Professional Documents
Culture Documents
Contents
ABOUT GOVERNANCE
GREENPLY REPORTS NET SALES
Experience meets Expertise 01
Greenply at a Glance 08
Management Discussion
and Analysis 36 ` 1,654.9 cr
Consistent Performance 10 Directors Report 55
Chairmans Perspective 12 Business Responsibility Report 92
Operational Highlights 14 Corporate Governance Report 100
Management Q&A 16
Robust Value Creation Model 18 FINANCIAL EBIDTA
STATEMENTS
257.6 cr
Stronger and Sustainable Greenply 20
Indias Beloved Brand 26 Standalone Financials 123 `
Simple. Transparent. Agile. 34 Consolidated Financials 183
POST-TAX PROFIT
` 135.1cr
EQUITY SHARE INFORMATION
Market capitalisation BSE Limited (BSE)
` 3,422 crore 526797
(31st March, 2017) CASH PROFIT
Proposed dividend
Bloomberg Code
MTLM:IN ` 183.6 cr
` 0.60 per share
(Face value ` 1) Reuters Code
GRPL.NS
Promoters holding
51.03% EARNINGS PER
SHARE
National Stock Exchange
of India Limited (NSE) ` 11.08
GREENPLY
Experience.
Find out more on www.greenply.com Expertise.
Forward Looking Statement One complements the other.
In this Annual Report, we have disclosed forward looking information to enable investors to comprehend our prospects and take investment
decisions. This report and other statements written and oral that we periodically make contain forward looking statements that set out
anticipated results based on the managements plans and assumptions. We have tried wherever possible to identify such statements by Therefore, when they come together, they
using words such as anticipate, estimate, expects, projects, intends, plans, believes, and words of similar substance in connection with any
discussion of future performance. We cannot guarantee that these forward-looking statements will be realised, although we believe we have create a force multiplier.
been prudent in our assumptions. The achievements of results are subject to risks, uncertainties and even inaccurate assumptions. Should
known or unknown risks or uncertainties materialise, or should underlying assumptions prove inaccurate, actual results could vary materially
from those anticipated, estimated or projected. Readers should bear this in mind. We undertake no obligation to publicly update any forward- A happy harmony of Experience and
looking statement, whether as a result of new information, future events or otherwise.
Expertise is Greenply.
EXPERIENCE MEETS EXPERTISE ABOUT GREENPLY
30% 16+
Market share in the Cumulative premium
domestic MDF market plywood and MDF
product brands
15+ 5
Countries in which we World-class
export manufacturing
facilities
39 10,000+
Pan-India branches Distributors, stockists,
for plywood and MDF dealers, sub-dealers,
across 21 states and retailers
Societal trends!
Growth catalysts!
At Greenply, we are identifying high Simply, both.
potential markets and accordingly
sharpening strategies, resource allocation
and expansion plans.
We enhanced our outreach across cities,
towns and villages through bespoke FASTER URBANISATION MORE CONSUMPTION HUBS ENHANCED GOVERNMENT
fibre (MDF) boards and We have ISO 9001:2008, ISO 14001:2004 and OHSAS
18001 certifications for the manufacture and supply
business relations. We have a pan India marketing
network of:
allied products. MEDIUM DENSITY
of all the products manufactured in our plants
(located at Pantnagar, Uttarakhand and Kriparampur, Pan-India branches:
We recently ventured into the business of FIBREBOARD (MDF)
West Bengal). 24 for plywood and 15 for MDF
trading of wallcovers in different categories,
We have an ISO 9001:2008 certification for the Distributor, Dealer and Stockist:
sourced from various overseas suppliers and
manufacture and supply of all the products Plywood - 1,656 and MDF - 472
marketed in India under the brand name
Greenteriors. manufactured at our plant located at Bamanbore, Retailer network:
Gujarat. Plywood - 3,042 and MDF - 5,000
We address different price points to cater to
customers across high-end, mid-market and
economical segments. We believe this pan-India
WOOD FLOORS
dealer network ensures that our products are
MANUFACTURING
easily available in almost any part of India. FACILITIES & CAPACITIES
PLYWOOD
UPCOMING PLANTS
DECORATIVE VENEERS Bamanbore, Gujarat Decorative 2.25 mn. sq. mts.
MEDIUM DENSITY AND RECONSTITUTED Veneers/
Pantnagar (2 units)
FIBREBOARDS VENEERS Decorative
(MDF) Sandila Plywood
Tizit
Sandila, Uttar Pradesh Plywood 13.5 mn. sq. mts.
Routhu Suramala, MDF 0.36 mn. cubic mts.
Bamanbore Kriparampur Chittoor, Andhra Pradesh
TM
WOOD FLOORS
FLOORING mn. sq. mts.: million square metres | mn. cubic mts.: million cubic metres
WALLCOVERS
Routhu Suramala
WALLCOVERS
EXISTING PLANTS
UPCOMING PLANTS
Map not to scale
Net Sales (` in crore) EBIDTA (` in crore) ROCE (%) ROE (%) Dividend per share (`)
1,645.73
1,654.90
250.50
257.60
3.00*
3.00*
3.00*
26.6
1,560.58
200.64
23.1
1,390.03
183.31
20.4
1,314.35
180.11
20.1
21.4
21.4
17.7
20.3
17.7
17.2
0.60**
0.60**
16-17*
16-17#
12-13
13-14
14-15
15-16
12-13
13-14
14-15
15-16
16-17
12-13
13-14
14-15
15-16
16-17
12-13
13-14
14-15
15-16
12-13
13-14
14-15
15-16
16-17
Y-O-Y 0.6% Y-O-Y 2.8% *Capital employed includes investments of #equity includes equity of ` 226 crores *Face Value ` 5 per share
5.9% 9.4%
` 416 crores in expansion projects invested in expansions ** Face Value ` 1 per share
5-YEAR CAGR 5-YEAR CAGR
Cash profit (` in crore) Post-tax profit (` in crore) Earnings per share (`) Revenue by division (%) EBITDA by division (%)
135.07
183.60
180.18
131.17
11.08
168.88
121.82
10.87
28.81 50.25
10.09
0.61 -1.00
115.02
113.16
82.90
77.28
6.87
6.40
70.58 50.75
12-13
13-14
14-15
15-16
16-17
12-13
13-14
14-15
15-16
16-17
12-13
13-14
14-15
15-16
16-17
Plywood and allied products Others Plywood and allied products Others
Y-O-Y 1.9% Y-O-Y 3.0% Medium Density Fibreboards (MDF) Medium Density Fibreboards (MDF)
762.53
3,421.92
716.39
15.6
15.2
588.96
13.7
2,110.73
13-14
14-15
15-16
16-17
12-13
13-14
14-15
15-16
16-17
12-13
13-14
14-15
15-16
16-17
Chairmans Perspective
during the year was the demonetisation initiative will propel MDFs demand. Commercial property
of the government. This was done with the avowed is another key demand driver as around 80% of
purpose of formalisation and digitisation of the MDF is used in this segment. The shift from cheap
economy. plywood to MDF will gain momentum once low-
end/cheap plywood becomes costlier following the
As India turns digital, we must also enhance our implementation of GST.
digital presence, going forward. We will be able to
reach more markets and customers through digital INVESTING IN THE FUTURE
channels. Following the implementation of GST We remain bullish on our core businesses. Hence, we
and more focus on formalisation of the economy, are constantly focusing on growing our capacities
established brands like Greenply will get a level across both our businesses. We are setting up our
playing field vis--vis unorganised players. new state-of-the-art MDF plant in Chittoor, Andhra
Pradesh. We are likely to commence operations in
GOODS AND SERVICES TAX (GST) FY 2019. A significant part of the production from
If we look at the plywood industry now, it is heavily this plant will cater to export markets.
taxed with overall taxes in the range of 25-30%,
including taxes such as excise, VAT and Octroi. Most We also planning to set up a Decorative Veneer/
unorganised players evade taxes and sell their Decorative Plywood unit in Bamanbore, Gujarat
products through under-pricing vis--vis organised (2.25 mn. sq. mts.) and a Plywood unit in Sandila,
counterparts. The price differential can range up Uttar Pradesh (13.5 mn. sq. mts.).
to 30-50%.
QUALIFIED INSTITUTIONAL PLACEMENT (QIP)
Many unorganised players also avail of the Small During 2016-17, we raised ` 49.99 crore through
Scale Industry (SSI) benefit by keeping their turnover issuance of equity shares under qualified
artificially below the prescribed limit. Under the new institutional placement (QIP). The amount raised has
GST regime, the exemption limit is expected to be been utilised for part funding of our new MDF unit in
` 2 million, which would bring all unorganised Andhra Pradesh.
players within the tax ambit, forcing them to
DEAR FRIENDS, increase prices and narrow the price differential. ACHIEVERS AT GREENPLY
Our experience and expertise, powered by the Greenply is geared for greater success and our
support and guidance of all our stakeholders Moreover, currently there is no credit that a dealer teams are inspired to build a brand that New India
have enabled us to reach the stature that we have can avail of for the excise duty paid, but under GST can rely on. We will continue to invest in enhancing
attained today. While over twenty-five years of this will be allowed, reducing the price for both the skills of our people, so that we can continue to
experience in the interior infrastructure industry dealers and consumers by around 10%. Thus, the deliver products that are in line with international
have enriched our market insight and sharpened overall price differential between branded and standards. We offer various employee engagement
to the national GDP, and policymakers are creating enablers for strong
and sustainable growth. India is evolving fast. In its
ANTI-DUMPING DUTY
During 2016-17, the Government imposed anti-
various community well-being programmes through
the Greenply Foundation. The Foundation works in
lifting tens of millions seventh decade of Independence, over US$1 trillion dumping duty of up to US$ 64.35/cbm on the import the realms of healthcare, education, vocational skill
to the middle class. Our has been added to the national GDP, lifting tens of MDF board on thick boards (with thickness of over development among others.
using our brand respect Against the backdrop of either sluggish or fragile
economic growth across large parts of the world,
forward, we hope to enhance our volumes further. endeavour.
and recall. India shines as an outpost of opportunity and a GROWING RELEVANCE OF MDF Warm regards,
harbour of hope. The countrys GDP for FY 2016-17 MDF is the preferred choice of ready-made furniture S. P. MITTAL
touched 7.1%, and is expected to touch 8% with manufacturers and the transition of the Indian wood Executive Chairman
the implementation of GST. Another seminal reform furniture industry towards ready-made furniture (DIN: 00237242)
Operational Highlights
(QUARTER-ON-QUARTER FY 2016-17)
PLYWOOD MDF
1 2 3 4 1 2 3 4
Net sales
(` Crore) 293.31 308.03 260.25 306.40 Net sales
(` Crore) 119.59 123.61 95.85 137.69
EBITDA EBITDA
Margin
(%)
9.8 10.4 12.6 12.1 Margin
(%)
30.2 28.7 20.3 27.9
Production
(million sqm.) 8.94 9.36 7.7 8.93 Production
(cubic meter) 47,478 49,067 41,673 50,954
Sales Sales
Volume
(million sqm.)
12.54 13.04 11.00 13.15 Volume
(cubic meter)
45,802 47,860 37,764 53,479
Utilisation
(%) 111 116 95 110 Utilisation
(%) 106 109 93 113
Average Average
Realisation
(`/sqm.)
231 233 233 231 Realisation
(`/cum)
26,098 25,802 25,348 25,737
domestic plantation timber is good enough for We witnessed growing consumption of MDF among
producing core and panel veneers we are dependent commercial and furniture Original Equipment
HOW WOULD YOU JUDGE YOUR COMPANYS
on imports for face veneers. During 2016-17, we Manufacturers (OEM). Moreover, demand from
PERFORMANCE IN 2016-17?
broad-based our supply bandwidth to minimise risks government departments saw steady growth.
&
and ensure smooth availability of the raw material.
We are satisfied to report another successful Our dedicated project team stayed connected to the
year for Greenply. We reported a higher net sales of We are also setting up a veneer unit in Gabon, West fraternity of architects and decorators to promote
` 1654.90 Crores in 2016-17, compared to ` 1645.73 Africa. Around 25-35%% of production will be used our products.
Crores in 2015-16. Simultaneously, our EBIDTA captively, and the rest will be sold in open markets.
increased to ` 257.60 Crores in 2016-17 against We also focus on expand our product basket across
` 250.50 Crores in 2015-16. Our net profit stood at We continued to strengthen our outsourcing both conventional and value-added products.
` 135.07 Crores in 2016-17 against ` 131.17 Crores in model for our mid-segment variants, freeing up
We can see a 2015-16 and our earnings per share stood at to existing capacities for premium variants. Our teams
monitor vendors site to ensure quality of inputs and PLEASE WALK US THROUGH YOUR NEW
larger opportunity
` 11.08 in 2016-17 compared to ` 10.87 in 2015-16.
consistent quality of finished product. BUSINESSES?
We continued to consolidate our operations across
landscape, both Plywood and MDF businesses. Our cost-
We focus on elevating the point-of-sale experience
efficient manufacturing and efficient supply chain
unfolding before management enabled us to keep our operational
of our plywood customers through enhanced in-
shop branding and better dealer-retailer-salesman
We launched natural veneers and expect
these products to improve the product mix. We
us as more
costs under control.
connect with customer as solution provider. have entered the wallcover segment through the
outsourcing model and will leverage our distribution
aspirational Our dealer network ensured our product availability
to our customers, translating into efficient supply
We can see a larger opportunity landscape unfolding network to increase its share in overall revenue.
we have launched
HOW DID THE COMPANYS PLYWOOD Improve the mix of value-added products in
Our MDF divisions sales growth was stagnant
BUSINESS PERFORM DURING THE YEAR UNDER both plywood and MDF;
due to the impact of demonetisation in Q3 FY 2017.
multiple products REVIEW?
MDFs EBITDA margin stood at 27.1% in 2016-17. Strengthen market penetration, especially in
CREATING
UNDERSTANDING CONSUMER
ASPIRATIONS
SUSTAINABLE VALUE
The Indian consumer is now more integrated with
the world. Interestingly, semi-urban and rural
consumers are also evolving towards a broader
notion of value, which involves durability, quality
aesthetics, and additional features. In such a
scenario, we are putting more emphasis on creating Expanding capacity
a strong portfolio of brands to gain market share
from the unorganised segment.
Strengthening backward integration
CONTRIBUTING TO COMMUNITY
WELL-BEING
We focus on healthcare, vocational skill development
and education among others. We are encouraging
more farmers to adopt plantation activities under
our supervision to create a win-win for all.
E*E =
Stronger
and Sustainable
Greenply We sharpen our
expertise. We act with
speed. We insist on
being more. Than what
we are today.
We are working on
strategies that will
strengthen our capability
to create value. For all
those who have a stake
in our progress.
Capacity
Expansion
We map the huge untapped NEW PLANT AT GUJARAT
We are setting- up a new unit adjacent to
NEW PLANT AT UTTAR PRADESH
We plan to set up a new manufacturing
demand across Indias Tier 2 and Tier 3 the existing plant in Bamanbore, Gujarat,
for the manufacture of decorative
unit in Uttar Pradesh for plywood and
allied products. The new unit will come
cities and towns and equip ourselves veneer/decorative plywood. up in Sandila Industrial Area, Sandila,
Backward Encouraging
Integration Plantations
We are broad-basing our raw material We are encouraging plantations in
sources to minimise the risk profile of marginal and degraded farmlands near
our business. We believe our integration our manufacturing sites. It is helping us to
strategy needs to be consistently refined empower marginal farmers and maintain
and recalibrated in line with changing the ecological balance of the environment
business realities. around our facilities.
SETTING UP VENEER UNIT AT WHY GABON? As such no issue of global warming and Greenply is equipped with a well-qualified
GABON IN WEST AFRICA Gabon, an equatorial country in West Central climatic changes are directly associated with team to promote large scale plantation
We are setting up a veneer, manufacturing Africa, is spread over 267,667 square kilometre, the Company. drive on marginal and degraded lands,
unit at Nkok SEZ, Gabon, West Africa. For of which 85% is rain forest with 400 species of in the vicinity of almost all the
However, wood being renewable resource,
this purpose, we have set up a wholly- woods. Nkok SEZ, a public private partnership manufacturing units, to improve the green
provides wide-ranging benefits to environment
owned subsidiary in Dubai and a step- project between Olam International Ltd. cover and mitigate the global warming
and society, such as:
down subsidiary in Gabon. (Singapore) and Gabonese Republic, aims at impact. At present, genetically superior
developing a 1,126 hectare multi-products Capable of creating a huge carbon sink clones of fast growing short gestation
In the first phase, we are investing around industrial park with 550 Hectare already tree species are produced and supplied
Reduced the burden on natural forests
` 100 crore to commission a veneer unit, developed. The SEZ also has a furniture to local farmers for plantations in their
which would help in securing future supply Help the nation to achieve its plantation
manufacturing cluster in it. own land. The Company also takes up
of veneer for our operations. We plan to coverage up to 33%
various initiatives to educate the agrarian
commence commercial production by the Ameliorates the environment community and provide them free
middle of 2017. technical knowhow from planting to post
Tackles climate changes
harvest stage.
Help in maintaining eco balance of
the area
Provides a socio-economic upliftment to
the local inhabitants
E*E =
Indias
Beloved Brand We view potential markets
through the prism of our rich
experience and expertise.
We deploy both digital and
conventional marketing
strategies. To win beyond
traditional terrains.
Our strategy is to engage
and educate potential
customers, business partners
and influencers through
innovative, effective and
rewarding ways. We will
continue to enhance our
investments to take our
brand to new heights.
Growing our
Plywood Brands
We are taking multiple initiatives DIGITAL FOOTPRINT Mobile App
We created a mobile application, so our
across platforms to emerge as one of
We have built an extensive digital media
platform to reach out, inform and engage consumers could reach us on the go.
LOYALTY PROGRAMMES
Enhancing our MDF
Our success in the plywood industry hasnt
just been the outcome of our efforts alone.
We have always had the support of our
Indian Premier League
(IPL) association
Market Reach
partners: the influencers, the fabricators,
We associated with IPL
and our trade partners. To show our
gratitude for their contribution to Greenply, franchise Kolkata Knight
We believe MDF has significant market
weve designed loyalty programmes.
Riders (KKR) as one of potential that needs to be unlocked. The good
GREEN ACCESS their sponsors. We hope news is that many consumers are realising
For the architects and interior designers,
who influence the sales of our products, we
this association will give that it makes better sense to shift from
have the Green Access programme. Green
our brand more traction.
low-end plywood products to MDF, owing to
access provides architects and interior
designers with an opportunity to reap the
the superior quality and durability of MDF.
benefits of their association with Greenply,
through a point based reward system.
partners can log their sales details with the
This platform has been designed to map
Greenply Sales Team and redeem points,
every possible opportunity in the market.
which can then be spent on a catalogue
It also enables us to track complete project
of exciting prizes. We have over 6,000
lifecycle of engagement starting from lead
registered retailers across India under this
to specification and finally sales. Today, we
programme.
have over 5,000 registered architects across
India under this programme. DEALER BONDING
Weve fostered some very important,
GREEN SAMRIDDHI mutually rewarding, long-term relationships
For the carpenters and contractors who
with some of our partners. We created the
work with our products and mould them
Green ACE clubs to thank them for their
into beautiful furniture, we have created
support and contribution to our success.
Green Samriddhi programme. Once a
The ACE clubs are four exclusive clubs
carpenter or contractor registers with the
designed specifically to recognise and
programme, they can accumulate points
reward our growing network of dealers and
for their sales of Greenply products. These
to attract new partners.
points can then be used to acquire special
prizes from a catalogue designed especially ROAD AHEAD
for them. Today, we have over 10,000 We intend to significantly scale up our
registered carpenters across India under this various loyalty programmes and add new
programme. incentives to make them more attractive for
our partners. We will continue to reinforce
GREEN BANDHAN our brand prominence, and introduce new
The dealers and retailers, who have
ATL campaigns for better brand recall.
partnered with Greenply, can be part
of Green Bandhan programme. Once
registered with the programme, our trade
Simple.
Transparent. Initiate a mentor-mentee programme to train Introduced informal interaction sessions over
EMPLOYEE MOTIVATION
We understand the strong correlation between
MDF DIVISION employee motivation and performance. In FY
We are adopting
Employee Training
Conducted Green Mantra from time to time. Induction programmes for new recruits. Created diversified growth opportunities for
training modules
employees.
Conducted Erudition programme, an annual Behavioural trainings on soft skill development
and methodologies
knowledge transmission programme across and relationship building. ROAD AHEAD
regions. Enhance the role of technology across human
aspirations of our
Established a transparent appraisal Employee engagement Introduce new employee motivation
mechanism provide clarity and satisfaction We conduct various employee engagement programmes.
larger organisational
Booked movie halls for employees and their Published Green Bulletin on monthly basis where among people.
families for watching blockbusters. employees share their achievements.
objectives.
Equip managers with tools, resources, and a
Celebrated occasions such as Diwali, Family Facilitated medical camps for employee well- policy framework to facilitate an effective
Day and Womens day. being. operating environment.
Celebrated Fun Friday every alternate Friday. Conducted various Wellness activities like Review of HR policies and recruitment
workshop on Stress Management, Yoga, methodology.
Implemented nine box matrix for appraisals Workshop on Self-Defence for women.
capturing the competencies apart from
performance, ensuring a structured career Celebrated International Womens Day.
growth for employees.
Organised Quiz competition on the eve of
Rolled out an HR helpdesk to resolve HR Republic Day / Independence Day.
issues across the division, driving employee
satisfaction and motivation through grievance Organised Camp of Aadhar Card within the
redressal. premises so that employees can get enrolled.
Management Discussion
and Analysis
overall demand in the market. These are expected Indias wood panel industry
to culminate into a benign inflation supported by Indias plywood and panel industry is extremely
on-going remonetisation and past policy reforms. fragmented and unorganised given the low technical
and capital requirements. The overall industry is
INDIAN FURNITURE INDUSTRY estimated to be ` 285 bn in FY16. The market is
The Indian furniture industry is one of the fastest primarily driven by higher disposable incomes, rising
growing markets in the world. Steady growth of the urbanisation and the thriving real estate sector,
Indian economy, a booming realty and hospitality particularly in Tier II and Tier III cities. Further, a
sector, an increased spending power coupled with shift from unbranded to branded products and the
lifestyle changes have fuelled the industry. The Indian fast-growing replacement market are helping the
furniture market is characterised by numerous small industry to expand.
players, accounting for nearly 80% of the domestic
production. India plywood and panel industry break-up %
7.1%
consolidation. E-tailing furniture has increased
31
options for consumers and opened a range of
opportunities for small players to sell their products.
Moreover, e-tailing furniture will let more small
Indian economy players enter the organised furniture market.
clocked a GDP of
6
7.1% in 2016-17 The furniture market is primarily concentrated in the
metropolitan cities, followed by Tier I and Tier II cities
with major user segments being residential, office,
Plywood Others
commercial and institutional.
MDF
80%
aimed towards restricting corruption, counterfeiting, GDP, going forward.
terrorist activities and accumulation of black money.
Moreover, demonetisation quickened digitisation Indias GDP is likely to reach 7.4% in FY 2017-18, as GST is expected to bolster the
economy with a simplified
and formalisation of the Indian economy. Further, a result of rebound in consumption demand, which
it intensified the flow of financial savings into the had slackened post-demonetisation. A normal The Indian furniture market
banking system. Eventually, demonetisation is likely monsoon is expected to strengthen agricultural is characterised by numerous indirect tax system, and
to have significant positive influence on financial
habits of Indians. In the long run, it is predicted that
incomes stimulating rural consumption. Likewise,
softer interest rates driven by RBI will encourage
small players, accounting for more competitive and
nearly 80% of the domestic transparent markets.
production.
5 Last 5 years CAGR: 5-7% Shift from unbranded to branded players playing
Government thrust on construction of 100 smart cities out with increase in quality consciousness
10,000+
aspirations levels and disposable incomes. This
25%
35 should help stimulate home improvement (plywood
and MDF) demand.
0%
Global India Distributors, stockists, dealers
Growth in real estate to revive: Demand for both
Plywood MDF plywood and MDF products are a derivate of real
and retailers
estate demand which continues to be lacklustre,
currently. However, increasing trend of nuclear
` 1,167.99
crore
` 130.73
crore
` 87.59
crore
Revenues EBIDTA Profit before tax
1,656 3,042 24
Sales grew from 48.25 mn sq. mtr in 2015-16 to Expanded our Ecotec product range across various
50.30 mn sq. mtr in 2016-17 price points and features
Robust outlook
The thriving Indian Economy is going to place
Operational review 2016-17
Green Doors are designed to reach customers
Medium Density MDF can be used in a variety of applications including
bedroom, and kitchen furniture. It could be further
more demand on the plywood and allied products as per their specifications. Available in various Fibreboard (MDF) used for lounge and dining furniture, and home
segment. Realty, retails, hospitality and healthcare variants, the product is making a steady MDF is gradually emerging as an important interior entertainment consoles, caravan interiors, shop
sectors will drive this demand. Increased per capita progress into the hearts of the users infrastructure building material. It is engineered fittings, snooker tables and caskets. MDF is also used
income and rapid urbanisation will inspire better wood. MDF is eco-friendly and a low-cost substitute in school projects because of its flexibility. Thin MDF
living, setting a healthy pace for furniture renovation These are helping realty firms save on development to plywood. Our MDF is made through unique boards are suitable for drawer bottoms, cabinet backs,
and replacement market. costs and time with its customised sizes fibre-interlocking technology which leads to high interior wall and ceiling panels, modular partitions
bonding strength and rigidity. It is loaded with and door skins.
We will focus on engaging more with architects and
Significant investments are being made to features which are best suited for making strong and
Regional MDF mix %
interior decorators and enhance relationship with strengthen team for growth. The company durable furniture and creating unique interiors. It has
channel partners to grow business volumes. expects to increase the brands visibility in Tier a unique mix of durability, look, texture, richness and 30
I cities, followed by Tier II and Tier III cities the feel of seasoned wood, with properties to replace
Green Doors
solid timber.
Robust outlook 5
Green Doors are a brand of premium quality We are increasing production of these premium MDF is a very versatile product with worldwide
borer-resistant doors from Greenply. These are products, in line with its previous years designs. application primarily in panelling. It finds use in
manufactured using a mechanised process to offer Greenply continues to focus on getting government wide range of furniture, handicraft items, display or 10
uniform thickness without undulation and warping, orders, while associating with influencers carpenters exhibition stands and signs. Further, it can be used for
along with a smooth surface for laminations. Green and interior designers to target the residential sector. ceiling, toys, carving, partitions, maritime applications
Doors deliver dimensional accuracy, stability in and educational equipment. MDF can also be used as 55
varying humidity and a high screw holding capacity. a wood substitute because of its intrinsic properties
It is resistant to high shocks and bending. which facilitates carving.
South East
North West
472 5,000 15
verage capacity utilisation at
A
the plywood manufacturing
units enhanced from 101% in
2015-16 to 108% in 2016-17 Distributors/ Retailers Branches
Stockists/Dealers
These wooden floors are easy to install and maintain. Reinforced presence with retailers and channel
Made from imported flooring grade design paper, it can partners to grow its retailer network
preserve static temperature favourable to human health.
The imports are made from worlds best paper suppliers.
Bagged several prestigious residential and
hospitality projects.
Competitive advantages
28.81% 0.18
Installation of Floormax is easy. Just snapping Robust outlook
the planks together does the job. With an increase in urbanisation and per capita income,
future homes will be high on attractiveness and
mn cubic mts.
Dust doesnt cling to the floor due to Greenplys comfort. Greenply is well-positioned to take advantage
Contribution to total Installed MDF superior technology, allowing absolutely no of this shift with attractive Floormax wooden floors. We
revenue manufacturing capacity room for dust accumulation. plan to increase the brands visibility using innovative
marketing techniques. The unique features of Floormax
Interlocking technology leaves no gaps or combined with superior technology is expected to be
crevices. The Floormax floors appear flawless. well-appreciated by users.
Competitive advantages
Average realisations dropped from ` 26,723
Indias largest and technically-advanced MDF per CBM in 2015-16 to ` 25,764 per CBM as the
The Floormax wooden floors are heat and Thus, Greenply aims to further grow its distribution
production facility company ventured into exports to build the temperature resistant resulting in no bending network for Floormax through channel partners. This
distribution network for the Andhra MDF unit and twisting of the planks. way the Company can reach a wide spectrum of its
Stringent quality measures at every stage of expected to start commercial production in FY target audiences.
the manufacturing process helps to maintain 2019
highest quality standards
Average capacity utilisation at the MDF
Wide range of products in variety of sizes and manufacturing unit enhanced from 99% in
thickness cater to different needs 2015-16 to 105% in 2016-17.
MDF is produced from 100% renewable Robust outlook
wood source With the Government of Indias stance on development,
Indian cities are growing. The Smart Cities vision has
MDF boards allow precise routing, machining helped to bring a huge shift in lifestyle of people
and finishing techniques for a superior finish residing in Tier II and Tier III cities. Rising per capita
income and upscale living standards have created a
Operational review 2016-17 huge scope for interior infrastructure space.
Increased production from 177,382 CBM in
2015-16 to 189,171 CBM in 2016-17 Greenply continues to focus on getting government
orders, while associating with influencers carpenters
Sales grew from 177,953 CBM in 2015-16 to and interior designers to target the residential sector.
184,905 CBM in 2016-17 We are working towards increasing awareness about
eco-friendly MDFs with more sustainability for interiors,
furniture and the environment across platforms.
Overall performance
FINANCE REVIEW
Analysis of the statement of profit and loss Particulars 2016-17 2015-16 Growth
Net sales (` crores) 476.74 476.08 0.1%
During 2016-17, we consolidated our operations, widened our product basket and reinforced our market
EBITDA margin (%) 27.1 28.5 -
prominence. We demonstrated a resilient performance as the industry rebounded after the demonetisation.
Production (cubic meter) 189,171 177,382 6.6%
Sales volume (cubic meter) 184,905 177,953 3.9%
Overall performance
Utilisation (%) 105 99 -
(` in crores)
Average realisation (`/cubic meter) 25,764 26,723 -
Particulars 2016-17 2015-16 Growth
Net Sales 1,654.9 1,645.7 0.6%
Gross profit 775.1 725.2 6.9% Cost analysis
Earnings Before Interest Depreciation Taxes and Amortisation 257.6 250.5 2.8% Our total operating costs reduced by 0.30% from ` 1,453.34 crores in 2015-16 to ` 1,448.89 crores in 2016-17 on account of
(EBIDTA) higher production across both divisions.
Cash profit 183.60 180.18 1.90%
Profit After Tax 135.1 131.2 3.0% Cost components
Earnings Per Share (`) 11.08 10.87 1.93% (` in crores)
Particulars 2016-17 2015-16 Growth %
We registered improvement in our margin owing to stringent cost management and stronger portfolio of Raw material including trading purchases and changes in inventory 879.72 920.51 -4.4
margin accretive value-added products. People expenses 170.74 165.43 3.2
Other Expenses 354.35 313.94 12.9
Margins Depreciation 48.53 49.01 -1.0
(%)
Particulars 2016-17 2015-16 ANALYSIS OF THE BALANCE SHEET
Gross Margin 46.8 44.1 Sources of funds
EBITDA Margin 15.6 15.2 Particulars 2016-17 % of capital 2015-16 % of capital
Net Margin 8.2 8.0 (` crores) employed (` crores) employed
Equity share capital 12.26 1.04 12.07 1.39
Divisional performance in 2016-17 Reserves and surplus 774.76 65.74 601.43 68.99
Revenue by division (%) EBITDA by division (%) Net worth 787.02 66.78 613.50 70.38
Plywood and allied products: 70.58 Plywood and allied products: 50.75 Loan funds 377.52 32.03 258.51 29.66
Medium Density Fibreboards (MDF): 28.81 Medium Density Fibreboards (MDF): 50.25 Deferred tax liability 14.02 1.19 -0.28 -0.04
Capital employed 1,178.56 100.00 871.73 100.00
Plywood and allied products
Greenply has emerged as one of the most preferred household Indian plywood brands owing to superior Key ratios
quality and its wide product range. During 2016-17, we reinforced our brand prominence and strengthened (%)
our reach. Particulars March 31, 2017 March 31, 2016
Return on Equity 17.2 16.7
Overall performance Return on Capital Employed (Pre-Tax) 17.7 18.5
Particulars 2016-17 2015-16 Growth Return on Capital Employed (Post-Tax) 13.0 13.8
Net sales (` crores) 1,167.99 1,165.36 0.2% Net Debt / Equity (x) 0.48 0.40
EBITDA margin (%) 11.2 9.4 -
Production (million sqm.) 34.93 32.60 - The drop in the return ratios may be attributed to the fact that the company has invested ` 393.32 crores in new MDF unit
in Andhra Pradesh which will commence commercial production in FY 2018-2019.
Sales volume (million sqm.) 50.30 48.25 4.2%
Utilisation (%) 108 101 -
Average realisation (`/sqm.) 229 239 -
Application of funds
(` in crores)
Medium Density Fibreboard (MDF) Particulars 2016-17 2015-16
During 2016-17, we focused on multiple influencers and customer connect programmes to spread awareness Gross block 770.08 761.77
about our products. We further strengthened our product portfolio and reported higher capacity utilisation. Capital work-in-progress 216.11 9.30
The new MDF plant is progressing as per schedule. Working capital 151.55 141.49
Efficiency ratios
leaching from open storage of wood, barks and saw Precautions against safety hazard
2016-17 2015-16 dust; and leakage and run off process chemicals and A fire hydrant (external and internal hydrants)
Inventory days 35 31
diesel fuel cause water pollution. system is laid across the plant. It reaches
Debtor days 67 74
the water jet in the plant area, in case of any
Creditor days 62 55
Blowdown from boiler and floor wash from resin plant eventuality.
Working Capital turnover ratio 40 49
is mixed in equalisation tank for further chemical
Current ratio 1.34 1.33
treatment in ETP. Liquid effluent from de-fibrater of Appropriate reserve storage of water for fire-
Quick ratio 0.98 1.01 MDF plant is mainly residual wood fibre and dissolved fighting is maintained in RCC underground
lignin in steam condensate water. tanks. The system operates as wet riser with an
Taxation HEALTH, SAFETY AND ENVIRONMENT electric driven fire pump and jokey pump. Both
Greenply is entitled to tax benefits at its manufacturing Greenply believes health, safety and environment Measures of prevention the pumps are provided with diesel generating
units at Nagaland Plywood and Uttarakhand MDF. (HSE) management goes a long way in maintaining Such effluent is screened to remove the set power supply with an auto start system. It
The plywood unit in Nagaland is entitled to refund of an organisations sustainability. The Company, thus, suspended wood fibres, used as fuel in the boilers. always keeps the system in operation.
excise duty for a period of 10 years from July 2015. demonstrates environmental and social responsibility
The Uttarakhand MDF unit is excise exempt upto at every step.
The residual water is taken for chemical In MDF plant fire detection and extinguishing
March 2020 (change expected under GST regime) treatment in ETP. Sediment solids are dried in system is installed with means of automatic
and Corporate Tax deduction to the extent of 30% of We are committed to benefit communities workforce, SDB and disposed as solid waste. operation and control. The system comprises
its profits in the MDF unit upto FY 2019. public, and environment. Our HSE objectives include water sprinklers for the wood fibre handling and
complying with all applicable laws relevant to the The filtrate water is recycled as feed water for hot press, among other features.
Our total tax liability increased from ` 41.42 crores in industry. The management believes in sharing wet scrubber, as well as for gardening within
2015-16 to ` 55.88 crores in 2016-17. responsibility with even the entry level employees the plant area and achieve zero discharge of Fire extinguishers that will fulfil the demand
in conforming to the existing laws. Furthermore, we contaminates from the plant. of the day are located at strategic locations for
Foreign exchange management believe in elevating health, safety and environment quick control. All electric panels are kept in a
We reported a ` 294.81 crore of foreign exchange aspects of people around our facilities. Hazardous solid waste well-ventilated area. A structured preventive
transactions (imports of ` 278.15 crores and ` 16.66 Wood ash from boilers is the major solid waste maintenance schedules are in place for upkeep
crores of exports) in 2016-17. During 2016-17, we Major Concerns generated from plywood plants. Besides, dry sludge of all electrical components. This is to avoid heat
incurred a forex loss of ` 3.65 crores. Air pollution from liquid effluent treatment plant also pollutes the up of the same.
Air pollution is a commonplace term in plywood environment.
HUMAN RESOURCE industry. Fugitive chemical emissions, fuels, A fire-fighting squad is available at the plant
At Greenply, we celebrate our driving force - Our particulate pollution and drying of wood contribute Measures of prevention all the time. It is trained for fire extinguishing
People. to air pollution. Greenply is committed to implement Wood ash is disposed as bio fertiliser for farming, techniques in the wood based industry.
state-of-the-art technologies to prevent air pollution. as well as ground fills in the dump yard.
Our people are the power behind our companys
Fire tender services are available in closely
success. Their commitment, skills and innovative Measures of prevention Dry sludge is stored in an appropriate shed, located fire stations of the industrial area, as part
approach has helped Greenply move forward. Our Installed Electro Specific Precipitator (ESP) in in leak-proof containers. Then it is disposed of facilities for protection in case of a major fire.
strong performance oriented culture helps to provide the plants to entrap the floating gas particles. through a contact arrangement, with a solid
a healthy work environment based on merit. We It brings down the SPM level within prescribed waste disposal dump yard agency. Health and safety measures
believe our people are our biggest assets and thus, limits of flue gas emissions through appropriate Health and safety of each individual working within
provide them with opportunities to outperform height stack. Noise pollution the plant area is a prime concern of the management.
themselves. We care for our people and value a Noise pollution from plywood industries could affect Therefore, appropriate precautions are taken in the
healthy work-life balance. Flue gas from small capacity boilers is passed the quality of life. Transportation of raw wood and area in accordance to safety norms.
through wet scrubber. It strips off the floating finished products, operation of the peeling machine
Greenply nurtures careers and goes beyond race ash particles before emitting of the gas in to the and operation of generators also contribute to noise The entire electrical panels operation area is
and gender to recognise an individuals diverse atmosphere through a chimney. pollution. provided with rubber mats. This provides safety
experience and expertise. We believe in providing against electrical shock during operation /
a supportive and collaborative environment for our
The manufacturing area is ventilated with Measures of prevention maintenance efforts.
people to deliver their best. natural draft ventilation, as well with forced Adequate measures have been implemented
draft ventilation for machines emitting hot gas. to restrict the spread of such noise by acoustic The rotating equipment is provided with safety
Our management believes training and engagement hood / enclosures. It provides mufflers for the fence / motor guards for human safety. All the
of workforce is extremely important to align them Water pollution operators. hot surface pipes / equipment are provided
with the Greenply vision. Plywood industry sometimes faces the problem of with appropriate insulation for safety to the
water pollution due to some related processes in Plant buildings are well ventilated and a high human body.
the manufacturing of plywood. Soaking of timber; roof is provided to eliminate echoes.
Appropriate work platforms and ladders are Infrastructure Upgrades: Implemented RISK MANAGEMENT
provided for operation / maintenance of the the HANA upgrade to enhance backup Our robust and effective risk management system continues to evolve. It is enabling our business to achieve
components located at heights. infrastructure for data. Further, the upgrade will its strategic objectives; and deliver sustainable, long-term growth and a commitment to responsible business
make our processes faster, secure and add more practices.
Precautionary sign boards are displayed at functionalities to the system for our team to
specific locations for awareness of the operation perform better. Our risk management approach
staff. Ear plugs, safety goggles, safety shoes,
safety helmets, safety gloves, safety masks oods and Services Tax (GST) Compatible
G
and safety gadgets (PPE), among others are Systems: Aligned all existing systems according
provided to the staff. to GST guidelines and norms. Our compatible
systems will enable a smooth transition for
Manage and mitigate Monitor And Seek
First aid boxes are made available across the Greenply 1st July onwards. Understand and Assess
the identified risks in assurance of the
plant for the primary treatment of minor the Specific risks
appropriate ways effectiveness
injuries. An ambulance is also available around Automatic Mailers: Incorporated an automatic
the clock within the plant for the transfer of an mailer system to stay in touch with Greenply
injured worker in case of an emergency. users. We will send greetings through
personalised emails on users birthdays and
INFORMATION TECHNOLOGY anniversaries. This will help us stay in a positive SLOWDOWN IN INDIAS ECONOMIC PROGRESS
Middle-class population is showcasing keen
In 2016-17, we implemented several Information light where our user concerned. MAY AFFECT THE COMPANYS GROWTH interest in spending on interior designs and
Technology (IT) initiatives across our business OPPORTUNITIES decoration in the recent years.
processes. Apart from easing day-to-day operations, Information Technology Asset Management: Mitigations
investments in IT enabled better management of Developed a set of checks for our IT assets that are Indian economy will continue to grow more than THREAT FROM THE ORGANISED PEERS AND
finance, quality and materials, among others. A robust issued to and collected from the users. This will 7.1% in 2017-18 making it one of the fastest growing UNORGANISED SECTOR MAY IMPACT GROWTH
IT setup has enabled pro-active decision-making and help us to track our IT assets and ensure their safety. economics, owing to strong government reforms. Mitigations
helped control and utilise the Company assets better. We constantly connect with our key influencers
In the year under review, the following are our major oing forward, Greenply will employ more IT enabled
G
Demonetisation also led to an increase in bank -- interior designers, architects, carpenters,
investments in IT: solutions for all its processes. In the next financial deposits enabling banks to cut lending rates. contractors and retailers to reinforce a strong
year, we have recognised the following IT systems Hence, it pushed demand for real-estate, leading brand recall.
Customer Relationship Management (CRM):
that will need our focus: to an increased demand for wood panel products.
Implemented CRM to improve relationship with Our best-in-class technologies and continuous
existing customers, finding new prospective Implementation of Human Resources
The Goods and Services Tax (GST) Bill is value-addition leads to new product
customers, and winning back former customers. Management System (HRMS): Integrate expected to be implemented by July 1, 2017, development for various price points and
This system will help in collecting, organising, HR processes with SAP on a distinctive HRMS and it is likely to lead to spurring growth, customer categories.
and managing customer information seamlessly. software for better workforce management. competitiveness, indirect tax simplification and
greater transparency. Implementation of GST is likely to accelerate the
Gate-entry Module: Implemented the gate- overnance Risks and Compliance (GRC):
G shift from unorganised to organised plywood,
entry module to maintain automated gate Apply GRC software for stabilisation and FALL IN DISPOSABLE INCOME COULD DENT as the same would address the complexities
registers for entry/exit of vehicles at plant gates. compliance role will enable seamless application GROWTH and inefficiencies of the current indirect tax
It will help regulate frauds while moving goods of guidelines and norms. Mitigations framework and reduce the price differential
to and from factories. India is witnessing a rise in household incomes between the branded and unbranded players.
reasury Risk Management: Implementing IT
T across urban and rural landscape. Moreover,
Complaint
Management: Implemented solutions for treasury risk management will help there has been a growth in the number of We command 26% of the organised plywood
automation in complaint management us manage the Companys financial activities nuclear families. These factors drive growth of market and 30% of the MDF market.
enabling us find quick solutions to consumer better. plywood and MDF products.
complaints. The automated system will help INEFFECTIVE MARKETING EFFORTS MAY DENT
complaints reach the concerned department Business Intelligence Tool: Application of
Rising discretionary income and surging MARKET SHARE
directly without any delays. business intelligence tool to help users get middle-class population in India has resulted Mitigations
reports as per requirements. into increasing the affordability of the branded Our proactive brand building exercises for all
Master Data Management (MDM) Tool:
and better-quality plywood and MDF. influencer group has helped us create significant
Implemented MDM tool to streamline data sharing Production Planning: Implement production brand traction.
among personnel and departments. This will help planning in all our activities to utilise the Surging demand for commercial office spaces
in maintaining seamless workflow, and save time Companys full potential using automated particularly, in metro cities will drive demand We are enhancing digital media avenues to
in operations and daily activities of the Company. production techniques. for building material. reach out to more customers.
Presence across 21 states with pan-India INABILITY TO UPGRADE PEOPLE POTENTIAL To
marketing network with 39 branch offices and MAY HINDER THE COMPANYS PROGRESS The Members,
over 5000 influencers like distributors, dealers, Mitigations
stockists, sub-dealers and retailers reinforce our We conducted multiple competence building Your Directors have pleasure in presenting their 27th Annual Report on the business and operations of the
prominence. initiatives for all employees, enabling capability Company along with the Audited Accounts of the Company for the Financial Year ended March 31, 2017.
building.
DIVERGENCE FROM QUALITY STANDARDS FINANCIAL HIGHLIGHTS
COULD LEAD TO ATTRITION AMONG
Ensured an amicable working environment The financial performance of your Company, for the year ended March 31, 2017 is summarized below:
CONSUMERS across all our operating locations.
Mitigations (` in lacs)
Our quality team ensures strict adherence to
Conduct multiple employee engagement Particulars 2016-17 2015-16
quality parameters from raw material to finished initiatives to keep our team motivated and Standalone Consolidated Standalone Consolidated
products. ready to deliver. Turnover 176882.53 177344.71 171349.48 171311.01
Profit before finance charges, Tax, Depreciation/ 25759.72 25090.24 25050.32 24875.55
Best-in-class technologies and advanced LACK OF SUFFICIENT FUNDS COULD HINDER Amortization (PBITDA)
manufacturing equipment ensure superior SEAMLESS DAY-TO-DAY OPERATIONS Less: Finance Charges 1811.77 1891.94 2891.07 2938.78
quality products. Mitigations Profit before Depreciation/Amortization (PBTDA) 23947.95 23198.30 22159.25 21936.77
Our receivable cycle improved to 67 days of Less: Depreciation 4853.09 5066.28 4900.94 4968.40
Our products meet quality standards such as CE, turnover compared to 74 days in 2015-16. Net Profit before Taxation (PBT) 19094.86 18132.02 17258.31 16968.37
FSC (COC), IGBC and BIS. Provision for taxation 5587.65 5587.65 4141.66 4141.66
Our current and quick ratio stood at 1.34 and Profit/(Loss) after Taxation (PAT) 13507.21 12544.37 13116.65 12826.71
UNAVAILABILITY OF KEY RAW MATERIALS 0.98, respectively. Transfer to General Reserve 6500.00 6500.00 6500.00 6500.00
COULD IMPACT BUSINESS OPERATIONS
Mitigations We are associated with a consortium of five RESULT OF OPERATIONS AND THE STATE OF Company continuously trying to locate new markets
All our facilities are proximate to raw material banks, providing working capital loans. COMPANYS AFFAIRS for its business venture of trading in wallpaper of
sources. During the year under review, your Company posted different categories, sourced from various overseas
Our debt-equity ratio (including capital a stable performance with revenue of ` 176882.53 suppliers and marketed in India under the Companys
We maintain a large inventory of key raw employed in expansion projects) was 0.48 at the lacs as against ` 171349.48 lacs in the previous year. brand.
materials and are also adding new vendors to close of 2016-17. Profit for the year 2016-17 was ` 13507.21 lacs as
diversify our vendor base. against ` 13116.65 lacs in the previous year. OUTLOOK AND EXPANSION
INTERNAL CONTROL SYSTEMS AND THEIR The Companys pan-India distribution network ensures
We have strong vendor relationships through ADEQUACY Exports during the year 2016-17 was ` 2738.49 easy availability of products in almost every part of
direct dealings and prompt payments, ensuring The Company has in place robust internal control lacs. Your Company is continuously trying to locate India. The Companys outlook remains favourable
regular supply. procedures commensurate with its size and new export markets for its products and see good on account of its product integration capabilities,
operations. The Companys internal control potential for growth in the exports business. As per increasing brand visibility and the continuous
INEFFECTIVE COST CONTROL MEASURES COULD system is designed to ensure management the consolidated financial statements, the revenue support from its stakeholders. Wood panel market is
DAMPEN OUR PROGRESS efficiency, measurability and verifiability, reliability from operation and profit for the year 2016-17 were one of the major verticals of the interior infrastructure,
Mitigations of accounting and management information, ` 177344.71 lacs and ` 12544.37 lacs respectively as comprising materials used in building furniture. Such
We derive benefits from economies of scale in compliance with all applicable laws and against ` 171311.01 lacs and ` 12826.71 lacs in the materials include plywood, engineered wood panels
procuring raw materials and consumables. regulations, and the protection of the Companys previous year. and decorative surface products. Your Company is
assets. This is to timely identify and manage the currently operating primarily in the structural sphere
We renegotiated rates with all vendors for all key C
ompanys risks (operational, compliance-related, Your Company continues to retain and reinforce of interior infrastructure domain with almost all
raw materials, stores and spares; and progressed economic and financial). its market share under organised sector with a pan the products in its basket catering to the structural
to more optimised costs. India distribution network comprising of distributors/ needs of the customers. The demand for readymade
dealers and retailers. Your Company is the preferred furniture, manufactured with engineered panels
e undertook various efficiency enhancing
W partner of choice for a large number of offices and like MDF, is rapidly growing. The real estate industry
initiatives across all our plant to rationalise home builders, having a comprehensive product is one of the most significant growth drivers for the
costs. portfolio servicing clients at every point of the price plywood sector. Your company also focused on the
spectrum. Your Company is present across different value added products to improve margin. Goods and
price points to cater to the needs of all customers Services (GST) Tax scheduled to be effective from 1st
across the high-end, mid-market and value-for- July, 2017 is expected to bolster the economy with a
money segments. During the year under review, your simplified indirect tax system and more competitive
and transparent markets.
Indian furniture industry is one of the worlds In respect of setting-up of a new unit in Sandila Holdings Pte. Ltd., Singapore and Greenply Middle Above credit rating reflects Companys commitment
largest furniture markets. It is primarily driven Industrial Area, Sandila, Dist: Hardoi, Uttar Pradesh for East Limited, Dubai, UAE, wholly owned subsidiaries and capability to persistent growth through prudence
by a substantial middle-class population, rapid manufacturing of Plywood and its allied products, the to overall performance of the Company during the and focus on financial discipline.
urbanisation, favourable demographics, increasing Company has made an application for the allotment year under review is mentioned in Note no. 4.1 of the
per capita income and growing nuclear families. This of land with respective government authority. Consolidated Financial Statements. DIVIDEND
will encourage strong demand growth for plywood Your Directors recommend a final dividend of 60%
and MDF. Reconstituted wood products, such as Your Directors are confident of achieving better CHANGE(S) IN THE NATURE OF BUSINESS i.e. ` 0.60 per equity share (previous year 60% i.e.
plywood, board and medium density fibreboards results in the coming years. There has been no change in the nature of business ` 0.60 per equity share of ` 1/-) on the Companys
are likely to be used increasingly by consumers, real of the Company. 122627395 equity shares of ` 1/- each for financial
estate developers, furniture makers, railways and SUBSIDIARIES AND JOINT VENTURE year 2016-17. The final dividend on the equity shares,
defence, are among others users. Innovations and use Presently, your Company has three overseas wholly CONSOLIDATED FINANCIAL STATEMENTS if declared as above, would involve an outflow of
of technology shall help the wood industry to grow owned subsidiaries viz.(i) Greenply Trading Pte. For the period under review, the Company has ` 735.76 lacs towards dividend and ` 149.78 lacs
profitably, and leverage opportunities in the future. Ltd., Singapore, engaged in the business of trading consolidated the financial statements of its wholly towards dividend distribution tax, resulting in a total
and marketing of veneers, panel products, wooden owned subsidiaries viz. Greenply Trading Pte. Ltd., outflow of ` 885.54 lacs.
