GREENPLY INDUSTRIES LTD

Greenply Industries Limited, founded in 1984 in Mon district, Nagaland is a pioneering force in discovering new prospects, fostering product innovation, and embracing sustainable methodologies. As a premier interior infrastructure company in India, it has left an indelible mark on interior spaces nationwide for nearly four decades. Incorporated in 1990, Company mainly involved in manufacturing of plywood, medium density fibre boards (MDF) and trading of wallcovers and allied products. Greenply has been the first company to introduce a lifetime guarantee in its premium plywood products, Green Club and Green Club Plus Plywood. Greenply Industries has three overseas subsidies viz. Greenply Trading Pte. Limited, Greenply Holdings Pte. Limited, Singapore and Greenply Middle East Limited. Greenply Trading Pte. Limited., incorporated in Singapore, is engaged into trading of Medium Density Fibreboards and allied products. It has invested into a Joint Venture Company viz. Greenply Alkemal (Singapore) Pte. Limited., incorporated in Singapore which is engaged into trading of veneers. Greenply Middle East Limited, incorporated in Dubai, is engaged into trading of veneers and operates as an investment vehicle. It has invested into a wholly owned subsidiary company Greenply Gabon SA, Gabon, West Africa, which is engaged into manufacturing of veneers. Greenpanel Industries Limited is a wholly owned subsidiary of Greenply Industries incorporated in India, to carry on the sales and marketing of Medium Density Fibreboards (MDF) and allied products. The Company expanded the capacities of Sawing of logs to 12500 Cu.Mt, Peeling of logs to 21000 Cu.Mt, Plywood to 18000 Cu.Mt in 1995. In 1996 the company diversified into Wind mill project at an installed capacity of 550 KW. During 2001 the company introduced a new grade of product under the name of 'Club Premium' and it was well accepted by the customers. The company is mainly focusing on quality product in times to come. A new novel Decorative Sheet with combination of Veneer and Laminates under the name of Duets was introduced during 2001-02. During the year ended 31 March 2014, Greenply Industries continued its efforts in the area of product integration and deeper market penetration. The company continued to expand its export markets for laminates during 2013-14. During the year under review, the company introduced more value-added products in its plywood and allied products business. The business unit invested in timber plantation in Nagaland for backward integration. During the year under review, the company's medium density fibreboard (MDF) business unit launched products catering to different sections addressed at countering cheaper plywood. The business unit penetrated deeper into the rural market during the year. The company's laminates and allied product business unit introduced innovative and value-added products during the year. The business unit extended to the manufacture of engineered veneer flooring, the first time this will be introduced in India. During the year under review, Greenply Industries' long term credit rating was upgraded by one notch to 'CARE A' by CARE. During the year under review, Greenply Industries incorporated two overseas wholly-owned subsidiaries viz. Greenply Industries (Myanmar) Pvt. Ltd. in Myanmar and Greenply Trading Pte. Ltd. in Singapore and also incorporated two wholly-owned subsidiaries in India viz. Greenlam Industries Limited and Greenlam VT Industries Pvt. Ltd. Further, a wholly-owned subsidiary of the company in United Kingdom viz. Greenlam Europe (UK) Limited has ceased to be a direct subsidiary of the company and become a step-down subsidiary of the company owing to fresh issue and allotment of shares by Greenlam Europe (UK) Limited to an existing wholly-owned subsidiary of the company in Singapore viz. Greenlam Asia Pacific Pte. Ltd. During the year ended 31 March 2015, Greenply Industries continued its efforts in the area of product integration and deeper market penetration. The company launched several new products across various categories in its plywood and allied products business. The plywood and allied products business unit penetrated the largely untapped rural market, and strengthened rural sales distributor base. GREENPLY ALKEMAL (SINGAPORE) PTE. LTD. (a joint venture company of Greenply Industries Limited, India and Alkemal Singapore