MIRA INFORM REPORT

Report No. :	342101
Report Date :	24.09.2015

IDENTIFICATION DETAILS

Name :	CENTURY PLYBOARDS (INDIA) LIMITED
Registered Office :	6, Lyons Range, Kolkata – 700 001, West Bengal
Tel. No.:	91-33-22104321
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	05.01.1982
Com. Reg. No.:	21-034435
Capital Investment / Paid-up Capital :	Rs. Rs.222.527 Million
CIN No.: [Company Identification No.]	L20101WB1982PLC034435
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CALC04599A
PAN No.: [Permanent Account No.]	AABCC1682J
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is primarily engaged in manufacturing and sale of Plywood, Laminates, Decorative Veneers, Pre-Laminated Boards and Flush Doors and also engaged in providing Container Freight Station Services.
No. of Employees :	6932 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

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 11074000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject was incorporated in the year 1982 and it is engaged in manufacturing and marketing of plywood, Laminates and Decorative Veneers. For the financial year ended 2015, company has achieved revenue growth of 21.87% and maintained satisfactory profitability margins at 9.64%. Rating reflects company’s established market position in the plywood industry supported by sound financial base and favorable gap between trade payables to its receivables. However, rating strengths are partially offset by susceptibility to vitality in foreign exchange (forex) rates, and exposure to intense market competition in a fragmented and cyclical industry. Trade relation are reported as fair. Payments are reported to be regular and as per commitment. In view of aforesaid, the company van be considered good for normal business dealing 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	CRISIL
Rating	Long Term Rating: A-
Rating Explanation	Adequate degree of safety and low credit risk
Date	29.05.2015

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.

INFORMATION DENIED BY

Management Non Co-Operative

LOCATIONS

Registered Office:	6, Lyons Range, Kolkata – 700 001, West Bengal, India
Tel. No.:	91-33-22104321/ 22/ 23/ 24/ 25/ 26/ 39403950
Fax No.:	91-33-22483539
E-Mail :	naveen.lohia@centuryply.com sundeepj@centuryply.com kolkata@centuryply.com investors@centuryply.com
Website :	http://www.centuryply.com
Headquarter :	4, Fairlee Place, 2^nd Floor, Kolkata – 700 001, West Bengal, India
Factory 1:	Plywood and Veneer Unit and Laminate Unit Kanchowki, Bishnupur, District: 24 Parganas (S), West Bengal, India
Tel. No.:	91-33-24709680/ 9155/ 9157
Factory 2:	Plywood and Veneer Unit Rambha Road, Taraori , Haryana, India
Factory 3:	Plywood and Veneer Unit Village: Moti Chirai, Taluka: Bhachau-Kachchh, Gujarat, India
Factory 4:	Plywood and Veneer Unit Mirza Palasbari Road, Kamrup, Assam, India
Factory 5:	Plywood and Veneer Unit Chinnappolapuram, Gummidipoondi, Tamilnadu, India
Factory 6:	Plywood and Veneer Unit Roorkee, Uttarakhand Yangon, Myanmar
Branch Office :	Located at: North Zone · Delhi · Lucknow · Gurgaon · Jaipur · Chandigarh · Ghaziabad · Indore · Udaipur · Bhopal · Jabalpur · South Zone · Chennai · Bangalore · Coimbatore · Hubli · Hyderabad · Kochi · East Zone · Patna · Kolkata · Guwahati · Raipur · Ranchi · West Zone · Mumbai · Nagpur · Ahmedabad · Pune · Surat · Nashik

DIRECTORS

As On : 31.03.2015

Name :	Mr. Sajjan Bhajanka
Designation :	Chairman and Managing Director
Date of Birth/Age :	62 Years
Qualification :	B.Com
Date of Appointment :	05.02.1986
Name :	Mr. Hari Prasad Agarwal
Designation :	Executive Directors
Qualification :	B.Com
Date of Appointment :	05.06.1982
Name :	Mr. Sanjay Agarwal
Designation :	Executive Directors
Address :
Date of Birth/Age :	53 Years
Qualification :	B. Com
Date of Appointment :	05.01.1982
Name :	Mr. Prem Kumar Bhajanka
Designation :	Executive Directors
Name :	Mr. Vishnu Khemani
Designation :	Executive Directors
Date of Birth/Age :	62 Years
Qualification :	Science Graduate
Date of Appointment :	16.04.2008
Name :	Mr. Ajay Baldawa
Designation :	Executive Director
Name :	Mr. Mangi Lal Jain
Designation :	Non-Executive Directors
Name :	Mr. Manindra Nath Banerjee
Designation :	Non-Executive Directors
Name :	Mr. Samarendra Mitra
Designation :	Non-Executive Directors
Name :	Mr. Santanu Ray
Designation :	Non-Executive Directors
Name :	Mr. Asit Pal
Designation :	Non-Executive Directors
Name :	Mrs. Mamta Binani
Designation :	Non-Executive Directors

