |
137.900 |
130.664 |
|
(e) Other Non-current assets |
0.058 |
2.619 |
5.181 |
|
Total Non-Current
Assets |
7360.751 |
6555.928 |
6368.047 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3279.139 |
2772.915 |
2292.825 |
|
(c) Trade receivables |
3432.070 |
2908.701 |
2127.474 |
|
(d) Cash and cash equivalents |
162.782 |
121.628 |
134.050 |
|
(e) Short-term loans and advances |
1021.224 |
774.587 |
610.800 |
|
(f) Other current assets |
2.562 |
2.562 |
2.562 |
|
Total Current Assets |
7897.777 |
6580.393 |
5167.711 |
|
|
|
|
|
|
TOTAL |
15258.528 |
13136.321 |
11535.758 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
20008.145 |
16436.582 |
12174.119 |
|
|
|
Other Income |
64.989 |
59.073 |
46.742 |
|
|
|
TOTAL (A) |
20073.134 |
16495.655 |
12220.861 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
11148.162 |
9236.637 |
6916.283 |
|
|
|
Purchase of finished/traded goods |
865.887 |
905.823 |
703.198 |
|
|
|
Changes in Inventories of Finished Goods, Stock in Process and Stock in Trade |
(139.746) |
(206.977) |
-131.448 |
|
|
|
Employees Benefits Expense |
1616.772 |
1300.124 |
1061.969 |
|
|
|
Other Expenses |
3871.239 |
3353.742 |
2423.644 |
|
|
|
Loss due to Fluctuation in Foreign Exchange Rates |
69.871 |
181.578 |
85.966 |
|
|
|
TOTAL (B) |
17432.185 |
14770.927 |
11059.612 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2640.949 |
1724.728 |
1161.249 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
607.218 |
607.821 |
442.674 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2033.731 |
1116.907 |
718.575 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
519.874 |
467.713 |
409.942 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1513.857 |
649.194 |
308.633 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
372.241 |
115.097 |
57.742 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1141.616 |
534.097 |
250.891 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1855.272 |
1447.279 |
1274.440 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
140.000 |
70.000 |
50.000 |
|
|
|
Dividend |
72.409 |
48.273 |
24.136 |
|
|
|
Tax on Dividend |
12.306 |
7.831 |
3.916 |
|
|
BALANCE CARRIED
TO THE B/S |
2772.173 |
1855.272 |
1447.279 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
2244.083 |
1695.031 |
1374.987 |
|
|
TOTAL EARNINGS |
2244.083 |
1695.031 |
1374.987 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3787.365 |
3495.448 |
2249.107 |
|
|
|
Stock in trade |
311.564 |
234.458 |
19.585 |
|
|
|
Stores & Spares |
38.084 |
28.567 |
37.293 |
|
|
|
Others |
157.963 |
25.923 |
77.673 |
|
|
TOTAL IMPORTS |
4294.976 |
3784.396 |
2383.658 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
47.30 |
22.13 |
10.39 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.69 |
3.23 |
2.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.57 |
3.95 |
2.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.20 |
5.02 |
2.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.18 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.11 |
1.61 |
1.60 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
1.06 |
1.01 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2012 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
Deferred payment liabilities |
72.375 |
26.068 |
|
|
|
|
|
Short term
borrowings |
|
|
|
Foreign Currency Loan – Buyers Credit |
1562.038 |
1930.587 |
|
Rupee Loans |
150.000 |
100.000 |
|
|
|
|
|
from
Others |
|
|
|
Rupee Loans |
0.000 |
496.497 |
|
Total |
1784.413 |
2553.152 |
FINANCIAL AND OPERATIONAL
PERFORMANCE
Greenply’s net turnover recorded a jump of 21.64% to Rs.19976.900 millions. The Company’s operating profit (after adjusting currency losses and other income) increased by 42.61 % to Rs.2614.600 millions from Rs.1833.400 millions in 2011-12. The Company’s PAT increased 113.75 % to Rs.1141.600 millions from Rs.534.100 millions in 2011-12.