Going forward, there is an increasing shift being flooring & allied products and also investments in Singapore, Greenply Holdings Pte. Ltd., Singapore
witnessed towards the organised sector owing to companies engaged in manufacturing and trading and Greenply Middle East Limited, Dubai (UAE). In TRANSFER TO RESERVES
brand and quality awareness. With wider choice, of said products.(ii) Greenply Holdings Pte. Ltd., accordance with third proviso of Section 136(1) of Your Directors propose to transfer ` 6500 lacs to the
product innovation and warranty, being offered by Singapore, with the objective to hold the investment the Companies Act, 2013, the Annual Report of the General Reserve.
organised players, customers are putting more focus (presently held by Greenply Trading Pte. Limited, Company, containing therein its standalone and the
on this segment. Singapore) in Greenply Alkemal (Singapore) Pte. Ltd., consolidated financial statements has been placed CHANGES IN SHARE CAPITAL
Singapore. (iii) Greenply Middle East Limited, Dubai, on the website of the Company, www.greenply.com. Pursuant to a special resolution passed by the
In respect of setting-up of new MDF manufacturing UAE, with the objective to manage, control and hold Further, as per fourth proviso of the said section, members of the Company, through postal ballot
unit in Chittoor, Andhra Pradesh, necessary steps investment in Greenply Gabon SA, Gabon, West Africa audited annual accounts of the subsidiary companies voting (including e-voting) process on 31st July, 2016
are being taken to obtain the remaining statutory and general trading business. and Joint Venture Company have also been placed (the last date specified by the Company for receipt of
approvals/licenses to set-up the Unit. Contracts on the website of the Company, www.greenply.com. duly completed postal ballot forms or e-voting), for
with the principal Process Equipment Suppliers, Further, your Company has an overseas step-down Shareholders interested in obtaining a copy of the issuance of equity shares including convertible bonds/
Engineering Consultancy Services, major Civil & wholly owned subsidiary viz. Greenply Gabon SA, audited annual accounts of the subsidiary companies debentures through Qualified Institutional Placement
Fabrication contractors, major Electrical Contractors Gabon, West Africa, (Subsidiary of Greenply Middle and Joint Venture Company may write to the Company (QIP) and / or depository receipts and / or any other
& Suppliers have been executed/ are in the process East Limited, Dubai, UAE) with the objective to Secretary at the Companys registered office. A modes for an amount not exceeding ` 1000 million,
of execution. Civil construction and Structural work manage and control the proposed veneer, lumber statement containing salient features of the financial the Company has issued and allotted 19,45,525
are in progress. Majority of the imported machineries and panel products manufacturing unit at Nkok SEZ statements of subsidiary/associate companies/joint equity shares of face value of ` 1 each through QIP
have reached the project site and the same are under in Gabon, West Africa. venture in form AOC -1 is annexed to this Report. to Qualified Institutional Buyers at the issue price of
process of installation. The said facility is expected to ` 257 per equity share, aggregating to ` 49,99,99,925.
be commissioned in FY 2019. Your Company also has one overseas joint venture CREDIT RATING Accordingly, issued, subscribed & paid up share
namely Greenply Alkemal (Singapore) Pte. Ltd. (a joint During the year Credit Analysis and Research Ltd. capital of the Company has been increased from `
In respect of setting-up of new Veneer, Lumber and venture company of Greenply Industries Limited, (CARE)and India Ratings & Research have re- 1206.82 lacs (12,06,81,870 equity shares of ` 1 each) to
Panel products manufacturing unit at Nkok SEZ, India through its wholly owned subsidiary Greenply affirmed our external credit rating for both long term ` 1226.27 lacs (12,26,27,395 equity shares of ` 1 each).
Gabon, West Africa, through step-down wholly owned Trading Pte.Ltd., Singapore and Alkemal Singapore and short term borrowings as detailed below: The objects of the QIP was to use the gross proceeds
subsidiary Greenply Gabon SA, the construction of Pte. Ltd., Singapore) engaged in the business of of the issue for the purpose of setting-up new MDF
the first shed has been completed. Peeling lines along trading and marketing of commercial veneers and Rating Agency Instrument Rating manufacturing unit in Chittoor, Andhra Pradesh.
with dryers and other ancillary machineries have panel products. Further, the joint venture Company CARE Banking Facilities Long CARE AA- Pursuant to Regulation 32 of the Listing Regulations,
arrived at the project site and installed. Raw material also control the Myanmar based Company, which Term your directors confirm that there has been no deviation
has begun to arrive at the site and trial runs is under is engaged in the business of manufacturing and CARE Banking Facilities Short CARE A1+ in the use of QIP proceeds from the objects stated in
process. The unit will start commercial production of trading of veneer and lumber. Term the Placement Document dated August 12, 2016.
Veneer shortly. CARE Short Term Debt (including CARE A1+
The statement in form AOC-1 containing the salient Commercial Paper) DIRECTORS AND KEY MANAGERIAL PERSONNEL
In respect of setting-up of a new unit adjacent to the features of the financial statements of subsidiaries/ In accordance with the provisions of the Companies
India Ratings & Banking Facilities Long IND AA-
existing unit of the Company in Bamanbore, Gujarat, associate companies/joint ventures pursuant to Research Term Act, 2013 and the Articles of Association of the
for manufacturing of decorative plywood/decorative first proviso to sub-section (3) of section 129 read Company, Mr. Shiv Prakash Mittal [DIN: 00237242],
India Ratings & Banking Facilities Short IND A1+
veneers, the Company has discussed with vendors with rule 5 of Companies (Accounts) Rules, 2014 is Research Term
Executive Chairman of the Company, will retire by
and finalized the machineries and civil construction annexed to this Report. Further, the contribution rotation at the ensuing Annual General Meeting and
India Ratings & Short Term Debt (including IND A1+
work for the upcoming unit. of Greenply Trading Pte. Ltd., Singapore, Greenply is eligible for re- appointment.
Research Commercial Paper)
The Board of Directors at their meeting held on 24th out the annual performance evaluation of the MANAGERIAL REMUNERATION
January, 2017, subject to approval of members of the Directors individually as well as evaluation of the As per the provisions of Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies
Company has accorded their approval to re-appoint working of the Board and of the Committees of the (Appointment and Remuneration of managerial personnel) Rules, 2014, the Company is required to disclose
Mr. Shiv Prakash Mittal as the Executive Chairman Board, by way of individual and collective feedback the following information in the Boards Report.
of the Company for a further period of 5 years w.e.f. from Directors.
01.02.2017 on the existing terms and conditions (a) ratio of the remuneration of each director to the median remuneration of the employees of the Company
including remuneration. During the proposed tenure Pursuant to Para VII of Schedule IV of the Companies for the financial year;
commencing w.e.f. 01.02.2017, Mr. Shiv Prakash Act, 2013 and Listing Regulations, a meeting of the
Mittal would be attaining the age of 70 years and Independent Directors of the Company was convened Name Designation Ratio to median remuneration of
hence, his re-appointment would require approval of on March 16, 2017 to perform the following: employees
members of the Company by way of passing of special Mr. Shiv Prakash Mittal Executive Chairman 347.45
resolution in terms of Part I of Schedule V of the review the performance of non-independent Mr. Rajesh Mittal Managing Director 339.60
Companies Act, 2013. The same was recommended directors and the Board as a whole; Mr. Shobhan Mittal Joint Managing Director & CEO 228.83
to the Board of Directors by the Nomination and Mr. Moina Yometh Konyak Non-executive Director 6.42
Remuneration Committee at its meeting held on 24th review the performance of the Chairperson of Mr. Susil Kumar Pal Independent Director 6.42
January, 2017. The detailed terms and conditions the Company, taking into account the views of Mr. Vinod Kumar Kothari Independent Director 6.42
including remuneration have been mentioned in executive directors and non-executive directors; Mr. Anupam Kumar Mukerji Independent Director 6.42
the Notice convening 27th Annual General Meeting. Ms. Sonali Bhagwati Dalal Independent Director 6.42
Further, the details of Mr. Shiv Prakash Mittal [DIN: Assess the quality, quantity and timeliness of Mr. Upendra Nath Challu Independent Director 6.42
00237242] as required under Listing Regulations flow of information between the Company
and SS-2 have also been provided in the Corporate management and the Board that is necessary (b) percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer,
Governance Report and the Notice of 27th Annual for the Board to effectively and reasonably Company Secretary or Manager, if any, in the financial year;
General Meeting. perform their duties.
Name Designation % increase
During the year under review, the Company has Further, the Nomination and Remuneration Mr. Shiv Prakash Mittal Executive Chairman 05.32
received all necessary approvals from the concerned Committee also evaluated the performance of all the Mr. Rajesh Mittal Managing Director 05.45
authorities regarding re-appointment of Mr. Shobhan directors of the Company. Mr. Shobhan Mittal Joint Managing Director & CEO -19.21
Mittal [DIN: 00347517] as a Joint Managing Director Mr. Moina Yometh Konyak Non-executive Director 00.00
& CEO of the Company for a period of five years with The criteria for evaluation are briefly provided below: Mr. Susil Kumar Pal Independent Director 00.00
effect from September 1, 2016. Mr. Vinod Kumar Kothari Independent Director 00.00
a. For Independent Directors: Mr. Anupam Kumar Mukerji Independent Director 00.00
None of the Directors of your Company is disqualified - General parameters Ms. Sonali Bhagwati Dalal Independent Director 00.00
under the provisions of Section 164(2)(a) & (b) of the - Roles & responsibilities to be fulfilled as an Mr. Upendra Nath Challu Independent Director 00.00
Companies Act, 2013. Independent director Mr. Vishwanathan Venkatramani Chief Financial Officer 06.00
- Participation in Board process. Mr. Kaushal Kumar Agarwal Company Secretary & Vice President-Legal 08.00
DECLARATION BY INDEPENDENT DIRECTORS
The Independent Directors of the Company have b. For Executive & Non-executive Directors: (c) percentage increase in the median remuneration any exceptional circumstances for increase in
given their declarations to the Company to the effect - Governance of employees in the financial year 2016-17; the managerial remuneration;
of meeting the criteria of independence as provided - Strategy
in Section 149 (7) read with Section 149(6) of the - Stakeholder focus 06.58 7.81% (non-Managerial personnel) - 1.37%
Companies Act, 2013 and Listing Regulations. - Communication & influence (Managerial Personnel)
- Quality or capability (d) number of permanent employees on the rolls of
MEETINGS OF THE BOARD OF DIRECTORS - Performance improvement Company; (f ) We hereby affirm that the remuneration paid
Six (6) Board Meetings were held during the financial - Financial & risk awareness to the Executives is as per the Remuneration
year ended 31st March, 2017. The details of the Board 3451 Policy of the Company approved by the Board
Meetings with regard to their dates and attendance The Directors expressed their satisfaction with the of Directors.
of each of the Directors there at have been provided evaluation process. (e) average percentile increase already made
in the Corporate Governance Report. in the salaries of employees other than the (g) Managing Directors and Whole-time Directors
FAMILIARISATION PROGRAMME managerial personnel in the last financial of the Company do not receive any commission
PERFORMANCE EVALUATION The details of the familiarisation programme year and its comparison with the percentile from its subsidiary companies. However,
Pursuant to the provisions of the Companies Act, undertaken have been provided in the Corporate increase in the managerial remuneration and Mr. Shobhan Mittal, Joint Managing Director &
2013 and Listing Regulations, the Board has carried Governance Report along with the web link thereof. justification thereof and point out if there are
CEO of the Company is drawing remuneration the internal audit department, staffing and seniority AUDIT COMMITTEE for succession planning. In addition, it is intended to
from Greenply Trading Pte. Ltd., WOS of the of the official, heading the department, reporting The Companys Audit Committee comprises of four ensure that
Company. structure coverage and frequency of internal audit. Non-Executive Independent Directors viz. Mr. Susil
Kumar Pal, Mr. Vinod Kumar Kothari, Mr. Anupam a) the Company is able to attract, develop and retain
All elements of remuneration package as SECRETARIAL AUDITOR Kumar Mukerji and Mr. Upendra Nath Challu and high-performing and motivated Executives in a
required under Listing Regulations have been The Board of Directors of the Company had two Executive-Promoter Directors viz. Mr. Rajesh competitive international market;
provided in the Corporate Governance Report. appointed M/s. Nidhi Bagri & Company, Practising Mittal and Mr. Shobhan Mittal.The Committee inter-
Company Secretary (Membership No. ACS 24765/COP alia reviews the Internal Control System, reports of b) the Executives are offered a competitive and
STATUTORY AUDITORS AND THEIR REPORT No.9590), Kolkata, to conduct Secretarial Audit for the Internal Auditors, compliance of various regulations market aligned remuneration package, with
As per the provisions of Section 139 of the Companies financial year 2016-17. The Secretarial Audit Report and evaluates the internal financial controls and risk fixed salaries being a significant remuneration
Act 2013, the term of office of M/s. D. Dhandaria & of M/s. Nidhi Bagri & Company, Practising Company management system of the Company. The Committee component, as permissible under the Applicable
Company, Chartered Accountants (Firm Registration Secretary, in Form MR-3, for the financial year ended also reviews at length the Financial Statements and Law;
no. 306147E), as Statutory Auditors of the Company 31st March, 2017, is annexed to this report. results before they are placed before the Board.
will conclude from the close of the forthcoming The terms of reference of the Audit Committee and c) remuneration of the Executives are aligned with
Annual General Meeting of the Company. The Board RESPONSE TO SECRETARIAL AUDITORS other details have been provided in the Corporate the Companys business strategies, values, key
of Directors places on record its appreciation for the OBSERVATION Governance Report. priorities and goals.
services rendered by M/s. D. Dhandaria & Company as It has been observed by the Secretarial Auditor that
the Statutory Auditors of the Company. during the financial year 2016-17, the Company has VIGIL MECHANISM In framing the aforesaid Remuneration Policy, the
spent ` 226.84 Lacs towards CSR activities, which is In pursuance to the provisions of section 177(9) Nomination and Remuneration Committee ensures
Subject to the approval of the Members, the Board less than 2% of the average net profit of last 3 financial & (10) of the Companies Act, 2013 and erstwhile that a competitive remuneration package for all
of Directors of the Company has recommended years. In response to the same, your Company would equity listing agreement, a vigil mechanism or Executives is maintained and is also benchmarked
the appointment of M/s. B S R & Co. LLP, Chartered like to submit that during the year under review, the Whistle Blower Policy for directors and employees with other companies operating in national and
Accountants (ICAI Firm Registration No. 101248W/W- Company has undertaken CSR activities directly and to report genuine concerns had been established global markets.
100022) as the Statutory Auditors of the Company through its Trust namely GREENPLY FOUNDATION. and implemented. The policy safeguards the whistle
pursuant to Section 139 of the Companies Act, The Trust has utilized unspent amount lying with blowers to report concerns or grievances and also The nomination of the Independent Directors of the
2013. Members attention is drawn to a Resolution it as on 31.03.2016 for the CSR activities. Further, provides a direct access to the Chairman of the Audit Company shall be in accordance with the principles
proposing the appointment of M/s. B S R & Co. LLP, to maintain the integrity of CSR expenditure, the Committee. During the year under review none of the as stated under the said Policy.
Chartered Accountants (ICAI Firm Registration No. Company has transferred ` 240.00 lacs to the Trust personnel has been denied access to the Chairman of
101248W/W-100022) as Statutory Auditors of the during FY 2016-17. The Company has spent ` 226.84 the Audit Committee. The policy has been uploaded The assessment for Functional Heads are done on
Company which is included at Item No.4 of the Notice lacs towards CSR activities (directly and through on the website of the Company and is available at the the basis of below parameters by the concerned
convening the Annual General Meeting. Trust-Greenply Foundation) during the year, which weblink at http://www.greenply.com/images/pdf/ interview panel of the Company
is less than the minimum allocation of CSR being Vigil_Mechanism_Policy.pdf. a) Competencies
The Notes on Financial Statements referred to in the 2% of the average net profit of last 3 financial years b) Capabilities
Auditors Report are self-explanatory and, therefore, amounting to ` 307.26 lacs in total. Though the NOMINATION AND REMUNERATION c) Compatibility
do not call for further clarification. The Auditors Company has actually contributed more than the COMMITTEE d) Commitment
Report for Financial Year ended March 31, 2017 does aforesaid amount of minimum allocation during The Companys Nomination and Remuneration e) Character
not have any qualifications. FY 2016-2017 , however, the same could not be Committee comprises of three Non-Executive f ) Strong interpersonal skills
fully u tilized by few Implementing Agencies as on Independent Directors viz. Mr. Susil Kumar Pal, g) Culture among others.
COST AUDITORS 31.03.2017. The Trust has also earned ` 7.01 lacs Mr. Vinod Kumar Kothari, Mr. Anupam Kumar Mukerji
During the year under review, cost audit was not on temporary investment with Banks during FY and one Executive-Promoter Director Mr. Shiv The various remuneration components would be
applicable to the Company. 2016-17. The unutilized fund lying with the Trust as Prakash Mittal. The Remuneration Policy of the combined to ensure an appropriate and balanced
on 31.03.2017 amounting to ` 144.84 lacs (net of Company is uploaded on the website of the Company. remuneration package.
INTERNAL AUDITOR liabilities of ` 0.45 lacs) and unutilized fund lying with The weblink is http://www.greenply.com/images/
The Company has in-house Internal Audit team the Implementing Agencies as on 31.03.2017 will be pdf/Greenply-remuneration-policy.pdf. The terms of The five remuneration components are -
headed by qualified and experienced Executive. The used for CSR activities along with fresh funding, if any, reference and other details of the Nomination and
scope, functioning, periodicity and methodology from the Company, during FY 2017-18. The Company Remuneration Committee has also been provided fixed remuneration (including fixed supplements)
for conducting internal audit were approved by is committed to the underlying intent of CSR and is in the Corporate Governance Report. However, brief
performance based remuneration (variable
the Board of Directors and reviewed by the Audit optimistic of meeting its obligations under section outline of the Remuneration Policy is as follows:
salary)
Committee from time to time. Further, the Audit 135 of the Companies Act, 2013 and thereby make a
committee discussed and reviewed the adequacy positive impact on the society. The Remuneration Policy applies to all the pension schemes, where applicable
of internal audit function, including the structure of Executives of the Company. The Policy also helps the
other benefits in kind
Company to attain Board diversity and creates a basis
severance payment, where applicable
The fixed remuneration is determined on the material or severe depending on their impact on policies, procedures and structure for appropriate INDIAN ACCOUNTING STANDARDS (IND AS)
basis of the role and position of the individual, turnover, profit after tax and return on capital internal financial controls across the company. These IFRS CONVERGED STANDARDS
including professional experience, responsibility, job employed. A risk library wherein the Company has control processes enable and ensure orderly and Your Company has adopted Ind AS with effect from
complexity and local market conditions. allotted scores to the risks based on risk significance efficient conduct of Companys business, including April 1, 2016 pursuant to Ministry of Corporate Affairs
and risk likelihood. On the basis of risk scores the safeguarding of assets, prevention and detection of notification dated February 16, 2015 notifying the
The performance-based remuneration motivates Company has identified few material risks for the frauds and errors, the accuracy and completeness Companies (Indian Accounting Standard) Rules, 2015.
and rewards high performers who significantly organisation. The risks scores were initially done at of the accounting records and timely preparation &
contribute to sustainable results, perform according the level of Operational Heads of Finance & Accounts, disclosure of financial statements. Review and control INSURANCE
to set expectations for the individual in question, and Sales, Production and HR and finally assessment was mechanisms are built in to ensure that such control Your Companys properties, including building,
generates stakeholder value within the Group. done based on scores given by an internal committee systems are adequate and operating effectively. The plant, machineries and stocks, among others, are
of the Company. However, the risks are dynamic and Audit Committee evaluated the internal financial adequately insured against risks.
Any fee/remuneration payable to the Non-Executive the Company will be adding new risks and removing controls based on the following criteria:
directors of the Company shall abide by the following some of the existing risks as and when the Company PARTICULARS OF LOANS/ADVANCES/
norms develop solutions for the existing risks. Accordingly, 1. Systems have been laid to ensure that all INVESTMENTS AS REQUIRED UNDER SCHEDULE
the Company has in place a mechanism to identify, transactions are executed in accordance V OF THE LISTING REGULATIONS
i. If any such director draws or receives, directly assess, monitor and mitigate various risks to key with managements general and specific The details of related party disclosures with respect
or indirectly, by way of fee/remuneration any business objectives. The Audit Committee of the authorization. There are well-laid manuals for to loans/advances/investments at the year end and
such sums in excess of the limit as prescribed or Board evaluating risks management policy of the such general or specific authorization. maximum outstanding amount thereof during the
without the prior sanction, where it is required, company on quarterly basis. year as required under Part A of Schedule V of the
under the Applicable law such remuneration 2. Systems and procedures exist to ensure that Listing Regulations have been provided in the notes
shall be refunded to the Company and until EXTRACT OF THE ANNUAL RETURN all transactions are recorded as necessary to to the Financial Statements of the Company.
such sum is refunded, hold it in trust for the The extract of Annual Return as required under permit preparation of financial statements in
Company. The Company shall not waive the section 134(3) (a) of the Companies Act, 2013 read conformity with generally accepted accounting LOANS/ADVANCES, GUARANTEE AND
recovery of any sum refundable to it; with Rule 12(1) of the Companies (Management and principles or any other criteria applicable to INVESTMENTS UNDER SECTION 186 OF THE
Administration) Rules, 2014 in Form No. MGT-9, is such statements, and to maintain accountability COMPANIES ACT, 2013
ii. Such directors may receive remuneration by annexed to this Report. for aspects and the timely preparation of reliable Details of loans/advances granted, guarantees given
way of fee for attending meetings of the Board financial information. and investments made during the year under review,
or Committee thereof or for any other purpose MATERIAL CHANGES AND COMMITMENTS covered under the provisions of Section 186 of the
whatsoever as may be decided by the Board, as There have been no material changes and 3. Access to assets is permitted only in accordance Companies Act, 2013 are annexed to this Report.
permissible under Applicable law; commitments affecting the financial position of the with managements general and specific
Company since the close of financial year i.e. since authorization. No assets of the Company are DEPOSITS
iii. An independent director shall not be entitled to 31st March, 2017 till the date of this Report. Further, it allowed to be used for personal purposes, During the financial year 2016-17, the Company did
any stock option and may receive remuneration is hereby confirmed that there has been no change in except in accordance with terms of employment not invite or accept any deposits from the public
only by way of fees and reimbursement of expenses the nature of business of the Company. or except as specifically permitted. under Section 76 of the Companies Act, 2013.
for participation in meetings of the Board or
Committee thereof and profit related commission, SIGNIFICANT AND MATERIAL ORDERS PASSED 4. The existing assets of the Company are verified/ RELATED PARTY TRANSACTIONS
as may be permissible by the Applicable law. BY THE REGULATORS / COURTS / TRIBUNALS checked at reasonable intervals and appropriate There are no materially significant related party
IMPACTING THE GOING CONCERN STATUS AND action is taken with respect to any differences, transactions made by the Company which may have
Apart from above, the Policy also entitles Executives THE COMPANYS OPERATIONS IN FUTURE if any. potential conflict with the interest of the Company.
to a severance fee. As such there is no significant and material order Related party transactions that were entered into
has been passed by any Regulator/Court/Tribunals 5. Proper systems are in place for prevention and during the year under review were on arms length
STAKEHOLDERS RELATIONSHIP COMMITTEE impacting the going concern status and the detection of frauds and errors and for ensuring basis and were in ordinary course of business. The
The Stakeholders Relationship Committee comprises Companys operation in future. adherence to the Companys policies. Particulars of material related party transaction is
two Promoter Directors viz. Mr. Rajesh Mittal and Mr. provided in Form AOC-2 as required under section
Shobhan Mittal and two Non-Executive Independent INTERNAL FINANCIAL CONTROLS A report on the internal financial controls under 134(3)(h) of the Companies Act, 2013 read with Rule
Directors viz. Mr. Anupam Kumar Mukerji and Mr. Your Company has, in all material respects, an clause (i) of sub-section 3 of Section 143 of the 8(2) of the Companies (Accounts) Rules, 2014. Further,
Susil Kumar Pal. The detailed terms of reference and adequate internal financial controls system over Companies Act, 2013 issued by M/s. D. Dhandaria & suitable disclosure as required by the Accounting
other details of the Committee has been provided in financial reporting and such internal financial Company, Chartered Accountants, Statutory Auditors Standards (Ind AS 24) has been made in the notes to
the Corporate Governance Report. controls over financial reporting are operating of the Company is attached with their Independent the Financial Statements. The Board has approved a
effectively based on the internal control over financial Auditors report and the same is self-explanatory. policy for related party transactions which has been
RISK MANAGEMENT POLICY reporting criteria established by the Company
On the basis of risk assessment criteria, your Company considering the essential components of internal
has identified risks as minor/moderate/important/ control. Your Company had laid down guidelines,
uploaded on the Companys website. The web link 31.03.2016 for the CSR activities. Further, to maintain (iii) the directors had taken proper and sufficient care BUSINESS RESPONSIBILITY REPORT
as required under Listing Regulations is as under: the integrity of CSR expenditure, the Company for the maintenance of adequate accounting The Business Responsibility Report, describing the
http://www.greenply.com/images/pdf/Related- has transferred ` 240.00 lacs to the Trust during records in accordance with the provisions of this initiatives taken by the Company during the period
Party-Transaction(s)-Policy.pdf FY 2016-17. The Company has spent ` 226.84 lacs Act for safeguarding the assets of the company under review from an environmental, social and
towards CSR activities (directly and through Trust- and for preventing and detecting fraud and governance perspective, has been annexed to this
CORPORATE GOVERNANCE Greenply Foundation) during the year, which is less other irregularities; Report in the format suggested under the Listing
Your Company is committed to observe good than the minimum allocation of CSR being2% of the Regulations.
Corporate Governance practices. The report on average net profit of last 3 financial years a mounting (iv) the directors had prepared the annual accounts
Corporate Governance for the financial year ended to ` 307.26 lacs in total. Though the Company on a going concern basis; FRAUD REPORTING
March 31, 2017, as per Regulation 34(3) read with has actually contributed more than the aforesaid There have been no frauds reported by the Auditors
Schedule V of the Listing Regulations forms part of amount of minimum allocation during FY 2016-2017 (v) the directors had laid down internal financial of the Company to the Audit Committee or the Board
this Annual Report and annexed to this Report. The , however, the s ame could not be f ully utilized by few controls to be followed by the company and that of Directors under sub-section (12) of section 143 of
requisite certificate from Statutory Auditors, M/s. Implementing Agencies as on 31.03.2017. The Trust such internal financial controls are adequate the Companies Act, 2013 during the financial year.
D. Dhandaria & Company, Chartered Accountants has also earned ` 7.01 lacs on temporary investment and were operating effectively and
confirming compliance with the conditions of with Banks during FY 2016-17. The unutilized fund DISCLOSURES WITH RESPECT TO DEMAT
corporate governance, is attached to this Report on lying with the Trust as on 31.03.2017 amounting (vi) the directors had devised proper systems to SUSPENSE ACCOUNT/ UNCLAIMED SUSPENSE
Corporate Governance. to ` 144.84 lacs (net of liabilities of ` 0.45 lacs) and ensure compliance with the provisions of all ACCOUNT
unutilized fund lying with the Implementing Agencies applicable laws and that such systems were The relevant details in this regard have been provided
MANAGEMENT DISCUSSION AND ANALYSIS as on 31.03.2017 will be used for CSR activities along adequate and operating effectively. in the Corporate Governance Report annexed to this
REPORT with fresh funding, if any, from the Company, during Report.
The Report on Management Discussion and Analysis FY 2017-18. The Company is committed to the CEO AND CFO CERTIFICATION
Report as required under Listing Regulations forms underlying intent of CSR and is optimistic of meeting Pursuant to the Listing Regulations, the CEO and PARTICULARS OF EMPLOYEES
part of this Annual Report and is annexed to this its obligations under section 135 of the Companies CFO certification is attached with the Annual Report. The information required under section 197 of the
Report. Certain Statements in the said report may Act, 2013 and thereby make a positive impact on the The Joint Managing Director &CEO and the Chief Companies Act, 2013 read with Rule 5(2) and 5(3) of
be forward looking. Many factors may affect the society. In compliance with requirements of Section Financial Officer also provide quarterly certification the Companies (Appointment and Remuneration of
actual results, which could be different from what the 135 of the Companies Act, 2013, the Company has on financial results while placing the financial results Managerial Personnel) Rules, 2014 is annexed to this
Directors envisage in terms of the future performance a CSR Policy. The composition of the Committee, before the Board in terms of the Listing Regulations. Report.
and outlook. contents of CSR Policy and report on CSR activities
carried out during the Financial Year ended 31st CODE OF CONDUCT FOR DIRECTORS AND ACKNOWLEDGEMENTS
POLICY ON SEXUAL HARASSMENT OF WOMEN March, 2017 in the format prescribed under Rule 9 of SENIOR MANAGEMENT PERSONNEL Your Directors place on record their sincere thanks and
AT WORKPLACE the Companies (Accounts) Rules, 2014 is annexed to The Code of Conduct is posted on the Companys appreciation for the continuing support of financial
The Company has in place a Policy on prevention of this Report. website. The Joint Managing Director & CEO of the institutions, consortium of banks, vendors, clients,
Sexual Harassment in line with the requirements of Company has given a declaration that all Directors investors, Central Government, State Governments
the Sexual Harassment of Women at the Workplace DIRECTORS RESPONSIBILITY STATEMENT and Senior Management Personnel concerned, and other regulatory authorities. The Directors also
(Prevention, Prohibition & Redressal) Act, 2013. There In terms of provisions of Section 134(5) of the affirmed compliance with the Code of Conduct place on record their heartfelt appreciation for the
were no complaints pending for the redressal at the Companies Act, 2013, your directors state that: with reference to the year ended on March 31, 2017. commitment and dedication of the employees of the
beginning of the year and no complaints received Declaration is attached with the annual report. Company across all the levels who have contributed
during the financial year. (i) in the preparation of the annual financial to the growth and sustained success of the Company.
statements for the financial year ended COMPLIANCE CERTIFICATE REGARDING
CONSERVATION OF ENERGY, TECHNOLOGY March 31, 2017, the applicable accounting COMPLIANCE OF CONDITIONS OF CORPORATE
ABSORPTION, FOREIGN EXCHANGE EARNINGS standards had been followed along with proper GOVERNANCE For and on behalf of the Board of Directors
AND OUTGO explanation relating to material departures, if The certificate received from M/s. D. Dhandaria &
The information required under section 134(3)(m) of any; Company, Chartered Accountants (Firm Registration Shiv Prakash Mittal
the Companies Act, 2013 read with Rule 8(3) of the no. 306147E), Statutory Auditors of the Company, to Executive Chairman
Companies (Accounts) Rules, 2014, is annexed to this (ii) the directors had selected such accounting the effect of compliance of conditions of Corporate DIN: 00237242
Report. policies and applied them consistently and Governance as required under Schedule V of the
made judgments and estimates that are Listing Regulations is annexed with the Report. Place: Kolkata
CORPORATE SOCIAL RESPONSIBILITY reasonable and prudent so as to give a true and Date: May 29, 2017
During the year under review, the Company has fair view of the state of affairs of the company at
undertaken CSR activities directly and through its the end of the financial year and of the profit of
Trust namely GREENPLY FOUNDATION. The Trust the company for that period;
has utilized unspent amount lying with it as on
Form AOC-1
STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIAL STATEMENT OF SUBSIDIARIES/
ASSOCIATE COMPANIES/JOINT VENTURES
[Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts)
Rules, 2014] Part A: Subsidiaries ` in Lacs
1. Name of the subsidiary Greenply Gabon SA, Gabon
Part A: Subsidiaries ` in Lacs 2. Reporting period for the subsidiary 14.07.2016 - 31.03.2017
1. Name of the subsidiary Greenply Trading Pte. Ltd., 3. Reporting currency and Exchange rate as on the last date of the relevant USD / INR = 65.0225
Singapore Financial year
2. Reporting period for the subsidiary 01.04.2016- 31.03.2017 4. Share Capital 2202.12
3. Reporting currency and Exchange rate as on the last date of the relevant USD / INR = 65.0225 5. Reserves & Surplus 24.11
Financial year 6. Total Assets 6058.83
4. Share Capital 5413.12 7. Total Liabilities 3832.60
5. Reserves & Surplus (1234.18) 8. Investments NIL
6. Total Assets 4186.51 9. Turnover NIL
7. Total Liabilities 2618.28 10. Profit / (Loss) before taxation (including Other Comprehensive Income) 24.11
8. Investments* 2610.71 11. Provision for taxation NIL
9. Turnover 2113.37 12. Profit / (Loss) after taxation (including Other Comprehensive Income) 24.11
10. Profit / (Loss) before taxation (including Other Comprehensive Income) (1189.29) 13. Proposed Dividend NIL
11. Provision for taxation NIL 14. % of shareholding 100%
12. Profit / (Loss) after taxation (including Other Comprehensive Income) (1189.29)
13. Proposed Dividend NIL Notes:
14. % of shareholding 100% 1. Names of subsidiaries which are yet to commence operations N.A.
*Including ` 172.36 Lacs towards share of profit from investment in the Joint Venture Company, Greenply Alkemal (Singapore) Pte. 2. Names of subsidiaries which have been liquidated or sold during the year Nil
Ltd., Singapore
STATEMENT PURSUANT TO SECTION 129 (3) OF THE COMPANIES ACT, 2013 RELATED TO ASSOCIATE
Part A: Subsidiaries ` in Lacs
COMPANIES AND JOINT VENTURES
1. Name of the subsidiary Greenply Holdings Pte. Ltd.,
Singapore Part B: Associates and Joint Ventures (JV)
1 Name of Joint Venture Greenply Alkemal (Singapore) Pte. Ltd., Singapore
2. Reporting period for the subsidiary 22.06.2016 - 31.03.2017
2. Latest audited Balance Sheet Date 31.03.2017
3. Reporting currency and Exchange rate as on the last date of the relevant USD / INR = 65.0225
3. Shares of Associate/Joint Venture held by the The Company has no direct shareholding in the JV. It holds
Financial year
Company on the year end through its Wholly Owned Subsidiary i.e. Greenply Trading
4. Share Capital 16.26
Pte. Ltd., Singapore
5. Reserves & Surplus (4.85) a. Number of Shares 37,50,000 ordinary shares of USD 1 each
6. Total Assets 12.65 b Amount of Investment in Associate/Joint Venture USD 37,50,000
7. Total Liabilities 1.24 c Extend of Holding % 50% through Greenply Trading Pte. Ltd., Singapore, a wholly
8. Investments NIL owned subsidiary of the Company.
9. Turnover NIL 4. Description of how there is significant influence No significant influence
10. Profit / (Loss) before taxation (including Other Comprehensive Income) (4.85) 5. Reason why the associate/joint venture is not The Company has consolidated the accounts of Greenply
11. Provision for taxation NIL consolidated Trading Pte. Ltd., which has accounted for its share of profit
12. Profit / (Loss) after taxation (including Other Comprehensive Income) (4.85) in the Joint venture company.
13. Proposed Dividend NIL 6 Net worth attributable to Shareholding as per latest ` 2610.71 lacs
audited Balance Sheet
14. % of shareholding 100%
7 Profit / (Loss) for the year (including Other
Part A: Subsidiaries ` in Lacs Comprehensive Income)
1. Name of the subsidiary Greenply Middle East Ltd., Dubai, i Considered in Consolidation ` (204.01) lacs
UAE ii Not Considered in Consolidation ` (204.01) lacs
2. Reporting period for the subsidiary 04.07.2016 - 31.03.2017 Notes:
3. Reporting currency and Exchange rate as on the last date of the relevant USD / INR = 65.0225 1. Names of associates or joint ventures which are yet to commence operations. N.A.
Financial year 2. Names of associates or joint ventures which have been liquidated or sold during the year. N.A.
4. Share Capital 1771.73
5. Reserves & Surplus (185.56) For and on behalf of the Board of Directors
6. Total Assets 290.94
7. Total Liabilities 915.53 Shiv Prakash Mittal Rajesh Mittal Susil Kumar Pal
8. Investments 2210.76 Executive Chairman Managing Director Director
9. Turnover NIL (DIN: 00237242) (DIN: 00240900) (DIN: 00268527)
10. Profit / (Loss) before taxation (including Other Comprehensive Income) (185.56)
11. Provision for taxation NIL V. Venkatramani Kaushal Kumar Agarwal
12. Profit / (Loss) after taxation (including Other Comprehensive Income) (185.56) Chief Financial Officer Company Secretary &
13. Proposed Dividend NIL Place:Kolkata Vice President-Legal
14. % of shareholding 100% Date: May 29, 2017
d) The Air (Prevention & Control of Pollution) b) Incorporation of Greenply Gabon SA, step
Act, 1981 down WOS in Gabon, West Africa;
To
e) The Legal Metrology Act, 2009 c) Incorporation of Greenply Holdings Pte. The Members
Ltd., WOS in Singapore; Greenply Industries Limited
f ) Intellectual Property Acts Makum Road
d) Raising of money amounting to Tinsukia
g) Foreign Trade Development and
` 49,99,99,925/- (Rupees Forty Nine Crores Assam-786 125
Regulation Act, 1992
Ninety Nine Lakhs, Ninety Nine Thousand
h) Customs Act, 1962 Nine Hundred and Twenty Five only) Our Secretarial Audit Report for the financial year ended 31st March, 2017 of even date is to be read along with
towards issue and allotment of 19,45,525 this letter.
i) Indian Boilers Act, 1923 (Nineteen Lakhs Forty Five Thousand Five
Hundred and Twenty Five only) equity 1. Maintenance of secretarial record is the responsibility of the management of the Company. Our
The Company has further confirmed that during shares through Qualified Institutional responsibility is to express an opinion on these secretarial records based on our audit.
the Audit Period they have not contravened any of Placement (QIP);
the provisions of the above specific laws and had 2. We have followed the audit practices and the processes as were appropriate to obtain reasonable
obtained all the requisites registrations, permits and e) Setting-up of a new unit adjacent to assurance about the correctness of the contents of the secretarial records. The verification was done on
licenses. the existing unit of the Company in test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes
Bamanbore, Gujarat, for manufacturing of and practices, we followed provide a reasonable basis for our opinion.
During the period under review, the Company has Decorative Plywood/Decorative Veneers;
complied with the provisions of the Act, Rules, and 3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of
Regulations, Guidelines, Standards, etc. mentioned the Company.
above subject to the following observation: f ) Setting-up of a new unit in Sandila
Industrial Area, Sandila, Dist: Hardoi, Uttar 4. Where ever required, we have obtained the Management representation about the compliance of laws,
1. During the financial year 2016-17, the Company Pradesh, for manufacturing of Plywood rules and regulation and happening of events etc.
has spent ` 226.84 Lakhs towards CSR activities, and its Allied Products.
which is less than 2% of the average net profit of 5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is
last 3 financial years i.e. ` 307.26 Lakhs. PROCEDURE FOR MONITORING AND ENSURING the responsibility of management. Our examination was limited to the verification of procedure on test
COMPLIANCE WITH GENERALLAWS basis.
WE FURTHER REPORT THAT: We have been informed that a proper procedure has
1. The Board of Directors of the Company is duly been laid down to monitor and ensure compliance 6. The Secretarial Audit report is neither an assurance as to the future viability of the Company nor of the
constituted with proper balance of Executive with general laws. On perusal of the documents efficacy or effectiveness with which the management has conducted the affairs of the Company.
Directors, Non-Executive Directors, Woman provided by the Company, we observed that the
Director and Independent directors. Company has a system of ensuring compliance Thanking you,
with applicable laws. The Company Secretary of
2. Adequate notice is given to all directors to the Company also provides an internal compliance For Nidhi Bagri & Company
schedule the Board Meetings, agenda and certificate which is placed in the Board Meetings. (Company Secretary in Practice)
detailed notes on agenda were sent at least
seven days in advance, and a system exists for Our Secretarial Audit Report for the financial year (Nidhi Bagri)
seeking and obtaining further information and ended 31st March, 2017 of even date is to be read Proprietor
clarifications on the agenda items before the along with the annexure to this letter. ACS No. 24765
meeting and for meaningful participation at the CP. No. 9590
meeting. Thanking you,
Date: May 26, 2017
3. There are adequate systems and processes in For Nidhi Bagri & Company Place: Kolkata
the Company commensurate with the size and (Company Secretary in practice)
operations of the Company to monitor and
ensure compliance with applicable laws, rules, (Nidhi Bagri)
regulations and guidelines. Proprietor
ACS No. 24765
4. We have not found any material event during CP. No. 9590
the year under review which has major bearing
on the Companys affairs in pursuance of any Date: May 26, 2017
of the laws, rules, regulations or guidelines Place: Kolkata
covered by this audit except as follows:
Sl. Name and Address of the Holding/ Subsidiary/ Applicable b) Banks / FI 27267 0 27267 0.02 6504 0 6504 0.01 (0.01)
CIN/GLN % of shares Held c) Central Govt 0 0 0 0.00 0 0 0 0.00 0.00
No. company Associate section
d) State Govt(s) 0 0 0 0.00 0 0 0 0.00 0.00
1 GREENPLY TRADING PTE. 201323926C SUBSIDIARY 100 % 2(87)(i)&(ii) OF
e) Venture Capital Funds 0 0 0 0.00 0 0 0 0.00 0.00
LTD., 10, ANSON ROAD, #24- THE COMPANIES
f ) Insurance Companies 0 0 0 0.00 0 0 0 0.00 0.00
02-A INTERNATIONAL PLAZA ACT, 2013
g) FIIs 1973306 0 1973306 1.64 873417 0 873417 0.71 (0.93)
SINGAPORE 079903
h) Foreign Venture Capital 0 0 0 0.00 0 0 0 0.00 0.00
2 GREENPLY ALKEMAL 201413887Z ASSOCIATE (JOINT 50 % INVESTMENT 2(6) OF THE Funds
(SINGAPORE) PTE. LTD., VENTURE COMPANY) THROUGH COMPANIES ACT, i) Others: Foreign Portfolio 0 0 0 0.00 14115200 0 14115200 11.51 11.51
3, SHENTON WAY, #12- GREENPLY 2013 Investors
01A SHENTON HOUSE TRADING PTE. Sub-total (B)(1):- 15979169 0 15979169 13.24 39834948 0 39834948 32.48 19.24
SINGAPORE - 068805 LTD., SINGAPORE 2. Non-Institutions
a) Bodies Corp.
3 GREENPLY HOLDINGS PTE. 201616966N SUBSIDIARY 100 % 2(87)(i)&(ii) OF
i) Indian 6722650 22000 6744650 5.59 6670543 17000 6687543 5.45 (0.14)
LTD., THE COMPANIES
ii) Overseas 0 0 0 0.00 0 0 0 0.00 0.00
3, SHENTON WAY, #12- ACT, 2013
b) Individuals
01A SHENTON HOUSE,
SINGAPORE - 068805 i) Individual shareholders 4511565 141630 4653195 3.86 5004704 126550 5131254 4.18 0.33
holding nominal share
4 GREENPLY MIDDLE EAST 181478 SUBSIDIARY 100 % 2(87)(i)&(ii) OF capital upto ` 1 lakh
LIMITED, THE COMPANIES ii) Individual shareholders 10449854 0 10449854 8.66 4499501 0 4499501 3.67 (4.99)
409, CITY TOWER 1, SHEIKH ACT, 2013 holding nominal share
capital in excess of
ZAYED ROAD, P.O. BOX ` 1lakh
118767, DUBAI, UNITED
c) Others (specify) 0 0 0 0.00 0 0 0 0.00 0.00
ARAB EMIRATES
NRI 12718185 0 12718185 10.54 202533 0 202533 0.17 (10.37)
5 GREENPLY GABON SA, 004-24628GU1 STEP DOWN 100% THROUGH 2(87)(i)&(ii) OF FCB 0 0 0 0.00 0 0 0 0.00 0.00
PARCEL C-13, NKOK SEZ, BP SUBSIDIARY GREENPLY THE COMPANIES Clearing Members 118356 0 118356 0.10 56741 0 56741 0.05 (0.05)
1024, LIBREVILLE, GABON MIDDLE EAST ACT, 2013 Trust 3586 0 3586 0.00 0 0 0 0.00 0.00
LIMITED, DUBAI, Foreign Companies 3639875 0 3639875 3.02 3639875 0 3639875 2.97 (0.05)
UAE
Category of No. of Shares held at the No. of Shares held at the end of % Change
iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters/Promoter Group
Shareholders beginning of the year the year during
Demat Physical Total % of Demat Physical Total % of Total the year
and Holders of GDRs and ADRs):
Total Shares SN Name of the Shareholder Shareholding at the beginning of the Cumulative Shareholding during
Shares year (01.04.2016) the year (01.04.2016 - 31.03.2017)
Sub-total (B)(2):- 38164071 163630 38327701 31.76 20073897 143550 20217447 16.49 (15.27) 1 JWALAMUKHI INVESTMENT HOLDINGS No. of shares % of total shares No. of shares % of total shares
Total Public 54143240 163630 54306870 45.00 59908845 143550 60052395 48.97 3.97 of the company of the company
At the beginning of the year 11884420 9.85 - -
Shareholding (B)=(B)
Date wise Increase / Decrease in Shareholding NIL* - 11884420 9.69
(1)+(B)(2)
during the year specifying the reasons for increase (16.08.2016)
C.
Shares held by Custodian 0 0 0 0.00 0 0 0 0.00 0.00 /decrease (e.g. allotment / transfer / bonus/sweat
for GDRs & ADRs equity etc.):
Grand Total (A+B+C) 120518240 163630 120681870 100.00 122483845 143550 122627395 100.00 0.00 At the end of the year (or on the date of separation, - - 11884420 9.69
if separated during the year)
SN Name of the Shareholder Shareholding at the beginning of the Cumulative Shareholding during
year (01.04.2016) the year (01.04.2016 - 31.03.2017)
ii) Shareholding of Promoters and Promoter Group: 2 SBI MAGNUM GLOBAL FUND No. of shares % of total shares No. of shares % of total shares
of the company of the company
Sl. Shareholders Name Shareholding at the beginning of the Shareholding at the end of the year % Change At the beginning of the year - - - -
No. year in Share Date wise Increase / Decrease in Shareholding 162698 0.13 162698 0.13
No. of % of total % of Shares No. of % of total % of Shares holding during the year specifying the reasons for increase (17.06.16 - Purchase)
Shares Shares Pledged / Shares Shares Pledged / during /decrease (e.g. allotment / transfer / bonus/sweat 214000 0.18 376698 0.31
of the Encumbered to of the Encumbered to the year equity etc.): (24.06.16 - Purchase)
Company total Shares Company total shares 59566 0.05 436264 0.36
(30.06.16 - Purchase)
1. RAJESH MITTAL 3415900 2.83 0.00 3415900 2.79 0.00 (0.04) 36000 0.03 472264 0.39
2. SHOBHAN MITTAL 739000 0.61 0.00 739000 0.60 0.00 (0.01) (01.07.16 - Purchase)
3. SHIV PRAKASH MITTAL AND 15502380 12.85 0.00 11702380 9.54 0.00 (3.31) 466 0.00 472730 0.39
SHOBHAN MITTAL ON BEHALF OF (08.07.16 - Purchase)
TRADE COMBINES, PARTNERSHIP 750000 0.62 1222730 1.01
(15.07.16 - Purchase)
FIRM
6240 0.01 1228970 1.02
4. SANIDHYA MITTAL 90000 0.07 0.00 90000 0.07 0.00 0.00 (29.07.16 - Purchase)
5. SANTOSH MITTAL 1165900 0.97 0.00 1165900 0.95 0.00 (0.02) 200266 0.17 1429236 1.19
6. KARUNA MITTAL 680000 0.56 0.00 680000 0.55 0.00 (0.01) (05.08.16 - Purchase)
843215 0.70 2272451 1.89
7. GREENPLY LEASING & FINANCE 13573655 11.25 0.00 13573655 11.07 0.00 (0.18)
(12.08.16 - Purchase)
PVT. LTD. NIL* - 2272451 1.86
8. PRIME HOLDINGS PVT. LTD. 12042800 9.98 0.00 12042800 9.82 0.00 (0.16) (16.08.2016)
9. S. M. MANAGEMENT PVT. LTD. 17717310 14.68 0.00 17717310 14.45 0.00 (0.23) 604052 0.49 2876503 2.35
10. VANASHREE PROPERTIES PVT. LTD. 1448055 1.20 0.00 1448055 1.18 0.00 (0.02) (19.08.16 - Purchase)
6657 0.01 2883160 2.36
11. SAURABH MITTAL 0 0.00 0.00 0 0.00 0.00 0.00 (26.08.16 - Purchase)
12. PARUL MITTAL 0 0.00 0.00 0 0.00 0.00 0.00 17383 0.01 2900543 2.37
13. SHIV PRAKASH MITTAL 0 0.00 0.00 0 0.00 0.00 0.00 (02.09.16 - Purchase)
126006 0.10 3026549 2.47
14. CHITWAN MITTAL 0 0.00 0.00 0 0.00 0.00 0.00
(09.09.16 - Purchase)
15. MASTER ADITYA MITTAL 0 0.00 0.00 0 0.00 0.00 0.00 9916 0.01 3036465 2.48
16. EDUCATIONAL INNOVATIONS 0 0.00 0.00 0 0.00 0.00 0.00 (16.09.16 - Purchase)
PVT. LTD. 53685 0.04 3090150 2.52
17. NIRANJAN INFRASTRUCTURE 0 0.00 0.00 0 0.00 0.00 0.00 (30.09.16 - Purchase)
PVT. LTD. 821315 0.67 3911465 3.19
(07.10.16 - Purchase)
18. RS HOMCON LIMITED 0 0.00 0.00 0 0.00 0.00 0.00 63573 0.05 3975038 3.24
19. R. M. SAFEINVEST PVT. LTD. 0 0.00 0.00 0 0.00 0.00 0.00 (28.10.16 - Purchase)
20. SHOWAN INVESTMENT PVT. LTD. 0 0.00 0.00 0 0.00 0.00 0.00 36427 0.03 4011465 3.27
21. BRIJBHUMI MERCHANTS PVT. LTD. 0 0.00 0.00 0 0.00 0.00 0.00 (04.11.16 - Purchase)
586500 0.48 4597965 3.75
22. BRIJBHUMI TRADEVIN PVT. LTD. 0 0.00 0.00 0 0.00 0.00 0.00 (11.11.16 - Purchase)
23. MASTERMIND SHOPPERS PVT. LTD. 0 0.00 0.00 0 0.00 0.00 0.00 123019 0.10 4720984 3.85
24. DHOLKA PLYWOOD INDUSTRIES 0 0.00 0.00 0 0.00 0.00 0.00 (18.11.16 - Purchase)
PVT. LTD. 6035 0.00 4727019 3.85
(25.11.16 - Purchase)
25. MITTALGREEN PLANTATIONS LLP 0 0.00 0.00 0 0.00 0.00 0.00
403913 0.33 5130932 4.18
Total 66375000 55.00 0.00 62575000 51.03 0.00 (3.97) (02.12.16 - Purchase)
614128 0.50 5745060 4.68
iii) Change in Promoters Shareholding (please specify, if there is no change): (09.12.16 - Purchase)
75000 0.06 5820060 4.74
Sl. Shareholding at the beginning of the year Cumulative Shareholding during the year (30.12.16 - Purchase)
No. (01.04.2016) (01.04.2016 - 31.03.2017) 75000 0.06 5895060 4.80
No. of shares % of total shares No. of shares % of total shares of (13.01.17 - Purchase)
of the Company the Company 157409 0.13 6052469 4.93
(03.03.17 - Purchase)
At the beginning of the year 66375000 Equity 55.00% - -
17878 0.01 6070347 4.94
shares of `1/- each (10.03.17 - Purchase)
Date wise Increase /Decrease in NIL* 0.87% 66375000 54.13% 793 0.01 6071140 4.95
Promoters Shareholding during (16.08.2016) (17.03.17 - Purchase)
the year specifying the reasons for 5311912 4.33 11383052 9.28
increase / decrease (e.g. allotment/ 3800000 3.10% 62575000 51.03% (24.03.17 - Purchase)
transfer/bonus/sweat equity etc.): (20.03.2017-sale) 22000 0.02 11405052 9.30
At the end of the year - - 62575000 51.03% (31.03.17 - Purchase)
Equity shares of At the end of the year (or on the date of separation, - - 11405052 9.30
if separated during the year)
` 1/- each
* Due to issue and allotment of 1945525 Equity Shares of the Company on 16.08.2016 through Qualified Institutional Placement to Qualified
Institutional Buyers, the percentage of shares reduced from 55.00% to 54.13%.