KEY EXECUTIVES

Name :	Mr. Arun Kumar Julasaria
Designation :	Chief Finance Officer
PAN No:	ACRPJ6103C
Name :	Mr. Sundeep Jhunjhunwala
Designation :	Company Secretary
PAN No:	AEFPJ6691F
Audit Committee:	Mangi Lal Jain (Chairman) Santanu Ray Mamta Binani Hari Prasad Agarwal
Share Transfer Cum Stakeholders Relationship Committee :	Mamta Binani (Chairman) Hari Prasad Agarwal
Nomination And Remuneration Committee:	Mangi Lal Jain (Chairman) Santanu Ray Mamta Binan
Corporate Social Responsibility Committee :	Sajjan Bhajanka (Chairman) Hari Prasad Agarwal Mangi Lal Jain

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.06.2015

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	123605771	55.63
Bodies Corporate	39329080	17.70
Sub Total	162934851	73.34
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	162934851	73.34
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	6725811	3.03
Financial Institutions / Banks	211979	0.10
Foreign Institutional Investors	19616989	8.83
Sub Total	26554779	11.95
(2) Non-Institutions
Bodies Corporate	17634257	7.94
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	10286231	4.63
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	3914252	1.76
Any Others (Specify)	848620	0.38
Trusts	871	0.00
Clearing Members	206942	0.09
Non Resident Indians	640807	0.29
Sub Total	32683360	14.71
Total Public shareholding (B)	59238139	26.66
Total (A)+(B)	222172990	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	222172990	0.00

BUSINESS DETAILS

Line of Business :	Subject is primarily engaged in manufacturing and sale of Plywood, Laminates, Decorative Veneers, Pre-Laminated Boards and Flush Doors and also engaged in providing Container Freight Station Services.
Products/ Services :	Plywood Laminate Chemicals Minerals Readymade Furniture CFS Services
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

6932 (Approximately)

Bankers :

Bank Name	State Bank of India
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

• Punjab National Bank
• Corporation Bank
• Allahabad Bank
• DBS Bank Limited
• IDBI Bank Limited

Facilities :

Secured Loans	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
LONG TERM BORROWINGS
Term Loans
Indian Rupee Loan from Banks	393.450	637.511
Foreign Currency Loan from Banks	356.763	536.393
Other Loans and Advances.
Financial Lease obligations :
- From banks	53.220	5.926
- From Bodies Corporate	10.763	0.000
SHORT TERM BORROWINGS
Loans repayable on demand :-
- Cash Credit from banks	1605.881	1139.816
Other Loans and Advances
Short Term Loan	600.000	0.000
Buyers Credit from banks :
- For Capital Expenditure	87.765	137.042
- For Raw Materials	1450.348	2002.086
Total	4558.190	4458.774

Notes:

LONG TERM BORROWINGS

(a) Term Loan of H6 Rs.18.450 Million (Rs. 843.750 Million) from a bank carries interest @ base rate plus 0.50 % p.a., presently @10.50% (10.50%) p.a. The loan is repayable in 11 equal quarterly instalments of Rs. 562.50 Lacs each by 31st December,2017 and is secured by first charge over all fixed assets of plywood units at Mirza, Assam ; Bishnupur, West Bengal; Taraori, Haryana; and

Chinnappolapuram, Gummidipoondi, Tamilnadu and by way of a second charge on entire current assets (both present and future) of the Plywood Division of the company. The above loan is further secured by personal guarantees of three directors of the company.

(b) Foreign currency term loan of Rs. 300.432 Million (Rs. 432.720 Million) carries interest @ 4.07%(4.07%) p.a. The loan is repayable in 2 equal annual instalments by 21st August, 2016 and is secured/to be secured by hypothecation/ equitable mortgage of all the moveable and immovable fixed assets pertaining to the Container Freight Stations of the Company. Further, three promoters have pledged in aggregate 110 lacs shares of the Company as security against the loan.