Pte. Ltd., Singapore) was incorporated on 14 May 2014 as a Private Limited Company in Singapore. The said Joint Venture Company is equally owned (50:50 investments owned directly or through subsidiary/ affiliates) by Greenply Industries and Alkemal Singapore Pte. Limited. The Joint Venture Company has started its business and subject to necessary regulatory approvals, will acquire and own 100% share of Greenply Industries (Myanmar) Pvt. Ltd. During the year under review, the Hon'ble Gauhati High Court has, on October 31, 2014, approved the composite Scheme of Arrangement under Sections 100 to 104 and 391 to 394 of the Companies Act, 1956 between Greenply Industries Limited (Greenply) and Greenlam Industries Limited (Greenlam) and their respective shareholders and creditors, for demerger of the Decorative Business (comprising of Laminates and Allied Products) of Greenply with all its assets and liabilities, into Greenlam with effect from April 1, 2013 (Appointed Date). The Scheme was effective from November 17, 2014 i.e. the date of filing of the certified copy of the order of the Hon'ble Gauhati High Court with the Registrar of Companies, Shillong. Consequent to the scheme becoming effective, shareholders of Greenply Industries Limited were allotted one fully paid up equity share of Rs 5 each of Greenlam Industries Limited for every one equity share held by them in the company as on the record date i.e., 27th November, 2014. Further, the existing equity capital of Greenlam Industries Limited which was fully held by Greenply Industries Limited was cancelled and Greenlam Industries Limited has ceased to be a subsidiary of the company. Pursuant to the said Scheme, overseas subsidiaries viz. Greenlam Asia Pacific Pte. Ltd., Singapore, Greenlam America, Inc., USA, Greenlam Asia Pacific (Thailand) Co., Ltd., Thailand, Greenlam Holding Co., Ltd., Thailand, PT. Greenlam Asia Pacific, Indonesia and Greenlam Europe (UK) Ltd., UK. and Indian subsidiary viz. Greenlam VT Industries Pvt. Ltd. were transferred to Greenlam Industries Limited and have ceased to be subsidiaries of the company. During the year ended 31 March 2016, Greenply Industries continued its efforts in the area of product integration and deeper market penetration.In FY 2015-16, Greenply Industries started new business venture of trading in wallpaper of different categories, sourced from various overseas suppliers and marketed in India under the company's brand. In plywood and allied products business, the company introduced several new products across various categories. During the year under review, the company introduced a path-breaking advanced plywood manufacturing technology called QuadraPro to help produce plywood with uniform thickness, remove any gap and give a stronger bind, ensuring flawless plywood. The business unit launched an innovative mobile application called Disha App' for the company's sales executives, which would facilitate quick decision-making. The plywood and allied products business unit initiated cost-optimising initiatives like power trading on exchange, strategic raw material planning and procurement, energy conservation, wastage and downtime reduction, and manpower optimization. The company's Green Doors business unit started providing doors as per customised sizes of customers. The company strengthened team to scale up the doors business. During the year under review, the company's Medium Density Fibreboard (MDF) unit developed low-emission E-1 grade MDF boards, UV-curved MDF boards, routing grade MDF boards and FR grade MDF boards. In its wooden floor products business, the company strengthened its retailer network to 400, enhancing brand visibility and market reach. The unit bagged several new projects in the residential and hotel space. During the year under review, Greenply Industries transferred its entire shareholding in Greenply Industries (Myanmar) Pvt. Ltd., Myanmar to Greenply Alkemal (Singapore) Pte. Ltd., Singapore (a Joint Venture Company of Greenply Industries Limited, India through its wholly owned subsidiary Greenply Trading Pte. Ltd., Singapore and Alkemal Singapore Pte. Ltd., Singapore). Accordingly, Greenply Industries (Myanmar) Pvt. Ltd., Myanmar has ceased to be wholly owned subsidiary company of Greenply Industries Limited. Greenply Industries has received permission from the Excise Authorities to avail the benefit of exemption and consequential refund of excise