SN Name of the Shareholder Shareholding at the beginning of the Cumulative Shareholding during SN Name of the Shareholder Shareholding at the beginning of the Cumulative Shareholding during
year (01.04.2016) the year (01.04.2016 - 31.03.2017) year (01.04.2016) the year (01.04.2016 - 31.03.2017)
3 HDFC TRUSTEE COMPANY LIMITED No. of shares % of total shares No. of shares % of total shares 130000 0.11 3189308 2.60
of the company of the company (03.02.17 - Purchase)
At the beginning of the year 10856855 9.00 - - -100000 -0.08 3089308 2.52
Date wise Increase / Decrease in Shareholding NIL* - 10856855 8.85 (10.02.17 - Sale)
during the year specifying the reasons for increase (16.08.2016) -32138 -0.03 3057170 2.49
/decrease (e.g. allotment / transfer / bonus/sweat -8000 -0.01 10848855 8.84 (17.02.17 - Sale)
equity etc.): (11.11.16 - Sale) 35273 0.03 3092443 2.52
125600 0.10 10974455 8.94 (24.02.17 - Purchase)
(20.01.17 - Purchase) -49135 -0.04 3043308 2.48
At the end of the year (or on the date of separation, - - 10974455 8.94 (03.03.17 - Sale)
if separated during the year) -13357 -0.01 3029951 2.47
SN Name of the Shareholder Shareholding at the beginning of the Cumulative Shareholding during (10.03.17 - Sale)
year (01.04.2016) the year (01.04.2016 - 31.03.2017) 167861 0.14 3197812 2.61
(24.03.17 - Purchase)
4 WESTBRIDGE CROSSOVER FUND, LLC No. of shares % of total shares No. of shares % of total shares
104170 0.08 3301982 2.69
of the company of the company
(31.03.17 - Purchase)
At the beginning of the year 3639875 3.02 - -
At the end of the year (or on the date of separation, - - 3301982 2.69
Date wise Increase / Decrease in Shareholding NIL* - 3639875 2.97
if separated during the year)
during the year specifying the reasons for increase (16.08.2016)
SN Name of the Shareholder Shareholding at the beginning of the Cumulative Shareholding during
/(decrease) (e.g. allotment / transfer / bonus/sweat
year (01.04.2016) the year (01.04.2016 - 31.03.2017)
equity etc.):
6 MANGAL BHANSHALI No. of shares % of total shares No. of shares % of total shares
At the end of the year (or on the date of separation, - - 3639875 2.97
of the company of the company
if separated during the year)
At the beginning of the year 1225000 1.02 - -
SN Name of the Shareholder Shareholding at the beginning of the Cumulative Shareholding during Date wise Increase / Decrease in Shareholding NIL* - 1225000 1.00
year (01.04.2016) the year (01.04.2016 - 31.03.2017) during the year specifying the reasons for increase (16.08.2016)
5 HDFC STANDARD LIFE INSURANCE COMPANY No. of shares % of total shares No. of shares % of total shares /decrease (e.g. allotment / transfer / bonus/sweat -
LIMITED of the company of the company equity etc.):
At the beginning of the year 1511605 1.25 - - At the end of the year (or on the date of separation, - 1225000 1.00
Date wise Increase / Decrease in Shareholding 699928 0.58 2211533 1.83 if separated during the year)
during the year specifying the reasons for increase (08.04.16 Purchase) SN Name of the Shareholder Shareholding at the beginning of the Cumulative Shareholding during
/decrease (e.g. allotment / transfer / bonus/sweat 72 0.00 2211605 1.83 year (01.04.2016) the year (01.04.2016 - 31.03.2017)
equity etc.): (15.04.16 - Purchase) 7 KOTAK MAHINDRA OLD MUTUAL LIFE No. of shares % of total shares No. of shares % of total shares
-15746 -0.01 2195859 1.82 INSURANCE of the company of the company
(29.04.16 - Sale)
At the beginning of the year 1633023 1.35 - -
1494 0.00 2197353 1.82
Date wise Increase / (Decrease) in Shareholding 173346 0.14 1806369 1.49
(06.05.16 - Purchase)
-1 0.00 2197352 1.82 during the year specifying the reasons for increase (08.04.16 - Purchase)
(13.05.16 - Sale) /decrease (e.g. allotment / transfer / bonus/sweat 206373 0.17 2012742 1.66
9306 0.01 2206658 1.83 equity etc.): (15.04.16 - Purchase)
(20.05.16 - Purchase) 117124 0.10 2129866 1.76
6185 0.01 2212843 1.84 (20.05.16 - Purchase)
(27.05.16 - Purchase) 37024 0.03 2166890 1.79
1945 0.00 2214788 1.84 (27.05.16 - Purchase)
(17.06.16 - Purchase) -94656 -0.08 2072234 1.71
-195378 -0.16 2019410 1.68 (17.06.16 - Sale)
(24.06.16 - Sale) -24698 -0.02 2047536 1.69
2178 0.00 2021588 1.68 (24.06.16 - Sale)
(24.06.16 - Purchase) -8880 -0.01 2038656 1.68
314 0.00 2021902 1.68 (30.06.16 - Sale)
(01.07.16 - Purchase) -66415 -0.06 1972241 1.62
13920 0.01 2035822 1.69 (01.07.16 - Sale)
(15.07.16 - Purchase) -50000 -0.04 1922241 1.58
NIL* - 2035822 1.66 (22.07.16 - Sale)
(16.08.2016) 40064 0.03 1962305 1.61
583657 0.48 2619479 2.14 (05.08.16 - Purchase)
(19.08.16 - Purchase) NIL* - 1962305 1.60
10789 0.01 2630268 2.15 (16.08.2016)
(02.09.16 - Purchase) -4692 0.00 1957613 1.60
12264 0.01 2642532 2.16 (30.09.16 - Sale)
(09.09.16 - Purchase) -151912 -0.12 1805701 1.48
-10148 -0.01 2632384 2.15 (28.10.16 - Sale)
(16.09.16 - Sale)
-10494 -0.01 1795207 1.47
3846 0.00 2636230 2.15
(04.11.16 - Sale)
(23.09.16 - Purchase)
-43715 -0.04 1751492 1.43
102293 0.08 2738523 2.23
(07.10.16 - Purchase) (11.11.16 - Sale)
6440 0.01 2744963 2.24 -5793 0.00 1745699 1.43
(14.10.16 - Purchase) (18.11.16 - Sale)
69285 0.06 2814248 2.30 -205395 -0.17 1540304 1.26
(28.10.16 - Purchase) (25.11.16 - Sale)
25000 0.02 2839248 2.32 -140167 -0.11 1400137 1.15
(04.11.16 - Purchase) (02.12.16 - Sale)
187391 0.15 3026639 2.47 -25892 -0.02 1374245 1.13
(18.11.16 - Purchase) (09.12.16 - Sale)
12609 0.01 3039248 2.48 -75000 -0.06 1299245 1.07
(25.11.16 - Purchase) (06.01.17 - Sale)
927 0.00 3040175 2.48 -25000 -0.01 1274245 1.04
(02.12.16 - Purchase) (20.01.17 - Sale)
1509 0.00 3041684 2.48 -11019 -0.01 1263226 1.03
(23.12.16 - Purchase) (27.01.17 - Sale)
1326 0.00 3043010 2.48 22498 0.02 1285724 1.05
(30.12.16 - Purchase) (03.02.17 - Purchase)
14403 0.01 3059280 2.49 120809 -0.10 1164915 0.95
(20.01.17 - Purchase) (31.03.17 - Sale)
28 0.00 3059308 2.49 At the end of the year (or on the date of separation, - - 1164915 0.95
(27.01.17 - Purchase) if separated during the year)
SN Name of the Shareholder Shareholding at the beginning of the Cumulative Shareholding during SN Name of the Shareholder Shareholding at the beginning of the Cumulative Shareholding during
year (01.04.2016) the year (01.04.2016 - 31.03.2017) year (01.04.2016) the year (01.04.2016 - 31.03.2017)
8 VALLABH ROOPCHAND BHANSHALI No. of shares % of total shares No. of shares % of total shares 13 MAX LIFE INSURANCE COMPANY LIMITED# No. of shares % of total shares No. of shares % of total shares
of the company of the company of the company of the company
At the beginning of the year 1157850 0.96 - - At the beginning of the year 1089090 0.90 - -
Date wise Increase / (Decrease) in Shareholding NIL* - 1157850 0.94 Date wise Increase / Decrease in Shareholding -486521 -0.40 602569 0.50
during the year specifying the reasons for increase (16.08.2016) during the year specifying the reasons for increase (08.04.16 - Sale)
/decrease (e.g. allotment / transfer / bonus/sweat /decrease (e.g. allotment / transfer / bonus/sweat -67304 -0.06 535265 0.44
equity etc.): equity etc.): (15.04.16 - Sale)
At the end of the year (or on the date of separation, - - 1157850 0.94 -2520 0.00 532745 0.44
if separated during the year) (06.05.16 - Sale)
-2100 0.00 530645 0.44
SN Name of the Shareholder Shareholding at the beginning of the Cumulative Shareholding during
(13.05.16 - Sale)
year (01.04.2016) the year (01.04.2016 - 31.03.2017)
NIL* - 530645 0.43
9 LATA BHANSHALI No. of shares % of total shares No. of shares % of total shares (16.08.2016)
of the company of the company At the end of the year (or on the date of separation, - - 530645 0.43
At the beginning of the year 1000000 0.83 - - if separated during the year)
Date wise Increase / Decrease in Shareholding NIL* - 1000000 0.82
during the year specifying the reasons for increase (16.08.2016) # Ceased to be in the list of Top 10 shareholders as on 31.03.2017. The same have been reflected above since shareholders were among
/decrease (e.g. allotment / transfer / bonus/sweat the Top 10 shareholders as on 01.04.2016.
equity etc.): * Due to issue and allotment of 1945525 Equity Shares of the Company on 16.08.2016 through Qualified Institutional Placement to
At the end of the year (or on the date of separation, - - 1000000 0.82
Qualified Institutional Buyers, the percentage of shares reduced without change in number of shareholdings.
if separated during the year)
SN Name of the Shareholder Shareholding at the beginning of the Cumulative Shareholding during
year (01.04.2016) the year (01.04.2016 - 31.03.2017) v) Shareholding of Directors and Key Managerial Personnel:
10 AKASH BHANSHALI No. of shares % of total shares No. of shares % of total shares
Sl. Shareholding at the beginning of Cumulative Shareholding during
of the company of the company
No. the year (01.04.2016) the year (01.04.2016- 31.03.2017)
At the beginning of the year 1036750 0.86 - -
Date wise Increase / Decrease in Shareholding -63359 0.05 973391 0.81 For Each of the Directors and KMP No. of shares % of total shares No. of shares % of total shares
during the year specifying the reasons for increase (22.07.16 - Sale) of the Company of the Company
/decrease (e.g. allotment / transfer / bonus/sweat NIL* - 973391 0.79 1. RAJESH MITTAL
equity etc.): (16.08.2016)
-100000 0.08 873391 0.71 At the beginning of the year 3415900 2.83 - -
(09.09.16 - Sale) Date wise Increase / Decrease in Shareholding during Nil* - 3415900 2.79
At the end of the year (or on the date of separation, - - 873391 0.71 the year specifying the reasons for increase /decrease (16.08.2016)
if separated during the year) (e.g. allotment /transfer /bonus/ sweat equity etc):
SN Name of the Shareholder Shareholding at the beginning of the Cumulative Shareholding during At the End of the year - - 3415900 2.79
year (01.04.2016) the year (01.04.2016 - 31.03.2017)
Sl. Shareholding at the beginning of Cumulative Shareholding during
11 ASHISH DHAWAN# No. of shares % of total shares No. of shares % of total shares
No. the year (01.04.2016) the year (01.04.2016 - 31.03.2017)
of the company of the company
At the beginning of the year 4085515 3.39 - - For Each of the Directors and KMP No. of shares % of total shares No. of shares % of total shares
Date wise Increase / Decrease in Shareholding -34965 -0.03 4050550 3.36 of the Company of the Company
during the year specifying the reasons for increase (01.04.16 - Sale) 2. SHOBHAN MITTAL
/decrease (e.g. allotment / transfer / bonus/sweat -1550550 -1.28 2500000 2.08
(08.04.16 - Sale) At the beginning of the year 739000 0.61 - -
equity etc.):
-2500000 -2.08 - - Date wise Increase /Decrease in Shareholding during Nil* - 739000 0.60
(27.05.16 - Sale) the year specifying the reasons for increase /decrease (16.08.2016)
At the end of the year (or on the date of separation, - - NIL NIL (e.g. allotment /transfer /bonus/ sweat equity etc):
if separated during the year) At the End of the year - - 739000 0.60
SN Name of the Shareholder Shareholding at the beginning of the Cumulative Shareholding during
Sl. Shareholding at the beginning of Cumulative Shareholding during
year (01.04.2016) the year (01.04.2016 - 31.03.2017)
No. the year (01.04.2016) the year (01.04.2016- 31.03.2017)
12 IDFC CLASSIC EQUITY FUND# No. of shares % of total shares No. of shares % of total shares
of the company of the company For Each of the Directors and KMP No. of shares % of total shares No. of shares % of total shares
At the beginning of the year 1465545 1.21 - - of the Company of the Company
Date wise Increase / Decrease in Shareholding -64000 -0.05 1401545 1.16 3. SHIV PRAKASH MITTAL
during the year specifying the reasons for increase (13.05.16 - Sale)
At the beginning of the year NIL NIL - -
/decrease (e.g. allotment / transfer / bonus/sweat -18600 -0.02 1382945 1.14
equity etc.): (27.05.16 - Sale) Date wise Increase /Decrease in Shareholding during - - - -
-22945 -0.02 1360000 1.12 the year specifying the reasons for increase /decrease
(17.05.16 - Sale) (e.g. allotment /transfer /bonus/ sweat equity etc):
-8000 -0.01 1352000 1.11 At the End of the year - - NIL NIL
(24.06.16 - Sale)
-4059 0.00 1347941 1.11 Sl. Shareholding at the beginning of Cumulative Shareholding during
(15.07.16 - Sale) No. the year (01.04.2016) the year (01.04.2016 - 31.03.2017)
NIL* - 1347941 1.10 For Each of the Directors and KMP No. of shares % of total shares No. of shares % of total shares
(16.08.2016) of the Company of the Company
-93127 -0.08 1254814 1.02
(30.09.16 - Sale) 4. MOINA YOMETH KONYAK
-2814 0.00 1252000 1.02 At the beginning of the year NIL NIL - -
(07.10.16 - Sale) Date wise Increase / Decrease in Shareholding during - - - -
-613496 -0.50 638504 0.52 the year specifying the reasons for increase /decrease
(04.11.16 - Sale)
(e.g. allotment /transfer /bonus/ sweat equity etc):
-1828 0.00 636676 0.52
(11.11.16 - Sale) At the End of the year - - NIL NIL
-17431 -0.01 619245 0.51 Sl. Shareholding at the beginning of Cumulative Shareholding during
(25.11.16 - Sale) No. the year (01.04.2016) the year (01.04.2016 - 31.03.2017)
-119245 0.10 500000 0.41
(02.12.16 - Sale) For Each of the Directors and KMP No. of shares % of total shares No. of shares % of total shares
At the end of the year (or on the date of separation, - - 500000 0.41 of the Company of the Company
if separated during the year) 5. SUSIL KUMAR PAL
At the beginning of the year NIL NIL - -
Date wise Increase /Decrease in Shareholding during - - - -
the year specifying the reasons for increase /decrease
(e.g. allotment /transfer /bonus/ sweat equity etc):
At the End of the year - - NIL NIL
B. Remuneration to other directors: PARTICULARS OF LOANS, GUARANTEE OR INVESTMENTS MADE BY THE COMPANY U/S 186 OF THE
(` in lacs) COMPANIES ACT, 2013:
Sl. Particulars of Remuneration Name of Directors Total (I) DETAILS OF LOANS:
No. Amount
Sl Date of Date of Date of Name of
Purpose for Amount Amount Rate of interest Security Prevailing yield
1. Independent Directors Susil Kumar Anupam Vinod Kumar Upendra Sonali - No. loan Board Special borrower
which the loan (USD in (` in of 1/3/5/10 year
Pal Kumar Mukerji Kothari Nath Challu Bhagwati Dalal
Resolution Resolution is proposed to Lacs) Lacs) * Government Security
Fee for attending board/ committee 6.70 5.30 6.50 4.50 2.00 25.00
(if any) be utilized by at the time of
meetings
the recipient extending the loan
Commission 10.00 10.00 10.00 10.00 10.00 50.00
1 17-11-2016 24-10-2016 Not Greenply For business 5.00 338.94 12 months USD Nil Yield of 5 year Bond is
Others, please specify -- -- -- -- -- --
Applicable Middle requirements. LIBOR plus 500 6.861 %
Total(1) 16.70 15.30 16.50 14.50 12.00 75.00
East Ltd. bps p.a.
2. Other Non-Executive Directors Moina Yometh - - - - -
Konyak 2 30-12-2016 24-10-2016 Not Greenply For business 2.00 135.94 12 months Nil Yield of 5 year Bond is
Fee for attending board/ committee 0.40 -- -- -- -- 0.40
Applicable Middle requirements. USD LIBOR 6.861 %
meetings East Ltd. plus 500 bps
Commission 10.00 -- -- -- -- 10.00 p.a.
Others, please specify -- -- -- -- -- -- * Represents amount as on the date of transaction
Total(2) 10.40 -- -- -- -- 10.40
Total(B)=(1+2) 27.10 15.30 16.50 14.50 12.00 85.40*
Total Managerial Remuneration 1542.75
(II) DETAILS OF INVESTMENTS:
Sl Date of Date of Board Date of Name of investee Purpose for which Amount Amount Expected rate
Overall Ceiling as per the Act ` 2314.15 lacs (being 11% of the net profits of the Company calculated as per Section 198 of
No. Investment Resolution Special the proceeds from (USD in (` in Lacs) of return
the Companies Act, 2013)
Resolution investment is proposed Lacs)
* Ceiling as per the Act: ` 210.38 lacs (being 1% of the net profits of the Company calculated as per Section 198 of the Companies Act, 2013) (if any) to be utilized by the
recipient
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD 1 08-07-2016 23-07-2013 & Not Greenply Trading For business 5.00 336.48 Not Applicable
04-11-2014 Applicable Pte. Ltd. requirements.
(` in lacs) 2 01-08-2016 24-05-2016 Not Greenply Middle For business 2.72 181.74 Not Applicable
Sl. Particulars of Remuneration Key Managerial Personnel Applicable East Ltd. requirements.
No. Chief Financial Company Total 3 08-08-2016 24-05-2016 Not Greenply Middle For business 15.00 1000.99 Not Applicable
Officer Secretary Applicable East Ltd. requirements.
1. Gross salary 4 22-08-2016 24-05-2016 Not Greenply Middle For business 2.71 182.06 Not Applicable
Applicable East Ltd. requirements.
a. Salary as per provisions contained in section 17(1) of the Income- 72.25 35.85 108.10
tax Act, 1961 5 31-08-2016 24-05-2016 Not Greenply For business 0.25 16.74 Not Applicable
Applicable Holdings Pte. Ltd. requirements.
b. Value of perquisites u/s 17(2) of the Income-tax Act, 1961 Nil Nil Nil
6 14-09-2016 24-05-2016 Not Greenply Middle For business 6.81 455.60 Not Applicable
c. Profits in lieu of salary under section 17(3) of the IncomeTax Act, Nil Nil Nil Applicable East Ltd. requirements.
1961
7 29-09-2016 23-07-2013 & Not Greenply Trading For business 5.00 334.19 Not Applicable
2 Stock Option Nil Nil Nil 04-11-2014 Applicable Pte. Ltd. requirements.
3. Sweat Equity Nil Nil Nil 8 28-10-2016 23-07-2013 & Not Greenply Trading For business 11.00 734.72 Not Applicable
4. Commission 04-11-2014 Applicable Pte. Ltd. requirements.
- as % of profit Nil Nil Nil 9 20-03-2017 24-01-2017 Not Greenply Trading For business 3.50 228.86 Not Applicable
- others, specify Nil Nil Nil Applicable Pte. Ltd. requirements.
5. Others Provident Fund 3.98 2.04 6.02 Total 52.00 3471.37
Total 76.23 37.89 114.12
(III) DETAILS OF GUARANTEE PROVIDED
Sl Date of Date of
Date of Name of Purpose for which the Amount Amount Commission
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES No. providing Board Special receipent security/guarantee is (USD in (` in
Type Section of Brief Details of Penalty / Authority Appeal made, if security/ Resolution
Resolution proposed to be utilized Lacs) Lacs) #
the Companies Description Punishment/Compounding [RD /NCLT/ any (give Details) guarantee (if any) by the recipient
1 25-01-2017 02-12-2016 Not Greenply For working capital 10.00 650.23 2% p.a.
Act fees imposed COURT]
Applicable Middle East Ltd. requirements
A. COMPANY
2 16-09-2016 25-05-2015 Not Greenply For working capital 15.00 975.34 2% p.a.
Penalty None N.A. N.A. N.A. N.A. Applicable Alkemal requirements
Punishment None N.A. N.A. N.A. N.A. (Singapore)
Compounding None N.A. N.A. N.A. N.A. Pte. Ltd.
B. DIRECTORS # Represents amount as on the year end rate
Penalty None N.A. N.A. N.A. N.A.
Punishment None N.A. N.A. N.A. N.A.
Compounding None N.A. N.A. N.A. N.A.
C. OTHER OFFICERS IN DEFAULT
Penalty None N.A. N.A. N.A. N.A.
Punishment None N.A. N.A. N.A. N.A.
Compounding None N.A. N.A. N.A. N.A.
Amount outstanding as at 31st March, 2017 Periodic check of the electric distribution The Company is developing process for 1. Steps adopted
network for safe and efficient performance. improving surface quality of plywood. Setting up a quality assurance cell to ensure
Particulars Amount (` In lacs) the dispatch of goods produced under strict
Loans given 474.88 Company adopted phase wise replacement of The Company is developing varied type of door process control.
Investments made 3471.37 conventional lighting fittings by LED lamps for frames and door shutters.
Guarantee given 1625.57 steps towards energy conservation. Product certification by international regulatory
2. Benefits of the R&D exercises authority for exports.
Predictive and Preventive maintenance Improved product quality and increased timber
INFORMATION REQUIRED UNDER SECTION schedule for proactive measures to optimize recovery. Participating in national and international
134(3)(M) OF THE COMPANIES ACT, 2013 energy usage and available time of machines. conferences, seminars and exhibitions.
READ WITH RULE 8(3) OF THE COMPANIES Cost reduction, technology up-gradation.
(ACCOUNTS) RULES, 2014 PERTAINING TO (b) Additional investments and proposals, if any Analyzing feedback from users to improve
CONSERVATION OF ENERGY, TECHNOLOGY It is a continuous process to explore the Strengthened market leadership status. products and services.
ABSORPTION, FOREIGN EXCHANGE EARNINGS avenues for energy conservation. The Company
AND OUTGO. is considering additional investments and Reduced manufacturing and delivery time. 2. Benefits of the steps adopted
A. Conservation of energy proposals for the same. Improved product quality, leading to rise in the
(a) The Company adopted the following Catering to changing/unique needs of Companys brand value.
measures towards conservation of energy: (c) Impact of measures taken customers.
Operation of moving floor for chip storage Energy conservation measures stated above Expanded product range.
and distribution is rationalized by installing have resulted in improvement of productivity 3. Future strategy
additional Hydraulic Power pack to meet with and ease in operations. Emphasizing on the R&D for making new Improved processes and product quality,
optimum chips requirement for production by products and creating better processes. performance and reliability to attain global
operating only one moving floor in place of two (d) Total energy consumption and energy standards and maintaining the leadership
moving floors. consumption per unit of production Improve the quality of existing products. position.
Particulars relating to energy consumption and
All moving floors control philosophy modified other details are not being provided because Improve interaction with research institutions. 3. Technology improvement
from position control to pressure control to the Company is not on the list of industries The Company did not have the need to import
conserve electric power consumption as well specified for this purpose. Improve properties of materials. technology or foreign technical collaborations
excess heating of hydraulic oil. in the last five years but company had guidance
B. Technology absorption 4. Expenditure on R&D from technical experts as well from the foreign
VFD installed for waste water in feed to ETP for a) Research and development (R&D) (` in lacs) machinery suppliers.
controlled flow according to hydraulic flow of 1. Areas of R&D activities Capital -
ETP to ensure optimum capacity utilization of The Company is carrying out research to study Revenue - c) Foreign exchange earnings and outgo
ETP operation. the feasibility of process atomization for better Total - 1. Efforts: The Company regularly participates
productivity at optimum cost of production. Total R&D expenditure as a percentage of - in international exhibitions and carries out
Automation for level control in cooling water net turnover (%) market survey and direct mail campaigns. It is
circuit for auto control on makeup water in the The Company is focusing on R&D activities for intensifying focus on selected countries and
basin. developing new products, designs, processes b) Technology absorption, adoption and also exploring new markets. The Company is
and improvement of manufacturing systems in innovation continuously exploring avenues to increase
For indication / sensing of missing rolling rod in existing products/process. exports.
press a mechanical limit switch is installed but
Foreign exchange earnings and outgo:
it gives many a times a false alarm and trip the The Company is implementing the modified
press frequently. To avoid such false alarm and resin injection system for effective distribution Earnings and outgo:
frequent stop / start of the press the mechanical of resin on the wood fiber to achieve consistent (` in lacs)
system is replaced by electronic proximity product quality at optimum resin consumption. 2016-2017 2015-2016
switch. Earnings on account of:
a) FOB value of exports 1666.27 309.41
The company propose for installation of ARGOS
Total 1666.27 309.41
Sanding machine in feed controls modified with inspection system for quality control of MDF Outgo on account of:
new generation proximity sensor for precise board production. a) Raw materials 14085.02 17840.03
control of raw board in feed gap and achieved b) Capital goods 12046.90 672.27
higher throughput with the same installed The Company proposes to manufacture exterior c) Traded goods 123.49 1189.79
d) Stores & spare parts 1559.60 1014.44
power. quality MDF boards in E1 grade.
Total 27815.01 20716.53
Operating speed of Conti press for MDF The Company is working routinely on to control/ For and on behalf of the Board of Directors
enhanced to achieve higher production reduce formaldehyde emission from plywood
capacity for thin board by modifying drives and MDF by improved glue formulation. Shiv Prakash Mittal
cooling system. Place:Kolkata Executive Chairman
Date: May 29, 2017 (DIN: 00237242)
REPORT ON THE CSR ACTIVITIES FORMING PART OF THE BOARDS REPORT FOR THE YEAR ENDED population. The aim of the project is improving Rajchandra Hospital situated at Opposite
ON 31ST MARCH, 2017 access of medical services in the remote areas as to S.T. Bus Depot., Dharampur, Dist: Valsad,
[Pursuant to clause (o) of sub-section (3) of section 134 of the Companies Act, 2013 and Rule 9 of the well as raising the level of awareness among the Gujarat-396 050 (Managed and controlled
Companies (Corporate Social Responsibility Policy) Rules, 2014] community towards healthy and hygienic living. by Shrimad Rajchandra Sarvamangal Trust,
Gujarat). During the year under review Greenply
1. brief outline of the Companys CSR policy,
A 1. Promoting education including special c. Project relating to vocational Skill Foundation has contributed ` 1,50,00,000/- to
including overview of projects or programs education and employment enhancing Development in the domain of Carpentry Shrimad Rajchandra Sarvamangal Trust.
proposed to be undertaken and a reference vocation skills especially among children, The project encompasses training to carpenters
to the web-link to the CSR policy and women, elderly, and the differently abled and on skills for new-age wood products, carpentry g. Plantation activities
projects or programs: livelihood enhancement projects; tools and techniques. The Company is taking plantation activities
covered under CSR project in Mon (Nagaland),
Brief outline of the CSR Policy: 2. Ensuring animal welfare; The aim of the project is to: Pantnagar (Uttarakhand), Morbi (Gujarat), 24
Greenply Industries Limited has always been 1. Improve livelihood opportunities for Paragana South (West Bengal) towards Ensuring
committed to embrace sustainable business 3. Eradicating hunger, poverty and malnutrition, existing carpenters environmental sustainability.
practices as a core business strategy. On similar promoting health care including preventive
lines, Greenplys CSR initiatives are designed with health care and sanitation and making available 2. Create a talent pool for modern market Web link to the CSR Policy of the Company:
a commitment towards creating a positive change safe drinking water; requirements http://www.greenply.com/images/pdf/Corporate_
in the society through holistic and sustainable Social_Responsibility_Policy.pdf
community development programs. The Companys 4. Promoting gender equality, empowering 3. Promote sustainable trade practices
CSR policy has been designed to serve as a women, setting-up homes and hostels for 2. Composition of the CSR Committee:
guiding light for the futuristic vision and mission women and orphans; d. Nutritious daily meals for Children The Greenply CSR Committee was formed
of community empowerment, development and Greenply is sponsoring nutritious daily meals to shape the vision, mission and goal of the
sustainable change. 5. Rural development projects. for Children of Tiljala, Topsia and its adjoining companys CSR initiatives. The Committee
areas in Kolkata, who are taking education and members are:
Vision: We envision a future where people all over 6. Ensuring environmental sustainability, skill development activities through EKTARA,
a. Mr. Rajesh Mittal, Managing Director
our Country even in the remote areas have the ecological balance, protection of flora and fauna, a Kolkata based Charitable Trust. During the
b. Mr. Vinod Kumar Kothari, Independent
opportunity to achieve their full potential in all animal welfare, agroforestry, conservation of year under review Greenply Foundation has
Director
aspects and improving lives in pursuit of collective natural resources and maintaining quality of contributed ` 21,28,760/- to EKTARA.
c. Mr. Shobhan Mittal, Joint Managing
development and environmental sustainability. This soil, air and water;
Director & CEO
vision should encompass all CSR activities of the e. Construction of General Sulabh Sochalaya
d. Mr. Upendra Nath Challu, Independent
Company. Name of the projects/ programs: and Toilets at Government Schools in
Director
a. Sponsoring Girl Child Education Lachhmangarh, Rajasthan
Mission: The Companys mission is primarily to Greenply is supporting deserving and talented Greenply has contributed towards Construction
pursue initiatives directed towards enhancing welfare girls from economically weaker sections of the of General Sulabh Sochalaya and Toilets 3. Average net profit of the Company for last
measures of the society based on long term social and society, through Udayan Care, West Bengal. at Government Schools in Lachhmangarh, three financial years: ` 15362.99 lacs
environmental consequences of the CSR activities Udayans Shalini Fellowship Programme is a Rajasthan through Lachhmangarh Nagrik
including dedicating time and resources towards unique academic excellence and personality Parishad, Lachhmangarh, Rajasthan, a Kolkata 4. Prescribed CSR Expenditure (two per cent of
social initiatives to ensure equal opportunities and development programme, which aims to based Charitable Trust. During the year under the amount as in item 3 above): ` 307.26 lacs
access to everyone in the spheres of education, empower girls and women. Its uniqueness lies review Greenply Foundation has contributed `
vocation and healthcare, in order to empower them in the fact that it goes beyond being a usual 29,67,000/- to Lachhmangarh Nagrik Parishad. 5. Details of CSR spent during the financial
to achieve their full potential. Scholarship Programme, by not only supporting year:
higher education but also providing regular f. Comprehensive free and/or subsidized (a) Total amount to be spent for the financial year:
The objective of this policy is not only to guide the mentoring and leadership development and medical services/treatment of high quality to ` 307.26 lacs
Company and its people to undertake CSR initiatives, inculcating a sense of social responsibility of the destitute and needy people (b) Amount unspent, if any: ` 80.42 lacs
but also to integrate the business processes with selected talented girls. During the year under Greenply has contributed towards
social and environmental development. Greenply review Greenply Foundation has contributed ` Comprehensive free and/or subsidized medical
believes that our CSR policy is a reflection of our 2,80,000/- to Udayan Care, West Bengal. services/treatment of high quality to the
faith in socially inclusive and sustainable business destitute and needy people through Shrimad
practices. b. Healthcare Project through Mobile Medical
Van (MMV)
Priority Projects A Healthcare Project undertaken by the
The Company has currently identified the following Company through Mobile Medical Van (MMV) in
Priority Projects to be undertaken by the CSR the nearby villages of Tizit, Dist- Mon, Nagaland
Committee to provide basic diagnostic, medicine, curative,
referral and counselling services to the rural
(c) Manner in which the amount spent during the financial year is detailed below: Directly by the Company:
Through Greenply Foundation, a Trust formed and registered by the Company under the provisions of 1 2 3 4 5 6 7 8
Sr. CSR Project Sector in which the Projects or programs Amount outlay Amount spent Cumulative Amount spent:
Indian Trusts Act, 1882:
No or Activity Project is covered (1) Local area or other (budget) on the projects expenditure Direct or
1 2 3 4 5 6 7 8 identified (2) Specify the State project or or programs Sub- upto the through
Sr. CSR Project or Activity Sector in which the Projects or programs Amount outlay Amount spent Cumulative Amount spent: and district where program wise heads: (1) Direct reporting implementing
No identified Project is covered (1) Local area or (budget) on the projects expenditure Direct or
projects or programs expenditure on period i.e. agency
other (2) Specify the project or or programs upto the through
State and district program wise Sub-heads: reporting implementing was undertaken projects or programs 01.04.2016 to
where projects (1) Direct period i.e. agency (2) Overheads 31.03.2017
or programs was expenditure 01.04.2016 1 Plantation Ensuring Mon (Nagaland), `1,50,00,000 Direct expenditure: ` 77,92,671 Direct
undertaken on projects or to activities environmental Pantnagar for the period ` 77,92,671
programs (2) 31.03.2017 sustainability, (Uttarakhand), Morbi 2016-2017 and
Overheads ecological balance, (Gujarat), 24 Paragana 2017-2018
1. Supporting of a unique Promoting Udayan Shalini ` 13,20,000 Direct ` 2,80,000 Through
protection of flora South (West Bengal)
academic excellence education, including Fellowship for the period expenditure: Udayan
and personality special education Programme in 2014-15 to `2,80,000 Care, and fauna, animal
development and employment Kolkata and 2018-19 West Bengal welfare, agroforestry,
programme for enhancing vocation neighbouring conservation of
deserving and talented skills especially Districts of West natural resources
girls from weaker socio among children, Bengal and maintaining
economic background, women, elderly, quality of soil, air and
aiming to turn them and the differently water;
into empowered and abled and livelihood
dignified woman or enhancement TOTAL (B) ` 77,92,671 ` 77,92,671
Shalinis. projects TOTAL (A+B) ` 2,26,84,585 ` 2,26,84,585
2. Mobile Medical Van Eradicating Healthcare Project ` 1,36,58,000 Direct ` 36,73,847 Direct
(MMV) to provide basic hunger, poverty through Mobile for the period expenditure: About the implementing agencies: ` 240.00 lacs to the Trust during FY 2016-17. The
diagnostic, medicine, and malnutrition, Medical Van (MMV) 2015-16 to ` 36,73,847
curative, referral and promoting in the nearby 2017-18 Company has spent ` 226.84 lacs towards CSR
counselling services to preventive health villages of Tizit, Dist: a. Udayan Care, West Bengal: Udayan Care, West
the rural population, care and sanitation Mon, Nagaland
activities (directly and through Trust-Greenply
Bengal, a Charitable Trust having its office at
with the aim of and making Foundation) during the year, which is less than
improving access to available safe Alok Kunja, 83 Ballygunge Gardens, Kolkata-700
medical services in the drinking water the minimum allocation of CSR being 2% of
remote areas as well
029, engaged in supporting education and
the average net profit of last 3 financial years
as raising the level of grooming girl students from economically
awareness among the amounting to ` 307.26 lacs in total. Though the
community towards weaker section of society.
healthy and hygienic
Company has actually contributed more than
living. b. Ektara: Ektara, a Charitable Trust having its office the aforesaid amount of minimum allocation
3. Project relating to Promoting Delhi, Kolkata and ` 1,46,81,164 Direct ` 45,36,756 Direct
vocational Skill education, including Bhopal for the period expenditure: at 31/1, Topsia Road (South), Kolkata-700 046, during FY 2016-2017 , however, the same
Development in the special education 2015-16 ` 45,36,756 engaged in providing education opportunity could not be fully utilized by few Implementing
domain of Carpentry and employment (January 2016
enhancing vocation to March 2016) along with nutritious daily meals and awareness Agencies as on 31.03.2017. The Trust has also
skills especially to 2017-18 on health and hygiene and livelihood training earned ` 7.01 lacs on temporary investment
among children,
women, elderly, to the woman and children of Tiljala, Topsia and with Banks during FY 2016-17. The unutilized
and the differently
abled and livelihood its adjoining areas in Kolkata. fund lying with the Trust as on 31.03.2017
enhancement amounting to ` 144.84 lacs (net of liabilities of
projects c. Lachhmangarh Nagrik Parishad, a Charitable
4. Nutritious daily meals for Eradicating Nutritious daily ` 60,66,750 Direct ` 21,28,760 Through Ektara, ` 0.45 lacs) and unutilized fund lying with the
Children and one time hunger, poverty meals for Children of for the period expenditure: Kolkata, West
Trust having its office at P-41, Princep Street, 5th
Implementing Agencies as on 31.03.2017 will be
expansion of Kitchen and malnutrition, Tiljala ,Topsia and its 2015-16 ` 21,28,760 Bengal Floor, Room No. 524, Kolkata-700 072, engaged
considering number promoting adjoining areas in (October, 2015 used for CSR activities along with fresh funding,
of children for their preventive health Kolkata to March, 2016) in carrying out various charitable activities in
education etc. care and sanitation to 2017-18 if any, from the Company, during FY 2017-18.
the area of health care, sanitation and other
and making The Company is committed to the underlying
available safe related activities.
drinking water intent of CSR and is optimistic of meeting its
d. Shrimad Rajchandra Sarvamangal Trust having obligations under section 135 of the Companies
5. Construction of General Eradicating Lachhmangarh, `30,00,000 Direct ` 17,62,000 Through
SulabhSochalaya hunger, poverty Rajasthan for the period expenditure: Lachhmangarh
its Headquarters at Shrimad Rajchandra Act, 2013 and thereby make a positive impact
and Toilets at and malnutrition, 2016-17 ` 17,62,000 Nagrik Parishad, Hospital, Dharampur-396 050, Dist: Valsad, on the society.
Government Schools promoting Lachhmangarh,
in Lachhmangarh, preventive health Rajasthan Gujarat and Office at Bhupati Chambers, 3rd
Rajasthan. care and sanitation Floor, Mathew Road, Opera House, Mumbai 400
and making 7. The CSR Committee of the Company hereby
available safe 004 engaged in carrying out various charitable
drinking water confirms that the implementation and
activities in the area of health care and other
6. Comprehensive free Eradicating Through Shrimad `1,50,00,000 Direct ` 13,31,000 Through monitoring of CSR Policy, is in compliance
and subsidized medical hunger, poverty Rajchandra Hospital for the period expenditure: Shrimad related activities.
services/treatment and malnutrition, situated at Opposite 2016-17 ` 13,31,000 Rajchandra with CSR objectives and Policy of the
of high quality to the promoting to S.T. Bus Depot., Sarvamangal 6. The reasons for not spending the minimum Company.
destitute and needy preventive health Dharampur, Dist: Trust, Gujarat
people care and sanitation Valsad, Gujarat-396 allocated amount to be spent on the CSR
and making 050
available safe activities of the Company: Signing both on behalf of the Company and the CSR
drinking water Committee
7. Administrative Expenses Salary of a CSR - - ` 4,88,850 ` 4,88,850 Direct During the year under review, the Company has
in respect of CSR Staff, Bank
undertaken CSR activities directly and through
activities Charges, Auditors Rajesh Mittal
Remuneration and its Trust namely GREENPLY FOUNDATION. The
General Expenses Chairman of CSR Committee & Managing Director
8. Capacity build-up Consultants Fees - - ` 6,90,701 ` 6,90,701 Direct Trust has utilized unspent amount lying with
(DIN: 00240900)
Expenses up to 5% of it as on 31.03.2016 for the said CSR activities.
total CSR Expenses
TOTAL (A) ` 1,48,91,914 ` 1,48,91,914 Further, to maintain the integrity of CSR Place: Kolkata
expenditure, the Company has transferred Date: May 29,2017
90
year ended on 31st March, 2017
a. Details of Top ten employees in terms of remuneration drawn:
Sl. Name of Designation Remuneration Nature of Qualification Experience Date of Age The Last % of Equity Whether such
No. Employee (` in lacs) Employment commencement Yrs. Employment shares held employee is a
Permanent / of Employment held before (required relative of any
Otherwise joining the only for non- director or manager
Company directors) of the company
1 Shiv Prakash Mittal Executive Chairman 531.56 Permanent B.Sc. 44 yrs. 01.02.2007 68 Himalaya N.A. Yes
yrs. Granites Ltd.
2 Rajesh Mittal Managing Director 520.08 Permanent B.Com. 33 yrs. 01.01.1991 54 Not Applicable N.A. Yes
yrs.
3 Shobhan Mittal Joint Managing 405.71 Permanent BBA 12 yrs. 01.09.2006 37 Worthy N.A. Yes
EXPERIENCE MEETS EXPERTISE
* Remuneration for the period from date of joining i.e. 03.10.2016 to 31.03.2017.
Sl. Name of Designation Remuneration Nature of Qualification Experience Date of Age The Last % of Equity Whether such
No. Employee (` in lacs) Employment commencement Yrs. Employment shares held employee is a
Permanent / of Employment held before (required relative of any
Otherwise joining the only for non- director or manager
Company directors) of the company
1 Shiv Prakash Mittal Executive Chairman 531.56 Permanent B.Sc. 44 yrs. 01.02.2007 68 Himalaya N.A. Yes
yrs. Granites Ltd.
2 Rajesh Mittal Managing Director 520.08 Permanent B.Com. 33 yrs. 01.01.1991 54 Not Applicable N.A. Yes
yrs.
3 Shobhan Mittal Joint Managing 405.71 Permanent BBA 12 yrs. 01.09.2006 37 Worthy N.A. Yes
Director & CEO yrs. Plywoods Ltd.
4 Yogesh Arora Country Head-MDF 134.13 Permanent B.Sc. (Maths) 42 yrs. 04.04.2009 60 Bajaj Eco-Tec Nil No
(EPD) yrs. Products Ltd.
c. None of the employee employed throughout the year or part of year was in receipt of remuneration exceeding remuneration drawn by the Managing Director or Whole Time Director
of the Company and hold 2% or more of the paid-up share capital of the Company either by himself or along with his/her spouse and dependent children.
Notes:
1. Remuneration shown above includes salary, commission, allowances, cost of accommodation, medical reimbursement, employers contribution to provident fund and other perquisites
as per the terms of employment excluding variable performance pay, if any.
2. All the employees have requisite experience to discharge the responsibility assigned to them.
3. Nature and terms of employment are as per resolution/appointment letter.
4. Within the meaning of Section 2(77) of the Companies Act, 2013 (a) Mr. Shiv Prakash Mittal and Mr. Rajesh Mittal (b) Mr. Shiv Prakash Mittal and Mr. Shobhan Mittal, are related to each
other.
Place:Kolkata
Date: May 29, 2017
GOVERNANCE REPORTS
91
EXPERIENCE MEETS EXPERTISE GOVERNANCE REPORTS
INTRODUCTION 7. Sectors that the Company is engaged in (as a. Domestic Sales: 4. Do any other entity/entities (e.g. suppliers,
Greenply Industries Limited excels for common per the NIC code): PAN India Branches- 24 in PLYBOARD distributors etc.) that the Company does
good. Its unique business model ensures its legacy DIVISION and 15 in MDF DIVISION business with, participate in the BR initiatives
of responsible business and keeping community Manufacturer of Plywood, MDF and its allied of the Company? If yes, then indicate the
as the ultimate purpose of its existence. Over the products - National Industrial Classification Distributors/Stockists/Dealer- 1656 in percentage of such entity/entities? [Less
decades, we have remained focussed on the efficient (NIC) Code 2008: 16211, 16212 & 16213 PLYBOARD and 472 in MDF DIVISION than 30%, 30-60%, More than 60%]
deployment of resources people, processes and
materials for the production of eco-efficient and 8. Three key products that the Company Retailers Network- 3042 for PLYBOARD and No participation from other entity.
safe products. The above purposes are articulated manufactures: 5000 for MDF DIVISION
in the twin pillars of our vision Value Creation BR INFORMATION:
and Corporate Citizenship. This ensures that we a. Plywood b. Exports: 1. Details of Director/Directors responsible for
are balanced in our engagements with multiple Sri Lanka, Indonesia, Oman, Dubai BR:
b. Medium Density Fibre (MDF) Board
stakeholders, creating value with and for all. (UAE), Thailand, Seychelles, Bangladesh,
c. Doors Myanmar, Nepal, Singapore, Iran, Tanzania, a. Details of Director responsible for
GENERAL INFORMATION ABOUT THE COMPANY: Vietnam, Malaysia, Bahrain, China, Bhutan implementation of the BR policy:
1. Corporate Identity Number (CIN) of the 9. Number of national locations where business
Company: L20211AS1990PLC003484 activity is undertaken by the Company FINANCIAL DETAILS OF THE COMPANY: i. DIN : 00240900
1. Paid-up capital (` in lacs): 1226.27
2. Name of the Company: Greenply Industries The Companys manufacturing units are situated ii. Name: Mr. Rajesh Mittal
Limited at Pantnagar in Uttarakhand, Tizit in Nagaland, 2. Total Turnover (` in lacs): 176882.53
Kriparampur in West Bengal and Bamanbore in iii. Designation: Managing Director
3. Registered Address: Makum Road, Tinsukia, Gujarat. 3. Total profit after taxes (` in lacs): 13507.21
Assam-786 125 b. Details of the BR Head:
The Company has 24 branches in Plyboard 4. Total spending on CSR activities undertaken
4. Website: www.greenply.com Division and 15 branches in MDF Division by the Company as percentage of profit after i. DIN: Not Applicable
situated across India, excluding Registered tax (%): 1.68
5. E-mail id: kaushal@greenply.com Office and Corporate Office. ii. Name: Kaushal Kumar Agarwal
5. List of activities in which CSR Expenditure
6. Financial year reported: 1st April, 2016 to 31st 10. Number of international locations where done: iii. Designation: Company Secretary &
March, 2017 business activity is undertaken by the Company Vice President-Legal
Please refer the Report on the CSR activities
Please refer the following table: forming part of the Annual Report for the iv. Telephone number: 033-3051 5000
SI. Name of the Joint Venture (JV) / Wholly Owned Business activities financial year 2016-17.
No. Subsidiary (WOS) v. e-mail id: kaushal@greenply.com
1 Greenply Trading Pte. Ltd., Singapore (WOS) The WOS was incorporated in the Republic of Singapore OTHER DETAILS:
10, Anson Road, #24-02-A on September 4, 2013 and is engaged in the business of
1. Structure of the Company Group / Joint 2. Principle-wise (as per NVGs) BR Policy/
International Plaza trading and marketing of veneers, panel products, wooden
Singapore 079903 flooring & allied products and also investments in companies ventures / Associates / Holding / Subsidiaries policies:
manufacturing and trading said products.
2 Greenply Alkemal (Singapore) Pte. Ltd., Singapore This JV is engaged in the business of trading and marketing of There is no group. As regards JV and subsidiaries,
Principle 1: Businesses should conduct
(JV through Greenply Trading Pte. Ltd., Singapore) commercial veneers and panel products. Further, the JV also please refer the above table mentioned in the and govern themselves with Ethics,
3, Shenton Way, #12-01A Shenton controls the Myanmar based Company, which is engaged in the
House, Singapore - 068805 business of manufacturing and trading of veneer and lumber.
general information about the Company. Transparency and Accountability [P1]
3 Greenply Holdings Pte. Ltd., Singapore (WOS) This WOS was incorporated in the Republic of Singapore on
3, Shenton Way, June 22, 2016, with the objective to hold the investment 2. Details of business of the subsidiaries/JV Principle 2: Businesses should provide
#12-01A Shenton (presently held by Greenply Trading Pte. Limited, Singapore) in goods and services that are safe and
House, Singapore - 068805 Greenply Alkemal (Singapore) Pte. Ltd., Singapore.