(c) Foreign currency term loan of Rs. 258.184 Million (Rs. 297.496 Million) carries interest @6 months LIBOR +3.50% (3.50%) p.a. The loan is repayable in 20 equal quarterly instalments and is secured /to be secured by first charge on all the fixed assets pertaining to the Plywood Unit at Bacchau, Gujarat and second charge on all the current assets of the Plywood Division of the company on pari passu basis with other term lenders.

(d) Term Loans of Rs.10.280 Million (Rs. 43.161 Million) carrying interest @ 12.25% (11.90%) p.a.The above loans are repayable in 2 quarterly instalments by 30th September 2015. The loans are secured by a first charge on fixed assets and second charge on current assets (both present and future) pertaining to the Company’s Plywood Unit at Mirza, Assam.

(e) Finance lease obligations are secured by hypothecation of the assets purchased there against and carrying interest between 9.64% to 11.25% p.a (9.64% to 11.25% p.a).

SHORT TERM BORROWINGS:

a) Cash Credit, Short Term Loan and Buyer’s Credit from banks amounting to Rs. 3743.994 Million (Rs. 3278.944 Million) are secured / to be secured by way of first charge on current assets (both present and future) of the company and by way of second charge on the fixed assets of the plywood units at Mirza, Assam; Bishnupur, West Bengal ;Taraori, Haryana; Chinnapploapuram, Gummidipoondi, Tamilnadu and Bacchau, Gujarat.

The cash credits,short term loan and buyer’s credits are also secured by personal guarantees of three directors of the Company.

b) The cash credit is repayable on demand and carries interest @ 11% to 11.50% (10.20% to 11.45%) p.a.

c) The Short Term Loan is repayable within June’15 and carries interest @ 10.50%

d) Buyers credit carries interest @ Libor plus 0.34% (0.42%) to 1.25% (1.50%) and is repayable in 90-180 days.

Financial Institutions:	Daimler Financial Services India Private Limited Volkswagen Finance Private Limited
Auditors :
Name :	Singhi and Company Chartered Accountants
Address :	Emerald House, 4th floor 1B, Old Post Office Street, Kolkata-700001, West Bengal, India
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Companies :	Auro Sundram Ply and Door Private Limited Ara Suppliers Private Limited Arham Sales Private Limited Adonis Vyaper Private Limited Apnapan Viniyog Private Limited Aegis Business Limited Aegis Overseas Limited Centuryply Myanmar Private Limited Century MDF Limited Century Ply (Singapore) Private Limited
Associates :	Century Infotech Limited Ara Suppliers Private Limited Arham Sales Private Limited Adonis Vyaper Private Limited Apnapan Viniyog Private Limited Aegis Siam Resources Co.Limited. Aegis Siam Limited
Enterprises Owned/ Influenced by Key Management Personnel or their relatives:	Brijdham Merchants Private Limited Cement Manufacturing Company Limited Sri Ram Merchants Private Limited Sri Ram Vanijya Private Limited Sumangal Business Private Limited Sumangal International Private Limited Star Cement Meghalaya Limited Meghalaya Power Limited Auroville Investements Private Limited Aegis Business Limited

CAPITAL STRUCTURE

As On : 31.03.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
650500000	Equity Shares	Re.1/- each	Rs.650.500 million
1500000	Preference Shares	Rs.10/- each	Rs.15.000 million
50000	Preference Shares	Rs.100/- each	Rs.5.000 million
	Total		Rs.670.500 million

Issued Capital:

No. of Shares	Type	Value	Amount
223552990	Equity Shares	Re.1/- each	Rs.223.553 million

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
222172990	Equity Shares	Re.1/- each	Rs.222.173 million
	Add: Amount received on forfeited shares		Rs.0.354 million
	Total		Rs.222.527 million

Notes:

a) There is no change in number of shares in current year and last year.

b) Terms/Rights attached to the Equity Shares

The Company has only one class of equity shares having par value of Rs. 1/- 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 shareholders in the Annual General Meeting, except in case of interim dividend.

