GPIL/2023-2024

June 2, 2023

The Manager The Manager

BSE Limited National Stock Exchange of India Limited
Department of Corporate Services Exchange Plaza, C-1, Block G,
Floor 25, P. J. Towers, Dalal Street Bandra Kurla Complex, Bandra (E),
Mumbai-400001 Mumbai - 400051
Scrip Code: 542857 Symbol – GREENPANEL

Dear Sir/Madam,

Sub: Annual Report for the financial year 2022-23

Pursuant to Regulation 34 of the Securities and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015, kindly find enclosed the Annual Report of
the Company for the financial year 2022-23 along with a Notice of the 6th Annual General
Meeting, which is being sent to the members of the Company, for their adoption at the 6th
Annual General Meeting of the Company to be held on Tuesday, June 27, 2023, at 11 a.m.
(IST) through Video Conferencing/Other Audio-Visual Means.

A copy of the Annual Report of the Company for the financial year 2022-23 is also being
posted on the website of the Company at [Link]
content/uploads/2023/06/Annual-Report_2022-[Link] and the notice of the 6th Annual
General Meeting at [Link]
[Link]

This is for your information and records.

Thanking you,

Yours faithfully,
For GREENPANEL INDUSTRIES LIMITED
LAWKUSH Digitally signed by
LAWKUSH PRASAD

PRASAD [Link] +05'30'

Date: 2023.06.02

(Lawkush Prasad)
Company Secretary & VP – Legal
ACS:18675

Encl.: a/a
 GREENPANEL INDUSTRIES LIMITED
Registered and Corporate Office: Thapar House, 2nd Floor, 163, S. P. Mukherjee Road,
Kolkata - 700 026, India
Business Office: 3rd Floor, Plot No. 68, Sector - 44, Gurugram - 122003, India
Phone: (033) 4084-0600,
Email: [Link]@[Link], Website: [Link]
CIN: L20100AS2017PLC018272

NOTICE
Notice is hereby given that the 6th annual general meeting general meeting of the company at such remuneration, as
(‘AGM’ or ‘meeting’) of the members of Greenpanel Industries may be decided by the board of directors of the company
Limited will be held as scheduled below: based on the recommendation of the Audit committee,
in addition to reimbursement of out of pocket expenses
Day : Tuesday in connection with audit of the financial statements of
the company.

GREENPANEL INDUSTRIES LIMITED

Date : June 27, 2023
Time : 11.00 a.m. IST RESOLVED FURTHER THAT Mr. Shiv Prakash Mittal
Mode : Through video conferencing (“VC”) or other (DIN: 00237242), Executive Chairman, Mr. Shobhan
Mittal (DIN: 00347517), Managing Director and CEO and
audio-visual means (“OAVM”) to transact the
Mr. Lawkush Prasad, Company Secretary and VP-Legal
following businesses:
of the company be and are hereby severally authorised
to sign and file necessary e-forms with the Registrar of
ORDINARY BUSINESS Companies, issue appointment letter to the Auditors
1. To consider and adopt the audited standalone financial and to do all such acts, deeds, and things as may be
statements of the company for the financial year ended considered necessary, desirable or expedient to give
March 31, 2023, the audited consolidated financial effect to this resolution.”
statements of the company for the said financial year, and
the reports of the board of directors and auditors thereon. SPECIAL BUSINESS
5. Reappointment of Mr. Salil Kumar Bhandari

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2. To confirm payment of interim dividend of I1.50/- (one (DIN: 00017566) as an independent director of
rupees and fifty paise) per share i.e., 150% on face value the company for a second term of 5 years
of equity shares of I1/- on 12,26,27,395 equity shares of
To consider and if thought fit, to pass, with or
the company, paid to the shareholders for the financial
without modification(s), the following resolution as a
year 2022-23.
special resolution:

ANNUAL REPORT 2022-23

3. To appoint a director in place of Mr. Shiv Prakash Mittal
“RESOLVED THAT pursuant to the provisions of
(DIN: 00237242), who retires by rotation at the ensuing
sections 149, 150, 152, 160 and any other applicable
annual general meeting and, being eligible, offers himself
provisions of the Companies Act, 2013 (“the Act”) and the
for re-appointment.
Companies (Appointment and Qualification of Directors)
Rules, 2014 (including any statutory modification(s) or
4. To re-appoint the statutory auditors of the company and re-enactment(s) thereof for the time being in force) read
to fix their remuneration. with schedule IV to the Act and regulation 16(1)(b), 17,
25(2), 25(2A) and other applicable provisions of the
To consider and, if though fit to pass with or SEBI (Listing Obligations and Disclosure Requirement)
without modification the following resolution as an Regulations, 2015 (“Listing Regulation”) and pursuant
ordinary resolution to the provisions of the Articles of Association of the
company and recommendation of the nomination and
“RESOLVED THAT pursuant to the provisions of remuneration committee and the board of directors of
sections 139, 142 and other applicable provisions, if any, the company, Mr. Salil Kumar Bhandari (DIN: 00017566),
of the Companies Act, 2013 read with the Companies who was appointed as an independent director of the
(Audit and Auditors) Rules, 2014 [including any statutory company by the shareholders for a period of five years
modification(s), amendments, substitutions or re- with effect from August 6, 2018 and whose tenure
enactment(s) thereof, for the time being in force] and is expiring on August 6, 2023 and has submitted a
recommendations of the audit committee and the board declaration that he meets the criteria for independence
of directors of the company, M/s. S. S. Kothari Mehta & as required in section 149(7) of the Act and regulation
Company, Chartered Accountants (Firm Registration No. 25(8) of Listing Regulations, be and is hereby reappointed
– 000756N) be and are hereby re-appointed as statutory as an independent director of the company to hold office
auditors of the company to hold office for a further term for a second term of five consecutive years with effect
of five consecutive years from the conclusion of the 6th from August 6, 2023 till August 5, 2028 whose office shall
annual general meeting till the conclusion of 11th annual not be liable to retire by rotation.
 RESOLVED FURTHER THAT Mr. Shiv Prakash Mittal NOTES:
(DIN: 00237242), Executive Chairman, Mr. Shobhan
1. The explanatory statement pursuant to section 102(1)
Mittal (DIN: 00347517), Managing Director and CEO and
of the Companies Act, 2013, and Para 1.2.5 of the
Mr. Lawkush Prasad, Company Secretary and VP-Legal,
Secretarial Standard on General Meetings ("SS-2")
be and are hereby severally authorised to file returns of
issued by the Institute of Company Secretaries of India
appointment with the Registrar of companies, issue letter
relating to the special businesses to be transacted at
of appointment and to do all such acts, deeds, matters,
and things as may be deemed necessary to give effect the meeting as set out in Items No. 5 to 6 is annexed
to this resolution.” hereto. Additional information, pursuant to regulation
36(3) of the SEBI (Listing Obligations and Disclosure
6. Reappointment of Mr. Mahesh Kumar Jiwrajka Requirements) Regulations, 2015 ("Listing Regulations"),
(DIN: 07657748) as an independent director of is also annexed hereto.
the company for a second term of 5 year
2. In view of the COVID-19 pandemic, the Ministry of
To consider and if thought fit, to pass, with or
Corporate Affairs ("MCA") has vide general circular
without modification(s), the following resolution as a
Nos. 14/2020 dated April 8, 2020, 17/2020 dated April
special resolution:
13, 2020, 20/2020 dated May 5, 2020, 02/2021 dated
January 13, 2021, 19/2021 dated December 8, 2021,
“RESOLVED THAT pursuant to the provisions of
21/2021 dated December 14, 2021, 02/2022 dated May
sections 149, 150, 152, 160 and any other applicable
ANNUAL REPORT 2022-23

provisions of the Companies Act, 2013 (“the Act”) and the 5, 2022, 10/2022 and 11/2022 dated December 22, 2022
Companies (Appointment and Qualification of Directors) (collectively referred to as "MCA Circulars") and Securities
Rules, 2014 (including any statutory modification(s) or and Exchange Board of India ("SEBI") has, vide circular
re-enactment(s) thereof for the time being in force) read nos. SEBI/HO/CFD/CMD1/CIR/P/2020/79 dated May
with schedule IV to the Act and regulation 16(1)(b), 17, 12, 2020, SEBI/HO/CFD/CMD2/CIR/P/2021/11 dated
25(2), 25(2A) and other applicable provisions of the January 15, 2021, SEBI/HO/DDHS/DDHS/CIR/P/2021/21
SEBI (Listing Obligations and Disclosure Requirement) dated February 26, 2021, SEBI/HO/DDHS/DDHS_Div2/P/
Regulations, 2015 (“Listing Regulation”) and pursuant CIR/2021/697 dated December 22, 2021, SEBI/HO/
to the provisions of the Articles of Association of the DDHS/DDHS_Div2/P/CIR/2022/079 dated June 3, 2022,
company and recommendation of the nomination and and SEBI/HO/CFD/PoD-2/P/CIR/2023/4 dated January
remuneration committee and the board of directors of the 5, 2023 (collectively referred to as "SEBI Circulars")
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Company, Mr. Mahesh Kumar Jiwrajka (DIN: 07657748), permitted companies to conduct annual general
who was appointed as an independent director of the meeting ("AGM") through video conference (‘VC’) or other
company by the shareholders with effect from August 6, audio-visual means (‘OAVM’), subject to compliance of
2018 and whose tenure is expiring on August 6, 2023 and conditions mentioned therein. In compliance with the
has submitted a declaration that he meets the criteria for MCA Circulars and SEBI Circulars, the AGM of the
GREENPANEL INDUSTRIES LIMITED

independence as required in section 149(7) of the Act and members of the company is being conducted through
regulation 25(8) of Listing Regulations, be and is hereby VC or OAVM.
reappointed as an independent director of the company
to hold office for a second term of five consecutive years 3. The members can join the AGM through VC/OAVM mode
with effect from August 6, 2023 till August 5, 2028 whose between 60 minutes before and 30 minutes after the
office shall not be liable to retire by rotation. scheduled time of the commencement of the AGM by
following the procedure mentioned in the notice. The
RESOLVED FURTHER THAT Mr. Shiv Prakash Mittal facility of participation at the AGM through VC/OAVM
(DIN: 00237242), Executive Chairman, Mr. Shobhan will be made available to at least 1000 members on
Mittal (DIN: 00347517), Managing Director and CEO, and a first-come, first-served basis. This will not include
Mr. Lawkush Prasad, Company Secretary and VP-Legal large shareholders (shareholders holding 2% or more
of the Company be and are hereby severally authorized shareholding), promoters, institutional investors,
to file returns of appointment with the Registrar of directors, key managerial personnel, the chairpersons
companies, issue letter of appointment and to do all of the audit committee, nomination and remuneration
such acts, deeds, matters and things as may be deemed committee, stakeholder relationship committee,
necessary to give effect to this resolution”.
auditors, etc., who are allowed to attend the AGM without
Place: Gurgaon By order of the Board restriction on a first-come, first-served basis.

Date: May 6, 2023 For Greenpanel Industries Limited

4. The attendance of the members attending the AGM
through VC/OAVM will be counted for the purpose of
Registered office: Lawkush Prasad ascertaining the quorum under Section 103 of the
Thapar House, 2nd Floor, Company Secretary and VP-Legal Companies Act, 2013.
163, S.P. Mukherjee Road, Membership No.: A18675
Kolkata - 700026 5. Since the AGM is being held pursuant to the MCA
and SEBI Circulars through VC/OAVM, the physical
 Notice

attendance of members has been dispensed with. physical shares and for ease of portfolio management,
Accordingly, the proxy form and attendance slip are members holding shares in physical form are requested
not annexed to this notice. However, in pursuance of to dematerialize their physical shares. Members can
Section 112 and Section 113 of the Companies Act, 2013, contact the company or RTA for assistance in this regard.
representatives of the members, such as the President of
India or the Governor of a State or body corporate, can 11. The above amendment does not impact the member’s
attend the AGM through VC/OAVM and cast their votes requests for transmission or transposition of securities
through e-voting. held in physical form.

6. Members are requested to notify immediately the change The member may approach the nearest depository
of their name, postal address, email address, mobile participant or browse through the websites of National
number, PAN, nomination, and bank particulars, if any, Securities Depository Limited ([Link] and
to their depository participants, if the shares are held by Central Depository Services Limited ([Link].
them in electronic form and to the registrar and share com) for further clarification in this regard. Members
transfer agent ("RTA") of the company, i.e., Link Intime are requested to contact the company’s registrar and
India Pvt. Ltd., if shares are held in physical form, as share transfer agent, LIIPL, for any queries in regard
available on the website of RTA at [Link] to the aforesaid, or contact Mr. Lawkush Prasad,

GREENPANEL INDUSTRIES LIMITED

[Link]/[Link] in prescribed Form ISR-1 Company Secretary and VP-Legal of the company, at the
and other forms pursuant to SEBI circular No. SEBI/ registered office of the company [Phone: (033) 40840600;
HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/37 dated March Email: secretarial@[Link]].
16, 2023. Members holding shares in physical form are
requested to submit a duly filled-out form along with all 12. The Securities and Exchange Board of India (SEBI)
necessary documents to the RTA at C-101, 247 Park, has mandated the submission of a permanent account
LBS Marg, Vikhroli West, Mumbai 400083. Members number (PAN) by every participant in the securities
are advised to exercise due diligence and not leave their market. Members holding shares in electronic form
demat account(s) dormant for long. They should obtain are, therefore, requested to submit PAN details to their
a periodic statement of holdings from the concerned depository participants, with whom they are maintaining
depository participant and verify it. their demat accounts. Members holding shares in
physical form can submit their PAN details to the registrar
7. Members are requested to contact the company’s and share transfer agent, LIIPL. Members may register

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registrar and share transfer agent, M/s. Link Intime India their PAN themselves with the RTA through the link:
Private Limited ("LIIPL"), contact person Mr. Pradip [Link]
Bhattacharya [Phone: (033) 40049728/40731698, Email
ID: kolkata@[Link]], if they have any queries or 13. The businesses set out in the notice will be transacted
for redressal of their complaints, or contact Mr. Lawkush through an electronic voting system, and the company

ANNUAL REPORT 2022-23

Prasad, Company Secretary and VP- Legal of the is providing facilities for voting by electronic means.
company, at the registered office of the company [Phone:
(033) 40840600; Email: secretarial@[Link]] 14. In compliance with the MCA and SEBI Circulars, notice
of the AGM along with the Annual Report 2022–23 is
8. Queries on the accounts and operations of the company, being sent only through electronic mode to those
if any, may be sent either by email at [Link]@ members whose email addresses are registered with
[Link] or by post at the registered office of the company’s registrar and share transfer agents/
the company, addressed to ‘The Company Secretary’ depository participants(s). Members may note that the
at "Thapar House," 2nd Floor, 163, S.P. Mukherjee Road, notice and annual report 2022-23 will also be available on
Kolkata-700026, at least seven working days in advance the company’s website ([Link]), websites
of the meeting so that the answers may be made readily of the stock exchanges i.e., BSE Limited and National
available at the meeting. Stock Exchange of India Limited at [Link]
and [Link], respectively. The AGM Notice
9. Since securities of the company are to be traded is also disseminated on the website of LIIPL, (agency for
compulsorily in dematerialized form as per the SEBI providing the remote e-voting facility and e-voting facility
mandate, members holding shares in physical form during the AGM) i.e., [Link]
are requested to get their shares dematerialized at
the earliest. 15. In line with the Ministry of Corporate Affairs’ green
initiative measures, the company hereby requests
10. As per Regulation 40 of the Listing Regulations, securities that the members who have not registered their email
of the listed companies can only be transferred in demat addresses so far register their email addresses to receive
form with effect from April 1, 2019, except in cases of a all communication from the company, including annual
request for transmission or transposition of securities. reports, notices, circulars, etc., electronically.
In view of this, to eliminate all risks associated with
 16. 
Pursuant to the provisions of Section 108 of the proprietor of M/s. DKS & Co., of 173, M. G. Road, 1st
Companies Act, 2013, read with Rule 20 of the Companies Floor, Kolkata 700007, as the scrutinizer for conducting
(Management and Administration) Rules, 2014 (as the remote e-voting and e-voting at the AGM in a fair and
amended), Regulation 44 of the Listing Regulations (as transparent manner.
amended), and MCA and SEBI Circulars, the company is
providing the facility of remote e-voting to its members 22. Only those members, whose names are recorded in the
in respect of the business to be transacted at the register of members or in the register of beneficial owners
AGM. For this purpose, the company has entered into maintained by the depositories as of the cut-off date,
an arrangement with LIIPL to facilitate voting through i.e., June 20, 2023, shall be entitled to avail themselves
electronic means as the authorised e-voting agency. of the facility of remote e-voting as well as e-voting at
The facility of casting votes by a member using remote the meeting.
e-voting, as well as the e-voting facility during the AGM,
will be provided by LIIPL. 23. The results of remote e-voting and e-voting at the AGM
shall be aggregated and declared after the AGM by
17. Members who have cast their vote by remote e-voting the Executive Chairman or by any other person duly
may attend the meeting but will not be able to vote at authorised in this regard.
the meeting. The company shall provide the facility of
e-voting at the AGM. Members who are present at the 24. The voting rights of members shall be in proportion to
AGM through the VC/OAVM facility and have not cast their shares of the total paid-up equity share capital of
ANNUAL REPORT 2022-23

their vote on the resolution through remote e-voting and the company as of the cut-off date.
are otherwise not barred from doing so, shall be eligible
to vote through the e-voting facility available at the AGM. 25. Members who have cast their vote by remote e-voting
prior to the AGM may attend the AGM but shall not be
18. If any votes are cast by the members through e-voting entitled to cast their vote again or change it subsequently.
available during the AGM and if the same members have
not participated in the meeting through the VC/OAVM 26. The scrutinizer shall, after the conclusion of e-voting at
facility, then the votes cast by such members shall be the AGM, unblock the votes cast through remote e-voting
considered invalid as the facility of e-voting during the and e-voting at the AGM in the presence of at least two
meeting is available only to the members attending witnesses not in the employment of the company and
the meeting. shall make and submit, within 48 hours of the conclusion
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of the AGM, a consolidated scrutinizer’s report of the total

19. Relevant documents referred to in the accompanying votes cast in favour or against, if any, to the Executive
notice or explanatory statement are open for inspection Chairman or a person authorised by him in writing, who
by the members at the AGM through the electronic facility shall countersign the same and declare the results of the
GREENPANEL INDUSTRIES LIMITED

and such documents will also be available for inspection voting within 48 hours of the AGM.
in physical or electronic form at the registered office on
all working days, except Saturdays, from 11:00 a.m. to 27. The notice of the AGM shall be placed on the website
1:00 p.m. up to the date of the AGM. Further, the notice of the company and LIIPL till the date of the AGM. The
for the AGM, along with the requisite documents and results declared, along with the scrutinizer’s report shall
the annual report for the financial year ended March 31, be placed on the company’s website [Link].
2023, shall also be available on the company’s website, com, and on the website of LIIPL immediately after the
[Link]. declaration of voting result by the Executive Chairman or
a person authorized by him in writing. The results shall
20. The register of directors and key managerial personnel also be immediately forwarded to the stock exchange(s)
and their shareholding, maintained under Section 170 where the shares of the company are listed. Further,
of the Companies Act, 2013; the register of contracts the results shall be displayed on the noticeboard at the
or arrangements in which directors are interested, registered office of the company.
maintained under Section 189 of the Companies Act,
2013 read with rules issued thereunder; and all other 28. In case you have any queries or issues regarding e-voting,
documents referred to in the accompanying notice will you can send an email to RTA at enotices@[Link]
be available for inspection by the members in electronic or write to Mr. Lawkush Prasad, Company Secretary and
mode at the commencement of the meeting and shall VP-Legal of the company, at "Thapar House", 2nd Floor,
remain open and accessible to the members during 163, S.P. Mukherjee Road, Kolkata – 700026, Phone:
the continuance of the meeting upon log-in to the LIIPL (033) 40840600; Email: secretarial@[Link].
e-voting system at [Link]
29. Since the AGM will be held through VC or OAVM, the
21. The board of directors of your company has appointed route map is not annexed to this notice.
Mr. Dilip Kumar Sarawagi, Practising Company Secretary,
 Notice

30. Remote e-voting instructions for shareholders: e-voting" under e-voting services, and you will
be able to see the e-voting page. Click on the
As per the SEBI circular dated December 9, 2020, company name or e-voting service provider
individual shareholders holding securities in demat mode name, i.e., LINKINTIME, and you will be
can register directly with the depository or can access redirected to the "InstaVote" website for casting
various ESP portals directly from their demat accounts. your vote during the remote e-voting period.

The remote voting period begins on June 23, 2023, at b. If you are not registered for IDeAS e-Services,
9:00 a.m. and ends on June 26, 2023, at 5:00 p.m. During the option to register is available at https://
this period, members of the company, holding shares [Link] select "Register Online for
either in physical form or in dematerialized form as of the IDeAS Portal" or click at [Link]
cut-off date of Tuesday, June 20, 2023, may cast their com/SecureWeb/[Link]
vote electronically. The remote e-voting module shall be
disabled by LIIPL for voting thereafter. A person who c. Visit the e-voting website of the NSDL. Open
is not a member as of the cut-off date should treat this a web browser by typing the following URL:
notice for informational purposes only. [Link] either on a
personal computer or on a mobile device.

GREENPANEL INDUSTRIES LIMITED

Pursuant to SEBI Circular No. SEBI/HO/CFD/CMD/ Once the home page of the e-voting system
CIR/P/2020/242 dated December 9, 2020, under is launched, click on the icon "Login," which is
Regulation 44 of the Listing Regulations, listed entities available under 'Shareholder/Member' section.
are required to provide remote e-voting facilities to their A new screen will open. You will have to enter
shareholders in respect of all shareholder resolutions. your user ID (i.e., your sixteen-digit demat
However, it has been observed that the participation account number held with NSDL), password
of the public, non-institutional shareholders, and retail or OTP, and a verification code as shown on
shareholders is at a negligible level. the screen. After successful authentication,
you will be redirected to the NSDL depository
Currently, there are multiple e-voting service providers site, where you can see the e-voting page.
(ESPs) providing e-voting facilities to listed entities in Click on the company name or e-voting
India. This necessitates registration on various ESPs and service provider name, i.e., LINKINTIME,
the maintenance of multiple user IDs and passwords by and you will be redirected to the "InstaVote"

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the shareholders. website for casting your vote during the remote
e-voting period.
To increase the efficiency of the voting process, pursuant
to a public consultation, it has been decided to enable ii. Individual Shareholders holding securities in demat
e-voting for all the demat account holders, by way of a mode with CDSL

ANNUAL REPORT 2022-23

single login credential through their demat accounts or
the websites of depositories or depository participants. a. Users who have opted for the CDSL Easi or
Demat account holders would be able to cast their vote Easiest facility can login using their existing
without having to register again with the ESPs, thereby user ID and password. The option will be made
not only facilitating seamless authentication but also available to reach the e-voting page without
enhancing the ease and convenience of participating in any further authentication. Users wishing to
the e-voting process. login to Easi / Easiest are requested to visit
the CDSL website at [Link], click
The login method for individual shareholders on the login icon and the new system My Easi
holding securities in demat mode is given tab, and then use their existing Easi / Easiest
below: username and password.
i. Individual Shareholders holding securities in demat
mode with NSDL. b. After successful login, the Easi or Easiest user
will be able to see the e-voting option for eligible
a. Existing IDeAS users can visit the e-Services companies where the e-voting is in progress as
website of NSDL; [Link] per the information provided by the company.
either on a personal computer or on a mobile On clicking the e-voting option, the user will be
device. On the e-Services home page, click able to see the e-voting page of the e-voting
on the "Beneficial Owner" icon under "Login," service provider, i.e., LINKINTIME, for casting
which is available under 'IDeAS' section. This your vote during the remote e-voting period
will prompt you to enter your existing user ID or joining a virtual meeting and voting during
and password. After successful authentication, the meeting. Additionally, there are also links
you will be able to see e-voting services under provided to access the systems of all e-voting
"value-added services. Click on "Access to
 service providers, so that the user can visit the ID followed by an 8-digit client ID; shareholders
e-voting service providers’ websites directly. holding shares in a CDSL demat account shall
provide a 16-digit beneficiary ID.
c. If the user is not registered for Easi or Easiest,
the option to register is available at the CDSL B. PAN: Enter your 10-digit permanent account
website, [Link]. and click on number (PAN). Shareholders who have
login and the New System Myeasi Tab, and not updated their PAN with the depository
then click on the registration option. participant (DP) or company, may use
the sequence number provided to them,
d. Alternatively, the user can directly access the if applicable.
e-voting page by providing the demat account
number and PAN number from an e-voting link C. DOB/DOI: Enter the date of birth (DOB) or date
available on the [Link] home of incorporation (DOI) (as recorded with your
page. The system will authenticate the user by DP or Company in DD/MM/YYYY format) .
sending an OTP to the registered mobile and
email as recorded in the demat account. After D. Bank Account Number: Enter your bank
successful authentication, the user will be able account number (last four digits), as recorded
to see the e-voting option where the e-voting is with your DP/company.
in progress and also be able to directly access
ANNUAL REPORT 2022-23

the systems of all e-voting service providers. *Shareholders holding shares in physical form but who
have not recorded the details as mentioned in ‘C’ and ‘D’
above, shall provide their folio number in ‘D’ above.
III. Individual shareholders (holding securities in demat
*Shareholders holding shares in Demat form, shall provide
mode) login through their depository participants: ‘D’ above.
• Set the password of your choice (the password
You can also login using the login credentials of
should contain a minimum of 8 characters, at
your demat account through your depository
least one special character (@!#$&*), at least one
participant registered with NSDL or CDSL for the
numeral, at least one alphabet, and at least one
e-voting facility. After a successful login, you will
capital letter).
be able to see the e-voting option. Once you click
on the e-voting option, you will be redirected to • Click “confirm” (your password is now
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the NSDL/CDSL Depository site after successful generated).

authentication, where you can see the e-voting
feature. Click on the company name or e-voting iii. Click on ‘Login’ under ‘SHARE HOLDER’ tab.
service provider name, i.e., Link Intime, and you
GREENPANEL INDUSTRIES LIMITED

will be redirected to the e-voting service provider's iv. Enter your user id, password, and image verification
website for casting your vote during the remote (CAPTCHA) code and click on ‘Submit.’
e-voting period.
32. Cast your vote electronically:
31. The login method for individual shareholders i. After a successful login, you will be able to see the
holding securities in physical form non- notification for e-voting. Select the ‘View’ icon.
individual shareholders holding securities in
demat mode are listed below: ii. The e-voting page will appear.
Individual shareholders of the company holding shares
in physical form or non-individual shareholders holding iii. Refer to the resolution description and cast your
securities in demat mode as of the cut-off date for vote by selecting your desired option, "Favour or
e-voting may register for the e-voting facility of Link Against." (If you wish to view the entire resolution
Intime as follows: details, click on the ‘View Resolution’ file link.)

i. Open the internet browser and launch the URL: iv. After selecting the desired option, i.e., favour or
[Link] against, click on ‘Submit.’ A confirmation box will
be displayed. If you wish to confirm your vote, click
ii. Click on “Sign Up” under ‘SHARE HOLDER’ tab 'Yes' else to change your vote, click on ‘No’ and
and register with your following details: accordingly modify your vote.

A. User ID: Shareholders holding shares in 33 Guidelines for Institutional shareholders:

physical form shall provide the event number Institutional shareholders (i.e., other than individuals,
and folio number registered with the company. HUFs, NRIs, etc.) and custodians are required to log
Shareholders holding shares in an NSDL on to the e-voting system of LIIPL at [Link]
demat account shall provide an 8-character DP [Link] and register themselves as ‘Custodian,
 Notice

Mutual Fund, or Corporate Body’. They are also 37. Individual Shareholders holding securities in
required to upload a scanned certified true copy of the demat mode with NSDL/ CDSL has forgotten
board resolution, authority letter/power of attorney, etc., the password:
together with an attested specimen signature of the Shareholders who are unable to retrieve user ID/
duly authorised representative(s) in PDF format in the password are advised to use forget user ID and
‘Custodian, Mutual Fund, or Corporate Body’ login forget password option available at abovementioned
for the scrutinizer to verify the same. depository/ depository participant’s website.

34. Helpdesk for Individual Shareholders holding • It is strongly recommended not to share your
securities in physical mode/ Institutional password with any other person and take utmost
shareholders: care to keep your password confidential.
Shareholders facing any technical issue in login may
• For members holding shares in physical form, the
contact Link Intime INSTAVOTE helpdesk by sending a
details can be used only for voting on the resolutions
request to enotices@[Link] or by contacting Tel:
contained in this Notice.
022 – 4918 6000.
During the voting period, shareholders/ members can
35. Helpdesk for Individual Shareholders holding

GREENPANEL INDUSTRIES LIMITED

login any number of time till they have voted on the
securities in demat mode:
resolution(s) for a particular “Event”.
Individual shareholders holding securities in demat mode
may contact the respective helpdesk for any technical 38. Process and manner for attending the Annual
issues related to login through the depository i.e. NSDL General Meeting through InStaMeet:
and CDSL.
Open the internet browser and launch the URL: https://
[Link] and click on “Login”
Login type Helpdesk details
Individual shareholders Email: e-voting@[Link] or
• Select the “Company” and ‘Event Date’ and register
holding securities in call at : 022 - 4886 7000 and 022 -
demat mode with NSDL 2499 7000 with your following details: -
Individual shareholders Email: helpdesk.e-voting@cdslindia.
holding securities in com or contact at toll free no. 1800 i. Demat Account No. or Folio No: Enter your 16-digit
demat mode with CDSL 22 55 33 demat account no. or folio no

P-7
36. Individual Shareholders holding securities in • Shareholders/ members holding shares in
Physical mode has forgotten the password: CDSL demat account shall provide 16 digit
If an individual shareholder holding securities in physical beneficiary ID
mode has forgotten the user ID [Login ID] or password or

ANNUAL REPORT 2022-23

• Shareholders/ members holding shares in NSDL
both then the shareholder can use the “Forgot Password” demat account shall provide 8 character DP
option available on the e-voting website of Link Intime: ID followed by 8 digit client ID
[Link]
• Shareholders/ members holding shares in
• Click on ‘Login’ under ‘SHARE HOLDER’ tab and physical form shall provide folio number
further click ‘forgot password?’ registered with the company.

• Enter user ID, select mode, and enter image ii. PAN: Enter 10-digit permanent account number
verification code (CAPTCHA). Click on “SUBMIT”. (PAN) (Members who have not updated their PAN
with the depository participant (DP)/company
In case shareholders is having valid email address, shall use the sequence number provided by the
password will be sent to his / her registered e-mail Company/RTA)
address. Shareholders can set the password of his/
her choice by providing the information about the iii. Mobile No.: Enter your registered mobile number.
particulars of the security question and answer, PAN,
DOB/DOI, bank account number (last four digits) etc. iv. Email ID: Enter your email id, as recorded with your
as mentioned above. The password should contain DP/company.
minimum 8 characters, at least one special character
(@!#$&*), at least one numeral, at least one alphabet and • Click “Go to Meeting” (You are now registered for
at least one capital letter. InStaMeet and your attendance is marked for the
meeting).

User ID for shareholders holding shares in physical form
(i.e., share Certificate): Your User ID is event no + folio
number registered with the company.
 39. Instructions for Shareholders/ Members to iii. After successful login, you will see “Resolution
Speak during the Annual General Meeting Description” and against the same the option
through InStaMeet: “Favour/ Against” for voting.
i. Shareholders who would like to express their
views/ask questions during the meeting may iv. Cast your vote by selecting appropriate option i.e.
register themselves as a speaker by sending their “Favour/Against” as desired. Enter the number of
request in advance at least 7 days prior to meeting shares (which represents no. of votes) as on the
mentioning their name, demat account number/folio cut-off date under ‘Favour/Against'.
number, email id and mobile number at secretarial@
[Link]. The shareholders who do not wish v. After selecting the appropriate option i.e. favour/
to speak during the AGM but have queries may send against as desired and you have decided to
their queries in advance 7 days prior to meeting vote, click on “Save”. A confirmation box will be
mentioning their name, demat account number/folio displayed. If you wish to confirm your vote, click on
number, email id and mobile number at secretarial@ “Confirm”, else to change your vote, click on “Back”
[Link]. These queries will be replied to by and accordingly modify your vote.
the company suitably by email.
vi. Once you confirm your vote on the resolution,
ii. Those shareholders who have registered themselves you will not be allowed to modify or change your
vote subsequently.
ANNUAL REPORT 2022-23

as a speaker will be allowed to express their views/

ask questions during the meeting. The Company
reserves the right to restrict the number of speakers vii. Members, who will be present in the annual general
depending on the availability of time. meeting through InStaMeet facility and have not
casted their vote on the resolutions through remote
iii. Shareholders will get confirmation of registration as e-voting and are otherwise not barred from doing so,
speaker on first cum first served basis depending shall be eligible to vote through e-voting facility during
upon the limitation of number of maximum speakers. the meeting. Members who have voted through
remote e-voting prior to the annual general meeting
iv. Shareholders will receive “speaker serial number” will be eligible to attend and participate in the annual
from LIIPL once they mark attendance for general meeting through InStaMeet. However, they
will not be eligible to vote again during the meeting.
P-8

the meeting.

v. Other shareholders who do not get registered as viii. Members are encouraged to join the meeting
speaker, may ask questions to the panelist, via through their PC/tablets/ laptops connected
active chat-board during the meeting. through broadband for a better experience.
GREENPANEL INDUSTRIES LIMITED

vi. Please remember speaker serial number and start ix. Members are required to use internet with a good
your conversation with panelist by switching on speed (preferably 2 MBPS download stream) to
video mode and audio of your device. avoid any disturbance during the meeting.

Shareholders are requested to speak only when x. Please note that members connecting from mobile
moderator of the meeting/ management will announce devices or tablets or through laptops connecting via
the name and serial number of the speaker for speaking. mobile hotspot may experience audio/visual loss
due to fluctuation in their network. It is therefore
40. Instructions for Shareholders/ Members recommended to use stable Wi-FI or LAN connection
to Vote during the Annual General Meeting to mitigate any kind of aforesaid glitches.
through InStaMeet:
xi. In case shareholders/ members have any queries
Once the electronic voting is activated by the scrutinizer
regarding login/ e-voting, they may send an email
during the meeting, shareholders/ members who have
to instameet@[Link] or contact on Tel. No.:
not exercised their vote through the remote e-voting can
022-49186175.
cast the vote as under:

Place: Gurgaon By order of the Board

i. On the Shareholders VC page, click on the link for
e-voting “Cast your vote” Date: May 6, 2023 For Greenpanel Industries Limited

ii. Enter your 16 digit demat account no. / folio no. Registered office: Lawkush Prasad
and OTP (received on the registered mobile number/
Thapar House, 2 Floor,
nd
Company Secretary and VP-Legal
registered email Id) received during registration for
163, S.P. Mukherjee Road, Membership No.: A18675
InStaMeet and click on 'Submit'.
Kolkata - 700026
 Notice

EXPLANATORY STATEMENT PURSUANT TO THE PROVISIONS OF SECTION 102 OF THE COMPANIES ACT, 2013

As required under Section 102 of the Companies Act, 2013 to August 5, 2028, subject to the approval of members at the
(as amended) ("the Act"), the following explanatory statement general meeting. During their tenure as independent directors,
sets out all material facts relating to the special businesses they shall not be liable to retire by rotation.
relating to items nos. 5 and 6 of the accompanying notice
dated May 6, 2023. The company has received consent letters together with a
declaration from Mr. Salil Kumar Bhandari (DIN: 00017566)
Item Nos. 5 and 6 and Mr. Mahesh Kumar Jiwrajka (DIN: 07657748) to the effect
Mr. Salil Kumar Bhandari and Mr. Mahesh Kumar Jiwrajka that they are interested in acting as independent directors
were appointed as independent directors of the company of the company for a second term of five (5) years and that
on August 6, 2018 pursuant to Section 149 of the Act read they meet the criteria of independence as required under
with the rules made thereunder and SEBI (Listing Obligations the provisions of Section 149(6) of the Act, the rules framed
and Disclosure Requirements) Regulations, 2015 ("Listing thereunder, and Regulation 16(1)(b) of the Listing Regulations.
Regulations") for a term of five years from August 6, 2018 to

GREENPANEL INDUSTRIES LIMITED

August 5, 2023. The company had also received declarations from the above
directors at the beginning of the financial year 2023–24,
On the recommendation of the nomination and remuneration confirming that they are not disqualified from being appointed
committee, the board of directors of the company, in its as directors in terms of Section 164 of the Act and that no
meeting held on May 6, 2023, considered the contributions order of the Securities and Exchange Board of India or any
made by them during their tenure and opined that the other such authority has been passed against them debarring
continued association of Mr. Salil Kumar Bhandari and them from accessing the capital markets and restraining them
Mr. Mahesh Kumar Jiwrajka would be beneficial for the from holding the position of director in any listed company.
company. The board of directors, in its meeting held on
May 6, 2023, approved the reappointment of Mr. Salil Kumar Mr. Salil Kumar Bhandari and Mr. Mahesh Kumar Jiwrajka
Bhandari (DIN: 00017566) and Mr. Mahesh Kumar Jiwrajka have also confirmed that they are registered with the data
(DIN: 07657748), as independent directors of the company for bank of independent directors maintained by the Indian
a second term of 5 consecutive years from August 6, 2023, Institute of Corporate Affairs.

P-9
A brief profile of Mr. Salil Kumar Bhandari and Mr. Mahesh Kumar Jiwrajka, Independent Directors, pursuant to para 1.2.5
of SS-2 ("Secretarial Standard on General Meetings"), Regulation 36(3) of the SEBI (Listing Obligations and Disclosure
Requirements) Regulations, 2015, and other applicable provisions, is provided in the table below:

ANNUAL REPORT 2022-23

Mr. Salil Kumar Bhandari Mr. Mahesh Kumar Jiwrajka
Name of the Director
(DIN: 00017566) (DIN: 07657748)
Father’s Name Late Ranjeet Singh Bhandari Late Sankar Lal Jiwrajka
Date of Birth November 28, 1957 June 3, 1955
Age 65 years 67 years
Date of first appointment on 06.08.2018 06.08.2018
the Board of the Company
Expertise in specific He is the founder of BGJC & Associates LLP, an audit He belonged to the Indian Forest Service, Maharashtra
functional areas and management consulting firm in New Delhi. Earlier, Cadre (March 1, 1977, to March 31, 2009), and took
he'd held positions in various organisations, like voluntary retirement on March 31, 2009. Among his
former president of the PHD Chamber of Commerce various positions, he was also the Inspector General
and Industry, chairperson of the Society for Integrated of Forests and Head, North-East Cell, Ministry of
Development of the Himalayas, and Child Fund India. Environment and Forests, Government of India. He has
Member of Task Force - Commission on Centre-State extensive experience handling a host of environmental
Relations, Govt. of India. He was a member of the issues. In addition, he has held the following positions:
managing committee of ASSOCHAM and the Advisory Member Secretary, High Power Committee for the
Committee of department of Company Affairs, Govt. North Eastern Region, constituted by the Hon’ble
of India. Supreme Court of India (1998–2016), member of the
Special Investigation Team, constituted by the Hon’ble
Supreme Court of India (February 13, 2000–2016);
Member Secretary, Central Empowered Committee,
constituted by the Hon’ble Supreme Court of India
(May 9, 2002–2016); and Member, CAMPA, constituted
by the Hon’ble Supreme Court (May 2005–2016).
Qualification Fellow Chartered Accountant from ICAI, B. Com [Link]. (Physics Hons) and Postgraduate Diploma in
(Hons.) from Shri Ram College of Commerce, Delhi, Forestry.
and Diploma in Business Administration from All-India
Council for Management Studies, Chennai.
 Mr. Salil Kumar Bhandari Mr. Mahesh Kumar Jiwrajka
Name of the Director
(DIN: 00017566) (DIN: 07657748)
Terms and conditions of The terms and conditions of their appointment as independent directors would be available for inspection and
reappointment would be uploaded on the website of the company at [Link]
Last drawn remuneration Sitting fees of I5,30,000 and commission of Sitting fees of I6,50,000 and commission of
I10,00,000 were paid during the financial year I10,00,000 were paid during the financial year
2022–23. 2022–23.
Remuneration sought to The above directors would be entitled to remuneration by way of sitting fees and commission of I10,00,000 per
be paid annum, in line with the remuneration payable to the other independent directors of the company.
Directorship held in other Hindware Home Innovation Limited Steer consultancy Pvt. Ltd. and
companies including listed Syenergy Environics Ltd. Gold Line Portfolio Pvt. Ltd.
companies
Ginni International Ltd.
Hindware Ltd.
Safal skills development Pvt. Ltd. and
Integrated outsourcing solutions Pvt. Ltd.
Chairman/member of the Chairman :- Chairman :-
committee of the Board of 1. Audit committee 1. Stakeholder relationship committee
Directors of the Company
2. Nomination and remuneration committee 2. Corporate social responsibility committee
Member:-
ANNUAL REPORT 2022-23

1. Audit committee
2. Nomination and remuneration committee
Chairman/member of the Chairman :- NIL
committee of the Board Hindware Home Innovation Limited –
of Directors of other
companies in which he/she audit committee, nomination and remuneration
is a director committee and stakeholder relationship committee
Hindware Limited – Corporate social responsibility
committee
Member:-
Ginni International Limited - Nomination and
remuneration committee
P - 10

Number of shares held in 5000 NIL

the Company
Number of board meetings 5 5
attended during the
financial year 2022-23
GREENPANEL INDUSTRIES LIMITED

Relationship with other None None

directors, manager and
KMPs of the company
skills and capabilities Understanding of Business and Industry, understanding of finance and related aspects, HR/people orientation,
required for the role of Risk management, Knowledge of technology and innovation
independent director and The nomination and remuneration committee has assessed Mr. Bhandari and Mr. Jiwrajka and found that they
the manner in which they have the skills and capabilities required for the role of independent directors.
meet the requirements
Summary of the As per the performance evaluation of Mr. Bhandari As per the performance evaluation of Mr. Jiwrajka
performance evaluation of made by the board of directors of the company in their made by the board of directors of the company
the said directors meeting held on January 30, 2023, his performance in their meeting held on January 30, 2023, his
was outstanding. performance was outstanding.

The board of directors recommends the re-appointment of of the company and/or their relatives is/are concerned or
Mr. Salil Kumar Bhandari and Mr. Mahesh Kumar Jiwrajka as interested, financially or otherwise, in the resolution set out
independent directors of the company for a further term of 5 at items nos. 5 and 6 of the accompanying notice.
years. The board of directors of the company opined that the
company would immensely benefit from the re-appointment Place: Gurgaon By order of the Board
of Mr. Bhandari and Mr. Jiwrajka and recommends their re- Date: May 6, 2023 For Greenpanel Industries Limited
appointment for a further period of five years as mentioned
under items nos. 5 and 6 of the notice for the approval of the
shareholders of the company. Registered office: Lawkush Prasad
Thapar House, 2nd Floor, Company Secretary and VP-Legal
Save and except for Mr. Salil Kuma Bhandari and Mahesh Kumar 163, S.P. Mukherjee Road, Membership No.: A18675
Jiwrajka in the resolution of their respective appointments, Kolkata - 700026
none of the other directors and/or key managerial personnel
 Notice

DETAILS OF DIRECTOR SEEKING RE-APPOINTMENT AT THE ANNUAL GENERAL MEETING

(Pursuant to Regulation 36(3) of SEBI (Listing Obligation and Disclosoure Requirement) Regulations, 2015)

A brief profile of Mr. Shiv Prakash Mittal, Executive Chairman of the company, who is liable to retire by rotation, seeking
reappointment at the ensuing annual general meeting, pursuant to para 1.2.5 of SS-2 ("Secretarial Standard on General
Meetings"), regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and other
applicable provisions, if any, is provided in the table below:

Name of the Director Mr. Shiv Prakash Mittal (DIN: 00237242)

Father’s Name Late Sanwarmal Palriwal
Date of Birth April 7, 1949
Age 74 years
Date of first appointment on the Board of December 13, 2017
the Company
Expertise in specific functional areas Mr. Shiv Prakash Mittal is a founder member of Greenply Industries Limited and has served as
its chairman for over two decades. He was also associated with Kitply Industries Limited for 21

GREENPANEL INDUSTRIES LIMITED

years and has over fifty years of experience in the fields of production and marketing in plywood,
laminates, and allied products.
Qualification [Link]. from the University of Calcutta.
Terms and conditions of reappointment Offers himself for reappointment with the existing terms of appointment.
Last drawn remuneration Mr. Mittal drawn remuneration of I910.28 lacs for the financial year 2022-23.
Remuneration sought to be paid As per the existing terms of appointment.
Directorships held in other companies 1. Greenlam Industries Limited
2. Prime Holdings Private Limited
3. Bluesky Projects Private Limited
4. Niranjan Infrastructure Private Limited
5. Vanashree Properties Private Limited
6. S. M. Management Private Limited

P - 11
Chairman/member of the committee of Chairman:
the board of directors of the company a) Risk Management Committee
b) Operational Committee
Member:
a) Audit committee

ANNUAL REPORT 2022-23

b) Stakeholders’ relationship committee
c) Corporate social responsibility committee
Chairman/member of the committee Chairman: Stakeholders’ relationship committee
of the board of directors of other Member:
companies in which he is a director.
(Greenlam Industries Limited) a) Nomination and remuneration committee
b) Operational and finance committee
Number of shares held in the company 46,04,900 shares
Number of board meetings attended 5 out of 5 board meetings held during the year
during the financial year 2022-23
Relationship with other directors, Father of Mr. Shobhan Mittal, Managing Director and CEO
managers and KMPs of the company
Sustaining leadership
with resilience
Innovation. Prominence. Expansion.

Greenpanel Industries Limited

Annual Report 2022-23
Contents Sustaining leadership
Overview
02 Highlights
Value Creation
22 Operating context
Statutory Reports and Financial
Statements
40 Board’s Report
with resilience
06 About Greenpanel 24 Value creation model
10 Investment case 62 Management discussion
Business Review and analysis The external environment remained At Greenpanel, our ability to invest setting up new standards. We aim to
challenging during FY2023. Arrival in our future growth, and create an showcase our unwavering commitment
Performance review 26 MDF 70 Business Responsibility and
of low cost of imported MDF from innovative product portfolio servicing to excellence and resilience, inspiring
12 Chairman's statement 30 Plywood Sustainability Report
Vietnam and Thailand impacted the the demand of a variety of our our employees, customers, and
14 Letter from the Managing 107 Corporate Governance Report domestic players. Further, rising input customers have led to the foundation stakeholders to push beyond their
Director & CEO A Responsible Corporate 128 Standalone Financial statements prices owing to high crude oil price led that has been able to insulate the limits and achieve greatness.
16 Feature stories 32 People 186 Consolidated Financial statements to margin pressure. Company from external. Our resilient
Innovation 34 Environment We understand that to maintain our business model enables us to
Prominence 36 Community interventions leadership in the market, it means withstand challenges and adapt to the
Expansion more than just doing a regular changing market demands. We remain
38 Governance
business. It requires resilience committed to sustaining our leadership
in the face of challenges and a with resilience, prioritising innovative
commitment to sustainability. With a solutions, and providing high-quality
steadfast commitment to excellence products and services that meet the
and a resolute focus on customer needs of our customers. Our team is
satisfaction, Greenpanel proved that it dedicated to continual improvement,
has what it takes to weather any storm and we work tirelessly to stay ahead
and emerge stronger than ever before. of the curve, pushing boundaries and

The key to sustaining leadership:

Innovation Prominence Expansion

ABOUT GREENPANEL
INDUSTRIES LIMITED SCRIPCODE: BSE-542857 |
Greenpanel Industries Limited NSE-GREENPANEL
is India’s largest wood panel
Market capitalisation
manufacturer offering MDF, plywood,
flooring as key products across
India through multiple SKUs. The J3,336 crores
Company’s products are available (NSE CLOSING PRICE OF I272.05) Read more_p 16 Read more_p 18 Read more_p 20
across the country and are exported AS ON 31ST MARCH 2023.
majorly in UAE and South-east Asian
countries. Greenpanel enjoys a
leadership position with a 27% market More information at
share in the organised MDF segment. [Link]
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Highlights
EBITDA margin (%) PAT margin (%)
The year FY2023 proved to be a tumultuous one for the MDF sector, with
various challenges cropping up along the way. Despite the numerous 24.51 14.42
obstacles faced by the industry, we, at Greenpanel, were able to emerge 27.71 15.16
14.42
24.51
triumphant, thanks to our innate capabilities and strengths. We have navigated
20.66
through the difficulties with remarkable ease, and our performance across 15.46 16.53
multiple parameters was nothing short of impressive. 5.93
6.87

1.71

FY23

FY23
FY19

FY20

FY21

FY22

FY19

FY20

FY21

FY22
Accelerating our growth -320 bps -74 bps

GREENPANEL INDUSTRIES LIMITED

momentum
y-o-y y-o-y
ANNUAL REPORT 2022-23

Debt-equity (X)

0.16 A+
Financial 0.85
CREDIT RATING UPGRADE BY
ICRA & CARE IN FY23 FROM A
0.78
Revenue (` crore) EBITDA (` crore)

1,778.55 435.87
0.61
Net debt free
P-2

STATUS ACHIEVED THROUGH

P-3
0.30
1,778.55 439.39 435.87 0.16 SUCCESSFUL DEBT REPAYMENT

FY23
FY19

FY20

FY21

FY22
AND OPERATING CASH FLOWS
1,585.74
THROUGHOUT THE YEAR
GREENPANEL INDUSTRIES LIMITED

1,001.00
847.10
206.81

ANNUAL REPORT 2022-23

582.62 140.00
90.05
FY23
FY19

FY20

FY21

FY22

FY19

FY20

FY21

FY22

FY23

+12.16% +28.05% -0.80% +46.02% Strong working capital parameters

y-o-y 3-year CAGR y-o-y 3-year CAGR

Working capital cycle Working capital efficiency Inventory days

Profit after tax (` crore) Operating cash flow (` crore)

17 days 20.73 31 days
256.51 337.36 WORKING CAPITAL CYCLE FROM
RESOURCE PURCHASE TO SALES
REVENUE GENERATED FOR
EVERY RUPEE OF WORKING
TOTAL INVENTORY EXPRESSED IN
DAYS OF TURNOVER EQUIVALENT
365.65
RECEIPT IN FY23 AS COMPARED CAPITAL DEPLOYED IN FY23 (I) IN FY23 REDUCED BY 7 DAYS
256.51
240.47 337.36 TO 16 DAYS IN FY22, THEREBY OVER FY22
MAINTAINING CONSISTENCY
213.58
Receivables Payables
34.57 14.46 68.81 16.94 99.81
9 days 23 days
FY19

FY20

FY22

FY23
FY23

FY21

FY23
FY19

FY20

FY21

FY22

RECEIVABLES EXPRESSED PAYABLES EXPRESSED IN DAYS OF

IN DAYS OF TURNOVER TURNOVER EQUIVALENT IN FY23
+6.67% +160.80% -7.74% +50.07% EQUIVALENT IN FY23 REDUCED REDUCED BY 9 DAYS OVER FY22
y-o-y 3-year CAGR y-o-y 3-year CAGR BY 1 DAY OVER FY22
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Highlights

Operational
MDF Production (CBM) MDF Capacity utilisation (%)

5,12,733 78
87
4,89,335 5,12,733 78

3,71,347 69
3,26,680

GREENPANEL INDUSTRIES LIMITED

FY23

FY23
FY20

FY21

FY22

FY21

FY22
ANNUAL REPORT 2022-23

+4.78% +16.21% -900 bps

y-o-y 3-year CAGR y-o-y

Non-financial
CSR spend (` crore) Manpower (Nos.)

2.32 1,864
P-4

P-5
2.32
1,816 1,910 1,864
GREENPANEL INDUSTRIES LIMITED

ANNUAL REPORT 2022-23

1.25

0.19
FY23

FY23
FY21

FY22

FY21

FY22

+85.6 % -2.41%
y-o-y y-o-y

Greenpanel partnered with L&K Saatchi & Saatchi as an integrated

agency to drive its branding and promotional activities. As a step
forward, we have embarked on our first-ever massive consumer
outreach, standing out amidst the clutter of advertising during this
highly competitive season. The positioning of 'MDF ka doosra naam'
resonates to the market leader positioning for us.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

About Greenpanel
Greenpanel has emerged as synonymous with Medium Density Values
Fibreboard (MDF) in India. We enjoy the reputation for producing high- Our Core Values are our guiding principles that
quality MDF products and established ourselves as a leader in the helps us work as a team and achieve our common
Key numbers that define Greenpanel
business goals.
industry. Our state-of-the-art manufacturing facilities and cutting-edge
technology ensure that our products meet the highest standards of Contemporary Versatile 6,60,000 CBM 10.50 Mn SQ.M
quality and durability. Our wide range caters to the diverse needs of our We constantly strive to We embrace change
ANNUAL MDF ANNUAL PLYWOOD
come up with innovative and do not fear it. This
customers for various applications. Our expansive distribution network designs that fit modern helps us stay ahead of
PRODUCTION CAPACITY PRODUCTION CAPACITY

ensures our products seamlessly reaches our customers. spaces and add a sheen the curve and please
of elegance to home or our customers.
office space
2,300+ 12,000+

GREENPANEL INDUSTRIES LIMITED

Sustaining leadership
ANNUAL REPORT 2022-23

DISTRIBUTORS RETAILERS SERVING

Transformative Adaptable IN INDIA ACROSS INDIA
With avant-garde offerings, We are nimble and quick
THE CORE OF OUR VALUE SYSTEM we constantly try to raise to adapt to the changes as
the bar of the industry and when required.
in general. 1,864 17
EMPLOYEE STRENGTH BRANCHES

Trustworthy Eco-friendly
Be it our customers, We make the best use of
Vision
P-6

shareholders, employees scarce resources available

or the public in general, to us to minimise wastage 12 countries

P-7
Every organisation in this world, irrespective we make sure we live and only use efficient
of size and domain, works towards building a EXPORT PRESENCE
up to the trust they have production practices.
prosperous future for itself. We believe that the placed in us.
GREENPANEL INDUSTRIES LIMITED

key to do so is by innovating in products and

ANNUAL REPORT 2022-23

exceeding customer satisfaction.

We, at Greenpanel, envision the future of

contemporary living spaces and then bring it
to life. We pride ourselves in coming up with
innovations which helps us in achieving our
Company’s vision to represent the infinite future
possibilities in wood panelling. Our new logo is
the perfect depiction of these infinite possibilities
with a seamless merging of G&P to form an
infinity symbol.

Two Star Export House

Our commitment to excellence in the Tripartite Standards
international market has been acknowledged Our Singapore office is proud to adopt
by the Government of India, as we have been the Tripartite Standards, an initiative that

Mission designated a Two-Star Export House. This

recognition, is a reflection of our unwavering
distinguishes Singapore's progressive
employers. Complementing Singaporean
We are committed to provide our customers with focus on quality, innovation, and customer laws, Tripartite Guidelines and Advisories
products and solutions that are not only way satisfaction, and is a testament to our enable the adoption of fair and progressive
ahead of their time, but also fit our customer's values and hard work. We are excited about workplace practices.
needs like a glove. Our wood panel solutions the possibilities that lie ahead and eagerly
are contemporary and are tailormade to fit the anticipate the opportunity to partner with
evolving needs of our customers. customers worldwide.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

About Greenpanel

Product portfolio

GREENPANEL INDUSTRIES LIMITED

ANNUAL REPORT 2022-23

Medium Density Plywood Flooring Doors

Fibreboard (MDF)
Sub-segments Sub-segments Sub-segments Sub-segments
P-8

P-9
Prima Persona Prima
Interior grade Pre-laminated BWP grade G Pro grade
Collection Collection Collection
GREENPANEL INDUSTRIES LIMITED

Club grade – HDF Exterior grade Club grade MR grade

ANNUAL REPORT 2022-23

Decorative
CARB P2 FR grade Veneers

Flooring

Share of revenues Share of revenues

FY22 FY23 FY22 FY23

84% 86% 16% 14%

Read more_p 26 Read more_p 30

 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Investment case
As India's largest MDF manufacturer, Greenpanel has established itself
as a distinguished player in the industry through its high-quality products,
strong brand image, and singular focus on the segment. Our commitment to
innovation, expansion and brand prominence has further solidified our position
as a leader in the market, making it an appealing investment opportunity.
Consistent and
profitable growth
Greenpanel has been delivering

A compelling consistent and profitable growth,

driven by the MDF segment. Our
Optimal capital structure
Greenpanel has maintained an optimal

GREENPANEL INDUSTRIES LIMITED

EBIDTA margin and PAT margin

investment opportunity
capital structure which has led to the
for FY23 stood at 24.51% and attainment of net debt-free status in
ANNUAL REPORT 2022-23

14.42%, respectively, indicating FY23. Our focus on efficient working

strong profitability. capital management has allowed us to
expand its capacity without taking on

28.05% much leverage on balance sheet. The

optimal capital structure allows us to
capitalise on emerging opportunities.
CAGR IN REVENUE DURING
FY20-23

46.02%
P - 10

P - 11
Net Debt-equity ratio
CAGR IN EBITDA DURING
Efficient working capital FY20-23
FY23 -0.16
management
GREENPANEL INDUSTRIES LIMITED

Leading market position

160.80%

ANNUAL REPORT 2022-23

FY22 0.06
We have been continuously improving
Over the years, we have working capital cycle over the last FY21 0.51
continuously invested in expanding four years. We have efficiently CAGR IN PAT DURING FY20-23
our capacity while developing managed inventory and have better
value-added products for growing control over debtors, leading to better
demand of MDF. This has helped working capital management. Our
us gain market share in the fast- best-in-class working capital days
growing MDF sector which has a in the wood panel segment have
high entry barrier. allowed it to utilise incremental cash
flow for debt repayment and expand
capacity stretching.

27%
MARKET SHARE IN THE
INDIAN MDF INDUSTRY Working capital
cycle (days)
Long-term growth prospects
Greenpanel's capacity expansion and continuous
6,60,000CBM
improvement in capacity utilisation are expected CURRENT MDF CAPACITY
FY23
17 to aid growth. The Company had increased its
MDF capacity by 22% in FY22 and has plans

8,91,000CBM
FY20 45 to further expand its capacity by 35% with
commercial production expected to start from
Q1FY25. The expansion will be funded with a mix
of internal accruals and debt. EXPECTED MDF CAPACITY BY FY25
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Chairman’s statement
With its durability, flexibility, and eco-friendly attributes, MDF empowers
us to create innovative and sustainable solutions, fostering a resilient
and forward-thinking approach to make Greenpanel a future-ready
organisation.
granular and deployed district wise to current 660,000 CBM. The I600 crores
shore up sales. capex earmarked for the project is

Building a future-fit Innovation has always been the forte

of Greenpanel and we continued
expected to be funded through a
combination of internal accruals and
debt fund. This will further strengthen
We have taken proactive steps to
integrate sustainable practices

organisation to strengthen our portfolio with

premium products, helping us add
our leadership in the market. The work
is in full swing and we have achieved
into our business operations,
including plantation of trees,

GREENPANEL INDUSTRIES LIMITED

to our margins. Going ahead, we aim major milestones already. promoting employee well-being,
to derive 65% of our sales from the and supporting social causes.
ANNUAL REPORT 2022-23

DEAR SHAREHOLDERS, value-added products. GROWING WITH OUR

COMMUNITY
I am pleased to report the
Driving brand visibility has been one It gives me great pleasure to highlight
performance of the Company for
of the key focus areas for us. During our Corporate Social Responsibility
FY23. Medium Density Fibreboard or
the year, we amped our marketing (CSR) initiatives in this annual report. in the wood panel segments. Besides,
MDF demand in India continues to
activities which not only helped us in We believe that our success as a with sectoral entry barrier owing to
be robust. However, cheaper imports
driving our visibility but also helped in company is inextricably linked to high capex requirements, high share
led to supply abundance during
growing the market for MDF in India. the well-being of the communities in of organised players and our first
the year, resulting in challenges for
which we operate. Therefore, we have mover advantage gives us strong room
the domestic players. Besides, the
As a result of these efforts, we have for growth going ahead and create
P - 12

increase in input prices, driven by taken proactive steps to integrate

been able to maintain our position sustainable practices into our business substantial value for our stakeholders.

P - 13
global supply chain disruptions and
as the market leader in the MDF operations, including plantation of
growing energy prices, led to adverse
segment in India. Our products trees, promoting employee well-being, NOTE OF ACKNOWLEDGEMENT
impact on the margins. The surplus
continue to be in high demand, and and supporting social causes. We In closing, I would like to thank our
supply scenario also made it difficult
GREENPANEL INDUSTRIES LIMITED

we have even expanded our customer are committed to making a positive employees, customers, suppliers,
for the industry to pass on the price
base. Our revenue and profitability

ANNUAL REPORT 2022-23

increase to consumers. However, impact on society and will continue to and shareholders for their unwavering
have remained strong, and we have prioritize CSR in all our endeavours. support and dedication, even during
despite the challenges we faced,
continued to invest in R&D and these challenging times. It is because
Greenpanel has shown remarkable
capacity expansion to meet the

J2.32crore
resilience and emerged even stronger of your resilience and commitment that
growing demand. we have been able to stay resilient and
than before. As the largest MDF
manufacturer in India, we have always continue to report strong growth. We
CHARTING THE NEXT PHASE CSR SPENDS IN FY23 look forward to continuing our journey
believed in the power of innovation,
OF GROWTH together and creating value for all
hard work, and perseverance to
overcome any obstacle, and this year We continue to remain upbeat about We have implemented strict safety our stakeholders.
has truly put those beliefs to the test. the future of MDF industry India. protocols to ensure the health and
Shiv Prakash Mittal Rising pace of urbanisation, per capita wellbeing of our employees and Sincerely,
We had two ways to respond to Executive Chairman disposable income and tourism and customers. Our supply chain resilience
these challenges – to wait and watch As imports became abundant, we hospitality industry are expected to strategies have helped us mitigate Shiv Prakash Mittal
for the market to correct or to take explored newer export markets and aid the growth of this sector in this the impact of disruptions, and we Executive Chairman
move aggressively and take multi- started tapping new customers in country. Besides, the versatility and have made significant investments in
pronged initiatives to strengthen our the middle-east countries to drive wide application of MDF have added technology to improve efficiency and
As the largest MDF manufacturer to its growing popularity in the country. reduce costs.
business prospects. sales. This helped us in utilising our
in India, we have always believed Considering these realities, we have
capacity in excess of 75% throughout
in the power of innovation, hard embarked on the next phase of our OUTLOOK
What we decided, is to do the latter. the year, helping us absorb the fixed
work, and perseverance to growth and announced our capacity
cost. We explored newer markets Our commitment of investing
overcome any obstacle, and this expansion project in Andhra Pradesh
We focused our energy on innovation, in the country – the central and the continuously to driving our growth
year has truly put those beliefs to which will increase our capacities
market and capacity expansions and north-eastern states where imported aspirations vindicates our confidence
the test to 8,91,000 CBM by FY25 from the
driving our market visibility. materials are unviable owing to unit on MDF as one of the fastest-growing
economics. Further, we have made
our marketing and sales team more
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Letter from the Managing Director & CEO

At Greenpanel, we look forward to the future with optimism, UNDERSTANDING OUR organised unlike other wood-based
PERFORMANCE panel products segments.
despite the temporary challenges, primarily because we While the market remained
We associated with Delhi
expect a large part of the plywood segment would be challenging, our foresightedness
Capitals, a prominent franchisee
Considering the massive growth
and proactive business measure opportunities, we have embarked
replaced by MDF going forward. helped us navigate through the
of the Indian Premier League, one on the journey Greenpanel 2.1 and
of the highest-watched sporting committed investments to the tune
challenges effectively.
events in the world to drive our of I600 crores to expand capacities

Demonstrating strong resilience

brand visibility. We launched from 6,60,000 CBM to 8,91,000 CBM
Optimising our product portfolio
our first-ever TVC with an apt by FY2025. The state-of-the-art
While the market was flooded with the message to capture the minds of plant will have German machineries
imported MDF, it was largely in the thin our potential customers. to ensure best-in-class quality
category, finding applications with the
and high operating efficiency. The
OEMs. Over the years of our existence,
project, funded through a mix of

GREENPANEL INDUSTRIES LIMITED

we have focused on augmenting
internal accruals and borrowed
our portfolio with increased share of
ANNUAL REPORT 2022-23

funds, is being executed in full swing.

Dear Shareholders, value-added products, finding greater Amping up brand visibility Upon completion, this will further
traction with the trade channels. The
The MDF industry in India faced One of the key areas we lacked in consolidate our leadership position in
latest being the fire retardant MDF, the
several challenges during the year the past was our branding activities. the Indian MDF market.
first-of-its-kind in the Indian market.
under review. The withdrawal of While we enjoy a strong brand equity
This not only protected our sales but
anti-dumping duty, coupled with in the market owing to our pioneering OUTLOOK
also helped us protect our realisations,
a slowdown in Europe, resulted in initiatives in the industry, it needed The strong traction of MDF in
despite the supply side glut. This was
cheaper imports from Thailand and a greater push for us to emerge as the country gives us optimism to
further supported by our constant
Vietnam, leading to a demand-supply a household name in a sector still continuously invest in the business.
push in driving our engagement
mismatch in the MDF category. in the nascent stage in India. We Committed investments from our
exercise with the influencer community
P - 14

Additionally, high crude prices exerted associated with Delhi Capitals, a fellow colleagues only reinforces our
as well as the end consumers.

P - 15
pressure on margins. prominent franchisee of the Indian trust in the future of the product in
Premier League, one of the highest- the country. We will continue to focus
Widening our market
Despite these challenges, I am watched sporting events in the on expanding our distribution reach
Our focus on growing the domestic world to drive our brand visibility. We
pleased to report that we delivered and introduce value-added products.
GREENPANEL INDUSTRIES LIMITED

market has started paying off. We launched our first-ever TVC with an apt
another year of strong performance. Despite the additional debt we will be

ANNUAL REPORT 2022-23

explored the untapped Central and message to capture the minds of our
Our revenue grew by 12.16%, from taking for expanding our capacity, our
North-East markets and our multi- potential customers.
I1,585.74 crore in FY2022 to I1,778.55 strong cash flow projection from the
geography manufacturing presence
crore in FY2022. Our EBITDA was existing and upcoming capacity will
helped us cater to these geographies. STRONG FUTURE OF MDF
very similar to the last year at I435.87 help us pare down the additional debt
While demand from Europe remained IN INDIA
crores in FY2022 compared to I439.39 periodically and continue to enjoy the
depressed during the year for reasons
crores in FY22 and net profit increased MDF in India has witnessed rapid net debt-free status. While the world is
more than one, we explored other
by 6.67%. Although input costs rose, expansion in the past few years. This faced with uncertainties, the macro-
attractive markets like the MENA
causing a decline of 320 bps in our is evident by the strong consumer Indicators in India tells a different
region to drive our exports sales.
EBITDA margin and 74 bps in our Mr. Shobhan Mittal demand as well as expansion outlook and we are extremely upbeat
During the year, we were accredited
PAT margin, we were able to maintain of capacity by the industry. The about the India story in a period touted
Managing Director & CEO with Two Star Export House status by
our pricing levels, with an average production capacity has grown by as the Amrit Kaal for the country.
the Government of India.
realisation of I33,432 per CBM in the more than 15x from 0.15 million CBM
domestic market in FY2023, compared in 2010 to 2.30 million CBM in 2022. I would like to thank all our
Maintaining our working capital
to I29,451 per CBM in FY2022. Further, it is expected to witness a stakeholders for their continued
hygiene
as market leaders in India, with 27% CAGR of 15-20% between 2023- support. I strongly believe the best
Our MDF business continues to be We have continuously focused on 2028. The product is sustainable is coming.
market share.
the Company's leading segment, strengthening our working capital and gradually replacing the cheaper
We took a target of achieving net
accounting for 86% of the revenues cycle through a slew of measures, segment of the plywood market. Regards
debt-free status by the FY2023 We took a target of achieving net
in FY2023, with plywood contributing During the year, we maintained a Besides, its price advantage and
and I am happy to state that we debt-free status by the FY2023 and I
working capital discipline of 17 days in
14%. Our proactive measures to were able to achieve it by the end am happy to state that we were able
line with the previous year of 16 days.
versatility are making it an ideal Shobhan Mittal
explore export markets helped of Q1FY2023, further reinforcing to achieve it by the end of Q1FY2023, replacement for other wood-based Managing Director & CEO
us optimize our capacities better, our commitment to the business. further reinforcing our commitment to panel products. Further, the high
resulting in 78% capacity utilization the business. capex intensity and other entry
and effective absorption of fixed barriers make this industry highly
costs. We maintained our position
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Feature story – Innovation

As an early mover in a sunrise sector, innovation is at the core of everything At Greenpanel, our inhouse exterior, interior, club grade and also helped us in maintaining our
research and innovation team pre-laminated products in the last profitability. While the market for thin
we do. We are dedicated to pushing the boundaries of what's possible, using works relentlessly to create new few years. This has helped to be a MDF is substantial, our calibrated
the latest technologies and deep insights about the need of our customers to possibilities in the segment. While contrarian in the industry – while approach towards value-added
the imports are largely in the thin MDF is largely preferred by the segment will help us stay ahead of
create high-quality products. We believe that innovation is the key to staying category with lower margins, we large manufacturers of ready-made the competitors crowding the thin
ahead in a dynamic industry, and we are committed to investing in research worked more on the value-added furniture, we are selling majority of MDF segment.
segments to drive profitability. our products through distributors
and development to ensure that we remain at the forefront of the market. We have launched products like in the retail market. Besides, it has

Expanding share of value-added in the portfolio

Pushing the

GREENPANEL INDUSTRIES LIMITED

ANNUAL REPORT 2022-23

35% 50%
boundaries of
IN FY19 IN FY23

Enhancing realisations Increasing PAT Margin Increasing EBITDA margin

possibilities J30,283 per CBM 14.42% 24.51%

P - 16

IN FY23 IN FY23 IN FY23

P - 17
GREENPANEL INDUSTRIES LIMITED

ANNUAL REPORT 2022-23

J21,614 per CBM 5.93% 15.46%
IN FY19 IN FY19 IN FY19

TRULY A FIRE RETARDANT MDF approved, specified, and applied to the entire vehicle
At Greenpanel, our relentless research efforts manufacturing companies, bus manufacturing
undertaken in the last few years have led to the companies, and state transport companies like DTC
launch of the first fire retardant MDF product in in Delhi, Bangalore Transport in Karnataka, BEST,
India. Unlike other companies, we have certified our Punjab Roadways, UP Roadways among others.
product by one of the prominent testing agencies in
the world which is well-known test labs that certify Adding certain chemicals is necessary to make
the FR properties of any product. We have a class a product fire retardant, as density alone cannot
one certificate, which is the best one worldwide. achieve this. Our product line includes two
Our product is certified by CBRI (Central Building; ranges: club-grade HDWR, which has a density of
Research Institute), a strong reference for the approximately 850 kg, and an interior-use product
government departments. Besides, the product aimed at both high-end and residential markets. In
has been approved by The Central Institute of order to expand our customer base, we developed
Road Transport (CIRT). It gives us a chance to get an interior FR-grade MDF with a density of 750 kg.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Feature story – Prominence LEVERAGING CRICKET TO

CAPTURE THE COUNTRY’S
part of this association, Greenpanel
will appear on Delhi Capitals and
Videos and SOPs for
carpenters and contractors
PULSE Pretoria Capitals' jerseys throughout We widened the application of
Cricket has massive popularity in the 2023 season. Along with being Standard Operating Procedure (SOP)
While we have created a portfolio of products synonymous with exceptional India and is often referred to as a featured on matchdays, Greenpanel for carpenters and product installers,
religion. It is the most watched and will be integrated into both teams' enhancing the effectiveness of the
quality, it has become imperative for us to invest in advertisement and played sport in the country of 1.42 bn training jerseys as well. delivered solution. We also produced
promotion to strengthen visibility of not only our products and company but population, with millions of passionate films on why MDF is the way forward.
fans and a thriving professional Launch of TVC
for the industry as well. Hence, we are investing aggressively in branding and league. At Greenpanel, we decided We launched our first-ever TV Events for architects
marketing to drive all India brand prominence. to leverage this spectacular sport to commercial, "Greenpanel- MDF We conducted customised and
catch attention of the country’s ever- ka doosra naam," featuring David individual events for architects.
growing population. Warner, Prithvi Shaw, and Manish We took part in various exhibitions in
Pandey of the Delhi Capitals Team. India, where architects were likely to be
The Company started the journey with The strategic marketing move present, and we took the opportunity
on-ground perimeter display board leverages our IPL sponsorship to introduce them to our innovative mix

Growing our
advertising for the brand Greenpanel to amplify brand awareness. The of products.