REVIEW OF OPERATIONS
During the year 2012-13, the Company posted a stellar performance with an impressive revenue growth of 21.73% to Rs.20008.145 millions from Rs.16436.582 millions for the year 2011-12. Profit for the year 2012-13 increased by a whopping 113.75% to Rs.1141.616 millions from Rs.534.097 millions for the corresponding preceding year. The growth in the topline as well in the bottomline reflects the robustness of the Company’s business and corporate strategy of enhancing value for its stakeholders. This performance is particularly noteworthy when viewed against the backdrop of the challenging business context in which this was achieved, namely, the steep increase in cost of various raw materials and increased competition from the unorganised players.
Exports recorded a phenomenal growth of 39.96% from Rs.1837.890 millions in the previous year to Rs.2572.256 millions in the current year.
As per the consolidated financial statements, the revenue from operation and profit for the year 2012-13 were Rs.20479.085 millions and Rs.1196.617 millions respectively.
During the year , the Company’s revenue growth of 21.73% outperformed the industry growth and the same could be achieved by streamlining the operations at the MDF unit at Pantnagar and the laminate unit at Nalagarh, higher capacity utilisation at other manufacturing units, improvement in product-mix, prudent assets utilisation synergised via clearly recognised sales and enhanced branding capabilities. The overall performance of the Company during 2012-13, amid an adverse economic scenario, vindicates the effectiveness of the abilities and prudency of the initiatives undertaken by Greenply’s management so as to better exploit business opportunities.
During 2012-13, the Company continued its efforts in the area of product integration and deeper market penetration. The Company continued to expand its export markets for laminates during 2012-13. Over the years, the Company has steadily grown as an interior infrastructure solutions provider, offering the gamut of products to satisfy customers’ diverse requirement viz. plywood, laminates, decorative veneers and medium density fibreboard (MDF). The Company is present across different price points to cater to all customers across the high-end, mid-market and value-for-money segments.
OUTLOOK AND EXPANSION
The Company’s outlook remains favourable on account of its product integration capabilities, 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 istribution network ensures easy availability of products in almost every part of India.
During the year, the Company has expanded the production capacity of its plywood unit at GIDC Estate, Bamanbore, Surendranagar, Gujarat and also started commercial production from the expanded capacity.
The Decorative Division of the Company is expected to launch a few new products in the coming years among which Chemical Resistant Compact Boards and Exterior Grade Compact Boards are notable. The division is also developing Halogen Free Fire Retardant HPL.
Further, to cater the growing demand of the Medium Density Fibreboard (MDF) products, the Company is setting up a new MDF Unit in Andhra Pradesh in respect of which the Company has completed the acquisition of a land parcel in Chittoor District, Andhra Pradesh. Necessary steps are being taken to obtain various statutory approvals/licenses to set up the unit. Additionally, the Company hasdecided to manufacture new value-added products from the Company’s existing MDF Unit at Pantnagar, Uttarakhand, by way of expansion of its lamination
capacity and introduction of laminated flooring and UV-coated panels in respect of which civil construction work has been completed, orders for all major machineries have been placed and machineries have started arriving at the site and erection is in progress.
The Directors are confident of achieving significantly better results in the coming years.
MANAGEMENT DISCUSSION
AND ANALYSIS
FURNITURE INDUSTRY
OVERVIEW
The entry of a number of international players and the rapid resurgence of established domestic brands and emergence of new ones is transforming most industries. As a result of which customers in India are getting spoilt for choices, the same holds true for the furniture industry. The industry players are wasting no time in offering the discerning Indian consumer a wide range of home and office furniture to choose from.
Furniture is one area where there has been a marked change over the last few years especially in context of the changing tastes of the Indian customers. The upper middle-class segment is growing at a breakneck pace and the trends are changing faster. An inclination for luxurious living room sets; lavish bedrooms and stylish kitchens have increased over the years.
There is a gamut of designer options for customers to choose from. The tastes of Indian customers have changed a lot in the last few years. These days, mostly everybody is fashionably conscious and their choices and expectations are scaling new echelons. They are demanding more than the run-of-the-mill interiors and there is a keen eye for detail. The typical Indian trait of getting furniture custom made by hiring a carpenter on contract too could take a heavy beating.
