Greenpanel AR FY21

GPIL/2021-2022
June 8, 2021
The Manager The Manager

BSE Limited National Stock Exchange of India Limited
Department of Corporate Services Exchange Plaza, Bandra Kurla Complex
Floor 25, P. J. Towers, Dalal Street Bandra (E),
Mumbai-400001 Mumbai - 400 051
Scrip Code: 542857 Symbol - GREENPANEL
Dear Sir/Madam,
Sub: Annual Report for the financial year 2020-21

Pursuant to Regulation 34(1) of Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015, please find enclosed Annual Report of the
Company for the financial year 2020-21, which is being sent to the shareholders of the
Company for their adoption at the 4th Annual General Meeting to be held on Wednesday, July
7, 2021 at 11.00 am through Video Conferencing / Other Audio-Visual Means.
The Annual Report for the financial year 2020-21 is also being made available on the website
of the Company at https://www.greenpanel.com/wp-content/uploads/2021/06/Annual-
Report-2020-21.pdf
Kindly take the above on record.
Thanking You
Yours faithfully
For GREENPANEL INDUSTRIES LIMITED
(Lawkush Prasad)
Company Secretary & AVP – Legal
ACS:18675
Encl.: As above
Broad-
basing
Deepening our de-risking. Widening the moat
Greenpanel Industries Limited
Annual
Report
2020-21
Contents
06
Corporate snapshot
16
Chairman’s overview
22
Managing director’s perspective
70
Greenpanel. Broad-basing through
72
76
stronger financials a stronger brand a responsible Environment, Health
and Safety commitment
26
Our principal de-risking
30
Strategic depth
42
Value creation
80
82
Greenpanel. Responsible corporate
83
Management discussion and
growing resource security citizen analysis
46
Broad basing through a robust
62
68
93
Profile of the Board of Directors
95
Statutory section
142
Financial statements
product mix stronger people practices manufacturing excellence
Forward-looking statement
This report and other statements – written and oral - that we periodically make contain forward-looking statements that set out anticipated
results based on the management’s plans and assumptions. We have tried wherever possible to identify such statements by using words such as
‘anticipates’, ‘estimates’, ‘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 been prudent in
our assumptions. The achievement of results is 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-looking statements, whether
as a result of new information, future events or otherwise.
CORPORATE OVERVIEW STATUTORY STATEMENTS FINANCIAL STATEMENTS
Pride > Profit

When Greenpanel was
demerged from Greenply
and spun off into a
separate company listed
independently on the stock
exchanges a few years ago,
the one overarching thing
that the promoters resolved
was that the company would
not play the game for profit.
It would play the game for pride instead.

And that has made all the difference.
02 | Greenpanel Industries Limited Annual Report 2020-21 | 03

Greenpanel encountered Greenpanel responded

its most challenging market with speed and
condition in 2020-21 sensitivity in 2020-21
1 2 3
Dangers to Demand Inability of
1 2 3 4
Enhanced Remained Focussed on Created an
physical safety destruction consumers to hygiene and optimistic in the quality revenues e-catalogue
physically sample safety gloom (low receivables)
our products
4 5 6
Strengthening Low trade Preference for
5 6 7
Built institutional Enhanced Focused on
customer dealer network marketing value-
rupee after the network morale commodity
relationships productivity added products
first quarter that products
affected exports

Corporate snapshot
Greenpanel
Industries Ltd. Brand vision
Every organisation in this world, irrespective
Mission
We are committed to provide our customers
One of the
of size and domain, works towards building with products and solutions that are not
a prosperous future for itself. We believe that only way ahead of their time, but also fit
the key to do so is by innovating in products our customer needs like a glove. Our wood
and exceeding customer satisfaction. panel solutions are contemporary and are
largest MDF
tailor-made to fit the evolving needs of our
We, at Greenpanel, envision the future of
customers.
contemporary living spaces and then bring it
to life. We pride ourselves in coming up with
manufacturers in
innovations which help us in achieving our
Company’s vision. To represent the infinite
future possibilities in wood panelling. Our
the world.
new logo is the perfect depiction of these
infinite possibilities with a seamless merging
of G&P to form an infinity symbol.
Bringing to
its business a
Values
complement of Adaptable De-merger
vision, volume and

Corporate
Versatile Eco-friendly
locations
Product
value – for its entire

Trustworthy Management
Contemporary offerings
Manufacturing
stakeholder family.
Transformative What we are
facilities
Listing

Contemporary Versatile Transformative

We constantly strive to come up We embrace change and do not With avant-garde offerings, we
with innovative designs that fit fear it. This helps us stay ahead constantly try to raise the bar of
modern spaces and add sheen of of the curve and please our the industry in general.
elegance to home or office space. customers.
Adaptable Trustworthy Eco-friendly

We are nimble and are quick to Be it our customers, shareholders, We make the best use of the
adapt as and when required. employees or the public in general, scarce resources available to us to
we make sure we live up to the minimise wastage and only use
trust they have placed in us. efficient production practices.
What we are De-merger Management

Greenpanel is a leader within The Company was the erstwhile Greenpanel is headed by respected
the vast market of India in the MDF division of Greenply leaders from India’s wood
manufacture of wood panels. The Industries. The business was panel industry. The Company is
Company’s principal product de-merged on April 1, 2018 into led by Mr. Shiv Prakash Mittal
Product offerings Medium Density Greenpanel wood floors: Greenpanel plywood:
is Medium Density Fibreboard an independent company that (Executive Chairman) and Mr.
Fibreboard: Engineered Customised around Customised around a
(MDF). The Company is a market now focuses on the manufacture, Shobhan Mittal (Managing
wood manufactured Indian conditions. range of applications.
leader in this segment. distribution and marketing of MDF Director and CEO), supported by
with hardwood fibres, Protects against dust, Manufactured on new-
and related interior infrastructure a team of experienced industry
bonded together under scratches and extreme age equipment. Strict
products. professionals. The strength of the
high pressure and climatic changes. adherence to quality
Greenpanel team as on March 31,
temperature (up to 240 control. Helped create
2021 was 1816.
degrees Celsius) with new benchmarks in
synthetic resin and wax. India’s organised
Listing Corporate locations Manufacturing facilities Greenpanel’s MDF is plywood segment.
respected for a high
The Company was listed (following The Company is headquartered The Company invested in two
uniform density, making
a demerger) on the NSE and BSE in Kolkata (West Bengal) with state-of-the-art manufacturing
it strong, durable and
on October 23, 2019. The Company supporting offices in Gurgaon facilities comprising European
eco-friendly.
enjoyed a market capitalisation of (Haryana) and Singapore. technology. The Company’s
H1964 crores as on March 31, 2021, plants are located in Rudrapur
based on the closing price on NSE (Uttarakhand) and Srikalahasti
Greenpanel veneers: Greenpanel doors:
of H160.15 (Andhra Pradesh), the latter being
Offer an exclusive Possess high
arguably the largest MDF plant in
range of unique and dimensional accuracy
the world.
exotic designs. Suitable and stability (ideal for
for use in interiors conditions of varying
(including high humidity humidity). Customised
applications). and available with a
decorative veneered
Greenpanel is a leader within the vast
surface in horizontal or
market of India in the manufacture of wood
vertical grains.
panels. The Company’s principal product is
Medium Density Fibreboard (MDF) and is a
market leader in this segment.

How we performed
in the last few years
Revenues EBITDA Net profit EBIDTA margin ROCE (post-tax) Gearing Average debt cost Interest cover
(H crores) (H crores) (H crores) (%) (%) (x) (%) (x)
1000.22
207.40
76.17
20.7
0.85
8.50
5.89
9.1
0.78
830.33
7.16
16.8
16.5
137.33
4.02
0.57
570.82
44.13
5.4
4.64
5.1
2.88
96.17
16.20
FY19 FY20 FY21 FY19 FY20 FY21 FY19 FY20 FY21 FY19 FY20 FY21 FY19 FY20 FY21 FY19 FY20 FY21 FY19 FY20 FY21 FY19 FY20 FY21
Definition Definition Definition Definition Definition Definition Definition Definition

Growth in sales net of Earning before the Profit earned during the EBITDA margin is a It is a financial ratio that This is derived through the This is derived through the This is derived through
taxes deduction of fixed year after deducting all profitability ratio used measures a company’s ratio of debt to net worth calculation of the average the division of EBIDTA by
expenses (interest, expenses and provisions to measure a company’s profitability and the (less revaluation reserves) cost of the consolidated interest outflow
Why is this measured?
depreciation, pricing strategy and efficiency with which its debt on the Company’s
It is an index that Why is this measured? Why is this measured? Why is this measured?
extraordinary items and operating efficiency capital is employed in the books
showcases the Company’s This measure highlights This is one of the defining Interest cover indicates
tax) business
ability to enhance the strength of the Why is this measured? measures of a company’s Why is this measured? the Company’s comfort
revenues, an index that Why is this measured? business model in The EBIDTA margin Why is this measured? financial solvency. This indicates our ability in servicing interest – the
can be compared with It is an index that enhancing shareholder provides a perspective of ROCE is a useful metric for in convincing bankers and higher the better.
What does it mean?
sectoral peers. showcases the Company’s value how much a company earns comparing profitability other debt providers of the
This measure enhances What does it mean?
ability to generate a (before accounting for across companies based on robustness of our business
What does it mean? What does it mean? a perception of the A company’s ability
surplus following the interest and taxes) on each the amount of capital they model, translating into a
Aggregate sales increased Ensures that adequate borrowing room within to meet its interest
expensing of operating rupee of sales. use – especially in capital- progressively lower debt
20% to reach H1,000.22 surplus is available for the company, the lower obligations, an aspect of
costs. intensive sectors. cost (potentially leading to
crores in FY2020-21 due reinvestment. What does it mean? the gearing the better. its solvency, is arguably
higher margins).
to a widening of the dealer What does it mean? This demonstrates What does it mean? one of the most important
Value impact Value impact
network and focus on Helps create a robust adequate buffer in the Enhanced ROCE can What does it mean? factors in assuring sizeable
The Company reported a The Company’s gearing
individual products growth engine business expressed as potentially drive Enhanced cash flows; returns to shareholders.
370% increase in net profit improved by 0.21x on
a percentage, which, valuations and perception. strengthened credit rating
Value impact Value impact in FY2020-21. account of debt repayment Value impact
when multiplied by scale, for successive declines in
The company performed The Company generated Value impact and increased net worth. The Company’s interest
enhances surpluses. debt cost
better than the sectorial an attractive surplus The Company reported a cover strengthened by 301
average despite sectorial Value impact 400 bps increase in ROCE Value impact bps during the year under
challenges The Company reported during FY2020-21. This ratio should ideally be review.
a 420 bps increase in read in conjunction with
EBIDTA margin during net debt/operating profit
FY2020-21 due to wastage (an increase indicating
reduction, superior product higher liquidity). Debt cost
mix, cost optimization declined 134 bps during
and operational leverage the year.
in the MDF and plywood
segments

How 2010
Launched Green Panelmax.
Commenced production at the
Greenpanel
most modern MDF plant in
India at Pantnagar, Uttarakhand
2014
Launched Green
Floormax Wood Floors
has evolved 2015

Commissioned an export
office in Singapore
across the 2016

Commissioned a second
MDF plant at Srikalahasti,
Andhra Pradesh
decade
2018
Commenced production at
Asia’s largest MDF plant
in Andhra Pradesh
2019
De-merged from
Greenply to become
Greenpanel Industries
2019 Limited
Listed on NSE and BSE as

a separate company
2020
Grew the business
attractively despite
the pandemic impact

At Greenpanel, Most people asked, ‘Aren’t you seeking

to maximise sales at any cost?’
we believe in a
We said we would rather focus on
sustainable growth instead.
A number of people asked, ‘What are
distinctive R>R you doing to grow your topline?’

We said we would rather build our
understanding
cash flows instead.
A number of people asked, ‘Why don’t

you wait for the crisis to blow over?’
We said we would prefer to row harder
against the current instead.
A number of people suggested, ‘When

will you extend longer credit to your
trade partners?’
We said that we would be more
inclined to ask for advances instead.
A number of well-wishers hinted, ‘If

you borrow more debt you would be
able to enhance earnings per share and
shareholder value.’
Responsiveness > Risk
We said we would rather grow
shareholder value through net worth
and repaying debt instead.

Chairman’s overview
At Greenpanel, we
believe that sustainable
growth represents the
de-risking element of
all that we stand for
T
minus 3.5% in 2020-21, the first instance of a global
he year 2020-21 economic de-growth in years.
represented a watershed
in the modern existence of Rethink
humankind. The pandemic has shaken the world’s faith in the
predictability of everyday reality.
An infection emerged in
one city in a pocket of the There is now a larger premium on stability, security
world that transformed and sustainability. As an extension of this reality,
into a global pandemic there is a larger premium on strategic and tactical
in the space of a single de-risking. A number of our stakeholders are no longer
quarter, possibly the fastest asking ‘How fast can we grow from here?’ as much
infection dispersal in recorded history. as they are asking ‘How much can we protect our
competitiveness during any slowdown?’
The result is that cross-border travel came to a
virtual standstill, countries imposed lockdowns and This reinforces the classic stock market theory that
commercial cum consumer sentiment disappeared. the simplest way to make money on the exchanges
is to never lose money. The result is a greater time,
The global GDP declined from 2.9% in 2019-20 to
bandwidth and focus on de-risking as the fundamental
platform for prospective growth. As an extension,
the priority has shifted the organisational needle
towards a term that is being referred to with a greater
frequency – ‘Quality of business’.
A number of our stakeholders are
This priority was evident from the time Greenpanel
no longer asking ‘How fast can
was spun into a different company a few years ago.
we grow from here?’ as much as In the recent past, we reconciled conservatism with
they are asking ‘How much can aggression, seeking growth while protecting the
we protect our competitiveness company’s competitiveness. The result is that our
during any slowdown? business has consistently weighed risks and prepared

– and validated – during the last financial tear. At

a time when sales were low, the one temptation
that we resisted was under-price and push sales.
On the contrary, the company not only protected its
realisations but also its terms of trade. The message
that Greenpanel sent out was that even in challenging
times, we would continue to focus on good business,
recognising fully well that the mistakes made in one
stressed quarter could take a number of quarters to
correct.
Our building blocks

At Greenpanel, our de-risking framework has been
marked by strategic clarity.
We will continue to invest in our brand, the

principal engine of our revenue growth and business
sustainability.
At Greenpanel, we believe
We expect to retain our position among the two largest
that sustainable growth MDF players in the country, a position that generates
represents the bottomline economies of scale, brand and position.
of all that we stand for, We will continue to leverage a substantial cost
whereby we reconcile the leadership (manufacturing, logistical and financial)
need to service a growing in the markets of our presence that makes us viable
across market cycles.
market appetite for our
products with our capacity We will continue to repay debt and moderate the
size of our Balance Sheet; this could empower us to
to manufacture or protect
absorb the impact of a sales slowdown better than
the environment without competition and mobilise additional debt at lower
stretching the Balance costs.
Sheet. We will select to grow out of our existing
infrastructure, making it possible to commission
for them with the objective to generate stable and as the market can absorb; market products without successive rounds of capacity growth at outlays
sustainable growth. discounting; grow our market share in the short-term considerably lower than the prevailing greenfield cost
without compromising our brand across the long- average.
At Greenpanel, we believe that sustainable growth
term. The result is a clear segregation of initiatives We will continue to run an organization marked by
represents the bottomline of all that we stand for,
that could possibly only address a fleeting short- low overheads, reflected in increased per person
whereby we reconcile the need to service a growing
term arbitrage and those that can take our long-term productivity.
market appetite for our products with our capacity
sustainability ahead.
to manufacture or protect the environment without
stretching the Balance Sheet. This strategic balance Two, we believe that companies that endure do so Desired outcomes
represents the most effective lever by which we on account of their robust processes and systems We expect to enhance our revenues and move
endured a challenging FY21 and expect to outperform as opposed to an ad hoc response to realities. At the towards profitable growth. In doing so, we expect to
going ahead. heart of our process capital is a robust governance consistently outperform the broad sectorial average.
framework, which is an overarching commitment to
We believe this will enhance our liquidity, profitability
Setting out priorities doing the right things and doing things the right way.
and sustainability through the pandemic phase and
At the heart of our company’s culture lies the word Three, there is a focus in graduating to a higher credit emerge stronger.
‘balance’ which has been secured through various rating, which does not just represent an external
imperatives. validation but serves as a credible basis to negotiate Shiv Prakash Mittal, Chairman
One, there is a commitment to balance the various a lower debt cost leading to long-term financial
arms of the organisation to eliminate skews. This has sustainability.
translated into a commitment to produce only as much I am happy to state that this commitment was tested

Greenpanel:
Delight-
enhancing
brand

Managing Director’s perspective
At Greenpanel, we
selected to walk the
road less travelled. We after tax growth of 370% was more
than the 20% growth in revenues
partners). We changed the way we
would engage with our consumers
At Greenpanel, we believe that
the pandemic was a blessing in
explored different ways

during the year under review. As (virtual over physical). We focused disguise for our company.
an extension of this reality, the on enhancing team morale in
As long as the consumer sentiment
company’s financial hygiene was anticipation of a time when market
was relatively normal – as it was in
of growing the market.

showcased in a 420 bps increase in sentiment would turn and we
the last couple of years – there was
EBIDTA margin and 51% increase would be among the first off the
a focus on maximising revenues.
in EBIDTA during the year under blocks. And above all, we focused
review. on enhancing team safety. However, as consumer sentiment
weakened during the lockdown and
Three, the company outperformed The result is that the
the company’s operations were
its MDF sector. Even as the organisational needle shifted to
virtually brought to a standstill,
broad MDF market de-grew 37% ‘How do we beat the lockdown?’
the management selected this
Overview during the year under review, the The company reported H86 crores
opportunity to engage in an
The year 2020-21 was the most company reported a 20% increase of revenue in the first quarter
extensive business review. This
challenging that Greenpanel in MDF volumes and 27% increase of the year under review which
review was undertaken across
has encountered in its short in MDF revenues. The result is was the most challenging in
the entire operations with the
existence. that the company strengthened view of the prevailing lockdown;
objective to strengthen shock
its market share. The company revenues were 57% lower than
And yet, I am pleased to report absorbers, deepen the culture of
finished the year under review as the corresponding period of the
that the company reported a de-risking, selectively restructure
the leader of the MDF segment previous financial year.
20% growth in revenues and a operations and enhance
of India’s interior infrastructure
370% increase in profit after tax From the second quarter onwards, opportunity preparedness.
sector.
during the year under review. The the company began to report better
I am pleased to communicate that
revenues and profits reported by numbers in select months. For
Spirit this extensive review translated
the company were the highest in instance, the company’s second
The highlight of the company’s into a number of initiatives and
the company’s existence. quarter revenues were 22% higher
performance during the year under priorities that enhanced the
than the corresponding period in
There are three creditable review is probably not going to be competitiveness of our business.
the previous financial year; the
features of the company’s visible on the company’s Profit The result is that as the influence
company touched peak pre-Covid
profitable growth performance & Loss Account during the year of the lockdown began to decline,
monthly revenues in November
that one would like to point out. under review. the company was better prepared
2020; the company reported
One, the company reported The highlight was a validation its highest monthly revenue in than ever to capitalise - not just on
revenue and profit growth at of the company’s spirit and March 2021. Besides, the company the business realities of the day but
a time the country’s economy passion. At a time when there was reported peak quarter revenues across the foreseeable future.
de-grew. The outperformance extensive demand destruction and and profits from the third quarter
was evident quarter on quarter confidence erosion, it would have onwards. Initiatives
through the course of the been easy for the company to be Team Greenpanel embarked on a
We believe that the ability to
financial year, indicating that the reconciled to waiting for demand number of business-strengthening
rebound with speed from a trough
outperformance was more than revival. initiatives during the last financial
represents validation of the spirit
fleeting. year.
At Greenpanel, we selected to of a young company, which will
Two, the growth was not derived walk the road less travelled. We enrich our DNA, translating into a Cost management: The biggest
from dumping the company’s explored different ways of growing culture of outperformance. priority was the need to moderate
products onto a hesitant market. the market. We reached out to costs, reduce our breakeven
The growth was profitable; profit our primary customers (trade Blessing point and enhance our viability

across market cycles. The strengthened our institutional the company’s business was
Reasons why the Indian economy rebounded
company moderated people costs, accounts, generated follow-on considerably improved at the
renegotiated raw material prices revenues and made Greenpanel close of the year than when at the
and focused on enhancing asset integral to their business. This year-start despite the virtual loss
utilisation that, in turn, helped approach had an immediate impact of one quarter of operations. This
the company amortise costs more on increased capacity utilisation; indicates that the underlying trend
effectively. the MDF capacity utilisation The company focused of the company’s momentum is
strengthened from 60% in Q2 on getting more out positive and profitable.
Sales review: The company
to 93% in Q3 and 102% in Q4, YOLO attitude Record low Buoyant
reviewed the sizing and of less. Outlook (You only live interest rates monsoons
strengthening overall profitability.
effectiveness of its sales team. The
The company expects to report once)
company focused on retaining
Outcomes peak revenues of H1600 crores in
outperformers with bunched
responsibilities. The overhaul I am pleased to report that the next couple of years assuming
of the sales function resulted Greenpanel’s responsiveness complete capacity utilisation.
in enhanced sales throughput translated into improved outcomes
We believe that increased
with a lower number of sales during the year under review.
capacity utilisation will enhance Delivery of Enhanced High reservoir
professionals. The company also Three positive outcomes capital efficiency. The company credit to product levels
recruited more sales professionals comprised an improvement in does not intend to engage in consumers availability
to cover a greater area effectively. revenue efficiency, liquidity and substantial capex for three years
Efficiency management: The indebtedness. (a modest investment in capacity
company focused on getting more debottlenecking cannot be ruled
The challenges of the first quarter
out of less. This translated into out), preferring to allocate cash
notwithstanding, the company
stronger processes that maximised flows towards debt repayment.
reported a 420 bps increase in
raw material utilisation on the one EBIDTA margin during the year We believe that larger revenues, Strong export Fiscal Desire to live in
hand and moderated waste on the under review. lower debt and enhanced volumes incentives by better homes
other. profitability will initiate the various states (WFH)
The company strengthened its
Footprint: The company extended start of multi-year business
receivables cycle from 31 days of
its footprint from an erstwhile sustainability that enhances value
turnover equivalent in 2019-20 to
focus on large cities towards in the hands of our stakeholders.
28 days in 2020-21.
smaller population clusters,
The company repaid H49 crores of
supported by an increase in the Shobhan Mittal, Increased Enhanced Cost-effective
debt during the year under review,
number of dealers (MDF and Managing Director and CEO access to online systemic product
moderating its gross debt-equity
plywood) on the one hand and the platforms liquidity financing
ratio from 0.78 to 0.57 in 2020-21.
appointment of a larger number of
The company reduced net debt by
small dealers.
H157 crores during the year with a
OEM focus: The company growing focus on enhancing cash
deepened its focus on OEM flows.
customers, which enhanced
The result is that the health of
revenue per customer,


that the company will exist The company has consciously with an accounting treatment
perpetually. This means that we allocated accruals into business that requires interpretation, we
Governance:
plan for the long-term; we believe growth without stretching the would rather take a conservative
that whatever we do today will Balance Sheet. We have remained view. The result is that whatever
generate a multi-year influence. a liquid and profitable company we report in our books is a faithful
The bedrock of our

As an extension, our initiatives through various market cycles. indication of what actually exists.
are not inspired by the prospect of The result is that we have charted
fleeting arbitrage but by the long- out a schedule of phased net debt Transparency
de-risking platform
term value we can generate in a decline and improved efficiency of At Greenpanel, we do not just
sustainable way. capital employed. think and do; we communicate
faithfully as well. We hold our
Singular focus Board of Directors transparency commitment dear –
At Greenpanel, we believe that At Greenpanel, we believe that whether it is in the form of honest
a narrow field of competence is the success of our strategic appraisals with our people or how
possibly the biggest protection direction is largely influenced by we communicate our financial
against industry shakeout. In our Board of Directors. We have performance with financial
view of this, we have consciously placed a premium on our Board stakeholders every quarter or
selected to focus on interior composition, comprising achievers how we regularly engage with
infrastructure; within this space of standing. These individuals have our stakeholders and customers
Overview
we have selected to work on the enriched our values, bandwidth, regularly.
In a VUCA world, the protection comes from governance. element of owner’s pride (through business understanding and
At Greenpanel, governance is doing the right things more than doing things durable and aesthetic products). strategic direction. The Board Fiscal comfort
right because we are convinced that organizations consistently high on their The result is that within our comprises a balanced proportion In a business with growing
ethical commitment can also be hugely successful. peer group, our brand is that of a of Independent Directors, who can potential, the temptation is to
company that graduates customers speak their mind and influence the mobilise large debt, grow the
This is the vision with which we were demerged into a new identity: not from one level to another. Board. business aggressively and engage
necessarily to be the largest in our space at any cost as much to be counted in under-pricing with the objective
as one of the best; not as much to be a company driven by the quantity of our Scale Process-driven to carve out a disproportionately
revenues as much a company driven by the quality of respect. At Greenpanel, we address a At Greenpanel, we believe that large market share. However,
market with a large potential – growth can be best derived when we believe that large debt can
The following principles of our governance commitment enhance an
partly because a large part of the the promoter charts out a strategic distract us from the destination of
understanding of our pedigree - what we are, where we come from and what
market is yet to move towards direction, remains engaged in the sustainability that we aspire and
we hold dear – and in doing so serve as our most effective de-risking strategy.
pucca homes and organised business and delegates day-to-day extended receivables cycle can lead
furniture use while another part management to professionals. The us into a debt trap, both realities
of the market will keep generating company deepened its investment we wish to avoid.
replacement demand. In view of in processes and systems. This
Institution associates referred to us, they the first reactions we evoke is one this large potential we established framework – processes as well Stakeholder value
would with a sense of respect. We associated with the highest ethical scale – the third largest MDF as IT foundation - represents And lastly, we exist for the benefit
At Greenpanel, we intend to build
believe that if we consistently lived standard. manufacturing capacity in Asia a scalable foundation that of all stakeholders: the customer
our Company into an institution.
this ethic, it would be the glue - to capitalise on economies will enable the company to must experience enhanced
We seek to bring to this objective
a balance of strategic clarity,
that attracted a like-minded eco- Doing things the right way of raw material procurement, grow profitably and without a competitiveness arising out of our
system: longstanding customers, At Greenpanel, this ethical respect manufacturing, distribution and significant increase in employees business solution; the employee
operational transparency,
enduring employees and stable is the result of life clarity: that we branding. required to manage operations. must derive pride, remuneration,
conservatism cum aggression,
investors. will continue to do the right things As an extension, a framework career advancement and
periodic investments, cutting-
in the right way. Over the years, Health, safety and of checks and balances provide engagement stability; the investor
edge technologies, holistic
Discipline this commitment has manifested environment effective de-risking to our growth must generate a superior return on
stakeholder value-creation and
At Greenpanel, at one level we in various ways within; our gender At Greenpanel, we invested in appetite. employed capital over competing
a respect for health, safety and
environment. We believe that desired to be a company that respect, zero tolerance for sexual the highest standards of health, investment opportunities; the
stakeholders could take for harassment, payment of statutory safety and environment integrity. Audit and compliance- community must benefit from
the aggregate of these priorities
granted on issues of ethics and liabilities, commitment to recruit This ensures that the Company’s driven our presence; the government
is encapsulated in superior
governance. uprightness. In this predictability solely on the basis of merit, respect operations are safe for employees, At Greenpanel, we believe that must benefit through taxes
would lie their own conduct: they for the dignity of people and the community and society. business predictability is derived and livelihood creation; our
Integrity would know how they would need integrity of the environment. from a strong review system. We vendors must benefit through
to conduct themselves if they Sustainability growth strengthened an audit-driven the outsourcing of products and
At Greenpanel, the one word that
we placed at the centre of our
were to stay engaged with us. Long-term At Greenpanel, we believe that and compliance-driven approach, services.
We are pleased that when we are At Greenpanel, we have invested business continuity is best enhancing the credibility of our
business model is ‘credibilty’. We
discussed in public domain, one of in our business with the conviction derived from sustainable growth. reported numbers. When faced
resolved that when our business

Greenpanel:
De-risking through
a focus on the India
growth story Vast under-consumption
India is a vastly under-consumed
across a range of products when
possibility that India’s urban mass
will graduate towards increased
brand consumption in exchange for
At Greenpanel, we believe the biggest de-risking of our compared with the global average.
quality and value.
Economic
When this under-consumption is
business model is the robust India consumption story corrected across the second largest
Atmanirbhar Bharat growth
global population (and possibly The Indian government’s

the largest global population of the commitment to encourage self-
under-consumed) it could translate reliance is intended to develop
Attractive social
into an unprecedented consumption Indian industry and reduce fundamentals
Economic growth platform. imports. In turn, we believe that
India is positioned to emerge as a $5 trn this platform could deepen India’s
economy in the Twenties adding nearly 70% Increase in incomes and industrialisation, strengthen
to its GDP size across the foreseeable future. aspirations incomes and widen the consumption Vast under-
The sharp rebound in economic growth play. consumption
In India we see a prudent balance
from the second quarter of the last financial of incomes and aspirations likely to
year indicates that the Indian consumption Urban real estate growth
sustain consumer spending into the
By the virtue of a number engine is alive and well and likely to become
even more pronounced over the years. The
long-term independent of global The Indian real estate growth has
underperformed its retrospective
Increase in
incomes and
engagement, insulating Indian
of robust engines, India speed of economic accretion is likely to economic prospects. As a result, average in recent years. However, aspirations
is likely to sustain its be progressively compressed into shorter

time-frames, an unprecedented opportunity
we see most of the new generation the Work From Home phenomenon
has increased the priority of buying
of India’s youth fall into the Urban
momentum as one of the to scale our business. Mass, driving the India consumption into bigger and better homes, kick- Lifestyle
starting sectorial growth from the priorities
fastest growing major Attractive social fundamentals
story. The ‘Urban Middle’ workforce
second quarter of the last financial
portion of India’s total population
economies driven by a India’s average age of 29 makes it one of at 2% represents a large head room. year, which is expected to increase
the youngest countries (lower than China, the offtake of interior infrastructure
growing consumption USA and the global average). More than
The country’s IT sector contributes
around 15% of India’s private sector products.
Atmanirbhar
Bharat
engine. two-thirds of India has been born after Urban Middle.
1980. The younger a country the more Rural emergence
active the spenders and the longer they Lifestyle priorities Sustained growth of the agricultural
are more economically active, a robust India is likely to be driven by a sector and the universal reach of Urban real
national growth engine for decades. India’s e-commerce has kickstarted a rural estate growth
complement of seven priorities –
consumer story is likely to be shaped by eating better, looking better, better India consumption engine catalysed
its population of 426 million Gen Y born home, mobility and connectivity, by growing aspirations for a better
between 1981 and 1996 (34% of the total having more fun and luxury – lifestyle standard. The result is that
Rural
population) and 375 million GenZ born according to Goldman Sachs. The one of the largest global population
emergence
after 2000 (27% of the total population), ‘better home’ theme is likely to clusters of the under-consumed
larger than China’s population of the translate into increased offtake of is now becoming a more active
corresponding categories (Source: Business home building products. There is a economic entity across a range of
Insider and Outlook). products and services

Over the years, Greenpanel

instituted a systematic risk
management approach.
Overview little more than three quarters to suggest counter-initiatives.

compared to the full four quarters To keep the company’s decision
At Greenpanel, we of the previous financial year. making relevant to these changes,
Strategic depth
believe that the key to the company’s Risk Management
These numbers indicate a growing
sustainability lies in
Managing our
Framework is periodically
outperformance derived from a
a comprehensive de- appraised and selectively modified.
relative maturing of the company’s
risking framework. risk management framework. We Thereafter, risks are managed at
eco-system of risks
believe that as the company scales the transaction level, extending
Even as some risks cannot
its business, the risk management the framework from the
be predicted – the pandemic
framework will become more promoters to the Board to the
for instance – a robust risk
in a measured way
effective, enhancing value in the senior management to individual
management blueprint makes
hands of our stakeholders. employees. The result is that the
it possible to absorb such
responsibility of highlighting
unforeseens with the lowest
Framework risks has been extended to every
downside impact on the one hand
Over the years, Greenpanel employee based on their capability
and provide the quickest rebound
instituted a systematic risk while the responsibility to initiate
when the scenario improves on the
management approach. This counter-risk initiatives rests with
other.
comprised the creation of a the senior management and a
This is what transpired during corporate direction by the focused Board committee.
the year under review: even as the promoters and the Board of At Greenpanel, this responsive
company reported a 57% decline in Directors on the essentials of the and delegated framework makes
revenues during the first locked- business – the sectors of presence, it possible for the market-facing
down quarter, revenues revived the nature of products, the desired executive to escalate ground-level
22%, 38% and 69% in the second, value-addition and investment in perspectives to the organisational
third and fourth quarters over the brand. apex with speed, resulting in
the corresponding quarters of the
At the next level, the company responsive and sensitive decision-
previous year. The result is that the
comprises a Risk Management making.
company reported a 20% growth
Team that appraises ongoing
in revenues during the financial
sectorial and corporate shifts in
year, derived from effectively a

The risks affecting our business

and our counter-initiatives
Impact
The downstream consumers (institutional, unorganised and individual)
are dispersed, putting a premium on the company to reach products to
consumers pan-India.
Counter-initiative
Impact
The company works out of two manufacturing locations – one in North
This could make Greenpanel depend on other countries, increasing logistic
India and the other in South India. These locations were selected on
and market development costs.
the basis of raw material access, demand potential, tax incentives, and
Counter-initiative logistical (road, rail and ports) proximity. In addition to servicing their
Greenpanel is largely present in India accounted for 88% of the company’s respective zones, the factories address emerging demand from East, West
revenues in FY21). India is one of the most exciting countries for the and Central India. We believe that these plants will continue to be relevant,
products that we manufacture for the following reasons: projected strengthening our access to markets on the one hand and enabling us to
Country risk economic growth, increased incomes cum aspirations, shift in lifestyles Location risk moderate costs on the other. A major portion of the Company’s revenues
A presence in the wrong country towards readymade furniture and extensive product under-consumption The company’s locations may were from the Northern and Southern geographies where the Company’s
(India in this case) appearing to correct itself. prove to be a disadvantage manufacturing units are located.
Impact
A sub-optimal portfolio could stunt cross-sale opportunity, moderate
Impact revenue accretion opportunity and affect the company’s brand
A mistiming or mis-presence could generate sub-optimal returns
Counter-initiative
Counter-initiative The company created a portfolio comprising MDF, plywood, decorative
Sector risk Greenpanel has selected to be present in the interior infrastructure segment. veneers, flooring and doors. We believe that even as MDF represents the
Presence in a sluggish segment The Company expects to ride two sweeping curves – one, the increased Portfolio risk principal product, there is a considerable scope to grow the proportion of
of the country’s economy construction of real estate (commercial and residential) in the country and The company’s products revenues from non-MDF products. The proportion of revenues from MDF
(interior infrastructure products two, a growing sense of interiors pride that encourages individuals to spend portfolio may be mismatched are quite constant over the years with higher turnover, a trend that is likely
in this case) more. and mis-aggregated to sustain moving ahead.
Impact
Conventional materials could continue to be preferred, creating no Impact
opportunity for new concepts and products The commoditisation could affect revenue per unit of product sold, affecting
margins
Counter-initiative
Greenpanel has selected to manufacture medium density fibre (MDF) Counter-initiative
and complementary products. MDF accounted for 78% of the company’s The company intends to market a larger proportion of value-added
revenues FY21. We believe that MDF represents the new face of the sector products from within its portfolio mix. For instance, the proportion of
Status quo risk on account of its environment-friendliness, convenience of fabrication and revenues from Hi-Density Fibre boards, Club MDF, Exterior Grade MDF and
There could be no change in a growing OEM preference for us in furniture fabrication (circumventing Commoditisation risk Pre-Laminated MDF increased considerably over the years; the proportion
people’s consumption pattern fabrication inside one’s premises or the building’s landing) The company’s products may be of revenues from value-added veneers also increased from significantly
commoditised over earlier periods.

Impact
This attrition could affect affecting revenues, revenue visibility, market
respect, margins and brand.
Counter-initiative
Impact
Customer attrition risk The company provides a compelling price-value proposition – ethical
This could prevent the market for MDF reaching its potential
The company’s customers and integrity, portfolio complement, adequate capacity, anytime product Application risk
consumers could shift to brands availability, consistently high quality, environment integrity (for MDF There could be a decline (or Counter-initiative
and products offered by other especially) and timely service - that has translated into increased customer stagger) in the receptivity and At Greenpanel, we believe that MDF enjoys distinctive advantages especially
companies (primary and secondary) engagement. application of MDF in the factory-based fabrication of furniture
Impact
Impact
The sub-optimal technology could translate into a higher operational cost,
These realities could increase logistics distance and costs
erratic quality and a lower capacity utilisation, which could potentially set
the company back Counter-initiative
Counter-initiative: The company encouraged farmers within 100-150 kms
Counter-initiative
of its Andhra Pradesh plant location to raise select wood species with a
The company has successfully absorbed technology standards and
Resources access risk commitment to buy their entire produce at market rates. This arrangement
developed an insight based on which it enhanced equipment productivity.
There could be a decline in the enhanced resource security at one end and helped moderate resource costs
Technology risk The company now possesses the technology competence to manufacture
availability of plantation wood on the other. Nearly 80% of the company’s resource procurement at the
The company could invest in a a consistently contemporary product that is respected as the sectorial
or an increase in distance access Andhra Pradesh facility was generated from within 150 kms.
sub-optimal technology benchmark
Impact
Increased competition could affect revenue growth, margins and overall Impact
competitiveness This could undercut the prevailing realisations in the Indian market,
affecting the prospects of domestic producers
Counter-initiative
Over the last number of years, the company invested in a range of initiatives Counter-initiative
to enhance its competitiveness. The company invested at a capital cost The Indian government provided adequate protection to Indian
per tonne of MDF capacity that is lower than the prevailing greenfield manufacturers of interior infrastructure products by raising the customs
benchmark. With each expansion, the company has not only emerged Imports risk duty on furniture products. As a result, the import of MDF into India
larger but has reduced (or at worst maintained) its capital cost and variable The business of interior declined in 2020-21. The company intends to work closer with trade
Competition risk cost per tonne of installed capacity. The result is that each successive infrastructure products could partners in providing quality assurance, timely service and timely
The company could face MDF expansion has not been linear but has strengthened the company’s attract lower-priced imports resolution of accounts, creating an effective hedge against imports.
increased competition competitiveness.
Impact
This demand decline could affect asset utilisation, affecting the ability of
the company to amortise fixed costs, affecting margins.
Counter-initiative
At Greenpanel, we believe that the company is engaged in the manufacture
Impact
Demand destruction risk and marketing of products that enhance pride, durability and environment
This could prevent the company from capitalising on market opportunities
There could be a decline in the responsibility. We believe that these realities and preferences are
with speed and effectiveness
demand for the company’s fundamental to human existence. For instance, most consumers need to live Balance Sheet risk
products (MDF, floors, doors, or work in homes that look better; they need to buy products that provide a The company’s growth ambition Counter-initiative
decorative veneers and superior price-value proposition; they seek to buy products that are ‘green’ may be restricted by the size of The company repaid H49 crores in long-term debt in FY21 and intends to
plywood). and responsible. We do not think that these realities will change its Balance Sheet. reduce its net debt by H150 crores during FY22.

Impact
Impact There is a larger preference for MDF over plywood in the global markets
This could result in the need for significant capital expenditure, straining (80-20) as opposed to India where the preference is just the reverse.
the Balance Sheet. Besides, demand has been muted on account of a low do -it-yourself
mindset among users.
Counter-initiative
The company’s gearing of 0.57 as on March 31, 2021 is expected to Awareness risk Counter-initiative
Operating leverage risk strengthen, widening borrowing room should the company select to The industry suffers from low The company is engaged in enhancing awareness of the utility and price-
The company’s growth exercise that option. The company had borrowed only close to 18% of its awareness related to the utility value proposition of MDF over cheaper plywood, a trend that is gaining
headroom could be limited sanctioned working capital for its Indian operations as on March 31, 2021. of MDF traction.
Impact
This could potentially affect raw water availability for non-commercial
users in the neighbourhood
Impact Counter-initiative
This could impact the confidence of investors (institutional and individual) The company initiated rainwater harvesting tanks (ponds) to collect the
runoff generated at site. The collected rainwater is reused for various
Ownership risk Counter-initiative
Water resource risk purposes. The total rain water harvesting capacity of system is 80,000 Cum.
The company’s growth could be The company’s promoters owned a 53.1% stake in the company as on
The business warrants a large In the FY2019-20, the constructed a new pond of capacity 50000 cum,
limited by a low promoter stake March 31, 2021. Besides, all the shares belonging to the promoter were
quantum of raw water enhancing rain water storage pond capacity to 130,000 Cum.
in the company’s equity or the unencumbered and not pledged to any external lender as on March 31, 2021.
promoter’s equity holding being The promoter had no other business interest except Greenpanel, ensuring
pledged to lenders. complete involvement.
Impact
Low experience could affect the company’s ability to negotiate market
cycles
Impact
This reality could moderate cash flows, increase interest outflow and Counter-initiative
weaken the Balance Sheet The company has been drawn from the House of Greenply, one of the
largest and most respected wood panel players in India with a distinctive
Counter-initiative
Experience risk track record in the innovation and launch of differentiated products and
The company consciously focused on credible sales within a prudent
The business warrants multi- features. The result is that the company has been engaged in the launch of
Receivables risk receivables cycle, selecting to do good business over any business. The
new generation solutions in wood paneling and surface enhancement
year experience
The company’s financial result is that the company reported a blended (across products) receivables
hygiene could be compromised cycle of 28 days of turnover equivalent during the last financial year with a
by a longer credit cycle negligible proportion of bad debt

Greenpanel has
de-risked itself by being
relevant to evolving
consumer needs
1 2 3 4
The consumer’s biggest requirements Consumers have less time to monitor Consumers have a wider furniture design Consumers are seeking a comprehensive
A need to moderate cost furniture fabrication range to select from interiors solution
A need to enhance furniture integrity There is a premium on time – with people working A larger number of customers are researching Consumers do not just buy one product during
from their homes or in the external environment interior designs on the net home or office renovation
A need to enhance surface aesthetics
A number of them feel that it is easier to buy There is a wider choice available across a number of Consumers seek to buy a complement of products
A need to utilise products that are environmentally
completed furniture than fabricate from scratch sites and pages from the same brand
responsible
Nowhere is this more evident than in the renovation The access to these design repositories is free,
Greenpanel’s consumer proposition of kitchens where downtime can pose a large family creating an effective demand driver Greenpanel’s consumer proposition
MDF is an environment-friendly product inconvenience Greenpanel has developed a portfolio of products
Greenpanel’s consumer proposition
The product utilises a low ratio of wood compared Greenpanel’s consumer proposition The portfolio comprises MDF (building block),
Greenpanel invested in the largest MDF
to plywood floors, plywood, doors and decorative veneers
Greenpanel has developed MDF products manufacturing capacity in India
The product makes it possible to build the most compatible with the need for modular kitchens In doing so, Greenpanel has accounted for a larger
MDF is used as a building block for furniture by
amount of furniture by using the least amount of share of the consumer’s wallet
Greenpanel is responding to the need for products OEMs
wood
with superior functional characteristics Its products are ideal for automated factory-
Greenpanel works closely with trade influencers fabricated furniture
(carpenters) to enhance their MDF use efficiency Factory-fabricated furniture is respected for
dimensional accuracy, competitive cost of
manufacture and the ability to deliver a high
aesthetic value

“What Greenpanel “We used to buy

achieved within the space much of our MDF
of a year with us was from another vendor;
the equivalent of what is in the last couple of
normally achieved in a years we shifted to
number of years” Greenpanel”
O O
ur company Habufa factory that made it imperative for compensated for the cost increase. ur company is a 100% has deepened relationships with shifted to Greenpanel.
is a prominent Dutch us to shift from the traditional use exports company engaged trusted vendors. Greenpanel is one
The result of Greenpanel’s We believe that MDF enjoys a good
company that specialises of chip board to medium density in the export of furniture of them. During the last couple
responsiveness was reflected in future for its advantage over solid
in the marketing of world-class fibre. In the western markets, (and other products) for 40 years. of years that our company has
the volume of business that we wood for reasons of strength and
furniture benchmarked around EU there is a stipulation that furniture We believe that India is perched been engaged with Greenpanel,
generated between our companies: water resistance: its use in our
standards, which comprise among up to 80 kgs can be carried by only at the cusp of an attractive global we have procured large quantities
what we achieved within the space resource mix has increased from
the most demanding standards in two people; anything in excess of opportunity: a number of global of MDF in varying thicknesses to
of a year was the equivalent of around 10% a few years ago to 45%
the world. that weight needs to be carried by buyers seek to de-risk their manufacture engineered wood of a
what is normally achieved in a today.
four persons, enhancing additional business away from China. During consistently high standard.
Our objective is to engage with number of years.
people deployment and related the last few months, India has been
like-minded base material What has helped grow our Sunil Sisodiya
costs. Besides, MDF was less able to successfully carve away a
providers who are completely Ambarish Daga relationship with Greenpanel has General Manager, Furniture business,
expensive than plywood and with number of international orders
aligned around the highest Assistant to the Board of Directors, been its global certifications: they CL Gupta Exports Ltd
a smoother surface, enhancing away from China and Vietnam,
standards of product integrity. Habufa b.v. have helped open doors to some of
preference. indicating the country’s enhanced
the most prestigious global brands
I am happy to say that Greenpanel competitiveness. We believe that a
Greenpanel collaborated with us (especially Ashley Furniture).
complies with our exacting world of an opportunity lies ahead
to manufacture a MDF variety that Besides, Greenpanel provides
procurement standards. When of Indian furniture fabrication
would enable the end furniture batchwise records, has validated
we encountered some additional companies: we account for only
to be well within the weight its quality in laboratory tests as per
requirements, the Greenpanel 4% of the global furniture market
requirements without any quality high quality standards, has been
team – shopfloor and corporate and the time has come to enhance
compromise. This provided us able to customise MDF as per our
office – responded with speed to this proportion to 12% by 2022.
with the basis to extend from the needs and delivered the product
rework their product completely in
use of chip board to MDF; the To respond to this opportunity with speed. We used to buy much
line with our requirements.
switch proved a bit expensive but with speed, skill and sensitivity, of our MDF from another vendor;
There was one other critical the additional benefits more than a company like CL Gupta Exports in the last couple of years we

10
Value creation Initiative
1
26
25
The company is largely focused on the
22
manufacture of MDF and variants;
what used to be a standalone product
Portfolio focus
is gradually becoming a multi-product
portfolio.
% of revenues
derived from non- Benefits
MDF products This is helping broadbase the company’s
products pyramid on the one hand and
enhance cross-sale opportunities on the
other. FY19 FY20 FY21
Initiative
2
5.5
The company possesses a credible track
record in maximizing the utilisation of
invested assets through investments
ways in which we
Asset utilization
in balancing equipment and de- 3.2
bottlenecking
Return on Gross
intend to enhance
Block (%) Benefits
1.2
The company has generally reported a
high Return on Gross Block across the
shareholder value
years. Besides, increased asset utilisation
will translate into RoCE-accretive growth. FY19 FY20 FY21
Initiative
3
5.89
The company has drawn out an aggressive
debt (long-term) repayment schedule.
4.02
Gearing Benefits
This will enable the company to become 2.88
Interest cover (x) debt-free by 2023, strengthening interest
cover and credit rating.
FY19 FY20 FY21
Initiative
4
8.50
Our value-enhancement strategy The company will leverage its improving
gearing to negotiate a progressively lower 7.16
Increased Enhanced cost of working capital mobilised from
Large capacity
Relatively low
capacity Increased customer
Debt cost
capital cost / MT banks. 4.64
utilisation confidence
Average cost Benefits
of debt (%) A probable decline in the cost funds will
Stronger
Stronger Superior
Higher volumes
amortisation reinvestment in enhance margins, cash flows and credit
margins
capacity rating (a virtuous cycle).
FY19 FY20 FY21

Initiative Initiative
5 8
41 2000+
The company intends to strengthen The company has widened its network of
35
institutional customer relationships active and productive dealers (as opposed
30 1450
through the interplay of the highest to passive).
Customer Dealers
standards of best product quality-on time
relationships Benefits 1000
service-in full delivery.
Number of active This has helped enhance market coverage
% of revenues Benefits and productive and throughout.
derived from This is expected to enhance revenue dealers
customers of three visibility, providing the company with
years or more the platform to enhance manufacturing
capacity and related economies of scale. FY19 FY20 FY21 FY19 FY20 FY21
6 9
46 46 11.1
44 10.7
The company expects to leverage The company continues to invest in
its existing culture of austerity that enhancing the visibility of the Greenpanel 8.8
reinforces its position as one of the most brand
Cost leadership Brand spending
competitive MDF manufacturers in India
Benefits
Raw material cost as Benefits Brand spending This is likely to generate traction for the
a % of revenues This is expected to widen spreads and (H crores) company’s consolidated Greenpanel
accruals for onward reinvestment, portfolio, strengthening outperformance
strengthening the company’s
competitiveness across market cycles.
FY19 FY20 FY21 FY19 FY20 FY21
7 10
85 33
31
The company has encouraged and 75 The company continues to trust the cash-
70 28
facilitated wood resource plantations and-carry system in its engagement with
within 100-150 kms of its Andhra Pradesh trade partners.
Resource Receivables
factory
proximity Benefits
Benefits Average receivables This is likely to moderate working capital
% of plantation This has reduced the logistical distance cycle (days of outlay and increase cash flows.
wood requirement between the plantations and the turnover equivalent)
in the AP factory company’s factory on the one hand and
generated from enhanced its resource visibility on the
within 200 kms other, strengthening profitability. FY19 FY20 FY21 FY19 FY20 FY21

An analysis of how we addressed the challenges of Key challenges, 2020-21 media campaigns (organic and
inorganic). Following the lock-
its pan-India retail branding and
Covid-19 care merchandise (on
By the virtue of being a new brand,
a volatile 2020-21 there was a need to be proactive
down, the social media campaign the counter protective frames for
and mobile communication were dealers, masks for carpenters/
Broad basing through

and aggressive in enhancing reach
sustained. The company launched contactors and field sales team
and awareness, a momentum that
Digital literature (e-brochure) as well as merchandise for trade
was interrupted by the Covid-19
to enhance product awareness in partners).
pandemic
a robust product mix

addition to social media campaigns
The company reinforced extensive
The Covid-19 onset affected (21-day Fitness Challenge using
retail branding with advertising in
the trade-led business, channel furniture, WFH furniture décor,
trade magazines and a responsive
marketing, retail branding and product led entertaining posts and
website to enhance visibility
engagement; below the line and Covid-19 Care posters)
point of sale initiatives were
Outlook
impacted. Achievements, 2020-21
The company intends to enhance
The company leveraged its
Counter-challenge understanding of ‘touchless’
its trade engagement through
initiatives, 2020-21 digital marketing platform,
focussed activity (retail branding,
fresh literature, point of sale
A decline in brand communication empathy and judicious resource
visibility, trade merchandise and
options enhanced focus and use
planned meets. The company
innovation
The company reported an intends to utilise the power of
The ‘Work-from-Home’ option improvement in brand acceptance mobile and digital platform to
empowered the company to during the challenging first enhance reach and brand salience,
enhance its digitalisation quarter, which empowered it to building better synergies with
marketing focus on the social build upon in the second quarter. branches to customise region-
media and the mobile phone specific marketing solutions
As the lockdown was gradually
with trade and trade influencers
lifted, the company strengthened
coupled with frequent social
Opinions “Local sourcing is a very big and expand with more stores in
initiative for us. Two areas these four cities. Then we will
“The amount of time all of us
where we are trying to make a go to more states with stores
have been spending at home
difference…is solid wood-based in Chennai, Ahmedabad, Surat,
is really reflecting on how we
furniture and board-based Pune, Kolkata and Kerala. From
have begun to see the needs at
material.” Kavitha Rao, country there, we will go to other places.”
home. That has had an impact
commercial manager, Ikea India IKEA India’s chief executive officer
in terms of the interest in home
(CEO) Juvencio Maeztu
furnishing and what consumers “From a qualitative point of
1000 have done in the last nine
months. In most Indian homes
view, India today is contributing
a lot to us. Being in India
“India is a great destination and
a great source of investment
H crores
having a study room or a study is helping us fine-tune the opportunity. People are adapting,
revenues,
2020-21 table was a nice-to-have feature. business model….We are moving forward the underlying
Now, it may be a necessity. A lot currently doing sourcing of trends I would say are a very
20 of allied areas are seeing interest.

We can clearly see a big increase
more than 300 million Euros.
This will double and double and
young demographic, a growing
consumerism and consumption
per cent in the cooking and eating-related double as we keep opening stores that I think would be powering a
growth over range, apart from organizing and in India. We will have stores in lot of growth.” Kewsong Lee, CEO,
2019-20
storing related goods.” Kavitha Hyderabad, Mumbai, Delhi NCR The Carlyle Group, The Economic
Rao, country commercial manager, and Karnataka in the first phase Times: 26.11.2020
Ikea India, Business Standard

PLYWOOD
MDF DECORATIVE
VENEERS
Industrial
Club
grade
Naturemax
WOOD
Exterior FLOORS DOORS
BWP
grade
Our Spectrumwood
portfolio
Prima
MR Collection Flush doors
Club Grade (AC3/AC4)
mix
Natural
Teak
Persona Commercial
E1/E0.5/ Gold
Collection doors
Carb P02
(AC4/AC5)
Grade
Black Forest
Pre- Acurate
laminated
Royale
Veneered
G Pro

MDF PLYWOOD
Industrial grade: Medite or substitute for plywood and the resistant, scratch-free and Club: Greenpanel club plywood Grade blockboard is perfect for G Pro: G Pro is the fully loaded
industrial MDF is a ground- first priority for applications in extremely easy to maintain. It is is a high-density, premium- wood panel partitions, cupboards, ply, sourced from specially
breaking construction material. moisture prone areas like kitchen also beautiful and varied, with grade structural plywood that shelves, and shutters. It is often selected eco-friendly timber. G
With the acetylated wood fibre and bathrooms. Made from 43 contemporary designs and can handle heavier loads. It is also used for load bearing and Pro is borer proof and termite-
combining with manufacturing high density fibre, these boards colours and two distinct finishes CE-certified and emission-free horizontal panel applications. resistant with lesser susceptibility
technology of industrial MDF, the are anti-fungal and also borer (suede and matte) to choose from. as per E1 standard. Greenpanel to weather variance. Best suited
MR: Greenpanel MR grade
product may now be used in and resistant, making this brand the Available in grade I (exterior MDF); club plywood comes with for residential and commercial
plywood is superior-quality
applications where normal MDF first priority for customers when grade II (interior MDF); one-side lifetime guarantee. Greenpanel places. Made from selected
plywood that conforms to IS
panels cannot. The thickness of it comes to interior designing for laminated; both-side laminated; club plywood is perfect for species, G Pro plywood and block
303. It is resistant to moisture,
this MDF ranges from 4 mm to 25 residential houses. These boards one-side bare; both-side applications like stretched skin boards are the best choice for
termites and borer. MR grade
mm. are eco-friendly and versatile in balancing variants. Greenpanel panels and plywood web beams. many when they think of doing
plywood is suitable for all interior
their applicability. Plus ease of pre-laminated MDF is especially their interiors. This is because,
Exterior grade: Greenpanel BWP: With a density of 0.50 applications where durability and
application and high resistance to suited for areas where dimensional along with being weather-proof,
Exterior Grade MDF Boards are gm/cc, Greenpanel BWP Grade economy are equally important.
natural threats make these an ideal stability is of key importance. Like these boards are anti-fungal and
engineered for greater density blockboard offers great structural Greenpanel MR grade plywood
choice for any establishment. kitchen cupboards and bathroom borer resistant too, making it
and strength. They offer uniform stability and strength along with is ideal for panel inserts in panel
cabinets. The thickness of the ideal for application in residential
thickness and a homogenous E1/E0.5/ Carb P02 Grade: E1 MDF excellent screw-holding capacity. doors, partitions, paneling,
wood ranges from 5.5 mm to 35 & commercial places.
structure. They are resistant to is eco-friendly. It is produced It is boiling water-proof and cabins, and false ceilings.
mm, with the exterior-grade pre-
moisture (MR), termite, borer using technology and resins that eco-friendly. Greenboard BWP
laminated MDF available in custom
and fungus. They are also eco- keep formaldehyde emissions
thickness. The size of this MDF
friendly and register very low well within the safe limit. E1 MDF
measures at 2.44 mmx122mm, DECORATIVE VENEERS
formaldehyde emission levels. It is strong and offers dimensional
with a few designs available in 2.44
is ideal for water prone and humid stability.
mmx1.83 mm. Naturemax: These veneers are designs. It comes with a fleece veneer is assembled and designed
conditions, Greenpanel Exterior
CARB is short for California Air made from exclusively hand- backing and is flexible enough to to enhance its natural beauty.
Grade MDF Boards are the perfect Veneered: It is made from quality
Resources Board—it certifies picked wood species from some adapt to curved furniture. The veneer face is imported from
branded solution for semi-outdoor wood veneers that are attached to
wood products that emit negligible of the most exotic forests from Europe and Burma. The main
and outdoor furniture like garden premium fibreboards of average Natural Teak: Greenpanel teak
formaldehyde gas, making them all over the world. Elegant and features of Greenpanel veneer
tables and balcony chairs. With a densities. Today, veneered MDF is veneer is made from 100% Burma
the safest option for kitchens, abstract in design these veneers are joint-less decorative sheets,
thickness of 3.6 mm to 35 mm, the the ideal substitute for solid wood. teak, with the natural marks in
wardrobes, and home furniture. are sure to lend a touch of class no undulation after polishing
exterior grade MDF is available in Customers who are looking for wood enhanced for the perfect
Greenpanel CARB MDF is available to your interiors and make them because of defect-free smooth
various sizes. beauty and quality in wood finish finish. Greenpanel teak veneer
on request. an object of envy for anyone and surface base ply, no gap or overlap
usually go for this option as it is available in thicknesses from
Club Grade HDF: Greenpanel club everyone. of decorative veneer in surface
Pre-laminated: Greenpanel rarely disappoints. 4mm to 19mm.
grade HDF board is the perfect layer, and no chip-off on cutting.
Pre-laminated MDF is moisture- Spectrum wood: Greenpanel
Black Forest: Greenpanel veneer
spectrum wood veneer combines a
offers an exclusive range of
natural timber base and aesthetic
unique and exotic designs. Each
DOORS
Flush doors: Flush doors are the ‘style’ end but as with anything Commercial Doors are especially WOOD FLOORS
simple door designs that have a little imagination goes a long designed for enhanced strength
plain facings on both sides. They way. They may be kept deliberately and security. They can be Prima Collection (AC3/AC4): and expanse that adds a feel of wooden tile is equal to 2-3 slim
can be interior (more commonly) simple in appearance to highlight customised to add visions, louvers, The prima range is tailor made grandeur. tiles, interspersed with grains
but also exterior. They are often other features nearby. Flush doors special hinges, locks and rails. for new age residential living. and crown which embrace nature.
Persona Collection (AC4/AC5):
used where space is at a premium are applied in making fire, acoustic Provisions can also be made for This range spells class and Breathe life into modern condos
These super premium wood floors
and would probably be placed and X-ray doors. double-leaf doors of equal or luxury. The wooden floors give a and commercial spaces with the
are handpicked and characterised
towards the ‘functional’ end of the unequal shutter sizes. feeling of cleanliness, modernity Persona Collection.
Commercial doors: Greenpanel by an extraordinary finish. Each
door design spectrum rather than

Our Medium Density

Fibre (MDF) business
How we have enhanced value-addition
The offtake of valueadded products like
Club and High Density Fibre has increased
within our product mix, strengthening our
brand, realisations and profitability
783
H crores
revenues, Key challenges, 2020-21 coming to the surface as well as a In the following months, the
2020-21 movement towards better homes company demonstrated its
The principal challenge faced by
on account of the work-from- nimbleness and focus on widening
27 the business was the immediate
and lingering impact of the
home phenomenon. Besides, an its footprint. Even as the focus was
per cent improved agriculture performance on maximizing offtake, there was
pandemic-induced lockdown in
growth over translated into robust rural MDF a premium on the need to enhance
India from late March 2020.
2019-20 demand. the sales proportion of value-
The company was required to added products.
From a corporate perspective,
market products as soon as the
the principal counter-challenge The company responded with
lockdown was relaxed, addressing
initiative was a conviction that increased strategic flexibility; it
78 the weak consumer sentiment,
manufacture products with safety
the slowdown could be overcome,
comprising a positive attitude
launched market-friendly schemes
and policies, provided a fortnight’s
per cent and activate the trade network.
of the company’s across teams and locations. credit flexibility to select trade
revenues, 2020-21 The company needed to counter partners and attracted small trade
The company provided material
the impact of excess MDF capacity partners with a moderate upfront
to trade partners in Odisha and
in India deposit, defraying the company’s
Kerala during the lockdown; even
dependence on large trade
Counter-challenges, as the delivered volume was small,
partners.
2020-21 there was a sense of achievement
that a sales breakthrough has been In doing so, the company increased
The business was catalyzed by
made. Besides, MDF was used in the number of billing counters and
EPCG benefits and duty drawback;
the fabrication of hospital beds, a widened its geographic footprint.
the company serviced the growing
new product window. The company increased its MDF
needs of furniture exporters.
capacity utilisation from 47% in
The company leveraged its
The company capitalised on the FY2018-19 to 60% in FY2019-20 to
relatively low capital cost per ton
anti-imports sentiment, the focus 69% in FY2020-21
to enhance sustainability. The
on self-reliance enunciated by
Company grew volume and value
Atmanirbhar Bharat and increased Outcomes
sales in FY2020-21
enquiries from global furniture Value-addition: There was an
makers seeking to move away from When the lockdown was partially increase in the sales of value-
China. relaxed in May 2020, there was a added high-density fibre board
focus on reviving operations with exterior grade and Club MDF.
During the latter part of the
speed. The company reported Besides, there was an increase
financial year, the sector
appreciable sales offtake in May in the sales proportion of pre-
capitalised on a resurgence in
2020, which was improved upon in laminated board to counter the
consumer sentiment arising
June 2020. incidence of faulty laminaton at
out of a long pent-up demand

the carpenter’s end. In view of this,

the sales proportion of plain MDF Why MDF is a preferred Durability
Medium Density Fibre Board is
knots, which makes it machinable.
The fine and uniform particles
Advantage over particle
board
declined over the years, an index of
the growing consumer maturity.
furniture fabrication engineered wood manufactured
with hardwood wood fibres bonded
enhance dimensional stability
without a predominant grain.
MDF is denser than particle board.
It is stronger, more durable and
Domestic focus: The company
replaced its erstwhile exports
resource by synthetic resin adhesives
under heat and pressure - interior
Since the product is industrially
manufactured under the standards
with no gaps or voids that could
enhance swelling. The result is
of quality, it contains no voids and
presence with enhanced domestic building material enjoying high that if you buy expensive furniture
Increased resource availability possesses sharp edges with no tear
offtake, especially increased and consistent density made from MDF there is a high
outs.
demand coming out of South The resource for MDF is now being increasingly grown on likelihood that it will last for
India. The company maximised commercial plantations, enhancing quality and availability Suitability years; when made with particle
MDF attributes
cross-sale between MDF and MDF’s strength and stability board, you may be enthused by
flooring, which enhanced people Environment-friendly Ultra-light MDF plate is best the fact that it costs less to begin
make it preferred for interior
productivity (achieving more with applied for applications. Typically with but over just a few years, you
The product is classified as ‘green’, enhancing its preference infrastructure applications
less) and throughput. green MDF is ideal for moisture- will recognise your error when
by prominent OEM brands like building and construction,
rich geographies as the product is you need to replace the furniture.
residential and office furniture,
Systemic productivity: The moisture-resistant. Typically red
company reported an increase
Edge wall panelling, modular kitchens, The message that is becoming
or blue MDF is fire-retardant. Also, increasingly apparent: when you
The product is as good as plywood and conclusively better doors and wood floors. Greenpanel
in value per transaction; given the fact that most consumers
than cheaper plywood MDF is easier to rout, carve and need performance, you turn to
correspondingly, branch expense will be moving towards ready-
finish. This makes it perfect for use MDF.
as a percentage of turnover made furniture in the future, MDF
declined to around 5% and Resilient and durable in contemporary furniture.
will have increased prospects as a
within a quarter of the lockdown The product is treated against borer and termites, which choice of raw material because of
Functional advantage
(September 2020), the company enhances its resilience and durability its efficiency and lower price.
reported a record month for MDF is dense and stiff – with no
domestic sales, followed by Product robustness
another sales peak the following The product does not comprise any internal hollowness; its
month. The company reported denseness, absence of air grain consistency has enhanced its
successive month-on-month preference
stock outs, liquidating inventory.
There was a decline in discounts, Superior price-value
enhancing realisations. The product has been accepted as durable, strengthening its
price-value proposition
Outlook
MDF is extensively popular in a Easy on vendors
number of countries where the The product can be easily painted upon by carpenters who
majority of the consumption find the exercise less cumbersome and also consume 50%
is slanted towards MDF and a less paint
nominal proportion towards
plywood. This is the reverse in Attractive saving
India for historical reasons of The product provides a 40% upfront saving and a 70% total
product supply. Over time, we saving, enhancing its price-value proposition
believe that the consumption
transition will accelerate, widening Consumer friendly
the market for a company like The product fits into the classic Indian consumer’s
Greenpanel. The company is ‘sasta-sundar-tikaaoo’ (economical, aesthetic, enduring)
optimistic of growing the domestic proposition
size of this business from H663
crores in 2020-21 to a projected
revenue of H900 crores in 2021-22.