GREENPANEL INDUSTRIES LIMITED

during the much-coveted Border- TVC takes a fresh approach to the
Gavaskar trophy between India and conventional 'problem-solution' Magazine advertising
ANNUAL REPORT 2022-23

Australia held across four prominent narrative by featuring candid moments

We enhanced magazine advertising
cricket grounds in India. This helped of frustration and rage of the three
to enhance visibility among architects
the brand gaining massive visibility. stars on and off the field. A voiceover

visibility
and channel partners. Some of the
explains that the reason for their
popular magazines that we tied
Sponsoring Delhi Capitals behaviour as they are upset that the
up with included Ply Reporter, and
Over the last 15 years, the Indian one just made his furniture without
Business India.
Premier League has emerged as one Greenpanel MDF. It stood out amidst
of the most anticipated cricketing the clutter of advertising during this
RETAIL BRANDING
events in India with massive viewership highly competitive season.
Greenpanel engaged in brand building
not only restricted to India but across
p - 18

on exterior walls along national

various parts of the world. We are

J24crore

P - 19
highways, enhancing familiarity. We
pleased to associate as principal
also enhanced signages and in-shop
partners with the Indian Premier
displays at outlets, especially in
League franchise, Delhi Capitals for A&P spends in FY23 vs untapped tier 2 and 3 cities.
GREENPANEL INDUSTRIES LIMITED

three years. We are a young company 18 crores in FY22

and want to associate ourselves with

ANNUAL REPORT 2022-23

LEVERAGING DIGITAL
the youth and young home buyers. BUILDING FAITH AMONG PLATFORMS
Greenpanel is at the nascent stage INFLUENCERS
in its brand journey and therefore Greenpanel Wood Floors’
We engaged deeper with first-level website
this association will help the brand
product influencers (carpenters,
to establish itself in the consumers’ We grew the traction of its our wooden
contractors and architects),
mindset. We also associated with Delhi floors website to engage deeper with
showcasing product capability and our
Capitals' sister team – the Pretoria architects, channel partners and
quality standards.
Capitals, which participated in the consumers. The website comprised
inaugural season of the SA20. As a a simulation feature through which
the visitor could visualise different
wood floor designs before arriving at a
purchase decision.

Social media platforms

We introduced e-catalogues across
product segments, and have also been
working towards strengthening its
digital presence.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Feature story – Expansion

Considering the possibilities in India’s MDF segment, constant investments are
required to stay ahead of the competition and sustain leadership in the market.
By investing in state-of-the-art technology and equipment, we are substantially We are proud to announce the
increasing our production capacity, enabling us to meet the growing demand order of our third MDF plant
from Dieffenbacher. This new
for our products both domestically and internationally. It will help us capitalise plant will not only increase our
on new opportunities for growth and success. production capacity but also help
us in reducing our environmental
impact, keeping us committed
to our goal of sustainable

Embarking on
manufacturing.

GREENPANEL INDUSTRIES LIMITED

ANNUAL REPORT 2022-23

Greenpanel 2.1
P - 20

P - 21
During FY2023, we went ahead We are proud to announce the The capex will be partly funded
and announced the commissioning order of our third MDF plant from through internal accruals and rest
of a new MDF plant at existing Dieffenbacher. This new plant will through debt. However, despite the
GREENPANEL INDUSTRIES LIMITED

manufacturing unit in Chittoor, Andhra not only increase our production additional debt for the project, we
Pradesh, India with an additional capacity but also help us in reducing continue to remain net-debt free

ANNUAL REPORT 2022-23

installed capacity of 2,31,000 CBM per our environmental impact, keeping us owing to strong operating cash flow
annum. The additional capacity will committed to our goal of sustainable generation projected during the next
increase MDF production capacity of manufacturing. The new CEBRO few years.
the company from 6,60,000 CBM per line will include a DIEFFENBACHER
annum to 8,91,000 CBM per annum, fibre dryer, air grader, forming
an increase of ~35%. The estimated
project cost is I600 crore which shall
be funded by a mix of internal accruals
station and forming line, a CPS+
continuous press system including
Press Emission Control System, the
8,91,000CBM
POST EXPANSION CAPACITY
and debt. The commercial production raw board handling system and the BY FY25
of the plant is expected to begin new Wireless STS raw board storage
during first quarter of the FY2025. system. It also includes the digital

35%
service platform MyDIEFFENBACHER
and EVORIS, DIEFFENBACHER’s new
plant digitalization solution. EVORIS
is a great tool that will help us make INCREASE IN CAPACITY
even better decisions in the shortest POST EXPANSION
possible time.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Operating context
Medium-density fibreboard (MDF) is gaining popularity in global Indian MDF market scenario
markets due to its cost-effectiveness, versatility, and environmental
responsibility. In India, the share of MDF in the wood panel sector is still holds only a 10%-15% share. In the Consumption of MDF vs other
wood panel products
quite low, but it is expected to rise due to its broad-based application future, it is expected that MDF will
continue to gain market share from
usage in both vertical and horizontal applications. low and medium grade plywood,

70
which comprises over 80% of the

30

90
plywood market in India. The growth
of the MDF industry in India from 0.15

Evolving market million CBM in 2010 to 2.3 million CBM

70
in 2022 suggests strong potential

dynamics
for further growth. In addition, the

GREENPANEL INDUSTRIES LIMITED

10

30
demand for MDF in India is increasing
ANNUAL REPORT 2022-23

due to the rising preference for ready- Rest of the World India India 2030e
Globally, MDF dominates the wood
panel industry with a share of around made furniture and the opportunities MDF Other Wood Panel Products
70%. However, in India, it currently presented by post-Covid exports. Source: SMFS Research

MARKET TRENDS MARKET DRIVERS MARKET

• In India, the demand for • MDF's inherent CHALLENGES
P - 22

MDF was mainly met attributes and price Although the demand for

P - 23
by imports from South- competitiveness make it MDF is expected to remain
East Asian countries, an ideal replacement for strong, there is a likelihood
which were of lower the mid and economy of pricing pressure due
thickness. However, with segments of plywood. to increasing imports and
GREENPANEL INDUSTRIES LIMITED

the increase in domestic commercialisation of new

• MDF is manufactured

ANNUAL REPORT 2022-23

capacity, coupled capacity addition by the
from recycled
with strong pent-up companies. This could
wood, making it
demand and slowdown lead to a correction in
an environmentally
in imports due to the current high margins
responsible product,
container availability enjoyed by MDF players.
which encourages many
issues and higher
countries to promote
freight cost, there has
MDF products.
been higher growth and
margins for domestic • The increasing
GREENPANEL’S
MDF manufacturers. preference for ready-
RESPONSE
made furniture and
• Organised players are
the rise in export • Capacity Expansion to
increasingly focusing
opportunities post- meet growing demand
on value-added MDF
COVID is also driving for MDF in India and for
products like pre-lam,
demand for MDF. export markets.
high density, moisture-
resistant, and fire- • Leveraging its innovation
retardant MDF to protect capability to develop and
share and margins. launch new products like
fire-retardant MDF.

• Investing in branding to
create a distinct customer
value proposition and drive
brand recall.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Value creation model

We prioritise delivering exceptional value by understanding and meeting the unique
needs of our customers. Through continuous innovation, we stay at the forefront of
our industry. Our efficient operations drive cost-effectiveness. our relentless focus
on quality helps establish long-lasting relationships. Embracing collaboration and
leveraging cutting-edge technologies, we create a solid foundation for growth.

Resources utilised Value created

GREENPANEL INDUSTRIES LIMITED

J1,779 crore
ANNUAL REPORT 2022-23

REVENUE
FINANCIAL RESOURCES
Marketing, sales
J1,194 crore J187 crore Production, and distribution
NET WORTH NET OWNED FUND procurement, R&D activities
activities J436 crore
EBITDA
P - 24

P - 25
n process

MANUFACTURING CAPACITY

6,60,000 CBM
GREENPANEL INDUSTRIES LIMITED

FR-MDF
MDF CAPACITY

ANNUAL REPORT 2022-23

e creatio

HR management
10.5 million sq. m Financial
activities
activities NEW PRODUCTS LAUNCHED

PLYWOOD CAPACITY
Valu

RAW MATERIALS

WOOD SYNTHETIC RESINS WAX 12,000+

RETAIL POINTS

Legal activities
ESG activities

VALUE ENABLERS
Delhi Capitals
CSR EXPENDITURE ASSOCIATION AS PRINCIPAL PARTNER FOR IPL

J2.32 crore
Brand value Infrastructure Technology Systems and
processes
Numbers for FY2023
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Our business segments –

Medium Density Fibreboards (MDF) MDF product range

Being the largest and the first-mover in India’s MDF sector, we are
constantly focused on offering unmatched quality and range for our
customers, made available through our deep distribution network.

Interior grade Exterior grade Club grade

Strengthening our (Thickness: 2.1-30 mm |

Size: multiple sizes)
(Thickness: 3.3-30 mm |
Size: multiple sizes)
(Thickness: 3-18 mm |
Size: multiple sizes)

GREENPANEL INDUSTRIES LIMITED

leadership PROPERTIES PROPERTIES PROPERTIES
ANNUAL REPORT 2022-23

Finest regular density, high Greater density and strength, High density, excellent water
bonding strength, inherent resistant to moisture, termite, and resistance, durability, dimensional
stability, and easy machinability low formaldehyde emissions stability, resistant to termites, virus,
and fungus and borer proof
Inspiring performance
APPLICATIONS APPLICATIONS APPLICATIONS
Cupboards, wall panels, Semi-outdoor and outdoor furniture Wet areas like kitchen, bathroom,
tabletops, toys, trophies, like garden tables and balcony cupboards, furniture, wall panelling,
MDF Revenue (` crore) Sales volume (CBM) handicrafts. Recommended for chairs, etc.. commercial spaces, interiors, etc.
P - 26

interiors only; not to be exposed

1,534.58 5,06,743

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to dampness and high humidity.

1,534.58 5,06,743
4,95,041
GREENPANEL INDUSTRIES LIMITED

1,329.80
3,80,431

ANNUAL REPORT 2022-23

3,16,022
783.89
631.64 1,97,763
441.46
FY23

FY23
FY19

FY20

FY21

FY22

FY19

FY20

FY21

FY22

+15.40% +34.43% +2.36% +17.07%

y-o-y 3-year CAGR y-o-y 3-year CAGR Pre-laminated CARB & E-1 Fire-resistant MDF
(Thickness: 2.1-30 mm | (Thickness: 2.1-30 mm | (Thickness: 12 mm & 18 mm |
Average realisation (` per CBM)
Size: multiple sizes) Size: multiple sizes) Size: 2440mm x 1220mm)

30,283 PROPERTIES PROPERTIES PROPERTIES

Moisture-resistant, scratch Higher bending strength, Moisture-resistance, heat-resistance,
30,283
resistant, superior abrasion load bearing capacity, screw termite and borer resistance
26,850
resistant, resistant to cracks and holding capacity, very low
21,614
20,585 stains, and easy to maintain formaldehyde emissions
19,419
FY19

APPLICATIONS APPLICATIONS APPLICATIONS

Suitable for kitchen cupboards, School and hospital furniture, kids’ Suited for a wide range of applications
FY21

FY22

FY23
FY23
FY19

FY20

FY21

FY22

bathroom cabinets, etc furniture and toys, modular furniture, such as residences, hospitals, hotels,
workstations, cupboard shutters and theatres, offices, schools, airports,
+12.79% +15.96% TV cabinets exhibition halls, places of worships
y-o-y 3-year CAGR
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Our business segments – MDF

Flooring product range

How we have strengthened business during the year
PROPERTIES
100% HDF base core, scratch
resistant, moisture resistant, hygiene
New launch Enhancing exports Growing the domestic
and easy to maintain At Greenpanel, we invest significantly presence market
in research and innovation to offer
While domestic market saw supply The MDF market in India is still nascent
solutions that meets the practical
from the import market, we explored and requires consistent consumer
problems of our consumers. During
APPLICATIONS the year, we launched for the first
new regions across the world to drive awareness campaigns to broadbase
volume growth. the industry growth. Aligned with this,
Different ranges available for time in India, Greenpanel FRMDF –
we have launched various consumer
residential and various commercial the best grade of FRMDF available
engagement initiatives including the

12 countries

GREENPANEL INDUSTRIES LIMITED

flooring applications in the market. Available as FRMDF &
launch of our first-ever TVC.
FRMDF Club, these products not only
ANNUAL REPORT 2022-23

Prima collection Personal collection restrict fire, but also don’t form smoke.

(10 years warranty) (15 years warranty)

This was the result of a detailed EXPORTS PRESENCE OF Outlook
research, with the help of cutting-edge GREENPANEL
Based a strong demand outlook, we
technology and putting innovation- will continue to strengthen our MDF
driven minds at work. business with a higher growth target
and focused strategy.

Door Variants
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SEGMENT OPTIMISM OUR STRONG POSITIONING
GREENPANEL INDUSTRIES LIMITED

The increased popularity of readymade • The first organised player to enter the

ANNUAL REPORT 2022-23

furniture, especially since the outbreak of market in India; enjoying first-movers
Covid, created conducive environment for advantage with the brand synonymous
the growth of the MDF industry. The MDF with MDF in India
industry is poised for strong growth for the
• Strategically located manufacturing
following reasons:
units in northern and southern parts of
the country, catering to geographies
• Competitively priced against the
Decorative Doors Commercial Doors conventional wood panel products
accounting for 75% of the country’s
MDF demand. The South India plant’s
Our decorative doors are available in Our commercial doors are especially
• Shorter lifecycle adding to replacement proximity to ports helped us in exploring
three variants: designed for enhanced strength and
demand, aligned with the current trend the export markets conveniently
security. We also provide customised
Natural teak doors -made with of periodic upgradation of interiors
doors to add visions, louvers, special • Wide range of products helping
seasoned timbers that are treated and furniture
hinges, locks and rails. cater the needs of individual
with preservatives to improve their
• High entry barrier owing to heightened customers as well as organised
natural durability.
capex requirements furniture manufacturers
Laminated doors -available in 30
• MDF is highly versatile and finds • Focus on value addition/premiumisation
vibrant designs, including solid
application beyond furniture in various to drive margins
colours. They are scratch-free and
products and solutions
easy to maintain. • Direct distributor driven model for better
• MDF has high sustainability quotient as control and higher product availability
Natural veneer doors - have a solid
it is made completely from plantation-
wood core and veneered surfaces.
based wood with highest use of the tree
We use in-house phenolic resins and
as raw material
solutions for bonding the veneers to
the core wood.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Business segment – Plywood

Plywood product range
We have 4% share of the organised plywood market. With a capacity of
10.5 Mn sq. m, we manufacture premium grade plywood. Our strong retail
touchpoints help us cater to our customers in target markets. Our advanced
manufacturing technology ensure highest standards of quality and durability.

Carving a niche
Club grade BWP* grade MR grade G Pro grade
PROPERTIES PROPERTIES PROPERTIES PROPERTIES
High density and Excellent durability Moisture resistant, has a Made from eco-friendly
strength, surface finish against changing weather smooth surface, carpenter- timber, weatherproof, anti-
characteristics, termite conditions, greater strength friendly, and resistant fungal, borer resistant, can

GREENPANEL INDUSTRIES LIMITED

resistant, borer proof, and stiffness, resistant to warping withstand dry heat.
ANNUAL REPORT 2022-23

excellent durability to termite, fungus, borer

and virus APPLICATIONS APPLICATIONS
APPLICATIONS Best for partitions, Joinery, furniture, interior
Suitable for both indoor and APPLICATIONS panelling, door panels, designs, modular kitchen,
outdoor furniture, domestic Outdoor furniture, cabins, and false ceilings. cabinets, laminate
and commercial buildings, shipbuilding and other Furniture parts, lamps, industry, etc.
and marine applications like marine applications, interior designs, musical
boat, ship flooring, etc. furniture and kitchen instruments, speakers.
cabinet, interior design
and fittings
P - 30

*Boiling Water Proof

P - 31
GREENPANEL INDUSTRIES LIMITED

HOW WE HAVE STRENGTHENED SEGMENT OPTIMISM OUR STRONG POSITIONING

ANNUAL REPORT 2022-23

BUSINESS DURING THE YEAR
The demand for high-quality plywood • Our products enjoy the best-in-
• Increased focus on delivery and with uniform thickness, known class bond quality
Steady performance market requirements to strengthen as calibrated plywood, is seeing
• Competitive edge with exclusive
our plywood vertical. increased traction in the market as
distributor network
the market is undergoing a change
• Consistent working capital
Plywood revenue (` crore) Sales volume (Mn sq. m) towards high quality materials. The • Our plywood range panels have
discipline involving best inventory
industry predicts that calibrated versatile applications in residential
handling practices.
243.97 8.58 • Widened our distribution network
plywood's contribution to the total
market will increase to 50% in the
and commercial interiors, furniture
design and home decor products
and retailers to ensure products next few years, up from the current
255.94 9.30 • World-class manufacturing
243.97 8.51 8.48 8.58 reach the maximum customers. 20%. Key industry-driving trends
facility enabled by technology
215.46 217.10 influencing the growth of the sector
• Sponsoring in IPL and launching and automation
include technology upgrades,
5.68 our first TV commercial in order to
141.16 innovation, automation, and a
build the brand awareness across
preference for sustainable materials
the nation.
among consumers.
FY19
FY23

FY23
FY19

FY20

FY21

FY22

FY20

FY21

FY22

-4.68% +4.23% -7.74% +0.27%

y-o-y 3-year CAGR y-o-y 3-year CAGR
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

People
We believe that continuous learning experiences are not only the key to
the growth of our team members in their career progression, but also
important in the overall development of the organisation. We provide
on-job guidance and training to the employees. We undertake periodic
training initiatives for our team members to hone their skills.

Our people leading

GREENPANEL INDUSTRIES LIMITED

our growth
ANNUAL REPORT 2022-23

TRAINING AND DEVELOPMENT ENSURING GOOD HEALTH ENSURING A SAFE WORKPLACE

We believe that continuous learning At Greenpanel, we hold the belief ‘Zero Harm’ has always been the key
experiences are not only the key to that the cornerstone of our HSE focus area for Greenpanel. We have
the growth of our team members in commitment is the well-being of taken multiple initiatives to ensure a
P - 32

their career progression, but also our employees. Our Company's safe workplace for our people. The key

P - 33
important in the overall development objective is to regularly monitor the safety initiatives undertaken during the
of the organisation. We provide health of our employees and promote year includes:
on-job guidance and training to the awareness of fitness. As a testament
GREENPANEL INDUSTRIES LIMITED

employees. We undertake periodic to this commitment, our medical team • Provision of adequate safety
training initiatives for our team periodically travels to neighbouring equipment for our people at

ANNUAL REPORT 2022-23

members to hone their skills. villages to provide medication and the workplace
improve health awareness. This
• A Work Permit System is followed
effort serves as an extension of our
with Lockout and Tagout (LOTO)
dedication to promoting a healthy and
procedure wherever required to
safe workplace environment for all
prevent accidents
our employees. We have dedicated
medical facilities at our plants which • Conducted safety training for
includes a first-aid room, and doctors employees, in addition to Safety
and nurses. An ambulance has Committee meetings
also been provided to cater to any
• Monitored safe-persons hours
emergency. A specialized reverse
osmosis plant has been set up by us • Celebrated the National Safety Day
specifically to cater to the requirement 2023 with commitment to ensure a
of drinking water, and a separate secure and hazard-free workplace
team has been appointed to ensure
• Audited the fire
that the water quality and quantity are
protection equipment
regularly maintained.

Zero
ACCIDENTS REPORTED
IN FY23
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Environment
Greenpanel Industries Limited's dedication to preserving the environment
is reflected in our various efforts. Our adoption of the ISO 14001:2015
international environmental management systems standard indicates
unwavering commitment to achieving excellence in environmental
management. Our pledge to continual improvement and sustainable
practices is a testament to our management’s long-term vision of ENHANCING THE WASTE MANAGEMENT EFFECTIVE WATER REDUCTION
maintaining a healthier, greener future for all. GREEN COVER MDF as a product utilizes
MANAGEMENT IN ENERGY
Enhancing green cover majority of the plants waste Our inhouse water
CONSUMPTION
through tree plantation is in the production process, monitoring lab has been Over the years, we have
a key initiative undertaken thereby making it the most commissioned to check undertaken various

GREENPANEL INDUSTRIES LIMITED

Protecting and nurturing
by us to for environmental responsible product in the quality of water we initiatives to reduce our
conservation. Planting trees the wood panel segment. have in and around our power consumption and
ANNUAL REPORT 2022-23

is a simple yet effective way Further, our state-of-the-art plants. Further, through reducing our Scope 1 and 2

the environment
to enhance the green cover technology also ensures the various initiatives, we are GHG emissions:
and promote ecological best possible output for the continuously optimising
balance and the most way raw materials used in our the use of water in our • Biomass based energy
of offsetting the impact manufacturing process. manufacturing process. Our plant process led
of use of wood as raw rainwater harvesting system to the reduction of
Our 5S training for the
material in our process. We installed at Andhra Pradesh CO2 emissions.
employees as part of
use unused land to drive unit helps in the reduction
the efforts to enhance • Monitoring and control
plantation activities. of freshwater consumption.
housekeeping practices. of energy consumption
Our alternative sources of
P - 34

The 5S initiatives, was conducted through

15 million
water usage or withdrawal

P - 35
which include Sort out, energy meters.
includes natural sources
Set in Order, Shine,
like Surface water • Streetlights were provided
SAPLINGS PLANTED Standardise, and Sustain,
(FY2023- 3,23,904 KL) and timers to keep them on
DURING THE YEAR are reinforced through
Groundwater (FY2023- during specific hours.
GREENPANEL INDUSTRIES LIMITED

regular audits, training

72,098 KL) out of which

ANNUAL REPORT 2022-23

sessions, competitions, • Dynasteam system in the

50 million
total volume of water
and recognition programs. Press has increased the
consumption during the
Further, we have installed production capacity and
year has been 3,70,033 KL.
SAPLINGS TO BE separate bins for collecting reduced the Press belt
This process has helped
PLANTED BY FY25 various types of waste consumption as well as
in substantive reduction of
generated during the resin consumption.
freshwater consumption and
manufacturing process.
effective management of • Standby measures
The waste is then either
water resources. were followed wherein
ISO 14001:2015 IGBC recycled, reprocessed, or
manufacturing equipment
disposed of. For instance,

3.70lakh KL
certification certification with no raw material
the company has partnered
would stop automatically.
with brick manufacturers to
utilize the fly ash produced REDUCTION IN • LED lights, consuming
by their energy plant. FRESHWATER lower power, were
CONSUMPTION IN FY23 installed in place of
flood lights and other
variants that consumed
more electricity.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Community interventions
CSR has been a key part of our business journey since inception. We
have been taking multiple initiatives to drive holistic development of the
communities we work around. Our intervention initiatives include health,
education and livelihood.

BOOSTING FARMER INCOME PROMOTING CHILD EDUCATION ENSURING GOOD HEALTH

GREENPANEL INDUSTRIES LIMITED

Spreading cheer THROUGH AGROFORESTRY Our focus includes betterment The mobile medical van launched by
ANNUAL REPORT 2022-23

Aiming towards a greener world as of the community where we have our South Indian unit covered Chittoor
a responsible organization we are taken various initiatives to promote district in Andhra Pradesh and touched
providing greenwood solutions. child education. In order to provide 3,925 beneficiaries. The services
better infrastructure facilities to included medical services, consulting,
We are promoting plantations in our the students, 3 schools in Udham counselling and free medication for

J2.32 crores
CSR SPEND
local areas by helping farmers and
focusing on agroforestry & farm-
forestry measures and zero de-
Singh district in Rudrapur has been
renovated, under the CSR programme.
Additionally, benches and boards
basic diseases.

forestry. has been provided in the schools of

Chittoor district in Andhra Pradesh
P - 36

By doing so, agroforestry wood is for improving education facilities.

P - 37
made available to wood & paper Expenditure in regard to the above
manufacturing industries as well as it renovation amounted to I49.06 lakhs.
is helping to reduce carbon footprints
and making India a greener place to
GREENPANEL INDUSTRIES LIMITED

live in.

ANNUAL REPORT 2022-23

• We have helped 846 farmers from
339 local villages in doing plantation
on 13.71 K acres land which
will yield approx. 3.91 lakhs MT
agroforestry wood in a cycle of 3
years (twice).

• 54.25 lakhs saplings distributed

amongst the farmers within 30 km
local area and 102.62 lakhs saplings
distributed beyond 30 kms radius of
Greenpanel plant.

• Apart from clonal plants developed

by the company in its in-house
mist chambers, we have also tied
up with ITC and other nurseries for
supplying high quality saplings to
the farmers.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Governance PROFILES OF THE BOARD OF DIRECTORS

Mr. Shiv Prakash Mittal of Himalayas, and Child Fund India Mr. Arun Kumar Saraf
Executive Chairman Member of Task Force – Commission Independent Director

Commitment to ethical and He holds a Bachelor’s degree in

Science from the University of
on Centre State Relations, Govt. of
India. He was a Managing Committee
member at ASSOCHAM. He was
He is a Chartered Accountant by
qualification, has been practising as

effective leadership Calcutta. He was one of the founders

of Greenply Industries Limited. He
was associated with Kitply Industries
a Member of Advisory Committee,
Dept. of Company Affairs, Govt. of
India. Presently, Mr. Bhandari, besides
a tax consultant for over 33 years. He
had been managing Income Tax-related
matters for over 250 companies across
Limited for 21 years. He has over 50 being on the Board of Indian Institute Kolkata, Bangalore and Mumbai.
At Greenpanel, we firmly believe that good governance is the cornerstone years of experience in the fields of of Management, Indore, also holds Besides, he has also been appointed
production and marketing in plywood, Directorships in several companies as a Director in Loyalie IT-Solutions
of corporate excellence. We are fully committed to upholding the highest laminates, MDF and allied products. and their statutory committees. Private Limited.
standards of governance practices, which create long-term value for
Mr. Shobhan Mittal Mr. Mahesh Kumar Ms. Shivpriya Nanda
our stakeholders while driving consistent, profitable, and sustainable Managing Director & CEO Jiwrajka Independent Director

GREENPANEL INDUSTRIES LIMITED

growth for the company. Our philosophy is based on the principles of Independent Director
ANNUAL REPORT 2022-23

He holds a Bachelor’s degree in Ms. Shivpriya Nanda has over 30 years

ethics, integrity, and transparency in every aspect of our operations, Business Administration and was Joint of extensive experience in mergers and
He belonged to the Indian Forest
with the board and management held accountable to instil trust among Managing Director & CEO of Greenply Service, Maharashtra Cadre (March acquisitions, corporate restructuring,
Industries Ltd. He possesses over strategic joint ventures, and corporate
stakeholders. Our rigorous policies and codes of conduct ensure ethical 20 years of experience in Business
1, 1977 to March 31, 2009) and took
advisory. Ms. Nanda is passionate
voluntary retirement from March
responsibility and a high level of regulatory compliance. Administration and Marketing 31, 2009. Among various positions, about giving back to the community
Strategy. He was instrumental in the he also was the Inspector General and is the founding member of the
setting up of the MDF units of the of Forests & Head North-East Cell, Society of Women Lawyers in India.
BOARD OF DIRECTORS BOARD COMMITTEES Company at Pantnagar and Chittoor. Ministry of Environment & Forests, She has for several years in the past
After successfully streamlining the Government of India. He has extensive spearheaded pro-bono activities
The Board recognises that ethical and effective We have four committees of the Board: Audit
P - 38

Pantnagar unit, he was involved experience in handling a host of of the Firm and serves on the Pro
leadership is crucial for good governance, resulting Committee, Nomination and Remuneration

P - 39
in streamlining operations at the environmental issues. In addition, Bono Council of Trust Law. She is
in sustainable performance and value creation Committee, Stakeholders Relationship Committee
Chittoor unit. he has held the following positions: a member of Bar Council of Delhi,
for the Company and its stakeholders. The Board and Corporate Social Responsibility Committee.
Member Secretary, High Power International Bar Association, Inter-
is committed to such leadership by providing The Board delegates authority to relevant Board
Mr. Salil Kumar Bhandari Committee for the North Eastern Pacific Bar Association and American
GREENPANEL INDUSTRIES LIMITED

strategic guidance and informed oversight of committees to ensure that all issues of strategy,
Independent Director Region, constituted by the Hon’ble Bar Association.
implementation and performance to management. performance, resources, standards of conduct and

ANNUAL REPORT 2022-23

responsible governance are implemented. Supreme Court of India (1998 to 2016),
He is FCA qualified and graduated member of the Special Investigation
from Shri Ram College of Commerce, Team, constituted by the Hon’ble
Delhi University, and has a Diploma Supreme Court of India (February 13,
in Business Administration from the 2000 to 2016), Member Secretary,
All-India Council for Management Central Empowered Committee,
Studies, Chennai. He is the Founder constituted by the Hon’ble Supreme
and Managing Partner of BGJC Court of India (May 9, 2002 to 2016),
& Associates LLP, an audit and and Member, CAMPA, constituted by
management consulting firm in New the Hon’ble Supreme Court (May 2005
Delhi. Earlier, he’s held positions to 2016). Presently, Mr. Jiwrajka is the
in various organisations: Former proprietor of SRDA Advisory Services,
President of the PHD Chamber of specialising in financial, legal and
Commerce & Industry, Chairperson of environment consultancy.
Society for Integrated Development

Mr. Shiv Prakash Mittal Mr. Shobhan Mittal

Executive Chairman Managing Director & CEO
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Board’s Report
Dear Members, adequate group Mediclaim insurance coverage for the SUBSIDIARY AND JOINT VENTURE
treatment of employees and their dependent family members. As on March 31, 2023, your company has one overseas
Your directors have the pleasure of presenting their 6th annual report on the business and operations of the company along wholly owned subsidiary (WOS) viz. Greenpanel Singapore
with the audited financial statements for the financial year ended March 31, 2023. Opportunities Pte. Ltd., in Singapore. The subsidiary was initially engaged
Due to the slowdown in COVID-19 cases, the demand for real in the business of promotion, distribution, export and trading
FINANCIAL HIGHLIGHTS estate projects picked up rapidly, which created an increasing of the company’s panel products, wooden flooring and
The financial performance of your company, for the year that ended on March 31, 2023, is summarised below: demand for building materials. The shift of human interest allied products. The operation of WOS is transferred to the
(` in Lakhs) towards the environment and hygiene continued to create a company’s Singapore branch.
FY 2023 FY 2022
good market for MDF products in India.
Particulars
Standalone Consolidated Standalone Consolidated CHANGE(S) IN THE NATURE OF BUSINESS
Revenue from Operations 1,78,285.99 1,78,285.99 1,62,443.27 1,62,503.87
OUTLOOK AND EXPANSION There has been no change in the business of the company
Profit before finance charges, Tax, Depreciation/Amortisation 42,871.07 43,587.10 42,628.97 43,939.29 Despite uncertainties and challenges faced due to geo- during the year under review.
(PBITDA) political issues, the Russia-Ukraine war, the company’s

GREENPANEL INDUSTRIES LIMITED

Less: Finance Charges 1,868.42 1,904.24 1,646.15 1,709.81 outlook remains favorable on account of its product CONSOLIDATED FINANCIAL STATEMENTS
Profit before Tax and Depreciation/Amortisation (PBTDA) 41,002.65 41,682.86 40,982.82 42,229.48 integration capabilities, increasing brand visibility, dealership
GREENPANEL INDUSTRIES LIMITED

For the period under review, the company has consolidated

Less: Depreciation 6,898.22 7,197.10 6,799.38 7,335.74 expansion, and the continuous support from its stakeholders. the financial statements of its wholly owned subsidiary, viz.,
Net Profit before Exceptional items and Tax 34,104.43 34,485.76 34,183.44 34,893.74 The wood panel market is one of the major verticals of the Greenpanel Singapore Pte. Ltd., Singapore. In accordance
Exceptional items (2,428.70) 610.07 - - interior infrastructure, comprising materials used in building with the third proviso of Section 136(1) of the Companies Act,
Net Profit before Tax (PBT) 31,675.73 35,095.83 34,183.44 34,893.74
furniture. Such materials include plywood, engineered wood 2013, the annual report of the company, containing therein its
panels, and decorative surface products. Your company is standalone and consolidated financial statements, has been
Provision for tax / Tax expenses (8,679.55) (9,444.35) (10,847.03) (10,847.03)
currently operating primarily in the structural sphere of the placed on the company's website. Further, as per the fourth
Profit/(Loss) after Tax (PAT) 22,996.18 25,651.48 23,336.41 24,046.71
interior infrastructure domain, with all the products in its proviso of the said section, audited annual accounts of the
Add: Net other comprehensive income 263.60 263.60 (127.98) (127.98)
basket catering to the structural needs of the customers. subsidiary company have also been placed on the website of
Total comprehensive income (net of taxes) 23,259.78 25,915.08 23,208.43 23,918.73
The demand for ready-made furniture manufactured with the company. Shareholders interested in obtaining a copy of
Add: Balance brought forward from earlier year 35,108.05 33,953.10 13,739.03 11,873.78
engineered panels like medium density fiberboard (MDF), is the audited annual accounts of the subsidiary company may
Amount available for appropriation 58,367.83 59,868.18 36,947.46 35,792.51 growing rapidly. Demand for personalised furniture and MDF send a request to the company secretary. Pursuant to section

P - 41
Less: Dividend paid on equity shares 1,839.41 1,839.41 1,839.41 1,839.41 products is expected to rise further due to the shift of focus 129(3) of the Companies Act 2013, read with rule 5 of the
Balance carried to Balance Sheet 56,528.42 58,028.77 35,108.05 33,953.10 towards hygiene. Your company is continuously trying to Companies (Accounts) Rules, 2014, a statement containing
P - 40

increase its market share of high margin products. Growing salient features of the financial statements of the company’s
RESULT OF OPERATIONS AND THE STATE OF THE products. Being the leader in producing and dealing in MDF customer awareness, brand consciousness, and a plethora of wholly owned subsidiary in form AOC-1 is annexed to this
COMPANY’S AFFAIRS products, your company is the preferred partner of choice for choices at the disposal of consumers are encouraging product

ANNUAL REPORT 2022-23

report marked "Annexure - I".
many real estate projects, offices, and home builders. Your innovation and quality focus from the organised players.
During the year under review, your company achieved revenue
company continues to focus on having a comprehensive
from operations of `1,78,285.99 lakhs as against `1,62,443.27 CREDIT RATING
ANNUAL REPORT 2022-23

product range, servicing clients at every point of the price India is one of the largest furniture markets in the world,
lakhs in the previous year, resulting in an increase in revenue Our strong commitment towards financial discipline and
spectrum, and retaining and reinforcing its market share in which is primarily driven by a rising national population, rapid
of 9.75% compared to the previous year. The profit after tax continuous performance growth has also translated into
the organised sector with a pan-India distribution network. urbanisation, growing demand for quality products, growth
for the financial year 2022–23 was `22,996.18 lakhs as against upgrading our external credit rating by CARE Ratings Limited
Your company is continuously expanding its dealer network in real estate projects, increasing per capita income, and the
`23,336.41 lakhs in the previous year, resulting in a decrease for long-term bank facilities of `149.50 crores from "CARE
in different parts of the country and is present across different thrust of young generations towards a better lifestyle. This
in net profit of 1.46% compared to the previous year. A" to "CARE A+" with a stable outlook and for long-term and
price points to cater to the needs of all customers across is likely to promote a strong demand for MDF, plywood, and
the high-end, mid-market, and value-for-money segments. short term bank facilities of `115 crores from "CARE A/CARE
Exports during the year 2022–23 were `24,745.21 lakhs as allied products in India. Innovations and use of technology will
The company’s pan-India distribution network ensures easy A1" to "CARE A+/CARE A1+" with a stable outlook. CARE
against `23,205.15 lakhs during the previous year, resulting help the MDF industries to grow further at a faster pace with
availability of products in almost every part of India. ratings also upgraded the rating of short-term bank facilities
in an increase of 6.64%. Your company is continuously trying high profits in the future. With wider choice, product innovation
of `5 crores from CARE A1 to CARE A1+.
to locate new export markets for its products and sees good and warranty being offered by organised players, customers
COVID-19 – IMPACT, MEASURES AND are putting more focus on this segment and trusting reputed
potential for growth in the export business. Additionally, ICRA Limited has also upgraded the long-term
OPPORTUNITIES brands like us.
rating to "[ICRA]A+" from "[ICRA]A", with a positive outlook
As per the consolidated financial statements, the revenue from Impact
for long term bank facilities of `240 crores, and the short-term
operations and profit after tax for the financial year 2022–23 During the year under review, there was no major impact of During the year under review the company has initiated
rating to "[ICRA]A1+" from "[ICRA]A1", with a stable outlook
were `1,78,285.99 lakhs and `25,651.48 lakhs, respectively, as COVID-19 on the operations of the company. a brown field project of expansion of installed capacity of
for short term bank facilities of `100 crores.
against `1,62,503.87 lakhs and `24,046.71 lakhs, respectively, MDF with annual capacity of 2,31,000 CBM per annum. The
in the previous year, resulting in an increase in the consolidated Measures commercial production of the above project is expected in
DIVIDEND
revenue from operations and profit after tax of 9.71% and Q1 FY 2025.
The company has continued to take preventive measures Your directors recommended and paid an interim dividend of
6.67%, respectively, compared to the previous financial year. such as wearing masks, sanitising, social distancing, thermal
Your directors are confident of achieving better results in the 150% on the face value of `1 per share, i.e., `1.50 per equity
screening, and swab testing within office premises and plants share, on the company’s 12,26,27,395 equity shares for the
The company has a pioneering presence in India and has coming years.
to prevent the spread of COVID-19. The company has provided financial year 2022–23.
played a missionary role in creating a pan India market for MDF
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Board’s Report

The details of the dividend paid will be placed at the ensuing company w.e.f. April 7, 2022, due to preoccupation and evaluation of the directors individually, its committees, and the • Ensures compliance with applicable legal and
annual general meeting for confirmation by the members. confirmed that there is no other reason other than those stated workings of the board as a whole. The criteria for evaluation regulatory requirements.
The dividend pay-out is in accordance with the dividend in her resignation letter dated April 7, 2022. Ms. Sushmita are outlined below:
• Alignment of the company’s resources and budgets
distribution policy of the company adopted by the board of Singha ceased to be a member of the audit committee,
with the implementation of the organisation’s
directors in their meeting held on August 14, 2019. The dividend nomination and remuneration committee, and corporate a. For non-executive independent directors:
strategic plan
distribution policy is uploaded to the company's website. social responsibility committee of the board of directors of the • Knowledge and skills
company w.e.f. April 7, 2022, due to her resignation from the • Creativity and innovation in creating new products.
TRANSFER TO RESERVES board of the company. The company appointed Ms. Shivpriya • Professional conduct
• Understanding of the business and products of
Your directors do not propose transferring any amount to the Nanda, as an independent woman director of the company • Duties, roles, and functions the company
general reserve for the financial year 2022–23. w.e.f. July 6, 2022, and she has been inducted as a member
of the audit committee w.e.f. July 22, 2022. • Rendering independent and unbiased opinions
and judgements c. For Committees of the Board:
CHANGE IN SHARE CAPITAL
The board is of the opinion that the newly appointed • Adequate and appropriate written terms of reference
During the year under review, there was no change in the share • Attendance and active participation in meetings of
independent director, Ms. Shivpriya Nanda, is a person of the board • The volume of business handled by the committee

GREENPANEL INDUSTRIES LIMITED

capital of the company.
integrity and possesses relevant expertise and experience. was set at the right level.
GREENPANEL INDUSTRIES LIMITED

Further, all the independent directors of the company have • Assistance in implementing corporate
DIRECTORS AND KEY MANAGERIAL PERSONNEL governance practices. • Whether the committees work in an ‘inclusive’ manner
complied with the requirement of including their names in
The details of the directors and key managerial personnel of the data bank of independent directors maintained by the • Updating of skills and knowledge • Effectiveness of the board’s committees with respect
the company are provided as follows: Indian Institute of Corporate Affairs. Mr. Salil Kumar Bhandari to their role, composition, and interaction with
and Ms. Shivpriya Nanda are not required to pass the online • Information regarding the external environment
the board
Sl. proficiency self-assessment test in terms of the proviso of
No.
Name Designation • Understanding and assessment of risk management
Rule 6(4) of the Companies (Appointment and Qualification • Are the committees used to their best advantage
1 Mr. Shiv Prakash Mittal Executive Chairman • Raising concerns, if any, to the board in terms of management development, effective
of Directors) Rules, 2014.
2 Mr. Shobhan Mittal Managing Director and CEO decision-making, etc.?
• Study of the agenda in depth prior to the meeting
3 Mr. Salil Kumar Bhandari Independent Director INDEPENDENT DIRECTORS • Attendance and active participation of each member
4 Mr. Mahesh Kumar Independent Director • Contribution towards the formulation and
Jiwrajka For the financial year 2022–23, the company has received in the meetings
implementation of strategy for achieving the goals of

P - 43
5 Mr. Arun Kumar Saraf Independent Director
declarations from all the independent directors, viz., Mr. Salil
the company. • Review of the action taken reports and follow-
Kumar Bhandari [DIN: 00017566], Mr. Mahesh Kumar Jiwrajka
6 Ms. Shivpriya Nanda Independent Director ups thereon
P - 42

[DIN: 07657748], Ms. Shivpriya Nanda [DIN: 01313356], and

7 Mr. Vishwanathan Chief Financial Officer b. For Executive Directors:
Venkatramani Mr. Arun Kumar Saraf [DIN: 00087063], confirming that they
• Performance as a member d. For Board of Directors as a whole:
meet the criteria of independence as prescribed under Section

ANNUAL REPORT 2022-23

8 Mr. Lawkush Prasad Company Secretary and VP-Legal
149(6) of the Companies Act, 2013 and Regulations 16 and 25 • Setting clear performance objectives and how well it
• Working expertise
of the SEBI (Listing Obligations and Disclosure Requirements) has been performed against them.
In accordance with the provisions of the Companies Act,
ANNUAL REPORT 2022-23

Regulations, 2015. • Evaluating business opportunities and analysing

2013 and the articles of association of the company, Mr. Shiv • Contribution to the testing, development, and strategy
risk-reward scenarios
Prakash Mittal [DIN: 00237242] shall retire by rotation at the • Contribution to ensuring robust and effective
The first term of five years of Mr. Salil Kumar Bhandari and • Professional conduct and integrity
ensuing annual general meeting and, being eligible, offer risk management.
Mr. Mahesh Kumar Jiwrajka will be completed on August 5,
himself for re-appointment. • Sharing of information with the board
2023, and they are eligible for re-appointment for a further • The composition of the board is appropriate, with
term of five years subject to the approval of shareholders in • Attendance and active participation in the board the right mix of knowledge and skills sufficient to
None of the directors of your company are disqualified under
the general meeting. meetings and meetings of members of the company maximise performance in light of future strategy.
the provisions of section 164(2)(a) and (b) of the Companies
Act, 2013 and a certificate in accordance with Regulation • Whether a difference of opinion was voiced in • Effectiveness of inside and outside board relationships
MEETINGS OF THE BOARD OF DIRECTORS
34(3) read with Schedule V Para-C Sub clause 10(i) of the the meeting
Securities Exchange Board of India (Listing Obligations and Five (5) board meetings were held during the financial year • Responding to the problems or crises that
Disclosure Requirements) Regulations, 2015, dated May 1, ending on March 31, 2023. The details of the board meetings, • Assistance in implementing corporate have emerged.
2023, received from M/s. T. Chatterjee & Associates, company their dates, and the attendance of each of the directors have governance practices.
• Updating with the latest developments in regulatory
secretaries certifying that none of the directors on the board been provided in the corporate governance report.
• Review of the integrity of financial information and environments and the market in which the
of the company have been debarred or disqualified from the risk management company operates
appointment or continuation as directors of the companies PERFORMANCE EVALUATION
by SEBI/Ministry of Corporate Affairs or any such statutory Pursuant to the provisions of the Companies Act, 2013 and • Updating of skills and knowledge • Role and functioning of the board on these matters.
authority, is annexed to the corporate governance report. other applicable provisions, the independent directors, in their • Information regarding the external environment • Framing policies and procedures for statutory
meeting held on January 30, 2023, evaluated the performance compliance, internal financial control, and
Ms. Sushmita Singha (DIN: 02284266), Independent Women of the non-independent directors of the company, board as a • Raising concerns, if any, to the board
safeguarding the interests of the company.
Director of the Company, resigned from the Board of the whole and assessed the quality, quantity, and timeliness of the • ensures the implementation of the decisions of
flow of information between the company’s management and the board.
the board. The board has carried out the annual performance
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Board’s Report

The Directors have expressed their satisfaction with the company in their secretarial report in form MR-3, and In terms of the provisions of clause (e) of Section 134(3) VIGIL MECHANISM
evaluation process. hence, no explanation or comments of the board are read with Section 178(3) of the Companies Act, 2013, the Pursuant to the provisions of sections 177(9) and (10) of the
required in this regard. nomination and remuneration committee, while appointing Companies Act 2013 and the SEBI (Listing Obligations and
FAMILIARISATION PROGRAMME a director, considers the following criteria for determining Disclosure Requirements) Regulations 2015, a vigil mechanism
The details of the familiarisation programme undertaken (iv) Internal Auditor: qualifications, positive attributes, and independence: policy for directors and employees to report genuine concerns
by the company during the year have been provided in the The company has appointed Mr. Aditya Bansal, a has been implemented. The policy safeguards whistleblowers'
corporate governance report, along with a web link to it. chartered accountant, as its internal auditor. The internal Qualification: diversity of thought, experience, industry rights to report concerns or grievances and provides direct
auditor is submitting his report on a quarterly basis to knowledge, skills, and age. access to the chairman of the audit committee. The policy is
AUDITORS AND THEIR REPORTS AND RECORDS the audit committee of the board of directors. available on the website of the company, and a weblink to the
Positive Attributes: Apart from the statutory duties and same has been provided in the corporate governance report.
(i) Statutory Auditor:
AUDIT COMMITTEE responsibilities, the directors are expected to demonstrate a
The shareholders of the company at their 1st annual high standard of ethical behavior, good communication skills,
As of March 31, 2023, the audit committee of the company ANNUAL RETURN
general meeting held on August 28, 2018, approved the leadership skills, and impartial judgement.
appointment of M/s. S. S. Kothari Mehta & Co., Chartered consisted of four non-executive independent directors, A copy of the annual return as required under sections 92(3)

GREENPANEL INDUSTRIES LIMITED

Accountants (ICAI Firm Registration No. 000756N) as viz., Mr. Salil Kumar Bhandari as chairman, Mr. Mahesh Kr. and 134(3)(a) of the Companies Act, 2013 is available on the
Independence: A director is considered independent
Jiwrajka, Mr. Arun Kumar Saraf, and Ms. Shivpriya Nanda, website of the company at [Link]
GREENPANEL INDUSTRIES LIMITED

the statutory auditors of the company to hold office for if he/she meets the criteria laid down in Section 149(6) of
a term of 5 (five) years from the conclusion of the 1st and one executive-promoter director, Mr. Shiv Prakash Mittal, annual-return
the Companies Act, 2013, the rules framed thereunder,
annual general meeting, until the conclusion of the 6th as a member.
and Regulation 16(1)(b) of the SEBI (Listing Obligations and
annual general meeting to be held in the calendar year MATERIAL CHANGES AND COMMITMENTS
Disclosure Requirements) Regulations, 2015.
2023, i.e. the ensuing annual general meeting. They are The committee, inter alia, reviews the internal control system, There have been no material changes or commitments
qualified for reappointment for a further term of 5 years reports of the internal auditor, compliance with various affecting the financial position of the company since the close
STAKEHOLDER RELATIONSHIP COMMITTEE
in compliance with the provisions of Section 139 of the regulations, and evaluates the internal financial controls and of the financial year, i.e., since March 31, 2023, and to the date
risk management system of the company. The committee As of March 31, 2023, the stakeholder’s relationship committee
Companies Act, 2013. of this report.
also reviews at length the financial statements and financial of the company comprises one non-executive independent
results before they are placed before the board. The terms of director, viz., Mr. Mahesh Kumar Jiwrajka, as chairman, and
The statutory auditors’ report on the standalone and SIGNIFICANT AND MATERIAL ORDERS PASSED
reference of the committee and the details of the committee two promoter directors, viz., Mr. Shiv Prakash Mittal and
consolidated financial statements of the company for BY THE REGULATORS, COURTS, AND TRIBUNALS
meetings are provided in the corporate governance report. Mr. Shobhan Mittal, as members. The terms of reference of
the financial year ending on March 31, 2023, forms part IMPACTING THE GOING CONCERN STATUS AND

P - 45
the committee and the details of the committee meetings are
of this annual report. The notes on financial statements THE COMPANY’S OPERATIONS IN THE FUTURE.
NOMINATION AND REMUNERATION COMMITTEE provided in the corporate governance report.
referred to in the auditors’ report are self-explanatory and,
P - 44

During the period under review, no significant material

therefore, do not call for further clarification. There is no As of March 31, 2023, the nomination and remuneration order has been passed by any Regulators/Courts/Tribunals
RISK MANAGEMENT COMMITTEE
qualification, reservation, adverse remark, or disclaimer committee of the company consists of three non-executive impacting the going concern status and the company’s
As of March 31, 2023, the risk management committee

ANNUAL REPORT 2022-23

made by the statutory auditors of the company in their independent directors, viz., Mr. Salil Kumar Bhandari as operation in future.
statutory audit report, and hence, no explanation or chairman, Mr. Mahesh Kumar Jiwrajka, and Mr. Arun Saraf consists of two executive directors: Mr. Shiv Prakash Mittal,
comments of the board are required in this regard. as members. Executive Chairman, Mr. Shobhan Mittal, Managing Director,
ANNUAL REPORT 2022-23

INTERNAL FINANCIAL CONTROLS

and CEO; and one independent director, Mr. Arun Kumar
Saraf. The brief terms of reference of the committee and Your company has, in all material respects, an adequate
(ii) Maintenance of Cost Records: The terms of reference of the committee and the details
the details of the committee meetings are provided in the internal financial control system over financial reporting
During the year under review, maintenance of cost of the committee meetings are provided in the corporate
corporate governance report. and such internal financial controls over financial reporting
records as specified by the central government under governance report. The summary of the remuneration policy
are operating effectively based on the internal control over
Section 148(1) of the Companies Act, 2013 was not of the company, prepared in accordance with the provisions
RISK MANAGEMENT POLICY financial reporting criteria established by the company
applicable to the company. of Section 178 of the Companies Act 2013, read with Part D
considering the essential components of internal control.
of Schedule II of the SEBI (Listing Obligations and Disclosure In terms of the provisions of Regulation 21 of SEBI (Listing
Your company has laid down guidelines, policies, procedures,
(iii) Secretarial Auditor: Requirements) Regulations, 2015, is provided in the corporate Obligations and Disclosure Requirements), 2015, the board of
and structure for appropriate internal financial controls across
governance report. This policy applies to all the "executives" directors of the company has an approved risk management
Pursuant to the provisions of Section 204 of the Companies the company. These control processes enable and ensure
of the company and extends to the remuneration of non- policy in place. The risk management committee and the
Act, 2013, read with the Companies (Appointment and orderly and efficient conduct of the company’s business,
executive directors, including the principles of selection of the board of directors of the company have identified potential
Remuneration of Managerial Personnel) Rules, 2014, including safeguarding of assets, prevention and detection
independent directors of the company. The board of directors non-financial risks to the company that, in the opinion of the
the board of directors of the company, at their meeting of frauds and errors, the accuracy and completeness of the
has adopted the remuneration policy at the recommendation board, may threaten its existence. The risk management
held on July 22, 2022, reappointed M/s. T. Chatterjee accounting records and timely preparation and disclosure
of the committee. This policy is applicable to all employment committee and the board have developed a mitigation plan
& Associates, Practising Company Secretaries, having of financial statements. Review and control mechanisms are
agreements of the executives entered into after the approval for potential risks to the company and are regularly monitoring
office at 152, S.P. Mukherjee Road, Kolkata-700026, built in to ensure that such control systems are adequate and
of the policy and changes made to the existing employment them. Financial risks of the company are monitored by the
for conducting the secretarial audit of the company for operating effectively.
agreements of the executives thereafter. The remuneration audit committee, and non-financial risks are managed by the
the financial year 2022–23. The secretarial audit report
policy is uploaded on the website of the company. The weblink risk management committee of the board of directors of the
in form MR-3 for the financial year ending on March A report on the internal financial controls of the company,
is [Link] company and reviewed by the board from time to time.
31, 2023, is annexed herewith marked "Annexure-III". as required under clause (i) of sub-section 3 of section
[Link]
There is no qualification, reservation, adverse remark, 143 of the Companies Act, 2013, issued by M/s. S.S.
or disclaimer made by the secretarial auditor of the Kothari Mehta & Co., Chartered Accountants (ICAI Firm
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Board’s Report

Registration No. 000756N), forming part of independent the interests of the company. Related party transactions Further, in terms of regulation 33(2)(a) of the SEBI (Listing 2013 for safeguarding the assets of the company and
auditor’s report and the same is self-explanatory. that were entered into during the year under review were Obligations and Disclosure Requirements) Regulations, 2015, preventing and detecting fraud and other irregularities.
on an arm's-length basis and were in the ordinary course of the Managing Director and CEO and the Chief Financial
CORPORATE SOCIAL RESPONSIBILITY business. The particulars of related party transactions as per Officer of the company also provide a quarterly certification • The directors have prepared the annual accounts on a
Section 188(1) of the Companies Act 2013 that were entered that the financial results do not contain any false or misleading going concern basis.
The corporate social responsibility committee has formulated
and recommended to the board, a corporate social into on an arm’s length basis are provided in Form AOC-2 as statement or figures and do not omit any material fact while
• The directors have laid down internal financial controls
responsibility policy describing the activities to be undertaken required under Section 134(3)(h) of the Companies Act, 2013 placing the financial results before the Board for approval.
to be followed by the company, and that such internal
by the company, which has been approved by the board and read with Rule 8(2) of the Companies (Accounts) Rules, 2014,
financial controls are adequate and were operating
is available on the company’s website. which is annexed herewith as "Annexure-II". Further, suitable CODE OF CONDUCT FOR DIRECTORS AND
effectively and
disclosure as required by the accounting standards (Ind AS SENIOR MANAGEMENT PERSONNEL
The composition of the corporate social responsibility 24) has been made in the notes to the financial statements. The code of conduct for directors and senior management • The directors have devised proper systems to ensure
committee is provided in the annual report on corporate social The board had approved a policy for related party transactions personnel has been uploaded to the company's website. compliance with the provisions of all applicable
responsibility ("CSR") activities. The average net profits of on August 14, 2019. The Managing Director and CEO of the company has made laws and that such systems were adequate and
the company for the last three financial years are `13,443.76 a declaration that all directors and senior management operating effectively.

GREENPANEL INDUSTRIES LIMITED

lakhs, and accordingly, the prescribed CSR expenditure Pursuant to SEBI Circular No. SEBI/HO/CFD/CMD1/ personnel concerned have affirmed compliance with the
GREENPANEL INDUSTRIES LIMITED

during the year under review shall not be less than `268.88 CIR/P/2022/40 dated March 30, 2022, regarding clarification code of conduct with reference to the financial year ending on FRAUD REPORTING
lakhs (i.e., 2% of the average net profits of the company for on the applicability of Regulation 23 of SEBI (Listing March 31, 2023. The declaration is annexed to the corporate There have been no frauds reported by the auditors of the
the last three financial years). During the year under review, Obligations and Disclosure Requirements) Regulations, 2015, governance report. company to the audit committee or the board of directors
the company spent an amount of `231.61 lakhs on its CSR in relation to related party transactions, the board revised
under sub-section (12) of section 143 of the Companies Act,
activities as against `268.88 lakhs, and an unspent amount of its policy on related party transactions on May 6, 2022, and DISCLOSURE REGARDING COMPLIANCE WITH 2013 during the financial year 2022–23.
`37.27 lakhs on ongoing projects are lying with the company updated the same on the company’s website: [Link] APPLICABLE SECRETARIAL STANDARDS
for the year. [Link]/wp-content/uploads/2022/07/Related-Party-
The company has complied with all the mandatory applicable CONSTITUTION OF THE INTERNAL COMPLAINTS
[Link]
secretarial standards issued by the Institute of Company COMMITTEE
The unspent amount of CSR of `37.27 lakhs for the financial Secretaries of India and approved by the Central Government
CORPORATE GOVERNANCE REPORT Pursuant to the requirement under the Sexual Harassment of
year 2022–23 has been transferred to a separate bank account under Section 118(10) of the Companies Act, 2013. Women at Workplace (Prevention, Prohibition, and Redressal)
opened with a schedule bank, and the same will be utilised in A detailed report on corporate governance for the financial
Act 2013, an internal complaints committee has been duly

P - 47
ongoing CSR projects within the next three financial years. year 2022–23, pursuant to the SEBI (Listing Obligations and CONSERVATION OF ENERGY, TECHNOLOGY constituted by the company, and the composition of the same
Disclosure Requirements) Regulations, 2015, along with an ABSORPTION, FOREIGN EXCHANGE EARNINGS, is disclosed in the policy on prevention of sexual harassment at
P - 46

The annual report on CSR activities is annexed as auditor’s certificate from statutory auditor M/s. S.S. Kothari AND OUTGO the workplace, which is uploaded on the company's website.
"Annexure-IV" to this report. Mehta & Co., Chartered Accountants (ICAI Firm Registration
The information required under section 134(3)(m) of the
No. 000756N), on compliance with the conditions of corporate

ANNUAL REPORT 2022-23

Companies Act, 2013, read with rule 8(3) of the Companies DISCLOSURES UNDER SEXUAL HARASSMENT
INSURANCE governance, is annexed to this report.
(Accounts) Rules, 2014, is annexed to this report as OF WOMEN AT WORKPLACE (PREVENTION,
Your company’s properties, including buildings, plants, "Annexure - V". PROHIBITION AND REDRESSAL) ACT, 2013
ANNUAL REPORT 2022-23

machinery, and stocks, among others, are adequately insured MANAGEMENT DISCUSSION AND ANALYSIS
REPORT No case was filed under the Sexual Harassment of Women at
against risks. DIRECTORS’ RESPONSIBILITY STATEMENT Workplace (Prevention, Prohibition and Redressal) Act, 2013,
The management discussion and analysis report for the
In terms of the provisions of Section 134(3)(c) read with Section during the year under review.
LOANS, GUARANTEES, OR INVESTMENTS UNDER financial year 2022–23, pursuant to the SEBI (Listing
134(5) of the Companies Act, 2013, your directors state that:
SECTION 186 OF THE COMPANIES ACT, 2013 Obligations and Disclosure Requirements) Regulations, 2015,
PARTICULARS OF EMPLOYEES
The company has not granted any loans or advances, given is given as a separate statement in the annual report.
• In the preparation of the annual financial statements The information required under Section 197(12) of the
guarantees during the year under review under the provisions for the financial year ending on March 31, 2023, the
BUSINESS RESPONSIBILITY AND SUSTAINABILITY Companies Act, 2013 read with Rules 5(1), 5(2), and 5(3)
of Section 186 of the Companies Act, 2013. Further, the applicable accounting standards have been followed
REPORT of the Companies (Appointment and Remuneration of
company has an investment of a net value of `2205.85 lakhs along with a proper explanation relating to material Managerial Personnel) Rules, 2014 is annexed to this report as
in its wholly owned subsidiary, M/s. Greenpanel Singapore As stipulated under regulation 34(2)(f) of the SEBI (Listing departures, if any. "Annexure-VI".
Pte. Ltd., incorporated in Singapore as of March 31, 2023, Obligations and Disclosure Requirements) Regulations, 2015,
post impairment of losses of `3038.77 lakhs incurred by WOS. the business responsibility and sustainability report describing • The directors have selected such accounting policies, APPLICATION OR PROCEEDING PENDING UNDER
the initiatives taken by the company from an environmental, applied them consistently, and made judgements and THE INSOLVENCY AND BANKRUPTCY CODE, 2016
DEPOSITS social, and governance perspective is enclosed and forms estimates that are reasonable and prudent so as to give
part of the annual report. Your company has neither made any application nor has any
During the financial year 2022–23, the company did not invite a true and fair view of the state of affairs of the company
proceedings pending under the Insolvency and Bankruptcy
or accept any deposits from the public under Section 76 of at the end of the financial year and of the profit of the
CEO AND CFO CERTIFICATION Code, 2016, during the financial year 2022-2023.
the Companies Act, 2013. company for that period.
Pursuant to Regulation 17(8) of the SEBI (Listing Obligations
ONE-TIME SETTLEMENT
RELATED PARTY TRANSACTIONS and Disclosure Requirements) Regulations, 2015, the CEO • The directors have taken proper and sufficient care for
and CFO certification as specified in Part B of Schedule II the maintenance of adequate accounting records in Your company has not made any one-time settlements
There are no materially significant related-party transactions
thereof is annexed to the Corporate Governance Report. accordance with the provisions of the Companies Act, against loans taken from banks or financial institutions during
made by the company that may have a potential conflict with
the financial year 2022-2023.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Board’s Report
Annexure to the Director’s Report
UNPAID DIVIDEND ACCOUNT ANNEXURE -I
committee pursuant to regulation 19(1) of SEBI (Listing
In compliance with the provisions of Section 124 of the Obligations and Disclosure Requirements), Regulations, FORM AOC-1
Companies Act, 2013, a sum of `37,702.50, the unclaimed 2015. There was a delay of 15 days in the reconstitution
of the nomination and remuneration committee due to the Statement containing salient features of the financial statement of Subsidiaries/Associate Companies/Joint Ventures
dividend from the interim dividend declared by the company
resignation of Ms. Sushmita Singha. The company has paid [Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014]
for the financial year 2022–23, was transferred to the unpaid
dividend account. the fine amount to both exchanges, and the nomination and
remuneration committee has also been reconstituted on July Part “A”: Subsidiaries
Any money lying in the above unpaid dividend account that 22, 2022. ` in Lakhs
remains unpaid or unclaimed for a period of seven years from 1. Name of the subsidiary Greenpanel Singapore Pte. Ltd., Singapore
the date of such transfer shall be transferred by the company, ACKNOWLEDGEMENTS 2. Reporting period for the subsidiary 01.04.2022 - 31.03.2023
along with any interest accrued thereon, to the Investor Your directors place on record their sincere thanks 3. Reporting currency and exchange rate as on the last date of the relevant USD / INR = 82.1725
Education and Protection Fund pursuant to Section 124(5) of and appreciation for the continuing support of financial financial year
the Companies Act, 2013. institutions, consortiums of banks, vendors, clients, 4. Share capital 6,368.37
investors, the central government, state governments, and 5. Reserves and surplus (4,141.92)

GREENPANEL INDUSTRIES LIMITED

SOP FINES IMPOSED BY STOCK EXCHANGES other regulatory authorities. The directors also place on 6. Total assets 2,233.85
GREENPANEL INDUSTRIES LIMITED

i. The company had received notices under regulation 23(9) of record their heartfelt appreciation for the commitment and 7. Total liabilities 7.40
the SEBI (Listing Obligations and Disclosure Requirements) dedication of the employees of the company across all levels, 8. Investments NIL
Regulations, 2015, demanding a fine of `17,700/- from the who have contributed to the growth and sustained success 9. Turnover 1,264.24
National Stock Exchange of India Limited and BSE Limited of the company. 10. Profit / (Loss) before taxation (including other comprehensive income) 388.99
regarding delayed-compliance of disclosure of related party 11. Provision for taxation NIL
transactions on a consolidated basis. The company has paid For and on behalf of the Board of Directors 12. Profit / (Loss) after taxation (including other comprehensive income) 388.99
the fine to both exchanges. 13. Proposed dividend NIL
Shiv Prakash Mittal 14. % of shareholding 100%
ii. National Stock Exchange of India Limited and BSE Limited Place: Gurgaon Executive Chairman
both imposed a fine of `35,400 each on the company for Date: May 6, 2023 DIN: 00237242 Notes:
delay in the constitution of the nomination and remuneration 1. Names of subsidiaries which are yet to commence operations – None

P - 49
2. Names of subsidiaries which have been liquidated or sold during the year – None
P - 48

Part B: Statement Pursuant to section 129(3) of the Companies Act, 2013 related to associate

ANNUAL REPORT 2022-23

companies and joint ventures: The Company has no Associate or Joint Venture Company.
ANNUAL REPORT 2022-23

For and on behalf of the Board of Directors

Shiv Prakash Mittal Vishwanathan Venkatramani

Executive Chairman Chief Financial Officer
(DIN: 00237242)

Shobhan Mittal Lawkush Prasad

Managing Director and CEO Company Secretary and VP-Legal
(DIN: 00347517)

Place: Gurgaon
Date: May 6, 2023
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Annexure to the Director’s Report

Annexure-II Annexure-III

FORM AOC-2 FORM MR-3

[Pursuant to clause (h) of sub-section (3) of Section 134 of the Companies Act, 2013 and Rule 8(2) SECRETARIAL AUDIT REPORT
of the Companies (Accounts) Rules, 2014] (For the financial year ended 31st March, 2023)
[Pursuant to section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies
1. Details of contracts or arrangements or transactions not at arm’s length basis: Nil
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
2. Details of material contracts or arrangement or transactions at arm’s length basis are given below:

Date(s) of To, v) The following regulations and guidelines prescribed under

Name(s) of the Duration of Amount
Nature of contracts arrangements/ Salient terms of the contracts or approval by
Sl. related party
transactions
the contracts/
arrangements or transactions the Board,
paid as
The Members of the Securities and Exchange Board of India Act, 1992
No. and nature of arrangements/ advances,
relationship transactions
including the value, if any if any
if any (‘SEBI Act’) to the extent applicable to the company :-
Greenpanel Industries Limited
1 Mr. Shobhan Drawing of monthly remuneration Not applicable Drawing of monthly remuneration 19.07.2019 Nil a. 
The Securities and Exchange Board of India
Mittal, from Greenpanel Singapore Pte. Ltd., of SGD 30000 (Singapore Dollar We have conducted the secretarial audit of the compliance
Managing Singapore, wholly owned subsidiary Thirty Thousand only) per month (Substantial Acquisition of Shares and Takeovers)

GREENPANEL INDUSTRIES LIMITED

Director and of the company, being office or place from Greenpanel Singapore Pte. of applicable statutory provisions and the adherence to good Regulations, 2011.
CEO of profit within the meaning of section Ltd., Singapore, wholly owned corporate practices by Greenpanel Industries Limited, CIN-
GREENPANEL INDUSTRIES LIMITED

188(1)(f) of the Companies Act, 2013 subsidiary (WOS) Total value L20100AS2017PLC018272 (hereinafter called the company). b. 
The Securities and Exchange Board of India
read with rule 15(3) of the Companies of transactions (Financial Year Secretarial audit was conducted in a manner that provided us
(Meetings of Board and its Powers) 2022-23): (Prohibition of Insider Trading) Regulations, 2015.
Rules, 2014. SGD 1,80,000 with a reasonable basis for evaluating the corporate conducts/
statutory compliances and expressing our opinion thereon. c. The Securities and Exchange Board of India (Issue of
2 Greenpanel 1. Sale and purchase of goods For the On mutually agreed terms 06.05.2022 Nil Capital and Disclosure Requirements) Regulations,
Singapore Pte. 2. Payment of commission financial year sale value of up to `5 Crores, Based on verification of the books, papers, minute books, 2018; (not applicable to the Company during audit
Ltd., 3. Purchase of asset 2022-23 purchase value of up to `5 crores forms, returns filed and other records maintained by the
Singapore, and payment of commission of
period)
company, information provided by the company, its officers
wholly owned up to `30 crores
subsidiary (including RTA), agents and authorised representatives, d. 
The Securities and Exchange Board of India
Purchase of assets of USD 08.11.2022 Nil electronic records available in the official portal of the ministry (Issue and Listing of Non-Convertible Securities)
7,15,762 on book value. of corporate affairs [Link], portal of the stock Regulations, 2021; (not applicable to the Company

P - 51
exchanges, representation made by the management, we during audit period)
hereby report that in our opinion, the company has, during
P - 50

3 Greenply 1. Sale and purchase of goods and For the On mutually agreed terms 06.05.2022 Nil
Industries 2. Leave and license agreement for financial year sale value of up to `5 crores, the audit period covering financial year ended on 31st March e. 
The Securities and Exchange Board of India
Limited letting out property 2022-23 purchase value of up to `5 2023, complied with the statutory provisions listed hereunder (Registrars to an Issue and Share Transfer Agents)
crores and receipt of license and also that the company has proper board-processes and

ANNUAL REPORT 2022-23

Regulations, 1993.
fees/rent of `5,000 per month
compliance-mechanism in place to the extent, in the manner
4 Greenlam 1. Sale and purchase of goods. For the On mutually agreed terms sale 06.05.2022 Nil and subject to the reporting made hereinafter: f. The Securities and Exchange Board of India (Share
ANNUAL REPORT 2022-23

Industries financial year value of up to `25 crores and

Limited 2022-23 purchase value of up to `10 Based Employee Benefits and Sweat Equity)
crores. We have examined the books, papers, minute books, forms Regulation, 2021. (not applicable to the company
5 Prime Holdings Reimbursement of expenses and For the Reimbursement of expenses and 06.05.2022 Nil and returns filed with the stock exchange, in the official portal during audit period)
Pvt. Ltd. payment of service charge financial year payment of service charge of up of the ministry of corporate affairs (MCA) etc. and other records
2022-23 to `10 Lakhs maintained by the company for the financial year ended on g. 
The Securities and Exchange Board of India
6 Greenlam South Leave and license agreement for For the receipt of license fees/rent of 06.05.2022 Nil 31st March 2023, according to the applicable provisions of: (Delisting of Equity Shares) Regulations, 2021; (not
Limited letting out property financial year `5,000 per month
2022-23 applicable to the Company during audit period)
i) The Companies Act, 2013 (the Act) and the rules
made thereunder. h. The Securities and Exchange Board of India (Buy-
For and on behalf of the Board of Directors back of Securities) Regulations 2018; (not applicable
ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) to the Company during audit period)
Shiv Prakash Mittal and the rules made thereunder.
Executive Chairman i. 
The Securities and Exchange Board of India
iii) The Depositories Act, 1996 and the Regulations and Bye- (Listing Obligations and Disclosure Requirements)
(DIN: 00237242)
laws framed thereunder. Regulations, 2015.
Place: Gurgaon iv) Foreign Exchange Management Act, 1999 and the rules j. 
The Securities and Exchange Board of India
Date: May 6, 2023 and regulations made thereunder to the extent of Foreign (Depositories and Participants) Regulations, 2018.
Direct Investment, Overseas Direct Investment and
External Commercial Borrowings.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Annexure to the Director’s Report

Annexure-A

vi) The management of the company represented us that Listing Regulations. The composition of the board of To,
fiscal, labour, environmental laws and other statutes directors was in compliance with the applicable provision The Members of
which are applicable to this type of company, are of the Companies Act, 2013 and the Listing Regulations. Greenpanel Industries Limited
complied with.
b. Adequate notice is given to all directors to schedule the
We have also examined compliance of the applicable clauses board meetings, agenda and detailed notes on agenda Our report of even date is to be read along with this letter.
of the following: were sent at least seven days in advance and a system
exists for seeking and obtaining further information and 1. Maintenance of secretarial records is the responsibility of the management of the company. Our responsibility is to
a. Secretarial Standards issued by The Institute of clarifications on the agenda items before the meeting express an opinion on these secretarial records based on our audit.
Company Secretaries of India with respect to board and for meaningful participation at the meeting.
and general meetings. 2. We have followed the Guidance Notes on ICSI Auditing Standard, audit practices and processes as were appropriate
c. Decisions of the board were taken unanimously during to obtain reasonable assurance about the correctness of the contents of the secretarial records. The verification was
b. The Listing Agreements entered into by the company the period under review. Hence no instances of dissent done on a test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and
with the stock exchanges read with the provisions of from the directors of the company occurred during the practices we followed provide a reasonable basis for our opinion.