All these factors have come together to make India one of the largest markets globally for different types of furniture. It is estimated that the furniture market in India is likely to witness a CAGR of about 30 per cent over the next three years. In fact, an independent industry research institute and consulting firm, CSIL Milano has classified India as one of the 14 largest furniture markets in the world due to the rising purchasing power of the more than 400 million strong middle-class segment.
FURNITURE INDUSTRY
STATISTICS
The furniture industry in India is valued at around Rs.710 bn. The organized sector comprises just 15%, with unorganised players accounting for the rest. Backed by a substantial growth in the real estate, tourism and hospitality domains on the one hand and increasing lifestyle product consumption on the other (via rising urbanisation, increasing disposable incomes), the Indian furniture manufacturing industry is expected to grow by 13-15% over the next five years. An impetus is likely to be witnessed across the length and breadth of the real estate sector, especially in the value-added segment.
The furniture market in India is mainly concentrated in the Tier-I, II and III cities. It is estimated that the top 784 urban centres contribute 41% to the total consumer furniture market. With Tier-I and Tier-II cities, together accounting for 33% of the total market. The furniture sector makes a marginal contribution of 0.5%, to India’s GDP. Worldwide, India is ranked 8th in terms of consumption, but is only the 33rd largest furniture importer in the world. Domestic demand is largely satisfied by local production, which only emphasises the low import penetration ratio.
The Indian construction industry, ranked twelfth in the world, is experiencing an upward surge and in turn, has created a huge demand for furniture and allied products. In India, the home furniture segment accounts for 65 per cent of the furniture market, the office segment about 20 per cent and garden furniture for the remaining. In general, upper class homes are furnished in accordance with international styles; the rich pay a lot of attention to design and quality and the price is rarely a factor in the consumption of top range furniture.
OFFICE FURNITURE
SEGMENT
The Indian office furniture segment is estimated at around US$ 1.6 billion, with 40% of that is generated through the provision for desks. Other products which are mainly consumed are seating, executive furniture, cabinets and office storage, filing systems, wall-to-wall units, furniture for communication areas.
The modular furniture market in India, estimated to be about Rs.8000.000 millions, is dominated by bigger players. The market size of the international range of premium furniture is estimated to be worth about Rs.1000.000 millions, and is primarily catered to by foreign players. It is expected to grow at the rate of 10-15% over the next three or four years driven by demand from modern work spaces which includes the IT-ITeS, retail, healthcare and infrastructure segments.
INTERIOR
INFRASTRUCTURE
The Indian interior infrastructure sector is growing at a CAGR of 5-7%. The plywood and laminates is a highly fragmented industry. The share of the unorganised sector is about 78% in plywood and about 45% in laminates. The growth registered by organised sector is 15-20%, in comparison to overall industry growth of 5%, indicates a shift of customer preferences from unbranded to branded goods.
India’s wood panel market grew at a CAGR of 6-8% over FY08-FY12 in volume terms. There has been clear shift of preference for branded products in the market that has led to a decline in market share for unorganised players. Organised players have grown at 15-20% in volume terms over FY08-FY12. The organised sector comprised 39% (MDF and particle board-100% organised; Plywood - 22% organised) with the unorganised accounting for the rest.
India’s plywood industry comprised approximately 78% of total wood panel market and was valued at Rs.125 bn in FY12. The industry is expected to grow at the rate of 6-8% with organised players continuing to grow at a double-digit rate.
As far as the Indian MDF industry is concerned, it accounts for the balance 22% of the total wood panel market and which is completely controlled by the organised players; a shift of 8-10% is expected from plywood to MDF over the next three or four years. The investment for setting up a MDF plant is significant, which is a major entry barrier for players from the unorganised sector. Currently,30-35% of the MDF demand is met through imports.
India’s laminates market was valued at Rs.40 bn in FY12. Organised players controlled around 55% of market with the rest controlled by unorganized players. It is expected to grow in line with growth of wood panel market. Organised players have increased their presence on account of rising aspirations and brand consciousness.