Our plywood
business
Challenges, 2020-21 The company smoothened its sales Outcomes
curve across the course of the
There was low clarity of consumer The company leveraged the
month instead of the conventional
traction and offtake at the start growing power of the Greenpanel
month-end skew
of the financial year, as a result of brand for reliability, clean and fair
which the first quarter of the last The company strengthened its trade practices
financial year resulted in sharp trade relationships by periodically
217 revenue erosion resolving dealer claims
The company increased the
number of dealers from 400 to 675
H crores
The company needed to shrink The company consolidated its during the year under review
revenues,
2020-21 its receivables cycle during the dealer count with the objective of
slowdown with the objective of not working with a relatively small but
processes and practices, enhancing
letting this extend into a serious productive number, rationalizing
systemic reliability
debtors’ problem the low productivity dealers
The company achieved its pre-
The company relooked its business
Counter-challenges, 2020-
1 21 model through a focus on making
credible sales marked by timely
Covid monthly offtake average
by the month of December 2020
Per cent The company enhanced its brand without comprising its stringent
growth over receivables – a preference for
visibility through a better leverage credit discipline
2019-20 controlled (over reckless) growth
of the long-standing presence
of the promoters long and The company controlled credit Outlook, 2021-22
commitment to superior product hygiene during the challenging Going ahead, the company intends
quality first half of the year under review to debottleneck its existing
22 The company exercised strong

instead of the ‘maximise offtake at
any cost’
manufacturing capacity, increase
throughput, enhance sales and
Per cent credit during the slowdown by
strengthen profitability
of the company’s insisting on a 50% advance During this challenging phase,
revenues, the company capitalised on the The company addressed an
2020-21 The company countered the
fact that the unorganised plywood attractive sectorial reality,
competitiveness of the space
segment in the country was unable intending to more than double the
through its manufacturing
to address demand destruction, size of this business in two years.
competitiveness as well as ethical
decline in working capital flows
trade policies
and low access to organised
The company protected its funding lines. With as number of
plywood product mix from being unorganised players keeping their
cannibalised by MDF production lines closed, the market
gap was plugged by organised
The company encouraged debtors
players and the demand for
to clear their ending receivables
in comfortable instalments that
cheaper plywood varieties demand
moved to the organised sector.
675
helped enhance the company’s Number
During this phase, a number of
fiscal hygiene and liquidate nearly of dealers,
consumers also selected to spend 2020-21
45% of receivables within the same
on safe quality-driven brands,
month
strengthen the relevance of the
organised sector.

Our floorings The advantages of our Overview company of the right density
flooring product The company is moving towards
and durability of the end product
(paper was imported from
business
holistic interior solutions using
Germany for the veneer version).
MDF as the building block.
Maintains the The inclusion of this product
Even as non-engineered wood
thermostatic room strengthened the company’s brand
addresses the high end of
temperature, as a single-point solution provider
enhancing applications, the company focuses
locational comfort on the use of high density fibre The company generated a 10%
or Club-based flooring as well as premium by the virtue of the
Room for growth vinyl sheet or imported sheet on Greenpanel brand - without
MDF board. promotional spending
250,000 60,000 600 Provides a rich

international
Rationale for presence Challenges in 2020-21
H crores, annual market H crores, annual market H crores, annual market for interiors look The extension from MDF During the last financial year,
for marble in India for tiles in India wooden flooring in India manufacture into this business has there was a need to market the
helped enhance value-addition wooden flooring concept over
(2.5x). The use of proprietary competing alternatives, enhance
MDF as raw material has helped segment visibility and highlight
Easy to commission
or dismantle, protect product quality. Besides, the company’s standing as a
generally done in a the company leverages its reliable material provider in a
fraction of the time existing trade network to market fragmented market.
taken to instal tiles
or marble
this product, enhancing sales
throughput (an incentive) for Counter-challenges,
trade partners, strengthening their 2020-21
loyalty. The company enhanced its focus
Installation The company commissioned on the segment, which helped
relatively noiseless
this business with proprietary increase revenues during the year
with minimal under review.
disturbance resources; it did not outsource any
part of the raw material used in
production.
Outlook
The company intends to double
Access to the principal raw
revenues in the current financial
Introduction of material (MDF) manufactured
technology-led year.
durable, fire- and within the company assured the
water-resistant
wooden flooring
options
How Greenpanel surprised a hospitality client with speed

A prominent hospitality chain in North India encountered a
challenge, One of its prominent properties needed to change its
flooring across its rooms. The problem was that this transpired
in the peak tourist season; the chain could not afford to close its
rooms for a few days as it would result in precious revenue loss.
The chain approached Greenpanel; the company responded with
a solution: it would respond with this modular flooring that could
be laid with speed. The client asked: How fast? Greenpanel replied:
between the time a guest has vacated in the morning and the other
guest has checked in by the afternoon. The client was hesitant;
Greenpanel surprised the client through additional deployment of
implementation professionals and delivering a neat, noiseless and
convenient solution within the day.

Our decorative Our doors

veneers business business
Challenges, 2020-21 Achievements, 2020-21 cost and the aesthetic upside Challenges, FY2020-21 excessive dependence on policies enhanced trade faith
represents a potent demand driver. the institutional segment,
As factory visits are considered The business reported marginal The lockdown affected the
appointing distributors in key Outlook
imperative for people to buy growth during the year, which is The company is among the five business, receivables declined
areas The breadth and depth of
decorative veneers, sales offtake a significant achievement across largest veneer manufacturers substantially and the company
was staggered during the a little more than three quarters in India, riding the growth of its was prompted to stagger its The company entered into the network are expected to
pandemic when it was virtually compared to what the company plywood business and the visible expansion plan.. sales arrangements with key generate traction
impossible for consumers to visit had achieved across four quarters Greenpanel brand. parties based on encouraging The company expects to
As projects were delayed the
stores and factories. in the previous financial year. incentives enhance product value-
offtake of doors - product
Outlook addition to catalyse consumer
In view of this, managing the On addition to quantitative with high decibel sales in
The company is optimistic of Achievements demand
slowdown from April and May growth, the business reported an projects – was affected.
2020 onwards emerged as the increase in the proportion of the doubling the size of this business The volume of offtake based
The absence of a number of
principal challenge. offtake of the value-added metallic in three years. The company’s Counter-challenges, on trade and project sales
focused quality-driven pan-
series, which helped enhance optimism is derived from the FY2020-21 increased
India players is expected to
Counter-challenges, the proportion of value-added fact that this not a a commodity
In Q1 of the last financial The company enhanced brand drive offtake
2020-21 products in then sales mix to 30%. product, the manufacturing
year, the company widened visibility for its product
landscape is select, the clientele
The company responded to The company reported a vigorous tis penetration across
for this product is elite and willing Product quality was
this reality by graduating its rebound from the lows reported trade partners (dealers/
to pay higher and there is a established; transparent
erstwhile physical catalogue during the lockdown within only retailers) to defray its
comparable alternative product in
into an e-catalogue alternative a quarter, touching the average the surface product segment.
that showcased more than 700 monthly offtake of 2019-20 by
veneer designs on whatsapp. This September 2020. Besides, the product distribution
initiative helped the company is marked by attractive dealer
engage deeper with influencers Strengths margins; the product enhances
and dealers, which was coupled architect pride and the Indian
The business is expected to
with the 3A’s commitment – market is relatively under-
contribute attractively to the
deliver any quantity, anywhere and consumed for decorative veneers.
company’s revenue mix on
anytime.
account of its premiumness, its The beginning of a turnaround in
As the company strengthened the use in exclusive locations and real estate fortunes in India and
consumer proposition around an its being priced insignificantly an attractive operating leverage
absence of delays, defects and as a proportion of the overall are expected to translate into a
stock outs, the word-of-mouth renovation or apartment cost. vigorous upside for this business
proposition strengthened, helping across the foreseeable future.
Besides, the disproportionate
grow the business.
relationship between the product

Greenpanel.
Broad basing through
stronger people practices
Overview incentives to recoup what may Outlook
have been lost through salary
In a business where a range of The Company intends to
moderation.
competencies are needed, there is strengthen teams with the
a premium on the need to recruit, objective to enhance people
Achievements
train and retain talent. During retention.
the last financial year, as the The Company outsourced the
Covid-19 impact unfolded, there payroll function to an external
was an additional priority: to specialist, liberating organisational
enhance organisational morale and bandwidth; it launched a Human
productivity. Resource Management System
focused on automated attendance
Challenges, FY2020-21 management.
The company was required to The company strengthened new
address the challenges arising out
of the Covid-19 pandemic.
recruit fitment which comprised
a review of joinees every 30, 60 1816
and 90 days; it launched an HR Number of
There was growing job insecurity, employees,
Clinic that responsively addressed
fear, hopelessness, low March 31, 2021
employee problems each Friday.
productivity and challenges arising
out of change in the workplace The company re-launched an in-
environment (from office to house magazine; it launched an
home), warranting increased approach where new recruits were
community to plug the gap. confirmed on Day One following
Counter-challenges,
a wider employee engagement in
recruitment; it introduced grade
35
FY2020-21 Average age,
parity of remuneration with the
March 31, 2021
The company introduced Branch prevailing industry standard.
Connect, a structured programme
to enhance intra-organisational
recruitment and retention around
engagement lasting 150 minutes
a structured system; it charted
per location across four months so
career paths for employees.
ensure that every voice was heard
and there was enhanced employee The company introduced an
clarity on team priorities. HR Manual that enhanced
organisational clarity and
The company introduced a Covid
communication transparency; it
Policy that provided employee
strengthened its compliance with
assurance, guidelines and
external requirements.

What does it mean to

work at Greenpanel
Employees speak about the distinctive Greenpanel culture
“I joined the Delhi NCR “At a time when everyone “Employees were impressed “I joined Greenpanel after “A Greenpanel employee “When the new value- “Greenpanel is a MDF
branch of Greenpanel in around the world is by the priority accorded having 32 years in Malaysia. suffered an accident and added products Okume pioneer in India, a status that
February 2020 and following encountering job insecurity, to safety at Greenpanel: As a General Manager, instead of escalating this MDF and Veener MDF were has generated longstanding
a brief stint, workplace Greenpanel gave increments through the aggressive use of my responsibility was to to the senior management, launched some months ago, goodwill. Besides, there has
attendance was discontinued and opportunities to automation, environment- instil an international way the local team addressed the production and sales been a follow on respect
on account of the pandemic. employees. This is a friendly systems and of functioning. We have the issue with necessary team got on a conference for its quality standard and
During the last few months company that supports its aggressive resource achieved quite a bit in this funding. Besides, when I call with OEM customers to consistency. When people
I have seen major changes workforce: it granted me recycling. Besides, masks area in terms of safety, was unwell, the workforce understand their needs and buy from Greenpanel, they
related to productivity and permission to take my team were made mandatory, workplace discipline, treated me like they had preferences, which helped buy a peace of mind.”
volumes. What impressed to Mukhteshwar in spite the manufacturing plants processes and systems. The known me for years.” customise the product.”
S.P. Singh
me is that the company of a financial crunch. The were sanitized daily, social Chairman awards a trophy to
Victor. P. Xavier S.P. Singh General Manager- MDF and
launched a user-friendly workers desperately needed distancing was practiced, the best performed audit by
General manager, Operations, General Manager- MDF and Flooring
app to track team members; this break and learning rapid Covid-19 testing an employee.”
Srikalahasti, MDF 2 Flooring
the employees do not need opportunity on account of was implemented, online
Victor. P. Xavier
to physically meet, which the workload and home meetings were scheduled
General manager, Operations,
saves time and increases sickness.” and oxymeters installed.
Srikalahasti, MDF 2
business.” The message: the company
Ramandeep Singh
cares!”
Ramandeep Singh Assistant general manager,
Assistant general manager, Delhi NCR Ch. V. Nandakishore
Delhi NCR Assistant general manager,
Human resource
“During the pandemic, “The senior management “Greenpanel’s health “I am extremely satisfied “When people around the “The acceptability of “The company resolves
Greenpanel initiated the approves recommendations department takes care of with my job at Greenpanel. I world were losing their Greenpanel upgrades results any complaints within a
use of a mobile medical van, within half an hour, each health issue of not have been empowered with jobs or recruitment was in an ever-contemporary day, owing to the sense
which not only enhanced enhancing a culture of only employees but also complete knowledge on being deferred, Greenpanel range of designs. Every year of ownership within
employee safety but also urgency.” villagers.” everything about the plant, honoured its recruitment the company adds more every individual working
the safety of neighbouring making it my second home.” commitment. I am not likely than designs, finishes within. We don’t need
Ranabir Singha Vunnam Sripriya
villagers. This will generate to forget this.” and textures to provide a to get an approval from
Branch manager, Guwahati Nurse G. Gurumurty
large multi-year goodwill.” completely new look to its the headquarters for
Assistant Manager, safety, S.P. Singh
product swatch.” everything.”
Ch. V. Nandakishore Srikalahasti, MDF 2 General Manager- MDF and
Assistant general manager, Flooring S.P. Singh S.P. Singh
Human resource General Manager- MDF and General Manager- MDF and
Flooring Flooring

T G W
he plywood manufactured reenpanel contributes 25% to my revenues. The reason hen I have
by Greenpanel is the most why the brand has created successful traction is that an urgent
reliable and in the past few it has always maintained its quality and commitments requirement
years, I have not experienced any towards dealers and customers. The result is that the trade Greenpanel ensures
What dealers
issue with it. What I value is how partners market Greenpanel as if it is their proprietary brand.” delivery within 5 days
the Company kept its word despite (which generally takes 10
Rakesh Mehta
challenges due to the pandemic, days). This enhances my
Owner, Mahaveer Laminates, Coimbatore
which no other organisation did.” confidence that Greenpanel
have to Sri Gopal

Sri Gopal Ply and Laminates Pvt Ltd,
will never let me lose a sale.”
say about
Hyderabad
working with G
reenpanel uses only
the best quality raw
W
henever I go
to visit the
G
reenpanel seeks
dealer feedback
Greenpanel
materials to produce company’s of every single
products. This explains why I plant in Uttaranchal, Shiv product each month. As a
have received no after-sales Prakashji and Shobhanji result, the brand stands for
complaints till date on account personally greet me. trustworthiness.”
T
he Greenpanel management of durability, longevity, There is an unusually
An enduring relationship with takes quick decisions availability and delivery. I warm culture about this
call it the ‘no jhanjhat wala organisation.”
a credible organisation and this makes our work
easier. Even during the pandemic, account’”
Greenpanel put no pressure on us
regarding distribution, handling
the situation with calmness. The
Company is like second family to
me.”
Aneet Jain
MD Woods, Indore
W T
hen you he thing that I
purchase admire most about
I
t has almost been two and a half years I have been Greenpanel, the company is
associated with Greenpanel and the company put no you buy peace of mind. its transparent policy.
pressure on its dealers, helping them with a flexible If any complaint is Greenpanel maintains the
policy (which did not change during the pandemic). At a registered, the marketing same pricing and payment
time when most companies would panic due to the losses team responds within policy for all its dealers
caused by the outbreak of the pandemic, Greenpanel stayed two hours and the issue is across India.”
calm and this cascaded to top is trade partners as well.” resolved in two days.”
Paras Maroti
Owner, Maroti Hardware, Silchar

Greenpanel.
Broad-basing through
manufacturing excellence
The Company achieved a blended
capacity of 69% in MDF across
Overview
both plants, an increase of 900 bps
At Greenpanel, we invested in the largest MDF manufacturing capacity in India (organisationally
over the previous year.
and at a single location) and among the largest in the world. During the year under review, there
was a need to increase production, reduce manufacturing cost produced and deliver a consistently The Company optimised its
high product quality. administrative costs by resorting
to more e-meetings over video
conferences and moderating travel
The company reported a capacity

Challenges, FY2020-21 Plant, Asia’s largest and most Achievements, 2020-21 utilisation of 69% in its MDF
technologically advanced MDF
During the lockdown as demand The company sustained some operations; the company reported
manufacturing facility equipped
declined, it was not feasible or process to keep them in a state higher plant productivity increased
with the best of European
profitable to manufacture, there of readiness for a time when through increased employee
technology
was a challenge in sustaining operations resumed, resulting involvement, training, application
some plant operations (effluent The use of German equipment in a cost increase without a of 5S and Lean Manufacturing
treatment plant, fire protection for forming, press and raw board corresponding revenue source. approach and optimised
system, uninterrupted power handling from Dieffenbacher; production plan
The effluent treatment and
system, DG sets plant security and use of GreCon Dieffensor for
power plants were sustained with The company placed an order
maintenance) and in the utilization scanning fibre mat to produce
minimal people and material for a paper Impregnation unit
of perishable consumables uniform density panels; use of
resources. to address the increased market
GreCon Stenograph for inline
There was a challenge related demand for pre laminated boards.
monitoring of density profile; use The company continued to
to worker and raw material
of 14 Head Sanding Machine from sustain maintenance & security The company is in discussions to
availability (wood logs, resin,
Steinemann for better finished operations following approvals commission a Smart wash system,
spares and consumables) as soon
surfaces; investment in state-of- from the district collector and mat heating and pond solar plant
as the lockdown was partially lifted
the-art technology for treatment corresponding health/hygiene for plant optimization.
and it was time to re-commence
of industrial waste water, multi- safeguards.
operations The company utilised the
fuel hybrid energy generation The company engaged with its digitalised dashboard system
There was a priority to protect plant from Thermax (India) and vendors for raw material (wood to check deviations and align
employee health during the Through Panel density testing logs, resin, spares & consumables) efficiencies around a global
lockdown and after and stay in technology to resume plant operations benchmark.
responsible engagement with
Employment of 70% local talent The company distributed masks,
neighbouring villagers and
(first salaries persons in their hand sanitizers, bleaching power,
Outlook
government officials.
families), largely recruited from vegetables and refined oil to The company intends to develop
Strengths nearby colleges and trained by surrounding villages as well as new products and enhance quality
industrial experts and technology masks and hand sanitizers to following equipment modification
An annual production capacity
partners health workers.
of 3,60,000 CBM at Andhra

Greenpanel. Broad-
basing through
stronger financials
Competitive
Greenpanel borrowed
Euro 42 million with a
10-year window at a cost
of six month Euribor plus
0.50%, enhancing its
competitiveness
Challenges The Company was required to over the corresponding period of equivalent as on March 31, 2019 Outlook
explore new product applications the previous year to 45 days towards the close of
The principal challenge was to The Company will focus on
Overview at a time when the health of its FY2019-20 and 35 days in
manage cash flows on the one The Company achieved a blended sustaining revenue growth by
In a business marked by largest customer segment (real FY2020-21.
hand as well as liabilities on capacity of 69% in MDF, an leveraging its brand better,
temporary overcapacity, estate) remained muted
the other (overheads and debt increase of 900 bps over the The Company repaid H49 crores of maintaining or strengthening
there is a premium on the
servicing) during the lockdown The weakness of the Indian previous year, which helped debt, strengthening its gearing (for its working capital cycle and
need to manage financial
and after. currency against the US Dollar amortise fixed costs effectively long-term debt) from 0.78 to 0.57. strengthening the proportion of
resources with the objective
and Euro translated into currency It reduced net debt by value-added products.
to generate controlled, The challenge was to protect the The Company focused on
losses in the first part of the year H157 crores during the year under
profitable and sustainable integrity of the Balance Sheet, maximising domestic sales,
(affecting the P&L account more review.
growth. minimising impairment that capitalising on the growing
than cash flows).
would make it possible for the strength of the Indian currency in The company increased the
company to rebound with speed the last three quarters. proportion of revenues derived
Achievements, FY2020-21
when demand revived. from value-added products,
The Company reported 20% The Company strengthened
strengthening cash flows and
There was a greater demand growth in revenues; the growth in working capital management;
profitability.
among trade partners for longer the last three quarters was 45% it reduced the working capital
credit to generate offtake cycle from 65 days of turnover

Greenpanel.
Broad-basing through
a stronger brand
Key challenges, 2020-21 enhance consumer recall at a time capability and the company’s social media platforms. the visitor could visualise different
of economic weakness. quality standards wood floor designs before arriving
There was a challenge in needing The Company widened the
Overview to conserve cash at a time when There was a challenge in marketing The Company engaged in brand application of its Standard
at a purchase decision.
In a business where consumers would not step out to products to the real estate sector, building on exterior walls along Operating Procedure (SOP) for The brand invested in wider choice
the product offtake is buy wood panel products apartment buyers and commercial national highways, enhancing carpenters and product installers, of wood panelling and surface
driven by visibility- offices in view of the lock-down- familiarity. The Company enhancing the effectiveness of the enhancement products addressing
There was a challenge in educating
induced recall, there is a induced slowness. enhanced signages and in-shop delivered solution different price points.
customers about the positive
premium on consistent displays at outlets especially in
attributes of MDF over lower- The Company grew the traction The Company enhanced magazine
and measured brand Countering the challenges untapped Tier II and Tier III cities.
priced plywood. of its wooden floors website to advertising to enhance visibility
building. The Company engaged deeper with The Company introduced engage deeper with architects, across architects and channel
There was a challenge in first-level product influencers e-catalogues across product channel partners and consumers. partners.
enhancing retail visibility across (carpenters, contractors and segments; it strengthened its The website comprised a
small multi-brand outlets to architects), showcasing product digital presence through relevant simulation feature through which
Why consumers trust the Greenpanel brand
Invested in Focus on
Built around the
Drawn from Enhances cutting-edge enhancing
highest product
Greenply consumer pride German stakeholder
quality
technology value
Enhanced
consumer
Distinctively Superior price-
Ethical trade Environment experience
positive user value
practices friendly (MDF) (availability,
experience proposition
accessibility,
affordability)

During lockdown it implemented a 21-day fitness

challenge, reaching out to more than 25 lacs people
while its Work from Home contest reached out
to more than 9 lacs people; its mobile campaign
during the lockdown engaged with retail customers
and carpenters
Achievements
The Greenpanel brand has been in existence for
three years. During this short period, the brand
encountered various challenges: the need to
establish visibility in a cluttered market, counter
the economic and real estate slowdown and finally
the impact of the Covid-19 pandemic.
The brand’s principal achievement has been that

bit has increased revenues every single year since
its launch: H571 crores in FY2018-19, H830 crores in
FY2019-20 and H1000 crores in
FY2020-21.
Even while there was a premium on revenue

growth, the company enhanced the proportion of
revenues from value-added products, protected its
receivables and established a growing respect for
product integrity.
Outlook
The Company will continue to enhance the
visibility of its new interactive website for
Greenpanel wood floors (www.gpwoodfloors.com)
It will widen its retail branding and highways

branding initiative across India on the one hand
and deepen digital marketing on social media
(Facebook and Instagram)
The Company intends to enhance footfalls at

‘Wood Chimes’- its experience centre dedicated to
Decorative Veneers in the Rudrapur plant

Greenpanel.
the integrity of its findings. generate a lower carbon footprint.
Reports were submitted on a
Rainwater harvesting: At
periodic basis to the pollution
Broad-basing through a
Greenpanel, we are not only
control units, strengthening
focused on the moderation of
compliance.
water in our manufacturing
responsible Environment,
process but also the capture of
Resource conservation
every drop of rain within our
initiatives, FY2020-21
water harvesting system for
At Greenpanel, we believe that a onward reuse. The total rain water
Health and Safety

lower consumption of resources harvesting capacity of the system
of any kind lies at the heart of commissioned by the Company
environment sustainability. in its Andhra Pradesh plant
commitment
In view of this, the Company was 130,000 Cum. Greenpanel
outlined a priority to moderate commissioned a laboratory to
the consumption of natural periodically monitor water quality.
resources within its manufacturing
operations. This strengthened Waste disposal: Greenpanel
the Company’s commitment to implemented 5S among all
employees and started training for
all employees to improve House
Overview
Keeping Practices (Sort out/Set
The truly sustainable companies in Order/Shine/ Standardize/
are also the ones most committed Sustain). The 5S initiatives were
to a high standard of health- sustained through regular audits,
safety-environment. A high HSE training, competitions, rewards
standard is not only a driver of and recognition. The plant
statutory approval but also of installed separate bins to collect
business sustainability in the form different waste types generated
of stringer customer traction, in the manufacturing process;
organisational stability, enhanced the same was moved to a central
respect, superior credit ratings and scrap yard on a periodic basis for
possibly higher market valuation. segregation, storage and disposal
through authorised re-processors
Greenpanel’s environment and recyclers. All the waste
commitment generated from the processes was
Greenpanel manufactures a documented and disposed as per
product that has been derived from PCB norms. The company tied up
nature, indicating that its source with brick manufacturers for the
is non-synthetic, bio-degradable use of fly ash generated from the
and sustainable. energy plant.
Besides, Greenpanel has invested Reduction in energy
in environment integrity through consumption: Over the years,
the use of superior technologies, the Company invested in energy
renewable resources, resource conservation equipment (energy
consumption reduction, credibility efficient chillers, DGUs, etc.).
At Greenpanel, our environment proposition for farmers, earth and
enhancing certifications and The result of the Company’s
sustainability begins with a company.
responsible effluents treatment. commitment translated into
commitment to help grow and
The company’s Andhra Pradesh Greenpanel created a team to energy saving that was 34% higher
source natural resources. The
factory has been rated as an drive environment responsibility At Greenpanel, our than the Green Building baseline.
Company provides clonal saplings
environment showpiece, validated within its manufacturing facilities. environment sustainability The Company installed energy
to farmers to raise specific wood
by the prestigious IGBC Green The Company appointed an
species that consume less water begins with a commitment meters to monitor performance
Factory Building with a Gold rating external agency to monitor the and indicate improvement
for sustainable manufacturing
and comprise a relatively short
environment standards across its to help grow and source
gestation period - a win-win opportunities. The Company
practices. manufacturing units, enhancing natural resources.

designed its manufacturing process, generated continuous areas. Greenpanel appointed Safety initiatives, FY2020-
area through the prudent use of improvement. experts with lab facilities for 21
skylights that maximised natural monitoring water quality on
Green belt development: The At Greenpanel, our objective is
light energy and minimised LED day-to-day basis and controlling
company developed a green belt to achieve a ‘zero accident’ rate
fixtures. Required capacitor banks the same with proper records to
within its premises at various through training and employee
maintained Power Factor 1 and meet environmental standards.
locations. awareness programmes.
were monitored hourly. The company controlled vehicle
Environment initiatives: The movement within the plant The Company focused on making
Process improvement: A
company’s objective is to keep premises by issuing a gate pass; its workplace completely safe as
continuous monitoring of
the entire plant area clean. unauthorised vehicle movement measured by zero accidents in
equipment performance related to
The company appointed an was controlled and vehicle speed manufacturing units. In FY2020-
power consumption, coupled with
external agency for monitoring was controlled up to 20 km/hr 21, the safety initiatives c
optimised process cycle time at
environmental conditions within within the plant premises.
every stage of the manufacturing Appointed a Safety Officer
the plant premises and vicinity
to monitor and control safety
activities
Greenpanel’s environment commitment Initiated and monitored the issue

of personal protecting equipment
The Company strengthened its conducted through energy floats preventing an over- to employees based on process
initiatives to moderate power meters. run that translated into lower locations
consumption that would, in turn, consumption.
Streetlights were provided Initiated and monitored the
moderate its drawal from the
timers to keep them on during Temperature sensor-driven Work Permit System with LOTO
state electricity grid that was
specific hours. equipment was installed to procedures wherever required.
driven by power generated from
control power consumption.
fossil fuels. Standby measures were Conducted safety training for
followed wherein manufacturing LED lights, consuming lower employees; conducted Safety
Power equipment with high
equipment with no raw material power, were installed in place of Committee meetings.
motor ratings was equipped with
would stop automatically. flood lights and other variants
variable frequency drives. Investigated all accidents and
that consumed more electricity.
Motor-driven pumps were incidents
The monitoring and control
automatically operated, the
of energy consumption was Monitored safe person-hours
Circulated monthly safety reports
Audited the fire protection

Health initiatives, FY2020-21 equipment
At Greenpanel, we believe that the person to nearby hospital in reverse osmosis plant for drinking
index of our HSE commitment lies case of something serious. water purposes maintained by a
in the health of our employees. dedicated team to address water
A T
Safe drinking water: The t Greenpanel, safety comes he operative word at our
The objective of the Company is quality and quantity needs
Company installed a dedicated first, second and last. plants is ‘safety’. In our
to periodically monitor employee
What our This is a modern international plants almost all functions are
health and enhance fitness
stakeholders operating culture that covers automated. This enhances our
awareness. As an extension of
have to say equipment (cutting-edge focus on quality and efficiency
this commitment, the Company’s
about our HSE European technology) and instead of worried about
medical team periodically visits
commitment mindsets.” safety.”
neighbouring villages to provide
medication and enhance health
also awareness.
Medical facilities: As per industrial

norms the plant is providing
A t Greenpanel’s Andhra
Pradesh plant, we take
collective daily oaths on issues
A t Greenpanel, each worker
is provided appropriate
shoes, masks and clothes. The
emergency medical facilities viz.
relating to the environment shop-floor is cleaned every
First-aid room, doctor and nurse.
and safety, which is couple of hours.”
An ambulance has been provided to
reaffirming.”
cater to any emergency and transit

Greenpanel. Greenpanel: Empowering farmers
Broad-basing through G reenpanel has done a lot

for raitus (Telugu word for
farmers). I had three acres lying
M e and my bharta (Telugu
word for husband) are
poor farmers. It was difficult
growing resource security

barren for years. Greenpanel for us to generate an adayam
taught us the benefits of (Telugu word for income)
plantation. I planted 4,500 only through crop cultivation.
saplings on three acres. I will We had a lot of barren land.
profit from them once they Greenpanel educated us on
mature.” plantations. We planted 18,800
saplings on 13 acres.”
P. Dharmayya,
Farmer, Aalathur K. Bharati,
Farmer, Anjurasuramala
Overview
In the business of plywood
and MDF manufacture, there
is a premium on the ability to Sustainability and farmers
procure the largest wood volume
at the most affordable cost from
within the shortest procurement
These helped
distance. The Company increase The Company
provides tonnage per assures farmers
When Greenpanel embarked on
farmers with hectare, reduce of clonal-
an ambitious project to encourage high yielding derived wood
gestation and
farmers in growing plantation clonal saplings enhance farmer buyback
wood in and around its Andhra incomes
Pradesh manufacturing facility,
the challenges were large: the
vast wood appetite warranted a The Company
The Company provides
long-term investment that was facilitates wood superior
not easily available from within movement to returns to
the Company’s financials. This the factory farmers without
reality notwithstanding, the intermediaries
Company invested, demonstrated
the proof of its concept, scaled
and transformed the growth
of plantation wood into a full-
fledged movement.
Strengths backbone, resulting in multi-year farmer prosperity. Besides, a FY2019-20 summary
The result is this initiative resource visibility. reduction in the gestation period
Lower distance: The Company Species Saplings planted Acres Area (Hectares)
has translated into a rural by 40% to grow the clonal saplings
moderated the average distance Holistic role: The Company has
transformation influence in the into full-fledged trees has proved Eucalyptus 225500 158 63.94
covered in the procurement of graduated from just a buyer to a
areas of the Company’s presence: win-win: quicker incomes for Casuarina 40800 26 10.52
wood resource, reducing time and friend-philosopher-guide, helping
enhanced farmer livelihoods, farmers, greater inducement to
distance taken on the one hand and farmers generate superior yields Total 266300 184 74.46
secured availability of precious grow trees and secured material
the average cost of procurement on and advising on re-investments,
raw material from within 200 kms availability for the Company.
the other. widening the circle of prosperity.
of the Company’s manufacturing FY2020-21 summary
facilities, moderated the delivered Stability of engagement: The Clonal: The Company reinforced Outlook, 2020-21
Species Saplings planted Acres Area (Hectares)
cost of wood resource, enhanced Company entered into stable its wood plantation programme The Company will widen
rural prosperity, enhanced re- engagements with a growing through the availability of high Eucalyptus 302980 202 81.75
plantation footprint and accelerate
investment in commercial farming number of farmers, representing yielding clonal saplings, increasing the shift from seedlings to clonal Casuarina 0 0 0.00
and enhanced wood quality. a dependable procurement tonnage per hectare and enhancing saplings. Total 302980 202 81.75

Greenpanel. Management
Responsible discussion and
corporate citizen analysis
Overview Our achievements, Strengthened infrastructure
Global economic overview
At Greenpanel, we profess a FY2020-21 and education center at Primary
Government School, Pipliya, The global economy reported de- economic growth was largely supply chain disruptions, resulting
responsibility that extends Greenpanel served ~60,000
Udham Singh Nagar, Uttarakhand growth of 3.5% in 2020 compared due to the outbreak of the novel in a de-growth in some of the
beyond profit towards responsible people through health care
to a growth of 2.9% in 2019, the coronavirus and the consequent largest global economies. (Source:
corporate citizenship. services as an ESC (Entrepreneur
sharpest contraction since World suspension of economic activities IMF)
Social Commitment) in Andhra
Over the years, we invested in War II. This steep decline in global across the world. This led to global
Pradesh
CSR activities of high social
value around our manufacturing Provided medical Services to 23
facilities. The following were villages; completed 193 visits. Performance of some major economies
conducted in the vicinity of our
Provided medical services to 60,000 United States: The country United Kingdom: Britain’s GDP since 2009. (Source: CNN,
Andhra Pradesh plant: Number of
9000+ villagers. witnessed a GDP de-growth shrank 9.9% in 2020 compared IMF, Economic Times, trading
people whose
Delivered medical services to 23 of 3.4% in 2020 compared to a to 1.4% growth in 2019, 2x the economics, Statista, CNBC)
Distributed medicines to lives we touched
neighbouring villages growth of 2.3% in 2019. annual contraction recorded in the
villagers. The global economy is projected to
aftermath of the global meltdown
Facilitated the delivery of China: The country’s Gross grow by 5.5% in 2021 largely due to
Launched a mobile medical in 2009.
drinking water through the Domestic Product grew 2.3% in the successful roll-out of vaccines
van service trail to enhance an
installation of reverse osmosis 2020 compared to 6.1% in 2019 Japan: Japan witnessed a across the globe, coupled with
awareness of rural health concerns
plants despite being the epicenter of the contraction of 4.8% in 2020, the policy support in large economies.
Provided medical consultation, outbreak of the novel coronavirus. first instance of a contraction (Source: IMF)
Supported child education
assistance, counselling and
initiatives
medicines for basic and general
Developed natural resources diseases without charge.
Indian economic review
The Indian economy passed a grinding halt, the lockdown had a 2020-21, the sharpest de-growth
through one of the volatile periods devastating impact on an already- experienced by the country since
in living memory in 2020-21. slowing economy as 1.38 billion the index was prepared.
Indians were required to stay
At the start of 2020, India The Indian and state governments
indoors - one of the most stringent
was among five largest global selectively lifted controls on
lockdowns enforced in the world.
economies; its economic growth movement, public gatherings and
rate was the fastest among major The outbreak of the novel events from June 2020 onwards,
economies (save China); its market coronavirus and the consequent each stage of lockdown relaxation
size at 1.38 billion was the second suspension of economic activities linked to corresponding economic
largest in the world; its rural due to the pandemic-induced recovery. Interestingly, as
population of the under-consumed lockdown, coupled with muted controls relaxed what the country
was the largest in the world. consumer sentiment and observed was a new normal:
investments, had a severe impact individuals were encouraged
The Indian government announced
on the Indian economy during to work from home; inter-city
a complete lockdown in public
the first quarter of the year under business travel was replaced by
movement and economic activity
review. The Indian economy de- virtual engagement; a greater
from the fourth week of March
grew 23.9% in the first quarter of premium was placed on the
2020. As economic activity came to

ownership of personal mobility sectors in India – real estate, steel, contracted during 2020-21, and Commerce (Promotion and Outlook a multi-year revival in capital
modes (cars and two-wheelers); cement, home building products largely on account of the sharp Facilitation) Ordinance, 2020, investments. Besides, a change in
The outlook for the country
there was a sharp increase in home and consumer durables, among depreciation of the first two to ensure barrier-free trade in the US leadership could result in a
appears to be positive in view of
purchase following the need to others - reported unprecedented quarters. This sharp Indian agriculture produce. revival in global, trade, benefiting
the possibility that three down
accommodate an additional room growth. India de-grew at a recovery – one of the most Indian exporters.
The Government relaxed foreign cycles – long-term, medium-term
for home working. relatively improved 7.5% in the decisive among major economies –
direct investment (FDI) norms for and short-term – could well be The Indian economy is projected to
July-September quarter and validated India’s robust long-term
The result is that India’s relief sectors like defence, coal mining, reversing at the same time. The grow by more than 10% in FY22 as
reported 0.4% growth in the consumption potential.
consumption, following the lifting contract manufacturing and long-term downtrend, as a result per various institutional estimates,
October-December quarter of the
of social distancing controls, single-brand retail trading. of non-performing assets, scams making it one of the fastest-
year under review.
translated into a full-blown and overcapacity could be over; the growing economies. India’s
The Union Cabinet approved
economic recovery. A number of The result is that India’s GDP medium-term downtrend that was growth journey could be the result
the production-linked incentive
caused by the ILFS crisis, select of a culmination of favourable
(PLI) scheme for 10 sectors:
banks collapse and weakening tailwinds like consistent
Y-o-Y growth of the Indian economy pharmaceuticals, automobiles and
NBFCs could well be over; the agricultural performance,
FY18 FY19 FY20 auto components, telecom and
short-term downtrend on account flattening of the COVID-19
networking products, advanced
Real GDP growth (%) 7 6.1 4.2 of the pandemic has weakened infection curve, increase in
chemistry cell batteries, textile,
following the introduction of the government spending, favourable
food products, solar modules,
Growth of the Indian economy, 2020-21 vaccine. reforms and an efficient roll-out of
white goods and specialty steel.
Q1, FY21 Q2, FY21 Q3, FY21 the vaccine, among others.
These incentives could attract There is a possibility of each of
Real GDP growth (%) (23.9) (7.5) 0.4 outsized investments, catalysing these downtrends having played
India’s growth journey. out, which could well lead to
(Source: Economic Times, IMF, EIU, Business Standard, McKinsey)
Indian economic reforms Despite the gloomy economic MSMEs increase employment,
and recovery scenario, foreign direct enhance labour productivity and Global furniture industry overview
investments (FDI) in India wages.
There were a number of positive The global furniture market was imports of luxurious furniture due
increased 13% to USD57 billion in
features of the Indian economy India extended the Partial Credit estimated at USD 509.8 billion to the rising disposable income
2020.
during the year under review. Guarantee Scheme by relaxing the in 2020 and is anticipated to and changing lifestyles, which in
India reported improving Goods
The gap between government criteria and allowing state-owned reach USD 650.7 billion by 2027. turn, is enhancing the demand for 509.8
expenditure and revenue was lenders more time to purchase Increasing demand for commercial upholstered furniture. (USD, billion)
and Services Tax (GST) collections
estimated at ~H12 trillion due liabilities of shadow banks. Under and residential spaces equipped Global furniture
month-on-month in the second The global furniture market is
to increased borrowing by the the H45,000 crores partial credit with harm-resistant features is market value in
half of 2020-21 following the projected to grow at a CAGR of 2020
government in May 2020 to guarantee scheme, announced as one of the major factors catalysing
relaxation of the lockdown, 12.91% between 2020-26. The
address the COVID-19 outbreak. a part of the Atmanirbhar Bharat the demand for furniture. Asia-
validating the consumption-driven North America and Asia-Pacific
package, three additional months Pacific accounted for more than
improvement in the economy. India jumped 14 places to 63 in the markets are set to witness
were given to banks to purchase 48% of the overall revenue
2020 World Bank's Ease of Doing attractive growth through 2026,
The per capita income was the portfolio of non-banking share and is expected to increase
estimated to have declined by
5% from H1.35 lacs in 2019-20 to
Business ranking and was the only
country in the emerging market
financial companies. exponentially over the foreseeable
which will be catalysed by the rapid
expansion of the construction
650.7
future. This growth was catalysed (USD, billion)
basket that received positive The government approved sector, rising investment in
H1.27 lacs in 2020-21, which was by the rapid urbanisation and Estimated global
FPIs of $23.6 billion in 2020; the amendments to the Essential infrastructural projects and
considered moderate in view of the improving consumer socio- furniture market
country ranked eighth among the Commodities Act and brought an increasing disposable income of value in 2027
extensive demand destruction in economic factors in the developing
world’s top stock markets with ordinance to allow farmers to sell the populace. The construction of
the first two quarters of 2020-21. economies.
a market capitalisation of $2.5 their crop to anyone; the changes hotels, schools, colleges, hospitals
A slowdown in economic growth trillion in 2020. to the Essential Commodities Act, Residential application dominated and commercial office spaces could
and inflation weakened the 1955, were intended to ‘deregulate’ the global furniture market in also be a growth driver for the
The Indian government initiated
country’s currency rate nearly agricultural commodities (cereals, 2020 mainly due to the Covid-19 furniture industry. (Source: Global
structural reforms in agriculture,
2.83% in 2020 from H71.28 to pulses, oilseeds, edible oils, pandemic. There has also been a Market Insights, Statista)
labour laws and medium-small
H73.30 to a US dollar before onions and potatoes from stock notable increase in the exports and
enterprise segments. The labour
recovering towards the close of the limits). The government approved
reforms were intended to empower
financial year. the Farming Produce Trade

Global MDF market overview Indian MDF market overview

The global MDF market was growing at a CAGR of 9.6% during India’s population is slowly projected to have increased to 7000 total mix. In India, the statistics
estimated at USD 25.12 billion in
2020. The growth was catalysed
2020-27. After the initial setback
due to the COVID-19 lockdown,
25.12 shifting towards ready-made and
easy-to-install furniture due to
cbm per day, whereas the capacity
utilisation was estimated around
are exactly inverted with plywood
still dominating the market with
(USD, billion) Global MDF
by the increasing building and the residential and commercial the rising disposable incomes and ~55-60%. About 80% of the 80 to 85% consumption. (Source:
market value in 2020
construction activities in the segments are expected to bounce rapid urbanisation. This has led to global wood panel consumption Ply Reporter, Global Woods Market
developing countries. Over the back and register a CAGR of 10.2% the increased demand for medium is that of MDF and other types Info)
past few years, the demand for
MDF products have increased
during 2020-27, whereas the new
construction and replacement 50.2 density fibre (MDF) over plywood.
The Indian MDF capacity is
of particle board while plywood
makes up only 15 to 20% of the
exponentially due to its sustainable segment is projected to grow at (USD, billion) Estimated global
MDF market value in 2027
nature as it is manufactured from a CAGR of 8.9% during the same
recycled wood. The MDF market period. (Source: GlobeNewsWire, Indian plywood sector overview
is projected to reach a market Researchandmarkets)
value of USD 50.2 billion by 2027, The Indian plywood industry has emerged the preferred choice
was estimated to have reached a for doors, stairs, external cladding,
market value of INR 222.5 billion
in 2020. Over the years, the
flooring, framing, interior rails,
balustrades, internal panels and
222.5
Global plywood market overview (INR 222.5 billion) The
demand for plywood has increased timber joinery products. Based on
Indian plywood industry
The global plywood market was changing urban lifestyle and are significantly due to its structural this product acceptability, plywood was estimated to have
estimated to have reached a
market value of USD 73.66 billion
some of the main factors driving
the demand for plywood products.
73.66 strength and flexibility, resistance
to chemicals and fire as well as
market is expected to grow to a
value of more than USD 55 billion
reached a market value
in 2020.
(USD, billion) Global plywood
in 2020. Asia-Pacific accounts for The global plywood market is insulation against sound and by 2024. (Source: Ply Reporter)
market value in 2020
the largest market share followed projected to reach a market value excessive heat. The result is that it
by the Middle-East and Africa. of USD 84.43 billion by 2027,
The growing trend of ready-made
and easy-to-install furniture,
growing at a CAGR of 2.3% during
2020-27. (Source: Globe News 84.43
(USD, billion) Estimated global
lightweight nature and durability Wire, wboc) Growth drivers
plywood market value in 2027
go hand-in-hand with the
Rising population: India’s modern ways of living. This has Low average base rates: The
population was estimated at 1.38 resulted in the shortening of average base rate released by
billion in 2020 and is projected the furniture replacement cycle, RBI, which works as a benchmark
Indian furniture market overview to reach 1.52 billion by 2036 and which, in turn, led to an increase interest rate for non-banking
overtake China as the world’s most in the demand for wood panel financial companies (NBFCs) and
The Indian domestic furniture The furniture sector in India is from-home (WFH) industry.
populous country by 2031. This products. micro finance institutions (MFIs)
market was estimated at USD 55 grossly under-developed and The outbreak of the novel
increase in population is projected for Q4 FY21 was 7.81%, which
billion in 2020 and is projected to the modernisation of this sector coronavirus and the resulting Real estate growth: India’s
to drive the demand for furniture has decreased in comparison to
grow at a CAGR of 12.91% during with machines and technology lockdown resulted in majority services sector is a long-standing
over the coming years. 8.67% for Q4 FY21. This will help
2020-24. The overall revenues will enable it to capitalise on its of the companies opting for the success story accounting for more
consumers to get home loans at
generated from the furniture and massive untapped export potential. work-from-home model for their Urbanisation: India’s urban than 50% of the country’s GDP
cheaper rates resulting in higher
homeware segment was estimated India’s furniture exports stood at employees. This resulted in the population was pegged at ~35% in (2020-21), catalyzing the growth
demand for houses. This is further
to have reached USD 1,313 million USD 909 million in 2020. China is immediate increase in the sales of 2020 and is projected to increase of the realty sector. About 25%
expected to have a positive impact
in 2020 and is expected to grow currently the leading exporter of products like sofa, study table and to ~40% by 2030; an addition of of the urban population lives in
on the furniture market in India.
at a CAGR of 10.2% to reach a furniture products, accounting for tables, chairs, beanbags, pouffes, 225 million in urban areas. The homes comprising two rooms or
projected market volume of USD ~37.5% of global exports, followed ottoman and recliners, among additional population in urban more; 45% live in homes of three Production-linked incentive:
2,131 million by 2025. Increased by Germany, Poland, Italy and others. Out of these, study tables areas is projected to drive the rooms or less; about 16% live in The Government of India has
housing and commercial USA. Despite being the market and tables segment accounted for demand for furniture over the single-room homes. planned to offer H1.68 lacs
construction activities, coupled leaders, their export growth is the largest share in the India WFH foreseeable future. crores to 10 sectors including
Commercial growth: India’s office
with the rising disposable income much slower when compared to furniture market in 2020. The furniture in order to boost the
Growing replacement demand: furniture segment caters to the
has been some of the key drivers the growth rates of the developing Indian WFH furniture market is domestic manufacturing sector
The standard of living of the people commercial and office spaces and
of growth of the Indian furniture economies like Vietnam and India. estimated to have reached a value of the country. (Source: The wire,
has been constantly improving as consequent office space demand
industry. The average revenue per of USD 2.22 billion in FY21 and is Economic Times, IBEF)
One of the biggest game-changers a result of the rising disposable leading to the sustained growth of
user is also projected to reach USD projected to reach USD 3.49 billion income; more people are adopting the country’s furniture industry.
for the industry was the sudden
13.67 by 2025. by FY26. (Source: TPCI, Globe
emergence of the Indian work-
News Wire, Indianretailer.com)

Financial analysis
Indian work-from-home furniture segment
The Indian work from home material, by distribution channel furniture retail outlets. Out of The financial statements of by 690 basis points from 4.9% in Company remained unchanged
(WFH) furniture market is and by region. On the basis of these segments, other furniture the Company were prepared FY2019-20 to 11.8% in FY2020- at H52 crores as on March 31, 2021
expected to grow from a type, the market is divided into retail outlets make up for more in accordance with Indian 21 due to proper utilisation of comprising investment in equity
projected $2.22 billion in FY2021 sofa, study table & tables, chairs, than 70% of the market share Accounting Standards (Ind AS) as capital in business by generating share capital in the Singapore
to $3.49 billion by FY2026, beanbag, pouffe, ottoman, in the Indian WFH furniture prescribed under Section 133 of significant increase in volumes. subsidiary.
mainly due to a rising number storage, recliners and others. market in FY2020. However, the Companies Act, 2013 read with
The net worth of the Company Working capital management
of companies providing an Study tables & tables segment during the forecast period, the Rule 3 of the Companies (Indian
increased by 11% from H697 Current assets of the Company
option of doing work from home accounted for the largest share in share of other furniture retail Accounting Standards) Rules, 2015
crores as on March 31, 2020 to increased by 13% from H315 crores
to their employees, added by the Indian WFH furniture market outlets segment is expected to as amended by the Companies
H773 crores as on March 31, 2021 as on March 31, 2020 to H354 crores
growing number of IT companies in FY2020, followed by chairs, decline on account of increasing (Indian Accounting Standards)
owing to an increase in reserves as on March 31, 2021 owing to
adopting cloud based solutions. and both of these segment would focus of companies to make Amendment Rules, 2016.
and surpluses. The Company’s the growing scale of business of
Consumer preference for good continue to dominate the market their products reach exclusive Analysis of the profit and loss equity share capital comprising the Company. The Current Ratios
and premium quality products, during the forecast period. In showrooms, supermarkets statement 12,26,27,395 equity shares of Re. 1 of the Company stood at 1.25 in
increasing urban population, terms of material, the market is & hypermarkets, and online each, remained unchanged during FY2020-21 compared to 1.06 in
Revenues: Revenues from
growing internet connectivity segmented into wood, plastics, channels across the country. the year under review. FY2019-20.
operations reported a 20% growth
and rising disposable income metal and others. The wood
Some of the significant players from H830 crores in FY2019-20 The long-term debt of the Inventories, including raw
have been few other factors to segment grabbed the majority
operating in the Indian WFH to reach H1000 crores in FY2020- Company decreased by 10% to H425 materials, work-in-progress and
positively influence the market. market share in the Indian WFH
furniture market currently are 21. Other operating income of the crores as on March 31, 2021 from finished goods, among others,
Change in lifestyle of consumers, furniture market in FY2020,
Godrej & Boyce Manufacturing Company reported a 33% de- H470 crores as on March 31, 2020, decreased by 3% from H154 crores
especially after the spread of followed by metal and plastic
Company Limited, Nilkamal growth, mainly on account of GST owing to the timely repayment of as on March 31, 2020 to H149
pandemic are some other major segments.
Limited, IKEA India Private budgetary support that existed till loans. The Company repaid long- crores as on March 31, 2021. The
drivers of the WFH furniture
In terms of distribution channel, Limited, Haworth India Private March 2020. term loans of H49 crores. Short- inventory cycle improved from
market in India.
the Indian WFH furniture Limited, Durian Industries term borrowings comprising 68 days of turnover equivalent in
Expenses: Total other expenses
The Indian work from home market is divided into exclusive Limited, among others. working capital loans decreased FY2019-20 to 55 days of turnover
of the Company increased by 4%
(WFH) furniture market is showrooms, supermarkets/ from H73 crores as on March 31, equivalent in FY2020-21.
(Source: Globenewswire) from H250 crores in FY2019-20
categorised into by type, by hypermarkets, online and other 2020 to H16 crores as on March 31,
to H261 crores in FY2020-21 due Growing business volumes
to increase in business volume 2021 due to 20% growth in topline.
resulted in an increase of 10% in
by 20%. Raw material costs, The debt-equity ratio of the
trade receivables from H71 crores as
Company overview accounting for a 46% share of the Company stood at 0.57 in FY2020-
on March 31, 2020 to H78 crores as
Company’s revenues increased by 21 compared to 0.78 in FY2019-20.
on March 31, 2021. More than 95%
Greenpanel Industries Limited Highlights The Company’s MDF plant
21% from H382 crores in FY2019- Finance costs of the Company of the receivables were considered
is the largest MDF and allied invested in state-of-the-
Greenpanel MDF provides superior 20 to H462 crores in FY2020- decreased by 26% from H48 good. The Company contained its
products manufacturers in India art German technology
density resulting in increased 21, owing to an increase in the crores in FY2019-20 to H35 crores debtors’ turnover cycle within
with a 27% share of the organised (Dieffenbacher).
product width, translating into operational scale of the Company. in FY2020-21 following the 28 days of turnover equivalent in
market. The Company offers a
better durability. The products from Greepanel’s Employees expenses accounting repayment of long-term debts and FY2020-21 compared to 31 days in
range of panel products, including
MDF plant address the ‘A-GRADE’ for an 9% share of the Company’s reduction of working capital loans. FY2019-20.
MDF, wood floors, plywood, block The Company invested in
benchmark, higher than revenues remained unchanged at The Company’s interest cover
boards, veneers and doors, etc. initiatives that moderated wastage Cash and bank balances of the
competition. H93 crores in FY2019-20 and in stood at 5.89 in FY2020-21 (2.88 in
on account of an optimum Company increased by 641% from
FY2020-21. FY2019-20).
Our MDF segment utilisation of raw materials, The Company engaged in H10 crores as on March 31, 2020
A gradual shift in consumer reduced rejects and enhanced aggressive clonal propagation Analysis of the Balance Sheet Applications of funds to H72 crores as on March 31, 2021
sentiment was noticed in MDF capacity utilisation. to secure raw material access Sources of funds Fixed assets (gross) of the on account of increase in business
which is 55% cheaper than from within 100 km. from its The capital employed by the Company increased by 0.8% from volumes and efficient working
The Company manufactured and
plywood and 30% cheaper than manufacturing units. Company reduced to H1,220 crores H1,381 crores as on March 31, 2020 capital management.
supplied single-core doors before
mid-segment plywood. graduating to double core doors The Company’s operations are as on March 31, 2021 compared to to H1392 crores as on March 31,
Margins
(with an additional upper layer benchmarked around sustainable H1,252 crores as on March 31, 2020, 2021. Depreciation on tangible
Greenpanel’s manufacturing unit Even with an increase in revenues
that increases product longevity) manufacturing practices. due to prudent working capital assets decreased by 2% from H61
at Uttarakhand was functional for by 20%, gross margins for
management. Return on capital crores in FY2019-20 to H60 crores
15 years before its demerger from The Company has an active kaizen FY2020-21 were constant at 54%
employed, a measurement of in FY2020-21
Greenply. Greenpanel products culture, engaging everyone from compared to FY2019-20 even with
returns derived from every rupee
have been leaders in terms of the CEO to assembly line workers. Investments increase in raw material costs. The
invested in the business, increased
quality. Non-current investments of the EBITDA margin of the Company

increased by 420 basis points from in Rudrapur is one of the most remains unharmed even after
Our IT initiatives
16.5% in FY2019-20 to 20.7% advanced in India the finished product has been
while the net profit margin of the extensively used. SD WAN Implementation: This will see the Greenpanel logo next their scheme eligibility based on
It works closely with our trade
Company increased by 560 basis increases application performance to their incoming email in their available slabs. Payment Collection
partners, engaging in uniform It started using Southern Yellow
points from 2.0% in FY2019-20 to and delivers a high quality user inbox and enhances safety. This Automation helps the company to
pricing for dealers Pine in blockboards, increasing
7.6% in FY2020-21. The EBITDA experience by using a centralised makes it easy to identify spam and minimize manual payment posting
product density and weight (from
margin and net profit margin It arranged engagement control function to securely and phishing messages and keep them errors and provide better service.
around 25 kgs to 32 kgs)
increased primarily due to surge programmes with architects, intelligently direct traffic across out of Users’ inboxes. Credit Note Automation makes it
in business volumes, superior carpenters and influencers It operates pan-India; we are the WAN. This further results in possible to automatically generate
SAP application: By implementing
product mix and reduction in among the top players in the increased business productivity credit notes in SAP without manual
It conducted in-house Order Collection Platform,
wastage. plywood sector and minimised downtime. intervention. The implementation
educational programmes to customers will be able to place
of BI Reports helps users access
Our plywood segment enhance product portfolio It works with an active pool of DMARC / BIMI Implementation: orders online, download invoices
data on real-time basis.
awareness product influencers through the By Implementing BIMI, recipients and account statements and check
The Company scaled the business
digital media
by reaching out to 600+ dealers Strengths
Its products are available in 209 The Company uses 100% compost It is engaged in periodic shop-
core stitched into plywood meets where its products are Human resources
cities and towns
products, so that its bonding showcased to prospective buyers
Greenpanel’s human resource with employees by providing an industry; it creates leaders from
Its plywood manufacturing unit
practices helped reinforce market enriched workplace, challenging within, strengthening prospects.
leadership. The Company invested job profile and regular dialogues As on March 31, 2021, the
in formal and informal training with the management. The Company’s employee base stood
Key numbers as well as on-the-job learning. Company enjoys one of the highest at 1816.
Particulars FY2019-20 FY2020-21 It emphasised engagements employee retention rates in the
EBITDA/Turnover (%) 16.5% 20.7%

Debt-equity ratio 0.78 0.57
Our HR Initiatives
Return on equity (%) 2.3% 9.8%
A 9 Box Matrix was implemented critical talent, implemented PIP e-magazine (Panel Talk and U
Book value per share (H) 56.8 63.1 by the company for the entire Process for smooth exits, issued Share Green Care).
Earnings per share (H) 1.32 6.21 organization (Performance versus Smart ID cards in the COVID-19
Debtors Turnover (days) 31 28 Potential Matrix). It identified environment and relaunched its
Inventory Turnover (days) 68 55

Interest Coverage Ratio 2.88 5.89 Sustainability
Current Ratio 1.06 1.25
The Company remains focused focuses on reducing unsustainable modern manufacturing resources,
Gross Profit Margin (%) 54% 54% on its long-term goal to environmental footprint, practices sound methodologies and a
Net Profit Margin (%) 2.0% 7.6% create an operational model of conservation and a moderated heightened sense of awareness to
revolving around economic and consumption of resources. The achieve the target.
environmental sustainability. Company uses proactive measures,
Greenpanel’s operational model considerable investments in
Information technology
At Greenpanel, IT is viewed implemented business intelligence conferences through Microsoft
as a key business enabler. The tools to analyze data and create Teams amid the Covid pandemic Internal control systems and their adequacy
Company invested significantly data visibility for informed and plans to go ahead with this
in information technology. decision-making. Greenpanel is culture to minimize travel and Strong internal control procedures effectiveness and application and regulations, and the protection
Greenpanel invested in the SAP using data leakage prevention to administration costs. are implemented by the Company thereafter. The Company’s internal of the Company’s assets. This is
HANA platform to derive real- secure data. The Company is now in order to commensurate with control system is designed to to timely identify and manage
time data analysis. Greenpanel adopting e-meetings over video its size and operations. The ensure management efficiency, the Company’s operational,
guidelines are set by the Board measurability and verifiability, compliance-related, economic and
of Directors who are responsible reliability of accounting and financial risks.
for the internal control system. management information,
They verify its adequacy, compliance with all applicable laws

Risk management
Greenpanel’s risk management the management to evaluate the capacity and sentiment could turn Profile of the
Board of Directors
process aims at ensuring risk and mitigate it to achieve out to be major factors affecting
that management takes risk- corporate targets and value. sectors related to Greenpanel’s
informed decisions, with business like real-estate, furniture
The economic effects of the
adequate consideration put into retail, carpentry, hotel and
coronavirus pandemic turned
actual and prospective risks, hospitality, interior decoration
out to be the furniture industry’s
including medium and long- firms, architecture firms etc.
biggest risk faced in 2020. The
term ones, within the framework No clear guideline to mitigate
lockdown affected the business Mr. Shiv Prakash Mittal
of a comprehensive vision. All such unforeseen risks has been
severely causing major risks to Executive Chairman
management and functional prescribed, even as the Company
the company (exports, retail, raw
levels as well as project areas are expects to rebound following He holds a Bachelor’s degree Limited. He was associated with production and marketing in
material procurement, capacity
strengthened by the company’s changes in trade and operational in Science from the University Kitply Industries Limited for plywood, laminates, MDF and
utilisation and distribution
risk management policy to help strategies. of Calcutta. He was one of the 21 years. He has over 30 years allied products.
network). Decline in consumer
founders of Greenply Industries of experience in the fields of
Cautionary statement Mr. Shobhan Mittal

This statement made in this and estimations which may be securities laws and regulations. Managing Director & CEO
section describes the Company’s ‘forward-looking statements’ He holds a Bachelor’s degree in of experience in Business and Chittoor. After successfully
objectives, projections, expectation within the meaning of applicable Business Administration and Administration and Marketing streamlining the Pantnagar unit,
was Joint Managing Director Strategy. He was instrumental he is involved in streamlining
& CEO of Greenply Industries in setting up of the MDF units operations at the Chittoor unit.
Ltd. He possesses over 10 years of the Company at Pantnagar
Mr. Salil Kumar Bhandari

Independent Director
He is FCA qualified and graduated in New Delhi. Earlier he held a Managing Committee member
from Shri Ram College of positions in various organisation: at ASSOCHAM. He was a Member
Commerce, Delhi University, Former President of the PHD of Advisory Committee, Dept. of
and has a Diploma in Business Chamber of Commerce & Company Affairs, Govt. of India.
Administration from the All Industry, Chairperson of Society Presently, Mr. Bhandari, besides
India Council for Management for Integrated Development being on the Board of Indian
Studies, Chennai. He is Founder of Himalayas and Child Fund Institute of Management, Indore,
and Managing Partner of BGJC India Member of Task Force – also holds Directorships in several
& Associates LLP, an audit and Commission on Centre State companies and their statutory
management consulting firm Relations, Govt. of India. He was committees.
Mr. Arun Kumar Saraf

He is a Chartered Accountant by Income Tax-related matters for Director in Loyalie IT-Solutions
qualification, has been practicing over 250 companies across Kolkata, Private Limited.
as a Tax Consultant for over 33 Bangalore and Mumbai. Besides,
years. He had been managing he has also been appointed as a

Mr. Mahesh Kumar Jiwrajka
He belonged to the Indian Forest issues dealing with various aspects He was Member Secretary, Central
Service, Maharashtra Cadre (March of environment, he also held the Empowered Committee, constituted
1, 1977 to March 31, 2009) and following positions: Member by the Hon’ble Supreme Court of
took voluntary retirement from Secretary, High Power Committee India (May 9, 2002 to 2016). He
March 31, 2009. Among various for the North Eastern Region, was Member, CAMPA, constituted
positions, he also was the Inspector constituted by the Hon’ble Supreme by the Hon’ble Supreme Court
General of Forests & Head North- Court of India (1998 to 2016). (May 2005 to 2016). Presently, Mr.
East Cell, Ministry of Environment He was a member of the Special Jiwrajka is the proprietor of SRDA
& Forests, Government of India. Investigation Team, Constituted Advisory Services, specializing in
In his many years of experience, by the Hon’ble Supreme Court of financial, legal and environment
besides handling various important India (February 13, 2000 to 2016). consultancy.
Ms. Sushmita Singha

She is a post graduate in English several social organisations of Tourism, Government of India.
from the Patna University, has done and Government initiatives: She is a Former Member of the State
a Diploma in Urban Town Planning Former Secretary General of the Supervisory Board, Department
from the Human Settlement PHD Chamber of Commerce & of Health, Government of Uttar
Management Institute, New Delhi, Industry and Former Member of Pradesh. She received awards from
as well as a certification course the UN Task Force-Millennium the Islamic Republic of Afghanistan
in Enhancement of Managerial Development Committee for Water as well as Sri Lanka. She is also
Capability from the Indian Institute and Sanitation. She has been a on the Advisory Board of BJGC
of Management, Lucknow. Member of the Task Force on & Associates LLP. Presently, Ms.
Besides holding Directorships Tenancy Rights, Ministry of Urban Sushmita Singha is associated with
in several companies and their Development, Government of India. NGOs like My Anchor Foundation,
committees, Ms. Singha has She was a Member of the National Sapna NGO, and INTACH etc. in
also been actively involved in Tourism Advisory Council, Ministry various capacities.

