MIRA INFORM REPORT

Report No. :	347102
Report Date :	27.10.2015

IDENTIFICATION DETAILS

Name :	GREENPLY INDUSTIRES LIMITED
Registered Office :	Makum Road, P.O. Tinsukia - 786125, Assam
Tel. No.:	91-33-30515000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	28.11.1990
Com. Reg. No.:	02-003484
Capital Investment / Paid-up Capital :	Rs. 120.682 Million
CIN No.: [Company Identification No.]	L20211AS1990PLC003484
IEC No.:	1492000205
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACG7284R
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer and Trader of Plywood, Black Boards, Veneer, Doors and other Wood Panel Products.
No. of Employees :	3524 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

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 13828000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a well-established company having fine track record. Rating takes into consideration overall strong financial condition of the company in FY 15 along with its long track record and leadership position in plywood industry. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. In view of sound financial and experienced management, the 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 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long term bank facilities=A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	April 29, 2015
Rating Agency Name	CARE
Rating	Short Term Bank Facilities=A1
Rating Explanation	Very strong degree of Safety and lowest credit risk.
Date	April 29, 2015

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 31-03-2015.

LOCATIONS

Registered Office :	Makum Road, P.O. Tinsukia – 786125, Assam, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	investors@greenply.com kaushal@greenply.com sales@greenply.com
Website :	www.greenply.com
Corporate Office 1:	Madgul Lounge, 23 Chetla Central Road, 5th and 6th Floor Kolkata - 700027, India
Tel. No.:	91-33-30515000
Fax No.:	91-33-30515010
E-Mail :	kolkata@greenply.com
Corporate Office 2:	3^rd Floor, Plot No. 68, Sector No. 44, Gurgaon-122003, Haryana, India
Tel. No.:	91-124-4784600
Fax No.:	91-124-4784699
Factory :	E/176-179, Phase-II, Rico Industrial, District Alwar, Rajasthan, India
Other Factories :	Plywood and Allied Products · P.O. Tizit, District Mon, Nagaland · Kriparampur P. O. Sukhdevpur, District 24 Parganas, (S) West Bengal, India · Plot No. 910-913, G.I.D.C. Estate, Bamanbore District Surendranagar, - 363 520, Gujarat, India Laminate and Allied Products · RIICO Industrial Estate, P.O. Behror, District Alwar, Rajasthan, India · · Village Paterh Bhonku, Tehsil Nalagarh, District Solan– 174101, Himachal Pradesh, India Medium Density Fibreboard · Integrated Industrial Estate, Pantnagar, Udham Singh Nagar, Uttarakhand, India Plywood and Reconstructed Veneers · Integrated Industrial Estate, Pantnagar, Udham Singh Nagar, Uttarakhand, India
Branch Offices :	Located at: · Chandigarh · Ludhiana · Rohtak · Karnal · Ghaziabad · Jaipur · Lucknow · Patna · Guwahati · Assam · Ahmedabad · Indore · Nagpur · Raipur · Bengal/ Siliguri · Ranchi · Rourkela · Bhubaneshwar · Nashik · Surat · Mumbai · Thane · Pune · Kolhapur · Hyderabad · Vijayawada · Goa · Mangalore · Bangalore · Hubli · Coimbatore · Chennai · Kochi