GREENPANEL INDUSTRIES LIMITED

the Securities and Exchange Board of India (SEBI) above period.
GREENPANEL INDUSTRIES LIMITED

[Listing Obligations and Disclosure Requirements] 3. Wherever required, we have obtained the management representation about the compliance of laws, rules and regulations
Regulations 2015. We report that during the period under review, option was and happening of events etc.
given to the board/committee members to participate in the
During the period under review the company has complied board/committee meeting either physically or through video 4. The compliance of the provisions of corporate and other applicable laws, rules, regulations, standards is the responsibility
with the provisions of the Act, Rules, Regulations, Guidelines, conferencing and adequate facilities were provided to facilitate of management. Our examination was limited to the verification of procedures on a test basis.
Standards, Listing Agreements etc. mentioned above, subject the directors at other locations to participate in the meeting(s).
to the following observations: 5. The secretarial audit is neither an assurance as to the future viability of the company nor of the efficacy or effectiveness
We further report that there are adequate systems and with which the management has conducted the affairs of the company.
1. 
Pursuant to regulation 19(1) of the SEBI (Listing processes in the company commensurate with the size and
Obligations and Disclosure Requirements) Regulations, operations of the company to monitor and ensure compliance
2015, there was a delay of 15 days in reconstitution of with applicable laws, rules, regulations, and guidelines. For T. Chatterjee & Associates

P - 53
the nomination and remuneration committee due to Practising Company Secretaries
resignation of Ms. Sushmita Singha from the post of We further report that during the audit period, no events FRN No. - P2007WB067100
P - 52

independent director. The company has paid the fine occurred which had major bearing on the company’s affairs
amounts to both the exchanges and the nomination and in pursuance of the above referred laws, rules, regulations, Binita Pandey - Partner
remuneration committee has also been reconstituted on guidelines, standard, etc. referred above. ACS : 41594, CP : 19730

ANNUAL REPORT 2022-23

22 July 2022. Place: Kolkata UDIN: A041594E000233291
Date: May 1, 2023 Peer Review No.: 908/2020
ANNUAL REPORT 2022-23

2. 
Pursuant to regulation 23(9) of the SEBI (Listing For T. Chatterjee & Associates
obligations and Disclosure Requirements) Regulations, Practising Company Secretaries
2015, there was a delay of 3 days in the filing of the FRN No. - P2007WB067100
related party transaction report with the stock exchanges
for the half year ended 31st March 2022. The company Binita Pandey - Partner
has paid the fine amounts to both the exchanges. ACS : 41594, CP : 19730
Place: Kolkata UDIN: A041594E000233291
We further report that: Date: May 1, 2023 Peer Review No.: 908/2020
a. The board of directors of the company is duly constituted
with a proper balance of executive directors, non- This report is to be read with our letter of even date which
executive directors, and independent directors. The is annexed as Annexure A and forms an integral part of
changes in the composition of the board of directors that this report.
took place during the period under review were carried
out in compliance with the provisions of the Act and the
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Annexure to the Director’s Report

ANNEXURE -IV

ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES 3. Average net profit of the Company for last three financial years: `13,443.76 lakhs
FOR THE YEAR ENDED MARCH 31, 2023
4. Prescribed CSR Expenditure (two percent of the amount as in item 3 above): `268.88 lakhs
(Pursuant to clause (o) of Sub-section (3) of Section 134 of the Companies Act 2013 and Rule 9 of the Companies
(Corporate Social Responsibility Policy) Rules, 2014) 5. Details of CSR spent during the financial year:
i. Total amount to be spent for the financial year: `268.88 lakhs.

1. A brief outline of the Company’s CSR Policy, including overview of projects or programs proposed ii. Amount unspent, if any: `37.27 lakhs
to be undertaken and a reference to the weblink to the CSR Policy and Projects or Programs
iii. Manner in which the amount spent during the financial year 2022-23 is detailed below:
Brief outline of the CSR Policy
Greenpanel Industries Limited believes that as a responsible corporate citizen, it has a duty towards society, environment, Projects or programs Amount spent on the
Cumulative Amount
and the country where it operates. The company's sense of responsibility (which goes beyond just complying with (1) Local area or other projects or programs
Amount outlay expenditure spent: Direct
S CSR Project or Sector in which the (2) Specify the State Subheads: (1) Direct
operational and business statutes) towards the community and environment, both ecological and social, in which it (budget) project up to the or through
No Activity identified Project is covered and district where expenditure on

GREENPANEL INDUSTRIES LIMITED

or program wise reporting implementing
operates is known as corporate social responsibility. The Company’s CSR initiatives are designed with a commitment projects or programs projects or programs
period agency
was undertaken (2) Overheads
GREENPANEL INDUSTRIES LIMITED

towards creating a positive change in society through holistic and sustainable community development programs. In
1 Plantation of Ensuring Chittoor, Andhra `174.31 lakhs Direct expenditure: `151.49 Direct
view of the above the company has formulated its Corporate Social Responsibility Policy (“CSR Policy”) with objective
Eucalyptus/ environmental Pradesh and `151.49 lakhs lakhs
of integrating the business processes with social processes and to guide the company and its people to empathise with Casuarina /Fruit sustainability, Rudrapur,
social activities also. The company believes that CSR Policy is the company’s faith in socially inclusive and sustainable plants with full Ecological balance, Uttarakhand
business as the way of doing business. subsidy protection of
on saplings cost flora and fauna
within 3 KM
Priority Projects surroundings
The company has currently identified the following priority projects to be undertaken by the CSR committee: of MDF plants
in Chittoor and
with subsidy of
i. Promoting education including special education and employment enhancing vocation skills especially among up to `1 each
children, women, elderly, and the differently abled and livelihood enhancement projects. plant, beyond 3

P - 55
KM surroundings
of MDF plants
ii. Eradicating hunger, poverty, and malnutrition, promoting healthcare including preventive healthcare and sanitisation
situated in
P - 54

and making available safe drinking water. Chittoor and

Rudrapur.
iii. Rural development projects

ANNUAL REPORT 2022-23

2 Providing Promoting Health Chittoor, Andhra `30 lakhs Direct expenditure: `6.99 lakhs Direct
Medical care including Pradesh `6.99 lakhs
Web link to the CSR Policy of the Company
facilities within preventive health
ANNUAL REPORT 2022-23

[Link] surrounding of care

Chittoor Plant
2. Composition of the CSR Committee 3 Renovation of 3 Promoting Udham Singh Nagar, `35.50 lakhs Direct Expenditure: `43.38 lakhs Direct
nos. of schools education Uttarakhand `43.38 lakhs
The Committee members as on March 31, 2023, are as follows: in Udham Singh
district
i. Mr. Mahesh Kumar Jiwrajka – Chairperson (Non-Executive Independent Director) 4 Renovation Promoting Chittoor District, `3.34 lakhs Direct expenditure: `5.68 lakhs Direct
of schools in education Andhra Pradesh `5.68 lakhs
Chittoor district,
ii. Mr. Shiv Prakash Mittal – Member (Executive Chairman)
Andhra Pradesh
5 Providing ready- Promoting health Tirupati, Andhra `1.05 lakhs Direct expenditure: `1.07 lakhs Direct
iii. Mr. Shobhan Mittal – Member (Managing Director and CEO) to-use toilets to care, which includes Pradesh `1.07 lakhs
urban forests sanitation and
NOTE: Ms. Sushmita Singha had resigned from the post of director of the company w.e.f. April 7, 2022 (development of preventive health
Nagaravanam care.
Tirupati)
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Annexure to the Director’s Report

ANNEXURE -V

Projects or programs Amount spent on the INFORMATION REQUIRED UNDER SECTION 134(3)(M) OF THE COMPANIES ACT, 2013 READ WITH RULE
Cumulative Amount
(1) Local area or other
Amount outlay
projects or programs
expenditure spent: Direct 8(3) OF THE COMPANIES (ACCOUNTS) RULES, 2014 PERTAINING TO CONSERVATION OF ENERGY,
S CSR Project or Sector in which the (2) Specify the State Subheads: (1) Direct
No Activity identified Project is covered and district where
(budget) project
expenditure on
up to the or through TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
or program wise reporting implementing
projects or programs projects or programs
period agency
was undertaken (2) Overheads
6 Collaborated Protection of Udaipur District, `10.50 lakhs Direct expenditure: `10 lakhs Direct
for organising national heritage, Rajasthan `10 lakhs A. Conservation of energy • Modification in PLC Logic reduced the time between
Udaipur Tales art, and culture the infeed conveyor and chain conveyor and
i. Steps taken or impact on conservation of energy:
International resulted increased productivity and reduction of
Storytelling • Upgrade the lighting in LED and power saving by
Festivals to power consumption.
following,
promote art and
• Halogen lights have been upgraded with LED Lights
culture
- Refiner and glue kitchen lighting controlled with in High Mast and equipped along with timers,
7 Providing 10 Promoting health Chittoor District, `14.18 lakhs Direct expenditure: `13 lakhs Direct
nos. motorized care including Andhra Pradesh `13 lakhs SCADA so that it can automatically turned off, resulting reduction in power consumption.
scooters to the preventive health resulting power save approx. 2 kw/ day.
• Reduction in use of pumps resulted saving in

GREENPANEL INDUSTRIES LIMITED

poor disabled care
person residing power consumption.
GREENPANEL INDUSTRIES LIMITED

- Replacement of high mast 400w light with

in the district of
Chittoor 120w LED flood light to reduce the power • Chipper knife sharpening/Changing twice a day to
TOTAL consumption, maintenance as well as inventory reduce the electrical load as well as improve the
`268.88 lakhs `231.61 Lakhs `231.61
Lakhs of spare parts. Total power saving is 14kw wood chip quality.
per hour.
• Installed motion sensor in the mini chipper to give
feedback in the SCADA and to avoid breakdowns.
6. In case the company has failed to spend the two percent of the average net profits of the last three - Ceiling light replaced with LED ceiling light
financial years or any part thereof, the company shall provide the reasons for not spending the resulting power saving 1.17kw per hour. • The phase protector in Log cranes modified to avoid
amount in its board report: the breakdown.
The amount of `37.27 Lakhs has remained unspent for the year 2022-23 in relation to ongoing plantation and medical • AHU of MCC’s controlled by new installed RTD to
• Compressors Run/Trip/Stop control provided in
project of the company. The unspent amount transferred to a separate bank account opened with a schedule bank. maintain temperature, which resulted in power saving
the SCADA.
of 45 kw/day.

P - 57
7. A responsibility statement of the CSR Committee that the implementation and monitoring of CSR • Refiner MCC-2A and 2B room temperature indication
• 200KVAR Capacitor bank installed in PCC1 for
taken in SCADA for continuous monitoring of MCC
P - 56

Policy is in compliance with CSR objectives and policy of the company: improving the power factor and to save electricity of
room temperature to avoid large VFD drives tripping
The implementation and monitoring of the CSR Policy is in compliance with CSR objectives and policy of the company. approx. 150-180 KVA / hour, based on running load.
on over temperature.

ANNUAL REPORT 2022-23

• Installed operator control button for manual checking
• Installed RTD’s in the ESP penthouse for early
of smart wax system of refiner’s SCADA to reduce
detection and to avoid spark.
the start-up time which reduces power consumption.
ANNUAL REPORT 2022-23

On behalf of the Company and the CSR Committee

• Energy Plant ESP Hopper Electromagnetic vibrator
• Replaced all limit switch in CMT in CTS Areas with
modified with Pneumatic vibrator to avoid hopper
Mahesh Kumar Jiwrajka proximity sensor for better traceability and to reduce
jamming and breakdown.
Chairman of CSR Committee the down time of CMT by approx. 50% which resulted
in reduction of power consumption and increase • Additional cooling fans installed in energy plant to
(DIN: 07657748)
of productivity. avoid drive over temperature.

Place: Gurgaon • Plug feed (refiner) RPM increased from 66 to 70 to • Dyna Steam installed for Mat preheating
Date: May 6, 2023 increase the productivity and save power. which resulted in power saving of 15 to 20%.
A VFD has been installed in the packing machine to
• Surge bin vibrator installed to reduce the chip
optimise the power and
jammed in surge bin and reduced the downtime and
power consumption. • Steam/Thermic fluid/ and gas pipelines insulation
repaired to save thermal energy.
• Log crane installed to increase the raw chip
production and reduce the idle run of main chipper
and power cost.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Annexure to the Director’s Report

ii. Steps taken for utilising alternate sources of • A new pond with a capacity of 80,000 KL has been ii. The benefits derived like product improvement, C. Foreign exchange earnings and outgo
energy: constructed during the year to collect more rainwater cost reduction, product development or import 1. E fforts: The Company regularly participates in
The company is exploring the feasibility of utilising and reduce dependency on outside sources. substitution: international exhibitions and carries out market
alternate sources of energy at its manufacturing units Increase in efficiency and production capacity and surveys and direct mail campaigns. It is intensifying
such as solar powered parking sheds and solar ponds. iv. Capital Investment on energy conservation decrease in consumption of resin, power, and cost focus on selected countries and also exploring new
equipment: of production. markets. The Company is continuously exploring
iii. Improvement and Optimisation of Resources: Investment was made to upgrade plant lighting, avenues to increase exports.
• Installed new cooling tower panel which reduced equipment, and drives. iii. in case of imported technology (imported during
water wastage and human interference. the last three years reckoned from the beginning Foreign exchange earnings and outgo:
Apart from the above and routine maintenance of the financial year): Earnings and outgo:
• All impact roller motor in chipper DOL replaced by expenditure, there was no major capital investment made (`in Lakhs)
a. the details of technology imported: The Company
VFD to avoid the unwanted surge and reduce the in energy conservation during the year under review. Particulars FY 2021-22 FY 2022-23
had not imported any technology or made foreign
electrical and mechanical breakdown.
technical collaborations. However, the company has Earnings on account of:
B. Technology absorption

GREENPANEL INDUSTRIES LIMITED

• Provided the operator control for restacking on arrangement with the overseas machine suppliers a) FOB value of exports 20,176.45 20,212.26
SCADA to maintain the stacking as per requirement i. The efforts made towards technology absorption: for providing technical guidance and assistance for Total
GREENPANEL INDUSTRIES LIMITED

to reduced board damage and increased the quality • Installation of Smart wax system to reduce wax functioning of imported machineries and operations. Outgo on account of:
and productivity. consumption and uniform distribution of wax across a) Raw materials 3,999.18 4,307.87
b. the year of import: Not Applicable
• Install sensor on Lamination board packing machine fibre is under progress. b) Capital goods 846.26 -
roller conveyor for automatic stop of conveyor to c. 
whether the technology been fully absorbed: c) Traded goods - -
• Launch of FR (fire retardant) grade MDF boards.
reduce the gap between two board results to reduce Not Applicable d) Stores and spare parts 2101.06 1,040.10
the wastage of packing film. • Introduction of Dynasteam system in Press which Total 6,946.50 5,347.97
shall result in 15-30% increase in production d. if not fully absorbed, areas where absorption has not
• Install the automatic fire extinguisher system at capacity and reduction of belt power absorption and taken place, and the reasons thereof: Not Applicable
energy plant fuel silo to avoid the fire at bunker resin consumption by 25-30%.
and safety purpose which results to minimise the iv. the expenditure incurred on Research and
unnecessary breakdown occurs due to cable burn • All SCADA system upgraded into new version Development:

P - 59
and belt damage near bunker area. (Window XP upgraded into Window10 and Intouch (` in Lakhs)
9.5 to version 20.0).
Capital -
P - 58

• In HT/LT panel Room lying the insulation mat to avoid For and on behalf of the Board of Directors
any incident by electrical fatal. • All CTS area system and Window upgraded from XP Revenue -
to Window 11. Total - Shiv Prakash Mittal
• Lightning arrester and aviation light install on the top

ANNUAL REPORT 2022-23

Total R&D expenditure as a percentage of - Place: Gurgaon Executive Chairman
of the fibre bin for safety from lightning and alert for • Prodacon raw board production data automatically net turnover (%) Date: May 6, 2023 DIN: 00237242
height at night. interlinked with SAP.
ANNUAL REPORT 2022-23

• Additional fixed welding machine three phase power • Conditional monitoring analyser installed in defibrator
junction boxes and single-phase power points (Refiner area) to reduce breakdowns.
installed in several areas to reduce the time of work • Press overall temperature reduced to get maximum
and reduce the external extension box consumption. board moisture and uniform colour appearance.
• 20 Ton chipper system installed for chipping of • Smart wax system installed to reduce wax
oversize chips, sokta and mundi which resulted in consumption and uniform distribution of wax
increased in production. across fibre.
• Vibrator installed to reduce the dust accumulation • MDF HMR E1 grade developed in-house.
which effect on board quality.
• Pre steaming temperature reduced to 65 degrees
• A new STP Plant was installed near the log yard for fresh wood usage. Substantial improvement in
location for treatment of water for plantation. effluent water quality and reducing the fibre loss.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Annexure to the Director’s Report

ANNEXURE -VI

A. PARTICULARS OF EMPLOYEES FOR THE YEAR ENDED MARCH 31, 2023 AS REQUIRED UNDER B. INFORMATION AS PER RULE 5 (2) AND 5(3) OF THE COMPANIES (APPOINTMENT AND
SECTION 197 OF THE COMPANIES ACT, 2013 READ WITH RULE 5(1) OF THE COMPANIES REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014 AND FORMING PART OF THE
(APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014 BOARD’S REPORT FOR THE YEAR ENDED ON MARCH 31, 2023
(a) The ratio of the remuneration of each director to the median remuneration of the employees of a. Details of Top ten employees in terms of remuneration drawn
the Company for the financial year; 2022-23 The Last
Remuneration Date of
Sl. Name of Employment held
Name Designation Ratio to median remuneration of employees Designation (Amount in Qualification Experience commencement Age Yrs.
No Employee before joining the
INR/) in Lakhs of Employment
Mr. Shiv Prakash Mittal Executive Chairman 230.49 Company
Mr. Shobhan Mittal Managing Director and CEO 232.77 1 Mr. Shiv Prakash Executive 910.28 [Link]. 50 yrs. 01-02-2007 74 yrs. Himalaya
Mr. Mahesh Kumar Jiwrajka Independent Director 4.23 Mittal Chairman Granites Ltd.
Ms. Salil Kumar Bhandari Independent Director 3.92 2 Mr. Shobhan Managing 917.74 BBA 18 yrs. 01-09-2006 43 yrs. Worthy Plywoods
Mittal Director and Ltd.
Mr. Arun Kumar Saraf Independent Director 3.87 CEO
Ms. Shivpriya Nanda Independent Director 3.26 3 Mr. Shekhar President 261.19 MBA 28 yrs. 15-10-2019 49 yrs. Welspun Global
Chandra Sati Sales-MDF Brands Limited

GREENPANEL INDUSTRIES LIMITED

and Flooring
(b) The percentage increase in remuneration of each director, Chief Financial Officer, Chief
GREENPANEL INDUSTRIES LIMITED

4 Mr. Chief 184.16 CA 36 yrs. 01-07-1995 59 yrs. MKJ Enterprises

Executive Officer, Company Secretary or Manager, if any, in the financial year 2022-23.
Vishwanathan Financial Limited
Name Designation % increase Venkatramani Officer
Mr. Shiv Prakash Mittal Executive Chairman 14.94 5 Mr. Vinod Kumar National 130.68 PGDGSM 25 yrs. 10-03-2015 48 yrs. Mayur Ind Pvt
Tiwary Head - Sales- Ltd.
Mr. Shobhan Mittal Managing Director and CEO 29.72
Decorative
Mr. Mahesh Kumar Jiwrajka Independent Director 243.75
6 Mr. Subhash Senior Vice- 130.20 Post 42 Yrs. 21-06-2010 63 yrs. Nuchem Limited
Mr. Salil Kumar Bhandari Independent Director 247.73 Kumar Aggarwal President- Diploma in
Mr. Arun Kumar Saraf Independent Director 228.26 Operations Chemical
Mr. Vishwanathan Venkatramani Chief Financial Officer 13.14 Engineering

Mr. Lawkush Prasad Company Secretary and VP - Legal 14.45 7 Mr. Neeladri Senior Vice- 110.94 CA, IFRR 27 yrs. 01-02-2013 52 yrs. Ingersoll Rand
Basu President- Limited
Ms. Shivpriya Nanda Independent Director NA Finance and

P - 61
Accounts
8 Mr. Dinesh Vice 73.37 CA 24 yrs. 03-12-2012 48 yrs. Hindusthan
(c) The percentage increase in the median remuneration of employees in the financial year 2022-23: 10.36%
P - 60

Kumar Maloo President – National Glass &

Operations Industries Ltd.
(d) The number of permanent employees on the rolls of Company as on March 31, 2023: 1891 9 Mr. Vinod Kumar Vice 64.29 Graduate 45 yrs. 16-05-2008 64 Yrs. Arches Panel

ANNUAL REPORT 2022-23

Agarwal President Products Pvt Ltd
(e) average percentile increase made in the salaries of employees other than the managerial personnel in the last financial
10 Mr. Pradeep Assistant 52.48 CA 12 yrs. 01-05-2014 36 yrs. John Energy
year and its comparison with the percentile increase in the managerial remuneration and justification thereof and Kandoi Vice Limited
ANNUAL REPORT 2022-23

point out if there are any exceptional circumstances for increase in the managerial remuneration: President

Non - Managerial Personnel : 10.00% b. None of the employee employed throughout the year or part of year was in receipt of
remuneration exceeding remuneration drawn by the Managing Director or Whole Time Director
Managerial Personnel : 11.00% of the Company and hold 2% or more of the paid-up share capital of the Company either by
himself or along with his/her spouse and dependent children.
(f)  ffirmation that the remuneration paid during the year ended March 31, 2023, is as per the Remuneration Policy of
A
the Company: Yes
Notes:
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. However, the above
remuneration does not include provision for gratuity and expenses towards club membership fees.
2. All the employees have the requisite experience to discharge the responsibility assigned to them.
3. Nature and terms of employment are as per resolution/appointment letter.
4. Within the meaning of Section 2(77) of the Companies Act, 2013, Mr. Shiv Prakash Mittal and Mr. Shobhan Mittal are
related to each other.

For and on behalf of the Board of Directors

Shiv Prakash Mittal

Place: Gurgaon Executive Chairman
Date: May 6, 2023 DIN: 00237242
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

ECONOMIC OVERVIEW across sectors, traversing to the Outlook

pre-pandemic growth era. Strong As global indicators suggest an
Global Economy private investments, especially in economic slowdown, the Indian
Demonstrating resilience in the the first half of the year accelerated economy is expected to be robust and
face of adversity production activity and enhanced avoid such slowdown. The optimism
After a recovering 2021, the year capacity utilisation. Further, the is derived from its heavy reliance on
2022 was marred by three powerful Central Government’s strong capex the domestic levers of growth. Various
challenges – Russia’s invasion of along with strong private investments agencies are pegging the country’s
Ukraine, widening inflation impacting led by strengthening balance sheet growth between 6-6.5%, continuing
cost of living and a slowdown in China led to growth of the country’s to make it one of the world’s

GREENPANEL INDUSTRIES LIMITED

caused by strong Zero Covid policy economy. However, inflation remained fastest growing major economies.
adopted by the Chinese government. beyond the tolerance level of the Furthermore, this optimism stems
ANNUAL REPORT 2022-23

Despite these challenges, number of RBI, prompting the country’s apex from the benefits of efficiency gains
economies across the globe showed bank to go for successive rate hikes. resulting from greater formalization,
signs of resilience from third quarter According to the second advanced higher financial inclusion, and
onwards. Global inflation peaked estimates by the Ministry of Statistics economic opportunities created by
during the third quarter of the year and Programme Implementation, the digital technology-based economic
while the monetary tightening by country is estimated to report a growth reforms. It is expected that this will
various central banks is starting to of 7% against the reported 9.1% broad-base growth and continue to
cool demand along with easing supply growth in 2021-22. drive consumption in the economy.
chain pressures.
P - 62

Outlook

P - 63
Global economy is expected to report
a growth of 2.9% in 2023. There

Management has been an upward revision in the

GREENPANEL INDUSTRIES LIMITED

growth estimates, largely owing to

robust domestic demand in the major

discussion and

ANNUAL REPORT 2022-23

economies, gradual opening of the
Chinese economy as well as easing
inflation. The global economy is

analysis expected to grow by 3.1% in 2024.

Global GDP (% change)

2021 2022 (E) 2023 (P)

6.2 3.4 2.9

[Source: World Economic Outlook January

2023]

Indian economy
Demonstrating strong signs of
buoyancy
Review
While the global scenario remained
challenging, the Indian economy
showed its character and remained
one of the fastest growing major
economies in the world. The economy
demonstrated broad-based recovery
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

GLOBAL INDUSTRY OVERVIEW Global Medium Density INDIAN INDUSTRY OVERVIEW trend remained upwards despite segments including construction growing demand for furniture is the
Global furniture market overview Fibreboard (MDF) market Indian furniture market overview rate hikes and an overall inflationary of new airports and other main factor driving the country's
overview environment. Housing inventory across infrastructure projects. plywood market. Additionally, there
The global furniture market growth Growing population, higher income
Globally, among the wood panel India's top seven cities plunged to just has been a noticeable increase in the
is driven by rapid urbanization, and levels coupled with increasing levels
industry, medium density fibreboards 20 months in the first three month of Change in lifestyle refurbishing and renovation of existing
rising construction of residential and of urbanisation are the key drivers of
or the MDF has emerged as a calendar year 2023, from 42 months in With increasing internet penetration residential areas, which is in turn
commercial buildings. This together India’s furniture market. Additionally,
preferred choice for furniture and other the similar period in 2018, reaching the and exposure to global trends and driving up the demand for plywood in
with the growth of the travel and the growing demand for residential
panel applications. The flexibility and lowest in the last five years, driven by styles, there has been significant the Indian market. In addition, several
tourism sector together with growing and commercial infrastructure
engineering properties of the products robust sales in the housing market. change in lifestyle. Indian consumers important players are introducing
income levels, evolving lifestyles and development, fuelled by a burgeoning
has made it a popular choice. Further, are looking for shorter replacement fresh furniture styles and variants
enhanced standard of living are driving middle-class segment is also aiding
100% of the raw material used Break-up of Indian furniture cycle, resulting in better demand. to broaden their customer base.
the demand for lightweight, portable the country’s furniture market. The
is sustainable wood, making the market Furthermore, the country's markets are
and versatile furniture with maximum Covid-induced work from home
entire raw material procurement an Indian Medium Density looking up thanks to quickly growing
storage space. The convenience culture has aggravated the demand

GREENPANEL INDUSTRIES LIMITED

5% distribution networks and falling
of shopping furniture through environment friendly one. As a result, for furniture in the country in the past 4% Fibreboard (MDF) market
the product segment has reported overview manufacturing costs.
ANNUAL REPORT 2022-23

e-commerce platforms has aided the two years. The increased accessibility
growth of the sector. Wood and wood phenomenal growth in the past few of a wide variety of furniture on online 9% 65%
MDF is emerging as a popular choice
years. The global Medium Density Key drivers of India’s woodpanel
based panels continue to remain one marketplaces is boosting sales. for furniture in the country, especially
Fibreboard (MDF) market size was industry
of the most preferred materials for Among the materials, the wood-based in the factory-made furniture segment.
the global furniture industry owing to valued at USD 26,213.85 million in furniture segment is dominating the 17% The absence of knots helps it give high Power of population
its high durability. Spherical Insights 2022 and is expected to expand country’s furniture market. India is quality finish. It is suitable for entire India has emerged as the most
research report states that the at a CAGR of 3.34 Percent during the fifth largest producer and fourth range of furniture and is denser than populous country in the world. As per
global furniture market was valued the forecast period, reaching USD largest consumer of furniture in the plywood. It is ~30-35% cheaper than United Nations, India’s population
at USD 548.38 billion in 2021 and is 31,934.43 million by 2028. world and the market was valued at plywood. MDF has a robust potential in the 25 to 64 years age group has
expected to reach USD 780.8 billion ~$23 bn in 2021. With the Government Wood Metal Plastic
for growth because it only accounts increased from 56% in 2010 to 60%
Global plywood market overview
P - 64

by 2030, registering a CAGR of 5.1% of India identifying furniture industry for 20% of the wood panel products in 2020 and is expected to further
Cane & Bamboo Others
during the forecast period. Though The growth of the interior design as a key enabler to expand the reach sector against 70% globally. In 2022- increase to 63% by 2035. With

P - 65
China remained the largest exporter and furniture industry is propelling of ‘Make in India’ across the globe, the 23, the Indian industry was impacted increasing share of young population,
Key growth drivers
of furniture in the world, countries the demand in the plywood market. industry is poised for further growth by low-cost imports from the South the country has entered a period
are looking to reduce dependence Robust population growth coupled going ahead. Strong economic growth Asian countries. However, the superior of demographic dividend, driving
GREENPANEL INDUSTRIES LIMITED

on China and looking for alternative with rising disposable income as well Despite the global headwinds, the product versatility along with massive consumption across sectors.
sourcing destination. as rising preferences for branded The advent of the pandemic and Indian economy remained resilient. under-penetration provide strong

ANNUAL REPORT 2022-23

(Source: Spherical Insights PLC) plywood has expanded the plywood subsequent rise in the hybrid The Indian economy is expected to optimism for the industry in the coming Increased urbanisation with
market at a global level. working model have given boost to the third-largest economy by FY 2028. years. Various industry estimates declining household size
the country’s real estate sector. The This is expected to drive the per capita suggest that the share of MDF will be With an anticipated 43%+ of the
income of the population, in turn 50% of the total wood panel industry Indian population residing in the
driving the disposable income. This in 2030. The Indian MDF market was urban areas by 2035 (from 30% in
coupled with high urbanisation rate is valued at Rs 3,000 crore in FY 21 and 2020), more homes will be required to
expected to drive demand for furniture is expected to reach Rs 6,000 crore by accommodate additional population.
in the country. 2026. Further, high cost is making the Further, nuclearization of families
consumer shift to MDF from plywood, has contributed to the reduction

32%
aiding further to the growth. in household size in the past few
decades, driving demand for
Indian plywood market overview additional homes.
INCREASE IN PER CAPITA In the fiscal years 2021-22, the Indian
INCOME BETWEEN 2018 plywood market had a value of Rs Boom in the housing market
AND 2021 195.8 billion. The market is predicted After a lull period, there has been a
by IMARC Group to grow at a 7.4% surge in the demand for housing units
Infrastructure push by the CAGR between 2022 and 2028, in the country. Lower home rates,
Government of India reaching Rs 297.2 billion at the end benefits in the registration cost of
In the Budget 2023-24, the of the forecast period. Due to India's home purchase and growing home
Government of India outlined 33% rapid urbanization, shifting lifestyle ownership sentiment have contributed
increase in capital expenditure and trends, and rising number of nuclear to the growth of the country’s housing
announced several projects across families, the residential sector's
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

sector. Besides, the growth is visible

in the tier 2 and 3 cities, broad basing Key Financial Ratios
the sector’s growth ambit. Further, the OPPORTUNITIES THREATS 31 March 31 March % Reason of change (in case
Particulars
government’s focus on the affordable 2023 2022 Change the change is 25% or more)
COMPANY OVERVIEW • There is a rise in the • The unorganised players
housing segment and housing for
requirement for branded might sell their products at a Reduction in the working

100%
all scheme, has been a driver for the Current ratio 2.71 1.56 73.66%
capital cycle.
wood products. low price.
housing market, in turn growing the
country’s wood panel sector. • Population increase is • Unavailability of timber Reduction in working
RENEWABLE AGRO- leading to higher demand and increase of raw capital investment leading
FORESTRY WOOD for housing structures, materials prices. Debt Equity Ratio 0.16 0.30 -43.60 to improvement of cash

3.65 lakh units

further resulting in flows which used for debt
• The number of new

2,300+
reduction
demand for building
entrants in the industry will
materials also.
SALE OF RESIDENTIAL UNITS IN drive constant demand Reduction in borrowings

GREENPANEL INDUSTRIES LIMITED

Debt Service
• Rapid urbanisation for innovation and will be 6.38 1.46 335.96% resulting lower interest
TOP 7 CITIES IN 2022, UP FROM OUTLETS Coverage ratio
outgo
ANNUAL REPORT 2022-23

THE PREVIOUS HIGH OF 3.43 LAKH and yearning desire for delivering better quality at a

6,60,000
UNITS IN 2014 lifestyle products will lead lower price.
Inventory Turnover
to surge in demand of ratio
6.27 5.15 21.66%
• Absence of anti-dumping
Development of furniture cluster wood products.
duties can create a threat
CUBIC METERS OF MDF
The Government’s focus on making • The increasing trend of from imports. Debtor Turnover Increase in turnover on
47.86 30.96 55.93%
Ratio same receivables cycle
India an export hub provides strong Greenpanel is India's leading nuclear family, that is
• Challenges of labour
export growth opportunities for the producer of wood panels. High- forming multiple single
migration and their Increase in turnover and
Indian Furniture industry. quality Medium Density Fibreboard families out of one large Net Capital Turnover
unavailability at the time of Ratio
4.45 9.08 -51.03% reduction in working
(MDF), High density Fibreboard (HDF), joint family is leading to capital cycle.
demand, posed a significant
Growing awareness Fire resistant MDF, Block boards, a demand for housing
P - 66

challenge upon the industry.

Following the rise of social media, Prelaminated MDF/ Plywood, veneered and furniture. Net Profit ratio 14.42% 15.16% -4.89%

P - 67
consumers are selecting to spend MDF, plywood, decorative veneers, • There has been a
more on aspirational living and flooring, and doors are produced in significant rise in demand Return on Capital
26.73% 29.66% -9.87%
exploring ways to re-surface their our cutting-edge production facilities Employed
for furniture through Operational Performance
GREENPANEL INDUSTRIES LIMITED

homes and offices. in Uttarakhand and Andhra Pradesh. online platforms. While Analysis Interest coverage
Everything we do is infused with the there has been a rise in 19.11 21.41 10.73%
ratio

ANNUAL REPORT 2022-23

Ease of access through the ingenuity and sustainability of our MDF Segment
the need for modular,
e-platforms culture. For instance, Greenpanel multi-functional and During FY 23, this segment's sales
Operating profit
MDF is produced entirely from increased by 15.4%, and it made up 58.07% 57.69% 0.65%
The online furniture market is customised furniture for margin ratio
experiencing a surge in growth regenerative agroforestry wood. The home and offices. This about 86.3% of our total revenue.
due to the pandemic-driven trend total annual MDF production capacity will be changing the face Increase in accumulated
of purchasing products online. of our manufacturing facilities is of furniture retail in India Plywood Segment shareholders equity as
6,60,000 cubic metres. Our extensive compared to previous year
This increase in demand for online for good. Greenpanel manufactures extensive
Return on Net Worth 23.91% 28.59% -16.37% whereas profit after tax
shopping is attributable to the distribution network, which consists range of plywood with focus on remained at almost the
accessibility of smart devices and of more than 2,300 outlets dispersed premium-grade plywood. same level as compared to
high-speed networks as technological throughout the nation, complements the previous year.
advancements. As more people are this. Further, we are present across Financial Performance Analysis
turning to online shopping as their each state and union territories of
Particulars FY 23 FY 22
preferred medium of purchasing the nation with our 17 branch offices.
Revenue from 1,778.55 1,585.74
during the pandemic, the number of Further, we are expanding our
operations
online furniture shoppers is expected presence with the OEMs to cater to the
EBITDA 435.87 439.39
to continue to rise in the future. demand from the online platforms.
Profit before tax 350.96 348.94
Tax 94.44 108.47
Profit after tax 256.51 240.47
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Risk Management Technology initiatives development and success. Initiatives the accuracy of accounting and
that effectively engage employees management information, compliance
In the external operating environment, we face a variety of risks and volatility. We are aware that managing risks effectively The key business enabler for
help employees stay with the company with all relevant laws and regulations,
is essential to achieving our strategic goals and a fundamental part of running a business. We can identify, evaluate, and Greenpanel is Technology. Data
longer. The company provides a and the safety of the company's
manage the risks associated with our business and operational activities with the assistance of our comprehensive risk analytics, ERP software, people
leadership development programme assets. This is done to quickly
management framework. The oversight of the company's risk management framework falls under the influence of the Risk management systems and faster
that supports leaders who are already identify and manage the operational,
Management Committee of the Board. business processes and increased
present in the company. 1891 people compliance-related, financial, and
operational efficiency are the various
were employed by the company as of economic risks to the company.
technologies that the company
March 31, 2023.
Content has invested on. The Systems,
setting
Accounting Treatment
Applications and Products (SAP)
Internal control system and their The financial statements were
platform is used which allows the
Monitoring adequacy prepared as per the Indian Accounting
Identifying Company to easily manage order,
and review The Company has robust internal Standards (Ind AS) and no treatment
generate invoices, collect payment,

GREENPANEL INDUSTRIES LIMITED

issue credit note and other tasks. control processes appropriate to its different from the Accounting
size and operations. The Board of Standards has been followed.
ANNUAL REPORT 2022-23

Risk Human resources Directors, who oversee the internal

control system, establishes the rules. Cautionary statement
Management The Company's human resource
Recording They then check its suitability, efficacy, According to the applicable securities
Assessing process at and reporting
is essential to attaining its goal of
and application. The internal control laws and regulations, the statement in
expansion. The company often
Greenpanel undertakes skill-upgrading training for
system for the company is made to this part that discloses the company's
guarantee management effectiveness, goals, plans, expectations, and
its human resources. The organisation
measurability and verifiability, estimates may be deemed to be a
offers its employees a supportive
work environment that fosters "forward-looking statement."
Evaluating Mitigating
P - 68

P - 69
Responding
GREENPANEL INDUSTRIES LIMITED

ANNUAL REPORT 2022-23

Risks Potential Impact Our response
Demand Slowdown Growth and profitability • Focus on the premium segment to maintain profitability
Lack of demand from • Enhance export presence
customers and downstream • Broad-basing customer base
industries • Drive brand visibility to drive demand
Competition risk Revenue, margins, and overall • Continuous investments in capacity to augment market leadership
Increased competition with market position • Focus on value-added products to stay ahead of the curve
increased demand of MDF • Our wide network and our ability provide targeted solutions enables
us to service our customers better and help us stay ahead of the
curve
Customer attrition risk Revenue and brand • Enhancing market penetration; reaching beyond the top 30 cities
Shifting to newer brands and • Impeccable product quality is leading to customer stickiness
products by customers
Resources availability risk Operations and logistics cost • Dependent completely on agro forestry based raw material
Cost and availability of raw • Tying up with farmers for plantation to secure raw material
materials • Initiated plantation initiatives with farmers and at the forest levels
Finance risk Operational and financial • Net Debt-free balance sheet
Risks associated with the obligations • Strong cash flow generation backed by superior brand reputation
financial position of the • High level of operational discipline to restrict cost escalation
company • Optimum fund utilisation through prudent fund management
initiatives
Technology risk Operational cost, quality of • Using cutting-edge German technology backed plants
Risks associated with the use of products, capacity utilisation • Steady investments in technology upgradation
technology
Commoditisation Per unit economics and • Focus on innovation to introduce value added products
Risks associated with product profitability • Launched FR Grade in the value-added category in the last year
commoditisation
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Business Responsibility and Sustainability Report

SECTION A: GENERAL DISCLOSURE b. What is the contribution of exports as a percentage of the total turnover of the entity?: 14%

Details c. A brief on types of customers

1 Corporate Identity Number (CIN) L20100AS2017PLC018272 The Company has categorised its customers into three main groups:
of the Listed Entity
2 Name of the Listed Entity Greenpanel Industries Limited • End Customers:- End Customers are individuals who directly purchase and use products for personal or household
3 Year of incorporation 2017 needs. The Company relies on online platforms, to engage and closely monitor customer engagement behaviour
4 Registered office address Thapar House, 2nd Floor, 163, S.P. Mukherjee Road, Kolkata-700026 to assess customer preferences and feedbacks. The Company has a robust system to collect and analyse online
5 Corporate address Thapar House, 2nd Floor, 163, S.P. Mukherjee Road, Kolkata-700026 feedbacks, this helps in curating product offerings and marketing strategies.
6 Email secretarial@[Link]
• Influencers: The Company actively collaborates with influencers in the MDF and Plywood industry such as
7 Telephone (033) 40840600 architects, /designers, carpenters, and contractors who play an active role in shaping opinions, providing inspiration,
8 Website [Link] and influencing the decision-making process of potential buyers. Regular Influencer meets and events are carried
9 Financial year for which reporting April 01, 2022, to March 31, 2023 out throughout the year for gaining valuable feedback and insights. Greenpanel has implemented a Standard
is being done

GREENPANEL INDUSTRIES LIMITED

Operating Procedure (SOP) for carpenters and product installers which provides a set of standardised instructions
10 Name of the Stock Exchange(s) BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) and guidelines for installing a specific product in a consistent and efficient manner.
where shares are listed
ANNUAL REPORT 2022-23

11 Paid-up Capital 1226.27 Lakhs INR. • Trade customers:- Trade customers are the dealers in the supply chain who have a crucial role in distributing
12 Name and contact details (telephone, email Name: Mr. Vishwanathan Venkatramani products to end-users or consumers The Company actively engages with trade customers through regular dealer
address) of the person who may be Designation: Chief Financial Officer meets, aimed at gaining a deeper understanding of their preferences, as well as educating and informing them about
contacted in case of any queries on Telephone Number: (033) 40840600 global furniture and building material trends.
the BRSR report Email ID: [Link]@[Link]
13 Reporting boundary Reporting on standalone basis
Greenpanel deploys various strategies to engage with the customers, such as brand building by sponsoring popular
sports events. Greenpanel has also improved signages and in-shop displays at outlets, with a focus on penetrating
PRODUCT/SERVICES untapped tier 2 and 3 cities.

14. Details of business activities (accounting for 90% of the turnover):

II. EMPLOYEES
P - 70

S. No. Description of Main Activity Description of Business Activity % Of Turnover of the entity
18. Details as at the end of Financial Year:

P - 71
1 Manufacturing Plywood, MDF and allied products 98.89%
a. Employees and workers (including differently abled):
2 Trading Goods Plywood, MDF and allied products 1.11%
Male Female
S. No. Particulars Total (A)
No. (B) % (B/A) No. (C) % (C/A)
15. Products/Services sold by the entity (accounting for 90% of the entity’s Turnover):
GREENPANEL INDUSTRIES LIMITED

Employees

ANNUAL REPORT 2022-23

S. No. Product/service NIC Code % Of total Turnover contributed 1. Permanent 1411 1377 98% 34 2%
1 Medium Density Fibreboard 1621 86.28% 2. Other than permanent - - -
2 Plywood and allied products 1621 13.72% 3. Total employees 1411 1377 98% 34 2%
Workers

I. OPERATIONS 4 Permanent 480 480 100% 0 -

5 Other than permanent 750 750 100% 0 -
16. Number of locations where plants and/or operations/offices of the entity are situated:
6 Total workers 1230 1230 100% 0 -
Location Number of plants Number of offices Total
National 3 20 23
b. Differently abled Employees and workers:
International 0 2 2
Male Female
S. No. Particulars Total (A)
No. (B) % (B/A) No. (C) % (C/A)
17. Markets served by the entity: Differently abled Employees
a. number of locations 1. Permanent 0 0 - 0 -

Locations Number
2. Other than permanent 0 0 - 0 -

National (No. of States and Union Territories) 22 3. Total employees 0 0 - 0 -

International (No. of Countries) 12 Differently abled Workers

4 Permanent 0 0 - 0 -
5 Other than permanent 0 0 - 0 -
6 Total workers 0 0 0 0 0
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Business Responsibility and Sustainability Report

19. Participation/Inclusion/Representation of women: 24. Overview of the entity’s material responsible business conduct issues.
No. and percentage of Females Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social
Particulars Total (A)
No. (B) No. (C) matters that present a risk or an opportunity to your business rationale for identifying the same, approach to adapt or
Board of Directors 6 1 17% mitigate the risk along-with its financial implications, as per the following format:
Key Management Personnel 2 0 0%
Indicate Financial implications of
Material issue whether risk Rationale for identifying the risk/ In case of risk, approach the risk or opportunity
S. No.
20. Turnover rate for permanent employees and workers: identified or opportunity opportunity to adapt or mitigate (Indicate positive or
(R/O) negative implications)
FY 2020-21 1. Climate Change Risk [Link] of emission tariffs [Link] shall be Negative Financial
FY2022-23 FY 2021-22
(Turnover rate in the year prior and Energy and taxes leading to higher establishing environment Implication-
Particulars (Turnover rate in current FY) (Turnover rate in previous FY)
to the previous FY)
product cost such as CBAM, coal related targets such
Male Female Total Male Female Total Male Female Total cess. as electrification of [Link] curb the
processes, increased dependency on fossil-
Permanent employee 19% 28% 19% 24% 40% 25% NA NA NA
[Link] Fuel/energy costs due to reliance from RE and based electricity sources,

GREENPANEL INDUSTRIES LIMITED

Permanent workers NA NA NA NA NA NA NA NA NA enhanced regulatory stringency the Company runs a
other alternative forms of
NA=Not Available and fuel supply/demand energy. Biomass-based Energy
imbalance such as increasing plant which has led
ANNUAL REPORT 2022-23

cost of electricity, 2. Greenpanel will be to substantial energy

III. HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES (INCLUDING JOINT VENTURES) procuring wood from savings.
3. Changes in regulations, sustainably managed
laws and commitments of the [Link] harvesting
21. Names of holding / subsidiary / associate companies / joint ventures forests. The wood used
Company’s operating and by Greenpanel meets structures will help the
Does the entity indicated at column exporting countries. the criteria for FSC® Company to achieve
Name of the holding / subsidiary Indicate whether holding/
S. No. / associate companies / joint Subsidiary/ Associate/ Joint
% of shares held A, participate in the Business
Controlled Wood. Moving Water Positivity in
by listed entity Responsibility initiatives of the listed [Link] in precipitation operations as well as
ventures Venture patterns can affect the operations ahead the Company is
entity? (Yes/No) water charges.
in water shortage regions- like evaluating the scope
1. Greenpanel Singapore Pte. Subsidiary 100% No of conducting life cycle
Andhra Pradesh.
Limited assessments of all its
products to transparently
disclose the product’s
P - 72

IV. CSR DETAILS

P - 73
carbon footprint.

22. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: Yes 3. To combat risks arising
due to water shortages,
(ii) Turnover - I1,77,855.03 lakhs Greenpanel will be taking
appropriate measures
(iii) Net worth - I1,20,135.03 lakhs
GREENPANEL INDUSTRIES LIMITED

such as conducting

ANNUAL REPORT 2022-23

water risk assessments
23. Complaints/Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on in water scarce areas,
Responsible Business Conduct: frequent monitoring
of ground water levels
Grievance FY 2022-23 FY 2021-22 in water scarce areas,
Redressal implementing water
Stakeholder Mechanism in Number of Number of
conservation measures
group from Place (Yes/No) (If Number of complaints Number of complaints
whom complaint is yes, then provide complaints pending complaints pending like ZLD and construction
Remarks Remarks of rainwater harvesting
received web-link for filed during resolution at filed during resolution at
grievance redress the year close of the the year close of the structures.
policy) year year
Communities Yes 0 0 Nil 0 0 Nil
(Stakeholder
Engagement Policy)
Investor (other than Yes 0 0 Nil 0 0 Nil
shareholders) (Stakeholder
Engagement Policy)
Shareholders Yes 2 0 Nil 0 0 Nil
(Stakeholder
Engagement Policy)
Employees and workers Yes 0 0 Nil 0 0 Nil
(Stakeholder
Engagement Policy)
Customers Yes 0 0 Nil 0 0 Nil
(Customer Relations
Policy)
Value chain partners- Yes 0 0 Nil 0 0 Nil
(Dealers, Distributors (Stakeholder
Suppliers etc.) Engagement Policy)
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Business Responsibility and Sustainability Report

Indicate Financial implications of Indicate Financial implications of

Material issue whether risk Rationale for identifying the risk/ In case of risk, approach the risk or opportunity Material issue whether risk Rationale for identifying the risk/ In case of risk, approach the risk or opportunity
S. No. S. No.
identified or opportunity opportunity to adapt or mitigate (Indicate positive or identified or opportunity opportunity to adapt or mitigate (Indicate positive or
(R/O) negative implications) (R/O) negative implications)
2. Biodiversity Risk 1. Absence of Biodiversity 1. Greenpanel will Positive Financial 6. Occupational Opportunity Creating a safe and conducive Positive Financial
assessments may lead to a lack evaluate the scope of Implication: - Health and work environment to proactively Implication: -
of critical information needed to conducting biodiversity [Link] of Safety prevent work-related injuries
implement effective conservation assessments in and flora and fauna will and illnesses. The Company [Link] employee
measures or make sustainable around its operational increase soil quality and has implemented 6S checklist turnover and increased
land use decisions, negatively areas, with help of tools richness, water holding to periodically assess the ability to attract and
impacting indigenous flora and such as B-INTACT capacity of soil, aquifer effectiveness of the health retain talent with proper
fauna. (Biodiversity Integrated recharging, and carbon management system. SMS in place.
Assessment and sequestration. [Link] reputation
Computation Tool) and brand image.
for quantifying the
biodiversity impact and [Link] potential
punitive actions by

GREENPANEL INDUSTRIES LIMITED

improvement area in
the Company’s value regulators.
chain. The Company
7. Community Opportunity Establishing trust and fostering Positive Financial
ANNUAL REPORT 2022-23

shall identify a dedicated

expert to implement Engagement positive relationships with Implication: -
mitigation projects, communities through initiatives
that promote economic Promoting community
monitor the same and well-being, generating
report to the highest empowerment and social well-
being is crucial for ensuring livelihood opportunities,
executive body. providing quality
the continuous operation of a
3. Sustainable Risk Absence of an established 1. The company Positive Financial business. education and higher
Supply Chain Supplier code Of Conduct shall move towards Implication: - Social Return on
and relevant procedures for subsequent integration of This can result in cost Investment.
responsible sourcing might lead a Code of Conduct and savings in the long run, 8. Customer Opportunity Sustaining customer trust, Positive Financial
to supply-chain disruptions assessing it’s onboarded as suppliers who adhere Centricity promoting transparency, and Implication: -
leading to regulatory risk in value as well as new suppliers to these standards are ensuring customer satisfaction Enhanced profitability
chain, financial risks in operation on ESG considerations less likely to face legal
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are essential factors for retaining and revenue can be

P - 75
and reputational risks leading to within supplier evaluation fines, penalties, or and growing a loyal customer achieved by increasing
customer dissatisfaction. criteria. reputational damages, base. sales volume and
which can impact their expanding the market
financial performance penetration by
and in turn affect the targeting new customer
financial stability of the segments, improving,
GREENPANEL INDUSTRIES LIMITED

ANNUAL REPORT 2022-23

companies they supply and enhancing existing
to. customer relationships to
4. Corporate Opportunity Efficient ESG management and Negative Financial drive repeat business.
Governance compliance will help to promptly implication: -
address any deviations from Consequences from 9. Data Privacy Risk Increase reliance on digital tools 1. Greenpanel will Negative Financial
established systems to ensure regulators and legal and Security and applications can heighten evaluate the scope Implication: -
effectiveness. authorities, as well as the vulnerability of the business of incorporating The consequences of
the potential negative to cyber-attacks and other cybersecurity personal and customer
effects on a company's associated risks in the digital management system data loss and privacy
reputation and realm. certified with ISO 27001 will lead to reputational,
trustworthiness. for demonstrating financial, and regulatory
internationally recognised implications
processes best practices
5. Economic Risk [Link] for MDF and plywood [Link] risk Positive Financial to manage information
Performance products can vary based on management strategies, implication: - security.
factors such as economic staying compliant with The Company can
conditions, construction and regulations, diversifying penetrate newer markets 2. Establishment of IT
housing markets, consumer markets, optimising and gain access to Security/Cybersecurity
preferences. operations, and staying broader customer policies and procedures.
vigilant to changes in the categories.
[Link] the Company engages 3. Endpoint Detection and
business environment.
in international trade, it may face Response (EDR) based
risks associated with currency end-point security
exchange rate fluctuations, which
can impact cost of raw materials,
export/import pricing, market
access, affecting the company's
profitability and competitiveness.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Business Responsibility and Sustainability Report

Indicate Financial implications of Indicate Financial implications of

Material issue whether risk Rationale for identifying the risk/ In case of risk, approach the risk or opportunity Material issue whether risk Rationale for identifying the risk/ In case of risk, approach the risk or opportunity
S. No. S. No.
identified or opportunity opportunity to adapt or mitigate (Indicate positive or identified or opportunity opportunity to adapt or mitigate (Indicate positive or
(R/O) negative implications) (R/O) negative implications)
10. Human Rights Risk The absence of proper checks [Link] will Negative Financial 14 Waste Risk Improper disposal of waste 1. Proper segregation and Positive Financial
and balances for human rights evaluate the scope Implication: - Management generated from business activities disposal of waste should Implication: -
assessment can lead to non- of undergoing human and Circular can harm the surrounding be done
compliance, regulatory violations, rights assessments in 1. Potential Economy environment, affecting the health [Link] greenhouse
international standard violations, adherence to the Human consequences of non- of the communities, nearby 2. Waste reutilisation gas emissions
and reputational risks for the Rights Policy. compliance include and damaging the company's should be done based on
punitive measures from the 4R principles [Link] operating
company. reputation. Therefore, responsible costs
[Link] Company shall regulators disposal of waste needs to
provide human rights be done to prevent overall [Link] measures from
training to employees and [Link] to the
organisation's reputation degradation. regulatory bodies for
value chain partners. non-compliance
or brand image.
3. The Company shall 15. Water and Opportunity [Link] water scarcity by Positive Financial

GREENPANEL INDUSTRIES LIMITED

identify a dedicated Effluent utilising water resources wisely. Implication: -
expert to implement management
[Link] alternative water [Link] of
mitigation measures,
ANNUAL REPORT 2022-23

sources decreased water

monitor the same and
withdrawal costs, due
report to the highest [Link] water usage to water conservation
executive body.
[Link] zero liquid discharge initiatives.
11. Innovation and Opportunity Developing innovative MDF Positive Financial status
Sustainable products to effectively Implication: - [Link] of ETP
Product design address and mitigate negative 5. Rainwater harvesting sludge for firing in
environmental and social impacts 1. Gain a competitive structures. boilers, leading to
within the community. advantage decreased fuel costs.
[Link] of treated effluent for
2. Create more revenues firing in boilers.
by introducing more
innovative products in
the market. 16. Employee Risk [Link] of adequate D&I [Link] Company will Negative Financial
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12. Regulatory Opportunity The Company is ensuring Negative Financial and Labour targets with lesser female evaluate the scope of Implication: -

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and Statutory effectiveness in managing Implication: - Management representation in the workforce. deploying a Special
officer for undertaking 1. Lower employee
Compliance compliances and addressing
[Link] and legal initiatives to promote retention rate, where D&I
non-conformance to systems on
authorities imposing D&I in terms of female is not in place.
a timely basis by implementing,
evaluating, maintaining, an punitive actions and disabled person [Link] actions by
GREENPANEL INDUSTRIES LIMITED

effective compliance management [Link] in compliance representation in the regulators

ANNUAL REPORT 2022-23

system within an organisation. costs in form of workforce. Proper training
along with employee well- 3. Reputational / Brand
penalties/fines.
being activities can help Image
further accelerate D&I
13. Sustainable Risk 1. Shortage of raw material during [Link] Company shall Positive Financial across the Company.
Plantation the rainy season undergo land assessment Implication: -
Management studies to identify the
2. Supply chain disruptions due to crop suitability. Next the [Link] of
force majeure conditions. Company shall take the biodiversity: Sustainable
conformance from farmers plantation management
3. Sourcing of raw materials from practices can help
illegal trafficking. for their willingness
to participate in the protect and preserve
plantation management flora and fauna.
programmes. 2. Creation of livelihood
[Link] Company shall opportunities for local
undergo continuous R&D communities and
to for enhancing the crop farmers.
quality. 3. Sustainable
plantation management
can promote water
conservation, reduce
soil erosion, and protect
water quality.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Business Responsibility and Sustainability Report

SECTION B: MANAGEMENT AND PROCESS DISCLOSURES Disclosure

P1 P2 P3 P4 P5 P6 P7 P8 P9
Questions
Disclosure
P1 P2 P3 P4 P5 P6 P7 P8 P9 Governance, leadership, and oversight
Questions
Policy and management process 6. Statement by director responsible “We are delighted to present our first Business Responsibility and Sustainable Report
for the business responsibility report, in compliance with SEBI guidelines, and in adherence to the core elements of NGRBC
1. a. Whether your entity’s policy / policies Yes Yes Yes Yes Yes Yes Yes Yes Yes
highlighting ESG related challenges, principles. We are thrilled to witness the remarkable growth of the global medium-density
cover each principle and its core
targets and achievements fibreboard (MDF) market, as highlighted by few latest research. In 2022, the global market
elements of the NGRBCs. (Yes/No)
size reached an impressive US$ 24.0 Billion, with projected growth of US$ 35.4 Billion by
b. H
 as the policy been approved by the Yes Yes Yes Yes Yes Yes Yes Yes Yes 2028, exhibiting a CAGR of 6.6% during the forecast period of 2023-2028.
Board? (Yes/No)
One of the key drivers of this market growth is the environment-friendly nature of MDF,
c. Web Link of the Policies, if available [Link]
as it is made from wood wastes or recycled wood. With the increasing number of green
2. Whether the entity has translated the Yes Yes Yes Yes Yes Yes Yes Yes Yes building initiatives and growing sustainability awareness, the demand for innovative MDF
policy into procedures. (Yes / No) products such as fire retardant MDF(FRMDF), low-emission MDF etc. has been on the rise.
3. Do the enlisted policies extend to your Yes Yes Yes Yes Yes Yes Yes Yes Yes Additionally, factors such as the growing global population, rapid urbanisation, and rising
value chain partners? (Yes/No) disposable incomes are further fuelling the demand for MDF in various applications. The

GREENPANEL INDUSTRIES LIMITED

market is also witnessing lucrative opportunities due to the escalating demand for ready-to-
4. Name of the national and international 1. Certificate of Compliance for product's compliance with European Union (EU) health,
assemble (RTA) furniture, in line with the latest trends in the interior and furniture industry.
codes / certifications/labels/ standards safety, and environmental protection standards.
Moreover, the implementation of stringent government regulations and guidelines aimed
(e.g.
ANNUAL REPORT 2022-23

2. IGBC Green Factory Building Certification at reducing the use of traditional wood products has boosted the demand for eco-friendly
Forest Stewardship Council, Fairtrade, 3. ISO 14001 Environmental Management System wood alternatives like MDF.
R
 ainforest Alliance, Trustea) standards 4. ISO 45001 Health Safety Management System From a national perspective, the MDF market size in India is estimated to be 2.8 million
(e.g., SA 8000, OHSAS, ISO, BIS) 5. ISO 9001 Quality Management System cubic meters (CBM) or `3000 crores in 2021, with a projected CAGR of 15-20% to reach
adopted by your entity and mapped to 6. CARB Certification `6000 crores by 2026. This presents a significant growth potential for our company in the
each principle. Indian market. Greenpanel’s endeavour to excel through continuous product and process
7. BIS Certificate (Prelaminated)
innovation, sustainable resource optimisation and exceptional customer delivery places
8. BIS Certificate (Plain Interior and Exterior Grade) the Company in a favourable position to maintain our market leadership and capture any
9. Forest Stewardship Council (FSC)® market impetus.

5. Specific commitments, goals and targets set by the entity with defined timelines, if any. Our company is currently in the process of adopting policies that prioritise environmental
B
 ased on the materiality analysis, the identified material issues have been prioritised on their significance and potential impact on efficiency, employee well-being, product stewardship, adherence to human rights, and
enhancing customer relations. We are creating a sustainable impact in our value chain by
P - 78

the Company's operations and stakeholders. The Company is under the process for setting specific commitments and targets to

P - 79
address these material issues as part of its sustainability strategy. These commitments and targets will serve as guiding principles sourcing agroforestry-based raw materials. We have built resilience in our supply chain
for the Company's actions and initiatives related to sustainability, and they would align with the Company's overall goals and targets. by establishing strategies for captive sourcing and building a robust supplier and dealer
The commitments and targets are set based on various factors, including industry best practices, relevant regulations, international network. Our company is implementing various energy conservation initiatives to reduce
standards, and stakeholder expectations. They are designed to ensure that the Company's sustainability efforts are aligned with emissions. Notably, our Andhra Pradesh plant has received the "IGBC Green factory Gold
established standards and expectations, and that the Company is working towards achieving meaningful and measurable progress on Certification" and derives steam energy from a biomass-based energy plant. We aim to
generate environmental, social, and economic value through our initiatives to ensure the
GREENPANEL INDUSTRIES LIMITED

the identified material issues.

ANNUAL REPORT 2022-23

holistic development of communities through our impactful CSR activities in the areas of
health and education, Agro-forestry, and skill-development.
Principle Targets 6. Performance of the
entity against the We strongly believe that we have the potential to shape a sustainable future and are
Specific commitments, uniquely positioned to make long-term investments, explore new areas of growth, and
and targets along-with pursue promising prospects. We extend our gratitude to all our stakeholders for their
reasons in case the same steadfast backing and confidence in our endeavours. As we stride ahead, we solicit their
are not met. unfailing support and insights to gauge our sustainability practices against the highest
Principle 1 The Company is in the process of Performance insights can be standards.”

Principle 2 establishing baselines against the drawn once target years are
targets and will be setting targets identified Regards,
Principle 3 in accordance with the standards Mr. Shobhan Mittal
Principle 4 set by the Science Based Targets
Principle 5 initiative (SBTi) soon.
7. Details of the highest authority Implementation of policy - Mr. Vishwanathan Venkatramani (Chief Financial Officer)
Principle 6 responsible for implementation Oversee the implementation of policy –
Principle 7 and oversight of the Business
Responsibility policy (ies). DIN Name Designation
Principle 8 00347517 Mr. Shobhan Mittal Managing Director and CEO
Principle 9 00237242 Mr. Shiv Prakash Mittal Executive Chairman

8. Does the entity have a specified No.

Committee of the Board/ Director
r esponsible for decision making on
sustainability related issues? (Yes /
No). If yes, provide details.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Business Responsibility and Sustainability Report

Disclosure SECTION C: PRINCIPLE WISE PERFORMANCE DISCLOSURE

P1 P2 P3 P4 P5 P6 P7 P8 P9
Questions
9. Details of Review of NGRBCs by the Company: Principle 1: Businesses should conduct and govern themselves with integrity, and in a manner that is
Subject for Review Indicate whether review was undertaken Frequency (Annually/ Half yearly/ Ethical, Transparent and Accountable.
by Director / Committee of the Board/ Any Quarterly/ Any other – please specify)
other Committee Essential Indicators
P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9 1. Percentage coverage by training and awareness programmes on any of the principles during the financial year:
Performance against above policies and The policies for the current fiscal year have
follow up action been formulated in consultation with the Annually % Of persons in
respective category
Company's management and are slated for Total number of
Topics / principles covered by the
implementation from the current FY onwards. Segment training and awareness
covered under the training and its impact awareness
programmes held
Compliance with statutory requirements of The Company upholds compliance with programmes
relevance to the the statutory requirements recognising the Annually
principles, and rectification of any non- relevance of the principles. Board of 1 P1, P2, P3, P4, P5, P6, P7, P8, P9 100%
compliances Directors With the implementation of proper checks and balances, the

GREENPANEL INDUSTRIES LIMITED

Board of Directors will be more aware and equipped to make
10. Has the entity carried out independent? P1 P2 P3 P4 P5 P6 P7 P8 P9 effective decisions in overseeing the company's sustainability
performance and meeting reporting obligations. This heightened
ANNUAL REPORT 2022-23

a ssessment/ evaluation of the working of

its policies by an external agency? awareness will enable them to stay informed about business
(Yes/No). If yes, provide name of the opportunities from an ESG perspective, leading to an enhanced
agency. reputation, increased stakeholder trust, and ultimately
contributing to the long-term success of the company.
No No No No No No No No No
Key Managerial 1 P1, P2, P3, P4, P5, P6, P7, P8, P9 100%
Personnel Through sensitisation, KMPs and Senior Management will be
11. If answer to question (1) above is “No” i.e., not all Principles are covered by a policy, able to grasp the significance of sustainability-related risks and
opportunities, such as environmental, social, and governance
reasons to be stated: (ESG) factors that can impact the company's operations,
reputation, and long-term success. They will be able to
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
identify potential risks, such as regulatory changes, resource
The entity does not consider the principles constraints, supply chain disruptions, financial implications,
P - 80

material to its business(Y/N)

P - 81
which can negatively affect the company's performance and take
The entity is not at a stage where it is in a precautionary measures beforehand.
position to formulate and implement the
policies on specified principles(Y/N) Employees other 1 P1, P2, P3, P4, P5, P6, P7, P8, P9 100%
Not Applicable than BoD and By sensitising employees to the 9 principles of the BRSR, they
The entity does not have the financial/human/
KMPs will gain a clearer understanding of how these principles apply to
GREENPANEL INDUSTRIES LIMITED

technical resources available for the task (Y/N)

ANNUAL REPORT 2022-23

their individual functions and responsibilities. This will promote
It is planned to be done in the next financial compliance with the principles, fostering a culture of responsible
year. (Y/N) business practices throughout the organisation. As a result,
Any other reason, please specify. employees will also develop a greater sense of purpose in their
roles, which can positively impact their job satisfaction.

2. Details of fines / penalties /punishment/ award/ compounding fees/ settlement amount paid in proceedings
(by the entity or by directors / KMPs) with regulators/ law enforcement agencies/ judicial institutions, in
FY 2022-23.
Monetary
Has an appeal
Name of the Amount
NGRBC Brief of the Been preferred?
regulatory/ enforcement agencies/ (In INR)
Principle Case (Yes/No)
judicial institutions

Penalty/ Fine 0 Not Applicable Nil Not Applicable No

Settlement 0 Not Applicable Nil Not Applicable No
Compounding Fee 0 Not Applicable Nil Not Applicable No

Non-monetary
Has an appeal
Name of the
NGRBC Brief of the Been preferred?
regulatory/ enforcement agencies/
Principle Case (Yes/No)
judicial institutions

Imprisonment 0 Not Applicable Not Applicable No

Punishment 0 Not Applicable Not Applicable No
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Business Responsibility and Sustainability Report

3. Of the instances disclosed in Question 2 above, details of the Appeal/ Revision preferred in cases where Leadership Indicators
monetary or non-monetary action has been appealed. 1. Awareness programmes conducted for value chain partners on any of the principles during the
Nil financial year:
Total number of awareness programmes Topics / principles covered under the training %age of value chain partners covered
4. Does the entity have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if available, held (by value of business done with such
provide a web-link to the policy. partners) under the awareness
programmes
Yes. ([Link]
1 P1, P2, P3, P4, P5, P6, P7, P8, P9 100%
The Company has incorporated an Anti-Corruption and Anti-Bribery Policy that aligns with the highest ethical standards, The Value Chain partners have been sensitised
on the 9 BRSR principles and Greenpanel’s
in compliance with the UK Bribery Act 2010 (UKBA), the US Foreign Corrupt Practices Act 1977 (FCPA), and other relevant commitment on same. This has enabled, the
local anti-bribery laws. The Policy recognises that any involvement in bribery at a corporate level by the Company, its value chain partners to understand the BRSR
employees, representatives, suppliers/vendors, or business partners would result in both tangible and intangible losses, principles and integrate the requirements into
including reputational damage. their own business operations which will ensure

GREENPANEL INDUSTRIES LIMITED

that the entire value chain of Greenpanel is
aligned with the company's sustainability goals.
The company believes in conducting the business in a transparent manner and does not indulge in bribery or corruption.
ANNUAL REPORT 2022-23

The company understands that any involvement in unethical practices will not only lead to financial risks but also
reputational risks.

2. Does the entity have processes in place to avoid/ manage conflict of interests involving
The Company’s policy covers all the stakeholders including the value chain partners to notice such violations and report
them. With the company's Vigil Mechanism, the concerned policy stakeholders are given the authority to report any members of the Board? (Yes/No) If yes, provide details of the same.
unethical, unlawful behaviour, and/or misconduct. Yes. The Code of Conduct establishes clear guidelines for Directors and KMPs, including the provision of "Conflict of
Interest." It outlines the expectation that Directors and Senior Management Officers will diligently fulfil their responsibilities
Any breach of this Policy, may result in disciplinary action, including the termination of an employee and the immediate and take measures to prevent any conflicts of interest that may compromise their ability to perform their duties objectively
termination of any contracts with vendors or business partners. and efficiently in the best interests of the Company. In case of any queries or interpretations needed regarding the Code
of Conduct, the Board or a Committee authorised by the Board will review and address them. This ensures that any
P - 82

5. Number of Directors/KMPs/employees/workers against whom disciplinary action was taken by any law questions or clarifications related to the Code of Conduct are promptly and thoroughly addressed, promoting transparency

P - 83
enforcement agency for the charges of bribery/ corruption: and accountability in the Company's governance practices. The Code of Conduct serves as a valuable reference for
Particulars FY 2022-23 FY 2021-22
Directors and Senior Management Officers, guiding their actions and decisions to uphold the highest standards of ethical
Directors Nil Nil
conduct and prevent any conflicts of interest that may arise during their roles and responsibilities.
KMPs Nil Nil
GREENPANEL INDUSTRIES LIMITED

The code of conduct can be accessed at:- [Link]

ANNUAL REPORT 2022-23

Employees Nil Nil
[Link]
Workers Nil Nil

6. Details of complaints with regard to conflict of interest: PRINCIPLE 2 Businesses should provide goods and services in a manner that is sustainable and safe.
FY 2022-23 FY 2021-22 Essential Indicators
Particulars
Number Remarks Number Remarks 1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the environmental
Number of complaints received in relation to issues of NA NA NA NA and social impacts of product and processes to total R&D and capex investments made by the entity, respectively.
Conflict of Interest of the Directors
Number of complaints received in relation to issues of NA NA NA NA Details of improvements in
Current Previous
Conflict of Interest of the KMPs environmental and social
Financial Year Financial Year
impacts
NA -Not applicable R&D 0 0 Not Applicable
Capex 0 0 Not Applicable
7. Provide details of any corrective action taken or underway on issues related to fines /penalties / action
taken by regulators/ law enforcement agencies/ judicial institutions, on cases of corruption and conflicts of
2. a. Does the entity have procedures in place for sustainable sourcing? (Yes/No) –
interest.
 Yes. The Company's focus on local procurement aligns with its commitment to sustainable and responsible business
None
practices, as has been outlined in the “Product Stewardship Policy”.