Corporate overview Statutory statements Financial statements
Directors’ Report projects, offices and home builders. Your Company

continues to focus on having a comprehensive product
range, servicing clients at every point of the price
An increasing shift towards the organised sector is
foreseen in the industry. Growing customer awareness,
brand consciousness and a plethora of choices at
For financial year 2020-21 spectrum and to retain and reinforce its market share the disposal of consumers is encouraging product
under organised sector with a pan-India distribution innovation and quality focus from the organised
network. Your Company is continuously expending players. However, high price differentiation between
its dealer network at different parts of country and is the unorganised and organised segment persists.
present across different price points to cater to the needs
Indian furniture industry is one of the largest furniture
of all customers across the high-end, mid-market and
markets in the world. It is primarily driven by a
value-for-money segments. The Company’s pan-
rising national population, substantial middle-class
India distribution network ensures easy availability of
population, rapid urbanisation, growing replacement
products in almost every part of India.
demand, Real Estate growth, Commercial Growth,
IMPACT OF COVID-19 favourable demographics, increasing per capita
income, improving lifestyle, and growing nuclear
The Second wave of COVID-19 has hit the country like
families. This will encourage strong demand growth
tsunami and has badly affected the human life, medical
for plywood, MDF and allied products. Reconstituted
facilities and economy of the Country. The situation
Your Directors have pleasure in presenting their 4th Annual Report on the business and operations of the Company wood products, such as plywood, board and medium
became grave in April 2021 resulting lockdown by many
along with the Audited Accounts of the Company for the Financial Year ended March 31, 2021. density fibreboards are likely to be used increasingly
states governments in India. The sudden spike of COVID
by consumers, real estate developers, furniture
Financial highlights cases pushed the Indian Economy into a technical
makers, hospital, railways, defence and hospitality
recession due to deadly pandemic wave.
The financial performance of your Company, for the year ended March 31, 2021 is summarised below: industries are among other users. Innovations and use
(H in lacs) Employee safety remained the Company’s priority. of technology shall help the wood industry to grow
Employees of the Company were allowed to work from profitably, and leverage opportunities in the future.
Particulars 2020-21 2020-21 2019-20 2019-20
home during the lockdown. The Company has taken The current pandemic situation fueled work from home
Standalone Consolidated Standalone Consolidated various measures to control COVID-19 at its plants and furniture market. Going forward, there is an increasing
Revenue from Operations 1,01,997.40 1,02,075.54 85,979.39 87,656.62 workplaces such as sensitization, thermal and oxygen shift being witnessed towards the organised sector
Profit before finance charges, Tax, 20,739.91 20,681.31 13,733.24 14,000.26 level checking of employees reporting for duty. The owing to brand and quality awareness. With wider
Depreciation/Amortization (PBITDA) Company has provided adequate Group Mediclaim choice, product innovation and warranty, being offered
Less: Finance Charges 3,520.08 3,721.00 4,766.74 4,828.94 Insurance cover for treatment of employees and their by organised players, customers are putting more focus
dependent family members. Proper Social distancing is on this segment.
Profit before Depreciation/Amortization 17,219.83 16,960.31 8,966.50 9,171.32
being maintained in all the offices and production units
(PBTDA) Your Directors are confident of achieving better results
of the Company.
Less: Depreciation 6,386.61 6,863.17 6,537.86 6,916.54 in the coming years.
Outlook and expansion
Net Profit before Exceptional items and Tax 10,833.22 10,097.14 2,428.64 2,254.78 Subsidiary and Joint Venture
Exceptional items - - 1,083.74 1,083.74 The Company’s outlook remains favourable on account
As on March 31, 2021, your Company has one overseas
of its product integration capabilities, increasing brand
Net Profit before Tax (PBT) 10,833.22 10,097.14 1,344.90 1,171.04 wholly owned subsidiary viz. Greenpanel Singapore
visibility, market and dealership expansion and the
Provision for tax / Tax expenses 3,216.30 3,216.30 (275.02) (275.02) Pte. Ltd., Singapore, engaged in the business of trading
continuous support from its stakeholders. Wood panel
and marketing of panel products, wooden flooring &
Profit/(Loss) after Tax (PAT) 7,616.92 6,880.84 1,619.92 1,446.06 market is one of the major verticals of the interior
allied products.
Balance brought forward from earlier year 6,027.48 4,898.31 4,407.56 3,452.25 infrastructure, comprising materials used in building
Balance carried to Balance Sheet 13,644.40 11,774.15 6,027.48 4,898.31
furniture. Such materials include plywood, engineered Change(s) in the nature of business
wood panels and decorative surface products. Your
There has been no change in the nature of business of
Company is currently operating primarily in the
the Company during the year under review.
Result of operations and the state of continuously trying to locate new export markets for its structural sphere of interior infrastructure domain
products and see good potential for growth in the exports with almost all the products in its basket catering to Consolidated financial statements
Company’s affairs
business. As per the consolidated financial statements, the structural needs of the customers. The demand for
During the year under review, your Company has For the period under review, the Company has
the revenue from operations and profit after tax for readymade furniture, manufactured with engineered
achieved revenue from operation of H101,997.40 lacs as consolidated the financial statements of its wholly
the financial year 2020-21 were H102,075.54 lacs and panels like medium density fibreboards (MDF), is
against H85,979.39 lacs in the previous year, resulting owned subsidiary viz. Greenpanel Singapore Pte. Ltd.,
H6,880.84 lacs, respectively as against H87,656.62 lacs growing. Demand for personalised furniture / MDF
increase in revenue by 19% compared to previous year. Singapore. In accordance with third proviso of Section
and H1,446.06 lacs, respectively in the previous year, product is expected to rise due to increase of work
Profit after tax for the financial year 2020-21 was 136(1) of the Companies Act, 2013, the Annual Report
resulting increase in consolidated revenue and profit from home facilities being provided by IT and other
H7616.92 lacs as against H1,619.92 lacs in the previous of the Company, containing therein its standalone and
by 16% and 376% respectively, compared to previous companies. The real estate industry is one of the most
year, resulting increase in profit by 370% compared to the consolidated financial statements has been placed
year. significant growth drivers for the plywood sector and
previous year. on the website of the Company, www.greenpanel.
The Company has pioneering presence in India and has the demand of Company’s products is expected to
com. Further, as per fourth proviso of the said section,
Exports during the year 2020-21 was H11,986.12 lacs played a missionary role in creating a pan India market surge after resumption of work in stalled projects. Your
audited annual accounts of the subsidiary company has
as against H13,633.88 lacs during the previous year, for MDF products. Being the leader in producing and company is also focused on the value-added products
also been placed on the website of the Company, www.
resulting decrease in export by 12% due to COVID-19 dealing in MDF products your Company is the preferred to improve the margin.
greenpanel.com. Shareholders interested in obtaining a
and adverse market situation. Your Company is partner of choice for a large number of real estate

copy of the audited annual accounts of the subsidiary independence as provided in Section 149(6) of the yy Attendance and active participation in the Board yy Effectiveness of inside and outside Board
company may write to the Company Secretary at the Companies Act 2013 and Regulation 16 of the SEBI Meetings and Meetings of Members of the Company relationship
Company’s registered office. Pursuant to Section (Listing Obligations and Disclosure Requirements)
yy Whether difference of opinion was voiced in the yy Responding to the problems or crisis that have
129(3) of the Companies Act 2013 read with Rule 5 of Regulations, 2015.
meeting emerged
the Companies (Accounts) Rules, 2014, A statement
containing salient features of the financial statements Meetings of the Board of Directors yy Assistance in implementing corporate governance yy Updation with latest developments in regulatory
of subsidiary in form AOC -1 is annexed to this Report. Five (5) Board Meetings were held during the financial practices environments and the market in which the
year ended March 31, 2021. The details of the Board Company operates
Credit Rating yy Review of integrity of financial information and
Meetings about their dates and attendance of each
risk management yy Role and functioning of the Board on the matters
Our strong commitment towards financial discipline of the Directors thereat have been provided in the
and continuous performance growth has also Corporate Governance Report. yy Updation of skills and knowledge yy Framing Policies and procedures for statutory
translated into upgrade in our external credit rating compliance, Internal Financial Control and
Performance Evaluation yy Information regarding external environment
by CARE Ratings Limited for long term bank facilities safeguard the interest of the Company
from “CARE BBB+” to “CARE A-” with stable outlook Pursuant to the provisions of the Companies Act, 2013 yy Raising of concerns, if any, to the Board
The Directors have expressed their satisfaction with
and for short term bank facilities from “CARE A2” to and other applicable provisions, the Independent
yy Ensures implementation of decisions of the Board the evaluation process.
“CARE A2+” with stable outlook. Directors in their meeting held on January 27, 2021
have evaluated the performance of Non-Independent yy Ensures compliance with applicable legal and Familiarization Programme
Additionally, ICRA Limited assigned “ICRA A-” with regulatory requirements
Directors of the Company, Board as a whole and
stable outlook for long term bank facilities and “ICRA The details of the familiarization programme
assessed the quality, quantity and timeliness of flow yy Alignment of Company’s resources and budgets to
A2+” with stable outlook for short term bank facilities. undertaken during the year have been provided in the
of information between the Company’s Management the implementation of the organization’s strategic Corporate Governance Report along with the web link
Dividend and the Board. The Board has carried out the Annual plan thereof.
Performance Evaluation of the Directors individually
To conserve the resources of the Company, the Board yy Creativity and innovations in creating new products
as well as evaluation of the working of the Board as a Auditors and their report
has not recommended any dividend for the financial
whole. The criteria for evaluation are outlined below: yy Understanding of the business and products of the (i) Statutory Auditor:
year 2020-21.
Company The Shareholders of the Company at their 1st Annual
a. For Non Executive Independent Directors:
Transfer to Reserves General Meeting held on August 28, 2018 had approved
yy Knowledge and Skills c. For Committees of the Board:
Your Directors do not propose to transfer any amount appointment of M/s. S.S. Kothari Mehta & Co., Chartered
to General Reserve. yy Professional conduct yy Adequate and appropriate written terms of Accountants (ICAI Firm Registration No. 000756N) as
reference the Statutory Auditors of the Company to hold office for
Change in Share Capital yy Duties, role and functions
yy Volume of business handled by the committee set a term of 5 (five) consecutive years from the conclusion
During the year under review, there was no change in yy Rendering independent and unbiased opinion and at the right level. of 1st Annual General Meeting, until the conclusion
Share Capital of the Company. judgements of the 6th Annual General Meeting to be held in the
yy Whether the committees work in an ‘inclusive’
yy Attendance and active participation in meetings of calendar year 2023.
Directors and Key Managerial Personnel manner
Board The Statutory Auditors’ Report on the Standalone and
In accordance with the provisions of the Companies Act, yy Effectiveness of the Board’s Committees with
2013 and the Articles of Association of the Company, yy Assistance in implementing corporate governance Consolidated Financial Statements of the Company for
respect to their role, composition and their
Mr Shiv Prakash Mittal [DIN: 00237242] Executive practices the financial year ended March 31, 2021 forms part of
interaction with the Board
Chairman, shall retire by rotation at the ensuing Annual this Annual Report. The Notes on Financial Statements
yy Updation of skills and knowledge yy Are the committees used to the best advantage referred to in the Auditors’ Report are self-explanatory
General Meeting and being eligible offers himself for
re- appointment. yy Information regarding external environment in terms of management development, effective and, therefore, do not call for further clarification.
decision, etc. There is no qualification, reservation, adverse remark or
None of the Directors of your Company is disqualified yy Understanding and assessment of Risk Management disclaimer by the Statutory Auditors in their Statutory
under the provisions of Section 164(2)(a) & (b) of the yy Attendance and active participation of each member
yy Raising of concerns, if any, to the Board Audit Report and hence, no explanation or comments
Companies Act, 2013 and a certificate dated May 7, 2021, in the meetings
of the Board is required in this regard.
received from M/s. T. Chatterjee & Associates, Company yy Study of agenda in depth prior to Meeting
yy Review of the action taken reports and follows up
Secretaries certifying that none of the Directors on (ii) Cost Auditor:
yy Contribution towards the formulation and thereon
the Board of the Company have been debarred or During the year under review, cost audit was not
implementation of strategy for achieving the goals
disqualified from the appointment or continuing of the Company d. For Board of Directors as a whole: applicable to the Company.
as Directors of the Companies by SEBI/Ministry of yy Setting of clear performance objectives and how (iii) Secretarial Auditor:
Corporate Affairs or any such statutory authority is b. For Executive Directors: well it has performed against them
annexed to the Corporate Governance Report. The Board of Directors of the Company at their
yy Performance as Member
yy Contribution to the testing and development and meeting held on August 06, 2020 had reappointed
Declaration by Independent Directors yy Working expertise strategy M/s. T. Chatterjee & Associates, Practicing Company
The Independent Directors of the Company i.e. Mr Salil Secretaries having office at 152, S.P. Mukherjee Road,
yy Evaluating Business Opportunity and analysis of yy Contribution to ensuring robust and effective risk
Kumar Bhandari [DIN: 00017566], Ms Sushmita Singha Kolkata-700026 for conducting the Secretarial Audit
Risk Reward Scenarios management
[DIN: 02284266], Mr Mahesh Kumar Jiwrajka [DIN: of the Company for the financial year 2020-21. The
07657748] and Mr Arun Kumar Saraf [DIN: 00087063] yy Professional Conduct and Integrity yy Composition of the board appropriate with the right Secretarial Audit Report in form MR-3 for the financial
have given their declarations to the Company for the mix of knowledge and skills sufficient to maximise year ended March 31, 2021 is annexed herewith as
yy Sharing of Information with the Board
financial year 2020-21 that they meet the criteria of performance in the light of future strategy “Annexure-III”

(iv) Internal Auditor: Stakeholders Relationship Committee business, including safeguarding of assets, prevention Related Party Transactions
The Board of Directors of the Company at their meeting and detection of frauds and errors, the accuracy and
As on March 31, 2021, the Stakeholders Relationship There are no materially significant related party
held on November 07,2019 had appointed M/S KRA & completeness of the accounting records and timely
Committee of the Company comprises of one Non- transactions made by the Company which may have
Associates, Chartered Accountant, having office at preparation & disclosure of financial statements.
Executive Independent Director viz. Mr Mahesh Kumar potential conflict with the interest of the Company.
FF-114, Vipul Business Park, Sohna Road, Sector-48, Review and control mechanisms are built in to ensure
Jiwrajka as Chairman and two Promoter Directors Related party transactions that were entered into during
Gurgaon-122009 as Internal Auditor of the Company that such control systems are adequate and operating
viz. Mr Shiv Prakash Mittal and Mr Shobhan Mittal as the year under review were on arm’s length basis and
to carry out internal audit of branches, offices and effectively.
members. The terms of reference of the Committee and were in ordinary course of business. The particulars of
manufacturing units of the Company. The Audit the details of the Committee meetings are provided in A report on the internal financial controls under clause material related party transactions which were entered
Committee periodically reviews the Internal Audit the Corporate Governance Report. (i) of sub-section 3 of Section 143 of the Companies Act, into on arm’s length basis are provided in Form AOC-2
Report. 2013 issued by M/s. S.S. Kothari Mehta & Co., Chartered as required under Section 134(3)(h) of the Companies
Vigil Mechanism Accountants (ICAI Firm Registration No. 000756N), Act, 2013 read with Rule 8(2) of the Companies
Audit Committee Pursuant to the provisions of Section 177(9) & (10) of the (Accounts) Rules, 2014 which is annexed herewith as
Statutory Auditors of the Company is attached with
As on March 31, 2021, the Audit Committee of Companies Act 2013 and the SEBI (Listing Obligations their Independent Auditor’s report and the same is “Annexure-II”. Further, suitable disclosure as required
the Company comprises of four Non-Executive and Disclosure Requirements) Regulations 2015, a Vigil self-explanatory. by the Accounting Standards (Ind AS 24) has been
Independent Directors viz. Mr Salil Kumar Bhandari Mechanism Policy, for Directors & employees to report made in the notes to the Financial Statements. The
as Chairman, Mr Mahesh Kr. Jiwrajka, Mr Arun Kumar genuine concerns has been implemented. The Policy Corporate Social Responsibility Board has approved a Policy for material related party
Saraf and Ms Sushmita Singha and one Executive- safeguard the whistle blowers to report the concerns or The Corporate Social Responsibility Committee transactions which has been uploaded on the website of
Promoter Director Mr Shiv Prakash Mittal as members. grievance and provides direct access to the Chairman has formulated and recommended to the Board, a the Company. The weblink is https://www.greenpanel.
The Committee inter-alia reviews the Internal Control of the Audit Committee. The Policy is available on the Corporate Social Responsibility Policy describing the com/wp-content/uploads/2021/04/Related-Party-
System, reports of Internal Auditors, compliance of website of the Company and the weblink of the same activities to be undertaken by the Company, which Transactions-Policy.pdf
various regulations and evaluates the internal financial has been provided in the Corporate Governance Report. has been approved by the Board and is available on
controls and risk management system of the Company. the Company’s website. The weblink is https://www. Corporate Governance Report
The Committee also reviews at length the Financial Extract of the Annual Return greenpanel.com/wp-content/uploads/2021/ 04/ A detailed Report on Corporate Governance for the
Statements and Financial Results before they are The extract of Annual Return as required under section Corporate-Social-Responsibility-Policy.pdf financial year 2020-21, pursuant to the SEBI (Listing
placed before the Board. The terms of reference of the 134(3)(a) of the Companies Act, 2013 read with Rule 12(1) Obligations and Disclosure Requirements) Regulations,
Committee and the details of the Committee meetings The composition of the Corporate Social Responsibility
of the Companies (Management and Administration) 2015 along with Auditor’s Certificate on compliance
are provided in the Corporate Governance Report. Committee is provided in the Annual Report on CSR
Rules, 2014 in Form No. MGT-9, is annexed to this with the conditions of Corporate Governance is annexed
Activities. The Average Net Profits of the Company
Report as “Annexure-V”. to this report.
Nomination and Remuneration for the last three financial years is H760.25 lacs and
Committee Material changes and commitments accordingly the prescribed CSR expenditure during Management Discussion and Analysis
the year under review shall not be less than H15.21 lacs
As on March 31, 2021, the Nomination & Remuneration There have been no material changes and commitments Report
(i.e. 2% of the Average Net Profits of the Company for
Committee of the Company comprises of three Non- affecting the financial position of the Company since The Management Discussion and Analysis Report
the last three financial years). During the year under
Executive Independent Directors viz. Mr Salil Kumar the close of financial year i.e. since March 31, 2021 and for the financial year 2020-21, pursuant to the SEBI
review the Company spent an amount of H18.63 lacs on
Bhandari as Chairman, Mr Mahesh Kumar Jiwrajka to the date of this report. (Listing Obligations and Disclosure Requirements)
its CSR activities as against H15.21 lacs required under
and Ms Sushmita Singha as members. The terms of Regulations, 2015 is given as a separate statement in
reference of the Committee and the details of the
Significant and material orders passed Section 135 of the Companies Act, 2013, which shows
its commitment towards social welfare over and above the Annual Report.
Committee meetings are provided in the Corporate by the Regulators / Courts / Tribunals
the legal requirements. The Annual Report on CSR
Governance Report. The summary of Remuneration impacting the going concern status and CEO and CFO Certification
Activities is annexed as “Annexure-IV” to this Report.
Policy of the Company prepared in accordance with the the Company’s operations in future Pursuant to Regulation 17(8) of the SEBI (Listing
provisions of Section 178 of the Companies Act 2013
During the period under review, no significant and
Insurance Obligations and Disclosure Requirements) Regulations,
read with Part D of Schedule II of the SEBI (Listing 2015, the CEO and CFO certification as specified in Part
material order has been passed by any Regulators/ Your Company’s properties, including building, plant,
Obligations and Disclosure Requirements) Regulations, B of Schedule II thereof is annexed to the Corporate
Courts/Tribunals impacting the going concern status machineries and stocks, among others, are adequately
2015 are provided in the Corporate Governance Report. Governance Report.
and the Company’s operation in future. insured against risks.
This Policy applies to all the “Executives” of the
Company and extends to the remuneration of Non- Internal financial controls Loans, Guarantees or Investments under Code of Conduct for Directors and Senior
Executive Directors, including principles of selection of
Your Company has, in all material respects, an Section 186 of the Companies Act, 2013 Management Personnel
the Independent Directors of the Company. The Board The Code of Conduct for Directors and Senior
adequate internal financial controls system over The Company has not granted any loans/advances,
of Directors has adopted the remuneration policy at Management Personnel has been uploaded on the
financial reporting and such internal financial controls given guarantees and made investments during the
the recommendation of the Committee. This Policy website of the Company. The Managing Director &
over financial reporting are operating effectively based year under review under the provisions of Section 186
shall be valid for all employment agreements entered CEO of the Company has given a declaration that all
on the internal control over financial reporting criteria of the Companies Act, 2013.
into after the approval of the Policy and for changes Directors and Senior Management Personnel concerned
established by the Company considering the essential
made to existing employment agreements thereafter.
components of internal control. Your Company had laid Deposits has affirmed compliance with the Code of Conduct
The Remuneration Policy is uploaded on the website of with reference to the financial year ended on March
down guidelines, policies, procedures, and structure During the financial year 2020-21, the Company did
the Company. The weblink is https://www.greenpanel. 31, 2021. The declaration is annexed to the Corporate
for appropriate internal financial controls across not invite or accept any deposits from the public under
com/wp-content/uploads/2019/08/Remuneration- Governance Report.
the company. These control processes enable and Section 76 of the Companies Act, 2013.
Policy.pdf.
ensure orderly and efficient conduct of the Company’s

Disclosure regarding compliance of Fraud Reporting Annexure to the Director’s Report

applicable Secretarial Standards There have been no frauds reported by the Auditors of ANNEXURE -I
the Company to the Audit Committee or the Board of
Form AOC-1
The Company has complied with all the mandatory
applicable secretarial standards issued by The Institute Directors under sub-section (12) of section 143 of the
of Company Secretaries of India and approved by Companies Act, 2013 during the financial year 2020-21.
Statement containing salient features of the financial statement of Subsidiaries/Associate Companies/Joint Ventures
the Central Government under Section 118(10) of the
Constitution of Internal Complaints [Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014]
Companies Act 2013.
Committee
Conservation of energy, technology Pursuant to the requirement under Sexual Harassment
absorption, foreign exchange earnings of Women at Workplace (Prevention, Prohibition and
and outgo Redressal) Act 2013, an Internal Complaints Committee Part “A”: Subsidiaries (H in lacs)
has been duly constituted by the Company and the
The information required under section 134(3)(m) 1. Name of the subsidiary Greenpanel Singapore Pte. Ltd., Singapore
composition of the same is disclosed in the Policy on
of the Companies Act, 2013 read with Rule 8(3) of the 2. Reporting period for the subsidiary 01.04.2020 - 31.03.2021
Prevention of Sexual Harassment at Workplace, which
Companies (Accounts) Rules, 2014, is annexed to this
is uploaded on the website of the Company under the 3. Reporting currency and Exchange rate as on the last date of USD / INR = 73.1050
Report as “Annexure -VI”.
weblink https://www.greenpanel.com/wp-content/ the relevant Financial year
Directors’ Responsibility Statement uploads/2020/08/POSH_Policy_Greenpanel.pdf 4. Share Capital 5,665.64
In terms of provisions of Section 134(3)(c) read with Disclosures under Sexual Harassment 5. Reserves & Surplus 4,728.87
Section 134(5) of the Companies Act, 2013, your
directors state that:
of Women at Workplace (Prevention, 6. Total Assets 3,441.10
Prohibition & Redressal) Act, 2013 7. Total Liabilities 2,504.33

(i) in the preparation of the annual financial 8. Investments Nil
No case was filed under the Sexual Harassment of
statements for the financial year ended March 31,
Women at Workplace (Prevention, Prohibition & 9. Turnover 1,250.34
2021, the applicable accounting standards have
Redressal) Act, 2013 during the year under review. 10. Profit / (Loss) before taxation (including Other (726.30)
been followed along with proper explanation
Comprehensive Income)
relating to material departures, if any; Particulars of employees
11. Provision for taxation Nil
(ii) the directors have selected such accounting policies The information required under section 197(12) of the
and applied them consistently and made judgments Companies Act, 2013 read with Rule 5(2) and 5(3) of 12. Profit / (Loss) after taxation (including Other (726.30)
and estimates that are reasonable and prudent so as the Companies (Appointment and Remuneration of Comprehensive Income)
to give a true and fair view of the state of affairs of Managerial Personnel) Rules, 2014 is annexed to this 13. Proposed Dividend Nil
the Company at the end of the financial year and of Report as “Annexure-VII”. 14. % of shareholding 100%
the profit of the Company for that period;
Acknowledgements
(iii) the directors have taken proper and sufficient Notes:
Your Directors place on record their sincere thanks and
care for the maintenance of adequate accounting 1. Names of subsidiaries which are yet to commence operations – None
appreciation for the continuing support of financial
records in accordance with the provisions of this
institutions, consortium of banks, vendors, clients, 2. Names of subsidiaries which have been liquidated or sold during the year – None
Act for safeguarding the assets of the Company
investors, Central Government, State Governments and
and for preventing and detecting fraud and other
other regulatory authorities. The Directors also place on Part B: Statement Pursuant to Section 129(3) of the Companies Act, 2013 related to
irregularities;
record their heartfelt appreciation for the commitment Associate Companies and Joint Ventures:
(iv) the directors have prepared the annual accounts on and dedication of the employees of the Company across The Company has no Associate or Joint Venture Company.
a going concern basis; all the levels who have contributed to the growth and
sustained success of the Company.
(v) the directors have laid down internal financial For and on behalf of the Board of Directors
controls to be followed by the Company and that
Shiv Prakash Mittal Shobhan Mittal
such internal financial controls are adequate and
were operating effectively and Executive Chairman Managing Director & CEO
(DIN: 00237242) (DIN: 00347517)
(vi) the directors have devised proper systems to ensure For and on behalf of the Board of Directors
compliance with the provisions of all applicable V.Venkatramani Lawkush Prasad
Shiv Prakash Mittal Chief Financial Officer Company Secretary & AVP-Legal
laws and that such systems were adequate and
operating effectively. Place: Kolkata Executive Chairman
Place: Kolkata
Date: May 14, 2021 DIN: 00237242
Date: May 14, 2021

Annexure to the Director’s Report Annexure to the Director’s Report

ANNEXURE -II ANNEXURE -III
Form No. AOC-2 SECRETARIAL AUDIT REPORT

[Pursuant to clause (h) of sub-section (3) of Section 134 of the Companies Act, 2013 FORM MR-3
and Rule 8(2) of the Companies (Accounts) Rules, 2014] (For the financial year ended March 31, 2021)
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
1. Details of contracts or arrangements or transactions not at arm’s length basis: Nil
2. Details of material contracts or arrangement or transactions at arm’s length basis are given below:
To, v) Secretarial Standards as prescribed by Institute of
Sr. Name(s) of the Nature of contracts Duration of Salient terms of the Date(s) of Amount
No. related party / arrangements / the contracts / contracts or arrangements approval by paid as
The Members of Company Secretaries of India.
and nature of transactions arrangements or transactions including the the Board, advances, Greenpanel Industries Limited
vi)
The following Regulations and Guidelines
relationship / transactions value, if any if any if any We have conducted the secretarial audit of the prescribed under the Securities and Exchange
1 Mr Shobhan Drawing of monthly Not Applicable Drawing of monthly 19.07.2019 Nil compliance of applicable statutory provisions and the Board of India Act, 1992 (‘SEBI Act’) to the extent
Mittal, remuneration from remuneration of SGD 30000 adherence to good corporate practices by Greenpanel applicable to the company.
Greenpanel Singapore Pte. (Singapore Dollar Thirty Industries Limited, CIN- L20100AS2017PLC018272
Managing a. The Securities and Exchange Board of India
Ltd., Singapore, wholly Thousand only) per month
(hereinafter called the Company). Secretarial Audit was
Director & CEO owned subsidiary of the from Greenpanel Singapore (Substantial Acquisition of Shares and
conducted in a manner that provided us a reasonable
Company, being office or Pte. Ltd., Singapore, wholly Takeovers) Regulations, 2011;
place of profit within the owned subsidiary (WOS) of
basis for evaluating the corporate conducts/statutory
meaning of Section 188(1) the Company compliances and expressing our opinion thereon. b. The Securities and Exchange Board of India
(f) of the Companies Act, (Prohibition of Insider Trading) Regulations,
Total Value of transactions Based on verification of the books, papers, minute
2013 read with Rule 15(3) of 2015;
(F.Y. 2020-21): SGD 3,60,000 books, forms, returns filed and other records
the Companies (Meetings of
maintained by the company, information provided by c. The Securities and Exchange Board of India
Board and its Powers) Rules,
the Company, its officers (including RTA), electronic (Issue of Capital and Disclosure Requirements)
2014.
records available in the official portal of the Ministry of Regulations,2018 and amendments from time
2 Greenpanel 1. Sale of goods. For the On mutually agreed terms 18.06.2020 Nil
Corporate Affairs www.mca.gov.in, portal of the Stock to time;
Singapore financial year sale value of up to H20 &
2. Purchase of goods. Exchanges, representation made by the Management
Pte. Ltd., 2020-21 crores, purchase value of 27.01.2021 d. The Securities and Exchange Board of India
Singapore, upto H10 crores, payment and considering relaxations granted by the Ministry of
3. Payment of Commission. (Issue and Listing of Debt Securities) Regulation
wholly owned of Commission of upto H20 Corporate Affairs and Securities and Exchange Board of
4. Investment in shares & 2008;
subsidiary crores, investment in shares India on account of global pandemic Novel Coronavirus
5. Payment of advance up to 3 lacs USD and payment (COVID 19), we report that in our opinion, the company e. The Securities and Exchange Board of India
commission against export of advance commission up to has during the audit period ended on March 31, 2021, (Registrars to an Issue and Share Transfer
sales. USD 3 lacs. complied with the statutory provisions listed hereunder Agents) Regulations, 1993;
3 Greenply Sale and purchase of goods. For the On mutually agreed terms sale 18.06.2020 Nil and also that the Company has proper Board-processes f. The Securities and Exchange Board of India
Industries financial year value of up to H20 crores and & and compliance-mechanism in place to the extent, (Share Based Employee Benefits) Regulation,
Limited 2020-21 Purchase of raw materials up 30.10.2020 in the manner and subject to the reporting made 2014. (not applicable to the listed entity during
to H5 crores hereinafter: review period)
4 Greenlam 1. Sale & Purchase of goods; For the On mutually agreed terms sale 18.06.2020 Nil
We have examined the books, papers, minute books, g. The Securities and Exchange Board of India
Industries financial year value of up to H20 crores and
2. Letting of Property forms and returns filed and other records maintained (Delisting of Equity Shares) Regulations, 2009;
Limited 2020-21 purchase value of up to H10
crores. by the company for the audit period ended on March 31, (not applicable to the Company during audit
2021 according to the provisions of: period) and
Receipt of License Fees/ Rent
of H5,000 per month i) The Companies Act, 2013 (the Act) and the rules h. The Securities and Exchange Board of India
5 Greenlam Letting of Property For the Receipt of License Fees/ Rent 18.06.2020 Nil made thereunder; (Buyback of Securities) Regulations 2018; (not
South financial of H5,000 per month ii) The Securities Contracts (Regulation) Act, 1956 applicable to the Company during audit period)
Limited year 2020-21 (‘SCRA’) and the rules made thereunder; vii)
Management of the Company represented us
iii) The Depositories Act, 1996 and the Regulations and that fiscal, labour, environmental laws and other
Bye-laws framed thereunder; Statutes which are applicable to such type of
For and on behalf of the Board of Directors companies, are generally complied.
iv) Foreign Exchange Management Act, 1999 and the
Shiv Prakash Mittal rules and regulations made thereunder to the extent viii) We have also examined compliance of the applicable
of Foreign Direct Investment, Overseas Direct clauses of the following:
Place: Kolkata Executive Chairman
Date: May 14, 2021 (DIN: 00237242) Investment and External Commercial Borrowings;

a. Secretarial Standards, Guidance Note issued by except meeting held at shorter notice and a system Annexure to the Director’s Report
The Institute of Company Secretaries of India exists for seeking and obtaining further information
ANNEXURE -IV
with respect to board and general meetings. and clarifications on the agenda items before the
b. The Listing Agreements entered into by the
meeting and for meaningful participation at the
meeting.
ANNUAL REPORT ON CORPORATE SOCIAL
Company with BSE Ltd and National Stock
Exchange Ltd read with the provisions of c) As per the minutes, the decisions at the Board
RESPONSIBILITY (CSR) ACTIVITIES
the Securities and Exchange Board of India meetings were taken unanimously. FOR THE YEAR ENDED MARCH 31, 2021
(SEBI) [Listing Obligations & Disclosure (Pursuant to clause (o) of Sub-section (3) of Section 134 of the Companies Act 2013 and Rule 9 of the Companies
We further report that there are adequate systems and
Requirements] Regulations 2015; (Corporate Social Responsibility Policy) Rules, 2014)
processes in the Company commensurate with the size
During the period under review the Company has and operations of the Company to monitor and ensure
complied with the provisions of the Act, Rules, compliance with applicable laws, rules, regulations and
Regulations, Guidelines, Standards, Listing Agreements guidelines.
etc mentioned above.
We further report that during the audit period, no
1. A brief outline of the Company’s CSR healthcare and sanitization and making available
We report that: events occurred which had bearing on the Company’s
safe drinking water;
affairs in pursuance of the above referred laws, rules, Policy, including overview of projects
a) The Company has made an application pursuant to
Section 196 read with Schedule V of the Companies
regulations, guidelines, standard etc. or programs proposed to be undertaken iii. Rural Development Projects
Act, 2013, for appointment of Mr Shobhan Mittal and a reference to the weblink to the CSR Web link to the CSR Policy of the Company
as Managing Director & CEO of the Company to the
For T.Chatterjee & Associates Policy and Projects or Programmes https://www.greenpanel.com/wp-content/
Central Government for its approval under SRN: uploads/2021/04/Corporate-Social-Responsibility-
Company Secretaries Brief outline of the CSR Policy
R16286213, dated 26-11-2019, approval is awaited. Policy.pdf
FRN No. - P2007WB067100 Greenpanel Industries Limited believes that as a
We further report that: Binita Pandey responsible corporate citizen, it has a duty towards 2. Composition of the CSR Committee
a) The Board of Directors of the Company is duly Partner the society, environment, and the Country where
The Committee members are as follows:
constituted with proper balance of Executive Place: Kolkata ACS: 41594, CP: 19730 it operates. The Company’s sense of responsibility
Date: May 7, 2021 UDIN: A041594C000254686 (which goes beyond just complying with operational i. Ms Sushmita Singha - Chairperson (Independent
Directors, Non-Executive Directors and
and business statutes) towards the community and Director)
Independent Directors. There were no changes in
This report is to be read with our letter of even date environment, both ecological and social, in which it
the composition of the Board of Directors during ii. Mr Shiv Prakash Mittal – Member (Executive
which is annexed as Annexure A and forms an integral operates is known as corporate social responsibility.
the period under review. Chairman)
part of this report. The Company recognises that by contributing towards
b) Adequate notice is given to all directors to schedule the same, it is not doing any philanthropy but is in fact iii. Mr Shobhan Mittal – Member (Managing Director
the Board Meetings, agenda and detailed notes on the very basis of doing sustainable profitable business. & CEO)
agenda were sent at least seven days in advance In view of the above the Company has formulated its
Corporate Social Responsibility Policy (“Policy”) with
3. Average net profit of the Company for
objective to integrate the business processes with social last three financial years:
‘Annexure A’ processes and to guide the Company and its people to H760.25 lacs
empathise with social activities also. The Company
To, of laws, rules and regulations and happening of believes that CSR Policy is the Company’s faith in 4. Prescribed CSR Expenditure (two
The Members of events etc. socially inclusive and sustainable business as the way percent of the amount as in item 3 above):
Greenpanel Industries Limited of doing business.
4. The compliance of the provisions of Corporate H15.21 lacs
Our report of even date is to be read along with this and other applicable laws, rules, regulations, Priority Projects
letter. standards is the responsibility of management. 5. Details of CSR spent during the
The Company has currently identified the following
1. Maintenance of secretarial record is the
Our examination was limited to the verification of
Priority Projects to be undertaken by the CSR
financial year:
procedures on test basis. i. Total amount to be spent for the financial year:
responsibility of the management of the company. Committee:
Our responsibility is to express an opinion on these 5. The Secretarial Audit is neither an assurance as to H15.21 lacs
i. Promoting education including special education
secretarial records based on our audit. the future viability of the company nor of the efficacy ii. Amount unspent, if any: NIL
and employment enhancing vocation skills
or effectiveness with which the management has
2. We have followed the audit practices and processes especially among children, women, elderly, and iii. Manner in which the amount spent during the
conducted the affairs of the Company.
as were appropriate to obtain reasonable assurance the differently abled and livelihood enhancement financial year 2020-21 is detailed below:
about the correctness of the contents of the projects;
For T.Chatterjee & Associates
Secretarial records. The verification was done on
Company Secretaries ii. Eradicating hunger, poverty and malnutrition,
test basis to ensure that correct facts are reflected
FRN No. - P2007WB067100 promoting healthcare including preventive
in secretarial records. We believe that the processes
and practices, we followed provide a reasonable Binita Pandey
basis for our opinion. Partner
Place: Kolkata ACS: 41594, CP: 19730
3. Where ever required, we have obtained the
Date: May 7, 2021 UDIN: A041594C000254686
Management representation about the compliance

Sr. CSR Project or Activity Sector in which the Projects or Amount Amount Cumulative Amount Annexure to the Director’s Report
No. identified Project is covered programs (1) outlay spent on the expenditure spent:
Local area (budget) projects or up to the Direct or ANNEXURE -V
or other (2) project or programs reporting through
Specify the
State and
program
wise
Subheads:
(1) Direct
period imple-
menting
Form No. MGT-9
district where expenditure agency *
projects or on projects or EXTRACT OF ANNUAL RETURN
programs was programs (2)
undertaken Overheads as on financial year ended on March 31, 2021
1 Mobile Medical Van Eradicating Healthcare H7,00,000/- Direct H7,97,221/- Direct [Pursuant to section 92(3) of the Companies Act, 2013 and rule 12(1) of the Companies
(MMV) to provide basic hunger, poverty Project for the period Expenditure:
diagnostic, medicine, and malnutrition, through Mobile 2020-21 H7,97,221/- (Management and Administration) Rules, 2014]
curative, referral and promoting preventive Medical Van
counselling services to health care and (MMV) in the
the rural population, with sanitation and making nearby villages
the aim of improving available safe drinking of Chittoor,
access to medical services water Andhra
in the remote areas as Pradesh I. REGISTRATION AND OTHER DETAILS:
well as raising the level
of awareness among CIN L20100AS2017PLC018272
the community towards
healthy and hygienic Registration Date December 13, 2017
living. Name of the Company GREENPANEL INDUSTRIES LIMITED
2 Infrastructure Promoting education, Pipliya, District H7,00,000/- Direct H7,47,293/- Direct
development and including special - Udham for the period Expenditure: Category / Sub-Category of the Company Public Company limited by shares
strengthening of education and Singh Nagar, 2020-21 H7,47,293/- Address of the Registered office and contact details Makum Road, Tinsukia – 786 125, Assam
education center at employment Uttarakhand
Primary Government enhancing vocation Phone No.- 033-40840600
School, Pipliya, Udham skills especially
Singh Nagar, Uttarakhand among children,
Fax No. 033-24645525
women, elderly, Whether listed company Yes
and the differently
abled and livelihood Name, Address and Contact details of Registrar and Maheshwari Datamatics Pvt. Ltd.
enhancement projects Transfer Agent, if any
3 Vocational Skill Promoting education, Gurgaon, Direct Direct
23, R.N. Mukherjee Road, 5th Floor, Kolkata - 700 001
H3,00,000/- H3,18,600/-
Development in the including special Haryana for the period Expenditure:
Phone No. 033-2248-2248
domain of Carpentry education and 2020-21 H3,18,600/-
employment E mail: mdpldc@yahoo.com
enhancing vocation
skills especially II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
among children,
women, elderly, All the business activities contributing 10% or more of the total turnover of the company shall be stated:
and the differently
abled and livelihood Sl. Name and Description of main NIC Code (2008) of the Product/ % to total turnover of the
enhancement projects
No. products/ services service company
TOTAL H17,00,000/- H18,63,114/- H18,63,114/-
1 Medium Density Fibreboard 1621 78.29
2 Plywood 1621 21.71
6. In case the Company has failed to spend the two percent of the average net profits III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
of the last three financial years or any part thereof, the Company shall provide the
Sl. Name and Address of the Company CIN/GLN Holding/ % of Applicable
reasons for not spending the amount in its Board Report: NO. Subsidiary/ shares held Section
The Company has spent the required amount on CSR Activities. Associate
7. A responsibility statement of the CSR Committee that the implementation and 1 Greenpanel Singapore Pte. Ltd., Singapore Not Applicable Subsidiary 100% 2(87)(ii)
monitoring of CSR Policy is in compliance with CSR Objectives and Policy of the
IV. SHARE HOLDING PATTERN
Company:
(Equity Share Capital Breakup as percentage of Total Equity)
The implementation and monitoring of the CSR Policy is in Compliance with CSR Objectives and Policy of the
Company. i) Category-wise Share Holding:
Category of No. of Shares held at the beginning of the year No. of Shares held at the end of the year (as on %
Shareholders (as on April 01, 2020) March 31, 2021) Change
during
Demat Physical Total % of Total Demat Physical Total % of Total the year
Shares Shares
On behalf of the Company and the CSR Committee
A. Promoters & Promoter Group
Sushmita Singha (1) Indian
Place: Udaipur Independent Director & Chairperson of CSR Committee a) Individual/ HUF 16659180 - 16659180 13.59 16659180 - 16659180 13.59 -
Date: May 14, 2021 DIN: 02284266

Category of No. of Shares held at the beginning of the year No. of Shares held at the end of the year (as on % Category of No. of Shares held at the beginning of the year No. of Shares held at the end of the year (as on %
Shareholders (as on April 01, 2020) March 31, 2021) Change Shareholders (as on April 01, 2020) March 31, 2021) Change
during during
Demat Physical Total % of Total Demat Physical Total % of Total the year Demat Physical Total % of Total Demat Physical Total % of Total the year
Shares Shares Shares Shares
b) Central Govt - - - - - - - - - iii. Clearing Member 115587 - 115587 0.09 340731 - 340731 0.28 0.18
c) State Govt (s) - - - - - - - - - iv. Non-Resident 1341359 - 1341359 1.09 959586 - 959586 0.78 (0.31)
d) Bodies Corp. 48450820 48450820 39.51 48450820 48450820 39.51 - Individual
e) Banks/FI v. Trusts 118688 - 118688 0.10 13550 - 13550 0.01 (0.09)
f) Any Other - - - - - - - - - vi. Foreign National - - - 3000 - 3000 0.00 -
Sub-total (A) (1): 65110000 - 65110000 53.10 65110000 - 65110000 53.10 - vii. Domestic Corporate 8346 - 8346 0.01 8346 - 8346 0.01 -
Unclaimed Shares
(2) Foreign Account
a) NRIs – Individuals - - - - - - - - - Sub-total (B)(2): - 21490481 69870 21560351 17.58 28957677 69870 29027547 23.67 6.09
b) Other – Individuals - - - - - - - - - Total Public 57447525 69870 57517395 46.90 57447525 69870 57517395 46.90 -
c) Bodies Corp. - - - - - - - - - Shareholding (B) = (B)
(1) + (B)(2)
d) Banks / FI - - - - - - - - -
C. Shares held by - - - - - - - - -
e) Any Other - - - - - - - - -
Custodian for GDRs &
Sub-total (A) (2): - - - - - - - - - ADRs
Total shareholding of 65110000 - 65110000 53.10 65110000 - 65110000 53.10 - Grand Total (A+B+C) 122557525 69870 122627395 100.00 122557525 69870 122627395 100.00 -
Promoter (A) = (A)(1)
+(A) (2) (ii) Shareholding of Promoters & Promoter Group:
B. Public Shareholding
Sl. Shareholder’s Name Shareholding at the beginning of the Shareholding at the end of the year % change in
1. Institutions No. year (April 01, 2020) (March 31, 2021) shareholding
a) Mutual Funds 20583295 20583295 16.78 20497463 - 20497463 16.72 (0.07) during the
No. of % of % of Shares No. of % of % of Shares year
b) Banks/FI 535 535 0.00 535 - 535 0.00 - Shares total Pledged/ Shares total Pledged/
c) Central Govt - - - - - - - - Shares encumbered Shares encumbered
of the to total of the to total
d) State Govt(s) - - - - - - - company shares company shares
e) Venture Capital - - - - - - - 1 Shobhan Mittal 10588380 8.63 - 10588380 8.63 - -
Funds
2 Rajesh Mittal 3079900 2.51 - 3079900 2.51 - -
f) Insurance Companies 58644 58644 0.05 1050231 - 1050231 0.86 0.81
3 Santosh Mittal 1465900 1.20 - 1465900 1.20 - -
g) FIIs - - - - - - - -
4 Shiv Prakash Mittal 755000 0.62 - 755000 0.62 - -
h) Foreign Venture - - - - - - - - -
Capital Funds 5 Karuna Mittal 680000 0.55 - 680000 0.55 - -
i) Others: - - - - - - - - - 6 Sanidhya Mittal 90000 0.07 - 90000 0.07 - -
i. Alternate Investment 2142976 2142976 1.75 1775406 - 1775406 1.45 (0.30) 7 S.M. Management Pvt. 31626965 25.79 - 31626965 25.79 - -
Fund Ltd.
ii. Foreign Portfolio 13171594 13171594 10.74 5166213 - 5166213 4.21 (6.53) 8 Prime Holdings Pvt. 13332800 10.87 - 13332800 10.87 - -
Investors Ltd.
Sub-total (B)(1): 35957044 35957044 29.32 28489848 - 28489848 23.23 (6.09) 9 Vanashree Properties 3116055 2.54 - 3116055 2.54 - -
2. Non-Institutions - Pvt.Ltd.
a) Bodies Corporate 10 Bluesky Projects Private 375000 0.31 - 375000 0.31 - -

Limited
i) Indian 1354545 8000 1362545 1.11 4754273 8000 4762273 3.88 2.77
Total 65110000 53.10 - 65110000 53.10 - -
ii) Overseas 3639875 - 3639875 2.97 - - - - (2.97)
b) Individuals (iii) Change in Promoters’ & Promoter Group Shareholding:
i) Individual 9870145 61870 9932015 8.10 13209396 61870 13271266 10.82 2.72 Sl. Particulars Shareholding at the Cumulative Shareholding
shareholders holding No. beginning of the year (April during the year (April 01, 2020
nominal share capital 01, 2020) to March 31, 2021)
upto H1 lacs
No. of % of total No. of shares % of total
ii) Individual 5011096 - 5011096 4.09 9553510 - 9553510 7.79 3.70 shares shares of the shares of the
shareholders holding company company
nominal share capital
in excess of H1 lacs At the beginning of the year 65110000 53.10 - -
c) Others: Date wise Increase /Decrease in Promoters - - - -

Shareholding during the year specifying the reasons
i. NBFCs registered with 655 - 655 0.00 85100 - 85100 0.07 0.07
for increase / decrease
RBI
At the end of the year - - 65110000 53.10
ii. IEPF Authority 30185 - 30185 0.02 30185 - 30185 0.02 0.00

(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and Sl. For each of the Top 10 Shareholders Shareholding at the Cumulative Shareholding
ADRs): No. beginning of the year during the year
Sl. For each of the Top 10 Shareholders Shareholding at the Cumulative Shareholding No. of % of total No. of shares % of total
No. beginning of the year during the year shares shares of the shares of the
company company
shares shares of the shares of the 11/12/2020 - Transfer -100000 0.0815 2257500 1.8409
company company 22/01/2021 - Transfer -10000 0.0082 2247500 1.8328
1 HDFC TRUSTEE COMPANY LTD - A/C HDFC HYBRID EQUITY FUND 12/03/2021 - Transfer 2600000 2.1202 4847500 3.9530
At the beginning of the year 7712011 6.289 - -
19/03/2021 - Transfer 200000 0.1631 5047500 4.1161
Changes during the year:
24/04/2020 - Transfer -27011 0.0220 7685000 6.2670
4 KUBER INDIA FUND
01/05/2020 - Transfer -19057 0.0155 7665943 6.2514
At the beginning of the year - - - -
08/05/2020 - Transfer -45000 0.0367 7620943 6.2147
22/05/2020 - Transfer -120943 0.0986 7500000 6.1161
31/03/2021 – Transfer 3500000 2.8542 3500000 2.8542
12/06/2020 - Transfer -17500 0.0143 7482500 6.1018
19/06/2020 - Transfer -7800 0.0064 7474700 6.0955
5 SBI CONSUMPTION OPPORTUNITIES FUND
31/07/2020 - Transfer -166443 0.1357 7308257 5.9597
04/09/2020 - Transfer -96500 0.0787 7211757 5.8810
11/09/2020 - Transfer -10762 0.0088 7200995 5.8723 Changes during the year:
18/09/2020 - Transfer -66115 0.0539 7134880 5.8183 06/11/2020 - Transfer -461474 0.3763 4173799 3.4036
At the end of the year - - 7132580 5.8165 20/11/2020 - Transfer -194414 0.1585 3857882 3.1460
2 IDFC EMERGING BUSINESSES FUND 27/11/2020 - Transfer 1075749 0.8773 2782133 2.2688
At the beginning of the year 5000000 4.0774 - - 04/12/2020 - Transfer -397546 0.3242 2384587 1.9446
Changes during the year: 11/12/2020 - Transfer -384587 0.3136 2000000 1.6310
17/04/2020 - Transfer 208646 0.1701 5208646 4.2475 12/02/2021 - Transfer -36415 0.0297 1963585 1.6013
31/07/2020 - Transfer 48601 0.0396 5400000 4.4036 At the end of the year - - 1729105 1.4100
14/08/2020 - Transfer 37751 0.0308 5437751 4.4344 6 MAURYAN FIRST
28/08/2020 - Transfer 62249 0.0508 5500000 4.4851 At the beginning of the year 1985961 1.6195 - -
04/09/2020 - Transfer 100000 0.0815 5600000 4.5667 Changes during the year:
At the end of the year - - 5530000 4.5096 At the end of the year - - 1580834 1.2891
3 TATA INDIA CONSUMER FUND 7 SAJJAN BHAJANKA
At the beginning of the year 2187500 1.7839 - - At the beginning of the year 707552 0.5770 - -
Changes during the year: Changes during the year:
20/11/2020 - Transfer 170000 0.1386 2357500 1.9225 17/04/2020 - Transfer 50000 0.0408 757552 0.6178

Sl. For each of the Top 10 Shareholders Shareholding at the Cumulative Shareholding Sl. For each of the Top 10 Shareholders Shareholding at the Cumulative Shareholding
No. beginning of the year during the year No. beginning of the year during the year
No. of % of total No. of shares % of total No. of % of total No. of shares % of total
shares shares of the shares of the shares shares of the shares of the
company company company company
08/05/2020 - Transfer 449272 0.3664 1206824 0.9841 12 WESTBRIDGE CROSSOVER FUND, LLC #
22/05/2020 - Transfer 20142 0.0164 1279607 1.0435 Changes during the year:
11/12/2020 - Transfer 85000 0.0693 1387080 1.1311 13 MANGAL BHANSHALI #
At the end of the year - - 1500000 1.2232 Changes during the year:
8 INDIA INSIGHT VALUE FUND 29/01/2021 - Transfer -233308 0.1903 991692 0.8087
At the beginning of the year 630000 0.5138 - - 19/02/2021 - Transfer -33781 0.0275 957911 0.7812
Changes during the year: At the end of the year - - 957911 0.7812
01/05/2020 - Transfer 30000 0.0245 660000 0.5382 14 LATA BHANSHALI #
15/05/2020 - Transfer 60000 0.0489 825000 0.6728 Changes during the year: - - - -
12/06/2020 - Transfer 95021 0.0775 962021 0.7845 # Ceased to be in the list of Top 10 shareholders as on 31/03/2021. The same is reflected above since the shareholder was one of the Top 10 shareholders
as on 01/04/2020.
26/06/2020 - Transfer 87979 0.0717 1050000 0.8563
Note: The date(s) of acquisition / transfer of shares mentioned above are the quarter-end/weekly benpos date.
11/09/2020 - Transfer 60000 0.0489 1110000 0.9052
18/09/2020 - Transfer 27000 0.0220 1137000 0.9272 (v) Shareholding of Directors and Key Managerial Personnel:
25/09/2020 - Transfer 23722 0.0193 1160722 0.9465 Sl. For Each of the Directors and KMP Shareholding at the Cumulative Shareholding
30/09/2020 - Transfer 39586 0.0323 1200308 0.9788 No. beginning of the year during the year
(01.04.2020) (01.04.2020-31.03.2021)
02/10/2020 - Transfer 29692 0.0242 1230000 1.0030
shares shares of the shares of the
9 PROFITEX SHARES AND SECURITIES PRIVATE LIMITED company company
At the beginning of the year - - - - 1 Mr Shiv Prakash Mittal, Executive Chairman
Changes during the year: At the beginning of the year 755000 0.62 - -
19/03/2021 - Transfer 441071 0.3597 441071 0.3597 Changes during the year - - - -
26/03/2021 - Transfer 500000 0.4077 941071 0.7674 At the End of the year - - 755000 0.62
31/03/2021 - Transfer 191148 0.1559 1132219 0.9233 2 Mr Shobhan Mittal, Managing Director & CEO
At the end of the year - - 1132219 0.9233 At the beginning of the year 10588380 8.63 - -
10 KOTAK MAHINDRA LIFE INSURANCE COMPANY LTD.
Changes during the year - - - -
At the End of the year - - 10588380 8.63
3 Mr Salil Kumar Bhandari, Independent Director
19/03/2021 - Transfer 1040561 0.8486 1040561 0.8486
26/03/2021 - Transfer 6515 0.0053 1047076 0.8539
31/03/2021 - Transfer 3155 0.0026 1050231 0.8564
At the End of the year - - 5000 0.00
4 Mr Mahesh Kumar Jiwrajka, Independent Director
11 JWALAMUKHI INVESTMENT HOLDINGS #
Changes during the year: Changes during the year - - - -
29/01/2021 – Transfer -337890 0.2755 11449830 9.3371 At the End of the year - - - -
05/02/2021 – Transfer -397729 0.3243 11052101 9.0128 5 Ms Sushmita Singha, Independent Director
12/03/2021 – Transfer -3850947 3.1404 7201154 5.8724 At the beginning of the year - - - -
19/03/2021 - Transfer -7201154 5.8724 0 0.0000 Changes during the year - - - -
At the end of the year - - 0 0.0000 At the End of the year - - - -

Sl. For Each of the Directors and KMP Shareholding at the Cumulative Shareholding VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL
No. beginning of the year during the year A. Remuneration to Managing Director, Whole time Directors and/or Manager:
(01.04.2020) (01.04.2020-31.03.2021)
No. of % of total No. of shares % of total Sl. Particulars of Remuneration Name of MD/WTD/ Manager Total
shares shares of the shares of the No. Shiv Prakash Shobhan Mittal, Amount
company company
Mittal, Executive Managing
6 Mr Arun Kumar Saraf, Independent Director Chairman Director & CEO
At the beginning of the year 1 Gross salary
Changes during the year - - - - (a) Salary as per provisions contained in Section 17(1) 136.14 79.96 216.10
On 26.06.2020 & 29.06.2020 acquired 20000 - - 20000 0.01 of the Income-tax Act, 1961
shares (b) Value of perquisites u/s 17(2) Income-tax Act, 1961 - 11.88 11.88
At the End of the year - - 20000 0.01 (c) Profits in lieu of salary under Section 17(3) - - -
7 Mr Vishwanathan Venkatramani, Chief Financial Officer Income- tax Act, 1961
At the beginning of the year 56359 0.04 - - 2 Stock Option - - -
Changes during the year: 3 Sweat Equity - - -
On 12.03.2021 acquired 10000 shares 10000 0.01 66359 0.05 4 Commission
At the End of the year - - 66359 0.05 - as % of profit 162.50 162.50 325.00
8 Mr Lawkush Prasad, Company Secretary & AVP-Legal - others, specify
At the beginning of the year - - - - 5 Others (Contribution to Provident Fund) 9.72 6.48 16.20
Changes during the year Total (A) 308.36 260.82 569.18
On 13.08.2020 acquired 1000 shares 1000 0.00 1000 0.00 Ceiling as per the Act * 487.83 487.83 975.66
On 01.12.2020 acquired 4000 shares 4000 0.00 5000 0.00 *Being 5% of Net Profits of the Company calculated as per Section 198 of the Companies Act, 2013.
On 04.02.2021 & 05.02.2021 acquired 5000 5000 0.00 10000 0.01 B. Remuneration to other directors:
shares (H In lacs)
At the End of the year - - 10000 0.01 Sl. Particulars of Remuneration Name of Directors Total
Note: The date(s) of acquisition / transfer of shares mentioned above are the quarter-end/weekly benpos date. No. Mr Salil Mr Mahesh Ms Sushmita Mr Arun Amount
Kumar Kumar Singha, Kumar Saraf,
V. INDEBTEDNESS Bhandari, Jiwrajka, Independent Independent
Indebtedness of the Company including interest outstanding/accrued but not due for payment Independent Independent Director Director
(H in lacs)
Director Director
Secured Loans Unsecured Deposits Total 1 Independent Directors

Excluding deposits Loans Indebtedness yy Fee for attending board & 5.80 6.60 6.00 5.20 23.60
Indebtedness at the beginning of the financial year committee’s meetings
i) Principal Amount 55,091.02 387.93 - 55,478.95 yy Commission - - - - -
ii) Interest due but not paid - - - - yy Others, please specify - - - - -
iii) Interest accrued but not due 153.11 8.96 - 162.07 Total (1) 5.80 6.60 6.00 5.20 23.60
Total (i+ii+iii) 55,244.13 396.89 - 55,641.02 2 Other Non- Executive Directors
Change in Indebtedness during the financial year yy Fee for attending board and - - - - -
committee meetings
yy Addition - - - -
yy Commission - - - - -
yy Reduction 10,861.32 18.96 - 10,880.28
yy Others, please specify - - - - -
Net Change 10,861.32 18.96 - 10,880.28
Total (2) - - - - -
Indebtedness at the end of the financial year
Total (B) = (1 + 2) 5.80 6.60 6.00 5.20 23.60
i) Principal Amount 44,309.98 377.93 - 44,687.91
Total Managerial - - - - 592.78
ii) Interest due but not paid - - - -
Remuneration***
iii) Interest accrued but not due 72.83 - - 72.83
Overall Ceiling as per the - - - - 1073.24
Total (i+ii+iii) 44,382.81 377.93 - 44,760.74 Act****
***Total remuneration paid to Managing Director & CEO, Executive Chairman and other Independent Directors (being total of A & B)
****Being 11% of net profits of the Company calculated as per Section 198 of the Companies Act 2013

C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD: Annexure to the Director’s Report
Sl. Particulars of Remuneration Key Managerial Personnel Total ANNEXURE -VI
No. Mr V. Venkatramani, Mr Lawkush Prasad, Information required under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3)
Chief Financial Company Secretary & of the Companies (Accounts) Rules, 2014 pertaining to Conservation of Energy, Technology
Officer AVP-Legal Absorption, Foreign Exchange Earnings and Outgo
1 Gross salary
(a) Salary as per provisions contained in 108.81 21.93 130.74
Section 17(1) of the Income-tax Act, 1961
(b) Value of perquisites u/s 17(2) Income-tax - - -
A. Conservation of energy reduced and optimised the power consumption.
Act, 1961 yy Chip wash flush water additional pump installed

i. Steps taken or impact on conservation of
for stand by purpose which reduces the downtime
(c) Profits in lieu of salary under Section 17(3) - - - energy:
and optimised the power consumption.
Income-tax Act, 1961 yy Fibre dryer fan speed reduced from 70% to 68%
yy Mini chipper system installed for chipping of
2 Stock Option - - - resulting in saving of power consumption.
oversize chips and utilised as energy plant fuel
3 Sweat Equity - - - yy Plant productivity increased in turn saving of which resulted reduction of chipping through main
4 Commission energy by following, chipper and optimisation of power consumption.
- as % of profit - - -  Optimizing production Plan & Market orders. yy Heater ID fan running on minimal speed and stop
- others- Provident Fund - - -  Operational & service team skill level while running very high and very low thickness
advancement board due to heat requirement is low and oil
5 Others, please specify 5.12 1.25 6.37
temperature maintained by suction damper this
Total 113.93 23.18 137.11  Application of 6S and Lean Manufacturing
helped us optimise the power consumption.
approach
VII. Penalties/Punishment/Compounding of Offences yy Spreader fan logic modified earlier if fan stopped
 Online webinar session from solution provider their related total accessories stopped and steam
Type Section Brief Details of Penalty/ Authority Appeal for increasing the operator skills which pressure dropped drastically, now only related some
of the Description Punishment/ [RD/ made, if effectively work in productivity increase. accessories stopped other fan in line accessories
Companies Compounding NCLT/ any (give maintaining the steam pressure, due to this again
Act fees imposed COURT] details) yy Outside lighting equipped with timers so that it can
automatically turned off as per scheduled time, energy plant start up time and power saved.
A. COMPANY
resulting reduction in power consumption.
Penalty -. - - - -
ii. Steps taken for utilising alternate sources of
yy Providing the interlock on Dryer purge blower so energy:
Punishment - - - - - that it can be maintained by temperature set values
Company is exploring feasibility of utilizing alternate
Compounding - - - - - consequently reduce the over run which results
source of energy at its manufacturing units. Ex: Solar
B. DIRECTORS reduced power consumption.
Powered Parking Sheds, Solar Ponds
Penalty - - - - - yy Raw board handling system logic optimised for
multiple recipe handling resulting reduction in iii. Improvement and Optimization of Resources:
Punishment - - - - -
power consumption. yy Introduced vibro screen under settling tank in chip
Compounding - - - - -
yy All section lifting tables interlocks alarm created wash area which reduce the load on ETP.
C. OTHER OFFICERS IN DEFAULT in logic which helps us to find out the problem yy Deaerator overflow line height increased by 150
Penalty - - - - - easily and rectified the same as earliest, this mm so that loss of feed water through overflow line
Punishment - - - - - reduced the downtime as well as reduces the power avoided.
Compounding - - - - - consumption. yy Utilization of bark and overssri chips as a fuel for
yy Identified and reduce the Hydraulic overrun in energy plant rejected from chip screen.
pallet cassette section by modified the logic with yy Reduction in sludge moisture results in increase
For and on behalf of the Board of Directors help of reduce the timing. This helped to optimise the calorific value of energy plant fuel.
the power consumption.
Shiv Prakash Mittal yy Utilization of final reject water for plant irrigation
yy Pit pumps including resin plant condensate results in reduction in water consumption.
Place: Kolkata Executive Chairman pit pumps equipped with float switches which
yy Utilization of WTP reject water in chemical
Date: May 14, 2021 DIN: 00237242 ultimately reduces the overrun of pump in idle
preparation which results in reduction of water
condition and optimise the power consumption.
consumption.
yy Mat reject exhaust section empty run timing
yy Recycling of WTP balance reject water it resulted
reduced through logic, resulting reduction in power
reduction in consumption of fresh water.
consumption.
yy Vibro screen installed at inlet of effluent water as
yy Additional junction boxes installed in several
a result reduction in chemical dosing as well as
area (Press heating pump, press exhaust fan) due
chemical consumption.
to cable heat up which result in downtime, after
modification heat up issue solved, downtime yy Utilization of ETP treated water in chip wash

area which resulted reduction in consumption of easily available rather than use of customised Annexure to the Director’s Report
chemical in tertiary treatment. thickness sensor.
ANNEXURE -VII
yy Utilization of STP treatment water in Plant
ii. The benefits derived like product improvement,
gardening activity which helped in optimization of
cost reduction, product development or import
fresh water consumption.
substitution:
iv. Capital Investment on energy conservation Increase in efficiency and production capacity and A. Particulars of employees for the year ended March 31, 2021 as required under Section
equipment: decrease in consumption of resin, power, and overall 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment
Apart from routine maintenance expenditure, there cost of production. and Remuneration of Managerial Personnel) Rules, 2014
was no major capital investment made on energy (a) The ratio of the remuneration of each director to the median remuneration of the employees of the Company
iii. in case of imported technology (imported
conservation during the year under review. for the financial year;
during the last three years reckoned from the
B. Technology absorption beginning of the financial year):
Name Designation Ratio to median remuneration of employees
a. the details of technology imported: The Company
i. The efforts made towards technology Mr Shiv Prakash Mittal Executive Chairman 119.01
did not have the need to import technology or
absorption: Mr Shobhan Mittal Managing Director & CEO 96.91
foreign technical collaborations, but the Company
yy Installation of Smart wax system to reduce wax had guidance from technical experts as well from Mr Mahesh Kumar Jiwrajka Independent Director 2.75
consumption and uniform distribution of wax the foreign machinery suppliers. Ms Sushmita Singha Independent Director 2.50
across fibre is under progress.
b. the year of import: Not Applicable Mr Salil Kumar Bhandari Independent Director 2.42
yy Testing of formalin catcher on MDF boards for
c. whether the technology been fully absorbed: Not Mr Arun Kumar Saraf Independent Director 2.17
reducing emission in final product is under
Applicable
progress. (b) The percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer,
d. if not fully absorbed, areas where absorption
yy Introduction of Dynasteam system in Press which Company Secretary or Manager, if any, in the financial year;
has not taken place, and the reasons thereof: Not
shall result in 15-30% increase in production
Applicable Name Designation % increase
capacity as well as decrease in 25-30% Press
belt power absorption and reduction in resin iv. the expenditure incurred on Research and Mr Shiv Prakash Mittal Executive Chairman 131.97%
consumption. Development: Mr Shobhan Mittal Managing Director & CEO 231.84%
yy Introduction of line profile sensor (Sanding (H in lacs) Mr Mahesh Kumar Jiwrajka Independent Director -
machine) from standard product which is cost Capital - Mr Salil Kumar Bhandari Independent Director -
effective and easily available rather than use of Revenue -
Ms Sushmita Singha Independent Director -
customised edge sensor. Total -
Mr Arun Kumar Saraf Independent Director -
yy Introduction of thickness sensor (Sanding machine) Total R&D expenditure as a -
from standard product which is cost effective and percentage of net turnover (%) Mr Vishwanathan Venkatramani Chief Financial Officer -
Mr Lawkush Prasad Company Secretary & AVP-Legal -
C. Foreign exchange earnings and outgo (c)