duty under Notification No. 20/2007-CE dated 25 April 2007 for a period of 10 years from July 2015, in respect of the company's unit situated at Tizit (Nagaland). During the year under review, credit rating agency Credit Analysis and Research Ltd. (CARE) upgraded both long term and short term ratings from CARE A and CARE A1 to CARE AA- and CARE A1+. Up-gradation in credit rating reflects Greenply Industries' commitment and capability to persistent growth through prudence and focus on financial discipline. During the year under review, the equity shares of the company were sub-divided from face value of Rs.5/- each to face value of Rs.1/- each. During the year ended 31 March 2017, Greenply Industries issued and allotted 19,45,525 equity shares of face value of Rs 1 each through QIP to Qualified Institutional Buyers at the issue price of Rs 257 per equity share, aggregating to Rs 49,99,99,925. During the year, the company launched Green Defender plywood. Green Defender plywood protects spaces against fiery threats. Commonly used for woodwork in kitchens, it can also be used in offices, or anywhere else to reduce the risk and spread of fire. During the year under review, the company expanded its Optima G product range across various price points and features. The company also expanded its Compreg plywood range across shuttering and insulation applications. The company expanded its Ecotec product range across various price points and features. During the year under review, the company successfully positioned its wooden floor products branded as Green Floormax as B2C products with distinct features. During the year, the company reinforced presence its wooden floor products with retailers and channel partners to grow its retailer network. The company bagged several prestigious residential and hospitality projects for supply of wooden floor products. During the year under review, the company commissioned a plant in Gabon, West Africa for veneer. During the year ended 31 March 2018, Greenply Industries incorporated Greenpanel Industries Limited as a wholly owned subsidiary in India. The Board of Directors of Greenply Industries accorded their approval for the expansion of Veneer line in the existing manufacturing unit of Greenply Gabon SA, Gabon, step-down wholly owned subsidiary of the company, situated at Nkok SEZ, Gabon, West Africa. The Company's Medium Density Fibre Board's (MDF) Division was demerged into a wholly owned subsidiary, Greenpanel Industries Limited effective from April 01, 2018. Consequent to the Scheme becoming effective, shareholders of Greenply Industries Limited were allotted 1 (one) fully paid up equity share of Re.1 (one) each of Greenpanel Industries Limited for every 1 (one) equity share of Re. 1 (one) each held by them in the Greenply as on the record date i.e., 15th July, 2019. Greenply Sandila Private Limited was incorporated on 24th May, 2021 for manufacturing of plywood and its allied products and Baahu Panels Pvt. Ltd. was acquired on 4th August, 2021 as a wholly owned subsidiary of the Company. The Company acquired M/s. Greenply Speciality Panels Private Limited (formerly Baahu Panels Pvt. Ltd.), as a wholly owned subsidiary of the Company for setting-up of a new unit in Taluka: Savli, District: Vadodara, Gujarat for manufacturing of Medium Density Fibreboard (MDF) under the said Wholly Owned Subsidiary. The Company launched Green Platinum brand, featuring 2x fire resistance, waterproofing, and a moneyback guarantee, & introduced India's first 10ft x 4ft extra-large plywood sheets in 2023. The Company commenced commercial production of Medium Density Fibreboard (MDF) in May, 2023 at its newly commissioned facility in Gujarat. Further the Company entered into a JV with Samet, a Turkey based leading global furniture fittings manufacturer, in October 2023, for manufacturing and selling functional furniture hardware such as slide systems for wooden and metallic drawers, hinge systems, lift-up systems, drawer box systems and other connection fittings through a manufacturing facility in India. It started commercial production for first phase at its manufacturing facility near Vadodara, Gujarat on 30th March, 2024. Alishan Panels Private Limited was incorporated on 07 March, 2024 as a subsidiary of the Company. Company commenced operations at its manufacturing facility for the furniture and fittings joint venture in Vadodara in FY 2025.