 By sourcing primary raw materials such as wood, resin, formaldehyde etc. locally, the Company benefits from
reduced transportation costs, shorter lead times, better availability of materials. This not only helps in optimising
costs but also enables the Company to respond more quickly to market demands and ensure a resilient supply
chain. Additionally, sourcing locally supports the local economy and community by fostering partnerships with local
vendors and promoting regional economic development.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Business Responsibility and Sustainability Report

b. If yes, what percentage of inputs were sourced sustainably? 4. Of the products and packaging reclaimed at end of life of products, amount (in metric tonnes) reused,
100% from Agro-forestry plantations. recycled, and safely disposed, as per the following format:

FY 2022-23 FY 2021-22
3. Describe the processes in place to safely reclaim your products for reusing, recycling, and disposing at the
Reused Recycled Safely disposal Reused Recycled Safely disposal
end of life, for (a) Plastics (including packaging) (b) E-waste (c) Hazardous waste and (d) other waste.
Not Applicable
The company has an integrated waste management system for safe disposal of all the plastics, e-waste, and hazardous
waste: -
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product
Plastic Waste: - The Plastic waste generated from the packaging and sale of products such as Surface protection
•  category.
films, are quantified and disposed through authorised vendors. Reclaimed products and their packaging materials as % of total
Indicate product category
products sold in respective category

E-Waste: - The E-waste generated by office operations is disposed of safely through authorised vendors from all
•  Not Applicable
locations of the Company. All the associated e-waste forms are duly submitted with the regulatory authorities.

GREENPANEL INDUSTRIES LIMITED

Principle 3 Businesses should respect and promote the well-being of all employees, including those in
Hazardous Waste: - For all the hazardous waste generated such as but not limited to used Oil, empty barrels of
• 
their value chains.
ANNUAL REPORT 2022-23

oil, discarded resin bags across the Company’s facilities, is disposed through authorised waste vendors with proper
maintenance of the waste quantities. The associated forms are duly filled and submitted with the pollution control Essential Indicators
boards. The fly ash generated from boilers is sent off to cement plants to be utilised in fly ash-based bricks. 1.a. Details of measures for the well-being of employees:
% Of employees covered by
Other Waste: - The wood-based wastes such as rejected wood chip particles and chemical waste is recycled
• 
Health insurance Accident insurance Maternity benefits Parental benefits Day care facilities
through the internal ETP and disposed of safely to authorised vendors. Category Total A
No. B % (B/A) No. C % (C/A) No. D % (D/A) No. E % (E/A) No. F % (F/A)
Permanent employees
4. Whether Extended Producer Responsibility (EPR) is applicable to the entity’s activities (Yes / No). If yes,
Male 1377 1377 100% 1377 100% 0 Not 1377 100% - -
whether the waste collection plan is in line with the Extended Producer Responsibility (EPR) plan submitted
Applicable
to Pollution Control Boards? If not, provide steps taken to address the same.
Female 34 34 100% 34 100% 34 100% 0 Not - -
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P - 85
The Company procures resin and other chemicals in plastic bags as well as uses Surface protection Film for packaging its Applicable
finished products, which makes it subject to Extended Producer Responsibility (EPR) regulations. The company ensures Total 1411 1411 100% 1411 100% 34 100% 1377 100% - -
proper disposal of all plastic waste by registering with authorised vendors and submits the relevant documentation to Other than permanent employees
the Pollution Control Board in compliance with applicable regulations. Male
Female Not Applicable
GREENPANEL INDUSTRIES LIMITED

ANNUAL REPORT 2022-23

Leadership Indicators Total
1. Has the entity conducted Life Cycle Perspective / Assessments (LCA) for any of its products?
NIC Code Name of Product / % of total Turnover Whether conducted by independent Results communicated in public
Service contributed external agency (Yes/No) domain (Yes/No) If yes, provide the b. Details of measures for the well-being of workers:
web-link.
% of workers covered by
The Company has not carried out Life Cycle assessment studies yet Health insurance Accident insurance Maternity benefits Parental benefits Day care facilities
Category Total A
No. B % (B/A) No. C % (C/A) No. D % (D/A) No. E % (E/A) No. F % (F/A)

2. If there are any significant social or environmental concerns and/or risks arising from production Permanent workers
or disposal of your products / services, as identified in the Life Cycle Perspective / Assessments Male 480 480 100% 480 100% - - 480 100% - -
(LCA) or through any other means, briefly describe the same along-with action taken to mitigate Female - - - - - - - - - -
the same. Total 480 480 100% 480 100% - - 480 100% - -

Name of Product / Service Description of the risk / concern Action Taken

Other than permanent workers

Not Applicable Male 750 750 100% 750 100% - - 750 100% - -
Female - - - - - - - - - - -
Total 750 750 100% 750 100% - - 750 100% - -
3. Percentage of recycled or reused input material to total material (by value) used in production. All the permanent workers are male, and they are on the payroll of the Company and are being provided ESI, PF and other benefits as applicable.
Indicate input material Recycled or re-used input material to
total material
FY 2022-2023 FY 2021- 2022
Wood logs, Wax, Resins, Biomass, Resin Paper, Laminates, Chemicals, Foam 9% 7%
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Business Responsibility and Sustainability Report

2. Details of retirement benefits, for Current FY and Previous Financial Year. 7. Membership of employees and worker in association(s) or Unions recognised by the listed entity:

Current financial year Previous financial year Current financial year Previous financial year

No. of Deducted No. of Deducted No. of employees

No. of No. of
workers and workers and Total No. of employees / Total / workers in
Benefits employees employees
covered deposited covered deposited Category employees workers in respective employees respective
covered as covered as
as a % of with the as a % of with the / workers in category, who are % (B/A) / workers in category, who % (D/C)
a % of total a % of total
total authority total authority respective part of association(s) respective are part of
employees employees
workers (Y/N/N.A.) workers (Y/N/N.A.) category (A) or Union (B) category (C) association(s) or
Union (D)
PF 100% 100% Y 100% 100% Y
Gratuity 100% 100% Y 100% 100% Y Total Permanent Employees Not Applicable Not Applicable
ESI 100% 100% Y 100% 100% Y Male
Others- Leave Encashment 100% 100% Y 100% 100% Y Female
Others- Post Retiral Medical Benefits 100% 100% Y 100% 100% Y Total Permanent Workers
Male

GREENPANEL INDUSTRIES LIMITED

3. Accessibility of workplaces Female

Are the premises / offices of the entity accessible to differently abled employees and workers, as per the
ANNUAL REPORT 2022-23

requirements of the Rights of Persons with Disabilities Act, 2016? 8. Details of training given to employees and workers:
Yes, most of the company’s key establishments including offices and plant sites are accessible to the differently abled. Current financial year Previous financial year
The “Employee Welfare Policy” adopted by the Company, entails the provisions for creating accessible infrastructures 2022-23 2021-22
for differently abled employees and workers, as per the requirements of the Rights of Persons with Disabilities Act, 2016. On health and
On skill upgradation
On health and safety
On skill upgradation
safety measures Total D measures
Category Total A
The Company has taken several measures to create an inclusive environment such as installing ramps, handrails, and No. (B) % (B/A) No. (C) No. (B) No. (E) % (E/D) No. (F) % (F/D)

elevators for ease of movement of people with locomotive disability. The Company provides reserved parking spaces for Employees
differently abled employees, ensuring that doorways and corridors are wide enough for wheelchair users, and placing Male 1377 1377 100% 1377 100% 1415 1415 100% 1415 100%
tactile markers and Braille signage for individuals with visual impairments. Additionally, the Company has made the Female 34 34 100% 34 100% 35 35 100% 35 100%
restrooms, workstations, and common areas accessible and equipped with necessary accommodations. Total 1411 1411 100% 1411 100% 1450 1450 100% 1450 100%
P - 86

P - 87
Workers
4. Does the entity have an equal opportunity policy as per the Rights of Persons with Disabilities Act, 2016? If Male 1230 0 0% 0 0% 1140 0 0% 0 0%
so, provide a web-link to the policy. Female - - - - - - - - - -
The Employee Welfare Policy ensures that the needs of differently abled employees and workers are met in Total 1230 0 0% 0 0% 1140 0 0% 0 0%
GREENPANEL INDUSTRIES LIMITED

accordance with the Rights of Persons with Disabilities Act, 2016, by providing provisions for accessible facilities.

ANNUAL REPORT 2022-23

[Link]
9. Details of performance and career development reviews of employees and worker:
5. Return to work and Retention rates of permanent employees and workers that took parental leave.
Current financial year Previous financial year
Permanent employees Permanent workers Category
Total (A) No. (B) % (B/A) Total (C) No. (D) % (D/C)
Particulars Return to work Return to work
Retention rate Retention rate Employees
rate rate
Male 20 100% 0 - Male 1377 1377 100% 1415 1415 100%
Female 1 100% 0 - Female 34 34 100% 35 35 100%
Total 21 100% 0 - Total 1411 1411 100% 1450 1450 100%

6. Is there a mechanism available to receive and redress grievances for the following categories of employees
and worker? If yes, give details of the mechanism in brief. 10. Health and safety management system
a) Whether an occupational health and safety management system has been implemented by the entity?
Yes/No (If yes, then give details of the mechanism in brief) (Yes/ No). If yes, the coverage such system?
Permanent employees Yes, based on the Human Resource Policy Manual, the Company
The Company has implemented ISO 45001 Occupational Health and Safety Management System covering 100% of
Other than permanent employees has incorporated a grievance cell within the HR department, where
employees can submit their grievances related to existing policy its operations. The Company recognises that providing a safe and healthy workplace is essential for the wellbeing
anomalies, suggested changes, or even propose new policies. of its employees and believes that adhering to best practices in occupational health and safety directly impacts its
Employees are encouraged to share their inputs, thoughts, and overall success. To promote the highest standards of health and safety, the Company has incorporated the concept
suggestions via email to hr@[Link].
of '6S (Sort, Set in Order, Shine, Standardise, Sustain, Safety)' in its guidelines and shares modules and training
Permanent workers NA
with workers. The 6S checklist covers aspects such as cleanliness, organisation, standardisation, and emphasises
Other than permanent workers NA teaching 6S to new employees
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Business Responsibility and Sustainability Report

The Company's health and safety initiatives include: 12. Describe the measures taken by the entity to ensure a safe and healthy workplace.
The company have taken the following initiatives in the reporting period:
• Induction and awareness programs on electrical safety, permit to work, and first-aid safety.

• Daily Toolbox Talks to foster a positive safety culture and reduce workplace incidents. These talks provide • Hazard Identification and Risk Assessment to identify and mitigate potential hazards,
practical tips and guidance on behavioural safety, safe work practices, emergency preparedness procedures, • Providing Workplace Safety Trainings to educate employees on safe work practices,
and hazard identification and risk assessment.
• Provisions of Personal Protective Equipment (PPE) to ensure that employees have the necessary protective gear,
• Preparation of incident/accident preliminary reports within 24 hours of an incident, with detailed reports within
7 days of the incident. Corrective actions are monitored as part of audits. • Conducting routine Safety Committee Meetings to review safety measures and address concerns,

• Conducting 6S internal audits and recognising departments for their performance in health and safety measures, • Implementation of a Work Permit System to control hazardous activities and conducting Health Check-ups to monitor
which serves as validation for their efforts. employee health and wellbeing

• Preparation of a 6S auditing checklist by the Company to ensure organised, efficient, and safe workplace. • Conducting Safety Mock Drills to prepare for emergency situations.

GREENPANEL INDUSTRIES LIMITED

Following the checklist guidelines, the Company ensures a productive and safe work environment. The benefits • Internal 6S Audits with a defined Audit checklist.
of implementing 6S in the workplace includes a decrease in material handling costs, ease of access to tools
ANNUAL REPORT 2022-23

and instruments, organised storage areas, increased productivity, improved product quality, reduced risk 13. Number of Complaints on the following made by employees and workers:
of worker injuries, enhanced internal communication among staff, a safe environment for workers, reduced
manufacturing costs, improved workplace safety, increased work speed, reduced wastage, minimised risk of FY 2022-23 FY 2021-22

tool and equipment failures, and overall increased workplace efficiency. Category Filed during
Pending
Filed during
Pending
resolution resolution
the year Remarks the year Remarks
• The Company also provides safety fire drill training to prepare for emergencies and ensure effective handling of at the end at the end
of year of year
emergency situations. Safety product exhibitions are held within the plant to showcase the appropriate usage of
Working Conditions 0 0 - 0 0 -
safety equipment such as PPE Kits, allowing workers to learn about them.
Health and safety 0 0 - 0 0 -

b) What are the processes used to identify work-related hazards and assess risks on a routine and non-
routine basis by the entity? 14. Assessments for the year:
P - 88

P - 89
The Incident Investigation Report helps in identification of work-related hazards and assess risks on a routine and % of your plants and offices that were assessed
non-routine basis. (by entity or statutory authorities or third parties)
Working Conditions 100%
c) Whether you have processes for workers to report the work-related hazards and to remove themselves Health and safety
from such risks. (Y/N)
GREENPANEL INDUSTRIES LIMITED

ANNUAL REPORT 2022-23

Yes, The Company has a 6S group formed in WhatsApp where regular observations are recorded and shared by
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
the team.
significant risks / concerns arising from assessments of health and safety practices and working conditions.

d) Do the employees have access to non-occupational medical and healthcare services? (Yes/ No)Yes None

Access to in-house medical facility 24*7 which is staffed by qualified medical professionals who are trained to provide
prompt and appropriate medical care in case of first aid cases. The Company has also partnered with local hospitals Leadership Indicators
in the vicinity of its manufacturing facilities to ensure immediate treatments in case of accidents, fractures, sprains, 1. Does the entity extend any life insurance or any compensatory package in the event of death of (A)
strains, burns, concussions, dislocations, amputations, severe contusions, and other work-related injuries or illnesses Employees (Y/N) (B) Workers (Y/N).
that require medical attention leading to lost time. The employees receive timely and appropriate treatment from
Yes
qualified medical personnel at the partnering hospitals. Along with this the Company provides medical insurance,
to its employees for demonstrating its commitment to safeguard the health and wellbeing of its employees.
2. Provide the measures undertaken by the entity to ensure that statutory dues have been deducted
and deposited by the value chain partners.
11. Details of safety related incidents, in the following format:
Not Any
Safety Incident/Number Category FY 2022-23 FY 2021-22
Lost Time Injury Frequency Rate Employees 1.40 0.92
3. Provide the number of employees / workers having suffered high consequence work-related
(LTIFR) (per one million-person hours worked) Worker 0.69 2.09 injury / ill-health / fatalities (as reported in Q11 of Essential Indicators above), who have been
Total recordable work-related injuries Employees 11 11 rehabilitated and placed in suitable employment or whose family members have been placed in
Worker 24 24 suitable employment:
No. of fatalities Employees 0 0
None
Workers 0 0
High consequence work-related injury or ill- Employees 0 0
health (excluding fatalities) Workers 0 0
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Business Responsibility and Sustainability Report

4. Does the entity provide transition assistance programs to facilitate continued employability and Stakeholder Whether identified Channels of communication Frequency of Purpose and scope of engagement
Group as Vulnerable and (Email, SMS, Newspaper, engagement (Annually/ including key topics and concerns
the management of career endings resulting from retirement or termination of employment? Marginalised Group Pamphlets, Advertisement, Half yearly/ Quarterly / raised during such engagement
No. (Yes/No) Community Meetings, Notice others – please specify)
Board, Website), Other
Customer- No • Customer perception • Ongoing activities •S
 trong customer network and loyal
5. Details on assessment of value chain partners: End monitoring customer base Continuous product
% Of value chain partners (by value of business done Customers, • Influencers connect development based on customer
with such partners) that were assessed Influencers, programmes feedback for better product
Health and safety practices Supplier Due diligence mechanism establishment is currently Trade • Dealer Connect Initiative- positioning
under progress Partners “UDAAN”
Working conditions • Regular customer awareness
• Ongoing complaint redressal
system
6. Provide details of any corrective actions taken or underway to address significant risks / concerns Employees No •E
 mployee grievance redressal • Weekly • Learning and development
arising from assessments of health and safety practices and working conditions of value chain mechanism • Annually • Career growth opportunities

GREENPANEL INDUSTRIES LIMITED

partners-Nil •R
 egular interactions for • Ongoing • Rewards and recognition
celebrating days of individual, • Need basis • Facilities and well-being
organisational, national, and • Health and safety at workplace
ANNUAL REPORT 2022-23

international significance • Respecting human rights

PRINCIPLE 4 Businesses should respect the interests of and be responsive to all its stakeholders
Essential Indicators Suppliers No • Vendors meet • Need basis • Payment cycle
• Regular vendor audit • Business opportunities
1. Describe the processes for identifying key stakeholder groups of the entity. •P eriodic vendor interactions •C apacity building of suppliers on
for sampling and grievance improvements in environmental and
The Company's unwavering commitment to meet the needs of its stakeholders is of utmost importance. When identifying redressal social performance
key stakeholder groups, the Company considers various factors such as dependency, immediacy, responsibility,
Media No • One on one interactions • Ongoing • Transparent and accurate disclosure
vulnerability, and influence as part of its "Stakeholder Engagement Strategy". At Greenpanel, customer centricity is •P eriodic press release and • Need basis • Brand reputation
a core component of the Company's growth philosophy, reflecting a steadfast dedication to serving customers. The press conference
Company acknowledges that its employees play a critical role in creating value for both clients and the organisation and
strives to provide them with fulfilling career opportunities.
P - 90

Leadership Indicators

P - 91
Greenpanel stakeholders encompass shareholders, customers, employees, government/regulatory bodies, influencers, 1. Provide the processes for consultation between stakeholders and the Board on economic,
and dealers. The company recognises the importance of engaging with these stakeholder groups and endeavours to environmental, and social topics or if consultation is delegated, how is feedback from such
meet their needs in a responsible and sustainable manner. consultations provided to the Board.
GREENPANEL INDUSTRIES LIMITED

The responsibility for implementing the Company's ESG strategy and monitoring progress towards the company's

ANNUAL REPORT 2022-23

2. List stakeholder groups identified as key for your entity and the frequency of engagement with each vision rests with the Executive Chairman, the Managing Directors Chief Financial Officer. The Managing Director, who
stakeholder group. also serve as representative of the Board, keep the Board members informed about the company's ESG plans, targets,
Stakeholder Whether identified Channels of communication Frequency of Purpose and scope of engagement and performance. The Board convenes quarterly to assess performance, offer strategic guidance, and enforce policies,
Group as Vulnerable and (Email, SMS, Newspaper, engagement (Annually/ including key topics and concerns targets, and strategies. This information is communicated to stakeholders through various channels, including public
Marginalised Group Pamphlets, Advertisement, Half yearly/ Quarterly / raised during such engagement
(Yes/No) Community Meetings, Notice others – please specify) forums, websites, and report communications.
Board, Website), Other
Investors No • Annual General Meeting • Annually • Improved profitability and earnings 2. Whether stakeholder consultation is used to support the identification and management of
• Annual Reports • Quarterly per share environmental, and social topics (Yes / No). If so, provide details of instances as to how the inputs
• Grievances through Registrar • Dividend pay-out
and Share Transfer Agent • Transparent disclosure received from stakeholders on these topics were incorporated into policies and activities of the
• Call for Quarterly results • Improvements in ESG Disclosure entity.
• Regular interaction with
As the Company delves into the realms of environmental, social, and governance (ESG), it consistently prioritises the
institutional investors
• Periodic press release most crucial matters and has initiated consultations with identified stakeholders. The Company is also in the process of
Lenders No • Periodic meetings developing policies, including Stakeholder Engagement Policy which mandates to integrate stakeholder engagement into
governance and relevant decision-making processes that contributes to developing or improving organisational strategy
Regulatory No • Periodic public advocacy
bodies • Periodical statutory reportings starting from this fiscal year.
• Regular liasioning
3. Provide details of instances of engagement with, and actions taken to, address the concerns of
vulnerable/ marginalised stakeholder groups.
Greenpanel’s commitment of being a positive catalyst for the community aligns with its CSR policy, which involves
a systematic process of assessing community needs and implementing programs based on strategic CSR pillars
of Health, Education and Plantation Programmes. The stakeholder engagement approach for these CSR programs
includes identifying vulnerable groups and conducting need assessments to understand the health, hygiene, sanitation,
educational, and economic requirements of local communities. To evaluate the impact and social value of the projects,
the Company conducts feedback surveys for further improvement.
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Business Responsibility and Sustainability Report

PRINCIPLE 5 Businesses should respect and promote human right outline the procedures and channels through which employees or stakeholders can report any grievances or concerns
Essential Indicators related to human rights violations. The Company ensures that these mechanisms are easily accessible, confidential,
and transparent, allowing for prompt and impartial resolution of grievances. Additionally, the Company also conducts
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the entity,
awareness programs, training, and regular reviews of these policies to ensure their effectiveness and compliance with
in the following format:
relevant laws and regulations.
Current financial year Previous financial year

No. of No. of 6. Number of Complaints on the following made by employees and workers:
Category
employees/ employees/
Total (A) % (B/A) Total (C) % (D/C) FY 2022-23 FY 2021-22
workers workers
covered (B) covered (D)
Pending Pending
Employees Category
Filed during resolution Filed during resolution
Remarks Remarks
Permanent 1411 1411 100% 1450 0 0% the year at the end of the year at the end of
year year
Other than permanent 0 0 100% 0 0 0%
Sexual harassment 0 0 0 0 0 0
Total employees 1411 1411 100% 1450 0 0%

GREENPANEL INDUSTRIES LIMITED

Discrimination at workplace 0 0 0 0 0 0
Workers
Child labour 0 0 0 0 0 0
Permanent 480 0 0% 460 0 0%
ANNUAL REPORT 2022-23

Forced labour 0 0 0 0 0 0
Other than permanent 750 0 0% 680 0 0%
Wages 0 0 0 0 0 0
Total employees 1230 0 0% 1140 0 0%
Other human rights related issues 0 0 0 0 0 0

2. Details of minimum wages paid to employees and workers, in the following format:
7. Mechanisms to prevent adverse consequences to the complainant in discrimination and harassment cases.
FY 2022-23 FY 2021-22
The company is deeply committed to create an inclusive and non-discriminatory workplace environment. To uphold
Equal to minimum More than minimum More than minimum
wage wage Total D Equal to minimum wage
wage this commitment, Greenpanel has developed a comprehensive "Human Rights Policy" that provides clear guidelines to
Category Total A
No. (B) % (B/A) No. (C) % (C/A) No. (E) % (E/D) No. (F) % (F/D) ensure equitable and respectful treatment of all employees. The Company's "POSH Policy" specifically addresses cases
Permanent employees of sexual abuse, harassment, and outlines procedures for appropriate action. Moreover, the company has established a
Human Resources Manual for addressing and resolving grievances related to discrimination and harassment. Additionally,
P - 92

Permanent 1411 0 0 1411 100% 1450 0 0 1450 100%

P - 93
the Company has established a grievance redressal mechanism to effectively collect, organise, document, and report
Male 1377 0 0 1377 100% 1415 0 0 1415 100%
any incidents of in a fair and transparent manner.
Female 34 0 0 34 100% 35 0 0 35 100%
Other than
permanent
8. Do human rights requirements form part of your business agreements and contracts?
Not Applicable
GREENPANEL INDUSTRIES LIMITED

Male Yes

ANNUAL REPORT 2022-23

Female
9. Assessment of the Year
% of your plants and offices that were assessed
3. Details of remuneration/salary/wages, in the following format: (by entity or statutory authorities or third parties)

Male Female Child labour

Median Median
Forced labour
Category remuneration / remuneration / Sexual harassment Human Rights assessments shall begin from next
Number salary/ wages Number salary/ wages financial year onwards
of respective of respective
Discrimination at workplace
category category Wages
Board of Directors 5 `16.50 Lakhs 1 `12.70 Lakhs Others – Please specify
Key managerial personnel 2 `102.14 Lakhs 0 0
Employees other than BoD and KMP 1373 `3.90 Lakhs 34 `3.98 Lakhs 10. Provide details of any corrective actions taken or underway to address significant risks / concerns arising
from the assessments at Question 9 above.
4. Do you have a focal point (Individual/ Committee) responsible for addressing human rights impacts or issues No such cases were reported; therefore, no corrective actions were required to be taken.
caused or contributed to by the business? (Yes/No)
Yes, the Human Resource Department of the Company is responsible for addressing human rights impacts or issues. Leadership Indicators
1. Details of a business process being modified / introduced as a result of addressing human rights
5. Describe the internal mechanisms in place to redress grievances related to human rights issues. grievances/complaints.
The Company has established internal mechanisms to address grievances related to human rights issues. This includes the The company has implemented a comprehensive "Human Rights Policy" that applies to all situations involving both
implementation of a Vigil mechanism policy and Prevention of Sexual Harassment (POSH) at Work Policy. These policies employees and value chain partners, including interactions with colleagues, business partners, and the public. This policy
reflects Greenpanel’s unwavering commitment to uphold human rights in all aspects of its operations. Any violation of
this policy by an employee may result in appropriate disciplinary action.
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2. Details of the scope and coverage of any Human rights due diligence conducted. 2. Does the entity have any sites / facilities identified as designated consumers (DCs) under the Performance,
The Company is actively exploring the possibility of implementation of human rights due diligence in accordance with Achieve and Trade (PAT) Scheme of the Government of India?
international human rights standards and national regulatory requirements, starting from the next fiscal year. This approach Greenpanel’s business does not fall among the 11 energy-intensive sectors in India, to which PAT Targets are applicable.
aims to integrate human rights considerations into the company's policies and practices, enabling the Company to fulfil
its responsibilities in promoting and protecting human rights. If yes, disclose whether targets set under the PAT scheme have been achieved. In case targets have not been
achieved, provide the remedial action taken, if any.
3. Is the premise/office of the entity accessible to differently abled visitors, as per the requirements Not Applicable
of the Rights of Persons with Disabilities Act, 2016?
Yes, the Company's key establishments, including offices and plant sites, are designed to be accessible to differently 3. Provide details of the following disclosures related to water, in the following format:
abled individuals. The "Employee Welfare Policy" adopted by the Company includes provisions for creating accessible Parameter FY 2022-23 FY 2021-22
infrastructures for employees and workers with disabilities, in accordance with the Rights of Persons with Disabilities
Water withdrawal by source (in kilolitres)
Act, 2016.
(i) Surface water 3,23,904 KL 3,14,805 KL

GREENPANEL INDUSTRIES LIMITED

(ii) Groundwater 72,097.58 KL 68,629.21 KL
The Company has implemented various measures to foster an inclusive environment, such as installing ramps, handrails,
(iii) Third party water - -
and elevators for ease of movement, providing reserved parking spaces for differently abled employees, ensuring
ANNUAL REPORT 2022-23

(iv) Seawater / desalinated water - -

doorways and corridors are wide enough for wheelchair users, and incorporating tactile markers and Braille signage
for individuals with visual impairments. Additionally, the Company has made restrooms, workstations, and common (v) Others - -
areas accessible and equipped with necessary accommodations. The Company's commitment to accessibility goes Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 3,96,001.58 KL 3,83,434.21 KL
beyond physical infrastructure, as it also provides reasonable accommodations, such as flexible work hours, assistive Total volume of water consumption (in kilolitres) 3,70,033 KL 3,98,455 KL
technologies, and training programs to support the needs of employees and workers with disabilities. Water intensity per rupee of turnover (Water consumed / turnover) (KL/INR Lakhs) 2.07 2.45
Water intensity (optional) – the relevant metric may be selected by the entity-(KL/CBM) 0.73 0.76
4. Details on assessment of value chain partners:
If any independent assessment/ evaluation/assurance has been carried out by an external agency? If yes, name of the
% Of your plants and offices that were assessed external agency.
(By entity or statutory authorities or third parties)
Child labour
The Company has undergone an independent ISO 14001 assessment by "DBS Certification" to evaluate the conformance
P - 94

Forced labour

P - 95
of Greenpanel's EMS significant environmental aspects, which includes water consumption, as part of the Company's
Sexual harassment The company is yet to conduct third-party assessment of suppliers EMS implementation. Regular internal audits are also conducted to ensure the effectiveness of the EMS, such as be given
Discrimination at workplace on human rights.
Wages 4. Has the entity implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage
Others – Please specify and implementation.
GREENPANEL INDUSTRIES LIMITED

ANNUAL REPORT 2022-23

Yes. The ETP (Effluent Treatment Plant) at both the Andhra and Rudrapur plant, works on ZLD basis, which means that no
5. Provide details of any corrective actions taken or underway to address significant risks / concerns wastewater is discharged from the facility. The water consumed in the production process is recycled internally through
arising from the assessments at Question 4 above. the ETP, ensuring that no untreated wastewater is released into the environment. The treated wastewater majorly consists
Not applicable. of wood waste and chemical waste which post recycling internally is utilised for various purposes such as: -

• The rejected water from the plant is recycled through ETP, RO-1, and RO-2 and the recycled water is then utilised
PRINCIPLE 6 Businesses should respect and make efforts to protect and restore the environment
in the Dry Fibre and Energy Fly Ash processes, thereby reducing the need for freshwater intake, and minimising the
Essential Indicators discharge of liquid waste.
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
• The treated water from ETP is being used for gardening purposes as well.
Parameter FY 2022-23 FY 2021-22
• Efforts have also been made to reduce the fibre load in the effluent water and optimisation of blower RPM (Revolutions
Total electricity consumption (A) 4,81,897.46 GJ 4,78,920.23 GJ
Per Minute) for decreasing energy utilisation and improving the overall performance of the ZLD system.
Total fuel consumption (B) 20,61,576.98 GJ 18,93,531.40 GJ
Energy consumption through other sources (C) - -
These measures collectively demonstrate the implementation of ZLD at the plants, where wastewater is treated and
Total energy consumption (A+B+C) 25,43,474.44 GJ 23,72,451.63 GJ
recycled, and steps are taken to minimise the discharge of liquid waste while optimising water utilisation.
Energy intensity per rupee of turnover (Total energy consumption/ turnover in rupees) 14.26 GJ/INR Lakhs 14.60 GJ/INR Lakhs
Energy intensity (optional) – the relevant metric may be selected by the entity 4.68 GJ/CBM 4.53 GJ/CBM
If any independent assessment/ evaluation/assurance has been carried out by an external agency? If yes, name of the
external agency.

The Company has conducted ISO 14001 independent assessment by “DBS Certification” to evaluate the conformance
of Greenpanel's EMS significant environmental aspects, which included energy consumption, as part of the Company’s
EMS implementation. Regular internal audits are also conducted to ensure the effectiveness of the EMS, such as reviewing
energy consumption data and identifying opportunities for achieving energy efficiency.
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5. Please provide details of air emissions (other than GHG emissions) by the entity, in the following format: • Standard line profile and thickness sensors have been used in the Sanding machine to reduce electricity consumption
Parameter Please specify unit FY 2022-23 FY 2021-22
and cost.
NOx MT 190.14 198.36
• Upgrades such as installation of VFD in prelamination paper room AHU, LED lights in admin building and control
SOx MT 304.71 401.10
rooms, and changing starters from star delta to VFD for Thermic fluid pumps 1, 2 and 3 have resulted in reduced
Particulate matter (PM) MT 189.19 263.52
power usage. Automation has been implemented in AHU for improved energy management.
Persistent organic pollutants (POP) MT Not Monitored Not monitored
Volatile organic compounds (VOC) MT Not Monitored Not monitored
8. Provide details related to waste management by the entity, in the following format:
Hazardous air pollutants (HAP) MT Not Monitored Not monitored
Parameter FY 2022-23 FY 2021-22
Others – please specify MT Not Monitored Not monitored
Total waste generated (In metric tonnes)
If any independent assessment/ evaluation/assurance has been carried out by an external agency? If yes, name of the
Plastic waste (A) 4.24 MT 4.01 MT
external agency.
E-waste (B) 0.00012 MT 0.01 MT
Bio-medical waste (C) 0 0

GREENPANEL INDUSTRIES LIMITED

Stack emission monitoring for Particulate Matter, SOx, NOx emissions is conducted at regular intervals in compliance
Construction and demolition waste (D) 0 0
with legal mandates by the NABL-accredited Star Analytics Centre.
Battery waste (E) 0 0
ANNUAL REPORT 2022-23

6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) and its intensity, in the Radioactive waste (F) 0 0
following format: Other Hazardous waste. Please specify, if any. (G)-(Fly Ash, Used 1,690.40 MT 1,637.12 MT
Oil, ETP Sludge, Oil filters, Cotton Waste)
Parameter Unit FY 2022-23 FY 2021-22
Fly Ash from Fly Ash from boiler-
boiler- 1682.63 MT 1628.98 MT
Total Scope 1 emissions Metric tonnes of 2,81,022.83 2,66,475.45
(Break-up of the GHG into CO2e Used Oil- 5.44 MT Used Oil- 6.37 MT
CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available)
ETP sludge- 2.04 MT ETP sludge- 1.71 MT
Total Scope 2 emissions Metric tonnes of 1,05,749.72 1,05,096.38
(Break-up of the GHG into CO2e Used Air/Oil Filters- Used Air/Oil Filters-
CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available) 0.15 MT 0.02 MT
Total Scope 1 and Scope 2 emissions per Lakh rupee of Turnover Metric tonnes of 2.17 2.29 Cotton waste- 0.13 MT Cotton waste- 0.04 MT
P - 96

CO2e per INR Lakhs

P - 97
Total Scope 1 and Scope 2 emission intensity(optional) Metric tonnes of 0.71 0.71 Other Non-hazardous waste 420.28 MT 581.21 MT
CO2e per CBM generated (H). Please specify, if any.
Metal Scrap- 74.30 MT Metal Scrap- 35.82 MT
If any independent assessment/ evaluation/assurance has been carried out by an external agency? (Break-up by composition i.e. by materials relevant to the sector)
Wood Scrap- 345.98 MT Wood Scrap- 545.39 MT
No
GREENPANEL INDUSTRIES LIMITED

ANNUAL REPORT 2022-23

Total (A+B + C + D + E + F + G + H) 2,110.68 MT 2,218.34 MT
For each category of waste generated, total waste recovered through recycling, re-using or
If yes, name of the external agency.
other recovery operations (in metric tonnes)
Not Applicable Category of waste
(i) Recycled-Plastic Waste NA 15MT
7. Does the entity have any project related to reducing Green House Gas emission? If yes, then provide details.
(ii) Re-used NA NA
Yes, The Company has considered taking several energy efficiency measures for optimising electricity consumption and (iii) Other recovery operations NA NA
reducing its Scope 1 and 2 GHG emissions. Total
For each category of waste generated, total waste disposed by nature of disposal method
• IGBC Green Factory Building Certification: -The Company has been awarded the IGBC Green Factory Building (in metric tonnes)
Certification for implementing effective measures such as soil erosion prevention, proper management of irrigation Category of waste
system, biomass-based energy plant. The Company’s goal is to utilise the Certification as a roadmap to effectively (i) Incineration NA NA
implement sustainable practices aimed at reducing GHG emissions. (ii) Landfilling NA NA
(iii) Other disposal operations NA 0.442MT
• Biomass-based Energy Plant: -Process waste like bark and rejected chips are utilised as fuel in the energy plant
Total
which is a sustainable alternative to traditional fossil fuels used for firing such as coal or natural gas, leading to
significantly lesser CO2 emissions. Note: The company has recycled 15 MTs plastic waste, and safely disposed 442 kg e-waste through authorised vendors in FY 2020-21.

• The outdoor lighting is equipped with timers to reduce power consumption, and pit pumps are equipped with float
switches to optimise power usage.

• The introduction of Dynasteam system in the Press has increased production capacity by 15-30% and reduced
Press belt power consumption by 25-30% as well as resin consumption.
 A Responsible Statutory Reports and
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Business Responsibility and Sustainability Report

If any independent assessment/ evaluation/assurance has been carried out by an external agency? Leadership Indicators
No 1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable and non-
renewable sources, in the following format:
If yes, name of the external agency. Parameter FY 2022-23 FY 2021-22
Not Applicable From renewable sources
Total electricity consumption (A) 0 0
9. Briefly describe the waste management practices adopted in your establishments. Describe the strategy Total fuel consumption (B) 20,59,928 GJ 18,92,158.50 GJ
adopted by your company to reduce usage of hazardous and toxic chemicals in your products and processes Energy consumption through other sources (C) - -
and the practices adopted to manage such wastes. Total energy consumed from renewable sources (A+B+C) 20,59,928.39 GJ 18,92,158.50 GJ
Waste Management Strategy: - Greenpanel has implemented 6S training for all its employees to improve housekeeping
 From non-renewable sources
practices, following the principles of Sort out, Set in Order, Shine, Standardise, and Sustain. These 5S initiatives are Total electricity consumption (D) 4,81,897.46 GJ 4,78,920.23GJ
sustained through regular audits, training, competitions, rewards, and recognition. Separate bins have been installed Total fuel consumption (E) 1,648.58 GJ 1,372.89 GJ
at Greenpanel's manufacturing facility for the collection of different types of waste generated during the manufacturing

GREENPANEL INDUSTRIES LIMITED

Energy consumption through other sources (F) - -
processes. The waste is then sent for recycling, reprocessing, and proper disposal through registered vendors.
Total energy consumed from non-renewable sources (D+E+F) 4,83,546.04 GJ 4,80,293.12 GJ
ANNUAL REPORT 2022-23

Waste Management Practices - The waste generated mainly consists of wood waste and chemical waste, which are
recycled internally through the Effluent Treatment Plant (ETP) to minimise harm to the environment. The source of waste If any independent assessment/ evaluation/assurance has been carried out by an external agency? If yes,
is the production process, and it is responsibly disposed of post-ETP process to ensure minimal environmental impact. name of the external agency.
The solid waste from ETP treatment is used as fuel, and treated water is reused in the manufacturing process. The The Company has conducted ISO 14001 independent assessment by “DBS Certification” to evaluate the conformance
Company has established partnerships with brick manufacturers for the utilisation of fly ash generated from the boilers of Greenpanel's EMS significant environmental aspects, which included energy consumption, as part of the Company’s
in energy plant. The Company disposes of packaging materials and waste oil through authorised agencies, issuing Form EMS implementation. Regular internal audits are also conducted to ensure the effectiveness of the EMS, such as reviewing
10 against the disposed material, which is then submitted to the Pollution Board. energy consumption data and identifying opportunities for achieving energy efficiency.

 hemical Management: - The Company has installed a Wax Emulsion system for reducing wax consumption and
C 2. Provide the following details related to water discharged:
ensuring uniform distribution of wax across the fibre during the manufacturing processes. The management of chemicals
P - 98

Parameter FY 2022-23 FY 2021-22

P - 99
at Greenpanel's manufacturing plant is handled by a dedicated team that is trained to manage the usage and discharge
Water discharge by destination and level of treatment (in kilolitres)
of chemicals. The Company is also exploring the possibility of using PMDI resin for E0 products as part of its ongoing
efforts to enhance environmental sustainability. (i) To Surface water Not Applicable Not Applicable
No treatment - -
10. If the entity has operations/offices in/around ecologically sensitive areas (such as national parks, wildlife with treatment – please specify level of treatment - -
GREENPANEL INDUSTRIES LIMITED

ANNUAL REPORT 2022-23

sanctuaries, biosphere reserves, wetlands, biodiversity hotspots, forests, coastal regulation zones etc.) (ii) To Groundwater Not Applicable Not Applicable
where environmental approvals / clearances are required, please specify details in the following format: No treatment - -
with treatment – please specify level of treatment - -
Whether the conditions of environmental
S. No. Location of operations/ offices Type of operations
approval / clearance is being complied (iii) To Seawater Not Applicable Not Applicable
with? (Y/N) If no, the reasons thereof and
corrective action taken, if any.
No treatment - -

NA NA NA NA with treatment – please specify level of treatment - -

(iv) Sent to third parties Not Applicable Not Applicable
No treatment - -
11. Details of environmental impact assessments of projects undertaken by the entity based on applicable laws,
with treatment – please specify level of treatment 17,779KL 17,198 KL
in the current financial year:
(v) Others Not Applicable Not Applicable
Whether conducted
Name and
EIA Notification by independent Results communicated in Relevant Web link
No treatment - -
brief details Date
of Project
No. external agency (Yes public domain (Yes / No) with treatment – please specify level of treatment - -
/ No)
Total water discharged (in kilolitres) 17,779KL 17,198 KL
0 NA NA NA
If any independent assessment/ evaluation/assurance has been carried out by an external agency? If yes,
12. Is the entity compliant with the applicable environmental law/ regulations/ guidelines in India, such as the name of the external agency.
Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, Environment The Company has undergone an independent ISO 14001 assessment by "DBS Certification" to evaluate the conformance
protection act and rules thereunder (Y/N). If not, provide details of all such non-compliances, in the of Greenpanel's EMS significant environmental aspects, which includes water consumption, as part of the Company's
following format: EMS implementation. Regular internal audits are also conducted to ensure the effectiveness of the EMS, such as reviewing
water consumption data and identifying opportunities for achieving water productivity.
Specify the law /
Provide details Any fines / penalties / action taken by Corrective action
regulation / guidelines
S. No. of the non- regulatory agencies such as pollution control taken, if any
which was not
compliance boards or by courts
complied with
0 NA NA
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Business Responsibility and Sustainability Report

3. Water withdrawal, consumption, and discharge in areas of water stress (in kilolitres): 5. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above,
For each facility / plant located in areas of water stress, provide the following information: provide details of significant direct and indirect impact of the entity on biodiversity in such areas along-with
prevention and remediation activities.
(i) Name of the area – Not Applicable
Based on the Company's operations and office locations, Question 10 is not applicable as Greenpanel does not have
(ii) Nature of operations -Not Applicable
presence in or around ecologically sensitive areas or protected forests. Therefore, the entity does not have any significant
(iii) Water withdrawal, consumption, and discharge in the following format: direct or indirect impact on biodiversity in such areas.

Parameter FY 2022-23 FY 2021-22 6. If the entity has undertaken any specific initiatives or used innovative technology or solutions to improve
Water withdrawal by source (in kilolitres) resource efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please
(i) Surface water provide details of the same as well as outcome of such initiatives, as per the following format:
(ii) Groundwater
(iii) Third party water Details of the initiative (Web-link, if any, may be provided Outcome of the
Sr. No Initiative undertaken
along-with summary) initiative
(iv) Seawater / desalinated water
(v) Others 1. Paper Room AHU with VFD VFD has been installed in the prelamination paper room AHU Energy savings/ year=
Not Applicable Not Applicable

GREENPANEL INDUSTRIES LIMITED

in place of a DOL. As a result, we can alter the required RPM 8672.4 KWh
Total volume of water withdrawal (in kilolitres)
of the motor and reduction in power usage.
Total volume of water consumption (in kilolitres)
ANNUAL REPORT 2022-23

2. Upgradation to LED Lights Metal halide lamps, high mast tower lights have been 20 KW savings in
Water intensity per rupee of turnover (Water consumed / turnover)
upgraded with LEDs. In addition to this, a timer is used to power consumption
Water intensity (optional) – the relevant metric may be selected by the entity switch ON and OFF the illumination in plant premises. As a from 500W LED Lights
Water discharge by destination and level of treatment (in kilolitres) result, there has been a reduction in the use of electricity. as compared to 400W
(i) To Surface water flood lights
No treatment 3. Compressor no. 4 running As a result, it altered the required RPM of the motor Energy savings/ year=
with treatment – please specify level of treatment continuously on VFD. As a result, it depending on the air pressure and reduce power usage. 6,12,586.8 KWh
(ii) To Groundwater altered the required RPM of the motor
No treatment depending on the air pressure and
reduce power usage.
with treatment – please specify level of treatment
(iii) To Seawater 4. The press hydraulic pump is kept on Earlier the Company used to run 4 pumps, and now instead Energy savings/
standby; of 4, it runs 3 pumps, which saves power. year=264960.8 KWh
No treatment
P - 100

Not Applicable Not Applicable 5. VFD has been installed in the packing The Company can alter the required RPM of the motor and Energy savings/

P - 101
with treatment – please specify level of treatment
machine in place of DOL reduce power usage. year=9723.6 KWh
(iv) Sent to third parties
No treatment 6. Wax Emulsion System The wax consumption (required for MDF manufacturing) has 30% reduction in wax
been reduced by 30% by installation of wax emulsion system consumption from
with treatment – please specify level of treatment
previous FY.
(v) Others
GREENPANEL INDUSTRIES LIMITED

No treatment

ANNUAL REPORT 2022-23

with treatment – please specify level of treatment 7. Does the entity have a business continuity and disaster management plan? Give details in 100 words/ web link.
Total water discharged (in kilolitres) The Company has developed a comprehensive Business Continuity/Disaster Management Plan with the aim of ensuring
the safety of employees, protecting its assets, maintaining business operations, and minimising potential environmental
If any independent assessment/ evaluation/assurance has been carried out by an external agency? impact. This plan includes conducting a thorough risk assessment, establishment of an Emergency Response Team
No (ERT) with clear roles and responsibilities, developing a Business Continuity Plan (BCP) with alternative strategies for
continuity, implementing data backup and recovery procedures, maintaining strong supply chain management practices,
If yes, name of the external agency. prioritising employee safety and welfare, mitigating environmental impact, conducting regular testing and review, and
establishing clear communication and coordination protocols among stakeholders. The plan will be periodically reviewed
Not Applicable
and updated to ensure its effectiveness in mitigating the impact of potential disasters or emergencies of our operations.

4. Please provide details of total Scope 3 emissions and its intensity, in the following format:
8. Disclose any significant adverse impact to the environment, arising from the value chain of the entity. What
Parameter Unit FY 2022-23 FY 2021-22 mitigation or adaptation measures have been taken by the entity in this regard.
Total Scope 3 emissions Metric tonnes of As an environmentally responsible company,
None.
(Break-up of the GHG into CO2 equivalent Greenpanel understands that it is crucial to
CO2, CH4, N2O, HFCs, PFCs, SF6, NF3, if available) comprehensively evaluate and manage the entire
Total Scope 3 emissions per rupee of Turnover carbon footprint value chain, including Scope 3 9. Percentage of value chain partners (by value of business done with such partners) that were assessed for
emissions for proper assessment of its environmental environmental impacts.
Total Scope 3 emission intensity(optional) – the impact. Owing to the vastness of its supply chain,
relevant metric may be selected by the entity the Company is currently under progress to establish The Company is in the process of conducting assessments to identify potential environmental risks and vulnerabilities
Scope 3 emission monitoring and accounting system. within its value chain. This will involve evaluating the environmental preparedness and resilience of suppliers, customers,
and other stakeholders to various environmental hazards, such as natural disasters, pollution incidents, and other
If any independent assessment/ evaluation/assurance has been carried out by an external agency? environmental emergencies, the data for which shall be available from next FY onwards.
No

If yes, name of the external agency.

Not Applicable
 A Responsible Statutory Reports and
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Business Responsibility and Sustainability Report

PRINCIPLE 7 Businesses, when engaging in influencing public and regulatory policy, should do so in a Leadership Indicators
manner that is responsible and transparent 1. Provide details of actions taken to mitigate any negative social impacts identified in the Social
Essential Indicators Impact Assessments (Reference: Question 1 of Essential Indicators above).
1. a. Number of affiliations with trade and industry chambers/ associations - Two Not applicable
b. List the top 10 trade and industry chambers/ associations (determined based on the total members of
such body) the entity is a member of/ affiliated to. 2. Provide the following information on CSR projects undertaken by your entity in designated
aspirational districts as identified by government bodies.
Reach of trade and industry chambers/
S. No. Name of the trade and industry chambers/ Associations
associations (State/National) Nil
1. Indian Chamber of Commerce National
2. Federation of Indian Plywood and Panel Industries National 3. a) Do you have a preferential procurement policy where you give preference to purchase from
suppliers comprising marginalised /vulnerable groups? (Yes/No)
The company has incorporated a preferential procurement policy as part of its commitment to BRSR Principle 8,
2. Provide details of corrective action taken or underway on any issues related to anti-competitive conduct by

GREENPANEL INDUSTRIES LIMITED

which focuses on promoting inclusive growth and equity. This policy emphasises the company's focus to engage with
the entity, based on adverse orders from regulatory authorities.
vulnerable and marginalised groups while procuring input materials, with the goal of contributing to the economic
Name of authority Brief of case Corrective action taken
ANNUAL REPORT 2022-23

upliftment of all sectors of society.

None NA NA
b) From which marginalised/vulnerable groups do you procure?
Leadership Indicators At present, the company does not procure input materials from vulnerable and marginalised groups. However,
Greenpanel is actively working towards promoting inclusivity and equity through its plantation program by distributing
1. Details of public policy positions advocated by the entity:
saplings to farmers near the operational areas, with the intention of establishing long-term partnerships with them
Whether Frequency of Review by for the supply of raw materials to Greenpanel in the future.
Method
Public policy Information available Board (Annually/ Half yearly/
S. No. resorted for Web Link, if available
advocated in public domain? Quarterly /Others – please
such advocacy
(Yes/No) specify) c) What percentage of total procurement (by value) does it constitute?
None
P - 102

4. Details of the benefits derived and shared from the intellectual properties owned or acquired by

P - 103
your entity (in the current financial year), based on traditional knowledge.
PRINCIPLE 8 Businesses should promote inclusive growth and equitable development
S No. Intellectual Property Owned/Acquired Benefit Shared Basis of Calculating Benefit
Essential Indicators Based on Traditional (Yes/No) (Yes/No)
1. Details of Social Impact Assessments (SIA) of projects undertaken by the entity based on applicable laws, in Knowledge
Not Available
GREENPANEL INDUSTRIES LIMITED

the current financial year.

ANNUAL REPORT 2022-23

The Corporate Social Responsibility committee performs internal assessment of its initiatives on frequent intervals for
the effectiveness of the CSR projects. Social Impact Assessment will be conducted by the company in the next financial 5. Details of corrective actions taken or underway, based on any adverse order in intellectual
year for the plantation programme in Chittoor. property related disputes wherein usage of traditional knowledge is involved.
Name of authority Brief of the Case Corrective action taken Remarks
2. Provide information on project(s) for which ongoing Rehabilitation and Resettlement (R&R) is being The Registrar of M/s. Gupta plywood of 98/4, Surendra Nath Notice of opposition was duly filed The hearing is
undertaken by your entity. Trademarks, Kolkata Banerjee Road, Kolkata - 700014, West Bengal against both the applications. under process.
applied for registration of trademark identical to
Not applicable. the company's registered trademark, under class
19 and 35.
3. Describe the mechanisms to receive and redress grievances of the community.
The Company engages with the local communities through their CSR activities. The Company has a CSR committee in 6. Details of beneficiaries of CSR Projects:
place which is responsible for identifying, evaluating, and recommending CSR projects based on the inputs received from No. of persons benefitted from CSR % of beneficiaries from vulnerable and
CSR Project
the plant. The CSR committee along with the CSR project manager and supervisor regularly conducts reviews through Projects marginalised groups
surveys and focused group meetings to address the needs and grievances of the communities. These efforts ensure Plantation Programme 838 100%
that the CSR projects are aligned with the community's requirements and contribute to their overall development. Healthcare 3925 100%
Education 106 100%
4. Percentage of input material (inputs to total inputs by value) sourced from suppliers:
Parameter FY 2022-23 FY 2021-22
Directly sourced from MSMEs/ small producers 1.97% 0.12%
Sourced directly from within the district and neighbouring districts 29.76% 32.36%
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Business Responsibility and Sustainability Report

PRINCIPLE 9 Businesses should engage with and provide value to their consumers in a responsible 5. Does the entity have a framework/ policy on cyber security and risks related to data privacy? (Yes/No) If
manner available, provide a web-link of the policy.
Essential Indicators Yes, The Company's Customer Relations Policy includes clauses that emphasise the importance of safeguarding the
1. Describe the mechanisms in place to receive and respond to consumer complaints and feedback. privacy of customers' private and confidential data throughout their business operations. The policy highlights that the
Company adheres to relevant data protection laws and regulations and implements industry-standard security practices
For the end consumers, the Company offers multiple channels for customer complaints registration, primarily by lodging
and technologies to safeguard customer data. The Company also restricts access to customer data to only authorised
the grievances through authorised dealers or directly to the company by calling on the toll-free number, dropping mails
employees who require it for legitimate business purposes. This policy reflects the Company's commitment to protect
at info@greenpanel or registering their complaints via provision of “Enquire Now” tab on the website: - [Link]
the sensitive information of its customers and ensure that it is handled with utmost sensitivity and security.
[Link]/about/. The Company actively monitors these platforms through its customer grievance redressal forum,
for ensuring prompt and effective resolution of grievances and complaints.
6. Provide details of any corrective actions taken or underway on issues relating to advertising, and delivery
of essential services; cyber security and data privacy of customers; re-occurrence of instances of product
For influencers such as architects, designers, carpenters, and contractors, the Company engages via regular meets
recalls; penalty / action taken by regulatory authorities on safety of products / services.
to gather their valuable inputs and feedback. Additionally, influencers can also register any complaints or queries via
provision of “Enquire Now” tab on the website: - [Link] The Company has not received any consumer complaints related to data privacy or cybersecurity, and it does not provide

GREENPANEL INDUSTRIES LIMITED

any essential services that would require corrective actions to be taken in these areas.
Furthermore, for the trade partners, the Company organises dealer meets through an initiative” UDAAN - Nayi Disha Nayi
ANNUAL REPORT 2022-23

Soch”, to seek dealer inputs and feedback. Similarly, Greenpanel’s mobile application plays a pivotal role in seamlessly Leadership Indicators
communicating and engaging with trade partners and carpenters. 1. Channels / platforms where information on products and services of the entity can be accessed
(provide web link, if available).
2. Turnover of products and/ services as a percentage of turnover from all products/service that carry A.) Website- [Link]
information about:
B.) E-Commerce Channels - NA
As a percentage to total turnover
Environmental and social parameters relevant to the product Not Applicable C.) Annual Reports - [Link]
Safe and responsible usage Not Applicable D.) Social Media Advertisements -
Recycling and/or safe disposal Not Applicable
P - 104

(i) [Link]

P - 105
3. Number of consumer complaints in respect of the following: (ii) [Link]

FY 2022-23 FY 2021-22 (iii) [Link]

Pending Remarks Pending
Received during
resolution at end
Received during
resolution at end Remarks E.) Branding advertisements in sports events -[Link]
GREENPANEL INDUSTRIES LIMITED

the year the year

ANNUAL REPORT 2022-23

of year of year
Data privacy 0 0 NA 0 0 NA 2. Steps taken to inform and educate consumers about safe and responsible usage of products and/
Advertising 0 0 NA 0 0 NA or service.
Cyber-security 0 0 NA 0 0 NA The Company's marketing approach, known as "EIDA," is geared towards educating consumers, providing them with
Delivery of essential NA NA NA NA NA NA information on safe and responsible usage, and demonstrating the superiority of Greenpanel MDF. Furthermore, the
services Company has established a dealer connect initiative called "UDAAN - Nayi Disha Nayi Soch," to educate and inform
Restrictive Trade 0 0 NA 0 0 NA trade partners about global furniture and building material trends highlighting how Greenpanel's advanced manufacturing
Practices
facilities and diversified product portfolio deliver superior value. Greenpanel ensures that its products comply with all the
Unfair Trade Practices 0 0 NA 0 0 NA expected standards for VOCs, formaldehyde, and other emissions. The certification labels are displayed on the products
Other 0 0 NA 0 0 NA to empower customers to make informed decisions. Moreover, this information is also disclosed on the Company's website
*NA=Not Applicable in form of product brochures. Moreover, the Company conducts comprehensive engagement programs with influencers,
such as architect meets, contractor meets, and carpenter meets, where product details and relevant information are
4. Details of instances of product recalls on account of safety issues: shared to demonstrate the safe and effective usage of products.
Number Reasons for recall
Voluntary recalls 0 0
Forced recalls 0 0
 A Responsible Statutory Reports and
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Business Responsibility and Sustainability Report Corporate Governance Report

3. Mechanisms in place to inform consumers of any risk of disruption/discontinuation of essential As required under regulation 34(3) read with Part C of The independent directors have neither had nor have
services. Schedule V of the SEBI (Listing Obligations and Disclosure any material pecuniary relationship with the company, its
The Company’s operations and products/services do not qualify under essential services - hence this is not applicable Requirements) Regulations, 2015 (hereinafter referred to subsidiary or associate companies, or their promoters or
for the Company. as "the Listing Regulations"), the details of compliance by directors, during the two immediately preceding financial
the company with the norms on corporate governance are years or during the current financial year, apart from
4. Does the entity display product information on the product over and above what is mandated as as follows: receiving the sitting fees, reimbursement of expenses
per local laws? (Yes/No/Not Applicable) If yes, provide details in brief. incurred for attending the board meeting, committee
1. COMPANY’S PHILOSOPHY ON THE CODE OF meetings, and independent directors’ meetings, and
Yes, the Company displays relevant technical standards, emission class with formaldehyde content and adherence to
CORPORATE GOVERNANCE receiving commission as approved by the shareholders
ISO 9001:2015, ISO 14001:2015, OHSA 18001: 2007, FSC®, CARB, EPA of each product in the product brochures as per
The company has complied with the principles and of the company and in compliance with the provisions of
local laws.
practices of good corporate governance. The company’s Section 197 of the Act. All the independent directors have
philosophy is to attain transparency and accountability given declarations as required under regulation 25(8) of
Did your entity carry out any survey about consumer satisfaction relating to the major products / services of the entity,
in its relationship with employees, shareholders, the Listing Regulations and section 149(7) of the Act that
significant locations of operation of the entity or the entity as a whole? (Yes/No)

GREENPANEL INDUSTRIES LIMITED

creditors, consumers, dealers, and lenders, ensuring a they have satisfied the criteria of independence as laid
high degree of regulatory compliance. Your company down in regulation 16(1)(b) of the Listing Regulations and
The Company prioritises diligent evaluation of customer feedback to gain valuable insights and make prompt improvements
ANNUAL REPORT 2022-23

firmly believes that a good governance process section 149(6) of the Act.
in the value chain to ensure customer by monitoring customer reviews collected from online and offline modes for proactive
assessment of feedbacks. represents the foundation of corporate excellence. We
have adopted the required policies and codes to perform Ms. Sushmita Singha, an independent director, resigned
our duties and responsibilities in an ethical manner. from the board of directors of the company with effect
5. a. Number of instances of data breaches along-with impact: During the fiscal year 2023, no valid complaints were
from April 7, 2022, due to preoccupation. Ms. Shivpriya
received from external parties or regulatory authorities regarding breaches of customer privacy.
2. BOARD OF DIRECTORS Nanda has joined as an independent woman director of
the company with effect from July 6, 2022.
b. Percentage of data breaches involving personally identifiable information of Customers: 0% a. Composition of the board of directors and
category of directors:
b. Attendance of Directors at the meetings of
The board comprises an optimal combination of the Board of Directors and at the 5th Annual
executive, non-executive, and independent directors. General Meeting of the Company:
P - 106

P - 107
As of March 31, 2023, the composition of the board is
During the financial year 2022-23, five meetings of the
as follows:
board of directors were held on May 6, 2022; July 6,
2022; July 22, 2022; November 8, 2022; and January
• One executive promoter chairman
30, 2023.
GREENPANEL INDUSTRIES LIMITED

• One executive promoter director

ANNUAL REPORT 2022-23

The composition of the board of the company and the
• Four non-executive independent directors (including
attendance of each director at the board meetings held
one woman director)
during the financial year 2022-23 and at the previous
annual general meeting ("AGM"), i.e., at the 5th AGM held
The composition of the board is in accordance with
on September 5, 2022, are as follows:
regulation 17(1) of the Listing Regulations and section
149 of the Companies Act, 2013 (hereinafter referred to
as "the Act").

Sl. Name of the Directors and Director No. of Board Meetings Attendance at
Category of directorship
No. Identification Number (DIN) Held Attended 5th AGM

1. Mr. Shiv Prakash Mittal Executive Chairman- 5 5 Yes

(DIN: 00237242) Promoter Director
2. Mr. Shobhan Mittal Managing Director and CEO- 5 5 Yes
(DIN: 00347517) Promoter Director
3. Mr. Salil Kumar Bhandari Non-Executive - Independent 5 5 Yes
(DIN: 00017566) Director
4. Mr. Mahesh Kumar Jiwrajka Non-Executive - Independent 5 5 Yes
(DIN: 07657748) Director
5. Ms. Shivpriya Nanda* Non-Executive - Independent 3 3 Yes
(DIN: 01313356) Director
6. Mr. Arun Kumar Saraf Non-Executive - Independent 5 5 Yes
(DIN: 00087063) Director

* Ms. Shivpriya Nanda has joined the company as independent director w.e.f. July 6, 2022
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Corporate Governance Report

c. The number of other listed entity’s Board(s) or Board Committees where Directors are member/ i. Chart/matrix setting out the skills/expertise/competence of the Board of Directors:
chairperson and name of other Listed Companies along with Category of Directorship:
The number of other listed entities' boards or board committees in which the directors are members or chairpersons The Board has identified the following core skills, expertise, and competencies as required in the context of the business
and the names of other listed companies along with the category of directorship as of March 31, 2023 are as follows: of the company and the sector in which the company is operating:
Status of
Sl. Name of the Director No. of outside No. of outside Name of other Listed Companies Sl. Directors who have such skills/
Skills/Expertise/Competencies required by the Board of Directors availability
No. directorship held committees** (in public and Category of Directorship No. expertise/competence
with the Board
limited companies)
Public Private Member# Chairman 1. Understanding of (a) O
 f the relevant laws, rules, regulations, and Yes 1. Mr. Shiv Prakash Mittal
business/industry policies applicable to the company, the industry/ 2. Mr. Shobhan Mittal
1 Mr. Shiv Prakash Mittal 1 5 1 1 Greenlam Industries Limited - sector to which it relates. 3. Mr. Mahesh Kumar Jiwrajka
Non-Executive Chairman 4. Mr. Salil Kumar Bhandari
2 Mr. Shobhan Mittal - 6 - - - (b) O
 f processes, policies, codes, and practices 5. Ms. Shivpriya Nanda
followed by the company 6. Mr. Arun Kumar Saraf
3 Mr. Salil Kumar Bhandari 4 2 2 1 Hindware Home Innovation
Limited- Independent Director
2. Strategy and Ability to develop effective strategies after Yes 1. Mr. Shiv Prakash Mittal
4 Mr. Mahesh Kumar Jiwrajka - 2 - - -

GREENPANEL INDUSTRIES LIMITED

strategic planning identification of opportunities, along with 2. Mr. Shobhan Mittal
5 Ms. Shivpriya Nanda 3 - 4 1 Jubilant Industries Limited – implementation of the strategy effectively and
Independent Director efficiently, and incorporation of necessary changes
ANNUAL REPORT 2022-23

6 Mr. Arun Kumar Saraf - 1 - - - wherever required

** Membership/Chairmanship of audit committee and stakeholders’ relationship committee has only been considered 3. Understanding Ability to analyse and understand the key financial Yes 1. Mr. Shiv Prakash Mittal
of finance and statements, and knowledge of how to assess the 2. Mr. Shobhan Mittal
# Number of memberships also includes chairmanship held in the committee(s)
related aspects financial value of the company 3. Mr. Salil Kumar Bhandari
4. Mr. Arun Kumar Saraf
The number of directorships, committee memberships, / management and the board that is necessary
4. HR/ people (a) Understanding of HR policies Yes 1. Mr. Shiv Prakash Mittal
chairmanships of all directors is within the respective limits for the board to perform their duties effectively orientation 2. Mr. Shobhan Mittal
prescribed under the Act and the Listing Regulations. and reasonably. (b) Managing HR activities, talent development and 3. Ms. Shivpriya Nanda
strengthening the people function
5. Risk oversight (a) Ability to identify and monitor key risks, supervise Yes 1. Mr. Shiv Prakash Mittal
d. Information supplied to the Board of All the independent directors were present at the
and management risk management plans and framework 2. Mr. Shobhan Mittal
Directors: above meeting. and compliance 3. Mr. Salil Kumar Bhandari
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oversight (b) Ability to manage skills 4. Mr. Arun Kumar Saraf

P - 109
During the financial year 2022-23, all necessary
information, as required under the applicable provisions g. Familiarisation programme for Independent 6. Knowledge of Understanding of emerging trends in technology Yes 1. Mr. Shiv Prakash Mittal
of the Act, the Listing Regulations, and other applicable Directors: technology and and innovations and the ability to guide necessary 2. Mr. Shobhan Mittal
innovation interventions that can be utilised in making the 3. Mr. Mahesh Kumar Jiwrajka
laws and rules, was placed and discussed at the Pursuant to regulation 25(7) of the Listing Regulations, business more competitive and sustainable 4. Mr. Salil Kumar Bhandari
board meetings. during the financial year 2022–23, the company conducted 5. Mr. Arun Kumar Saraf
GREENPANEL INDUSTRIES LIMITED

a familiarisation programme for independent directors 6. Ms. Shivpriya Nanda

ANNUAL REPORT 2022-23

e. Shareholding of Non-Executive Director(s): to facilitate their understanding of the plant operations 7. Personal (a) Carrying of professional attitude Yes 1. Mr. Shiv Prakash Mittal
and CSR projects undertaken by the company in the attributes [Link]. Shobhan Mittal
As of March 31, 2023, none of the non-executive directors (b) Possession of relationship building capacity 3. Mr. Mahesh Kumar Jiwrajka
held any convertible instruments in the company. The state of Andhra Pradesh and their progress. The details 4. Mr. Salil Kumar Bhandari
(c) Active contribution/ participation in discussions,
shareholdings of non-executive directors are as follows: of the same have been disclosed on the website of the especially critical discussions 5. Mr. Arun Kumar Saraf
company.: [Link] 6. Ms. Shivpriya Nanda
1. Salil Kumar Bhandari holds 5,000 equity shares, (d) Performance oriented attitude
uploads/2023/02/Familiarisation_Programme_imparted_
comprising 0.0041% of the total paid-up to_IDs_2022-[Link]
share capital. j. Detailed reason for the resignation of an Independent Director who resigns before the expiry of
his/her tenure along with a confirmation by such director that there are no other material reasons
2. Mr. Arun Kumar Saraf holds 20,000 equity shares, h. Confirmation that in the opinion of the Board
other than those provided:
comprising 0.01% of the total paid-up share capital. of Directors the Independent Directors of the
Company fulfils the conditions specified in the During the financial year 2022–23, Ms. Sushmita Singha (DIN: 02284266) resigned as independent director of the company
SEBI Listing Regulations and are independent w.e.f. April 7, 2022, due to preoccupation before the expiration of her tenure. The company has received confirmation
f. Separate Meeting of Independent Directors:
of the management of the Company: from Ms. Sushmita Singha that there are no other material reasons for her resignation other than those stated in her
During the year under review, a separate meeting of the resignation letter dated April 7, 2022.
independent directors of the company was convened on Based on the declaration of independence pursuant to
January 30, 2023, inter alia, to perform the following: Section 149(7) of the Act and Regulation 25(8) of the Listing
Regulations, received from each of the independent
• Review the performance of non-independent directors of the company and placed before the board
directors and the board as a whole. of directors in their meeting held on April 24, 2023, it is
confirmed by the board of directors that Mr. Salil Kumar
• Review the performance of the chairman of the Bhandari, Mr. Mahesh Kumar Jiwrajka, Mr. Arun Kumar
company, taking into account the views of the Saraf, and Ms. Shivpriya Nanda, independent directors
executive directors and non-executive directors. of the company, fulfil the conditions specified in the
• Assess the quality, quantity, and timeliness of Act and the Listing Regulations and are independent of
the flow of information between the company the management.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Corporate Governance Report

k. Disclosures of relationships between the board as a part of good governance practise. The (iii) To obtain outside legal or other professional advice. (vii) Review and monitor the auditor’s independence,
Directors inter-se: minutes of the meetings of all committees are placed performance, and effectiveness of the audit process.
before the board for review. (iv) To secure attendance of outsiders with relevant
Relationship expertise, if it is considered necessary. (viii) 
A pproval or any subsequent modification of
Name of the
Category of Directorship between
Directors
Directors There were the following six committees of the board of transactions of the company with related parties
Mr. Shiv Prakash Executive Chairman- Mr. Shobhan directors of the company as of March 31, 2023: Role of audit committee: and scrutiny of the method used to determine the
Mittal Promoter Director Mittal (Son) The role of audit committee shall include the following: arm’s length price of any transaction.
a. Audit Committee,
Mr. Shobhan Managing Director and Mr. Shiv Prakash
b. Nomination and Remuneration Committee, (i) Oversight of the company’s financial reporting (ix) Scrutiny of inter-corporate loans and investments.
Mittal CEO - Promoter Director Mittal (Father)
Mr. Salil Kumar Non-Executive- None c. Stakeholders Relationship Committee, process and the disclosure of its financial (x) Valuation of undertakings or assets of the company,
Bhandari Independent Director information to ensure that the financial statement wherever it is necessary.
d. Corporate Social Responsibility Committee
Mr. Mahesh Non-Executive- None is correct, sufficient, and credible.
Kumar Jiwrajka Independent Director e. Operational Committee and (xi) Evaluation of internal financial controls and risk
(ii) 
Re c omme ndation fo r the a pp ointme nt, management systems.
Mr. Arun Kumar Non-Executive- None f. Risk Management Committee.
remuneration, and terms of appointment of auditors

GREENPANEL INDUSTRIES LIMITED

Saraf Independent Director
of the company. (xii) Reviewing, with the management, the performance
Ms. Shivpriya Non-Executive- None a) Audit Committee: of statutory and internal auditors, adequacy of the
Nanda Independent Director
ANNUAL REPORT 2022-23

The audit committee of the company is constituted in (iii) Approval of payment to statutory auditors for any internal control systems.
alignment with the provisions of Section 177 of the Act other services rendered by the statutory auditors
l. Board Evaluation: except those that are specifically prohibited. (xiii) 
R eviewing the adequacy of the internal audit
and Regulation 18 of the Listing Regulations.
function, if any, including the structure of the internal
The nomination and remuneration committee has (iv) Reviewing, with the management, and examination audit department, staffing and seniority of the
formulated a policy for the evaluation of the board, its Composition: of the financial statements and auditor's report official heading the department, reporting structure
committees, and its directors, and the same has been As of March 31, 2023, the audit committee of the thereon before submission to the board for approval, coverage, and frequency of internal audit.
approved and adopted by the board. The details of the company consists of 5 (five) directors, i.e., 4 (four) non- with particular reference to:
board's evaluation form part of the board’s report. executive independent directors and 1 (one) executive- (xiv) Discussion with internal auditors of any significant
a. Matters required to be included in the director’s findings and follow up thereon.
promoter director:
m. Terms and conditions of appointment of responsibility statement to be included in the
(xv) Reviewing the findings of any internal investigations
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Independent Directors: board’s report in terms of clause (c) of sub-

P - 111
Name of the by the internal auditors into matters where there is
Sl. No.
Committee Member
Category Designation section 3 of section 134 of the Act.
The terms and conditions of the appointment of suspected fraud or irregularity or a failure of internal
independent directors have been placed on the website 1 Mr. Salil Kumar Independent Chairman b. Changes, if any, in accounting policies and control systems of a material nature and reporting
Bhandari Director
of the company: [Link] practices and reasons for the same the matter to the board.
content/uploads/2022/07/Appointment-Letters-of- 2 Mr. Shiv Prakash Executive- Member
GREENPANEL INDUSTRIES LIMITED

Mittal Promoter Director c. Major accounting entries involving estimates (xvi) Discussion with statutory auditors before the audit

ANNUAL REPORT 2022-23

[Link]
3 Mr. Mahesh Kumar Independent Member based on the exercise of judgement commences, about the nature and scope of audit
Jiwrajka Director by management.
3. CODE OF CONDUCT as well as post-audit discussion to ascertain any
4 Mr. Arun Kumar Independent Member area of concern.
Details of the code of conduct for board members and Saraf Director d. Significant adjustments were made to the
senior management of the company are available on the 5 Ms. Shivpriya Independent Member financial statements arising out of audit findings. (xvii) To look into the reasons for substantial defaults in
company’s website at [Link] Nanda Director the payment to the depositors, debenture holders,
e. 
Compliance with listing and other legal
content/uploads/2020/05/Code-of-Conduct-of-BOD- requirements relating to financial statements. shareholders (in case of non-payment of declared
[Link], annual declaration signed Ms. Sushmita Singha, an independent director, resigned dividends) and creditors.
by the Managing Director and CEO of the company from the board of directors of the company with effect f. Disclosure of any related party transactions
(xviii) To review the functioning of the whistle blower
pursuant to regulation 26(3) read with Schedule V (Part from April 7, 2022, and ceased to be a member of the g. Modified opinion(s) in the draft audit report. mechanism.
D) of the Listing Regulations is annexed to this report as audit committee. The committee was reconstituted on
"Annexure-A". July 22, 2022, by inducting Ms. Shivpriya Nanda as (v) Reviewing, with the management, the quarterly (xix) Approval of appointment of the chief financial officer
a member. financial statements before submission to the board after assessing the qualifications, experience,
4. COMMITTEES OF BOARD OF DIRECTORS for approval. background, etc. of the candidate.
The board of directors has constituted various committees Mr. Lawkush Prasad, Company Secretary and VP- (vi) Reviewing, with the management, the statement (xx) Reviewing the utilisation of loans and/or advances
to deal with specific areas and review operational and Legal of the company, acts as the secretary of the of uses / application of funds raised through an from or investment by the holding company in the
routine matters. The board has delegated its power to audit committee. issue (public issue, rights issue, preferential issue, subsidiary exceeding rupees 100 crore or 10% of
its committees to perform their duties in true spirit and etc.), the statement of funds utilised for purposes the asset size of the subsidiary, whichever is lower
in the interest of the company and its stakeholders in an Brief description of terms of reference: other than those stated in the offer document / including existing loans/advances/investments as
efficient and timely manner. Power of audit committee: prospectus / notice and the report submitted by on the date of coming into force of this provision.
(i) 
To investigate any activity within its terms the monitoring agency monitoring the utilisation of
The committees of the board of directors are set up proceeds of a public or rights issue and making (xxi) Reviewing compliance with the provisions of the
of reference.
under the formal approval of the board to conduct appropriate recommendations to the Board to take SEBI (Prohibition of Insider Trading) Regulations,
clearly defined roles that are performed by members of (ii) To seek information required from any employee. up steps in this matter. 2015, at least once in a financial year and verifying
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Corporate Governance Report

that the systems for internal control are adequate Besides the committee members, the committee ii. Board diversity means laying out an optimum The attendances of committee members were as under:
and are operating effectively. meetings are attended by the representatives of statutory mix of executive, independent and non- Number of meetings
Name of the
auditors and internal auditors. independent directors keeping in mind the committee Category during the tenure
(xxii) Carrying out any other function as may be delegated
needs of the company. members Held Attended
by the board of directors from time to time or as may
b) Nomination and Remuneration Committee: Mr. Salil Kumar Non-Executive- 3 3
be required by applicable law or as is mentioned in 3. To identify persons who are qualified to: Bhandari Independent Director
the terms of reference of the audit committee. The nomination and remuneration committee of the
company is constituted in alignment with the provisions i. become directors in accordance with the Mr. Mahesh Non-Executive- 3 3
Review of information by the audit committee: criteria laid down and recommend to the board Kumar Jiwrajka Independent Director
of Section 178 of the Act and Regulation 19 of the Listing
the appointment and removal of directors. Mr. Arun Kumar Non-Executive- 0 0
The audit committee shall mandatorily review the Regulations, and the terms of reference, including Saraf Independent Director
following information: the role and powers of the committee, have been ii. 
be appointed in senior management in
modified accordingly. accordance with the policies of the company
• Management discussion and analysis of the financial Performance evaluation criteria for all the
and recommend their appointment or removal
condition and results of operations. Composition: Directors (including Independent Directors):
to the HR department and to the board.