The percentage increase in the median Due to lockdown, disruption of production and
1. Efforts: The Company regularly participates in international exhibitions and carries out market survey and direct remuneration of employees in the financial year adverse market situation, there was reduction of
mail campaigns. It is intensifying focus on selected countries and also exploring new markets. The Company is 2020-21: (3.35%) salary during the 1st quarter 2020-21 for Managerial
continuously exploring avenues to increase exports. and Non-Managerial Personnel of the Company,
(d) The number of permanent employees on the rolls
resulting 3.19% reduction in remuneration of Non –
Foreign exchange earnings and outgo: of Company as on March 31, 2021: 1816
Managerial personnel. Increase in remuneration of
Earnings and outgo:
(H in lacs)
(e) average percentile increase made in the salaries of Managerial personnel was on account of payment
employees other than the managerial personnel in of Commission @1.50% of Profit during the year
Particulars FY2020-21 FY2019-20
the last financial year and its comparison with the under review. Commission could not be paid during
Earnings on account of:
percentile increase in the managerial remuneration previous year due to inadequacy of profit.
a) FOB value of exports 11,030.39 12,966.30
and justification thereof and point out if there are
Total 11,030.39 12,966.30 (f) Affirmation that the remuneration paid during
any exceptional circumstances for increase in the
Outgo on account of: the year ended March 31, 2021 is as per the
managerial remuneration:
a) Raw materials 2,599.66 3543.39 Remuneration Policy of the Company: It is hereby
b) Capital goods 275.25 599.64 Non - Managerial Personnel: (3.19%) affirmed that the remuneration paid during the year
c) Traded goods - - ended March 31, 2021 is as per the Remuneration
Managerial Personnel: 99.72%
d) Stores & spare parts 618.13 536.31 Policy of the Company
Total 3,493.04 4679.34
For and on behalf of the Board of Directors
Shiv Prakash Mittal
Date: May 14, 2021 DIN: 00237242

Information as per Rule 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 and forming part of the Board’s Report for the year ended on March 31, 2021 Corporate Governance Report
a. Details of Top ten employees in terms of remuneration drawn:
For financial year 2020-21
Sl. Name of Designation Remuneration Qualification Experience Date of Age The Last
No. Employee (H in lacs) commencement Employment
Yrs.
of Employment held before
joining the
Company
1. Mr Shiv Executive 308.36 B.Sc. 48 yrs. 01.02.2007 71 Himalaya As required under Regulation 34(3) read with Part yy One Executive Promoter Director
Prakash Mittal Chairman yrs. Granites Ltd. C of Schedule V of the SEBI (Listing Obligations
yy Four Non-Executive Independent Directors
2. Mr Shobhan Managing 260.82 BBA 16 yrs. 01.09.2006 40 Worthy and Disclosure Requirements) Regulations, 2015
(including one woman Director)
Mittal Director & yrs. Plywoods Ltd. (hereinafter referred to as “the Listing Regulations”),
CEO the details of compliance by the Company with the The composition of the Board is in accordance with
3. Mr Shekhar President 128.07 MBA 26 yrs 15.10.2019 47 Welspun norms on Corporate Governance are as under: Regulation 17(1) of the Listing Regulations and Section
Chandra Sati Sales-MDF yrs. Global Brands 149 of the Companies Act, 2013 (hereinafter referred to
& Flooring Limited 1. Company’s philosophy on the code of as “the Act”).
4. Mr Chief 113.93 CA 34 yrs. 01.07.1995 56 MKJ Corporate Governance The Independent Directors neither have nor had any
Vishwanathan Financial yrs. Enterprises
Venkatramani Officer The Company has complied with the principles and material pecuniary relationship with the Company,
practices of good Corporate Governance. The Company’s its subsidiary or associate company(ies), or their
5. Mr Subhash Senior Vice- 102.33 Post Diploma 40 Yrs. 21.06.2010 60 Nuchem
Kumar President- in Chemical yrs. Limited philosophy is to attain transparency and accountability promoters, or directors, during the two immediately
Aggarwal Operations Engineering in its relationship with employees, shareholders, preceding financial years or during the current
6. Mr Neeladri Senior Vice- 88.72 CA, IFRR 25 yrs. 01.02.2013 49 Ingersoll Rand creditors, consumers, dealers and lenders, ensuring a financial year apart from receiving the sitting fees,
Basu President- yrs. high degree of regulatory compliance. Your Company reimbursement of expenses incurred for attending the
Finance & firmly believes that a good governance process Board meeting, Committee meetings, and Independent
Accounts represents the foundation of corporate excellence. We Directors’ meeting. All the Independent Directors have
7. Mr Atul Dixit National 68.09 Executive 30 yrs. 01.10.2018 54 RMC have adopted required policies & codes to carry out our given declarations that they have satisfied the Criteria
Head-Sales- General yrs. Switchgears duties and responsibilities in an ethical manner.
Plywood Management Ltd
of Independency as laid down in Regulation 16(1)(b) of
the Listing Regulations and Section 149(6) of the Act.
Program IIM 2. Board of Directors
Bangalore
a) Composition of the Board of Directors and b) Attendance of Directors at the meetings of the
8. Mr Vinod National 61.33 PGDGSM 23 yrs. 10.03.2015 45 Mayur Ind Pvt
Kumar Tiwary Head-Sales- yrs. Ltd. Category of Directors: Board of Directors and at the 3rd Annual General
Decorative Meeting of the Company:
The Board comprises of optimum combination of
9. Dinesh Kumar Vice- 49.92 CA 21 yrs 03.12.2012 46 Hindusthan Executive, Non-Executive and Independent Directors. During the financial year 2020-21, 5 (five) meetings of
Maloo President- yrs. National Glass Board of Directors were held on June 18, 2020; August
As on March 31, 2021, the composition of the Board is
Operations & Industries 6, 2020; October 30, 2020; December 30, 2020; and
Ltd. as under:
January 27, 2021.
10. Amit Kashyap Vice- 41.76 MPM, 14 yrs 11.02.2020 39 Diageo India yy One Executive Promoter Chairman
President- PGBDM-HR yrs.
HR
The composition of the Board of the Company and the attendance of each Director at the Board Meetings held
b. None of the employee employed throughout the year or part of year was in receipt of remuneration exceeding
during the financial year 2020-21 and at the previous Annual General Meeting (“AGM”) i.e. at the 3rd Annual
remuneration drawn by the Managing Director or Whole Time Director of the Company and hold 2% or more of
General Meeting held on September 18, 2020 are as follows:
the paid-up share capital of the Company either by himself or along with his/her spouse and dependent children.
Notes: Sl. Name of the Directors and Director Category of directorship No. of Board Meetings Attendance
No. Identification Number (DIN) Held Attended at 3rd AGM
1. Remuneration shown above includes salary, allowances, cost of accommodation, medical reimbursement,
contribution to provident fund, annual commission and other perquisites as per the terms of employment. 1. Mr Shiv Prakash Mittal Executive Chairman- 5 4 Yes
However, the above remuneration does not include provision for gratuity and expenses towards club (DIN: 00237242) Promoter Director
membership fees. 2. Mr Shobhan Mittal Managing Director & CEO- 5 5 Yes
2. All the employees have requisite experience to discharge the responsibility assigned to them. (DIN: 00347517) Promoter Director
3. Mr Salil Kumar Bhandari Non-Executive - 5 5 No
3. Nature and terms of employment are as per resolution/appointment letter.
(DIN: 00017566) Independent Director
4. Within the meaning of Section 2(77) of the Companies Act, 2013, Mr Shiv Prakash Mittal and Mr Shobhan Mittal 4. Mr Mahesh Kumar Jiwrajka Non-Executive - 5 5 Yes
are related to each other. (DIN: 07657748) Independent Director
For and on behalf of the Board of Directors 5. Ms Sushmita Singha Non-Executive - 5 5 Yes
Shiv Prakash Mittal (DIN: 02284266) Independent Director
Place: Kolkata Executive Chairman 6. Mr Arun Kumar Saraf Non-Executive - 5 5 Yes
(DIN: 00087063) Independent Director
Date: May 14, 2021 DIN: 00237242

a) The number of other listed entity’s Board(s) or Board Committees where Directors are member/ their meeting held on June 18, 2020, it is confirmed by the Board of directors that Mr Salil Kumar Bhandari, Mr
chairperson and name of other Listed Companies along with Category of Directorship: Mahesh Kumar Jiwrajka, Mr Arun Kumar Saraf and Ms Sushmita Singha, Independent Directors of the Company
The number of other listed entity’s Board(s) or Board Committees in which the Directors are member/ chairperson fulfils the conditions specified in SEBI Listing Regulations and are independent of the management.
and name of other Listed Companies along with Category of Directorship as on March 31, 2021 are as follows:
i) Chart/matrix setting out the skills/expertise/competence of the Board of Directors:
Sl. Name of the No. of outside No. of outside committees** Name of other Listed The Board has identified the following core skills, expertise, competencies as required in the context of the business
No. Director directorship held (in public limited companies) Companies and Category of of the Company and the sector in which the Company is operating:
Public Private Member# Chairman Directorship
Sl. Skills/Expertise/Competencies required by the Board Status of Directors who have such
Mr Shiv Prakash Greenlam Industries Limited
1 1 5 1 1 No. of Directors availability skills/ expertise/competence
Mittal -Non-Executive Chairman
with the Board
2 Mr Shobhan Mittal - 8 - - -
1. Understanding (a)
Of the relevant laws, rules, Yes 1. Mr Shiv Prakash Mittal
Mr Salil Kumar Somany Home Innovation of Business/ regulations policies applicable to
3 4 2 2 1 2. Mr Shobhan Mittal
Bhandari Limited- Director Industry the Company, the industry/ sector
3. Mr Mahesh Kumar Jiwrajka
Mr Mahesh Kumar to which it relates.
4 - 2 - - - 4. Mr Salil Kumar Bhandari
Jiwrajka
(b) Of processes, policies, codes and
i. Kajaria Ceramics Limited 5. Ms Sushmita Singha
practices followed by the Company
Ms Sushmita -Independent Director 6. Mr Arun Kumar Saraf
5 3 2 1 1
Singha ii. Radico Khaitan Limited- 2. Strategy and Ability to develop effective strategies Yes 1. Mr Shiv Prakash Mittal
Independent Director strategic after identification of opportunities, 2. Mr Shobhan Mittal
Mr Arun Kumar planning along with implementation of the
6 - 1 - - - strategy effectively & efficiently, and
Saraf
incorporation of necessary changes
** Membership/Chairmanship of Audit Committee and Stakeholders’ Relationship Committee has only been considered
wherever required
# Number of Membership also includes Chairmanship held in the Committee(s)
3. Understanding Ability to analyse and understand Yes 1. Mr Shiv Prakash Mittal
The number of Directorships, Committee yy Assess the quality, quantity and timeliness of flow of finance and the key financial statements, and 2. Mr Shobhan Mittal
Membership(s) / Chairmanship(s) of all Directors is of information between the Company Management related aspects knowledge of how to assess the
3. Mr Salil Kumar Bhandari
within respective limits prescribed under the Act and and the Board that is necessary for the Board to financial value of the Company
4. Mr Arun Kumar Saraf
Listing Regulations. effectively and reasonably perform their duties.
4. HR/ people (a) Understanding of HR Policies Yes 1. Mr Shiv Prakash Mittal
a) Information supplied to the Board of Directors: All the Independent Directors were present at the above orientation
(b)
Managing HR activities, talent 2. Mr Shobhan Mittal
Meeting.
During the financial year 2020-21, all necessary development and strengthening 3. Ms Sushmita Singha
information, as required under the applicable d) Familiarisation programme for Independent the people function
provisions of the Act, Listing Regulations and other Directors:
applicable laws and rules were placed and discussed at 5. Risk (a) Ability to identify and monitor key Yes 1. Mr Shiv Prakash Mittal
Pursuant to regulation 25(7) of the Listing Regulations, oversight and risks, supervise risk management
the Board Meetings. 2. Mr Shobhan Mittal
during the financial year 2020-21, the Company management plans and framework
has conducted the familiarisation program for 3. Mr Salil Kumar Bhandari
b) Shareholding of Non-Executive Director(s): and
Independent Directors to facilitate them to understand (b) Ability to manage skills 4. Mr Arun Kumar Saraf
As on March 31, 2021, none of the Non-Executive compliance
the ‘Prevention of Sexual Harassment at Workplace’ oversight
Directors was holding any shares or convertible
Policy adopted by the Company to prevent, prohibit and
instruments in the Company except Mr Salil Kumar 6. Knowledge of Understanding of emerging trends Yes 1. Mr Shiv Prakash Mittal
redress Sexual Harassment of every ‘Women employee’
Bhandari who is holding 5,000 equity shares of the technology and in technology and innovations
across the Organization. The details of the same have 2. Mr Shobhan Mittal
Company (comprising of 0.0041% of the total paid-up innovation and the ability to guide necessary
been disclosed on the website of the Company at https:// 3. Mr Mahesh Kumar Jiwrajka
share capital) and Mr Arun Kumar Saraf who is holding interventions that can be utilised in
www.greenpanel.com/wp-content/uploads/2021/04/
20,000 equity shares of the Company (comprising making the business more competitive 4. Mr Salil Kumar Bhandari
Familiarisation-Programmes-imparted-to-
0.01% of the total paid-up share capital). and sustainable 5. Ms Sushmita Singha
IDs_2020-21.pdf
c) Separate Meeting of Independent Directors: 6. Mr Arun Kumar Saraf
e) Confirmation that in the opinion of the Board
During the year under review, a separate meeting of the 7. Personal (a) Carrying of professional attitude Yes 1. Mr Shiv Prakash Mittal
of Directors the Independent Directors of the
Independent Directors of the Company was convened Attributes 2.Mr Shobhan Mittal
Company fulfils the conditions specified in the (b) Possession of relationship building
on January 27, 2021, inter alia, to perform the following: SEBI Listing Regulations and are independent of capacity 3. Mr Mahesh Kumar Jiwrajka
yy Review the performance of Non-Independent the management of the Company: 4. Mr Salil Kumar Bhandari
(c) Active contribution/ participation
Directors and the Board as a whole; Based on the declaration of independency pursuant in discussions, especially critical 5. Ms Sushmita Singha
to Section 149(6) of the Act, and Listing Regulations, discussions
yy Review the performance of the Chairman of the 6. Mr Arun Kumar Saraf
received from each of the Independent Directors of the
Company, taking into account the views of the (d) Performance oriented attitude
Company and placed before the Board of Directors in
Executive Directors and Non-Executive Directors;

j) Disclosures of relationships between Directors inter-se: and terms of appointment of auditors of the management systems;
Company;
Name of the Directors Category of Directorship Relationship between Directors (xii) Reviewing, with the management, performance
Mr Shiv Prakash Mittal Executive Chairman-Promoter Director Mr Shobhan Mittal (Son) (iii) Approval of payment to statutory auditors for any of statutory and internal auditors, adequacy of the
other services rendered by the statutory auditors internal control systems;
Mr Shobhan Mittal Managing Director & CEO - Promoter Director Mr Shiv Prakash Mittal (Father)
except those which are specifically prohibited;
Mr Salil Kumar Bhandari Non-Executive-Independent Director None (xiii) Reviewing the adequacy of internal audit function,
(iv) Reviewing, with the management, and examination if any, including the structure of the internal audit
Mr Mahesh Kumar Jiwrajka Non-Executive-Independent Director None
of the financial statements and auditor’s report department, staffing and seniority of the official
Ms Sushmita Singha Non-Executive-Independent Director None thereon before submission to the board for heading the department, reporting structure
Mr Arun Kumar Saraf Non-Executive-Independent Director None approval, with particular reference to: coverage and frequency of internal audit;
a. Matters required to be included in the Director’s (xiv) Discussion with internal auditors of any significant
k) Board Evaluation: pursuant to Regulation 26(3) read with Schedule V Responsibility Statement to be included in the findings and follow up there on;
The Nomination & Remuneration Committee has (Part D) of the Listing Regulations is annexed to this Board’s report in terms of clause (c) of sub-
Report as “Annexure-A”. (xv) Reviewing the findings of any internal
formulated a Policy for evaluation of the Board, its section 3 of section 134 of the Act
investigations by the internal auditors into matters
Committees and Directors and the same has been
4. Committees of Board of Directors b. Changes, if any, in accounting policies and where there is suspected fraud or irregularity or
approved and adopted by the Board. The details of practices and reasons for the same a failure of internal control systems of a material
Board Evaluation forms part of the Board’s Report. There are four Committees of the Board namely, the
Audit Committee, Nomination and Remuneration nature and reporting the matter to the board;
c. Major accounting entries involving estimates
l) Terms and conditions of appointment of Committee, Stakeholders Relationship Committee based on the exercise of judgment by (xvi) Discussion with statutory auditors before the audit
Independent Directors: and Corporate Social Responsibility Committee. Apart management commences, about the nature and scope of audit as
The terms and conditions of appointment of from these Committees, the Company also has an well as post-audit discussion to ascertain any area
Operational Committee of the Board. d. Significant adjustments made in the financial
Independent Directors have been placed on the website of concern;
statements arising out of audit findings
of the Company. The same is available at https:// The Committees have been constituted with the (xvii) To look into the reasons for substantial defaults in
www.greenpanel.com/wp-content/uploads/2020/05/ approval of the Board of Directors of the Company e. Compliance with listing and other legal
the payment to the depositors, debenture holders,
Appointment-Letters-of-Independent-Directors.pdf to carry out defined roles which are considered to be requirements relating to financial statements
shareholders (in case of non-payment of declared
performed by members of the Board, as a part of good f. Disclosure of any related party transactions dividends) and creditors;
3. Code of Conduct governance practice. The minutes of the meetings of all
Details of the Code of Conduct for Board members and g. Modified opinion(s) in the draft audit report (xviii) To review the functioning of the Whistle Blower
Committees are placed before the Board for review.
senior management of the Company is available on the mechanism;
(v) Reviewing, with the management, the quarterly
Company’s website at https://www.greenpanel.com/ a) Audit Committee: financial statements before submission to the (xix) Approval of appointment of Chief Financial Officer
wp-content/uploads/2020/05/Code-of-Conduct-of- The Audit Committee of the Company is constituted in board for approval; after assessing the qualifications, experience and
BOD-Senior-Mngt-Personnel.pdf. Annual declaration alignment with the provisions of Section 177 of the Act background, etc. of the candidate;
signed by the Managing Director & CEO of the Company (vi) Reviewing, with the management, the statement
and Regulation 18 of the Listing Regulations.
of uses / application of funds raised through an (xx) Reviewing the utilization of loans and/or advances
issue (public issue, rights issue, preferential issue, from/investment by the holding company in the
Composition, name of members and chairman:
etc.), the statement of funds utilised for purposes subsidiary exceeding rupees 100 crores or 10% of
As on March 31, 2021, the Audit Committee of the Company, comprises of 5 (five) Directors i.e. 4 (Four) Non- other than those stated in the offer document / the asset size of the subsidiary, whichever is lower
Executive Independent Directors and 1 (one) Executive-Promoter Director as follows: prospectus / notice and the report submitted by including existing loans/advances/investments
the monitoring agency monitoring the utilisation existing as on the date of coming into force of this
Sl. No. Name of the Committee Member Category Designation
of proceeds of a public or rights issue, and making provision.
1 Mr Salil Kumar Bhandari Independent Director Chairman appropriate recommendations to the Board to take
2 Mr Shiv Prakash Mittal Executive-Promoter Director Member (xxi) Reviewing the compliance with the provisions of
up steps in this matter;
SEBI (Prohibition of Insider Trading) Regulations,
3 Mr Mahesh Kumar Jiwrajka Independent Director Member (vii) Review and monitor the auditor’s independence 2015 at least once in a financial year and shall verify
4 Mr Arun Kumar Saraf Independent Director Member and performance, and effectiveness of audit that the systems for internal control are adequate
5 Ms Sushmita Singha Independent Director Member process; and are operating effectively.
(viii) Approval or any subsequent modification of (xxii)
Carrying out any other function as may be
Mr Lawkush Prasad, Company Secretary & AVP - Legal (iv) To secure attendance of outsiders with relevant transactions of the Company with related parties delegated by the Board of Directors from time to
of the Company, acts as the Secretary of the Audit expertise, if it considers necessary. and scrutiny of the method used to determine the time or as may be required by applicable law or as
Committee. arm’s length price of any transaction; is mentioned in the terms of reference of the audit
ROLE OF AUDIT COMMITTEE
Brief description of terms of reference: committee.
The role of Audit Committee shall include the following: (ix) Scrutiny of inter-corporate loans and investments;
POWERS OF AUDIT COMMITTEE REVIEW OF INFORMATION BY AUDIT COMMITTEE:
(i) Oversight of the Company’s financial reporting (x) Valuation of undertakings or assets of the company,
(i) To investigate any activity within its terms of process and the disclosure of its financial wherever it is necessary; The Audit Committee shall mandatorily review the
reference. information to ensure that the financial statement following information:
(xi) Evaluation of internal financial controls and risk
(ii) To seek information required from any employee. is correct, sufficient and credible;
(iii) To obtain outside legal or other professional advice. (ii) Recommendation for appointment, remuneration

(i) Management discussion and analysis of financial remuneration of the Chief internal auditor shall be 3. To identify persons who are qualified to: 6. To express opinion to the Board that a director
condition and results of operations; subject to review by the Audit Committee. possesses the requisite qualification(s) for the
i. become directors in accordance with the criteria
practice of the profession in case the services to be
(ii) Statement of significant related party transactions (vi) Statement of deviations: laid down, and recommend to the Board the
rendered by a director are of professional nature.
(as defined by the Audit Committee), submitted by appointment and removal of directors;
a. quarterly statement of deviation(s) including
management; 7. To decide whether to extend or continue the term
report of monitoring agency, if applicable, ii. be appointed in senior management in accordance
of appointment of the independent director, on
(iii) Management letters / letters of internal control submitted to stock exchange(s) in terms of with the policies of the Company and recommend
the basis of report of performance evaluation of
weaknesses issued by the statutory auditors; Regulations 32(1) of the Listing Regulations their appointment or removal to the HR Department
independent directors;
and to the Board.
(iv) Internal audit reports relating to internal control b. annual statement of funds utilised for purposes
8. To recommend to the board, all remuneration, in
weaknesses; and other than those stated in the offer document/ 4. To specify the manner for effective evaluation
whatever form, payable to senior management
prospectus/notice in terms of Regulation 32(7) of performance of Board, its committees and
(v)
The appointment, removal and terms of personnel.
of the Listing Regulations individual directors to be carried out either by
the Board, by the Nomination and Remuneration 9. To carry out such other business as may be required
Meetings and attendance during the year: Committee or by an independent external agency by applicable law or delegated by the Board or
During the financial year 2020-21, 5 (five) meetings of the Audit Committee were held on June 18, 2020; August 06, and review its implementation and compliance; considered appropriate in view of the general terms
2020; October 30, 2020, November 23, 2020 and January 27, 2021. of reference and the purpose of the Nomination and
5. To carry out evaluation of the performance of every
Remuneration Committee.
The attendances of Committee Members were as under: director of the Company;
Name of the Committee Members Category Number of meetings

Meetings and attendance during the year:
Held Attended
During the financial year 2020-21, 3 (three) meetings of the Nomination & Remuneration Committee were held on
Mr Salil Kumar Bhandari Non-Executive-Independent Director 5 5 June 18, 2020; October 30, 2020; and January 27, 2021.
Mr Shiv Prakash Mittal Executive-Promoter Director 5 5
The attendances of Committee Members were as under:
Mr Mahesh Kumar Jiwrajka Non-Executive-Independent Director 5 5
Mr Arun Kumar Saraf Non-Executive-Independent Director 5 5 Name of the Committee Members Category Number of meetings
Ms Sushmita Singha Non-Executive-Independent Director 5 5 Held Attended
Mr Salil Kumar Bhandari Non-Executive-Independent Director 3 3
Besides the Committee members, the Committee Meetings are attended by the Representative of Statutory Auditors
and Internal Auditors. Mr Mahesh Kumar Jiwrajka Non-Executive-Independent Director 3 3
Ms Sushmita Singha Non-Executive-Independent Director 3 3
b) Nomination & Remuneration Committee:
The Nomination and Remuneration Committee of the Company is constituted in alignment with the provisions of Performance evaluation criteria for all the Directors Remuneration policy, details of remuneration and
Section 178 of the Act and Regulation 19 of the Listing Regulations and terms of reference, including role & powers (including Independent Directors): other terms of appointment of Directors:
of the Committee, has been modified accordingly. The Nomination and Remuneration Committee has The Board has adopted the Remuneration Policy on the
Composition, name of members and chairperson: duly formulated the performance evaluation criteria recommendation of the Nomination and Remuneration
for all the directors (including Independent Directors) Committee in compliance with Section 178 of the Act
As on March 31, 2021, the Nomination & Remuneration Committee of the Company, comprises of 3 (three) Non-
of the Company. The said criteria are disclosed in the and Regulation 19 read with Part D of Schedule II of the
Executive Independent Directors as follows:
Directors’ Report forming part of the Annual Report of Listing Regulations. The Remuneration Policy of the
Sl. No. Name of the Committee Member Category Designation the Company. Company is uploaded on the website of the Company
at https://www.greenpanel.com/wp-content/uploads /
1 Mr Salil Kumar Bhandari Independent Director Chairman
2019/11/Remuneration-Policy.pdf
2 Mr Mahesh Kumar Jiwrajka Independent Director Member
3 Ms Sushmita Singha Independent Director Member
REMUNERATION TO DIRECTORS:
Mr Lawkush Prasad, Company Secretary & AVP - Legal ii. evaluation of performance of independent directors (i) Executive Directors:
of the Company, acts as the Secretary of the Nomination and the Board of Directors. The details of remuneration including commission to all Executive Directors for the year ended on March 31, 2021
& Remuneration Committee. are as follows and the same is within the ceiling prescribed under the applicable provisions of the Companies Act,
2. To devise the policies on:
2013.
Terms of reference: (H in lacs)
i. remuneration including any compensation
The Nomination and Remuneration Committee shall related payments of the directors, key managerial Name and designation Service contract/Notice Salary Commission Provident Perquisites Total
be responsible for, beside the other things as may be personnel and other employees and recommend period* Fund and other
required from time to time, the following: the same to the Board of the Company; allowances
1. To formulate criteria for: ii. Board diversity laying out an optimum mix of Mr Shiv Prakash Mittal Appointed w.e.f. July 19, 136.14 162.50 9.72 - 308.36
executive, independent and non-independent (Executive Chairman) 2019 till June 30, 2024
i. determining qualifications, positive attributes and
independence of a director; directors keeping in mind the needs of the Company. Mr Shobhan Mittal Appointed w.e.f. July 19, 79.96 162.50 6.48 11.88 260.82
(Managing Director & CEO) 2019 till June 30, 2024
* The appointment may be terminated by either party by giving three months’ notice or salary in lieu thereof or by mutual consent.

(ii) Non-Executive Directors: 3. Reviewing the adherence to the service standards 8. Appointment and fixing of remuneration of
The details of sitting fees to Non-Executive Directors for the financial year 2020-21 are as follows: adopted by the Company in respect of various Registrar and Transfer Agents and overseeing their
services being rendered by the Registrar & Share performance;
Name Service contract/Notice period Sitting fees (H In lacs) Transfer Agent.
9. Review the status of the litigation(s) filed by/
Mr Salil Kumar Bhandari Appointed for five years w.e.f. August 06, 2018 till 5.80 4. Review of the various measures and initiatives against the security holders of the Company;
August 05, 2023. taken by the listed entity for reducing the quantum
10. Review the status of claims received for unclaimed
Mr Mahesh Kumar Jiwrajka Appointed for five years w.e.f. August 06, 2018 till 6.60 of unclaimed dividends and ensuring timely receipt
shares;
August 05, 2023. of dividend warrants/annual reports/statutory
Ms Sushmita Singha Appointed for five years w.e.f. August 06, 2018 till 6.00 notices by the shareholders of the company. 11. Recommending measures for overall improvement
August 05, 2023 in the quality of investor services;
5. Formulation of procedures in line with the statutory
Mr Arun Kumar Saraf Appointed for five years w.e.f. August 14, 2019 till 5.20 guidelines to ensure speedy disposal of various 12. Review the impact of enactments/ amendments
August 13, 2024 requests received from the shareholders from time issued by the MCA/ SEBI and other regulatory
to time; authorities on matters concerning the investors in
No sitting fee is paid to the Chairman and the Managing Director & CEO for attending the Board Meetings or
general;
Committee Meetings thereof. There are no pecuniary relationship or transaction between the non-executive 6. To review and / or approve applications for transfer,
Independent directors and the Company, except for sitting fees for attending the meeting of the Board and transmission, transposition and mutation of share Such other matters as per the directions of the
Committee(s) thereof. The Company has not granted any stock option to its Directors. certificates including issue of duplicate certificates Board of Directors of the Company and/ or as
and new certificates on split / sub-division / required under Regulation 20 read with Part D of
The criteria for making payment to Non-Executive Directors is disclosed on the website of the Company at
consolidation / renewal and to deal with all related Schedule II of the Listing Regulations.
https://www.greenpanel.com/wp-content/uploads/2020/05/Criteria-for-making-payment-to-Non-Executive-
matters as may be permissible under applicable
Directors.pdf 13. To carry out such other business as may be required
law.
by applicable law or delegated by the Board of
The details of shares held by the Executive and Non-Executive Directors of the Company as on March 31, 2021 are
7. To review and/or approve requests of Directors of the Company or considered appropriate
as follows:
dematerialization and rematerialisation of in view of its terms of reference.
Name of the Directors Category Number of Equity Shares held securities of the Company and such other related
matters;
Mr Shiv Prakash Mittal Executive Promoter Director 7,55,000
Mr Shobhan Mittal Executive Promoter Director 1,05,88,380
Mr Salil Kumar Bhandari Non-Executive Independent Director 5,000 Details of complaints received and resolved during the year ended March 31, 2021:
Mr Mahesh Kumar Jiwrajka Non-Executive Independent Director 0 Received during the year Resolved during the year Not solved to the satisfaction of Pending at the end
Ms Sushmita Singha Non-Executive Independent Director 0 the shareholders of the year
Mr Arun Kumar Saraf Non-Executive Independent Director 20,000 - - - -

c) Stakeholders Relationship Committee:
During the financial year 2020-21, 4 (Four) meetings of the Stakeholders Relationship Committee were held on
Stakeholders Relationship Committee of the Company is constituted in line with the provisions of Section 178 of the
June 18, 2020, August 06, 2020, October 30, 2020 and January 27, 2021.
Act and Regulation 20 of the Listing Regulations.
The attendances of Committee Members were as under:
Composition, name of members and chairperson:
As on March 31, 2021, the Stakeholders Relationship Committee of the Company, comprises of 1 (one) Non- Name of the Committee Members Category Number of meetings
Executive Independent Director and 2(two) Executive Promoter Directors as follows: Held Attended
Mr Mahesh Kumar Jiwrajka Non-Executive-Independent Director 4 4
Sl. No. Name of the Committee Member Category Designation Mr Shiv Prakash Mittal Executive-Promoter Director 4 4
1 Mr Mahesh Kumar Jiwrajka Independent Director Chairman Mr Shobhan Mittal Executive-Promoter Director 4 4
2 Mr Shiv Prakash Mittal Executive Promoter Director Member
d) Corporate & Social Responsibility Committee:
3 Mr Shobhan Mittal Executive Promoter Director Member
Corporate Social Responsibility (CSR) Committee of the Company is constituted as per Section 135 of the Act. CSR
Committee, inter alia, had formulated and recommended to the Board, a Corporate Social Responsibility Policy
In terms of Regulation 6 and Schedule V of the Listing b. Non-receipt of annual reports, which indicates the activities to be undertaken by the Company as specified in Schedule VII to the Act. The CSR
Regulations, the Board has appointed Mr Lawkush Committee recommends the amount of expenditure to be incurred on the CSR activities and monitor the CSR
c. Non-receipt of declared dividends,
Prasad Company Secretary & AVP-Legal as the activities undertaken by the Company from time to time.
Compliance Officer of the Company. d. All such complaints directly concerning the
shareholders / investors as stakeholders of the Composition, name of members and chairperson:
Terms of reference of the Stakeholder’s Relationship
Company; and As on March 31, 2021, the Corporate Social Responsibility Committee of the Company, comprises of 1 (one) Non-
Committee are as follows:
Executive Independent Director and 2(two) Executive Promoter Directors as follows:
1. To ensure proper and timely attendance and e. Any such matters that may be considered
redressal of grievances of security holders of the necessary in relation to shareholders and Sl. No. Name of the Committee Member Category Designation
Company in relation to: investors of the Company. 1 Ms Sushmita Singha Independent Director Chairperson
2. Reviewing the measures taken for effective exercise 2 Mr Shiv Prakash Mittal Executive Promoter Director Member
a. Transfer/transmission of shares,
of voting rights by shareholders. 3 Mr Shobhan Mittal Executive Promoter Director Member

Terms of reference of the Corporate & Social 4. To evaluate the social impact of the Company’s CSR c) The Details of Special Resolutions passed through whole or substantially the whole of India and in one
Responsibility Committee Activities; postal ballot during the financial year 2020-21: vernacular newspaper (Amar Asom-Assamese Daily) of
1. To formulate, monitor and recommend to the the state where the registered office of the Company is
5. To review the Company’s disclosure of CSR matters; During the financial year 2020-21, no Resolution
Board the CSR Policy including the activities to be situated. In addition, these results are simultaneously
was passed through postal ballot.
undertaken by the Company; 6. To submit a report on CSR matters to the Board posted on the Company’s website.
at such intervals and in such format as may be d) Person who conducted the Postal Ballot: Not
2. To recommend the amount of expenditure to be prescribed. Applicable b) Website:
incurred on the CSR activities undertaken; The Company’s website (www.greenpanel.com) is
7. To consider other functions, as defined by the e) There is no immediate proposal for passing any
3. To monitor the implementation of the framework a comprehensive reference on Company’s vision,
Board or as may be stipulated under any law, rule special resolution through Postal Ballot.
of Corporate Social Responsibility Policy; mission, products, investor relation, feedback and
or regulation, Corporate Social Responsibility
f) Procedure for Postal ballot: Not Applicable contact details. In compliance with Regulation 46 of the
Voluntary Guidelines 2009 and the Act.
Listing Regulations, a separate section under “Investor
7. Means of communication Relations” on the Company’s website gives information
a) Quarterly/Half-yearly/Annual Results: on various announcements made by the Company,
During the financial year 2020-21, 1 (One) meeting of the Corporate Social Responsibility (CSR) Committee was complete financial details, Board of Directors Details,
held on June 18, 2020. The quarterly/half-yearly/annual financial results of
Policies of the Company, quarterly & annual results,
the Company are sent to Stock Exchanges immediately
The attendances of Committee Members were as under: shareholding pattern, annual report, information
after they are approved by the Board of Directors. These
relating to stock exchanges where shares are listed,
are also published in the prescribed proforma within
Name of the Committee Members Category Number of meetings investor contact details, etc. The presentation made
48 hours of the conclusion of the meeting of the Board
Held Attended to institutional investors or to the analysts are also
in which they are considered, in English newspaper
Ms Sushmita Singha Non-Executive-Independent Director 1 1 available on the Company’s website.
(Financial Express-English Daily) circulating the
Mr Shiv Prakash Mittal Executive-Promoter Director 1 1
Mr Shobhan Mittal Executive-Promoter Director 1 1
8. General shareholders’ information
e) Operational Committee: 5. Subsidiaries 1. Date, time and mode of the July 07, 2021 at 11 A.M. through VC and OAVM
Annual General Meeting
As on March 31, 2021, the Committee comprised of Details of the Subsidiaries of the Company and their
Mr Shiv Prakash Mittal, Mr Shobhan Mittal, and Mr business activities are provided in the Directors’ Report 2. Financial Year Financial year of the Company is from April 01 to March 31.
Arun Kumar Saraf. The Committee meets as and when forming part of the Annual Report of the Company. 3. Publication of results for the First quarter results: On or before August 14, 2021
required to consider matters assigned to it by the Board The Company has formulated a policy for determining financial year 2020-21
Second quarter and half year results: On or before November 14, 2021
of Directors from time to time. ‘material’ subsidiaries pursuant to the provisions (tentative and subject to change)
of the Listing Regulations as amended from time Third quarter results: On or before February 14, 2022
During the financial year 2020-21, 10 (Ten) meetings of
the Operational Committee were held on May 15, 2020; to time and the same is displayed on the website of Fourth quarter results and results for the year ending
June 25, 2020; July 11, 2020; August 22, 2020; October the Company at https://www.greenpanel.com/wp-
content/uploads / 2021/04/Policy-for-determining- March 31, 2022: On or before May 30, 2022.
19, 2020; November 20, 2020; December 11, 2020;
January 11, 2021; February 24, 2021 and March 12, 2021. Material-Subsidiaries.pdf 4. Dates of book closure July 1, 2021 to July 7, 2021
5. Dividend payment date Not Applicable
6. General Body Meetings 6. Listing of Equity Shares at Stock 1. BSE Ltd. (BSE) Floor 25, P. J. Towers Dalal Street, Fort Mumbai -
Exchanges 400001
a) The details of previous three Annual General Meetings of the shareholders are as under:
2. National Stock Exchange of India Ltd. (NSE) Exchange Plaza, Bandra
Financial Year Date of AGM Venue Time
Kurla Complex Bandra (E) Mumbai - 400 051
2019-20 September 18, 2020 By Video Conferencing/other audio visual means 11.06 A.M.
7. Stock Code/Symbol BSE Scrip Code: 542857
2018-19 September 28, 2019 Registered Office at Makum Road, Tinsukia, Assam-786125 10.00 A.M. NSE Symbol: GREENPANEL
2017-18 August 28, 2018 Registered Office at Makum Road, Tinsukia, Assam-786125 09.00 A.M. 8. Payment of Listing Fees Annual Listing Fees for both the stock exchanges for the financial year
2021-22 has been duly paid by the Company.
b) Special resolutions passed at the previous three Annual General Meetings are as below:
AGM No. AGM Date Details of Special Resolution passed 8. Market price data for each month during the financial year 2020-21:
(Amount in H)
3rd September 18, 2020 Modification in terms of appointment and payment of Remuneration of Mr
Shiv Prakash Mittal (DIN: 00237242), Executive Chairman Month At BSE At NSE
2nd September 28, 2019 Appointment of Mr Shiv Prakash Mittal as Executive Chairman of the company High Low High Low
with effect from July 19, 2019 till June 30, 2024 April 2020 32.65 26.75 32.45 26.50
1st August 28, 2018 NIL May 2020 27.35 23.80 27.45 24.00
June 2020 41.15 26.05 41.70 25.10
July 2020 40.40 36.00 40.05 35.90
August 2020 52.50 36.20 52.50 37.00

(Amount in H) 14. Distribution of equity shareholding as on March 31, 2021:

Month At BSE At NSE Distribution of shareholding by size is as given below:
High Low High Low
Range in number of Number of Percentage of Number of shares Percentage of
September 2020 52.60 42.95 51.55 42.00 shares held shareholders Shareholders held shares held
October 2020 73.40 49.60 73.35 48.85 1-500 16194 82.59 1589603 1.30
November 2020 89.40 76.05 90.50 76.00 501-1000 1208 6.16 963086 0.79
December 2020 128.15 82.00 128.40 83.05 1001-2000 867 4.42 1342565 1.09
January 2021 188.00 124.40 187.50 124.00 2001-3000 387 1.97 981267 0.80
February 2021 202.75 165.20 203.35 165.05 3001-4000 193 0.98 686406 0.56
March 2021 185.20 150.30 186.00 150.35 4001-5000 142 0.72 666284 0.54
9. E-mail ID for Investors: investor.relations@greenpanel.com 5001-10000 258 1.32 1922124 1.57

10001-50000 256 1.31 5429064 4.43
10. Performance in comparison to broad based indices such as BSE Sensex, CRISIL Index etc. Greenpanel
Industries Limited share performance: 50001-100000 45 0.23 3294175 2.69
GREENPANEL HIGH Vs. SENSEX HIGH 100001 and above 57 0.30 105752821 86.23
Total 19607 100.00 122627395 100.00
210 60,000.00 Distribution of shareholding by category is as given below:

Category of shareholders Number of shares Percentage of shares
55,000.00
Greenpanel Stock Price
160 Promoter and Promoter Group 65110000 53.10

50,000.00 Alternate Investment Funds 1775406 1.45
Sensex
Foreign Portfolio Investor 5166213 4.21
110 45,000.00
Mutual Funds 20497463 16.72
40,000.00 Bodies Corporate 4762273 3.88
60 Resident Individuals 22824776 18.61
35,000.00 NBFCs registered with RBI 85100 0.07
Clearing Member 340731 0.28
10 30,000.00
Apr, May, Jun, Jul, Aug, Sep, Oct, Nov, Dec, Jan, Feb, Mar, NRI 959586 0.78
2020 2020 2020 2020 2020 2020 2020 2020 2020 2021 2021 2021
Trusts 13550 0.01
Greepanel BSE Sensex Foreign Company 0 0.00
Investor Education and Protection Fund Authority 30185 0.02
11. Suspension of Securities during the financial year 2020-21:
Financial Institutions/banks 535 0.00
During the financial year 2020-21, the securities of the Company were not suspended from trading.
Insurance Companies 1050231 0.86
12. Registrar & Share Transfer Agent (“R&T Agent”): Foreign National 3000 0.00
Maheshwari Datamatics Private Limited Unclaimed Share Suspense Account 8346 0.01
Contact Person: Mr S. Rajagopal Total 122627395 100.00
Address: 23, R. N. Mukherjee Road, 5th Floor, Kolkata – 700001

15. Dematerialisation of shares and liquidity: 17. Commodity price risk or foreign exchange risk
Phone No. 033 2243-5029 / 2248-2248 / 2231-6839
The Company’s equity shares are tradable compulsorily and hedging activities:
E-mail ID: mdpldc@yahoo.com in electronic form and are available for trading in The Company has significant foreign exchange
the depository systems of both National Securities exposure towards imports, export and foreign currency
13. Share Transfer System:
Depository Ltd (NSDL) and the Central Depository loans.
The Company has a Committee of the Board of Directors called Stakeholders Relationship Committee and takes Services (India) Ltd (CDSL). The International Securities
necessary steps as per its terms of reference duly approved by the Board from time to time. i. Imports are hedged and exports are partially
Identification Number (ISIN) of the Company,
hedged;
No Share transfer requests were received during the Financial Year 2020-21. as allotted by NSDL and CDSL, is INE08ZM01014.
Nearly 99.94% of total listed equity shares have been ii. Foreign Currency Loans of LBBW is partially
dematerialised as on March 31, 2021. hedged.
16. Outstanding ADRs/GDRs/Warrants or any 18. Corporate Identification Number (CIN):

other convertible instruments, conversion date L20100AS2017PLC018272
and likely impact on equity:
Nil

19. Plant locations: Company at large. Further, the statutory disclosure to Regulate, Monitor and Report Trading in Particulars Amount (H)
i. Plot no 2, Sector -9, Integrated Industrial Estate, requirements relating to related party transactions Securities of the Company and Policy & Procedures
for Inquiry in case of leak of Unpublished Price Statutory Audit Fees 27,50,000
Pantnagar, Rudrapur, Udham Singh Nagar, have been complied in the Financial Statements.
Sensitive Information and the same have been Tax Audit Fees Nil
Uttarakhand- 263153 b) The Financial Statements have been made in
approved by the Board of Directors in their meeting Quarterly Limited Review 3,90,000
ii. Routhu Suramala, Thottambedu Mandal, dist. accordance with the Accounting Standards so as
held on June 18, 2020. The said Code prohibits the Fees for other statutory 42,500
Chittoor, Andhra Pradesh- 517642 to represent a true and fair view of the state of the
Designated Persons of the Company from dealing certifications
affairs of the Company.
in the securities of the Company on the basis of any
20. Address for correspondence: Reimbursements Nil
c) There is no case of non-compliance of any statutory unpublished price sensitive information, available
i. Registrar & Share Transfer Agent: compliance for the Company and no penalties or to them by virtue of their position in the Company. Total 31,82,500
M/s. Maheshwari Datamatics Pvt. Ltd. strictures have been imposed on the Company by p) Disclosures in relation to the Sexual Harassment of
k) Further the Company has framed a Code of
the Stock Exchanges i.e. BSE & NSE or Securities and Women at Workplace (Prevention, Prohibition and
23, R. N. Mukherjee Road, 5th Floor, Kolkata – Practices and Procedures for Fair Disclosure of
Exchange Board of India or any statutory authority Redressal) Act, 2013:
700001 Unpublished Price Sensitive Information and the
on any matter related to the capital market, since
same is available on the website of the Company The Company is committed to provide a healthy
Phone: 033 2243-5029 / 2248-2248 / 2231-6839 listing of the Company.
at https://www.greenpanel.com/wp-content / and safe working environment for its employees.
Contact Person: Mr S. Rajagopal d) The Company has in place Vigil Mechanism/Whistle uploads / 2021/04/Policy-for-determination-of- The Company has adopted a ‘Anti- Sexual
Blower Policy as required and it is affirmed that material-disclosure.pdf Harassment Policy’ to prohibit or prevent any acts
Email: mdpldc@yahoo.com no personnel has been denied access to the Audit
l) Details of utilization of funds raised through of sexual harassment at workplace and to provide
ii. Company Secretary & Compliance Officer: Committee. the procedure for the redressal of complaints
preferential allotment or qualified institutions
Mr Lawkush Prasad e) The Company has complied with all the mandatory placement as specified under Regulation 32(7A): pertaining to sexual harassment, in line with the
requirements as prescribed in the SEBI Listing provisions of Sexual Harassment of Women at
Greenpanel Industries Limited The Company has not raised any funds through Workplace (Prevention, Prohibition & Redressal)
Regulations and the Companies Act, 2013.
preferential allotment or qualified institutions Act, 2013 and the rules made thereunder. There
“Thapar House” 2nd Floor, 163 S.P. Mukherjee
f) The Related Party Transaction Policy is also posted placement. were no complaint received under the above policy
Road Kolkata - 700 026, India
on the Company’s website and can be accessed during the Financial Year 2020-21.
m) Certificate from a Company Secretary in Practice
Phone: (033) 4084-0600 at https://www.greenpanel.com/wp-content/
that none of the directors on the board of the
Fax: (033) 2464-5525
uploads/2021/04/Related-Party-Transactions-
company have been debarred or disqualified from
10. The Company has complied with
Policy.pdf the applicable requirement specified in
being appointed or continuing as directors of
Email: lawkush.prasad@greenpanel.com
g) Discretionary requirements as specified in Part E of companies by the Board/Ministry of Corporate Regulations 17 to 27 and clause (b) to
iii. Chief Investor Relations Officer: Schedule II of the Listing Regulations: Affairs or any such statutory authority is annexed (i) of sub-regulation (2) of Regulation
to this report as “Annexure-B”.
Mr Vishwanathan Venkatramani, Chief Financial The Company has complied with the discretionary 46 of the SEBI (Listing Obligations and
Officer requirements with regard to reporting of Internal n) During the financial year 2020-21, there was no Disclosure Requirements) Regulations,
Auditor directly to Audit Committee, moving recommendation of any committee of the Board of
towards a regime of unqualified Financial the Company which is mandatorily required and is
2015.
“Thapar House” 2nd Floor, 163 S.P. Mukherjee Statements and unmodified audit opinion and not accepted by the Board of the Company.
Road Kolkata - 700 026, India separating the post of Chairman and Managing
o) During the financial year 2020-21, total fees for all
11. Compliance Certificate of the Auditors:
Director/Chief Executive Officer. The Statutory Auditors have certified that the Company
Phone: (033) 4084-0600 services paid by the Company and/or its subsidiaries,
h) In addition to Directors’ Report, a Management on a consolidated basis, to the statutory auditor of has complied with the conditions of Corporate
Fax: (033) 2464-5525
Discussion and Analysis Report form part of the Company and all entities in the network firm/ Governance as stipulated in the Listing Regulations and
Email: investor.relations@greenpanel.com the Annual Report to the shareholders. All key network entity of which the statutory auditor is a the same is annexed to this report as “Annexure-C”.
managerial personnel and senior management part is detailed below:
21. List of all credit ratings obtained by the have confirmed that they do not have any material,
Company along with any revisions thereto, for
all debt instruments of the Company or any fixed
financial and commercial interest in transactions 12. Disclosures with respect to demat suspense account/unclaimed suspense account:
with the Company that may have a potential
deposit programme or any scheme or proposal The disclosure as required to be given under Regulation 34(3) read with Clause F of Schedule V of SEBI (Listing
conflict with the interest of the Company at large.
of the Company involving mobilization of funds, Obligations and Disclosure Requirements) Regulations, 2015 are as follows:
whether in India or abroad: i) All details relating to financial and commercial
transactions where Directors may have a pecuniary Sl. Particulars No. of Outstanding
During the financial year 2020-21, the Company does No. Shareholders Shares
interest are provided to the Board and the interested
not have any debt instruments or any Fixed Deposit
Directors neither participate in the discussion nor 1. Aggregate number of shareholders and the outstanding shares in the 10 8346
Programme or any scheme or the proposal of the
vote on such matters. Suspense Account lying at the beginning of the year
Company involving mobilization of funds in India or in
abroad. j) In order to prevent misuse of any unpublished 2. Number of shareholders to whom shares were transferred from - -
price sensitive information (UPSI), maintain Suspense Account during the year
9. Other Disclosures: confidentiality of all UPSI and prohibit any 3. Aggregate number of shareholders and the outstanding shares in the 10 8346
a) The Company does not have any materially insider trading activity and abusive self-dealing Suspense Account lying at the end of the year
significant related party transactions, which may of securities, in the interest of the shareholders at
have potential conflict with the interest of the large, the Company has framed a Code of Conduct

As on March 31, 2021, 8346 equity shares of the Company held by 10 shareholders are unclaimed and held in Annexure to Corporate Governance Report
“Greenpanel Industries Limited – Unclaimed Suspense Account” and the voting rights on the same shares shall
ANNEXURE – B
remain frozen till the rightful owner of the said shares claims such shares.
13. Managing Director & CEO and CFO Certification: CERTIFICATE OF NON-DISQUALIFICATION
The Managing Director & CEO and the CFO have issued certificate pursuant to the provisions of Regulation 17(8) OF DIRECTORS
of the Listing Regulations certifying, inter alia, that the financial statements do not contain any materially untrue
(Pursuant to Regulation 34(3) and Schedule V Para C Clause (10)(i) of the SEBI (Listing
statement and these statements represent a true and fair view of the Company’s affairs. The said certificate is
Obligations and Disclosure Requirements) Regulation 2015)
annexed to this report as “Annexure-D”.
For and on behalf of the Board of Directors
Shiv Prakash Mittal
To
The Members,
Date: May 14, 2021 DIN: 00237242
Makum Road Tinsukia
Assam – 786125
We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of
Greenpanel Industries Limited, CIN L20100AS2017PLC018272, having registered office at Makum Road Tinsukia
– 786125, Assam (hereinafter referred to as ‘the Company’), produced before us by the Company for the purpose
of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the
Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
In our opinion and to the best of our information and according to the verifications (including Directors Identification
Annexure to Corporate Governance Report
Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by
ANNEXURE -A the Company and its officers, We hereby certify that none of the Directors on the Board of the Company as stated
Declaration by the Managing Director & CEO under Regulation 26(3) read with Part D of Schedule V of SEBI below for the Financial Year ending on March 31, 2021 have been debarred or disqualified from being appointed or
(Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding Compliance with Code of Conduct continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs,
or any such other Statutory Authority.
Serial No. Name of the Directors DIN Date of Appointment
To 1 Mr Shiv Prakash Mittal 00237242 13-12-2017

The Members, 2 Mr Shobhan Mittal 00347517 13-12-2017
Greenpanel Industries Limited 3 Mr Salil Kumar Bhandari 00017566 06-08-2018
In accordance with Regulation 26(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, I 4 Mr Mahesh Kumar Jiwrajka 07657748 06-08-2018
hereby confirm that all the Directors and Senior Management Personnel of the Company have affirmed compliance 5 Ms Sushmita Singha 02284266 06-08-2018
with the Code of Conduct as applicable to them, for the financial year ended March 31, 2021. 6 Mr Arun Kumar Saraf 00087063 14-08-2019
Shobhan Mittal Ensuring the eligibility of for the appointment / continuity as Director on the Board is the responsibility of the
Place: Kolkata Managing Director & CEO management of the Company. Our responsibility is to express an opinion based on our verification and representation
Date: May 14,2021 DIN: 00347517 made by the respective directors.
For T.Chatterjee & Associates

Company Secretaries
FRN No. - P2007WB067100
Binita Pandey
Partner
Place: Kolkata ACS: 41594, CP: 19730
Date: May 7, 2021 UDIN: A041594C000254895

Annexure to Corporate Governance Report Annexure to Corporate Governance Report

ANNEXURE – C ANNEXURE -D
Auditor’s certificate on Corporate Governance Certification by Chief Executive Officer and Chief
Financial Officer pursuant to Regulation 17(8) of SEBI
(Listing Obligations and Disclosure Requirements)
To
The Members of
Regulations, 2015
We have examined the compliance of conditions of Corporate Governance by Greenpanel Industries Limited (CIN:
L20100AS2017PLC018272) (“the Company”), as stipulated under Regulations 17 to 27, clauses (b) to (i) of sub To
regulation (2) of Regulation 46 and para C, D and E of Schedule V of the Securities and Exchange Board of India The Board of Directors,
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) for the financial Greenpanel Industries Ltd.
year ended March 31, 2021.
a) We have reviewed the Financial Statements and the Cash Flow Statement for the financial year ended on March
Management’s Responsibility for compliance with the conditions of Listing Regulations 31, 2021 and that to the best of our knowledge and belief:
The compliance of conditions of Corporate Governance is the responsibility of the Management. Our examination i. these statements do not contain any materially untrue statement or omit any material fact or contain
was limited to the review of procedures and implementation thereof adopted by the Company for ensuring statements that might be misleading;
compliance of the conditions of Corporate Governance as stipulated in the said Regulations. This certificate is
ii. these statements together present a true and fair view of the Company’s affairs and are in compliance with
neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with which the
existing Accounting Standards, applicable laws and regulations.
management has conducted the affairs of the Company.
b) There are, to the best of our knowledge and belief, no transactions entered into by the Company during the year
Auditors’ Responsibility which are fraudulent, illegal or violative of the Company’s code of conduct.
We conducted our examination in accordance with the Guidance Note on Reports or Certificates for Special Purposes
c) We accept responsibility for establishing and maintaining internal controls for financial reporting and that we
issued by the Institute of Chartered Accountants of India. The Guidance Note requires that we comply with the
have evaluated the effectiveness of internal control systems of the Company pertaining to financial reporting
ethical requirements of the Code of Ethics issued by the Institute of Chartered Accountants of India. We have
and we have disclosed to the Auditors and the Audit Committee, deficiencies in the design or operation of such
complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control
internal controls, if any, of which we are aware and the steps we have taken or propose to take to rectify these
for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related
deficiencies.
Services Engagements.
d) We have indicated to the Auditors and the Audit Committee that there are no:
Opinion
i. Significant changes in internal control over financial reporting during the year;
In our opinion, and to the best of our information and according to explanations given to us, we certify that the
Company has complied with the conditions of Corporate Governance as stipulated in the SEBI Listing Regulations ii. Significant changes in accounting policies during the year and the same have been disclosed in the notes to
for the financial year ended March 31, 2021. the financial statements; and
We further state that such compliance is neither an assurance as to the future viability of the Company nor the iii. Instances of significant fraud of which we have become aware and the involvement therein of the
efficiency or effectiveness with which the Management has conducted the affairs of the Company. management or an employee having a significant role in the Company’s internal control system over
financial reporting.
Restriction on use
The certificate is addressed and provided to the members of the Company solely for the purpose to enable the
Company to comply with the requirement of the Listing Regulations, and it should not be used by any other person
Shobhan Mittal Vishwanathan Venkatramani
or for any other purpose. Accordingly, we do not accept or assume any liability or any duty of care for any other
Place: Kolkata Managing Director & CEO Chief Financial Officer
purpose or to any other person to whom this certificate is shown or into whose hands it may come without our prior
Date: May 14, 2021 DIN: 00347517
consent in writing.
For S. S. KOTHARI MEHTA & COMPANY

Chartered Accountants
FRN - 000756N
Sunil Wahal
Partner
Place: New Delhi Membership No. 087294
Date: May 14, 2021 UDIN: 21087294AAAAGV8084

Standalone
Financial Financial
Statements Statements

INDEPENDENT AUDITORS’ REPORT
To The Members of Key audit matters How our audit addressed the key audit matters
Greenpanel Industries Limited Revenue recognition on sale of goods and impairment loss allowance on trade receivables
Revenue is measured based on the transaction Our audit procedures included, amongst others:
price, which is the consideration, adjusted a. We read and evaluated the Company’s policies for revenue
Report on the Audit of the Standalone requirements and the ICAI’s Code of Ethics. We believe
for volume discounts, rebates, scheme recognition and impairment loss allowance and assessed
that the audit evidence we have obtained is sufficient
Financial Statement allowances, price concessions, incentives and its compliance with Ind AS 115 – Revenue from contracts
and appropriate to provide a basis for our audit opinion
returns, if any, (‘variable consideration’) as with customers’ and Ind AS 109 ‘Financial Instruments’
Opinion on the standalone financial statements.
specified in the contracts with the customers. respectively.
We have audited the accompanying standalone
financial statements of GREENPANEL INDUSTRIES Emphasis of Matter An estimate of variable consideration payable b. We assessed the design and tested the operating effectiveness
LIMITED (“the Company”), which comprise the We draw attention to Note 49 to the standalone financial to the customers is recorded as at the year- of internal controls related to sales including variable
balance sheet as at March 31, 2021, the statement statements, which describes in detail the uncertainties end. Such estimation is done based on the consideration and impairment loss allowance on trade
of profit and loss (including other comprehensive and the impact of Covid-19 pandemic on the Company’s terms of contracts, rebates and discounts receivables.
income), the statement of changes in equity and the operations and results as assessed by the management. schemes and historical experience.
c. We performed the following tests for a sample of transactions
statement of cash flows for the year ended on that date, Due to outbreak of COVID-19 pandemic, the economic In accordance with Ind AS 109 – Financial relating to variable consideration:
and a summary of the significant accounting policies activity is disturbed which may impact revenues, Instruments, the Company follows ‘simplified
and other explanatory information. profitability and liquidity of the Company. The exact • Read the terms of contract including rebates and
approach’ for recognition of impairment loss
impact is not determinable as on date. Our opinion is discounts schemes as approved by authorized personnel.
In our opinion and to the best of our information and allowance on trade receivables. In calculating
not modified in respect of this matter. the impairment loss allowance, the Company • Evaluated the assumptions used in estimation of variable
according to the explanations given to us, the aforesaid
standalone financial statements give the information has considered its credit assessment and other consideration by comparing with the past trends and
Key Audit Matters related credit information for its customers to understand the reasons for deviation.
required by the Companies Act, 2013 (“the Act”) in
the manner so required and give a true and fair view Key audit matters are those matters that, in our estimate the probability of default in future
• Performed retrospective review to identify and evaluate
in conformity with the Indian Accounting Standards professional judgment, were of most significance and has considered estimates of possible effect
variances.
prescribed under section 133 of the Act read with the in our audit of the standalone financial statements from increased uncertainties in economic
relevant rules made thereunder, as amended, and other for the financial year ended March 31, 2021. These environment. We identified estimation of d. We evaluated management’s assessment of the assumptions
accounting principles generally accepted in India, of matters were addressed in the context of our audit of variable consideration and impairment loss used in the calculation of impairment loss allowance on
the state of affairs of the Company as at March 31, 2021, the standalone financial statements as a whole, and in allowance on trade receivables as a key audit trade receivables, including consideration of the current and
total comprehensive income, changes in equity and its forming our opinion thereon, and we do not provide matter because the Company’s management estimated future uncertain economic conditions.
cash flows for the year ended on that date. a separate opinion on these matters. For each matter exercises significant judgments and estimates e. For sample customers, we tested past collection history,
below, our description of how our audit addressed the in calculating the said variable consideration customer’s credit assessment and probability of default
Basis for Opinion matter is provided in that context. and impairment loss allowance. assessment performed by the management.
We conducted our audit of the standalone financial We have determined the matters described below to
f. We tested the mathematical accuracy and computation of the
statements in accordance with the Standards on be the key audit matters to be communicated in our
allowances.
Auditing specified under section 143(10) of the Act report. We have fulfilled the responsibilities described
(SAs). Our responsibilities under those Standards are in the Auditor’s Responsibilities for the audit of the g. We read and assessed the relevant disclosures made within
further described in the Auditor’s Responsibilities standalone financial statements section of our report, the standalone Ind AS financial statements.
for the Audit of the Standalone Financial Statements including in relation to these matters. Accordingly, our Accounting of government grants
section of our report. We are independent of the audit included the performance of procedures designed The Company has various grants and subsidies Our audit procedures included, amongst others:
Company in accordance with the Code of Ethics issued to respond to our assessment of the risks of material receivable from the state Governments of a. We checked that the recognition of grants / subsidies is in
by the Institute of Chartered Accountants of India misstatement of the standalone financial statements. respective plant locations. accordance with IND AS 20 by making a reference to the
(ICAI) together with the independence requirements The results of our audit procedures, including conditions for such grants in the scheme documents of the
These grants and subsidies are both capital
that are relevant to our audit of the standalone financial the procedures performed to address the matters respective state Governments and checking the due evidence
and revenue in nature.
statements under the provisions of the Act and the Rules below, provide the basis for our audit opinion on the of fulfillment of such conditions by the Company
made thereunder, as amended and we have fulfilled our accompanying standalone financial statements.
other ethical responsibilities in accordance with these b. We have also gone through the correspondence between the
Company and relevant Government authorities to assess the
recoverability of grants / subsidies already recognized
c. We reviewed the legal experts’ opinions obtained by the
Company and/or the Managements’ Representation in cases
where such grants have been outstanding for more than a
year.