OUTLOOK
India’s rapidly expanding economy is seeing growing affluence, both in urban and rural areas. The tremendous penetration of the mass media has also resulted in millions of middle-class Indians aspiring for more lavish lifestyles. Furniture-makers are catering to the unmet urban middle-class need for stylish homes in compact apartments.
The non-organised sector, which accounts for nearly 85 per cent of the furniture made in India, mostly uses wood as a raw material for the home segment, while the organised sector produces wooden, metal and plastic furniture mainly for office use. Increasingly, moulded plastic, wrought iron, board and even bamboo furniture are gaining in popularity.
With the Indian economy and the real estate sector continuing to grow at a phenomenal pace, demand for office and home furniture is expected to expand even further. The entry of a number of international players and the rapid emergence of domestic brands is transforming the industry, offering the discerning Indian consumer a wide range of home and office furniture to choose from.
The furniture industry market size is expected to touch Rs.1120000.000 millions by 2015.
SEGMENT-WISE
PERFORMANCE
PLYWOOD AND ALLIED
PRODUCTS
Highlights, 2012-13
- Grew 15.28% in value terms and 9.26% in volume terms
- Achieved overall capacity utilization of 106% on enhanced capacity of 32.40 million sq.mtr.
- Increased production from 32.14 million sq. mtr in 2011-12 to 34.28 million sq. mtr
- Enhanced sales from 38.02 million sq. mtr in 2011-12 to 41.54 million sq. mtr
- Increased rural revenues from Rs.780.000 millions in 2011-12 to Rs.1140.000 millions
- Branding exercise with a new “Forever new- Greenply” advertisement on electronic media.
- Medium density fibreboard (MDF)
Highlights, 2012-13
- Grew 31.56% in volume terms and 53.53% in value terms.
- The average capacity utilisation stood at 88% against 65% in the previous year
- Increased production to 25,472cubic metres in the short cycle segment, the pre-lamination area
- within the MDF unit
- Introduced low formal dehydrate emissions product which helped improve the market share.
Laminates and allied
products
Highlights, 2012-13
Laminates
- Production increased from 9.92 million sheets in 2011-12 to 10.37million sheets
- Average realisation increased from Rs.498 per sheet in 2011-12 to Rs.566 per sheet
- Capacity utilisation stood at 104 % against 99% in the previous year.
- Exports grew 40% from Rs.1825.800 millions in 2011-12 to Rs.2556.200 millions
- Initiated a barcode system in the laminate factory
- Introduced new products like chemical-resistant laminate and anti-static laminate
- Developed new resins (Phenol Formaldehyde resin and Melamine Formaldehyde resin) which resulted in cost savings
Decorative veneers
- Increased average realisation from Rs. 74 per sq. mtr in 2011-12 to Rs.708 per sq. mtr
CONTINGENT
LIABILITIES
- Counter-Guarantees given to banks for bank guarantees’ established Rs. 37.057 millions (Previous year Rs. 42.013 millions).
- Counter-Guarantees given to banks for Stand-by Letter of Credit (SBLC) facility Rs. 165.000 millions (Previous Year Rs. Nil). Outstanding amount of Overdraft limit availed by Greenlam America Inc. and Greenlam Asia Pacific Pte. Limited against SBLC facility is USD 20,00,000 and USD 10,00,000 respectively equivalent to Rs. 159.701 millions (Previous year Rs. Nil) translated at year-end exchange rate.
- Letter of credit established but material not received amounting to Rs. 527.621 millions (Previous year Rs. 48.354 millions).
- Guarantee/Letter of Assurance given to Banks for Bills discounting facilities (Channel Financing) – Rs. 500.000 millions (Previous Year Rs. 500.000 millions) and outstanding amount under this Bills Discounting facility – Rs. 411.989 millions (Previous year Rs. 272.460 millions)
- Claims against the Company not acknowledged as debts – Rs. 7.291 millions (Previous year – Rs. 4.713 millions)
- Disputed Demand of Statutory Dues in Appeal Rs. 88.131 millions (Previous year Rs. 327.160 millions). Out of it Rs. NIL (Previous Year Rs. 267.052 millions) has been stayed for recovery by the relevant Authorities.