Please refer the above table mentioned in the contribute to sustainability throughout
4 Greenply Middle East Limited, Dubai, UAE (WOS) The WOS was incorporated on July 4, 2016 with the objective to
409, City Tower 1, Sheikh Zayed Road, P.O. Box manage, control and to hold the investment in Greenply Gabon
general information about the Company. their life cycle [P2]
118767, Dubai, United Arab Emirates SA, Gabon, West Africa and general trading business.
5 Greenply Gabon SA, Gabon, West Africa On July 14, 2016, Greenply Gabon SA, was incorporated as a 3. Do the Subsidiary Company/Companies Principle 3: Businesses should promote the
(Step-down WOS) step down subsidiary of the Company, with the objective to participate in the BR Initiatives of the parent wellbeing of all employees [P3]
Parcel C-13, Nkok SEZ, manage and control the proposed veneer, lumber and panel Company? If yes, then indicate the number of
BP 1024, Libreville, Gabon products manufacturing unit at Nkok SEZ in Gabon, West Africa.
such subsidiary company: Principle 4: Businesses should respect the
interests of, and be responsive towards Principle 7: Businesses, when engaged in 3. Governance related to BR: PRINCIPLE-2: SAFETY AND SUSTAINABILITY OF
all stakeholders, especially those who influencing public and regulatory policy, GOODS
are disadvantaged, vulnerable and should do so in a responsible manner [P7] a. Frequency with which the Board of
marginalized. [P4] Directors, Committee of the Board or 1. Are there any products or services of the
Principle 8: Businesses should support CEO to assess the BR performance of Company whose design has incorporated
Principle 5: Businesses should respect and inclusive growth and equitable the Company: The Management of the social or environmental concerns, risks and/
promote human rights [P5] development [P8] Company assesses the BR performance or opportunities?
during last quarter of the financial year.
Principle 6: Business should respect, Principle 9: Businesses should engage with None.
protect, and make efforts to restore the and provide value to their customers and b. Does the Company publish a BR Report:
environment [P6] consumers in a responsible manner [P9] The Company has published its first 2. For each such product, provide the
Business Responsibility Report which following details in respect of resource use
forms part of the Companys Annual Report (energy, water, raw material etc.) per unit of
(a) Details of compliance (reply in Y/N) for the financial year 2016-17. The same product(optional):
can be accessed at: http://www.greenply.
P P P P P P P P P com/images/pdf/Business-Responsibility- (a) Reduction during sourcing/production/
No. Questions Policy.pdf distribution achieved since the previous
1 2 3 4 5 6 7 8 9 year throughout the value chain?
1 Do you have a policy/ policies for the Y Y Y Y Y Y Y Y Y PRINCIPLE-WISE PERFORMANCE:
various principles? PRINCIPLE-1: ETHICS, TRANSPARENCY AND (b) Reduction during usage by consumers
2 Has the policy being formulated All the policies have been formulated in consultation with ACCOUNTABILITY (energy, water) has been achieved since
in consultation with the relevant the Management of the Company and is approved by the
1. Does the policy relating to ethics, bribery the previous year?.
stakeholders? Board. The policies have been framed considering the best
interest of the stakeholders. and corruption cover only the company?
3 Does the policy conform to any national/ Yes, the policies are based on National Voluntary Guidelines Not Applicable. However, the Company has
international standards? If yes, specify? on Social, Environmental and Economic Responsibility of The Company has a policy on the Code of undertaken special efforts in the area of
Business. Business Conduct/Ethics, which applies to sustainable development. Further, the Company
all directors, officers and employees of the has adopted technologies to enable resource
4 Has the policy being approved by the Yes, the Policies have been approved by the Board and Company and its majority-owned subsidiaries. efficient, sustainable manufacturing processes
Board? signed by the Company Secretary on behalf of the Board of This Code is intended to (a) focus on areas of and technologies required to produce our
Directors of the Company.
ethical risk;(b) set forth basic standards of ethical products.
If yes, has it been signed by MD/owner/
and legal behaviour; (c)to provide guidance to
CEO/appropriate Board Director?
directors to help them recognize and deal with 3. Does the Company have procedures in
5 Does the Company have a specified Yes, the Companys Official(s) are authorised to oversee the
committee of the Board/Director/ Official implementation of the Policy. ethical issues; (d) provide reporting mechanisms place for sustainable sourcing (including
to oversee the implementation of the for known or suspected unethical conduct and/ transportation)? If yes, then what percentage
policy? or legal violations; (e) help foster a culture of of your inputs was sourced sustainably?
6 Indicate the link for the policy to be http://www.greenply.com/images/pdf/Business- honesty and accountability.
viewed online? Responsibility-Policy.pdf The Company has well established system
7 Has the policy been formally Yes, the policies have been posted in the Companys 2. Does the policy stated above extends to the of sustainable sourcing of inputs including
communicated to all relevant internal and website and communicated to all internal stakeholders.
Joint Ventures / Suppliers / Contractors / transportation. When the Company began its
external stakeholders?
NGOs / Others? journey over three decades ago, we had to source
8 Does the company have in-house Y Y Y Y Y Y Y Y Y
structure to implement policy/policies? our raw materials from multiple external sources.
9 Does the Company have a grievance Y Y Y Y Y Y Y Y Y No. However, the Company encourages its But as we focused more on a well-integrated
redressal mechanism related to the stakeholders to follow the code. approach to business growth, the picture
policy/policies to address stakeholders began to change on the raw material front too.
grievances related to the policy/policies? 3. How many stakeholder complaints have We are promoting large-scale plantations of
10 Has the Company carried out The Company is intending to do the same in due course. been received in the past financial year and fast growing and short-rotation plant species
independent audit/evaluation of the
what percentage was satisfactorily resolved in marginal and degraded farmlands in the
working of this policy by an internal or
by the Management: vicinity of our manufacturing facilities. We aim
external agency?
to enhance raw material security, improve
There was neither any pending complaint nor environment sustainability, reduce logistics
any such complaint was received during the costs and help farmers to switch to commercial
financial year 2016-17. planting from subsistence planting. Besides, we
are also consistently reducing our dependence 2. Do you have an employee association that is 3. What are the steps taken by the Company to applicable in line with the local requirements
on overseas timber to bring down logistics costs. recognised by management? engage with the disadvantaged, vulnerable prevailing in the country of operation.
During the year under review the Company has and marginalized stakeholders?
not sourced its major inputs i.e. timber through There is no employee association that is 2. Does the company have strategies/ initiatives
sustainable sourcing. recognised by the management. The Company provides healthcare facilities to address global environmental issues such
nearby its unit in Nagaland and doing various as climate change, global warming, etc.?
4. Has the company taken any steps to 3. What percentage of permanent employees CSR activities in the area of education, vocational
procure goods and services from local & are members of such employee association? skills, sanitation, healthcare nutritious daily As such no issue of global warming and climatic
small producers, including communities meals. changes are directly associated with the
surrounding their place of work? Not Applicable. Company.
PRINCIPLE-5: RESPECTING AND PROMOTING
Yes. In the form of staff/worker and also supplier 4. Number of complaints relating to child HUMAN RIGHTS However, wood being renewable resource,
of timbers. labour, forced labour, involuntary labour, 1. Does the Company have any policy on human provides wide-ranging benefits to environment
sexual harassment in the last financial year rights? and society, such as:
5. What steps does the Company take to and pending, as on the end of the financial
educate the local/small vendors to develop year: The Company understands and continuously capable of creating a huge carbon sink.
their skills? strives to promote human rights as mentioned
a. child labour: Nil in the Constitution of India in the provisions of reduced the burden on natural forests,
We are educating and providing saplings of b. forced labour: Nil Fundamental Rights and Directive Principles
Eucalyptus of Grade K25 and 413 having highest c. involuntary labour: Nil of State Policy and also the guidelines of the help the nation to achieve its plantation
growth in a shortest period along with straight d. discriminatory employment: Nil International Bill of Human Rights. coverage up to 33%,
stem to farmers since the major raw material e. sexual harassment complaints pending:
for the Companys products is timber of various Nil 2. Does this policy on human rights cover only ameliorates the environment,
species. the Company or extend to the JV/ Suppliers /
The Company has Policy on Prevention of Sexual Contractors / NGOs / Others? tackles climate changes
6. Does the company have a mechanism to Harassment.
recycle products and waste? If yes, what is the For the subsidiaries of the Company, the policy help in maintaining eco balance of the area
percentage of recycling of products and waste? 5. What percentage of your under mentioned applicable in line with the local requirements
employees were given safety & skill up- prevailing in the country of operations are provides a socio economic upliftment to
The Company consumes all the waste products gradation training in the last year? applicable. the local inhabitants.
(side cutting, dust etc.) as fuel in the boilers.
Therefore, there is 100% usage of the waste a. Permanent Employees: 52% 3. How many stakeholder complaints Greenply is equipped with a well-qualified
products. b. Permanent Women Employees: 100% pertaining to violation of Human Rights have team to promote large scale plantation drive
c. Casual/Temporary/Contractual been received in the past financial year and on marginal and degraded lands, in the
7. What is the quantity / percentage of such re- Employees: 40% what percent was satisfactorily resolved by vicinity of almost all the manufacturing units,
cycling? d. Employees with Disabilities: 100% the management: to improve the green cover and mitigate the
global warming impact. At present, genetically
Not Applicable. PRINCIPLE-4: PROTECTION OF STAKEHOLDERS No complaint was pending in the past and superior clones of fast growing short gestation
INTEREST further, no complaint was received pertaining to tree species are produced and supplied to local
PRINCIPLE-3: WELL BEING OF ALL EMPLOYEES 1. Has the Company mapped its internal and human rights violation during the financial year farmers for plantations in their own land. The
1. Human Resource external stakeholders? 2016-17. Company also takes up various initiatives to
Total number in the educate the agrarian community and provide
Kind of HR
Company Yes. PRINCIPLE-6: RESPECTING, PROTECTING AND them free technical knowhow from planting to
Permanent Employees 3451 RESTORING THE ENVIRONMENT post harvest stage.
Hired Employee: 2. Has the Company identified the disadvantaged, 1. Does the policy related to principle 6 cover
Temporary 39 vulnerable and marginalized stakeholders? only the Company or extends to the Group/ 3. Does the Company identify and assess
Contractual 1399 Joint Ventures/Suppliers/Contractors/NGOs/ potential environmental risks?
444 The Company has identified the disadvantaged, others?
Casual
vulnerable and marginalized stakeholders The Company has a mechanism to identify and
Permanent women employees 48
Permanent employees with 7
around its units and identifying their needs and The Company follows its policy on Environment assess potential environmental risks at the plant
disabilities priorities so as to serve these needs accordingly. Protection which is applicable to all its business level.
Child Labour Nil places. For the subsidiaries, the policy is
4. Does the Company has any project related to if yes specify the broad areas (drop box: 5. Have you taken steps to ensure that this CDP 2. Does the Company display product
Clean Development Mechanism? Governance and Administration, Economic is successfully adopted by the community? information on the product label, over and
Reforms, Inclusive Development Policies, Please explain. above what is mandated as per local laws? Yes
No. Energy security, Water, Food Security, / No / N.A. / Remarks (additional information)
Sustainable Business Principles, Others)? CSR initiatives are designed and delivered in
5. Has the Company undertaken any other transparent manner in line with inputs from the Yes, in respect of sale of products through
initiatives on - clean technology energy None. However, the Company intends to utilise Community itself. packaging only. We are also providing relevant
efficiency, renewable energy, etc.? If yes, the opportunities available in future for the information about the products on the face of it
details thereof. advancement or improvement of public good. PRINCIPLE-9: ENGAGING AND ENRICHING as per the local laws.
CUSTOMER VALUE
The efforts of the Company are aimed to PRINCIPLE-8: INCLUSIVE GROWTH AND EQUITABLE 1. What percentage of customer complaints / 3. Is there any case filed by any stakeholder
minimise the energy consumption in spite of DEVELOPMENT consumer cases are pending as on the end of against the Company regarding unfair trade
increase in operations of the Company. 1. Does the Company have specified financial year? practices, irresponsible advertising and/or
programmes / initiatives / projects in pursuit anti-competitive behaviour during the last
6. Are the emissions / waste generated by the of the inclusive growth and equitable A total of 624 complaints were received from five years and pending as on end of financial
Company within the permissible limits given development? If yes details thereof. customers including end-consumers in financial year? If so, provide details thereof, in about
by CPCB/SPCB for the financial year being year 2016-17, out of which 113 (amounting 50 words or so.
reported? The Company undertakes the initiatives through to 18%) was pending as of 31st March, 2017.
the CSR Committee of the Board as per the CSR Further, two consumer cases were filed against None.
Yes, the emissions/waste generated by the Policy of the Company. Please refer the Report the Company with the Consumer forum
Company for financial year 2016-17 are within on the CSR activities forming part of the Annual during financial year 2016-17 and the same are 4. Did your Company carry out any consumer
permissible limits given by CPCB/SPCB(s) of the Report for the financial year 2016-17. pending. Total 7 consumer cases are pending survey / consumer satisfaction trends?
respective units. with various consumer forum as on the end of
2. Are the programmes / projects undertaken financial year 2016-17. No. However, the Company intends to carry out
7. Number of show cause/legal notices received through in-house team / own foundation / such survey in the due course.
from CPCB/SPCB which are pending (i.e. external NGO / government structures / any
not resolved to satisfaction) as on end of other organization?
financial year. On behalf of the Board of Directors
The CSR projects have been carried out by
As on 31 March, 2017, there is no pending show the Company directly and through Greenply Shiv Prakash Mittal
cause or legal notice received from CPCB or Foundation, a Charitable Trust, established by Place: Kolkata Executive Chairman
SPCB. the Company under the provisions of the Indian Date: 29.05.2017 DIN: 00237242
Trusts Act, 1882. Please refer the Report on the
PRINCIPLE-7: RESPONSIBILITY TOWARDS PUBLIC CSR activities forming part of the Annual Report
AND REGULATORY POLICY for the financial year 2016-17.
1. Whether the Company is a member of any
trade/ chamber association? 3. Have you done any impact assessment of the
initiative indicated above?
The Company is the member of the following
trade/ chamber association among others: No. However, the CSR Committee internally
performs assessment of its initiatives on
a. ASSOCHAM frequent intervals.
b. Merchants Chamber of Commerce &
Industry 4. What is your Companys direct contribution
c. PHD Chamber of Commerce & Industry to Community Development Projects (CDP)?
d. Indian Chamber of Commerce - Amount in ` and the details of the projects
e. Indian Green Building Council undertaken.
2. Have you advocated/lobbied through Please refer the Report on the CSR activities
above associations for the advancement forming part of the Annual Report for the
or improvement of public good? Yes/No; financial year 2016-17 containing the details on
CSR spending.
[PURSUANT TO PART C OF SCHEDULE V OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE Name of the Directors Category of No. of Board Attendance No. of outside No. of outside
and Director Directorship Meetings at last AGM directorship held committees**
REQUIREMENTS) REGULATIONS, 2015]
Identification Number Held Attd. Public Private Other Member Chairman
(DIN)
Sr. Category No. of Percentage Mr. Anupam Kumar Non-Executive- 6 5 Yes - - - - -
The Directors present the Companys Report on No. Directors to total no. Mukerji Independent
Corporate Governance for the financial year ended of Directors (DIN 00396878) Director
31st March, 2017, in terms of Regulation 34(3) read 1 Executive Promoter 3 33 Ms. Sonali Bhagwati Non-Executive- 6 4 No 2 2 - 2 -
with Schedule V of the SEBI (Listing Obligations and Directors Dalal Independent
Disclosure Requirements) Regulations, 2015 (the 2 Non-executive-Non- 1 11 (DIN 01105028) Director
Independent Director Mr. Upendra Nath Non-Executive- 6 5 Yes 1 - - - -
Listing Regulations).
3 Non-executive- 5 56 Challu Independent
Independent Directors (DIN 05214065) Director
1. COMPANYS PHILOSOPHY ON THE CODE OF
(including one women
CORPORATE GOVERNANCE director) * including directorship in six foreign companies.
Greenply Industries Limited (the Company) Total 9 100 # including Chairmanship.
has complied with the principles and practices $ including directorship in three foreign companies.
of good Corporate Governance. The Companys ** All committees including Chairmanship/membership of the Audit Committee and the Stakeholders Relationship Committee have been
philosophy is to attain transparency and The composition of the Board is in accordance considered.
accountability in its relationship with employees, with Regulation 17 of the SEBI (Listing
shareholders, creditors, consumers, dealers and Obligations and Disclosure Requirements) C. Information supplied to the Board of Directors:
lenders, ensuring a high degree of regulatory Regulations, 2015. During 2016-17, all necessary information, as required under the applicable provisions of the
compliance. Your Company firmly believes that Companies Act, 2013, Listing Regulations and other applicable laws and rules were placed and
a good governance process represents the B. Board Meetings: discussed at the Board Meetings.
foundation of corporate excellence. We have During 2016-17, six Board Meetings were
adopted various codes and policies to carry out held i.e. on 24th May, 2016, 23rd June, Details of Director seeking appointment/re-appointment at the forthcoming Annual General
our duties and responsibilities in ethical manner. 2016, 25th July, 2016, 24th October, 2016, Meeting:
24th January, 2017 and 16th March, 2017.
2. BOARD OF DIRECTORS Name of Executive Director Mr. Shiv Prakash Mittal,
A. Composition: The attendance of the Directors at the Executive Chairman (DIN 00237242)
The Board of the Company is comprised Board Meetings during 2016-17 and at Age 68 years (Date of Birth: April 07, 1949)
of Executive and Non-Executive Directors the last Annual General Meeting and Date of first Appointment July 29, 1991
including Independent Directors. As on also the number of other Boards or Experience/Expertise in Mr. Shiv Prakash Mittal, a founder of Greenply Industries Limited, has rich and
specific functional areas diverse experience in the fields of production and marketing of plywood,
March 31, 2017, the composition of the Board Committees in which the Directors
laminates and allied products. He is involved in the overall growth of the
Board is as under which is headed by an are holding the position of Member/ Company especially in respect of setting-up of new manufacturing units and
Executive Chairman: Chairperson as on March 31, 2017 are: streamlining the production capacities of existing units.
Qualification B.Sc.
Name of the Directors Category of No. of Board Attendance No. of outside No. of outside Terms and conditions of re- Re-appointment for the period of five years with effect from February 1,
and Director Directorship Meetings at last AGM directorship held committees** appointment 2017 till January 31, 2022 on the terms and conditions as mentioned in item/
Identification Number Held Attd. Public Private Other Member Chairman resolution no. 6 of the Notice dated 29.05.2017 convening 27th Annual
(DIN) General Meeting of the Company.
Mr. Shiv Prakash Mittal Executive Chairman- 6 6 Yes 1 1 - 4# 1 Remuneration sought to be Provided in item/resolution no. 6 of the Notice dated 29.05.2017 convening
(DIN 00237242) Promoter Director paid 27th Annual General Meeting of the Company.
Mr. Rajesh Mittal Managing Director- 6 5 No 1 12* - - - Remuneration- Salary: ` 2,20,80,000/-
(DIN 00240900) Promoter Director FY 2016-17 Commission: ` 2,86,42,000/-
Mr. Shobhan Mittal Joint Managing 6 3 No 1 9$ 1 - - Provident Fund: ` 24,33,600/-
(DIN 00347517) Director & CEO- List of outside directorship Listed Entity: Greenlam Industries Limited
Promoter Director held excluding alternate Unlisted Entity: Prime Holdings Pvt. Ltd.
Mr. Moina Yometh Non-Executive- 6 1 No - - - - - directorship
Konyak (DIN 00669351) Non-Independent
Director Chairman/Member of the Chairman: Nil
Mr. Susil Kumar Pal Non-Executive- 6 6 Yes 3 - - 5 - Committee of the Board of Member:
(DIN 00268527) Independent Directors of the Company 1. Nomination & Remuneration Committee
Director 2. Operational Committee
Mr. Vinod Kumar Kothari Non-Executive- 6 6 No 2 3 1 5# 1
(DIN 00050850) Independent
Director
Chairman/member of the Greenlam Industries Limited: F. Familiarisation programme for Obligations and Disclosure Requirements)
committee of the Board of Chairman:
Independent Directors: Regulations, 2015, regarding compliance
Directors of other companies Stakeholders Relationship Committee
Pursuant to regulation 25(7) of the SEBI with the code by all the Directors and
in which he is a director Member:
1. Nomination & Remuneration Committee (Listing Obligations and Disclosure Senior Management is attached with the
2. Corporate Social Responsibility Committee Requirements) Regulations, 2015, Annual Report.
3. Operational & Finance Committee the Company should familiarise the
Independent Directors through various I. Terms and conditions of appointment
Number of Equity Shares held Nil programs about the Company. During of Independent Directors
in the Company the year under review, the Company has The terms and conditions of appointment
Number of Board Meetings 6 (Six)
conducted the familiarisation program for of Independent Directors have been
attended during Financial year
2016-17
Independent Directors at the Companys placed on the website of the Company.
Relationship with other Mr. Rajesh Mittal (Brother) & Mr. Shobhan Mittal (Son) unit situated at Tizit, Nagaland. Periodic The same is available on the Companys
Directors, Manager and other presentations were made at the Board website http://www.greenply.com/
Key Managerial Personnel of and Board Committee Meetings, on images/pdf/Appointment-Letters-of-
the Company. business and performance updates of the Independent-Directors.pdf.
Company. The details of the familiarisation
D. Disclosures of relationships between Directors inter-se: programme have been disclosed on the Committees of the Board
Name of the Directors Category of Directorship Relationship between Directors website of the Company at the following There are four Committees of the Board
Mr. Shiv Prakash Mittal Executive Chairman-Promoter Director Mr. Rajesh Mittal (Brother) web-link. namely, the Audit Committee, Nomination
and and Remuneration Committee,
Mr. Shobhan Mittal (Son) h t t p : / / w w w. gre e n p l y. co m / i m a g e s / Stakeholders Relationship Committee
Mr. Rajesh Mittal Managing Director- Promoter Director Mr. Shiv Prakash Mittal (Brother) p d f / D e t a i l s - o f - Fa m i l i a r i z a t i o n - and Corporate Social Responsibility
Mr. Shobhan Mittal Joint Managing Director & CEO- Promoter Mr. Shiv Prakash Mittal (Father)
Programmes-Imparted-to-Independent- Committee. Apart from these Committees,
Director
Directors_2016-17.pdf the Company also has an Operational
Mr. Moina Yometh Konyak Non-Executive- None
Non-Independent Director Committee & QIP Committee of the Board.
Mr. Susil Kumar Pal Non-Executive- Independent Director None G. Evaluation of the Boards Performance
Mr. Vinod Kumar Kothari Non-Executive- Independent Director None As per the applicable provisions of 3. AUDIT COMMITTEE
Mr. Anupam Kumar Mukerji Non-Executive- Independent Director None the Companies Act, 2013 and Listing A. Composition:
Ms. Sonali Bhagwati Dalal Non-Executive- Independent Director None Regulations, the Board has to carry out As on March 31, 2017, the Companys
Mr. Upendra Nath Challu Non-Executive- Independent Director None evaluation of its performance, Committees Audit Committee comprises of four Non-
of the Board and individual Directors of Executive Independent Directors, and
E. Separate Meeting of Independent Directors: the Company based on the criteria laid two Executive-Promoter Directors. The
During the year under review, a separate meeting of the Independent Directors of the Company down by Nomination and Remuneration Company Secretary acts as the Secretary
was convened on 16th March, 2017, inter alia, to perform the following: Committee. Feedback was sought to the Audit Committee. The composition
by way of structured questionnaires is as under:
Review the performance of Non Independent Directors and the Board as a whole; covering various aspects of the Boards Mr. Susil Kumar Pal, Chairman
functioning/ effectiveness, such as Board Mr. Vinod Kumar Kothari, Member
Review the performance of the Chairperson of the Company, taking into account the views of Structure, Business Excellence, Managing Mr. Anupam Kumar Mukerji, Member
the Executive Directors and Non-Executive Directors; Stakeholders, Business Performance Mr. Upendra Nath Challu, Member
Evaluation, Compliance, Internal Control, Mr. Rajesh Mittal, Member
Assess the quality, quantity and timeliness of flow of information between the Company Audit Function, Risk Management and Mr. Shobhan Mittal, Member
Management and the Board that is necessary for the Board to effectively and reasonably the evaluation was carried out based on
perform their duties. responses received from the Directors. All Members of the Committee are
financially literate and most of them
The following Independent Directors were present at the Meeting: H. Code of Conduct have accounting and/or related financial
Mr. Anupam Kumar Mukerji The Code of Conduct for Board Members management expertise.
Mr. Vinod Kumar Kothari and Senior Management of the Company
Mr. Susil Kumar Pal is available on the Companys website B. Terms of Reference:
Mr. Upendra Nath Challu http://w w w.greenply.com/code - of- Powers and role of the Audit Committee:
Ms. Sonali Bhagwati Dalal conduct. Annual declaration by the The powers of Audit Committee include
Joint Managing Director & CEO of the the following:
Company pursuant to the SEBI (Listing
a) Powers: c.
Major accounting entries 11. Evaluation of internal financial 18. To review the functioning of the
1. To investigate any activity within its involving estimates based on controls and risk management Whistle Blower mechanism;
terms of reference. the exercise of judgment by systems;
management 19. Approval of appointment of CFO (i.e.,
2.
To seek information from any 12. Reviewing, with the management, the whole-time Finance Director or
employee. d.
Significant adjustments made performance of statutory and any other person heading the finance
in the financial statements internal auditors, adequacy of the function or discharging that function)
3.
To obtain outside legal or other arising out of audit findings internal control systems; after assessing the qualifications,
professional advice. experience and background, etc. of
e.
Compliance with listing and 13. Reviewing the adequacy of internal the candidate;
4.
To secure attendance of outsiders other legal requirements audit function, if any, including
with relevant expertise, if it considers relating to financial statements the structure of the internal audit 20. Carrying out any other function as is
necessary. department, staffing and seniority of mentioned in the terms of reference
f. Disclosure of any related party the official heading the department, of the Audit Committee.
b) Role: transactions reporting structure coverage and
The role of the Audit Committee includes frequency of internal audit; c) Review of information by the Audit
the following: g. Modified opinion(s) in the draft Committee:
audit report 14. Discussion with internal auditors of
1. Oversight of the companys financial any significant findings and follow up The Audit Committee reviews the following
reporting process and the disclosure 5. Reviewing, with the management, there on; information:
of its financial information to ensure the quarterly financial statements
that the financial statement is correct, before submission to the board for 15. Reviewing the findings of any a. Management discussion and analysis
sufficient and credible; approval; internal investigations by the internal of financial condition and results of
auditors into matters where there is operations;
2.
Recommendation for appointment, 6. Reviewing, with the management, suspected fraud or irregularity or a
remuneration and terms of the statement of uses/ application of failure of internal control systems of b. Statement of significant related party
appointment of auditors of the funds raised through an issue (public a material nature and reporting the transactions (as defined by the Audit
company; issue, rights issue, preferential issue, matter to the board; Committee), submitted by management;
etc.), the statement of funds utilized
3. Approval of payment to statutory for purposes other than those stated 16. Discussion with statutory auditors c. Management letters / letters of internal
auditors for any other services in the offer document / prospectus / before the audit commences, about control weaknesses issued by the statutory
rendered by the statutory auditors; notice and the report submitted by the nature and scope of audit as well auditors;
the monitoring agency monitoring as post-audit discussion to ascertain
4. Reviewing, with the management, the utilisation of proceeds of a any area of concern; d. Internal audit reports relating to internal
and examination of the financial public or rights issue, and making control weaknesses; and
statements and auditors report appropriate recommendations to the 17. To look into the reasons for
thereon before submission to the Board to take up steps in this matter; substantial defaults in the payment e. The appointment, removal and terms of
board for approval, with particular to the depositors, debenture holders, remuneration of the Chief internal auditor
reference to: 7. Review and monitor the auditors shareholders (in case of non-payment shall be subject to review by the Audit
independence and performance and of declared dividends) and creditors; Committee.
a. Matters required to be included effectiveness of audit process;
in the Directors Responsibility C. Meetings and attendance:
Statement to be included in the 8. Approval or any subsequent During 2016-17, five meetings of Audit Committee were held i.e. on May 24, 2016, July 25, 2016, October
Boards report in terms of clause modification of transactions of the 24, 2016, January 24, 2017 and March 16, 2017 and the attendance of Member Directors is as follows:
(c) of sub-section 3 of section company with related parties;
134 of the Companies Act, 2013 Name of the Members Category No. of Meetings
9. Scrutiny of inter-corporate loans and Held Attended
b. Changes, if any, in accounting investments; Mr. Susil Kumar Pal Non-Executive Independent Director 5 5
policies and practices and Mr. Anupam Kumar Mukerji Non-Executive Independent Director 5 5
reasons for the same 10. Valuation of undertakings or assets Mr. Vinod Kumar Kothari Non-Executive Independent Director 5 5
of the company, wherever it is Mr. Upendra Nath Challu Non-Executive Independent Director 5 5
necessary; Mr. Rajesh Mittal Executive Promoter Director 5 4
Mr. Shobhan Mittal Executive Promoter Director 5 3
4. NOMINATION AND REMUNERATION personnel and other employees and D. Remuneration policy, details of remuneration and other terms of appointment of Directors:
COMMITTEE recommend the same to the board of A brief outline of the Remuneration policy is mentioned in the Directors Report, forming part of the
A. Composition: the Company; Annual Report.
As on March 31, 2017, the Companys
Nomination and Remuneration Committee b. board diversity laying out an optimum The Remuneration Policy of the Company is uploaded on the website of the Company. The weblink
comprises of three Non-Executive mix of executive, independent and is http://www.greenply.com/images/pdf/Greenply-remuneration-policy.pdf
Independent Directors and one Executive- non-independent directors keeping
Promoter Director. The Company Secretary in mind the needs of the Company. E. Remuneration of Directors
acts as the Secretary to the Nomination (I) Executive Directors
and Remuneration Committee. The III. To identify persons who are qualified The details of remuneration including commission to all Executive Directors for the year ended
composition is as under: to: on March 31, 2017 are as follows and the same is within the ceiling prescribed under the
applicable provisions of the Companies Act, 2013.
Mr. Susil Kumar Pal, Chairman
a. become directors in accordance with
Mr. Vinod Kumar Kothari, Member the criteria laid down and recommend Name and Service contract/Notice period* Salary Commission Provident
Perquisites
to the Board the appointment and designation (`) (`) Fund (`)
and other
Mr. Anupam Kumar Mukerji, Member
removal of directors; allowances (`)
Mr. Shiv Prakash Mittal, Member Mr. Shiv Prakash Re-appointed for five years w.e.f. 2,20,80,000 2,86,42,000 24,33,600 -
Mittal February 01, 2017 (liable to
b. be appointed in senior management
(Executive Chairman) Retire by rotation)
B. Terms of Reference: in accordance with the policies of the
Mr. Rajesh Mittal Re-appointed for five years w.e.f. 2,11,20,000 2,86,42,000 22,46,400 -
The Nomination and Remuneration Company. (Managing Director) January 01, 2016 (not liable to
Committee is responsible for, among Retire by rotation)
other things, as may be required by the IV. To carry out evaluation of the Mr. Shobhan Mittal Reappointed for five years w.e.f. 1,00,00,000 2,86,42,000 12,00,000 7,28,850
Company from time to time, the following: performance of every director of the (Jt. Managing September 01, 2016 (liable to
Company; Director & CEO) Retire by rotation)
I. To formulate criteria for: * The appointment may be terminated by either party by giving three months notice or salary in lieu thereof or by mutual
V. To express opinion to the Board that consent.
a. determining qualifications, positive a director possesses the requisite (II) Non-Executive Directors
attributes and independence of a qualification(s) for the practice of The details of sitting fees and annual commission (excluding applicable service tax) to Non-
director; the profession in case the services Executive Directors for the financial year 2016-17 are as follows:
to be rendered by a director are of
b. evaluation of independent directors professional nature. Name Service contract/Notice period Sitting fees Commission
and the Board (`) (`)
VI. To carry out such other business as Mr. Moina Yometh Konyak Retire by rotation 40,000 10,00,000
II. To devise the following policies on: may be required by applicable law
or considered appropriate in view of Mr. Susil Kumar Pal Appointed for five years w.e.f. August 22, 2014 6,70,000 10,00,000
until the 29th Annual General Meeting of the
a. remuneration including any the general terms of reference and
Company to be held in the calendar year 2019.
compensation related payments the purpose of the Nomination and Not liable to Retire by rotation
of the directors, key managerial Remuneration Committee. Mr. Vinod Kumar Kothari Appointed for five years w.e.f. August 22, 2014 6,50,000 10,00,000
until the 29th Annual General Meeting of the
C. Meetings and Attendance: Company to be held in the calendar year 2019.
During 2016-17, four meetings of Nomination and Remuneration Committee were held i.e. on May Not liable to Retire by rotation
23, 2016, September 05, 2016, January 24, 2017 and March 16, 2017 and the attendance of Member Mr. Anupam Kumar Mukerji Appointed for five years w.e.f. August 22, 2014 5,30,000 10,00,000
until the 29th Annual General Meeting of the
Directors is as follows:
Company to be held in the calendar year 2019.
Not liable to Retire by rotation
Name of the Members Category No. of Meetings Ms. Sonali Bhagwati Dalal Appointed for five years w.e.f. August 22, 2014 2,00,000 10,00,000
Held Attended until the 29th Annual General Meeting of the
Mr. Susil Kumar Pal Non-Executive Independent Director 4 4 Company to be held in the calendar year 2019.
Mr. Anupam Kumar Mukerji Non-Executive Independent Director 4 3 Not liable to Retire by rotation
Mr. Vinod Kumar Kothari Non-Executive Independent Director 4 4 Mr. Upendra Nath Challu Appointed for five years w.e.f. August 22, 2014 4,50,000 10,00,000
Mr. Shiv Prakash Mittal Executive Promoter Director 4 4 until the 29th Annual General Meeting of the
Company to be held in the calendar year 2019.
Not liable to Retire by rotation
There are no pecuniary relationships or transactions between the non-executive directors (including B. Terms of Reference for the Committee: 5. Appointment and fixing of
independent directors) and the Company, except for sitting fees and commission drawn by them for The Stakeholders Relationship Committee remuneration of RTA and overseeing
attending the meeting of the Board and Committee(s) thereof. is responsible for, among other things, as their performance;
may be required by the Company from
All the Non-Executive Directors shall give notice of their resignation/ termination to the Company time to time, the following: 6. Review the status of the litigation(s)
as per the applicable provisions of the Companies Act, 2013 and they will not be entitled to any filed by/against the security holders
severance pay from the Company. 1. To ensure proper and timely of the Company;
attendance and redressal of
The Company has not granted any stock option to its Directors. grievances of security holders of the 7. Review the status of claims received
Company in relation to: for unclaimed shares;
The details of shares/convertible instruments held by the Executive and Non-Executive Directors of
the Company as on March 31, 2017 are as follows: a. Transfer of shares, 8. Recommending measures for overall
improvement in the quality of
Name of the Directors Category Number of No. of Convertible b. Non-receipt of annual reports, investor services;
Equity Shares Instruments
Mr. Shiv Prakash Mittal Executive Promoter Director Nil Nil c. Non-receipt of declared dividend, 9. Monitoring, implementation and
Mr. Rajesh Mittal Executive Promoter Director 3415900 Nil compliance with the Companys
Mr. Shobhan Mittal Executive Promoter Director 739000 Nil d.
All such complaints directly Code of Conduct for Prohibition of
Mr. Moina Yometh Konyak Non-Executive Non-independent Director Nil Nil
concerning the shareholders / Insider Trading;
Mr. Susil Kumar Pal Non-Executive Independent Director Nil Nil
investors as stakeholders of the
Mr. Vinod Kumar Kothari Non-Executive Independent Director Nil Nil
Company; and 10. Review the impact of enactments/
Mr. Anupam Kumar Mukerji Non-Executive Independent Director Nil Nil
Ms. Sonali Bhagwati Dalal Non-Executive Independent Director Nil Nil amendments issued by the MCA/
Mr. Upendra Nath Challu Non-Executive Independent Director Nil Nil e. Any such matters that may be SEBI and other regulatory authorities
considered necessary in relation on matters concerning the investors
to shareholders and investors of in general;
F. Criteria for making payment to Non- Executive Directors: the Company.
The Company has formulated criteria for making payment to Non-Executive Directors, which has 11. Such other matters as per the
been uploaded on the Companys website. The weblink of the same is as mentioned below: 2. Formulation of procedures in line directions of the Board of Directors
with the statutory guidelines to of the Company and/ or as required
http://www.greenply.com/images/pdf/Remuneration-Criteria-for-Non-Executive-Directors.pdf ensure speedy disposal of various under Clause 49 of the erstwhile
requests received from shareholders Listing Agreements, relating to
G. Criteria for performance Evaluation of Independent Directors: from time to time; Corporate Governance, as amended,
The Nomination and Remuneration Committee has duly formulated the performance evaluation from time to time.
criteria for Independent Directors of the Company. The said criteria are disclosed in the Boards 3. To review and / or approve
Report . applications for transfer, transmission, 12. Any other issue within terms of
transposition and mutation of reference.
5. STAKEHOLDERS RELATIONSHIP COMMITTEE share certificates including issue
The composition and terms of reference of Stakeholders Relationship Committee are as follows: of duplicate certificates and new The table gives the number of
certificates on split / sub-division / complaints received, resolved and
A. Composition: consolidation / renewal and to deal pending during the year 2016-17.
As on March 31, 2017, the Companys Stakeholders Relationship Committee comprises two with all related matters.
Executive Promoter Directors and two Non-Executive Independent Directors as under- C. Number of complaints:
4. To review and approve requests of Unresolved
Mr. Anupam Kumar Mukerji, Chairman Received Resolved
dematerialization and rematerialisation at the
during during Pending
Mr. Susil Kumar Pal, Member of securities of the Company and such beginning of
the year the year
other related matters; the year
Mr. Rajesh Mittal, Member Nil 12 12 Nil
Mr. Shobhan Mittal, Member
Mr. Kaushal Kumar Agarwal, Company Secretary, acts as the Secretary to the Committee and
Compliance Officer of the Company.
D. Meetings and attendance 8. QIP COMMITTEE on March 31, 2017, the QIP Committee of the
During 2016-17, four meetings of Stakeholders Relationship Committee were held on 23rd May, The QIP Committee, which was constituted Company comprised Mr. Shiv Prakash Mittal, Mr.
2016, 25th July, 2016, 23rd October, 2016 and 24th January, 2017 and the attendance of the Member by the Board of Directors of the Company at Rajesh Mittal, Mr. Vinod Kumar Kothari and Mr.
Directors is as follows: its meeting held on 23rd June, 2016, for the Susil Kumar Pal. During 2016-17, four meetings
purpose of facilitating the process of issue and of QIP Committee were held i.e. on 9th August,
Name of the members Category No. of meetings allotment of equity shares of the Company 2016, 11th August, 2016, 12th August, 2016 and
Held Attended through Qualified Institutional Placement. As 16th August, 2016.
Mr. Anupam Kumar Mukerji Non-Executive-Independent Director 4 4
Mr. Susil Kumar Pal Non-Executive-Independent Director 4 4 9. GENERAL BODY MEETINGS
Mr. Rajesh Mittal Executive Promoter Director 4 3 i. The details of last three Annual General Meetings of the shareholders are as under:
Mr. Shobhan Mittal Executive Promoter Director 4 3
d. Resolution for approval of the under Section 188 of the Companies Procedure followed to pass the said 10. SUBSIDIARIES
contracts/arrangements of the Act, 2013. resolution by Postal Ballot: Details of the Subsidiaries and/or Joint Venture
Company for sale of products to The voting rights of the members were of the Company and their business activities
related parties under Section 188 of k. Resolution for approval of the lease/ reckoned on the cut-off date i.e. June 27, are provided in the Directors Report forming
the Companies Act, 2013 leave and license agreement with 2016 and the notice along with Postal Ballot part of the Annual Report of the Company.
Trade Combines, Partnership Firm form had been dispatched to all members The Company has formulated a policy for
e. Resolution for approval of the under Section 188 of the Companies on July 2, 2016. The Board had appointed determining material subsidiaries pursuant to
contracts/arrangements of the Act, 2013. Mr. Dilip Kumar Sarawagi [bearing COP the provisions of the erstwhile Equity Listing
Company to purchase raw materials, No.: 3090], Practicing Company Secretary, Agreement and the Listing Regulations, 2015
semi-finished and finished goods l. Resolution for approve the lease/ Proprietor of M/s. DKS & Co. [bearing and the same is displayed on the website of the
from a related party under Section leave and license agreement with Unique Code: S1990WB007300] of 173, M. Company. The weblink is http://www.greenply.
188 of the Companies Act, 2013. Himalaya Granites Limited under G. Road, 1st Floor, Kolkata - 700 007, as the com/images/pdf/Policy-for-determining-
Section 188 of the Companies Act, Scrutinizer for conducting the postal ballot Material-Subsidiaries.pdf.
f. Resolution for approval to give 2013. voting process in accordance with the law
guarantee or provide security and in a fair and transparent manner. M/s. 11. DISCLOSURES
in respect of loan made to the m. Resolution for approve the lease/ Central Depository Services (India) Limited a) Related Party Transactions:
subsidiaries Greenlam Asia Pacific leave and license agreement with RS (CDSL) had been engaged to provide the The Company does not have materially
Pte. Ltd., Greenlam America, Inc. and Homcon Limited under Section 188 electronic voting facility to the members significant transactions with related parties
Greenlam Europe (UK) Limited. of the Companies Act, 2013. of the Company. during the financial year, which may have
potential conflict with the interest of the
g. Resolution for approval to give iii. Passing of Resolution by Postal Ballot The voting (postal & e-voting) period Company at large. Suitable disclosures as
guarantee or provide security during the financial year 2016-2017: started on 2nd July, 2016 at 10:00 a.m. and required by the Ind AS 24 has been made
in respect of loan made to the ended on 31st July, 2016 at 6:00 p.m. During in the notes to the Financial Statements.
subsidiary Greenply Trading Pte. Ltd. During the year under review, the Board said period shareholders of the Company, The details of the transactions with
and joint venture company Greenply of Directors of the Company approved holding shares either in physical form or related parties are placed before the Audit
Alkemal (Singapore) Pte. Ltd. the postal ballot notice dated June 23, in dematerialized form, as on the cut-off Committee from time to time.
2016 containing special resolution in date i.e. 27th June, 2016, were eligible to
h. Resolution for approval of the lease/ respect of the following matter to which cast their vote electronically. Postal Ballot The Board of Directors has formulated
leave and license agreement with shareholders approval was obtained on Forms received up to 6:00 p.m. on July 31, a policy on related party transactions
Prime Holdings Private Limited under July 31, 2016. 2016, being the last time and date fixed and also on dealing with related party
Section 188 of the Companies Act, by the Company for receipt of the Postal transactions pursuant to the provisions
2013. Resolution 1: Resolution pursuant to Ballot forms, had been considered for of the Companies Act, 2013 and Listing
the provisions of Section 42, 62, 71 and scrutiny. The resolution was approved on Regulations, which has been uploaded
i. Resolution for approval of the lease/ all other applicable provisions, if any, of 31st July, 2016 [last date specified by the on the Companys website. The weblink
leave and license agreement with the Companies Act, 2013 and the allied Company for receipt of duly completed as required under Listing Regulations is as
Prime Properties Private Limited Rules framed thereunder including other postal ballot forms or e-voting]. under:
under Section 188 of the Companies applicable laws for issuance of equity
Act, 2013. shares including convertible bonds/ The results of postal ballot voting (including http://www.greenply.com/images/pdf/
Debentures through qualified institutional e-voting) along with the Scrutinisers report Related-Party-Transactions-Policy.pdf
j. Resolution for approval of the lease/ placement (QIP) and/or Depository had been displayed on the Notice Board of
leave and license agreement with Receipts and/or any other modes for an the company at its Registered Office and b) Compliance:
S. M. Management Private Limited amount not exceeding ` 1000 million. Corporate Office and also placed on the There has been no non-compliance,
website of the company at www.greenply. penalties or strictures imposed on the
The details of the voting pattern in respect of Resolution passed are as under: com. The same was also published in the Company by Stock Exchanges and/or SEBI
newspapers i.e. Business Standard all and/or any other Statutory Authorities,
Resolution No. of No. of valid No. of No. of Valid No. of Valid % of Votes in % of Votes editions, Assam Tribune and The Dainik on any matter related to capital markets
votes votes polled invalid Votes in Votes favour on against on Janambhumi on 3rd August, 2016. during the last three years, except penalty
polled votes polled favour against votes votes polled of ` 1,123/-(including service tax) was
polled iv. Whether any special resolution is proposed imposed by BSE Ltd. for delay in filing
Resolution
to be conducted through postal ballot: of shareholding pattern for the quarter
No. 1 (Special 89389090 89385968 3122 89385618 350 99.9996 0.0004
There is no immediate proposal for passing ended 30.09.2014 by one day.
Resolution)
any resolution through Postal Ballot.
c) Joint Managing Director & CEO and employees to report concerns about 2. Half-yearly declaration of financial 2013. During the year, the Company had
CFO Certification: unethical behaviour, actual or suspected performance including summary not received any complaint.
The Joint Managing Director & CEO and fraud or violation of the Companys Code of the significant events in last
the CFO have issued certificate pursuant of Conduct or ethical policy. The whistle six-months to each household of k) Unclaimed Dividends:
to the provisions of Regulation 17(8) of blowers may also lodge their complaints/ shareholders: Not adopted Pursuant to the provisions of the
the Listing Regulations certifying, inter concern with the Chairman of the Audit Companies Act, 1956 and/or provisions
alia, that the financial statements do not Committee, whose contact details are 3. Modified opinion(s) in audit report: of the Companies Act, 2013, dividends
contain any materially untrue statement provided in the Whistle Blower Policy of The Auditors of the Company have that are unpaid/ unclaimed for a period of
and these statements represent a true and the Company. The policy offers appropriate issued an unmodified report on seven years are required to be transferred
fair view of the Companys affairs. The said protection to the whistle blowers from financial statements for FY 2016-2017. by the Company to the Investor Education
certificate is annexed and forms part of victimization, harassment or disciplinary and Protection Fund (IEPF) administered
this Annual Report. proceedings. The Whistle Blower Policy 4. Separate posts of Chairman & Chief by the Central Government. Given below
is also available on the website of the Executive Officer: Complied are the dates of declaration of dividend
d) Code of Conduct for Prevention of Company and weblink to the same is as and corresponding dates when unpaid/
Insider Trading: under: 5. Reporting of Internal Auditors unclaimed dividends are due for transfer
The Company has adopted a Code of directly to the Audit Committee: to IEPF:
Conduct for Prevention of Insider Trading http://www.greenply.com/images/pdf/ Complied
in accordance with the requirements of Vigil_Mechanism_Policy.pdf Financial Date of Due Date for
the SEBI (Prohibition of Insider Trading) g) In addition to Directors Report, a Year ended declaration of transfer to
Regulations 2015 and Companies Act, The Company has provided opportunities Management Discussion and Analysis dividend IEPF
2013 with a view to regulate trading in to encourage employees to become Report forms part of the Annual Report 31.03.2010 06.08.2010 11.09.2017
securities by the Directors, KMPs and other whistle blowers. It has also ensured a to the shareholders. All Members of the 31.03.2011 19.08.2011 24.09.2018
31.03.2012 24.08.2012 28.09.2019
designated employees of the Company. mechanism within the same framework to Board and key executives have confirmed
31.03.2013 23.08.2013 28.09.2020
The Board of Directors of the Company protect them from any kind of harm and that they do not have any direct, indirect
31.03.2014 22.08.2014 27.09.2021
at its meeting held on February 5, 2015 unfair treatment. It is hereby affirmed that or on behalf of third parties, a material 31.03.2015 25.08.2015 30.09.2022
had adopted the new Insider Trading no personnel has been denied access to interest in any transaction(s) or matter 31.03.2016 23.08.2016 28.09.2023
Code effective from May 15, 2015. This the Audit Committee. directly affecting the Company at large.
code is applicable to all Designated
Employees and their immediate relatives, f) Details of Compliance with Mandatory h)
Policy for determining material During the year under review, the
connected persons, Promoter and requirements and adoption of Non- subsidiaries: Company has credited ` 41,945/- to the
they are required to abide by the Code mandatory requirements: The Company has framed the policy for Investor Education and Protection Fund
of Conduct for Prevention of Insider Mandatory requirements: determining material subsidiaries. The (IEPF) pursuant to the relevant provisions
Trading of the Company framed under Your Company has adhered to all the same has been placed on the website of of applicable laws and rules.
the SEBI (Prohibition of Insider Trading) mandatory requirements of Corporate the Company and weblink to the same is
Regulations, 2015 as amended from time Governance norms as prescribed under as under: Pursuant to the provisions of Investor
to time and provisions under Section 195 the Listing Regulations to the extent Education and Protection Fund (Uploading
the Companies Act, 2013 as amended. applicable to the Company. The Company h t t p : / / w w w. gre e n p l y. co m / i m a g e s / of information regarding unpaid and
The Code requires pre-clearance from also complies with the notified Secretarial pdf/Policy-for-determining-Material- unclaimed amounts lying with companies)
Compliance officer for dealing in the Standards on the Board and General Subsidiaries.pdf Rules, 2012, the Company has uploaded the
Companys shares beyond threshold limits. Meetings as issued by the Institute of details of unpaid and unclaimed amounts
Further, it prohibits the purchase or sale of the Company Secretaries of India. The i) Shareholding of Non-Executive Directors: lying with the Company as on 23th August,
Companys shares by the Directors, KMPs Certificate regarding compliance with None of the Non-Executive Directors hold 2016 (date of previous Annual General
and the employees while in possession of the conditions of Corporate Governance any shares in the Company. Meeting) on the Companys website http://
unpublished price sensitive information received from Statutory Auditors, M/s. www.greenply.com/unpaid-dividend and
in relation to the Company and when the D. Dhandaria & Company, Chartered j) Disclosure under the Sexual on the website of the Ministry of Corporate
Trading Window is closed. Accountants is annexed to this Report. Harassment of Women at Workplace Affairs.