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Shiv Prakash Mittal
Designation :	Executive Chairman
Date of Birth/Age :	07.04.1949
Qualification :	B.Sc.
Expertise in specific functional areas :	Mr. Shiv Prakash Mittal, a founder of Greenply Industries Limited, possesses over 42 years of experience in the fields of production and marketing of plywood, laminates and allied products.
Date of Appointment :	29.07.1991
DIN No.:	00237242
Name :	Mr. Rajesh Mittal,
Designation :	Managing Director
Date of Birth/Age :	10.11.1962
Qualification :	B.Com.
Expertise in specific functional areas :	Mr. Rajesh Mittal has been associated with the Company since inception and possesses over 31 years of experience in the fields of finance, administration and marketing. He has been the driving force in implementing various strategic operational and marketing policies.
Date of Appointment :	28.11.1990
DIN No.:	00240900
Name :	Mr. Shobhan Mittal
Designation :	Joint Managing Director and CEO
Date of Birth/Age :	19.08.1980
Qualification :	BBA
Expertise in specific functional areas :	Mr. Shobhan Mittal possesses over 10 years of experience in business administration and marketing strategy. He was instrumental in setting-up of the MDF Unit of the Company at Pantnagar, Uttarakhand as well as successfully streamlining the operations of the said Unit.
Date of Appointment :	08.08.2006
DIN No.:	00347517
Name :	Mr. Moina Yometh Konyak
Designation :	Director
Date of Birth/Age :	02.08.1957
Qualification :	B.Com.
Expertise in specific functional areas :	Mr. Moina Yometh Konyak was associated with his family business of trading in timber prior to joining our Company. He has more than twenty one years of experience in the timber business.
Date of Appointment :	16.04.1996
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
Name :	Mr. Upendra Nath Challu
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Vishwanathan Venkatramani
Designation :	Chief Finance Officer
Audit Committee :	· Mr. Susil Kumar Pal, Chairman · Mr. Vinod Kumar Kothari · Mr. Anupam Kumar Mukerji · Mr. Upendra Nath Challu · Mr. Rajesh Mittal · Mr. Shobhan Mittal
	·
Nomination and Remuneration Committee:	· Mr. Susil Kumar Pal, Chairman · Mr. Anupam Kumar Mukerji · Mr. Vinod Kumar Kothari · Mr. Shiv Prakash Mittal
	·
Corporate Social Responsibility Committee :	· Mr. Vinod Kumar Kothari · Mr. Upendra Nath Challu · Mr. Rajesh Mittal · Mr. Shobhan Mittal
	·
Demerger Committee :	· Mr. Shiv Prakash Mittal · Mr. Vinod Kumar Kothari · Mr. Susil Kumar Pal
	·
Operational Committee :	· Mr. Shiv Prakash Mittal · Mr. Rajesh Mittal · Mr. Susil Kumar Pal · Mr. Shobhan Mittal

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	4318636	17.89
Bodies Corporate	8956364	37.11
Sub Total	13275000	55.00
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	13275000	55.00
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	2859344	11.85
Financial Institutions / Banks	4323	0.02
Foreign Institutional Investors	2757394	11.42
Sub Total	5621061	23.29
(2) Non-Institutions
Bodies Corporate	1861814	7.71
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	845335	3.50
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1746064	7.23
Any Others (Specify)	787100	3.26
Non Resident Indians	50664	0.21
Clearing Members	4875	0.02
Trusts	3586	0.01
Others	727975	3.02
Sub Total	5240313	21.71
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
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	24136374	0.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Trader of Plywood, Black Boards, Veneer, Doors and other Wood Panel Products.
Brand Names :	--
Agencies Held :	--
Exports :	Not Available
Imports :	Not Available
Terms :	Not Available

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

Customers :

Reference:	Not Available
Name of the Person (Designation):	Not Available
Contact Number:	Not Available
Since how long known:	Not Available
Maximum limit dealt:	Not Available
Experience:	Not Available
Remark	Not Available

No. of Employees :

3524 (Approximately)

Bankers :

Bank Name:	DBS Bank Limited
Branch:	4A, Nandalal Basu Sarani, Kolkata- 700071, West Bengal, India
Person Name (with Designation):	Not Available
Contact Number:	Not Available
Name of Account Holder:	Not Available
Account Number:	Not Available
Account Since (Date/ Year of A/c Opening):	Not Available
Average Balance Maintained (Optional):	Not Available
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Available
Account Operation:	Not Available
Remarks:	Not Available

· Axis Bank Limited

· HDFC Bank Limited

· ICICI Bank Limited

· IDBI Bank Limited

· Landesbank Baden-Wurttemberg

· State Bank of Hyderabad

· State Bank of India

Facilities :