- Amounts covered by Show cause notices received from Excise Authorities Rs. 878.320 millions (Previous Year Rs. 584.262 millions).
- Amounts covered by Departmental appeals against orders in favour of the Company Rs. 1.106 million (Previous Year Rs. Nil).
- Estimated liability of “Entry Tax” under “Himachal Pradesh Tax on Entry of Goods into Local Area Act, 2010” – Rs. Nil (Previous Year Rs. 8.883 millions) (stayed by High Court of Himachal Pradesh)
- Guarantee given to Banks in respect of loans to its wholly owned subsidiary US Dollar 10,000,000 (Previous Year US Dollar 10,000,000) and Singapore Dollar 14,00,000 (Previous Year Singapore Dollar 14,00,000) equivalent to Rs. 604.000 millions (Previous Year Rs. 565.481 millions), translated at year-end exchange rate.
- In respect of capital goods imported at the concessional rate of duty under the Export Promotion Capital Goods Scheme, the Company has an export obligation of approximately Rs. 1398.532 millions (previous year Rs. 1883.494 millions), which is required to be met at different dates, before 10.04.2019 (previous year 30.12.2018). In the event of non-fulfillment of the export obligation, the Company will be liable to pay customs duties of approximately Rs. 174.817 millions (Previous Year Rs. 235.437 millions) together with interest, as applicable.
Statement of Standalone Un-audited Results for the quarter ended 30th
June, 2013
(Rs.
In Millions)
|
Sl. No. |
Particulars |
Quarter ended |
|
|
|
30.06.2013 (Unaudited) |
|
1 |
Income from
Operations |
|
|
|
(a) Net sales/income from operations (Net of excise duty) |
4804.999 |
|
|
(b) Other Operating Income |
2.925 |
|
|
Total income from
operations (net) |
4807.924 |
|
2 |
Expenses |
|
|
|
a) Cost of materials consumed |
2835.786 |
|
|
b) Purchase of Stock-in-trade |
325.473 |
|
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(332.317) |
|
|
d) Employee benefits expense |
476.854 |
|
|
e) Depreciation and amortisation expense |
137.681 |
|
|
f) Loss/(Gain) due to fluctuation in Foreign Exchange Rates |
47.383 |
|
|
g) Other Expenses |
888.511 |
|
|
Total Expenses |
4379.371 |
|
3 |
Profit from operations
before other income, finance cost and exceptional Items |
428.553 |
|
4 |
Other income |
18.155 |
|
5 |
Profit /(Loss) from
ordinary activities before finance costs and exceptional items |
446.708 |
|
6 |
Finance costs |
142.966 |
|
7 |
Profit/(Loss) from
ordinary activities after finance costs but before exceptional items |
303.742 |
|
8 |
Exceptional items |
- |
|
9 |
Profit/ (Loss) from
ordinary activities before tax |
303.742 |
|
10 |
Tax Expenses |
|
|
|
for Current |
(63.666) |
|
|
for Deferred |
(2.117) |
|
|
for MAT Credit |
(12.288) |
|
11 |
Net Profit/(Loss)
from ordinary activities after tax |
225.671 |
|
12 |
Extraordinary items (net of tax expense ` Nil) |
- |
|
13 |
Net Profit / (Loss)
for the period |
225.671 |
|
14 |
Paid-up equity share capital (Face value |
120.682 |
|
15 |
Reserves excluding Revaluation Reserves |
- |
|
16 |
i) Basic EPS (`) before and after extraordinary items (of |
9.35% |
|
|
ii) Diluted EPS (`) before and after extraordinary items
(of |
9.35% |
|
|
|
|
|
|
PART II |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public Shareholding |
|
|
|
-Number of Shares |
10861374 |
|
|
-Percentage of Shareholding |
45.00 |
|
2 |
Promoters and Promoter Group Shareholding |
|
|
|
a)Pledged/Encumbered |
|
|
|
-Number of Shares |
Nil |
|
|
-Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
|
|
-Percentage of shares (as a % of the total share capital of the company) |
Nil |
|
|
b) Non-encumbered |
|
|
|
-Number of Shares |
13275000 |
|
|
-Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
|
|
-Percentage of shares (as a % of the total share capital of the company) |
55.00 |
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
2 |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
2 |
Notes:
- 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 23rd July, 2013. The auditors have carried out "Limited Review" of the above results.