(Prevention, Prohibition and Redressal)
e) Whistle Blower Policy: Discretionary or Non-mandatory Act, 2013: l) Demat Suspense Account/Unclaimed
As per the requirement of the Companies requirements as specified in Part E of The Company has in place a Policy on Suspense Account:
Act, 2013 and Listing Regulations Schedule II of SEBI Listing Regulations: Prevention of Sexual Harassment in line Pursuant to Regulation 39(4) read with
(erstwhile Clause 49 of the Listing 1. Office for non-executive Chairman at with the requirements of the Sexual Schedule VI of the Listing Regulations,
Agreement), the Company has established companys expense: Not Applicable Harassment of Women at the Workplace 2015, the Company is required to send
vigil mechanism to enable directors and (Prevention, Prohibition & Redressal) Act, at least three reminders at the last
Sensex
13. GENERAL SHAREHOLDERS INFORMATION 150 27000.00
i. Date, time and venue of the Monday, August 21, 2017
Annual General Meeting 9:15 a.m. 100 26000.00
at the Registered office of the Company at Makum Road, Tinsukia, Assam 786125.
ii. Financial Year Financial year of the Company is from April 01 to March 31. 50 25000.00
Publication of results for the financial year 2017-18 (tentative and subject to
change) 0 24000.00
April, 2016
May, 2016
June, 2016
July, 2016
August, 2016
September, 2016
October, 2016
November, 2016
December, 2016
January, 2017
February, 2017
March, 2017
First quarter results: On or before August 14, 2017
Second quarter and half year results: On or before November 14, 2017
Third quarter results: On or before February 14, 2018
Fourth quarter results and results for the year ending March 31, 2018: On or
before May 30, 2018.
iii. Dates of book closure From Friday, July 7, 2017 to Tuesday, July 11, 2017 (both days inclusive) Greenply BSE Sensex
iv. Dividend payment date Within 10 days from the date of Annual General Meeting. Between
August 21, 2017 and August 30, 2017
v. Listing of Equity Shares BSE Ltd. (BSE)
M/s. S. K. Infosolutions Pvt. Ltd.
at Stock Exchanges and Floor 25, P. J. Towers
x. Registrars & Share Transfer 34/1A, Sudhir Chatterjee Street
payment of annual listing Dalal Street, Fort Kolkata 700 006
fees: Mumbai-400 001 Agents
Phone: (033)-2219-4815/6797
National Stock Exchange of India Ltd. (NSE) Fax: (033)-2219-4815
Exchange Plaza, Bandra Kurla Complex
Bandra (E), Mumbai 400 051
The Company has paid annual listing fees to both Stock Exchanges.
The Company has a Committee of the Board of Directors called xvii. Plant locations:
Stakeholders Relationship Committee, which meets as and when required.
xi. Share Transfer System The formalities for transfer of shares in the physical form are completed and Plywood & allied products Medium density fibreboard & Laminated Flooring
share certificates are dispatched to the transferee within 15 days of receipt P.O. Tizit, Dist: Mon, Integrated Industrial Estate,
of the transfer documents, provided the documents are complete and the Nagaland Pantnagar,
shares under transfer are not under dispute. Udham Singh Nagar,
Kriparampur, Uttarakhand
xii. Distribution of equity shareholding as on March 31, 2017. Plywood & reconstituted veneers
P.O.Sukhdevpur,
a. Distribution of shareholding by size is as given below: Integrated Industrial Estate,
Dist: 24 Parganas(S),
Range in number of Number of Percentage of Number of shares Percentage of West Bengal Pantnagar,
shares held shareholders shareholders held shares held Udham Singh Nagar,
1-500 8133 83.07 844201 0.69 Uttarakhand
501-1000 749 7.65 589442 0.48
Plot No. 910-913,
1001-2000 410 4.20 607786 0.50 G.I.D.C. Estate,
2001-3000 157 1.60 393477 0.32 Bamanbore, Dist. Surendranagar,
3001-4000 55 0.56 195163 0.16 Gujarat - 363 520
4001-5000 47 0.48 221468 0.18
5001-10000 95 0.97 673447 0.55 xviii. Address for correspondence:
10001-50000 90 0.92 1880059 1.53 1. Registrar & Share Transfer Agent:
50001-100000 12 0.12 930238 0.76 M/s. S. K. Infosolutions Pvt. Ltd.
100001 and Above 42 0.43 116292114 94.83 34/1A, Sudhir Chatterjee Street
Total 9790 100.00 122627395 100.00
Kolkata 700 006
b. Distribution of shareholding by category is as given below: Phone: (033) 2219-4815/6797
Category of shareholders Number of shares Percentage of shares Fax: (033) 2219-4815
Promoter and Promoter Group 62575000 51.03 Contact Person: Mr. Dilip Bhattacharya, Director
Foreign Institutional Investors 873417 0.71 Email: skcdilip@gmail.com/contact@skcinfo.com
Foreign Portfolio Investor 14115200 11.51
Foreign Company 3639875 2.97
2. Company Secretary & Vice President-Legal:
Mutual Funds 24839827 20.26
Domestic Company 6687543 5.45
Mr. Kaushal Kumar Agarwal
Resident Individuals 9630755 7.85 Greenply Industries Limited
Clearing Member 56741 0.05 Madgul Lounge
NRI 202533 0.16 5th & 6th Floor
Financial Institutions 6190 0.01 23 Chetla Central Road
Nationalised Bank 314 0.00
Kolkata - 700 027, India
Total 122627395 100.00
Phone: (033) 3051-5000
xiii. Dematerialisation of shares The Companys Equity Shares are tradable compulsorily in electronic Fax: (033) 3051-5010
and liquidity form and are available for trading in the depository systems of Email: investors@greenply.com
both National Securities Depository Ltd (NSDL) and the Central
Depository Services (India) Ltd (CDSL). The International Securities 3. Chief Investor Relations Officer
Identification Number (ISIN) of the company, as allotted by NSDL Mr. Vishwanathan Venkatramani, CFO
and CDSL, is INE 461C01038. Nearly 99.88% of total listed Equity Greenply Industries Limited
Shares have been dematerialised as on March 31, 2017. Madgul Lounge
5th & 6th Floor
xiv. Outstanding ADRs/GDRs/Warrants or any other convertible instruments, conversion date and
23 Chetla Central Road
likely impact on equity: Nil.
Kolkata - 700 027, India
Phone: (033)-3051-5000
xv. Corporate Identity Number (CIN): L20211AS1990PLC003484
Fax: (033)-3051-5010
Email: venkat@greenply.com
xvi. Commodity price risk or foreign exchange risk and hedging activities:
The Companys Policy is to take forward cover in respect of its foreign currency exposure in respect
of import of raw materials and traded goods. During the financial year ended 31st March, 2017, the On behalf of the Board of Directors
Company did not engage in commodity hedging activities.
Shiv Prakash Mittal
Place: Kolkata Executive Chairman
Date: 29.05.2017 DIN: 00237242
Auditors Certificate Certificate by Chief Executive Officer and Chief Financial Officer
[PURSUANT TO SUB-REGULATION 8 OF REGULATION 17 OF THE SEBI (LISTING OBLIGATIONS AND
DISCLOSURE REQUIREMENTS) REGULATIONS, 2015]
To To
The Members, The Board of Directors
Greenply Industries Limited Greenply Industries Limited
We have examined the compliance of conditions of Corporate Governance by Greenply Industries Limited We, Shobhan Mittal (DIN: 00347517), Joint Managing Director & CEO and Vishwanathan Venkatramani (PAN:
(the Company) for the year ended on 31 March, 2017, as stipulated in Securities and Exchange Board of India ABSPV3557G), Chief Financial Officer, of Greenply Industries Limited hereby certify that:
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
(a) We have reviewed the financial statements and the cash flow statement for the financial year ended on
The compliance of conditions of Corporate Governance is the responsibility of the Companys Management. 31st March, 2017 and that to the best of our knowledge and belief:
Our examination was limited to procedures and implementation thereof, adopted by the Company for ensuring
the compliance of the conditions of the Corporate Governance. It is neither an audit nor an expression of (i) these statements do not contain any materially untrue statement or omit any material fact or
opinion on the Financial Statements of the Company. contain statements that might be misleading;
We certify that the Company has complied with the conditions of Corporate Governance as stipulated in (ii) these statements together present a true and fair view of the Companys affairs and are in compliance
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, with existing accounting standards, applicable laws and regulations.
as applicable to the Company.
(b) There are, to the best of our knowledge and belief, no transactions entered into by the Company during
We further state that such compliance is neither an assurance as to the future viability of the Company nor of the year which are fraudulent, illegal or violative of the Companys code of conduct.
the efficiency or effectiveness with which the management has conducted the affairs of the Company.
(c) We accept responsibility for establishing and maintaining internal controls for financial reporting and
that we have evaluated the effectiveness of internal control systems of the Company pertaining to
financial reporting and we have disclosed to the auditors and the audit Committee, deficiencies in the
For D. DHANDARIA & COMPANY design or operation of such internal controls, if any, of which we are aware and the steps we have taken
Chartered Accountants or propose to take to rectify these deficiencies.
ICAI Firm Reg. No. 306147E
(d) We have indicated, wherever applicable, to the Auditors and the Audit Committee:
(Naveen Kumar Dhandaria)
Place: Kolkata Partner (i) significant changes in internal control over financial reporting during the year;
Dated 29 May, 2017 Membership No. 061127
(ii) significant changes in accounting policies during the year and that the same have been disclosed in
the notes to the financial statements; and
Declaration by the Joint Managing Director & CEO (iii) instances of significant fraud of which we have become aware and the involvement therein of the
management or an employee having a significant role in the Companys internal control system
PURSUANT TO SCHEDULE V (PART D) OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE over financial reporting.
REQUIREMENTS) REGULATIONS, 2015 REGARDING COMPLIANCE WITH CODE OF CONDUCT
To
The Members Shobhan Mittal Vishwanathan Venkatramani
Greenply Industries Limited Joint Managing Director & CEO Chief Financial Officer
DIN: 00347517 PAN: ABSPV3557G
I, Shobhan Mittal (DIN: 00347517), Joint Managing Director & CEO of Greenply Industries Ltd., hereby declare
that, all the members of the board of directors and Senior Management Personnel of the Company have Dated: 29 May, 2017
affirmed compliance with the Code of Conduct, as applicable to them, for the year ended on 31 March, 2017.
Shobhan Mittal
Joint Managing Director & CEO
Dated: 29 May, 2017 DIN: 00347517
TO THE MEMBERS OF GREENPLY INDUSTRIES which are required to be included in the audit report
LIMITED under the provisions of the Act and the Rules made
thereunder.
REPORT ON THE STANDALONE FINANCIAL
STATEMENTS We conducted our audit of the standalone Ind AS
We have audited the accompanying standalone Ind financial statements in accordance with the Standards
AS financial statements of GREENPLY INDUSTRIES on Auditing specified under Section 143(10) of the
LIMITED (the Company), which comprise the Act. Those Standards require that we comply with
Balance Sheet as at 31 March 2017, the Statement ethical requirements and plan and perform the audit
of Profit and Loss (including Other Comprehensive to obtain reasonable assurance about whether the
Income), the Cash Flow Statement and the Statement standalone Ind AS financial statements are free from
FINANCIAL of Changes in Equity for the year then ended, and a material misstatement.
summary of the significant accounting policies and
STATEMENTS
other explanatory information. An audit involves performing procedures to obtain audit
Standalone Financials 123 evidence about the amounts and the disclosures in the
Consolidated Financials 183 MANAGEMENTS RESPONSIBILITY FOR THE standalone Ind AS financial statements. The procedures
STANDALONE FINANCIAL STATEMENTS selected depend on the auditors judgment, including
The Company's Board of Directors is responsible for the assessment of the risks of material misstatement of
the matters stated in Section 134(5) of the Companies the standalone Ind AS financial statements, whether
Act, 2013 ("the Act") with respect to the preparation due to fraud or error. In making those risk assessments,
of these standalone Ind AS financial statements that the auditor considers internal financial control relevant
give a true and fair view of the state of affairs (financial to the Companys preparation of the standalone Ind
position), profit or loss (financial performance AS financial statements that give a true and fair view in
including other comprehensive income), cash flows order to design audit procedures that are appropriate
and changes in equity of the Company in accordance in the circumstances. An audit also includes evaluating
with the accounting principles generally accepted in the appropriateness of the accounting policies used and
India, including the Indian Accounting Standards (Ind the reasonableness of the accounting estimates made
AS) specified under Section 133 of the Act. by the Companys Directors, as well as evaluating the
overall presentation of the standalone Ind AS financial
This responsibility also includes maintenance of statements.
adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of We believe that the audit evidence we have obtained
the Company and for preventing and detecting frauds is sufficient and appropriate to provide a basis for
and other irregularities; selection and application of our audit opinion on the standalone Ind AS financial
appropriate accounting policies; making judgements statements.
and estimates that are reasonable and prudent;
and design, implementation and maintenance OPINION
of adequate internal financial controls, that were In our opinion and to the best of our information
operating effectively for ensuring the accuracy and and according to the explanations given to us, the
completeness of the accounting records, relevant to aforesaid standalone Ind AS financial statements give
the preparation and presentation of the standalone the information required by the Act in the manner so
Ind AS financial statements that give a true and required and give a true and fair view in conformity
fair view and are free from material misstatement, with the accounting principles generally accepted
whether due to fraud or error. in India including the Ind AS, of the state of affairs
(financial position) of the Company as at 31 March
AUDITORS RESPONSIBILITY 2017, and its profit (financial position including
Our responsibility is to express an opinion on these other comprehensive income), its cash flows and the
standalone Ind AS financial statements based on our changes in equity for the year ended on that date.
audit.
OTHER MATTERS
We have taken into account the provisions of the Act, The comparative financial information of the Company
the accounting and auditing standards and matters for the year ended 31 March 2016 and the transition
date opening balance sheet as at 1 April 2015 included is disqualified as on 31 March 2017 from ANNEXURE 'A' REFERRED TO IN PARAGRAPH REPORT ON OTHER LEGAL AND REGULATORY
in these standalone Ind AS financial statements, are being appointed as a director in terms of REQUIREMENTS OF OUR REPORT OF EVEN DATE
based on the previously issued statutory financial Section 164 (2) of the Act. RE: GREENPLY INDUSTRIES LIMITED (THE COMPANY)
statements prepared in accordance with the Companies
(Accounting Standards) Rules, 2006 audited by us and (f) With respect to the adequacy of the internal (i) (a) The Company has maintained proper (b)
In the case of the loans granted to its
our reports for the years ended 31 March 2016 and financial controls over financial reporting records showing full particulars, including wholly owned subsidiary company listed
31 March 2015 dated 24 May 2016 and 25 May 2015 of the Company and the operating quantitative details and situation of fixed in the register maintained under section
respectively expressed an unmodified opinion on those effectiveness of such controls, refer to our assets. 189 of the Act, the principal had not fallen
standalone financial statements, as adjusted for the separate Report in Annexure B. due for payment. However the companies
differences in the accounting principles adopted by the (b) All fixed assets have not been physically are regular in payment of interest, as
Company on transition to the Ind AS, which have been (g) With respect to the other matters to be verified by the management during the stipulated.
audited by us. included in the Auditors Report in accordance year but there is a regular programme
with Rule 11 of the Companies (Audit and of verification which, in our opinion, is (c) There are no overdue amounts in respect
Our opinion is not modified in respect of these matters. Auditors) Rules, 2014, in our opinion and to reasonable having regard to the size of of the loan granted to a body corporate
the best of our information and according the Company and the nature of its assets. listed in the register maintained under
REPORT ON OTHER LEGAL AND REGULATORY to the explanations given to us: No material discrepancies were noticed on section 189 of the Act.
REQUIREMENTS such verification.
1. As required by the Companies (Auditors Report) i. The Company has disclosed the (iv) In our opinion and according to the information
Order, 2016 (the Order) issued by the Central impact of pending litigations on its (c) Based on our audit procedures performed and explanations given to us, in respect of loans,
Government of India in terms of sub-section financial position in its standalone for the purpose of reporting the true and investments, guarantees, and securities, the
(11) of Section 143 of the Act, we give in the Ind AS financial statements; fair view of the financial statements and Company has complied with the provisions of
"Annexure A" statement on the matters specified according to information and explanations Section 185 and 186 of the Act.
in paragraphs 3 and 4 of the Order. ii. The Company did not have any long- given by the management, the title deeds
term contracts including derivative of immovable properties are held in the (v) The Company has not accepted any deposits
2. As required by Section 143 (3) of the Act, we contracts for which there were any name of the Company. from the public.
report that: material foreseeable losses;
(ii) The management has conducted physical (vi) The Central Government has not prescribed
(a) We have sought and obtained all the iii. There were no amounts which were verification of inventory at reasonable intervals the maintenance of cost records under section
information and explanations which to required to be transferred to the during the year and no material discrepancies 148(1) of the Act, which apply to the Company.
the best of our knowledge and belief were Investor Education and Protection were noticed on such physical verification.
necessary for the purposes of our audit. Fund by the Company. (vii) (a) The Company is generally regular in
(iii) The Company has granted unsecured loan to depositing with appropriate authorities
(b) In our opinion, proper books of account iv. The Company has provided requisite its wholly owned subsidiary company covered undisputed statutory dues including
as required by the law have been kept by disclosures in the financial statements in the register maintained under section 189 provident fund, employees state
the Company so far as it appears from our as to holdings as well as dealings of the Companies Act, 2013 ("the Act"). It has insurance, income-tax, sales-tax, service
examination of those books. in Specified Bank Notes during the not granted any loans, secured or unsecured tax, customs duty, excise duty, value added
period from 8 November 2016 to 30 to any other companies, firms, limited liability tax, cess and other material statutory dues
(c) The Balance Sheet, the Statement of Profit December 2016 and the same are in partnerships or other parties covered in the applicable to it.
and Loss and the Cash Flow Statement and accordance with books of account register maintained under Section 189 of the
Statement of Changes in Equity dealt with maintained by the Company and as Act. (b) According to the information and
by this Report are in agreement with the produced to us by the Management. explanations given to us, no undisputed
books of account. (Refer Note 50). (a) In our opinion, the rate of interest and amounts payable in respect of provident
other terms and conditions on which fund, employees state insurance, income-
(d) In our opinion, the aforesaid standalone For D. DHANDARIA & COMPANY the loan had been granted to its wholly tax, sales-tax, service tax, customs duty,
Ind AS financial statements comply with Chartered Accountants owned subsidiary company listed in the excise duty, value added tax, cess and
the Accounting Standards specified under ICAI Firm Reg. No. 306147E register maintained under section 189 of other material statutory dues were
Section 133 of the Act. the Act were not, prima facie, prejudicial outstanding at the year end, for a period of
(Naveen Kumar Dhandaria) to the interest of the Company, taking more than six months from the date they
(e) On the basis of the written representations Partner into consideration the prevailing rate of became payable.
received from the directors as on 31 Membership No. 061127 interest for foreign currency loans.
March 2017 taken on record by the
Board of Directors, none of the directors Place of Signature : Kolkata
Dated : 29 May 2017
(c) According to the records of the Company, the dues outstanding of income-tax, sales-tax, service tax, (viii) Based on our audit procedures performed for 3(xii) of the Order are not applicable to the
customs duty, excise duty, value added tax and cess on account of any dispute, are as per annexure the purpose of reporting the true and fair view Company and hence not commented upon.
of Statement of Disputed Dues. of the financial statements and according to
information and explanations given by the (xiii) Based on our audit procedures performed for
STATEMENT OF DISPUTED DUES management, we are of the opinion that the the purpose of reporting the true and fair view
Sl. No. Name of the Nature of the Dues ` in Lacs Period to Forum where dispute is Company has not defaulted in repayment of of the financial statements and according to
Statute which the pending dues to any bank. Further, the Company does the information and explanations given by the
amount relates not have any debentures and loan from financial management, transactions with the related
(Financial Year) institution or government. parties are in compliance with Section 177 and
A) i) West Bengal Sales Tax Surcharge and 10.26 1998 - 1999 Senior Joint 188 of Companies Act, 2013 where applicable
Sales Tax Act, Additional Surcharge Penalty Commissioner of
(ix) During the year, the Company raised a sum and the details have been disclosed in the notes
1994 (For short submission of Commercial Taxes,
Declaration Form 11) Corporate Division of ` 5000 lacs through Qualified Institutional to the financial statements, as required by the
ii) West Bengal Sales Tax Surcharge and 67.08 2000 - 2001 Assistant Commissioner Placement (QIP). Pending utilisation of the funds applicable accounting standards.
Sales Tax Act, Additional Surcharge Penalty of Commercial Taxes, so raised, the surplus funds were temporarily
1994 (For short submission of South Circle, Kolkata. used for the purpose other than for which they (xiv) According to the information and explanations
Declaration Form 11) were raised but were ultimately utilised for the given to us and on an overall examination of the
iii) West Bengal Disallowance of Input Vat and 296.57 2008 - 2009 West Bengal Taxation stated end-use. In our opinion and according balance sheet, the Company has not made any
Sales Tax Act, Purchase Tax Tribunal, Kolkata to the information and explanations given to preferential allotment or private placement of
1994
us, the Company has utilised the entire amount shares or fully or partly convertible debentures
B) i) Central Sales Sales Tax (For short submission 17.59 2000 - 2001 Assistant Commissioner
for the purpose for which it was raised. The during the year under review and hence not
Tax Act, 1956 of Declaration Form C) of Commercial Taxes,
Company also raised a sum of ` 21115.36 lacs commented upon.
South Circle, Kolkata.
ii) Central Sales Sales Tax (For short submission 8.72 2005 - 2006 West Bengal Commercial
by way of term loans from banks and it utilised a
Tax Act, 1956 of Declaration Form C) Taxes Appellate and sum of ` 18509.36 lacs for the purpose for which (xv) Based on our audit procedures performed for
Revision Board, Kolkata. the same was taken. The balance amount of ` the purpose of reporting the true and fair view
iii) Central Sales Sales Tax (For Non allowance of 74.63 2008 - 2009 Calcutta High Court, 2606 lacs remains unutilised. of the financial statements and according to
Tax Act, 1956 Declaration Form C and F) Kolkata the information and explanations given by the
C) i) Bihar Value Denial of Entry Tax Credit 35.04 2009 - 2010 Joint Commissioner (x) Based upon the audit procedures performed and management, the Company has not entered
Added Tax Act, of Commercial Taxes according to the information and explanations into any non-cash transactions with directors or
2005 (Appeals), East and West given to us by the Management, no material persons connected with him.
Division, Patna
fraud on or by the Company has been noticed or
ii) Bihar Value Denial of Entry Tax Credit 19.75 2008 - 2009 Joint Commissioner
reported by the Management during the year. (xvi) According to the information and explanations
Added Tax Act, of Commercial Taxes
2005 (Appeals), East and West given to us, the provisions of Section 45-IA
Division, Patna (xi) Based on our audit procedures performed for of the Reserve Bank of India Act, 1934 are not
iii) Bihar Value Denial of Entry Tax Credit 33.14 2011 - 2012 Joint Commissioner the purpose of reporting the true and fair view applicable to the Company.
Added Tax Act, of Commercial Taxes of the financial statements and according to
2005 (Appeals), East and West the information and explanations given by the For D. DHANDARIA & COMPANY
Division, Patna management, we report that the managerial Chartered Accountants
D) i) Central Excise For Imposition of Penalty 43.71 2000 - 2001 to Before CESTAT, East Zonal remuneration has been paid / provided in ICAI Firm Reg. No. 306147E
Act, 1944 (appeal filed by the 2005 - 2006 Bench, Kolkata accordance with the requisite approvals
department)
mandated by the provisions of Section 197 read (Naveen Kumar Dhandaria)
ii) Central Excise Alleged Short Payment of 370.55 2010 - 2013 Before CESTAT, Kolkata
with Schedule V to the Companies Act, 2013. Partner
Act, 1944 Excise Duty
Membership No. 061127
iii) Central Excise Penalty on Above 201.19 2010 - 2013 Before CESTAT, Kolkata
Act, 1944 (xii) In our opinion, the Company is not a nidhi
iv) Central Excise Duty on Resin in Negative List 286.93 01.03.2006 to Before CESTAT, Meerut-II company. Therefore, the provisions of clause Place of Signature : Kolkata
Act, 1944 28.02.2013 Dated : 29 May 2017
v) Central Excise Penalty on Above 286.93 01.03.2006 to Before CESTAT, Meerut-II
Act, 1944 28.02.2013
vi) Central Excise Disallowance of Discounts 248.90 01.09.2009 to Before CESTAT, Kolkata
Act, 1944 31.03.2010
ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE ON THE FINANCIAL INHERENT LIMITATIONS OF INTERNAL Over Financial Reporting issued by the Institute of
STATEMENTS OF GREENPLY INDUSTRIES LIMTED FINANCIAL CONTROLS OVER FINANCIAL Chartered Accountants of India.
REPORTING
REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I) OF SUB-SECTION 3 OF Because of the inherent limitations of internal EXPLANATORY PARAGRAPH
SECTION 143 OF THE COMPANIES ACT, 2013 (THE ACT) financial controls over financial reporting, including We also have audited, in accordance with the
the possibility of collusion or improper management Standards on Auditing issued by the Institute of
To the Members of Greenply Industries Limited maintained and if such controls operated effectively override of controls, material misstatements due to Chartered Accountants of India, as specified under
in all material respects. error or fraud may occur and not be detected. Also, Section 143(10) of the Act, the financial statements
We have audited the internal financial controls over projections of any evaluation of the internal financial of Company, which comprise the Balance Sheet as at
financial reporting of GREENPLY INDUSTRIES LIMITED Our audit involves performing procedures to obtain controls over financial reporting to future periods are 31 March 2017, and the related Statement of Profit
(the Company) as of 31 March 2017 in conjunction audit evidence about the adequacy of the internal subject to the risk that the internal financial control and Loss and Cash Flow Statement for the year then
with our audit of the financial statements of the financial controls system over financial reporting and over financial reporting may become inadequate ended, and a summary of significant accounting
Company for the year ended on that date. their operating effectiveness. Our audit of internal because of changes in conditions, or that the degree policies and other explanatory information, and our
financial controls over financial reporting included of compliance with the policies or procedures may report dated 29 May 2017 expressed an unqualified
MANAGEMENTS RESPONSIBILITY FOR obtaining an understanding of internal financial deteriorate. opinion thereon.
INTERNAL FINANCIAL CONTROLS controls over financial reporting, assessing the risk
The Companys Management is responsible for that a material weakness exists, and testing and OPINION For D. DHANDARIA & COMPANY
establishing and maintaining internal financial evaluating the design and operating effectiveness In our opinion, the Company has, in all material Chartered Accountants
controls based on the internal control over financial of internal control based on the assessed risk. respects, an adequate internal financial controls ICAI Firm Reg. No. 306147E
reporting criteria established by the Company The procedures selected depend on the auditors system over financial reporting and such internal
considering the essential components of internal judgement, including the assessment of the risks of financial controls over financial reporting were (Naveen Kumar Dhandaria)
control stated in the Guidance Note on Audit of material misstatement of the financial statements, operating effectively as at March 31, 2017, based Partner
Internal Financial Controls Over Financial Reporting whether due to fraud or error. on the internal control over financial reporting Membership No. 061127
issued by the Institute of Chartered Accountants criteria established by the Company considering the
of India. These responsibilities include the design, We believe that the audit evidence we have obtained essential components of internal control stated in the Place of Signature : Kolkata
implementation and maintenance of adequate is sufficient and appropriate to provide a basis for Guidance Note on Audit of Internal Financial Controls Dated : 29 May 2017
internal financial controls that were operating our audit opinion on the internal financial controls
effectively for ensuring the orderly and efficient system over financial reporting.
conduct of its business, including adherence to
the Companys policies, the safeguarding of its MEANING OF INTERNAL FINANCIAL CONTROLS
assets, the prevention and detection of frauds OVER FINANCIAL REPORTING
and errors, the accuracy and completeness of the A Companys internal financial control over financial
accounting records, and the timely preparation of reporting is a process designed to provide reasonable
reliable financial information, as required under the assurance regarding the reliability of financial
Companies Act, 2013. reporting and the preparation of financial statements
for external purposes in accordance with generally
AUDITORS RESPONSIBILITY accepted accounting principles. A Companys internal
Our responsibility is to express an opinion on the financial control over financial reporting includes
Companys internal financial controls over financial those policies and procedures that (1) pertain to
reporting based on our audit. We conducted our the maintenance of records that, in reasonable
audit in accordance with the Guidance Note on detail, accurately and fairly reflect the transactions
Audit of Internal Financial Controls Over Financial and dispositions of the assets of the Company; (2)
Reporting (the Guidance Note) and the Standards provide reasonable assurance that transactions
on Auditing as specified under Section 143(10) of the are recorded as necessary to permit preparation of
Companies Act, 2013, to the extent applicable to an financial statements in accordance with generally
audit of internal financial controls, both applicable accepted accounting principles, and that receipts and
to an audit of Internal Financial Controls and, both expenditures of the Company are being made only in
issued by the Institute of Chartered Accountants accordance with authorisations of management and
of India. Those Standards and the Guidance Note directors of the Company; and (3) provide reasonable
require that we comply with ethical requirements assurance regarding prevention or timely detection
and plan and perform the audit to obtain reasonable of unauthorised acquisition, use, or disposition of the
assurance about whether adequate internal financial Companys assets that could have a material effect on
controls over financial reporting was established and the financial statements.
` in Lacs ` in Lacs
As at As at As at For the year ended For the year ended
Note Note
March 31, 2017 March 31, 2016 April 1, 2015 March 31, 2017 March 31, 2016
ASSETS INCOME:
Non-current assets
Property, Plant and Equipment 1 49927.75 52755.00 51479.54 Sale of Products 176882.53 171349.48
Capital Work-in-Progress 2 21610.81 930.00 1390.70 Other Operating Revenue 198.16 76.04
Other Intangible Assets 3 202.51 280.94 298.22 Revenue from Operations 25 177080.69 171425.52
Financial Assets
Investments 4 7237.46 3766.21 1496.64 Other Income 26 1058.30 964.10
Loans 5 1287.11 849.67 754.90 Total Income 178138.99 172389.62
Other Non-current Assets 6 13680.33 3050.28 2566.62
EXPENSES:
Total Non-current assets 93945.97 61632.10 57986.62
Current assets Cost of Materials Consumed 27 68949.35 70149.64
Inventories 7 15825.69 13853.01 19001.79 Purchase of Stock in Trade 28 22831.81 20381.91
Financial Assets
Changes in Inventories of Finished Goods, 29 (3809.48) 1519.18
Investments 8 - - 1815.73
Stock in Trade and Stock in Process
Trade Receivables 9 30477.74 33291.59 25476.95
Cash and Cash Equivalents 10 7155.60 3159.95 714.67 Excise Duty Expense 11392.52 6776.51
Bank Balances other than above 10 4.22 4.23 4.16 Employees Benefits Expense 30 17073.57 16543.24
Loans 11 981.97 1206.46 180.08
Finance Costs 31 1811.77 2891.07
Other Current Assets 12 5263.28 5629.39 5060.98
Total Current assets 59708.50 57144.63 52254.36 Depreciation and Amortisation Expense 32 4853.09 4900.94
Total Assets 153654.47 118776.73 110240.98 Other Expenses 33 35941.50 31968.82
EQUITY AND LIABILITIES
Equity: Total Expenses 159044.13 155131.31
Equity Share Capital 13 1226.27 1206.82 1206.82 Profit before Tax 19094.86 17258.31
Other Equity 14 77475.78 60142.92 48048.76
Current Tax (4058.81) (3693.83)
Total Equity 78702.05 61349.74 49255.58
Liabilities: Earlier Years Tax (123.66) -
Non-current Liabilities Mat Credit Entitlement (1950.52) (629.70)
Financial Liabilities
(6132.99) (4323.53)
Borrowings 15 25742.55 11547.62 12579.22
Other Financial Liabilities 16 1117.89 1148.83 1026.52 Release of Deferred Tax 545.34 181.87
Provisions 17 2136.20 1763.61 1324.92 Tax Expense 34 (5587.65) (4141.66)
Deferred Tax Liabilities (Net) 18 1402.35 (28.45) (396.37)
Profit for the Year 13507.21 13116.65
Total Non-current liabilities 30398.99 14431.61 14534.29
Current Liabilities Other Comprehensive Income
Financial Liabilities Items that will not be reclassified to profit or loss:
Borrowings 19 6966.82 9699.70 12887.13
Trade Payables 20 28064.00 24903.25 22739.32 Remeasurement gain/(loss) on defined benefit plans (236.85) (230.89)
Other Financial Liabilities 21 5125.19 4633.83 7284.00 Release of Deferred Tax 81.97 79.91
Other Current Liabilities 22 3919.35 3372.52 3143.90 Other Comprehensive Income, net of tax (154.88) (150.98)
Provisions 23 478.07 330.25 230.29
Current Tax Liabilities (Net) 24 - 55.83 166.47 Total Comprehensive Income for the year, net of Tax 13352.33 12965.67
Total Current liabilities 44553.43 42995.38 46451.11 Earnings per Equity Share - Basic and Diluted 35 11.08 10.87
Total Equity and Liabilities 153654.47 118776.73 110240.98
Significant Accounting Policies
Significant Accounting Policies
See Accompanying Notes to the Financial Statements 1 to 53 See Accompanying Notes to the Financial Statements 1 to 53
As per our annexed report of even date. As per our annexed report of even date.
Shiv Prakash Mittal Rajesh Mittal Shiv Prakash Mittal Rajesh Mittal
For D. DHANDARIA & COMPANY Executive Chairman Managing Director For D. DHANDARIA & COMPANY Executive Chairman Managing Director
Chartered Accountants (DIN : 00237242) (DIN : 00240900) Chartered Accountants (DIN : 00237242) (DIN : 00240900)
ICAI Firm Reg. No. 306147E ICAI Firm Reg. No. 306147E
(Naveen Kumar Dhandaria) Susil Kumar Pal V. Venkatramani (Naveen Kumar Dhandaria) Susil Kumar Pal V. Venkatramani
Partner Director Chief Financial Officer Partner Director Chief Financial Officer
Membership No. 061127 (DIN : 00268527) Membership No. 061127 (DIN : 00268527)
Place of Signature : Kolkata Kaushal Kumar Agarwal Place of Signature : Kolkata Kaushal Kumar Agarwal
Dated : May 29, 2017 Company Secretary & VP - Legal Dated : May 29, 2017 Company Secretary & VP - Legal
` in Lacs ` in Lacs
For the year ended For the year ended A) EQUITY SHARE CAPITAL
March 31, 2017 March 31, 2016 For the year ended 31st March, 2017
A. CASH FLOW ARISING FROM OPERATING ACTIVITIES: Balance as at 1st April 2016 1206.82
Profit before Tax 19094.86 17258.31
Changes in equity share capital during the year
Adjustments for:
Depreciation and Amortisation Expense 4853.09 4900.94 Allotment to Qualified Institutional Investors 19.46
Finance Costs 1811.77 2891.07 Balance as at 31st March 2017 1226.27
Re-measurement gain/(loss) on defined benefit plans (236.85) (230.89)
Loss/(Gain) on Fair Valuation of Quoted Investments 0.12 (18.92)
For the year ended 31st March, 2016
Provision for Doubtful Debts and Advances 230.68 57.96
Loss on Sale and Discard of Fixed Assets 227.13 423.08 Balance as at 1st April 2015 1206.82
Miscellaneous Expenditure written off 30.45 94.57 Changes in equity share capital during the year -
Interest Income (182.50) (85.89) Balance as at 31st March 2016 1206.82
Unrealised Foreign Exchange Fluctuations 25.83 116.53
Exchange Gain on Sale of Current Investments - (142.72)
Profit on Sale of Current Investments (38.50) - B) OTHER EQUITY
Profit on Sale of Long Term Investments - (13.02) For the year ended 31st March, 2017
6721.22 7992.71 ` in Lacs
Operating Profit before Working Capital Changes 25816.08 25251.02
Particulars Reserves and Surplus
Adjustments for:
(Increase) / Decrease in Trade and Other Receivables (8035.60) (9063.48) Securities General Retained Total
(Increase) / Decrease in Inventories (1972.68) 5148.78 Premium Reserve Earnings
(Decrease) / Increase in Trade Payables 4171.22 2936.98 Balance as at 1st April 2016 - 16649.20 43493.72 60142.92
(5837.06) (977.72)
Profit for the year - - 13507.21 13507.21
Cash Generated from Operations 19979.02 24273.30
Income Tax Paid (4179.79) (3804.47) Dividend on Equity Shares - - (724.09) (724.09)
Net Cash Generated from Operating Activities 15799.23 20468.83 Tax on Distribution of Dividend - - (147.41) (147.41)
B. CASH FLOW ARISING FROM INVESTING ACTIVITIES: Transferred from Statement of Profit and Loss - 6500.00 - 6500.00
Adjustments for:
Transferred to General Reserve - - (6500.00) (6500.00)
Acquisition of Fixed Assets (23287.24) (6416.26)
Interest Amount Capitalised (485.89) (26.51) Received against share issue to Qualified Institutional 4980.54 - - 4980.54
Acquisition of Investments (6471.37) (2302.33) Investors
Loan to Wholly Owned Subsidiary (461.11) (994.53) Expenses pertaining to share issue to Qualified (128.51) - - (128.51)
Sale of Fixed Assets 780.98 736.67 Institutional Investors
Sale of Current Investments 3038.50 1958.45
Sale of Long Term Investments - 64.70 Other Comprehensive Income/(loss) for the year:
Refund of Loan from Wholly Owned Subsidiary 336.59 - - Remeasurements of the net defined benefit plans - - (154.88) (154.88)
Interest Received 194.59 147.25 Balance as at 31st March 2017 4852.03 23149.20 49474.55 77475.78
Net Cash used in Investing Activities (26354.95) (6832.56)
C. CASH FLOW ARISING FROM FINANCING ACTIVITIES:
Adjustments for: For the year ended 31st March, 2016 `in Lacs
Proceeds from Issue of Equity Capital 5000.00 - Particulars Reserves and Surplus
Proceeds from Long Term Borrowings 21115.36 3000.00 Securities General Retained Total
Repayment of Short Term Borrowings (2732.88) (3187.43) Premium Reserve Earnings
Deferred Payment Liabilities (Net) (415.96) (434.24)
Balance as at 1st April 2015 - 10149.20 37899.56 48048.76
Miscellaneous Expenditure (30.45) (94.57)
Repayment of Long Term Borrowings (3775.53) (6643.77) Profit for the year - - 13116.65 13116.65
Interest Paid (1759.57) (2910.24) Dividend on Equity Shares - - (724.09) (724.09)
Expenses incurred on Issue of Share Capital (128.51) - Tax on Distribution of Dividend - - (147.41) (147.41)
Processing Fees paid for Long Term Borrowings (2152.99) -
Transferred from Statement of Profit and Loss - 6500.00 - 6500.00
Dividend Paid (724.09) (724.09)
Corporate Dividend Tax Paid (147.41) (147.41) Transferred to General Reserve - - (6500.00) (6500.00)
Net Cash used in Financing Activities 14247.97 (11141.75) Other Comprehensive Income/(loss) for the year:
Net Increase / (Decrease) in Cash and Cash Equivalents 3692.25 2494.52 - Remeasurements of the net defined benefit plans - - (150.99) (150.99)
Cash and Cash Equivalents at the beginning of the Year 2790.76 296.24
Balance as at 31st March 2016 - 16649.20 43493.72 60142.92
Cash and Cash Equivalents at the close of the Year 6483.01 2790.76
As per our annexed report of even date. As per our annexed report of even date.
Shiv Prakash Mittal Rajesh Mittal Shiv Prakash Mittal Rajesh Mittal
For D. DHANDARIA & COMPANY Executive Chairman Managing Director For D. DHANDARIA & COMPANY Executive Chairman Managing Director
Chartered Accountants (DIN : 00237242) (DIN : 00240900) Chartered Accountants (DIN : 00237242) (DIN : 00240900)
ICAI Firm Reg. No. 306147E ICAI Firm Reg. No. 306147E
(Naveen Kumar Dhandaria) Susil Kumar Pal V. Venkatramani (Naveen Kumar Dhandaria) Susil Kumar Pal V. Venkatramani
Partner Director Chief Financial Officer Partner Director Chief Financial Officer
Membership No. 061127 (DIN : 00268527) Membership No. 061127 (DIN : 00268527)
Place of Signature : Kolkata Kaushal Kumar Agarwal Place of Signature : Kolkata Kaushal Kumar Agarwal
Dated : May 29, 2017 Company Secretary & VP - Legal Dated : May 29, 2017 Company Secretary & VP - Legal
1.01 DISCLOSURE OF ACCOUNTING POLICIES: prepared in accordance with Indian year are regrouped and re-arranged carried as capital work-in-progress at
1.01.01 CORPORATE INFORMATION: Accounting Standards (Ind AS) accordingly. cost, comprising direct cost and related
Greenply Industries Limited (the notified under the Companies (Indian incidental expenses.
Company) is a public limited company Accounting Standards) Rules, 2015. 1.01.03 ACCOUNTING ESTIMATES AND
domiciled in India incorporated under ASSUMPTIONS: 1.02.04 On transition to Ind AS, the Company
the provisions of the Companies Act. The Financial Statements upto year The preparation of financial statements has elected to continue with the
Its shares are listed on two recognised ended 31 March 2016 were prepared in conformity with generally accepted carrying value of all of its property,
stock exchanges in India. The registered in accordance with accounting accounting principles requires plant and equipment as at 1st April
office of the company is located at standards notified under the Company management to make estimates and 2015 measured as per the previous
Makum Road, P.O. Tinsukia, Assam - 786 (Accounting Standards) Rules 2006 assumptions that affect the reported GAAP and use that carrying value as the
125, India. read with Rule 7(1) of the Companies amounts of assets and liabilities and deemed cost of the property, plant and
(Accounts) Rules, 2014 and the disclosure of contingent liabilities at equipment.
Company is engaged in the business provisions of the Companies Act, 2013 the date of the financial statements
of manufacturing plywood and allied (hereinafter referred to as the 'previous and the results of operations during 1.02.05 The Company has exercised the option
products, medium density fibre GAAP'). the reporting year end. Although available to it under Rule 46A of the
boards and allied products through its these estimates are based upon Companies (Accounting Standards)
factories at various locations. Company These Financial Statements are the first managements best knowledge of (Second Amendment) Rules, 2011 in
is also engaged in trading of wallcovers financial statements of the company current events and actions, actual respect of accounting for fluctuations
and allied products. It has branches under Ind AS - the transition date being results could differ from these in foreign exchange relating to "Long
and dealers network spread all over 1 April 2015. The information as to estimates. Term Foreign Currency Monetary
the country. The Company imports how the company has adopted Ind AS Items". On transition to Ind AS, aforesaid
raw materials for manufacturing and the impact thereof on Company's 1.02 PROPERTY, PLANT AND EQUIPMENT: option is not available for loans availed
and also finished goods for trading. financial position, financial performance 1.02.01
Property, Plant and Equipment are after 1st April 2016.
Manufactured goods are sold both in and cash flows is presented in notes to stated at original cost (net of tax/
domestic and overseas markets. financial statements. duty credit availed) less accumulated 1.02.06
Property, Plant and Equipments
depreciation and impairment losses including continuous process plants
Company has three overseas wholly The financial statements have been except freehold land which is carried at are depreciated and/or amortised on
owned subsidiary companies viz. (a) prepared under the historical cost basis, cost. Cost includes cost of acquisition, the basis of their useful lives as notified
Greenply Trading Pte. Ltd., subsidiary of except for the following assets and construction and installation, taxes, in Schedule II to the Companies Act,
the Company based out of Singapore, liabilities which has been measured duties, freight, other incidental 2013 except in case of assets costing
operates as an investment vehicle at fair value, (i) Quoted Investments in expenses related to the acquisition, less than ` 5000 which are depreciated
and has invested into a Joint Venture Equity Shares, (ii) Derivative financial trial run expenses (net of revenue) over their useful life as assessed by
Company viz. Greenply Alkemal instruments, (iii) Biological Assets - and pre-operative expenses including the management. The assets' residual
(Singapore) Pte. Ltd., which is also Clonal Plantation. attributable borrowing costs incurred values and useful lives are reviewed,
based out of Singapore. Greenply during pre-operational period. and adjusted if appropriate, at the end
Trading Pte. Ltd. is also engaged into Accounting policies have been of each reporting period.
trading of Medium Density Fibreboards consistently applied except where 1.02.02 Subsequent costs are included in the
and allied products; (b) Greenply a newly issued accounting standard asset's carrying amount or recognised Depreciation in respect of additions
Holdings Pte. Ltd., subsidiary of the is initially adopted or a revision to as a separate asset, as appropriate, to assets has been charged on pro
Company based out of Singapore has an existing accounting standard only when it is probable that future rata basis with reference to the period
been incorporated during the year. (c) requires a change in the accounting economic benefits associated with when the assets are ready for use. The
Greenply Middle East Ltd., subsidiary of policy hitherto in use. The Companys the item will flow to the company and provision for depreciation for multiple
the Company based out of Dubai has management evaluates all recently the cost of the item can be measured shifts has been made in respect of
been incorporated during the year as issued or revised accounting standards reliably. The carrying amount of any eligible assets on the basis of operation
an investment vehicle and has invested on an on-going basis. component as a separate asset is of respective units. Where the historical
into a wholly owned subsidiary derecognised when replaced. All other cost of a depreciable asset undergoes
company viz. Greenply Gabon SA, The financial statements are presented repairs and maintenance are charged a change due to increase or decrease
Gabon, West Africa. in Indian Rupees (INR) and all values to profit and loss during the reporting in long term liability on account of
are rounded to the nearest lacs, period in which they are incurred. exchange fluctuations, the depreciation
1.01.02 BASIS OF PREPARATION OF except otherwise indicated. Where on the revised unamortised depreciable
FINANCIAL STATEMENTS: changes are made in presentation, the 1.02.03 Assets which are not ready for their amount is provided prospectively over
The Financial Statements have been comparative figures of the previous intended use on reporting date are the residual useful life of the asset.
1.02.07 An asset's carrying amount is written amortization on a straight-line basis authorities), freight inwards and other adjusted for the effects of transactions
down immediately on discontinuation over its estimated useful life. expenditure directly attributable to the of a non-cash nature and any deferrals
to its recoverable amount if the asset's procurement. or accruals of past or future cash
carrying amount is greater than its 1.03.03 Intangible assets are carried at cost, receipts or payments. The cash flow
estimated recoverable amount. Gains net of accumulated amortization and 1.04.02 Excise Duty on finished goods stock from regular revenue generating,
and losses on disposals are determined impairment loss, if any. lying at the factories is accounted for at financing and investing activities of the
by comparing proceeds with carrying the point of manufacture of goods and Company is segregated.
amount. These are included in Profit/ 1.03.04 On transition to Ind AS, the Company accordingly, is considered for valuation
Loss on Sale and Discard of Fixed Assets. has elected to continue with the of finished goods lying in the factories 1.05.02
Cash and cash equivalents in the
carrying value of all of its intangible as on the Balance Sheet date. Similarly, balance sheet comprise cash at bank,
1.02.08 Useful lives of the Property, Plant and assets as at 1st April 2015 measured Custom Duty on imported material in cash/cheques in hand and short term
Equipment as notified in Schedule II to as per the previous GAAP and use that transit/lying in bonded warehouse is investments (excluding pledged term
the Companies Act, 2013 are as follows : carrying value as the deemed cost of accounted for at the time of import/ deposits) with an original maturity of
the intangible assets. bonding of materials. three months or less.
Buildings - 3 to 60 years
Plant and Equipments - 15 to 25 years 1.03.05
Intangible assets are amortised on 1.04.03 Stock of Raw Materials, Stores and spare 1.06 FINANCIAL ASSETS:
Furniture and Fixtures - 10 years straight-line method as follows : parts are valued at lower of cost or net 1.06.01
The Company classifies its financial
Vehicles - 8 to 10 years realisable value; and of those in transit assets as those to be measured
Office Equipments - 5 to 10 years Goodwill - 5 years and at port related to these items are subsequently at fair value (either
Trademarks - 10 years valued at lower of cost to date or net through other comprehensive income,
1.02.09
At each balance sheet date, the Computer Software - 5 years realisable value. Slow and non-moving or through profit or loss), and those to
Company reviews the carrying amount Technical Know-how - 3 years material, obsolete, defective inventories be measured at amortised cost.
of property, plant and equipment are duly provided for and valued at net
to determine whether there is any 1.03.06
At each balance sheet date, the realisable value. Goods and materials 1.06.02
The Company measures all equity
indication of impairment loss. If any Company reviews the carrying amount in transit are valued at actual cost instruments in subsidaries at cost
such indication exists, the recoverable of intangible assets to determine incurred upto the date of balance sheet. initially and also on subsequent
amount of the assets is estimated whether there is any indication of Material and supplies held for use in recognition.
in order to determine the extent of impairment loss. If any such indication the production of inventories are not
impairment loss. The recoverable exists, the recoverable amount of written down if the finished products in 1.06.03
The Company measures all quoted
amount is higher of the net selling price the assets is estimated in order to which they will be used are expected to equity instruments other than in
and the value in use, determined by determine the extent of impairment be sold at or above cost. subsidaries at fair value on initial and
discounting the estimated future cash loss. The recoverable amount is higher subsequent recognition. Changes in fair
flows expected from the continuing use of the net selling price and the value 1.04.04 Goods-in-process is valued at lower of value of quoted investments in equity
of the asset to their present value. in use, determined by discounting the cost or net realisable value. shares are shown as profit/loss on fair
estimated future cash flows expected valuation of investments in Statement
1.03 INTANGIBLE ASSETS: from the continuing use of the asset to 1.04.05 Stock of Finished goods is valued at of Profit and Loss.
1.03.01 Internally generated intangible asset their present value. lower of cost or net realisable value.
under development stage is recognized 1.06.04 Trade receivables represent receivables
when it is demonstrated that it is 1.04 INVENTORIES: 1.04.06 Stock-in-trade is valued at lower of for goods sold by the Company upto
technically feasible to use the same 1.04.01 The cost of inventories have been cost or net realisable value. to the end of the financial year. The
and the cost incurred for developing computed to include all cost of amounts are generally unsecured and
the same is ascertained. Technical purchases, cost of conversion and other 1.04.07 Waste and scraps are accounted at are usually received as per the terms of
Know-how so developed internally is related costs incurred in bringing the estimated realisable value. payment agreed with the customers.
amortised on a straight- line basis over inventories to their present location The amounts are presented as current
its estimated useful life. and condition. The costs of Raw 1.04.08 Cost of inventories is ascertained on assets where receivable is due within
Materials, Stores and spare parts etc., the weighted average basis. Goods-in- 12 months from the reporting date.