SECURED LOANS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
From Banks
Foreign Currency Loans	648.656	1525.085
Rupee Loans	1060.067	2078.757
Less : Current maturities of Long Term Borrowings	656.336	1125.879
From Others
Rupee Loans	0.000	58.824
Less : Current maturities of Long Term Borrowings	0.000	58.824
Deferred Payment Liabilities	85.091	83.901
Less: Current maturities of Deferred Payment Liabilities	20.947	22.725
SHORT TERM BORROWINGS
Loans Repayable on Demand
Working Capital Loans
from Banks
Rupee Loans	365.297	1272.488
Total	1481.828	3811.627

Banking Relations :	--
Statutory Auditors :
Name :	D. Dhandaria and Company Chartered Accountants
Address :	Thana Road, P.O. Tinsukia - 786125, Assam, India
Memberships :	--
Collaborators :	--
Subsidiary Companies:	· Greenply Industries (Myanmar) Private Limited · Greenply Trading Pte. Limited · Greenlam Industries Limited · Greenlam Asia Pacific Pte. Limited. · Greenlam America, Inc. · Greenlam VT Industries Private Limited · Greenlam Europe (UK) Limited · Greenlam Asia Pacific (Thailand) Company Limited · Greenlam Holding Company Limited · Pt. Greenlam Asia Pacific
Enterprises Owned / Influenced by Key Management Personnel or their relatives :	· Himalaya Granites Limited. · Prime Holdings Private Limited · S.M. Management Private Limited · Prime Properties Private Limited · Trade Combines · Greenlam Industries Limited · Greenlam Asia Pacific Pte Limited · R S Homcon Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital :

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

Issued, Subscribed & Paid-up Capital :

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

The reconciliation of the number of shares outstanding

Particulars	As at 31.03.2015	(Rs. in Million)
Equity Shares at the beginning of the year	24136374	1206.82
Add : Allotted during the year	----	----
Total	24136374	1206.82

Terms/Rights attached to the Equity Shares

The Company has only one class of equity Shares having a par value of Rs. 5 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

During the year, the amount of per share dividend recognized as distribution to equity shareholders was Rs. 0.300 Million (Previous year Rs. 0.300 Million)

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. This distribution will be in proportion to the number of equity shares held by the shareholders.

Name of the Shareholders holding more than 5% Shares

Equity Shares	As at 31.03.2015
	Number	% Age Holding
S.M. Management Private Limited	3543462	14.68%
Greenply Leasing and Finance Private Limited	2714731	11.25%
Prime Holdings Private Limited	2408560	9.98%
HSBC Bank (Mauritius) Limited A/C Jwalamukhi Investment Holdings	2376884	9.85%
Ashish Dhawan	2369488	9.82%
Shiv Prakash Mittal, Saurabh Mittal and Shobhan Mittal on behalf of Trade Combines, partnership firm	-	-
HDFC Trustee Company Limited	1913642	7.93%
Saurabh Mittal	1686457	6.99%

In the current year, the above information is furnished taking into consideration the fact whether or not the beneficial ownership is reflected in the of the Depository. In the previous year the above information was furnished taking into consideration the beneficial ownership of shares as informed to the Company and the Registrar of Companies through filing of requisite forms.

The Company has not reserved any shares for issue under options and contracts/commitments for the sale of shares/disinvestment.

The Company for the period of five years immediately preceding the date of Balance Sheet has not:

i. Allotted any class of shares as fully paid pursuant to contract(s) without payment being received in cash.

ii. Allotted fully paid up shares by way of bonus shares.