GREENPANEL INDUSTRIES LIMITED

• Management letters or letters of internal control As of March 31, 2023, the nomination and remuneration The nomination and remuneration committee has
4. To specify the manner for effective evaluation duly formulated the performance evaluation criteria
weaknesses issued by the statutory auditors. committee of the company consists of three non-
ANNUAL REPORT 2022-23

of performance of board, its committees, and for all the directors (including independent directors)
executive independent directors.
• Internal audit reports relating to internal control individual directors to be carried out either by of the company. The said criteria are disclosed in the
weaknesses; and Name of the the board, by the nomination and remuneration
Sl. No. Category Designation directors’ report, which forms part of the annual report
committee member committee or by an independent external agency
• 
The appointment, removal, and terms of of the company.
1 Mr. Salil Kumar Independent Chairman and review its implementation and compliance.
remuneration of the chief internal auditor shall be Bhandari Director
subject to review by the audit committee. 2 Mr. Mahesh Kumar Independent Member 5. To carry out an evaluation of the performance of Remuneration policy, details of remuneration and
Jiwrajka Director every director of the company. other terms of appointment of Directors:
• Statement of deviations:
3 Mr. Arun Kumar Saraf Independent Member The board has adopted the remuneration policy on the
Director 6. To express the opinion to the board that a director
1. quarterly statement of deviation(s), including the recommendation of the nomination and remuneration
possesses the requisite qualification(s) for the
report of the monitoring agency, if applicable, committee in compliance with Section 178 of the Act
practice of the profession in case the services to be
P - 112

submitted to the stock exchange(s) in terms of Ms. Sushmita Singha, Independent Director, resigned and Regulation 19 read with Part D of Schedule II of the

P - 113
from the board of directors of the company with effect rendered by a director are of a professional nature.
Regulation 32(1) of the Listing Regulations. Listing Regulations.
from April 7, 2022, and ceased to be a member of the 7. To decide whether to extend or continue the term
2. annual statement of funds utilised for purposes nomination and remuneration committee. The committee of appointment of the independent director, on This policy applies to all the "executives" of the company
other than those stated in the offer document, was reconstituted on July 22, 2022, by inducting Mr. Arun the basis of report of performance evaluation of and is valid for all employment agreements of the
prospectus, or notice in terms of Regulation
GREENPANEL INDUSTRIES LIMITED

Kumar Saraf as a member. independent directors. executives entered into after the approval of the policy and

ANNUAL REPORT 2022-23

32(7) of the Listing Regulations.
for changes made to existing employment agreements of
Mr. Lawkush Prasad, company secretary and VP-legal 8. To recommend to the board all remuneration,
the executives thereafter. The remuneration structure of
Meetings and attendance during the year: of the company, acts as the secretary of the nomination in w h ateve r fo r m, p aya b l e to s e ni o r
the company consists of fixed and variable salaries. The
During the financial year 2022-23, four meetings of the and remuneration committee. management personnel.
non-executive and independent directors of the company
audit committee were held on May 6, 2022; July 22, 2022; 9. To carry out such other business as may be required may receive remuneration only by way of sitting fees,
November 8, 2022, and January 30, 2023. Terms of reference: by applicable law or delegated by the board or reimbursement of expenses for participation in meetings
The nomination and remuneration committee shall be considered appropriate in view of the general terms of the board or committee thereof, and profit-related
The attendance of committee members was as follows: responsible for, beside other things, as may be required of reference and the purpose of the nomination and commissions, as may be permissible by the applicable
Name of the Number of meetings by the company from time to time, the following: remuneration committee. law. Additionally, the policy also lays down the overall
committee Category during the tenure selection criteria for the executives of the company based
members 1. To formulate criteria for: Meetings and attendance during the year:
Held Attended on competencies, capabilities, compatibility, strong
Mr. Salil Kumar Non-Executive- 4 4 i. 
determining the qualifications, positive During the financial year 2022–23, three meetings of the interpersonal skills, and commitment, among others.
Bhandari Independent attributes, and independence of a director. nomination and remuneration committee were held on The remuneration policy of the company is uploaded on
Director
May 6, 2022; July 6, 2022; and July 22, 2022. its website at [Link]
Mr. Shiv Prakash Executive-Promoter 4 4 ii. evaluation of the performance of independent
uploads/2019/11/[Link]
Mittal Director directors and the board of directors.
Mr. Mahesh Kumar Non-Executive- 4 4
Jiwrajka Independent
2. To devise policies on:
Director
i. remuneration, including any compensation
Mr. Arun Kumar Non-Executive- 4 4 related payments to the directors, key
Saraf Independent
Director managerial personnel, and other employees,
Ms. Shivpriya Non-Executive- 2 2
and recommend the same to the board of
Nanda Independent the company.
Director
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Corporate Governance Report

REMUNERATION TO DIRECTORS: In terms of Regulation 6 of the Listing Regulations, the 9. Review the status of the litigation(s) filed by/against
(i) Executive Directors: board has appointed Mr. Lawkush Prasad, Company the security holders of the company.
Secretary and VP-Legal, as the compliance officer of
The details of remuneration, including commission, to all executive directors for the year ended March 31, 2023 are as
the company. He acts as the secretary of the committee. 10.  
Review the status of claims received for
follows, and the same is within the ceiling prescribed under the applicable provisions of the Act.
unclaimed shares.
(Amount ` in Lakhs) Terms of reference of the Stakeholder’s
Name and Service contract/Notice
Provident Perquisites and Relationship Committee are as follows: 11. Recommending measures for overall improvement
Salary Commission Fund other allowances Total in the quality of investor services.
designation period* 1. 
To ensure proper and timely attendance and
Mr. Shiv Prakash Appointed w.e.f. July 19, 392.08 475.00 43.20 - 910.28 redressal of grievances of security holders of the
Mittal (Executive 2019 till June 30, 2024 company in relation to: 12. Review the impact of enactments or amendments
Chairman) issued by the MCA, SEBI and other regulatory
a. Transfer or transmission of shares, authorities on matters concerning the investors
Mr. Shobhan Mittal Appointed w.e.f. July 19, 418.84 475.00 10.80 13.10 917.74
(Managing Director 2019 till June 30, 2024 b. Non-receipt of annual reports, in general.
and CEO)

GREENPANEL INDUSTRIES LIMITED

* The appointment may be terminated by either party by giving three months’ notice or salary in lieu thereof or by mutual consent. c. Non-receipt of declared dividends, Such other matters as per the directions of the board
ANNUAL REPORT 2022-23

d. All such complaints directly concerning the of directors of the company and/ or as required
(ii) Non-Executive Directors: The details of shares held by the executive and non- shareholders, investors, and stakeholders of under regulation 20 read with Part D of Schedule II
executive directors of the company as of March 31, 2023 the company; and of the Listing Regulations.
The details of sitting fees to Non-Executive Directors for
the financial year 2022-23 are as follows: are as follows:
e. Any such matters that may be considered 13. To conduct such other business as may be required
Service contract/ Sitting fees Commission Number of Equity necessary in relation to shareholders and by applicable law or delegated by the board of
Name Name of the Directors Category
Notice period (` In Lakhs) (In Lakhs) Shares held investors of the company. directors of the company or considered appropriate
Mr. Salil Kumar Appointed for 5.30 10.00 Mr. Shiv Prakash Executive 46,04,900
Mittal Promoter Director
in view of its terms of reference.
Bhandari five years w.e.f. 2. Reviewing the measures taken for the effective
August 06, 2018 Mr. Shobhan Mittal Executive 1,05,88,380
exercise of voting rights by shareholders. Details of complaints received and resolved during
till August 05, Promoter Director
the year ended March 31, 2023:
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2023. Mr. Salil Kumar Non-Executive 5,000

P - 115
Mr. Mahesh Appointed for 6.50 10.00 Bhandari Independent 3. Reviewing the adherence to the service standards
Received Resolved Not solved to the Pending at
Kumar five years w.e.f. Director adopted by the company in respect of various during the during the satisfaction of the the end of
Jiwrajka August 06, 2018 Mr. Mahesh Kumar Non-Executive 0 services being rendered by the registrar and share year year shareholders the year
till August 05, Jiwrajka Independent transfer agent. 2 2 - -
2023. Director
GREENPANEL INDUSTRIES LIMITED

Ms. Shivpriya Appointed for five 2.70 10.00

ANNUAL REPORT 2022-23

Ms. Shivpriya Nanda Non-Executive 0 4. Review of the various measures and initiatives taken
Nanda years w.e.f. July Independent
by the listed entity for reducing the quantum of Meetings and attendance during the year:
06, 2022 till July Director
05, 2027 unclaimed dividends and ensuring timely receipt of During the financial year 2022-23, 2 (two) meetings of the
Mr. Arun Kumar Saraf Non-Executive 20,000
Mr. Arun Appointed for 5.10 10.00 Independent dividend warrants/annual reports/statutory notices stakeholder relationship committee were held on August
Kumar Saraf five years w.e.f. Director by the shareholders of the company. 23, 2022 and January 11, 2023.
August 14, 2019
till August 13,
2024 c) Stakeholders Relationship Committee: 5. Formulation of procedures in line with the statutory The attendances of committee members were as under:
guidelines to ensure speedy disposal of various Name of the
The stakeholder relations committee of the company is Number of meetings
There are no sitting fees paid to the Executive Chairman requests received from the shareholders from time Committee Category
constituted in line with the provisions of Section 178 of Members Held Attended
and the Managing Director and CEO of the company to time.
the Act and Regulation 20 of the Listing Regulations. Mr. Mahesh Non-Executive- 2 2
for attending board and committee meetings. Except as Kumar Jiwrajka Independent Director
mentioned above, there was no pecuniary relationship 6. To review and / or approve applications for transfer,
Composition: Mr. Shiv Prakash Executive-Promoter 2 2
or transaction between independent directors and the transmission, transposition, and mutation of share
As of March 31, 2023, the stakeholder relationship Mittal Director
company. The company has not granted any stock certificates including issue of duplicate certificates
committee of the company consists of one non-executive Mr. Shobhan Executive-Promoter 2 0
options to its directors. and new certificates on split / sub-division / Mittal Director
independent director and two executive promoter consolidation / renewal and to deal with all related
directors, as follows: matters as may be permissible under applicable law.
The criteria for making payments to non-executive d) Corporate Social Responsibility Committee:
directors are disclosed on the company's website Name of the
Sl. No. Category Designation
Committee Member 7. To review and approve requests for dematerialisation The corporate social responsibility (CSR) committee of
a t h t t p s: // w w w.g r e e n p a n e l.c o m / w p - c o n te n t /
1 Mr. Mahesh Kumar Independent Chairman and re-materialisation of securities of the Company the company is constituted as per Section 135 of the
uploads/2020/05/Criteria-for-making-payment-to-Non- Jiwrajka Director
and such other related matters. Act. The CSR committee, inter alia, had formulated
[Link]
2 Mr. Shiv Prakash Executive Member and recommended to the board a corporate social
Mittal Promoter Director responsibility policy that indicates the activities to be
8. 
A ppointment and fixing of remuneration of
3 Mr. Shobhan Mittal Executive Member undertaken by the company as specified in Schedule VII
Promoter Director
registrar and transfer agents and overseeing
their performance. to the Act. The CSR Committee recommends the amount
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Corporate Governance Report

of expenditure to be incurred on CSR activities and Meetings and attendance during the year: 4. To ensure the implementation of the suggestions, same is displayed on the company's website at https://
monitors the CSR activities undertaken by the company During the financial year 2022–23, five meetings of the remarks, and comments of the board of directors [Link]/wp-content/uploads/2021/04/
from time to time. corporate social responsibility (CSR) committee were on the risk management plan. [Link]
held on May 6, 2022, September 15, 2022, October 31,
Composition: 2022, December 13, 2022, and January 30, 2023, and the 5. To monitor and review the performance of the non- 6. GENERAL BODY MEETINGS:
As of March 31, 2023, the corporate social responsibility attendance of the committee members was as follows: financial risk owners. a) The details of previous three annual
committee of the company consists of one non-executive general meetings of the shareholders are
Name of the Number of meetings 6. To review the effectiveness of the risk management
independent director and two executive promoter
committee Category during the tenure as under:
directors, as follows: members
and control systems.
Held Attended Financial
Date of AGM Venue Time
Mr. Mahesh Non-Executive- 5 4 Year
Name of the 7. periodic reporting to the board of non-financial
Sl. No. Committee Category Designation Kumar Jiwrajka Independent Director 2021-22 September By Video 11.00 A.M.
Member risk management issues and actions taken in 5, 2022 Conferencing/
Mr. Shiv Prakash Executive-Promoter 5 4
1 Mr. Mahesh Independent Chairperson Mittal Director such regard. other audio
visual means

GREENPANEL INDUSTRIES LIMITED

Kumar Jiwrajka Director Mr. Shobhan Executive-Promoter 5 4
2 Mr. Shiv Prakash Executive Member Mittal Director 8. co-ordinate its activities with the audit committee in 2020-21 July 7, 2021 By Video 11.00 A.M.
Conferencing/
ANNUAL REPORT 2022-23

Mittal Promoter Director instances where there is any overlap in their duties
other audio
3 Mr. Shobhan Executive Member e) Risk Management Committee: and responsibilities. visual means
Mittal Promoter Director
The risk management committee of the company is 2019-20 September By Video 11.06 A.M.
Meetings and attendance during the year: 18, 2020 Conferencing/
constituted in terms of Regulation 21 of the Listing other audio
Ms. Sushmita Singha, Independent Director, resigned During the financial year 2022-23, two meetings of the
Regulations. The board has also formulated a risk visual means
from the board of directors of the company with effect risk management committee were held on July 21, 2022,
management policy for the company.
from April 7, 2022, and ceased to be a member of the and January 16, 2023. b) Special resolutions passed at the
corporate and social responsibility committee. The
Composition: previous three Annual General Meetings
committee was reconstituted on July 22, 2022, by The attendances of committee members were as under:
As of March 31, 2023, the risk management committee are as below:
inducting Mr. Mahesh Kumar Jiwrajka, Non-Executive
Independent Director of the company, as the chairperson of the company consists of 1 (one) non-executive Name of the
P - 116

Number of meetings
AGM Details of Special Resolution

P - 117
independent director and 2 (two) executive promoter committee Category AGM Date
of the committee. members Held Attended No. passed
directors, as follows: 3rd September 1. Modification in terms of
Mr. Shiv Prakash Executive-Promoter 2 2
Terms of reference of the Corporate Social Mittal Director 5, 2022 appointment and payment
Name of the
of remuneration to Mr.
Responsibility Committee Sl. No. Committee Category Designation Mr. Shobhan Executive-Promoter 2 0
Member Shiv Prakash Mittal (DIN:
Mittal Director
GREENPANEL INDUSTRIES LIMITED

1. To formulate, monitor, and recommend to the 00237242), Executive

ANNUAL REPORT 2022-23

1 Mr. Shiv Prakash Executive Chairperson Mr. Arun Kumar Non-Executive 2 2 Chairman.
board the CSR Policy, including the activities to be Mittal Promoter Director Saraf Independent Director 2. Modification in terms of
undertaken by the company. 2 Mr. Shobhan Executive Member appointment and payment of
Mittal Promoter Director remuneration to Mr. Shobhan
2. To recommend the amount of expenditure to be f) Operational Committee:
3 Mr. Arun Kumar Non-Executive Member Mittal (DIN: 00347517),
incurred on the CSR activities undertaken. Saraf Independent As of March 31, 2023, the committee was comprised Managing Director and CEO.
Director of Mr. Shiv Prakash Mittal, Mr. Shobhan Mittal, and 3. Appointment of Ms. Shivpriya
3. To monitor the implementation of the framework of Mr. Arun Kumar Saraf. The committee meets as and Nanda (DIN: 01313356) as an
corporate social responsibility policy. Terms of reference of the Risk Management when required to consider matters assigned to it by the independent director.
Committee: board of directors from time to time. 2nd July 7, 1. Modification in terms of
2021 appointment and payment
4. To evaluate the social impact of the company’s CSR 1. To assist the board in the identification, evaluation, of remuneration to Mr.
Activities, classification, and mitigation of non-financial During the financial year 2022–23, 11 (eleven) meetings Shiv Prakash Mittal (DIN:
risks and assess management actions to mitigate of the operational committee were held on April 4, 2022; 00237242), Executive
5. To review the company’s disclosure of CSR matters, April 29, 2022; June 15, 2022; July 12, 2022; August 9, Chairman.
such risks.
2022; September 29, 2022; October 28, 2022; November 2. Modification in terms of
appointment and payment of
6. To submit a report on CSR matters to the board 2. To evaluate and ensure that the company has 24, 2022; December 29, 2022; January 18, 2023; and remuneration to Mr. Shobhan
at such intervals and in such format as may an effective internal control system to enable March 6, 2023. Mittal (DIN: 00347517),
be prescribed. identification, mitigation, and monitoring of non- Managing Director and CEO.
financial risks to the business of the Company. 5. SUBSIDIARIES: 1st September Modification in terms of
7. To consider other functions, as defined by the 18, 2020 appointment and payment of
Details of the subsidiaries of the company and their
remuneration to Mr. Shiv Prakash
board or as may be stipulated under any law, rule, 3. To implement proper internal checks and balances business activities are provided in the directors’ report, Mittal (DIN: 00237242), Executive
or regulation, the Corporate Social Responsibility and review them periodically. which forms part of the annual report of the company. Chairman.
Voluntary Guidelines 2009, and the Act. The company has formulated a policy for determining
‘material’ subsidiaries pursuant to the provisions of the
Listing Regulations as amended from time to time, and the
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Corporate Governance Report

c) The details of Special Resolutions passed as of the cut-off date, and the shareholders were 5. Dividend payment date (Interim Dividend) 23/02/2023
through postal ballot during the financial requested to vote before the close of business 6. Listing of equity shares at stock exchanges 1. BSE Ltd. (BSE) Floor 25, P. J. Towers Dalal Street, Fort Mumbai - 400001
year 2022-23: hours on the last date of e-voting. The scrutiniser 2. National Stock Exchange of India Ltd. (NSE) Exchange Plaza, Bandra
completed his scrutiny and submitted his report to Kurla Complex Bandra (E) Mumbai - 400 051
During the financial year 2022-23, the company
the chairman, and the results of the voting were 7. Stock code/symbol BSE Scrip Code: 542857
sought the approval of the shareholders by way NSE Symbol: GREENPANEL
of a special resolution through notice of postal announced by the company secretary. The results
8. Payment of Listing Fees Annual listing fees for both the stock exchanges for the financial year 2023-
ballot dated November 8, 2022, for the shifting of were also displayed on the company website,
24 has been duly paid by the company.
its registered office from the state of Assam to the [Link], besides being communicated
state of West Bengal, which was duly passed on to the stock exchanges.
January 4, 2023. 9. MARKET PRICE DATA FOR EACH MONTH DURING THE FINANCIAL YEAR 2022-23:
7. MEANS OF COMMUNICATION (Amount in `.)
d) Person who conducted the postal ballot: a) Quarterly/Half-yearly/Annual Results: Month
At BSE At NSE
High Low High Low
The board of directors of the company, at their The quarterly, half-yearly, or annual financial results

GREENPANEL INDUSTRIES LIMITED

April 2022 625.00 550.70 625.70 550.00
meeting held on November 8, 2022, appointed of the company are sent to stock exchanges
May 2022 617.20 435.65 616.90 435.45
Mr. Dilip Kumar Sarawagi, Proprietor of DKS & Co., immediately after they are approved by the board June 2022 515.00 417.00 515.00 420.00
ANNUAL REPORT 2022-23

Practising Company Secretary, as the scrutiniser of directors. The audited and unaudited financial July 2022 522.45 426.20 523.00 426.05
to conduct the postal ballot through the remote results have been published in the prescribed August 2022 465.45 425.60 465.00 425.65
e-voting process in a fair and transparent manner format within 48 hours of the conclusion of the September 2022 458.80 395.00 459.00 382.20
for seeking the approval of shareholders for the item respective board meeting in an English newspaper October 2022 427.10 351.20 427.00 351.10
mentioned above. (Financial Express-English daily) circulating the November 2022 401.75 330.50 399.90 330.40
whole or substantially the whole of India and in December 2022 391.70 302.85 392.00 305.00
e) There is no immediate proposal for one vernacular newspaper (Amar Asom/Dainandin January 2023 344.70 281.70 344.60 280.00
passing any special resolution through Barta-Assamese Daily) of Assam. In addition, February 2023 327.95 267.00 324.30 266.95
Postal Ballot. these results are simultaneously posted on the March 2023 299.35 255.00 299.70 255.00
company’s website.
P - 118

f) Procedure for Postal ballot:

P - 119
10. E-MAIL ID FOR INVESTORS: [Link]@[Link]
In compliance with sections 108 and 110 and b) Website:
other applicable provisions of the Act, read with The company’s website ([Link]) is a
the related rules framed thereunder and read with comprehensive reference on the company’s vision, 11. P
 ERFORMANCE IN COMPARISON TO BROAD BASED INDICES SUCH AS BSE SENSEX, CRISIL
related notifications and circulars, the company mission, products, investor relations, feedback, and INDEX ETC. GREENPANEL INDUSTRIES LIMITED SHARE PERFORMANCE:
GREENPANEL INDUSTRIES LIMITED

ANNUAL REPORT 2022-23

provided electronic voting (e-voting) facilities to all contact details. In compliance with Regulation 46
its members, and for this purpose, the company of the Listing Regulations, a separate section under
GREENPANEL HIGH Vs. SENSEX HIGH
had engaged M/s. Link Intime India Pvt. Ltd. as the "Investor Relations" on the company’s website gives
agency to provide e-voting facilities to enable the information on various announcements made by 700.00 66000.00
members to exercise their right to vote on proposed the company, complete financial details, board of
resolutions by electronic means, i.e., remote directors’ details, policies of the company, quarterly 600.00 64000.00
e-voting services. Postal ballot notices were sent and annual results, shareholding pattern, annual
through email to the members, and the company report, information relating to stock exchanges 500.00 62000.00
also published a notice in the newspaper declaring where shares are listed, investor contact details,

GREENPANEL STOCK PRICE

the details and requirements as mandated by the official news, if any, etc. The presentations made to 60000.00

BSE SENSEX
400.00
Act and the Listing Regulation. institutional investors or analysts are also available
on the company’s website. 300.00 58000.00

Voting rights are reckoned on the paid-up value of

the shares registered in the names of the members 200.00 56000.00

8. GENERAL SHAREHOLDERS’ INFORMATION: 100.00 54000.00

1. Date, time, and mode of the Annual General June 27, 2023 at 11.00 A.M.
0 52000.00
Meeting through VC and OAVM

April, 2022

May, 2022

June, 2022

July, 2022

August, 2022

September, 2022

October, 2022

November, 2022

December, 2022

January, 2023

February, 2023

March, 2023
2. Financial Year Financial year of the company is from April 01 to March 31.
3. Publication of results for the financial year First quarter results: On or before August 14, 2023
2023-24 (tentative and subject to change) Second quarter and half year results: On or before November 14, 2023
Third quarter results: On or before February 14, 2024
Fourth quarter results and results for the year ending March 31, 2024: On or
before May 30, 2024 GREENPANEL BSE SENSEX
4. Dates of book closure No such instances to be disclosed
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Corporate Governance Report

12. SUSPENSION OF SECURITIES DURING THE w.e.f. April 1, 2019. Effective January 24, 2022, SEBI has Category of shareholders Number of shares Percentage of shares
FINANCIAL YEAR 2022-23: mandated listed companies to issue shares in demat Trusts 8414 0.01
During the financial year 2022-23, the securities of the form only after processing the requests in prescribed Foreign Company 0 0.00
form ISR-4 received for issue of duplicate certificates, Investor Education and Protection Fund Authority 30185 0.02
company were not suspended from trading.
transmission, transposition, renewal or exchange of Financial Institutions/banks 535 0.00
share certificates, endorsement, sub-division or splitting Insurance Companies 5256 0.00
13. REGISTRAR AND SHARE TRANSFER AGENT
of certificates, consolidation of certificates, claims from Foreign National 450872 0.37
The registrar and share transfer agent of the company Unclaimed Share Suspense Account 8346 0.01
unclaimed suspense accounts, etc. The registrar and
is changed from M/s. Maheshwari Datamatics Private Total 122627395 100.00
transfer agent will, after processing such requests, issue
Limited to M/s. Link Intime India Private Limited, with
a letter of confirmation to the concerned shareholder
effect from November 24, 2022. The contact details
for submission to the depository participant within 16. DEMATERIALISATION OF SHARES AND 21. ADDRESS FOR CORRESPONDENCE:
mentioned below:
120 days from the date of the letter of confirmation for LIQUIDITY:
i. Registrar and Share Transfer Agent:
dematerialisation of shares. In case the shareholder fails
Link Intime India Private Limited The company’s equity shares are tradable compulsorily Link Intime India Private Limited

GREENPANEL INDUSTRIES LIMITED

to submit the demat request within the aforesaid period,
C-101, 247 Park in electronic form and are available for trading in
the registrar and transfer agent shall credit the shares to C-101, 247 Park
LBS Marg, Vikhroli West the depository systems of both National Securities
ANNUAL REPORT 2022-23

the suspense escrow demat account of the company. LBS Marg, Vikhroli West
Mumbai – 400083 Depository Ltd. (NSDL) and Central Depository
Contact person – Pradip Bhattacharya Services (India) Ltd. (CDSL). The International Securities Mumbai – 400083
In view of this, to eliminate all risks associated with physical
Phone No. (033) 4004 9728 / 4073 1698 Identification Number (ISIN) of the company, as allotted Contact Person: Mr. Pradip Bhattacharya
shares and for ease of portfolio management, members
E-mail ID: kolkata@[Link] by NSDL and CDSL, is INE08ZM01014. Nearly 99.95%
holding shares in physical form are requested to consider Email: kolkata@[Link]
of total listed equity shares had been dematerialised as
converting their holdings to dematerialised form.
14. SHARE TRANSFER SYSTEM: of March 31, 2023. ii. Company Secretary and Compliance Officer:
As per Regulation 40(1) of the Listing Regulations, The company has a committee of the board of directors Mr. Lawkush Prasad
as amended, physical transfer of shares has been 17. OUTSTANDING ADRS/GDRS/WARRANTS OR
called the stakeholder relationship committee, which Greenpanel Industries Limited
dispensed with, and securities of listed companies ANY OTHER CONVERTIBLE INSTRUMENTS,
takes necessary steps as per its terms of reference duly Thapar House, 2nd Floor, 163, S.P. Mukherjee
can be transferred only in dematerialised form CONVERSION DATE AND LIKELY IMPACT ON
P - 120

approved by the board from time to time. Road, Kolkata – 700 026, India
EQUITY: Nil

P - 121
Phone: (033) 4084-0600
15. DISTRIBUTION OF EQUITY SHAREHOLDING AS ON MARCH 31, 2023: 18. COMMODITY PRICE RISK OR FOREIGN Email: [Link]@[Link]
Distribution of shareholding by size is as given below: EXCHANGE RISK AND HEDGING ACTIVITIES:
iii. Chief Investor Relations Officer:
The company has significant foreign exchange exposure
GREENPANEL INDUSTRIES LIMITED

Range in number of shares Percentage of Percentage of shares

Number of shareholders Number of shares held Mr. Vishwanathan Venkatramani

ANNUAL REPORT 2022-23

held Shareholders held through imports, exports, and foreign currency loans.
1-500 112981 94.13 7899235 6.44 Chief Financial Officer
501-1000 3616 3.01 2595546 2.12 i. Imports are hedged, and exports are partially hedged. Greenpanel Industries Limited
1001-2000 1953 1.63 2775421 2.26 Thapar House, 2nd Floor, 163, S.P. Mukherjee
2001-3000 535 0.45 1341605 1.09 ii. Foreign currency loans at LBBW are partially hedged. Road, Kolkata – 700 026, India
3001-4000 226 0.19 791316 0.65
4001-5000 152 0.13 715747 0.58 Phone: (033) 4084-0600
19. CORPORATE IDENTIFICATION NUMBER (CIN):
5001-10000 271 0.23 1944556 1.59 L20100AS2017PLC018272 Email: [Link]@[Link]
10001-50000 219 0.18 4528546 3.69
50001-100000 29 0.02 2004328 1.63
iv. Nodal Officer under the Investor Education
20. PLANT LOCATIONS: and Protection Fund Authority (Accounting,
100001 and above 48 0.04 98031095 79.94
Total 120030 100 122627395 100 i. Plot no 2, Sector -9, Integrated Industrial Estate, Audit, Transfer and Refund) Rules, 2016:
Pantnagar, Rudrapur, Udham Singh Nagar, Mr. Lawkush Prasad
Uttarakhand- 263153 Company Secretary and VP – Legal
Distribution of shareholding by category is as given below:
ii. 
Routhu Suramala, Thottambedu Mandal, dist. Greenpanel Industries Limited
Category of shareholders Number of shares Percentage of shares
Promoter and Promoter Group 65110000 53.10 Chittoor, Thapar House, 2nd Floor, 163, S.P. Mukherjee
Alternate Investment Funds 499697 0.41 Andhra Pradesh- 517642 Road, Kolkata – 700 026, India
Foreign Portfolio Investor 5433769 4.43 Phone: 033 4084 0600
Mutual Funds 25466279 20.77 Email id: secretarial@[Link]
Bodies Corporate 2437321 1.99
Resident Individuals 22379138 18.25
NBFCs registered with RBI 0 0.00
Clearing Member 25442 0.02
NRI 772141 0.63
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Corporate Governance Report

22. LIST OF ALL CREDIT RATINGS OBTAINED BY d) The company has in place vigil mechanism/whistle a code of conduct to regulate, monitor and report r) Disclosures in relation to the Sexual Harassment of
THE COMPANY ALONG WITH ANY REVISIONS blower policy as required and it is affirmed that trading in securities of the company and policy and Women at Workplace (Prevention, Prohibition and
THERETO, FOR ALL DEBT INSTRUMENTS no personnel have been denied access to the procedures for inquiry in case of leak of unpublished Redressal) Act, 2013:
OF THE COMPANY OR ANY FIXED DEPOSIT audit committee. price sensitive information and the same have been
PROGRAMME OR ANY SCHEME OR approved by the board of directors in their meeting The company is committed to providing a healthy
PROPOSAL OF THE COMPANY INVOLVING e) The company has complied with all the mandatory held on June 18, 2020. The said code prohibits the and safe working environment for its employees.
MOBILISATION OF FUNDS, WHETHER IN INDIA requirements as prescribed in the Listing designated persons of the company from dealing The company has adopted a ‘Prevention of Sexual
OR ABROAD: Regulations and the Act. in the securities of the company based on any Harassment (POSH) at Workplace Policy’ to
During the financial year 2022–23, the company does not unpublished price sensitive information, available prohibit or prevent any acts of sexual harassment
have any debt instruments, any fixed deposit programme, f) the policy for determining ‘material’ subsidiaries to them by virtue of their position in the company. at workplace and to provide the procedure for
any scheme, or any proposal involving mobilisation of is also posted on the company’s website and can the redressal of complaints pertaining to sexual
funds in India or abroad. be accessed at [Link] m) Further the company has framed a code of practices harassment, in line with the provisions of Sexual
content/uploads/2021/04/Policy-for-determining- and procedures for fair disclosure of unpublished Harassment of Women at Workplace (Prevention,

GREENPANEL INDUSTRIES LIMITED

23. OTHER DISCLOSURES: [Link] price sensitive information and the same is available Prohibition and Redressal) Act, 2013 and the rules
on the website of the company at [Link] made thereunder. The details of the complaint
a) 
The company does not have any materially
ANNUAL REPORT 2022-23

g) The related party transaction policy is also posted [Link]/wp-content/uploads/2021/04/ received under the above policy during the Financial
significant related party transactions, that may
on the company’s website and can be accessed [Link] Year 2022-23 are as follows.
have a potential conflict with the interests of the
at [Link]
company at large. Further, the statutory disclosure i. Number of complaints filed during the financial
uploads/2022/07/Related-Party-Transactions- n) 
Details of utilisation of funds raised through
requirements relating to related party transactions year: NIL.
[Link] preferential allotment or qualified institutions
have been complied with in the financial statements.
placement as specified under Regulation 32(7A): ii. Number of complaints disposed of during the
h) Disclosure of commodity price risks and commodity financial year: NIL.
b) 
The financial statements have been made in
hedging activity – N.A. The Company has not raised any funds
accordance with the accounting standards to iii. Number of complaints pending as on end of
through preferential allotment or qualified
represent a true and fair view of the state of the the financial year: NIL
i) Discretionary requirements as specified in Part E of institutions placement.
affairs of the company.
P - 122

Schedule II of the Listing Regulations: s) During the year under review, no loans and advances

P - 123
o) Certificate from a company secretary in practice that have been given by the company or its subsidiary,
c) Non-compliance, Penalties, Strictures imposed on
The company has complied with the discretionary none of the directors on the board of the company in the nature of loans to firms/companies in which
the company by the stock exchanges i.e., BSE and
requirements with regard to reporting of internal have been debarred or disqualified from being directors of the company are interested.
NSE or Securities and Exchange Board of India or
auditor directly to audit committee, moving towards appointed or continuing as directors of companies
any statutory authority on any matter related to the t) The company has no material subsidiary during the
a regime of unqualified financial statements and by the Board/Ministry of Corporate Affairs or any
GREENPANEL INDUSTRIES LIMITED

capital market during the last three years. year under review.

ANNUAL REPORT 2022-23

unmodified audit opinion and separating the such statutory authority is annexed to this report
post of chairman and managing director/chief as "Annexure-B".
i. The company has received notices of non- 24. THE COMPANY HAS COMPLIED WITH THE
executive officer.
compliance with regulation 19(1) of the Listing APPLICABLE REQUIREMENT SPECIFIED IN
p) During the financial year 2022-23, there was no
Regulations demanding a fine of `35,400/- REGULATIONS 17 TO 27 AND CLAUSE (B) TO
j) In addition to the directors’ report, a management recommendation of any committee of the board of
each, from National Stock Exchange of India (I) OF SUB-REGULATION (2) OF REGULATION
discussion and analysis report will also be sent to the company which is mandatorily required and has
Limited and BSE Limited regarding delay in 46 OF THE SEBI (LISTING OBLIGATIONS
the shareholders as a part of the annual report. All not accepted by the board of the company.
constitution of nomination and remuneration AND DISCLOSURE REQUIREMENTS)
key managerial personnel and senior management
committee. The delay was 15 days in the REGULATIONS, 2015.
have confirmed that they do not have any material, q) During the financial year 2022-23, total fees for all
reconstitution of the committee due to the
financial and commercial interest in transactions services paid by the company and/or its subsidiaries,
resignation of director, Ms. Sushmita Singha. 25. COMPLIANCE CERTIFICATE OF THE
with the company that may have a potential conflict on a consolidated basis, to the statutory auditor of
The company has paid the fine amount to both AUDITORS:
with the interest of the company at large. the company and all entities in the network firm/
the exchanges and the said committee has
network entity of which the statutory auditor is a The statutory auditors have certified that the company has
also been reconstituted on July 22, 2022.
k) All details relating to financial and commercial part is detailed below: complied with the conditions of corporate governance
transactions where directors may have a pecuniary as stipulated in the Listing Regulations and the same is
ii. The company has received notices under
interest are provided to the board and the interested Particulars Amount (`) annexed to this report as "Annexure-C".
regulation 23(9) of the Listing Regulations
directors neither participate in the discussion nor Statutory Audit Fees 46,60,395
demanding a fine of `17,700/- from National
vote on such matters. Tax Audit Fees Nil 26. DISCLOSURES WITH RESPECT TO DEMAT
Stock Exchange of India Limited and BSE
Quarterly Limited Review 3,90,000 SUSPENSE ACCOUNT/UNCLAIMED
Limited regarding delayed-compliance of
l) In order to prevent misuse of any unpublished price
Fees for other statutory certifications 70,000
SUSPENSE ACCOUNT:
disclosure of related party transactions on
sensitive information (UPSI), maintain confidentiality The disclosure as required to be given under regulation
consolidated basis. The company has paid Reimbursements of expenses 31,585
of all UPSI and prohibit any insider trading activity 34(3) read with clause F of schedule V of the Listing
the said fine amount to both the exchanges. Total 51,51,980
and abusive self-dealing of securities, in the interest Regulations are as follows:
of the shareholders at large, the company has framed
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Corporate Governance Report

ANNEXURE -B

Sl. No. Particulars

No. of
Shareholders
Outstanding
Shares
27. MANAGING DIRECTOR AND CEO AND CFO
CERTIFICATION: Certificate of Non-Disqualification of Directors
1. Aggregate number of 10 8346
shareholders and the The Managing Director and CEO and the CFO have issued (Pursuant to Regulation 34(3) and Schedule V Para C Clause (10)(i) of the SEBI
outstanding shares in certificate pursuant to the provisions of Regulation 17(8) (Listing Obligations and Disclosure Requirements) Regulation 2015)
the Suspense Account read with Part B of Schedule II of the Listing Regulations
lying at the beginning of certifying, inter alia, that the financial statements
the year
do not contain any materially untrue statement and
2. Number of shareholders - - To
who approached for
these statements represent a true and fair view of the
The Members,
transfer of shares from company’s affairs. The said certificate is annexed to this
Greenpanel Industries Limited
Suspense Account report as "Annexure-D".
during the year Thapar House, 2nd Floor,
3. Aggregate number of 10 8346 163, S. P. Mukherjee Road
shareholders and the For and on behalf of the Board of Directors Kolkata – 700 026
outstanding shares in

GREENPANEL INDUSTRIES LIMITED

the Suspense Account Shiv Prakash Mittal We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Greenpanel
lying at the end of the
Place: Gurgaon Executive Chairman Industries Limited, CIN L20100AS2017PLC018272, Thapar House, 2nd Floor, 163, S. P. Mukherjee Road, Kolkata – 700 026
ANNUAL REPORT 2022-23

year
Date: May 6, 2023 DIN: 00237242 (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
As on March 31, 2023, 8346 equity shares of the company
(Listing Obligations and Disclosure Requirements) Regulations, 2015.
held by 10 shareholders are unclaimed and held in
"Greenpanel Industries Limited – Unclaimed Suspense
In our opinion and to the best of our information and according to the verifications (including Directors Identification Number
Account" and the voting rights on the same shares shall
(DIN) status at the portal [Link]) as considered necessary and explanations furnished to us by the company and
remain frozen till the rightful owner of the said shares
its officers, we hereby certify that none of the directors on the board of the company as stated below for the financial year
claims such shares.
ending on 31st March, 2023 have been debarred or disqualified from being appointed or continuing as directors of companies
by the Securities and Exchange Board of India, Ministry of Corporate Affairs, or any such other statutory authority
P - 124

P - 125
Serial No. Name of the Directors DIN Date of Appointment
1 Mr. Shiv Prakash Mittal 00237242 13-12-2017
2 Mr. Shobhan Mittal 00347517 13-12-2017
Annexure to Corporate Governance Report 3 Mr. Salil Kumar Bhandari 00017566 06-08-2018
ANNEXURE -A 4 Mr. Mahesh Kumar Jiwrajka 07657748 06-08-2018
GREENPANEL INDUSTRIES LIMITED

ANNUAL REPORT 2022-23

5 Mr. Arun Kumar Saraf 00087063 14-08-2019
Declaration by the Managing Director and CEO under Regulation 26(3) read with Part D of 6 Ms. Shivpriya Nanda 01313356 06-07-2018
Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 Ms. Sushmita Singha (DIN:02284266) has resigned from the board of the company with effect from April 7, 2022

regarding Compliance with Code of Conduct

Ensuring the eligibility for the appointment / continuity as director on the board is the responsibility of the management
of the company. Our responsibility is to express an opinion based on our verification and representation made by the
To respective directors.
The Members,
Greenpanel Industries Limited For T. Chatterjee & Associates
Practicing Company Secretaries
In accordance with regulation 26(3) read with part D of schedule V of SEBI (Listing Obligations and Disclosure Requirements) FRN No. - P2007WB067100
Regulations, 2015, I hereby confirm that all the directors and senior management personnel of the company have affirmed
compliance with the code of conduct as applicable to them, for the financial year ended March 31, 2023. Binita Pandey - Partner
Place: Kolkata ACS: 41594, CP: 19730
Shobhan Mittal Date: May 1, 2023 UDIN: A041594E000233269
Place: Gurgaon Managing Director and CEO

Date: May 6, 2023 DIN: 00347517

 A Responsible Statutory Reports and
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Corporate Governance Report

ANNEXURE -C ANNEXURE -D

Auditor’s certificate on Corporate Governance Certification by Chief Executive Officer and

Chief Financial Officer
To
Pursuant to Regulation 17(8) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
The Members of
Greenpanel Industries Limited

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 regulation (2) To
of regulation 46 and para C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and The Members of
Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) for the financial year ended March 31, 2023. Greenpanel Industries Limited

MANAGEMENT’S RESPONSIBILITY FOR COMPLIANCE WITH THE CONDITIONS OF LISTING a) We have reviewed the financial statements and the cash flow statement for the financial year ended on March 31, 2023

GREENPANEL INDUSTRIES LIMITED

REGULATIONS 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 was limited
i. these statements do not contain any materially untrue statement or omit any material fact or contain statements
ANNUAL REPORT 2022-23

to the review of procedures and implementation thereof adopted by the company for ensuring compliance of the conditions
that might be misleading.
of corporate governance as stipulated in the said Regulations. This certificate is neither an assurance as to the future viability
of the company nor of the efficacy or effectiveness with which the management has conducted the affairs of the company. ii. these statements together present a true and fair view of the company’s affairs and are in compliance with existing
accounting standards, applicable laws, and regulations.
AUDITORS’ RESPONSIBILITY
b) There are, to the best of our knowledge and belief, no transactions entered by the company during the year which are
We conducted our examination in accordance with the guidance note on reports or certificates for special purposes issued
fraudulent, illegal, or violative of the company’s code of conduct.
by the Institute of Chartered Accountants of India. The guidance note requires that we comply with the ethical requirements
of the code of ethics issued by the Institute of Chartered Accountants of India. We have complied with the relevant applicable c) We accept responsibility for establishing and maintaining internal controls for financial reporting and that we have
requirements of the standard on quality control (SQC) 1, quality control for firms that perform audits and reviews of historical evaluated the effectiveness of internal control systems of the company pertaining to financial reporting and we have
financial information, and other assurance and related services engagements. disclosed to the auditors and the audit Committee, deficiencies in the design or operation of such internal controls, if
P - 126

any, of which we are aware and the steps we have taken or propose to take to rectify these deficiencies.

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OPINION
d) We have indicated to the auditors and the audit committee that there are no:
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 for the financial year i. Significant changes in internal control over financial reporting during the year.
ended March 31, 2023.
ii. Significant changes in accounting policies during the year and the same have been disclosed in the notes to the
GREENPANEL INDUSTRIES LIMITED

ANNUAL REPORT 2022-23

financial statements; and
We further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency or
effectiveness with which the management has conducted the affairs of the company. iii. Instances of significant fraud of which we have become aware and the involvement therein of the management or
an employee having a significant role in the Company’s internal control system over financial reporting.
EMPHASIS ON MATTER
We draw attention to other disclosures of the corporate governance report relating to non-compliance of regulation 19(1) of
Listing Regulation towards regarding delay in constitution of nomination and remuneration committee as explained in the
said note. On July 22, 2022 the company has taken corrective action to comply with the said regulation 19(1). Our opinion is Shobhan Mittal Vishwanathan Venkatramani
not modified in respect of this matter. Managing Director and CEO Chief Financial Officer
DIN: 00347517
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 or for any other purpose. Place: Gurgaon
Accordingly, we do not accept or assume any liability or any duty of care for any other purpose or to any other person to whom Date: May 6, 2023
this certificate is shown or into whose hands it may come without our prior consent in writing.

For S. S. KOTHARI MEHTA & COMPANY

Chartered Accountants
FRN - 000756N

Sunil Wahal
Partner
Place: New Delhi Membership No. 087294
Date: May 06, 2023 UDIN: 23087294BGTGTH7113
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Independent Auditors’ Report

To the Members of the ethical requirements that are relevant to our audit of the Key audit matters How our audit addressed the key audit matter
Greenpanel Industries Limited Standalone Financial Statements under the provisions of the Revenue recognition on sale of goods and impairment loss allowance on trade receivables
Act and the Rules thereunder, and we have fulfilled our other
Revenue is measured based on the transaction price, which Our audit procedures included, amongst others:
Report on the Audit of the Standalone Financial ethical responsibilities in accordance with these requirements is the consideration, adjusted for volume discounts, rebates,
Statements and the Code of Ethics. We believe that the audit evidence we a) We read and evaluated the Company’s policies for
scheme allowances, price concessions, incentives and
have obtained is sufficient and appropriate to provide a basis revenue recognition and impairment loss allowance and
OPINION returns, if any, (‘variable consideration’) as specified in the
assessed its compliance with Ind AS 115 – Revenue
for our audit opinion on the Standalone Financial Statements. contracts with the customers.
We have audited the accompanying Standalone Financial From Contracts With Customers’ and Ind AS 109
Statements of Greenpanel Industries Limited (“the Company”), An estimate of variable consideration payable to the ‘Financial Instruments’, respectively.
EMPHASIS OF MATTER customers is recorded as at the year end. Such estimation
which comprise the balance sheet as at March 31 2023, the b) We assessed the design and tested the operating
statement of profit and loss, including the statement of other We draw attention to Note no: 15 to the Standalone Financial is done based on the terms of contracts, rebates and
effectiveness of internal controls related to sales
Statement, on the basis of legal opinion the Company has discounts schemes and historical experience.
comprehensive income, the statement of cash flow and the including variable consideration and impairment loss
statement of changes in equity for the year then ended, not accounted for some of the Government subsidies as In accordance with Ind AS 109 – Financial Instruments, allowance on trade receivables.

GREENPANEL INDUSTRIES LIMITED

and notes to the financial statements, including a summary mentioned in the said note. Our opinion is not modified in the Company follows ‘simplified approach’ for recognition
c) We performed the following tests for a sample of
of significant accounting policies and other explanatory respect of this matter. of impairment loss allowance on trade receivables. In
ANNUAL REPORT 2022-23

transactions relating to variable consideration:

calculating the impairment loss allowance, the Company
information in which are included the returns for the year
KEY AUDIT MATTERS has considered its credit assessment and other related • Read the terms of contract including rebates
ended on that date audited by the branch auditor of the
credit information for its customers to estimate the and discounts schemes as approved by
Company’s branch located at Singapore (hereinafter referred Key audit matters are those matters that, in our professional probability of default in future and has considered
to as the “Standalone Financial Statements”) judgment, were of most significance in our audit of the authorized personnel.
estimates of possible effect from increased uncertainties
Standalone Financial Statements for the financial year ended in economic environment. We identified estimation of • Evaluated the assumptions used in estimation of
In our opinion and to the best of our information and according March 31, 2023. These matters were addressed in the context variable consideration and impairment loss allowance variable consideration by comparing with the past
to the explanations given to us and based on the consideration of our audit of the Standalone Financial Statements as a on trade receivables as a key audit matter because the trends and understand the reasons for deviation.
of report of other auditors on separate financial statements and whole, and in forming our opinion thereon, and we do not Company’s management exercises significant judgments
on the other financial information of the branch, the aforesaid provide a separate opinion on these matters. For each matter and estimates in calculating the said variable consideration • Performed retrospective review to identify and
and impairment loss allowance evaluate variances.
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Standalone Financial Statements give the information required below, our description of how our audit addressed the matter
by the Companies Act, 2013, as amended (“the Act”) in the is provided in that context. d) We evaluated management’s assessment of the

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manner so required and give a true and fair view in conformity assumptions used in the calculation of impairment loss
with the accounting principles generally accepted in India, of We have determined the matters described below to be the allowance on trade receivables, including consideration
the state of affairs of the Company as at March 31, 2023, its key audit matters to be communicated in our report. We of the current and estimated future uncertain economic
GREENPANEL INDUSTRIES LIMITED

profit including other comprehensive income, its cash flows have fulfilled the responsibilities described in the auditor’s conditions.
and the changes in equity for the year ended on that date. responsibilities for the audit of the Standalone Financial e) For sample customers, we tested past collection history,

ANNUAL REPORT 2022-23

Statements section of our report, including in relation to customer’s credit assessment and probability of default
BASIS FOR OPINION these matters. assessment performed by the management.
We conducted our audit of the Standalone Financial Statements f) We tested the mathematical accuracy and computation
in accordance with the Standards on Auditing (SAs), as Accordingly, our audit included the performance of of the allowances.
specified under section 143(10) of the Act. Our responsibilities procedures designed to respond to our assessment of the
g) We read and assessed the relevant disclosures made
under those Standards are further described in the Auditor’s risks of material misstatement of the standalone financial
within the standalone financial statements.
Responsibilities for the Audit of the Standalone Financial statements. The results of our audit procedures, including
Statements’ section of our report. We are independent of the the procedures performed to address the matters below,
INFORMATION OTHER THAN THE STANDALONE is materially inconsistent with the Standalone Financial
Company in accordance with the ‘Code of Ethics’ issued by provide the basis for our audit opinion on the accompanying
FINANCIAL STATEMENTS AND AUDITOR’S Statements, or our knowledge obtained in the audit or
the Institute of Chartered Accountants of India together with standalone financial statements.
REPORT THEREON otherwise appears to be materially misstated. When we
The Company’s Board of Directors is responsible for the other read Annual Report, if we conclude that there is a material
information. The other information comprises the information misstatement therein, we are required to communicate the
included in the Annual Report but does not include the matter to those charged with governance.
Standalone Financial Statements and our auditor’s report
thereon. The Annual Report is expected to be made available RESPONSIBILITIES OF MANAGEMENT FOR THE
to us after the date of this Auditors’ Report. Our opinion on STANDALONE FINANCIAL STATEMENTS
the Standalone Financial Statements does not cover the other The Company’s Board of Directors is responsible for the
information and we do not express any form of assurance matters stated in Section 134(5) of the Act with respect to
conclusion thereon. the preparation of these Standalone Financial Statements that
give a true and fair view of the financial position, financial
In connection with our audit of the Standalone Financial performance including other comprehensive income, cash
Statements, our responsibility is to read the other information flows and changes in equity of the Company in accordance
and, in doing so, consider whether the other information with the accounting principles generally accepted in India,
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Independent Auditors’ Report

including the Indian Accounting Standards (Ind AS) prescribed risk of not detecting a material misstatement resulting are therefore the key audit matters. We describe these matters (c) The report on the accounts of the branch office of
under Section 133 of the Act read with relevant Rules from fraud is higher than for one resulting from error, as in our auditor’s report unless law or regulation precludes the Company audited by branch auditor have been
issued thereunder. fraud may involve collusion, forgery, intentional omissions, public disclosure about the matter or when, in extremely sent to us and have been properly dealt with by us
misrepresentations, or the override of internal control. rare circumstances, we determine that a matter should in preparing this report.
This responsibility also includes maintenance of adequate not be communicated in our report because the adverse
• Obtain an understanding of internal control relevant to
accounting records in accordance with the provisions of consequences of doing so would reasonably be expected to (d) The balance sheet, the statement of profit and loss
the audit in order to design audit procedures that are
the Act for safeguarding the assets of the Company and outweigh the public interest benefits of such communication. including the statement of other comprehensive
appropriate in the circumstances. Under section 143(3)
for preventing and detecting frauds and other irregularities; income, the statement of cash flow and statement
(i) of the Act, we are also responsible for expressing our
selection and application of appropriate accounting policies; OTHER MATTERS of changes in equity dealt with by this Report are
opinion on whether the Company has adequate internal
making judgments and estimates that are reasonable and These Standalone Financial Statements includes the audited in agreement with the books of account and with
financial controls with reference to Standalone Financial
prudent; and design, implementation and maintenance of financial statements/financial information, in respect of the returns received from the branches not visited
Statements in place and the operating effectiveness of
adequate internal financial controls, that were operating one branch office situated outside India, whose financial by us;
such controls.
effectively for ensuring the accuracy and completeness

GREENPANEL INDUSTRIES LIMITED

statements include total assets of I849.47 lakh as at March
of the accounting records, relevant to the preparation and • Evaluate the appropriateness of accounting policies used 31, 2023, total revenues of I Nil, total net loss after tax of (e) In our opinion, the aforesaid Standalone Financial
ANNUAL REPORT 2022-23

presentation of the Standalone Financial Statements that give and the reasonableness of accounting estimates and I1101.47 lakh, total comprehensive loss of I1101.47 lakh for Statements comply with the Indian Accounting
a true and fair view and are free from material misstatement, related disclosures made by management. the year ended, as considered in the standalone financial Standards (Ind AS) specified under Section 133 of
whether due to fraud or error. statements, which have been audited by their independent the Act, read with relevant Rules issued thereunder;
• Conclude on the appropriateness of management’s use of
the going concern basis of accounting and, based on the auditor. The Company’s management has converted the
In preparing the Standalone Financial Statements, financial statements of such branch located outside India from (f) On the basis of the written representations received
audit evidence obtained, whether a material uncertainty
management is responsible for assessing the Company’s accounting principles generally accepted in their respective from the directors as on March 31, 2023, taken
exists related to events or conditions that may cast
ability to continue as a going concern, disclosing, as country to accounting principles generally accepted in India. on record by the Board of Directors, none of the
significant doubt on the Company’s ability to continue
applicable, matters related to going concern and using the We have audited these conversion adjustments made by the directors is disqualified as on March 31, 2023, from
as a going concern. If we conclude that a material
going concern basis of accounting unless management either Company’s management. The independent auditor’s report being appointed as a director in terms of Section
uncertainty exists, we are required to draw attention in our
intends to liquidate the Company or to cease operations, or on the financial statements of this branch has been furnished 164 (2) of the Act;
P - 130

auditor’s report to the related disclosures in the Financial

has no realistic alternative but to do so. to us by the Management and our opinion on the Statement
Statements or, if such disclosures are inadequate, to

P - 131
in so far as it relates to the amounts and disclosures included (g) With respect to the adequacy of the internal financial
modify our opinion. Our conclusions are based on the
Those Board of Directors are also responsible for overseeing in respect of this branch is based solely on the report of such controls with reference to these Standalone Financial
audit evidence obtained up to the date of our auditor’s
the Company’s financial reporting process. auditor. Our opinion is not modified in respect of this matter. Statements and the operating effectiveness of such
report. However, future events or conditions may cause
controls, refer to our separate Report in “Annexure
GREENPANEL INDUSTRIES LIMITED

the Company to cease to continue as a going concern.

AUDITOR’S RESPONSIBILITIES FOR THE AUDIT REPORT ON OTHER LEGAL AND REGULATORY B” to this Report;

ANNUAL REPORT 2022-23

OF THE STANDALONE FINANCIAL STATEMENTS • Evaluate the overall presentation, structure and content REQUIREMENTS
Our objectives are to obtain reasonable assurance about of the Standalone Financial Statements, including the (h) In our opinion, the managerial remuneration for the
1. As required by the Companies (Auditor’s Report) Order,
whether the Standalone Financial Statements as a whole disclosures, and whether the Financial Statements year ended March 31, 2023, has been paid/provided
2020 (“the Order”) issued by the Central Government
are free from material misstatement, whether due to fraud represent the underlying transactions and events in a by the Company to its directors in accordance with
of India in terms of section 143(11) of the Act, based
or error, and to issue an auditor’s report that includes our manner that achieves fair presentation. the provisions of section 197 read with Schedule V
on our audit and on the consideration of report of the
opinion. Reasonable assurance is a high level of assurance, to the Act;
other auditor on separate financial statements /financial
but is not a guarantee that an audit conducted in accordance We communicate with those charged with governance
information of the branch, as noted in the ‘Other Matter’
with SAs will always detect a material misstatement when it regarding, among other matters, the planned scope and (i) With respect to the other matters to be included in
paragraph, we give in the Annexure A, a statement on the
exists. Misstatements can arise from fraud or error and are timing of the audit and significant audit findings, including the Auditor’s Report in accordance with Rule 11 of
matters specified in the paragraph 3 and 4 of the Order.
considered material if, individually or in the aggregate, they any significant deficiencies in internal control that we identify the Companies (Audit and Auditors) Rules, 2014,
could reasonably be expected to influence the economic during our audit. as amended in our opinion and to the best of our
2. As required by Section 143(3) of the Act, we report that:
decisions of users taken on the basis of these Standalone information and according to the explanations given
Financial Statements. We also provide those charged with governance with a to us:
(a) We have sought and obtained all the information and
statement that we have complied with relevant ethical
explanations which to the best of our knowledge
As part of an audit in accordance with SAs, we exercise requirements regarding independence, and to communicate i. The Company has disclosed the impact of
and belief were necessary for the purposes of
professional judgment and maintain professional skepticism with them all relationships and other matters that may pending litigations on its financial position in its
our audit;
throughout the audit. We also: reasonably be thought to bear on our independence, and Standalone Financial Statements – Refer Note
where applicable, related safeguards. 37 to the Standalone Financial Statements;
(b) In our opinion, proper books of account as required
• Identify and assess the risks of material misstatement of by law have been kept by the Company so far as it
the Standalone Financial Statements, whether due to fraud From the matters communicated with those charged with ii. 
The Company did not have any long-
appears from our examination of those books and
or error, design and perform audit procedures responsive governance, we determine those matters that were of te r m contrac ts including de rivative
proper returns adequate for the purposes of our
to those risks, and obtain audit evidence that is sufficient most significance in the audit of the Standalone Financial contracts for which there were any material
audit have been received from the branches not
and appropriate to provide a basis for our opinion. The Statements for the financial year ended March 31, 2023, and foreseeable losses;
visited by us;
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Independent Auditors’ Report Annexure A

to the Independent Auditor’s Report to the Members of Greenpanel Industries Limited dated May 06, 2023.

iii. There were no amounts which were required c) Based on such audit procedures that were REPORT ON THE MATTERS SPECIFIED IN (c) The title deeds of all the immovable properties (other
to be transferred to the Investor Education and considered reasonable and appropriate PARAGRAPH 3 OF THE COMPANIES (AUDITOR’S than properties where the Company is the lessee
Protection Fund by the Company. in the circumstances, nothing has come REPORT) ORDER, 2020 (“THE ORDER’) ISSUED and the lease agreements are duly executed in favor
to our notice that has caused us to BY THE CENTRAL GOVERNMENT OF INDIA IN of the lessee) are held in the name of the Company.
iv. a) The management has represented that, believe that the representations under TERMS OF SECTION 143(11) OF THE COMPANIES
to the best of its knowledge and belief, sub-clause iv (a) and iv (b) contain any ACT, 2013 (“THE ACT”) AS REFERRED TO IN (d) The Company has not revalued its property, plant
as disclosed in the notes to the financial material misstatement. PARAGRAPH 1 OF ‘REPORT ON OTHER LEGAL and equipment (including right of use assets) or
statements, no funds have been advanced AND REGULATORY REQUIREMENTS’ SECTION. intangible assets during the year ended March
or loaned or invested by the Company to v. The interim dividend declared and paid during i. (a) (A) The Company has maintained proper records 31, 2023.
or in any other person or entities, including the year by the Company is in compliance with showing full particulars including quantitative
foreign entities (“Intermediaries”), with section 123 of the Act. details and situation of property, plant (e) There are no proceedings initiated or are pending
the understanding, whether recorded in and equipment. against the Company for holding any benami
writing or otherwise, that the Intermediary vi. 
Proviso to Rule 3(1) of the Companies property under the Prohibition of Benami Property

GREENPANEL INDUSTRIES LIMITED

shall, whether, directly or indirectly lend (Accounts) Rules, 2014 for maintaining books (a) (B) The Company has maintained proper records Transactions Act, 1988 and rules made thereunder.
ANNUAL REPORT 2022-23

or invest in other persons or entities of account using accounting software which showing full particulars of intangibles assets.
identified in any manner whatsoever by has a feature of recording audit trail (edit log) ii. (a) 
The management has conducted physical
or on behalf of the company (“Ultimate facility is applicable to the Company with effect (b) The property, plant and equipment have been verification of inventory at reasonable intervals
Beneficiaries”) or provide any guarantee, from April 1, 2023, and accordingly, reporting physically verified by the management during the during the year. In our opinion the coverage and the
security or the like on behalf of the under Rule 11(g) of Companies (Audit and year, the frequency of which, in our opinion, is procedure of such verification by the management
Ultimate Beneficiaries; Auditors) Rules, 2014 is not applicable for the reasonable having regard to the size of the Company is appropriate. Discrepancies if any of 10% or more
financial year ended March 31, 2023. and the nature of its assets. No discrepancies were in aggregate, if any, for each class of inventory were
b) The management has represented that, noticed on such verification. noticed on such physical verification and have been
to the best of its knowledge and belief, For S.S. Kothari Mehta & Company properly dealt with in the books of account.
as disclosed in the notes to the financial Chartered Accountants
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statements, no funds have been received Firm’s Registration No. 000756N ii. (b) As disclosed in Note 49 to the Standalone Financial Statements, the Company has been sanctioned working capital

P - 133
by the Company from any person or limits in excess of I five crores in aggregate from banks and/or financial institutions during the year on the basis
Sunil Wahal
entity, including foreign entities (“Funding of security of current assets of the Company. The quarterly returns/statements filed by the Company with such
Partner
Parties”), with the understanding, whether banks and financial institutions are not in agreement with the books of accounts of the Company and the details
Membership No. 087294
recorded in writing or otherwise, that are as follows;
GREENPANEL INDUSTRIES LIMITED

UDIN: 23087294BGTGTF6373
the Company shall, whether, directly or

ANNUAL REPORT 2022-23

indirectly, lend or invest in other persons I in lakhs
Place: New Delhi Value per books of Value per quarterly Discrepancy (give
or entities identified in any manner Quarter ending
Date: May 06, 2023 account return/statement details)
whatsoever by or on behalf of the Funding
For each class of current asset
Party (“Ultimate Beneficiaries”) or provide
June 30, 2022 6,259.49 16,666.93 (10,407.44)
any guarantee, security or the like on
behalf of the Ultimate Beneficiaries; and September 30, 2022 10,743.63 19,654.68 (8,911.05)
December 31, 2022 9,639.27 18,396.34 (8,757.07)
March 31, 2023 8,587.78 14,517.29 (5,929.51)

iii. According to the information and explanations given to us that in respect of loans, investments, guarantees and
and on the basis of our examination of the records of the security, the Company has complied with the provisions
Company, During the year the Company has not provided of the Section 185 and 186 of the Act
loans, advances in the nature of loans, stood guarantee
or provided security to companies, firms, Limited Liability v. In our opinion and according to the information and
Partnerships or any other parties. Accordingly, the explanations given to us, the Company has not accepted
requirement to report on clause 3(iii) of the Order is not any deposits from the public within the meaning of
applicable to the Company. directives issued by the Reserve Bank of India and
provisions of sections 73 to 76 or any other relevant
iv. 
According to the information, explanations and provisions of the Act and the Rules framed thereunder.
representations provided by the management and based
upon audit procedures performed, we are of the opinion
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Annexure A

vi. The Company is not required to maintain the books including goods and services tax, provident fund, xii. The Company is not a Nidhi Company as per the xix On the basis of the financial ratios disclosed in note
of account pursuant to the rules made by the Central employees’ state insurance, income-tax, sales-tax, provisions of the Act. Therefore, the requirement to 47 to the Standalone Financial Statements, ageing
Government for the maintenance of cost records under service tax, duty of customs, duty of excise, value report on clause 3(xii)(a), 3(xii)(b) and 3(xiii)(c) of the Order and expected dates of realization of financial assets
section 148(1) of the Act. However, Company maintains added tax, cess and other statutory dues applicable are not applicable to the Company. and payment of financial liabilities, other information
adequate cost records in respect of the Company’s to it. According to the information and explanations accompanying the Standalone Financial Statements, our
products. We have, however, not made a detailed given to us and based on audit procedures xiii. Transactions with the related parties are in compliance knowledge of the Board of Directors and management
examination of the said records with a view to determine performed by us, no undisputed amounts payable with sections 177 and 188 of Companies Act, 2013 plans and based on our examination of the evidence
whether they are accurate or complete. in respect of these statutory dues were outstanding, where applicable and the details have been disclosed supporting the assumptions, nothing has come to our
at the year end, for a period of more than six months in the notes to the Standalone Financial Statements, as attention, which causes us to believe that any material
vii. a. 
The Company is regular in depositing with from the date they became payable. required by the applicable accounting standards. uncertainty exists as on the date of the audit report that
appropriate authorities undisputed statutory dues Company is not capable of meeting its liabilities existing
xiv (a) 
The Company has an internal audit system at the date of balance sheet as and when they fall due
b. There are no dues of goods and services tax, provident fund, employees’ state insurance, income tax, sales-tax, commensurate with the size and nature of within a period of one year from the balance sheet date.

GREENPANEL INDUSTRIES LIMITED

service tax, customs duty, excise duty, value added tax, cess, goods and service tax and other statutory dues which its business. We, however, state that this is not an assurance as to
ANNUAL REPORT 2022-23

have not been deposited on account of any dispute except the following: the future viability of the Company. We further state that
(b) The internal audit reports of the Company issued our reporting is based on the facts up to the date of the
Period for Forum where till the date of the audit report, for the period under audit report and we neither give any guarantee nor any
Amount in
Name of the statute Nature of dues which the dispute is audit have been considered by us. assurance that all liabilities falling due within a period of
K lakhs
amount relates pending
one year from the balance sheet date, will get discharged
Finance Act, 1994 Denial of refund of service tax refund on timber 630.66 August 2013 to CESTAT, New
xv. In our opinion, and according to the information and by the Company as and when they fall due.
transportation May 2014 Delhi
explanations given to us, the Company has not entered
Custom Act, 1962 Disallowance of benefits under SHIS license 391.92 July 2013 to CESTAT,
into any non-cash transactions with directors or persons xx (a) In respect of other than ongoing projects, there
December Kolkata
2014 connected with him as referred in section 192 of the Act. are no unspent amounts that are required to be
transferred to a fund specified in Schedule VII of
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viii. The Company has not surrendered or disclosed any (f) The Company has not raised loans during the year xvi. (a) According to the information and explanations the Companies Act (the Act), in compliance with

P - 135
transaction, previously unrecorded in the books of on the pledge of securities held in its subsidiary. given to us, the provisions of section 45-IA of the second proviso to sub section 5 of section 135 of
account, in the tax assessments under the Income Tax Hence, the requirement to report on clause (ix)(f) of Reserve Bank of India Act, 1934 are not applicable the Act. This matter has been disclosed in note 33(ii)
Act, 1961 as income during the year. Accordingly, the the Order is not applicable to the Company. to the Company. to the financial statements.
GREENPANEL INDUSTRIES LIMITED

requirement to report on clause 3(viii) of the Order is not

applicable to the Company. x. (a) The Company has not raised any money during the (b) The Company has not conducted any Non-Banking (b) All amounts that are unspent under section (5) of

ANNUAL REPORT 2022-23

year by way of initial public offer/further public offer Financial or Housing Finance activities without section 135 of the Act, pursuant to any ongoing
ix. (a) The Company has not defaulted in repayment of (including debt instruments) hence, the requirement obtained a valid Certificate of Registration (CoR) project, has been transferred to special account
loans or other borrowings or in the payment of to report on clause 3(x)(a) of the Order is not from the Reserve Bank of India as per the Reserve in compliance with provisions of sub section (6) of
interest thereon to any lender. applicable to the Company. Bank of India Act, 1934. section 135 of the said Act. This matter has been
disclosed in Note 33(ii) to the financial statements.
(b) The Company has not been declared willful defaulter (b) 
The Company has not made any preferential (c) The Company is not a Core Investment Company
by any bank or financial institution or government or allotment or private placement of shares/fully or as defined in the regulations made by Reserve Bank xxi. The Companies (Auditors Report) Order (CARO) reports
any government authority. partially or optionally convertible debentures during of India. Accordingly, the requirement to report on is not applicable to Company’s foreign subsidiary
the year under audit and hence, the requirement to clause 3(xvi)(c) of the Order is not applicable to Greenpanel Singapore Pte Ltd. Accordingly, the
(c) The Company has not taken any term loan during report on clause 3(x)(b) of the Order is not applicable the Company requirement to report on clause 3(xxi) of the Order is
the year hence, the requirement to report on clause to the Company. not applicable to the Holding Company.
(ix)(c) of the Order is not applicable to the Company. (d) The Group has one Core Investment Company as
xi. (a) No fraud/ material fraud by the Company or no fraud part of the Group. For S.S. Kothari Mehta & Company
(d) 
On an overall examination of the Standalone /material fraud on the Company has been noticed Chartered Accountants
Financial Statements of the Company, no funds or reported during the year. xvii. The Company has not incurred cash losses in the current Firm’s Registration No. 000756N
raised on short-term basis have been used for long- financial year and the previous year.
Sunil Wahal
term purposes by the Company. (b) During the year, no report under sub-section (12) of Partner
section 143 of the Act, has been filed by secretarial xviii. There has been no resignation of the statutory auditors
Membership No. 087294
(e) 
On an overall examination of the Standalone auditor or by us in Form ADT – 4 as prescribed under during the year and accordingly requirement to report
UDIN: 23087294BGTGTF6373
Financial Statements of the Company, the Rule 13 of Companies (Audit and Auditors) Rules, on Clause 3(xviii) of the Order is not applicable to
Company has not taken any funds from any entity 2014 with the Central Government. the Company.
Place: New Delhi
or person on account of or to meet the obligations Date: May 06, 2023
of its subsidiary. The Company doesn’t have any (c) As represented to us by the management, there
associates or joint ventures. are no whistle blower complaints received by the
Company during the year.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Annexure B
to the Independent Auditor’s Report to the Members of Greenpanel Industries Limited dated May 06, 2023.