Information Other than the Financial The Board of Directors are also responsible for inadequate, to modify our opinion. Our conclusions e) On the basis of the written representations
overseeing the Company’s financial reporting process. are based on the audit evidence obtained up to the received from the directors as on March 31,2021
Statements and Auditor’s Report Thereon date of our auditor’s report. However, future events taken on record by the Board of Directors, none
The Company’s Board of Directors is responsible for the Auditor’s Responsibilities for the Audit or conditions may cause the Company to cease to of the directors is disqualified as on March
other information. The other information comprises of the Standalone Financial Statements continue as a going concern. 31, 2021 from being appointed as a director in
the information included in the Director’s report but terms of Section 164(2) of the Act.
Our objectives are to obtain reasonable assurance • Evaluate the overall presentation, structure and
does not include the financial statements and our
about whether the standalone financial statements as content of the standalone financial statements, f) With respect to the adequacy of the internal
auditor’s report thereon.
a whole are free from material misstatement, whether including the disclosures, and whether the financial controls over financial reporting of
Our opinion on the financial statements does not cover due to fraud or error, and to issue an auditor’s report standalone financial statements represent the the Company and the operating effectiveness
the other information and we do not express any form that includes our opinion. Reasonable assurance underlying transactions and events in a manner of such controls, refer to our separate Report
of assurance conclusions thereon. is a high level of assurance, but is not a guarantee that achieves fair presentation. in “Annexure B”. Our report expresses an
that an audit conducted in accordance with SAs will unmodified opinion on the adequacy and
In connection with our audit of the financial statements, We communicate with those charged with governance
always detect a material misstatement when it exists. operating effectiveness of the Company’s
our responsibility is to read the other information and, regarding, among other matters, the planned scope
Misstatements can arise from fraud or error and are internal financial controls over financial
in doing so, consider whether the other information is and timing of the audit and significant audit findings,
considered material if, individually or in the aggregate, reporting.
materially inconsistent with the financial statements including any significant deficiencies in internal
they could reasonably be expected to influence the
or our knowledge obtained during the course of our control that we identify during our audit. g) With respect to the other matters to be included
economic decisions of users taken on the basis of these
audit or otherwise appears to be materially misstated. in the Auditor’s Report in accordance with the
standalone financial statements. We also provide those charged with governance with
If, based on the work we have performed, we conclude requirements of section 197(16) of the Act, as
As part of an audit in accordance with SAs, we exercise a statement that we have complied with relevant
that there is a material misstatement of this other amended:
professional judgment and maintain professional ethical requirements regarding independence, and to
information, we are required to report that fact. We communicate with them all relationships and other In our opinion and to the best of our information
scepticism through out the audit.We also:
have nothing to report in this regard. matters that may reasonably be thought to bear on and according to the explanations given to us,
• Identify and assess the risks of material our independence, and where applicable, related the remuneration paid by the Company to its
Responsibility of Management for the misstatement of the standalone financial safeguards. directors during the year is in accordance with
Standalone Financial Statements statements, whether due to fraud or error, design the provisions of section 197 of the Act
The Company’s Board of Directors is responsible
and perform audit procedures responsive to those Report on Other Legal and Regulatory
risks, and obtain audit evidence that is sufficient h) With respect to the other matters to be included
for the matters stated in section 134(5) of the Act Requirements in the Auditor’s Report in accordance withRule
and appropriate to provide a basis for our opinion.
with respect to the preparation of these standalone 1. As required by the Companies (Auditor’s Report) 11 of the Companies (Audit and Auditors)Rules,
The risk of not detecting a material misstatement
financial statements that give a true and fair view of Order, 2016 (“the Order”), issued by the Central 2014, as amended in our opinion and to the
resulting from fraud is higher than for one resulting
the financial position, financial performance, total Government of India in terms of sub-section (11) of best of our information and according to the
from error, as fraud may involve collusion, forgery,
comprehensive income, changes in equity and cash Section 143 of the Act, we give in the “Annexure A” explanations given to us:
intentional omission, misrepresentations, or the
flows of the Company in accordance with the Ind AS a statement on the matters specified in paragraphs
override of internal control. i. The Company has disclosed the impact of
and other accounting principles generally accepted in 3 and 4 of the Order, to the extent applicable.
India. This responsibility also includes maintenance • Obtain an understanding of internal financial pending litigations as at March 31, 2021 on its
of adequate accounting records in accordance with controls relevant to the audit in order to design 2. As required by Section 143(3) of the Act, based on financial position in its standalonefinancial
the provisions of the Act for safeguarding the assets of audit procedures that are appropriate in the our audit we report that: statements- Refer Note 37 (a) to the
the Company and for preventing and detecting frauds circumstances. Under section 143(3)(i) of the Act, standalone financial statements.
a) We have sought and obtained all the
and other irregularities; selection and application of we are also responsible for expressing our opinion information and explanations which to the best ii. The Company has made provision, as
appropriate accounting policies; making judgments and on whether the Company has adequate internal of our knowledge and belief were necessary for required under the applicable law or
estimates that are reasonable and prudent; and design, financial controls system in place and the operating the purposes of our audit. accounting standards, for material
implementation and maintenance of adequate internal effectiveness of such controls. foreseeable losses, if any, on long-term
financial controls, that were operating effectively b) In our opinion, proper books of account as
• Evaluate the appropriateness of accounting contracts including derivative contracts.
for ensuring the accuracy and completeness of the required by law have been kept by the Company
policies used and the reasonableness of accounting so far as it appears from our examination of iii. There was no amount required to be
accounting records, relevant to the preparation and
estimates and related disclosures made by those books. transferred, to the Investor Education and
presentation of the standalone financial statements
management. Protection Fund by the Company during the
that give a true and fair view and are free from material b) The balance sheet, the statement of profit
misstatement, whether due to fraud or error. • Conclude on the appropriateness of management’s year ended March 31, 2021.
and loss including other comprehensive
use of the going concern basis of accounting and, income,statement of changes in equity and the
In preparing the standalone financial statements,
based on the audit evidence obtained, whether a statement of cash flow dealt with by this Report For S. S. Kothari Mehta & Company
management is responsible for assessing the Company’s
material uncertainty exists related to events or are in agreement with the relevant books of Chartered Accountants
ability to continue as a going concern, disclosing,
conditions that may cast significant doubt on the account. Firm Registration No. 000756N
as applicable, matters related to going concern and
Company’s ability to continue as a going concern.
using the going concern basis of accounting unless c) In our opinion, the aforesaid standalone Sunil Wahal
If we conclude that a material uncertainty exists,
management either intends to liquidate the Company financial statements comply with the Ind AS Partner
we are required to draw attention in our auditor’s
or to cease operations, or has no realistic alternative specified under Section 133 of the Act read Membership No: - 087294
report to the related disclosures in the standalone
but to do so. with the relevant rules made thereunder, as Place: New Delhi
financial statements or, if such disclosures are
amended, and other accounting principles Date: May 14, 2021
generally accepted in India. UDIN: 21087294AAAAHB1783

Annexure A to the Independent Auditor’s Report to the Members of GREENPANEL

INDUSTRIES LIMITED on its standalone financial statements dated May 14, 2021
Report on the matters specified in paragraph 3 of the Companies (Auditor’s Report) Order, 2016 (“the Order’)
issued by the Central Government of India in terms of section 143(11) of the Companies Act, 2013 (“the Act”) as
referred to in paragraph 1 of ‘Report on Other Legal and Regulatory Requirements’ section.
i. (a) The Company has maintained proper records v. As the Company has not accepted deposits, the Name of the Nature of dues Amount Period to which Forum where
showing full particulars including quantitative directives issued by the Reserve Bank of India and statute (H in lacs) the amount relates dispute is pending
details and situation of fixed assets. the provisions of Section 73 to76 of the Act or any Service Tax Act, Denial of refund of service tax 51.64 August 2013 to CESTAT, New Delhi
(b) The Company has a regular program of physical other relevant provisions of the Act and the rules 1944 refund on Timber transportation May 2014
verification of its fixed assets by which fixed framed there under are not applicable. Neither an
Service Tax Act, Demand of Service tax on GTA 445.68 June 2014 to Commissioner
asset of respective locations are verified in order has been passed by the Company Law Board
1944 services availed for transportation September 2016 Customs, Central
phased manner. In our opinion the frequency or National Company Law Tribunal or Reserve Bank
of wood log Excise & Service Tax,
of physical verification is reasonable having of India or any Court or any other Tribunal, nor is
Hapur
regard to the size of the Company and the nature any proceeding pending before such authority.
Service Tax Act, Demand of Service tax on GTA 133.34 October 2016 to Commissioner, Central
of its fixed assets. No material discrepancies vi. The Company is not required to maintain the books 1944 services availed for transportation June 2017 Goods & Service Tax,
were noticed on such physical verification. of account pursuant to the rules made by the Central of wood log Dehradun
(c) According to the information and explanations Government for the maintenance of cost records Customs Act, Disallowance of benefits 391.92 July 2013 to CESTAT, Kolkata
given to us and on the basis of our examination under section 148(1) of the Act. However, company 1962 under SHIS license December 2014
of the records of the Company, the title deeds maintains adequate cost records in respect of the Customs Act, Disallowance of benefits under 6.49 2013-2014 to 2014- CESTAT, Kolkata
of immovable properties are held in the name company’s products. We have, however, not made 1962 SHIS license 2015
of the Company. a detailed examination of the said records with
a view to determine whether they are accurate or
ii. The inventories of raw material and components complete. viii. In our opinion, on the basis of audit procedures xiii.
According to the information and explanations
of the Company (except stock lying with the third
vii. (a) According to the information and explanations and according to the information and explanations given to us, all transactions with related parties are
parties and in transit) have been physically verified
given to us and the records of the Company given to us, the Company has not defaulted in in compliance with sections 177 and 178 of the Act,
by the management at the end of the year and in
examined by us, in our opinion, the Company repayment of loans and borrowings to financial as applicable and the details have been disclosed in
respect of inventory of stores and spares there is
is generally regular in depositing undisputed institutions, banks, Government and dues to these standalone financial statements as required
perpetual inventory system and substantial portion
statutory dues including provident fund, debenture holders. The Company has not taken any by the applicable accounting standards.
of the stock have been verified during the year. In
employees’ state insurance, income-tax, duty loan from Government.
our opinion, the procedures of physical verification xiv.
The company has not made any preferential
of inventory followed by the Management are of customs, goods and service tax, cess and ix. In our opinion and according to the information allotment or private placement of shares or fully or
reasonable in relation to the size of the Company other material statutory dues, as applicable, and explanations given to us, term loans were partly convertible debentures during the year under
and nature of its business. The discrepancies, if with the appropriate authorities and there are applied for the purpose for which the term loan review. Accordingly, the provisions of clause 3 (xiv)
any, were not material and adjusted in the books. no such undisputed amounts payable which were obtained.No money has been raised during the of the Order are not applicable to the Company.
have remained outstanding as at March 31, year by way of initial public offer / further public
iii. The company has not granted any loans, secured xv. In our opinion and on the basis of information and
2021 for a period of more than six months from offer.
or unsecured, to companies, firms or other parties explanations given to us, the company has not
the date they became payable.
covered in the register maintained under section x. During the course of our examination of the entered into non-cash transactions with directors
189 of the Act. Accordingly, clauses 3(iii) (a) to (c) (b) According to the records and information books and records of the Company carried out in and persons connected with him. Hence, the
of the Order are not applicable. & explanations given to us, certain dues in accordance with the generally accepted auditing provisions of section 192 of Act are not applicable.
respect of Income tax, sales tax, service tax, practices in India, we have neither come across any
iv. According to the information, explanations and xvi. According to the information and explanations
duty of customs, duty of excise and value added instance of fraud on or by the Company or any fraud
representations provided by the management and given to us, the provisions of section 45-IA of the
tax that have not been deposited with the on the Company by its officers or employees has
based upon audit procedures performed, we are of Reserve Bank of India Act, 1934 are not applicable
appropriate authorities on account of dispute been noticed or reported during the year, nor have
the opinion that in respect of loans, investments, to the Company.
and the forum where the dispute is pending are we been informed of such case by the management.
guarantees and security, the Company has complied given below:
with the provisions of the Section 185 and 186 of the xi. In our opinion and according to the Information
For S. S. Kothari Mehta & Company
Act. and explanation given to us, the company has paid/
provided managerial remuneration in accordance
Firm Registration No. 000756N
with the requisite approvals mandated by the
provisions of section 197 read with Schedule V to Sunil Wahal
the Act. Partner
xii. As the Company is not a Nidhi Company, the Membership No: - 087294
provision of clause 3(xii) of the Order are not Place: New Delhi
applicable to the Company. Date: May 14, 2021
UDIN: 21087294AAAAHB1783

Annexure B to the Independent Auditor’s Report to the Members of GREENPANEL

INDUSTRIES LIMITED dated May 14, 2021 on its standalone financial statements
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act,
2013 (“the Act”) as referred to in paragraph 2(f) of ‘Report on Other Legal and Regulatory Requirements’ section
We have audited the internal financial controls over and if such controls operated effectively in all material c) provide reasonable assurance regarding prevention has, in all material respects, an adequate internal
financial reporting of GREENPANEL INDUSTRIES respects. or timely detection of unauthorized acquisition, financial controls system over financial reporting and
LIMITED (“the Company”) as of March 31, 2021 in use, or disposition of the company’s assets that such internal financial controls over financial reporting
Our audit involves performing procedures to obtain
conjunction with our audit of the standalone financial could have a material effect on the financial were operating effectively as at March 31, 2021, based
audit evidence about the adequacy of the internal
statements of the Company for the year ended on that statements. on the internal control over financial reporting criteria
financial controls system over financial reporting and
date. established by the Company considering the essential
their operating effectiveness. Inherent Limitations of Internal Financial components of internal control stated in the Guidance
Management’s Responsibility for Our audit of internal financial controls over financial Controls over Financial Reporting Note on Audit of Internal Financial Controls Over
Internal Financial Controls reporting included obtaining an understanding of Because of the inherent limitations of internal Financial Reporting issued by the Institute of Chartered
The Company’s Management is responsible for internal financial controls over financial reporting, financial controls over financial reporting, including Accountants of India.
establishing and maintaining internal financial controls assessing the risk that a material weakness exists, the possibility of collusion or improper management
based on “the internal control over financial reporting and testing and evaluating the design and operating override of controls, material misstatements due to
criteria established by the Company considering the effectiveness of internal control based on the assessed error or fraud may occur and not be detected. Also,
risk. The procedures selected depend on the auditor’s For S. S. Kothari Mehta & Company
essential components of internal control stated in the projections of any evaluation of the internal financial
judgement, including the assessment of the risks of Chartered Accountants
Guidance Note on Audit of Internal Financial Controls controls over financial reporting to future periods are
material misstatement of the financial statements, Firm Registration No. 000756N
over Financial Reporting issued by the Institute of subject to the risk that the internal financial control over
Chartered Accountants of India”. These responsibilities whether due to fraud or error. financial reporting may become inadequate because of Sunil Wahal
include the design, implementation and maintenance We believe that the audit evidence we have obtained changes in conditions, or that the degree of compliance Partner
of adequate internal financial controls that were is sufficient and appropriate to provide a basis for our with the policies or procedures may deteriorate. Membership No: - 087294
operating effectively for ensuring the orderly and audit opinion on the Company’s internal financial Place: New Delhi
efficient conduct of its business, including adherence to controls system over financial reporting. Opinion Date: May 14, 2021
the Company’s policies, the safeguarding of its assets, In our opinion, to the best of our information and UDIN: 21087294AAAAHB1783
the prevention and detection of frauds and errors, Meaning of Internal Financial Controls according to the explanations, given to us the Company
the accuracy and completeness of the accounting
over Financial Reporting
records, and the timely preparation of reliable financial
information, as required under the Act. A company’s internal financial control over financial
reporting is a process designed to provide reasonable
Auditors’ Responsibility assurance regarding the reliability of financial
reporting and the preparation of financial statements
Our responsibility is to express an opinion on the
for external purposes in accordance with generally
Company’s internal financial controls over financial
accepted accounting principles. A company’s internal
reporting based on our audit.
financial control over financial reporting includes
We conducted our audit in accordance with the those policies and procedures that:
Guidance Note on Audit of Internal Financial Controls
a) pertain to the maintenance of records that, in
Over Financial Reporting (the “Guidance Note”) and
reasonable detail, accurately and fairly reflect the
the Standards on Auditing as specified under section
transactions and dispositions of the assets of the
143(10) of the Act, to the extent applicable to an audit
company;
of internal financial controls, both applicable to an
audit of Internal Financial Controls and both issued b) provide reasonable assurance that transactions
by the Institute of Chartered Accountants of India. are recorded as necessary to permit preparation of
Those Standards and the Guidance Note require that financial statements in accordance with generally
we comply with ethical requirements and plan and accepted accounting principles, and that receipts
perform the audit to obtain reasonable assurance about and expenditures of the company are being
whether adequate internal financial controls over made only in accordance with authorizations of
financial reporting was established and maintained management and directors of the company; and

Standalone Balance Sheet as at March 31, 2021 Standalone Statement of Profit and Loss for the year ended March 31, 2021
H in lacs H in lacs
Note March 31, 2021 March 31, 2020 Note Year ended Year ended
Assets March 31, 2021 March 31, 2020
(1) Non-current assets
(a) Property, plant and equipment 4 1,01,865.96 1,06,292.38 I. Revenue from operations 26 1,01,997.40 85,979.39
(b) Capital work-in-progress 5 358.40 568.84 II. Other income 27 258.28 203.69
(c) Other intangible assets 6 17.48 43.53
(d) Right of use assets 2,407.00 2,456.57 III Total income (I+II) 1,02,255.68 86,183.08
(e) Financial assets IV. Expenses
(i) Investments 7 5,244.62 5,244.62
(ii) Loans 8 1,423.79 1,411.47 Cost of materials consumed 28 42,638.29 38,870.33
(f) Non-current tax assets (net) 9 255.92 261.39 Purchase of stock in trade 29 1,000.66 401.11
(g) Other non-current assets 14 502.19 1,489.93
Total non-current assets 1,12,075.36 1,17,768.73 Changes in inventories of finished goods, work-in-progress and stock in 30 2,514.35 (1,086.73)
(2) Current assets trade
(a) Inventories 10 14,935.80 15,388.67 Employees benefits expense 31 9,276.45 9,277.73
(b) Financial assets
(i) Trade receivables 11 7,775.98 7,052.11 Finance costs 32 3,520.08 4,766.74
(ii) Cash and cash equivalents 12 1,266.48 937.06 Depreciation and amortisation expense 33 6,386.61 6,537.86
(iii) Other bank balances 13 5,891.16 28.93
(iv) Loans 8 76.84 96.72 Other expenses 34 26,086.02 24,987.40
(v) Derivatives 24 - 552.41 Total expenses (IV) 91,422.46 83,754.44
(vi) Other financial assets 15 4,226.16 4,016.44
(c) Other current assets 16 1,256.09 3,410.75 V. Profit before exceptional items and tax (III-IV) 10,833.22 2,428.64
Total current assets 35,428.51 31,483.09 VI. Exceptional items 48 - 1,083.74
Total assets 1,47,503.87 1,49,251.82
Equity and liabilities VII. Profit before tax (V-VI) 10,833.22 1,344.90
Equity Current tax (1,909.09) (258.85)
(a) Equity share capital 17 1,226.27 1,226.27
(b) Other equity 18 76,119.37 68,463.07 Deferred tax (1,307.21) 533.87
Total equity 77,345.64 69,689.34 VIII. Tax expense 35 (3,216.30) 275.02
Liabilities
(1) Non-current liabilities IX. Profit for the year (VII+VIII) 7,616.92 1,619.92
(a) Financial liabilities X. Other comprehensive income
(i) Borrowings 19 35,623.84 43,080.74
(ii) Other financial liabilities 20 2,120.20 2,295.64 Items that will not be reclassified subsequently to profit or loss:
(b) Provisions 21 807.04 967.39 Remeasurements of defined benefit liability/(asset) 60.54 50.10
(c) Deferred tax liabilities (net) 35 2,017.31 688.94
(d) Other non-current liabilities 22 1,219.73 2,866.01
Income tax relating to items that will not be reclassified to profit or loss (21.16) (17.51)
Total non-current liabilities 41,788.12 49,898.72 Net other comprehensive income not to be reclassified 39.38 32.59
(2) Current liabilities subsequently to profit or loss
(a) Financial liabilities
(i) Borrowings 19 1,598.81 7,270.64
XI. Total comprehensive income for the year (IX+X) 7,656.30 1,652.51
(ii) Trade payables 23 XII. Earnings per equity share 36
total outstanding dues of micro enterprises and small enterprises 5.98 1.72
total outstanding dues of creditors other than micro enterprises and small 13,130.36 12,273.21
[Face value of equity share H1 each (previous year H1 each)]
enterprises - Basic (H) 6.21 1.32
(iii) Derivatives 24 86.59 -
(iv) Other financial liabilities 20 9,473.82 6,710.92
- Diluted (H) 6.21 1.32
(b) Other current liabilities 25 3,662.46 3,175.99 Significant accounting policies 3
(c) Provisions 21 150.06 231.28
(d) Current tax liabilities (net) 9 262.03 - The accompanying notes form an integral part of the standalone financial statements
Total current liabilities 28,370.11 29,663.76
As per our report of even date attached
Total liabilities 70,158.23 79,562.48
For S.S. Kothari Mehta & Company For and on behalf of Board of Directors of
Total equity and liabilities 1,47,503.87 1,49,251.82
Chartered Accountants Greenpanel Industries Limited
Significant accounting policies 3
Firm Registration number: 000756N CIN: L20100AS2017PLC018272
The accompanying notes form an integral part of the standalone financial statements
As per our report of even date attached Sunil Wahal Shiv Prakash Mittal Shobhan Mittal
For S.S. Kothari Mehta & Company For and on behalf of Board of Directors of Partner Executive Chairman Managing Director & CEO
Chartered Accountants Greenpanel Industries Limited Membership No: 087294 (DIN : 00237242) (DIN : 00347517)
Sunil Wahal Shiv Prakash Mittal Shobhan Mittal V. Venkatramani Lawkush Prasad
Partner Executive Chairman Managing Director & CEO Chief Financial Officer Company Secretary & AVP-Legal
Membership No: 087294 (DIN : 00237242) (DIN : 00347517)
Place : New Delhi Place : Kolkata
V. Venkatramani Lawkush Prasad Dated : May 14, 2021 Dated : 14 May 2021
Chief Financial Officer Company Secretary & AVP-Legal
Dated : May 14, 2021 Dated :May 14, 2021

Standalone Statement of changes in equity for the year ended March 31, 2021 Standalone Statement of Cash Flows for the year ended March 31, 2021
H in lacs H in lacs
a) Equity share capital Year ended Year ended
March 31, 2021 March 31, 2020
Particulars Note Amount A. Cash flows from operating activities
Balance as at April 1, 2019 1,226.27 Profit before exceptional items and tax 10,833.22 2,428.64
Adjustments for:
Issue of equity share capital during the year 17 - Depreciation and amortisation expense 6,386.61 6,537.86
Balance as at March 31, 2020 1,226.27 Finance costs 2,271.26 2,956.44
Issue of equity share capital during the year 17 - Provision for doubtful debts - 100.19
Loss on sale/discard of property, plant and equipment 26.97 32.47
Balance as at March 31, 2021 1,226.27 Interest income (222.96) (202.82)
Unrealised foreign exchange fluctuations (net) (1,084.62) 348.78
b) Other equity Government grants - EPCG scheme (refer note 22) (1,696.28) (1,853.94)
5,680.98 7,918.98
Particulars Note Reserves and surplus Items of OCI Total Operating cash flows before working capital changes 16,514.20 10,347.62
Capital Retained Remeasurements Working capital adjustments:
reserve earnings of defined benefit (Increase)/decrease in trade and other receivables (2,799.06) (2,806.28)
(Increase)/decrease in inventories 452.87 (2,307.51)
liability
Increase/(decrease) in trade and other payables 2,597.28 5,500.87
Balance as at April 1,2019 62,380.34 4,407.56 22.66 66,810.56 251.09 387.08
Total comprehensive income for the year ended Cash generated from operating activities 16,765.29 10,734.70
March 31, 2020 Income tax paid (net) (1,641.59) (610.83)
Net cash from operating activities 15,123.70 10,123.87
Profit or loss - 1,619.92 - 1,619.92 B. Cash flows from investing activities
Other comprehensive income (net of tax) - - 32.59 32.59 Acquisition of property, plant and equipment (2,017.06) (2,562.68)
Total comprehensive income - 1,619.92 32.59 1,652.51 Acquisition of investments - (534.56)
Proceeds from sale of property, plant and equipment 113.46 158.28
Balance as at March 31, 2020 62,380.34 6,027.48 55.25 68,463.07 Interest received 185.94 187.06
Balance as at April 1, 2020 62,380.34 6,027.48 55.25 68,463.07 Net cash used in investing activities (1,717.66) (2,751.90)
Total comprehensive income for the year ended C. Cash flows from financing activities
Proceeds from long term borrowings 6,000.00 -
March 31, 2021
Proceeds from short term borrowings (net) (5,671.83) 2,728.94
Profit or loss - 7,616.92 - 7,616.92 Repayment of long term borrowings (10,870.97) (8,014.02)
Other comprehensive income - - 39.38 39.38 Interest paid (2,058.08) (2,477.38)
(net of tax) Payment of lease liabilities (371.32) (371.99)
Interest paid on lease liabilities (104.42) (110.83)
Total comprehensive income - 7,616.92 39.38 7,656.30
Net cash flow from financing activities (13,076.62) (8,245.28)
Balance as at March 31, 2021 62,380.34 13,644.40 94.63 76,119.37 Net (decrease)/increase in cash and cash equivalents 329.42 (873.31)
Significant accounting policies 3 Cash and cash equivalents at April 1, 2020 (refer note 12) 937.06 1,810.37
Cash and cash equivalents at March 31, 2021 (refer note 12) 1,266.48 937.06
The accompanying notes form an integral part of the standalone financial statements Notes:
As per our report of even date attached (i) Standalone Statement of Cash Flows has been prepared under the indirect method as set out in Ind AS 7 specified under Section 133 of the
Companies Act, 2013.
(ii) Acquisition of property, plant and equipment includes movements of capital work-in-progress (including capital advances and liability for
Chartered Accountants Greenpanel Industries Limited capital goods) during the year.
Firm Registration number: 000756N CIN: L20100AS2017PLC018272 (iii) Change in liabilities arising from financing activities:
H in lacs
Sunil Wahal Shiv Prakash Mittal Shobhan Mittal Particulars As on March 31, 2020 Cash flows Fair value changes As on March 31, 2021
Partner Executive Chairman Managing Director & CEO Non-current Borrowings including
Membership No: 087294 (DIN : 00237242) (DIN : 00347517) current maturities (Note 19) 53,315.61 (10,870.97) 644.46 43,089.10
Current Borrowings (Note 19) 4,541.70 (5,671.83) 2,728.94 1,598.81
V. Venkatramani Lawkush Prasad
Chief Financial Officer Company Secretary & AVP-Legal The accompanying notes form an integral part of the standalone financial statements
Place : New Delhi Place : Kolkata For S.S. Kothari Mehta & Company For and on behalf of Board of Directors of
Dated : May 14,2021 Dated : May 14, 2021 Firm Registration number: 000756N CIN: L20100AS2017PLC018272
Sunil Wahal Shiv Prakash Mittal Shobhan Mittal

Partner Executive Chairman Managing Director & CEO

Dated : May 14, 2021 Dated : May 14, 2021

Notes to the standalone financial statements for the year ended March 31, 2021 Notes to the standalone financial statements for the year ended March 31, 2021
1. Reporting entity e. Measurement of fair values

Greenpanel Industries Limited (the ‘Company’) is a public company domiciled in India having its registered A number of the Company’s accounting policies and disclosures require the measurement of fair values, for
office situated at Makum Road, P.O. Tinsukia, Assam-786125, India. The Company has been incorporated under both financial and non-financial assets and liabilities.
the provisions of the Indian Companies Act. The Company is primarily involved in manufacturing of plywood, The Company has an established control framework with respect to the measurement of fair values.
medium density fibre boards (MDF) and allied products. The management has overall responsibility for overseeing all significant fair value measurements and it
The Company has an overseas wholly owned subsidiary company namely Greenpanel Singapore Pte. Limited, regularly reviews significant unobservable inputs and valuation adjustments. If third party information,
incorporated in Singapore, is engaged into trading of Medium Density Fibreboards and allied products. such as broker quotes or pricing services, is used to measure fair values, then the management assesses
the evidence obtained from the third parties to support the conclusion that these valuations meet the
2. Basis of preparation requirements of Ind AS, including the level in the fair value hierarchy in which the valuations should be
classified.
a. Statement of compliance
Significant valuation issues are reported to the Company’s audit committee.
These standalone financial statements are prepared in accordance with Indian Accounting Standards (Ind
AS) as per the Companies (Indian Accounting Standards) Rules, 2015 as amended, notified under Section Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the
133 of the Companies Act, 2013 (‘Act’) and other relevant provisions of the Act. valuation techniques as follows:
The standalone financial statements are authorised for issue by the Board of Directors of the Company at - Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
their meeting held on May 14, 2021.
- Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability,
The details of the Company’s accounting policies are included in note 3 either directly (i.e. as prices) or indirectly (i.e. derived from prices).
b. Functional and presentation currency - Level 3: inputs for the asset or liability that are not based on observable market data
These standalone financial statements are presented in Indian Rupees (H), which is also the Company’s (unobservable inputs).
functional currency. All amounts have been rounded off to the nearest lacs, unless otherwise indicated.
When measuring the fair value of an asset or a liability, the Company uses observable market data as far as
c. Basis of measurement possible. If the inputs used to measure the fair value of an asset or a liability fall into different levels of the
The standalone financial statements have been prepared on historical cost basis, except for the following fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the
items: fair value hierarchy as the lowest level input that is significant to the entire measurement.
Items Measurement The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting
Derivative financial instruments Fair value period during which the change has occurred.
Net defined benefit (asset)/ liability Present value of defined benefit obligations Further information about the assumptions made in measuring fair values is included in note 41.
d. Use of estimates and judgements 3. Significant accounting policies

In preparing these standalone financial statements, management has made judgements, estimates a. Current and non-current classification
and assumptions that affect the application of accounting policies and the reported amounts of assets,
All assets and liabilities are classified as current or non-current as per the Company’s normal operating
liabilities, income and expenses. Management believes that the estimates used in the preparation of the
cycle and other criteria set out in the Schedule III to the Act.
standalone financial statements are prudent and reasonable. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates Assets
are recognised prospectively. An asset is classified as current when it satisfies any of the following criteria:
Judgements (i) it is expected to be realised in, or is intended for sale or consumption in the Company’s normal operating
cycle;
Information about judgements made in applying accounting policies that have the most significant
effects on the amounts recognised in the standalone financial statements is included in the note on lease (ii) it is held primarily for the purpose of being traded;
classification. (iii) it is expected to be realised within 12 months after the reporting date; or
Assumptions and estimation uncertainties (iv) it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for
at least 12 months after the reporting date.
Information about assumptions and estimation uncertainties that have a significant risk of resulting in a
material adjustment in the standalone financial statements for the every period ended is included in the Current assets include current portion of non-current financial assets.
following notes: All other assets are classified as non-current.
- Note 4 – useful life and residual value of property, plant and equipment; Liabilities
- Note 31 – measurement of defined benefit obligations: key actuarial assumptions; A liability is classified as current when it satisfies any of the following criteria:
- Note 35 – recognition of deferred tax assets; (i) it is expected to be settled in the Company’s normal operating cycle;
- Note 37 – recognition and measurement of provisions and contingencies: key assumptions about (ii) it is held primarily for the purpose of being traded;
the likelihood and magnitude of an outflow of resources;
(iii) it is due to be settled within 12 months after the reporting date; or
- Note 42 – impairment of financial assets: key assumptions used in estimating recoverable cash
flows

(iv) the Company does not have an unconditional right to defer settlement of the liability for at least 12 Financial assets at FVTPL
months after the reporting date. Terms of a liability that could, at the option of the counterparty, result All financial assets which are not classified and measured at amortised cost or Fair value through other
in its settlement by the issue of equity instruments do not affect its classification. comprehensive income (FVOCI) as described above are measured at FVTPL. On initial recognition, the
Current liabilities include current portion of non-current financial liabilities. Company may irrevocably designate a financial asset that otherwise meets the requirements to be
measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an
All other liabilities are classified as non-current.
accounting mismatch that would otherwise arise.
Deferred tax assets and liabilities are classified as non-current assets and liabilities.
Financial assets: Assessment whether contractual cash flows are solely payments of principal and
Operating cycle interest (SPPI).
For the purpose of current/non-current classification of assets and liabilities, the Company has ascertained For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on
its normal operating cycle as twelve months. This is based on the nature of business and the time between initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit
the acquisition of assets for processing and their realisation in cash and cash equivalents. risk associated with the principal amount outstanding during a particular period of time and for other
basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.
b. Foreign currency transactions In assessing whether the contractual cash flows are solely payments of principal and interest, the
Transactions in foreign currencies are translated into the respective functional currency of the Company at Company considers the contractual terms of the instrument. This includes assessing whether the
the exchange rates prevailing at the dates of the transactions. financial asset contains a contractual term that could change the timing or amount of contractual cash
Monetary assets and liabilities denominated in foreign currencies are translated into the functional flows such that it would not meet this condition.
currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are measured In making this assessment, the Company considers:
at fair value in a foreign currency are translated into the functional currency at the exchange rate when the
- contingent events that would change the amount or timing of cash flows;
fair value was determined. Non-monetary assets and liabilities that are measured based on historical cost
in a foreign currency are translated at the exchange rate at the date of the transaction. - terms that may adjust the contractual coupon rate, including variable interest rate features;
Exchange differences are recognised in the Statement of Profit and Loss in the period in which they arise. - prepayment and extension features; and
- terms that limit the Company’s claim to cash flows from specified assets (e.g. non-recourse
c. Financial instruments features).
(i) Recognition and initial measurement
A prepayment feature is consistent with the solely payments of principal and interest criterion if the
Trade Receivables are initially recognised when they are originated. All financial assets and financial prepayment amount substantially represents unpaid amounts of principal and interest on the principal
liabilities are initially recognised when the Company becomes a party to the contractual provisions of amount outstanding, which may include reasonable additional compensation for early termination of
the instrument. Trade receivables are initially measured at transaction price. the contract. Additionally, for a financial asset acquired at a significant discount or premium to its
A financial asset or financial liability is initially measured at fair value plus, for an item not at fair value contractual paramount, a feature that permits or requires prepayment at an amount that substantially
through profit and loss (FVTPL), transaction costs that are directly attributable to its acquisition or represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also
issue. include reasonable additional compensation for early termination) is treated as consistent with this
(ii) Classification and subsequent measurement criterion if the fair value of the prepayment feature is insignificant at initial recognition.
Financial assets Financial assets: Subsequent measurement

On initial recognition, a financial asset is classified and measured at: Financial assets at FVTPL: These assets are subsequently measured at fair value. Net gains and losses,
- Amortised cost; or including any interest or dividend income, are recognised in Statement of Profit and Loss.
- Fair value through Profit or Loss (FVTPL); or Financial assets at amortised cost: These assets are subsequently measured at amortised cost using
- Fair value through Other Comprehensive Income (FVTOCI). the effective interest rate (EIR) method. The amortised cost is reduced by impairment losses, if any.
Interest income, foreign exchange gains and losses and impairment are recognised in Statement of
Financial assets are not reclassified subsequent to their initial recognition, except if and in the period
Profit and Loss. Any gain or loss on derecognition is recognised in Statement of Profit and Loss.
the Company changes its business model for managing financial assets.
Investments in subsidiaries are carried at cost in standalone financial statements
Financial assets at amortised cost
Financial liabilities: Classification, subsequent measurement and gains and losses
A financial asset is measured at amortised cost if it meets both of the following conditions and is not
designated as at FVTPL. Financial liabilities are classified as measured at amortised cost or FVTPL.
(a) the asset is held within a business model whose objective is to hold assets to collect contractual cash Financial liabilities through FVTPL
flows; and A financial liability is classified as at FVTPL if it is classified as held-for-trading, or it is a derivative or it
(b) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and
payments of principal and interest (SPPI) on the principal amount outstanding. net gains and losses, including any interest expense, are recognised in Statement of Profit and Loss.
This category also includes derivative financial instruments entered into by the Company that are not
The effective interest rate (EIR) method of amortisation is included in finance income in the Statement of designated as hedging instruments in hedge relationships as defined by Ind AS 109.
Profit and Loss. This category generally applies to long-term deposits and long-term trade receivables.

Financial liabilities at amortised cost The cost of an item of property, plant and equipment comprises its purchase price, including import
Other financial liabilities are subsequently measured at amortised cost using the effective interest rate duties and non-refundable purchase taxes, after deducting trade discounts and rebates, any directly
(EIR) method. Interest expense and foreign exchange gains and losses are recognised in Statement attributable cost of bringing the item to its working condition for its intended use and estimated costs
of Profit and Loss. Any gain or loss on derecognition is also recognised in Statement of Profit and of dismantling and removing the item and restoring the site on which it is located.
Loss. Interest bearing loans and borrowings are subsequently measured at amortised cost using the The cost of a self-constructed item of property, plant and equipment comprises the cost of materials
EIR method. Gains and losses are recognised in Statement of Profit and Loss when the liabilities are and direct labour, any other costs directly attributable to bringing the item to working condition for
derecognised as well as through the EIR amortisation process. For trade and other payables maturing its intended use, and estimated costs of dismantling and removing the item and restoring the site on
within one year from the balance sheet date, the carrying amounts approximates fair value due to the which it is located.
short maturity of these instruments.
Borrowing costs directly attributable to the acquisition or construction of those qualifying property,
Financial guarantee liabilities plant and equipment, which necessarily take a substantial period of time to get ready for their intended
Financial guarantees issued by the Company are those contracts that require payment to be made to use, are capitalised. If significant parts of an item of property, plant and equipment have different
reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when useful lives, then they are accounted for as separate components of property, plant and equipment.
due in accordance with the terms of a debt instrument. Financial guarantee contracts are recognised A fixed asset is eliminated from the financial statements on disposal or when no further benefit is
initially as a liability at fair value net off transaction costs that are directly attributable to the issuance expected from its use. Any gain or loss on disposal of an item of property, plant and equipment is
of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss allowance recognised in Statement of Profit and Loss. Property, plant and equipment under construction are
determined as per impairment requirements of Ind AS 109 and the amount recognised less cumulative disclosed as Capital work-in-progress. Assets retired from active use and held for disposal are stated at
amortisation. the lower of their net book value and fair value less cost to sell and shown under ‘Current assets’.
(iii) Derecognition (ii)
Subsequent expenditure
Financial assets Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated
The Company derecognises a financial asset: with the expenditure will flow to the Company. Ongoing repairs and maintenance are expensed as
incurred.
- when the contractual rights to the cash flows from the financial asset expire, or
- it transfers the rights to receive the contractual cash flows in a transaction in which substantially all (iii) Depreciation and amortisation
of the risks and rewards of ownership of the financial asset are transferred or in which the Company Depreciation and amortisation for the year is recognised in the Statement of Profit and Loss. Depreciation
neither transfers nor retains substantially all of the risks and rewards of ownership and does not is calculated on cost of items of property, plant and equipment less their estimated residual values over
retain control of the financial asset. their estimated useful lives using the straight line method over the useful lives of assets, in the manner
specified in Part C of Schedule II of the Act.
Financial liabilities
The Company derecognises a financial liability when its contractual obligations are discharged or Assets acquired under finance lease are depreciated over the shorter of the lease term and their useful
cancelled, or expire. The Company also derecognises a financial liability when its terms are modified life unless it is reasonably certain that the Company will obtain ownership by the end of the lease term.
and the cash flows under the modified terms are substantially different. In this case, a new financial Freehold land is not depreciated.
liability based on the modified terms is recognised at fair value. The difference between the carrying Leasehold land (includes development cost) is amortised on a straight line basis over the period of
amount of the financial liability extinguished and the new financial liability with modified terms is respective lease, except leasehold land acquired on perpetual lease. Depreciation methods, useful lives
recognised in Statement of Profit and Loss. and residual values are reviewed at each financial year end and adjusted as appropriate.
(iv) Offsetting The estimated useful lives of items of property, plant and equipment are as follows:
Financial assets and financial liabilities are offset and the net amount presented in the balance sheet
Asset Useful life as per Schedule II
when and only when, the Company currently has a legally enforceable right to set off the amounts and it
Buildings 3 to 60 years
intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.
Plant and equipments 15 to 25 years
(v) Derivative financial instruments Furniture and fixtures 10 years
The Company holds derivative financial instruments, such as foreign currency forward contracts, Vehicles 8 to 10 years
interest rate swaps, to hedge its foreign currency and interest rate risk exposures. Office equipments 3 to 10 years
Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are
measured at fair value, and changes therein are recognised in Statement of Profit and Loss. Derivatives Depreciation method, useful lives and residual values are reviewed at each financial year-end and
are carried as financial assets when the fair value is positive and as financial liabilities when the fair adjusted if appropriate. Depreciation on additions (discard/disposals) is provided on a pro-rata basis
value is negative. i.e. from (upto) the date on which asset is ready for use (discarded/disposed off ).
d. Property, plant and equipment e. Intangible assets

(i) Recognition and measurement (i) Recognition and measurement
Items of property, plant and equipment are measured at cost, which includes capitalised borrowing Intangible assets are initially measured at cost and subsequently measured at cost less accumulated
costs, less accumulated depreciation and accumulated impairment losses, if any. amortisation and any accumulated impairment losses.

(ii)
Subsequent expenditure expected credit losses on trade receivables using a provision matrix on the basis of its historical credit
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied loss experience.
in the specific asset to which it relates. All other expenditure, including expenditure on internally When determining whether the credit risk of a financial asset has increased significantly since initial
generated goodwill and brands, is recognised in profit or loss as incurred. recognition and when estimating expected credit losses, the Company considers reasonable and
supportable information that is relevant and available without undue cost or effort. This includes both
(iii)
Amortisation
quantitative and qualitative information and analysis, based on the Company’s historical experience
Amortisation is calculated to write off the cost of intangible assets less their estimated residual values and informed credit assessment and including subsequent information. Loss allowances for financial
over their estimated useful lives using the straight-line method, and is included in depreciation and assets measured at amortised cost are deducted from the gross carrying amount of the assets.
amortisation in Statement of Profit and Loss.
The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that
The estimated useful lives are as follows: there is no realistic prospect of recovery. This is generally the case when the Company determines that
- Computer software 5 years the debtor does not have assets or sources of income that could generate sufficient cash flows to repay
Amortisation method, useful lives and residual values are reviewed at the end of each financial year and the amounts subject to the write‑off. However, financial assets that are written off could still be subject
adjusted if appropriate. to enforcement activities in order to comply with the Company’s procedures for recovery of amounts
due.
f. Inventories
(ii) Impairment of non-financial assets
Inventories which comprise raw materials, work-in-progress, finished goods, packing materials, stores
The Company’s non-financial assets, other than inventories and deferred tax assets, are reviewed at
and spares are measured at the lower of cost and net realisable value.
each reporting date to determine whether there is any indication of impairment. If any such indication
The cost of inventories is ascertained on the ‘weighted average’ basis, and includes expenditure incurred exists, then the asset’s recoverable amount is estimated.
in acquiring the inventories, production or conversion costs and other costs incurred in bringing them to
For impairment testing, assets that do not generate independent cash inflows are grouped together
their present location and condition.
into cash-generating units (CGUs). Each CGU represents the smallest group of assets that generates
Raw materials, components and other supplies held for use in the production of finished products are not cash inflows that are largely independent of the cash inflows of other assets or CGUs.
written down below cost except in cases where material prices have declined and it is estimated that the
The recoverable amount of a CGU (or an individual asset) is the higher of its value in use and its fair
cost of the finished products will exceed their net realisable value. The comparison of cost and net realisable
value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their
value is made on an item-by-item basis.
present value using a pre-tax discount rate that reflects current market assessments of the time value
The net realisable value of work-in-progress is determined with reference to the selling prices of related of money and the risks specific to the CGU (or the asset).
finished products.
The Company’s corporate assets (e.g. corporate office for providing support to various CGUs) do not
In the case of manufactured inventories and work-in-progress, cost includes an appropriate share of fixed generate independent cash inflows. To determine impairment of a corporate asset, recoverable amount
production overheads based on normal operating capacity. is determined for the CGUs to which the corporate asset belongs. An impairment loss is recognised if
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated the carrying amount of an asset or CGU exceeds its estimated recoverable amount. Impairment losses
costs of completion and the estimated costs necessary to make the sale. are recognised in the Statement of Profit and Loss.
Assessment of net realisable value is made at each subsequent reporting date. When the circumstances that Impairment loss recognised in respect of a CGU is allocated first to reduce the carrying amount of any
previously caused inventories to be written down below cost no longer exist or when there is clear evidence goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets of the CGU
of an increase in net realisable value because of changed economic circumstances, the amount of the write- (or group of CGUs) on a pro rata basis.
down is reversed. An impairment loss in respect of other assets for which impairment loss has been recognised in prior
g. Impairment periods, the Company reviews at each reporting date whether there is any indication that the loss
has decreased or no longer exists. An impairment loss is reversed if there has been a change in the
(i) Impairment of financial instruments: financial assets
estimates used to determine the recoverable amount. Such a reversal is made only to the extent that the
Financial assets, other than those at FVTPL, are assessed for indicators of impairment at the end of asset’s carrying amount does not exceed the carrying amount that would have been determined, net of
each reporting period. A financial asset is ‘credit- impaired’ when one or more events that have a depreciation or amortisation, if no impairment loss had been recognised.
detrimental impact on the estimated future cash flows of the financial asset have occurred.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested
The Company recognises loss allowances using the expected credit loss (ECL) model for the financial for impairment at least annually, and whenever there is an indication that the asset may be impaired.
assets which are not fair valued through profit or loss. Loss allowance for trade receivable with no
significant financing component is measured at an amount equal to lifetime of the ECL. For all other h. Non-current assets or disposal group held for sale
financial assets, expected credit losses are measured unless there has been a significant increase in Non-current assets, or disposal groups comprising assets and liabilities are classified as held for sale if it
credit risk from initial recognition in which case those are measured at lifetime of the ECL. The amount is highly probable that they will be recovered primarily through sale rather than through continuing use.
of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair
to the amount that is required to be recognised is recognised as an impairment gain or loss in Statement value less costs to sell. Any resultant loss on a disposal group is allocated first to goodwill, and then to
of Profit and Loss. remaining assets and liabilities on pro rata basis, except that no loss is allocated to inventories, financial
In case of trade receivables, the Company follows the simplified approach permitted by Ind AS 109 assets, deferred tax assets, employee benefit assets, and biological assets, which continue to be measured
Financial Instruments for recognition of impairment loss allowance. The application of simplified in accordance with the Company’s other accounting policies. Losses on initial classification as held for sale
approach does not require the Company to track changes in credit risk. The Company calculates the and subsequent gains and losses on re-measurement are recognised in profit or loss.

Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer the projected unit credit method. Remeasurements of the net defined benefit liability, which comprise
amortised or depreciated. actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset
ceiling (if any, excluding interest), are recognised in Other comprehensive income (OCI). Net interest
i. Employee benefits expense and other expenses related to defined benefit plans are recognised in Statement of Profit and
(i) Short-term employee benefits Loss.
Short-term employee benefit obligations are measured on an undiscounted basis and are expensed (v) Termination benefits
as the related service is provided. A liability is recognised for the amount expected to be paid e.g.,
Termination benefits are expensed at the earlier of when the Company can no longer withdraw the
under short-term cash bonus, if the Company has a present legal or constructive obligation to pay
offer of those benefits and when the Company recognises costs for a restructuring. If benefits are not
this amount as a result of past service provided by the employee, and the amount of obligation can be
expected to be settled wholly within 12 months of the reporting date, then they are discounted.
estimated reliably.
(ii) Defined contribution plans j. Provisions (other than for employee benefits)
A defined contribution plan is a post-employment benefit plan under which an entity pays fixed A provision is recognised if, as a result of a past event, the Company has a present legal or constructive
contributions into Employees’ Provident Fund established under The Employees’ Provident Fund obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be
and Miscellaneous Provisions Act 1952 and will have no legal or constructive obligation to pay further required to settle the obligation.
amounts. The Company makes specified monthly contributions under employee provident fund to Provisions are determined by discounting the expected future cash flows (representing the best estimate
Government administered provident fund scheme. Obligations for contributions to defined contribution of the expenditure required to settle the present obligation at the balance sheet date) at a pre-tax rate that
plans are recognised as an employee benefit expense in Statement of Profit and Loss in the periods reflects current market assessments of the time value of money and the risks specific to the liability.
during which the related services are rendered by employees. The unwinding of the discount is recognised as finance cost. Expected future operating losses are not
Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future provided for.
payments is available. The amount recognised as a provision is the best estimate of the consideration required to settle the present
(iii) Defined benefit plans obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding
the obligation.
A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The
Company’s gratuity benefit scheme is a defined benefit plan. The Company’s net obligation in respect k. Revenue
of defined benefit plans is calculated by estimating the amount of future benefit that employees have (i) Sale of goods
earned in the current and prior periods, discounting that amount and deducting the fair value of any
The Company follows Ind AS 115 “Revenue from Contracts with Customers.
plan assets.
The Company manufactures and sells in plywood and allied products, medium density fibreboard
The calculation of defined benefit obligation is performed quarterly by an independent qualified
and allied products. Sales are recognised when control of the products has transferred, being when
actuary using the projected unit credit method. When the calculation results in a potential asset for
the products are delivered to the dealer, the dealer has full discretion over the channel and price to
the Company, the recognised asset is limited to the present value of economic benefits available in the
sell the products, and there is no unfulfilled obligation that could affect the dealer’s acceptance of
form of any future refunds from the plan or reductions in future contributions to the plan (‘the asset
the products. Delivery occurs when the products have been shipped to the specific location, the risk
ceiling’). In order to calculate the present value of economic benefits, consideration is given to any
of obsolescence and loss have been transferred to the dealer, and either the dealer has accepted the
minimum funding requirements. The Company recognises all actuarial gains and losses arising from
products in accordance with the sales contract, the acceptance provisions have lapsed, or the Company
defined benefit plan immediately in the Statement of Profit and Loss.
has objective evidence that all criteria for acceptance have been satisfied.
Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the
The products are often sold with retrospective volume discounts based on aggregate sales over a 12
return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest),
months period, cash discount on payment within specified period, promotional gift on achieving
are recognised in Other comprehensive income (OCI). The Company determines the net interest
specific targets, quality claims if claims made in the specified period and other promotional expenses
expense (income) on the net defined benefit liability (asset) for the period by applying the discount
such as tours and travel packages to dealer, etc. Revenue from these sales is recognised based on the
rate used to measure the defined benefit obligation at the beginning of the annual period to the then-
price specified in the contract, net of the estimated volume discounts, cash discounts, quality claims
net defined benefit liability (asset), taking into account any changes in the net defined benefit liability
and promotional expenses. Accumulated experience is used to estimate and provide for the discounts/
(asset) during the period as a result of contributions and benefit payments. Net interest expense and
claims/provisions, using the expected value method, and revenue is only recognised to the extent that
other expenses related to defined benefit plans are recognised in Statement of Profit and Loss.
it is highly probable that a significant reversal will not occur. A refund liability (netted off with trade
When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that receivables) is recognised for expected volume discount payables, expected cash discount payables and
relates to past service (‘past service cost’ or ‘past service gain’) or the gain or loss on curtailment is expected quality claims to dealers in relation to sale made until the end of reporting period. Provision
recognised immediately in Statement of Profit and Loss. The Company recognises gains and losses on (included in other current liabilities) is recognised for expected sales promotional expenses against the
the settlement of a defined benefit plan when the settlement occurs. sales made until the end of reporting period. No element of financing is deemed present as the sales are
(iv) Other long-term employee benefits made with a credit term of 30-90 days, which is consistent with market practice.
The Company’s net obligation in respect of long-term employee benefits other than post-employment (ii)
Rental income
benefits is the amount of future benefit that employees have earned in return for their service in the Rental income is recognised as part of other income on a straight-line basis over the term of the lease
current and prior periods; that benefit is discounted to determine its present value. Such benefits are except where the rentals are structured to increase in line with expected general inflation.
in form of leave encashment that accrue to employees in return of their service. The calculation of
other long term employee benefits is performed quarterly by an independent qualified actuary using

(iii)
Insurance claim Lease incentives received are recognised as an integral part of the total lease expense over the term of
Insurance claim due to uncertainty in realisation are accounted for on acceptance basis. the lease. Minimum lease payments made under finance leases are apportioned between the finance
charge and the reduction of the outstanding liability. The finance charge is allocated to each period
l. Government Grants during the lease term so as to produce a constant periodic rate of interest on the remaining balance of
Grants from Government are recognised at their fair value where there is reasonable assurance that the the liability.
grant will be received and the Company will comply with the conditions attached thereto.
n. Recognition of dividend income, interest income or expense
Government grants related to revenue are recognised in the Statement of Profit and Loss on a systematic
Dividend income is recognised in Statement of Profit and Loss on the date on which the Company’s right
and rational basis in the periods in which the Company recognises the related costs for which the grants
to receive payment is established.
are intended to compensate and are netted off with the related expenditure. If not related to a specific
expenditure, it is taken as income and presented under “Other Income”. Interest income or expense is recognised using the effective interest method. The ‘effective interest rate’ is
the rate that exactly discounts estimated future cash payments or receipts through the expected life of the
Government grants relating to property, plant and equipment are treated as deferred income and are
financial instrument to:
credited to the statement of profit and loss on a systematic basis over the expected useful life of the related
asset to match them with the costs for which they are intended to compensate and presented within other - the gross carrying amount of the financial asset; or
income. - the amortised cost of the financial liability.
m. Leases In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount
of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for
(i) Determining whether an arrangement contains a lease
financial assets that have become credit-impaired subsequent to initial recognition, interest income is
At inception of an arrangement, it is determined whether the arrangement is or contains a lease. The calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is
arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific no longer credit-impaired, then the calculation of interest income reverts to the gross basis.
asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not
explicitly specified in an arrangement. o. Income tax
At inception or on reassessment of the arrangement that contains a lease, the payments and other Income tax expense comprises of current tax and deferred tax. Current tax and deferred tax is recognised
consideration required by such an arrangement are separated into those for the lease and those for in the Statement of Profit and Loss except to the extent that it relates to a business combination, or items
other elements on the basis of their relative fair values. If it is concluded for a finance lease that it recognised directly in equity or in OCI.
is impracticable to separate the payments reliably, then an asset and a liability are recognised at an
(i)
Current tax
amount equal to the fair value of the underlying asset. The liability is reduced as payments are made
and an imputed finance cost on the liability is recognised using the incremental borrowing rate. Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year
and any adjustment to the tax payable or receivable in respect of previous years. The amount of current
(ii) Assets held under leases tax reflects the best estimate of the tax amount expected to be paid or received after considering the
Leases of property, plant and equipment that transfer to the Company substantially all the risks and uncertainty, if any, related to income taxes. It is measured using tax rates (and tax laws) enacted or
rewards of ownership are classified as finance leases. The leased assets are measured initially at an substantively enacted by the reporting date.
amount equal to the lower of their fair value and the present value of the minimum lease payments. Current tax assets and current tax liabilities are off set only if there is a legally enforceable right to set
Subsequent to initial recognition, the assets are accounted for in accordance with the accounting policy off the recognised amounts, and it is intended to realise the asset and settle the liability on a net basis
applicable to similar owned assets. or simultaneously.
Assets held under leases that do not transfer to the Company substantially all the risks and rewards of
(ii) Deferred tax
ownership (i.e. operating leases) are not recognised in the Company’s Balance Sheet.
Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets
The Company has adopted Ind AS 116, Leases from 1 April 2019. Ind AS 116 is a single, on-balance
and liabilities for financial reporting purposes and the corresponding amounts used for taxation
sheet lease accounting model for lessees. A lessee recognises a right-of-use asset representing
purposes (tax base). Deferred tax is also recognised in respect of carried forward tax losses and tax
its right to use the underlying asset and a lease liability representing its obligation to make lease
credits. Deferred tax is not recognised for:
payments. There are recognition exemptions for short-term leases and leases of low-value items.
Lessor accounting remains similar to the current standard – i.e. lessors continue to classify - temporary differences arising on the initial recognition of assets or liabilities in a transaction that
leases as finance or operating leases. It replaces existing leases guidance, Ind AS 17, Leases. is not a business combination and that affects neither accounting nor taxable profit or loss at the
The Company has recognised new assets and liabilities for its operating leases of land and office premises time of the transaction;
facilities. The nature of expenses related to those leases has now changed because the Company has - temporary differences related to investments in subsidiaries, associates and joint arrangements to
recognised a depreciation charge for right-of-use assets and interest expense on lease liabilities. the extent that the Company is able to control the timing of the reversal of the temporary differences
Previously, the Company recognised operating lease expense on a straight-line basis over the term and it is probable that they will not reverse in the foreseeable future; and
of the lease, and recognised assets and liabilities only to the extent that there was a timing difference - taxable temporary differences arising on the initial recognition of goodwill.
between actual lease payments and the expense recognised.
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be
(iii)
Lease payments available against which they can be used. The existence of unused tax losses is strong evidence that
Payments made under operating leases are generally recognised in Statement of Profit and Loss on a future taxable profit may not be available. Therefore, in case of a history of recent losses, the Company
straight-line basis over the term of the lease unless such payments are structured to increase in line recognises a deferred tax asset only to the extent that it has sufficient taxable temporary differences
with expected general inflation to compensate for the lessor’s expected inflationary cost increases.

or there is convincing other evidence that sufficient taxable profit will be available against which such u. Earnings per share
deferred tax asset can be realised. Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to
Deferred tax assets – unrecognised or recognised, are reviewed at each reporting date and are equity shareholders by the weighted average number of equity shares outstanding during the period.
recognised/ reduced to the extent that it is probable/ no longer probable respectively that the related For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to
tax benefit will be realised. equity shareholders and the weighted average number of shares outstanding during the period are adjusted
Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is for the effects of all dilutive potential equity shares.
realised or the liability is settled, based on the laws that have been enacted or substantively enacted by
v. Operating segment
the reporting date.
An operating segment is a component of the Company that engages in business activities from which it may
The measurement of deferred tax reflects the tax consequences that would follow from the manner in
earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of
which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets
the Company’s other components, and for which discrete financial information is available. All operating
and liabilities.
segments’ operating results are reviewed regularly by the Chief Operating Decision Maker (CODM) to make
Deferred tax assets and liabilities are offset if there is a legally enforceable right to off set current tax decisions about resources to be allocated to the segments and assess their performance. The CODM consists
liabilities and assets, and they relate to income taxes levied by the same tax authority on the same of the Executive Chairman, Managing Director & CEO and Chief Financial Officer.
taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on
a net basis or their tax assets and liabilities will be realised simultaneously. The Company has currently two reportable segments namely:
In case of tax payable as Minimum Alternative Tax (‘MAT’) under the provisions of the Income-tax i) Plywood and allied products
Act, 1961, the credit available under the Act in respect of MAT paid is recognised as an asset only when ii) Medium density fibreboards and allied products
and to the extent there is convincing evidence that the Company will pay normal income tax during the
period for which the MAT credit can be carried forward for set-off against the normal tax liability. MAT w. Determination of fair values
credit recognised as an asset is reviewed at each balance sheet date and written down to the extent the Fair values have been determined for measurement and disclosure purposes based on the following
aforesaid convincing evidence no longer exists. methods. Where applicable, further information about the assumptions made in determining fair values is
disclosed in the notes specific to that asset or liability.
p. Borrowing costs
(i) Non-derivative financial assets
Borrowing costs are interest and other costs (including exchange differences relating to foreign currency
borrowings to the extent that they are regarded as an adjustment to interest costs) incurred in connection Non-derivative financial assets are initially measured at fair value. If the financial asset is not
with the borrowing of funds. Borrowing costs directly attributable to acquisition or construction of an asset subsequently accounted for at fair value through profit or loss, then the initial measurement includes
which necessarily take a substantial period of time to get ready for their intended use are capitalised as part directly attributable transaction costs. These are measured at amortised cost or at FVTPL. Investments
of the cost of that asset. Other borrowing costs are recognised as an expense in the period in which they are in quoted equity instruments are measured at FVTPL.
incurred. (ii) Trade and other receivables
Where there is an unrealised exchange loss which is treated as an adjustment to interest and subsequently The fair values of trade and other receivables are estimated at the present value of future cash flows,
there is a realised or unrealised gain in respect of the settlement or translation of the same borrowing, the discounted at the market rate of interest at the measurement date. Short-term receivables with no stated
gain to the extent of the loss previously recognised as an adjustment is recognised as an adjustment to interest rate are measured at the original invoice amount if the effect of discounting is immaterial. Fair
interest. value is determined at initial recognition and, for disclosure purposes, at each annual reporting date.
q. Share capital (iii) Derivative financial liabilities

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary The Company uses derivative financial instruments, such as forward currency contracts and interest rate
shares are recognised as a deduction from equity, net of any tax effects. swaps to hedge its foreign currency risks and interest rate risks. Such derivative financial instruments
are initially recognised at fair value on the date on which a derivative contract is entered into and are
r. Dividends subsequently re-measured at fair value.
Final dividends on shares are recorded as a liability on the date of approval by the shareholders and interim
(iv) Other non-derivative financial liabilities
dividends are recorded as a liability on the date of declaration by the Board of Directors of the Company.
Other non-derivative financial liabilities are measured at fair value, at initial recognition and for
s. Cash and cash equivalents disclosure purposes, at each annual reporting date. Fair value is calculated based on the present value of
Cash and cash equivalents include cash and cash-on-deposit with banks. The Company considers all highly future principal and interest cash flows, discounted at the market rate of interest at the measurement
liquid investments with a remaining maturity at the date of purchase of three months or less and that are date.
readily convertible to known amounts of cash to be cash equivalents.
t. Cash flow statement

Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects
of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or
payments and item of income or expenses associated with investing or financing cash flows. The cash flows
from operating, investing and financing activities of the Company are segregated.

H in lacs H in lacs
4. Property, plant and equipment 6. Other intangible assets

See accounting policy in note 3(d) and (g) See accounting policy in note 3(e) and (g)
(a) Reconciliation of carrying amount (a) Reconciliation of carrying amount
Freehold Buildings Plant and Furniture Vehicles Office Total Software
land equipment and fixtures equipment Cost (Gross carrying amount)
Cost (Gross carrying amount) Balance at April 1, 2019 222.01
Balance at April 1, 2019 5,533.89 12,292.72 1,13,926.45 2,319.32 2,321.65 1,222.56 1,37,616.59 Additions 10.00
Additions 1.57 289.89 338.10 197.41 27.79 70.63 925.39 Disposals/write-off (0.42)
Disposals/ discard - - (31.24) (46.28) (374.90) (6.65) (459.07)
Balance at March 31, 2020 231.59
Balance at March 31, 2020 5,535.46 12,582.61 1,14,233.31 2,470.45 1,974.54 1,286.54 1,38,082.91
Balance at April 1, 2020 231.59
Balance at April 1, 2020 5,535.46 12,582.61 1,14,233.31 2,470.45 1,974.54 1,286.54 1,38,082.91
Additions -
Additions - 682.26 154.39 502.71 79.32 284.57 1,703.25
Disposals/write-off (179.84)
Disposals/ discard - (9.56) (90.93) (42.40) (254.31) (227.91) (625.11)
Balance at March 31, 2021 5,535.46 13,255.31 1,14,296.77 2,930.76 1,799.55 1,343.20 1,39,161.05
Accumulated depreciation
Accumulated amortisation
Balance at April 1, 2019 - 2,259.47 21,469.94 644.76 905.23 652.85 25,932.25 Balance at April 1, 2019 149.63
Depreciation for the year - 587.56 4,886.85 228.06 234.21 190.34 6,127.02 Amortisation for the year 38.85
Adjustments/ disposals - - (19.94) (38.07) (204.52) (6.21) (268.74) Adjustments/ disposals (0.42)
Balance at March 31, 2020 - 2,847.03 26,336.85 834.75 934.92 836.98 31,790.53 Balance at March 31, 2020 188.06
Balance at April 1 , 2020 - 2,847.03 26,336.85 834.75 934.92 836.98 31,790.53 Balance at April 1, 2020 188.06
Depreciation for the year - 562.78 4,823.05 232.68 193.99 180.65 5,993.15 Amortisation for the year 22.14
Adjustments/ disposals - (9.30) (63.89) (36.91) (165.12) (213.37) (488.59) Adjustments/ disposals (175.93)
Balance at March 31, 2021 - 3,400.51 31,096.01 1,030.52 963.79 804.26 37,295.09 Balance at March 31, 2021 34.27
Carrying amounts (net)
At April 1, 2019 5,533.89 10,033.25 92,456.51 1,674.56 1,416.42 569.71 1,11,684.34
At April 1 , 2019 72.38
At March 31, 2020 5,535.46 9,735.58 87,896.46 1,635.70 1,039.62 449.56 1,06,292.38
At March 31, 2020 43.53
At March 31, 2021 5,535.46 9,854.80 83,200.76 1,900.24 835.76 538.94 1,01,865.96
At March 31, 2021 17.48
(b) Security
As at March 31, 2021, properties with a carrying amount of H1,01,647.05 lacs (March 31, 2020: H1,06,069.99 lacs) are 7. Investments
subject to first charge to secured borrowings (see Note 19). See accounting policy in note 3(c) and (g)
March 31, 2021 March 31, 2020
5. Capital work-in-progress
Non-current investments
See accounting policy in note 3(d) and (g)
Unquoted
March 31, 2021 March 31, 2020
Equity instruments in subsidiaries carried at cost
At the beginning of the year 568.84 379.33
7,750,000 (March 31, 2020: 7,750,000) equity shares of Greenpanel Singapore 5,244.62 5,244.62
Additions during the year 357.30 211.94
Pte. Ltd. (face value USD 1 each, fully paid-up)
Capitalised during the year 567.74 22.43
5,244.62 5,244.62
At the end of the year 358.40 568.84
Aggregate book value of quoted investments - -
Notes: Aggregate market value of quoted investments - -
(a) As at March 31, 2021, general borrowing costs capitalised during the year amounted to HNil (March 31, 2020: H Aggregate book value of unquoted investments 5,244.62 5,244.62
Nil)
(b) As at March 31 , 2021, properties under capital work-in-progress with a carrying amount of H358.40 lacs (March
31, 2020: H568.84 lacs) are subject to first charge to secured borrowings (see Note 19).