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. The distribution will be in proportion to the number of equity shares held by the shareholders.

c) There are NIL number of shares in respect of each class in the company held by its holding company or its ultimate holding company including shares held by or by subsidiary or associates of the holding company or the ultimate holding company in aggregate.

d) Details of Shareholders holding more than 5% shares in the company

Name of the Shareholders	31^st March, 2015
	No. of Shares	% holding
Equity Shares of Re.1/- each fully paid-up
Sajjan Bhajanka	26357954	11.86%
Sanjay Agarwal	25325124	11.40%
Divya Agarwal	16749750	7.54%
Santosh Bhajanka	15649500	7.04%
Vishnu Khemani	12607857	5.67%

As per of the Company, including its register of members as at 31st March, 2015, the above shareholding represents legal ownerships of shares.

e) There are NIL number of shares (Previous year NIL) reserved for issue under option and contracts/commitment for the sale of shares/disinvestment including the terms and amounts.

f) During the period of five years immediately preceding the reporting date:

i. No shares were issued for consideration other than cash

ii. No bonus shares were issued

iii. No shares were bought back

g) There are No securities convertible into Equity/ Preferential Shares

h) There are No calls unpaid (Previous year No) including calls unpaid by Directors and Officers as on the balance sheet date

i) No shares were forfeited during the year or during the previous year.138000 equity shares of s. 10/-each (post split 1380000 equity shares of Rs. 1 each) on which Rs. 0.354 Million had been paid up, were forfeited in the year 2001-2002.

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	222.527	222.527	222.527
(b) Reserves & Surplus	3653.280	2691.552	2274.183
(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)	3875.807	2914.079	2496.710
(3) Non-Current Liabilities
(a) long-term borrowings	814.196	1179.830	1556.643
(b) Deferred tax liabilities (Net)	0.000	2.637	4.771
(c) Other long term liabilities	28.615	16.166	11.607
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	842.811	1198.633	1573.021
(4) Current Liabilities
(a) Short term borrowings	3743.994	3278.944	2892.578
(b) Trade payables	652.231	742.338	808.077
(c) Other current liabilities	958.968	719.118	510.484
(d) Short-term provisions	425.774	318.068	101.281
Total Current Liabilities (4)	5780.967	5058.468	4312.420
TOTAL	10499.585	9171.180	8382.151
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2075.308	2092.794	1842.249
(ii) Intangible Assets	13.739	26.810	14.396
(iii) Capital work-in-progress	226.826	187.669	339.975
(iv) Intangible assets under development	0.000	0.000	20.167
(b) Non-current Investments	451.177	378.915	156.151
(c) Deferred tax assets (net)	70.334	5.474	1.866
(d) Long-term Loan and Advances	788.864	677.652	584.779
(e) Other Non-current assets	23.195	23.675	20.544
Total Non-Current Assets	3649.443	3392.989	2980.127
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3200.446	2926.528	2176.671
(c) Trade receivables	2719.086	2046.268	1816.219
(d) Cash and cash equivalents	170.255	180.399	797.367
(e) Short-term loans and advances	670.124	436.933	475.041
(f) Other current assets	90.231	188.063	136.726
Total Current Assets	6850.142	5778.191	5402.024
TOTAL	10499.585	9171.180	8382.151

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Revenue from Operations (Net)	15648.084	12839.747	11311.481
		Other Income	180.875	94.709	73.119
		TOTAL	15828.959	12934.456	11384.600
Less	EXPENSES
		Cost of Raw Materials Consumed	7019.306	6388.438	5950.511
		Purchase of Traded Goods	1926.640	1244.152	1268.483
		(Increase)/ Decrease in inventories of Finished Goods, Work-in-Progress and Traded Goods	(435.497)	(39.177)	(160.229)
		Employee Benefits Expense	1933.116	1513.865	1183.516
		Other Expenses	2706.397	2250.515	1940.819
		TOTAL	13005.621	11357.793	10183.100
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		2678.997	1576.663	1201.500
Less	FINANCIAL EXPENSES		432.934	551.192	390.480
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		2246.063	1025.471	811.020
Less/ Add	DEPRECIATION/ AMORTISATION		448.033	332.427	267.314
	PROFIT/ (LOSS) BEFORE TAX		1798.030	693.044	543.706
Less	TAX		289.816	23.654	17.192
	PROFIT/ (LOSS) AFTER TAX		1508.214	669.390	526.514
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2294.652	1946.916	2065.629
Less	APPROPRIATIONS
		Proposed Final Equity Dividend	277.716	222.173	55.543
		Tax on Proposed Equity Dividend	56.546	37.758	9.440
		Tax on Proposed Equity Dividend written back *	0.000	(8.277)	0.000
		Proportionate dividend on Preference Shares	0.000	0.000	0.210
		Tax on Preference Dividend	0.000	0.000	0.034
		Transfer to Capital Redemption Reserve	0.000	0.000	5.000
		Transfer to General Reserve	15.100	70.000	575.000
	BALANCE CARRIED TO THE B/S		349.362	2294.652	1946.916
	EARNINGS IN FOREIGN CURRENCY
		Export (FOB Value)	659.500	542.779	512.104
	TOTAL EARNINGS		659.500	542.779	512.104
	IMPORTS
		Raw Materials	3744.634	4416.932	3903.012
		Capital goods	43.679	58.651	111.858
		Purchases of Finished Goods	785.071	294.092	430.207
		Stores & Spares	5.258	7.377	29.871
	TOTAL IMPORTS		4578.642	4777.052	4474.948
	Earnings/ (Loss) Per Share (Rs.)		6.79	3.01	2.37