REPORT ON THE INTERNAL FINANCIAL to an audit of Internal Financial Controls and, both issued b) 
provide reasonable assurance that transactions OPINION
CONTROLS UNDER CLAUSE (I) OF SUB-SECTION by the Institute of Chartered Accountants of India. Those are recorded as necessary to permit preparation In our opinion, the Company has, in all material respects,
3 OF SECTION 143 OF THE ACT AS REFERRED Standards and the Guidance Note require that we comply of Standalone Financial Statements in accordance an adequate internal financial controls system over financial
TO IN PARAGRAPH 2(G) OF ‘REPORT ON OTHER with ethical requirements and plan and perform the audit to with generally accepted accounting principles, and reporting and such internal financial controls over financial
LEGAL AND REGULATORY REQUIREMENTS’ obtain reasonable assurance about whether adequate internal that receipts and expenditures of the company are reporting were operating effectively as at March 31, 2023,
SECTION financial controls over financial reporting was established being made only in accordance with authorizations of based on “the internal control over financial reporting criteria
We have audited the internal financial controls over financial and maintained and if such controls operated effectively in management and directors of the company; and established by the Company considering the essential
reporting of the Greenpanel Industries Limited (the ‘Company’) all material respects. components of internal control stated in the Guidance Note on
as of March 31, 2023, in conjunction with our audit of the c) provide reasonable assurance regarding prevention or Audit of Internal Financial Controls Over Financial Reporting
Standalone Financial Statements of the Company for the year Our audit involves performing procedures to obtain audit timely detection of unauthorized acquisition, use, or issued by the Institute of Chartered Accountants of India”.
ended on that date. evidence about the adequacy of the internal financial disposition of the company's assets that could have a
controls system over financial reporting and their material effect on the Standalone Financial Statements. For S.S. Kothari Mehta & Company
operating effectiveness.

GREENPANEL INDUSTRIES LIMITED

MANAGEMENT’S RESPONSIBILITY FOR INTERNAL Chartered Accountants
FINANCIAL CONTROLS INHERENT LIMITATIONS OF INTERNAL FINANCIAL Firm’s Registration No. 000756N
ANNUAL REPORT 2022-23

Our audit of internal financial controls over financial reporting CONTROLS OVER FINANCIAL REPORTING
The Company’s management is responsible for establishing Sunil Wahal
included obtaining an understanding of internal financial Because of the inherent limitations of internal financial
and maintaining internal financial controls based on “the Partner
controls over financial reporting, assessing the risk that a controls over financial reporting, including the possibility
internal control over financial reporting criteria established Membership No. 087294
material weakness exists, and testing and evaluating the of collusion or improper management override of controls,
by the Company considering the essential components UDIN: 23087294BGTGTF6373
design and operating effectiveness of internal control based material misstatements due to error or fraud may occur and
of internal control stated in the Guidance Note on Audit of
on the assessed risk. The procedures selected depend on not be detected. Also, projections of any evaluation of the
Internal Financial Controls Over Financial Reporting issued Place: New Delhi
the auditor’s judgement, including the assessment of the internal financial controls over financial reporting to future
by the Institute of Chartered Accountants of India”. These Date: May 06, 2023
risks of material misstatement of the Standalone Financial periods are subject to the risk that the internal financial control
responsibilities include the design, implementation and
Statements, whether due to fraud or error. over financial reporting may become inadequate because of
maintenance of adequate internal financial controls that were
changes in conditions, or that the degree of compliance with
P - 136

operating effectively for ensuring the orderly and efficient

We believe that the audit evidence we have obtained is the policies or procedures may deteriorate.
conduct of its business, including adherence to company’s

P - 137
sufficient and appropriate to provide a basis for our audit
policies, the safeguarding of its assets, the prevention and
opinion on the Company’s internal financial controls system
detection of frauds and errors, the accuracy and completeness
over financial reporting.
of the accounting records, and the timely preparation of
GREENPANEL INDUSTRIES LIMITED

reliable financial information, as required under the Act.

MEANING OF INTERNAL FINANCIAL CONTROLS

ANNUAL REPORT 2022-23

OVER FINANCIAL REPORTING
AUDITORS’ RESPONSIBILITY
A company's internal financial control over financial reporting
Our responsibility is to express an opinion on the Company's
is a process designed to provide reasonable assurance
internal financial controls over financial reporting based on
regarding the reliability of financial reporting and the
our audit.
preparation of Standalone Financial Statements for external
purposes in accordance with generally accepted accounting
We conducted our audit in accordance with the Guidance
principles. A company's internal financial control over financial
Note on Audit of Internal Financial Controls Over Financial
reporting includes those policies and procedures that:
Reporting (the “Guidance Note”) and the Standards on
Auditing, issued by ICAI and deemed to be prescribed
a) pertain to the maintenance of records that, in reasonable
under section 143(10) of the Act, to the extent applicable
detail, accurately and fairly reflect the transactions and
to an audit of internal financial controls, both applicable
dispositions of the assets of the company;
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Standalone Balance Sheet Standalone Statement of Profit and Loss

as at 31 March 2023 for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

Note 31 March 2023 31 March 2022 Year ended Year ended

Assets Note
31 March 2023 31 March 2022
Non-current assets
Revenue from operations 25 1,78,285.99 1,62,443.27
Property, plant and equipment 4 94,533.84 98,880.18
Capital work-in-progress 5 488.74 - Other income 26 1,819.00 823.76
Other intangible assets 6 33.99 19.35 Total income 1,80,104.99 1,63,267.03
Right of use assets 38 4,593.55 2,035.92
Financial assets Expenses
Investments 7 2,205.85 5,244.62 Cost of materials consumed 27 73,668.67 66,058.84
Other financial assets 15 2,115.05 1,662.33
Other non-current assets 14 5,290.33 93.65 Purchase of stock in trade 28 1,468.08 1,079.07
Total non-current assets 1,09,261.35 1,07,936.05 Changes in inventories of finished goods, work-in-progress and stock in trade 29 (558.11) (106.42)
Current assets
Employees benefits expense 30 13,658.27 12,290.32
Inventories 10 15,253.48 16,581.57
Financial assets Finance costs 31 1,868.42 1,646.15
Trade receivables 11 4,439.73 4,144.32 Depreciation and amortisation expense 32 6,898.22 6,799.38
Cash and cash equivalents 12 1,103.02 5,603.76

GREENPANEL INDUSTRIES LIMITED

Other bank balances 13 34,478.42 16,523.23 Other expenses 33 48,997.01 41,316.25
Loans 8 50.00 72.16 Total expenses 1,46,000.56 1,29,083.59
ANNUAL REPORT 2022-23

Derivatives 23 60.52 -
Profit before exceptional items and tax 34,104.43 34,183.44
Other financial assets 15 3,559.23 3,645.86
Other current assets 16 2,249.17 1,910.78 Exceptional items 34 (2,428.70) -
Total current assets 61,193.57 48,481.68 Profit before tax 31,675.73 34,183.44
Total assets 1,70,454.92 1,56,417.73
Equity and liabilities Current tax (6,141.49) (5,901.97)
Equity Earlier years tax (19.76) (69.39)
Equity share capital 17 1,226.27 1,226.27
Other equity 18 1,18,908.76 97,488.39 Deferred tax (2,518.30) (4,875.67)
Total equity 1,20,135.03 98,714.66 Tax expense 35 (8,679.55) (10,847.03)
Liabilities
Profit for the year after tax 22,996.18 23,336.41
Non-current liabilities
Financial liabilities Other comprehensive income
P - 138

Borrowings 19 12,707.86 16,503.11 Items that will not be reclassified subsequently to profit or loss:

P - 139
Lease liabilities 38 3,035.10 676.11
Other financial liabilities 20 668.74 858.34 Remeasurements of defined benefit (liability)/asset 352.25 (196.73)
Provisions 21 1,088.68 1,109.65 Income tax relating to items that will not be reclassified to profit or loss (88.65) 68.75
Deferred tax liabilities (net) 35 9,431.18 6,824.23
Net other comprehensive income not to be reclassified 263.60 (127.98)
Total non-current liabilities 26,931.56 25,971.44
subsequently to profit or loss
GREENPANEL INDUSTRIES LIMITED

Current liabilities
Financial liabilities Total comprehensive income for the year 23,259.78 23,208.43

ANNUAL REPORT 2022-23

Borrowings 19 6,335.07 11,741.57
Earnings per equity share [Face value of equity share K1 each] 36
Lease liabilities 38 684.87 259.70
Trade payables - Basic (I) 18.75 19.03
total outstanding dues of micro enterprises and small enterprises 22 268.50 60.98
- Diluted (I) 18.75 19.03
total outstanding dues of creditors other than micro enterprises and small enterprises 22 10,836.93 14,728.78
Derivatives 23 - 35.77 Significant accounting policies 3
Other financial liabilities 20 1,699.14 2,138.83 The accompanying notes form an integral part of these standalone financial statements
Other current liabilities 24 3,288.37 2,289.04
Provisions 21 171.17 304.12
Current tax liabilities (net) 9 104.28 172.84 As per our report of even date attached
Total current liabilities 23,388.33 31,731.63
Total liabilities 50,319.89 57,703.07
For S. S. Kothari Mehta & Company For and on behalf of Board of Directors of
Total equity and liabilities 1,70,454.92 1,56,417.73
Chartered Accountants Greenpanel Industries Limited
Significant accounting policies 3
Firm Registration number.: 000756N CIN: L20100AS2017PLC018272
The accompanying notes form an integral part of these standalone financial statements
Sunil Wahal Shiv Prakash Mittal Shobhan Mittal
As per our report of even date attached Partner Executive Chairman Managing Director & CEO
Membership No: 087294 (DIN : 00237242) (DIN : 00347517)
For S. S. Kothari Mehta & Company For and on behalf of Board of Directors of
Chartered Accountants Greenpanel Industries Limited
Firm Registration number.: 000756N CIN: L20100AS2017PLC018272 Vishwanathan Venkatramani Lawkush Prasad
Chief Financial Officer Company Secretary & VP-Legal
Sunil Wahal Shiv Prakash Mittal Shobhan Mittal
Partner Executive Chairman Managing Director & CEO Place : Gurgaon Place : Gurgaon
Membership No: 087294 (DIN : 00237242) (DIN : 00347517) Dated : 6 May 2023 Dated : 6 May 2023

Vishwanathan Venkatramani Lawkush Prasad

Chief Financial Officer Company Secretary & VP-Legal

Place : Gurgaon Place : Gurgaon

Dated : 6 May 2023 Dated : 6 May 2023
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Standalone Statement of Changes in Equity Standalone Statement of Cash Flows

for the year ended 31 March 2023 for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

A) EQUITY SHARE CAPITAL Year ended Year ended

31 March 2023 31 March 2022
Particulars Note Amount
A. Cash flows from operating activities
Balance as at 1 April 2021 1,226.27
Profit before tax 31,675.73 34,183.44
Issue of equity share capital during the year -
Adjustments for:
Balance as at 31 March 2022 1,226.27
Depreciation and amortisation expense 6,898.22 6,799.38
Issue of equity share capital during the year -
Finance costs 1,868.42 1,646.15
Balance as at 31 March 2023 17 1,226.27
Write back of liability no longer required (1,083.75) -
Provision against impairment of investment 3,038.77 -
B) OTHER EQUITY
Provision for doubtful debts 83.72 37.95
Reserves and surplus
Loss on sale/discard of property, plant and equipment 592.76 283.75
Particulars Note Capital Retained Total
reserve earnings Interest income (1,645.09) (481.45)

GREENPANEL INDUSTRIES LIMITED

Balance as at 1 April 2021 62,380.34 13,739.03 76,119.37 Gain on lease termination (49.73) -
Unrealised foreign exchange fluctuations (net) 370.71 (2,082.17)
ANNUAL REPORT 2022-23

Total comprehensive income for the year ended 31 March 2022

Profit for the year - 23,336.41 23,336.41 Government grants - EPCG scheme - (3,379.73)
Other comprehensive income/(loss) (net of tax) - (127.98) (127.98) 10,074.03 2,823.88
Total comprehensive income - 23,208.43 23,208.43 Operating cash flows before working capital changes 41,749.76 37,007.32
Dividend paid (Refer note 48) - (1,839.41) (1,839.41) Working capital adjustments:
Balance as at 31 March 2022 62,380.34 35,108.05 97,488.39 (Increase)/decrease in trade and other receivables (680.23) 3,386.65
Balance as at 1 April 2022 62,380.34 35,108.05 97,488.39 (Increase)/decrease in inventories 1,328.09 (1,645.77)
Total comprehensive income for the year ended 31 March 2023 Increase/(decrease) in trade and other payables (2,243.97) 3,075.51
Profit for the year - 22,996.18 22,996.18 (1,596.11) 4,816.39
Other comprehensive income/(loss) (net of tax) - 263.60 263.60 Cash generated from operating activities 40,153.65 41,823.71
P - 140

Total comprehensive income - 23,259.78 23,259.78 Income tax paid (net) (6,229.81) (5,804.63)

P - 141
Dividend paid (Refer note 48) - (1,839.41) (1,839.41) Net cash generated from operating activities 33,923.84 36,019.08
Balance as at 31 March 2023 18 62,380.34 56,528.42 1,18,908.76 B. Cash flows from investing activities
Significant accounting policies 3 Payment for property, plant and equipment (Refer note ii below) (8,855.28) (3,448.45)
GREENPANEL INDUSTRIES LIMITED

The accompanying notes form an integral part of these standalone Proceeds from sale of property, plant and equipment 249.96 72.36
financial statements Proceeds/(Investment) in fixed deposits with banks (net) (17,953.19) (10,578.72)

ANNUAL REPORT 2022-23

Interest received 1,198.88 301.90
As per our report of even date attached Net cash used in investing activities (25,359.63) (13,652.91)
C. Cash flows from financing activities
For S. S. Kothari Mehta & Company For and on behalf of Board of Directors of
Chartered Accountants Greenpanel Industries Limited Proceeds/(Repayment) from short term borrowings (net) (5,720.58) 5,608.23
Firm Registration number.: 000756N CIN: L20100AS2017PLC018272 Repayment of long term borrowings (4,281.51) (20,310.33)
Interest paid (843.21) (1,145.61)
Sunil Wahal Shiv Prakash Mittal Shobhan Mittal
Partner Executive Chairman Managing Director & CEO Dividend paid (1,839.41) (1,839.41)
Membership No: 087294 (DIN : 00237242) (DIN : 00347517) Payment of lease liabilities (225.04) (246.80)
Interest paid on lease liabilities (155.20) (94.98)
Vishwanathan Venkatramani Lawkush Prasad Net cash flow used in financing activities (13,064.95) (18,028.89)
Chief Financial Officer Company Secretary & VP-Legal Net (decrease)/increase in cash and cash equivalents (4,500.74) 4,337.28
Place : Gurgaon Place : Gurgaon Cash and cash equivalents at 1 April 2022 (refer note 12) 5,603.76 1,266.48
Dated : 6 May 2023 Dated : 6 May 2023 Cash and cash equivalents at 31 March 2023 (refer note 12) 1,103.02 5,603.76

Notes:
(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) Payment for property, plant and equipment includes capital work-in-progress (including capital advances and liability for capital goods) during
the year.
(iii) Change in liabilities arising from financing activities:
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Standalone Statement of Cash Flows Notes

for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise

I in lakhs 1. CORPORATE INFORMATION d. Use of estimates and judgements

Foreign
Particulars
As on
Cash flows Exchange
As on Greenpanel Industries Limited (the ‘Company’) is a In preparing these standalone financial statements,
31 March 2022 31 March 2023
Differences public listed company domiciled in India having its management has made judgements, estimates and
Non-current borrowings including current maturities 21,037.64 (4,281.51) 800.34 17,556.47 registered office situated at 'Thapar House', 2nd Floor, assumptions that affect the application of accounting
(Note 19) 163 S.P. Mukherjee Road, Kolkata-700026, India. The policies and the reported amounts of assets, liabilities,
Current Borrowings (Note 19) 7,207.04 (5,720.58) - 1,486.46 Company has been incorporated under the provisions of income and expenses. Management believes that the
the Companies Act, 1956 and its equity shares are listed estimates used in the preparation of the standalone
I in lakhs on National Stock Exchange (NSE) and Bombay Stock financial statements are prudent and reasonable. Actual
As on
Foreign
As on
Exchange (BSE) in India. The Company is primarily involved results may differ from these estimates.
Particulars Cash flows Exchange
31 March 2021
Differences
31 March 2022 in manufacturing of plywood, medium density fibre board
(MDF) and allied products. During the year Company has Estimates and underlying assumptions are reviewed on
Non-current borrowings including current maturities 43,089.10 (20,310.33) (1,741.13) 21,037.64
(Note 19) incorporated a branch at Singapore under the same trade an ongoing basis. Revisions to accounting estimates are

GREENPANEL INDUSTRIES LIMITED

Current Borrowings (Note 19) 1,598.81 5,608.23 - 7,207.04 name for marketing of its products in overseas market. recognised prospectively.
The Company has an overseas wholly owned subsidiary
ANNUAL REPORT 2022-23

company namely Greenpanel Singapore Pte. Limited, Judgements

As per our report of even date attached
incorporated in Singapore, is engaged into marketing of Information about judgements made in applying
For S. S. Kothari Mehta & Company For and on behalf of Board of Directors of Medium Density Fibreboards and allied products. This accounting policies that have the most significant effects
Chartered Accountants Greenpanel Industries Limited Subsidiary has ceased its operations with effect from on the amounts recognised in the standalone financial
Firm Registration number.: 000756N CIN: L20100AS2017PLC018272
October 2022. statements is included in the note on lease classification.
Sunil Wahal Shiv Prakash Mittal Shobhan Mittal
Partner Executive Chairman Managing Director & CEO 2. BASIS OF PREPARATION Assumptions and estimation uncertainties
Membership No: 087294 (DIN : 00237242) (DIN : 00347517)
a. Statement of compliance Information about assumptions and estimation
These standalone financial statements are prepared in uncertainties that have a significant risk of resulting
Vishwanathan Venkatramani Lawkush Prasad
P - 142

Chief Financial Officer Company Secretary & VP-Legal accordance with Indian Accounting Standards (Ind AS) in a material adjustment in the standalone financial

P - 143
as per the Companies (Indian Accounting Standards) statements for the every period ended is included in the
Place : Gurgaon Place : Gurgaon Rules, 2015 as amended, notified under Section 133 following notes:
Dated : 6 May 2023 Dated : 6 May 2023
of the Companies Act, 2013 (‘Act’) and other relevant
provisions of the Act. • Note 4 – useful life and residual value of property,
GREENPANEL INDUSTRIES LIMITED

plant and equipment;

These standalone financial statements are authorised for

ANNUAL REPORT 2022-23

• Note 31 – measurement of defined benefit obligations:
issue by the Board of Directors of the Company at their
key actuarial assumptions;
meeting held on 6 May 2023.
• Note 35 – recognition of deferred tax assets;
The details of the Company’s accounting policies are
• Note 37 – recognition and measurement of provisions
included in note 3.
and contingencies: key assumptions about
the likelihood and magnitude of an outflow
b. Functional and presentation currency
of resources;
These standalone financial statements are presented in
Indian Rupees (I), which is also the Company’s functional • Note 42 – impairment of financial assets: key
currency. All amounts have been rounded off to the assumptions used in estimating recoverable cash
nearest lakhs, unless otherwise indicated. flows.

c. Basis of measurement e. Measurement of fair values

The standalone financial statements have been prepared A number of the Company’s accounting policies and
on historical cost basis, except for the following items: disclosures require the measurement of fair values, for
both financial and non-financial assets and liabilities.
Items Measurement
The Company has an established control framework
with respect to the measurement of fair values. The
Derivative financial Fair value
instruments management has overall responsibility for overseeing
Net defined benefit Present value of defined benefit all significant fair value measurements and it regularly
(asset)/liability obligations reviews significant unobservable inputs and valuation
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023

adjustments. If third party information, such as broker (ii) it is held primarily for the purpose of being traded; b. Foreign currency transactions (a) the asset is held within a business model whose
quotes or pricing services, is used to measure fair Transactions in foreign currencies are translated into the objective is to hold assets to collect contractual
values, then the management assesses the evidence (iii) it is expected to be realised within 12 months after respective functional currency of the Company at the cash flows; and
obtained from the third parties to support the conclusion the reporting date; or exchange rates prevailing at the dates of the transactions.
that these valuations meet the requirements of Ind Monetary assets and liabilities denominated in foreign (b) the contractual terms of the financial asset give
AS, including the level in the fair value hierarchy (iv) it is cash or cash equivalent unless it is restricted currencies are translated into the functional currency at rise on specified dates to cash flows that are solely
in which the valuations should be classified. from being exchanged or used to settle a liability for the exchange rate at the reporting date. Non-monetary payments of principal and interest (SPPI) on the
Significant valuation issues are reported to the at least 12 months after the reporting date. assets and liabilities that are measured at fair value in principal amount outstanding.
Company’s audit committee." a foreign currency are translated into the functional
Current assets include current portion of non- currency at the exchange rate when the fair value was The effective interest rate (EIR) method of amortisation
Fair values are categorised into different levels in a fair current financial assets. determined. Non-monetary assets and liabilities that is included in finance income in the Statement of Profit
value hierarchy based on the inputs used in the valuation are measured based on historical cost in a foreign and Loss. This category generally applies to long-term
techniques as follows: All other assets are classified as non-current. deposits and long-term trade receivables.

GREENPANEL INDUSTRIES LIMITED

currency are translated at the exchange rate at the date
of the transaction.
ANNUAL REPORT 2022-23

• Level 1: quoted prices (unadjusted) in active markets Liabilities Financial assets at FVTPL
for identical assets or liabilities. A liability is classified as current when it satisfies any of Exchange differences are recognised in the Statement All financial assets which are not classified and
• Level 2: inputs other than quoted prices included in the following criteria: of Profit and Loss in the period in which they arise. measured at amortised cost or Fair value through other
Level 1 that are observable for the asset or liability, comprehensive income (FVOCI) as described above are
either directly (i.e. as prices) or indirectly (i.e. derived (i) it is expected to be settled in the Company’s normal c. Financial instruments measured at FVTPL. On initial recognition, the Company
from prices). operating cycle; (i) Recognition and initial measurement may irrevocably designate a financial asset that otherwise
meets the requirements to be measured at amortised
• Level 3: inputs for the asset or liability that are not Trade receivables are initially recognised when they are
(ii) it is held primarily for the purpose of being traded; cost or at FVOCI as at FVTPL if doing so eliminates or
based on observable market data (unobservable originated. All financial assets and financial liabilities are
significantly reduces an accounting mismatch that would
inputs). initially recognised when the Company becomes a party
(iii) it is due to be settled within 12 months after the otherwise arise.
P - 144

to the contractual provisions of the instrument. Trade

reporting date; or

P - 145
When measuring the fair value of an asset or a receivables are initially measured at transaction price.
Financial assets: Assessment whether contractual
liability, the Company uses observable market data (iv) the Company does not have an unconditional right cash flows are solely payments of principal and
as far as possible. If the inputs used to measure the A financial asset or financial liability is initially measured
to defer settlement of the liability for at least 12 interest (SPPI).
fair value of an asset or a liability fall into different at fair value plus transaction costs that are directly
GREENPANEL INDUSTRIES LIMITED

months after the reporting date. Terms of a liability For the purposes of this assessment, ‘principal’ is
levels of the fair value hierarchy, then the fair value attributable to its acquisition or issue, for an item not at
that could, at the option of the counterparty, result defined as the fair value of the financial asset on initial
fair value through profit and loss (FVTPL)"

ANNUAL REPORT 2022-23

measurement is categorised in its entirety in the same in its settlement by the issue of equity instruments recognition. ‘Interest’ is defined as consideration for the
level of the fair value hierarchy as the lowest level do not affect its classification.
(ii) Classification and subsequent measurement time value of money and for the credit risk associated
input that is significant to the entire measurement.
with the principal amount outstanding during a particular
The Company recognises transfers between levels Current liabilities include current portion of Financial assets
period of time and for other basic lending risks and costs
of the fair value hierarchy at the end of the reporting non-current financial liabilities. On initial recognition, a financial asset is classified and (e.g. liquidity risk and administrative costs), as well as a
period during which the change has occurred. measured at: profit margin.
Further information about the assumptions made in All other liabilities are classified as non-current.
measuring fair values is included in note 41." • Amortised cost; or In assessing whether the contractual cash flows are
Deferred tax assets and liabilities are classified as solely payments of principal and interest, the Company
3. SIGNIFICANT ACCOUNTING POLICIES • Fair value through Profit or Loss (FVTPL); or
non-current assets and liabilities. considers the contractual terms of the instrument. This
a. Current and non-current classification • F
air value through Other Comprehensive Income includes assessing whether the financial asset contains a
All assets and liabilities are classified as current or non- Operating cycle (FVTOCI). contractual term that could change the timing or amount
current as per the Company’s normal operating cycle For the purpose of current/non-current classification of of contractual cash flows such that it would not meet
and other criteria set out in the Schedule III to the Act. assets and liabilities, the Company has ascertained its Financial assets are not reclassified subsequent to this condition.
normal operating cycle as twelve months. This is based their initial recognition, except if and in the period the
Assets on the nature of business and the time between the Company changes its business model for managing In making this assessment, the Company considers:
acquisition of assets for processing and their realisation financial assets.
An asset is classified as current when it satisfies any of
the following criteria: in cash and cash equivalents. • contingent events that would change the amount or
Financial assets at amortised cost timing of cash flows;
(i) it is expected to be realised in, or is intended for A financial asset is measured at amortised cost if it meets
• terms that may adjust the contractual coupon rate,
sale or consumption in the Company’s normal both of the following conditions and is not designated as
including variable interest rate features;
operating cycle; at FVTPL:
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023

• prepayment and extension features; and are recognised in Statement of Profit and Loss. This Financial liabilities labour, any other costs directly attributable to bringing
category also includes derivative financial instruments The Company derecognises a financial liability when the item to working condition for its intended use, and
• terms that limit the Company’s claim to cash flows
entered into by the Company that are not designated as its contractual obligations are discharged or cancelled, estimated costs of dismantling and removing the item
from specified assets (e.g. non-recourse features).
hedging instruments in hedge relationships as defined or expire. The Company also derecognises a financial and restoring the site on which it is located.
by Ind AS 109. liability when its terms are modified and the cash flows
A prepayment feature is consistent with the solely
under the modified terms are substantially different. In Borrowing costs directly attributable to the acquisition
payments of principal and interest criterion if the
Financial liabilities at amortised cost this case, a new financial liability based on the modified or construction of those qualifying property, plant
prepayment amount substantially represents unpaid
Other financial liabilities are subsequently measured terms is recognised at fair value. The difference between and equipment, which necessarily take a substantial
amounts of principal and interest on the principal amount
at amortised cost using the effective interest rate (EIR) the carrying amount of the financial liability extinguished period of time to get ready for their intended use, are
outstanding, which may include reasonable additional
method. Interest expense and foreign exchange gains and the new financial liability with modified terms is capitalised. If significant parts of an item of property,
compensation for early termination of the contract.
and losses are recognised in Statement of Profit and recognised in Statement of Profit and Loss. plant and equipment have different useful lives, then they
Additionally, for a financial asset acquired at a significant
Loss. Any gain or loss on derecognition is also recognised are accounted for as separate components of property,
discount or premium to its contractual paramount, a
plant and equipment.

GREENPANEL INDUSTRIES LIMITED

feature that permits or requires prepayment at an amount in Statement of Profit and Loss. Interest bearing (iv) Offsetting
that substantially represents the contractual par amount loans and borrowings are subsequently measured at Financial assets and financial liabilities are offset and
ANNUAL REPORT 2022-23

amortised cost using the EIR method. Gains and losses A fixed asset is eliminated from the financial statements
plus accrued (but unpaid) contractual interest (which the net amount presented in the balance sheet when
are recognised in Statement of Profit and Loss when on disposal or when no further benefit is expected
may also include reasonable additional compensation and only when, the Company currently has a legally
the liabilities are derecognised as well as through the from its use. Any gain or loss on disposal of an item of
for early termination) is treated as consistent with this enforceable right to set off the amounts and it intends
EIR amortisation process. For trade and other payables property, plant and equipment is recognised in Statement
criterion if the fair value of the prepayment feature is either to settle them on a net basis or to realise the asset
maturing within one year from the balance sheet date, of Profit and Loss. Property, plant and equipment under
insignificant at initial recognition. and settle the liability simultaneously.
the carrying amounts approximates fair value due to the construction are disclosed as Capital work-in-progress.
short maturity of these instruments. Assets retired from active use and held for disposal are
Financial assets: Subsequent measurement (v) Derivative financial instruments
stated at the lower of their net book value and fair value
Financial assets at FVTPL: These assets are subsequently The Company holds derivative financial instruments, such less cost to sell and shown under ‘Current assets’.
Financial guarantee liabilities
measured at fair value. Net gains and losses, including as foreign currency forward contracts, interest rate swaps,
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any interest or dividend income, are recognised in Financial guarantees issued by the Company are those to hedge its foreign currency and interest rate risk exposures. (ii) Subsequent expenditure
contracts that require payment to be made to reimburse

P - 147
Statement of Profit and Loss. Derivatives are initially measured at fair value. Subsequent
the holder for a loss it incurs because the specified Subsequent expenditure is capitalised only if it is
to initial recognition, derivatives are measured at fair
debtor fails to make a payment when due in accordance probable that the future economic benefits associated
Financial assets at amortised cost: These assets are value, and changes therein are recognised in Statement
with the terms of a debt instrument. Financial guarantee with the expenditure will flow to the Company. Ongoing
subsequently measured at amortised cost using the of Profit and Loss. Derivatives are carried as financial
GREENPANEL INDUSTRIES LIMITED

contracts are recognised initially as a liability at fair value repairs and maintenance are expensed as incurred.
effective interest rate (EIR) method. The amortised cost assets when the fair value is positive and as financial
is reduced by impairment losses, if any. Interest income, net off transaction costs that are directly attributable to liabilities when the fair value is negative.

ANNUAL REPORT 2022-23

the issuance of the guarantee. Subsequently, the liability (iii) Depreciation and amortisation
foreign exchange gains and losses and impairment are
recognised in Statement of Profit and Loss. Any gain or is measured at the higher of the amount of loss allowance d. Property, plant and equipment Depreciation and amortisation for the year is recognised
loss on derecognition is recognised in Statement of Profit determined as per impairment requirements of Ind AS 109 in the Statement of Profit and Loss. Depreciation is
(i) Recognition and measurement
and Loss. and the amount recognised less cumulative amortisation. calculated on cost of items of property, plant and
Items of property, plant and equipment are measured at equipment less their estimated residual values over their
(iii) Derecognition cost, which includes capitalised borrowing costs, less estimated useful lives using the straight line method over
Investments in subsidiaries are carried at cost in
accumulated depreciation and accumulated impairment the useful lives of assets, in the manner specified in Part
standalone financial statements Financial assets
losses, if any. C of Schedule II of the Act.
The Company derecognises a financial asset:
Financial liabilities: Classification, subsequent
The cost of an item of property, plant and equipment Assets acquired under finance lease are depreciated
measurement and gains and losses • w
 hen the contractual rights to the cash flows from comprises its purchase price, including import duties over the shorter of the lease term and their useful life
Financial liabilities are classified as measured at the financial asset expire, or and non-refundable purchase taxes, after deducting unless it is reasonably certain that the Company will
amortised cost or FVTPL. trade discounts and rebates, any directly attributable
• it transfers the rights to receive the contractual cash obtain ownership by the end of the lease term.
flows in a transaction in which substantially all of the cost of bringing the item to its working condition for its
Financial liabilities through FVTPL intended use and estimated costs of dismantling and
risks and rewards of ownership of the financial asset Freehold land is not depreciated.
A financial liability is classified as at FVTPL if it is are transferred or in which the Company neither removing the item and restoring the site on which it
classified as held-for-trading, or it is a derivative or it transfers nor retains substantially all of the risks and is located. Leasehold land (includes development cost) is amortised
is designated as such on initial recognition. Financial rewards of ownership and does not retain control of on a straight line basis over the period of respective lease,
liabilities at FVTPL are measured at fair value and the financial asset. The cost of a self-constructed item of property, plant and except leasehold land acquired on perpetual lease.
net gains and losses, including any interest expense, equipment comprises the cost of materials and direct
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023

The estimated useful lives of items of property, plant and The cost of inventories is ascertained on the 'weighted credit losses are measured unless there has been a The recoverable amount of a CGU (or an individual asset)
equipment are as follows: average' basis, and includes expenditure incurred in significant increase in credit risk from initial recognition is the higher of its value in use and its fair value less costs
acquiring the inventories, production or conversion costs in which case those are measured at lifetime of the ECL. to sell. Value in use is based on the estimated future cash
Asset Useful life as per Schedule II and other costs incurred in bringing them to their present The amount of expected credit losses (or reversal) that flows, discounted to their present value using a pre-tax
Buildings 3 to 60 years location and condition. is required to adjust the loss allowance at the reporting discount rate that reflects current market assessments
Plant and equipments 15 to 25 years date to the amount that is required to be recognised is of the time value of money and the risks specific to the
Furniture and fixtures 10 years Raw materials, components and other supplies held for recognised as an impairment gain or loss in Statement CGU (or the asset).
Vehicles 8 to 10 years use in the production of finished products are not written of Profit and Loss.
down below cost except in cases where material prices The Company’s corporate assets (e.g. corporate office
Office equipments 3 to 10 years
have declined and it is estimated that the cost of the In case of trade receivables, the Company follows for providing support to various CGUs) do not generate
finished products will exceed their net realisable value. the simplified approach permitted by Ind AS 109 independent cash inflows. To determine impairment of
Depreciation method, useful lives and residual values
The comparison of cost and net realisable value is made Financial Instruments for recognition of impairment loss a corporate asset, recoverable amount is determined
are reviewed at each financial year-end and adjusted
on an item-by-item basis. allowance. The application of simplified approach does for the CGUs to which the corporate asset belongs. An

GREENPANEL INDUSTRIES LIMITED

if appropriate. Depreciation on additions (discard/
not require the Company to track changes in credit risk. impairment loss is recognised if the carrying amount of an
disposals) is provided on a pro-rata basis i.e. from (upto)
ANNUAL REPORT 2022-23

The net realisable value of work-in-progress is The Company calculates the expected credit losses on asset or CGU exceeds its estimated recoverable amount.
the date on which asset is ready for use (discarded/
determined with reference to the selling prices of related trade receivables using a provision matrix on the basis Impairment losses are recognised in the Statement of
disposed off ).
finished products. of its historical credit loss experience. Profit and Loss.

e. Intangible assets
In the case of manufactured inventories and work- When determining whether the credit risk of a financial Impairment loss recognised in respect of a CGU is
(i) Recognition and measurement in-progress, cost includes an appropriate share asset has increased significantly since initial recognition allocated first to reduce the carrying amount of any
Intangible assets are initially measured at cost and of fixed production overheads based on normal and when estimating expected credit losses, the goodwill allocated to the CGU, and then to reduce the
subsequently measured at cost less accumulated operating capacity. Company considers reasonable and supportable carrying amounts of the other assets of the CGU (or
amortisation and any accumulated impairment losses. information that is relevant and available without group of CGUs) on a pro rata basis.
Net realisable value is the estimated selling price in the undue cost or effort. This includes both quantitative
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(ii) Subsequent expenditure ordinary course of business, less the estimated costs of and qualitative information and analysis, based on the An impairment loss in respect of other assets for which

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Subsequent expenditure is capitalised only when it completion and the estimated costs necessary to make Company’s historical experience and informed credit impairment loss has been recognised in prior periods,
increases the future economic benefits embodied in the the sale. assessment and including subsequent information. Loss the Company reviews at each reporting date whether
specific asset to which it relates. All other expenditure, allowances for financial assets measured at amortised there is any indication that the loss has decreased or no
Assessment of net realisable value is made at each cost are deducted from the gross carrying amount of longer exists. An impairment loss is reversed if there has
GREENPANEL INDUSTRIES LIMITED

including expenditure on internally generated goodwill

and brands, is recognised in profit or loss as incurred. subsequent reporting date. When the circumstances that the assets. been a change in the estimates used to determine the

ANNUAL REPORT 2022-23

previously caused inventories to be written down below recoverable amount. Such a reversal is made only to the
(iii) Amortisation cost no longer exist or when there is clear evidence of The gross carrying amount of a financial asset is written extent that the asset’s carrying amount does not exceed
an increase in net realisable value because of changed off (either partially or in full) to the extent that there is no the carrying amount that would have been determined,
Amortisation is calculated to write off the cost of
economic circumstances, the amount of the write-down realistic prospect of recovery. This is generally the case net of depreciation or amortisation, if no impairment loss
intangible assets less their estimated residual values
is reversed. when the Company determines that the debtor does not had been recognised.
over their estimated useful lives using the straight-line
have assets or sources of income that could generate
method, and is included in depreciation and amortisation
g. Impairment sufficient cash flows to repay the amounts subject to the Intangible assets with indefinite useful lives and intangible
in Statement of Profit and Loss.
(i) Impairment of financial instruments: financial write‑off. However, financial assets that are written off assets not yet available for use are tested for impairment
assets could still be subject to enforcement activities in order at least annually, and whenever there is an indication that
The estimated useful lives are as follows:
to comply with the Company’s procedures for recovery the asset may be impaired.
Financial assets, other than those at FVTPL, are
of amounts due.
Computer software - 5 years assessed for indicators of impairment at the end of each
h. Non-current assets or disposal group held for
reporting period. A financial asset is ‘credit- impaired’
(ii) Impairment of non-financial assets sale
Amortisation method, useful lives and residual values are when one or more events that have a detrimental impact
reviewed at the end of each financial year and adjusted on the estimated future cash flows of the financial asset The Company’s non-financial assets, other than Non-current assets, or disposal groups comprising
if appropriate. have occurred. inventories and deferred tax assets, are reviewed at assets and liabilities are classified as held for sale if it
each reporting date to determine whether there is any is highly probable that they will be recovered primarily
f. Inventories The Company recognises loss allowances using the indication of impairment. If any such indication exists, through sale rather than through continuing use.
expected credit loss (ECL) model for the financial then the asset’s recoverable amount is estimated.
Inventories which comprise raw materials, work-in-
assets which are not fair valued through profit or loss. Such assets, or disposal groups, are generally measured
progress, finished goods, packing materials, stores
Loss allowance for trade receivable with no significant For impairment testing, assets that do not generate at the lower of their carrying amount and fair value less
and spares are measured at the lower of cost and net
financing component is measured at an amount equal to independent cash inflows are grouped together into costs to sell. Any resultant loss on a disposal group is
realisable value.
lifetime of the ECL. For all other financial assets, expected cash-generating units (CGUs). Each CGU represents allocated first to goodwill, and then to remaining assets
the smallest group of assets that generates cash inflows and liabilities on pro rata basis, except that no loss is
that are largely independent of the cash inflows of other allocated to inventories, financial assets, deferred tax
assets or CGUs. assets, employee benefit assets, and biological assets,
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023

which continue to be measured in accordance with the in a potential asset for the Company, the recognised (v) Termination benefits products has transferred, being when the products are
Company’s other accounting policies. Losses on initial asset is limited to the present value of economic benefits Termination benefits are expensed at the earlier of when delivered to the dealer, the dealer has full discretion over
classification as held for sale and subsequent gains available in the form of any future refunds from the plan the Company can no longer withdraw the offer of those the channel and price to sell the products, and there
and losses on re-measurement are recognised in profit or reductions in future contributions to the plan (‘the benefits and when the Company recognises costs for a is no unfulfilled obligation that could affect the dealer’s
or loss. asset ceiling’). In order to calculate the present value of restructuring. If benefits are not expected to be settled acceptance of the products. Delivery occurs when the
economic benefits, consideration is given to any minimum wholly within 12 months of the reporting date, then they products have been shipped to the specific location,
Once classified as held-for-sale, intangible assets and funding requirements. The Company recognises all are discounted. the risk of obsolescence and loss have been transferred
property, plant and equipment are no longer amortised actuarial gains and losses arising from defined benefit to the dealer, and either the dealer has accepted the
or depreciated. plan immediately in the Statement of Profit and Loss. j. Provisions and Contingent liabilities, products in accordance with the sales contract, the
Contingent assets acceptance provisions have lapsed, or the Company has
i. Employee benefits Remeasurements of the net defined benefit liability, objective evidence that all criteria for acceptance have
(i) Provision: A provision is recognized when the Company
(i) Short-term employee benefits which comprise actuarial gains and losses, the return been satisfied.
has a present obligation (legal or constructive) as a result
on plan assets (excluding interest) and the effect of the

GREENPANEL INDUSTRIES LIMITED

Short-term employee benefit obligations are measured of past event, it is probable that an outflow of resources
asset ceiling (if any, excluding interest), are recognised The products are often sold with volume discounts
on an undiscounted basis and are expensed as the embodying economic benefits will be required to settle
ANNUAL REPORT 2022-23

in Other comprehensive income (OCI). The Company based on aggregate sales over a 12 months period,
related service is provided. A liability is recognised the obligation and a reliable estimate can be made of the
determines the net interest expense (income) on the net cash discount on payment within specified period,
for the amount expected to be paid e.g., under short- amount of the obligation. These estimates are reviewed
defined benefit liability (asset) for the period by applying promotional gift on achieving specific targets, quality
term cash bonus, if the Company has a present legal or at each reporting date and adjusted to reflect the current
the discount rate used to measure the defined benefit claims if claims made in the specified period and
constructive obligation to pay this amount as a result of best estimates. If the effect of the time value of money
obligation at the beginning of the annual period to the other promotional expenses such as tours and travel
past service provided by the employee, and the amount is material, provisions are discounted using a current
then-net defined benefit liability (asset), taking into packages to dealer, etc. Revenue from these sales is
of obligation can be estimated reliably. pretax rate that reflects, when appropriate, the risks
account any changes in the net defined benefit liability recognised based on the price specified in the contract,
specific to the liability. When discounting is used, the
(asset) during the period as a result of contributions net of the estimated volume discounts, cash discounts,
(ii) Defined contribution plans increase in the provision due to the assage of time is
and benefit payments. Net interest expense and other quality claims and promotional expenses. Accumulated
A defined contribution plan is a post-employment benefit recognized as a finance cost.
expenses related to defined benefit plans are recognised experience is used to estimate and provide for the
P - 150

plan under which an entity pays fixed contributions into in Statement of Profit and Loss. discounts/claims/provisions, using the expected value
(ii) Contingent liabilities: A contingent liability is a possible

P - 151
Employees’ Provident Fund established under The method, and revenue is only recognised to the extent
Employees' Provident Fund and Miscellaneous Provisions obligation that arises from past events whose existence
When the benefits of a plan are changed or when a plan that it is highly probable that a significant reversal will not
Act 1952 and will have no legal or constructive obligation will be confirmed by the occurrence or non-occurrence
is curtailed, the resulting change in benefit that relates to occur. A refund liability (netted off with trade receivables)
to pay further amounts. The Company makes specified of one or more uncertain future events beyond the
past service (‘past service cost’ or ‘past service gain’) or is recognised for expected volume discount payables,
GREENPANEL INDUSTRIES LIMITED

monthly contributions under employee provident fund control of the Company or a present obligation that is
the gain or loss on curtailment is recognised immediately expected cash discount payables and expected quality
to Government administered provident fund scheme. not recognized because it is not probable that an outflow

ANNUAL REPORT 2022-23

in Statement of Profit and Loss. The Company recognises claims to dealers in relation to sale made until the end
Obligations for contributions to defined contribution of resources will be required to settle the obligation. A
gains and losses on the settlement of a defined benefit of reporting period. Provision (included in other current
plans are recognised as an employee benefit expense contingent liability also arises in extremely rare cases,
plan when the settlement occurs. liabilities) is recognised for expected sales promotional
in Statement of Profit and Loss in the periods during where there is a liability that cannot be recognized
expenses against the sales made until the end of
which the related services are rendered by employees. because it cannot be measured reliably. The Company
(iv) Other long-term employee benefits reporting period. No element of financing is deemed
Prepaid contributions are recognised as an asset to does not recognize a contingent liability but discloses
The Company’s net obligation in respect of long-term present as the sales are made with a credit term of 30-
the extent that a cash refund or a reduction in future its existence in the financial statements unless the
employee benefits other than post-employment benefits 90 days, which is consistent with market practice.
payments is available. probability of outflow of resources is remote.
is the amount of future benefit that employees have
earned in return for their service in the current and (ii) Rental income
(iii) Defined benefit plans (iii) 
Contingent assets: Contingent assets are not
prior periods; that benefit is discounted to determine recognized. However, when the realization of income Rental income is recognised as part of other income on
A defined benefit plan is a post-employment benefit plan its present value. Such benefits are in form of leave a straight-line basis over the term of the lease except
is virtually certain, then the related asset is no longer
other than a defined contribution plan. The Company’s encashment that accrue to employees in return of their where the rentals are structured to increase in line with
a contingent asset, but it is recognized as an asset.
gratuity benefit scheme is a defined benefit plan. The service. The calculation of other long term employee expected general inflation.
Provisions, contingent liabilities, contingent assets and
Company’s net obligation in respect of defined benefit benefits is performed quarterly by an independent commitments are reviewed at each balance sheet date."
plans is calculated by estimating the amount of future qualified actuary using the projected unit credit method. (iii) Insurance claim
benefit that employees have earned in the current and Remeasurements of the net defined benefit liability, k. Revenue Insurance claim due to uncertainty in realisation are
prior periods, discounting that amount and deducting which comprise actuarial gains and losses, the return
(i) Sale of goods accounted for on acceptance basis.
the fair value of any plan assets. on plan assets (excluding interest) and the effect of the
asset ceiling (if any, excluding interest), are recognised in The Company follows Ind AS 115 “Revenue from
l. Government Grants
The calculation of defined benefit obligation is performed Other comprehensive income (OCI). Net interest expense Contracts with Customers”.
quarterly by an independent qualified actuary using the Grants from Government are recognised at their fair
and other expenses related to defined benefit plans are
projected unit credit method. When the calculation results The Company manufactures and sells in plywood and value where there is reasonable assurance that the grant
recognised in Statement of Profit and Loss.
allied products, medium density fibreboard and allied will be received and the Company will comply with the
products. Sales are recognised when control of the conditions attached thereto.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023

Government grants related to revenue are recognised Assets held under leases that do not transfer to the n. Recognition of dividend income, interest (tax base). Deferred tax is also recognised in respect of
in the Statement of Profit and Loss on a systematic Company substantially all the risks and rewards of income or expense carried forward tax losses and tax credits. Deferred tax
and rational basis in the periods in which the Company ownership (i.e. operating leases) are not recognised in Dividend income is recognised in Statement of Profit and is not recognised for:
recognises the related costs for which the grants are the Company’s Balance Sheet. Loss on the date on which the Company’s right to receive
intended to compensate and are netted off with the related payment is established. • temporary differences arising on the initial
expenditure. If not related to a specific expenditure, it is The Company has adopted Ind AS 116, Leases from recognition of assets or liabilities in a transaction
taken as income and presented under "Other Income". 1 April 2019. Ind AS 116 is a single, on-balance sheet Interest income or expense is recognised using the that is not a business combination and that affects
lease accounting model for lessees. A lessee recognises effective interest method. The ‘effective interest rate’ neither accounting nor taxable profit or loss at the
Government grants relating to property, plant and a right-of-use asset representing its right to use the is the rate that exactly discounts estimated future cash time of the transaction;
equipment are treated as deferred income and are underlying asset and a lease liability representing its payments or receipts through the expected life of the • temporary differences related to investments in
credited to the statement of profit and loss on a obligation to make lease payments. There are recognition financial instrument to: subsidiaries, associates and joint arrangements to
systematic basis over the expected useful life of the exemptions for short-term leases and leases of low-value
the extent that the Company is able to control the
related asset to match them with the costs for which items. Lessor accounting remains similar to the current

GREENPANEL INDUSTRIES LIMITED

• the gross carrying amount of the financial asset; or timing of the reversal of the temporary differences
they are intended to compensate and presented within standard – i.e. lessors continue to classify leases as
and it is probable that they will not reverse in the
ANNUAL REPORT 2022-23

other income. finance or operating leases. It replaces existing leases • the amortised cost of the financial liability.
foreseeable future; and
guidance, Ind AS 17, Leases.
m. Leases In calculating interest income and expense, the effective • taxable temporary differences arising on the initial
The Company has recognised new assets and liabilities interest rate is applied to the gross carrying amount of recognition of goodwill.
(i) Determining whether an arrangement contains
for its operating leases of land and office premises the asset (when the asset is not credit-impaired) or to
a lease
facilities. The nature of expenses related to those leases the amortised cost of the liability. However, for financial Deferred tax assets are recognised to the extent that it
At inception of an arrangement, it is determined whether assets that have become credit-impaired subsequent
has now changed because the Company has recognised is probable that future taxable profits will be available
the arrangement is or contains a lease. The arrangement to initial recognition, interest income is calculated by
a depreciation charge for right-of-use assets and interest against which they can be used. The existence of unused
is, or contains, a lease if fulfilment of the arrangement applying the effective interest rate to the amortised cost
expense on lease liabilities. tax losses is strong evidence that future taxable profit
is dependent on the use of a specific asset or assets of the financial asset. If the asset is no longer credit- may not be available. Therefore, in case of a history of
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and the arrangement conveys a right to use the asset impaired, then the calculation of interest income reverts
Previously, the Company recognised operating lease recent losses, the Company recognises a deferred tax
or assets, even if that right is not explicitly specified in

P - 153
expense on a straight-line basis over the term of the to the gross basis. asset only to the extent that it has sufficient taxable
an arrangement.
lease, and recognised assets and liabilities only to the temporary differences or there is convincing other
extent that there was a timing difference between actual o. Income tax evidence that sufficient taxable profit will be available
At inception or on reassessment of the arrangement that
lease payments and the expense recognised. Income tax expense comprises of current tax and against which such deferred tax asset can be realised.
GREENPANEL INDUSTRIES LIMITED

contains a lease, the payments and other consideration

deferred tax. Current tax and deferred tax is recognised
required by such an arrangement are separated into

ANNUAL REPORT 2022-23

(iii) Lease payments in the Statement of Profit and Loss except to the extent Deferred tax assets – unrecognised or recognised, are
those for the lease and those for other elements on
Payments made under operating leases are generally that it relates to a business combination, or items reviewed at each reporting date and are recognised/
the basis of their relative fair values. If it is concluded
recognised in Statement of Profit and Loss on a recognised directly in equity or in OCI. reduced to the extent that it is probable/ no longer
for a finance lease that it is impracticable to separate
straight-line basis over the term of the lease unless such probable respectively that the related tax benefit will
the payments reliably, then an asset and a liability are
payments are structured to increase in line with expected (i) Current tax be realised.
recognised at an amount equal to the fair value of the
underlying asset. The liability is reduced as payments general inflation to compensate for the lessor’s expected Current tax comprises the expected tax payable or
inflationary cost increases. receivable on the taxable income or loss for the year and Deferred tax is measured at the tax rates that are
are made and an imputed finance cost on the liability is
any adjustment to the tax payable or receivable in respect expected to apply to the period when the asset is realised
recognised using the incremental borrowing rate.
Lease incentives received are recognised as an integral of previous years. The amount of current tax reflects the or the liability is settled, based on the laws that have been
part of the total lease expense over the term of the lease. best estimate of the tax amount expected to be paid or enacted or substantively enacted by the reporting date.
(ii) Assets held under leases
Minimum lease payments made under finance leases received after considering the uncertainty, if any, related to
Leases of property, plant and equipment that transfer The measurement of deferred tax reflects the tax
are apportioned between the finance charge and the income taxes. It is measured using tax rates (and tax laws)
to the Company substantially all the risks and rewards consequences that would follow from the manner in
reduction of the outstanding liability. The finance charge enacted or substantively enacted by the reporting date.
of ownership are classified as finance leases. The which the Company expects, at the reporting date,
is allocated to each period during the lease term so as Current tax assets and current tax liabilities are off set
leased assets are measured initially at an amount to recover or settle the carrying amount of its assets
to produce a constant periodic rate of interest on the only if there is a legally enforceable right to set off the
equal to the lower of their fair value and the present and liabilities.
remaining balance of the liability. recognised amounts, and it is intended to realise the asset
value of the minimum lease payments. Subsequent
and settle the liability on a net basis or simultaneously.
to initial recognition, the assets are accounted for in Deferred tax assets and liabilities are offset if there is a
accordance with the accounting policy applicable to legally enforceable right to off set current tax liabilities
(ii) Deferred tax
similar owned assets. and assets, and they relate to income taxes levied by
Deferred tax is recognised in respect of temporary
the same tax authority on the same taxable entity, or on
differences between the carrying amounts of assets
different tax entities, but they intend to settle current tax
and liabilities for financial reporting purposes and the
liabilities and assets on a net basis or their tax assets
corresponding amounts used for taxation purposes
and liabilities will be realised simultaneously.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023

In case of tax payable as Minimum Alternative Tax (‘MAT’) t. Cash flow statement (i) Non-derivative financial assets Standards) Rules as issued from time to time. On
under the provisions of the Income-tax Act, 1961, the Cash flows are reported using the indirect method, Non-derivative financial assets are initially measured March 31, 2023, MCA amended the Companies (Indian
credit available under the Act in respect of MAT paid is whereby profit for the period is adjusted for the effects at fair value. If the financial asset is not subsequently Accounting Standards) Rules, 2015 by issuing the
recognised as an asset only when and to the extent there of transactions of a non-cash nature, any deferrals or accounted for at fair value through profit or loss, Companies (Indian Accounting Standards) Amendment
is convincing evidence that the Company will pay normal accruals of past or future operating cash receipts or then the initial measurement includes directly Rules, 2023, applicable from April 1, 2023, as below:
income tax during the period for which the MAT credit payments and item of income or expenses associated attributable transaction costs. These are measured
can be carried forward for set-off against the normal tax with investing or financing cash flows. The cash flows at amortised cost or at FVTPL. Investments in Ind AS 1 – Presentation of Financial Statements The
liability. MAT credit recognised as an asset is reviewed at from operating, investing and financing activities of the quoted equity instruments are measured at FVTPL. amendments require companies to disclose their
each balance sheet date and written down to the extent Company are segregated. material accounting policies rather than their significant
the aforesaid convincing evidence no longer exists. (ii) Trade and other receivables accounting policies. Accounting policy information,
u. Earnings per share together with other information, is material when it
The fair values of trade and other receivables
p. Borrowing costs can reasonably be expected to influence decisions of
Basic earnings per share is calculated by dividing the are estimated at the present value of future cash
primary users of general purpose financial statements.

GREENPANEL INDUSTRIES LIMITED

Borrowing costs are interest and other costs (including net profit or loss for the period attributable to equity flows, discounted at the market rate of interest
exchange differences relating to foreign currency The Company does not expect this amendment to have
shareholders by the weighted average number of equity at the measurement date. Short-term receivables
ANNUAL REPORT 2022-23

borrowings to the extent that they are regarded as an any significant impact in its financial statements.
shares outstanding during the period. with no stated interest rate are measured at the
adjustment to interest costs) incurred in connection original invoice amount if the effect of discounting
with the borrowing of funds. Borrowing costs directly Ind AS 12 – Income Taxes The amendments clarify
For the purpose of calculating diluted earnings per is immaterial. Fair value is determined at initial
attributable to acquisition or construction of an asset how companies account for deferred tax on transactions
share, the net profit or loss for the period attributable to recognition and, for disclosure purposes, at each
which necessarily take a substantial period of time to get such as leases and decommissioning obligations. The
equity shareholders and the weighted average number annual reporting date.
ready for their intended use are capitalised as part of the amendments narrowed the scope of the recognition
of shares outstanding during the period are adjusted for
cost of that asset. Other borrowing costs are recognised exemption in paragraphs 15 and 24 of Ind AS 12 (recognition
the effects of all dilutive potential equity shares. (iii) Derivative financial liabilities
as an expense in the period in which they are incurred. exemption) so that it no longer applies to transactions that,
The Company uses derivative financial instruments, on initial recognition, give rise to equal taxable and deductible
v. Operating segment such as forward currency contracts and interest
Where there is an unrealised exchange loss which is temporary differences. The Company is evaluating the impact,
P - 154

An operating segment is a component of the Company rate swaps to hedge its foreign currency risks if any, in its financial statements.
treated as an adjustment to interest and subsequently

P - 155
that engages in business activities from which it may and interest rate risks. Such derivative financial
there is a realised or unrealised gain in respect of the
earn revenues and incur expenses, including revenues instruments are initially recognised at fair value on Ind AS 8 – Accounting Policies, Changes in Accounting
settlement or translation of the same borrowing, the gain
and expenses that relate to transactions with any of the the date on which a derivative contract is entered Estimates and Errors The amendments will help
to the extent of the loss previously recognised as an
Company’s other components, and for which discrete into and are subsequently re-measured at fair value. entities to distinguish between accounting policies
GREENPANEL INDUSTRIES LIMITED

adjustment is recognised as an adjustment to interest.

financial information is available. All operating segments’ and accounting estimates. The definition of a change
operating results are reviewed regularly by the Chief (iv) Other non-derivative financial liabilities

ANNUAL REPORT 2022-23

q. Share capital in accounting estimates has been replaced with a
Operating Decision Maker (CODM) to make decisions Other non-derivative financial liabilities are measured definition of accounting estimates. Under the new
Ordinary shares are classified as equity. Incremental about resources to be allocated to the segments and at fair value, at initial recognition and for disclosure definition, accounting estimates are “monetary
costs directly attributable to the issue of ordinary shares assess their performance. The CODM consists of the purposes, at each annual reporting date. Fair value amounts in financial statements that are subject to
are recognised as a deduction from equity, net of any Executive Chairman, Managing Director & CEO and Chief is calculated based on the present value of future measurement uncertainty”. Entities develop accounting
tax effects. Financial Officer. principal and interest cash flows, discounted at the estimates if accounting policies require items in financial
market rate of interest at the measurement date. statements to be measured in a way that involves
r. Dividends The Company has currently two reportable segments measurement uncertainty.
Final dividends on shares are recorded as a liability on namely: x. Accounting Standard not yet effective
the date of approval by the shareholders and interim The Company does not expect this amendment to have
i) Plywood and allied products Recent pronouncements Ministry of Corporate Affairs
dividends are recorded as a liability on the date of any significant impact in its financial statements.
(“MCA”) notifies new standard or amendments to the
declaration by the Board of Directors of the Company. ii) Medium density fibreboards and allied products
existing standards under Companies (Indian Accounting

s. Cash and cash equivalents w. Determination of fair values

Cash and cash equivalents include cash and cash- Fair values have been determined for measurement and
on-deposit with banks. The Company considers all disclosure purposes based on the following methods.
highly liquid investments with a remaining maturity at Where applicable, further information about the
the date of purchase of three months or less and that assumptions made in determining fair values is disclosed
are readily convertible to known amounts of cash to be in the notes specific to that asset or liability.
cash equivalents.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

4. PROPERTY, PLANT AND EQUIPMENT Ageing Schedule Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total

(a) Reconciliation of carrying amount As at 31 March 2023

Projects in progress 488.74 - - - 488.74
Freehold Plant and Furniture and Office
Buildings Vehicles Total
land equipment fixtures equipment As at 31 March 2022
Cost (Gross carrying amount) Projects in progress - - - - -
Balance at 1 April 2021 5,535.46 13,255.31 1,14,296.77 2,930.76 1,799.55 1,343.20 1,39,161.05
Additions 1.86 307.62 3,286.30 50.18 59.71 83.07 3,788.74 Notes:
Disposals/ discard - (2.79) (1,251.03) (16.44) (73.60) (5.07) (1,348.93) (a) As at 31 March 2023, general borrowing costs capitalised during the year amounted to K Nil (31 March 2022: I Nil)
Balance at 31 March 2022 5,537.32 13,560.14 1,16,332.04 2,964.50 1,785.66 1,421.20 1,41,600.86
(b) As at 31 March 2023, property, plant and equipment under capital work-in-progress with a carrying amount of K488.74
Balance at 1 April 2022 5,537.32 13,560.14 1,16,332.04 2,964.50 1,785.66 1,421.20 1,41,600.86
lakhs (31 March 2022: I Nil) are subject to first charge to secured borrowings (see Note 19).
Additions - 175.15 1,022.14 227.85 1,296.83 162.35 2,884.32
Disposals/ discard (1.13) (738.59) (1,629.71) (110.79) (545.21) (207.80) (3,233.23) (c) There is no capital work-in-progress whose completion is overdue as on relevant reporting period.

GREENPANEL INDUSTRIES LIMITED

Balance at 31 March 2023 5,536.19 12,996.70 1,15,724.47 3,081.56 2,537.28 1,375.75 1,41,251.95
6. OTHER INTANGIBLE ASSETS
ANNUAL REPORT 2022-23

Accumulated depreciation
Balance at 1 April 2021 - 3,400.51 31,096.01 1,030.52 963.79 804.26 37,295.09 (a) Reconciliation of carrying amount
Depreciation for the year - 596.32 5,210.09 274.24 183.02 155.56 6,419.23 Software
Adjustments/ disposals - (2.65) (927.50) (4.53) (55.17) (3.79) (993.64) Cost (Gross carrying amount)
Balance at 31 March 2022 - 3,994.18 35,378.60 1,300.23 1,091.64 956.03 42,720.68 Balance at 1 April 2021 51.75
Balance at 1 April 2022 - 3,994.18 35,378.60 1,300.23 1,091.64 956.03 42,720.68 Additions 11.76
Depreciation for the year - 631.52 5,098.59 283.97 220.07 153.79 6,387.94 Disposals/write-off (11.49)
Adjustments/ disposals - (695.44) (997.72) (94.62) (407.77) (194.96) (2,390.51) Balance at 31 March 2022 52.02
Balance at 31 March 2023 - 3,930.26 39,479.47 1,489.58 903.94 914.86 46,718.11 Balance at 1 April 2022 52.02
P - 156

Carrying amounts (net) Additions 23.62

At 31 March 2022 5,537.32 9,565.96 80,953.44 1,664.27 694.02 465.17 98,880.18

P - 157
Disposals/write-off (30.26)
At 31 March 2023 5,536.19 9,066.44 76,245.00 1,591.98 1,633.34 460.89 94,533.84 Balance at 31 March 2023 45.38
Accumulated amortisation
(b) Security Balance at 1 April 2021 34.27
GREENPANEL INDUSTRIES LIMITED

As at 31 March 2023, property, plant and equipment with a carrying amount of K94,322.97 lakhs (31 March 2022: Amortisation for the year 9.07

ANNUAL REPORT 2022-23

I98,664.75 lakhs) are subject to first charge to secured borrowings (see Note 19). Adjustments/ disposals (10.67)
Balance at 31 March 2022 32.67
5. CAPITAL WORK-IN-PROGRESS Balance at 1 April 2022 32.67
As at As at Amortisation for the year 8.98
31 March 2023 31 March 2022
Adjustments/ disposals (30.26)
At the beginning of the year - 358.40 Balance at 31 March 2023 11.39
Additions during the year 1,667.48 2,844.82 Carrying amounts (net)
Capitalised during the year 1,178.74 3,203.22 At 31 March 2022 19.35
At the end of the year 488.74 - At 31 March 2023 33.99
Capital work-in-progress includes:
Expenditure incurred during construction period on new manufacturing facility of the Company: 7. INVESTMENTS
At the beginning of the year - -
As at As at
Additions during the year: 31 March 2023 31 March 2022
Insurance Expenses 56.90 - Non-current investments
Legal and professional fees 54.28 - Unquoted
Finance costs 27.37 - Equity instruments in subsidiaries carried at cost less impairment
138.55 - 77,50,000 (31 March 2022: 77,50,000) equity shares of Greenpanel Singapore Pte. Ltd.
Less: Capitalised during the year - - (face value USD 1 each, fully paid-up)
At the end of the year 138.55 - Gross value of investments 5,244.62 5,244.62
Less: Impairment of investments (Refer note 34) (3,038.77) -
Net Value of Investments 2,205.85 5,244.62
Aggregate book value of unquoted investments 2,205.85 5,244.62
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

8. LOANS Less than 6 months More than

Ageing Schedule Not Due 1 - 2 years 2 - 3 years Total
6 months - 1 year 3 years
As at As at
31 March 2023 31 March 2022 As at 31 March 2023
(Unsecured, considered good) Undisputed trade receivables (considered good) 3,448.29 1,177.96 45.57 27.11 8.13 10.08 4,717.14
Current Expected credit loss (Provision for doubtful debts) (45.63) (140.89) (45.57) (27.11) (8.13) (10.08) (277.41)
Loan to employees 50.00 72.16 Carrying amount (net of impairment) 3,402.66 1,037.07 - - - - 4,439.73
As at 31 March 2022
9. CURRENT TAX LIABILITIES Undisputed trade receivables (considered good) 3,287.93 963.20 44.89 21.74 9.03 11.22 4,338.01
As at As at Expected credit loss (Provision for doubtful debts) (32.09) (74.72) (44.89) (21.74) (9.03) (11.22) (193.69)
31 March 2023 31 March 2022 Carrying amount (net of impairment) 3,255.84 888.48 - - - - 4,144.32
Income tax liabilities (net of advance tax) 104.28 172.84
Notes:
10. INVENTORIES

GREENPANEL INDUSTRIES LIMITED

(a) No trade or other receivables are due from directors or other officers of the Company either severally or jointly with
As at As at
ANNUAL REPORT 2022-23

any other person. Nor any trade or other receivables are due from firms or private companies in which any director is a
31 March 2023 31 March 2022
partner, a director or a member, except as mentioned above.
(Valued at the lower of cost and net realisable value)
Raw materials 3,475.48 7,459.85 (b) Information about the Company's exposure to credit and currency risks, and loss allowances related to trade receivables
Work-in-progress 1,311.72 2,126.24 are disclosed in note 42. Provision as disclosed above is on case to case basis as identified by the management.
Finished goods 5,343.50 3,997.28 (c) For terms and conditions of trade receivables owing from related parties, see note 39.
[including in transit K1,928.48 lakhs (31 March 2022 I1,949.40 lakhs)]
Stock in trade 58.41 32.00
(d) For receivables secured against borrowings, see note 19.
Stores and spares 5,064.37 2,966.20
12. CASH AND CASH EQUIVALENTS
[including in transit K255.43 lakhs (31 March 2022 I Nil)]
P - 158

15,253.48 16,581.57 As at As at
31 March 2023 31 March 2022

P - 159
Cash on hand 4.22 18.52
Total carrying amount of inventories is pledged as securities against borrowings, refer note 19.
Balances with banks
The write-down of inventories to net realisable value during the year amounting to K Nil (31 March 2022: I Nil). - On current accounts 1,098.80 972.41
GREENPANEL INDUSTRIES LIMITED

- On deposit accounts (with original maturities up to 3 months) - 4,612.83

11. TRADE RECEIVABLES 1,103.02 5,603.76

ANNUAL REPORT 2022-23

As at As at
31 March 2023 31 March 2022 13. OTHER BANK BALANCES
Current As at As at
Unsecured 31 March 2023 31 March 2022
- Considered good 4,439.73 4,144.32 Bank deposits due to mature after 3 months of original maturities but within 12 months of the 34,475.85 16,522.66
- Credit Impaired 277.41 193.69 reporting date*

4,717.14 4,338.01 Earmarked balances with banks for unpaid dividend accounts 2.57 0.57

Less: Loss for allowances 34,478.42 16,523.23

- Credit Impaired (277.41) (193.69)

*a) Pledged/lodged with various government authorities as security [K55.44 lakhs (31 March 2022 I52.76 lakhs)].
Net trade receivables 4,439.73 4,144.32
b) Fixed deposit of K3,347.93 lakhs (31 March 2022 I3,200 lakhs) in the form of Debt Service Reserve Account (DSRA) pledged in favour of LBBW
Of the above Bank (refer note 19).
Trade receivables from related parties (Refer Note 39) 6.81 28.12
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

14. OTHER NON-CURRENT ASSETS (a) Reconciliation of equity shares outstanding at the beginning and at the end of the reporting year
As at As at As at 31 March 2023 As at 31 March 2022
31 March 2023 31 March 2022
Number Amount Number Amount
(Unsecured, considered good)
At the commencement of the year 12,26,27,395 1,226.27 12,26,27,395 1,226.27
Capital advances* 5,256.83 52.80
Changes during the year - - - -
Others
At the end of the year 12,26,27,395 1,226.27 12,26,27,395 1,226.27
Unmatured finance charges - 4.19
Deposits against demand under appeal and/or under dispute 33.50 36.66 (b) Rights, preferences and restrictions attached to equity shares
5,290.33 93.65
The Company has a single class of equity shares with par value of I1 per share. Accordingly, all equity shares rank equally
with regard to dividends and share in the Company’s residual assets on winding up. The equity shareholders are entitled
*New MDF plant at existing manufacturing unit in Chittoor, Andhra Pradesh, lndia with an additional installed capacity of 2,31,000 CBM per annum
had been approved by the Board of Directors. The additional capacity will increase MDF production capacity of the company from 6,60,000 CBM to receive dividend as declared by the Company from time to time. The voting rights of an equity shareholder on a poll
per annum to 8,91,000 CBM per annum, an increase of 35% over existing capacity. The estimated project cost is I600 crores (Rupees Six hundred (not on show of hands) are in proportion to its share of the paid-up equity capital of the Company. Voting rights cannot

GREENPANEL INDUSTRIES LIMITED

crores) which shall be funded by a mix of internal accruals and debt. The commercial production of the plant is expected to begin during Q1FY2025. be exercised in respect of shares on which any call or other sums presently payable has not been paid. Failure to pay
Contracts with the principal Process Equipment Suppliers and contract for the Engineering Consultancy Services have been signed off. Civil work
ANNUAL REPORT 2022-23

any amount called up on shares may lead to their forfeiture.

of the said project has begun. Advance payments to the vendors for the project have been made to the extent of I50 crores.