H in lacs H in lacs
8. Loans 11. Trade receivables

(Unsecured, considered good) March 31, 2021 March 31, 2020
March 31, 2021 March 31, 2020 Current
Non-current Unsecured
Security deposits 1,423.79 1,409.87 - Considered good 7,775.98 7,052.11
Loan to employees - 1.60 - Credit Impaired 426.57 426.57
1,423.79 1,411.47 8,202.55 7,478.68
Current Less: Loss for allowances
Loan to employees 42.53 38.23 - Credit Impaired 426.57 426.57
Security deposits 34.31 58.49 Net trade receivables 7,775.98 7,052.11
76.84 96.72 Of the above
1,500.63 1,508.19 Trade receivables from related parties 130.53 43.64
Notes:
9. Non-current tax assets
(a) No trade or other receivables are due from directors or other officers of the Company either severally or jointly
See accounting policy in note 3(o)
with any other person. Nor any trade or other receivables are due from firms or private companies respectively
March 31, 2021 March 31, 2020 in which any director is a partner, a director or a member.
Income tax refund (net of provisions) 255.92 261.39
(b) Information about the Company’s exposure to credit and currency risks, and loss allowances related to trade
255.92 261.39 receivables are disclosed in note 42. Provision as disclosed above is on case to case basis as identified by the
management.
Current tax liabilities (c) For terms and conditions of trade receivables owing from related parties, see note 39.
See accounting policy in note 3(o) (d) For receivables secured against borrowings, see note 19.
March 31, 2021 March 31, 2020
Income tax liabilities (net of provisions) 262.03 - 12. Cash and cash equivalents
262.03 - See accounting policy in note 3(s)
March 31, 2021 March 31, 2020
10. Inventories Cash on hand 25.45 22.19
(Valued at the lower of cost and net realisable value) Balances with banks
See accounting policy in note 3(f) - On current accounts 1,241.03 414.87
March 31, 2021 March 31, 2020 - On deposit accounts (with original maturities up to 3 months) - 500.00
Raw materials 6,389.37 4,740.47 1,266.48 937.06
Work-in-progress 1,735.16 2,587.41
Finished goods 4,259.01 5,943.94 13. Other bank balances
[including in transit H1,451.11 lacs (March 31, 2020 H623.46 lacs)] March 31, 2021 March 31, 2020
Stock in trade 54.93 32.10 Bank deposits due to mature after 3 months of original maturities but within 12 5,891.16 28.93
Stores and spares 2,497.33 2,084.75 months of the reporting date*
14,935.80 15,388.67 5,891.16 28.93
Total carrying amount of inventories is pledged as securities against borrowings, refer note 19. * Pledged/lodged with various government authorities as security [H50.16 lacs (March 31, 2020 H28.93 lacs)]
The write-down of inventories to net realisable value during the year amounting to H118.41 lacs (March 31, 2020:
H161.44 lacs). These are recognised as expenses during the respective period and included in changes in inventories
of stock in trade.

H in lacs H in lacs
14. Other non-current assets 17. Equity share capital (contd)

(Unsecured, considered good) (a) Reconciliation of equity shares outstanding at the beginning and at the end of the reporting year
March 31, 2021 March 31, 2020 March 31, 2021 March 31, 2020
Capital advances 407.23 104.86 Number Amount Number Amount
Others At the commencement of the year 12,26,27,395 1,226.27 12,26,27,395 1,226.27
Unmatured finance charges 52.34 77.01 Changes during the year - - - -
Prepaid expenses 10.18 17.51 At the end of the year 12,26,27,395 1,226.27 12,26,27,395 1,226.27
Balances with banks on deposit accounts - 1,200.00
Deposits against demand under appeal and/or under dispute 14.70 14.70 (b) Rights, preferences and restrictions attached to equity shares
Amount due from sales tax authorities 17.74 75.85 The Company has a single class of equity shares with par value of H1 per share. Accordingly, all equity shares rank
502.19 1,489.93 equally with regard to dividends and share in the Company’s residual assets on winding up. The equity shareholders
are entitled to receive dividend as declared by the Company from time to time. The voting rights of an equity
shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the
15. Other financial assets Company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable
March 31, 2021 March 31, 2020 has not been paid. Failure to pay any amount called up on shares may lead to their forfeiture.
Current On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the
Government grants receivable 4,131.11 3,947.87 Company, remaining after distribution of all preferential amounts, in proportion to the number of equity shares
Export incentive receivable 31.62 48.69 held.
Insurance claim receivable 10.65 4.12 (c) Particulars of shareholders holding more than 5% shares of fully paid up equity shares
Interest Receivable 52.78 15.76 Equity shares of H1 each March 31, 2021 March 31, 2020
4,226.16 4,016.44 Number % Number %
S. M. Management Pvt. Ltd. 3,16,26,965 25.79% 3,16,26,965 25.79%
16. Other current assets Prime Holdings Pvt. Ltd. 1,33,32,800 10.87% 1,33,32,800 10.87%
(Unsecured, considered good) Jwalamukhi Investment Holdings - - 1,17,87,720 9.61%
March 31, 2021 March 31, 2020 Shobhan Mittal 1,05,88,380 8.63% 1,05,88,380 8.63%
To parties other than related parties HDFC Trustee Company Ltd. 71,32,580 5.82% 77,12,011 6.29%
Advances for supplies 363.58 363.48
(d) The Company has not reserved any shares for issue under options and contracts/commitments for the sale of
Advances to employees 8.80 27.72
shares/ disinvestment.
Others
(e) The Company for the period of five years immediately preceding the reporting date has not:
Prepaid expenses 523.64 514.11
Unmatured finance charges 36.60 51.04 (i) Allotted any class of shares as fully paid pursuant to contract(s) without payment being received in cash.
Balance with goods and service tax authorities 323.47 2,454.40 (ii) Allotted fully paid up shares by way of bonus shares.
1,256.09 3,410.75 (iii) Bought back any class of shares.
18. Other equity

17. Equity share capital
March 31, 2021 March 31, 2020
See accounting policy in note 3(q)
Capital reserve
March 31, 2021 March 31, 2020
At the commencement of the year 62,380.34 62,380.34
Authorised
62,380.34 62,380.34
150,000,000 (March 31,2020: 150,000,000) equity shares of H1 each 1,500.00 1,500.00
Retained earnings
Issued, subscribed and fully paid-up
122,627,395 (March 31,2020: 122,627,395) equity shares of H1 each 1,226.27 1,226.27
Add: Profit for the year 7,616.92 1,619.92
13,644.40 6,027.48

H in lacs H in lacs
18. Other equity (contd) 19. Borrowings (contd)

Other comprehensive income (OCI) Foreign currency loan - bill discounting - 85.83
At the commencement of the year 55.25 22.66 377.93 387.93
Remeasurements of the net defined benefit plans 39.38 32.59 1,598.81 7,270.64
94.63 55.25
Information about the Company’s exposure to credit and currency risks, and loss allowances related to borrowings
76,119.37 68,463.07 are disclosed in note 42
(a) Description, nature and purpose of reserve: (A) Terms of repayment

(i) Capital reserve: The capital reserve is created on account of the net assets transferred pursuant to the Name of the lender Interest rate Repayment Year of March 31, March 31,
scheme of arrangement schedule maturity 2021 2020
(ii) Retained earnings: It comprises of accumulated profit/ (loss) of the Company. (i) Foreign currency term loans
(iii) Other comprehensive income (OCI): It comprises of remeasurements of the net defined benefit plans on Landesbank Baden-Wurttenberg 6 month Repayable at half 2028-29 30,559.52 31,552.49
[EUR 356.37 lacs (March 31, 2020: Euribor yearly rest: 16 of
actuarial valuation of gratuity.
EUR 378.64 lacs)] +0.50% EUR 22.27 lacs
(b) Disaggregation of changes in items of OCI Standard Chartered Bank [USD Nil - - - - 7,899.16
March 31, 2021 March 31, 2020 (March 31, 2020: USD 104.50 lacs)]
Retained earnings 30,559.52 39,451.65
Remeasurements of defined benefit liability/ (asset) 94.63 55.25 Unamortised processing fees (1,017.72) (1,264.56)
29,541.80 38,187.09
19. Borrowings (ii) Rupee term loans

March 31, 2021 March 31, 2020
HDFC Bank Limited 6 month Repayable at 2024-25 5,800.00 7,200.00
Non-current borrowings MCLR + quarterly rest: 8
Secured 1.50% of H400 lacs & 8 of
H325 lacs
Term loans
State Bank of India 6 month Repayable at 2024-25 5,625.00 -
From banks
MCLR + quarterly rest: 15
Foreign currency loans 29,541.80 38,187.09 1.50% of H375 lacs
Rupee loans 12,924.41 9,216.99 Axis Bank Limited 6 month Repayable at 2023-24 1,562.50 2,031.25
42,466.21 47,404.08 MCLR + quarterly rest: 10
1.35% of H156.25 lacs
Less: Current maturities of long term borrowings (refer note 20) 7,271.30 4,911.22
12,987.50 9,231.25
35,194.91 42,492.86
Unamortised processing fees (63.09) (14.26)
Loan against vehicles 622.89 804.23 12,924.41 9,216.99
Less: Current maturities of loan against vehicles (refer note 20) 193.96 216.35 Total 42,466.21 47,404.08
428.93 587.88
35,623.84 43,080.74 (B) Details of security
Current borrowings (a) Term loan from Landesbank Baden-Wurttenberg (LBBW) of H30,559.52 lacs (March 31, 2020: H31,552.49 lacs)
Secured is secured by exclusive charge on Main Press Line of MDF plant at Chittoor, Andhra Pradesh along with any
other movable fixed assets financed by Landesbank Baden-Wurttenberg. Vide letter dated June 14, 2019, the
From banks
loan is to be further secured by:
Foreign currency loan - buyers credit 474.62 487.15
i) Exclusive charge over main press line of MDF plant at Pantnagar (Uttarakhand)
Foreign currency loan - Packing Credit - 509.06
ii) Corporate guarantee from Greenply Industries Limited in favor of LBBW of EURO 12.5 million;
Rupee loans - repayable on demand 746.26 5,886.50
iii) Debt Service Reserve Account in INR for one repayment instalment plus interest, pledged to LBBW
1,220.88 6,882.71
Unsecured
From banks
Channel finance assurance facility 377.93 302.10

H in lacs H in lacs
19. Borrowings (contd) 21. Provisions

(b) Other term loans of H12,987.50 lacs (March 31, 2020: H17,130.41 lacs) are secured by: See accounting policy in note 3(i) and (j)
March 31, 2021 March 31, 2020
(i) First pari passu charge on immovable fixed assets of the Company located at manufacturing units in
Pantnagar (Uttarakhand) and Chittoor (Andhra Pradesh). Non-current
Provisions for employee benefits:
(ii) First pari passu charge on all movable fixed assets of the Company except assets exclusively charged to other
lender(s) (including the main press line of MDF plant at Pantnagar and the main press line of MDF plant Net defined benefit liability - gratuity 667.13 607.98
at Chittor (Andhra Pradesh) along with any other movable fixed assets exclusively charged to Landesbank Liability for compensated absences 139.91 359.41
Baden-Wurttenberg). 807.04 967.39
(iii) Second pari passu charge on all current assets of the Company. Current
(iv) Term loan from HDFC Bank Limited is also secured by exclusive charge over fixed deposit of H600 lacs Provisions for employee benefits:
placed with HDFC Bank Limited.
Net defined benefit liability - gratuity 130.46 142.53
(c) Secured Loan against vehicles and equipments are in respect of finance of vehicles, secured by hypothecation Liability for compensated absences 19.60 88.75
of the respective vehicles. 150.06 231.28
(d) Working capital loans of H746.26 lacs (March 31, 2020 : H5,886.50 lacs) are secured by:
(i) First pari passu charge on all current assets of the Company. 22. Other non-current liabilities
(ii) Second pari passu charge on immovable fixed assets of the Company located at manufacturing units in March 31, 2021 March 31, 2020
Pantnagar (Uttarakhand) and Chittoor (Andhra Pradesh). Deferred income on Government grants 1,219.73 2,866.01
(iii) Second pari passu charge on all movable fixed assets of the Company except assets exclusively charged
to other lender(s) (including the main press line of MDF plant at Pantnagar and the main press line of Government grants have been received for the import of certain items of property, plant and equipment under
MDF plant at Chittor (Andhra Pradesh) along with any other movable fixed assets exclusively charged to export promotion capital goods (EPCG) scheme of Government of India. The Company has certain export obligations
Landesbank Baden-Wurttenberg). against such benefits availed which the Company will fulfill within the required time period under the scheme. For
contingencies attached to these grants, refer note 37.
(e) Foreign currency loan - buyers credit of H474.62 lacs (March 31, 2020: H487.15 lacs) is secured by SBLC issued
by banks.
23. Trade payables
March 31, 2021 March 31, 2020
20. Other financial liabilities
Dues to micro and small enterprises (Refer note 46) 5.98 1.72
March 31, 2021 March 31, 2020
Dues to other than micro and small enterprises 13,130.36 12,273.21
Non-current
13,136.34 12,274.93
Security deposits from customers 1,186.86 1,270.26
Of the above
Liabilities against right to use assets 933.34 1,025.38
Trade payables to related parties 202.96 224.13
2,120.20 2,295.64
Current Information about the Company’s exposure to currency and liquidity risks related to trade payables is disclosed in
Current maturities of long term borrowings (refer note 19) 7,271.30 4,911.22 note 42.
Current maturities of loan against vehicles and equipments (refer note 19) 193.96 216.35
24. Derivatives
Interest accrued but not due on borrowings 72.83 162.07
See accounting policy in note 3(c)(v)
Liabilities against right to use assets 249.27 212.69
March 31, 2021 March 31, 2020
Liability for capital goods 645.45 867.33
Current
Employee benefits payable 1,041.01 341.26
Foreign exchange forward contracts 12.85 (27.20)
9,473.82 6,710.92
Foreign exchange interest rate swaps - 326.15
(a) There is no amount due and outstanding to be credited to Investor Education and Protection Fund as at March Foreign exchange currency swaps 73.74 (851.36)
31 ,2021. (Asset)/Liability 86.59 (552.41)
(b) Information about the Company’s exposure to currency and liquidity risks related to the above financial Information about the Company’s exposure to interest rate and currency risks related to derivatives is disclosed in
liabilities is disclosed in note 42. note 42.

H in lacs H in lacs
25. Other current liabilities 26. Revenue from operations (contd)

March 31, 2021 March 31, 2020 Segment Year ended March 31, 2020
Statutory dues 832.31 332.15 Plywood and Medium Density Total
Deferred income on Government grants 2,160.00 2,210.00 allied products Fibre Board and allied
products
Advance from customers 670.15 633.84
Type of Goods
3,662.46 3,175.99
Finished goods 21,210.73 61,486.89 82,697.62
Stock-in-trade 335.04 - 335.04
26. Revenue from operations
Sale of products 21,545.77 61,486.89 83,032.66
See accounting policy in note 3(k) and (l)
Revenue by geography
Year ended Year ended
- India 21,545.77 47,853.01 69,398.78
March 31, 2021 March 31, 2020
- Outside India - 13,633.88 13,633.88
Sale of products
Total revenue from contracts with customers 21,545.77 61,486.89 83,032.66
Finished goods 98,742.80 82,697.62
Stock-in-trade 1,278.74 335.04 The reconciliation of the revenue from contracts with customers and other operating revenue is given below :
1,00,021.54 83,032.66 Segment Year ended March 31, 2021
Other operating revenue Plywood and Medium Density Total
Government grants allied products Fibre Board and allied
- Refund of goods and service tax and excise duty (refer note 47) - 731.72 products
- Government grants - EPCG scheme (refer note 22) 1,696.28 1,853.94 Sale of goods
Export incentives 145.29 189.21 - External customers 21,710.23 78,311.31 1,00,021.54
Miscellaneous income 134.29 171.86 - Inter-segment - - -
1,975.86 2,946.73 Other Operating Revenue 28.08 1,947.78 1,975.86
1,01,997.40 85,979.39 21,738.31 80,259.09 1,01,997.40
Reconciliation of revenue from sale of products with the contracted price Inter-segment elimination - - -
Contracted price 1,06,108.77 88,811.47 Less: Other Operating Revenue (28.08) (1,947.78) (1,975.86)
Less : Trade discounts, volume rebates etc. (6,087.23) (5,778.81) Total revenue from contracts with customers 21,710.23 78,311.31 1,00,021.54
Sale of products 1,00,021.54 83,032.66

Segment Year ended March 31, 2020
Disaggregated revenue information Plywood and Medium Density Total
allied products Fibre Board and allied
The disaggregation of the Company’s revenue from contracts with customers as under: products
Segment Year ended March 31, 2021 Sale of goods
Plywood and Medium Density Total - External customers 21,545.77 61,486.89 83,032.66
- Inter-segment - - -
products
Other Operating Revenue 48.13 2,898.60 2,946.73
Type of Goods
21,593.90 64,385.49 85,979.39
Finished goods 20,431.49 78,311.31 98,742.80
Inter-segment elimination - - -
Stock-in-trade 1,278.74 - 1,278.74
Less: Other Operating Revenue (48.13) (2,898.60) (2,946.73)
Sale of products 21,710.23 78,311.31 1,00,021.54
Total revenue from contracts with customers 21,545.77 61,486.89 83,032.66
Revenue by geography
- India 21,710.23 66,325.19 88,035.42
- Outside India - 11,986.12 11,986.12
Total revenue from contracts with customers 21,710.23 78,311.31 1,00,021.54

H in lacs H in lacs
26. Revenue from operations (contd) 30. Changes in inventories of finished goods, work-in-progress and stock in trade
a) The Company presented disaggregated revenue based on the type of goods sold to customers and location of See accounting policy in note 3(f)
customers. The Company’s revenue is recognised for goods transferred at a point in time. The Company believes Year ended Year ended
that the above disaggregation the best depicts how the nature, amount, timing and uncertainty of revenues and March 31, 2021 March 31, 2020
cash flows are effected by industry, market and other economic factors. Segment wise nature, amount, timing Opening inventories
and uncertainty of revenues and cash flows are described below:
Nature of goods or The Company manufactures and sales, plywood and other plywood-related allied
Stock in trade 32.10 -
services products such as veneer, doors, etc, Medium Density Fibre Board and allied products
Finished goods 5,943.94 5,053.59
such as fibre board, plank, etc.
When revenue is For Domestic Customer : Revenue is typically recognised when the goods are delivered 8,563.45 7,476.72
recognised to the customer's warehouses. Closing inventories
For Export Customer : Revenue is typically recognised on the receipt of bill of lading. Work-in-progress 1,735.16 2,587.41
Significant payment Payment is received as per the agreed payment terms with customer. Stock in trade 54.93 32.10
terms
Obligations for Customers have the right to return the goods to the company, if the customers are
6,049.10 8,563.45
returns and refunds, dissatisfied with the quality of product which is determined on a case to case basis by
if any the company. 2,514.35 (1,086.73)
b) For contract balances i.e. trade receivables refer Note 11. 31. Employees benefits expense
c) The amount of revenue from contracts with customers recognised in the statement of profit and loss is the See accounting policy in note 3(i)
contracted price. Year ended Year ended
March 31, 2021 March 31, 2020
27. Other income Salaries, wages, bonus, etc. 8,302.20 8,290.46
Year ended Year ended Contribution to provident and other funds 508.73 535.71
March 31, 2021 March 31, 2020 Expenses related to post-employment defined benefit plan 191.51 181.44
Interest on fixed deposits with banks and others 222.96 202.82 Expenses related to compensated absences 199.26 138.66
Rental Income 1.20 0.87 Staff welfare expenses 74.75 131.46
Foreign exchange fluctuations 34.12 - 9,276.45 9,277.73
258.28 203.69
Salaries, wages, bonus, etc. includes H602.31 lacs (March 31, 2020 H619.94 lacs) relating to outsource manpower
cost.
28. Cost of materials consumed Notes:
(a) Defined contribution plan: Employee benefits in the form of provident fund is considered as defined contribution
March 31, 2021 March 31, 2020
plan and the contributions to Employees’ Provident Fund Organisation established under The Employees’
Inventory of raw materials at the beginning of the year 4,740.47 3,695.02 Provident Fund and Miscellaneous Provisions Act 1952 is charged to the Statement of Profit and Loss of the
Add: Purchases 44,287.19 39,915.78 year when the contributions to the respective funds are due.
Less: Inventory of raw materials at the end of the year (6,389.37) (4,740.47) (b) Defined benefit plan: Retirement benefits in the form of gratuity is considered as defined benefit obligations
42,638.29 38,870.33 and is provided for on the basis of third party actuarial valuation, using the projected unit credit method, as at
the date of the Balance Sheet. 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.
29. Purchase of stock in trade
March 31, 2021 March 31, 2020
Purchase of traded goods 1,000.66 401.11
1,000.66 401.11

H in lacs H in lacs
31. Employees benefits expense (contd) 32. Finance costs

(c) Actuarial valuation of gratuity liability See accounting policy in note 3(p)
Year ended Year ended Year ended Year ended
Defined benefit cost Interest expense on financial liabilities measured at amortised cost 1,820.99 2,504.59
Current service cost 138.98 135.80 Interest expense on right to use asset 104.42 110.83
Interest expense on defined benefit obligation 52.54 45.64 Interest expense on mark to market valuation of IRS contracts and principal 598.95 (502.09)
Defined benefit cost in Statement of Profit and Loss 191.52 181.44 hedging
Remeasurements from financial assumptions 13.15 60.85 Exchange difference regarded as an adjustment to borrowing cost 649.87 2,312.39
Remeasurements from experience adjustments (73.69) (110.95) Other borrowing cost 345.85 341.02
Defined benefit cost in Other Comprehensive Income (OCI) (60.54) (50.10) 3,520.08 4,766.74
Total defined benefit cost in Statement of Profit and Loss and OCI 130.98 131.34
Movement in defined benefit obligation 33. Depreciation and amortisation expense
Balance at the beginning of the year 750.51 684.88 See accounting policy in note 3(d)(iii) and (e)(iii)
Current service cost 138.98 135.80 Year ended Year ended
Interest cost 52.54 45.64 March 31, 2021 March 31, 2020
Actuarial (gains)/ losses recognised in other comprehensive income (60.54) (50.10) Depreciation of property, plant and equipment 5,993.15 6,127.02
Benefits paid (83.90) (65.71) Depreciation of right to use asset 371.32 371.99
Balance at the end of the year 797.59 750.51 Amortisation of intangible assets 22.14 38.85
Sensitivity analysis 6,386.61 6,537.86
Salary escalation - Increase by 1% 878.60 822.43
Salary escalation - Decrease by 1% 727.93 688.60 34. Other expenses
Withdrawal rates - Increase by 1% 798.38 751.80 Year ended Year ended
Withdrawal rates - Decrease by 1% 796.10 748.53 March 31, 2021 March 31, 2020
Discount rates - Increase by 1% 730.48 690.63 Consumption of stores and spares 1,151.38 1,177.91
Discount rates - Decrease by 1% 876.60 820.87 Power and fuel 9,922.87 10,086.67
Actuarial assumptions Rent 214.78 155.57
Mortality table IALM 2012- IALM 2006- Repairs to:
2014 2008 - buildings 36.99 91.86
Discount rate (per annum) 6.90% 7.00% - plant and equipment 907.32 831.28
Rate of escalation in salary (per annum) 6.00% 6.00% - others 501.42 528.21
Withdrawal rate 1% - 8% 1% - 8% Insurance 610.68 266.35
Weighted average duration of defined benefit obligation (in years) 5.72 4.80 Rates and taxes 49.65 22.48
Travelling expenses 487.63 1,158.88
(d) Amount incurred as expense for defined contribution to Provident Fund is H436.77 lacs (March 31, 2020 H455.44
lacs) Freight and delivery expenses 5,520.39 4,186.32
Export expenses 2,358.11 1,997.20
Advertisement and sales promotion 1,065.75 884.91
Commission 1,224.87 863.02
Directors sitting fees 23.60 19.58
Payment to auditors [refer note 34 (i) below] 31.83 25.96
Expenditure on corporate social responsibility 18.63 34.53

H in lacs H in lacs
34. Other expenses (contd) 35. Income tax (contd)

Provision for doubtful debts - 100.19 (c) Recognised deferred tax assets and liabilities:
Foreign exchange fluctuations - 373.14 Property, plant and equipment and intangible assets 15,295.59 15,434.77
Miscellaneous expenses 1,933.15 2,150.87 Provisions for employee benefits (355.84) (483.02)
26,086.02 24,987.40 Provision for doubtful debts (163.46) (151.99)
Foreign exchange differences on account of mark to market valuation (794.14) (936.41)
34 (i) Payment to auditors Other temporary differences (475.13) (252.99)
Unabsorbed depreciation carried forward (8,822.36) (12,163.16)
March 31, 2021 March 31, 2020
Minimum Alternate Tax (MAT) credit (2,667.35) (758.26)
As auditors:
Deferred tax liabilities 2,017.31 688.94
- Statutory audit 27.50 21.00
(d) Reconciliation of Deferred Tax Liability:
- Tax audit - -
Temporary difference on account of:
- Limited review of quarterly results 3.90 3.90
Property, plant and equipment and intangible assets (139.18) 700.83
In other capacity
Provisions for employee benefits 106.02 (32.18)
- Certification fees 0.43 0.73
Provision for doubtful debts (11.47) (30.23)
- Other services - -
Foreign exchange differences on account of mark to market valuation 142.27 (936.41)
Reimbursement of expenses - 0.33
Other temporary differences (222.14) (243.30)
31.83 25.96
Unabsorbed depreciation carried forward 3,340.80 266.27
Minimum Alternate Tax (MAT) credit entitlement (1,909.09) (258.85)
35. Income tax
Deferred tax in Statement of Profit and Loss 1,307.21 (533.87)
Temporary difference of liabilities in other comprehensive income 21.16 17.51
Deferred tax in Total Comprehensive Income 1,328.37 (516.36)
March 31, 2021 March 31, 2020
MAT credit utilisation in income tax for earlier years - -
(a) Amount recognised in Profit and Loss
Total Deferred tax 1,328.37 (516.36)
Current tax 1,909.09 258.85
Earlier years tax - -
Income tax 1,909.09 258.85 36. Earnings per share
Deferred tax 3,216.30 (275.02) Year ended Year ended
Mat credit (1,909.09) (258.85) March 31, 2021 March 31, 2020
Deferred tax 1,307.21 (533.87) Basic and diluted earnings per share
(i) Profit for the year, attributable to the equity shareholders 7,616.92 1,619.92
Tax expense in Statement of Profit and Loss 3,216.30 (275.02)
(ii) Weighted average number of equity shares
Deferred tax in other comprehensive income 21.16 17.51
- Number of equity shares at the beginning of the year 12,26,27,395 12,26,27,395
Tax expense in Total Comprehensive Income 3,237.46 (257.51)
- Number of equity shares at the end of the year 12,26,27,395 12,26,27,395
(b) Reconciliation of effective tax rate for the year
Weighted average number of equity shares 12,26,27,395 12,26,27,395
Profit before Tax 10,833.22 1,344.90 Basic and diluted earnings per share (H) [(i)/(ii)] 6.21 1.32
Applicable Income Tax rate 34.944% 34.944%
Computed tax expense 3,785.56 469.96
Additional deduction as per income tax - (15.44)
Non-deductible expenses for tax purposes 6.51 12.07
Permanent difference on account of EPCG income (592.75) (647.84)
Other temporary differences 16.98 (93.77)
Tax expense in Statement of Profit and Loss 3,216.30 (275.02)

H in lacs H in lacs
37. Contingent liabilities and commitments 38. Leases (contd)

(to the extent not provided for) (c) Amount recognised in statement of profit and loss
March 31, 2021 March 31, 2020 Total
Contingent liabilities Interest expenses on lease liabilities 104.42
(a) Claims against the Company not acknowledged as debts: Depreciation of right-of-use assets 371.32
(i) Excise duty, sales tax and other indirect taxes in dispute 1,208.17 1,208.17 Expenses relating to short-term leases (included in other expenses) 214.78
(b) Capital and other commitments Total amount recognised in profit and loss 690.52
(i) Estimated amount of export obligations to be fulfilled in respect of 21,511.01 33,614.22
goods imported under Export Promotion Capital Goods scheme (EPCG) (d) Amount recognised in statement of cash flows
(ii) Estimated amount of contracts remaining to be executed on capital 2,175.69 340.25 Total
account and not provided for (Net of advances)
Total cash outflow for leases (475.74)
Claim against the Company not acknowledged as debt:
Cash outflows for the above are determinable only on receipt of judgments pending at various forums/ authorities. 39. Related party disclosure
The Company has reviewed all its pending litigations and proceedings and has adequately provided for where
a) Related parties where control exists
provisions are required and disclosed as contingent liabilities where applicable, in its financial statements. The
Company does not expect the outcome of these proceedings to have a materially adverse effect on its financial Wholly owned subsidiary company:
position. i) Greenpanel Singapore Pte. Limited, Singapore
b) Other related parties with whom transactions have taken place during the year
38. Leases
Key Management Personnel (KMP)
See accounting policy in note 3(m)
i) Mr Shiv Prakash Mittal, Executive Chairman
Company as a lessee
ii) Mr Shobhan Mittal, Managing Director & CEO
The Company has lease contracts for offices and factory land. The Company’s obligations under these leases are
iii) Mr Mahesh Kumar Jiwarajka, Non-Executive Independent Director
secured by the lessor’s title to the leased assets. The Company is restricted from assigning and subleasing the
leased assets. The Company also has certain leases of offices with lease terms of 12 months or less. The Company iv) Mr Salil Kumar Bhandari, Non-Executive Independent Director
applies the ‘short-term lease’ recognition exemptions for these leases. v) Mr Arun Kumar Saraf, Non-Executive Independent Director
(a) Carrying amounts of right-of-use assets vi) Ms Susmita Singha, Non-Executive Independent Director
Land Offices Total vii) Mr V. Venkatramani, Chief Financial Officer
Balance at April 1, 2020 1,225.51 1,231.06 2,456.57 viii) Mr Lawkush Prasad, Company Secretary & Assistant Vice President-Legal
Additions during the year - 321.75 321.75 Relatives of Key Management Personnel (KMP)
Depreciation charge for the year (16.31) (355.01) (371.32) i) Mrs Chitwan Mittal (Wife of Mr Shobhan Mittal)
Balance at March 31, 2021 1,209.20 1,197.80 2,407.00
c) Enterprises controlled by Key Management Personnel or their relatives
(b) Lease liabilities i) Greenlam Industries Limited
Total ii) Greenlam South Limited
Maturity analysis - contractual undiscounted cash flows iii) Greenply Industries Limited
Less than one year 344.25 d) Related party transactions
One to five years 924.01
Name of the related party Nature of transaction March 31, 2021 March 31, 2020
More than five years 202.87
Greenpanel Singapore Pte. Limited Sale of products - 5,230.45
Total undiscounted lease liabilities at March 31, 2021 1,471.13
Investments - 534.56
Total Commission paid 1,178.57 822.26
Lease liabilities included in the balance sheet Greenlam Industries Limited Sale of products* 447.49 847.04
Current 249.27 Purchase of products* 199.66 97.35
Non-current 933.34 Rent paid 0.60 0.60
Lease liabilities included in the balance sheet at March 31, 2021 1,182.61 Greenlam South Limited Rent paid 0.60 0.27
Greenply Industries Limited Sale of products* 3.59 82.81
Purchase of products* 37.95 -

H in lacs H in lacs
39. Related party disclosure (contd) 40. Accounting classifications and fair values (Ind AS 107)
Name of the related party Nature of transaction March 31, 2021 March 31, 2020 See accounting policy in note 3(c)
Mr Shiv Prakash Mittal Remuneration 308.36 118.80 The fair values of financial assets and liabilities, together with the carrying amounts shown in the Standalone
Mr Shobhan Mittal Remuneration 260.82 76.93 Balance Sheet are as follows:
Mr Mahesh Kumar Jiwarajka Sitting Fees 6.60 4.70 March 31, 2021 March 31, 2020
Mr Salil Kumar Bhandari Sitting Fees 5.80 6.30 Financial assets at amortised cost
Mr Arun Kumar Saraf Sitting Fees 5.20 1.70 Non-current
Ms Susmita Singha Sitting Fees 6.00 6.70 Loans 1,423.79 1,411.47
Mr V. Venkatramani Remuneration 113.93 108.93 Current
Mr Lawkush Prasad Remuneration 23.18 3.88 Trade receivables 7,775.98 7,052.11
Mr Banibrata Desarkar Remuneration - 18.60 Cash and cash equivalents 1,266.48 937.06
Mrs Chitwan Mittal Remuneration 32.95 29.23 Other bank balances 5,891.16 28.93
Loans 76.84 96.72
Note : * indicates the amounts are inclusive of applicable Goods and Service Tax (GST)
Other financial assets 4,226.16 4,016.44
e) Outstanding balances 20,660.41 13,542.73
Name of the related party Nature of transaction March 31, 2021 March 31, 2020 Financial assets at fair value through profit and loss
Greenpanel Singapore Pte. Limited Commission paid 177.52 203.23 Current
Sale of products 130.53 43.64 Level 2
Greenlam Industries Limited
Purchase of products 25.44 20.90 Derivatives - 552.41
- 552.41
f) Key Management Personnel compensation
Total Financial Assets 20,660.41 14,095.14
Key management personnels compensation comprised of the following:
Nature of transaction March 31, 2021 March 31, 2020
Financial liabilities at amortised cost
Short-term employee benefits 588.50 293.08
Non-current
Other long-term benefits 105.91 24.33
Borrowings 35,623.84 43,080.74
Perquisites 11.88 9.73
Other financial liabilities 2,120.20 2,295.64
Total compensation paid to key management personnel 706.29 327.14
Current
As the future liability for gratuity and compensated encashment is provided on an actuarial basis for the Company as Borrowings 1,598.81 7,270.64
a whole, the amount pertaining to each key management personnel is not separately ascertainable and, therefore, Other financial liabilities 9,473.82 6,710.92
not included above. Based on the recommendation of the Nomination and Remuneration Committee, all decisions Trade payables 13,136.34 12,274.93
relating to the remuneration of the KMPs are taken by the Board of Directors of the Company, in accordance with
61,953.01 71,632.87
shareholders’ approval, wherever necessary.
Financial liabilities at fair value through profit and loss
g) Terms and conditions of transactions with related parties Current
Purchase from related parties are made in the ordinary course of business and on terms equivalent to those that Level 2
prevail in arm’s length transactions with other vendors. Outstanding balances at the year-end are unsecured and
Derivatives 86.59 -
will be settled in cash and cash equivalents.
62,039.60 71,632.87
The Company has not recorded any impairment of receivables relating to amounts owed by related parties. This
assessment is undertaken in each financial year through examining the financial position of the related parties and
the market in which the related party operates.
h) Details of loans, investments and guarantees covered under Section 186(4) of the Companies Act, 2013
(i) Details of loans Not Applicable
(ii) Details of investments Particulars of investments as required have been disclosed in note 7
(iii) Details of guarantees Not Applicable

H in lacs H in lacs
41. Fair value measurement 42. Financial risk management (contd)

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be interest rate swaps to hedge variable interest rate exposures. The Company’s exposure to credit risk is influenced
exchanged in a current transaction between willing parties, other than in forced or liquidation sale. mainly by the individual characteristic of each customer and the concentration of risk from the top few customers.
The Company has established the following fair value hierarchy that categories the value into 3 levels. The inputs The Company’s risk management assessment and policies and processes are established to identify and analyse the
to valuation techniques used to measure fair value of financial instruments are: risks faced by the Company, to set appropriate risk limits and controls, and to monitor such risks and compliance
with the same. Risk assessment and management policies and processes are reviewed regularly to reflect changes
Level 1: The hierarchy uses quoted prices in active markets for identical assets or liabilities. The fair value of all in market conditions and the Company’s activities.
bonds which are traded in the stock exchanges is valued using the closing price or dealer quotations as at the
reporting date. This note presents information about the Company’s exposure to each of the above risks, the Company’s
objectives, policies and processes for measuring and managing risk, and the Company’s management of capital.
Level 2: The fair value of financial instruments that are not traded in an active market (for example traded bonds, The sources of risks which the Company is exposed to and their management is given below:
over the counter derivatives) is determined using valuation techniques which maximise the use of observable
Risk Exposure Arising from Measurement Management
market data and rely as little as possible on company specific estimates. If all significant inputs required to fair
value an instrument are observable, the instrument is included in Level 2. Credit risk Trade receivables, Investments, Ageing analysis, Credit Diversification of mutual
Derivative financial instruments, Loans rating fund investments, Credit
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included limit and credit worthiness
in Level 3. monitoring, credit based
Financial assets and liabilities measured at fair value - recurring fair value measurements are as follows: approval process.
Liquidity risk Borrowings and Other liabilities Rolling cash flow Adequate unused credit
March 31, 2021 March 31, 2020
forecasts lines and borrowing
Financial assets - Level 2 facilities.
Derivatives - 552.41 Market risk Committed commercial transaction, Cash flow forecasting Forward foreign exchange
Financial liabilities - Level 2 Foreign exchange Financial asset and liabilities not Sensitivity analysis contracts.
Derivatives 86.59 - risk denominated in H
Interest rate Long term borrowings at Sensitivity analysis Interest rate swaps
The management assessed that trade receivables, cash and cash equivalent, other bank balances, trade payable,
variable rates Interest rate
cash credits, borrowings and other financial assets and liabilities approximate their carrying amounts largely due
movements
to the short term maturities of these instruments.
The following methods and assumptions were used to estimate the fair values: (i) Credit risk
Credit risk is the risk of financial loss of the Company if a customer or counterparty to a financial instrument
(a) The fair value of the quoted investments are based on market price at the respective reporting date.
fails to meet its contractual obligations, and arises principally from the Company receivables from customers
(b) The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based and loans. The Company is exposed to credit risk from its operating activities (primarily trade receivables) and
on observable yield curves based on report obtained from banking partners. from its financing/investing activities, including deposits with bank, foreign exchange transactions and financial
guarantees. The Company has no significant concentration of credit risk with any counterparty. The carrying
(c) The fair value of forward foreign exchange contracts is calculated as the present value determined using
amount of financial assets represent the maximum credit risk exposure.
forward exchange rates and interest rate curve of the respective currencies based on report obtained from
banking partners. Trade receivable
The management has established a credit policy under which each new customer is analysed individually for
42. Financial risk management creditworthiness before the Company’s standard payment and delivery terms and conditions are offered. The
The Company has exposure to the following risks arising from financial instruments: Company’s review includes external ratings, if they are available, financial statements, credit agency information,
industry information and in some cases bank references.
(i) Credit risk
(ii) Liquidity risk Exposure to credit risks
(iii) Market risk The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer.
However management also considers the factors that may influence the credit risk of its customer base, including
Risk management framework the default risk associated with the industry. Details of concentration percentage of revenue generated from top
The Company’s principal financial liabilities, other than derivatives, comprises of borrowings, trade and other customer and top five customers are stated below:
payables. The main purpose of these financial liabilities is to finance the Company operations. The Company’s
Particulars March 31, 2021 March 31, 2020
principal financial assets, other than derivatives include trade and other receivables, investments and cash and
Revenue from a top customer 3.76% 6.29%
cash equivalents that derive directly from its operations.
Revenue from top five customers 9.64% 16.02%
The Company’s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity
risk. The Company’s primary risk management focus is to minimise potential adverse effects of market risk on its Trade receivables are primarily unsecured and are derived from revenue earned from customers. Credit risk is
financial performance. The Company uses derivative financial instruments to mitigate foreign exchange related managed through credit approvals, establishing credit limits and by continuously monitoring the creditworthiness
risk exposures. Foreign currency options contract are entered to hedge certain foreign currency risk exposures and of customers to which the Company grants credit terms in the normal course of business. As per simplified approach,

H in lacs H in lacs
42. Financial risk management (contd) 42. Financial risk management (contd)
the Company makes provision of expected credit loss on trade receivables using a provision matrix to mitigate the (iii) Market risk
risk of default payments and makes appropriate provisions at each reporting date whenever is for longer period and Market risk is the risk of loss of future earnings, fair value or future cash flows that may result from a change in the
involves higher risk. On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess price of a financial instrument . The value of a financial instrument may change as a result of changes in the interest
the impairment loss or gain. The Company uses a provision matrix to compute the credit loss allowance for trade rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that effect market
receivables. The said provision has been netted off under trade receivables. risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including
Particulars March 31, 2021 March 31, 2020 investments and deposits, foreign currency receivables, payables and borrowings. The Company uses derivatives
Balance at the beginning 426.57 326.38 to manage market risks. All such transactions are carried out within the guidelines set by the management.
Impairment loss recognised - 100.19 (a) Currency risk

Balance at the end 426.57 426.57 Foreign currency risk is the risk impact related to fair value or future cash flows of an exposure in foreign currency,
which fluctuate due to changes in foreign exchange rates. The Company’s exposure to the risk of changes in
The ageing analysis of the trade receivables (gross of provision) has been considered from the final due date of the foreign exchange rates relates primarily to the foreign currency borrowings, import of raw materials and spare
invoice: parts, capital expenditure, exports of finished goods. The Company evaluates exchange rate exposure arising from
Ageing Not Due Less than 6 6-12 months More than 1 year Total foreign currency transactions. The Company follows established risk management policies and standard operating
months procedures. It uses derivative instruments like foreign currency swaps and forwards to hedge exposure to foreign
currency risk.
As at March 31, 2021
Gross carrying amount 4,433.92 3,332.30 80.25 356.08 8,202.55 Exposure to currency risk
Expected credit loss (Provision for 9.32 9.56 51.61 356.08 426.57 The Company’s exposure to foreign currency at the end of the reporting period are as follows:
Bad Debts)
Particulars Currency March 31, 2021 March 31, 2020
Carrying amount (net of impairment) 4,424.60 3,322.74 28.64 - 7,775.98
Amount I in lacs Amount I in lacs
in Foreign in Foreign
(ii) Liquidity risk
currency currency
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time
Hedged exposures
or at reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable
securities and the availability of funding through an adequate amount of credit facilities to meet obligations Borrowings EURO 44,54,626 3,819.94 - -
when due. The Company’s finance team is responsible for liquidity, finding as well as settlement management. In USD - - 1,04,50,000 7,899.16
addition, processes and policies related to such risks are overseen by senior management. Management monitors 3,819.94 7,899.16
the Company’s liquidity position through rolling forecasts on the basis of expected cash flows. Borrowings - Buyers credit USD 6,49,235 474.62 6,44,464 487.15
The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to Trade payables EURO 91,344 78.33 88,056 73.38
meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable USD 3,89,488 284.74 1,98,103 149.75
losses or risking damage to the Company’s reputation.
363.07 223.13
Exposure to liquidity risk Unhedged exposures
The table below provides details regarding the remaining contractual maturities of financial liabilities at the Borrowings EURO 3,11,82,383 26,739.58 3,78,64,322 31,552.49
reporting date based on contractual undiscounted payments. Borrowings - Packing credit USD - - 6,73,446 509.06
March 31, 2021 < 1 year 1 - 5 years > 5 years Total Borrowings - Foreign bill discounting EURO - - 1,03,000 85.83
Borrowings (including current maturities)* 10,278.39 25,900.91 11,436.65 47,615.95 Trade payables EURO 87,727 75.23 41,391 34.49
Trade payables 13,136.34 - - 13,136.34 USD 2,46,754 180.39 2,94,783 222.83
Other financial liabilities 2,022.32 1,934.05 186.15 4,142.52 255.62 257.32
25,437.05 27,834.96 11,622.80 64,894.81 Liability for Capital Goods EURO 3,43,597 294.64 4,43,667 369.71
March 31, 2020 < 1 year 1 - 5 years > 5 years Total Interest accrued but not due on EURO 82,658 70.88 88,876 74.06
borrowings
Borrowings (including current maturities)* 14,034.23 31,090.95 14,786.37 59,911.55
USD 2,669 1.95 39,188 29.62
Trade payables 12,274.93 - - 12,274.93
72.83 103.68
Other financial liabilities 1,421.28 2,028.41 267.23 3,716.92
Trade receivables USD 11,72,986 857.51 15,27,500 1,154.64
27,730.44 33,119.36 15,053.60 75,903.40
* including estimated interest

H in lacs H in lacs
Sensitivity analysis A reasonably possible change of 100 basis points in variable rate instruments at the reporting dates would have
A reasonably possible strengthening (weakening) of the USD and EURO against Indian rupee at 31 March would increased or decreased profit or loss by the amounts shown below:
have affected the measurement of financial instruments denominated in a foreign currency and affected equity Particulars Nature Effect March 31, 2021 March 31, 2020
and profit or loss by the amount shown below. This analysis assumes that all other variables, in particular interest Strengthening (442.93) (546.55)
rates, remain constant and ignores any impact of forecast sales and purchases. Profit or loss
Weakening 442.93 546.55
Particulars Nature Effect March 31, 2021 March 31, 2020 Variable rate instruments
Strengthening (288.15) (355.56)
Strengthening 33.76 19.66 Equity, net of tax
Profit or loss Weakening 288.15 355.56
Weakening (33.76) (19.66)
USD (5% Movement) Strengthening - 78.99
Strengthening 21.96 12.79 Profit or loss
Equity, net of tax Weakening - (78.99)
Weakening (21.96) (12.79) Interest rate swap
Strengthening - 51.39
Strengthening (1,359.02) (1,605.83) Equity, net of tax
Profit or loss Weakening - (51.39)
EUR (5% Movement) Weakening 1,359.02 1,605.83
Strengthening (884.12) (1,044.69) Profit or loss
Equity, net of tax Cash flow sensitivity Weakening 442.93 467.56
Weakening 884.12 1,044.69 (net) Strengthening (288.15) (304.18)
Equity, net of tax
(b) Interest rate risk Weakening 288.15 304.18
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because
of changes in market interest rates. The Company exposure to the risk of changes in market interest rates related 43. Capital management
primarily to the Company’s short term borrowing with floating interest rates. For all long term borrowings with The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence
floating rates, the risk of variation in the interest rates in mitigated through interest rate swaps. The Company and to sustain future development of the business. The management monitors the return on capital, as well as the
constantly monitors the credit markets and rebalances its financing strategies to achieve an optimal maturity level of dividends to equity shareholders.
profile and financing cost
The Company’s objective when managing capital are to: (a) to maximise shareholders value and provide benefits to
Exposure to interest rate risk other stakeholders and (b) maintain an optimal capital structure to reduce the cost of capital.
The interest rate profile of the Company ‘s interest bearing financial instruments at the end of the reporting period
For the purpose of the Company’s capital management, capital includes issued equity share capital and other
are as follows:
equity reserves attributable to the equity holders.
The Company monitors capital using debt-equity ratio, which is total debt less liquid investments divided by total
Fixed rate instruments
equity.
Financial assets - -
Financial liabilities (1,097.51) (1,800.44)
Total debt (Bank and other borrowings) 44,687.91 55,478.95
(1,097.51) (1,800.44)
Less: Cash and cash equivalents 1,266.48 937.06
Effect of interest rate swaps - (7,899.16)
Less: Other bank balances 5,891.16 28.93
(1,097.51) (9,699.60)
Less: Balances with banks on deposit accounts - 1,200.00
Variable rate instruments
Adjusted net debt 37,530.27 53,312.96
Equity 77,345.64 69,689.34
Financial liabilities (44,293.28) (54,655.23)
Debt to Equity (net) 0.49 0.77
(44,293.28) (54,655.23)
Effect of interest rate swaps - 7,899.16 In addition, the Company has financial covenants relating to the banking facilities that it has taken from all the
lenders like interest service coverage ratio, Debt to EBITDA, current ratio etc. which is maintained by the Company.
(44,293.28) (46,756.07)
Sensitivity analysis 44. Segments information

Fixed rate instruments that are carried at amortised cost are not subject to interest rate risk for the purpose of In accordance with Ind AS 108 “Operating Segments”, segment information has been given in the consolidated
sensitive analysis. financial statements of the Company, and therefore, no separate disclosure on segment information is given in
In case of variable rate instrument from Landesbank Baden-Wurttenberg, the EURIBOR element is negative since these standalone financial statements.
long and seems to continue for a foreseeable period, and as such the sensitivity analysis below is unrepresentative
of a risk inherent in the said financial instrument.

H in lacs H in lacs
45. Taxation 48. Exceptional Items (contd)

The Company has established a comprehensive system of maintenance of information and documents as required The Hon’ble Supreme Court of India vide its Order dated April 22, 2020 upheld the Special Leave Petition filed by
by the transfer pricing regulations under Sections 92-92F of the Income-Tax Act, 1961. Since the law requires the Union of India & Others in Civil Appeal Nos.2256-2263 of 2020 arising out of S.L.P. (C) Nos. 28194-28201/2010
existence of such information and documentation to be contemporaneous in nature, the Company continuously in respect of availing of area based exemption under Central Excise in respect of manufacturing unit of Greenply
updates its documents for the international transactions entered into with the associated enterprises during the Industries Limited (Greenply) at Tizit, Nagaland. Greenply may have to refund maximum principal amount upto
financial year. The management is of the opinion that its international transactions are at arm’s length so that H2,709.36 lacs in respect of excess refund received from the Excise Department for the period from April 1, 2008 to
the aforesaid legislation will not have any impact on the financial statements, particularly on the amount of tax June 30, 2017. There is no penalty in this matter. The Excise Act does not contain any provision requiring payment
expense for the year and that of provision for taxation. of interest on amount erroneously refunded.
However, as per Clause No. 4.3.6 of the Composite Scheme of Arrangement between Greenply and the Company duly
46. Dues to Micro enterprises and small enterprises approved by the Hon’ble National Company Law Tribunal, Guwahati Bench on 28 June 2019, the above principal
March 31, 2021 March 31, 2020 amount of H2,709.36 lacs along with interest, if any, shall be shared by Greenply and the Company. The Company
(a) The amounts remaining unpaid to Micro and Small suppliers as at has, as a matter of abundant precaution, considered the possible outflow of H1,083.74 lacs i.e. 40% of H2,709.36 lacs
the end of each accounting year as liability, based on the legal opinion and facts of present circumstances, and accordingly recognised the same as
an exceptional expense in the Standalone Statement of Profit and Loss for the year eneded March 31, 2020.
- Principal 5.98 1.72
- Interest - -
49. Disclosure of Covid-19 impact on the Company
(b) The amount of interest paid by the buyer in terms of Section 16 of the - -
Micro, Small and Medium Enterprises Development Act, 2006 (MSMED Due to outbreak of COVID-19 which has been declared as a Pandemic by World Health Organization and subsequent
Act, 2006) along with the amount of the payment made to the supplier lock down ordered by the Central and State Government(s) in India, the manufacturing facility of the Company
beyond the appointed day during each accounting year. at Rudrapur, Uttarakhand remained suspended from March 24, 2020 till May 26, 2020, and at Chittor, Andhra
(c) The amount of interest due and payable for the period of delay in making - - Pradesh from March 26, 2020 till May 21, 2020. In adherence to the safety norms prescribed by Government of
payment (which have been paid but beyond the appointed day during the India, the operations had been resumed as per Government guidelines in manufacturing units and offices. The
year) same was scaled up in accordance with the guidelines being issued by the respective States and due consideration
but without adding the interest specified under MSMED Act, 2006. for safety of employees.
(d) The amount of interest accrued and remaining unpaid at the end of each - - This situation had disturbed the economic activity through interruption in manufacturing activities. The lockdown
accounting year was gradually lifted and economic activity resumed to its normal levels, the Company was able to achieve normalcy
(e) The amount of further interest remaining due and payable even in the - - in operations by end of FY2020-21. In order to maintain adequate liquidity, the Company had availed moratorium
succeeding years, until such date when the interest dues as above are on some of the payments falling due between March 2020 and August 2020. During the fourth quarter ended March
actually paid to the small enterprise, for the purpose of disallowance as a 31, 2021, revenues and profitability of the Company have seen significant improvement backed by increase in
deductible expenditure under Section 23 of the MSMED Act, 2006. demand post lockdown.
Note: The above information regarding Micro Small & Medium Enterprises has been determined to the extent such 50. Distribution made and proposed dividend (Ind AS 1)
parties have been identified on the basis of the information available with the Company. The same has been relied
Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognised
upon by the auditors.
as a liability (including dividend distribution tax thereon) as at March 31, 2021. Since no dividend has been proposed
in the current and previous year, financial figures with respect to the same has not been given.
47. Government grant (Ind AS 20): Other operating revenue includes incentives against scheme of budgetary
support under Goods and Services Tax Regime for the unit set-up in Rudrapur, Uttarakhand of H Nil (March 31
,2020 H731.72 lacs)
51. The figures for the previous year are re-classified/ re-arranged / re -grouped, wherever necessary so as to be
in conformity with the figures of the current year’s classification/disclosure.
Government grants receivable as on March 31, 2021 includes capital incentive subsidy of H1,477.50 lacs, power
cost reimbursement subsidy of H1,541.89 lacs, and refund of goods and service tax on exports of H514.38 lacs for
the unit set-up in Chittor, Andhra Pradesh. It also includes incentive receivable against scheme of budgetary
support under Goods and Services Tax Regime of H597.34 lacs for the unit set-up in Rudrapur, Uttarakhand.
Few of these grants are pending to be sanctioned/approved at various levels of government departments,
balance are pending for disbursement by government authorities..
48. Exceptional Items Partner Executive Chairman Managing Director & CEO
March 31, 2021 March 31, 2020 Membership No: 087294 (DIN : 00237242) (DIN : 00347517)
Liability for repayment of central excise refund - 1,083.74


INDEPENDENT AUDITORS’ REPORT
To The Members of
Report on the Audit of the Consolidated are relevant to our audit of the consolidated financial
statements under the provisions of the Act and the
Financial Statements
Rules made thereunder,and we have fulfilled our other
Opinion ethical responsibilities in accordance with the Act and
We have audited the accompanying consolidated the ICAI’s Code of Ethics. We believe that the audit
financial statements of GREENPANEL INDUSTRIES evidence we have obtained and the audit evidence
LIMITED (here in after referred as the “Parent obtained by the other auditors in terms of their reports
Company”) and its subsidiary (the company and referred to in paragraph (a) of “Other Matters” below
its subsidiary together referred to as “the Group”), is sufficient and appropriate to provide a basis for our
which comprise the consolidated balance sheet as at audit opinion on the consolidated financial statements.
March 31,2021, the consolidated statement of profit
and loss (including other comprehensive income), Emphasis of Matter
the consolidated statement of changes in equity and We draw attention to Note 49 to the consolidated
Consolidated
the consolidated statement of cash flows for the year financial statements, which describes in detail the
ended on that date, and notes to consolidated financial uncertainties and the impact of Covid-19 pandemic on
statements including a summary of the significant the Company’s operations and results as assessed by the
Financial accounting policies (here in after referred to as “the

consolidated financial statements”).
management. Due to outbreak of COVID-19 pandemic,
the economic activity is disturbed which may impact
Statements
revenues, profitability and liquidity of the Company.
In our opinion and to the best of our information and
The exact impact is not determinable as on date. Our
according to the explanations given to us and based on
opinion is not modified in respect of this matter.
the consideration of reports of the other auditors on
separate financial statements of the subsidiary referred
Key Audit Matters
to in the other matters section below, the aforesaid
consolidated financial statements give the information Key audit matters are those matters that, in our
required by the Companies Act, 2013(“the Act”) in professional judgment, were of most significance in
the manner so required and give a true and fair view our audit of the consolidated financial statements
in conformity with theIndian Accounting Standards for the financial year ended March 31, 2021. These
prescribed under section 133 of the Act read with there matters were addressed in the context of our audit of
levant rules made thereunder, as amended, and other the consolidated financial statements as a whole, and
accounting principles generally accepted in India, of the in forming our opinion thereon, and we do not provide
consolidated state of affairs of the Group as at March a separate opinion on these matters. For each matter
31,2021,the consolidated total comprehensive income, below, our description of how our audit addressed the
consolidated changes in equity and its consolidated matter is provided in that context.
cashflows for the year then ended. We have determined the matters described below to
be the key audit matters to be communicated in our
Basis for Opinion report. We have fulfilled the responsibilities described
We conducted our audit of the consolidated financial in the Auditor’s Responsibilities for the audit of the
statements in accordance with the Standards on consolidated financial statements section of our report,
Auditing specified under section 143(10) of the including in relation to these matters. Accordingly, our
Act(SAs). Our responsibilities under those Standards audit included the performance of procedures designed
are further described in the Auditor’s Responsibilities to respond to our assessment of the risks of material
for the Audit of the Consolidated Financial Statements misstatement of the consolidated financial statements.
section of our report. We are independent of the Group The results of our audit procedures, including
in accordance with the Code of Ethics issued by the the procedures performed to address the matters
Institute of Chartered Accountants of India (ICAI) below, provide the basis for our audit opinion on the
together with the independence requirements that accompanying consolidated financial statements.

Key audit matters How our audit addressed the key audit matters Information Other than the Consolidated the Group to continue as a going concern, disclosing,
Revenue recognition on sale of goods and impairment loss allowance on trade receivables as applicable, matters related to going concern and
Financial Statements and Auditor’s using the going concern basis of accounting unless
Revenue is measured based on the transaction Our audit procedures included, amongst others:
Report Thereon management either intends to liquidate the Company
price, which is the consideration, adjusted a. We read and evaluated the Parent Company’s policies
for volume discounts, rebates, scheme The Parent Company’s Board of Directors is responsible or to cease operations, or has no realistic alternative
for revenue recognition and impairment loss allowance
allowances, price concessions, incentives and for the other information. The other information but to do so.
and assessed its compliance with Ind AS 115 – Revenue
returns, if any, (‘variable consideration’) as comprises the information included in the Annual
from contracts with customers’ and Ind AS 109 ‘Financial The respective Board of Directors of the Companies
specified in the contracts with the customers. Instruments’ respectively. report but does not include the consolidated financial
included in the Group are responsible for overseeing
statements and our auditor’s report thereon. The
An estimate of variable consideration payable b. We assessed the design and tested the operating effectiveness the financial reporting process of the Group.
Annual Report is expected to be made available to us
to the customers is recorded as at the year- of internal controls related to sales including variable after the date of this Auditor’s Report.
end. Such estimation is done based on the consideration and impairment loss allowance on trade Auditor’s Responsibilities for the Audit
terms of contracts, rebates and discounts receivables. Our opinion on the consolidated financial statements of the Consolidated Financial Statements
schemes and historical experience. does not cover the other information and we do not
c. We performed the following tests for a sample of transactions Our objectives are to obtain reasonable assurance about
In accordance with Ind AS 109 – Financial express any form of assurance conclusions thereon.
relating to variable consideration: whether the consolidated financial statements as a
Instruments, the Parent Company follows In connection with our audit of the consolidated whole are free from material misstatement, whether
‘simplified approach’ for recognition • Read the terms of contract including rebates and
financial statements, our responsibility is to read the due to fraud or error, and to issue an auditor’s report
of impairment loss allowance on trade discounts schemes as approved by authorized personnel.
other information and, in doing so, consider whether that includes our opinion. Reasonable assurance
receivables. In calculating the impairment • Evaluated the assumptions used in estimation of variable the other information is materially inconsistent with is a high level of assurance, but is not a guarantee
loss allowance, the Parent Company has consideration by comparing with the past trends and consolidated the financial statements or our knowledge that an audit conducted in accordance with SAs will
considered its credit assessment and other understand the reasons for deviation. obtained during the course of our audit or otherwise always detect a material misstatement when it exists.
related credit information for its customers
• Performed retrospective review to identify and evaluate appears to be materially misstated. Misstatements can arise from fraud or error and are
to estimate the probability of default in future
variances. considered material if, individually or in the aggregate,
and has considered estimates of possible effect If, based on the work we have performed, we conclude
they could reasonably be expected to influence the
from increased uncertainties in economic d. We evaluated management’s assessment of the assumptions that there is a material misstatement of this other
economic decisions of users taken on the basis of these
environment. We identified estimation of used in the calculation of impairment loss allowance on information, we are required to report that fact. We
consolidated financial statements.
variable consideration and impairment trade receivables, including consideration of the current and have nothing to report in this regard.
loss allowance on trade receivables as a key estimated future uncertain economic conditions. As part of an audit in accordance with SAs, we exercise
audit matter because the Parent Company’s
e. For sample customers, we tested past collection history, Responsibility of Management and professional judgment and maintain professional
management exercises significant judgments
customer’s credit assessment and probability of default Those charged with Governance for the scepticism through out the audit.We also:
and estimates in calculating the said variable
consideration and impairment loss allowance.
assessment performed by the management. ConsolidatedFinancial Statements • Identify and assess the risks of material
f. We tested the mathematical accuracy and computation of the The Parent Company’s Board of Directors is responsible misstatement of the consolidated financial
allowances. for the matters stated in section 134(5) of the Act statements, whether due to fraud or error, design
with respect to the preparation of these consolidated and perform audit procedures responsive to those
g. We read and assessed the relevant disclosures made within
financial statements that give a true and fair view of the risks, and obtain audit evidence that is sufficient
the consolidated Ind AS financial statements.
consolidated financial position, financial performance, and appropriate to provide a basis for our opinion.
Accounting of Government grants The risk of not detecting a material misstatement
consolidated total comprehensive Income, consolidated
The Parent Company has various grants Our audit procedures included, amongst others: resulting from fraud is higher than for one resulting
changes in equity and consolidated cash flows of
and subsidies receivable from the state a. We checked that the recognition of grants / subsidies is in from error, as fraud may involve collusion, forgery,
the Group in accordance with the Ind AS and other
governments of respective plant locations. accordance with IND AS 20 by making a reference to the intentional omission, misrepresentations, or the
accounting principles generally accepted in India.
These grants and subsidies are both capital conditions for such grants in the scheme documents of the The respective Board of Directors of the Companies override of internal control.
and revenue in nature respective state Governments and checking the due evidence
included in the Group are responsible for maintenance • Obtain an understanding of internal financial
of fulfillment of such conditions by the Parent Company
of adequate accounting records in accordance with controls relevant to the audit in order to design
b. We have also gone through the correspondence between the provisions of the Act for safeguarding the assets audit procedures that are appropriate in the
the Parent Company and relevant Government authorities of the Group and for preventing and detecting frauds circumstances. Under section 143(3)(i) of the Act,
to assess the recoverability of grants / subsidies already and other irregularities; selection and application of we are also responsible for expressing our opinion
recognized appropriate accounting policies; making judgments and on whether the Company and its subsidiaries
c. We reviewed the legal experts’ opinions obtained by the estimates that are reasonable and prudent; and design, including the step down subsidiaries which are
Parent Company and/or the Managements’ Representation implementation and maintenance of adequate internal companies incorporated in India has adequate
in cases where such grants have been outstanding for more financial controls, that were operating effectively internal financial controls system in place and the
than a year. for ensuring the accuracy and completeness of the operating effectiveness of such controls.
accounting records, relevant to the preparation and
presentation of the consolidated financial statements • Evaluate the appropriateness of accounting
that give a true and fair view and are free from material policies used and the reasonableness of accounting
misstatement, whether due to fraud or error. estimates and related disclosures made by
management.
In preparing the consolidated financial statements, the
respective Board of Directors of the companies included • Conclude on the appropriateness of management’s
in the Group are responsible for assessing the ability of use of the going concern basis of accounting and,

based on the audit evidence obtained, whether a Other Matters d) In our opinion, the aforesaid consolidated financial reports of the other auditors on separate financial
material uncertainty exists related to events or statements comply with the Ind AS specified under statements:
We did not audit the financial statements and other
conditions that may cast significant doubt on the Section 133 of the Act read with the relevant rules
financial information in respect of Greenpanel Singapore i. The consolidated financial statements disclose
ability of the Group to continue as a going concern. made thereunder,as amended,and other accounting
Pte. Limited subsidiary of Company whose financial the impact of pending litigations as at March 31,
If we conclude that a material uncertainty exists, principles generally accepted in India.
statements results includes total assets of H3,382.95 2021 on the consolidated financial position of
we are required to draw attention in our auditor’s
lacs as at March 31, 2021, total revenues of H1267.18 lacs, e) On the basis of the written representations received the Group- Refer note 37 (a) to the consolidated
report to the related disclosures in the consolidated
total comprehensive loss of H736.08 lacs for the year from the directors of the company as on March financial statements.
financial statements or, if such disclosures are
ended on that date respectively, and net cash outflows 31,2021 taken on record by the Board of Directors
inadequate, to modify our opinion. Our conclusions ii. Provision has been made in the consolidated
of H147.77 lacs for the year ended March 31, 2021. These of the Company and its subsidiary incorporated in
are based on the audit evidence obtained up to financial statements, as required under the
financial statements and other information have been India and the reports of the statutory auditors of
the date of our auditor’s report. However, future applicable law or accounting standards, for
audited by other auditors, whose financial statements, its subsidiary company incorporated in India, none
events or conditions may cause the Group to cease material foreseeable losses, if any, on long-
other financial information and auditor’s reports have of the directors of the Group is disqualified as on
to continue as a going concern. term contracts including derivative contracts
been furnished to us by the management and our March 31,2021 from being appointed as a director
during the year ended March 31, 2021.
• Evaluate the overall presentation, structure and opinion on the consolidated financial statements, in so in terms of Section 164(2) of the Act.
content of the consolidated financial statements, far as it relates to the amount and disclosure included iii. There was no amount required to be transferred,
f) With respect to the adequacy of the internal
including the disclosures, and whether the in respect of these subsidiary and our report in terms of to the Investor Education and Protection Fund
financial controls over financial reporting of the
consolidated financial statements represent the sub section 3 of section 143 of the Act, is based solely on by the Parent Company and its subsidiary
Parent Company and its subsidiaries incorporated
underlying transactions and events in a manner the reports of the other auditors. incorporated in India during the year ended
in India, refer to our separate Report in “Annexure
that achieves fair presentation. March 31, 2021.
Our opinion on the Consolidated financial statements A” to this report.
• Obtain sufficient appropriate audit evidence is not modified in respect of the above matters with
g) With respect to the Other Matters to be included
regarding the financial information of the entities respect to our reliance on the work done and the reports
in the Auditors Report in accordance with the
or business activities within the Group to express as of the other auditors.
requirements of Section 197(16) of the Act, as
opinion on the consolidated financial statements.
amended
We are responsible for the direction, supervision Report on Other Legal and Regulatory
and performance of the audit of the standalone/ Requirements In our opinion and to the best of our information
consolidated financial statements of such entities and according to the explanation given to us, the For S. S. Kothari Mehta & Company
As required by Section 143(3) of the Act, based on our
included in the consolidated financial statements remuneration paid by the Parent company to its Chartered Accountants
audit and on the considerations of the reports of the
of which we are the independent auditors. For the directors during the year is in accordance with the Firm Registration No. 000756N
other auditors on separate financial statements of the
subsidiary included in the consolidated financial provisions of Section 197 of the Act.
subsidiary Company referred to in the Other Matters
statements, which has been audited by the other Sunil Wahal
paragraph above we report, to the extent applicable, h) With respect to the other matters to be included in
auditor, such other auditor remains responsible Partner
that: the Auditor’s Report in accordance with Rule 11 of
for the direction, supervision and performance Membership No: - 087294
the Companies (Audit and Auditors) Rules, 2014,
of the audit carried out by him. We remain solely a) We have sought and obtained all the information
as amended in in our opinion and to the best of Place: New Delhi
responsible for our audit opinion. and explanations which to the best of our knowledge
our information and according to the explanations Date: May 14, 2021
and belief were necessary for the purposes of
We communicate with those charged with governance given to us and based on the considerations of the UDIN: 21087294AAAAHC9936
our audit of the aforesaid consolidated financial
of the Parent Company and such other entities included
statements.
in the consolidated financial statements of which we
are the independent auditors regarding, among other b) In our opinion, proper books of account as required
matters, the planned scope and timing of the audit and by law relating to the preparation of the aforesaid
significant audit findings, including any significant consolidated financial statements have been kept
deficiencies in internal control that we identify during so far as it appears from our examination of those
our audit. books and the reports of other auditors.
We also provide those charged with governance with c) The consolidated balance sheet, the consolidated
a statement that we have complied with relevant statement of profit and loss including (including
ethical requirements regarding independence, and to statement of other comprehensive Income),
communicate with them all relationships and other consolidated statement of changes in equity and
matters that may reasonably be thought to bear on the consolidated statement of cash flows dealt with
our independence, and where applicable, related by this report are in agreement with the relevant
safeguards. books of account maintained for the purpose
of preparation of the consolidated financial
statements.