- The previous periods figures have been regrouped and reclassified wherever necessary.
- 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.136.288 millions (Rs. 61.091 millions during the quarter ended 30th June, 2012) to the cost of its fixed assets on account of such difference arising during the current quarter 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.
- In respect of the setting-up of new MDF manufacturing Unit in Andhra Pradesh, the Company has completed acquisition of land in Chittoor District, Andhra Pradesh. Necessary steps are being taken to obtain various statutory approvals/licenses to set-up the Unit.
- In respect of manufacture of new value added products in the Company's existing MDF Unit at Pantnagar, Uttarakhand, by way of expansion of its lamination capacity and introduction of laminated flooring and UV Coated Panels, civil construction work has been completed, orders for all major machineries have been placed and machineries have started arriving at the site and are being installed.
- In respect of expansion of the existing manufacturing unit of the Company at Behror, Rajasthan to manufacture new value added products, the Company has completed acquisition of land adjacent to the Unit and purchase orders for major imported equipments have been placed.
(Rs.
In Millions)
|
Particulars |
Quarter ended |
|
|
30.06.2013 (Unaudited) |
|
1. Segment Revenue
(Net) |
|
|
a) Plywood & Allied Products |
22824.930 |
|
b) Laminates & Allied Products |
17511.080 |
|
c) Medium Density Fibreboards |
7713.980 |
|
d) Unallocated |
- |
|
Total |
48049.990 |
|
|
|
|
Less: Inter Segment Revenue |
1332.300 |
|
Net Sales/Income from Operations |
46717.690 |
|
2. Segment Result [Profit/(Loss) before tax and interest] |
|
|
a) Plywood & Allied Products |
1877.750 |
|
b) Laminates & Allied products |
1532.380 |
|
c) Medium Density Fibreboards |
1579.050 |
|
d) Unallocated |
- |
|
Total |
4989.180 |
|
|
|
|
Less: (i) Interest |
1429.660 |
|
ii) Other Unallocable expenditure net of unallocable Income |
522.100 |
|
Total Profit before Tax |
3037.420 |
|
Capital employed |
|
|
a) Plywood & Allied Products |
38842.250 |
|
b) Laminates & Allied Products |
43201.790 |
|
c) Medium Density Fibreboards |
33881.370 |
|
d) Unallocated |
3655.950 |
|
Total |
119581.360 |
Note:
- 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 23rd July, 2013. The auditors have carried out "Limited Review" of the above results.
FIXED ASSET:
- Good Will
- Trademarks
- Land
Development
- Building
- Plant and
Equipment
- Furniture and
Fixture
- Vehicles
- Heavy
Vehicles
- Office
Equipments
- Computer
Software
AS PER WEBSITE DETAILS
Press Release
FY 2014 Q1 RESULTS
RELEASE
Net Sales up by 12% at Rs. 4805.000 Millions
Net Profits up by 26% at Rs. 225.700 Millions
Editors' Synopsis
Standalone figures for Q1 FY 2014
Net sales for Q1- FY13 grew by 11.60% to Rs 4805.000 Millions (y-o-y)
EBIDTA for Q1 FY14 (excluding currency gains / losses and other income) up by 7.16% at Rs 610.700 Millions (y-o-y)
Net Profit for Q1 FY14 up by 25.60% at Rs 225.700 Millions
New Delhi, 23rd July,
2013:
Greenply Industries Limited, the leader in India's interior-infrastructure industry, today reported standalone Net Sales of Rs 4805.000 Millions for Q1 FY14, up by 11.60% as against Rs 4305.400 Millions posted in the same period of the last fiscal.