iii. Bought back any class of shares.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	120.682	120.682	120.682
(b) Reserves & Surplus	4719.091	5710.575	4650.623
(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)	4839.773	5831.257	4771.305
(3) Non-Current Liabilities
(a) Long-term borrowings	1266.074	2610.487	2353.436
(b) Deferred tax liabilities (Net)	403.033	486.096	403.345
(c) Other long term liabilities	102.652	81.423	84.135
(d) long-term provisions	156.592	198.081	166.706
Total Non-current Liabilities (3)	1928.351	3376.087	3007.622
(4) Current Liabilities
(a) Short term borrowings	1316.769	2884.577	2976.567
(b) Trade payables	2249.228	3312.598	2933.226
(c) Other current liabilities	997.286	1714.436	1466.963
(d) Short-term provisions	133.558	108.588	102.845
Total Current Liabilities (4)	4696.841	8020.199	7479.601
TOTAL	11464.965	17227.543	15258.528
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	5300.567	6785.696	6434.568
(ii) Intangible Assets	29.822	67.271	83.316
(iii) Capital work-in-progress	139.070	949.860	233.708
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	147.181	312.889	175.250
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	143.727	577.271	433.851
(e) Other Non-current assets	6.055	0.000	0.058
Total Non-Current Assets	5766.422	8692.987	7360.751
(2) Current assets
(a) Current investments	181.573	0.000	0.000
(b) Inventories	1903.039	3828.771	3279.139
(c) Trade receivables	2572.180	3502.797	3432.070
(d) Cash and cash equivalents	71.883	107.987	162.782
(e) Short-term loans and advances	967.849	1092.007	1021.224
(f) Other current assets	2.019	2.994	2.562
Total Current Assets	5698.543	8534.556	7897.777
TOTAL	11464.965	17227.543	15258.528

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations	15642.504	21595.180	20003.677
		Other Income	10.907	67.562	69.457
		TOTAL (A)	15653.411	21662.742	20073.134
Less	EXPENSES
		Cost of Materials Consumed	7268.270	11665.621	11148.162
		Purchases of Stock-in-Trade	1905.483	1334.586	865.887
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(82.780)	(135.793)	(139.746)
		Employees benefits expense	1449.788	1935.117	1616.772
		Other expenses	3058.657	4022.275	3871.239
		Loss/(gain) due to fluctuation in foreign exchange rates	(6.055)	188.564	69.871
		Exceptional items - loss/(gain)	(157.553)	0.000	0.000
		TOTAL (B)	13435.810	19010.370	17432.185
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		2217.601	2652.372	2640.949
Less	FINANCIAL EXPENSES (D)		359.130	582.946	607.218
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1858.471	2069.426	2033.731
Less/ Add	DEPRECIATION/ AMORTISATION (F)		470.611	575.686	519.874
	PROFIT BEFORE TAX (E-F) (G)		1387.860	1493.740	1513.857
Less	TAX (H)		169.687	349.073	372.241
	PROFIT AFTER TAX (G-H) (I)		1218.173	1144.667	1141.616
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	28.771	2796.676	2244.083
	TOTAL EARNINGS		28.771	2796.676	2244.083
	IMPORTS
		Raw Materials	2028.109	4253.293	3787.365
		Stock in Trade	234.847	169.831	311.564
		Stores & Spare Parts	50.628	30.329	38.084
		Capital Goods	172.039	352.407	157.963
	TOTAL IMPORTS		2485.623	4805.860	4294.976
	Earnings Per Share (Rs.)		50.47	47.42	47.30

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term Borrowings	656.336	1184.703	1039.259
Cash Generated from Operations	NA	NA	NA
Cash Inflow (+)/Outflow (-) from operations	2148.021	2353.477	2421.096

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	7.79	5.30	5.71
Operating Profit Margin (PBDIT/Sales)	(%)	14.18	12.28	13.20
Return on Total Assets (PBT/Total Assets}	(%)	12.42	9.36	10.19
Return on Investment (ROI) (PBT/Networth)		0.29	0.26	0.32
Debt Equity Ratio (Total Debt/Networth)		0.67	1.15	1.33
Current Ratio (Current Asset/Current Liability)		1.21	1.06	1.06

STOCK PRICES

Face Value	Rs. 5/-
Market Value	Rs. 997/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	120.682	120.682	120.682
Reserves & Surplus	4650.623	5710.575	4719.091
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	4771.305	5831.257	4839.773
Long-term borrowings	2353.436	2610.487	1266.074
Short term borrowings	2976.567	2884.577	1316.769
Current Maturities of Long-Term Borrowings	1039.259	1184.703	656.336
Total borrowings	6369.262	6679.767	3239.179
Debt/Equity ratio	1.335	1.146	0.669

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	20003.677	21595.180	15642.504
		7.956	(27.565)

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	20003.677	21595.180	15642.504
Profit	1141.616	1144.667	1218.173
	5.71%	5.30%	7.79%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

LITIGATION DETAILS:

SUPREME COURT OF INDIA

Case Status Status : PENDING

Status of : Special Leave Petition (Civil)    19380    OF   2015

UNION OF INDIA and ORS.   .Vs.   M/S GREENPLY INDUSTRIES LIMITED

Pet. Adv. : MR. B. KRISHNA PRASAD

Subject Category : INDIRECT TAXES MATTERS - INTERPRETATION OF CENTRAL EXCISE ACT AND THE RULES

This Case is connected to : Special Leave Petition (Civil) 19370 OF 2015

Listed 0 times earlier  There are no further orders of listing

Last updated on Sep 8 2015

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10593704	08/09/2015	185,000,000.00	DBS BANK LIMITED	4A, NANDALAL BASU SARANI, KOLKATA- 7 00071, WEST BENGAL, INDIA	C65511933
2	10594324	26/08/2015	10,000,000.00	KOTAK MAHINDRA PRIME LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (E),, MUMBAI- 400051, MAHARASHTRA, INDIA	C65865024
3	10570722	21/04/2015	22,000,000.00	KOTAK MAHINDRA PRIME LIMITED	27BKC, C 27, G BLOCK, BANDRA KURLA COMPLEX, BANDRA (E),, MUMBAI- 400051, MAHARASHTRA, INDIA	C54291885
4	10569059	30/03/2015	797,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI- 400013, MAHARASHTRA, INDIA	C53467759
5	10555804	10/03/2015	200,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, KOLKATA, 11, DR. U. N. BRAHMACHARI STREET, KOLKATA- 700017, WEST BENGAL, INDIA	C47093182
6	10562210	01/12/2014	631,200.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI, MAHARASHTRA - 400013, INDIA	C50396670
7	10562213	01/12/2014	631,200.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI- 400013, MAHARASHTRA, INDIA	C50397504
8	10562216	01/12/2014	631,200.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI- 400013, MAHARASHTRA, INDIA	C50398312
9	10549466	25/11/2014	6,720,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI- 400013, MAHARASHTRA, INDIA	C43781848
10	10549467	15/11/2014	7,490,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W , MUMBAI- 400013, MAHARASHTRA, INDIA	C43782820

* Date of charge modification

UNSECURED LOANS

PARTICULARS	31.03.2015 (Rs. In Million)	31.03.2014 (Rs. In Million)
LONG-TERM BORROWINGS
Deferred Payment Liabilities	204.743	108.699
Less: Current maturities of Deferred Payment Liabilities	55.200	37.351
SHORT TERM BORROWINGS
Other Loans and advances
from Banks
Foreign Currency Loan - Buyers’ Credit	940.552	1412.089
Rupee Loans	0.000	200.000
from Others
Rupee Loans	10.920	0.000
Total	1101.015	1683.437

NATURE OF OPERATION

Company is engaged in the business of manufacturing plywood and allied products, medium density fibre boards and allied products through its factories at various locations and branches and dealers’ network spread all over the country. It has two wholly owned subsidiary companies in overseas countries. The Company imports raw materials for manufacturing and also finished goods for trading. Manufactured goods are sold both in domestic and overseas markets.

Greenply Industries (Myanmar) Private Limited., subsidiary of the Company is engaged in manufacturing of products which constitutes raw materials to the Company and providing the same to Company and others. Greenply Trading Pte. Limited. subsidiary of the Company operates as an investment vehicle and has invested into a Joint Venture Company viz. Greenply Alkemal (Singapore) Pte. Limited., based out of Singapore.

RESULT OF OPERATIONS AND THE STATE OF COMPANY’S AFFAIRS

During the year, the Company posted a stable performance with revenue of Rs. 15642.504 Million. Profit for the year 2014-15 was Rs. 1218.173 Million. Exports during the year 2014-15 was Rs. 58.671 Million. The Company is trying to locate new export markets for its products and see good potential for growth in the exports business. As per the consolidated financial statements, the revenue from operation and profit for the year 2014- 15 were Rs. 15642.504 Million and Rs. 1242.294 Million respectively.

In respect of manufacture of new value added products in the Company’s existing MDF Unit at Pantnagar, Uttarakhand, the Company has started commercial production of ‘laminated wooden flooring’.