On winding up of the Company, the holders of equity shares will be entitled to receive the residual assets of the Company,
15. OTHER FINANCIAL ASSETS
remaining after distribution of all preferential amounts, in proportion to the number of equity shares held.
As at As at
31 March 2023 31 March 2022
Non-Current
(c) Particulars of shareholders holding more than 5% shares of fully paid up equity shares
Security deposits 2,115.05 1,662.33 As at 31 March 2023 As at 31 March 2022
Equity shares of K1 each
Current Number % Number Amount
Government grants receivable* 3,444.65 3,444.65 S. M. Management Pvt. Ltd. 3,16,26,965 25.79% 3,16,26,965 25.79%
Export incentive receivable 46.55 99.80 Prime Holdings Pvt. Ltd. 1,33,32,800 10.87% 1,33,32,800 10.87%
P - 160

Insurance claim receivable 16.63 63.90

Shobhan Mittal 1,05,88,380 8.63% 1,05,88,380 8.63%

P - 161
Security deposits 51.40 37.51
HDFC Trustee Company Ltd. 68,89,253 5.62% 70,75,538 5.77%
3,559.23 3,645.86

*Based on the legal opinion the Company has decided to defer the recognition until receipt or until the Company has some evidence which gives (d) Details of shares held by promoters
GREENPANEL INDUSTRIES LIMITED

high level of assurance. In view of this the Company has not recognized I431.87 lakhs of power subsidy for October 2021 to March 2022, I835.73 No. of
lakhs of power subsidy for April 2022 to March 2023, I5,000 lakhs for Green measures subsidy and I368 lakhs for land conversion and stamp duty Change No. of shares % change
shares at the % of Total

ANNUAL REPORT 2022-23

subsidy in spite of approval being received. Only approval for power subsidy for October 2022 to March 2023 is not yet received. The said subsidies As at 31 March 2023 Promoter Name during the at the end of during the
beginning of Shares
year the year year
are in relation to manufacturing plant at Chittoor, Andhra Pradesh. The management is hopeful of recovering the outstanding amounts appearing in the year
the books as being due from Government of Andhra Pradesh. Mr. Shiv Prakash Mittal 46,04,900 - 46,04,900 3.76% -
Equity shares of I1 each
Mr. Shobhan Mittal 1,05,88,380 - 1,05,88,380 8.63% -
16. OTHER CURRENT ASSETS
As at As at
31 March 2023 31 March 2022 No. of
Change No. of shares % change
shares at the % of Total
(Unsecured, considered good) As at 31 March 2022 Promoter Name during the at the end of during the
beginning of Shares
year the year year
To parties other than related parties the year
Advances for supplies 1,143.04 899.90 Equity shares of I1 each Mr. Shiv Prakash Mittal 7,55,000 38,49,900 46,04,900 3.76% 3.14%
Advances to employees - 9.72 Mr. Shobhan Mittal 1,05,88,380 - 1,05,88,380 8.63% -
Others
Prepaid expenses 946.17 847.33
(e) The Company has not reserved any shares for issue under options and contracts/commitments for the sale of
Unmatured finance charges - 5.63
shares/ disinvestment.
Assets held for sale - 50.00
Balance with goods and service tax authorities 159.96 98.20
(f) The Company for the period of five years immediately preceding the reporting date has not:
2,249.17 1,910.78

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

As at As at
(ii) Allotted fully paid up shares by way of bonus shares.
31 March 2023 31 March 2022
Authorised
(iii) Bought back any class of shares.
15,00,00,000 (31 March 2022: 15,00,00,000) equity shares of I1 each 1,500.00 1,500.00
Issued, subscribed and fully paid-up
12,26,27,395 (31 March 2022: 12,26,27,395) equity shares of I1 each 1,226.27 1,226.27
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

18. OTHER EQUITY (A) Terms of repayment

As at As at As at As at
31 March 2023 31 March 2022 Name of the lender Interest rate Repayment schedule Year of maturity
31 March 2023 31 March 2022
Capital reserve (i) Foreign currency term loans
At the commencement of the year 62,380.34 62,380.34 Landesbank Baden-Wurttenberg 6 month Repayable at half yearly 2026-27 15,464.10 18,638.79
62,380.34 62,380.34 [EUR 173.74 lakhs (31 March 2022: Euribor rest: 7 of EUR 22.27 lakhs
Retained earnings EUR 222.29 lakhs)] +0.50% & 1 of EUR 17.82 lakhs
At the commencement of the year 35,108.05 13,739.03 15,464.10 18,638.79
Add: Profit for the year 22,996.18 23,336.41 Unamortised processing fees (207.63) (643.88)
Less: Interim dividend on equity shares 1,839.41 1,839.41 15,256.47 17,994.91
Add/(less): Remeasurements of the net defined benefit plans 263.60 (127.98)
(ii) Rupee term loans
56,528.42 35,108.05
HDFC Bank Limited Monthly Repayable at quarterly 2024-25 2,300.00 2,950.00
1,18,908.76 97,488.39
MCLR rest: 4 of I325 lakhs & 4 of

GREENPANEL INDUSTRIES LIMITED

I250 lakhs
(a) Description, nature and purpose of reserve:
ANNUAL REPORT 2022-23

2,300.00 2,950.00
Capital reserve: The capital reserve is created on account of the net assets transferred pursuant to the scheme
(i)  Unamortised processing fees - (2.13)
of arrangement 2,300.00 2,947.87
Total 17,556.47 20,942.78
(ii) Retained earnings: It comprises of accumulated profit/ (loss) of the Company.

19. BORROWINGS (B) Details of security

As at As at
(a) Term loan from Landesbank Baden-Wurttenberg (LBBW) of J15,464.10 lakhs (31 March 2022: I18,638.79 lakhs) is
31 March 2023 31 March 2022 secured by exclusive charge on:
Non-current borrowings
Secured i) Main press line of MDF plant at Chittoor, Andhra Pradesh along with other movable fixed assets financed by
P - 162

Term loans Landesbank Baden-Wurttenberg

P - 163
From banks
Foreign currency loans 15,256.47 17,994.91 ii) Exclusive charge over main press line of MDF plant at Pantnagar (Uttarakhand)
Rupee loans 2,300.00 2,947.87 iii) Fixed deposit of J3,347.93 lakhs (31 March 2022: I3,200 lakhs) in the form of Debt Service Reserve Account
17,556.47 20,942.78
GREENPANEL INDUSTRIES LIMITED

(DSRA) pledged in favour of LBBW Bank (LBBW Bank's stipulation is to maintain DSRA in INR equivalent to EUR
Less: Current maturities of long term borrowings 4,848.61 4,497.05 35,90,747.68)

ANNUAL REPORT 2022-23

12,707.86 16,445.73
Loan against vehicles - 94.86 (b) Other term loan of J2,300.00 lakhs (31 March 2022: I2,950.00 lakhs) is secured by:
Less: Current maturities of loan against vehicles - 37.48
- 57.38 (i) First pari passu charge on immovable fixed assets of the Company located at manufacturing units in Pantnagar
12,707.86 16,503.11 (Uttarakhand) and Chittoor (Andhra Pradesh).
Current borrowings
Secured (ii) First pari passu charge on all movable fixed assets of the Company except assets exclusively charged to other
From banks lender(s) (including the main press line of MDF plant at Pantnagar and the main press line of MDF plant at Chittor
Current maturities of long term borrowings 4,848.61 4,497.05 (Andhra Pradesh) along with any other movable fixed assets exclusively charged to Landesbank Baden-Wurttenberg).
Current maturities of loan against vehicles and equipment - 37.48
(iii) Second pari passu charge on all current assets of the Company.
Foreign currency loan - buyers credit - 843.55
Foreign currency loan - buyers credit - capital goods 1,486.46 1,112.44
(c) Working capital loans of K Nil (31 March 2022: I5,251.05 lakhs) are secured by:
Rupee loans - repayable on demand - 5,251.05
6,335.07 11,741.57
(i) First pari passu charge on all current assets of the Company.

Information about the Company's exposure to credit and currency risks, and loss allowances related to borrowings are (ii) Second pari passu charge on immovable fixed assets of the Company located at manufacturing units in Pantnagar
disclosed in note 42. (Uttarakhand) and Chittoor (Andhra Pradesh).

(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 MDF plant at Chittor
(Andhra Pradesh) along with any other movable fixed assets exclusively charged to Landesbank Baden-Wurttenberg).
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

(d) Foreign currency loan - buyers credit - capital goods of J1,486.46 lakhs (31 March 2022: I1,112.44 lakhs) is secured by Less than More than
Ageing Schedule Not Due 1 - 2 years 2 - 3 years Total
SBLC issued by banks, is further secured by way of hypothecation of fixed assets purchased against the said SBLC. 1 year 3 years
As at 31 March 2022
(e) Foreign currency loan - buyers credit of J Nil (31 March 2022: I843.55 lakhs) is secured by SBLC issued by banks, which Dues to micro and small 60.98 - - - - 60.98
enterprises
is further secured by the same security as working capital loans (as mentioned in para “c” above), as this facility is a
Dues to other than micro and 13,409.03 1,309.43 10.32 - - 14,728.78
sublimit of working capital loans. small enterprises
Total 13,470.01 1,309.43 10.32 - - 14,789.76
20. OTHER FINANCIAL LIABILITIES
As at As at Information about the Company's exposure to currency and liquidity risks related to trade payables is disclosed in note 42.
31 March 2023 31 March 2022
Non-current 23. DERIVATIVES
Security deposits from customers 668.74 858.34
As at As at
668.74 858.34

GREENPANEL INDUSTRIES LIMITED

31 March 2023 31 March 2022
Current
Current
ANNUAL REPORT 2022-23

Interest accrued but not due on borrowings 195.46 43.58

Foreign exchange forward contracts (60.52) 35.77
Liability for capital goods 30.10 284.67
(Asset)/Liability (60.52) 35.77
Employee benefits payable 1,433.74 1,810.01
Liability for CSR Expenses (refer note 33(ii)) 37.27 -
Unclaimed dividend 2.57 0.57
Information about the Company's exposure to interest rate and currency risks related to derivatives is disclosed in note 42.
1,699.14 2,138.83
24. OTHER CURRENT LIABILITIES
(a) There is no amount due and outstanding to be credited to Investor Education and Protection Fund as at 31 March 2023. As at As at
31 March 2023 31 March 2022

(b) Information about the Company’s exposure to currency and liquidity risks related to the above financial liabilities is Statutory dues 951.16 1,361.48
Advance from customers 2,337.21 927.56
P - 164

disclosed in note 42.

3,288.37 2,289.04

P - 165
21. PROVISIONS
25. REVENUE FROM OPERATIONS
As at As at
31 March 2023 31 March 2022 Year ended Year ended
GREENPANEL INDUSTRIES LIMITED

31 March 2023 31 March 2022

Non-current
Provisions for employee benefits: Sale of products

ANNUAL REPORT 2022-23

Net defined benefit liability - gratuity (refer note 30) 872.16 918.68 Finished goods 1,75,877.40 1,57,093.27
Liability for compensated absences 216.52 190.97 Stock-in-trade 1,977.63 1,420.28
1,088.68 1,109.65 1,77,855.03 1,58,513.55
Current
Other operating revenue
Provisions for employee benefits:
Net defined benefit liability - gratuity (refer note 30) 118.99 269.93 Government grants - EPCG scheme - 3,379.73
Liability for compensated absences 52.18 34.19 Export incentives 389.27 395.65
171.17 304.12 Miscellaneous income 41.69 154.34
430.96 3,929.72
22. TRADE PAYABLES 1,78,285.99 1,62,443.27
As at As at Reconciliation of revenue from sale of products with the contracted price
31 March 2023 31 March 2022
Contracted price 1,86,586.17 1,66,374.16
Dues to micro and small enterprises (Refer note 46) 268.50 60.98
Less : Discounts, volume rebates etc. (8,731.14) (7,860.61)
Dues to other than micro and small enterprises 10,836.93 14,728.78
Sale of products 1,77,855.03 1,58,513.55
11,105.43 14,789.76
Of the above
Trade payables to related parties (Refer Note 39) - 1,017.16

Less than More than

Ageing Schedule Not Due 1 - 2 years 2 - 3 years Total
1 year 3 years
As at 31 March 2023
Dues to micro and small 268.50 - - - - 268.50
enterprises
Dues to other than micro and 9,387.35 1,449.58 - - - 10,836.93
small enterprises
Total 9,655.85 1,449.58 - - - 11,105.43
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

Disaggregated revenue information a) The Company presented disaggregated revenue based on the type of goods sold to customers and location of customers.
The disaggregation of the Company's revenue from contracts with customers as under: The Company's revenue is recognised for goods transferred at a point in time. The Company believes that the above
disaggregation best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are effected
Year ended 31 March 2023
by industry, market and other economic factors. Segment wise nature, amount, timing and uncertainty of revenues and
Medium Density
cash flows are described below:
Segment Plywood and
Fibre Board and Total
allied products Nature of goods or The Company manufactures and sales, plywood and other plywood-related allied products such as
allied products
services veneer, doors, etc, Medium Density Fibre Board and allied products such as fibre board, plank, etc.
Type of Goods
Finished goods 22,419.33 1,53,458.07 1,75,877.40 When revenue is For Domestic Customer : Revenue is typically recognised when the goods are delivered to the customer's
recognised warehouses.
Stock-in-trade 1,977.63 - 1,977.63
For Export Customer : Revenue is typically recognised on the receipt of bill of lading.
Sale of products 24,396.96 1,53,458.07 1,77,855.03
Significant payment terms Payment is received as per the agreed payment terms with customer.
Revenue by geography
- India 24,372.71 1,28,737.11 1,53,109.82 Obligations for returns Customers have the right to return the goods to the company, if the customers are dissatisfied with
and refunds, if any the quality of product which is determined on a case to case basis by the Company.

GREENPANEL INDUSTRIES LIMITED

- Outside India 24.25 24,720.96 24,745.21
Total revenue from contracts with customers 24,396.96 1,53,458.07 1,77,855.03
ANNUAL REPORT 2022-23

b) For contract assets i.e. trade receivables refer Note 11 and for contract liabilities i.e. advance from customers refer Note 24.

Year ended 31 March 2022

c) The amount of revenue from contracts with customers recognised in the statement of profit and loss is the contracted price.
Segment Medium Density
Plywood and
Fibre Board and Total
allied products 26. OTHER INCOME
allied products
Type of Goods Year ended Year ended
Finished goods 24,173.57 1,32,919.70 1,57,093.27 31 March 2023 31 March 2022
Stock-in-trade 1,420.28 - 1,420.28 Interest on fixed deposits with banks and others 1,645.09 481.45
Sale of products 25,593.85 1,32,919.70 1,58,513.55 Rental income 1.20 1.35
Revenue by geography Gain on sale/discard of property, plant and equipment 122.98 -
P - 166

- India 25,593.85 1,09,714.55 1,35,308.40 Gain on lease termination 49.73 -

P - 167
- Outside India - 23,205.15 23,205.15 Foreign exchange fluctuations - 340.96
Total revenue from contracts with customers 25,593.85 1,32,919.70 1,58,513.55 1,819.00 823.76

The reconciliation of the revenue from contracts with customers and other operating revenue is given below : 27. COST OF MATERIALS CONSUMED
GREENPANEL INDUSTRIES LIMITED

Year ended Year ended

ANNUAL REPORT 2022-23

Year ended 31 March 2023 31 March 2023 31 March 2022

Segment Medium Density Inventory of raw materials at the beginning of the year 7,459.85 6,389.37
Plywood and
Fibre Board and Total Add: Purchases 69,684.30 67,129.32
allied products
allied products
Less: Inventory of raw materials at the end of the year (3,475.48) (7,459.85)
Sale of goods
73,668.67 66,058.84
- External customers 24,396.96 1,53,458.07 1,77,855.03
- Inter-segment - - -
Other operating revenue 5.37 425.59 430.96
28. PURCHASE OF STOCK IN TRADE
24,402.33 1,53,883.66 1,78,285.99 Year ended Year ended
Inter-segment elimination - - - 31 March 2023 31 March 2022

Less: Other operating revenue (5.37) (425.59) (430.96) Purchase of traded goods 1,468.08 1,079.07
Total revenue from contracts with customers 24,396.96 1,53,458.07 1,77,855.03
29. CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK IN TRADE
Year ended 31 March 2022 Year ended Year ended
31 March 2023 31 March 2022
Segment Medium Density
Plywood and Opening inventories
Fibre Board and Total
allied products
allied products Work-in-progress 2,126.24 1,735.16
Sale of goods Stock in trade 32.00 54.93
- External customers 25,593.85 1,32,919.70 1,58,513.55 Finished goods 3,997.28 4,259.01
- Inter-segment - - - 6,155.52 6,049.10
Other operating revenue 30.08 3,899.64 3,929.72 Closing inventories
25,623.93 1,36,819.34 1,62,443.27 Work-in-progress 1,311.72 2,126.24
Inter-segment elimination - - - Stock in trade 58.41 32.00
Less: Other operating revenue (30.08) (3,899.64) (3,929.72) Finished goods 5,343.50 3,997.28
Total revenue from contracts with customers 25,593.85 1,32,919.70 1,58,513.55 6,713.63 6,155.52
(558.11) (106.42)
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

30. EMPLOYEES BENEFITS EXPENSE 31. FINANCE COSTS

Year ended Year ended Year ended Year ended
31 March 2023 31 March 2022 31 March 2023 31 March 2022
Salaries, wages, bonus, etc. 12,164.39 11,026.94 Interest expense on financial liabilities measured at amortised cost 659.75 1,121.34
Contribution to provident and other funds 742.83 626.74 Interest expense on lease liabilities 155.20 94.98
Expenses related to post-employment defined benefit plan 236.22 232.30 Exchange difference regarded as an adjustment to borrowing cost 875.08 -
Expenses related to compensated absences 347.46 268.89 Other borrowing cost 178.39 429.83
Staff welfare expenses 167.37 135.45 1,868.42 1,646.15
13,658.27 12,290.32
32. DEPRECIATION AND AMORTISATION EXPENSE
Salaries, wages, bonus, etc. includes J1,150.40 lakhs (31 March 2022 I1,044.43 lakhs) relating to outsource manpower cost.
Year ended Year ended
Notes: 31 March 2023 31 March 2022

(a) Defined contribution plan: Employee benefits in the form of provident fund is considered as defined contribution plan Depreciation of property, plant and equipment 6,387.94 6,419.23

GREENPANEL INDUSTRIES LIMITED

Depreciation of right to use asset 501.30 371.08
and the contributions to Employees’ Provident Fund Organisation established under The Employees' Provident Fund and
Amortisation of intangible assets 8.98 9.07
ANNUAL REPORT 2022-23

Miscellaneous Provisions Act 1952 is charged to the Statement of Profit and Loss of the year when the contributions to
6,898.22 6,799.38
the respective funds are due.

(b) Defined benefit plan: Retirement benefits in the form of gratuity is considered as defined benefit obligations and is 33. OTHER EXPENSES
provided for on the basis of third party actuarial valuation, using the projected unit credit method, as at the date of the Year ended Year ended
Balance Sheet. Every Employee who has completed five years or more of service is entitled to gratuity on terms not less 31 March 2023 31 March 2022
favourable than the provisions of The Payment of Gratuity Act, 1972. Consumption of stores and spares 2,393.27 2,036.13
Power and fuel 19,197.16 14,228.58
(c) Actuarial valuation of gratuity liability
Rent 452.20 319.99
Year ended Year ended Repairs to:
31 March 2023 31 March 2022 - buildings 78.16 383.18
P - 168

Defined benefit cost - plant and equipment 1,747.68 1,653.72

P - 169
Current service cost 151.82 177.26 - others 508.25 477.27
Interest expense on defined benefit obligation 84.39 55.04 Insurance 878.74 720.52
Defined benefit cost in Statement of Profit and Loss 236.21 232.30 Rates and taxes 121.08 81.49
Remeasurements from financial assumptions (14.65) (6.42) Travelling expenses 2,002.48 826.71
GREENPANEL INDUSTRIES LIMITED

Remeasurements from experience adjustments (337.60) 203.15 Freight and delivery expenses 8,444.46 8,003.00
Defined benefit cost in Other Comprehensive Income (OCI) (352.25) 196.73

ANNUAL REPORT 2022-23

Export expenses 5,171.60 4,923.96
Total defined benefit cost in Statement of Profit and Loss and OCI (116.04) 429.03 Advertisement and sales promotion 2,391.78 1,823.17
Commission 1,300.79 2,334.51
Movement in defined benefit obligation Directors sitting fees and commission 59.60 18.40
Balance at the beginning of the year 1,188.61 797.59 Payment to auditors [refer note 33 (i) below] 41.01 34.33
Current service cost 151.82 177.26 Expenditure on corporate social responsibility [refer note 33 (ii) below] 268.88 124.61
Interest cost 84.39 55.04 Loss on sale/discard of property, plant and equipment 242.06 283.75
Actuarial (gains)/losses recognised in other comprehensive income (352.25) 196.73 Provision for doubtful debts & bad debts 83.72 37.95
Benefits paid (81.42) (38.01) Foreign exchange fluctuations 51.24 -
Balance at the end of the year 991.15 1,188.61 Miscellaneous expenses 3,562.85 3,004.98
48,997.01 41,316.25
Sensitivity analysis 33 (i) Payment to auditors
Salary escalation - Increase by 1% 1,090.66 1,297.88 As auditors:
Salary escalation - Decrease by 1% 908.98 1,094.44 - Statutory audit 36.10 29.50
Withdrawal rates - Increase by 1% 1,002.80 1,192.45 - Tax audit - -
Withdrawal rates - Decrease by 1% 982.71 1,183.60 - Limited review of quarterly results 3.90 3.90
Discount rates - Increase by 1% 908.18 1,096.82 In other capacity
Discount rates - Decrease by 1% 1,094.04 1,296.23 - Certification fees 0.69 0.93
- Other services - -
Actuarial assumptions Reimbursement of expenses 0.32 -
Mortality table IALM 2012-2014 IALM 2012-2014 41.01 34.33
Discount rate (per annum) 7.40% 7.10%
Rate of escalation in salary (per annum) 6.00% 6.00%
Withdrawal rate 1% - 8% 1% - 8%
Weighted average duration of defined benefit obligation (in years) 4.75 4.39

(d) Amount incurred as expense for defined contribution to Provident Fund is J686.14 lakhs (31 March 2022 I576.21 lakhs).
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

Year ended Year ended 35. INCOME TAX

31 March 2023 31 March 2022
Year ended Year ended
33 (ii) Expenditure on corporate social responsibility 31 March 2023 31 March 2022
Amount required to be spent by the company during the year 268.88 76.49 (a) Amount recognised in Profit and Loss
Amount of expenditure incurred 231.61 124.61
Current tax 6,141.49 5,901.97
Shortfall at the end of year for which provision has been created 37.27 -
Earlier years tax 19.76 69.39
Total of previous years shortfall - -
Income tax 6,161.25 5,971.36
Nature of CSR activities
Plantation activities 152.56 - Deferred tax (4,237.54) 8,964.16
Government schools 49.06 23.69 Mat credit 6,755.84 (4,088.49)
Medical services 6.99 13.97 Deferred tax 2,518.30 4,875.67
Art & culture preservation 10.00 - Tax expense in Statement of Profit and Loss 8,679.55 10,847.03
Providing of scooters to disabled persons 13.00 - Deferred tax in other comprehensive income 88.65 (68.75)

GREENPANEL INDUSTRIES LIMITED

Support in covid pandemic - 82.49 Tax expense in Total Comprehensive Income 8,768.20 10,778.28
Carpentary training - 4.46
(b) Reconciliation of effective tax rate for the year
ANNUAL REPORT 2022-23

231.61 124.61
Profit before Tax 31,675.73 34,183.44
Applicable Income Tax rate 34.944% 34.944%
34. EXCEPTIONAL ITEMS
Computed tax expense 11,068.77 11,945.06
Year ended Year ended
31 March 2023 31 March 2022 Non-deductible expenses for tax purposes 93.96 43.55
Write back of liability no longer required (1,083.75) - Permanent difference on account of EPCG income 105.36 (1,181.01)
Loss on transfer of plant and machinery 473.68 - Earlier years tax 19.76 69.39
Provision against impairment of investment 3,038.77 - Reduction in tax rate due to adoption of new regime (3,663.35) -
2,428.70 - Minimum Alternate Tax credit written off 267.42 -
Others 787.63 (29.96)
P - 170

a) Write back of liability no longer required: The Hon'ble Supreme Court of India vide its Order dated 22 April 2020 Tax expense in Statement of Profit and Loss 8,679.55 10,847.03

P - 171
upheld the Special Leave Petition filed by the Union of India & Others in Civil Appeal Nos.2256-2263 of 2020 arising out (c) Recognised deferred tax assets and liabilities:
of S.L.P. (C) Nos. 28194-28201/2010 in respect of availing of area based exemption under Central Excise in respect of Property, plant and equipment and intangible assets 10,802.92 14,723.32
manufacturing unit of Greenply Industries Limited (Greenply) at Tizit, Nagaland. Greenply may have to refund maximum Provisions for employee benefits (337.84) (522.81)
principal amount upto I2,709.36 lakhs in respect of excess refund received from the Excise Department for the period
GREENPANEL INDUSTRIES LIMITED

Provision for doubtful debts (69.82) (91.09)

from 1 April 2008 to 30 June 2017. However, as per Clause No. 4.3.6 of the Composite Scheme of Arrangement between
Foreign exchange differences on account of mark to market valuation (122.26) (61.43)

ANNUAL REPORT 2022-23

Greenply and the Company duly approved by the Hon’ble National Company Law Tribunal, Guwahati Bench on 28
Other temporary differences (841.82) (467.92)
June 2019, the above principal amount of I2,709.36 lakhs along with interest, if any, shall be shared by Greenply and
Minimum Alternate Tax credit - (6,755.84)
the Company. The Company had considered the possible outflow of I1,083.74 lakhs i.e. 40% of I2,709.36 lakhs as
Deferred tax liabilities 9,431.18 6,824.23
liability, based on the legal opinion and facts of present circumstances. However, as per the said Composite Scheme
of Arrangement, the liability could only have been materialised upto 31 March 2022, post which the Company was not (d) Reconciliation of Deferred Tax Liability:
required to pay the same. Since there has been no demand for payment of said liability, and the time has also elapsed, Temporary difference on account of:
the Company has reversed the said liability of I1,083.74 lakhs. Property, plant and equipment and intangible assets (3,920.40) (572.27)
Provisions for employee benefits 96.32 (98.22)
b) Loss on transfer of plant and machinery: The Electricity switching station & transmission infrastructure at the plant Provision for doubtful debts 21.27 72.37
at Chittor, Andhra Pradesh, has been transferred by way of Gift in favour of M/s Transmission Corporation of Andhra Foreign exchange differences on account of mark to market valuation (60.83) 732.71
Pradesh Limited. The Company has written off the said asset from its books of accounts on 6 July 2022 and the carrying Other temporary differences (373.90) 7.21
value on that date amounting to I473.68 lakhs was debited to the Statement of Profit and Loss. Unabsorbed depreciation carried forward - 8,822.36
Minimum Alternate Tax credit (entitlement)/utilised 6,755.84 (4,088.49)
c) Provision against impairment of investment: The Board of Directors, through resolution by circulation on 29 November Deferred tax in Statement of Profit and Loss 2,518.30 4,875.67
2022, approved the winding up of the Company’s wholly owned subsidiary (WOS) namely, Greenpanel Singapore Pte. Temporary difference of liabilities in other comprehensive income 88.65 (68.75)
Ltd. subject to the rules and regulations of Singapore. The Board also approved write off the investment in the WOS to Deferred tax in Total Comprehensive Income 2,606.95 4,806.92
the extent of impairment of the asset due to accumulated losses of the WOS. As such, the company has accounted for
impairment of the investment in the WOS to the extent of I3,038.77 lakhs.
The Company has decided to adopt the New Tax Regime u/s 115BAA under the Income Tax Act 1961 from FY 2023-24 (AY
2024-25). Consequently, deferred tax credit including write off of MAT of I3,395.93 lakhs has been recognised in statement
of profit and loss during the year ended March 31, 2023 on account of re-measurement of net deferred tax liabilities reducing
by I3,663.35 lakhs on account of reduction in prospective income tax rate to 25.168% from 34.944%, and write-off of the
balance of Minimum Alternate Tax (MAT) by I267.42 lakhs. The said impact is reflected in the statement of profit and loss for
the quarter and year ended March 31, 2023. During the current quarter, the company has also reversed deferred tax asset
recognised on 'Land' of I722.29 lakhs on account of change in assumptions as per the provisions of Ind-AS 12 'Income Taxes'.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

36. EARNINGS PER SHARE As at As at

31 March 2023 31 March 2022
Year ended Year ended
31 March 2023 31 March 2022 (b) Lease liabilities
Basic and diluted earnings per share Maturity analysis - contractual undiscounted cash flows
(i) Profit for the year, attributable to the equity shareholders 22,996.18 23,336.41 Less than one year 977.37 326.46
(ii) Weighted average number of equity shares One to five years 3,530.68 678.24
- Number of equity shares at the beginning of the year 12,26,27,395 12,26,27,395 More than five years - 89.53
- Number of equity shares at the end of the year 12,26,27,395 12,26,27,395
Total undiscounted lease liabilities 4,508.05 1,094.23
Weighted average number of equity shares 12,26,27,395 12,26,27,395
Lease liabilities included in the balance sheet
Basic and diluted earnings per share (I) [(i)/(ii)] 18.75 19.03
Current 684.87 259.70

37. CONTINGENT LIABILITIES AND COMMITMENTS Non-current 3,035.10 676.11

Lease liabilities included in the balance sheet 3,719.97 935.81
As at As at

GREENPANEL INDUSTRIES LIMITED

31 March 2023 31 March 2022 (c) Amount recognised in statement of profit and loss
Interest expenses on lease liabilities 155.20 94.98
ANNUAL REPORT 2022-23

(to the extent not provided for)

Contingent liabilities Depreciation of right-of-use assets 501.30 371.08
(a) Claims against the Company not acknowledged as debts: Expenses relating to short-term leases (included in other expenses) 452.20 319.99
(i) Excise duty, sales tax and other indirect taxes in dispute 1,022.58 1,022.58 Total amount recognised in profit and loss 1,108.70 786.05
(d) Amount recognised in statement of cash flows
Capital and other commitments Total cash outflow for leases (380.24) (341.78)
(i) Estimated amount of contracts remaining to be executed on capital account and not 36,025.53 5.38
provided for (Net of advances)
39. RELATED PARTY DISCLOSURE
(ii) Other Commitments 587.50 -
Related parties where control exists
Claim against the Company not acknowledged as debt: a) Wholly owned subsidiary company:
P - 172

Cash outflows for the above are determinable only on receipt of judgments pending at various forums/ authorities. The Greenpanel Singapore Pte. Limited, Singapore

P - 173
Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are
b) Other related parties with whom transactions have taken place during the year
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 position. Key Management Personnel (KMP)
GREENPANEL INDUSTRIES LIMITED

Mr. Shiv Prakash Mittal, Executive Chairman

38. LEASES

ANNUAL REPORT 2022-23

Mr. Shobhan Mittal, Managing Director & CEO
Company as a lessee
The Company has lease contracts for offices and factory land. The Company’s obligations under these leases are secured Mr. Mahesh Kumar Jiwarajka, Non-Executive Independent Director
by the lessor’s title to the leased assets. The Company is restricted from assigning and subleasing the leased assets. The Mr. Salil Kumar Bhandari, Non-Executive Independent Director
Company also has certain leases of offices with lease terms of 12 months or less. The Company applies the ‘short-term lease’
recognition exemptions for these leases. Mr. Arun Kumar Saraf, Non-Executive Independent Director

Ms. Susmita Singha, Non-Executive Independent Director (till 7 April 2022)

Land Offices Total
Ms. Shivpriya Nanda, Non-Executive Independent Director (from 6 July 2022)
(a) Carrying amounts of right-of-use assets
Balance at 1 April 2021 1,209.20 1,197.80 2,407.00 Mr. Vishwanathan Venkatramani, Chief Financial Officer
Additions during the year - - -
Mr. Lawkush Prasad, Company Secretary & Vice President-Legal
Depreciation charge for the year (16.31) (354.77) (371.08)
Reductions during the year - - - Relatives of Key Management Personnel (KMP)
Balance at 31 March 2022 1,192.89 843.03 2,035.92 Mrs. Santosh Mittal (Wife of Mr. Shiv Prakash Mittal)
Balance at 1 April 2022 1,192.89 843.03 2,035.92
Additions during the year - 3,291.70 3,291.70 Mr. Rajesh Mittal (Brother of Mr. Shiv Prakash Mittal)
Depreciation charge for the year (16.31) (484.99) (501.30) Mrs. Chitwan Mittal (Wife of Mr. Shobhan Mittal)
Reductions during the year - (232.77) (232.77)
Mrs. Janaki Venkatramani (Wife of Mr. Vishwanathan Venkatramani)
Balance at 31 March 2023 1,176.58 3,416.97 4,593.55
Mr. Prashant Venkatramani (Son of Mr. Vishwanathan Venkatramani)

Mrs. Rinku Prasad (Wife of Mr. Lawkush Prasad)

 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

c) Enterprises controlled by Key Management Personnel or their relatives e) Outstanding balances

Greenlam Industries Limited As at As at
Name of the related party Nature of transaction
31 March 2023 31 March 2022
Greenlam South Limited Greenpanel Singapore Pte. Limited Trade payables (Commission) - 1,015.88
Greenply Industries Limited Greenlam Industries Limited Trade receivables - 28.12
Trade payables - 1.28
Prime Holdings Private Limited
Greenply Industries Limited Trade receivables 6.81 -
S.M. Management Private Limited Mr. Shiv Prakash Mittal Employee benefits payable 475.00 512.80
Mr. Shobhan Mittal Employee benefits payable 475.00 512.80
Vanashree Properties Private Limited
Mr. Mahesh Kumar Jiwarajka Remuneration payable 9.00 -
Bluesky Projects Private Limited Mr. Salil Kumar Bhandari Remuneration payable 9.00 -
Akshat Enterprises (represented by Mr. Arun Kumar Saraf) Mr. Arun Kumar Saraf Remuneration payable 9.00 -

GREENPANEL INDUSTRIES LIMITED

Ms. Shivpriya Nanda Remuneration payable 9.00 -
d) Related party transactions
ANNUAL REPORT 2022-23

As at As at f) Key Management Personnel compensation

Name of the related party Nature of transaction
31 March 2023 31 March 2022
Greenpanel Singapore Pte. Limited Commission paid 1,186.53 2,253.92 Key management personnels compensation comprised of the following:
Purchase of assets 592.39 - As at As at
Nature of transaction
Greenlam Industries Limited Sale of products* 1,034.89 1,184.01 31 March 2023 31 March 2022
Purchase of products* 22.15 19.21 Short-term employee benefits 1,964.36 1,611.43
Rent received - 0.25 Other long-term benefits 64.18 65.19
Greenlam South Limited Rent received 0.60 0.60 Perquisites 13.10 12.47
Greenply Industries Limited Sale of products* 6.81 - Total compensation paid to key management personnel 2,041.64 1,689.09
Rent received 0.60 0.50
P - 174

Mr. Shiv Prakash Mittal Remuneration 910.28 783.14

As the future liability for gratuity and compensated encashment is provided on an actuarial basis for the Company as

P - 175
Mr. Shobhan Mittal Remuneration 917.75 713.12
a whole, the amount pertaining to each key management personnel is not separately ascertainable and, therefore, not
Mr. Mahesh Kumar Jiwarajka Remuneration 16.50 4.80
included above. Based on the recommendation of the Nomination and Remuneration Committee, all decisions relating
Mr. Salil Kumar Bhandari Remuneration 15.30 4.40
to the remuneration of the KMPs are taken by the Board of Directors of the Company, in accordance with shareholders’
Mr. Arun Kumar Saraf Remuneration 15.10 4.60
GREENPANEL INDUSTRIES LIMITED

Ms. Shivpriya Nanda Remuneration 12.70 -

approval, wherever necessary.
Ms. Susmita Singha Remuneration - 4.60

ANNUAL REPORT 2022-23

Mr. Vishwanathan Venkatramani Remuneration 177.17 159.82 g) Terms and conditions of transactions with related parties
Mr. Lawkush Prasad Remuneration 36.44 33.01 Purchase from related parties are made in the ordinary course of business and on terms equivalent to those that prevail
Mrs. Chitwan Mittal Remuneration 30.29 29.80 in arm’s length transactions with other vendors. Outstanding balances at the year-end are unsecured and will be settled
Mr. Prashant Venkatramani Remuneration 4.71 0.15 in cash and cash equivalents.
Prime Holdings Private Limited Professional Fees 0.43 0.21
S. M. Management Private Limited Dividend paid 474.40 474.40 The Company has not recorded any impairment of receivables relating to amounts owed by related parties. This
Prime Holdings Private Limited Dividend paid 199.99 199.99 assessment is undertaken in each financial year after examining the financial position of the related parties and the
Vanashree Properties Private Limited Dividend paid 46.74 46.74
market in which the related party operates.
Bluesky Projects Private Limited Dividend paid 5.63 5.63
Mr. Shobhan Mittal Dividend paid 158.83 158.83
h) Details of loans, investments and guarantees covered under Section 186(4) of the Companies Act, 2013
Mr. Shiv Prakash Mittal Dividend paid 69.07 11.33
Mrs. Santosh Mittal Dividend paid 21.99 21.99 (i) Details of loans Nil
Mr. Rajesh Mittal Dividend paid - 57.75
(ii) Details of investments Particulars of investments is disclosed in note 7
Mr. Salil Kumar Bhandari Dividend paid 0.08 0.08
Mr. Arun Kumar Saraf Dividend paid 0.30 0.30 (iii) Details of guarantees Nil
Akshat Enterprises Dividend paid 0.83 -
Mr. Vishwanathan Venkatramani Dividend paid 0.81 0.81
Mrs. Janaki Venkatramani Dividend paid 0.50 0.50
Mr. Prashant Venkatramani Dividend paid 0.19 0.19
Mr. Lawkush Prasad Dividend paid - 0.15
Mrs. Rinku Prasad Dividend paid 0.10 0.10

Note : * indicates the amounts are inclusive of applicable Goods and Service Tax (GST).
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

40. ACCOUNTING CLASSIFICATIONS AND FAIR VALUES (IND AS 107) Financial assets and liabilities measured at fair value - recurring fair value measurements are as follows:
The fair values of financial assets and liabilities, together with the carrying amounts shown in the Standalone Balance Sheet As at As at
are as follows: 31 March 2023 31 March 2022
Financial assets - Level 2
As at 31 March 2023 As at 31 March 2022 Derivatives 60.52 -
Carrying Value Fair Value Carrying Value Fair Value Financial liabilities - Level 2
Financial assets at amortised cost Derivatives - 35.77
Non-current
Investments 2,205.85 2,205.85 5,244.62 5,244.62 The management assessed that trade receivables, cash and cash equivalent, other bank balances, trade payable, cash
Other financial assets Level 3 2,115.05 2,115.05 1,662.33 1,662.33 credits, borrowings and other financial assets and liabilities approximate their carrying amounts largely due to the short term
Current maturities of these instruments.
Trade receivables Level 3 4,439.73 4,439.73 4,144.32 4,144.32
Cash and cash equivalents Level 3 1,103.02 1,103.02 5,603.76 5,603.76

GREENPANEL INDUSTRIES LIMITED

The following methods and assumptions were used to estimate the fair values:
Other bank balances Level 3 34,478.42 34,478.42 16,523.23 16,523.23
ANNUAL REPORT 2022-23

Loans Level 3 50.00 50.00 72.16 72.16 (a) The fair value of the quoted investments are based on market price at the respective reporting date.
Other financial assets Level 3 3,559.23 3,559.23 3,645.86 3,645.86
(b) The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on
Total Financial Assets 47,951.30 47,951.30 36,896.28 36,896.28
observable yield curves based on report obtained from banking partners.
Financial assets at fair value through profit
and loss (c) The fair value of forward foreign exchange contracts is calculated as the present value determined using forward exchange
Current rates and interest rate curve of the respective currencies based on report obtained from banking partners.
Derivatives Level 2 60.52 60.52 - -
60.52 60.52 - -
42. FINANCIAL RISK MANAGEMENT
Total Financial Assets 48,011.82 48,011.82 36,896.28 36,896.28
Financial liabilities at amortised cost The Company has exposure to the following risks arising from financial instruments:
Non-current
P - 176

Borrowings Level 3 12,707.86 12,707.86 16,503.11 16,503.11 (i) Credit risk

P - 177
Lease liabilities Level 3 3,035.10 3,035.10 676.11 676.11
Other financial liabilities Level 3 668.74 668.74 858.34 858.34 (ii) Liquidity risk
Current
Borrowings Level 3 6,335.07 6,335.07 11,741.57 11,741.57 (iii) Market risk
GREENPANEL INDUSTRIES LIMITED

Lease liabilities Level 3 684.87 684.87 259.70 259.70

ANNUAL REPORT 2022-23

Other financial liabilities Level 3 1,699.14 1,699.14 2,138.83 2,138.83 Risk management framework
Trade payables Level 3 11,105.43 11,105.43 14,789.76 14,789.76
The Company's principal financial liabilities, other than derivatives, comprises of borrowings, trade and other payables. The
36,236.21 36,236.21 46,967.42 46,967.42
main purpose of these financial liabilities is to finance the Company operations. The Company's principal financial assets,
Financial liabilities at fair value through profit
and loss other than derivatives include trade and other receivables, investments and cash and cash equivalents that derive directly
Current from its operations.
Derivatives Level 2 - - 35.77 35.77
36,236.21 36,236.21 47,003.19 47,003.19 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 financial performance.
41. FAIR VALUE MEASUREMENT The Company uses derivative financial instruments to mitigate foreign exchange related risk exposures. Foreign currency
options contract are entered to hedge certain foreign currency risk exposures and interest rate swaps to hedge variable interest
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged
rate exposures. The Company's exposure to credit risk is influenced mainly by the individual characteristic of each customer
in a current transaction between willing parties, other than in forced or liquidation sale.
and the concentration of risk from the top few customers. The Company’s risk management assessment and policies and
processes are established to identify and analyse the risks faced by the Company, to set appropriate risk limits and controls,
The Company has established the following fair value hierarchy that categories the value into 3 levels. The inputs to valuation
and to monitor such risks and compliance with the same. Risk assessment and management policies and processes are
techniques used to measure fair value of financial instruments are:
reviewed regularly to reflect changes in market conditions and the Company’s activities.

Level 1: The hierarchy uses quoted prices in active markets for identical assets or liabilities. The fair value of all bonds which
This note presents information about the Company’s exposure to each of the above risks, the Company’s objectives, policies
are traded in the stock exchanges is valued using the closing price or dealer quotations as at the reporting date.
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, over the
counter derivatives) is determined using valuation techniques which maximise the use of observable 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.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

The sources of risks which the Company is exposed to and their management is given below: (ii) Liquidity risk
Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at
Risk Exposure Arising from Measurement Management reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and
Credit risk Trade receivables, derivative Ageing analysis, credit rating Credit limit and credit the availability of funding through an adequate amount of credit facilities to meet obligations when due. The Company's
financial instruments, loans worthiness monitoring, credit finance team is responsible for liquidity, finding as well as settlement management. In addition, processes and policies
based approval process.
related to such risks are overseen by senior management. Management monitors the Company's liquidity position through
Liquidity risk Borrowings and other liabilities Rolling cash flow forecasts Adequate unused credit lines
and borrowing facilities.
rolling forecasts on the basis of expected cash flows.
Market risk Committed commercial Cash flow forecasting sensitivity Forward foreign exchange
Foreign exchange risk transaction, Financial asset and analysis contracts. The Company's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet
liabilities not denominated in INR its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or
Interest rate Long term borrowings at variable Sensitivity analysis Interest rate swaps risking damage to the Company's reputation.
rates interest rate movements

GREENPANEL INDUSTRIES LIMITED

Exposure to liquidity risk
(i) Credit risk The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date
ANNUAL REPORT 2022-23

Credit risk is the risk of financial loss of the Company if a customer or counterparty to a financial instrument fails to meet based on contractual undiscounted payments.
its contractual obligations, and arises principally from the Company receivables from customers and loans. The Company
As at 31 March 2023 < 1 year 1 - 5 years > 5 years Total
is exposed to credit risk from its operating activities (primarily trade receivables) and from its financing/investing activities,
Borrowings 6,451.50 12,799.06 - 19,250.56
including deposits with bank, foreign exchange transactions and financial guarantees. The Company has no significant
Lease Liabilities 977.37 3,530.68 - 4,508.05
concentration of credit risk with any counterparty. The carrying amount of financial assets represent the maximum credit
risk exposure. Trade payables 11,105.43 - - 11,105.43
Other financial liabilities 1,699.14 668.74 - 2,367.88
Trade receivable 20,233.44 16,998.48 - 37,231.92

The management has established a credit policy under which each new customer is analysed individually for
P - 178

creditworthiness before the Company's standard payment and delivery terms and conditions are offered. The Company's As at 31 March 2022 < 1 year 1 - 5 years > 5 years Total

P - 179
review includes external ratings, if they are available, financial statements, credit agency information, industry information Borrowings 11,965.46 16,925.23 - 28,890.69
and in some cases bank references. Lease Liabilities 326.46 678.24 89.53 1,094.23
Trade payables 14,789.76 - - 14,789.76
Exposure to credit risks Other financial liabilities 2,174.60 858.34 - 3,032.94
GREENPANEL INDUSTRIES LIMITED

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However 29,256.28 18,461.81 89.53 47,807.62

ANNUAL REPORT 2022-23

management also considers the factors that may influence the credit risk of its customer base, including the default risk
associated with the industry. Details of concentration percentage of revenue generated from top customer and top five (iii) Market risk
customers are stated below:
Market risk is the risk of loss of future earnings, fair value or future cash flows that may result from a change in the price
As at As at of a financial instrument . The value of a financial instrument may change as a result of changes in the interest rates,
Particulars
31 March 2023 31 March 2022 foreign currency exchange rates, commodity prices, equity prices and other market changes that effect market risk
Revenue from a top customer 4.23% 3.21% sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments
Revenue from top five customers 12.00% 8.19% and deposits, foreign currency receivables, payables and borrowings. The Company uses derivatives to manage market
risks. All such transactions are carried out within the guidelines set by the management.
Trade receivables are primarily unsecured and are derived from revenue earned from customers. Credit risk is managed
through credit approvals, establishing credit limits and by continuously monitoring the creditworthiness of customers (a) Currency risk
to which the Company grants credit terms in the normal course of business. As per simplified approach, the Company
Foreign currency risk is the risk impact related to fair value or future cash flows of an exposure in foreign currency, which
makes provision of expected credit loss on trade receivables using a provision matrix to mitigate the risk of default
fluctuate due to changes in foreign exchange rates. The Company's exposure to the risk of changes in foreign exchange
payments and makes appropriate provisions at each reporting date whenever is for longer period and involves higher
rates relates primarily to the foreign currency borrowings, import of raw materials and spare parts, capital expenditure,
risk. On account of adoption of Ind AS 109, the Company uses expected credit loss model to assess the impairment
exports of finished goods. The Company evaluates exchange rate exposure arising from foreign currency transactions.
loss or gain. The Company uses a provision matrix to compute the credit loss allowance for trade receivables. The said
The Company follows established risk management policies and standard operating procedures. It uses derivative
provision has been netted off under trade receivables.
instruments like foreign currency swaps and forwards to hedge exposure to foreign currency risk.

As at As at
Particulars
31 March 2023 31 March 2022
Balance at the beginning 193.69 426.57
Impairment loss recognised/(reversal) 83.72 (232.88)
Balance at the end 277.41 193.69

The ageing analysis of the trade receivables (gross of provision) has been considered from the final due date of the invoice
and the schedule is annexed to note on Trade Receivables in Note 11.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

Exposure to currency risk Exposure to interest rate risk

The Company's exposure to foreign currency at the end of the reporting period are as follows: The interest rate profile of the Company 's interest bearing financial instruments at the end of the reporting period are
as follows:
As at 31 March 2023 As at 31 March 2022
Particulars Currency Amount in Amount in
K in Lakhs K in Lakhs As at As at
Foreign currency Foreign currency Particulars
31 March 2023 31 March 2022
Hedged exposures
Fixed rate instruments
Borrowings EURO - - 22,27,313 1,867.62
Financial assets - -
Borrowings - Buyers credit USD - - 11,13,159 843.55
Financial liabilities (1,486.46) (2,050.85)
Trade payables EURO 1,43,876 128.06 99,196 83.18
(1,486.46) (2,050.85)
USD - - 62,827 47.61
Effect of interest rate swaps - -
128.06 130.79
(1,486.46) (2,050.85)
Unhedged exposures

GREENPANEL INDUSTRIES LIMITED

Variable rate instruments
Borrowings EURO 1,73,73,575 15,464.10 2,00,01,254 16,771.17
Financial assets - -
ANNUAL REPORT 2022-23

Borrowings - Buyers credit - Capex EURO 16,70,000 1,486.46 9,20,000 771.43

Financial liabilities (17,764.10) (26,839.84)
USD - - 4,50,000 341.01
(17,764.10) (26,839.84)
1,486.46 1,112.44
Effect of interest rate swaps - -
Trade payables EURO 1,38,297 123.10 1,16,699 97.85
(17,764.10) (26,839.84)
USD - - 13,48,380 1,021.80
123.10 1,119.65
Sensitivity analysis
Liability for Capital Goods EURO - - 2,00,508 168.13
Fixed rate instruments that are carried at amortised cost are not subject to interest rate risk for the purpose of
Interest accrued but not due on EURO 2,19,592 195.46 51,971 43.58
borrowings sensitive analysis.
Trade receivables USD 17,26,761 1,418.92 18,04,225 1,367.24
P - 180

In case of variable rate instrument from Landesbank Baden-Wurttenberg, the EURIBOR element is negative since long

P - 181
and seems to continue for a foreseeable period, and as such the sensitivity analysis below is unrepresentative of a risk
Sensitivity analysis
inherent in the said financial instrument.
A reasonably possible strengthening (weakening) of the USD and EURO against Indian rupee at 31 March would have
affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit A reasonably possible change of 100 basis points in variable rate instruments at the reporting dates would have increased
GREENPANEL INDUSTRIES LIMITED

or loss by the amount shown below. This analysis assumes that all other variables, in particular interest rates, remain or decreased profit or loss by the amounts shown below:
constant and ignores any impact of forecast sales and purchases.

ANNUAL REPORT 2022-23

As at As at
Particulars Nature Effect
As at As at 31 March 2023 31 March 2022
Particulars Nature Effect
31 March 2023 31 March 2022
Variable rate instruments Profit or loss Strengthening (177.64) (268.40)
USD (5% Movement) Profit or loss Strengthening 70.95 0.22 Weakening 177.64 268.40
Weakening (70.95) (0.22) Equity, net of tax Strengthening (132.93) (174.61)
Equity, net of tax Strengthening 53.09 0.14 Weakening 132.93 174.61
Weakening (53.09) (0.14) Interest rate swap Profit or loss Strengthening - -
EUR (5% Movement) Profit or loss Strengthening (863.46) (892.61) Weakening - -
Weakening 863.46 892.61 Equity, net of tax Strengthening - -
Equity, net of tax Strengthening (646.14) (580.70) Weakening - -
Weakening 646.14 580.70 Cash flow sensitivity (net) Profit or loss Strengthening (177.64) (268.40)
Weakening 177.64 268.40
(b) Interest rate risk
Equity, net of tax Strengthening (132.93) (174.61)
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of Weakening 132.93 174.61
changes in market interest rates. The Company exposure to the risk of changes in market interest rates related primarily
to the Company's short term borrowing with floating interest rates. For all long term borrowings with floating rates, the 43. CAPITAL MANAGEMENT
risk of variation in the interest rates in mitigated through interest rate swaps. The Company constantly monitors the credit
The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to
markets and rebalances its financing strategies to achieve an optimal maturity profile and financing cost.
sustain future development of the business. The management monitors the return on capital, as well as the level of dividends
to equity shareholders.

The Company’s objective when managing capital are to: (a) to maximise shareholders value and provide benefits to other
stakeholders and (b) maintain an optimal capital structure to reduce the cost of capital.

For the purpose of the Company’s capital management, capital includes issued equity share capital and other equity reserves
attributable to the equity holders.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

The Company monitors capital using debt-equity ratio, which is total debt less liquid investments divided by total equity. 47. FINANCIAL RATIOS
As at As at
Ratios Numerator Denominator % change Reason for change
As at As at 31 March 2023 31 March 2022
Particulars
31 March 2023 31 March 2022 Current ratio Current Assets Current 2.62 1.53 71.25% Reduction in working capital
Total debt (Bank and other borrowings) 19,042.93 28,244.68 Liabilities cycle
Less: Cash and cash equivalents 1,103.02 5,603.76 Debt- Equity Total Debt Shareholder’s 0.16 0.29 -44.60% Reduction in working capital
Less: Other bank balances 34,478.42 16,523.23 Ratio Equity investment leading to improved
cash flows used for debt
Adjusted net debt (16,538.51) 6,117.69 reduction
Equity 1,20,135.03 98,714.66 Debt Service Earnings for Debt service 5.83 1.40 315.32% Reduction in borrowings
Debt to Equity (net) (0.14) 0.06 Coverage ratio debt service = = Interest resulting in lower interest outgo
Net profit after & Lease
taxes + Non- Payments
In addition, the Company has financial covenants relating to the banking facilities that it has taken from all the lenders like cash operating + Principal

GREENPANEL INDUSTRIES LIMITED

interest service coverage ratio, Debt to EBITDA, current ratio etc. which is maintained by the Company. expenses Repayments
Return on Equity Net Profits Average 21.02% 26.51% -20.72% Increase in accumulated
ANNUAL REPORT 2022-23

44. SEGMENTS INFORMATION ratio after taxes – Shareholder’s shareholders equity as

Preference Equity compared to previous year
In accordance with Ind AS 108 “Operating Segments”, segment information has been given in the consolidated financial Dividend whereas profit after tax
statements of the Company, and therefore, no separate disclosure on segment information is given in these standalone remaining at almost the same
financial statements. level as compared to previous
year

45. TAXATION Inventory Cost of goods Average 6.27 5.15 21.77% Decrease in inventory levels and
Turnover ratio sold Inventory increased cost of production
The Company has established a comprehensive system of maintenance of information and documents as required by the Trade Net credit sales Average Trade 47.86 30.68 55.99% Increase in turnover on same
transfer pricing regulations under Sections 92-92F of the Income-Tax Act, 1961. Since the law requires existence of such Receivable = Gross credit Receivable receivables cycle
information and documentation to be contemporaneous in nature, the Company continuously updates its documents for the Turnover Ratio sales - sales
P - 182

international transactions entered into with the associated enterprises during the financial year. The management is of the return
Trade Payable Net credit Average Trade 6.48 5.76 12.50% Due to reduction in credit cycle

P - 183
opinion that its international transactions are at arm’s length so that the aforesaid legislation will not have any impact on the
Turnover Ratio purchases = Payables
financial statements, particularly on the amount of tax expense for the year and that of provision for taxation.
Gross credit
purchases -
46. DUES TO MICRO ENTERPRISES AND SMALL ENTERPRISES purchase return
GREENPANEL INDUSTRIES LIMITED

As at As at Net Capital Net sales = Total Working 4.70 9.46 -50.29% Increase in turnover and
Turnover Ratio sales - sales capital = reduction in working capital

ANNUAL REPORT 2022-23

31 March 2023 31 March 2022
return Current assets cycle
(a) The amounts remaining unpaid to Micro and Small suppliers as at
– Current
the end of each accounting year
liabilities
- Principal 268.50 60.98
Net Profit ratio Net Profit Net sales = 12.93% 14.72% -12.17% Increase in turnover whereas net
- Interest - - Total sales - profit almost remaining the same
(b) The amount of interest paid by the buyer in terms of Section 16 of the Micro, Small and Medium - - sales return as compared to the previous
Enterprises Development Act, 2006 (MSMED Act, 2006) along with the amount of the payment year due to increase in raw
made to the supplier beyond the appointed day during each accounting year. material prices and operational
expenses
(c) The amount of interest due and payable for the period of delay in making payment (which - -
have been paid but beyond the appointed day during the year) but without adding the interest Return on Earnings before Capital 24.10% 28.22% -14.60% Increase in accumulated
specified under MSMED Act, 2006. Capital interest and Employed = shareholders equity as compared
Employed taxes Tangible Net to previous year whereas profit
(d) The amount of interest accrued and remaining unpaid at the end of each accounting year - -
Worth + Total after tax remaining at almost
(e) The amount of further interest remaining due and payable even in the succeeding years, until - - Debt the same level as compared to
such date when the interest dues as above are actually paid to the small enterprise, for the previous year
purpose of disallowance as a deductible expenditure under Section 23 of the MSMED Act,
Return on Interest (Finance Investment Not Applicable Not Applicable Not Applicable
2006.
Investment Income)

Note: The above information regarding Micro Small & Medium Enterprises has been determined to the extent such parties have been identified on
the basis of the information available with the Company. The same has been relied upon by the auditors.
48. DISTRIBUTION MADE AND PROPOSED DIVIDEND (IND AS 1)
Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognised as a
liability as at 31 March 2023. Since no dividend has been proposed in the current and previous year, financial figures with
respect to the same has not been given.

The Company has paid an interim dividend of I1.50 per equity share i.e. 150% on face value of I1 per share for the financial
year 2022-23 during the year on 12,26,27,395 equity shares (previous year I1.50 per equity share).
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the standalone financial statements for the year ended 31 March 2023 to the standalone financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

49. RECONCILIATION OF QUARTERLY BANK RETURNS 50. OTHER STATUTORY INFORMATION

Amount as per
Amount as
Amount of
(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the
Name of Bank Particulars Quarter reported in
books
quarterly returns
difference Company for holding any Benami property.
Working Capital Lenders Inventory 31 March 2023 15,253.48 13,070.00 2,183.48
(ii) The Company does not have any transactions with companies struck off.
Working Capital Lenders Trade receivables 31 March 2023 4,439.73 8,823.58 (4,383.85)
Working Capital Lenders Trade payables 31 March 2023 (11,105.43) (7,376.29) (3,729.14)
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory
Working Capital Lenders Net Total 31 March 2023 8,587.78 14,517.29 (5,929.51)
period,
Working Capital Lenders Inventory 31 December 2022 17,490.83 15,103.00 2,387.83
Working Capital Lenders Trade receivables 31 December 2022 3,284.69 9,090.58 (5,805.89) (iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
Working Capital Lenders Trade payables 31 December 2022 (11,136.25) (5,797.24) (5,339.01)
Working Capital Lenders Net Total 31 December 2022 9,639.27 18,396.34 (8,757.07) (v) The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities

GREENPANEL INDUSTRIES LIMITED

Working Capital Lenders Inventory 30 September 2022 19,570.39 17,691.00 1,879.39 (Intermediaries) with the understanding that the Intermediary shall: (a) directly or indirectly lend or invest in other persons
Working Capital Lenders Trade receivables 30 September 2022 4,420.08 9,855.10 (5,435.02) or entities identified in any manner whatsoever by or on behalf of the company (Ultimate Beneficiaries) or (b) provide any
ANNUAL REPORT 2022-23

Working Capital Lenders Trade payables 30 September 2022 (13,246.84) (7,891.42) (5,355.42) guarantee, security or the like to or on behalf of the Ultimate Beneficiaries
Working Capital Lenders Net Total 30 September 2022 10,743.63 19,654.68 (8,911.05)
Working Capital Lenders Inventory 30 June 2022 18,095.93 16,184.00 1,911.93 (vi) The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with
Working Capital Lenders Trade receivables 30 June 2022 3,831.28 9,085.28 (5,254.00) the understanding (whether recorded in writing or otherwise) that the Company shall: (a) directly or indirectly lend or
Working Capital Lenders Trade payables 30 June 2022 (15,667.72) (8,602.35) (7,065.37) invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate
Working Capital Lenders Net Total 30 June 2022 6,259.49 16,666.93 (10,407.44) Beneficiaries) or (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries,
Working Capital Lenders Inventory 31 March 2022 16,581.57 14,632.00 1,949.57
(vii) The Company does not have any such transaction which is not recorded in the books of accounts that has been
Working Capital Lenders Trade receivables 31 March 2022 4,144.32 9,589.25 (5,444.93)
surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as,
Working Capital Lenders Trade payables 31 March 2022 (14,789.76) (10,168.82) (4,620.94)
search or survey or any other relevant provisions of the Income Tax Act, 1961.
P - 184

Working Capital Lenders Net Total 31 March 2022 5,936.13 14,052.43 (8,116.30)

P - 185
Working Capital Lenders Inventory 31 December 2021 14,515.13 12,525.00 1,990.13
As per our report of even date attached
Working Capital Lenders Trade receivables 31 December 2021 3,368.12 7,982.00 (4,613.88)
Working Capital Lenders Trade payables 31 December 2021 (13,135.44) (8,803.00) (4,332.44) For S. S. Kothari Mehta & Company For and on behalf of Board of Directors of
Chartered Accountants Greenpanel Industries Limited
GREENPANEL INDUSTRIES LIMITED

Working Capital Lenders Net Total 31 December 2021 4,747.81 11,704.00 (6,956.19) Firm Registration number.: 000756N CIN: L20100AS2017PLC018272
Working Capital Lenders Inventory 30 September 2021 16,107.67 13,866.00 2,241.67

ANNUAL REPORT 2022-23

Sunil Wahal Shiv Prakash Mittal Shobhan Mittal
Working Capital Lenders Trade receivables 30 September 2021 4,924.76 8,701.00 (3,776.24)
Partner Executive Chairman Managing Director & CEO
Working Capital Lenders Trade payables 30 September 2021 (15,508.26) (10,906.00) (4,602.26) Membership No: 087294 (DIN : 00237242) (DIN : 00347517)
Working Capital Lenders Net Total 30 September 2021 5,524.17 11,661.00 (6,136.83)
Working Capital Lenders Inventory 30 June 2021 16,956.66 15,144.00 1,812.66 Vishwanathan Venkatramani Lawkush Prasad
Working Capital Lenders Trade receivables 30 June 2021 6,930.43 9,246.00 (2,315.57) Chief Financial Officer Company Secretary & VP-Legal
Working Capital Lenders Trade payables 30 June 2021 (13,207.00) (9,339.00) (3,868.00)
Place : Gurgaon Place : Gurgaon
Working Capital Lenders Net Total 30 June 2021 10,680.09 15,051.00 (4,370.91) Dated : 6 May 2023 Dated : 6 May 2023

Working Capital Lenders represent State Bank of India, HDFC Bank Limited, Axis Bank Limited, RBL
Bank Limited, Indusind Bank Limited
Note for Discrepancies:
The difference in Inventory is due to the cost of inventories included in financial statements on account of sales not considered,
for the risk and rewards not transferred in view of compliance of Ind AS 115.

The difference in trade receivables is due to (i) the amount excluded from financial statements on account of sales not
considered for the risk and rewards not transferred in view of compliance of Ind AS 115 and (ii) exclusion of debtors whose
ageing is more than 90 days from invoice date and related party balances from stock statement.