* In terms of Section 115-O of Income Tax Act, 1961, liability towards tax on proposed equity dividend for the year 2012-13 was adjusted against taxes on dividend paid by a subsidiary company on the dividends it had declared and paid during 2013-14.

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	460.500	453.145	228.336
Cash generated from operations	1722.016	418.043	578.945
Net Cash from Operating Activities	1377.796	306.377	480.603

QUARTERLY RESULTS

PARTICULARS	30.06.2015 (Unaudited)
Net Sales	3709.160
Total Expenditure	3054.100
PBIDT (Excl OI)	655.060
Other Income	15.840
Operating Profit	670.900
Interest	122.650
Exceptional Items	NA
PBDT	548.250
Depreciation	100.750
Profit Before Tax	447.500
Tax	50.610
Provisions and contingencies	NA
Profit After Tax	396.900
Extraordinary Items	NA
Prior Period Expenses	NA
Other Adjustments	NA
Net Profit	396.900

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	9.64	5.21	4.65
Operating Profit Margin (PBIDT/Sales)	(%)	17.12	12.28	10.62
Return on Total Assets (PBT/Total Assets}	(%)	18.44	8.06	6.91
Return on Investment (ROI) (PBT/Networth)		0.46	0.24	0.22
Debt Equity Ratio (Total Debt /Networth)		1.29	1.71	1.87
Current Ratio (Current Asset/Current Liability)		1.18	1.14	1.25

STOCK PRICES

Face Value	Rs. 1.00/-
Market Value	Rs.160.85/-

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	222.527	222.527	222.527
Reserves & Surplus	2274.183	2691.552	3653.280
Net worth	2496.710	2914.079	3875.807
long-term borrowings	1556.643	1179.830	814.196
Short term borrowings	2892.578	3278.944	3743.994
Current Maturities Of Long-Term Debts	228.336	453.145	460.500
Total borrowings	4677.557	4911.919	5018.690
Debt/Equity ratio	1.873	1.686	1.295

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)
Revenue from Operations (Net)	11311.481	12839.747	15648.084
		13.511	21.872

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from Operations (Net)	11311.481	12839.747	15648.084
Profit	526.514	669.390	1508.214
	4.65%	5.21%	9.64%

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	Yes
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:

CALCUTTA HIGH COURT

CASE STATUS INFORMATION SYSTEM

Case Status  :  Pending

Status of       : INCOME TAX APPEAL (ITA)   83 of 2010 

Litigants : COMMISSIONER OF INCOME TAX, KOLKATA-IV, Vs. CENTURY PLYBOARDS (INDIA)

LIMITED

Pet's Adv.     : S. S.SARKAR

Res's Adv.   : --

Last Date of Hearing : Monday, August 03, 2015

Next/ Final Date of Hearing : Monday, September 04, 2015

Case Updated on : Friday, September 04, 2015

Category : INCOME TAX : REVENUE

CORPORATE INFORMATION :

The Company is a public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on National Stock Exchange of India Limited. and BSE Limited. The Company is primarily engaged in manufacturing and sale of Plywood, Laminates, Decorative Veneers, Pre-laminated boards and Flush Doors and providing Container Freight Station services. The Company presently has manufacturing facilities at Kolkata, Karnal, Guwahati, Bacchau and near Chennai. Container Freight station is located at Kolkata.