The Company is the preferred partner of choice for a large number of office and home builders. It has a comprehensive product portfolio of servicing clients under its various brands. The company also focused on the value added products to improve margin.

During 2014-15, the Company continued its efforts in the area of product integration and deeper market penetration. 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, increasing brand visibility and the continuous support from its stakeholders. The Company’s pan-India distribution network ensures easy availability of products in almost every part of India. With the emerging positive sentiment in the market-place owing to conducive investment climate the product categories in which the organization is currently operating will see healthy growth in the coming years. Greenply is currently operating primarily in the structural sphere of interior infrastructure domain with almost all the products in its basket catering to the structural needs of the customers.

A growing middle class in India seeks new wood products, especially in the sustainable green wood segment. Reconstituted wood products, such as plywood, board, particleboard and medium density fiberboards are likely to be used increasingly by consumers, real estate developers, furniture makers, railways and defense, among others. Innovations and use of technology shall help the wood industry to grow profitably, and leverage opportunities in the future.

Strong growth trends in the housing and real estate sectors makes us believe that the organization can reap further benefits in form of sustainable revenue growth and improved profitability by exploring diversification opportunities in areas where a latent but high potential demand is present.

In respect of setting–up of the new MDF Unit in Andhra Pradesh, necessary steps are being taken to obtain various statutory approvals/licenses and technical discussions are in progress with various agencies to set up the unit. Further, in respect of manufacture of new value added products in the Company’s existing MDF Unit at Pantnagar, Uttarakhand, the civil construction work and installation of machineries have been completed for the new production lines of UV Coated Panels and the trial production is in process.

The Company has decided to start new business venture of trading in wallpaper of different categories to be sourced from various overseas suppliers and marketed in India under the Company’s brand. Indian wallpaper market is currently estimated to be worth Rs. 8000.000 Million growing at a CAGR of 20%. Retail segment constitutes 46% of the total market size and the balance 54% comes from sales in the Institutional segment. Globally, wallpapers have emerged as a strong substitute for textured paints.

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

OUTLOOK

A growing middle class in India seeks new wood products, especially in the sustainable green wood segment. Reconstituted wood products, such as plywood, and medium density fibre boards are likely to be used increasingly by real estate developers, furniture makers, railways and defence, among others. To ensure a profitable wood supply-chain, there is need for sufficient infrastructure and transport facilities. Another future event that will lead to an organised industry’s growth is the implementation of GST. Innovations and use of technology shall help the wood industry to grow profitably, and leverage opportunities in the future.

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015

(Rs. in Million)

Particulars	Quarter Ended ( Unaudited)
	30.06.2014
Income from Operations
(a) Net sates/income from operations (Net of excise duty)	3807.483
(b) Other Operating Income	0.980
Total income from operations (net)	3808.463
Expenses
(a) Cost of materials consumed	1779.222
(b) Purchases of stock-in trade	482.389
(c) Changes in inventories of finished goods. work-in-progress and stock in trade	(153.164)
(d) Employee benefits expense	415.553
(e) Depreciation and Amortization Expenses	120.345
(f) Other Expenses	724.193
(g) loss/(gain) due to fluctuation in foreign exchange rates	1.218
(h) Value of Wind Power
Total expenses	3369.756
Profit/ (Loss) from operations before other Income, finance costs and exceptional Items	438.707
Other Income	0.487
Profit/ (Loss) from operations before other income, finance costs and exceptional items	439.194
Finance Costs	77.248
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items	361.946
Exceptional items	0.000
Profit/ (Loss) from ordinary activities before tax	361.946
Tax expenses	94.914
Net Profit / (Loss) from ordinary activities after tax	267.032
Extraordinary item (net of tax expense)
Net Profit / (Loss) for the period	267.032
Share of profit' (loss) of associates
Minority Interest
Net Profit/ (Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15)
Paid up equity share capital (Face Value of Rs 5/-each)	120.682
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year
Earnings per share (before extraordinary items) of Rs.10/- each (not annualized):
(a) Basic	11.06*
(b) Diluted	11.06*