Net Profit for the quarter recorded a growth of 25.60% at Rs 225.700 Millions, as compared to Rs 179.700 Millions posted in the corresponding quarter of last fiscal.
EBIDTA (excluding foreign currency gains / losses and other income) was up by 7.16% at Rs 610.700 Millions as compared to Rs 566.900 Millions in the same quarter of previous year.
EBIDTA Margin declined by 45 basis points at 12.71% Vs 13.16% year-on-year.
Earnings Per Share (EPS) on diluted basis for Q1FY14 was Rs 9.35 as compared to Rs 7.44 in Q1FY13.
Speaking on the results Mr. Saurabh Mittal, Joint Managing Director and CEO, Greenply Industries said "We have achieved a growth of 12% and 26% in Net Sales and Net Profits respectively during the quarter in a challenging environment and we will strive for better results in future quarters on achieving optimum utilisations and better value-mix in all the three segments.
About Greenply
Industries Limited.:
Greenply Industries Limited (GIL) is India's largest interior infrastructure company with consolidated net sales of Rs 2044 crores. 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 more than 40 branches across the country and a strong channel network of over 14000 dealers, distributors, sub-dealers and retailers. Greenlam (the laminate brand) is available in more than 70 countries with more than 300 distributors and dealers and a strong brand presence across the globe.
STANDALONE FIGURES
FOR Q4 AND FY 2012-13
Kolkata, 29 May,
2013:
Greenply Industries Limited, leader in Plywood, Laminate and MDF industry in India, today reported a standalone Net Sales of Rs 5406.900 millions for Q4 FY2012-13, a jump of 17.96% as against Rs 4583.700 millions posted in the same period of the last fiscal.
Net Profit for the fourth quarter recorded a growth of 115.07% at Rs 34.97
millions, as compared to Rs 162.600 millions posted in the corresponding
quarter of last fiscal. Earnings per share (diluted) for Q4 FY2012-13 stood at
Rs. 144.900 as compared to Rs 67.400 in Q4 FY2011-12.
EBIDTA (excluding foreign currency gains / losses and other income) was up by 52.51% at Rs 675.300 millions as compared to Rs 442.800 millions in the same quarter of previous year.
Net sales for the year ended March 31, 2013 grew by 21.64% to Rs 1997.69
compared to Rs 16422.700 millions in the year ago period. EBIDTA (excluding
foreign currency gains / losses and other income) was up by 42.61% at Rs
2614.600 millions as compared to Rs 1833.400 millions in FY12. EBIDTA Margin at
13.09% recorded a growth of 193 basis points as compared to 11.16% in FY12. Net
Profit was up by113.74% at Rs 1141.600 millions as against Rs 534.100 millions
in FY 2011-12.
Earnings Per Share (EPS) on diluted basis for FY2012-13 was Rs 47.30 as compared to Rs 22.13 in FY12.
Speaking on the results Mr. Saurabh Mittal, Joint MD and CEO, Greenply Industries said "We have achieved a growth of 20%, 44% and 111% in Consolidated Net Sales, Operating Profits and Profits after Tax during the current financial year and we expect to sustain numbers in future based on improvements in capacity utilisations and product mix in all the business segments."
About Greenply
Industries Limited:
Greenply Industries Limited (GIL) is India's Largest Interior Infrastructure Company with a consolidated turnover of more than Rs. 20000.000 Millions. Greenply is the only integrated manufacturer offering products related to interior infrastructure industry, with product presence across all price points offering a complete range of Plywood, Laminates, MDF andallied products.
The company has seven state of the art manufacturing facilities across the country manufacturing products of global standards.
Greenply accounts for the largest market share in the industry. The wide range of Greenply brands is supported by a strong and rich distribution network of over 45 branches and 13000 dealers/ distributors/ sub-dealers/ retailers across India.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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 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. 61.16 |
|
UK Pound |
1 |
Rs. 97.77 |
|
Euro |
1 |
Rs. 82.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
61 |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.