BUSINESS SEGMENTS:

The business segments have been identified on the basis of the products of the Company. Accordingly, the

Company has identified following business segments:

Plywood - Plywood, Block-Board, Veneer and Timber

Laminate - Decorative Laminates & Pre-laminated Boards

CFS Services - Container Freight Stations services

Others - Mainly Trading of Chemicals, Minerals, Readymade Furniture and Equipments

MANAGEMENT DISCUSSION AND ANALYSIS

Plywood sector

Panel and plywood products are the principal wood products in India. Product categories include veneer sheets, particle board (composite wood core with plastic laminate finish), panel products (fibre board), plywood made from both hard and softwood (veneered panels and laminated woods) and medium density fiber board.

The plywood industry is divided into the organised and unorganised sectors and the former possesses significant growth potential. The implementation of GST and raw material sourcing constraints are expected to accelerate the shift to branded products. With a market size of Rs. 150 billion, the plywood industry in India offers huge growth potential for organised players, dominated by two large companies. While the share of unorganised players in the market is fairly large at 70%, we note that organised players have been growing faster than the overall industry with a shift in preference towards branded players.

Organised players’ market share has increased to 30% from 10% a decade back. Overall, the industry growth has been moderate at sub-10% levels as against branded players’ growth of 25%+ over the last five years. They see the shift accelerating towards branded players due to diminishing cost advantage of the unorganised players on the back of:

a) GST implementation - Will increase the tax compliance and disclosures of unorganised players, diminishing the price differential between organised and smaller unorganised players and placing them on a level playing field.

b) Raw material sourcing constraints – Post the ban on import of raw timber from Myanmar. This has not only affected the availability of face timber for the industry but also its price. The industry has taken price hikes in the first half of 2014-15 (5-7%) to factor in higher costs. Organised players are better placed on the raw material front with manufacturing facilities in Myanmar.

Laminates

With increasing aspirations and affordability to invest, the laminates industry has created a common space among global households, thereby creating a huge market within a short span of time. Global demand for decorative laminates is expected to rise more than five percent per year to 11 billion square meters by 2018. India is expected to register the most rapid gains worldwide through 2018. Since lamination capabilities are often included at the point of board production, this trend will be aided by the expected expansion of domestic MDF and particleboard manufacturing capacity as a way to more efficiently use local wood.

SEGMENT-WISE PERFORMANCE

Plywood: Plywood revenues increased 18.61% from Rs. 10479.800 Million in 2013-14 to Rs. 12430.600 Million in 2014-15, a growth in the plywood industry as well as growing corporate initiatives which led to improvement in market share. The Company outperformed the industry growth.

Laminates: The Company’s laminates revenue increased 24.20% from Rs. 2586.600 Million in 2013-14 to Rs. 3212.700 Million in 2014-15. The growth was driven by the Company’s enhanced focus on the premium segment.

Logistics: The Company’s logistics business recorded a decline of 3.96% from Rs. 785.300 Million in 2013-14 to Rs. 754.200 Million in 2014-15.

FINANCIAL PERFORMANCE

The Company’s total income increased 18.86% from Rs. 13513.500 Million in 2013-14 to Rs. 16061.700 Million in 2014-15. The Profit before tax of the Company surged 185.65% from Rs. 628.600 Million in 2013-14 to 1795.600 Million in 2014-15. Net profit for the year increased 147.21% from Rs. 602.600 Million in 2013-14 to Rs. 1489.700 Million in 2014-15.

FUTURE OUTLOOK

During the last year, a stable Government at the Centre was established which is expected to drive development in the coming years. The Government has planned and is taking several significant steps to energise the economy. The credibility of the Indian economy has been re-established and the world is predicting that it is India’s chance to fly. The Government has planned game-changing reforms in indirect tax through the introduction of GST, which is likely to be introduced with effect from 1st April, 2016. Introduction of GST was a much awaited reform and is expected to provide numerous benefits to both business and consumers. With the introduction of GST, supply chain inefficiencies will be reduced, Inter-state trade will become easy and the market will be integrated at the national level. With all long-term sustainable economic measures being undertaken by the Government, economic growth is likely to accelerate in the next fiscal. The pick-up will be aided by implementation of stalled projects, getting rid of the bottlenecks in various sectors and an industry recovery because of higher external demand. The GDP forecast for the next fiscal is driven by a partial unclogging of domestic policy logjam as well as improved global growth prospects. Stakeholders are markedly bullish about the future and expect the business environment to be upbeat in the current financial year in view of the imminent change in regime and introduction of economic enablers to stimulate growth.