1.03.02 Intangible assets acquired by consumed consist of purchase price process and finished goods are valued They are recognised initially and
payment e.g., Goodwill, Trademarks, including duties and taxes (other on absorption cost basis. subsequently measured at amortised
Computer Software and Technical than those subsequently recoverable cost.
Know-how are disclosed at cost less by the enterprise from the taxing 1.05 CASH FLOW STATEMENT:
1.05.01 Cash flows are reported using indirect 1.06.05 The Company assesses the expected
method, whereby profit before tax is credit losses associated with its assets
carried at amortised cost. Trade 1.07.02 Borrowings are removed from balance 1.08 EQUITY: central sales tax. Excise Duty expense
receivables are impaired using the sheet when the obligation specified in 1.08.01 Equity Shares are classified as equity. has been disclosed in Statement of
lifetime expected credit loss model the contract is discharged, cancelled or Incremental costs directly attributable Profit and Loss as expenditure.
under simplified approach. The expired. to the issue of new shares are shown
Company uses a provision matrix in equity as a deduction from the 1.09.03 Services: Revenue from Services are
to determine the impairment loss 1.07.03 Borrowings are classified as current proceeds. recognized as and when the services
allowance based on its historically liabilities unless the company has an are rendered. The Company collects
observed default rates over expected unconditional right to defer settlement 1.08.02 Provision is made for the amount of service tax on behalf of the government
life of trade receivables and is adjusted of the liability for at least 12 months any dividend declared and dividend and therefore, it is not an economic
for forward looking estimates. At after the reporting period. distribution tax thereon, being benefit flowing to the Company and
every reporting date, the provision appropriately authorised and no longer hence excluded from Revenue.
for such impairment loss allowance is 1.07.04 Trade Payables represent liabilities for at the discretion of the entity, on or
determined and updated and the same goods and services provided to the before the end of the reporting period 1.09.04 Interest: Interest income is accrued on a
is deducted from Trade Receivables Company upto to the end of the financial but not distributed at the end of the time basis, by reference to the principal
with corresponding charge/credit to year. The amounts are unsecured and are reporting period. outstanding and at the effective
Profit and Loss. usually paid as per the terms of payment interest rate applicable.
agreed with the vendors. The amounts 1.08.03 The share issue expenses and expenses
1.06.06 A financial asset is derecognised only are presented as current liabilities unless related to Scheme of Arrangement 1.09.05 Dividends: Dividend from investment
when the Company has transferred payment is not due within 12 months are written off in five equal annual is recognized when the Company
the rights to receive cash flows from after the reporting period. They are installments in accordance with the in which they are held declares the
the financial asset, or when it has recognised initially and subsequently provisions of Section 35DD of the dividend and when the right to receive
transferred substantially all the risks measured at amortised cost. Income Tax Act, 1961. In case, where the the same is established.
and rewards of the asset, or when it has specific amortisation is not stipulated
transferred the control of the asset. 1.07.05 Financial assets and Financial liabilities in the scheme or agreement, such 1.09.06
Insurance Claims: Insurance Claims
are offset and the net amount is expenses are charged in the year in are accounted for on acceptance and
1.06.07 Investments that are readily realisable reported in the balance sheet if there which it is incurred. when there is a reasonable certainty
and intended to be held for not more is a currently enforceable legal right of receiving the same, on grounds of
than a year are classified as Current to offset the recognised amounts and 1.09 REVENUE RECOGNITION: prudence.
investments. All other investments are there is an intention to settle on a net 1.09.01 Revenue comprises of all economic
classified as Non-Current/Long-term basis, to realise the assets and settle the benefits that arise in the ordinary 1.10 FOREIGN CURRENCY TRANSACTIONS:
Investments. Current investments are liabilities simultaneously. course of activities of the Company 1.10.01 The Company's financial statements
carried at lower of cost or market value which result in increase in Equity, other are presented in Indian Rupees (INR),
on individual investment basis. Non- 1.07.06
Derivative financial instruments are than increases relating to contributions which is also the Company's functional
Current Investments are considered in the nature of Forward contracts from equity participants. Revenue currency.
at cost, unless there is an other than and Interest rate swaps. Forward is recognized to the extent that it is
temporary decline in value, in which contracts are executed to hedge the probable that the economic benefits 1.10.02
Foreign currency transactions are
case adequate provision is made for the foreign exchange rate with respect will flow to the Company and the recorded on initial recognition in
diminution in the value of Investments. to liabilities for goods and services in revenue can be reliably measured. the functional currency, using the
foreign currencies. Interest rate swaps Revenue is measured at the fair value exchange rate at the date of the
1.07 FINANCIAL LIABILITIES: are executed to hedge the interest rate of the consideration received or transaction. At each balance sheet date,
1.07.01 Borrowings are initially recognised and with respect to borrowings in foreign receivable. foreign currency monetary items are
subsequently measured at amortised currencies. reported using the closing exchange
cost, net of transaction costs incurred. 1.09.02
Sale of Goods: Revenue from sales rate. Exchange differences that arise
The transaction costs is amortised over 1.07.07
Derivative financial instruments are of goods is recognised on transfer on settlement of monetary items or on
the period of borrowings using the recognised initially and subsequently of significant risks and rewards of reporting at each balance sheet date of
effective interest method in Capital Work at fair value through mark to market ownership to the customers. Revenue the Company's monetary items at the
in Progress upto the commencement of valuation obtained from banking shown in the Statement of Profit and closing rate are recognised as income
related Plant, Property and Equipment partners. Gain or loss arising from the Loss are inclusive of Excise Duty and the or expenses in the period in which they
and subsequently under finance costs changes in fair value of derivatives value of self-consumption, but excludes arise.
in profit and loss account. are debited to the foreign exchange inter-transfers, returns, trade discounts,
fluctuations in the statement of profit cash discounts, other benefits passed to 1.10.03 Non-monetary items which are carried
and loss. customers in kind, value added tax and at historical cost denominated in a
or on behalf of the entity, in exchange is depreciated over the shorter of the 1.17.03 Deferred tax is provided using the to taxes on income levied by same
for services rendered to the entity. It estimated useful life of the asset and balance sheet approach on temporary governing taxation laws.
also includes such consideration paid the lease term. differences at the reporting date
on behalf of a parent of the entity in between the tax bases of assets and 1.17.04 MAT (Minimum Alternate Tax) credit
respect of the entity. 1.15.04
Assets acquired on leases where a liabilities and their carrying amounts is recognised as an asset only when
significant portion of the risks and for financial reporting purposes at the and to the extent there is convincing
Key management personnel are rewards of ownership are retained reporting date. Deferred tax liabilities evidence that the Company will
those persons having authority and by lessor are classified as operating are recognised for all taxable temporary pay normal income tax during the
responsibility for planning, directing leases. Lease rentals are charged to the differences. Deferred tax assets are specified period. In the year in which
and controlling the activities of the statement of profit and loss on straight recognised for all deductible temporary the MAT credit becomes eligible to be
entity, directly or indirectly, including line basis. differences, the carry forward of unused recognized as an asset in accordance
any director (whether executive or tax credits and any unused tax losses. with the recommendations contained
otherwise) of that entity. 1.15.05 Other Current assets includes prepaid Deferred tax assets are recognised in guidance Note issued by the Institute
lease rentals on account of initial to the extent that it is probable that of Chartered Accountants of India, the
1.14.03 Disclosure of related party transactions payment with respect to leasehold taxable profits against which the said asset is created by way of a credit
as required by the accounting standard land for manufacturing units. The deductible temporary differences, and to the Statement of Profit and Loss and
is furnished in the Notes on Financial same being operating lease in nature, the carry forward unused tax credits shown as MAT Credit Entitlement. The
Statements. is amortised as an expense over the and unused tax losses can be utilised. Company reviews the same at each
period of lease. balance sheet date and writes down
1.15 LEASES: The carrying amount of deferred tax the carrying amount of MAT Credit
1.15.01
The determination of whether an 1.16 EARNINGS PER SHARE: assets is reviewed at each reporting Entitlement to the extent there is no
arrangement is, or contains a lease 1.16.01
Basic earnings (loss) per share are date and reduced to the extent that longer convincing evidence to the
is based on the substance of the calculated by dividing the net profit or it is no longer probable that sufficient effect that Company will pay normal
arrangement at the inception date, loss for the period attributable to equity taxable profit will be available to allow Income Tax during the specified period.
whether fulfillment of the arrangement shareholders by the weighted average all or part of the deferred tax assets to
is dependent on the use of a specific number of equity shares outstanding be utilised. Unrecognised deferred tax 1.18 PROVISIONS, CONTINGENT LIABILITIES
asset or assets or the arrangement during the period. assets are reassessed at each reporting AND CONTINGENT ASSETS:
conveys a right to use the asset, even date and are recognised to the extent 1.18.01 Provisions are made when (a) the
if that right is not explicitly specified in 1.16.02 For the purpose of calculating diluted that it is become probable that future Company has a present legal or
the arrangement. earnings per share, the net profit or loss taxable profits will allow the deferred constructive obligation as a result
for the period attributable to equity tax asset to be recovered. Deferred tax of past events; (b) it is probable that
1.15.02
Finance leases that transfer shareholders and the weighted average assets and liabilities are measured at an outflow of resources embodying
substantially all of the risks and number of shares outstanding during the tax rates that are expected to apply economic benefits will be required to
benefits incidental to ownership of the period are adjusted for the effects in the year when the asset is realised settle the obligation; and (c) a reliable
the leased term, are capitalised at the of all dilutive potential equity shares. or the liability is settled, based on the estimate is made of the amount of the
commencement of the lease at the fair tax rates and tax laws that have been obligation.
value of the leased property or, if lower, 1.17 ACCOUNTING FOR TAXES ON INCOME: enacted or substantively enacted at the
at the present value of the minimum 1.17.01 Tax expenses comprise of current tax reporting date. 1.18.02 Contingent liabilities are not provided
lease payments. Lease payments are and deferred tax including applicable for but are disclosed by way of Notes
apportioned between finance charges surcharge and cess. Deferred tax is recognised in the on Accounts. Contingent liabilities is
and a reduction in lease liability so as statement of profit and loss, except to the disclosed in case of a present obligation
to acheive a constant rate of interest on 1.17.02 Current Income tax is computed using extent that it relates to items recognised from past events (a) when it is not
the remaining balance of the liability. the tax effect accounting method, in other comprehensive income. As such, probable that an outflow of resources
Finance charges are recognised in where taxes are accrued in the same deferred tax is also recognised in other will be required to settle the obligation;
finance costs in the statement of profit period in which the related revenue and comprehensive income. (b) when no reliable estimate is
and loss. expenses arise. A provision is made for possible; (c) unless the probability of
income tax annually, based on the tax Deferred Tax Assets and Deferred outflow of resources is remote.
1.15.03
A leased asset is depreciated over liability computed, after considering tax Tax Liabilities are offset, if a legally
the useful life of the asset. However, if allowances and exemptions. Provisions enforceable right exists to set off 1.18.03 Contingent assets are not accounted
there is no reasonable certainty that are recorded when it is estimated that current tax assets against current tax but disclosed by way of Notes on
the Company will obtain ownership a liability due to disallowances or other liabilities and the Deferred Tax Assets Accounts where the inflow of economic
by the end of the lease term, the asset matters is probable. and Deferred Tax Liabilities relate benefits is probable.
1.19 CURRENT AND NON-CURRENT market for the asset or liability, or in immediate sale in its present condition. operations; (c) is a subsidiary acquired
CLASSIFICATION: the absence of a principal market, in Management must be committed to exclusively with a view to resale.
1.19.01 The Normal Operating Cycle for the the most advantageous market for the the sale, which should be expected to
Company has been assumed to be asset or liability. The principal or the qualify for recognition as a completed 1.22 BIOLOGICAL ASSETS:
of twelve months for classification of most advantageous market must be sale within one year from the date of 1.22.01 Biological Assets are Clonal Plants
its various assets and liabilities into accessible by the Company. classification. being initially and subsequently measured
Current and Non-Current. at fair value.
1.20.03 The fair value of an asset or liability is 1.21.03 Non-current assets classified as held
1.19.02
The Company presents assets and measured using the assumptions that for sale are presented separately from 1.23 EXPENSES FOR CORPORATE SOCIAL
liabilities in the balance sheet based on market participants would use when other assets in the balance sheet. An RESPONSIBILITY:
current and non-current classification. pricing the asset or liability, assuming entity shall not depreciate or amortise 1.23.01 In case of CSR activities undertaken
that market participants act in their a non-current asset after such asset has by the Company, if any expenditure
1.19.03
An asset is current when it is (a) economic best interest. been classified as held for sale. of revenue nature is incurred or an
expected to be realised or intended irrevocable contribution is made to any
to be sold or consumed in normal 1.20.04 A fair value measurement of a non- 1.21.04 Discontinued operations are excluded agency to be spent by the latter on any
operating cycle; (b) held primarily for financial asset takes into account a from the results of continuing of the activities mentioned in Schedule
the purpose of trading; (c) expected to market participant's ability to generate operations and are presented as a VII to the Companies Act, 2013, the
be realised within twelve months after economic benefits by using the asset single amount as profit or loss after tax same is charged as an expense to its
the reporting period; (d) Cash and cash in its highest and best use or by selling from discontinued operations in the Statement of Profit and Loss.
equivalent unless restricted from being it to another market participant that statement of profit and loss.
exchanged or used to settle a liability would use the asset in its highest and 1.23.02 In case, the expenditure incurred by
for at least twelve months after the best use. 1.21.05
A disposal group qualifies as the Company is of such a nature which
reporting period. All other assets are discontinued operation if it is a gives rise to an asset, such an asset
classified as non-current. 1.20.05
The Company uses valuation component of the Company that either is recognised where the Company
techniques that are appropriate in the has been disposed of, or is classified retains the control of the asset and any
1.19.04 An liability is current when (a) it is circumstances and for which sufficient as held for sale, and; (a) represents future economic benefit accrues to it.
expected to be settled in normal data are available to measure fair a separate major line of business or A liability incurred by entering into a
operating cycle; (b) it is held primarily value, maximising the use of relevant geographical area of operations; (b) contractual obligation is recognised
for the purpose of trading; (c) it is due observable inputs and minimising the is part of a single co-ordinated plan to the extent to which CSR activity is
to be discharged within twelve months use of unobservable inputs. to dispose of a seperate major line completed during the year.
after the reporting period; (d) there of business or geographical area of
is no unconditional right to defer the 1.20.06 The assets and liabilities which has
settlement of the liability for at least been measured at fair value are, (i)
twelve months after the reporting Quoted Investments in Equity Shares,
period. All other liabilities are classified (ii) Derivative financial instruments, (iii)
as non-current. Biological Assets - Clonal Plantation.
1.20 FAIR VALUE MEASUREMENT: 1.21 NON-CURRENT ASSETS HELD FOR SALE
1.20.01
The Company measures financial AND DISCONTINUED OPERATIONS:
instruments such as derivatives and 1.21.01 Non-current assets and disposal groups
certain investments, at fair value at are classified as held for sale if their
each balance sheet date. carrying amounts will be recovered
principally through a sale transaction
1.20.02
Fair value is the price that would rather than through continuing use.
be received to sell an asset or paid
to transfer a liability in an orderly 1.21.02 Non-current assets and disposal groups
transaction between market classified as held for sale are measured
participants at the measurement date. at the lower of carrying amount and
The fair value measurement is based on fair value less cost to sell. This condition
the presumption that the transaction is regarded as met only when the
to sell the asset or transfer the liability sale is highly probable and the asset
takes place either in the principal or disposal group is available for
146
Particulars As At Addition Deduction As At Addition Deduction Total Upto For the Adjustment Upto For the Adjustment Total As At As At As At
01.04.2015 During During 01.04.2016 During The During the As At 31.03.2015 year for 31.03.2016 year For As At 31.03.2017 31.03.2016 31.03.2015
the year the year Year Year 31.03.2017 Deductions Deductions 31.03.2017
Freehold Land 2251.32 2437.85 - 4689.17 2.41 - 4691.58 - - - - - - - 4691.58 4689.17 2251.32
Land Development 192.48 0.32 - 192.80 - - 192.80 - - - - - - - 192.80 192.80 192.48
Buildings 12026.74 565.32 0.32 12591.74 975.88 2.54 13565.08 2063.17 437.71 0.31 2500.57 465.16 2.41 2963.32 10601.76 10091.17 9963.57
Plant and Equipments 48313.50 3398.63 1042.36 50669.77 446.68 170.96 50945.49 14759.55 3447.86 601.13 17606.28 3456.11 77.31 20985.08 29960.41 33063.49 33553.95
Furniture and Fixtures 2127.54 86.00 1.47 2212.07 208.21 253.95 2166.33 411.95 239.11 0.88 650.18 226.43 194.72 681.89 1484.44 1561.89 1715.59
Vehicles 3468.34 675.74 1050.55 3093.53 1139.63 1272.70 2960.46 767.31 455.26 333.47 889.10 375.50 444.04 820.56 2139.90 2204.43 2701.03
Heavy Vehicles 156.68 - - 156.68 - - 156.68 103.97 11.66 - 115.63 10.71 - 126.34 30.34 41.05 52.71
Office Equipments 1428.73 79.66 4.04 1504.35 154.22 84.27 1574.30 379.84 216.73 3.22 593.35 212.26 57.83 747.78 826.52 911.00 1048.89
for the year ended March 31, 2017
Total 69965.33 7243.52 2098.74 75110.11 2927.03 1784.42 76252.72 18485.79 4808.33 939.01 22355.11 4746.17 776.31 26324.97 49927.75 52755.00 51479.54
EXPERIENCE MEETS EXPERTISE
2. CAPITAL WORK-IN-PROGRESS
GROSS BLOCK DEPRECIATION NET BLOCK
6.
5.
4.
Total
Total
Total
Total
of ` 10 each
Investments
Investments
Capital Advances
Security Deposits
Security Deposits
Shares of ` 10 each
0.91
7237.46
7236.55
0.91
7237.46
0.91
-
16.74
1820.39
5399.42
Number
3400
-
-
-
5875000
13680.33
26.01
1483.75
110.53
12060.04
March, 2017
As at 31st
1287.11
455.16
831.95
March, 2017
As at 31st
` in Lacs
As at 31st March, 2016
1.03
3766.21
3765.18
1.03
3766.21
1.03
-
-
-
3765.18
3050.28
26.01
1472.49
257.87
1293.91
March, 2016
As at 31st
849.67
-
849.67
March, 2016
As at 31st
Notes on Financial Statements
-
2400000
Number
3400
380583
-
754.90
-
754.90
April, 2015
As at 1st
` in Lacs
33.79
1496.64
1462.85
33.79
1496.64
1.44
32.35
-
FINANCIAL STATEMENTS (STANDALONE)
147
EXPERIENCE MEETS EXPERTISE FINANCIAL STATEMENTS (STANDALONE)
11. LOANS - CURRENT FINANCIAL ASSETS 13.4 Terms/Rights attached to the Equity Shares
` in Lacs The Company has only one class of equity Shares having a par value of ` 1 per share. Each holder of equity shares is
As at 31st March, 2017 As at 31st March, 2016 As at 1st April, 2015 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.
(Unsecured, considered good)
Advance to Employees
The Company has proposed dividend as distribution to equity shareholders @ ` 0.60 per equity share (Previous year
Unsecured, considered good 193.89 149.49 141.32
@ ` 0.60 per equity share)
Unsecured, considered doubtful - 70.50 -
193.89 219.99 141.32 In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets
L ess : Provision for Doubtful - 70.50 - of the Company, after distribution of all preferential amounts. This distribution will be in proportion to the number of
Advances equity shares held by the shareholders.
193.89 149.49 141.32
Loan to Wholly Owned Subsidiary 663.89 994.53 - 13.5 Name of the Shareholders holding more than 5% Shares
Insurance Claim Receivable 124.19 62.44 38.76 As at 31st March, 2017 As at 31st March, 2016 As at 1st April, 2015
Total 981.97 1206.46 180.08 Number % Number % Number %
Equity Shares of ` 1 each
12. OTHER CURRENT ASSETS S.M. Management Pvt. Ltd. 17717310 14.45% 17717310 14.68% 3543462 14.68%
` in Lacs Greenply Leasing and Finance Pvt. Ltd. 13573655 11.07% 13573655 11.25% 2714731 11.25%
As at 31st March, 2017 As at 31st March, 2016 As at 1st April, 2015 Prime Holdings Pvt. Ltd. 12042800 9.82% 12042800 9.98% 2408560 9.98%
Advance against Purchases 807.37 582.31 608.87 HSBC Bank (Mauritius) Ltd. 11884420 9.69% 11884420 9.85% 2376884 9.85%
Prepaid Expenses 468.30 416.58 318.45 a/c Jwalamukhi Investment Holdings
Unmatured Finance Charges 259.32 167.56 205.76 Shiv Prakash Mittal and Shobhan 11702380 9.54% 15502380 12.85% - -
Prepaid Lease Rentals 18.93 18.63 18.63 Mittal on behalf of Trade Combines,
Export Incentive Receivable 20.40 0.86 - Partnership Firm
Import Licenses in Hand 3.57 - - SBI FMCG Fund 11405052 9.30% - - - -
Service Tax Input Credit Receivable 428.81 164.55 215.09 HDFC Trustee Company Ltd. 10974455 8.95% 10856855 9.00% 1913642 7.93%
Amount due from Central Excise 2915.52 4099.16 3511.69 Ashish Dhawan - - - - 2369488 9.82%
Authorities Saurabh Mittal - - - - 1686457 6.99%
Advance Payment of Income Tax (Less 49.08 - -
Provision) 13.6 The Company has not reserved any shares for issue under options and contracts/commitments for the sale of shares/
Advance Payment of Sales Tax 291.98 171.90 150.02 disinvestment.
Biological Assets - Clonal Plants - 7.84 32.47
Total 5263.28 5629.39 5060.98 13.7 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.
13. EQUITY SHARE CAPITAL
iii. Bought back any class of shares.
As at 31st March, 2017 As at 31st March, 2016 As at 1st April, 2015
Number ` in Lacs Number ` in Lacs Number ` in Lacs
13.1 Authorised 13.8 During the year, the Company has raised ` 5000 lacs through Qualified Institutional Placement (QIP) of Equity Shares.
By making temporary investments of surplus funds into fixed deposits with banks and investments in mutual funds,
Equity Shares of ` 1 each 160000000 1600.00 160000000 1600.00 - -
the Company has earned ` 48.23 lacs as interest / income therefrom. The company has fully utilised ` 5048.23 lacs
Equity Shares of ` 5 each - - - - 32000000 1600.00
for the purposes for which the fund were so raised i.e. setting-up of new MDF manufacturing unit in Chittoor, Andhra
Pradesh.
13.2 Issued, Subscribed and Fully Paid up
Equity Shares of ` 1 each 122627395 1226.27 120681870 1206.82 - -
Equity Shares of ` 5 each - - - - 24136374 1206.82
13.3 The reconciliation of the number of shares outstanding at the beginning and at the end of the reporting year
Equity Shares outstanding at the 120681870 1206.82 24136374 1206.82 24136374 1206.82
beginning of the year
19,45,525 equity shares of ` 1 each 1945525 19.46 - - - -
alloted to Qualified Institutional
Investors
2,41,36,374 equity shares of ` 5 each - - 120681870 1206.82 - -
sub-divided into 5 equity shares of
` 1 each
Equity Shares outstanding at the end 122627395 1226.27 120681870 1206.82 24136374 1206.82
of the year
15.3 TERMS OF REPAYMENT AND RATE OF INTEREST 19. CURRENT FINANCIAL LIABILITIES - BORROWINGS
` in Lacs ` in Lacs
Repayment Schedule As at 31st March, 2017 As at 31st March, 2016 As at 1st April, 2015
Rate of 2022-23 Secured
2017-18* 2018-19 2019-20 2020-21 2021-22
Interest till end Loans Repayable on Demand
Term Loans from Banks (Secured) Working Capital Loans
2 Half Yearly Installments 2.84% 1361.89 - - - - - from Banks
4 Quarterly Installments 3.34% 897.31 - - - - - Rupee Loans 3405.70 2277.08 3652.97
20 Half Yearly Installments 0.50% - - 1781.49 1781.49 1781.49 12470.44 Unsecured
20 Quarterly Installments 3.75% - - 65.02 260.09 260.09 715.25 Other Loans and advances
20 Quarterly Installments 8.30% - - - 400.00 400.00 1200.00 from Banks
15 Quarterly Installments 9.35% 800.00 800.00 800.00 600.00 - - F oreign Currency Loan - Buyers 2605.89 4302.93 9124.96
12 Quarterly Installments 9.65% 504.00 504.00 504.00 - - - Credit
12 Quarterly Installments 9.65% 500.00 500.00 500.00 - - - C hannel Finance Assurance Facility 955.23 3119.69 -
12 Quarterly Installments 9.50% 500.00 500.00 500.00 - - - from Others
Prepaid Processing Fees (241.23) (314.27) (248.84) (282.50) (249.48) (813.46) Rupee Loans - 3561.12 - 7422.62 109.20 9234.16
4321.97 1989.73 3901.67 2759.08 2192.10 13572.23 Total 6966.82 9699.70 12887.13
Deferred Payment Liabilities
Secured 8% - 11% 429.74 328.10 252.98 182.32 162.51 197.74 19.1 Working Capital Loans of `3405.70 lacs are secured by:
Unsecured 8% - 11% 290.66 76.13 51.18 51.18 25.60 -
720.40 404.23 304.16 233.50 188.11 197.74 (i) First pari passu charge on all current assets of the Company.
* Represents Current Maturities of Long Term Borrowings.
(ii) Second pari passu charge on immovable fixed assets of the Company at Kriparampur (West Bengal), Pantnagar
15.4 The company has not defaulted in repayment of loans and interest during the year. (Uttarakhand) and Chittoor (Andhra Pradesh).
15.5 During the year, the Company has raised ` 21115.36 lacs by way of term loans from Banks. The company has utilised (iii) Second pari passu charge on all movable fixed assets of the Company except assets specifically charged to
` 18509.36 lacs for the purposes for which the term loans were so raised i.e. setting-up of new MDF manufacturing other lender(s) (including the main press line of MDF plant at Pantnagar (Uttarakhand) and main press line
unit in Chittoor, Andhra Pradesh and the balance amount of ` 2606 lacs is unutilised. of MDF plant at Chittoor (Andhra Pradesh) along with any other movable fixed assets exclusively charged to
Landesbank Baden-Wurttenberg).
27.1 Cost of Materials Consumed includes cost of materials sold ` 750.08 lacs (Previous year `1016.42 lacs)
Every Employee who has completed five years or more of service is entitled to Gratuity on terms
not less favourable than the provisions of The Payment of Gratuity Act, 1972.
As the Company has not funded its liability, it has nothing to disclose regarding plan assets and its
reconciliation.
` in Lacs ` in Lacs
For the year ended For the year ended For the year ended For the year ended
31st March, 2017 31st March, 2016 31st March, 2017 31st March, 2016
Computed Tax expense 6526.38 5977.83
33.1 CONSUMPTION OF STORES AND SPARES Additional deductions for tax purpose (1115.77) (1681.62)
(%) (%)
Expense not allowed for tax purpose 129.15 30.22
Imported 24% 391.61 23% 373.14
Timing difference of Depreciation 140.91 (150.07)
Indigenous 76% 1253.19 77% 1260.74
Timing difference of Liabilities 328.62 147.17
Total 100% 1644.80 100% 1633.88
Fair Valuation of Quoted Investments 0.04 -
Income Tax charged to Statement of Profit and 6009.33 4323.53
33.2 AUDITORS REMUNERATION Loss
As Auditors 22.22 22.11
For Other Services - Certifications 2.79 3.00 Reconciliation of Deferred Tax Liability:
Total 25.01 25.11 Timing difference of Depreciation (140.91) 89.45
Note : Fees are exclusive of Cenvatable Service Tax Timing difference of Liabilities (327.46) (207.63)
Fair Valuation of Quoted Investments (0.04) (8.52)
Indexation difference of Freehold Land (76.93) (55.17)
33.3 DETAILS OF CORPORATE SOCIAL RESPONSIBILITY (CSR) EXPENSES: Release of Deferred Tax in Statement of Profit and (545.34) (181.87)
(a) Gross Amount required to be spent by the 307.26 293.03 Loss
Company during the year Timing difference of Liabilities in Other (81.97) (79.91)
(b) Amount spent during the year in cash on : Comprehensive Income
(i) Construction/acquisition of any asset - 15.50 Release of Deferred Tax in Total Comprehensive (627.31) (261.78)
(ii) On purposes other than (i) above Income
- Contribution towards Women Empowerment - 2.40
- Contribution towards Healthcare - 6.87
- Contribution towards Vocational Skill Development - 24.92 35. EARNINGS PER SHARE
- Contribution towards Child Care and Nutrition - 10.50 For the year ended For the year ended
31st March, 2017 31st March, 2016
- Contribution towards Plantation activities 77.93 -
Basic and Diluted Earnings Per Share:
- Contribution to a trust i.e. Greenply 240.00 202.00
Foundation Number of Equity Shares at the beginning of the year 120681870 120681870
Total 317.93 262.19 Number of Equity Shares alloted on 16.08.2016 1945525 -
Number of Equity Shares at the end of the year 122627395 120681870
Weighted average number of equity shares 121897157 120681870
34. TAXATION Profit for the year (after tax, available for equity ` in Lacs 13507.21 13116.65
` in Lacs shareholders)
For the year ended For the year ended Basic and Diluted Earnings Per Share ` 11.08 10.87
31st March, 2017 31st March, 2016
Tax Expense recognised in the Statement of Profit 36. SEGMENT REPORTING
and Loss: Segment information has been prepared in conformity with the accounting policies adopted for
Current Tax Expense 4058.81 3693.83 preparing and presenting the financial statements of the Company. As part of Secondary reporting,
Mat Credit Entitlement 1950.52 629.70 revenues are attributed to geographical areas based on the location of the customers. The following
Income Tax Expense 6009.33 4323.53
table present the revenue, profit, assets and liabilities information relating to the business / geographical
Earlier Years Tax Expense 123.66 -
segment for the year ended 31st March, 2017
Income Tax Expense including Earlier year tax 6132.99 4323.53
Release of Deferred Tax (545.34) (181.87)
Total Tax Expense in Statement of Profit and Loss 5587.65 4141.66
Release of Deferred Tax in Other Comprehensive (81.97) (79.91)
Income
Total Tax Expense in Total Comprehensive Income 5505.68 4061.75
Information about Business Segments - Primary Medium Density Fibre Boards and Allied Products: The Segment is engaged in the business of
` in Lacs manufacturing of Medium Density Fibre Boards and other allied products through its wholesale and
REPORTABLE SEGMENT Plywood Medium Density Un Allocated Total retail network.
and Allied Products Fibre Board and Allied
Products
b) Segment Assets and Liabilities :
For the year ended For the year ended For the year ended For the year ended
31.03.2017 31.03.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2016
REVENUE All Segment Assets and liabilities are directly attributable to the segment. Segment assets include all
External Sales 128191.30 123312.72 47674.05 47607.56 1017.18 429.20 176882.53 171349.48 operating assets used by the segment and consist principally of fixed assets, inventories, sundry debtors,
Inter-segment Sales - - - - - - - - advances and operating cash and bank balances. Segment assets and liabilities do not include share
Gross Sales 128191.30 123312.72 47674.05 47607.56 1017.18 429.20 176882.53 171349.48 capital, reserves and surplus, borrowings, proposed dividend and income tax (both current and deferred).
Other Operating Income 129.82 49.89 68.34 26.15 - - 198.16 76.04
Revenue from Operation 128321.12 123362.61 47742.39 47633.71 1017.18 429.20 177080.69 171425.52
RESULT c) Segment Revenue and Expenses :
Segment Result 12925.84 10777.86 11727.76 12618.97 (259.99) (85.79) 24393.61 23311.04
Unallocated Expenses net of 3669.48 3247.55 3669.48 3247.55 Segment revenue and expenses are directly attributable to the segment. It does not include dividend
Unallocable Income income, profit on sale of investments, interest income, interest expense, other expenses which cannot
Operating Profit 20724.13 20063.49 be allocated on a reasonable basis and provision for income tax (both current and deferred). Unallocated
Less : Interest Expense 1811.77 2891.07 1811.77 2891.07
Expenses net of Unallocable Income include Corporate Expenses which cannot be allocated on a
Add : Interest Income 182.50 85.89 182.50 85.89
Profit before Tax 19094.86 17258.31 reasonable basis and exceptional items.
Current Tax including Earlier (6132.99) (4323.53)
Year Tax 37. RELATED PARTY DISCLOSURES
Deferred Tax 545.34 181.87
Profit after Tax 13507.21 13116.65
37.1 List of related parties and relationship:
Other Comprehensive (154.88) (150.98)
Income a) Related parties where control exists
Total Comprehensive 13352.33 12965.67 Wholly Owned Subsidiary Companies
Income for the year, net of i) Greenply Trading Pte. Ltd., Singapore
Tax ii) Greenply Holdings Pte. Ltd., Singapore
OTHER INFORMATION
iii) Greenply Middle East Ltd., Dubai
Segment Assets 71113.70 70942.96 74970.23 42175.79 7570.54 5657.98 153654.47 118776.73
Segment Liabilities 25900.15 23833.78 7877.95 6026.94 2020.23 1744.19 35798.33 31604.91 iv) Greenply Gabon SA, Gabon (Subsidiary of Greenply Middle East Ltd., Dubai)
Loan Fund 37751.74 25850.53 37751.74 25850.53 Company in which a Subsidiary is a Joint Venture Partner
Deferred Tax Liabilities (Net) 1402.35 (28.45) 1402.35 (28.45) i) Greenply Alkemal (Singapore) Pte. Ltd., Singapore
Shareholders Funds 78702.05 61349.74 78702.05 61349.74 b) Related parties with whom transactions have taken place during the year.
Total Liabilities 153654.47 118776.73
Key Management Personnel/Director
Capital Expenditure 1750.23 2771.18 20953.43 2904.38 583.58 740.70 23287.24 6416.26
Depreciation 2426.38 2559.36 2033.83 1955.32 392.88 386.26 4853.09 4900.94 i) Mr. Shiv Prakash Mittal, Executive Chairman
ii) Mr. Rajesh Mittal, Managing Director
iii) Mr. Shobhan Mittal, Joint Managing Director & CEO
Secondary Segment - Geographical by location of customers
` in Lacs iv) Mr. Susil Kumar Pal, Independent Director
Carrying Amount v) Mr. Vinod Kumar Kothari, Independent Director
Revenue Additions to Fixed Assets
of Segment Assets vi) Mr. Anupam Kumar Mukerji, Independent Director
For the year ended For the year ended For the year ended vii) Mr. Upendra Nath Challu, Independent Director
31.03.2017 31.03.2016 31.03.2017 31.03.2016 31.03.2017 31.03.2016
Within India 174342.20 170888.95 153234.65 118652.76 23287.24 6416.26
viii) Ms. Sonali Bhagwati Dalal, Independent Director
Outside India 2738.49 536.57 419.82 123.97 - - ix) Mr. Moina Yometh Konyak, Non-Executive Director
Total 177080.69 171425.52 153654.47 118776.73 23287.24 6416.26 x) Mr. V. Venkatramani, Chief Financial Officer
NOTES: xi) Mr. Kaushal Kumar Agarwal, Company Secretary & VP - Legal
a) Business Segments : Enterprises Owned/Influenced by Key Management Personnel or their relatives
i) Prime Holdings Pvt. Ltd.
A description of the types of products and services provided by each reportable segment is as follows: ii) Trade Combines
iii) RS Homcon Ltd.
Plywood and Allied Products: The Segment is engaged in the business of manufacturing and trading of iv) Greenlam Industries Ltd.
Plywood, block boards, veneer, doors and other wood panel products through its wholesale and retail Relatives of Key Management Personnel
network. i) Mrs. Chitwan Mittal (Wife of Mr. Shobhan Mittal)
ii) Mrs. Surbhi Poddar (Daughter of Mr. Rajesh Mittal)
iii) Mr. Sanidhya Mittal (Son of Mr. Rajesh Mittal)
38. FIRST-TIME ADOPTION OF IND AS: 38.3 Estimates: net increase in investments on account of fair same is approved by the shareholders in the
These are company's first financial statements An entity's estimates in accordance with Ind valuation as on 31 March 2016 is ` 0.21 lacs. general meeting.
prepared in accordance with Ind AS. AS at the date of transition to Ind AS shall
be consistent with estimates made for the 38.5 Leasehold Land: Accordingly, the liability for proposed dividend
The accounting policies set out herein have same date in accordance with previous GAAP Under Ind AS, classification of lease into of ` 724.09 lacs and dividend distribution tax
been applied in preparing the financial (after adjustments to reflect any difference in operating or finance is based on various of ` 147.41 lacs on transition date has been
statements for the year ended 31 March 2017, accounting policies), unless there is objective principles. A lease is classified as finance lease derecognised in the retained earnings.
the comparative information presented in evidence that those estimates were in error. if it transfers substantially all the risks and
these financial statements for the year ended rewards incidental to ownership. Leasehold Liability for proposed dividend of ` 724.09 lacs
31 March 2016 and in the preparation of an Ind AS estimates as at 1 April 2015 are consistent lands held by the company have present value and dividend distribution tax of ` 147.41 lacs
opening Ind AS balance sheet at 1 April 2015 with the estimates as at the same date made in of minimum lease payments lesser than the which was dereognised on the transition date,
(the company's date of transition). In preparing confirmity with previous GAAP. The company fair value on date of inception of lease and as has been recognised in the retained earnings
its opening Ind AS balance sheet, the company made estimates for following items in such the same is reclassified as operating lease during the year ended 31 March 2016, as
has adjusted the amounts reported previously accordance with Ind AS at the date of transition and have been shown as Prepaid Lease rentals declared and paid.
in financial statements prepared in accordance as these were not required under previous under current assets. Cost of leasehold land
with the accounting standards notified under GAAP: comprised of upfront amount paid on inception 38.8 Excise Duty:
Companies (Accounting Standards) Rules, 2006 of lease. As such leasehold land of ` 1526.13 Under the previous GAAP, revenue from sale
(as amended) and other relevant provisions of (i) Quoted Investments in Equity Shares lacs under fixed assets on transition date has of products was presented exclusive of excise
the Act (previous GAAP). carried at fair value through Profit and been reclassified to Prepaid Lease rentals of duty. Under Ind AS, revenue from sale of goods
Loss; ` 1509.75 lacs and ` 16.38 lacs has been charged is presented inclusive of excise duty. The excise
Following notes explains the effect of transition to retained earnings. duty paid is presented on the face of statement
from previous GAAP to Ind AS on the company's (ii) Derivative financial instruments carried at of profit and loss as part of expenses. This
financial position, financial performance and fair value; 38.6 Borrowings: change has resulted in an increase in total
cash flows. Ind AS 109 requires transaction costs revenue and total expenses for the year ended
(iii) Impairment of trade receivables based on incurred towards origination of borrowings 31 March 2016 by ` 6776.51 lacs. There is no
38.1 Business Combinations: expected credit loss model. to be deducted from the carrying amount of impact on total equity and profit.
Ind AS 101 provides the option to apply Ind borrowings on initial recognition. These costs
AS 103 prospectively from the transition date 38.4 Fair Valuation of Investments: are recognised in the profit and loss over the Companys Tizit unit is entitled to refund of excise
or from a specific date prior to the transition Under the previous GAAP, investments in tenure of the borrowings as part of the interest duty which was accounted as part of revenue
date. This provides relief from full retrospective equity instruments were classified as long-term expense by applying the effective interest from sale of goods under previous GAAP.
application that would require restatement of investments or current investments based on rate method. Under previous GAAP, these Under Ind AS, the same shall be recognised as
all business combinations prior to the transition the intended holding period and realisability. transaction costs were charged to profit and Other Income. As such, refund of excise duty of
date. The company has elected to apply Ind AS Long term investments were carried at cost less loss as and when incurred, or were capitalised ` 593.79 lacs for the year ended 31 March 2016
103 prospectively to business combinations provision for other than temporary decline in the to plant and machinery if the same pertains to has been reclassified to Other Income. There is
occurring after its transition date. Business value of such investments. Current investments new project or expansion of existing facility. no impact on total equity and profit.
combinations occurring prior to the transition were carried at lower of cost and fair value.
date have not been restated. Under Ind AS, these investments are required Accordingly on transition date, borrowings are 38.9 Biological Assets:
to be measured at fair value, except in case of reduced by ` 172.14 lacs with corresponding Under the previous GAAP, Clonal Plants were a
38.2
Carrying value of Property, Plant and investments in subsidaries where an option to credit to retained earnings. Subsequently, part of inventory and were valued at lower of
Equipment: carry at cost less impairment is available. during year ended 31 March 2016 interest cost cost or net realisable value. Under Ind AS, Clonal
Ind AS 101 permits a first time adopter to elect and borrowings has increased by ` 90.62 lacs on Plants are not considered as a part of inventory,
to continue with the carrying value for all its Accordingly, equity investments in subsidaries account of application of effective interest rate and are required to be valued at fair value only.
property, plant and equipment as recognised have been carried at cost resulting in no method. As such, Clonal Plants amounting to ` 28.60 lacs
in the financial statements as at the date of changes. Investments in quoted equity shares have been reclassified to other current assets
transition to Ind AS, measured as per the have been measured at fair value through 38.7 Proposed Dividend: and value thereof has been increased by ` 3.87
previous GAAP and use that as its deemed profit and loss (FVTPL), resulting in increase of Under the previous GAAP, dividends proposed lacs on transition date. During the year ended
cost as at the date of transition after making ` 24.83 lacs in investments and retained earnings by the board of directors after the balance 31 March 2016, value of clonal plants decreased
necessary adjustments for de-commissioning on transition date. Subsequently, during year sheet but before the approval of the financial by ` 3.87 lacs on account of fair valuation.
liabilities. The company has elected to apply to ended 31 March 2016 profit increased by ` 18.92 statements were considered as adjusting
measure all of its property, plant and equipment, lacs and profit on sale of investments decreased events. Accordingly, provision for proposed 38.10 Finance Costs:
and intangible assets at their previous GAAP by ` 43.53 lacs due to fair valuation along with dividend was recognised as liability. Under Ind Under previous GAAP a substantial period
carrying value. corresponding impact on investments. As such, AS, such dividends are recognised when the of time to get ready an qualifying asset was
specified. Under Ind AS no such period is stated trade discounts and volume rebates allowed credit to retained earnings. Actuarial loss for Under Ind AS, unused MAT tax credits are
and so interest on borrowings amounting to by the entity. The discount and the expected the year ended 31 March 2016 is ` 230.89 lacs considered as a part of deferred tax and need
` 26.52 lacs which was expensed earlier has cash flows should be estimated at the time has been recognised in OCI instead of Employee to be presented accordingly. As such, MAT credit
now been capitalised during the year ended 31 of sale and the expected discount should be benefit expenses. entitlement of ` 4095.40 lacs on the transition
March 2016. recognised as a reduction of revenue. As such, date has been deducted from Deferred Tax
provision for Expected Cash Discounts of 38.17 Expenses pertaining to Scheme of liability. During the year ended 31 March 2016,
38.11Capitalisation of Pre-Operative Expenses: ` 285.22 lacs has been recognised on transition Arrangement: MAT credit entitlement of ` 629.70 lacs was
Under previous GAAP, all pre-operative date with corresponding charge to retained Under previous GAAP, expenses relating to the utilised by which amount the Deferred Tax
expenses including administrative and general earnings. During the year ended 31 March 2016, scheme of arrangement were been written liability has been readjusted.
overheads were capitalised to the cost of assets. provision has been increased by ` 15.28 lacs by off in five equal annual installments. Ind AS
Under Ind AS, these expenses are not required netting off with Gross revenue. As such closing requires that costs incurred to effect a business 38.20 Capitalisation of Foreign Exchange Differences:
to be capitalised. Accordingly during the year provision for expected cash discounts as on 31 combination are to be recognised as acquisition- Under previous GAAP, pursuant to Para 46A of
ended 31 March 2016, administrative overheads March 2016 stood at ` 300.50 lacs. related costs and be expensed in the period AS 11, foreign exchange differences on foreign
of ` 30.86 lacs, finance costs of ` 0.39 lacs, and in which the costs are incurred. Accordingly, currency long term borrowings were capitalised
foreign exchange gain of ` 39.28 lacs have been 38.15 Mark to Market (MTM) Valuation of unamortised expenses towards scheme of along with the cost of Property, Plant and
readjusted resulting into net increase of ` 8.03 Derivative Contracts: arrangement as on the transition date of ` 80.74 Equipment. Under Ind AS, capitalisation of
lacs to the cost of capital work in progress with Ind AS 109 requires all derivatives to be lacs have been charged to retained earnings. foreign exchange differences is not permitted
corresponding charge to retained earnings. measured at fair value and recognize any Further out of such expenses incurred during and same shall be charged to profit and loss
changes in fair value on the reporting date year ended 31 March 2016, a sum of ` 55.47 lacs account. However, Ind AS 101 permits grand
38.12 Expected Credit Loss Model for Trade in profit and loss account unless they are (net of amount already written off and reversal fathering of capitalization of foreign exchange
Receivables: designated in a qualifying hedge relationship. of adjustment as on transition date) has been differences for long term borrowings taken
Ind AS 109 requires adjustment for expected Under previous GAAP, derivatives were not charged to profit and loss account. till 31 March 2016. As such, the company has
credit loss while making provision for doubtful measured at fair value. Mark to Market (MTM) availed the option available under Ind AS 101.
debts. No such adjustment was required gain/(loss) shall be recognised in Profit and Loss 38.18 Sales Incentives to Dealers:
under the previous GAAP. Accordingly, trade account with a corresponding derivative asset/ Under Ind AS, Incentives offered to Customers 38.21 Fair Valuation of Loans and Advances:
receivables and retained earnings decreased liability at each reporting date. The company in any form shall be netted off from revenue and Under Ind AS, fair valuation is required for in
by ` 244.85 lacs on transition date and by an has hedged its liability in foreign currency by shall not be shown as Sales promotion expenses. case of loans and advances such as advance
additional amount of ` 22.82 lacs during year entering into forward contracts and interest rate However, incentives offered to persons other to employees, Capital advances and security
ended 31 March 2016. Provision for expected on its foreign currency long term borrowings than customers shall continue to be shown as deposits. In case of advance to employees,
credit losses stood at ` 267.67 lacs as on 31 by entering into Interest rate swap (IRS). Under sales promotion expenses. As such, incentives company has charged interest @ 10.30% p.a.
March 2016. Ind AS, MTM has been recognised on both of offered to customers amounting to ` 427.36 lacs and as such no fair valuation is required. In
these derivative contracts. As such, MTM gain of during the year ended 31 March 2016 has been case of capital advances, fair valuation is not
38.13Channel Finance Assurance Facility with ` 81.40 lacs has been recognised on transition netted off from revenue and reduced from sales required as the advances are non-refundable
recourse for Trade Receivables: date, with corresponding credit to retained promotion expenses. Under previous GAAP, all and shall only be adjusted against supply of
As per Ind AS, trade receivables is derecognised earnings. During the year ended 31 March 2016, such incentives were shown as Sales promotion fixed assets. Security deposits are paid for rental
only when the company has transferred the MTM loss of ` 83.83 lacs has been recognised expenses. property, electricity and maintenance. Deposits
rights to receive cash flows, or when it has in profit and loss account, with corresponding for electricity supply earn a reasonable interest
transferred substantially all the risks and credit to derivative liability. 38.19 Deferred Tax: of approximately 6% p.a. and as such no fair
rewards of the asset, or when it has transferred As per Ind AS, Deferred tax is provided using valuation is required. Deposits for offices and
the control of the asset. As such, receivables 38.16 Actuarial gain/(loss) on Defined Benefit the balance sheet approach on temporary warehouses taken on rent are usually short term
should not be de-recognised to the extent of plans for Employee Benefits: differences at the reporting date. On transition lease contracts expiring within a year, and as
recourse in case of Channel Finance Assurance Under Ind AS, the change in defined benefit date, certain adjustments were made by charge/ such no fair valuation is required. Hence, all such
Facility. Accordingly, trade receivables to the liability is split into changes arising out of credit to profit and loss account. The tax effect loans and advances are carried at transaction
extent of recourse amounting to ` 3119.69 lacs service and interest cost and changes arising of such adjustments resulting into deferred value.
was not de-recognised from trade receivables out of remeasurements. Changes due to service tax asset of ` 331.30 lacs has been recognised
with corresponding recognition of short term and interest cost are to be recognised in Profit by credit to retained earnings. During the year
borrowings as on 31 March 2016. and Loss account and the changes arising out of ended 31 March 2016, deferred tax expense has
re-measurements are to be recognised directly been increased by ` 152.11 lacs - out of which a
38.14 Expected Cash Discounts: in Other Comprehensive Income (OCI). As such, sum of ` 79.91 lacs has been credited to other
As per Ind AS, revenue shall be measured at actuarial loss on valuation of Gratuity and Leave comprehensive income and balance ` 72.20 lacs
the fair value of the consideration received salary of ` 92.55 lacs as on transition date has to profit and loss account.
or receivable. Fair Value is to be adjusted for been recognised in OCI with corresponding
38.22 Reconciliation of Equity as on Transition Date 1st April 2015 as per IND AS 38.23 Reconciliation of Equity as on 31st March 2016 as per IND AS
(` in Lacs) (`in Lacs)
Previous GAAP Adjustments Ind AS Previous GAAP Adjustments Ind AS
ASSETS ASSETS
Non-current Assets Non-current Assets
Property, Plant and Equipment 53005.67 (1526.13) 51479.54 Property, Plant and Equipment 54233.84 (1478.84) 52755.00
Capital Work-in-Progress 1390.70 - 1390.70 Capital Work-in-Progress 907.72 22.28 930.00
Other Intangible Assets 298.22 - 298.22 Other Intangible Assets 280.94 - 280.94
Financial Assets Financial Assets
Investments 1471.81 24.83 1496.64 Investments 3766.00 0.21 3766.21
Loans 780.91 (26.01) 754.90 Loans 875.68 (26.01) 849.67
Other Non-current Assets 716.91 1849.71 2566.62 Other Non-current Assets 1391.02 1659.26 3050.28
57664.22 322.40 57986.62 61455.20 176.90 61632.10
Current Assets Current Assets
Inventories 19030.39 (28.60) 19001.79 Inventories 13860.85 (7.84) 13853.01
Financial Assets Financial Assets
Investments 1815.73 - 1815.73 Investments - - -
Trade Receivables 25721.80 (244.85) 25476.95 Trade Receivables 30439.58 2852.01 33291.59
Cash and Cash Equivalents 718.83 (4.16) 714.67 Cash and Cash Equivalents 3164.18 (4.23) 3159.95
Bank Balances other than above - 4.16 4.16 Bank Balances other than above - 4.23 4.23
Loans 180.08 - 180.08 Loans 1206.46 - 1206.46
Other Current Assets 9518.60 (4457.62) 5060.98 Other Current Assets 9365.59 (3736.20) 5629.39
56985.43 (4731.07) 52254.36 58036.66 (892.03) 57144.63
TOTAL : 114649.65 (4408.67) 110240.98 TOTAL : 119491.86 (715.13) 118776.73
38.24 Reconciliation of Profit and Loss for the Year Ended 31st March 2016 as per IND AS 39. CONTINGENT LIABILITIES AND COMMITMENTS
(` in Lacs) 39.1 Contingent liabilities
Previous GAAP Adjustments Ind AS 39.1.1 Pending Litigations:
INCOME: a. Excise Duty, Sales Taxes and other Indirect Taxes claims disputed by the Company relating to
Sale of Products 165609.40 5740.08 171349.48
issues of applicability and determination aggregating ` 2786.14 lacs (Previous year ` 7690.17
Other Operating Revenue 76.04 - 76.04
Revenue from Operations 165685.44 5740.08 171425.52 lacs), excluding interest which cannot be determined at this stage.