Annexure A to the Independent Auditor’s Report to the Members of GREENPANEL

INDUSTRIES LIMITED dated May 14, 2021 on its consolidated financial statements
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act,
2013 (“the Act”) as referred to in paragraph ‘f’ of ‘Report on Other Legal and Regulatory Requirements’ section.
Our reporting on the internal financial controls over financial reporting is not applicable in respect of one audited
subsidiary incorporated outside India.
In conjunction with our audit of the consolidated assurance about whether adequate internal financial financial statements in accordance with generally reporting and such internal financial controls over
financial statement of GREENPANEL INDUSTRIES controls over financial reporting was established and accepted accounting principles, and that receipts financial reporting were operating effectively as at
LIMITED as of and for the year ended March 31, 2021 maintained and if such controls operated effectively in and expenditures of the company are being March 31, 2021, based on the internal control over
we have audited the internal financial controls over all material respects. made only in accordance with authorizations of financial reporting criteria established by the Parent
financial reporting of GREENPANEL INDUSTRIES management and directors of the company; and Company considering the essential components of
Our audit involves performing procedures to obtain
LIMITED (hereinafter referred to as the “Parent internal control stated in the Guidance Note on Audit
audit evidence about the adequacy of the internal c) provide reasonable assurance regarding prevention
Company” or “Company”). of Internal Financial Controls Over Financial Reporting
financial controls system over financial reporting and or timely detection of unauthorized acquisition,
issued by the Institute of Chartered Accountants of
Management’s Responsibility for their operating effectiveness. Our audit of internal use, or disposition of the company’s assets that
India.
financial controls over financial reporting included could have a material effect on the financial
Internal Financial Controls obtaining an understanding of internal financial statements.
The Board of Directors of the Company is responsible Other Matters
controls over financial reporting, assessing the risk that
for establishing and maintaining internal financial a material weakness exists, and testing and evaluating Inherent Limitations of Internal Financial Our aforesaid report under Section 143(3) (i) of the Act
controls based on “the internal control over financial on the adequacy and operating effectiveness of the
the design and operating effectiveness of internal Controls over Financial Reporting
reporting criteria established by the Company control based on the assessed risk. The procedures internal financial controls over financial reporting,
considering the essential components of internal Because of the inherent limitations of internal does not consider the subsidiary of the Company as it is
selected depend on the auditor’s judgement, including
control stated in the Guidance Note on Audit of Internal financial controls over financial reporting, including not incorporated in India.
the assessment of the risks of material misstatement of
Financial Controls over Financial Reporting issued by the possibility of collusion or improper management
the consolidated financial statements, whether due to Our audit report is not qualified in respect of above
the Institute of Chartered Accountants of India”. These override of controls, material misstatements due to
fraud or error. matter.
responsibilities include the design, implementation error or fraud may occur and not be detected. Also,
and maintenance of adequate internal financial We believe that the audit evidence we have obtained projections of any evaluation of the internal financial
controls that were operating effectively for ensuring and the audit evidence obtained by the other auditors in controls over financial reporting to future periods are
the orderly and efficient conduct of its business, terms of their reports referred to in the Other Matters subject to the risk that the internal financial control over
For S. S. Kothari Mehta & Company
including adherence to the Company’s policies, the paragraph below, is sufficient and appropriate to financial reporting may become inadequate because of
safeguarding of its assets, the prevention and detection provide a basis for our audit opinion on the Company’s changes in conditions, or that the degree of compliance
Firm Registration No. 000756N
of frauds and errors, the accuracy and completeness of internal financial controls system over financial with the policies or procedures may deteriorate.
the accounting records, and the timely preparation of reporting.
Sunil Wahal
reliable financial information, as required under the Opinion
Partner
Companies Act, 2013 (“the Act”). Meaning of Internal Financial Controls In our opinion, to the best of our information and Membership No: - 087294
over Financial Reporting according to the explanations, given to us the Parent
Auditors’ Responsibility A company’s internal financial control over financial Company has, in all material respects, an adequate Place: New Delhi
internal financial controls system over financial Date: May 14, 2021
Our responsibility is to express an opinion on the reporting is a process designed to provide reasonable
UDIN: 21087294AAAAHC9936
internal financial controls over financial reporting assurance regarding the reliability of financial
based on our audit of the Company. reporting and the preparation of consolidated financial
statements for external purposes in accordance with
We conducted our audit in accordance with the
generally accepted accounting principles. A company’s
Guidance Note on Audit of Internal Financial Controls
internal financial control over financial reporting
Over Financial Reporting (the “Guidance Note”) and
includes those policies and procedures that:
the Standards on Auditing, issued by ICAI and deemed
to be prescribed under section 143(10) of the Act, to a) pertain to the maintenance of records that, in
the extent applicable to an audit of internal financial reasonable detail, accurately and fairly reflect the
controls, and, both issued by the Institute of Chartered transactions and dispositions of the assets of the
Accountants of India. Those Standards and the Guidance company;
Note require that we comply with ethical requirements
b) provide reasonable assurance that transactions
and plan and perform the audit to obtain reasonable
are recorded as necessary to permit preparation of

Consolidated Balance Sheet as at March 31, 2021 Consolidated Statement of Profit and Loss for the year ended March 31,2021
H in lacs H in lacs
Note March 31 ,2021 March 31, 2020 Note Year ended Year ended
Assets March 31 ,2021 March 31 ,2020
(1) Non-current assets
I. Revenue from operations 26 1,02,075.54 87,656.62
(a) Property, plant and equipment 4 1,02,565.29 1,08,180.18
(b) Capital work-in-progress 5 358.40 568.84 II. Other income 27 344.75 223.40
(c) Other intangible assets 6 17.48 43.53
III Total income (I+II) 1,02,420.29 87,880.02
(d) Right of use assets 4,841.82 2,886.18
(e) Financial assets IV. Expenses
(i) Loans 8 1,456.43 1,443.73 Cost of materials consumed 28 42,638.29 38,870.33
(f) Non-current tax assets (net) 9 255.92 261.39
Purchase of stock in trade 29 1,135.02 1,030.82
(g) Other non-current assets 14 502.19 1,506.56
Total non-current assets 1,09,997.53 1,14,890.41 Changes in inventories of finished goods, work-in-progress and stock in trade 30 2,514.35 (711.38)
(2) Current assets Employees benefits expense 31 9,790.30 9,888.74
(a) Inventories 10 14,935.80 15,388.67
(b) Financial assets Finance costs 32 3,721.00 4,828.94
(i) Trade receivables 11 7,775.98 7,052.11 Depreciation and amortisation expense 33 6,863.17 6,916.54
(ii) Cash and cash equivalents 12 1,307.43 1,125.79
Other expenses 34 25,661.02 24,801.25
(iii) Other bank balances 13 5,891.16 28.93
(iv) Loans 8 76.84 96.72 Total expenses (IV) 92,323.15 85,625.24
(v) Derivatives 24 - 552.41 V. Profit before exceptional items and tax (III-IV) 10,097.14 2,254.78
(vi) Other financial assets 15 4,226.16 4,016.44
VI. Exceptional items 48 - 1,083.74
(c) Other current assets 16 1,311.94 3,430.42
Total current assets 35,525.31 31,691.49 VII. Profit before tax (V-VI) 10,097.14 1,171.04
Total assets 1,45,522.84 1,46,581.90 Current tax (1,909.09) (258.85)
Equity and liabilities
Equity Deferred tax (1,307.21) 533.87
(a) Equity share capital 17 1,226.27 1,226.27 VIII. Tax expense 35 (3,216.30) 275.02
(b) Other equity 18 71,811.53 64,938.06
IX. Profit for the year (VII+VIII) 6,880.84 1,446.06
Total equity 73,037.80 66,164.33
Liabilities X. Other comprehensive income
(1) Non-current liabilities Items that will not be reclassified subsequently to profit or loss:
Remeasurements of defined benefit liability/(asset) 60.54 50.10
(i) Borrowings 19 35,623.84 43,511.90
(ii) Other financial liabilities 20 4,216.03 2,627.68 Income tax relating to items that will not be reclassified to profit or loss (21.16) (17.51)
(b) Provisions 21 807.04 967.39 Net other comprehensive income not to be reclassified 39.38 32.59
(c) Deferred tax liabilities (net) 35 2,017.31 688.94 subsequently to profit or loss
(d) Other non-current liabilities 22 1,219.73 2,866.01
Total non-current liabilities 43,883.95 50,661.92 Items that will be reclassified subsequently to profit or loss:
(2) Current liabilities Exchange differences in translating financial statements of foreign operations (46.75) 135.88
Net other comprehensive income to be reclassified subsequently to profit or loss (46.75) 135.88
(i) Borrowings 19 1,598.81 7,270.64
(ii) Trade payables 23 Other comprehensive income for the year (net of tax) (7.37) 168.47
total outstanding dues of micro enterprises and small enterprises 5.98 1.72 XI. Total comprehensive income for the year (IX+X) 6,873.47 1,614.53
total outstanding dues of creditors other than micro enterprises and small 12,959.91 12,065.14
enterprises XII. Earnings per equity share 36
(iii) Derivatives 24 86.59 - [Face value of equity share H1 each (previous year H1 each)]
(iv) Other financial liabilities 20 9,875.25 7,010.88
- Basic (H) 5.61 1.18
(b) Other current liabilities 25 3,662.46 3,175.99
(c) Provisions 21 150.06 231.28 - Diluted (H) 5.61 1.18
(d) Current tax liabilities (net) 9 262.03 - Significant accounting policies 3
Total current liabilities 28,601.09 29,755.65
Total liabilities 72,485.04 80,417.57 The accompanying notes form an integral part of the consolidated financial statements
Total equity and liabilities 1,45,522.84 1,46,581.90
Significant accounting policies 3
The accompanying notes form an integral part of the consolidated financial statements Chartered Accountants Greenpanel Industries Limited
Chartered Accountants Greenpanel Industries Limited Sunil Wahal Shiv Prakash Mittal Shobhan Mittal
Firm Registration number: 000756N CIN: L20100AS2017PLC018272 Partner Executive Chairman Managing Director & CEO
Partner Executive Chairman Managing Director & CEO V. Venkatramani Lawkush Prasad
Membership No: 087294 (DIN : 00237242) (DIN : 00347517) Chief Financial Officer Company Secretary & AVP-Legal
V. Venkatramani Lawkush Prasad Place : New Delhi Place : Kolkata

Chief Financial Officer Company Secretary & AVP-Legal Dated : May 14,2021 Dated : May 14,2021

Dated : 14 May 2021 Dated : 14 May 2021

Consolidated Statement of changes in equity for the year ended March 31, 2021 Consolidated Statement of Cash Flows for the year ended March 31, 2021
H in lacs H in lacs
a) Equity share capital Year ended
March 31, 2021
Year ended
March 31, 2020
Particulars Note Amount A. Cash flows from operating activities
Balance as at April 1, 2019 1,226.27 Profit before exceptional items and tax 10,097.14 2,254.78
Adjustments for:
Issue of equity share capital during the year 17 -
Depreciation and amortisation expense 6,863.17 6,916.54
Balance as at March 31, 2020 1,226.27 Finance costs 2,472.18 3,018.64
Issue of equity share capital during the year 17 - Provision for doubtful debts - 100.19
Balance as at March 31, 2021 1,226.27
Interest income (222.96) (202.82)
Unrealised foreign exchange fluctuations (net) (1,084.48) 315.24
b) Other equity Government grants - EPCG scheme (refer note 22) (1,696.28) (1,853.94)
6,700.45 8,326.32
Particulars Note Reserves and surplus Items of OCI Total Operating cash flows before working capital changes 16,797.59 10,581.10
Capital Retained Remeasurements Exchange Working capital adjustments:
reserve earnings of defined benefit differences (Increase)/decrease in trade and other receivables (2,779.40) (3,332.80)
liability on (Increase)/decrease in inventories 452.87 (1,942.31)
translation Increase/(decrease) in trade and other payables 2,634.90 5,286.30
308.37 11.19
Balance as at April 1, 2019 59,808.56 3,452.25 22.66 40.06 63,323.53 Cash generated from operating activities 17,105.96 10,592.29
Total comprehensive income for the Income tax paid (net) (1,641.59) (610.83)
year ended March 31,2020 Net cash from operating activities 15,464.37 9,981.46
Profit or loss - 1,446.06 - - 1,446.06 B. Cash flows from investing activities
Acquisition of property, plant and equipment (2,056.20) (2,579.31)
Other comprehensive income - - 32.59 135.88 168.47 Proceeds from sale of property, plant and equipment 781.42 158.28
(net of tax) Interest received 185.94 187.06
Total comprehensive income - 1,446.06 32.59 135.88 1,614.53 Net cash used in investing activities (1,088.84) (2,233.97)
Balance as at March 31, 2020 59,808.56 4,898.31 55.25 175.94 64,938.06 C. Cash flows from financing activities
Proceeds from long term borrowings 6,000.00 -
Balance as at April 1, 2020 59,808.56 4,898.31 55.25 175.94 64,938.06 Proceeds from short term borrowings (net) (5,671.83) 2,728.94
Total comprehensive income for the Repayment of long term borrowings (11,498.30) (8,180.77)
year ended March 31, 2021 Interest paid (2,215.65) (2,525.00)
Profit or loss - 6,880.84 - - 6,880.84 Payment of lease liabilities (660.34) (476.05)
Interest paid on lease liabilities (147.77) (125.41)
Other comprehensive income - - 39.38 (46.75) (7.37) Net cash flow from financing activities (14,193.89) (8,578.29)
(net of tax) Net (decrease)/increase in cash and cash equivalents 181.64 (830.80)
Total comprehensive income - 6,880.84 39.38 (46.75) 6,873.47 Cash and cash equivalents at April 1, 2020 (refer note 12) 1,125.79 1,956.59
Balance as at March 31, 2021 59,808.56 11,779.15 94.63 129.19 71,811.53 Cash and cash equivalents at March 31, 2021 (refer note 12) 1,307.43 1,125.79
Significant accounting policies 3 Notes:

(i) Consolidated Statement of Cash Flows has been prepared under the indirect method as set out in Ind AS 7 specified under Section 133 of the
Companies Act, 2013
(ii) Acquisition of property, plant and equipment includes movements of capital work-in-progress (including capital advances and liability for
The accompanying notes form an integral part of the consolidated financial statements capital goods) during the year.
As per our report of even date attached (iii) Change in liabilities arising from financing activities:
For S.S. Kothari Mehta & Company For and on behalf of Board of Directors of Particulars As on March 31, 2020 Cash flows Fair value changes As on March 31, 2021
Chartered Accountants Greenpanel Industries Limited Non-current Borrowings including
Firm Registration number: 000756N CIN: L20100AS2017PLC018272 current maturities (Note 19) 54,109.68 (11,498.30) 477.72 43,089.10
Current Borrowings (Note 19) 4,541.70 (5,671.83) 2,728.94 1,598.81
Membership No: 087294 (DIN : 00237242) (DIN : 00347517) The accompanying notes form an integral part of the consolidated financial statements
V. Venkatramani Lawkush Prasad Chartered Accountants Greenpanel Industries Limited
Chief Financial Officer Company Secretary & AVP-Legal Firm Registration number: 000756N CIN: L20100AS2017PLC018272
Place : New Delhi Place : Kolkata Sunil Wahal Shiv Prakash Mittal Shobhan Mittal
Dated : May 14, 2021 Dated : May 14, 2021 Membership No: 087294 (DIN : 00237242) (DIN : 00347517)



Notes to the consolidated financial statements for the year ended March 31, 2021 Notes to the consolidated financial statements for the year ended March 31, 2021
1. Reporting entity - Note 37 – recognition and measurement of provisions and contingencies: key assumptions about
the likelihood and magnitude of an outflow of resources;
Greenpanel Industries Limited (‘the Holding Company’ or the ‘Company’) is a public company domiciled in
India having its registered office situated at Makum Road, P.O. Tinsukia, Assam-786125, India. The Holding - Note 42 – impairment of financial assets: key assumptions used in estimating recoverable cash
Company has been incorporated under the provisions of the Indian Companies Act. The Holding Company is flows
primarily involved in manufacturing of plywood, medium density fibre boards (MDF) and allied products. e. Measurement of fair values
The Holding Company has an overseas wholly owned subsidiary company Greenpanel Singapore Pte. Limited, A number of the Group’s accounting policies and disclosures require the measurement of fair values, for
incorporated in Singapore, is engaged into trading of Medium Density Fibreboards and allied products, both financial and non-financial assets and liabilities.
collectively referred to as “the Group”. The Group has an established control framework with respect to the measurement of fair values. The
management has overall responsibility for overseeing all significant fair value measurements and it
2. Basis of preparation
regularly reviews significant unobservable inputs and valuation adjustments. If third party information,
a. Statement of compliance such as broker quotes or pricing services, is used to measure fair values, then the management assesses
These consolidated financial statements are prepared in accordance with Indian Accounting Standards (Ind the evidence obtained from the third parties to support the conclusion that these valuations meet the
AS) as per the Companies (Indian Accounting Standards) Rules, 2015 as amended, notified under Section requirements of Ind AS, including the level in the fair value hierarchy in which the valuations should be
133 of the Companies Act, 2013 (‘Act’) and other relevant provisions of the Act. classified.
The consolidated financial statements are authorised for issue by the Board of Directors of the Holding Significant valuation issues are reported to the Holding Company’s audit committee.
Company at their meeting held on May 14, 2021.
Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the
The details of the Company’s accounting policies are included in note 3 valuation techniques as follows:
b. Functional and presentation currency - Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
These consolidated financial statements are presented in Indian Rupees (H), which is also the Holding - Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability,
Company’s functional currency. All amounts have been rounded off to the nearest lacs, unless otherwise either directly (i.e. as prices) or indirectly (i.e. derived from prices).
indicated.
- Level 3: inputs for the asset or liability that are not based on observable market data
c. Basis of measurement (unobservable inputs).
The consolidated financial statements have been prepared on historical cost basis, except for the following
When measuring the fair value of an asset or a liability, the Group uses observable market data as far as
items:
possible. If the inputs used to measure the fair value of an asset or a liability fall into different levels of the
Items Measurement fair value hierarchy, then the fair value measurement is categorised in its entirety in the same level of the
Derivative financial instruments Fair value fair value hierarchy as the lowest level input that is significant to the entire measurement.
Certain financial assets and financial liabilities Fair value The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period
Net defined benefit (asset)/ liability Present value of defined benefit obligations during which the change has occurred.
Further information about the assumptions made in measuring fair values is included in note 41.
d. Use of estimates and judgements
In preparing these consolidated financial statements, management has made judgements, estimates and
f. Basis of consolidation
assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, (i)
Subsidiaries
income and expenses. Management believes that the estimates used in the preparation of the consolidated These Consolidated financial statements are prepared on the following basis in accordance with Ind AS
financial statements are prudent and reasonable. Actual results may differ from these estimates. on “Consolidated Financial Statements”(Ind AS - 110), specified under Section 133 of the Companies
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates Act, 2013.
are recognised prospectively. Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or
has rights to, variable returns from its involvement with the entity and has the ability to affect those
Judgements
returns through its power over the entity. The financial statements of subsidiary are included in the
Information about judgements made in applying accounting policies that have the most significant Consolidated financial statements from the date on which control commences until the date on which
effects on the amounts recognised in the consolidated financial statements is included in note 38 - lease control ceases. Subsidiaries considered in the Consolidated financial statements are:
classification.
Name of the Company Country of Incorporation Percentage of Holding
Assumptions and estimation uncertainties
Current year Previous year
Information about assumptions and estimation uncertainties that have a significant risk of resulting in a
Greenpanel Singapore Pte. Singapore 100% 100%
material adjustment in the consolidated financial statements for the every period ended is included in the
Limited
following notes:
- Note 4 – useful life and residual value of property, plant and equipment;
- Note 31 – measurement of defined benefit obligations: key actuarial assumptions;
- Note 35 – recognition of deferred tax assets;

(ii) Loss of control b. (i) Foreign currency transactions

When the Group losses control over a subsidiary, it derecognises the assets and liabilities of the Transactions in foreign currencies are translated into the respective functional currency of the Group
subsidiary, and other components of equity. Any interest retained in the former subsidiary is measured at the exchange rates prevailing at the dates of the transactions.
at fair value at the date the control is lost. Any resulting gain or loss is recognised in consolidated
statement of profit or loss. Monetary assets and liabilities denominated in foreign currencies are translated into the functional
currency at the exchange rate at the reporting date. Non-monetary assets and liabilities that are
(iii) Transactions eliminated on consolidation measured at fair value in a foreign currency are translated into the functional currency at the exchange
The financial statements of the Holding Company and its subsidiaries used in the consolidation rate when the fair value was determined. Non-monetary assets and liabilities that are measured based
procedures are drawn upto the same reporting date i.e March 31, 2021. on historical cost in a foreign currency are translated at the exchange rate at the date of the transaction.
The financial statements of the Holding Company and its subsidiary companies are combined on a line- Exchange differences are recognised in the Consolidated Statement of Profit and Loss in the period in
by-line basis by adding together the book values of like items of assets, liabilities, income and expenses. which they arise, except exchange differences on long term foreign currency monetary items accounted
Intra-group balances and transactions, and any unrealised income and expenses arising from for in accordance with exemption availed by the Company under Ind AS 101.
intragroup transactions, are eliminated. Unrealised gains arising from transactions with subsidiaries
The Group has exercised the option available to it under Para 46A of the Companies (Accounting
are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised
Standards) (Second Amendment) Rules, 2011 in respect of accounting for fluctuations in foreign
losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence
exchange relating to “Long Term Foreign Currency Monetary Items”. On transition to Ind AS, aforesaid
of impairment.
option is not available for loans availed after 1st April 2016.
3. Significant accounting policies (ii)
Foreign operations
a. Current and non-current classification The assets and liabilities of foreign operations (subsidiaries) like fair value adjustments arising on
All assets and liabilities are classified as current or non-current as per the Group’s normal operating cycle acquisition, are translated into INR, the functional currency of the Group, at the exchange rates at the
and other criteria set out in the Schedule III to the Act. reporting date. The income and expenses of foreign operations are translated into INR at an average
rate.
Assets
The Group has elected not to apply Ind AS 103-Business Combinations retrospectively to past business
An asset is classified as current when it satisfies any of the following criteria: combinations that occurred before the transition date of April 1, 2015. Consequently, the Group has kept
(i) it is expected to be realised in, or is intended for sale or consumption in the Group’s normal operating the same classification for the past business combinations as in its previous GAAP financial statements.
cycle;
When a foreign operation is disposed off in its entirety or partially such that control, significant influence
(ii) it is held primarily for the purpose of being traded; or joint control is lost, the cumulative amount of exchange differences related to that foreign operation
(iii) it is expected to be realised within 12 months after the reporting date; or recognized in Other Comprehensive Income (OCI) is reclassified to profit or loss as part of the gain or
(iv) it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for loss on disposal. If the Group disposes of part of its interest in a subsidiary but retains control, then the
at least 12 months after the reporting date. relevant proportion of the cumulative amount is re-allocated to Non-controlling Interest (NCI).
Current assets include current portion of non-current financial assets. c. Financial instruments
All other assets are classified as non-current. (i) Recognition and initial measurement
Liabilities Trade Receivables are initially recognised when they are originated. All financial assets and financial
A liability is classified as current when it satisfies any of the following criteria: liabilities are initially recognised when the Group becomes a party to the contractual provisions of the
(i) it is expected to be settled in the Group’s normal operating cycle; instrument. Trade receivables are initially measured at transaction price.
(ii) it is held primarily for the purpose of being traded; A financial asset or financial liability is initially measured at fair value plus, for an item not at fair value
(iii) it is due to be settled within 12 months after the reporting date; or through profit and loss (FVTPL), transaction costs that are directly attributable to its acquisition or
issue.
(iv) the Company does not have an unconditional right to defer settlement of the liability for at least 12
months after the reporting date. Terms of a liability that could, at the option of the counterparty, result (ii) Classification and subsequent measurement
in its settlement by the issue of equity instruments do not affect its classification. Financial assets
Current liabilities include current portion of non-current financial liabilities. On initial recognition, a financial asset is classified and measured at:
All other liabilities are classified as non-current. - Amortised cost; or
Deferred tax assets and liabilities are classified as non-current assets and liabilities. - Fair value through Profit or Loss (FVTPL); or
Operating cycle - Fair value through Other Comprehensive Income (FVTOCI).
For the purpose of current/non-current classification of assets and liabilities, the Group has ascertained its Financial assets are not reclassified subsequent to their initial recognition, except if and in the period
normal operating cycle as twelve months. This is based on the nature of business and the time between the the Group changes its business model for managing financial assets.
acquisition of assets for processing and their realisation in cash and cash equivalents.

Financial assets at amortised cost Financial liabilities: Classification, subsequent measurement and gains and losses
A financial asset is measured at amortised cost if it meets both of the following conditions and is not Financial liabilities are classified as measured at amortised cost or FVTPL.
designated as at FVTPL:
Financial liabilities through FVTPL
(a) the asset is held within a business model whose objective is to hold assets to collect contractual cash
A financial liability is classified as at FVTPL if it is classified as held-for-trading, or it is a derivative or
flows; and
it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value
(b) the contractual terms of the financial asset give rise on specified dates to cash flows that are solely and net gains and losses, including any interest expense, are recognised in Consolidated Statement of
payments of principal and interest (SPPI) on the principal amount outstanding. Profit and Loss. This category also includes derivative financial instruments entered into by the Group
The effective interest rate (EIR) method of amortisation is included in finance income in the Consolidated that are not designated as hedging instruments in hedge relationships as defined by Ind AS 109.
Statement of Profit and Loss. This category generally applies to long-term deposits and long-term
trade receivables.
Other financial liabilities are subsequently measured at amortised cost using the effective interest rate
Financial assets at FVTPL (EIR) method. Interest expense and foreign exchange gains and losses are recognised in Consolidated
All financial assets which are not classified and measured at amortised cost or Fair value through other Statement of Profit and Loss. Any gain or loss on derecognition is also recognised in Consolidated
comprehensive income (FVOCI) as described above are measured at FVTPL. On initial recognition, Statement of Profit and Loss. Interest bearing loans and borrowings are subsequently measured at
the Group may irrevocably designate a financial asset that otherwise meets the requirements to be amortised cost using the EIR method. Gains and losses are recognised in Consolidated Statement of
measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or significantly reduces an Profit and Loss when the liabilities are derecognised as well as through the EIR amortisation process.
accounting mismatch that would otherwise arise. For trade and other payables maturing within one year from the balance sheet date, the carrying
Financial assets: Assessment whether contractual cash flows are solely payments of principal and amounts approximates fair value due to the short maturity of these instruments.
interest (SPPI). Financial guarantee liabilities
For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on Financial guarantees issued by the Group are those contracts that require payment to be made to
initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit reimburse the holder for a loss it incurs because the specified debtor fails to make a payment when
risk associated with the principal amount outstanding during a particular period of time and for other due in accordance with the terms of a debt instrument. Financial guarantee contracts are recognised
basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin. initially as a liability at fair value net off transaction costs that are directly attributable to the issuance
In assessing whether the contractual cash flows are solely payments of principal and interest, the Group of the guarantee. Subsequently, the liability is measured at the higher of the amount of loss allowance
considers the contractual terms of the instrument. This includes assessing whether the financial asset determined as per impairment requirements of Ind AS 109 and the amount recognised less cumulative
contains a contractual term that could change the timing or amount of contractual cash flows such that amortisation.
it would not meet this condition.
(iii) Derecognition
In making this assessment, the Group considers:
Financial assets
- contingent events that would change the amount or timing of cash flows;
The Group derecognises a financial asset:
- terms that may adjust the contractual coupon rate, including variable interest rate features;
- when the contractual rights to the cash flows from the financial asset expire, or
- prepayment and extension features; and
- it transfers the rights to receive the contractual cash flows in a transaction in which substantially
- terms that limit the Group’s claim to cash flows from specified assets (e.g. non-recourse features). all of the risks and rewards of ownership of the financial asset are transferred or in which the Group
A prepayment feature is consistent with the solely payments of principal and interest criterion if the neither transfers nor retains substantially all of the risks and rewards of ownership and does not
prepayment amount substantially represents unpaid amounts of principal and interest on the principal retain control of the financial asset.
amount outstanding, which may include reasonable additional compensation for early termination of Financial liabilities
the contract. Additionally, for a financial asset acquired at a significant discount or premium to its
The Group derecognises a financial liability when its contractual obligations are discharged or
contractual paramount, a feature that permits or requires prepayment at an amount that substantially
cancelled, or expire. The Group also derecognises a financial liability when its terms are modified and
represents the contractual par amount plus accrued (but unpaid) contractual interest (which may also
the cash flows under the modified terms are substantially different. In this case, a new financial liability
include reasonable additional compensation for early termination) is treated as consistent with this
based on the modified terms is recognised at fair value. The difference between the carrying amount of
criterion if the fair value of the prepayment feature is insignificant at initial recognition.
the financial liability extinguished and the new financial liability with modified terms is recognised in
Financial assets: Subsequent measurement Consolidated Statement of Profit and Loss.
Financial assets at FVTPL: These assets are subsequently measured at fair value. Net gains and losses, (iv) Offsetting
including any interest or dividend income, are recognised in Consolidated Statement of Profit and Loss.
Financial assets and financial liabilities are offset and the net amount presented in the balance sheet
Financial assets at amortised cost: These assets are subsequently measured at amortised cost using when and only when, the Group currently has a legally enforceable right to set off the amounts and it
the effective interest rate (EIR) method. The amortised cost is reduced by impairment losses, if any. intends either to settle them on a net basis or to realise the asset and settle the liability simultaneously.
Interest income, foreign exchange gains and losses and impairment are recognised in Consolidated
(v) Derivative financial instruments
Statement of Profit and Loss. Any gain or loss on derecognition is recognised in Consolidated Statement
of Profit and Loss. The Group holds derivative financial instruments, such as foreign currency forward contracts, interest
rate swaps, to hedge its foreign currency and interest rate risk exposures.
Investments in subsidiaries are carried at cost in standalone financial statements

Derivatives are initially measured at fair value. Subsequent to initial recognition, derivatives are The estimated useful lives of items of property, plant and equipment are as follows:
measured at fair value, and changes therein are recognised in Consolidated Statement of Profit and Asset Useful life as per Schedule II
Loss. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities
Buildings 3 to 60 years
when the fair value is negative.
Plant and equipments 15 to 25 years
d. Property, plant and equipment Furniture and fixtures 10 years
(i) Recognition and measurement Vehicles 8 to 10 years
Items of property, plant and equipment are measured at cost, which includes capitalised borrowing Office equipments 3 to 10 years
costs, less accumulated depreciation and accumulated impairment losses, if any.
Depreciation method, useful lives and residual values are reviewed at each financial year-end and
The cost of an item of property, plant and equipment comprises its purchase price, including import adjusted if appropriate. Depreciation on additions (discard/disposals) is provided on a pro-rata basis
duties and non-refundable purchase taxes, after deducting trade discounts and rebates, any directly i.e. from (upto) the date on which asset is ready for use (discarded/disposed off ).
attributable cost of bringing the item to its working condition for its intended use and estimated costs
of dismantling and removing the item and restoring the site on which it is located. e. Intangible assets
The cost of a self-constructed item of property, plant and equipment comprises the cost of materials (i) Recognition and measurement
and direct labour, any other costs directly attributable to bringing the item to working condition for Intangible assets are initially measured at cost and subsequently measured at cost less accumulated
its intended use, and estimated costs of dismantling and removing the item and restoring the site on amortisation and any accumulated impairment losses.
which it is located.
(ii)
Borrowing costs directly attributable to the acquisition or construction of those qualifying property,
Subsequent expenditure is capitalised only when it increases the future economic benefits embodied
plant and equipment, which necessarily take a substantial period of time to get ready for their intended
in the specific asset to which it relates. All other expenditure, including expenditure on internally
use, are capitalised. If significant parts of an item of property, plant and equipment have different
generated goodwill and brands, is recognised in profit or loss as incurred.
useful lives, then they are accounted for as separate components of property, plant and equipment.
A fixed asset is eliminated from the financial statements on disposal or when no further benefit (iii)
Amortisation
is expected from its use. Any gain or loss on disposal of an item of property, plant and equipment Amortisation is calculated to write off the cost of intangible assets less their estimated residual values
is recognised in Consolidated Statement of Profit and Loss. Property, plant and equipment under over their estimated useful lives using the straight-line method, and is included in depreciation and
construction are disclosed as Capital work-in-progress. Assets retired from active use and held for amortisation in Consolidated Statement of Profit and Loss.
disposal are stated at the lower of their net book value and fair value less cost to sell and shown under
The estimated useful lives are as follows:
‘Current assets’.
- Computer software 5 years
Foreign currency exchange differences on loans used for purchases of property, plant and equipment
prior to April 1,2016, are continued to be capitalised as per policy stated in note 3(b) above. Amortisation method, useful lives and residual values are reviewed at the end of each financial year and
adjusted if appropriate.
(ii)
Subsequent expenditure is capitalised only if it is probable that the future economic benefits associated f. Inventories
with the expenditure will flow to the Group. Ongoing repairs and maintenance are expensed as incurred. Inventories which comprise raw materials, work-in-progress, finished goods, packing materials, stores
(iii) Depreciation and amortisation and spares are measured at the lower of cost and net realisable value.
Depreciation and amortisation for the year is recognised in the Consolidated Statement of Profit and The cost of inventories is ascertained on the ‘weighted average’ basis, and includes expenditure incurred in
Loss. Depreciation is calculated on cost of items of property, plant and equipment less their estimated acquiring the inventories, production or conversion costs and other costs incurred in bringing them to their
residual values over their estimated useful lives using the straight line method over the useful lives of present location and condition. Excise duty was included in the valuation of closing inventory of finished
assets, in the manner specified in Part C of Schedule II of the Act. goods, till the implementation of Goods and Services Tax.
Assets acquired under finance lease are depreciated over the shorter of the lease term and their useful Raw materials, components and other supplies held for use in the production of finished products are not
life unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. written down below cost except in cases where material prices have declined and it is estimated that the
Freehold land is not depreciated. cost of the finished products will exceed their net realisable value. The comparison of cost and net realisable
Leasehold land (includes development cost) is amortised on a straight line basis over the period of value is made on an item-by-item basis.
respective lease, except leasehold land acquired on perpetual lease. Depreciation methods, useful lives The net realisable value of work-in-progress is determined with reference to the selling prices of related
and residual values are reviewed at each financial year end and adjusted as appropriate. finished products.
In the case of manufactured inventories and work-in-progress, cost includes an appropriate share of fixed
production overheads based on normal operating capacity.
Net realisable value is the estimated selling price in the ordinary course of business, less the estimated
costs of completion and the estimated costs necessary to make the sale.

Assessment of net realisable value is made at each subsequent reporting date. When the circumstances that Impairment loss recognised in respect of a CGU is allocated first to reduce the carrying amount of any
previously caused inventories to be written down below cost no longer exist or when there is clear evidence goodwill allocated to the CGU, and then to reduce the carrying amounts of the other assets of the CGU
of an increase in net realisable value because of changed economic circumstances, the amount of the write- (or group of CGUs) on a pro rata basis.
down is reversed.
An impairment loss in respect of other assets for which impairment loss has been recognised in
g. Impairment prior periods, the Group reviews at each reporting date whether there is any indication that the loss
(i) Impairment of financial instruments: financial assets has decreased or no longer exists. An impairment loss is reversed if there has been a change in the
estimates used to determine the recoverable amount. Such a reversal is made only to the extent that the
Financial assets, other than those at FVTPL, are assessed for indicators of impairment at the end of
asset’s carrying amount does not exceed the carrying amount that would have been determined, net of
each reporting period. A financial asset is ‘credit- impaired’ when one or more events that have a
depreciation or amortisation, if no impairment loss had been recognised.
detrimental impact on the estimated future cash flows of the financial asset have occurred.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested
The Group recognises loss allowances using the expected credit loss (ECL) model for the financial
for impairment at least annually, and whenever there is an indication that the asset may be impaired.
assets which are not fair valued through profit or loss. Loss allowance for trade receivable with no
significant financing component is measured at an amount equal to lifetime of the ECL. For all other h. Non-current assets or disposal group held for sale
financial assets, expected credit losses are measured unless there has been a significant increase in
Non-current assets, or disposal groups comprising assets and liabilities are classified as held for sale if it
credit risk from initial recognition in which case those are measured at lifetime of the ECL. The amount
is highly probable that they will be recovered primarily through sale rather than through continuing use.
of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting
date to the amount that is required to be recognised is recognised as an impairment gain or loss in Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair
Consolidated Statement of Profit and Loss. value less costs to sell. Any resultant loss on a disposal group is allocated first to goodwill, and then to
remaining assets and liabilities on pro rata basis, except that no loss is allocated to inventories, financial
In case of trade receivables, the Group follows the simplified approach permitted by Ind AS 109 Financial
assets, deferred tax assets, employee benefit assets, and biological assets, which continue to be measured
Instruments for recognition of impairment loss allowance. The application of simplified approach does
in accordance with the Group’s other accounting policies. Losses on initial classification as held for sale and
not require the Group to track changes in credit risk. The Group calculates the expected credit losses on
subsequent gains and losses on re-measurement are recognised in profit or loss.
trade receivables using a provision matrix on the basis of its historical credit loss experience.
Once classified as held-for-sale, intangible assets and property, plant and equipment are no longer
When determining whether the credit risk of a financial asset has increased significantly since
amortised or depreciated.
initial recognition and when estimating expected credit losses, the Group considers reasonable and
supportable information that is relevant and available without undue cost or effort. This includes both i. Employee benefits
quantitative and qualitative information and analysis, based on the Group’s historical experience and
(i) Short-term employee benefits
informed credit assessment and including subsequent information. Loss allowances for financial assets
measured at amortised cost are deducted from the gross carrying amount of the assets. Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as
the related service is provided. A liability is recognised for the amount expected to be paid e.g., under
The gross carrying amount of a financial asset is written off (either partially or in full) to the extent that short-term cash bonus, if the Group has a present legal or constructive obligation to pay this amount
there is no realistic prospect of recovery. This is generally the case when the Group determines that the as a result of past service provided by the employee, and the amount of obligation can be estimated
debtor does not have assets or sources of income that could generate sufficient cash flows to repay the reliably.
amounts subject to the write‑off. However, financial assets that are written off could still be subject to
enforcement activities in order to comply with the Group’s procedures for recovery of amounts due. (ii) Defined contribution plans
A defined contribution plan is a post-employment benefit plan under which an entity pays fixed
(ii) Impairment of non-financial assets contributions into Employees’ Provident Fund established under The Employees’ Provident Fund
The Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each and Miscellaneous Provisions Act 1952 and will have no legal or constructive obligation to pay further
reporting date to determine whether there is any indication of impairment. If any such indication amounts. The Group makes specified monthly contributions under employee provident fund to
exists, then the asset’s recoverable amount is estimated. Government administered provident fund scheme. Obligations for contributions to defined contribution
plans are recognised as an employee benefit expense in Consolidated Statement of Profit and Loss in
For impairment testing, assets that do not generate independent cash inflows are grouped together
the periods during which the related services are rendered by employees
into cash-generating units (CGUs). Each CGU represents the smallest group of assets that generates
cash inflows that are largely independent of the cash inflows of other assets or CGUs. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in future
payments is available.
The recoverable amount of a CGU (or an individual asset) is the higher of its value in use and its fair
value less costs to sell. Value in use is based on the estimated future cash flows, discounted to their
present value using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specific to the CGU (or the asset).
The Group’s corporate assets (e.g. corporate office for providing support to various CGUs) do not
generate independent cash inflows. To determine impairment of a corporate asset, recoverable amount
is determined for the CGUs to which the corporate asset belongs. An impairment loss is recognised if
the carrying amount of an asset or CGU exceeds its estimated recoverable amount. Impairment losses
are recognised in the Consolidated Statement of Profit and Loss.

(iii) Defined benefit plans The unwinding of the discount is recognised as finance cost. Expected future operating losses are not
A defined benefit plan is a post-employment benefit plan other than a defined contribution plan. The provided for.
Group’s gratuity benefit scheme is a defined benefit plan. The Group’s net obligation in respect of The amount recognised as a provision is the best estimate of the consideration required to settle the present
defined benefit plans is calculated by estimating the amount of future benefit that employees have obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding
earned in the current and prior periods, discounting that amount and deducting the fair value of any the obligation.
plan assets.
k. Revenue
The calculation of defined benefit obligation is performed quarterly by an independent qualified
actuary using the projected unit credit method. When the calculation results in a potential asset for the (i) Sale of goods
Group, the recognised asset is limited to the present value of economic benefits available in the form of The Group follows Ind AS 115 “Revenue from Contracts with Customers”.
any future refunds from the plan or reductions in future contributions to the plan (‘the asset ceiling’). The Group manufactures and sells in plywood and allied products, medium density fibreboard and allied
In order to calculate the present value of economic benefits, consideration is given to any minimum products. Sales are recognised when control of the products has transferred, being when the products
funding requirements. The Group recognises all actuarial gains and losses arising from defined benefit are delivered to the dealer, the dealer has full discretion over the channel and price to sell the products,
plan immediately in the Consolidated Statement of Profit and Loss. and there is no unfulfilled obligation that could affect the dealer’s acceptance of the products. Delivery
Remeasurements of the net defined benefit liability, which comprise actuarial gains and losses, the occurs when the products have been shipped to the specific location, the risk of obsolescence and loss
return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), have been transferred to the dealer, and either the dealer has accepted the products in accordance with
are recognised in Other comprehensive income (OCI). The Group determines the net interest expense the sales contract, the acceptance provisions have lapsed, or the Group has objective evidence that all
(income) on the net defined benefit liability (asset) for the period by applying the discount rate used to criteria for acceptance have been satisfied.
measure the defined benefit obligation at the beginning of the annual period to the then-net defined The products are often sold with retrospective volume discounts based on aggregate sales over a 12
benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) months period, cash discount on payment within specified period, promotional gift on achieving
during the period as a result of contributions and benefit payments. Net interest expense and other specific targets, quality claims if claims made in the specified period and other promotional expenses
expenses related to defined benefit plans are recognised in Consolidated Statement of Profit and Loss. such as tours and travel packages to dealer, etc. Revenue from these sales is recognised based on the
When the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that price specified in the contract, net of the estimated volume discounts, cash discounts, quality claims
relates to past service (‘past service cost’ or ‘past service gain’) or the gain or loss on curtailment is and promotional expenses. Accumulated experience is used to estimate and provide for the discounts/
recognised immediately in Consolidated Statement of Profit and Loss. The Group recognises gains and claims/provisions, using the expected value method, and revenue is only recognised to the extent that
losses on the settlement of a defined benefit plan when the settlement occurs. it is highly probable that a significant reversal will not occur. A refund liability (netted off with trade
receivables) is recognised for expected volume discount payables, expected cash discount payables and
(iv) Other long-term employee benefits expected quality claims to dealers in relation to sale made until the end of reporting period. Provision
The Group’s net obligation in respect of long-term employee benefits other than post-employment (included in other current liabilities) is recognised for expected sales promotional expenses against the
benefits is the amount of future benefit that employees have earned in return for their service in the sales made until the end of reporting period. No element of financing is deemed present as the sales are
current and prior periods; that benefit is discounted to determine its present value. Such benefits are made with a credit term of 30-90 days, which is consistent with market practice.
in form of leave encashment that accrue to employees in return of their service. The calculation of
(ii)
Rental income
other long term employee benefits is performed quarterly by an independent qualified actuary using
the projected unit credit method. Remeasurements of the net defined benefit liability, which comprise Rental income is recognised as part of other income on a straight-line basis over the term of the lease
actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset except where the rentals are structured to increase in line with expected general inflation.
ceiling (if any, excluding interest), are recognised in Other comprehensive income (OCI). Net interest (iii)
Insurance claim
expense and other expenses related to defined benefit plans are recognised in Consolidated Statement
Insurance claim due to uncertainty in realisation are accounted for on acceptance basis.
of Profit and Loss.
(v) Termination benefits l. Government Grants
Termination benefits are expensed at the earlier of when the Group can no longer withdraw the offer of Grants from Government are recognised at their fair value where there is reasonable assurance that the
those benefits and when the Group recognises costs for a restructuring. If benefits are not expected to grant will be received and the Company will comply with the conditions attached thereto.
be settled wholly within 12 months of the reporting date, then they are discounted. Government grants related to revenue are recognised in the Consolidated Statement of Profit and Loss on
a systematic and rational basis in the periods in which the Company recognises the related costs for which
j. Provisions (other than for employee benefits) the grants are intended to compensate and are netted off with the related expenditure. If not related to a
A provision is recognised if, as a result of a past event, the Group has a present legal or constructive specific expenditure, it is taken as income and presented under “Other Income”.
obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be
required to settle the obligation.
Provisions are determined by discounting the expected future cash flows (representing the best estimate
of the expenditure required to settle the present obligation at the balance sheet date) at a pre-tax rate that
reflects current market assessments of the time value of money and the risks specific to the liability.

Government grants relating to property, plant and equipment are treated as deferred income and are charge and the reduction of the outstanding liability. The finance charge is allocated to each period
credited to the statement of profit and loss on a systematic basis over the expected useful life of the related during the lease term so as to produce a constant periodic rate of interest on the remaining balance of
asset to match them with the costs for which they are intended to compensate and presented within other the liability.
income.
n. Recognition of dividend income, interest income or expense
m. Leases Dividend income is recognised in Consolidated Statement of Profit and Loss on the date on which the
(i) Determining whether an arrangement contains a lease Group’s right to receive payment is established.
At inception of an arrangement, it is determined whether the arrangement is or contains a lease. The Interest income or expense is recognised using the effective interest method. The ‘effective interest rate’ is
arrangement is, or contains, a lease if fulfilment of the arrangement is dependent on the use of a specific the rate that exactly discounts estimated future cash payments or receipts through the expected life of the
asset or assets and the arrangement conveys a right to use the asset or assets, even if that right is not financial instrument to:
explicitly specified in an arrangement. - the gross carrying amount of the financial asset; or
At inception or on reassessment of the arrangement that contains a lease, the payments and other - the amortised cost of the financial liability.
consideration required by such an arrangement are separated into those for the lease and those for
In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount
other elements on the basis of their relative fair values. If it is concluded for a finance lease that it
of the asset (when the asset is not credit-impaired) or to the amortised cost of the liability. However, for
is impracticable to separate the payments reliably, then an asset and a liability are recognised at an
financial assets that have become credit-impaired subsequent to initial recognition, interest income is
amount equal to the fair value of the underlying asset. The liability is reduced as payments are made
calculated by applying the effective interest rate to the amortised cost of the financial asset. If the asset is
and an imputed finance cost on the liability is recognised using the incremental borrowing rate.
no longer credit-impaired, then the calculation of interest income reverts to the gross basis.
(ii) Assets held under leases
o. Income tax
Leases of property, plant and equipment that transfer to the Group substantially all the risks and
rewards of ownership are classified as finance leases. The leased assets are measured initially at an Income tax expense comprises of current tax and deferred tax. Current tax and deferred tax is recognised in
amount equal to the lower of their fair value and the present value of the minimum lease payments. the Consolidated Statement of Profit and Loss except to the extent that it relates to a business combination,
Subsequent to initial recognition, the assets are accounted for in accordance with the accounting policy or items recognised directly in equity or in OCI.
applicable to similar owned assets. (i)
Current tax
Assets held under leases that do not transfer to the Group substantially all the risks and rewards of Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year
ownership (i.e. operating leases) are not recognised in the Group’s Balance Sheet. and any adjustment to the tax payable or receivable in respect of previous years. The amount of current
The Group has adopted Ind AS 116, Leases from April 1, 2019. Ind AS 116 is a single, on-balance sheet tax reflects the best estimate of the tax amount expected to be paid or received after considering the
lease accounting model for lessees. A lessee recognises a right-of-use asset representing its right to uncertainty, if any, related to income taxes. It is measured using tax rates (and tax laws) enacted or
use the underlying asset and a lease liability representing its obligation to make lease payments. There substantively enacted by the reporting date.
are recognition exemptions for short-term leases and leases of low-value items. Lessor accounting Current tax assets and current tax liabilities are off set only if there is a legally enforceable right to set
remains similar to the current standard – i.e. lessors continue to classify leases as finance or operating off the recognised amounts, and it is intended to realise the asset and settle the liability on a net basis
leases. It replaces existing leases guidance, Ind AS 17, Leases. or simultaneously.
The Group has recognised new assets and liabilities for its operating leases of land and office premises
facilities. The nature of expenses related to those leases has now changed because the Group has (ii) Deferred tax
recognised a depreciation charge for right-of-use assets and interest expense on lease liabilities. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets
Previously, the Group recognised operating lease expense on a straight-line basis over the term of the and liabilities for financial reporting purposes and the corresponding amounts used for taxation
lease, and recognised assets and liabilities only to the extent that there was a timing difference between purposes (tax base). Deferred tax is also recognised in respect of carried forward tax losses and tax
actual lease payments and the expense recognised. credits. Deferred tax is not recognised for:
- temporary differences arising on the initial recognition of assets or liabilities in a transaction that
(iii)
Lease payments is not a business combination and that affects neither accounting nor taxable profit or loss at the
Payments made under operating leases are generally recognised in Consolidated Statement of Profit time of the transaction;
and Loss on a straight-line basis over the term of the lease unless such payments are structured to - temporary differences related to investments in subsidiaries, associates and joint arrangements to
increase in line with expected general inflation to compensate for the lessor’s expected inflationary the extent that the Group is able to control the timing of the reversal of the temporary differences
cost increases. and it is probable that they will not reverse in the foreseeable future; and
Lease incentives received are recognised as an integral part of the total lease expense over the term of - taxable temporary differences arising on the initial recognition of goodwill.
the lease. Minimum lease payments made under finance leases are apportioned between the finance
Deferred tax assets are recognised to the extent that it is probable that future taxable profits will be
available against which they can be used. The existence of unused tax losses is strong evidence that
future taxable profit may not be available. Therefore, in case of a history of recent losses, the Group
recognises a deferred tax asset only to the extent that it has sufficient taxable temporary differences
or there is convincing other evidence that sufficient taxable profit will be available against which such
deferred tax asset can be realised.

Deferred tax assets – unrecognised or recognised, are reviewed at each reporting date and are u. Earnings per share
recognised/ reduced to the extent that it is probable/ no longer probable respectively that the related Basic earnings per share is calculated by dividing the net profit or loss for the period attributable to equity
tax benefit will be realised. shareholders by the weighted average number of equity shares outstanding during the period.
Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is
For the purpose of calculating diluted earnings per share, the net profit or loss for the period attributable to
realised or the liability is settled, based on the laws that have been enacted or substantively enacted by
equity shareholders and the weighted average number of shares outstanding during the period are adjusted
the reporting date.
for the effects of all dilutive potential equity shares.
The measurement of deferred tax reflects the tax consequences that would follow from the manner in
which the Group expects, at the reporting date, to recover or settle the carrying amount of its assets v. Operating segment
and liabilities. An operating segment is a component of the Group that engages in business activities from which it may
Deferred tax assets and liabilities are offset if there is a legally enforceable right to off set current tax earn revenues and incur expenses, including revenues and expenses that relate to transactions with any
liabilities and assets, and they relate to income taxes levied by the same tax authority on the same of the Group’s other components, and for which discrete financial information is available. All operating
taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on segments’ operating results are reviewed regularly by the Chief Operating Decision Maker (CODM) to make
a net basis or their tax assets and liabilities will be realised simultaneously. decisions about resources to be allocated to the segments and assess their performance. The CODM consists
In case of tax payable as Minimum Alternative Tax (‘MAT’) under the provisions of the Income-tax of the Executive Chairman, Managing Director & CEO and Chief Financial Officer.
Act, 1961, the credit available under the Act in respect of MAT paid is recognised as an asset only when The Group has currently two reportable segments namely:
and to the extent there is convincing evidence that the Group will pay normal income tax during the
i) Plywood and allied products, and
period for which the MAT credit can be carried forward for set-off against the normal tax liability. MAT
credit recognised as an asset is reviewed at each balance sheet date and written down to the extent the ii) Medium density fibreboards and allied products
aforesaid convincing evidence no longer exists.
w. Determination of fair values
p. Borrowing costs Fair values have been determined for measurement and disclosure purposes based on the following
Borrowing costs are interest and other costs (including exchange differences relating to foreign currency methods. Where applicable, further information about the assumptions made in determining fair values is
borrowings to the extent that they are regarded as an adjustment to interest costs) incurred in connection with disclosed in the notes specific to that asset or liability.
the borrowing of funds. Borrowing costs directly attributable to acquisition or construction of an asset which (i) Non-derivative financial assets
necessarily take a substantial period of time to get ready for their intended use are capitalised as part of the
Non-derivative financial assets are initially measured at fair value. If the financial asset is not
cost of that asset. Other borrowing costs are recognised as an expense in the period in which they are incurred.
subsequently accounted for at fair value through profit or loss, then the initial measurement includes
Where there is an unrealised exchange loss which is treated as an adjustment to interest and subsequently
directly attributable transaction costs. These are measured at amortised cost or at FVTPL. Investments
there is a realised or unrealised gain in respect of the settlement or translation of the same borrowing, the
in quoted equity instruments are measured at FVTPL.
gain to the extent of the loss previously recognised as an adjustment is recognised as an adjustment to
interest. (ii) Trade and other receivables
The fair values of trade and other receivables are estimated at the present value of future cash flows,
q. Share capital
discounted at the market rate of interest at the measurement date. Short-term receivables with no stated
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary interest rate are measured at the original invoice amount if the effect of discounting is immaterial. Fair
shares are recognised as a deduction from equity, net of any tax effects. value is determined at initial recognition and, for disclosure purposes, at each annual reporting date.
r. Dividends (iii) Derivative financial liabilities

Final dividends on shares are recorded as a liability on the date of approval by the shareholders and interim The Group uses derivative financial instruments, such as forward currency contracts and interest rate
dividends are recorded as a liability on the date of declaration by the Board of Directors of the Group. swaps to hedge its foreign currency risks and interest rate risks. Such derivative financial instruments
are initially recognised at fair value on the date on which a derivative contract is entered into and are
s. Cash and cash equivalents subsequently re-measured at fair value.
Cash and cash equivalents include cash and cash-on-deposit with banks. The Group considers all highly
(iv) Other non-derivative financial liabilities
liquid investments with a remaining maturity at the date of purchase of three months or less and that are
readily convertible to known amounts of cash to be cash equivalents. Other non-derivative financial liabilities are measured at fair value, at initial recognition and for
disclosure purposes, at each annual reporting date. Fair value is calculated based on the present value of
t. Cash flow statement future principal and interest cash flows, discounted at the market rate of interest at the measurement
Cash flows are reported using the indirect method, whereby profit for the period is adjusted for the effects date.
of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or
payments and item of income or expenses associated with investing or financing cash flows. The cash flows
from operating, investing and financing activities of the Group are segregated.

Notes to the consolidated financial statements for the year ended March 31,2021 Notes to the consolidated financial statements for the year ended March 31,2021
H in lacs H in lacs
4. Property, plant and equipment 5. Capital work-in-progress

See accounting policy in note 3(d) and (g) See accounting policy in note 3(d) and (g)
(a) Reconciliation of carrying amount March 31, 2021 March 31, 2020
Freehold Buildings Plant and Furniture Vehicles Office Total At the beginning of the year 568.84 379.33
land equipment and fixtures equipment Additions during the year 357.30 211.94
Cost (Gross carrying amount) Capitalised during the year 567.74 22.43
Balance at April 1, 2019 5,533.89 12,292.72 1,13,926.45 2,527.35 4,759.97 1,259.64 1,40,300.02
At the end of the year 358.40 568.84
Additions 1.57 289.89 338.10 197.41 27.79 70.63 925.39
Disposals/ discard - - (31.24) (46.28) (374.90) (6.65) (459.07) Notes:
Exchange differences on - - - 19.51 228.63 3.47 251.61
(a) As at March 31, 2021, general borrowing costs capitalised during the year amounted to HNil (March 31, 2020: H
translation of foreign operations
Nil)
Balance at March 31, 2020 5,535.46 12,582.61 1,14,233.31 2,697.99 4,641.49 1,327.09 1,41,017.95
(b) As at March 31, 2021, properties under capital work-in-progress with a carrying amount of H358.40 lacs (March
Balance at April 1, 2020 5,535.46 12,582.61 1,14,233.31 2,697.99 4,641.49 1,327.09 1,41,017.95
31, 2020: H568.84 lacs) are subject to first charge to secured borrowings (see Note 19).
Additions - 682.26 154.39 502.71 135.09 284.57 1,759.02
Disposals/ discard - (9.56) (90.93) (42.40) (1,987.87) (227.91) (2,358.67)
Exchange differences on - - - (7.48) (65.37) (1.33) (74.18)
6. Other intangible assets
translation of foreign operations See accounting policy in note 3(e) and (g)
Balance at March 31, 2021 5,535.46 13,255.31 1,14,296.77 3,150.82 2,723.34 1,382.42 1,40,344.12 (a) Reconciliation of carrying amount
Accumulated depreciation
Software
Balance at April 1, 2019 - 2,259.47 21,469.94 735.70 1,491.85 665.56 26,622.52
Cost (Gross carrying amount)
Depreciation for the year - 587.56 4,886.85 270.84 458.39 198.00 6,401.64
Adjustments/ disposals - - (19.94) (38.07) (204.52) (6.21) (268.74) Balance at April 1, 2019 222.01
Exchange differences on - - - 11.27 69.40 1.68 82.35 Additions 10.00
translation of foreign operations Disposals/write-off (0.42)
Balance at March 31, 2020 - 2,847.03 26,336.85 979.74 1,815.12 859.03 32,837.77 Balance at March 31, 2020 231.59
Balance at April 1, 2020 - 2,847.03 26,336.85 979.74 1,815.12 859.03 32,837.77
Balance at April 1, 2020 231.59
Depreciation for the year - 562.78 4,823.05 266.92 339.81 188.13 6,180.69
Additions -
Adjustments/ disposals - (9.30) (63.89) (36.91) (888.87) (213.37) (1,212.34)
Exchange differences on - - - (5.22) (21.25) (0.82) (27.29) Disposals/write-off (179.84)
translation of foreign operations Balance at March 31, 2021 51.75
Balance at March 31, 2021 - 3,400.51 31,096.01 1,204.53 1,244.81 832.97 37,778.83 Accumulated amortisation
Carrying amounts (net) Balance at April 1, 2019 149.63
At April 1,2019 5,533.89 10,033.25 92,456.51 1,791.65 3,268.12 594.08 1,13,677.50
Amortisation for the year 38.85
At March 31, 2020 5,535.46 9,735.58 87,896.46 1,718.25 2,826.37 468.06 1,08,180.18
At March 31, 2021 5,535.46 9,854.80 83,200.76 1,946.29 1,478.53 549.45 1,02,565.29
Adjustments/ disposals (0.42)
(b) Security Balance at April 1, 2020 188.06
As at March 31, 2021, properties with a carrying amount of H1,01,647.05 lacs (March 31, 2020: H1,06,069.99 lacs) are Amortisation for the year 22.14
subject to first charge to secured borrowings (see Note 19).
Adjustments/ disposals (175.93)
At April 1, 2019 72.38
At March 31, 2020 43.53
At March 31, 2021 17.48

H in lacs H in lacs
8. Loans 11. Trade receivables

(Unsecured, considered good) March 31, 2021 March 31, 2020
March 31, 2021 March 31, 2020 Current
Non-current Unsecured
Security deposits 1,456.43 1,442.13 - Considered good 7,775.98 7,052.11
Loan to employees - 1.60 - Credit Impaired 426.57 426.57
1,456.43 1,443.73 8,202.55 7,478.68
Current Less: Loss for allowances
Loan to employees 42.53 38.23 - Credit Impaired 426.57 426.57
Security deposits 34.31 58.49 Net trade receivables 7,775.98 7,052.11
76.84 96.72 Of the above
1,533.27 1,540.45 Trade receivables from related parties 130.53 43.64
Notes:
9. Non-current tax assets (a) No trade or other receivables are due from directors or other officers of the group either severally or jointly with
See accounting policy in note 3(o) any other person. Nor any trade or other receivables are due from firms or private companies respectively in
March 31, 2021 March 31, 2020 which any director is a partner, a director or a member.
Income tax refund due (net of provisions) 255.92 261.39 (b) Information about the group’s exposure to credit and currency risks, and loss allowances related to trade
255.92 261.39 receivables are disclosed in note 42. Provision as disclosed above is on case to case basis as identified by the
management.
Current tax liabilities (c) For terms and conditions of trade receivables owing from related parties, see note 39.
See accounting policy in note 3(o) (d) For receivables secured against borrowings, see note 19.
March 31, 2021 March 31, 2020
Income tax liabilities 262.03 - 12. Cash and cash equivalents
262.03 - See accounting policy in note 3(s)
March 31, 2021 March 31, 2020
10. Inventories Cash on hand 25.67 22.49
(Valued at the lower of cost and net realisable value) Balances with banks
See accounting policy in note 3(f) - On current accounts 1,281.76 603.30
March 31, 2021 March 31, 2020 - On deposit accounts (with original maturities up to 3 months) - 500.00
Raw materials 6,389.37 4,740.47 1,307.43 1,125.79
Finished goods 4,259.01 5,943.94 13. Other bank balances
[including in transit H1,451.11 lacs (March 31, 2020 H623.46 lacs)] March 31, 2021 March 31, 2020
Stock in trade 54.93 32.10 Bank deposits due to mature after 3 months of original maturities but within 12 5,891.16 28.93
Stores and spares 2,497.33 2,084.75 months of the reporting date*
14,935.80 15,388.67 5,891.16 28.93
*Pledged/lodged with various government authorities as security [H50.16 lacs (March 31, 2020 H28.93 lacs)]
Total carrying amount of inventories is pledged as securities against borrowings, refer note 19.
The write-down of inventories to net realisable value during the year amounting to H118.41 lacs (March 31, 2020:
H161.44 lacs). These are recognised as expenses during the respective period and included in changes in inventories
of stock in trade.