The Indian real estate sector plays a significant role in the country’s economy. The real estate sector is second only to agriculture in terms of employment generation and contributes considerably towards GDP. It is poised to grow manifold over the next decade in view of the prevailing massive shortage of dwelling units. The sentiment of home buyers and investors is seeing an improvement, displaying a strong positive outlook for the real estate sector. The Indian market is now headed for price correction, which will increase consumer affordability and leading to overall sectoral growth. A fall in the interest rates will also lead to a revival of the real estate sector.

Since plywood and laminate are essential part of interior furnishing, the demand for these products is directly related to the growth of infrastructure and real estate sector. With continued government focus on infrastructure and real estate sector, demand for the Company’s products is expected to remain buoyant. With the strong ‘Centuryply’ brand under its fold, the Company is expected to perform better in the current fiscal.

FUTURE PLANS OF EXPANSION

Considering the buoyant demand for products and marketing strength of ‘Centuryply’ brand as well as the positive impact of GST, the Company is preparing itself for future growth. The Company is investing heavily on raw material security, distribution network, positioning of brand and its human capital. The Company is studying various locations overseas in Laos, Africa, Malaysia, Vietnam, etc. where the required raw material is available. The Company plans to set up timber processing units in these locations to ensure economic and uninterrupted raw material supply for upcoming growth. The Company has already entered economy-segment products through its secondary brand ‘Sainik’ enabling it to penetrate smaller cities and rural markets. The Company, at its Board Meeting held on 21st January, 2015, approved a proposal for setting up a Particle Board unit at Chennai with an approximate CAPEX of Rs. 600.000 Million The Company is also keeping a close watch on developments related to substitute products, like medium-density fibre board, and will take a decision at the appropriate time.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
Contingent Liabilities not provided for in respect of :–
(a) Demands / Claims by various Government Authorities and others not acknowledged as debt:
(i) Excise Duty/Service Tax	86.170	81.688
(ii) Sales Tax / VAT	76.471	58.281
(iii) Income Tax	10.965	120.383
Total	173.606	260.352
(b) Guarantees in favour of a bank against facilities granted to
• a Subsidiary Company	0.000	100.000
• Others	42.169	23.976
(c) Un-redeemed bank guarantees	81.954	132.274
(d) Bills discounted with banks	4.007	6.202
(e) Custom Duty on import under EPCG Scheme against which Export obligation is to be fulfilled	31.616	12.842

Note: Based on discussion with the solicitors/ favourable decisions in similar cases/legal opinion taken by the company, the management believes that the outflow of resources is not probable and hence, no provision there against is considered necessary.

Index of Charges:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10582376	22/07/2015	13,050,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLIS BRIDGE, AHMEDABAD, Gujarat - 380006, INDIA	C60019833
2	10582368	17/07/2015	24,825,000.00	AXIS BANK LIMITED	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G  ARDEN ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, IN  DIA	C60014842
3	10558118	28/02/2015	3,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL  (WEST), MUMBAI, Maharashtra - 400013, INDIA	C48364921
4	10544865	30/12/2014	4,000,000.00	DAIMLER FINANCIAL SERVICES INDIA PRIVATE LIMITED	2nd Floor, Campus 3B, RMZ Millenia Business Part,  No. 143 Dr. M.G.R. Perungudi, Chennai, Tamil Nadu - 600096, INDIA	C41350562
5	10541744	27/12/2014	1,050,000,000.00	IDBI Bank Limited	Corporate Banking Group, 44,Shakespeare Sarani, K  olkata, West Bengal - 700017, INDIA	C39823331
6	10538871	05/12/2014	6,943,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL  (WEST), MUMBAI, Maharashtra - 400013, INDIA	C38222550
7	10537866	28/11/2014	1,300,000.00	VOLKSWAGEN FINANCE PRIVATE LIMITED	3rd Floor, Wing - A, Silver Utopia, Cardinal Grac  ious Road, Chakala, Andheri, Mumbai, Maharashtra -  400099, INDIA	C37605912
8	10528762	28/10/2014	22,732,830.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C32023541
9	10524733	30/09/2014	14,198,000.00	KOTAK MAHINDRA PRIME LIMITED	27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E),, Mumbai, Maharashtra - 400051, INDIA	C28454551
10	10524729	18/09/2014	9,250,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W  , MUMBAI, Maharashtra - 400013, INDIA	C28452431