Select information for the quarter ended 30^th June, 2015
A) PARTICULARS OF SHAREHOLDING
A. Public Shareholding
- Number of shares	10861374
- Percentage of shareholding	45
Promoters and Promoter group shareholding
a) Pledged / Encumbered
- Number of shares	Nil
- Percentage of shares (as a % of the total shareholding of Promoter & 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 & Promoter group)	100
- Percentage of shares (as a % of the total Share Capital of the Company)	55

Particulars	Three month ended 30^th June, 2015
B) Investor complaints
Pending at the beginning of the quarter	Nil
Received during the quarter	Nil
Disposed of during the quarter	Nil
Remaining unresolved at the end of the quarter	Nil

NOTES:

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 15th July, 2015. The Auditors have carried out "Limited Review" of the above results.

2. 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 loss of Rs. 25.773 Million (gain of Rs. 74.610 Million during the year ended 31st March, 2015) 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 effected to that extent.

3. 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 and necessary steps are being taken to obtain various statutory approvals / licenses to set-up the Unit.

4. In respect of manufacture of new value added products in the Company's existing MDF Unit at Pantnagar, Uttarakhand, the civil construction work and installation of machineries have been completed for the new production lines of UV Coated Panels and the trial production is in process.

5. In respect of setting-up of a Veneer or Veneer-cum-Plywood Unit in Myanmar, the Company had incorporated a subsidiary viz Greenply Industries (Myanmar) Private Limited in Myanmar and obtained approval of the Myanmar Investment Commission to set-up the Unit Greenply industries (Myanmar) Private Limited has commenced commercial production of "Commercial Veneer" Further GREENPLV ALKEMAL (SINGAPORE) PTE Limited (a joint venture company of Greenply Industries Limited, India and Alkemal Singapore Pte Limited., Singapore) has been incorporated on 14.05.2014 as a Private Limited Company in Singapore The said Joint Venture Company is equally owned (50:50 investments owned directly or through subsidiary/affiliates) by Greenply Industries Limited and Alkemal Singapore Pte. Ltd. The Joint Venture Company will, subject to necessary regulatory approvals, acquire and own 100% share of Greenply Industries (Myanmar) Private Limited.

6. The previous period’s figures have been regrouped and reclassified wherever necessary.

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. in Million)

Particulars	Quarter ended
	30.06.2015 [Unaudited]
1. Segment Revenue
Plywood and allied products	2734.879
Medium density fiberboards	1073.584
Unallocated	------
Total	3808.463
Less : Inter Segment Revenue	----
Net Sales	3808.463
2. Segment Result
(Profit before tax and interest)
Plywood and allied products	228.617
Medium density fiberboards	296.636
Unallocated	------
Total	525.253
Less : Interest	77.248
Exceptional Item - Foreign Exchange Gain/(Loss)	86.059
Profit from ordinary activities before tax	361.946
3. Capital Employed
Plywood and allied products	4880.392
Medium density fiberboards	3273.018
Unallocated	555.389
Total	8708.799

CONTINGENT LIABILITIES: (AS ON 31.03.2015)

PENDING LITIGATIONS:

a) Excise Duty, Sales Taxes and other Indirect Taxes claims disputed by the Company relating to issues of applicability and determination aggregating Rs. 738.601 Million (Previous year Rs. 2092.269 Million).

b) Income Tax demand disputed by the Company relating to issues of applicability aggregating Rs. 0.894 Million (Previous year ` Nil).

c) Local Authority Taxes claims disputed by the Company relating to issues of applicability and determination aggregating Rs. 80.220 Million (Previous year Rs. 2.722 Million)

d) Claims against the Company not acknowledged as debts Rs. 6.394 Million (Previous year Rs.6.882 Million).

FIXED ASSETS:

Tangible assets

· Freehold Land

· Land Development

· Buildings

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Office Equipments

Intangible assets

· Goodwill

· Trademarks

· Computer Software

· Technical Knowhow

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

No 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. 64.96
UK Pound	1	Rs. 99.55
Euro	1	Rs. 71.64

INFORMATION DETAILS

Analysis Done by :	KIN
Report Prepared by :	IND

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	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	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		62

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.