Other Income 413.85 550.25 964.10
Total Revenue 166099.29 6290.33 172389.62 b. Claims against the Company not acknowledged as debts ` 85.64 lacs (Previous year ` 83.94
EXPENDITURE: lacs)
Cost of Materials Consumed 70149.64 - 70149.64
Purchase of Stock in Trade 20381.91 - 20381.91
Notes:
Changes in Inventories of Finished Goods, 1539.94 (20.76) 1519.18
Stock in Process and Stock in Trade i) Based on the discussion with the solicitors/favourable decisions in similar cases/legal
Excise Duty Expense - 6776.51 6776.51 opinion taken by the Company, the management believes that the Company has a good
Employees Benefits Expense 16774.14 (230.90) 16543.24 chance of success in above mentioned cases and hence, no provision there against is
Finance Costs 2826.58 64.49 2891.07 considered necessary.
Depreciation and Amortisation Expense 4935.62 (34.68) 4900.94
Other Expenses 32218.48 (249.66) 31968.82
ii) The company does not expect any reimbursements in respect of the above contingent
Total Expenditure 148826.31 6305.00 155131.31
Profit before Tax 17272.98 (14.67) 17258.31 liabilities.
Current Tax (3693.83) - (3693.83)
Mat Credit Entitlement (629.70) - (629.70) iii) Future cash outflows in respect of the above are determinable only on receipt of
(4323.53) - (4323.53) judgements/decisions pending with various forums/authorities.
Release of Deferred Tax 109.67 72.20 181.87
Tax Expense (4213.86) 72.20 (4141.66)
Profit for the Year 13059.12 57.53 13116.65
39.1.2 Others:
Other Comprehensive Income a. Letter of credit established but material not received amounting to ` 463.41 lacs (Previous year
Items that will not be reclassified to profit or loss: ` 1117.21 lacs).
Remeasurement gain/(loss) on defined benefit plans - (230.89) (230.89)
Release of Deferred Tax - 79.91 79.91 b. Guarantee given to a Bank in respect of loan to a joint venture company in which the Companys
Other Comprehensive Income, net of tax - (150.98) (150.98)
wholly owned subsidiary is a joint owner USD 30 lacs (Previous Year USD 15 lacs) equivalent to
Total Comprehensive Income for the year, net of Tax 13059.12 (93.45) 12965.67
` 1950.68 lacs (Previous Year ` 993.71 lacs), translated at year-end exchange rate.
38.25 Reconciliation of Equity and Net Profit on Transition to IND AS c. Counter-Guarantees given to banks for Stand-by Letter of Credit (SBLC) facility USD 25 lacs
(` in Lacs) equivalent to ` 1625.56 lacs (Previous Year USD 15 lacs equivalent to ` 993.71 lacs). Outstanding
Particulars Equity on Equity on Profit for year amount of Overdraft limit availed by its wholly owned subsidiary against SBLC facility is USD
01.04.2015 31.03.2016 2015-16 14.28 lacs equivalent to ` 928.52 lacs (Previous year USD 7 lacs equivalent to ` 463.73 lacs)
Shareholders Funds and Net Profit after tax as per previous GAAP 48397.73 60585.35 13059.12
translated at year-end exchange rate.
Recognition of Depreciation on Leasehold Land (16.38) - 16.38
Gain/(Loss) on Fair Valuation of Quoted Investments 24.83 0.22 (24.61)
Gain/(Loss) on Fair Valuation of Biological Assets 3.87 - (3.87)
d. (i) In respect of capital goods imported for the Pantnagar unit, at the concessional rate of
Recognition of MTM of Forward and IRS Contracts 81.40 (2.43) (83.83) duty under the Export Promotion Capital Goods Scheme, the Company has an export
Recognition of Provision for Expected Cash Discounts (285.22) (300.50) (15.28) obligation of approximately ` 7703.32 lacs (previous year ` 9483.45 lacs), which is
Recognition of Provision for Expected Credit Losses (244.85) (267.67) (22.82) required to be met at different dates, before 10.04.2019 (previous year 10.04.2019). In
Derecognition of Unamortised Expenses (80.74) (136.21) (55.47) the event of non-fulfillment of the export obligation, the Company will be liable to pay
Recognition of Prepaid Processing Fees 172.14 81.52 (90.62) customs duties of approximately ` 962.91 lacs (Previous Year ` 1185.43 lacs) together
Capitalisation of Finance Cost to PPE - 26.52 26.52 with interest, as applicable. The Company has discharged export obligation amounting
Derecognition of Administrative Expenses from PPE - 8.03 8.03 to ` 1780.13 lacs (Previous Year ` 97.35 lacs) during the year ended 31st March 2017.
Derecognition of Proposed Dividend and Tax on Dividend 871.50 871.50 -
Reclassification of Actuarial loss on Defined Benefit plans 92.55 323.44 230.89 d. (ii) In respect of capital goods imported for the Chittor unit, at the concessional rate of
Deferred Tax impact of Ind AS adjustments 331.30 403.51 72.21
duty under the Export Promotion Capital Goods Scheme, the Company has an export
Net Impact of Ind AS adjustments in Reserves and Surplus 950.40 1007.93 57.53
obligation of approximately ` 21757.22 lacs (previous year ` Nil), which is required to
Reclassification of Actuarial loss on Defined Benefit plans (92.55) (323.44) (230.89)
Deferred Tax impact of Ind AS adjustments - 79.90 79.90
be met at different dates, before 16.03.2023 (previous year Nil). In the event of non-
Net Impact of Ind AS adjustments in OCI (92.55) (243.54) (150.98) fulfillment of the export obligation, the Company will be liable to pay customs duties of
Net Impact of Ind AS adjustments in Reserves and Surplus 857.85 764.39 (93.45) approximately ` 3626.21 lacs (Previous Year ` Nil) together with interest, as applicable.
Shareholders Funds and Net Profit after tax as per Ind AS 49255.58 61349.74 12965.67
Level 3 : Techinques using inputs having significant effect on the recorded fair value that are not based on Interest Rate Swap:
observable market data. Notional amount USD 20 lacs ` 1300.45 lacs Hedge against exposure to variable interest outflow on loans. Swap
(Previous year Nil) to pay fixed interest @ 2.20 % p.a. (in USD) and receive a variable
` in Lacs interest @ 3 month USD-LIBOR on outstanding notional amount.
As at As at As at Notional amount USD 13.80 lacs ` 897.31 lacs Hedge against exposure to variable interest outflow on loans. Swap
March 31, 2017 March 31, 2016 April 1, 2015 (Previous year USD 27 lacs ` 1788.68 lacs) to pay fixed interest @ 1.09 % p.a. (in USD) and receive a variable
Financial assets at amortised cost: interest @ 3 month USD-LIBOR on outstanding notional amount.
Investments - Non-current 7236.55 3765.18 1462.85 Notional amount EURO 19.65 lacs ` 1361.89 Hedge against exposure to variable interest outflow on loans. Swap
lacs (Previous year EURO 39.3 lacs ` 2963.57 to pay fixed interest @ 1.06 % p.a. (in EURO) and receive a variable
Loans - Non-current 1287.11 849.67 754.90
lacs) interest @ 6 month EURIBOR on outstanding notional amount.
Investments - Current - - 1815.73
Trade Receivables 30477.74 33291.59 25476.95
Cash and Cash Equivalents 7155.60 3159.95 714.67 41.3 Foreign Currency Risk
Bank Balances other than above 4.22 4.23 4.16 The Company operates internationally and portion of the business is transacted in several currencies
Loans - Current 981.97 1206.46 180.08 and consequently the Company is exposed to foreign exchange risk through its sales and services in
Total 47143.19 42277.08 30409.34 overseas and purchases from overseas suppliers in various foreign currencies. Foreign currency exchange
Financial assets at fair value through profit and loss: rate exposure is partly balanced by purchasing of goods, commodities and services in the respective
Investments - Non-current - Level 1 0.91 1.03 33.79 currencies. The Company evaluates exchange rate exposure arising from foreign currency transactions
Total Financial Assets 47144.10 42278.11 30443.13 and the Company follows established risk management policies, including the use of derivatives like
Financial liabilities at amortised cost: foreign currency forward contracts to hedge exposure to foreign currency risk.
Borrowings - Non-current 25742.55 11547.62 12579.22
Other Financial Liabilities - Non-current 1117.89 1148.83 1026.52
Borrowings - Current 6966.82 9699.70 12887.13
Other Financial Liabilities - Current 5125.19 4633.83 7284.00
Trade Payables 28064.00 24903.25 22739.32
Total 67016.45 51933.23 56516.19
Currency As at 31st March, 2017 As at 31st March, 2016 Financial assets where Life time Expected Credit Losses (ECL) is used:
Foreign ` in Lacs Foreign ` in Lacs
Currency Currency ` in Lacs
Forward Contract outstanding: As at 31st As at 31st
Purchase (Hedging of Buyers Credit) EURO 169657 117.60 740863 565.05 March, 2017 March, 2016
USD 3826816 2488.29 5651840 3737.88 Trade Receivables (Gross of Provisions) 31090.84 33674.03
Total 2605.89 4302.93 Less : Provision for Doubtful Receivables 613.10 382.44
Purchase (Hedging of Trade Payables) EURO - - 198430 149.65 Trade Receivables (Net of Provisions) 30477.74 33291.59
USD - - 150723 99.85
Total - 249.50 41.5 Liquidity Risk
Unhedged Foreign Currency Exposures: Liquidity Risk is the risk that the Company will not be able to settle or meet its obligations on time or at
Foreign Currency Term Loans EURO 27666559 19176.80 3929616 2963.57 reasonable price. The Companys corporate finance department is responsible for liquidity, funding as
USD 3380000 2197.76 2700000 1788.68 well as settlement management. In addition, processes and policies related to such risks are reviewed
Total 21374.56 4752.25
by the Board of Directors. Management monitors the Companys net liquidity position through rolling
Trade Payables EURO 349774 242.44 201555 152.01
forecasts on the basis of expected cash flows.
USD 113291 73.66 200692 132.95
GBP 35785 28.92 12128 11.53
AED - - 6165 1.11 Financial Liabilities as reported in the Balance Sheet are segregated into current and non-current. Non-
CHF - - 1426 0.98 current financial liabilities have a maturity period of more than one year, whereas the current financial
CNY - - 16355 1.29 liabilities have maturities within one year.
NZD - - 4638 2.12
SGD 2197 1.02 29113 14.27 41.6 Capital Management
JPY 2541000 14.93 - - For the purposes of Companys Capital management, capital includes issued capital and all other equity
Total 360.97 316.26 reserves. The primary objective of the Companys Capital management is to maximise shareholder value.
Advance to Vendors EURO 11147540 7726.80 1713432 1292.21 The company manages its capital structure and makes adjustments in the light of changes in economic
USD 1099351 714.83 301903 200.00
environment and the requirements of the financial covenants. The company monitors capital using
CHF 1429 0.93 15000 1.18
gearing ratio, which is total debt divided by total capital plus debt.
AED - - 21000 3.79
GBP 4365 3.53 - -
CNY 230 0.02 - - ` in Lacs
Total 8446.11 1497.18 As at 31st March, As at 31st March,
Loans and Advances Receivable USD 1721023 1119.05 1501230 994.53 2017 2016
Total 1119.05 994.53 Total Debt 37751.74 25850.53
Trade Receivables USD 579304 376.68 95858 63.50 Total Equity 78702.05 61349.74
Total 376.68 63.50 Capital and Net Debt 116453.79 87200.27
Gearing Ratio 32.42% 29.65%
50. INFORMATION REGARDING SPECIFIED BANK NOTES (SBN): TO THE MEMBERS OF GREENPLY INDUSTRIES for the purpose of preparation of the consolidated
` in Lacs LIMITED financial statements by the Directors of the Holding
Specified Bank Other Company, as aforesaid.
Total
Notes Bank Notes REPORT ON THE CONSOLIDATED FINANCIAL
Closing cash in hand as on 8 November 2016 41.28 39.48 80.76
STATEMENTS AUDITORS RESPONSIBILITY
(+) Permitted receipts - 143.62 143.62
We have audited the accompanying consolidated Our responsibility is to express an opinion on these
(-) Permitted payments - 134.46 134.46
Ind AS financial statements of GREENPLY INDUSTRIES consolidated Ind AS financial statements based on
(-) Amount deposited in banks 41.28 - 41.28
Closing cash in hand as on 30 December 2016 - 48.64 48.64 LIMITED (hereinafter referred to as the Holding our audit.
Company), and its subsidiaries (the Holding
51. Companys Plywood unit located at Pantnagar (Uttarakhand) was exempt from levy of Central Excise Company and its subsidiaries together referred to We have taken into account the provisions of the Act,
Duty upto 1 May 2016. Companys MDF unit located at Pantnagar (Uttarakhand) is exempt from levy of as the Group) which comprise the Consolidated the accounting and auditing standards and matters
Central Excise Duty. Companys Plywood unit located at Tizit (Nalagand) is entitled to partial refund of Balance Sheet as at 31 March 2017, the Consolidated which are required to be included in the audit report
Central Excise Duty. Statement of Profit and Loss (including Other under the provisions of the Act and the Rules made
Comprehensive Income), the Consolidated Cash thereunder.
52. Balances under Trade receivables, Trade Payables, Loans and Advances payable or receivable are subject Flow Statement and the Consolidated Statement
to confirmation to be received from some of the parties. of Changes in Equity for the year then ended, and a We conducted our audit of the consolidated Ind AS
summary of the significant accounting policies and financial statements in accordance with the Standards
53. The figures for the previous year are re-classified/ re-arranged / re -grouped, wherever necessary so as other explanatory information (hereinafter referred on Auditing specified under Section 143(10) of the
to be in conformity with the figures of the current years classification/disclosure. to as the consolidated financial statements). Act. Those Standards require that we comply with
ethical requirements and plan and perform the audit
MANAGEMENTS RESPONSIBILITY FOR THE to obtain reasonable assurance about whether the
CONSOLIDATED FINANCIAL STATEMENTS consolidated Ind AS financial statements are free
As per our annexed report of even date. The Holding Company's Board of Directors is from material misstatement.
Shiv Prakash Mittal Rajesh Mittal responsible for the matters stated in Section
For D. DHANDARIA & COMPANY Executive Chairman Managing Director 134(5) of the Companies Act, 2013 ("the Act") with An audit involves performing procedures to
Chartered Accountants (DIN : 00237242) (DIN : 00240900) respect to the preparation of these consolidated obtain audit evidence about the amounts and the
ICAI Firm Reg. No. 306147E Ind AS financial statements that give a true and fair disclosures in the consolidated Ind AS financial
(Naveen Kumar Dhandaria) Susil Kumar Pal V. Venkatramani view of the consolidated state of affairs (financial statements. The procedures selected depend on the
Partner Director Chief Financial Officer position), consolidated profit or loss (financial auditors judgment, including the assessment of the
Membership No. 061127 (DIN : 00268527) performance including other comprehensive risks of material misstatement of the consolidated
income), consolidated cash flows and consolidated Ind AS financial statements, whether due to fraud or
Place of Signature : Kolkata Kaushal Kumar Agarwal
Dated : May 29, 2017 Company Secretary & VP - Legal changes in equity of the Group in accordance with error. In making those risk assessments, the auditor
the accounting principles generally accepted in considers internal financial control relevant to the
India, including the Indian Accounting Standards Holding Companys preparation of the consolidated
(Ind AS) specified under Section 133 of the Act. Ind AS financial statements that give a true and fair
view in order to design audit procedures that are
The respective Board of Directors of the companies appropriate in the circumstances but not for the
included in the Group are responsible for maintenance purpose of expressing an opinion on whether the
of adequate accounting records in accordance with Holding Company has an adequate internal financial
the provisions of the Act for safeguarding of the assets controls system over financial reporting in place and
of the Group and for preventing and detecting frauds the operating effectiveness of such controls. An audit
and other irregularities; selection and application of also includes evaluating the appropriateness of the
appropriate accounting policies; making judgements accounting policies used and the reasonableness
and estimates that are reasonable and prudent; of the accounting estimates made by the Holding
and design, implementation and maintenance Companys Directors, as well as evaluating the overall
of adequate internal financial controls, that were presentation of the consolidated Ind AS financial
operating effectively for ensuring the accuracy and statements.
completeness of the accounting records, relevant to
the preparation and presentation of the consolidated We believe that the audit evidence obtained by us and
Ind AS financial statements that give a true and the audit evidence obtained by the other auditors in
fair view and are free from material misstatement, terms of their reports referred to in sub-paragraph (a)
whether due to fraud or error, which have been used of the Other Matters paragraph below,
is sufficient and appropriate to provide a basis for our Our opinion is not modified in respect of these opinion and to the best of our information iv. The Group has provided requisite
audit opinion on the consolidated Ind AS financial matters. and according to the explanations given to disclosures in the financial statements
statements. us: as to holdings as well as dealings
in Specified Bank Notes during the
OPINION REPORT ON OTHER LEGAL AND REGULATORY i. The consolidated Ind AS financial period from 8 November 2016 to 30
In our opinion and to the best of our information REQUIREMENTS statements disclose the impact December 2016 and the same are in
and according to the explanations given to us, the 1. As required by Section 143 (3) of the Act, we of pending litigations on its accordance with books of account
aforesaid consolidated Ind AS financial statements report that: consolidated financial position of the maintained by the Group and as
give the information required by the Act in the manner Group; produced to us by the Management.
so required and give a true and fair view in conformity (a) We have sought and obtained all the (Refer Note 46).
with the accounting principles generally accepted in information and explanations which to ii. The Group did not have any long-
India including the Ind AS, of the consolidated state the best of our knowledge and belief were term contracts including derivative
of affairs (financial position) of the Group as at 31 necessary for the purposes of our audit of contracts for which there were any For D. DHANDARIA & COMPANY
March 2017, and its consolidated profit (financial the aforesaid consolidated Ind AS financial material foreseeable losses; Chartered Accountants
position including other comprehensive income), statements. ICAI Firm Reg. No. 306147E
its consolidated cash flows and the consolidated iii. There were no amounts which were
changes in equity for the year ended on that date. (b) In our opinion, proper books of account as required to be transferred to the (Naveen Kumar Dhandaria)
required by the law relating to preparation Investor Education and Protection Partner
OTHER MATTERS of the aforesaid consolidated Ind AS Fund by the Holding Company and Membership No. 061127
We did not audit the financial statements of the financial statements have been kept so its subsidiary companies, associate
three foreign subsidiaries whose financial statements far as it appears from our examination of companies and jointly controlled Place of Signature : Kolkata
reflect total assets of ` 12897.61 lacs as at 31 March those books and the reports of the other companies incorporated in India. Dated : 29 May 2017
2017, total revenues of ` 2457.80 lacs and net cash auditors.
outflows amounting to ` 313.49 lacs for the year
ended on that date, as considered in the consolidated (c) The Consolidated Balance Sheet, the
financial statements. These financial statements have Consolidated Statement of Profit and
been audited by other auditors whose reports have Loss and the Consolidated Cash Flow
been furnished to us by the Management and our Statement and Consolidated Statement
opinion on the consolidated financial statements, of Changes in Equity dealt with by this
in so far as it relates to the amounts and disclosures Report are in agreement with the books
included in respect of the subsidiaries and our report of account maintained for the purpose of
in terms of sub-sections (3) and (11) of Section preparation of the consolidated Ind AS
143 of the Act, insofar as it relates to the aforesaid financial statements.
subsidiaries, is based solely on the reports of the
other auditors. (d) In our opinion, the aforesaid consolidated
Ind AS financial statements comply with
The comparative financial information of the the Accounting Standards specified under
Group for the year ended 31 March 2016 and the Section 133 of the Act.
transition date opening balance sheet as at 1 April
2015 included in these consolidated Ind AS financial (e) On the basis of the written representations
statements, are based on the previously issued received from the directors of the Holding
statutory financial statements prepared in accordance Company as on 31 March 2017 taken on
with the Companies (Accounting Standards) Rules, record by the Board of Directors of the
2006 audited by us and our reports for the years Holding Company, none of the directors
ended 31 March 2016 and 31 March 2015 dated 24 of the Group is disqualified as on 31 March
May 2016 and 25 May 2015 respectively expressed 2017 from being appointed as a director in
an unmodified opinion on those consolidated terms of Section 164 (2) of the Act.
financial statements, as adjusted for the differences
in the accounting principles adopted by the Group (f ) With respect to the other matters to
on transition to the Ind AS, which have been audited be included in the Auditors Report in
by us. accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 2014, in our
As per our annexed report of even date. As per our annexed report of even date.
Shiv Prakash Mittal Rajesh Mittal Shiv Prakash Mittal Rajesh Mittal
For D. DHANDARIA & COMPANY Executive Chairman Managing Director For D. DHANDARIA & COMPANY Executive Chairman Managing Director
Chartered Accountants (DIN : 00237242) (DIN : 00240900) Chartered Accountants (DIN : 00237242) (DIN : 00240900)
ICAI Firm Reg. No. 306147E ICAI Firm Reg. No. 306147E
(Naveen Kumar Dhandaria) Susil Kumar Pal V. Venkatramani (Naveen Kumar Dhandaria) Susil Kumar Pal V. Venkatramani
Partner Director Chief Financial Officer Partner Director Chief Financial Officer
Membership No. 061127 (DIN : 00268527) Membership No. 061127 (DIN : 00268527)
Place of Signature : Kolkata Kaushal Kumar Agarwal Place of Signature : Kolkata Kaushal Kumar Agarwal
Dated : May 29, 2017 Company Secretary & VP - Legal Dated : May 29, 2017 Company Secretary & VP - Legal
(Naveen Kumar Dhandaria) Susil Kumar Pal V. Venkatramani (Naveen Kumar Dhandaria) Susil Kumar Pal V. Venkatramani
Partner Director Chief Financial Officer Partner Director Chief Financial Officer
Membership No. 061127 (DIN : 00268527) Membership No. 061127 (DIN : 00268527)
Place of Signature : Kolkata Kaushal Kumar Agarwal Place of Signature : Kolkata Kaushal Kumar Agarwal
Dated : May 29, 2017 Company Secretary & VP - Legal Dated : May 29, 2017 Company Secretary & VP - Legal
1.01 DISCLOSURE OF ACCOUNTING POLICIES: notified under the Companies (Indian comprise the financial statements of cost. Cost includes cost of acquisition,
1.01.01 CORPORATE INFORMATION: Accounting Standards) Rules, 2015. the Group as at 31 March 2017. Control construction and installation, taxes,
Greenply Industries Limited (the is achieved when the Group is exposed, duties, freight, other incidental
Company) is a public limited company The Financial Statements upto year or has rights, to variable returns from its expenses related to the acquisition,
domiciled in India incorporated under ended 31 March 2016 were prepared in involvement with the investee and has trial run expenses (net of revenue)
the provisions of the Companies Act. Its accordance with accounting standards ability to affect those returns through and pre-operative expenses including
shares are listed on two recognised stock notified under the Company (Accounting its power over the investee. attributable borrowing costs incurred
exchanges in India. The registered office Standards) Rules 2006 read with Rule 7(1) during pre-operational period.
of the company is located at Makum of the Companies (Accounts) Rules, 2014 The consolidated financial statements
Road, P.O. Tinsukia, Assam - 786 125, India. and the provisions of the Companies of the parent and its subsidiaries are 1.02.02 Subsequent costs are included in the
Act, 2013 (hereinafter referred to as the combined on a line by line basis by assets carrying amount or recognised
The Company and its subsidaries (the previous GAAP). adding together like items of assets, as a separate asset, as appropriate,
Group) is engaged in the business of liabilities, income and expenses. only when it is probable that future
manufacturing plywood and allied These Financial Statements are the first Intragroup balances and intragroup economic benefits associated with
products, medium density fibre financial statements of the company transactions and resulting unrealized the item will flow to the company and
boards and allied products through its under Ind AS - the transition date being profits (losses) are eliminated in full. the cost of the item can be measured
factories at various locations. Company 1 April 2015. The information as to Consolidated financial statements are reliably. The carrying amount of any
is also engaged in trading of wallcovers how the company has adopted Ind AS prepared using uniform accounting component as a separate asset is
and allied products. It has branches and the impact thereof on Companys policies for the like transactions and derecognised when replaced. All other
and dealers network spread all over financial position, financial performance other events in similar circumstances. repairs and maintenance are charged
the country. The Company imports and cash flows is presented in notes to to profit and loss during the reporting
raw materials for manufacturing financial statements. 1.01.04 COMPANIES INCLUDED IN period in which they are incurred.
and also finished goods for trading. CONSOLIDATION:
Manufactured goods are sold both in The financial statements have been The Groups Consolidated Financial 1.02.03 Assets which are not ready for their
domestic and overseas markets. prepared under the historical cost basis, Statements includes financial statements intended use on reporting date are
except for the following assets and of three overseas wholly owned carried as capital work-in-progress at
Company has three overseas wholly liabilities which has been measured subsidiary companies viz. (a) Greenply cost, comprising direct cost and related
owned subsidiary companies viz. (a) at fair value, (i) Quoted Investments in Trading Pte. Ltd., (b) Greenply Holdings incidental expenses.
Greenply Trading Pte. Ltd., subsidiary of Equity Shares, (ii) Derivative financial Pte. Ltd. and (c) Greenply Middle East Ltd.
the Company based out of Singapore, instruments, (iii) Biological Assets - 1.02.04 On transition to Ind AS, the Company
operates as an investment vehicle Clonal Plantation. 1.01.05 ACCOUNTING ESTIMATES AND has elected to continue with the
and has invested into a Joint Venture ASSUMPTIONS: carrying value of all of its property,
Company viz. Greenply Alkemal Accounting policies have been The preparation of financial statements plant and equipment as at 1st April
(Singapore) Pte. Ltd., which is also based consistently applied except where in conformity with generally accepted 2015 measured as per the previous
out of Singapore. Greenply Trading a newly issued accounting standard accounting principles requires GAAP and use that carrying value as the
Pte. Ltd. is also engaged into trading of is initially adopted or a revision to management to make estimates and deemed cost of the property, plant and
Medium Density Fibreboards and allied an existing accounting standard assumptions that affect the reported equipment.
products; (b) Greenply Holdings Pte. requires a change in the accounting amounts of assets and liabilities and
Ltd., subsidiary of the Company based policy hitherto in use. The Companys disclosure of contingent liabilities at 1.02.05 The Company has exercised the option
out of Singapore has been incorporated management evaluates all recently the date of the financial statements available to it under Rule 46A of the
during the year. (c) Greenply Middle East issued or revised accounting standards and the results of operations during Companies (Accounting Standards)
Ltd., subsidiary of the Company based on an on-going basis. the reporting year end. Although these (Second Amendment) Rules, 2011 in
out of Dubai has been incorporated estimates are based upon managements respect of accounting for fluctuations
during the year as an investment vehicle The financial statements are presented best knowledge of current events and in foreign exchange relating to Long
and has invested into a wholly owned in Indian Rupees (INR) and all values actions, actual results could differ from Term Foreign Currency Monetary
subsidiary company viz. Greenply are rounded to the nearest lacs, except these estimates. Items. On transition to Ind AS, aforesaid
Gabon SA, Gabon, West Africa. otherwise indicated. Where changes are option is not available for loans availed
made in presentation, the comparative 1.02 PROPERTY, PLANT AND EQUIPMENT: after 1st April 2016.
1.01.02 BASIS OF PREPARATION OF figures of the previous year are 1.02.01
Property, Plant and Equipment are
FINANCIAL STATEMENTS: regrouped and re-arranged accordingly. stated at original cost (net of tax/ 1.02.06
Property, Plant and Equipments
The Financial Statements have been duty credit availed) less accumulated including continuous process plants
prepared in accordance with Indian 1.01.03 BASIS OF CONSOLIDATION: depreciation and impairment losses are depreciated and/or amortised on
Accounting Standards (Ind AS) The consolidated financial statements except freehold land which is carried at the basis of their useful lives as notified
in Schedule II to the Companies Act, Related to the Greenply Middle East 1.03.05
Intangible assets are amortised on realisable value; and of those in transit and
2013 except in case of assets costing Ltd.: straight-line method as follows : at port related to these items are valued at
less than ` 5000 which are depreciated Plant and Equipments - 7 years lower of cost to date or net realisable value.
over their useful life as assessed by Furniture and Fixtures - 4 to 6 years Goodwill - 5 years Slow and non-moving material, obsolete,
the management. The assets residual Vehicles - 3 years defective inventories are duly provided for
Trademarks - 10 years
values and useful lives are reviewed, and valued at net realisable value. Goods
Office Equipments - 3 years
and adjusted if appropriate, at the end Computer Software - 5 years and materials in transit are valued at actual
of each reporting period. cost incurred upto the date of balance
Technical Know-how - 3 years
1.02.09
At each balance sheet date, the sheet. Material and supplies held for use
Depreciation in respect of additions Group reviews the carrying amount in the production of inventories are not
to assets has been charged on pro of property, plant and equipment 1.03.06
At each balance sheet date, the written down if the finished products in
rata basis with reference to the period to determine whether there is any Group reviews the carrying amount which they will be used are expected to be
when the assets are ready for use. The indication of impairment loss. If any of intangible assets to determine sold at or above cost.
provision for depreciation for multiple such indication exists, the recoverable whether there is any indication of
shifts has been made in respect of amount of the assets is estimated impairment loss. If any such indication 1.04.04 Goods-in-process is valued at lower of
eligible assets on the basis of operation in order to determine the extent of exists, the recoverable amount of cost or net realisable value.
of respective units. Where the historical impairment loss. The recoverable the assets is estimated in order to
cost of a depreciable asset undergoes amount is higher of the net selling price determine the extent of impairment 1.04.05 Stock of Finished goods is valued at
a change due to increase or decrease and the value in use, determined by loss. The recoverable amount is higher lower of cost or net realisable value.
in long term liability on account of discounting the estimated future cash of the net selling price and the value
exchange fluctuations, the depreciation flows expected from the continuing use in use, determined by discounting the 1.04.06 Stock-in-trade is valued at lower of cost
on the revised unamortised depreciable of the asset to their present value. estimated future cash flows expected or net realisable value.
amount is provided prospectively over from the continuing use of the asset to
the residual useful life of the asset. 1.03 INTANGIBLE ASSETS: their present value. 1.04.07 Waste and scraps are accounted at
1.03.01 Internally generated intangible asset estimated realisable value.
1.02.07 An assets carrying amount is written under development stage is recognized 1.04 INVENTORIES:
down immediately on discontinuation when it is demonstrated that it is 1.04.01 The cost of inventories have been 1.04.08 Cost of inventories is ascertained on
to its recoverable amount if the assets technically feasible to use the same computed to include all cost of the weighted average basis. Goods-in-
carrying amount is greater than its and the cost incurred for developing purchases, cost of conversion and other process and finished goods are valued
estimated recoverable amount. Gains the same is ascertained. Technical related costs incurred in bringing the on absorption cost basis.
and losses on disposals are determined Know-how so developed internally is inventories to their present location
by comparing proceeds with carrying amortised on a straight- line basis over and condition. The costs of Raw 1.05 CASH FLOW STATEMENT:
amount. These are included in Profit/ its estimated useful life. Materials, Stores and spare parts etc., 1.05.01 Cash flows are reported using indirect
Loss on Sale and Discard of Fixed Assets. consumed consist of purchase price method, whereby profit before tax is
1.03.02 Intangible assets acquired by payment including duties and taxes (other than adjusted for the effects of transactions
1.02.08 Useful lives of the Property, Plant and e.g., Goodwill, Trademarks, Computer those subsequently recoverable by the of a non-cash nature and any deferrals
Equipment are as follows : Software and Technical Know-how are enterprise from the taxing authorities), or accruals of past or future cash
disclosed at cost less amortization on freight inwards and other expenditure receipts or payments. The cash flow
Related to the Parent Company: a straight-line basis over its estimated directly attributable to the procurement. from regular revenue generating,
Buildings - 3 to 60 years useful life. financing and investing activities of the
Plant and Equipments - 15 to 25 years 1.04.02 Excise Duty on finished goods stock Company is segregated.
Furniture and Fixtures - 10 years 1.03.03 Intangible assets are carried at cost, lying at the factories is accounted for at
net of accumulated amortization and the point of manufacture of goods and 1.05.02
Cash and cash equivalents in the
Vehicles - 8 to 10 years
impairment loss, if any. accordingly, is considered for valuation balance sheet comprise cash at bank,
Office Equipments - 5 to 10 years
of finished goods lying in the factories cash/cheques in hand and short term
1.03.04 On transition to Ind AS, the Company as on the Balance Sheet date. Similarly, investments (excluding pledged term
Related to the Greenply Trading Pte. has elected to continue with the Custom Duty on imported material in deposits) with an original maturity of
Ltd.: carrying value of all of its intangible transit/lying in bonded warehouse is three months or less.
Furniture and Fixtures - 5 years assets as at 1st April 2015 measured accounted for at the time of import/
Vehicles - 10 years as per the previous GAAP and use that bonding of materials. 1.06 FINANCIAL ASSETS:
Yacht - 16 years carrying value as the deemed cost of 1.06.01
The Company classifies its financial
the intangible assets. 1.04.03
Stock of Raw Materials, Stores and spare assets as those to be measured
Office Equipments - 5 years
parts are valued at lower of cost or net subsequently at fair value (either
through other comprehensive income, transferred substantially all the risks 1.07.05 Financial assets and Financial liabilities in the scheme or agreement, such
or through profit or loss), and those to and rewards of the asset, or when it has are offset and the net amount is expenses are charged in the year in
be measured at amortised cost. transferred the control of the asset. reported in the balance sheet if there which it is incurred.
is a currently enforceable legal right
1.06.02
The Company measures all equity 1.06.07 Investments that are readily realisable to offset the recognised amounts and 1.09 REVENUE RECOGNITION:
instruments in subsidaries at cost and intended to be held for not more there is an intention to settle on a net 1.09.01 Revenue comprises of all economic
initially and also on subsequent than a year are classified as Current basis, to realise the assets and settle the benefits that arise in the ordinary course
recognition. investments. All other investments are liabilities simultaneously. of activities of the Company which result
classified as Non-Current/Long-term in increase in Equity, other than increases
1.06.03
The Company measures all quoted Investments. Current investments are 1.07.06
Derivative financial instruments are relating to contributions from equity
equity instruments other than in carried at lower of cost or market value in the nature of Forward contracts participants. Revenue is recognized
subsidaries at fair value on initial and on individual investment basis. Non- and Interest rate swaps. Forward to the extent that it is probable that
subsequent recognition. Changes in fair Current Investments are considered contracts are executed to hedge the the economic benefits will flow to
value of quoted investments in equity at cost, unless there is an other than foreign exchange rate with respect the Company and the revenue can be
shares are shown as profit/loss on fair temporary decline in value, in which to liabilities for goods and services in reliably measured. Revenue is measured
valuation of investments in Statement case adequate provision is made for the foreign currencies. Interest rate swaps at the fair value of the consideration
of Profit and Loss. diminution in the value of Investments. are executed to hedge the interest rate received or receivable.
with respect to borrowings in foreign
1.06.04 Trade receivables represent receivables 1.07 FINANCIAL LIABILITIES: currencies. 1.09.02 Sale of Goods: Revenue from sales
for goods sold by the Company upto 1.07.01 Borrowings are initially recognised and of goods is recognised on transfer
to the end of the financial year. The subsequently measured at amortised 1.07.07
Derivative financial instruments are of significant risks and rewards of
amounts are generally unsecured and cost, net of transaction costs incurred. recognised initially and subsequently ownership to the customers. Revenue
are usually received as per the terms of The transaction costs is amortised over at fair value through mark to market shown in the Statement of Profit and
payment agreed with the customers. the period of borrowings using the valuation obtained from banking Loss are inclusive of Excise Duty and the
The amounts are presented as current effective interest method in Capital Work partners. Gain or loss arising from the value of self-consumption, but excludes
assets where receivable is due within in Progress upto the commencement of changes in fair value of derivatives inter-transfers, returns, trade discounts,
12 months from the reporting date. related Plant, Property and Equipment are debited to the foreign exchange cash discounts, other benefits passed to
They are recognised initially and and subsequently under finance costs fluctuations in the statement of profit customers in kind, value added tax and
subsequently measured at amortised in profit and loss account. and loss. central sales tax. Excise Duty expense
cost. has been disclosed in Statement of
1.07.02 Borrowings are removed from balance 1.08 EQUITY: Profit and Loss as expenditure.
1.06.05 The Company assesses the expected sheet when the obligation specified in 1.08.01 Equity Shares are classified as equity.
credit losses associated with its assets the contract is discharged, cancelled or Incremental costs directly attributable 1.09.03 Services: Revenue from Services are
carried at amortised cost. Trade expired. to the issue of new shares are shown recognized as and when the services
receivables are impaired using the in equity as a deduction from the are rendered. The Company collects
lifetime expected credit loss model under 1.07.03 Borrowings are classified as current proceeds. service tax on behalf of the government
simplified approach. The Company uses liabilities unless the company has an and therefore, it is not an economic
a provision matrix to determine the unconditional right to defer settlement 1.08.02 Provision is made for the amount of benefit flowing to the Company and
impairment loss allowance based on its of the liability for at least 12 months any dividend declared and dividend hence excluded from Revenue.
historically observed default rates over after the reporting period. distribution tax thereon, being
expected life of trade receivables and is appropriately authorised and no longer 1.09.04 Interest: Interest income is accrued on a
adjusted for forward looking estimates. 1.07.04
Trade Payables represent liabilities at the discretion of the entity, on or time basis, by reference to the principal
At every reporting date, the provision for goods and services provided to before the end of the reporting period outstanding and at the effective
for such impairment loss allowance is the Company upto to the end of but not distributed at the end of the interest rate applicable.
determined and updated and the same the financial year. The amounts are reporting period.
is deducted from Trade Receivables with unsecured and are usually paid as per 1.09.05 Dividends: Dividend from investment
corresponding charge/credit to Profit the terms of payment agreed with the 1.08.03 The share issue expenses and expenses is recognized when the Company
and Loss. vendors. The amounts are presented related to Scheme of Arrangement in which they are held declares the
as current liabilities unless payment are written off in five equal annual dividend and when the right to receive
1.06.06 A financial asset is derecognised only is not due within 12 months after the installments in accordance with the the same is established.
when the Company has transferred reporting period. They are recognised provisions of Section 35DD of the
the rights to receive cash flows from initially and subsequently measured at Income Tax Act, 1961. In case, where the 1.09.06
Insurance Claims: Insurance Claims
the financial asset, or when it has amortised cost. specific amortisation is not stipulated are accounted for on acceptance and
when there is a reasonable certainty Comprehensive Income is reclassified to The Employees Provident Fund and decisions. The CODM consists of
of receiving the same, on grounds of the Statement of Profit and Loss. Miscellaneous Provisions Act 1952 is the Executive Chairman, Managing
prudence. charged to the Statement of Profit and Director, Joint Managing Director &
1.11 EMPLOYEE BENEFITS: Loss of the year when the contributions CEO and Chief Financial Officer.
1.10 FOREIGN CURRENCY TRANSACTIONS AND 1.11.01
Short-term employee benefits are to the respective funds are due.
FOREIGN OPERATIONS: recognized as an expense at the The Company pays provident fund 1.13.02 The Companys operating businesses
1.10.01 The Groups consolidated financial undiscounted amount in the Statement contributions to publicly administered are organized and managed separately
statements are presented in Indian of Profit and Loss of the year in which provident funds as per local regulations. according to the nature of products,
Rupees (INR), which is also the parent the related service is rendered. The Company has no further payment with each segment representing a
Companys functional currency. For obligations once the contributions strategic business unit that offers
each company, the Group determines 1.11.02
Post Employment and Retirement have been paid. different products and serves different
the functional currency and items benefits in the form of Gratuity and markets. The identified segments are
included in the financial statements of Leave Encashment are considered 1.12 BORROWING COSTS: Manufacturing and Sale of (a) Plywood
each company are measured using that as defined benefit obligations and is 1.12.01 Borrowing costs are interest and other and Allied products; and (b) Medium
functional currency. provided for on the basis of third party costs (including exchange differences Density Fibre Boards and Allied products.
actuarial valuation, using the projected relating to foreign currency borrowings
1.10.02
Foreign currency transactions are unit credit method, as at the date of the to the extent that they are regarded as 1.13.03 The analysis of geographical segment
recorded on initial recognition in Balance Sheet. Every Employee who an adjustment to interest costs) incurred is based on the geographical location
the functional currency, using the has completed five years or more of in connection with the borrowing of the customers. The geographical
exchange rate at the date of the service is entitled to Gratuity on terms of funds. Ancillary costs incurred in segments considered for disclosure
transaction. At each balance sheet date, not less favourable than the provisions connection with the arrangement of are (a) Sales within India include sales
foreign currency monetary items are of The Payment of Gratuity Act, 1972. borrowings are amortised over the to customers located within India; (b)
reported using the closing exchange period of borrowings. Sales outside India include sales to
rate. Exchange differences that arise 1.11.03 The present value of the defined benefit customers located outside India.
on settlement of monetary items or on obligation is determined by discounting 1.12.02 General and specific borrowing costs
reporting at each balance sheet date of the estimated future cash outflows by that are directly attributable to the 1.13.04 Common allocable costs are allocated
the Companys monetary items at the reference to market yields at the end of acquisition or construction of qualifying to each segment according to the ratio
closing rate are recognised as income reporting period on government bonds assets are capitalised as part of the of their respective turnover to the total
or expenses in the period in which they that have terms approximating to the cost of such assets during the period turnover.
arise. terms of the related obligation. of time that is required to complete
and prepare the asset for its intended 1.13.05
The Unallocated Segment includes
1.10.03 Non-monetary items which are carried 1.11.04
The net interest cost is calculated use. A qualifying asset is one that takes general corporate income and expense
at historical cost denominated in a by applying the discount rate to the necessarily substantial period of time to items, which are not allocated to any
foreign currency are reported using net balance of the defined benefit get ready for its intended use. business segment.
the exchange rate at the date of the obligation. This cost is included in
transaction. Non-monetary items employee benefit expense in the 1.12.03
Investment income earned on 1.14 RELATED PARTY TRANSACTIONS:
measured at fair value in a foreign statement of profit and loss. temporary investment of specific 1.14.01A related party is a person or entity
currency are translated using the borrowings pending their expenditure that is related to the reporting entity
exchange rate at the date when the fair 1.11.05
Remeasurement gains and losses on qualifying assets is deducted from preparing its financial statements
value is determined. arising from experience adjustments the borrowings costs eligible for
and changes in acturial assumptions capitalisation. (a) A person or a close member of that
1.10.04
On consolidation, the assets and of the defined benefit obligation are persons family is related to a reporting
liabilities of the foreign subsidiary recognised in the period in which they 1.12.04 All other borrowing costs are expensed entity if that person; (i) has control or
are translated into INR at the rate of occur, directly in other comprehensive in the period in which they are incurred. joint control of the reporting entity;
exchange prevailing at the reporting income. They are included in retained (ii) has significant influence over the
date and their statements of profit and earnings in the statement of changes in 1.13 SEGMENT REPORTING: reporting entity; or (iii) is a member of
loss are translated at average rate during equity and in the balance sheet. 1.13.01 Operating Segments are reported the key management personnel of the
the year. The exchange differences in a manner consistent with the reporting entity or of a parent of the
arising on translation for consolidation 1.11.06
Employee benefits in the form of internal reporting provided to the reporting entity.
are recognised in Other Comprehensive Provident Fund is considered as chief operating decision maker
Income. On disposal of a foreign defined contribution plan and the (CODM). The CODM assesses the (b) An entity is related to a reporting entity if
subsidiary, the foreign exchange contributions to Employees Provident financial performance and position any of the following conditions applies;
differences recognised in Other Fund Organisation established under of the company, and makes strategic (i) the entity and the reporting entity
are members of the same group (which entity, directly or indirectly, including 1.15.05 Other Current assets includes prepaid Deferred tax assets are recognised
means that each parent, subsidiary any director (whether executive or lease rentals on account of initial to the extent that it is probable that
and fellow subsidiary is related to the otherwise) of that entity. payment with respect to leasehold taxable profits against which the
others); (ii) One entity is an associate land for manufacturing units. The deductible temporary differences, and
or joint venture of the other entity 1.14.03 Disclosure of related party transactions same being operating lease in nature, the carry forward unused tax credits
(or an associate or joint venture of a as required by the accounting standard is amortised as an expense over the and unused tax losses can be utilised.
member of a group of which the other is furnished in the Notes on Financial period of lease.
entity is a member); (iii) Both entities Statements. The carrying amount of deferred tax
are joint ventures of the same third 1.16 EARNINGS PER SHARE: assets is reviewed at each reporting
party; (iv) One entity is a joint venture 1.15 LEASES: 1.16.01
Basic earnings (loss) per share are date and reduced to the extent that
of a third entity and the other entity is 1.15.01
The determination of whether an calculated by dividing the net profit or it is no longer probable that sufficient
an associate of the third entity; (v) The arrangement is, or contains a lease loss for the period attributable to equity taxable profit will be available to allow
entity is a post-employment benefit is based on the substance of the shareholders by the weighted average all or part of the deferred tax assets to
plan for the benefit of employees of arrangement at the inception date, number of equity shares outstanding be utilised. Unrecognised deferred tax
either the reporting entity or an entity whether fulfillment of the arrangement during the period. assets are reassessed at each reporting
related to the reporting entity; (vi) The is dependent on the use of a specific date and are recognised to the extent
entity is controlled or jointly controlled asset or assets or the arrangement 1.16.02 For the purpose of calculating diluted that it is become probable that future
by a person identified in (a); (vii) A conveys a right to use the asset, even earnings per share, the net profit or loss taxable profits will allow the deferred
person identified in (a)(i) has significant if that right is not explicitly specified in for the period attributable to equity tax asset to be recovered. Deferred tax
influence over the entity or is a member the arrangement. shareholders and the weighted average assets and liabilities are measured at
of the key management personnel of number of shares outstanding during the tax rates that are expected to apply
the entity (or of a parent of the entity); 1.15.02
Finance leases that transfer the period are adjusted for the effects in the year when the asset is realised
(viii) The entity, or any member of a substantially all of the risks and of all dilutive potential equity shares. or the liability is settled, based on the
group of which it is a part, provides key benefits incidental to ownership of tax rates and tax laws that have been
management personnel services to the the leased term, are capitalised at the 1.17 ACCOUNTING FOR TAXES ON INCOME: enacted or substantively enacted at the
reporting entity or to the parent of the commencement of the lease at the fair 1.17.01 Tax expenses comprise of current tax reporting date.
reporting entity. value of the leased property or, if lower, and deferred tax including applicable
at the present value of the minimum surcharge and cess. Deferred tax is recognised in the
1.14.02 A related party transaction is a transfer lease payments. Lease payments are statement of profit and loss, except
of resources, services or obligations apportioned between finance charges 1.17.02 Current Income tax is computed using to the extent that it relates to items
between a reporting entity and a and a reduction in lease liability so as the tax effect accounting method, recognised in other comprehensive
related party, regardless of whether a to acheive a constant rate of interest on where taxes are accrued in the same income. As such, deferred tax is also
price is charged. the remaining balance of the liability. period in which the related revenue and recognised in other comprehensive
Finance charges are recognised in expenses arise. A provision is made for income.
Close members of the family of a person finance costs in the statement of profit income tax annually, based on the tax
are those family members who may be and loss. liability computed, after considering tax Deferred Tax Assets and Deferred
expected to influence, or be influenced allowances and exemptions. Provisions Tax Liabilities are offset, if a legally
by, that person in their dealings with 1.15.03
A leased asset is depreciated over are recorded when it is estimated that enforceable right exists to set off
the entity. the useful life of the asset. However, if a liability due to disallowances or other current tax assets against current tax
there is no reasonable certainty that matters is probable. liabilities and the Deferred Tax Assets
Compensation includes all employee the Company will obtain ownership and Deferred Tax Liabilities relate
benefits i.e. all forms of consideration by the end of the lease term, the asset 1.17.03 Deferred tax is provided using the to taxes on income levied by same
paid, payable or provided by the entity, is depreciated over the shorter of the balance sheet approach on temporary governing taxation laws.
or on behalf of the entity, in exchange estimated useful life of the asset and differences at the reporting date
for services rendered to the entity. It the lease term. between the tax bases of assets and 1.17.04 MAT (Minimum Alternate Tax) credit
also includes such consideration paid liabilities and their carrying amounts is recognised as an asset only when
on behalf of a parent of the entity in 1.15.04
Assets acquired on leases where a for financial reporting purposes at the and to the extent there is convincing
respect of the entity. significant portion of the risks and reporting date. Deferred tax liabilities evidence that the Company will
rewards of ownership are retained are recognised for all taxable temporary pay normal income tax during the
Key management personnel are by lessor are classified as operating differences. Deferred tax assets are specified period. In the year in which
those persons having authority and leases. Lease rentals are charged to the recognised for all deductible temporary the MAT credit becomes eligible to be
responsibility for planning, directing statement of profit and loss on straight differences, the carry forward of unused recognized as an asset in accordance
and controlling the activities of the line basis. tax credits and any unused tax losses. with the recommendations contained
202
Particulars As At Addition Currency Deduction As At Addition Currency Deduction Total Upto For the Currency Adjustment Upto For The Currency Adjustment Total As At As At As At
01.04.2015 During Translation During 01.04.2016 During Translation During As At 31.03.2015 Year Translation For 31.03.2016 Year Translation For As At 31.03.2017 31.03.2016 31.03.2015
The Year Adjustment The Year The Year Adjustment The Year 31.03.2017 Adjustment Deductions Adjustment Deductions 31.03.2017
Freehold Land 2251.32 2437.85 - - 4689.17 2.41 - - 4691.58 - - - - - - - - - 4691.58 4689.17 2251.32
Land 192.48 0.32 - - 192.80 - - - 192.80 - - - - - - - - - 192.80 192.80 192.48
Development
Buildings 12026.74 565.32 - 0.32 12591.74 975.88 - 2.54 13565.08 2063.17 437.71 - 0.31 2500.57 465.16 - 2.41 2963.32 10601.76 10091.17 9963.57
Plant and 48313.50 3398.63 - 1042.36 50669.77 622.19 (5.18) 170.96 51115.82 14759.55 3447.86 - 601.13 17606.28 3460.18 (0.12) 77.31 20989.03 30126.79 33063.49 33553.95
Equipments
Furniture and 2127.54 225.85 1.38 1.47 2353.30 222.61 (3.04) 253.95 2318.92 411.95 255.06 0.16 0.87 666.30 256.36 (1.18) 194.73 726.75 1592.17 1687.00 1715.59
Fixtures
Vehicles 3468.34 1759.17 10.69 1050.55 4187.65 1832.96 (40.70) 1272.70 4707.21 767.31 506.19 0.50 333.47 940.53 534.28 (5.64) 444.04 1025.13 3682.08 3247.12 2701.03
Heavy Vehicles 156.68 - - - 156.68 - - - 156.68 103.97 11.66 - - 115.63 10.71 - - 126.34 30.34 41.05 52.71
EXPERIENCE MEETS EXPERTISE
Progress
Notes on Consolidated
5.