H in lacs H in lacs
14. Other non-current assets 17. Equity share capital (contd)

(Unsecured, considered good)
(a) Reconciliation of equity shares outstanding at the beginning and at the end of the reporting year
March 31, 2021 March 31, 2020
March 31, 2021 March 31, 2020
Capital advances 407.23 121.49
Number Amount Number Amount
Others
At the commencement of the year 12,26,27,395 1,226.27 12,26,27,395 1,226.27
Unmatured finance charges 52.34 77.01
At the end of the year 12,26,27,395 1,226.27 12,26,27,395 1,226.27
Balances with banks on deposit accounts - 1,200.00
Deposits against demand under appeal and/or under dispute 14.70 14.70 (b) Rights, preferences and restrictions attached to equity shares
Amount due from sales tax authorities 17.74 75.85 The Holding Company has a single class of equity shares with par value of H1 per share. Accordingly, all equity
502.19 1,506.56 shares rank equally with regard to dividends and share in the Holding Company’s residual assets on winding up.
The equity shareholders are entitled to receive dividend as declared by the Holding Company from time to time.
The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the
15. Other financial assets paid-up equity capital of the Holding Company. Voting rights cannot be exercised in respect of shares on which any
March 31, 2021 March 31, 2020 call or other sums presently payable has not been paid. Failure to pay any amount called up on shares may lead to
Current their forfeiture.
Government grants receivable 4,131.11 3,947.87 On winding up of the Holding Company, the holders of equity shares will be entitled to receive the residual assets
Export incentive receivable 31.62 48.69 of the Holding Company, remaining after distribution of all preferential amounts, in proportion to the number of
Insurance claim receivable 10.65 4.12 equity shares held.
Interest Receivable 52.78 15.76
4,226.16 4,016.44
(c) Particulars of shareholders holding more than 5% shares of fully paid up equity shares
Equity shares of H1 each March 31, 2021 March 31, 2020
16. Other current assets Number % Number %
S. M. Management Pvt. Ltd. 3,16,26,965 25.79% 3,16,26,965 25.79%
(Unsecured, considered good)
Prime Holdings Pvt. Ltd. 1,33,32,800 10.87% 1,33,32,800 10.87%
March 31, 2021 March 31, 2020
Jwalamukhi Investment Holdings - - 1,17,87,720 9.61%
To parties other than related parties Shobhan Mittal 1,05,88,380 8.63% 1,05,88,380 8.63%
Advances for supplies 394.15 363.48 HDFC Trustee Company Ltd. 71,32,580 5.82% 77,12,011 6.29%
Advances to employees 9.16 28.20
(d) The Holding Company has not reserved any shares for issue under options and contracts/commitments for the
Others
sale of shares/ disinvestment.
Unmatured finance charges 36.60 51.04
(e) The Holding Company for the period of five years immediately preceding the reporting date has not:
(i) Allotted any class of shares as fully paid pursuant to contract(s) without payment being received in cash.
Balance with goods and service tax authorities 323.47 2,454.40
1,311.94 3,430.42 (ii) Allotted fully paid up shares by way of bonus shares.
(iii) Bought back any class of shares.
17. Equity share capital

See accounting policy in note 3(q)
March 31, 2021 March 31, 2020
Authorised
150,000,000 (March 31, 2020: 150,000,000) equity shares of H1 each 1,500.00 1,500.00
Issued, subscribed and fully paid-up
122,627,395 (March 31, 2020: 122,627,395) equity shares of H1 each 1,226.27 1,226.27

H in lacs H in lacs
18. Other equity 19. Borrowings (contd)

Capital reserve Current borrowings
At the commencement of the year 59,808.56 59,808.56 Secured
59,808.56 59,808.56 From banks
Retained earnings
Foreign currency loan - buyers credit 474.62 487.15
Foreign currency loan - Packing Credit - 509.06
Add: Profit for the year 6,880.84 1,446.06
Rupee loans - repayable on demand 746.26 5,886.50
11,779.15 4,898.31
1,220.88 6,882.71
Other comprehensive income (OCI)
At the commencement of the year 231.19 62.72 Unsecured
Exchange differences in translating financial statements of foreign operations (46.75) 135.88 From banks
Remeasurements of the net defined benefit plans 39.38 32.59 Channel finance assurance facility 377.93 302.10
223.82 231.19 Foreign currency loan - bill discounting - 85.83
71,811.53 64,938.06 377.93 387.93
1,598.81 7,270.64
(a) Description, nature and purpose of reserve:
(i) Capital reserve: The capital reserve is created on account of the net assets transferred pursuant to the scheme Information about the Group’s exposure to credit and currency risks, and loss allowances related to borrowings are
of arrangement disclosed in note 42.
(ii) Retained earnings: It comprises of accumulated profit/ (loss) of the Group. (A) Terms of repayment
(iii) Other comprehensive income (OCI): It comprises of remeasurements of the net defined benefit plans on actuarial Name of the lender Interest rate Repayment Year of March 31, March 31,
valuation of gratuity and exchange differences in translating financial statements of foreign operations. schedule maturity 2021 2020
(i) Foreign currency term loans
(b) Disaggregation of changes in items of OCI
Landesbank Baden-Wurttenberg 6 month Repayable at half 2028-29 30,559.52 31,552.49
March 31, 2021 March 31, 2020
[EUR 356.37 lacs (March 31, Euribor yearly rest: 16 of
Retained earnings 2020: EUR 378.64 lacs)] +0.50% EUR 22.27 lacs
Exchange differences in translating financial statements of foreign operations 129.19 175.94 Standard Chartered Bank [USD - - - - 7,899.16
Remeasurements of defined benefit liability/ (asset) 94.63 55.25 Nil (March 31, 2020: USD 104.50
223.82 231.19 lacs)]
30,559.52 39,451.65
19. Borrowings Unamortised processing fees (1,017.72) (1,264.56)

29,541.80 38,187.09
See accounting policy in note 3(b), (c) and (p)
March 31, 2021 March 31, 2020
(ii) Rupee term loans
Non-current borrowings
HDFC Bank Limited 6 month Repayable at 2024-25 5,800.00 7,200.00
Secured
Term loans 1.50% of H400 lacs & 8 of
From banks H325 lacs
Foreign currency loans 29,541.80 38,187.09 State Bank of India 6 month Repayable at 2024-25 5,625.00 -
Rupee loans 12,924.41 9,216.99
1.50% of H375 lacs
42,466.21 47,404.08
Axis Bank Limited 6 month Repayable at 2023-24 1,562.50 2,031.25
Less: Current maturities of long term borrowings (refer note 20) 7,271.30 4,911.22 MCLR + quarterly rest: 10
35,194.91 42,492.86 1.35% of H156.25 lacs
Loan against vehicles 622.89 1,431.56 12,987.50 9,231.25
Less: Current maturities of loan against vehicles (refer note 20) 193.96 412.52 Unamortised processing fees (63.09) (14.26)
428.93 1,019.04 12,924.41 9,216.99
35,623.84 43,511.90 Total 42,466.21 47,404.08

H in lacs H in lacs
19. Borrowings (contd) 20. Other financial liabilities (contd)

(B) Details of security March 31, 2021 March 31, 2020
(a) Term loan from Landesbank Baden-Wurttenberg (LBBW) of H30,559.52 lacs (March 31, 2020: H31,552.49 lacs) Liability for capital goods 645.45 867.33
is secured by exclusive charge on Main Press Line of MDF plant at Chittoor, Andhra Pradesh along with any Employee benefits payable 1,041.01 341.26
other movable fixed assets of the Holding Company financed by Landesbank Baden-Wurttenberg. Vide letter
9,875.25 7,010.88
dated June 14, 2019, the loan is to be further secured by:
i) Exclusive charge over main press line of MDF plant at Pantnagar (Uttarakhand) (a) There is no amount due and outstanding to be credited to Investor Education and Protection Fund as at March
31, 2021
ii) Corporate guarantee from Greenply Industries Limited in favor of LBBW of EURO 12.5 million;
(b) Information about the Group’s exposure to currency and liquidity risks related to the above financial liabilities
iii) Debt Service Reserve Account in INR for one repayment instalment plus interest, pledged to LBBW
is disclosed in note 42.
(b) Other term loans of H12,987.50 lacs (March 31, 2020: H17,130.41 lacs) are secured by:
(i) First pari passu charge on immovable fixed assets of the Holding Company located at manufacturing units 21. Provisions
in Pantnagar (Uttarakhand) and Chittoor (Andhra Pradesh). See accounting policy in note 3(i) and (j)
(ii) First pari passu charge on all movable fixed assets of the Holding Company except assets exclusively March 31, 2021 March 31, 2020
charged to other lender(s) (including the main press line of MDF plant at Pantnagar and the main press line Non-current
of MDF plant at Chittor (Andhra Pradesh) along with any other movable fixed assets exclusively charged to Provisions for employee benefits:
Landesbank Baden-Wurttenberg). Net defined benefit liability - gratuity 667.13 607.98
(iii) Second pari passu charge on all current assets of the Holding Company. Liability for compensated absences 139.91 359.41
(iv) Term loan from HDFC Bank Limited is also secured by exclusive charge over fixed deposit of H600 lacs 807.04 967.39
placed with HDFC Bank Limited. Current
Provisions for employee benefits:
(c) Secured Loan against vehicles and equipments are in respect of finance of vehicles, secured by hypothecation
of the respective vehicles. Net defined benefit liability - gratuity 130.46 142.53
Liability for compensated absences 19.60 88.75
(d) Working capital loans of H746.26 lacs (March 31, 2020: H5,886.50 lacs) are secured by:
150.06 231.28
(i) First pari passu charge on all current assets of the Holding Company.
(ii) Second pari passu charge on immovable fixed assets of the Holding Company located at manufacturing 22. Other non-current liabilities
units in Pantnagar (Uttarakhand) and Chittoor (Andhra Pradesh).
March 31, 2021 March 31, 2020
(iii) Second pari passu charge on all movable fixed assets of the Holding Company except assets exclusively Deferred income on Government grants 1,219.73 2,866.01
charged to other lender(s) (including the main press line of MDF plant at Pantnagar and the main press line
of MDF plant at Chittor (Andhra Pradesh) along with any other movable fixed assets exclusively charged to Government grants have been received for the import of certain items of property, plant and equipment under
Landesbank Baden-Wurttenberg). export promotion capital goods (EPCG) scheme of Government of India. The Holding Company has certain export
obligations against such benefits availed which the Holding Company will fulfill within the required time period
(e) Foreign currency loan - buyers credit of H474.62 lacs (March 31, 2020: H487.15 lacs) is secured by SBLC issued
under the scheme. For contingencies attached to these grants, refer note 37.
by banks.
23. Trade payables

20. Other financial liabilities
March 31, 2021 March 31, 2020
March 31, 2021 March 31, 2020
Dues to micro and small enterprises (Refer note 46) 5.98 1.72
Non-current
Dues to other than micro and small enterprises 12,959.91 12,065.14
Security deposits from customers 1,186.86 1,270.26
12,965.89 12,066.86
Liabilities against right to use assets 3,029.17 1,357.42
Of the above
4,216.03 2,627.68
Trade payables to related parties 25.44 20.90
Current
Current maturities of long term borrowings (refer note 19) 7,271.30 4,911.22 Information about the Group’s exposure to currency and liquidity risks related to trade payables is disclosed in note
42.
Current maturities of loan against vehicles and equipments (refer note 19) 193.96 412.52
Interest accrued but not due on borrowings 72.83 162.07
Liabilities against right to use assets 650.70 316.48

H in lacs H in lacs
24. Derivatives 26. Revenue from operations (contd)

See accounting policy in note 3(c)(v) Disaggregated revenue information
March 31, 2021 March 31, 2020 The disaggregation of the Group’s revenue from contracts with customers as under:
Current Segment Year ended March 31, 2021
Foreign exchange forward contracts 12.85 (27.20) Plywood and Medium Density Total
Foreign exchange interest rate swaps - 326.15 allied products Fibre Board and allied
Foreign exchange currency swaps 73.74 (851.36) products
(Asset)/Liability 86.59 (552.41) Type of Goods
Finished goods 20,431.49 78,389.45 98,820.94
Information about the Group’s exposure to interest rate and currency risks related to derivatives is disclosed in
note 42. Stock-in-trade 1,278.74 - 1,278.74
Sale of products 21,710.23 78,389.45 1,00,099.68
25. Other current liabilities Revenue by geography
March 31, 2021 March 31, 2020 - India 21,710.23 66,325.19 88,035.42
Statutory dues 832.31 332.15 - Outside India - 12,064.26 12,064.26
Deferred income on Government grants 2,160.00 2,210.00 Total revenue from contracts with customers 21,710.23 78,389.45 1,00,099.68
Advance from customers 670.15 633.84 Segment Year ended March 31, 2020
3,662.46 3,175.99 Plywood and Medium Density Total
26. Revenue from operations products
See accounting policy in note 3(k) and (l) Type of Goods

Finished goods 21,210.73 63,164.12 84,374.85
March 31, 2021 March 31, 2020 Stock-in-trade 335.04 - 335.04
Sale of products Sale of products 21,545.77 63,164.12 84,709.89
Finished goods 98,820.94 84,374.85 Revenue by geography
Stock-in-trade 1,278.74 335.04 - India 21,545.77 47,853.01 69,398.78
1,00,099.68 84,709.89 - Outside India - 15,311.11 15,311.11
Other operating revenue Total revenue from contracts with customers 21,545.77 63,164.12 84,709.89
Government grants The reconciliation of the revenue from contracts with customers and other operating revenue is given below :
- Refund of goods and service tax and excise duty (refer note 47) - 731.72 Segment Year ended March 31, 2021
- Government grants - EPCG scheme (refer note 22) 1,696.28 1,853.94 Plywood and Medium Density Total
Export incentives 145.29 189.21 allied products Fibre Board and allied
Miscellaneous income 134.29 171.86 products
1,975.86 2,946.73 Sale of goods
1,02,075.54 87,656.62 - External customers 21,710.23 78,389.45 1,00,099.68
Reconciliation of revenue from sale of products with the contracted price - Inter-segment - - -
Contracted price 1,06,186.91 90,488.70 Other Operating Revenue 28.08 1,947.78 1,975.86
Less : Trade discounts, volume rebates etc. (6,087.23) (5,778.81) 21,738.31 80,337.23 1,02,075.54
Sale of products 1,00,099.68 84,709.89 Inter-segment elimination - - -
Less: Other Operating Revenue (28.08) (1,947.78) (1,975.86)
Total revenue from contracts with customers 21,710.23 78,389.45 1,00,099.68

H in lacs H in lacs
26. Revenue from operations (contd) 28. Cost of materials consumed

Segment Year ended March 31, 2020 Year ended Year ended
March 31, 2021 March 31, 2020
Plywood and Medium Density Total
allied products Fibre Board and allied Inventory of raw materials at the beginning of the year 4,740.47 3,695.02
products Add: Purchases 44,287.19 39,915.78
Sale of goods Less: Inventory of raw materials at the end of the year (6,389.37) (4,740.47)
- External customers 21,545.77 63,164.12 84,709.89 42,638.29 38,870.33
- Inter-segment - - -
Other Operating Revenue 48.13 2,898.60 2,946.73 29. Purchase of stock in trade
21,593.90 66,062.72 87,656.62 Year ended Year ended
Inter-segment elimination - - - March 31, 2021 March 31, 2020
Less: Other Operating Revenue (48.13) (2,898.60) (2,946.73) Purchase of traded goods 1,135.02 1,030.82
Total revenue from contracts with customers 21,545.77 63,164.12 84,709.89 1,135.02 1,030.82
a) The Group presented disaggregated revenue based on the type of goods sold to customers and location of
customers. The Group’s revenue is recognised for goods transferred at a point in time. The Group believes that 30. Changes in inventories of finished goods,work-in-progress and stock in trade
the above disaggregation the best depicts how the nature, amount, timing and uncertainty of revenues and See accounting policy in note 3(f)
cash flows are effected by industry, market and other economic factors. Segment wise nature, amount, timing Year ended Year ended
and uncertainty of revenues and cash flows are described below: March 31, 2021 March 31, 2020
Nature of goods or The Group manufactures and sales, plywood and other plywood-related allied Opening inventories
services products such as veneer, doors, etc, Medium Density Fibre Board and allied products Work-in-progress 2,587.41 2,423.13
such as fibre board, plank, etc.
Stock in trade 32.10 -
When revenue is For Domestic Customer : Revenue is typically recognised when the goods are delivered
recognised to the customer’s warehouses.
For Export Customer : Revenue is typically recognised on the receipt of bill of lading. 8,563.45 7,841.92
Significant payment Payment is received as per the agreed payment terms with customer. Closing inventories
terms Work-in-progress 1,735.16 2,587.41
Obligations for Customers have the right to return the goods to the Group, if the customers are Stock in trade 54.93 32.10
returns and refunds, dissatisfied with the quality of product which is determined on a case to case basis by Finished goods 4,259.01 5,943.94
if any the Group. 6,049.10 8,563.45
b) For contract balances i.e. trade receivables refer Note 11. Effect of foreign exchange fluctuations - 10.15
2,514.35 (711.38)
c) The amount of revenue from contracts with customers recognised in the statement of profit and loss is the
contracted price.
31. Employees benefits expense
27. Other income See accounting policy in note 3(i)
Interest on fixed deposits with banks and others 222.96 202.82 Salaries, wages, bonus, etc. 8,784.38 8,869.20
Rental Income 1.20 0.87 Contribution to provident and other funds 535.95 564.17
Foreign exchange fluctuations 34.12 - Expenses related to post-employment defined benefit plan 191.51 181.44
Miscellaneous income 86.47 19.71 Expenses related to compensated absences 199.26 138.66
344.75 223.40 Staff welfare expenses 79.20 135.27
9,790.30 9,888.74
Salaries, wages, bonus, etc. includes H602.31 lacs (March 31, 2020 H619.94 lacs) relating to outsource manpower
cost.

H in lacs H in lacs
31. Employees benefits expense (contd) 32. Finance costs

Notes: See accounting policy in note 3(p)
(a) Defined contribution plan: Employee benefits in the form of provident fund is considered as defined Year ended Year ended
contribution plan and the contributions to Employees’ Provident Fund Organisation established under The March 31, 2021 March 31, 2020
Employees’ Provident Fund and Miscellaneous Provisions Act 1952 is charged to the Statement of Profit and Interest expense on financial liabilities measured at amortised cost 1,978.56 2,552.21
Loss of the year when the contributions to the respective funds are due.
Interest expense on right to use asset 147.77 125.41
(b) Defined benefit plan: Retirement benefits in the form of gratuity is considered as defined benefit obligations Interest expense on mark to market valuation of IRS contracts and principal 598.95 (502.09)
and is provided for on the basis of third party actuarial valuation, using the projected unit credit method, as at hedging
the date of the Balance Sheet. Every Employee who has completed five years or more of service is entitled to
Exchange difference regarded as an adjustment to borrowing cost 649.87 2,312.39
gratuity on terms not less favourable than the provisions of The Payment of Gratuity Act, 1972.
Other borrowing cost 345.85 341.02
(c) Actuarial valuation of gratuity liability
3,721.00 4,828.94
March 31, 2021 March 31, 2020
33. Depreciation and amortisation expense
Defined benefit cost
See accounting policy in note 3(d)(iii) and (e)(iii)
Current service cost 138.98 135.80
Interest expense on defined benefit obligation 52.54 45.64
March 31, 2021 March 31, 2020
Defined benefit cost in Statement of Profit and Loss 191.52 181.44
Depreciation of property, plant and equipment 6,180.69 6,401.64
Remeasurements from financial assumptions 13.15 60.85
Depreciation of right to use asset 660.34 476.05
Remeasurements from experience adjustments (73.69) (110.95)
Amortisation of intangible assets 22.14 38.85
Defined benefit cost in Other Comprehensive Income (OCI) (60.54) (50.10)
6,863.17 6,916.54
Total defined benefit cost in Statement of Profit and Loss and OCI 130.98 131.34
Movement in defined benefit obligation
Balance at the beginning of the year 750.51 684.88
34. Other expenses
Current service cost 138.98 135.80 Year ended Year ended
March 31, 2021 March 31, 2020
Interest cost 52.54 45.64
Consumption of stores and spares 1,151.38 1,177.91
Actuarial (gains)/ losses recognised in other comprehensive income (60.54) (50.10)
Power and fuel 9,922.87 10,086.67
Benefits paid (83.90) (65.71)
Rent 231.87 271.90
Balance at the end of the year 797.59 750.51
Repairs to:
Sensitivity analysis
- buildings 36.99 91.86
Salary escalation - Increase by 1% 878.60 822.43
Salary escalation - Decrease by 1% 727.93 688.60 - plant and equipment 907.32 831.28
Withdrawal rates - Increase by 1% 798.38 751.80 - others 506.84 577.28
Withdrawal rates - Decrease by 1% 796.10 748.53 Insurance 632.50 284.68

Discount rates - Increase by 1% 730.48 690.63 Rates and taxes 49.65 22.48
Discount rates - Decrease by 1% 876.60 820.87 Travelling expenses 494.92 1,202.32
Actuarial assumptions Freight and delivery expenses 5,520.39 4,186.32
Mortality table IALM 2012- IALM 2006- Export expenses 2,358.11 1,997.20
2014 2008 Advertisement and sales promotion 1,065.75 884.91
Discount rate (per annum) 6.90% 7.00% Commission 46.30 40.76
Rate of escalation in salary (per annum) 6.00% 6.00% Directors sitting fees 23.60 19.58
Withdrawal rate 1% - 8% 1% - 8% Payment to auditors [refer note 34 (i) below] 40.45 32.60
Weighted average duration of defined benefit obligation (in years) 5.72 4.80 Expenditure on corporate social responsibility 18.63 34.53
(d) Amount incurred as expense for defined contribution to Provident Fund is H436.77 lacs (March 31 , 2020 H455.44
lacs)

H in lacs H in lacs
34. Other expenses (contd) 35. Income tax (contd)

Loss on sale/discard of property, plant and equipment 368.82 32.47 Tax expense in Statement of Profit and Loss 3,216.30 (275.02)
Provision for doubtful debts - 100.19 (c) Recognised deferred tax assets and liabilities:
Foreign exchange fluctuations 68.67 505.88 Property, plant and equipment and intangible assets 15,295.59 15,434.77
Miscellaneous expenses 2,215.96 2,420.43 Provisions for employee benefits (355.84) (483.02)
Provision for doubtful debts (163.46) (151.99)
25,661.02 24,801.25
Foreign exchange differences on account of mark to market valuation (794.14) (936.41)
34 (i) Payment to auditors Other temporary differences (475.13) (252.99)
Year ended Year ended Unabsorbed depreciation carried forward (8,822.36) (12,163.16)
March 31, 2021 March 31, 2020 Minimum Alternate Tax (MAT) credit (2,667.35) (758.26)
As auditors: Deferred tax liabilities 2,017.31 688.94
- Statutory audit 36.12 27.64 (d) Reconciliation of Deferred Tax Liability:
- Tax audit - - Temporary difference on account of:
- Limited review of quarterly results 3.90 3.90 Property, plant and equipment and intangible assets (139.18) 700.83
In other capacity Provisions for employee benefits 106.02 (32.18)
- Certification fees 0.43 0.73 Provision for doubtful debts (11.47) (30.23)
- Other services - - Foreign exchange differences on account of mark to market valuation 142.27 (936.41)
Reimbursement of expenses - 0.33 Other temporary differences (222.14) (243.30)

Unabsorbed depreciation carried forward 3,340.80 266.27
40.45 32.60
Minimum Alternate Tax (MAT) credit entitlement (1,909.09) (258.85)
Deferred tax in Statement of Profit and Loss 1,307.21 (533.87)
35. Income tax
Temporary difference of liabilities in other comprehensive income 21.16 17.51
Deferred tax in Total Comprehensive Income 1,328.37 (516.36)
Year ended Year ended MAT credit utilisation in income tax for earlier years - -
March 31, 2021 March 31, 2020
Total Deferred tax 1,328.37 (516.36)
(a) Amount recognised in Profit and Loss
Current tax 1,909.09 258.85
Earlier years tax - -
36. Earnings per share
Income tax 1,909.09 258.85 Year ended Year ended
March 31, 2021 March 31, 2020
Deferred tax 3,216.30 (275.02)
Basic and diluted earnings per share
Mat credit (1,909.09) (258.85)
Deferred tax 1,307.21 (533.87) (i) Profit for the year, attributable to the equity shareholders 6,880.84 1,446.06
Tax expense in Statement of Profit and Loss 3,216.30 (275.02) (ii) Weighted average number of equity shares
Deferred tax in other comprehensive income 21.16 17.51 - Number of equity shares at the beginning of the year 12,26,27,395 12,26,27,395
Tax expense in Total Comprehensive Income 3,237.46 (257.51) - Number of equity shares at the end of the year 12,26,27,395 12,26,27,395
(b) Reconciliation of effective tax rate for the year Weighted average number of equity shares 12,26,27,395 12,26,27,395
Profit before Tax 10,097.14 1,171.04 Basic and diluted earnings per share (H) [(i)/(ii)] 5.61 1.18
Applicable Income Tax rate 34.944% 34.944%
Computed tax expense 3,528.34 409.21
Additional deduction as per income tax - (15.44)
Non-deductible expenses for tax purposes 6.51 12.07
Permanent difference on account of EPCG income (592.75) (647.84)
Deferred tax asset not recognised on business losses of subsidiary 257.23 60.76
Other temporary differences 16.97 (93.78)

H in lacs H in lacs
37. Contingent liabilities and commitments 38. Leases (contd)

(to the extent not provided for) (c) Amount recognised in statement of profit and loss
Year ended Year ended Total
March 31, 2021 March 31, 2020 Interest expenses on lease liabilities 147.77
Contingent liabilities Depreciation of right-of-use assets 660.34
(a)Claims against the Group not acknowledged as debts: Expenses relating to short-term leases (included in other operating expenses) 231.87
(i) Excise duty, sales tax and other indirect taxes in dispute 1,208.17 1,208.17 Total amount recognised in profit and loss 1,039.98
Capital and other commitments
(d) Amount recognised in statement of cash flows
(i) Estimated amount of export obligations to be fulfilled in respect of goods 21,511.01 33,614.22
Total
imported under Export Promotion Capital Goods scheme (EPCG)
Total cash outflow for leases (808.11)
(ii) Estimated amount of contracts remaining to be executed on capital account 2,175.69 340.25
and not provided for (Net of advances)
39. Related party disclosure
Claim against the Group not acknowledged as debt:
a) Other related parties with whom transactions have taken place during the year
Cash outflows for the above are determinable only on receipt of judgments pending at various forums/ authorities.
Key Management Personnel (KMP)
The Group has reviewed all its pending litigations and proceedings and has adequately provided for where provisions
are required and disclosed as contingent liabilities where applicable, in its financial statements. The Group does not i) Mr Shiv Prakash Mittal, Executive Chairman
expect the outcome of these proceedings to have a materially adverse effect on its financial position. ii) Mr Shobhan Mittal, Managing Director & CEO
iii) Mr Mahesh Kumar Jiwarajka, Non-Executive Independent Director
38. Leases iv) Mr Salil Kumar Bhandari, Non-Executive Independent Director
See accounting policy in note 3(m) v) Mr Arun Kumar Saraf, Non-Executive Independent Director
Group as a lessee vi) Ms. Susmita Singha, Non-Executive Independent Director
The Group has lease contracts for offices and factory land. The Group’s obligations under these leases are secured vii) Mr V. Venkatramani, Chief Financial Officer
by the lessor’s title to the leased assets. The Group is restricted from assigning and subleasing the leased assets. viii) Mr Lawkush Prasad, Company Secretary & Assistant Vice President-Legal
The Group also has certain leases of offices with lease terms of 12 months or less. The Group applies the ‘short-
term lease’ recognition exemptions for these leases. Relatives of Key Management Personnel (KMP)
(a) Carrying amounts of right-of-use assets i) Mrs Chitwan Mittal (Wife of Mr Shobhan Mittal)
Land Offices & Cars Total
b) Enterprises controlled by Key Management Personnel or their relatives
Balance at April 1, 2020 1,225.51 1,660.67 2,886.18
i) Greenlam Industries Limited
Additions during the year - 2,657.30 2,657.30
ii) Greenlam South Limited
Depreciation charge for the year (16.31) (644.03) (660.34)
iii) Greenply Industries Limited
Exchange differences on translation of foreign operations - (41.32) (41.32)
Balance at March 31, 2021 1,209.20 3,632.62 4,841.82 c) Related party transactions
(b) Lease liabilities Greenlam Industries Limited Sale of products* 447.49 847.04
Total Purchase of products* 199.66 97.35
Maturity analysis - contractual undiscounted cash flows Rent paid 0.60 0.60
Less than one year 800.02 Greenlam South Limited Rent paid 0.60 0.27
One to five years 2,491.37 Sale of products* 3.59 82.81
More than five years 879.46 Greenply Industries Limited
Purchase of products* 37.95 -
Total undiscounted lease liabilities at March 31, 2021 4,170.85
Mr Shiv Prakash Mittal Remuneration 308.36 118.80
Lease liabilities included in the balance sheet
Mr Shobhan Mittal Remuneration 456.24 263.81
Current 650.70
Mr Mahesh Kumar Jiwarajka Sitting Fees 6.60 4.70
Non-current 3,029.17
Lease liabilities included in the balance sheet at March 31, 2021 3,679.87 Mr Salil Kumar Bhandari Sitting Fees 5.80 6.30
Mr Arun Kumar Saraf Sitting Fees 5.20 1.70
Ms Susmita Singha Sitting Fees 6.00 6.70

H in lacs H in lacs
39. Related party disclosure (contd) 40. Accounting classifications and fair values (Ind AS 107)
Name of the related party Nature of transaction March 31, 2021 March 31, 2020 See accounting policy in note 3(c)
Mr V. Venkatramani Remuneration 113.93 108.93 The fair values of financial assets and liabilities, together with the carrying amounts shown in the Consolidated
Mr Lawkush Prasad Remuneration 23.18 3.88 Balance Sheet are as follows:
Mr Banibrata Desarkar Remuneration - 18.60 Nature of transaction March 31, 2021 March 31, 2020
Mrs Chitwan Mittal Remuneration 32.95 29.23 Financial assets at amortised cost
Non-current
Note : * indicates the amounts are inclusive of applicable Goods and Service Tax (GST)
Loans 1,456.43 1,443.73
d) Outstanding balances Current
Trade receivables 7,775.98 7,052.11
Sale of products 130.53 43.64
Greenlam Industries Limited Cash and cash equivalents 1,307.43 1,125.79
Purchase of products 25.44 20.90
Other bank balances 5,891.16 28.93
e) Key Management Personnel compensation Loans 76.84 96.72
Key management personnels compensation comprised of the following: Other financial assets 4,226.16 4,016.44
Nature of transaction March 31, 2021 March 31, 2020 20,734.00 13,763.72
Short-term employee benefits 783.92 479.96 Financial assets at fair value through profit and loss
Other long-term benefits 105.91 24.33 Current
Perquisites 11.88 9.73 Level 2
Total compensation paid to key management personnel 901.71 514.02 Derivatives - 552.41
- 552.41
As the future liability for gratuity and compensated encashment is provided on an actuarial basis for the Holding Total Financial Assets 20,734.00 14,316.13
Company as a whole, the amount pertaining to each key management personnel is not separately ascertainable and,
therefore, not included above. Based on the recommendation of the Nomination and Remuneration Committee, all
decisions relating to the remuneration of the KMPs are taken by the Board of Directors of the Holding Company, in
accordance with shareholders’ approval, wherever necessary. Non-current
Borrowings 35,623.84 43,511.90
f) Terms and conditions of transactions with related parties
Other financial liabilities 4,216.03 2,627.68
Purchase from related parties are made in the ordinary course of business and on terms equivalent to those that
prevail in arm’s length transactions with other vendors. Outstanding balances at the year-end are unsecured and Current
will be settled in cash and cash equivalents. Borrowings 1,598.81 7,270.64
The Group has not recorded any impairment of receivables relating to amounts owed by related parties. This Other financial liabilities 9,875.25 7,010.88
assessment is undertaken in each financial year through examining the financial position of the related parties and Trade payables 12,965.89 12,066.86
the market in which the related party operates. 64,279.82 72,487.96
h) Details of loans, investments and guarantees covered under Section 186(4) of the Companies Act, 2013 Financial liabilities at fair value through profit and loss
(i) Details of loans Not Applicable Current
(ii) Details of investments Not Applicable Level 2
(iii) Details of guarantees Not Applicable Derivatives 86.59 -
64,366.41 72,487.96

H in lacs H in lacs
41. Fair value measurement 42. Financial risk management (contd)

The fair values of the financial assets and liabilities are included at the amount at which the instrument could be Foreign currency options contract are entered to hedge certain foreign currency risk exposures and interest rate
exchanged in a current transaction between willing parties, other than in forced or liquidation sale. swaps to hedge variable interest rate exposures. The Group’s exposure to credit risk is influenced mainly by the
individual characteristic of each customer and the concentration of risk from the top few customers. The Group’s
The Group has established the following fair value hierarchy that categories the value into 3 levels. The inputs to
risk management assessment and policies and processes are established to identify and analyse the risks faced by
valuation techniques used to measure fair value of financial instruments are:
the Group, to set appropriate risk limits and controls, and to monitor such risks and compliance with the same. Risk
Level 1: The hierarchy uses quoted prices in active markets for identical assets or liabilities. The fair value of all assessment and management policies and processes are reviewed regularly to reflect changes in market conditions
bonds which are traded in the stock exchanges is valued using the closing price or dealer quotations as at the and the Group’s activities.
reporting date.
This note presents information about the Group’s exposure to each of the above risks, the Group’s objectives,
Level 2: The fair value of financial instruments that are not traded in an active market (for example traded bonds, policies and processes for measuring and managing risk, and the Group’s management of capital.
over the counter derivatives) is determined using valuation techniques which maximise the use of observable
The sources of risks which the Group is exposed to and their management is given below:
market data and rely as little as possible on Group specific estimates. If all significant inputs required to fair value
an instrument are observable, the instrument is included in Level 2. Risk Exposure Arising from Measurement Management
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included Credit risk Trade receivables, Investments, Ageing analysis, Credit Diversification
in Level 3. Derivative financial instruments, rating of mutual fund
Loans investments, Credit
Financial assets and liabilities measured at fair value - recurring fair value measurements are as follows: limit and credit
March 31, 2021 March 31, 2020 worthiness monitoring,
Financial assets - Level 2 credit based approval
process.
Derivatives - 552.41
Liquidity risk Borrowings and Other liabilities Rolling cash flow forecasts Adequate unused credit
Financial liabilities - Level 2
lines and borrowing
Derivatives 86.59 - facilities.
Market risk Committed commercial transaction, Cash flow forecasting Forward foreign
The management assessed that trade receivables, cash and cash equivalent, other bank balances, trade payable,
Foreign Financial asset and liabilities not Sensitivity analysis exchange contracts.
cash credits, borrowings and other financial assets and liabilities approximate their carrying amounts largely due
exchange risk denominated in H
to the short term maturities of these instruments.
Interest rate Long term borrowings at variable Sensitivity analysis Interest Interest rate swaps
The following methods and assumptions were used to estimate the fair values: rates rate movements
(a) The fair value of the quoted investments are based on market price at the respective reporting date.
(i) Credit risk
(b) The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based
Credit risk is the risk of financial loss of the Group if a customer or counterparty to a financial instrument fails to
on observable yield curves based on report obtained from banking partners.
meet its contractual obligations, and arises principally from the Group receivables from customers and loans. The
(c) The fair value of forward foreign exchange contracts is calculated as the present value determined using Group is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing/
forward exchange rates and interest rate curve of the respective currencies based on report obtained from investing activities, including deposits with bank, foreign exchange transactions and financial guarantees. The
banking partners. Group has no significant concentration of credit risk with any counterparty. The carrying amount of financial
assets represent the maximum credit risk exposure.
42. Financial risk management Trade receivable
The Group has exposure to the following risks arising from financial instruments: The management has established a credit policy under which each new customer is analysed individually for
(i) Credit risk creditworthiness before the Group’s standard payment and delivery terms and conditions are offered. The Group’s
review includes external ratings, if they are available, financial statements, credit agency information, industry
(ii) Liquidity risk information and in some cases bank references.
(iii) Market risk Exposure to credit risks
Risk management framework The Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However
The Group’s principal financial liabilities, other than derivatives, comprises of borrowings, trade and other payables. management also considers the factors that may influence the credit risk of its customer base, including the default
The main purpose of these financial liabilities is to finance the Group operations. The Group’s principal financial risk associated with the industry. Details of concentration percentage of revenue generated from top customer and
assets, other than derivatives include trade and other receivables, investments and cash and cash equivalents that top five customers are stated below:
derive directly from its operations. Particulars March 31, 2021 March 31, 2020
The Group’s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. Revenue from a top customer 3.76% 5.89%
The Group’s primary risk management focus is to minimise potential adverse effects of market risk on its financial Revenue from top five customers 9.64% 10.72%
performance. The Group uses derivative financial instruments to mitigate foreign exchange related risk exposures.

H in lacs H in lacs
Trade receivables are primarily unsecured and are derived from revenue earned from customers. Credit risk is (iii) Market risk
managed through credit approvals, establishing credit limits and by continuously monitoring the creditworthiness Market risk is the risk of loss of future earnings, fair value or future cash flows that may result from a change in the
of customers to which the Group grants credit terms in the normal course of business. As per simplified approach, price of a financial instrument . The value of a financial instrument may change as a result of changes in the interest
the Group makes provision of expected credit loss on trade receivables using a provision matrix to mitigate the rates, foreign currency exchange rates, commodity prices, equity prices and other market changes that effect market
risk of default payments amd makes appropriate provisions at each reporting date whenever is for longer period risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including
and involves higher risk. On account of adoption of Ind AS 109, the Group uses expected credit loss model to assess investments and deposits, foreign currency receivables, payables and borrowings. The Group uses derivatives to
the impairment loss or gain. The Group uses a provision matrix to compute the credit loss allowance for trade manage market risks. All such transactions are carried out within the guidelines set by the management.
receivables. The said provision has been netted off under trade receivables.
(a) Currency risk
Foreign currency risk is the risk impact related to fair value or future cash flows of an exposure in foreign currency,
Balance at the beginning 426.57 326.38
which fluctuate due to changes in foreign exchange rates. The Group’s exposure to the risk of changes in foreign
Impairment loss recognised - 100.19 exchange rates relates primarily to the foreign currency borrowings, import of raw materials and spare parts, capital
Balance at the end 426.57 426.57 expenditure, exports of finished goods. The Group evaluates exchange rate exposure arising from foreign currency
transactions. The Group follows established risk management policies and standard operating procedures. It uses
The ageing analysis of the trade receivables (gross of provision) has been considered from the final due date of the derivative instruments like foreign currency swaps and forwards to hedge exposure to foreign currency risk.
invoice:
Exposure to currency risk
Ageing Not Due Less than 6 6-12 months More than 1 year Total
months The Group’s exposure to foreign currency at the end of the reporting period are as follows:
As at March 31, 2021 Particulars Currency March 31, 2021 March 31, 2020
Gross carrying amount 4,433.92 3,332.30 80.25 356.08 8,202.55 Amount I in lacs Amount I in lacs
Expected credit loss (Provision for 9.32 9.56 51.61 356.08 426.57 in Foreign in Foreign
currency currency
Bad Debts)
Carrying amount (net of impairment) 4,424.60 3,322.74 28.64 - 7,775.98 Hedged exposures
Borrowings EURO 44,54,626 3,819.94 - -
(ii) Liquidity risk USD - - 1,04,50,000 7,899.16
Liquidity risk is defined as the risk that the Group will not be able to settle or meet its obligations on time or at 3,819.94 7,899.16
reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities
Borrowings - Buyers credit USD 6,49,235 474.62 6,44,464 487.15
and the availability of funding through an adequate amount of credit facilities to meet obligations when due. The
Group’s finance team is responsible for liquidity, finding as well as settlement management. In addition, processes Trade payables EURO 91,344 78.33 88,056 73.38
and policies related to such risks are overseen by senior management. Management monitors the Group’s liquidity USD 3,89,488 284.74 1,98,103 149.75
position through rolling forecasts on the basis of expected cash flows. 363.07 223.13
The Group’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to Unhedged exposures
meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable Borrowings EURO 3,11,82,383 26,739.58 3,78,64,322 31,552.49
losses or risking damage to the Group’s reputation. Borrowings - Packing credit USD - - 6,73,446 509.06
Exposure to liquidity risk Borrowings - Foreign bill discounting EURO - - 1,03,000 85.83
The table below provides details regarding the remaining contractual maturities of financial liabilities at the Trade payables EURO 87,727 75.23 41,391 34.49
reporting date based on contractual undiscounted payments. USD 2,46,754 180.39 2,94,783 222.83
March 31, 2021 < 1 year 1 - 5 years > 5 years Total 255.62 257.32
Borrowings (including current maturities)* 10,278.39 25,900.91 11,436.65 47,615.95 Liability for Capital Goods EURO 3,43,597 294.64 4,43,667 369.71
Trade payables 12,965.89 - - 12,965.89 Interest accrued but not due on EURO 82,658 70.88 88,876 74.06
Other financial liabilities 2,423.75 3,382.91 833.12 6,639.78 borrowings
25,668.03 29,283.82 12,269.77 67,221.62 USD 2,669 1.95 39,188 29.62
72.83 103.68
March 31, 2020 < 1 year 1 - 5 years > 5 years Total
Trade receivables USD 11,72,986 857.51 15,27,500 1,154.64
Borrowings (including current maturities)* 14,230.40 31,522.11 14,786.37 60,538.88
Trade payables 12,066.86 - - 12,066.86
Other financial liabilities 1,525.07 2,360.45 267.23 4,152.75
27,822.33 33,882.56 15,053.60 76,758.49
* including estimated interest

H in lacs H in lacs
Sensitivity analysis A reasonably possible change of 100 basis points in variable rate instruments at the reporting dates would have
A reasonably possible strengthening (weakening) of the USD and EURO against Indian rupee at 31 March would increased or decreased profit or loss by the amounts shown below:
have affected the measurement of financial instruments denominated in a foreign currency and affected equity Particulars Nature Effect March 31, 2021 March 31, 2020
and profit or loss by the amount shown below. This analysis assumes that all other variables, in particular interest Strengthening (442.93) (546.55)
rates, remain constant and ignores any impact of forecast sales and purchases. Profit or loss
Weakening 442.93 546.55
Particulars Nature Effect March 31, 2021 March 31, 2020 Variable rate instruments
Strengthening 33.76 19.66 Equity, net of tax
Profit or loss Weakening 288.15 357.40
Weakening (33.76) (19.66)
USD (5% Movement) Strengthening - 78.99
Strengthening 21.96 12.79 Profit or loss
Equity, net of tax Weakening - (78.99)
Weakening (21.96) (12.79) Interest rate swap
Strengthening - 51.65
Strengthening (1,359.02) (1,605.83) Equity, net of tax
Profit or loss Weakening - (51.65)
Weakening 1,359.02 1,605.83
EUR (5% Movement) Strengthening (442.93) (467.56)
Strengthening (884.12) (1,044.69) Profit or loss
Equity, net of tax Cash flow sensitivity Weakening 442.93 467.56
Weakening 884.12 1,044.69 (net) Strengthening (288.15) (305.75)
Equity, net of tax
(b) Interest rate risk Weakening 288.15 305.75
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Group exposure to the risk of changes in market interest rates related primarily 43. Capital management
to the Group’s short term borrowing with floating interest rates. For all long term borrowings with floating rates, The Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence
the risk of variation in the interest rates in mitigated through interest rate swaps. The Group constantly monitors and to sustain future development of the business. The management monitors the return on capital, as well as the
the credit markets and rebalances its financing strategies to achieve an optimal maturity profile and financing cost. level of dividends to equity shareholders.
Exposure to interest rate risk The Group’s objective when managing capital are to: (a) to maximise shareholders value and provide benefits to
The interest rate profile of the Group ‘s interest bearing financial instruments at the end of the reporting period other stakeholders and (b) maintain an optimal capital structure to reduce the cost of capital.
are as follows: For the purpose of the Group’s capital management, capital includes issued equity share capital and other equity
Particulars March 31, 2021 March 31, 2020 reserves attributable to the equity holders.
Fixed rate instruments The Group monitors capital using debt-equity ratio, which is total debt less liquid investments divided by total
equity.
Financial liabilities (1,097.51) (2,427.77) Particulars March 31, 2021 March 31, 2020
(1,097.51) (2,427.77) Total debt (Bank and other borrowings) 44,687.91 56,106.28
Effect of interest rate swaps - (7,899.16) Less: Cash and cash equivalents 1,307.43 1,125.79
Variable rate instruments Less: Other bank balances 5,891.16 28.93
Financial assets - - Less: Balances with banks on deposit accounts - 1,200.00
Financial liabilities (44,293.28) (54,655.23) Adjusted net debt 37,489.32 53,751.56
(44,293.28) (54,655.23) Equity 73,037.80 66,164.33
Effect of interest rate swaps - 7,899.16 Debt to Equity (net) 0.51 0.81
(44,293.28) (46,756.07) In addition, the Group has financial covenants relating to the banking facilities that it has taken from all the lenders
like interest service coverage ratio, Debt to EBITDA, current ratio etc. which is maintained by the Group.
Sensitivity analysis
Fixed rate instruments that are carried at amortised cost are not subject to interest rate risk for the purpose of
sensitive analysis.
In case of variable rate instrument from Landesbank Baden-Wurttenberg, the EURIBOR element is negative since
long and seems to continue for a foreseeable period, and as such the sensitivity analysis below is unrepresentative
of a risk inherent in the said financial instrument.

H in lacs H in lacs
44. Operating segments 44. Operating segments (contd)

A. Basis of segment Year ended March 31, 2020 Reportable segments All other Total
An operating segment is a component of the Group that engages in business activities from which it may earn Plywood Medium Total segments
revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Group’ and allied Density Fibre Reportable
s other components, and for which discrete financial information is available. All operating segments’ operating products Boards and segments
results are reviewed regularly by the Group’s Chief operating decision maker (CODM) to make decisions about allied products
resources to be allocated to the segments and assess their performance. Segment revenue:
- External revenues
The Group has two reportable segments, as described below, which is the Group’s strategic business units. These
a) Sales 21,545.77 63,164.12 84,709.89 - 84,709.89
business units are managed separately because they require different technology and marketing strategies.
b) Other operating income 48.13 2,898.60 2,946.73 - 2,946.73
The following summary describes the operations in each of the Group’s reportable segments: - Inter-segment revenue - - - - -
Reportable segment Operations Total segment revenue 21,593.90 66,062.72 87,656.62 - 87,656.62
Plywood and allied products Manufacturing Segment profit/(loss) before income tax 2,869.36 8,052.45 10,921.81 - 10,921.81
Medium Density Fibre Boards and allied products Manufacturing Segment profit/(loss) before income tax
includes:
B. Information about reportable segments Interest revenue - - - - -
Interest expense - - - - -
Information regarding the results of each reportable segment is included below. Performance is measured based
Depreciation and amortisation 446.98 4,383.94 4,830.92 - 4,830.92
on segment profit (before tax), as included in the internal management reports that are reviewed by the Group’s
Tax expense - - - - -
CEO. Segment profit is used to measure performance as management believes that such information is the most
relevant in evaluating the results of certain segments relative to other entities that operate within these industries. Other material non cash item (if any) - - - - -
Inter-segment pricing is determined on an arm’s length basis. Segment assets 10,903.33 1,23,651.53 1,34,554.86 - 1,34,554.86
Segment liabilities 3,624.68 66,085.42 69,710.10 - 69,710.10
Year ended March 31, 2021 Reportable segments All other Total
Plywood Medium Total segments Property, plant and equipment are allocated based on location of the assets.
and allied Density Fibre Reportable
C. Reconciliations of information on reportable segments to Ind AS measures
products Boards and segments
allied products
March 31, 2021 March 31, 2020
Segment revenue:
i. Revenues
- External revenues
a) Sales 21,710.23 78,389.45 1,00,099.68 - 1,00,099.68 Total revenue for reportable segments 1,02,075.54 87,656.62
b) Other operating income 28.08 1,947.78 1,975.86 - 1,975.86 Revenue for other segments - -
- Inter-segment revenue - - - - - Elimination of inter-segment revenue - -
Total segment revenue 21,738.31 80,337.23 1,02,075.54 - 1,02,075.54 Elimination of revenue of discontinued operation - -
Segment profit/(loss) before income tax 2,965.62 14,830.72 17,796.34 - 17,796.34 Consolidated revenue 1,02,075.54 87,656.62
Segment profit/(loss) before income tax ii. Profit before tax
includes:
Total profit before tax for reportable segments 17,796.34 10,921.81
Interest revenue - - - - -
Profit before tax for other segments - -
Interest expense - - - - -
Depreciation and amortisation 418.55 5,609.54 6,028.09 - 6,028.09 Elimination of inter-segment profits - -
Tax expense - - - - - Elimination of profit of discontinued operation - -
Other material non cash item (if any) - - - - - Unallocated amounts:
Segment assets 9,707.45 1,19,186.86 1,28,894.31 - 1,28,894.31 Corporate expenses (7,699.20) (8,667.03)
Segment liabilities 4,406.69 61,005.32 65,412.01 - 65,412.01 Consolidated profit before tax 10,097.14 2,254.78
iii. Assets
Total assets for reportable segments 1,28,894.31 1,34,554.86
Assets for other segments - -
Unallocated amounts 16,628.53 12,027.04
Consolidated total assets 1,45,522.84 1,46,581.90

H in lacs H in lacs
44. Operating segments (contd) 46. Dues to Micro enterprises and small enterprises
Year ended Year ended March 31, 2021 March 31, 2020
March 31, 2021 March 31, 2020 (a) The amounts remaining unpaid to Micro and Small suppliers as at the end
iv. Liabilities of each accounting year
Total liabilities for reportable segments 65,412.01 69,710.10 - Principal 5.98 1.72
Liabilities for other segments - - - Interest - -
Unallocated amounts 7,073.03 10,707.47 (b) The amount of interest paid by the buyer in terms of Section 16 of the - -
Micro, Small and Medium Enterprises Development Act, 2006 (MSMED
Consolidated total liabilities 72,485.04 80,417.57
Act, 2006) along with the amount of the payment made to the supplier
v. Other material items beyond the appointed day during each accounting year.
(c) The amount of interest due and payable for the period of delay in making - -
Particulars Year ended March 31, 2021 Year ended March 31, 2020
payment (which have been paid but beyond the appointed day during the
Reportable Adjustments Consolidated Reportable Adjustments Consolidated year) but without adding the interest specified under MSMED Act, 2006.
segment totals segment totals
total total (d) The amount of interest accrued and remaining unpaid at the end of each - -
Interest revenue - - - - - - accounting year
Interest expense - 3,721.00 3,721.00 - 4,828.94 4,828.94 (e) The amount of further interest remaining due and payable even in the - -
succeeding years, until such date when the interest dues as above are
Depreciation and 6,028.09 835.08 6,863.17 4,830.92 2,085.62 6,916.54
actually paid to the small enterprise, for the purpose of disallowance as a
amortisation expense
deductible expenditure under Section 23 of the MSMED Act, 2006.
D. Geographical information Note: The above information regarding Micro Small & Medium Enterprises has been determined to the extent such
Particulars Within India Outside India Total parties have been identified on the basis of the information available with the Group. The same has been relied
March 31, March 31, March 31, March 31, March 31, March 31, upon by the auditors.
2021 2020 2021 2020 2021 2020
External revenue by 90,011.28 72,345.51 12,064.26 15,311.11 1,02,075.54 87,656.62 47. Government grant (Ind AS 20): Other operating revenue includes incentives against scheme of budgetary
location of customers support under Goods and Services Tax Regime for the unit set-up in Rudrapur, Uttarakhand of H Nil (March 31
,2020 H731.72 lacs)
Carrying amount of 1,42,259.25 1,44,007.20 3,263.59 2,574.70 1,45,522.84 1,46,581.90
segment assets by location Government grants receivable as on March 31, 2021 includes capital incentive subsidy of H1,477.50 lacs, power
of assets cost reimbursement subsidy of H1,541.89 lacs, and refund of goods and service tax on exports of H514.38 lacs for
the unit set-up in Chittor, Andhra Pradesh. It also includes incentive receivable against scheme of budgetary
E. Major customer support under Goods and Services Tax Regime of H597.34 lacs for the unit set-up in Rudrapur, Uttarakhand.
The Group does not receive 10% or more of its revenues from transactions with any single external customer. Few of these grants are pending to be sanctioned/approved at various levels of government departments,
balance are pending for disbursement by government authorities.
45. Taxation
48. Exceptional Items
The Group has established a comprehensive system of maintenance of information and documents as required
by the transfer pricing regulations under Sections 92-92F of the Income-Tax Act, 1961. Since the law requires March 31, 2021 March 31, 2020
existence of such information and documentation to be contemporaneous in nature, the Group continuously Liability for repayment of central excise refund - 1,083.74
updates its documents for the international transactions entered into with the associated enterprises during the
financial year. The management is of the opinion that its international transactions are at arm’s length so that The Hon’ble Supreme Court of India vide its Order dated April 22, 2020 upheld the Special Leave Petition filed by
the aforesaid legislation will not have any impact on the financial statements, particularly on the amount of tax the Union of India & Others in Civil Appeal Nos.2256-2263 of 2020 arising out of S.L.P. (C) Nos. 28194-28201/2010
expense for the year and that of provision for taxation. in respect of availing of area based exemption under Central Excise in respect of manufacturing unit of Greenply
Industries Limited (Greenply) at Tizit, Nagaland. Greenply may have to refund maximum principal amount upto
H2,709.36 lacs in respect of excess refund received from the Excise Department for the period from April 1, 2008 to
June 30, 2017. There is no penalty in this matter. The Excise Act does not contain any provision requiring payment
of interest on amount erroneously refunded.
However, as per Clause No. 4.3.6 of the Composite Scheme of Arrangement between Greenply and the Holding
Company duly approved by the Hon’ble National Company Law Tribunal, Guwahati Bench on June 28, 2019, the
above principal amount of H2,709.36 lacs along with interest, if any, shall be shared by Greenply and the Holding
Company. The Holding Company has, as a matter of abundant precaution, considered the probable outflow of
H1,083.74 lacs i.e. 40% of H2,709.36 lacs as liability, based on the legal opinion and facts of present circumstances,
and accordingly recognised the same as an exceptional expense in the Consolidated Statement of Profit and Loss
for the year ended March 31, 2020.
Notes to the consolidated financial statements for the year ended March 31, 2021
H in lacs Corporate Information
49. Disclosure of Covid-19 impact on the Group
Board of Directors
Due to outbreak of COVID-19 which has been declared as a Pandemic by World Health Organization and subsequent
lock down ordered by the Central and State Government(s) in India, the manufacturing facility of the Holding Mr. Shiv Prakash Mittal, Executive Chairman
Company at Rudrapur, Uttarakhand remained suspended from March 24, 2020 till May 26, 2020, and at Chittor, Mr. Shobhan Mittal, Managing Director & CEO
Andhra Pradesh from March 26, 2020 till May 21, 2020. In adherence to the safety norms prescribed by Government Mr. Salil Kumar Bhandari, Independent Director
of India, the operations had been resumed as per Government guidelines in manufacturing units and offices. The
Mr. Mahesh Kumar Jiwrajka, Independent Director
same was scaled up in accordance with the guidelines being issued by the respective States and due consideration
for safety of employees. Ms. Sushmita Singha, Independent Director
Mr. Arun Kumar Saraf, Independent Director
This situation had disturbed the economic activity through interruption in manufacturing activities. The lockdown
was gradually lifted and economic activity resumed to its normal levels, the Group was able to achieve normalcy
in operations by end of FY2020-21. In order to maintain adequate liquidity, the Holding Company had availed
Audit Committee Bankers/financial institutions
moratorium on some of the payments falling due between March 2020 and August 2020. During the fourth quarter
Mr. Salil Kumar Bhandari, Chairman Axis Bank Ltd.
ended March 31, 2021, revenues and profitability of the Group have seen significant improvement backed by
increase in demand post lockdown. Mr. Shiv Prakash Mittal HDFC Bank Ltd.
Mr. Mahesh Kumar Jiwrajka Landesbank Baden-Wurttemberg
50. Distribution made and proposed dividend (Ind AS 1) Ms. Sushmita Singha RBL Bank Limited
Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognised Mr. Arun Kumar Saraf State Bank of India
as a liability (including dividend distribution tax thereon) as at March 31, 2021. Since no dividend has been proposed Indusind Bank Ltd.
in the current and previous year, financial figures with respect to the same has not been given. Stakeholders Relationship Committee
Mr. Mahesh Kumar Jiwrajka, Chairman Statutory Auditors
51. The figures for the previous year are re-classified/ re-arranged / re -grouped, wherever necessary so as to be Mr. Shiv Prakash Mittal M/s. S. S. Kothari Mehta & Co (FRN: 000756N)
in conformity with the figures of the current year’s classification/disclosure. Mr. Shobhan Mittal Plot No. 68, Okhla Industrial Area, Phase – III,
New Delhi – 110020
Nomination & Remuneration Committee
Mr. Salil Kumar Bhandari, Chairman Registrar & Share Transfer Agent
The accompanying notes form an integral part of the consolidated financial statements M/S Maheshwari Datamatics Private Limited
Mr. Mahesh Kumar Jiwrajka
As per our report of even date attached Ms. Sushmita Singha 23, R N Mukherjee Road, 5th Floor,
For S.S. Kothari Mehta & Company For and on behalf of Board of Directors of Kolkata – 700001
Chartered Accountants Greenpanel Industries Limited Corporate Social Responsibility Committee Phone: (033) 2248-2248, 2243-5029
Firm Registration number: 000756N CIN: L20100AS2017PLC018272 Ms. Sushmita Singha, Chairperson
Registered Office:
Mr. Shiv Prakash Mittal
Sunil Wahal Shiv Prakash Mittal Shobhan Mittal Makum Road, P.O. Tinsukia, Assam - 786125
Partner Executive Chairman Managing Director & CEO Mr. Shobhan Mittal
Membership No: 087294 (DIN : 00237242) (DIN : 00347517) CIN:
Operational Committee
L20100AS2017PLC018272
V. Venkatramani Lawkush Prasad Mr. Shiv Prakash Mittal, Chairman
Chief Financial Officer Company Secretary & AVP-Legal Mr. Shobhan Mittal Corporate Office:
Mr. Arun Kumar Saraf Thapar House, 2nd Floor
Dated : May 14, 2021 Dated : May 14, 2021 163, S. P. Mukherjee Road, Kolkata - 700 026
Chief Financial Officer
Phone: (033)-4084-0600
Mr. Vishwanathan Venkatramani
Fax: (033)-2464-5525
Chief Investor Relations Officer Email: investor.relations@greenpanel.com
Mr. Vishwanathan Venkatramani, CFO Website: www.greenpanel.com
Company Secretary & AVP-Legal Manufacturing Facilities
Mr. Lawkush Prasad 1. Pantnagar, Rudrapur, Uttarakhand
2. Chittoor, Andhra Pradesh
260 | Greenpanel Industries Limited

Greenpanel AR FY21

Uploaded by

Copyright:

Available Formats

You might also like

Greenpanel AR FY21

Uploaded by

Document Information

Original Description:

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

Greenpanel AR FY21

Uploaded by

Copyright:

Available Formats

GPIL/2021-2022

The Manager The Manager

Sub: Annual Report for the financial year 2020-21

Kindly take the above on record.

Greenpanel Industries Limited

Pride > Profit

It would play the game for pride instead.

02 | Greenpanel Industries Limited Annual Report 2020-21 | 03

Greenpanel encountered Greenpanel responded

04 | Greenpanel Industries Limited Annual Report 2020-21 | 05

complement of Adaptable De-merger

vision, volume and

value – for its entire

06 | Greenpanel Industries Limited Annual Report 2020-21 | 07

Contemporary Versatile Transformative

Adaptable Trustworthy Eco-friendly

What we are De-merger Management

08 | Greenpanel Industries Limited Annual Report 2020-21 | 09

Definition Definition Definition Definition Definition Definition Definition Definition

10 | Greenpanel Industries Limited Annual Report 2020-21 | 11

has evolved 2015

across the 2016

Listed on NSE and BSE as

12 | Greenpanel Industries Limited Annual Report 2020-21 | 13

At Greenpanel, Most people asked, ‘Aren’t you seeking

A number of people asked, ‘What are

distinctive R>R you doing to grow your topline?’

A number of people asked, ‘Why don’t

A number of people suggested, ‘When

A number of well-wishers hinted, ‘If

14 | Greenpanel Industries Limited Annual Report 2020-21 | 15

16 | Greenpanel Industries Limited Annual Report 2020-21 | 17

– and validated – during the last financial tear. At

Our building blocks

We will continue to invest in our brand, the

18 | Greenpanel Industries Limited Annual Report 2020-21 | 19

20 | Greenpanel Industries Limited Annual Report 2020-21 | 21

Managing Director’s perspective

explored different ways

of growing the market.

22 | Greenpanel Industries Limited Annual Report 2020-21 | 23

24 | Greenpanel Industries Limited Annual Report 2020-21 | 25

Our principal de-risking

The bedrock of our

26 | Greenpanel Industries Limited Annual Report 2020-21 | 27

Our principal de-risking

global population (and possibly The Indian government’s

is likely to sustain its be progressively compressed into shorter

28 | Greenpanel Industries Limited Annual Report 2020-21 | 29

Over the years, Greenpanel

Overview little more than three quarters to suggest counter-initiatives.

30 | Greenpanel Industries Limited Annual Report 2020-21 | 31

The risks affecting our business

32 | Greenpanel Industries Limited Annual Report 2020-21 | 33

34 | Greenpanel Industries Limited Annual Report 2020-21 | 35

36 | Greenpanel Industries Limited Annual Report 2020-21 | 37

38 | Greenpanel Industries Limited Annual Report 2020-21 | 39

“What Greenpanel “We used to buy