* Date of charge modification

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS

FOR THE QUARTER ENDED 30^TH JUNE 2015

(Rs.in million)

Sr. No.	Particulars	Quarter Ended
		30.06.2015
		Unaudited
Part I
1.	Income from Operations
	Gross revenue from Operations	4000.995
	Less: Excise Duty	321.218
	a) Net Sales / Income from Operations (Net of Excise Duty)	3679.777
	b) Other Operating Income	29.379
	Total Income from Operations (net)	3709.156
2.	Expenditure
	a) Cost of materials consumed	1566.976
	b) Purchase of stock-in-trade	429.921
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(40.590)
	d) Employee benefits expense	517.357
	e) Depreciation and amortisation expense	100.750
	f) Loss/ (Gain) on foreign Exchange Fluctuation	(12.490)
	g) Other expenses	580.425
	Total Expenses	3142.349
3.	Profit/ (Loss) from Operations before Other Income, Exchange gain/(loss), Finance costs and Exceptional items (1-2)	566.807
4.	Other Income	3.350
5.	Profit /(Loss) from Ordinary activities before finance costs and Exceptional items (3+4a+4b)	122.653
6.	Finance Costs	122.653
7.	Profit / (Loss) before Tax (5-6)	447.504
8.	Tax expenses	50.605
9.	Net Profit / (Loss) from ordinary activities after tax (7-8)	396.899
10.	Paid-up equity share capital (Face Value of Rs. 10 per share)	222.527
11.	Reserve excluding Revaluation reserve
12.	Earnings Per Share (not annulised) (Face Value of Rs. 10 per share)
	a) Basic and Diluted	1.78
Part II
A.	PARTIULARS OF SHAREHOLDINGS
	Public Shareholding
	- Number of Shares	59238139
	- Percentage of Shareholding	26.67
	Promoters and Promoter Group Shareholding
	a) Pledged/Encumbered
	- Number of Shares	14000000
	- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)	8.59
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	6.30
	b) Non Encumbered
	- Number of Shares	148934851
	- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)	91.41
	- Percentage of Shares (as a % of the Total Share Capital of the Company)	67.03

PARTICULARS	For the quarter ended 30^th June 2015
B INVESTORS COMPLAINTS
Pending at the beginning of the quarter	Nil
Received during the quarter	1
Disposed during the quarter	1
Remaining unresolved at the end of the quarter	Nil

UNAUDITED STANDALONE STATEMENT-WISE RECENU RESULT AND CAPITAL EMPLOYED

FOR THE QUARTER ENDED 30^TH JUNE 2015

	PARTIULARS	Quarter Ended
		30.06.2015
		Unaudited
1.	Segment revenue (Net)
	(a) Plywood and Allied Product	2576.232
	(b) Laminate and Allied Product	717.780
	(c)Container freight station services	174.166
	(d)Other	164.570
	Total Segment revenue	3686.748
	Less: Inter Segment revenue	6.971
	Net Sale Income from Operations	3679.777
2.	Segment Result [(Profit/ Loss) Before Tax and Finance Cost]
	(a) Plywood and Allied Product	438..091
	(b) Laminate and Allied Product	101.394
	(c)Container freight station services	54.030
	(d)Other	(1.468)
	Total	59.2047
	Less: Finance Cost	122.653
	Other Unallocable Expenditure net of Unallocable Income	21.890
	Total Profit/ (Loss) Before Tax	447.504
3.	Capital Employed (Segment Assets Less Segment Liabilities)
	(a) Plywood and Allied Product	5298.318
	(b) Laminate and Allied Product	1752.337
	(c)Container freight station services	557.610
	(d)Other	143.447
	Total	7751.712

FIXED ASSETS

Tangible Assets

· Freehold Land

· Leasehold Land

· Factory Buildings

· Non-Factory Buildings

· Storage Yard on Leasehold Land

· Plant and Machinery

· Electrical Installations

· Furniture and Fixtures

· Office Equipments

· Computers

· Vehicles

Intangible Assets

· Computer Software

· Goodwill

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.97
UK Pound	1	Rs.101.19
Euro	1	Rs.73.37

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	HRS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	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		64

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.