4.
Total
Total
Total
Total
Total
Trade
of ` 10 each
Investments
Investments
Security Deposits
Shares of ` 10 each
Share of Profit
Subsidiary (Foreign)
Subsidiary (Foreign)
Equity (at Cost)
Unquoted , Fully Paid up
0.91
2611.61
2610.70
0.91
2611.61
0.91
-
2610.70
172.36
2438.34
` in Lacs
Financial Statements
101.86%
Net Assets
consolidated
As % of
-0.01%
-1.58%
100.00%
-0.27%
21.86%
Income
Comprehensive
Other
consolidated
As % of
0.05%
71.92%
100.00%
6.17%
Notes on Consolidated
Share in Other
3400
-
3750000
-
3750000
Number
Comprehensive Income
1053.65
1053.65
March, 2017
As at 31st
Net Assets i.e. Total Assets
78702.05
` in Lacs
(5.34)
(1220.46)
77266.15
(210.10)
(509.60)
(154.88)
` in Lacs
(708.57)
(43.75)
(0.34)
1.03
2868.77
2867.74
1.03
2868.77
1.03
-
2867.74
383.46
2484.28
` in Lacs
As at 31st March, 2016
888.65
888.65
March, 2016
As at 31st
Profit or Loss
consolidated
As % of
-6.31%
107.68%
100.00%
-1.33%
-0.04%
-10.99%
112.81%
Income
Comprehensive
Total
consolidated
As % of
100.00%
-1.78%
-0.05%
3400
380583
2303710
-
2303710
Number
Share in Total
Comprehensive Income
for the year ended March 31, 2017
33.79
1722.71
1.44
32.35
1688.92
249.16
1439.76
754.90
754.90
April, 2015
As at 1st
` in Lacs
33.79
1722.71
1688.92
` in Lacs
As at 1st April, 2015
13507.21
` in Lacs
(791.49)
13352.33
` in Lacs
12544.37
(166.35)
(5.00)
(5.34)
(1301.09)
11835.80
(210.10)
FINANCIAL STATEMENTS (CONSOLIDATED)
203
EXPERIENCE MEETS EXPERTISE FINANCIAL STATEMENTS (CONSOLIDATED)
11. LOANS - CURRENT FINANCIAL ASSETS 13.4 Terms/Rights attached to the Equity Shares
(Unsecured, considered good) The Company has only one class of equity Shares having a par value of ` 1 per share. Each holder of equity shares is
` in Lacs 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.
As at 31st March, 2017 As at 31st March, 2016 As at 1st April, 2015
The Company has proposed dividend as distribution to equity shareholders @ ` 0.60 per equity share (Previous year
Advance to Employees
@ ` 0.60 per equity share)
Unsecured, considered good 209.18 149.85 141.32
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets
Unsecured, considered doubtful - 70.50 -
of the Company, after distribution of all preferential amounts. This distribution will be in proportion to the number
209.18 220.35 141.32
of equity shares held by the shareholders.
Less : Provision for Doubtful Advances - 70.50 -
209.18 149.85 141.32
13.5 Name of the Shareholders holding more than 5% Shares
Loan to Joint Venture Company - 496.86 -
As at 31st March, 2017 As at 31st March, 2016 As at 1st April, 2015
Insurance Claim Receivable 124.19 62.44 38.76
Number % Number % Number %
Total 333.37 709.15 180.08
Equity Shares of ` 1 each
S.M. Management Pvt. Ltd. 17717310 14.45% 17717310 14.68% 3543462 14.68%
12. OTHER CURRENT ASSETS Greenply Leasing and Finance Pvt. Ltd. 13573655 11.07% 13573655 11.25% 2714731 11.25%
` in Lacs Prime Holdings Pvt. Ltd. 12042800 9.82% 12042800 9.98% 2408560 9.98%
As at 31st March, 2017 As at 31st March, 2016 As at 1st April, 2015 HSBC Bank (Mauritius) Ltd. 11884420 9.69% 11884420 9.85% 2376884 9.85%
Advance against Purchases 1822.29 1576.02 608.87 a/c Jwalamukhi Investment Holdings
Prepaid Expenses 493.95 441.93 318.45 Shiv Prakash Mittal and Shobhan 11702380 9.54% 15502380 12.85% - -
Unmatured Finance Charges 259.32 167.56 205.76 Mittal on behalf of Trade Combines,
Prepaid Lease Rentals 18.93 18.63 18.63 Partnership Firm
Export Incentive Receivable 20.40 0.86 - SBI FMCG Fund 11405052 9.30% - - - -
Import Licenses in Hand 3.57 - - HDFC Trustee Company Ltd. 10974455 8.95% 10856855 9.00% 1913642 7.93%
Service Tax Input Credit Receivable 428.81 164.55 215.09 Ashish Dhawan - - - - 2369488 9.82%
Amount due from Central Excise 2915.52 4099.16 3511.69 Saurabh Mittal - - - - 1686457 6.99%
Authorities
Advance Payment of Income Tax (Less 49.08 - - 13.6 The Company has not reserved any shares for issue under options and contracts/commitments for the sale of shares/
Provision) disinvestment.
Advance Payment of Sales Tax 291.98 171.90 150.02
Biological Assets - Clonal Plants - 7.84 32.47 13.7 The Company for the period of five years immediately preceding the date of Balance Sheet has not:
Total 6303.85 6648.45 5060.98 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.
13. EQUITY SHARE CAPITAL iii. Bought back any class of shares.
As at 31st March, 2017 As at 31st March, 2016 As at 1st April, 2015
Number ` in Lacs Number ` in Lacs Number ` in Lacs 13.8 During the year, the Company has raised ` 5000 lacs through Qualified Institutional Placement (QIP) of Equity Shares.
13.1 Authorised By making temporary investments of surplus funds into fixed deposits with banks and investments in mutual funds,
Equity Shares of ` 1 each 160000000 1600.00 160000000 1600.00 - - the Company has earned ` 48.23 lacs as interest / income therefrom. The company has fully utilised ` 5048.23 lacs
Equity Shares of ` 5 each - - - - 32000000 1600.00 for the purposes for which the fund were so raised i.e. setting-up of new MDF manufacturing unit in Chittoor, Andhra
Pradesh.
13.2 Issued, Subscribed and Fully Paid up
Equity Shares of ` 1 each 122627395 1226.27 120681870 1206.82 - -
Equity Shares of ` 5 each - - - - 24136374 1206.82
13.3 The reconciliation of the number of shares outstanding at the beginning and at the end of the reporting year
Equity Shares outstanding at the 120681870 1206.82 24136374 1206.82 24136374 1206.82
beginning of the year
19,45,525 equity shares of ` 1 each 1945525 19.46 - - - -
alloted to Qualified Institutional
Investors
2,41,36,374 equity shares of ` 5 each - - 120681870 1206.82 - -
sub-divided into 5 equity shares of
` 1 each
Equity Shares outstanding at the end 122627395 1226.27 120681870 1206.82 24136374 1206.82
of the year
15.3 TERMS OF REPAYMENT AND RATE OF INTEREST 19. DEFERRED TAX LIABILITIES (NET)
` in Lacs ` in Lacs
Repayment Schedule As at 31st As at 31st As at 1st
Rate of 2022-23 March, 2017 March, 2016 April, 2015
2017-18* 2018-19 2019-20 2020-21 2021-22
Interest till end Deferred Tax Liabilities
Term Loans from Banks (Secured) Depreciation 4876.59 5017.50 4928.05
2 Half Yearly Installments 2.84% 1361.89 - - - - - Less : Deferred Tax Assets
4 Quarterly Installments 3.34% 897.31 - - - - - Provision for Gratuity/Liabilities 2066.65 1580.25 1229.02
20 Half Yearly Installments 0.50% - - 1781.49 1781.49 1781.49 12470.44 Less : MAT Credit
20 Quarterly Installments 3.75% - - 65.02 260.09 260.09 715.25 MAT Credit Entitlement 1407.59 3465.70 4095.40
20 Quarterly Installments 8.30% - - - 400.00 400.00 1200.00 Total 1402.35 (28.45) (396.37)
15 Quarterly Installments 9.35% 800.00 800.00 800.00 600.00 - -
12 Quarterly Installments 9.65% 504.00 504.00 504.00 - - - 20. CURRENT FINANCIAL LIABILITIES BORROWINGS
12 Quarterly Installments 9.65% 500.00 500.00 500.00 - - - ` in Lacs
12 Quarterly Installments 9.50% 500.00 500.00 500.00 - - - As at 31st March, 2017 As at 31st March, 2016 As at 1st April, 2015
Prepaid Processing Fees (241.23) (314.27) (248.84) (282.50) (249.48) (813.46) Secured
4321.97 1989.73 3901.67 2759.08 2192.10 13572.23 Loans Repayable on Demand
Deferred Payment Liabilities Working Capital Loans
Secured 8% - 11% 429.74 328.10 252.98 182.32 162.51 197.74 from Banks
Unsecured 5% - 11% 465.92 261.93 236.99 236.99 211.40 99.13 Foreign Currency Loans 928.37 463.73 -
895.66 590.03 489.97 419.31 373.91 296.87 Rupee Loans 3405.70 4334.07 2277.08 2740.81 3652.97 3652.97
* Represents Current Maturities of Long Term Borrowings. Unsecured
Other Loans and advances
15.4 The Group has not defaulted in repayment of loans and interest during the year. from Banks
F oreign Currency Loan - Buyers' 2605.89 4302.93 9124.96
15.5 During the year, the Company has raised ` 21115.36 lacs by way of term loans from Banks. The company has utilised Credit
` 18509.36 lacs for the purposes for which the term loans were so raised i.e. setting-up of new MDF manufacturing Channel Finance Assurance Facility 955.23 3119.69 -
unit in Chittoor, Andhra Pradesh and the balance amount of ` 2606 lacs is unutilised. from Others
Rupee Loans - 3561.12 - 7422.62 109.20 9234.16
Total 7895.19 10163.43 12887.13
16. NON-CURRENT FINANCIAL LIABILITIES - TRADE PAYABLES
` in Lacs
20.1 Working Capital Loans of the Holding Company of ` 3405.70 lacs are secured by:
As at 31st As at 31st As at 1st
March, 2017 March, 2016 April, 2015
(i) First pari passu charge on all current assets of the Holding Company.
Dues to Others 1762.94 - -
(ii) Second pari passu charge on immovable fixed assets of the Holding Company at Kriparampur (West Bengal),
17. NON CURRENT-OTHER FINANCIAL LIABILITIES Pantnagar (Uttarakhand) and Chittoor (Andhra Pradesh).
` in Lacs
As at 31st As at 31st As at 1st (iii) Second pari passu charge on all movable fixed assets of the Holding Company except assets specifically
March, 2017 March, 2016 April, 2015 charged to other lender(s) (including the main press line of MDF plant at Pantnagar (Uttarakhand) and main
Security Deposits from Customers 1117.89 1148.83 1026.52 press line of MDF plant at Chittoor (Andhra Pradesh) along with any other movable fixed assets exclusively
charged to Landesbank Baden-Wurttenberg).
21. CURRENT FINANCIAL LIABILITIES - TRADE PAYABLES 26. REVENUE FROM OPERATIONS
` in Lacs ` in Lacs
As at 31st As at 31st As at 1st For the year ended For the year ended
March, 2017 March, 2016 April, 2015 31st March, 2017 31st March, 2016
Dues to Micro and Small Enterprises (Refer Note 45) 3.78 12.72 - Sale of Products (including Excise Duty)
Dues to Others 29860.46 24807.31 22482.54 Manufactured Goods 149485.62 145718.61
Dues to Joint Venture 81.08 86.36 259.03 Traded Goods 27859.09 25592.40
Total 29945.32 24906.39 22741.57 177344.71 171311.01
Other Operating Revenue
22. CURRENT-OTHER FINANCIAL LIABILITIES Insurance Claim 56.54 37.83
` in Lacs Export Incentives 49.16 4.79
As at 31st As at 31st As at 1st Miscellaneous Income 118.04 34.12
March, 2017 March, 2016 April, 2015 223.74 76.74
Current maturities of Long Term Borrowings* 4321.97 3804.10 6472.74 Total 177568.45 171387.75
Current maturities of Deferred Payment Liabilities* 895.66 907.50 761.47
Interest accrued but not due on borrowings 82.82 30.62 49.79 26.1 PARTICULARS OF SALE OF PRODUCTS
Total 5300.45 4742.22 7284.00
* The terms are stated in Notes 15.1 to 15.4 ` in Lacs
For the year ended For the year ended
23. OTHER CURRENT LIABILITIES 31st March, 2017 31st March, 2016
` in Lacs Manufactured Goods
As at 31st As at 31st As at 1st Plywood and Allied Products 100553.13 96971.19
March, 2017 March, 2016 April, 2015 [including exports ` 124.74 lacs (Previous year
Advance from Customers 913.01 747.66 810.00 ` 374.42 lacs)]
Unpaid Dividends 4.22 4.23 4.16 Medium Density Fibre Board 45934.18 45922.00
Statutory Dues 2477.12 2183.76 1784.08 [including exports ` 2783.02 lacs (Previous year
` 86.89 lacs)]
Provision for Cash Discount 366.16 300.50 285.22
Wooden Flooring 2166.04 1586.28
Derivative Instruments-Mark to Market 169.85 139.35 260.44
[including exports ` 292.91 lacs (Previous year
valuation
` 36.79 lacs)]
Total 3930.36 3375.50 3143.90
Others 832.27 1239.14
149485.62 145718.61
23.1 Amount due and outstanding to be credited to the Investor Education and Protection Fund ` Nil (Previous Year ` Nil) Traded Goods
Plywood and Allied Products 26841.91 25163.20
Wallcovers 1017.18 429.20
24. CURRENT PROVISIONS 27859.09 25592.40
` in Lacs Total 177344.71 171311.01
As at 31st As at 31st As at 1st
March, 2017 March, 2016 April, 2015 26.2 Manufactured goods consumed for own use is accounted for at selling price. However, no adjustment for profit
Provisions for Employee Benefits (unfunded) element included in such goods was required as the Company neither had the stocks of such transferred goods nor
For Gratuity 247.27 203.67 147.98 finished goods manufactured by further processing of the same, at year end.
For Leave Encashment 230.80 126.58 82.31
Total 478.07 330.25 230.29
27. OTHER INCOME
` in Lacs
For the year ended For the year ended
25. CURRENT TAX LIABILITIES (NET)
31st March, 2017 31st March, 2016
` in Lacs
Excise Duty Refund 620.87 593.79
As at 31st As at 31st As at 1st
March, 2017 March, 2016 April, 2015 Commission on Corporate Guarantee 30.99 2.90
Provision for Taxation (Net of advance tax) - 55.83 166.47 Liabilities no longer required written back 182.49 193.54
Rental Income 0.60 17.22
Interest Income 125.01 118.55
Profit on Sale of Current Investments 38.50 -
Management Fees - 6.10
Service Tax Refund - 51.64
Profit on Sale of Long Term Investments - 13.02
Total 998.46 996.76
v) Amount incurred as expense for defined contribution to Provident Fund is ` 675.25 lacs (Previous Year ` 666.48 lacs). 34.2 AUDITORS REMUNERATION
As Auditors 35.46 25.31
32. FINANCE COSTS For Other Services - Certifications 2.79 3.00
` in Lacs Total 38.25 28.31
For the year ended For the year ended Note : Fees are exclusive of Cenvatable Service Tax
31st March, 2017 31st March, 2016
Interest Expense 1777.72 2752.83 34.3 DETAILS OF CORPORATE SOCIAL RESPONSIBILITY (CSR) EXPENSES:
Other Borrowing Cost - Loan Processing Fees 114.22 185.95 (a) Gross Amount required to be spent by the 307.26 293.03
Total 1891.94 2938.78
Company during the year
(b) Amount spent during the year in cash on :
i) Borrowing cost capitalised during the year as per weighted average cost of capital is ` 489.25 lacs (Previous Year (i) Construction/acquisition of any asset - 15.50
` 26.51 lacs). (ii) On purposes other than (i) above
- Contribution towards Women Empowerment - 2.40
33. DEPRECIATION AND AMORTISATION EXPENSE - Contribution towards Healthcare - 6.87
` in Lacs - Contribution towards Vocational Skill Development - 24.92
For the year ended For the year ended - Contribution towards Child Care and Nutrition - 10.50
31st March, 2017 31st March, 2016 - Contribution towards Plantation activities 77.93 -
Depreciation of Plant, Property and Equipment 4958.63 4875.79 -C ontribution to a trust i.e. Greenply 240.00 202.00
Amortisation of Intangible Assets 107.65 92.61 Foundation
Total 5066.28 4968.40 Total 317.93 262.19
` in Lacs to measure all of its property, plant and during year ended 31 March 2016 profit
Particulars Joint Venture Key Management
Enterprises Relatives of Key equipment, and intangible assets at their increased by ` 18.92 lacs and profit on sale
Companies Personnel /Owned/ Management
Director
Influenced by Personnel previous GAAP carrying value. of investments decreased by ` 43.53 lacs due
Key Management to fair valuation along with corresponding
Personnel or their 39.3 Estimates: impact on investments. As such, net increase
relatives An entity's estimates in accordance with Ind in investments on account of fair valuation as
2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 2016-17 2015-16 AS at the date of transition to Ind AS shall on 31 March 2016 is ` 0.21 lacs.
Sale of Equity Investments
be consistent with estimates made for the
Greenply Alkemal (Singapore) - 1958.45 - - - - - -
same date in accordance with previous GAAP 39.5 Leasehold Land:
Pte. Ltd.
(after adjustments to reflect any difference in Under Ind AS, classification of lease into
Mr. Saurabh Mittal - - - - - - - 64.70
accounting policies), unless there is objective operating or finance is based on various
Total - 1958.45 - - - - - 64.70
evidence that those estimates were in error. principles. A lease is classified as finance lease
Amount outstanding as at
Balance Sheet date: if it transfers substantially all the risks and
Trade Payable Ind AS estimates as at 1 April 2015 are rewards incidental to ownership. Leasehold
Greenply Alkemal (Singapore) 81.08 86.36 - - - - - - consistent with the estimates as at the same lands held by the company have present value
Pte. Ltd. date made in confirmity with previous GAAP. of minimum lease payments lesser than the
Total 81.08 86.36 - - - - - - The company made estimates for following fair value on date of inception of lease and
Trade Receivable items in accordance with Ind AS at the date as such the same is reclassified as operating
Greenlam Industries Ltd. - - - - 0.61 - - - of transition as these were not required under lease and have been shown as Prepaid Lease
Total - - - - 0.61 - - - previous GAAP: rentals under current assets. Cost of leasehold
Remuneration Payable land comprised of upfront amount paid on
Shri Shiv Prakash Mittal - - 286.42 259.09 - - - - (i) Quoted Investments in Equity Shares inception of lease. As such leasehold land of
Shri Rajesh Mittal - - 286.42 259.09 - - - - carried at fair value through Profit and Loss; ` 1526.13 lacs under fixed assets on transition
Shri Shobhan Mittal - - 286.42 259.09 - - - - date has been reclassified to Prepaid Lease
Total - - 859.26 777.27 - - - - (ii) Derivative financial instruments carried at rentals of ` 1509.75 lacs and ` 16.38 lacs has
Notes : Related Party Relationship is as identified by the Company and relied upon by the Auditors. fair value; been charged to retained earnings.
sheet but before the approval of the financial During the year ended 31 March 2016, value was not de-recognised from trade receivables service and interest cost and changes arising
statements were considered as adjusting of clonal plants decreased by ` 3.87 lacs on with corresponding recognition of short term out of remeasurements. Changes due to
events. Accordingly, provision for proposed account of fair valuation. borrowings as on 31 March 2016. service and interest cost are to be recognised
dividend was recognised as liability. Under Ind in Profit and Loss account and the changes
AS, such dividends are recognised when the 39.10 Finance Costs: 39.14 Expected Cash Discounts: arising out of re-measurements are to be
same is approved by the shareholders in the Under previous GAAP a substantial period As per Ind AS, revenue shall be measured at recognised directly in Other Comprehensive
general meeting. of time to get ready an qualifying asset was the fair value of the consideration received Income (OCI). As such, actuarial loss on
specified. Under Ind AS no such period is stated or receivable. Fair Value is to be adjusted for valuation of Gratuity and Leave salary of
Accordingly, the liability for proposed dividend and so interest on borrowings amounting to ` trade discounts and volume rebates allowed ` 92.55 lacs as on transition date has been
of ` 724.09 lacs and dividend distribution 26.52 lacs which was expensed earlier has now by the entity. The discount and the expected recognised in OCI with corresponding credit
tax of ` 147.41 lacs on transition date has been capitalised during the year ended 31 cash flows should be estimated at the time to retained earnings. Actuarial loss for the year
been derecognised in the retained earnings. March 2016. of sale and the expected discount should be ended 31 March 2016 is ` 230.89 lacs has been
recognised as a reduction of revenue. As such, recognised in OCI instead of Employee benefit
Liability for proposed dividend of ` 724.09 lacs 39.11 Capitalisation of Pre-Operative Expenses: provision for Expected Cash Discounts of expenses.
and dividend distribution tax of ` 147.41 lacs Under previous GAAP, all pre-operative ` 285.22 lacs has been recognised on transition
which was dereognised on the transition date, expenses including administrative and date with corresponding charge to retained 39.17 Expenses pertaining to Scheme of
has been recognised in the retained earnings general overheads were capitalised to the cost earnings. During the year ended 31 March Arrangement:
during the year ended 31 March 2016, as of assets. Under Ind AS, these expenses are not 2016, provision has been increased by ` 15.28 Under previous GAAP, expenses relating
declared and paid. required to be capitalised. Accordingly during lacs by netting off with Gross revenue. As such to the scheme of arrangement were been
the year ended 31 March 2016, administrative closing provision for expected cash discounts written off in five equal annual installments.
39.8 Excise Duty: overheads of ` 30.86 lacs, finance costs of ` as on 31 March 2016 stood at ` 300.50 lacs. Ind AS requires that costs incurred to effect
Under the previous GAAP, revenue from sale 0.39 lacs, and foreign exchange gain of ` 39.28 a business combination are to be recognised
of products was presented exclusive of excise lacs have been readjusted resulting into net 39.15 Mark to Market (MTM) Valuation of as acquisition-related costs and be expensed
duty. Under Ind AS, revenue from sale of goods increase of ` 8.03 lacs to the cost of capital Derivative Contracts: in the period in which the costs are incurred.
is presented inclusive of excise duty. The excise work in progress with corresponding charge Ind AS 109 requires all derivatives to be Accordingly, unamortised expenses towards
duty paid is presented on the face of statement to retained earnings. measured at fair value and recognize any scheme of arrangement as on the transition
of profit and loss as part of expenses. This changes in fair value on the reporting date date of ` 80.74 lacs have been charged to
change has resulted in an increase in total 39.12 Expected Credit Loss Model for Trade in profit and loss account unless they are retained earnings. Further out of such expenses
revenue and total expenses for the year ended Receivables: designated in a qualifying hedge relationship. incurred during year ended 31 March 2016,
31 March 2016 by ` 6776.51 lacs. There is no Ind AS 109 requires adjustment for expected Under previous GAAP, derivatives were not a sum of ` 55.47 lacs (net of amount already
impact on total equity and profit. credit loss while making provision for doubtful measured at fair value. Mark to Market (MTM) written off and reversal of adjustment as on
debts. No such adjustment was required gain/(loss) shall be recognised in Profit and transition date) has been charged to profit and
Companys Tizit unit is entitled to refund of under the previous GAAP. Accordingly, trade Loss account with a corresponding derivative loss account.
excise duty which was accounted as part of receivables and retained earnings decreased asset/liability at each reporting date. The
revenue from sale of goods under previous by ` 244.85 lacs on transition date and by an company has hedged its liability in foreign 39.18 Sales Incentives to Dealers:
GAAP. Under Ind AS, the same shall be additional amount of ` 22.82 lacs during year currency by entering into forward contracts Under Ind AS, Incentives offered to Customers
recognised as Other Income. As such, refund of ended 31 March 2016. Provision for expected and interest rate on its foreign currency long in any form shall be netted off from revenue
excise duty of ` 593.79 lacs for the year ended credit losses stood at ` 267.67 lacs as on 31 term borrowings by entering into Interest and shall not be shown as Sales promotion
31 March 2016 has been reclassified to Other March 2016. rate swap (IRS). Under Ind AS, MTM has expenses. However, incentives offered to
Income. There is no impact on total equity and been recognised on both of these derivative persons other than customers shall continue
profit. 39.13 Channel Finance Assurance Facility with contracts. As such, MTM gain of ` 81.40 lacs to be shown as sales promotion expenses.
recourse for Trade Receivables: has been recognised on transition date, with As such, incentives offered to customers
39.9 Biological Assets: As per Ind AS, trade receivables is derecognised corresponding credit to retained earnings. amounting to ` 427.36 lacs during the year
Under the previous GAAP, Clonal Plants were only when the company has transferred the During the year ended 31 March 2016, MTM ended 31 March 2016 has been netted off from
a part of inventory and were valued at lower rights to receive cash flows, or when it has loss of ` 83.83 lacs has been recognised in revenue and reduced from sales promotion
of cost or net realisable value. Under Ind AS, transferred substantially all the risks and profit and loss account, with corresponding expenses. Under previous GAAP, all such
Clonal Plants are not considered as a part of rewards of the asset, or when it has transferred credit to derivative liability. incentives were shown as Sales promotion
inventory, and are required to be valued at fair the control of the asset. As such, receivables expenses.
value only. As such, Clonal Plants amounting should not be de-recognised to the extent of 39.16 Actuarial gain/(loss) on Defined Benefit
to ` 28.60 lacs have been reclassified to other recourse in case of Channel Finance Assurance plans for Employee Benefits: 39.19 Deferred Tax:
current assets and value thereof has been Facility. Accordingly, trade receivables to the Under Ind AS, the change in defined benefit As per Ind AS, Deferred tax is provided using
increased by ` 3.87 lacs on transition date. extent of recourse amounting to ` 3119.69 lacs liability is split into changes arising out of the balance sheet approach on temporary
differences at the reporting date. On transition capitalisation of foreign exchange differences 39.22 Reconciliation of Equity as on Transition Date 1st April 2015 as per IND AS
date, certain adjustments were made by is not permitted and same shall be charged to (` in Lacs)
charge/credit to profit and loss account. The profit and loss account. However, Ind AS 101 Previous GAAP Adjustments Ind AS
tax effect of such adjustments resulting into permits grand fathering of capitalization of ASSETS
deferred tax asset of ` 331.30 lacs has been foreign exchange differences for long term Non-current Assets
recognised by credit to retained earnings. borrowings taken till 31 March 2016. As such, Property, Plant and Equipment 53005.67 (1526.13) 51479.54
During the year ended 31 March 2016, the company has availed the option available Capital Work-in-Progress 1390.70 - 1390.70
deferred tax expense has been increased by under Ind AS 101. Other Intangible Assets 298.22 - 298.22
` 152.11 lacs - out of which a sum of ` 79.91 Financial Assets
lacs has been credited to other comprehensive 39.21 Fair Valuation of Loans and Advances: Investments 1697.88 24.83 1722.71
income and balance ` 72.20 lacs to profit and Under Ind AS, fair valuation is required for in Loans 780.91 (26.01) 754.90
loss account. case of loans and advances such as advance Other Non-current Assets 716.91 1849.71 2566.62
to employees, Capital advances and security 57890.29 322.40 58212.69
Under Ind AS, unused MAT tax credits are deposits. In case of advance to employees, Current Assets
considered as a part of deferred tax and company has charged interest @ 10.30% p.a. Inventories 19030.39 (28.60) 19001.79
need to be presented accordingly. As such, and as such no fair valuation is required. In Financial Assets
MAT credit entitlement of ` 4095.40 lacs on case of capital advances, fair valuation is not Investments 1815.73 - 1815.73
the transition date has been deducted from required as the advances are non-refundable Trade Receivables 25721.80 (244.85) 25476.95
Deferred Tax liability. During the year ended and shall only be adjusted against supply of Cash and Cash Equivalents 766.68 (4.16) 762.52
31 March 2016, MAT credit entitlement of fixed assets. Security deposits are paid for Bank Balances other than above - 4.16 4.16
` 629.70 lacs was utilised by which amount the rental property, electricity and maintenance. Loans 180.08 - 180.08
Deferred Tax liability has been readjusted. Deposits for electricity supply earn a Other Current Assets 9518.60 (4457.62) 5060.98
reasonable interest of approximately 6% 57033.28 (4731.07) 52302.21
39.20 Capitalisation of Foreign Exchange p.a. and as such no fair valuation is required. TOTAL : 114923.57 (4408.67) 110514.90
Differences: Deposits for offices and warehouses taken
EQUITY AND LIABILITIES
Under previous GAAP, pursuant to Para on rent are usually short term lease contracts
Equity:
46A of AS 11, foreign exchange differences expiring within a year, and as such no fair
Equity Share Capital 1206.82 - 1206.82
on foreign currency long term borrowings valuation is required. Hence, all such loans and
Other Equity 47425.92 894.51 48320.43
were capitalised along with the cost of advances are carried at transaction value.
48632.74 894.51 49527.25
Property, Plant and Equipment. Under Ind AS,
Liabilities:
Non-current Liabilities
Financial Liabilities
Borrowings 12660.74 (81.52) 12579.22
Other Financial Liabilities 1063.18 (36.66) 1026.52
Provisions 1565.92 (241.00) 1324.92
Deferred Tax Liabilities (Net) 4030.33 (4426.70) (396.37)
19320.17 (4785.88) 14534.29
Current Liabilities
Financial Liabilities
Borrowings 13167.69 (280.56) 12887.13
Trade Payables 22494.53 247.04 22741.57
Other Financial Liabilities 7374.62 (90.62) 7284.00
Other Current Liabilities 2598.24 545.66 3143.90
Provisions 1169.11 (938.82) 230.29
Current Tax Liabilities (Net) 166.47 - 166.47
46970.66 (517.30) 46453.36
TOTAL : 114923.57 (4408.67) 110514.90
39.23 Reconciliation of Equity as on 31st March 2016 as per IND AS 39.24 Reconciliation of Profit and Loss for the Year Ended 31st March 2016 as per IND AS
(` in Lacs) (` in Lacs)
Previous GAAP Adjustments Ind AS Previous GAAP Adjustments Ind AS
ASSETS INCOME:
Sale of Products 165570.93 5740.08 171311.01
Non-current Assets
Other Operating Revenue 76.74 - 76.74
Property, Plant and Equipment 55407.75 (1478.84) 53928.91 Revenue from Operations 165647.67 5740.08 171387.75
Capital Work-in-Progress 907.72 22.28 930.00 Share of Profit from Joint Venture 119.35 - 119.35
Other Intangible Assets 280.94 - 280.94 Other Income 446.51 550.25 996.76
Financial Assets Total Revenue 166213.53 6290.33 172503.86
EXPENDITURE:
Investments 2868.56 0.21 2868.77
Cost of Materials Consumed 70149.64 - 70149.64
Loans 914.66 (26.01) 888.65 Purchase of Stock in Trade 20381.91 - 20381.91
Other Non-current Assets 1454.71 1659.26 3113.97 C
hanges in Inventories of Finished Goods, 1499.01 (20.76) 1478.25
61834.34 176.90 62011.24 Stock in Process and Stock in Trade
Current Assets Excise Duty Expense - 6776.51 6776.51
Inventories 13901.78 (7.84) 13893.94 Employees Benefits Expense 16966.18 (230.90) 16735.28
Finance Costs 2874.29 64.49 2938.78
Financial Assets
Depreciation and Amortisation Expense 5003.08 (34.68) 4968.40
Investments - - - Other Expenses 32356.38 (249.66) 32106.72
Trade Receivables 30398.15 2852.01 33250.16 Total Expenditure 149230.49 6305.00 155535.49
Cash and Cash Equivalents 3500.33 (4.23) 3496.10 Profit before Tax 16983.04 (14.67) 16968.37
Bank Balances other than above - 4.23 4.23 Current Tax (3693.83) - (3693.83)
Mat Credit Entitlement (629.70) - (629.70)
Loans 709.15 - 709.15
(4323.53) - (4323.53)
Other Current Assets 10384.65 (3736.20) 6648.45 Release of Deferred Tax 109.67 72.20 181.87
58894.06 (892.03) 58002.03 Tax Expense (4213.86) 72.20 (4141.66)
TOTAL : 120728.40 (715.13) 120013.27 Profit for the Year 12769.18 57.53 12826.71
Other Comprehensive Income
Items that may be reclassified to profit or loss:
EQUITY AND LIABILITIES
Exchange Differences on Consolidation - 98.90 98.90
Equity: Items that will not be reclassified to profit or loss:
Equity Share Capital 1206.82 - 1206.82 Remeasurement gain/(loss) on defined benefit plans - (230.89) (230.89)
Other Equity 59323.60 899.95 60223.55 Release of Deferred Tax - 79.91 79.91
60530.42 899.95 61430.37 Other Comprehensive Income, net of tax - (52.08) (52.08)
Liabilities: Total Comprehensive Income for the year, net of Tax 12769.18 5.45 12774.63
Non-current Liabilities
39.25 Reconciliation of Equity and Net Profit on Transition to IND AS
Financial Liabilities
(` in Lacs)
Borrowings 12150.66 (25.37) 12125.29 Particulars Equity on Equity on Profit for year
Other Financial Liabilities 1284.39 (135.56) 1148.83 01.04.2015 31.03.2016 2015-16
Provisions 1763.61 - 1763.61 Shareholders Funds and Net Profit after tax as per previous GAAP 48632.74 60530.42 12769.18
Deferred Tax Liabilities (Net) 3920.66 (3949.11) (28.45) Recognition of Depreciation on Leasehold Land (16.38) - 16.38
19119.32 (4110.04) 15009.28 Gain/(Loss) on Fair Valuation of Quoted Investments 24.83 0.22 (24.61)
Gain/(Loss) on Fair Valuation of Biological Assets 3.87 - (3.87)
Current Liabilities
Recognition of MTM of Forward and IRS Contracts 81.40 (2.43) (83.83)
Financial Liabilities
Recognition of Provision for Expected Cash Discounts (285.22) (300.50) (15.28)
Borrowings 7175.60 2987.83 10163.43 Recognition of Provision for Expected Credit Losses (244.85) (267.67) (22.82)
Trade Payables 24911.46 (5.07) 24906.39 Derecognition of Unamortised Expenses (80.74) (136.21) (55.47)
Other Financial Liabilities 4798.37 (56.15) 4742.22 Recognition of Prepaid Processing Fees 172.14 81.52 (90.62)
Other Current Liabilities 2935.65 439.85 3375.50 Capitalisation of Finance Cost to PPE - 26.52 26.52
Provisions 1201.75 (871.50) 330.25 Derecognition of Administrative Expenses from PPE - 8.03 8.03
Derecognition of Proposed Dividend and Tax on Dividend 871.50 871.50 -
Current Tax Liabilities (Net) 55.83 - 55.83
Reclassification of Actuarial loss on Defined Benefit plans 92.55 323.44 230.89
41078.66 2494.96 43573.62 Deferred Tax impact of Ind AS adjustments 331.30 403.51 72.21
TOTAL : 120728.40 (715.13) 120013.27 Net Impact of Ind AS adjustments in Reserves and Surplus 950.40 1007.93 57.53
Reclassification of Actuarial loss on Defined Benefit plans (92.55) (323.44) (230.89)
Exchange Differences on Consolidation 36.66 135.56 98.90
Deferred Tax impact of Ind AS adjustments - 79.90 79.90
Net Impact of Ind AS adjustments in OCI (55.89) (107.98) (52.08)
Net Impact of Ind AS adjustments in Reserves and Surplus 894.51 899.95 5.45
Shareholders Funds and Net Profit after tax as per Ind AS 49527.25 61430.37 12774.63
40. CONTINGENT LIABILITIES AND COMMITMENTS 41. FINANCIAL INSTRUMENTS - ACCOUNTING CLASSIFICATION
40.1 Contingent liabilities The fair values of the financial assets and liabilities are included at the amount at which the instrument
40.1.1 Pending Litigations: could be exchanged in a current transaction between willing parties, other than in a forced or liquidated
a. Excise Duty, Sales Taxes and other Indirect Taxes claims disputed by the Company relating to sale.
issues of applicability and determination aggregating ` 2786.14 lacs (Previous year ` 7690.17
lacs), excluding interest which cannot be determined at this stage. The following methods and assumptions were used to estimate the fair values:
b. Claims against the Company not acknowledged as debts ` 85.64 lacs (Previous year ` 83.94 lacs) Fair value of cash and short term deposits, trade and other short term receivables, trade payables, other
current liabilities, working capital loans from banks approximate their carrying amounts largely due to
Notes: the short term maturities of these instruments.
i) Based on the discussion with the solicitors/favourable decisions in similar cases/legal Financial instruments other than above are carried at amortised cost except certain assets which are
opinion taken by the Company, the management believes that the Company has a good carried at fair value.
chance of success in above mentioned cases and hence, no provision there against is
considered necessary. The Company uses the following hierarchy for determining and disclosing the fair value of financial
instruments by valuation techinque:
ii) The company does not expect any reimbursements in respect of the above contingent
liabilities. Level 1 : Quoted prices in active markets for identical assets or liabilities
iii) Future cash outflows in respect of the above are determinable only on receipt of Level 2 : Other techniques for which all inputs which have a significant effect on the recorded fair value
judgements/decisions pending with various forums/authorities. are observable.
40.1.2 Others: Level 3 : Techinques using inputs having significant effect on the recorded fair value that are not based on
a. Letter of credit established but material not received amounting to ` 463.41 lacs (Previous year observable market data.
` 1117.21 lacs).
` in Lacs
b. Guarantee given to a Bank in respect of loan to a joint venture company in which the Company's As at As at As at
wholly owned subsidiary is a joint owner USD 30 lacs (Previous Year USD 15 lacs) equivalent to March 31, 2017 March 31, 2016 April 1, 2015
` 1950.68 lacs (Previous Year ` 993.71 lacs), translated at year-end exchange rate. Financial assets at amortised cost:
Investments - Non-current 2610.70 2867.74 1688.92
Loans - Non-current 1053.65 888.65 754.90
c. (i) In respect of capital goods imported for the Pantnagar unit, at the concessional rate of
Investments - Current - - 1815.73
duty under the Export Promotion Capital Goods Scheme, the Company has an export
Trade Receivables 30200.93 33250.16 25476.95
obligation of approximately ` 7703.32 lacs (previous year ` 9483.45 lacs), which is Cash and Cash Equivalents 7805.24 3496.10 762.52
required to be met at different dates, before 10.04.2019 (previous year 10.04.2019). In Bank Balances other than above 4.22 4.23 4.16
the event of non-fulfillment of the export obligation, the Company will be liable to pay Loans - Current 333.37 709.15 180.08
customs duties of approximately ` 962.91 lacs (Previous Year ` 1185.43 lacs) together Total 42008.11 41216.03 30683.26
with interest, as applicable. The Company has discharged export obligation amounting Financial assets at fair value through profit and loss:
to ` 1780.13 lacs (Previous Year ` 97.35 lacs) during the year ended 31st March 2017. Investments - Non-current - Level 1 0.91 1.03 33.79
Total Financial Assets 42009.02 41217.06 30717.05
c. (ii) In respect of capital goods imported for the Chittor unit, at the concessional rate of Financial liabilities at amortised cost:
Borrowings - Non-current 26584.90 12125.29 12579.22
duty under the Export Promotion Capital Goods Scheme, the Company has an export
Trade Payables - Non-current 1762.94 - -
obligation of approximately ` 21757.22 lacs (previous year ` Nil), which is required to
Other Financial Liabilities - Non-current 1117.89 1148.83 1026.52
be met at different dates, before 16.03.2023 (previous year Nil). In the event of non-
Borrowings - Current 7895.19 10163.43 12887.13
fulfillment of the export obligation, the Company will be liable to pay customs duties of Other Financial Liabilities - Current 5300.45 4742.22 7284.00
approximately ` 3626.21 lacs (Previous Year ` Nil) together with interest, as applicable. Trade Payables - Current 29945.32 24906.39 22741.57
Total 72606.69 53086.16 56518.44
40.2 Commitments
a. Estimated amount of contracts remaining to be executed on capital account and not provided for
(Net of advances) ` 23716.26 lacs (Previous year ` 31404.41 lacs).
b. Uncalled liability on shares and other investments which are partly paid ` Nil (Previous year ` Nil).
42. FINANCIAL RISK MANAGEMENT Currency As at 31st March, 2017 As at 31st March, 2016
The Companys financial risk management is an integral part of planning and executing its business Foreign ` in Lacs Foreign ` in Lacs
Currency Currency
strategies. The Companys financial risk management policy is planned, approved and reviewed by the
Forward Contract outstanding:
Board of Directors. The Board of Directors has overall responsibility for the establishment and oversight
Purchase (Hedging of Buyers Credit) EURO 169657 117.60 740863 565.05
of the Companys risk management framework. USD 3826816 2488.29 5651840 3737.88
Total 2605.89 4302.93
42.1 MARKET RISK Purchase (Hedging of Trade Payables) EURO - - 198430 149.65
Market Risk is the risk of loss of future earnings, fair values or future cash flows that may result from a change USD - - 150723 99.85
in the price of a financial instrument. The value of a financial instrument may change as a result of changes Total - 249.50
in the interest rates, foreign exchange rates, equity prices and other market changes that affect market risk Unhedged Foreign Currency Exposures:
sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including Foreign Currency Term Loans EURO 27666559 19176.80 3929616 2963.57
investments and deposits, foreign currency receivables, payables, and loans and borrowings. USD 3380000 2197.76 2700000 1788.68
Total 21374.56 4752.25
Working Capital Loans USD 1427765 928.37 700000 463.73
The company manages market risk through the corporate finance department, which evaluates and
Deferred Payment Liabilities USD 1565010 1017.61 1035605 686.06
exercises independent control over the entire process of market risk management. The corporate finance
Total 1945.98 1149.79
department recommends risk management objectives and policies, which are approved by Board Trade Payables EURO 349774 242.44 201555 152.01
of Directors. The activities of this department include management of cash resources, implementing USD 3023558 1965.99 209930 139.07
hedging strategies for foreign currency exposures, borrowing strategies, and ensuring compliance with GBP 35785 28.92 12128 11.53
market risk limits and policies. AED - - 6165 1.11
CHF - - 1426 0.98
42.2 INTEREST RATE RISK CNY - - 16355 1.29
Interest Rate Risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate NZD - - 4638 2.12
because of changes in market interest rates. In order to optimize the Companys position with regards to SGD 2197 1.02 29113 14.27
JPY 2541000 14.93 - -
interest income and interest expenses and to manage the interest rate risk, corporate finance department
Total 2253.30 322.38
performs a comprehensive corporate interest rate risk management by balancing the proportion of
Advance to Vendors EURO 11147540 7726.80 1713432 1292.21
fixed rate and floating rate financial instruments in its total portfolio. The Company has availed foreign
USD 3482239 2264.24 1898579 1257.76
currency borrowings with floating interest rates. With a view to minimise the fluctuation in floating CHF 1429 0.93 15000 1.18
interest rate, the Company has entered into Interest Rate swaps to convert the floating rate loans into AED - - 21000 3.79
fixed rate loans. GBP 4365 3.53 - -
CNY 230 0.02 - -
Interest Rate Swap: Total 9995.52 2554.94
Trade Receivables USD 153590 99.87 34079 22.07
Notional amount USD 20 lacs ` 1300.45 Hedge against exposure to variable interest outflow on Total 99.87 22.07
lacs (Previous year Nil) loans. Swap to pay fixed interest @ 2.20 % p.a. (in USD)
and receive a variable interest @ 3 month USD-LIBOR on
outstanding notional amount. 42.4 Credit Risk
Credit Risk arises from the possibility that counter party may not be able to settle their obligations as
Notional amount USD 13.80 lacs ` 897.31 Hedge against exposure to variable interest outflow on
lacs (Previous year USD 27 lacs ` 1788.68 loans. Swap to pay fixed interest @ 1.09 % p.a. (in USD) agreed. To manage this, the Company periodically assesses the financial reliability of customers, taking
lacs) and receive a variable interest @ 3 month USD-LIBOR on into account the financial condition, current economic trends, and analysis of historical bad debts and
outstanding notional amount. ageing of accounts receivable. Individual risk limits are set accordingly.
Notional amount EURO 19.65 lacs Hedge against exposure to variable interest outflow on
` 1361.89 lacs (Previous year EURO 39.3 loans. Swap to pay fixed interest @ 1.06 % p.a. (in EURO) The Company considers the probablity of default upon initial recognition of asset and whether there has
lacs ` 2963.57 lacs) and receive a variable interest @ 6 month EURIBOR on been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess
outstanding notional amount. whether there is a significant increase in credit risk the company compares the risk of default occurring
on the asset as at the reporting date with the risk of default as at the date of initial recognition. Trade
Receivables are impaired using the Life time Expected Credit Losses (ECL) Model. The company uses a
42.3 FOREIGN CURRENCY RISK provision matrix to determine the impairment loss allowance based on its historically observed default
The Company operates internationally and portion of the business is transacted in several currencies rates over expected life of trade receivables and is adjusted for forward looking estimates.
and consequently the Company is exposed to foreign exchange risk through its sales and services in
overseas and purchases from overseas suppliers in various foreign currencies. Foreign currency exchange Financial Assets are written off when there is no reasonable expectation of recovery, such as a debtor failing
rate exposure is partly balanced by purchasing of goods, commodities and services in the respective to engage in a repayment plan with the Company. The company categorises a loan or receivable for write off
currencies. The Company evaluates exchange rate exposure arising from foreign currency transactions when a debtor fails to make contractual payments in normal course of business. Where loans or receivables
and the Company follows established risk management policies, including the use of derivatives like have been written off, the Company continues to engage in enforcement activity to attempt to recover the
foreign currency forward contracts to hedge exposure to foreign currency risk. receivable due. Where recoveries are made, these are recognised in statement of profit and loss.
43. FLUCTUATION IN LONG TERM FOREIGN CURRENCY MONETARY ITEMS 47. Companys Plywood unit located at Pantnagar (Uttarakhand) was exempt from levy of Central Excise
The Company has exercised the option available to it under Rule 46A of the Companies (Accounting Duty upto 1 May 2016. Companys MDF unit located at Pantnagar (Uttarakhand) is exempt from levy of
Standards) (Second Amendment) Rules, 2011 in respect of accounting for fluctuations in foreign exchange Central Excise Duty. Companys Plywood unit located at Tizit (Nalagand) is entitled to partial refund of
relating to Long Term Foreign Currency Monetary Items availed upto 31 March 2016. Accordingly, it has Central Excise Duty.
adjusted a gain of ` 172.08 lacs (Previous year loss of ` 542.92 lacs) during the year to the cost of its fixed
assets on account of such difference arising during the current year and has provided for depreciation
thereon over the balance useful life of the respective assets. Consequently, the charge to the Statement
of Profit and Loss is effected to that extent.
44. LEASES
The company has taken certain vehicles under non-cancelable operating lease arrangements. The future
minimum lease payments in respect of such non-cancelable leases as at 31st March, 2017 are summarized
below:
` in Lacs
As at As at
31st March, 2017 31st March, 2016
Amount due within one year 159.29 166.36
Amount due between one year and five years 329.67 386.06
Amount due above five years - -
Total 488.96 552.42
Place of Signature : Kolkata Kaushal Kumar Agarwal NOMINATION & REMUNERATION COMMITTEE
REGISTRAR & SHARE TRANSFER AGENT
Dated : May 29, 2017 Company Secretary & VP - Legal Mr. Susil Kumar Pal, Chairman M/s. S. K. Infosolutions Pvt. Ltd.
Mr. Anupam Kumar Mukerji 34/1A, Sudhir Chatterjee Street
Mr. Vinod Kumar Kothari Kolkata 700 006
Mr. Shiv Prakash Mittal Phone: (033) 2219 4815/6797
Fax: (033) 2219 4815
CORPORATE SOCIAL RESPONSIBILITY
COMMITTEE REGISTERED OFFICE
Mr. Vinod Kumar Kothari Makum Road, P.O. Tinsukia,
Mr. Upendra Nath Challu Assam - 786 125
Mr. Rajesh Mittal CIN: L20211AS1990PLC003484
Mr. Shobhan Mittal
CORPORATE OFFICE
OPERATIONAL COMMITTEE Madgul Lounge
Mr. Shiv Prakash Mittal 5th & 6th Floor
Mr. Rajesh Mittal 23 Chetla Central Road
Mr. Shobhan Mittal Kolkata - 700 027, India
Phone: (033) 3051 5000
Mr. Susil Kumar Pal
Fax: (033) 3051 5010
Mr. Vinod Kumar Kothari
Email: kolkata@greenply.com
Website: www.greenply.com
CHIEF FINANCIAL OFFICER
Mr. Vishwanathan Venkatramani UNITS
Plywood and allied products
CHIEF INVESTOR RELATIONS OFFICER Tizit, Nagaland
Mr. Vishwanathan Venkatramani, CFO Kriparampur,West Bengal
Bamanbore, Gujarat
COMPANY SECRETARY & VICE
PRESIDENT-LEGAL Plywood and reconstituted veneers
Mr. Kaushal Kumar Agarwal Pantnagar, Uttarakhand