The Discrepancy in trade payables is due to the Service and the Corporate Creditors not being part of disclosure in bank
reporting. Creditors reported in stock statement is only to the extent of inventory purchased, along with net of advances.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Independent Auditors’ Report

To the Members of Consolidated Financial Statements’ section of our report. We Key audit matters How our audit addressed the key audit matters
Greenpanel Industries Limited are independent of the Group in accordance with the ‘Code Revenue recognition on sale of goods and impairment loss allowance on trade receivables
of Ethics’ issued by the Institute of Chartered Accountants of Revenue is measured based on the transaction price, which Our audit procedures included, amongst others:
Report on the Audit of the Consolidated Financial India together with the ethical requirements that are relevant is the consideration, adjusted for volume discounts, rebates,
Statements to our audit of the financial statements under the provisions a. We read and evaluated the Holding Company’s policies
scheme allowances, price concessions, incentives and
of the Act and the Rules thereunder, and we have fulfilled for revenue recognition and impairment loss allowance
OPINION returns, if any, (‘variable consideration’) as specified in the
and assessed its compliance with Ind AS 115 – Revenue
our other ethical responsibilities in accordance with these contracts with the customers.
We have audited the accompanying Consolidated Financial from contracts with customers’ and Ind AS 109
requirements and the Code of Ethics. We believe that the An estimate of variable consideration payable to the ‘Financial Instruments’ respectively.
Statements of Greenpanel Industries Limited (hereinafter
audit evidence we have obtained is sufficient and appropriate customers is recorded as at the year-end. Such estimation
referred to as ‘the Holding Company’ or ‘Company’), its b. We assessed the design and tested the operating
to provide a basis for our audit opinion on the Consolidated is done based on the terms of contracts, rebates and
subsidiary (the Holding Company and its subsidiary together effectiveness of internal controls related to sales
Financial Statements. discounts schemes and historical experience.
referred to as the ‘Group’) which comprises of the consolidated including variable consideration and impairment loss
balance sheet as at March 31 2023, the consolidated statement In accordance with Ind AS 109 – Financial Instruments, allowance on trade receivables.
EMPHASIS OF MATTER

GREENPANEL INDUSTRIES LIMITED

of profit and loss, including other comprehensive income, the Holding Company follows ‘simplified approach’
c. We performed the following tests for a sample of
the consolidated cash flow statement and the consolidated We draw attention to Note no. 15 to the Consolidated Financial for recognition of impairment loss allowance on trade
transactions relating to variable consideration:
ANNUAL REPORT 2022-23

Statement, on the basis of legal opinion the Holding Company receivables. In calculating the impairment loss allowance,
statement of changes in equity for the year then ended, and
has not accounted for some of the Government subsidies as the Holding Company has considered its credit assessment • Read the terms of contract including rebates
notes to the consolidated financial statements, including
mentioned in the said note. Our opinion is not modified in and other related credit information for its customers and discounts schemes as approved by
a summary of significant accounting policies and other to estimate the probability of default in future and has
explanatory information in which are included the returns for respect of this matter. authorized personnel.
considered estimates of possible effect from increased
the year ended on that date audited by the branch auditor uncertainties in economic environment. • Evaluated the assumptions used in estimation of
of the Company’s branch located at Singapore (hereinafter KEY AUDIT MATTERS We identified estimation of variable consideration and variable consideration by comparing with the past
referred to as “the Consolidated Financial Statements”). Key audit matters are those matters that, in our professional impairment loss allowance on trade receivables as a key trends and understand the reasons for deviation.
judgment, were of most significance in our audit of the audit matter because the Holding Company’s management
In our opinion and to the best of our information and Consolidated Financial Statements for the financial year exercises significant judgments and estimates in calculating • Performed retrospective review to identify and
the said variable consideration and impairment loss evaluate variances.
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according to the explanations given to us and based on the ended March 31, 2023. These matters were addressed in the
allowance.
consideration of reports of the other auditors on separate context of our audit of the Consolidated Financial Statements d. We evaluated management’s assessment of the

P - 187
financial statements of the subsidiary and branch referred to as a whole, and in forming our opinion thereon, and we do not assumptions used in the calculation of impairment loss
in the other matters section below, the aforesaid Consolidated provide a separate opinion on these matters. For each matter allowance on trade receivables, including consideration
Financial Statements give the information required by the below, our description of how our audit addressed the matter of the current and estimated future uncertain economic
GREENPANEL INDUSTRIES LIMITED

Companies Act, 2013 (“the Act”) in the manner so required is provided in that context. conditions.
and give a true and fair view in conformity with the Indian e. For sample customers, we tested past collection history,

ANNUAL REPORT 2022-23

Accounting Standards prescribed under section 133 of the Act We have determined the matters described below to be the customer’s credit assessment and probability of default
read with the relevant rules made thereunder, as amended, key audit matters to be communicated in our report. We assessment performed by the management.
and other accounting principles generally accepted in India, have fulfilled the responsibilities described in the Auditor’s f. We tested the mathematical accuracy and computation
of the consolidated state of affairs of the Group as at March responsibilities for the audit of the Consolidated Financial of the allowances.
31, 2023, its consolidated profit including the consolidated Statements section of our report, including in relation to
g. We read and assessed the relevant disclosures made
comprehensive profit, consolidated changes in equity and its these matters.
within the consolidated Ind AS financial statements.
consolidated cash flows for the year then ended.
Accordingly, our audit included the performance of procedures INFORMATION OTHER THAN THE CONSOLIDATED and, in doing so, consider whether such other information
BASIS FOR OPINION designed to respond to our assessment of the risks of material FINANCIAL STATEMENTS AND AUDITOR’S is materially inconsistent with the Consolidated Financial
We conducted our audit of the Consolidated Financial misstatement of the consolidated financial statements. The REPORT THEREON Statements or our knowledge obtained in the audit or
Statements in accordance with the Standards on Auditing results of our audit procedures, including the procedures
The Holding Company’s Board of Directors is responsible otherwise appears to be materially misstated. When we
(SAs), as specified under section 143(10) of the Act. Our performed to address the matters below, provide the basis
for the other information. The other information comprises read Annual Report, if we conclude that there is a material
responsibilities under those Standards are further described for our audit opinion on the accompanying Consolidated
the information included in the Annual Report but does misstatement therein, we are required to communicate the
in the ‘Auditor’s Responsibilities for the Audit of the Financial Statements.
not include the Consolidated Financial Statements and our matter to those charged with governance.
auditor’s report thereon. The Annual Report is expected to be
made available to us after the date of this Auditor’s Report. RESPONSIBILITIES OF MANAGEMENT FOR THE
Our opinion on the Consolidated Financial Statements does CONSOLIDATED FINANCIAL STATEMENTS
not cover the other information and we do not express any The Holding Company’s Board of Directors is responsible
form of assurance conclusion thereon. for the matters stated in section 134(5) of the Act with
respect to the preparation of these Consolidated Financial
In connection with our audit of the Consolidated Financial Statements that give a true and fair view of the consolidated
Statements, our responsibility is to read the other information financial position, financial performance, consolidated total
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Independent Auditors’ Report

comprehensive income, consolidated changes in equity and As part of an audit in accordance with SAs, we exercise Consolidated Financial Statements. We are responsible such subsidiary located outside India from accounting
consolidated cash flows of the Group in accordance with the professional judgment and maintain professional skepticism for the direction, supervision and performance of the principles generally accepted in their respective country
Ind AS and other accounting principles generally accepted throughout the audit. We also: audit of the financial statements of such entities included to accounting principles generally accepted in India. We
in India. in the Consolidated Financial Statements of which we are have audited these conversion adjustments made by the
• Identify and assess the risks of material misstatement the independent auditors. For the subsidiary and branch Holding Company’s management.
The respective Board of Directors of the Companies included of the Consolidated Financial Statements, whether due included in the Consolidated Financial Statements, which
in the Group are responsible for maintenance of adequate to fraud or error, design and perform audit procedures has been audited by the other auditor, such other auditor ii. These Consolidated Financial Statements includes the
accounting records in accordance with the provisions of the responsive to those risks, and obtain audit evidence that remains responsible for the direction, supervision and audited financial statements/financial information, in
Act for safeguarding the assets of the Group and for preventing is sufficient and appropriate to provide a basis for our performance of the audit carried out by him. We remain respect of one branch office situated outside India, whose
and detecting frauds and other irregularities; selection and opinion. The risk of not detecting a material misstatement solely responsible for our audit opinion. financial statements include total assets of I849.47 lakh
application of appropriate accounting policies; making resulting from fraud is higher than for one resulting from as at March 31, 2023, total revenues of I Nil, total net
judgments and estimates that are reasonable and prudent; error, as fraud may involve collusion, forgery, intentional We communicate with those charged with governance of loss after tax of I1101.47 lakh, total comprehensive loss
and design, implementation and maintenance of adequate omissions, misrepresentations, or the override of the Holding Company and such other entities included in of I1101.47 lakh for the year ended, as considered in

GREENPANEL INDUSTRIES LIMITED

internal financial controls, that were operating effectively for internal control. the Consolidated Financial Statements of which we are the the Consolidated Financial Statements, which have been
ANNUAL REPORT 2022-23

ensuring the accuracy and completeness of the accounting independent auditors regarding, among other matters, the audited by their independent auditor. The Company’s
• Obtain an understanding of internal control relevant to
records, relevant to the preparation and presentation of the planned scope and timing of the audit and significant audit management has converted the financial statements
the audit in order to design audit procedures that are
Consolidated Financial Statements that give a true and fair findings, including any significant deficiencies in internal of such branch located outside India from accounting
appropriate in the circumstances. Under section 143(3)
view and are free from material misstatement, whether due control that we identify during our audit. principles generally accepted in their respective country
(i) of the Act, we are also responsible for expressing our
to fraud or error, which have been used for the purpose of to accounting principles generally accepted in India. We
opinion on whether the Holding Company has adequate
preparation of the Consolidated Financial Statements by the We also provide those charged with governance with a have audited these conversion adjustments made by the
internal financial controls with reference to financial
Directors of the Holding Company, as aforesaid. statement that we have complied with relevant ethical Holding Company’s management.
statements in place and the operating effectiveness of
requirements regarding independence, and to communicate
such controls.
In preparing the Consolidated Financial Statements, the with them all relationships and other matters that may These financial statements and other information
respective Board of Directors of the companies included in the • Evaluate the appropriateness of accounting policies used reasonably be thought to bear on our independence, and have been audited by other auditors, whose financial
P - 188

Group are responsible for assessing the ability of the Group and the reasonableness of accounting estimates and where applicable, related safeguards. statements, other financial information and auditor’s

P - 189
to continue as a going concern, disclosing, as applicable, related disclosures made by management. reports have been furnished to us by the management and
matters related to going concern and using the going concern From the matters communicated with those charged with our opinion on the Consolidated Financial Statements, in
• Conclude on the appropriateness of management’s use of
basis of accounting unless management either intends to governance, we determine those matters that were of so far as it relates to the amount and disclosure included
the going concern basis of accounting and, based on the
liquidate the Group or to cease operations or has no realistic most significance in the audit of the Consolidated Financial in respect of this subsidiary and branch and our report in
GREENPANEL INDUSTRIES LIMITED

audit evidence obtained, whether a material uncertainty

alternative but to do so. Statements for the financial year ended March 31, 2023, and terms of sub section 3 of section 143 of the Act, is based
exists related to events or conditions that may cast

ANNUAL REPORT 2022-23

are therefore the key audit matters. We describe these matters solely on the reports of the other auditors.
significant doubt on the ability of the Group to continue
Those respective Board of Directors of the companies in our auditor’s report unless law or regulation precludes
as a going concern. If we conclude that a material
included in the Group are also responsible for overseeing the public disclosure about the matter or when, in extremely Our opinion is not modified in respect of these matters
uncertainty exists, we are required to draw attention
financial reporting process of the Group. rare circumstances, we determine that a matter should with respect to our reliance on the work done and reports
in our auditor’s report to the related disclosures in the
not be communicated in our report because the adverse of the other auditors.
Consolidated Financial Statements or, if such disclosures
AUDITOR’S RESPONSIBILITIES FOR THE AUDIT consequences of doing so would reasonably be expected to
are inadequate, to modify our opinion. Our conclusions are
OF THE CONSOLIDATED FINANCIAL STATEMENTS outweigh the public interest benefits of such communication. REPORT ON OTHER LEGAL AND REGULATORY
based on the audit evidence obtained up to the date of our
Our objectives are to obtain reasonable assurance about REQUIREMENTS
auditor’s report. However, future events or conditions may
whether the Consolidated Financial Statements as a whole OTHER MATTER 1. As required by the Companies (Auditor’s Report) Order,
cause the Group to cease to continue as a going concern.
are free from material misstatement, whether due to fraud i. We did not audit the financial statements and other 2020 (“the Order or CARO”), issued by the Central
or error, and to issue an auditor’s report that includes our • Evaluate the overall presentation, structure and content financial information in respect of Greenpanel Singapore Government of India in terms of sub-section (11) of
opinion. Reasonable assurance is a high level of assurance, of the Consolidated Financial Statements, including the Pte. Limited, subsidiary of Company incorporated section 143 of the Act, to be included in the Auditor’s
but is not a guarantee that an audit conducted in accordance disclosures, and whether the Consolidated Financial outside India whose financial statements results includes report, according to the information and explanations
with SAs will always detect a material misstatement when it Statements represent the underlying transactions and total assets of I2,233.84 lakhs as at March 31, 2023, given to us, and based on the CARO reports issued by
exists. Misstatements can arise from fraud or error and are events in a manner that achieves fair presentation. total revenues of I1,239.43 lakhs, total comprehensive us for the Company we give below table for matters
considered material if, individually or in the aggregate, they • Obtain sufficient appropriate audit evidence regarding income of I381.33 lakhs for the year ended on that date specified in paragraph 3(xxi) of the Order. The subsidiary
could reasonably be expected to influence the economic the financial information of the entities or business respectively, and net cash inflows of I89.56 lakhs for included in the Consolidated Financial Statements is a
decisions of users taken on the basis of these consolidated activities within the Group to express as opinion on the the year ended March 31, 2023. The Holding Company’s company incorporated outside India hence reporting
financial statements. management has converted the financial statements of under CARO is not applicable;
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Independent Auditors’ Report

S. Holding/ Subsidiary/ Clause No. of CARO Report on which is iv. a) 

The management has represented us to believe that the representations
Name of Entity CIN
No. Associate/ Joint Venture unfavorable or qualified or adverse that, to the best of its knowledge and under sub-clause (a) and (b) contain any
1 Greenpanel Industries Limited L20100AS2017PLC018272 Holding Company CARO Clause – ii (b) belief, as disclosed in the notes to the material mis-statement. Further, Company
financial statements, no funds have has one subsidiary incorporated outside
2. As required by Section 143(3) of the Act, based on our (f) With respect to the adequacy of the internal financial been advanced or loaned or invested India, on which reporting under rule 11(e)
audit and on the considerations of the report of the other controls over financial reporting of the Holding by the Holding Company to or in any and 11(f) of Companies (Audit & Auditors)
auditor on separate financial statements of the subsidiary Company, refer to our separate Report in “Annexure other person or entities, including Rules, 2014 is not applicable.
Company and branch incorporated outside India referred A” to this report; foreign entities (“Intermediaries”), with
to in the Other Matters paragraph above we report, to the understanding, whether recorded in v) 
The Interim dividend declared and paid
the extent applicable, that: (g) With respect to the Other Matters to be included writing or otherwise, that the Intermediary during the year by the Holding Company is in
in the Auditors Report in accordance with the shall, whether, directly or indirectly lend compliance with section 123 of the Act.
(a) We have sought and obtained all the information and requirements of Section 197 of the Act, as amended; or invest in other persons or entities
explanations which to the best of our knowledge and in our opinion and to the best of our information identified in any manner whatsoever by vi) 
Proviso to Rule 3(1) of the Companies

GREENPANEL INDUSTRIES LIMITED

belief were necessary for the purposes of our audit and according to the explanation given to us, the or on behalf of the holding company (Accounts) Rules, 2014 for maintaining
ANNUAL REPORT 2022-23

of the aforesaid Consolidated Financial Statements; remuneration paid by the Holding Company to its (“Ultimate Beneficiaries”) or provide any books of account using accounting
directors during the year is in accordance with the guarantee, security or the like on behalf software which has a feature of recording
(b) In our opinion, proper books of account as required provisions of Section 197 of the Act. of the Ultimate Beneficiaries; audit trail (edit log) facility is applicable to
by law relating to the preparation of the aforesaid the Holding Company on with effect from
Consolidated Financial Statements have been kept (h) With respect to the other matters to be included b) The management has represented that, April 1, 2023, and accordingly, reporting
so far as it appears from our examination of those in the Auditor’s Report in accordance with Rule to the best of its knowledge and belief, under Rule 11(g) of Companies (Audit
books and the reports of other auditor; 11 of the Companies (Audit and Auditors) Rules, as disclosed in the notes to the financial and Auditor s) Rule s, 2014 is not
2014, as amended in our opinion and to the best of statements, no funds have been received applicable for the financial year ended
(c) The consolidated balance sheet, the consolidated our information and according to the explanations by Holding Company from any person or March 31, 2023.
statement of profit and loss (including statement given to us and based on the considerations entity, including foreign entities (“Funding
P - 190

of other comprehensive income), consolidated of the reports of the other auditors on separate Parties”), with the understanding, whether For S.S. Kothari Mehta & Company

P - 191
statement of changes in equity and the consolidated financial statements: recorded in writing or otherwise, that Chartered Accountants
statement of cash flows dealt with by this report are the Company shall, whether, directly or Firm’s Registration No. 000756N
in agreement with the relevant books of account i. 
The Consolidated Financial Statements indirectly, lend or invest in other persons
Sunil Wahal
maintained for the purpose of preparation of the disclose the impact of pending litigations as or entities identified in any manner
GREENPANEL INDUSTRIES LIMITED

Partner
Consolidated Financial Statements; at March 31, 2023 on the consolidated financial whatsoever by or on behalf of the Funding
Membership No. 087294

ANNUAL REPORT 2022-23

position of the Group- refer Note 37 to the Party (“Ultimate Beneficiaries”) or provide
UDIN: 23087294BGTGTF6373
(d) In our opinion, the aforesaid Consolidated Financial Consolidated Financial Statements; any guarantee, security or the like on
Statements comply with the Accounting Standards behalf of the Ultimate Beneficiaries; and
Place: New Delhi
specified under Section 133 of the Act, read with ii. Provision has been made in the Consolidated
Date: May 06, 2023
Companies (Indian Accounting Standards) Rules, Financial Statements, as required under the c) 
Based on the audit procedures that
2015, as amended; applicable law or accounting standards, for has been considered reasonable and
material foreseeable losses, if any, on long- appropriate in the circumstances
(e) On the basis of the written representations received term contracts including derivative contracts performed by us, nothing has come to our
from the directors of the Holding Company as on during the year ended March 31, 2023; or other auditor’s notice that has caused
March 31, 2023, taken on record by the Board of
Directors of the Holding Company, none of the iii. There was no amount required to be transferred,
directors of the Holding Company is disqualified to the Investor Education and Protection Fund
as on March 31, 2023, from being appointed as a by the Holding Company during the year ended
director in terms of Section 164 (2) of the Act; March 31, 2023;
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Annexure A
to the Independent Auditor’s Report to the Members of Greenpanel Industries Limited dated May 06, 2023, on its
Consolidated Financial Statements

REPORT ON THE INTERNAL FINANCIAL obtain reasonable assurance about whether adequate internal INHERENT LIMITATIONS OF INTERNAL FINANCIAL stated in the Guidance Note on Audit of Internal Financial
CONTROLS UNDER CLAUSE (I) OF SUB-SECTION financial controls over financial reporting was established CONTROLS OVER FINANCIAL REPORTING Controls Over Financial Reporting issued by the Institute of
3 OF SECTION 143 OF THE COMPANIES ACT, 2013 and maintained and if such controls operated effectively in Because of the inherent limitations of internal financial Chartered Accountants of India.
(“THE ACT”) AS REFERRED TO IN PARAGRAPH all material respects. controls over financial reporting, including the possibility
‘F’ OF ‘REPORT ON OTHER LEGAL AND of collusion or improper management override of controls, OTHER MATTERS
REGULATORY REQUIREMENTS’ SECTION. Our audit involves performing procedures to obtain audit material misstatements due to error or fraud may occur and Our aforesaid report under Section 143(3) (i) of the Act on the
Our reporting on the internal financial controls over financial evidence about the adequacy of the internal financial not be detected. Also, projections of any evaluation of the adequacy and operating effectiveness of the internal financial
reporting is not applicable in respect of one audited subsidiary controls system over financial reporting and their operating internal financial controls over financial reporting to future controls over financial reporting, does not consider the
incorporated outside India. effectiveness. Our audit of internal financial controls over periods are subject to the risk that the internal financial control subsidiary of the Company as it is incorporated outside India.
financial reporting included obtaining an understanding of over financial reporting may become inadequate because of
In conjunction with our audit of the consolidated financial internal financial controls over financial reporting, assessing changes in conditions, or that the degree of compliance with Our audit report is not qualified in respect of above matter.
statement of Greenpanel Industries Limited as of and for the risk that a material weakness exists, and testing and the policies or procedures may deteriorate.
evaluating the design and operating effectiveness of internal

GREENPANEL INDUSTRIES LIMITED

the year ended March 31, 2023, we have audited the internal For S.S. Kothari Mehta & Company
financial controls over financial reporting of Greenpanel control based on the assessed risk. The procedures selected OPINION Chartered Accountants
ANNUAL REPORT 2022-23

Industries Limited (hereinafter referred to as the ‘Holding depend on the auditor’s judgement, including the assessment Firm’s Registration No. 000756N
In our opinion, to the best of our information and according
Company’ or ‘Company’). of the risks of material misstatement of the consolidated
to the explanations, given to us the Holding Company has, in Sunil Wahal
financial statements, whether due to fraud or error.
all material respects, an adequate internal financial controls Partner
MANAGEMENT’S RESPONSIBILITY FOR INTERNAL system over financial reporting and such internal financial
We believe that the audit evidence we have obtained and the Membership No. 087294
FINANCIAL CONTROLS controls over financial reporting were operating effectively as
audit evidence obtained by the other auditors in terms of their UDIN: 23087294BGTGTF6373
The Board of Directors of the Company is responsible for at March 31, 2023, based on the internal control over financial
reports referred to in the Other Matters paragraph below, is
establishing and maintaining internal financial controls reporting criteria established by the Holding Company Place: New Delhi
sufficient and appropriate to provide a basis for our audit
based on “the internal control over financial reporting criteria considering the essential components of internal control Date: May 06, 2023
opinion on the Company’s internal financial controls system
established by the Company considering the essential
over financial reporting.
P - 192

components of internal control stated in the Guidance Note

on Audit of Internal Financial Controls over Financial Reporting

P - 193
MEANING OF INTERNAL FINANCIAL CONTROLS
issued by the Institute of Chartered Accountants of India”.
OVER FINANCIAL REPORTING
These responsibilities include the design, implementation
and maintenance of adequate internal financial controls A company's internal financial control over financial reporting
GREENPANEL INDUSTRIES LIMITED

that were operating effectively for ensuring the orderly and is a process designed to provide reasonable assurance
efficient conduct of its business, including adherence to regarding the reliability of financial reporting and the

ANNUAL REPORT 2022-23

the Company’s policies, the safeguarding of its assets, the preparation of Consolidated Financial Statements for external
prevention and detection of frauds and errors, the accuracy purposes in accordance with generally accepted accounting
and completeness of the accounting records, and the timely principles. A company's internal financial control over financial
preparation of reliable financial information, as required under reporting includes those policies and procedures that:
the Companies Act, 2013 (“the Act”).
a) pertain to the maintenance of records that, in reasonable
AUDITORS’ RESPONSIBILITY detail, accurately and fairly reflect the transactions and
dispositions of the assets of the Company;
Our responsibility is to express an opinion on the internal
financial controls over financial reporting based on our audit
b) provide reasonable assurance that transactions are
of the Company.
recorded as necessary to permit preparation of financial
statements in accordance with generally accepted
We conducted our audit in accordance with the Guidance
accounting principles, and that receipts and expenditures
Note on Audit of Internal Financial Controls Over Financial
of the company are being made only in accordance
Reporting (the “Guidance Note”) and the Standards on
with authorizations of management and directors of the
Auditing, issued by ICAI and deemed to be prescribed
Company; and
under section 143(10) of the Act, to the extent applicable
to an audit of internal financial controls, and, both issued
c) provide reasonable assurance regarding prevention or
by the Institute of Chartered Accountants of India. Those
timely detection of unauthorized acquisition, use, or
Standards and the Guidance Note require that we comply
disposition of the company's assets that could have a
with ethical requirements and plan and perform the audit to
material effect on the financial statements.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Consolidated Balance Sheet Consolidated Statement of Profit and Loss

as at 31 March 2023 for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

Note 31 March 2023 31 March 2022 Year ended Year ended

Note
Assets 31 March 2023 31 March 2022
Non-current assets Revenue from operations 25 1,78,285.99 1,62,503.87
Property, plant and equipment 4 94,533.84 99,479.71
Capital work-in-progress 5 488.74 -
Other income 26 1,935.94 895.96
Other intangible assets 6 33.99 19.35 Total income 1,80,221.93 1,63,399.83
Right of use assets 38 4,593.55 4,318.09
Expenses
Financial assets
Other financial assets 14 2,150.67 1,696.16 Cost of materials consumed 27 73,668.67 66,058.84
Other non-current assets 13 5,290.33 93.65 Purchase of stock in trade 28 1,468.08 1,138.30
Total non-current assets 1,07,091.12 1,05,606.96
Current assets Changes in inventories of finished goods, work-in-progress and stock in trade 29 (558.11) (106.42)
Inventories 9 15,253.48 16,581.57 Employees benefits expense 30 13,972.14 12,842.81
Financial assets
Finance costs 31 1,904.24 1,709.81
Trade receivables 10 4,439.73 4,144.32
Cash and cash equivalents 11 1,327.24 5,738.42 Depreciation and amortisation expense 32 7,197.10 7,335.74

GREENPANEL INDUSTRIES LIMITED

Other bank balances 12 36,452.42 16,523.23 Other expenses 33 48,084.05 39,527.01
Loans 7 50.00 72.16
Total expenses 1,45,736.17 1,28,506.09
ANNUAL REPORT 2022-23

Derivatives 23 60.52 -
Other financial assets 15 3,559.23 3,645.86 Profit before exceptional items and tax 34,485.76 34,893.74
Other current assets 16 2,249.17 1,923.97
Total current assets 63,391.79 48,629.53 Exceptional items 34 610.07 -
Total assets 1,70,482.91 1,54,236.49 Profit before tax 35,095.83 34,893.74
Equity and liabilities
Current tax (6,141.49) (5,901.97)
Equity
Equity share capital 17 1,226.27 1,226.27 Earlier years tax (19.76) (69.39)
Other equity 18 1,18,164.55 93,938.30 Deferred tax (3,283.10) (4,875.67)
Total equity 1,19,390.82 95,164.57
Liabilities Tax expense 35 (9,444.35) (10,847.03)
Non-current liabilities Profit for the year after tax (V+VI) 25,651.48 24,046.71
Financial liabilities
Other comprehensive income
Borrowings 19 12,707.86 16,517.77
P - 194

Lease liabilities 38 3,035.10 2,594.15 Items that will not be reclassified subsequently to profit or loss:

P - 195
Other financial liabilities 20 668.74 858.34 Remeasurements of defined benefit (liability)/asset 352.25 (196.73)
Provisions 21 1,088.68 1,109.65
Deferred tax liabilities (net) 35 10,195.98 6,824.23 Income tax relating to items that will not be reclassified to profit or loss (88.65) 68.75
Total non-current liabilities 27,696.36 27,904.14 Net other comprehensive income not to be reclassified 263.60 (127.98)
Current liabilities subsequently to profit or loss
GREENPANEL INDUSTRIES LIMITED

Financial liabilities
Borrowings 19 6,335.07 11,747.03 Items that will be reclassified subsequently to profit or loss:

ANNUAL REPORT 2022-23

Lease liabilities 38 684.87 700.29 Exchange differences in translating financial statements of foreign operations 150.58 47.45
Trade payables
Net other comprehensive income to be reclassified subsequently to profit or 150.58 47.45
total outstanding dues of micro enterprises and small enterprises 22 268.50 60.98
total outstanding dues of creditors other than micro enterprises and small enterprises 22 10,844.33 13,718.88
loss
Derivatives 23 - 35.77 Other comprehensive income for the year (net of tax) 414.18 (80.53)
Other financial liabilities 20 1,699.14 2,138.83
Total comprehensive income for the year 26,065.66 23,966.18
Other current liabilities 24 3,288.37 2,289.04
Provisions 21 171.17 304.12 Earnings per equity share [Face value of equity share K1 each] 36
Current tax liabilities (net) 8 104.28 172.84 20.92 19.61
- Basic (I)
Total current liabilities 23,395.73 31,167.78
Total liabilities 51,092.09 59,071.92 - Diluted (I) 20.92 19.61
Total equity and liabilities 1,70,482.91 1,54,236.49 Significant accounting policies 3
Significant accounting policies 3
The accompanying notes form an integral part of these consolidated financial statements The accompanying notes form an integral part of these consolidated financial
statements

As per our report of even date attached

As per our report of even date attached
For S. S. Kothari Mehta & Company For and on behalf of Board of Directors of
Chartered Accountants Greenpanel Industries Limited For S. S. Kothari Mehta & Company For and on behalf of Board of Directors of
Firm Registration number.: 000756N CIN: L20100AS2017PLC018272 Chartered Accountants Greenpanel Industries Limited
Firm Registration number.: 000756N CIN: L20100AS2017PLC018272
Sunil Wahal Shiv Prakash Mittal Shobhan Mittal
Partner Executive Chairman Managing Director & CEO Sunil Wahal Shiv Prakash Mittal Shobhan Mittal
Membership No: 087294 (DIN : 00237242) (DIN : 00347517) Partner Executive Chairman Managing Director & CEO
Membership No: 087294 (DIN : 00237242) (DIN : 00347517)

Vishwanathan Venkatramani Lawkush Prasad

Chief Financial Officer Company Secretary & VP-Legal Vishwanathan Venkatramani Lawkush Prasad
Chief Financial Officer Company Secretary & VP-Legal
Place : Gurgaon Place : Gurgaon
Dated : 6 May 2023 Dated : 6 May 2023 Place : Gurgaon Place : Gurgaon
Dated : 6 May 2023 Dated : 6 May 2023
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Consolidated Statement of Changes in Equity Consolidated Statement of Cash Flows

for the year ended 31 March 2023 for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

A) EQUITY SHARE CAPITAL Year ended Year ended

31 March 2023 31 March 2022
Particulars Note Amount
A. Cash flows from operating activities
Balance as at 1 April 2021 1,226.27
Profit before tax 35,095.83 34,893.74
Issue of equity share capital during the year -
Adjustments for:
Balance as at 31 March 2022 1,226.27
Depreciation and amortisation expense 7,197.10 7,335.74
Issue of equity share capital during the year -
Finance costs 1,904.24 1,709.81
Balance as at 31 March 2023 17 1,226.27
Write back of liability no longer required (1,083.75) -
Provision for doubtful debts 83.72 37.95
B) OTHER EQUITY
Loss on sale/discard of property, plant and equipment 605.14 293.21
Reserves and surplus Items of OCI
Interest income (1,645.09) (481.45)
Particulars Note Exchange Total
Capital Retained Gain on lease termination (133.93) -
differences on
reserve earnings

GREENPANEL INDUSTRIES LIMITED

translation Unrealised foreign exchange fluctuations (net) 483.48 (2,058.04)
Balance as at 1 April 2021 59,808.56 11,873.78 129.19 71,811.53 Government grants - EPCG scheme - (3,379.73)
ANNUAL REPORT 2022-23

Total comprehensive income for the year ended 7,410.91 3,457.49

31 March 2022
Operating cash flows before working capital changes 42,506.74 38,351.23
Profit for the year - 24,046.71 - 24,046.71
Working capital adjustments:
Other comprehensive income/(loss) (net of tax) - (127.98) 47.45 (80.53)
(Increase)/decrease in trade and other receivables (2,642.83) 3,428.12
Total comprehensive income - 23,918.73 47.45 23,966.18
(Increase)/decrease in inventories 1,328.09 (1,645.77)
Dividend paid (Refer note 48) (1,839.41) - (1,839.41)
Increase/(decrease) in trade and other payables (1,226.67) 2,236.06
Balance as at 31 March 2022 59,808.56 33,953.10 176.64 93,938.30
(2,541.41) 4,018.41
Balance as at 1 April 2022 59,808.56 33,953.10 176.64 93,938.30
Cash generated from operating activities 39,965.33 42,369.64
Total comprehensive income for the year ended
Income tax paid (net) (6,229.81) (5,804.63)
31 March 2023
P - 196

Net cash generated from operating activities 33,735.52 36,565.01

Profit for the year - 25,651.48 - 25,651.48

P - 197
B. Cash flows from investing activities
Other comprehensive income/(loss) (net of tax) - 263.60 150.58 414.18
Payment for property, plant and equipment (Refer note ii below) (8,059.00) (3,467.27)
Total comprehensive income - 25,915.08 150.58 26,065.66
Proceeds from sale of property, plant and equipment 30.31 102.96
Dividend paid (Refer note 48) - (1,839.41) - (1,839.41)
GREENPANEL INDUSTRIES LIMITED

Proceeds/(Investment) in fixed deposits with banks (net) (17,953.19) (10,578.72)

Balance as at 31 March 2023 18 59,808.56 58,028.77 327.22 1,18,164.55
Interest received 1,198.88 301.90
Significant accounting policies 3

ANNUAL REPORT 2022-23

Net cash used in investing activities (24,783.00) (13,641.13)
The accompanying notes form an integral part of
these consolidated financial statements C. Cash flows from financing activities
Proceeds/(Repayment) from short term borrowings (net) (5,720.58) 5,608.23

As per our report of even date attached

Repayment of long term borrowings (4,301.63) (20,290.21)
Interest paid (845.40) (1,147.21)
For S. S. Kothari Mehta & Company For and on behalf of Board of Directors of Dividend paid (1,839.41) (1,839.41)
Chartered Accountants Greenpanel Industries Limited Payment of lease liabilities (467.85) (667.26)
Firm Registration number.: 000756N CIN: L20100AS2017PLC018272
Interest paid on lease liabilities (188.83) (157.04)
Net cash flow used in financing activities (13,363.70) (18,492.89)
Sunil Wahal Shiv Prakash Mittal Shobhan Mittal
Partner Executive Chairman Managing Director & CEO Net (decrease)/increase in cash and cash equivalents (4,411.18) 4,430.99
Membership No: 087294 (DIN : 00237242) (DIN : 00347517) Cash and cash equivalents at 1 April 2022 (refer note 11) 5,738.42 1,307.43
Cash and cash equivalents at 31 March 2023 (refer note 11) 1,327.24 5,738.42

Vishwanathan Venkatramani Lawkush Prasad

Chief Financial Officer Company Secretary & VP-Legal

Place : Gurgaon Place : Gurgaon

Dated : 6 May 2023 Dated : 6 May 2023
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Consolidated Statement of Cash Flows Notes

for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise

Notes: 1. CORPORATE INFORMATION d. Use of estimates and judgements

(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. Greenpanel Industries Limited (‘the Holding Company’ or In preparing these consolidated financial statements,
(ii) Acquisition of property, plant and equipment includes capital work-in-progress (including capital advances and liability for capital goods) during the ‘Company’) is a public listed company domiciled in management has made judgements, estimates and
the year. India having its registered office situated at 'Thapar House', assumptions that affect the application of accounting
(iii) Change in liabilities arising from financing activities: 2nd Floor, 163 S.P. Mukherjee Road, Kolkata-700026, policies and the reported amounts of assets, liabilities,
Foreign India. The Company has been incorporated under the income and expenses. Management believes that the
As on As on
Particulars Cash flows Exchange provisions of the Companies Act, 1956 and its equity estimates used in the preparation of the consolidated
31 March 2022 31 March 2023
Differences
shares are listed on National Stock Exchange (NSE) and financial statements are prudent and reasonable. Actual
Non-current borrowings including 21,057.76 (4,301.63) 800.34 17,556.47
Current maturities (Note 19) Bombay Stock Exchange (BSE) in India. The Company is results may differ from these estimates.
primarily involved in manufacturing of plywood, medium
Current Borrowings (Note 19) 7,207.04 (5,720.58) - 1,486.46
density fibre board (MDF) and allied products. During the Estimates and underlying assumptions are reviewed on
year Company has incorporated a branch at Singapore an ongoing basis. Revisions to accounting estimates are

GREENPANEL INDUSTRIES LIMITED

Foreign under the same trade name for marketing of its products recognised prospectively.
As on As on
Particulars Cash flows Exchange
31 March 2021 31 March 2022 in overseas market.
Differences
ANNUAL REPORT 2022-23

Non-current borrowings including 43,089.10 (20,290.21) (1,741.13) 21,057.76 Judgements

Current maturities (Note 19) The Company has an overseas wholly owned subsidiary Information about judgements made in applying
Current Borrowings (Note 19) 1,598.81 5,608.23 - 7,207.04 company namely Greenpanel Singapore Pte. Limited, accounting policies that have the most significant effects
incorporated in Singapore, is engaged into marketing on the amounts recognised in the consolidated financial
of Medium Density Fibreboards and allied products, statements is included in note 38 - lease classification.
As per our report of even date attached
collectively referred to as “the Group”. This Subsidiary
For S. S. Kothari Mehta & Company For and on behalf of Board of Directors of has ceased its operations with effect from October 2022. Assumptions and estimation uncertainties
Chartered Accountants Greenpanel Industries Limited
Information about assumptions and estimation
Firm Registration number.: 000756N CIN: L20100AS2017PLC018272 2. BASIS OF PREPARATION
uncertainties that have a significant risk of resulting
a. Statement of compliance
P - 198

Sunil Wahal Shiv Prakash Mittal Shobhan Mittal in a material adjustment in the consolidated financial

P - 199
Partner Executive Chairman Managing Director & CEO These consolidated financial statements are prepared in statements for the every period ended is included in the
Membership No: 087294 (DIN : 00237242) (DIN : 00347517) accordance with Indian Accounting Standards (Ind AS) following notes:
as per the Companies (Indian Accounting Standards)
Rules, 2015 as amended, notified under Section 133 • Note 4 – useful life and residual value of property,
GREENPANEL INDUSTRIES LIMITED

Vishwanathan Venkatramani Lawkush Prasad

of the Companies Act, 2013 (‘Act’) and other relevant plant and equipment;
Chief Financial Officer Company Secretary & VP-Legal
provisions of the Act.

ANNUAL REPORT 2022-23

• Note 31 – measurement of defined benefit obligations:
Place : Gurgaon Place : Gurgaon key actuarial assumptions;
Dated : 6 May 2023 Dated : 6 May 2023 These consolidated financial statements are authorised
for issue by the Board of Directors of the Holding • Note 35 – recognition of deferred tax assets;
Company at their meeting held on 6 May 2023.
• Note 37 – recognition and measurement of provisions
and contingencies: key assumptions about the
The details of the Company’s accounting policies are
likelihood and magnitude of an outflow of resources;
included in note 3.
• Note 42 – impairment of financial assets: key
b. Functional and presentation currency assumptions used in estimating recoverable
These consolidated financial statements are presented in cash flows.
Indian Rupees (I), which is also the Holding Company’s
functional currency. All amounts have been rounded off e. Measurement of fair values
to the nearest lakhs, unless otherwise indicated. A number of the Group’s accounting policies and
disclosures require the measurement of fair values, for
c. Basis of measurement both financial and non-financial assets and liabilities.
The consolidated financial statements have been The Group has an established control framework
prepared on historical cost basis, except for the with respect to the measurement of fair values. The
following items: management has overall responsibility for overseeing
all significant fair value measurements and it regularly
Items Measurement reviews significant unobservable inputs and valuation
Derivative financial instruments Fair value adjustments. If third party information, such as broker
Certain financial assets and Fair value quotes or pricing services, is used to measure fair
financial liabilities
values, then the management assesses the evidence
Net defined benefit (asset)/ liability Present value of defined
benefit obligations obtained from the third parties to support the conclusion
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023

that these valuations meet the requirements of Ind AS, Name of the Country of Percentage of Holding months after the reporting date. Terms of a liability foreign operations are translated into INR at an
including the level in the fair value hierarchy in which the Company Incorporation Current year Previous year that could, at the option of the counterparty, result average rate.
valuations should be classified. Greenpanel Singapore 100% 100% in its settlement by the issue of equity instruments
Singapore Pte. do not affect its classification. The Group has elected not to apply Ind AS
Significant valuation issues are reported to the Holding Limited 103-Business Combinations retrospectively to
Company’s audit committee. Current liabilities include current portion of non-current past business combinations that occurred before
(ii) Loss of control financial liabilities. the transition date of 1 April 2015. Consequently,
Fair values are categorised into different levels in a fair When the Group losses control over a subsidiary, it the Group has kept the same classification for the
value hierarchy based on the inputs used in the valuation derecognises the assets and liabilities of the subsidiary, All other liabilities are classified as non-current. past business combinations as in its previous GAAP
techniques as follows: and other components of equity. Any interest retained in financial statements.
the former subsidiary is measured at fair value at the date Deferred tax assets and liabilities are classified as non-
• Level 1: quoted prices (unadjusted) in active markets the control is lost. Any resulting gain or loss is recognised current assets and liabilities. When a foreign operation is disposed off in its
for identical assets or liabilities. in consolidated statement of profit or loss. entirety or partially such that control, significant

GREENPANEL INDUSTRIES LIMITED

Operating cycle influence or joint control is lost, the cumulative
• Level 2: inputs other than quoted prices included in
ANNUAL REPORT 2022-23

(iii) Transactions eliminated on consolidation For the purpose of current/non-current classification amount of exchange differences related to
Level 1 that are observable for the asset or liability,
The financial statements of the Holding Company and of assets and liabilities, the Group has ascertained its that foreign operation recognized in Other
either directly (i.e. as prices) or indirectly (i.e. derived
its subsidiaries used in the consolidation procedures are normal operating cycle as twelve months. This is based Comprehensive Income (OCI) is reclassified to profit
from prices).
drawn upto the same reporting date i.e 31 March 2023. on the nature of business and the time between the or loss as part of the gain or loss on disposal. If the
• Level 3: inputs for the asset or liability that are not acquisition of assets for processing and their realisation Group disposes of part of its interest in a subsidiary
based on observable market data (unobservable The financial statements of the Holding Company and in cash and cash equivalents. but retains control, then the relevant proportion
inputs). its subsidiary companies are combined on a line-by-line of the cumulative amount is re-allocated to Non-
basis by adding together the book values of like items of b. (i) Foreign currency transactions controlling Interest (NCI).
When measuring the fair value of an asset or a liability, assets, liabilities, income and expenses. Transactions in foreign currencies are translated
the Group uses observable market data as far as c. Financial instruments
P - 200

into the respective functional currency of the Group

possible. If the inputs used to measure the fair value Intra-group balances and transactions, and any (i) Recognition and initial measurement
at the exchange rates prevailing at the dates of

P - 201
of an asset or a liability fall into different levels of the unrealised income and expenses arising from intragroup the transactions. Trade Receivables are initially recognised when they are
fair value hierarchy, then the fair value measurement is transactions, are eliminated. Unrealised gains arising originated. All financial assets and financial liabilities are
categorised in its entirety in the same level of the fair from transactions with subsidiaries are eliminated against Monetary assets and liabilities denominated in initially recognised when the Group becomes a party
value hierarchy as the lowest level input that is significant
GREENPANEL INDUSTRIES LIMITED

the investment to the extent of the Group’s interest in the foreign currencies are translated into the functional to the contractual provisions of the instrument. Trade
to the entire measurement. investee. Unrealised losses are eliminated in the same currency at the exchange rate at the reporting receivables are initially measured at transaction price.

ANNUAL REPORT 2022-23

way as unrealised gains, but only to the extent that there date. Non-monetary assets and liabilities that
The Group recognises transfers between levels of the fair is no evidence of impairment. are measured at fair value in a foreign currency A financial asset or financial liability is initially measured
value hierarchy at the end of the reporting period during
are translated into the functional currency at the at fair value plus transaction costs that are directly
which the change has occurred. 3. SIGNIFICANT ACCOUNTING POLICIES exchange rate when the fair value was determined. attributable to its acquisition or issue, for an item not at
a. Current and non-current classification Non-monetary assets and liabilities that are fair value through profit and loss (FVTPL).
Further information about the assumptions made in
All assets and liabilities are classified as current or non- measured based on historical cost in a foreign
measuring fair values is included in note 41.
current as per the Group’s normal operating cycle and currency are translated at the exchange rate at the (ii) Classification and subsequent measurement
other criteria set out in the Schedule III to the Act. date of the transaction. Financial assets
f. Basis of consolidation
(i) Subsidiaries On initial recognition, a financial asset is classified and
Assets Exchange differences are recognised in the
measured at:
These Consolidated financial statements are prepared Consolidated Statement of Profit and Loss in
An asset is classified as current when it satisfies any of
on the following basis in accordance with Ind AS on the period in which they arise, except exchange • Amortised cost; or
the following criteria:
“Consolidated Financial Statements”(Ind AS - 110), differences on long term foreign currency monetary
• Fair value through Profit or Loss (FVTPL); or
specified under Section 133 of the Companies Act, 2013. items accounted for in accordance with exemption
(i) it is expected to be realised in, or is intended
availed by the Company under Ind AS 101. • Fair value through Other Comprehensive Income
for sale or consumption in the Group’s normal
Subsidiaries are entities controlled by the Group. The (FVTOCI).
operating cycle;
Group controls an entity when it is exposed to, or has (ii) Foreign operations
Financial assets are not reclassified subsequent to
rights to, variable returns from its involvement with the The assets and liabilities of foreign operations
(ii) it is held primarily for the purpose of being traded; their initial recognition, except if and in the period
entity and has the ability to affect those returns through (subsidiaries) like fair value adjustments arising on the Group changes its business model for managing
its power over the entity. The financial statements of acquisition, are translated into INR, the functional
(iii) it is expected to be realised within 12 months after financial assets.
subsidiary are included in the Consolidated financial currency of the Group, at the exchange rates at
the reporting date; or
statements from the date on which control commences the reporting date. The income and expenses of
until the date on which control ceases. Subsidiaries
(iv) the Company does not have an unconditional right
considered in the Consolidated financial statements are:
to defer settlement of the liability for at least 12
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023

Financial assets at amortised cost • terms that may adjust the contractual coupon rate, entered into by the Group that are not designated as a new financial liability based on the modified terms is
A financial asset is measured at amortised cost if it meets including variable interest rate features; hedging instruments in hedge relationships as defined recognised at fair value. The difference between the
both of the following conditions and is not designated as by Ind AS 109. carrying amount of the financial liability extinguished
• prepayment and extension features; and
at FVTPL: and the new financial liability with modified terms is
• terms that limit the Group’s claim to cash flows from Financial liabilities at amortised cost recognised in Consolidated Statement of Profit and Loss.
(a) the asset is held within a business model whose specified assets (e.g. non-recourse features). Other financial liabilities are subsequently measured
objective is to hold assets to collect contractual at amortised cost using the effective interest rate (EIR) (iv) Offsetting
cash flows; and A prepayment feature is consistent with the solely method. Interest expense and foreign exchange gains Financial assets and financial liabilities are offset and the
payments of principal and interest criterion if the and losses are recognised in Consolidated Statement of net amount presented in the balance sheet when and
(b) the contractual terms of the financial asset give prepayment amount substantially represents unpaid Profit and Loss. Any gain or loss on derecognition is also only when, the Group currently has a legally enforceable
rise on specified dates to cash flows that are solely amounts of principal and interest on the principal amount recognised in Consolidated Statement of Profit and Loss. right to set off the amounts and it intends either to settle
payments of principal and interest (SPPI) on the outstanding, which may include reasonable additional Interest bearing loans and borrowings are subsequently them on a net basis or to realise the asset and settle the
compensation for early termination of the contract.

GREENPANEL INDUSTRIES LIMITED

principal amount outstanding. measured at amortised cost using the EIR method. Gains liability simultaneously.
Additionally, for a financial asset acquired at a significant and losses are recognised in Consolidated Statement of
ANNUAL REPORT 2022-23

The effective interest rate (EIR) method of amortisation is discount or premium to its contractual paramount, a Profit and Loss when the liabilities are derecognised as (v) Derivative financial instruments
included in finance income in the Consolidated Statement feature that permits or requires prepayment at an amount well as through the EIR amortisation process. For trade The Group holds derivative financial instruments, such as
of Profit and Loss. This category generally applies to that substantially represents the contractual par amount and other payables maturing within one year from the foreign currency forward contracts, interest rate swaps, to
long-term deposits and long-term trade receivables. plus accrued (but unpaid) contractual interest (which balance sheet date, the carrying amounts approximates hedge its foreign currency and interest rate risk exposures.
may also include reasonable additional compensation fair value due to the short maturity of these instruments. Derivatives are initially measured at fair value. Subsequent
Financial assets at FVTPL for early termination) is treated as consistent with this
to initial recognition, derivatives are measured at fair value,
criterion if the fair value of the prepayment feature is Financial guarantee liabilities
All financial assets which are not classified and and changes therein are recognised in Consolidated
insignificant at initial recognition.
measured at amortised cost or Fair value through other Financial guarantees issued by the Group are those Statement of Profit and Loss. Derivatives are carried as
comprehensive income (FVOCI) as described above are contracts that require payment to be made to reimburse financial assets when the fair value is positive and as
Financial assets: Subsequent measurement
P - 202

measured at FVTPL. On initial recognition, the Group may the holder for a loss it incurs because the specified financial liabilities when the fair value is negative.
irrevocably designate a financial asset that otherwise Financial assets at FVTPL: These assets are subsequently debtor fails to make a payment when due in accordance

P - 203
meets the requirements to be measured at amortised measured at fair value. Net gains and losses, including with the terms of a debt instrument. Financial guarantee d. Property, plant and equipment
cost or at FVOCI as at FVTPL if doing so eliminates or any interest or dividend income, are recognised in contracts are recognised initially as a liability at fair value (i) Recognition and measurement
significantly reduces an accounting mismatch that would Consolidated Statement of Profit and Loss. net off transaction costs that are directly attributable to
Items of property, plant and equipment are measured at
GREENPANEL INDUSTRIES LIMITED

otherwise arise. the issuance of the guarantee. Subsequently, the liability

Financial assets at amortised cost: These assets are cost, which includes capitalised borrowing costs, less
is measured at the higher of the amount of loss allowance

ANNUAL REPORT 2022-23

subsequently measured at amortised cost using the accumulated depreciation and accumulated impairment
Financial assets: Assessment whether contractual cash determined as per impairment requirements of Ind AS 109
effective interest rate (EIR) method. The amortised cost losses, if any.
flows are solely payments of principal and interest (SPPI). and the amount recognised less cumulative amortisation.
is reduced by impairment losses, if any. Interest income,
foreign exchange gains and losses and impairment are The cost of an item of property, plant and equipment
For the purposes of this assessment, ‘principal’ is (iii) Derecognition
recognised in Consolidated Statement of Profit and comprises its purchase price, including import duties
defined as the fair value of the financial asset on initial Financial assets
Loss. Any gain or loss on derecognition is recognised in and non-refundable purchase taxes, after deducting
recognition. ‘Interest’ is defined as consideration for the
Consolidated Statement of Profit and Loss. The Group derecognises a financial asset: trade discounts and rebates, any directly attributable
time value of money and for the credit risk associated
cost of bringing the item to its working condition for its
with the principal amount outstanding during a particular
Investments in subsidiaries are carried at cost in • when the contractual rights to the cash flows from intended use and estimated costs of dismantling and
period of time and for other basic lending risks and costs
standalone financial statements. the financial asset expire, or removing the item and restoring the site on which it
(e.g. liquidity risk and administrative costs), as well as a
is located.
profit margin. • it transfers the rights to receive the contractual cash
Financial liabilities: Classification, subsequent flows in a transaction in which substantially all of
measurement and gains and losses The cost of a self-constructed item of property, plant and
In assessing whether the contractual cash flows are the risks and rewards of ownership of the financial
equipment comprises the cost of materials and direct
solely payments of principal and interest, the Group Financial liabilities are classified as measured at asset are transferred or in which the Group neither
labour, any other costs directly attributable to bringing
considers the contractual terms of the instrument. This amortised cost or FVTPL. transfers nor retains substantially all of the risks and
the item to working condition for its intended use, and
includes assessing whether the financial asset contains a rewards of ownership and does not retain control of
estimated costs of dismantling and removing the item
contractual term that could change the timing or amount Financial liabilities through FVTPL the financial asset.
and restoring the site on which it is located.
of contractual cash flows such that it would not meet A financial liability is classified as at FVTPL if it is classified
this condition. as held-for-trading, or it is a derivative or it is designated Financial liabilities
Borrowing costs directly attributable to the acquisition
as such on initial recognition. Financial liabilities at The Group derecognises a financial liability when its or construction of those qualifying property, plant
In making this assessment, the Group considers: FVTPL are measured at fair value and net gains and contractual obligations are discharged or cancelled, or and equipment, which necessarily take a substantial
losses, including any interest expense, are recognised expire. The Group also derecognises a financial liability period of time to get ready for their intended use, are
• contingent events that would change the amount or in Consolidated Statement of Profit and Loss. This when its terms are modified and the cash flows under the capitalised. If significant parts of an item of property,
timing of cash flows; category also includes derivative financial instruments modified terms are substantially different. In this case, plant and equipment have different useful lives, then they
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023

are accounted for as separate components of property, the date on which asset is ready for use (discarded/ The net realisable value of work-in-progress is When determining whether the credit risk of a financial
plant and equipment. disposed off ). determined with reference to the selling prices of related asset has increased significantly since initial recognition
finished products. and when estimating expected credit losses, the Group
A fixed asset is eliminated from the financial statements e. Intangible assets considers reasonable and supportable information that is
on disposal or when no further benefit is expected (i) Recognition and measurement In the case of manufactured inventories and work- relevant and available without undue cost or effort. This
from its use. Any gain or loss on disposal of an item in-progress, cost includes an appropriate share includes both quantitative and qualitative information and
Intangible assets are initially measured at cost and
of property, plant and equipment is recognised in of fixed production overheads based on normal analysis, based on the Group’s historical experience and
subsequently measured at cost less accumulated
Consolidated Statement of Profit and Loss. Property, operating capacity. informed credit assessment and including subsequent
amortisation and any accumulated impairment losses.
plant and equipment under construction are disclosed information. Loss allowances for financial assets
as Capital work-in-progress. Assets retired from active Net realisable value is the estimated selling price in the measured at amortised cost are deducted from the gross
(ii) Subsequent expenditure
use and held for disposal are stated at the lower of their ordinary course of business, less the estimated costs of carrying amount of the assets.
net book value and fair value less cost to sell and shown Subsequent expenditure is capitalised only when it completion and the estimated costs necessary to make
under ‘Current assets’. increases the future economic benefits embodied in the the sale. The gross carrying amount of a financial asset is written

GREENPANEL INDUSTRIES LIMITED

specific asset to which it relates. All other expenditure, off (either partially or in full) to the extent that there is no
ANNUAL REPORT 2022-23

(ii) Subsequent expenditure including expenditure on internally generated goodwill Assessment of net realisable value is made at each realistic prospect of recovery. This is generally the case
and brands, is recognised in profit or loss as incurred. subsequent reporting date. When the circumstances that when the Group determines that the debtor does not
Subsequent expenditure is capitalised only if it is
probable that the future economic benefits associated previously caused inventories to be written down below have assets or sources of income that could generate
(iii) Amortisation cost no longer exist or when there is clear evidence of sufficient cash flows to repay the amounts subject to the
with the expenditure will flow to the Group. Ongoing
repairs and maintenance are expensed as incurred. Amortisation is calculated to write off the cost of an increase in net realisable value because of changed write‑off. However, financial assets that are written off
intangible assets less their estimated residual values economic circumstances, the amount of the write-down could still be subject to enforcement activities in order
(iii) Depreciation and amortisation over their estimated useful lives using the straight-line is reversed. to comply with the Group’s procedures for recovery of
method, and is included in depreciation and amortisation amounts due.
Depreciation and amortisation for the year is recognised
in Consolidated Statement of Profit and Loss. g. Impairment
in the Consolidated Statement of Profit and Loss.
(i) Impairment of financial instruments: financial (ii) Impairment of non-financial assets
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Depreciation is calculated on cost of items of property,

The estimated useful lives are as follows: assets The Group’s non-financial assets, other than inventories
plant and equipment less their estimated residual values

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over their estimated useful lives using the straight line Computer software - 5 years Financial assets, other than those at FVTPL, are and deferred tax assets, are reviewed at each reporting
method over the useful lives of assets, in the manner assessed for indicators of impairment at the end of each date to determine whether there is any indication of
specified in Part C of Schedule II of the Act. Amortisation method, useful lives and residual values are reporting period. A financial asset is ‘credit- impaired’ impairment. If any such indication exists, then the asset’s
GREENPANEL INDUSTRIES LIMITED

reviewed at the end of each financial year and adjusted when one or more events that have a detrimental impact recoverable amount is estimated.
Assets acquired under finance lease are depreciated if appropriate. on the estimated future cash flows of the financial asset

ANNUAL REPORT 2022-23

over the shorter of the lease term and their useful life have occurred. For impairment testing, assets that do not generate
unless it is reasonably certain that the Group will obtain f. Inventories independent cash inflows are grouped together into
ownership by the end of the lease term. The Group recognises loss allowances using the expected cash-generating units (CGUs). Each CGU represents
Inventories which comprise raw materials, work-in-
credit loss (ECL) model for the financial assets which are the smallest group of assets that generates cash inflows
progress, finished goods, packing materials, stores
Freehold land is not depreciated. not fair valued through profit or loss. Loss allowance for that are largely independent of the cash inflows of other
and spares are measured at the lower of cost and net
trade receivable with no significant financing component assets or CGUs.
realisable value.
Leasehold land (includes development cost) is amortised is measured at an amount equal to lifetime of the ECL.
on a straight line basis over the period of respective lease, For all other financial assets, expected credit losses are The recoverable amount of a CGU (or an individual asset)
The cost of inventories is ascertained on the 'weighted
except leasehold land acquired on perpetual lease. measured unless there has been a significant increase is the higher of its value in use and its fair value less costs
average' basis, and includes expenditure incurred in
in credit risk from initial recognition in which case those to sell. Value in use is based on the estimated future cash
acquiring the inventories, production or conversion costs
The estimated useful lives of items of property, plant and are measured at lifetime of the ECL. The amount of flows, discounted to their present value using a pre-tax
and other costs incurred in bringing them to their present
equipment are as follows: expected credit losses (or reversal) that is required to discount rate that reflects current market assessments
location and condition. Excise duty was included in the
adjust the loss allowance at the reporting date to the of the time value of money and the risks specific to the
Asset Useful life as per Schedule II valuation of closing inventory of finished goods, till the
amount that is required to be recognised is recognised CGU (or the asset).
Buildings 3 to 60 years
implementation of Goods and Services Tax.
as an impairment gain or loss in Consolidated Statement
Plant and equipments 15 to 25 years The Group’s corporate assets (e.g. corporate office for
Raw materials, components and other supplies held for of Profit and Loss.
Furniture and fixtures 10 years providing support to various CGUs) do not generate
use in the production of finished products are not written
Vehicles 8 to 10 years In case of trade receivables, the Group follows the independent cash inflows. To determine impairment of
down below cost except in cases where material prices
Office equipments 3 to 10 years simplified approach permitted by Ind AS 109 Financial a corporate asset, recoverable amount is determined
have declined and it is estimated that the cost of the
Instruments for recognition of impairment loss for the CGUs to which the corporate asset belongs. An
finished products will exceed their net realisable value.
Depreciation method, useful lives and residual values allowance. The application of simplified approach does impairment loss is recognised if the carrying amount of an
The comparison of cost and net realisable value is made
are reviewed at each financial year-end and adjusted not require the Group to track changes in credit risk. The asset or CGU exceeds its estimated recoverable amount.
on an item-by-item basis.
if appropriate. Depreciation on additions (discard/ Group calculates the expected credit losses on trade Impairment losses are recognised in the Consolidated
disposals) is provided on a pro-rata basis i.e. from (upto) receivables using a provision matrix on the basis of its Statement of Profit and Loss.
historical credit loss experience.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023

Impairment loss recognised in respect of a CGU is obligation to pay this amount as a result of past service rate used to measure the defined benefit obligation at the is material, provisions are discounted using a current
allocated first to reduce the carrying amount of any provided by the employee, and the amount of obligation beginning of the annual period to the then-net defined pretax rate that reflects, when appropriate, the risks
goodwill allocated to the CGU, and then to reduce the can be estimated reliably. benefit liability (asset), taking into account any changes specific to the liability. When discounting is used, the
carrying amounts of the other assets of the CGU (or in the net defined benefit liability (asset) during the period increase in the provision due to the assage of time is
group of CGUs) on a pro rata basis. (ii) Defined contribution plans as a result of contributions and benefit payments. Net recognized as a finance cost.
A defined contribution plan is a post-employment benefit interest expense and other expenses related to defined
An impairment loss in respect of other assets for which plan under which an entity pays fixed contributions into benefit plans are recognised in Consolidated Statement (ii) Contingent liabilities: A contingent liability is a possible
impairment loss has been recognised in prior periods, Employees’ Provident Fund established under The of Profit and Loss. obligation that arises from past events whose existence
the Group reviews at each reporting date whether there Employees' Provident Fund and Miscellaneous Provisions will be confirmed by the occurrence or non-occurrence
is any indication that the loss has decreased or no Act 1952 and will have no legal or constructive obligation When the benefits of a plan are changed or when a plan of one or more uncertain future events beyond the
longer exists. An impairment loss is reversed if there has to pay further amounts. The Group makes specified is curtailed, the resulting change in benefit that relates to control of the Company or a present obligation that is
been a change in the estimates used to determine the monthly contributions under employee provident fund past service (‘past service cost’ or ‘past service gain’) or not recognized because it is not probable that an outflow
recoverable amount. Such a reversal is made only to the the gain or loss on curtailment is recognised immediately of resources will be required to settle the obligation. A

GREENPANEL INDUSTRIES LIMITED

to Government administered provident fund scheme.
extent that the asset’s carrying amount does not exceed Obligations for contributions to defined contribution in Consolidated Statement of Profit and Loss. The Group contingent liability also arises in extremely rare cases,
ANNUAL REPORT 2022-23

the carrying amount that would have been determined, plans are recognised as an employee benefit expense recognises gains and losses on the settlement of a where there is a liability that cannot be recognized
net of depreciation or amortisation, if no impairment loss in Consolidated Statement of Profit and Loss in the defined benefit plan when the settlement occurs. because it cannot be measured reliably. The Company
had been recognised. periods during which the related services are rendered does not recognize a contingent liability but discloses
by employees. (iv) Other long-term employee benefits its existence in the financial statements unless the
Intangible assets with indefinite useful lives and intangible The Group’s net obligation in respect of long-term probability of outflow of resources is remote.
assets not yet available for use are tested for impairment Prepaid contributions are recognised as an asset to employee benefits other than post-employment benefits
at least annually, and whenever there is an indication that the extent that a cash refund or a reduction in future is the amount of future benefit that employees have (iii) Contingent assets: Contingent assets are not
the asset may be impaired. payments is available. earned in return for their service in the current and recognized. However, when the realization of income
prior periods; that benefit is discounted to determine is virtually certain, then the related asset is no longer
h. Non-current assets or disposal group held (iii) Defined benefit plans its present value. Such benefits are in form of leave a contingent asset, but it is recognized as an asset.
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for sale encashment that accrue to employees in return of their Provisions, contingent liabilities, contingent assets and
A defined benefit plan is a post-employment benefit

P - 207
Non-current assets, or disposal groups comprising service. The calculation of other long term employee commitments are reviewed at each balance sheet date.
plan other than a defined contribution plan. The Group’s
assets and liabilities are classified as held for sale if it gratuity benefit scheme is a defined benefit plan. The benefits is performed quarterly by an independent
is highly probable that they will be recovered primarily qualified actuary using the projected unit credit method. k. Revenue
Group’s net obligation in respect of defined benefit plans
GREENPANEL INDUSTRIES LIMITED

through sale rather than through continuing use. is calculated by estimating the amount of future benefit Remeasurements of the net defined benefit liability, (i) Sale of goods
that employees have earned in the current and prior which comprise actuarial gains and losses, the return The Group follows Ind AS 115 “Revenue from Contracts

ANNUAL REPORT 2022-23

Such assets, or disposal groups, are generally measured periods, discounting that amount and deducting the fair on plan assets (excluding interest) and the effect of the with Customers”.
at the lower of their carrying amount and fair value less value of any plan assets. asset ceiling (if any, excluding interest), are recognised in
costs to sell. Any resultant loss on a disposal group is Other comprehensive income (OCI). Net interest expense The Group manufactures and sells in plywood and
allocated first to goodwill, and then to remaining assets The calculation of defined benefit obligation is performed and other expenses related to defined benefit plans are allied products, medium density fibreboard and allied
and liabilities on pro rata basis, except that no loss is quarterly by an independent qualified actuary using the recognised in Consolidated Statement of Profit and Loss. products. Sales are recognised when control of the
allocated to inventories, financial assets, deferred tax projected unit credit method. When the calculation products has transferred, being when the products are
assets, employee benefit assets, and biological assets, results in a potential asset for the Group, the recognised (v) Termination benefits delivered to the dealer, the dealer has full discretion over
which continue to be measured in accordance with the asset is limited to the present value of economic benefits Termination benefits are expensed at the earlier of when the channel and price to sell the products, and there
Group’s other accounting policies. Losses on initial available in the form of any future refunds from the plan the Group can no longer withdraw the offer of those is no unfulfilled obligation that could affect the dealer’s
classification as held for sale and subsequent gains or reductions in future contributions to the plan (‘the benefits and when the Group recognises costs for a acceptance of the products. Delivery occurs when the
and losses on re-measurement are recognised in profit asset ceiling’). In order to calculate the present value restructuring. If benefits are not expected to be settled products have been shipped to the specific location,
or loss. of economic benefits, consideration is given to any wholly within 12 months of the reporting date, then they the risk of obsolescence and loss have been transferred
minimum funding requirements. The Group recognises are discounted. to the dealer, and either the dealer has accepted the
Once classified as held-for-sale, intangible assets and all actuarial gains and losses arising from defined benefit products in accordance with the sales contract, the
property, plant and equipment are no longer amortised plan immediately in the Consolidated Statement of Profit j. Provisions and Contingent liabilities, acceptance provisions have lapsed, or the Group has
or depreciated. and Loss. Contingent assets objective evidence that all criteria for acceptance have
(i) Provision: A provision is recognized when the Company been satisfied.
i. Employee benefits Remeasurements of the net defined benefit liability, has a present obligation (legal or constructive) as a result
(i) Short-term employee benefits which comprise actuarial gains and losses, the return on of past event, it is probable that an outflow of resources The products are often sold with volume discounts
Short-term employee benefit obligations are measured plan assets (excluding interest) and the effect of the asset embodying economic benefits will be required to settle based on aggregate sales over a 12 months period,
on an undiscounted basis and are expensed as the ceiling (if any, excluding interest), are recognised in Other the obligation and a reliable estimate can be made of the cash discount on payment within specified period,
related service is provided. A liability is recognised for the comprehensive income (OCI). The Group determines the amount of the obligation. These estimates are reviewed promotional gift on achieving specific targets, quality
amount expected to be paid e.g., under short-term cash net interest expense (income) on the net defined benefit at each reporting date and adjusted to reflect the current claims if claims made in the specified period and
bonus, if the Group has a present legal or constructive liability (asset) for the period by applying the discount best estimates. If the effect of the time value of money other promotional expenses such as tours and travel
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023

packages to dealer, etc. Revenue from these sales is m. Leases has now changed because the Group has recognised a o. Income tax
recognised based on the price specified in the contract, (i) Determining whether an arrangement contains depreciation charge for right-of-use assets and interest Income tax expense comprises of current tax and
net of the estimated volume discounts, cash discounts, a lease expense on lease liabilities. deferred tax. Current tax and deferred tax is recognised
quality claims and promotional expenses. Accumulated in the Consolidated Statement of Profit and Loss except
At inception of an arrangement, it is determined whether
experience is used to estimate and provide for the Previously, the Group recognised operating lease to the extent that it relates to a business combination, or
the arrangement is or contains a lease. The arrangement
discounts/claims/provisions, using the expected value expense on a straight-line basis over the term of the items recognised directly in equity or in OCI.
is, or contains, a lease if fulfilment of the arrangement
method, and revenue is only recognised to the extent lease, and recognised assets and liabilities only to the
is dependent on the use of a specific asset or assets
that it is highly probable that a significant reversal will not extent that there was a timing difference between actual (i) Current tax
and the arrangement conveys a right to use the asset
occur. A refund liability (netted off with trade receivables) lease payments and the expense recognised.
or assets, even if that right is not explicitly specified in Current tax comprises the expected tax payable or
is recognised for expected volume discount payables,
an arrangement. receivable on the taxable income or loss for the year
expected cash discount payables and expected quality (iii) Lease payments
and any adjustment to the tax payable or receivable in
claims to dealers in relation to sale made until the end Payments made under operating leases are generally
At inception or on reassessment of the arrangement that respect of previous years. The amount of current tax
of reporting period. Provision (included in other current

GREENPANEL INDUSTRIES LIMITED

contains a lease, the payments and other consideration recognised in Consolidated Statement of Profit and Loss reflects the best estimate of the tax amount expected
liabilities) is recognised for expected sales promotional on a straight-line basis over the term of the lease unless
required by such an arrangement are separated into to be paid or received after considering the uncertainty,
ANNUAL REPORT 2022-23

expenses against the sales made until the end of such payments are structured to increase in line with
those for the lease and those for other elements on if any, related to income taxes. It is measured using tax
reporting period. No element of financing is deemed expected general inflation to compensate for the lessor’s
the basis of their relative fair values. If it is concluded rates (and tax laws) enacted or substantively enacted by
present as the sales are made with a credit term of 30- expected inflationary cost increases.
for a finance lease that it is impracticable to separate the reporting date.
90 days, which is consistent with market practice.
the payments reliably, then an asset and a liability are
recognised at an amount equal to the fair value of the Lease incentives received are recognised as an integral Current tax assets and current tax liabilities are off set
(ii) Rental income part of the total lease expense over the term of the lease.
underlying asset. The liability is reduced as payments only if there is a legally enforceable right to set off the
Rental income is recognised as part of other income on are made and an imputed finance cost on the liability is Minimum lease payments made under finance leases recognised amounts, and it is intended to realise the asset
a straight-line basis over the term of the lease except recognised using the incremental borrowing rate. are apportioned between the finance charge and the and settle the liability on a net basis or simultaneously.
where the rentals are structured to increase in line with reduction of the outstanding liability. The finance charge
expected general inflation. is allocated to each period during the lease term so as
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(ii) Assets held under leases (ii) Deferred tax

to produce a constant periodic rate of interest on the

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Leases of property, plant and equipment that transfer Deferred tax is recognised in respect of temporary
(iii) Insurance claim remaining balance of the liability.
to the Group substantially all the risks and rewards of differences between the carrying amounts of assets
Insurance claim due to uncertainty in realisation are ownership are classified as finance leases. The leased and liabilities for financial reporting purposes and the
accounted for on acceptance basis. n. Recognition of dividend income, interest
assets are measured initially at an amount equal to corresponding amounts used for taxation purposes
GREENPANEL INDUSTRIES LIMITED

income or expense
the lower of their fair value and the present value of (tax base). Deferred tax is also recognised in respect of
l. Government Grants the minimum lease payments. Subsequent to initial Dividend income is recognised in Consolidated Statement carried forward tax losses and tax credits. Deferred tax

ANNUAL REPORT 2022-23

Grants from Government are recognised at their fair recognition, the assets are accounted for in accordance of Profit and Loss on the date on which the Group’s right is not recognised for:
value where there is reasonable assurance that the grant with the accounting policy applicable to similar to receive payment is established.
will be received and the Company will comply with the owned assets. • temporary differences arising on the initial
conditions attached thereto. Interest income or expense is recognised using the recognition of assets or liabilities in a transaction
Assets held under leases that do not transfer to the Group effective interest method. The ‘effective interest rate’ that is not a business combination and that affects
Government grants related to revenue are recognised substantially all the risks and rewards of ownership (i.e. is the rate that exactly discounts estimated future cash neither accounting nor taxable profit or loss at the
in the Consolidated Statement of Profit and Loss on a operating leases) are not recognised in the Group’s payments or receipts through the expected life of the time of the transaction;
systematic and rational basis in the periods in which the Balance Sheet. financial instrument to:
• temporary differences related to investments in
Company recognises the related costs for which the • the gross carrying amount of the financial asset; or subsidiaries, associates and joint arrangements to
grants are intended to compensate and are netted off The Group has adopted Ind AS 116, Leases from 1 April
• the amortised cost of the financial liability. the extent that the Group is able to control the timing
with the related expenditure. If not related to a specific 2019. Ind AS 116 is a single, on-balance sheet lease
of the reversal of the temporary differences and it is
expenditure, it is taken as income and presented under accounting model for lessees. A lessee recognises
In calculating interest income and expense, the effective probable that they will not reverse in the foreseeable
"Other Income". a right-of-use asset representing its right to use the
interest rate is applied to the gross carrying amount of future; and
underlying asset and a lease liability representing its
Government grants relating to property, plant and obligation to make lease payments. There are recognition the asset (when the asset is not credit-impaired) or to • taxable temporary differences arising on the initial
equipment are treated as deferred income and are exemptions for short-term leases and leases of low-value the amortised cost of the liability. However, for financial recognition of goodwill.
credited to the statement of profit and loss on a items. Lessor accounting remains similar to the current assets that have become credit-impaired subsequent
systematic basis over the expected useful life of the standard – i.e. lessors continue to classify leases as to initial recognition, interest income is calculated by Deferred tax assets are recognised to the extent that it
related asset to match them with the costs for which finance or operating leases. It replaces existing leases applying the effective interest rate to the amortised cost is probable that future taxable profits will be available
they are intended to compensate and presented within guidance, Ind AS 17, Leases. of the financial asset. If the asset is no longer credit- against which they can be used. The existence of unused
other income. impaired, then the calculation of interest income reverts tax losses is strong evidence that future taxable profit
The Group has recognised new assets and liabilities to the gross basis. may not be available. Therefore, in case of a history of
for its operating leases of land and office premises recent losses, the Group recognises a deferred tax asset
facilities. The nature of expenses related to those leases only to the extent that it has sufficient taxable temporary
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023

differences or there is convincing other evidence that settlement or translation of the same borrowing, the gain operating results are reviewed regularly by the Chief purposes, at each annual reporting date. Fair value is
sufficient taxable profit will be available against which to the extent of the loss previously recognised as an Operating Decision Maker (CODM) to make decisions calculated based on the present value of future principal
such deferred tax asset can be realised. adjustment is recognised as an adjustment to interest." about resources to be allocated to the segments and and interest cash flows, discounted at the market rate of
assess their performance. The CODM consists of the interest at the measurement date.
Deferred tax assets – unrecognised or recognised, are q. Share capital Executive Chairman, Managing Director & CEO and Chief
reviewed at each reporting date and are recognised/ Ordinary shares are classified as equity. Incremental Financial Officer. x. Accounting Standard not yet effective
reduced to the extent that it is probable/ no longer costs directly attributable to the issue of ordinary shares Recent pronouncements Ministry of Corporate Affairs
probable respectively that the related tax benefit will are recognised as a deduction from equity, net of any The Group has currently two reportable segments namely: (“MCA”) notifies new standard or amendments to the
be realised. tax effects. existing standards under Companies (Indian Accounting
i) Plywood and allied products, and
Standards) Rules as issued from time to time. On
Deferred tax is measured at the tax rates that are r. Dividends ii) Medium density fibreboards and allied products March 31, 2023, MCA amended the Companies (Indian
expected to apply to the period when the asset is realised Accounting Standards) Rules, 2015 by issuing the
Final dividends on shares are recorded as a liability on
or the liability is settled, based on the laws that have been w. Determination of fair values

GREENPANEL INDUSTRIES LIMITED

the date of approval by the shareholders and interim Companies (Indian Accounting Standards) Amendment
enacted or substantively enacted by the reporting date. Fair values have been determined for measurement and Rules, 2023, applicable from April 1, 2023, as below:
dividends are recorded as a liability on the date of
ANNUAL REPORT 2022-23

declaration by the Board of Directors of the Group. disclosure purposes based on the following methods.
The measurement of deferred tax reflects the tax Where applicable, further information about the Ind AS 1 – Presentation of Financial Statements The
consequences that would follow from the manner in assumptions made in determining fair values is disclosed amendments require companies to disclose their
s. Cash and cash equivalents
which the Group expects, at the reporting date, to recover in the notes specific to that asset or liability. material accounting policies rather than their significant
or settle the carrying amount of its assets and liabilities. Cash and cash equivalents include cash and cash-
accounting policies. Accounting policy information,
on-deposit with banks. The Group considers all highly
(i) Non-derivative financial assets together with other information, is material when it
Deferred tax assets and liabilities are offset if there is a liquid investments with a remaining maturity at the
Non-derivative financial assets are initially measured can reasonably be expected to influence decisions of
legally enforceable right to off set current tax liabilities date of purchase of three months or less and that are
at fair value. If the financial asset is not subsequently primary users of general purpose financial statements.
and assets, and they relate to income taxes levied by readily convertible to known amounts of cash to be
accounted for at fair value through profit or loss, then The Company does not expect this amendment to have
the same tax authority on the same taxable entity, or on cash equivalents.
any significant impact in its financial statements.
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the initial measurement includes directly attributable

different tax entities, but they intend to settle current tax
t. Cash flow statement transaction costs. These are measured at amortised cost

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liabilities and assets on a net basis or their tax assets Ind AS 12 – Income Taxes The amendments clarify how
or at FVTPL. Investments in quoted equity instruments
and liabilities will be realised simultaneously. Cash flows are reported using the indirect method, companies account for deferred tax on transactions
are measured at FVTPL.
whereby profit for the period is adjusted for the effects such as leases and decommissioning obligations. The
In case of tax payable as Minimum Alternative Tax (‘MAT’) of transactions of a non-cash nature, any deferrals or
GREENPANEL INDUSTRIES LIMITED

(ii) Trade and other receivables amendments narrowed the scope of the recognition
under the provisions of the Income-tax Act, 1961, the accruals of past or future operating cash receipts or exemption in paragraphs 15 and 24 of Ind AS 12
The fair values of trade and other receivables are estimated

ANNUAL REPORT 2022-23

credit available under the Act in respect of MAT paid is payments and item of income or expenses associated (recognition exemption) so that it no longer applies
recognised as an asset only when and to the extent there with investing or financing cash flows. The cash flows at the present value of future cash flows, discounted
to transactions that, on initial recognition, give rise to
is convincing evidence that the Group will pay normal from operating, investing and financing activities of the at the market rate of interest at the measurement date.
equal taxable and deductible temporary differences.
income tax during the period for which the MAT credit Group are segregated. Short-term receivables with no stated interest rate are
The Company is evaluating the impact, if any, in its
can be carried forward for set-off against the normal tax measured at the original invoice amount if the effect of
financial statements.
liability. MAT credit recognised as an asset is reviewed at u. Earnings per share discounting is immaterial. Fair value is determined at
each balance sheet date and written down to the extent initial recognition and, for disclosure purposes, at each
Basic earnings per share is calculated by dividing the Ind AS 8 – Accounting Policies, Changes in Accounting
the aforesaid convincing evidence no longer exists. annual reporting date.
net profit or loss for the period attributable to equity Estimates and Errors The amendments will help
shareholders by the weighted average number of equity entities to distinguish between accounting policies
p. Borrowing costs (iii) Derivative financial liabilities
shares outstanding during the period. and accounting estimates. The definition of a change
Borrowing costs are interest and other costs (including The Group uses derivative financial instruments, in accounting estimates has been replaced with a
exchange differences relating to foreign currency For the purpose of calculating diluted earnings per such as forward currency contracts and interest rate definition of accounting estimates. Under the new
borrowings to the extent that they are regarded as an share, the net profit or loss for the period attributable to swaps to hedge its foreign currency risks and interest definition, accounting estimates are “monetary
adjustment to interest costs) incurred in connection equity shareholders and the weighted average number rate risks. Such derivative financial instruments are amounts in financial statements that are subject to
with the borrowing of funds. Borrowing costs directly of shares outstanding during the period are adjusted for initially recognised at fair value on the date on which a measurement uncertainty”. Entities develop accounting
attributable to acquisition or construction of an asset the effects of all dilutive potential equity shares. derivative contract is entered into and are subsequently estimates if accounting policies require items in financial
which necessarily take a substantial period of time to get re-measured at fair value. statements to be measured in a way that involves
ready for their intended use are capitalised as part of the v. Operating segment measurement uncertainty.
cost of that asset. Other borrowing costs are recognised (iv) Other non-derivative financial liabilities
An operating segment is a component of the Group
as an expense in the period in which they are incurred. that engages in business activities from which it may Other non-derivative financial liabilities are measured The Company does not expect this amendment to have
earn revenues and incur expenses, including revenues at fair value, at initial recognition and for disclosure any significant impact in its financial statements.
Where there is an unrealised exchange loss which is and expenses that relate to transactions with any of
treated as an adjustment to interest and subsequently the Group’s other components, and for which discrete
there is a realised or unrealised gain in respect of the financial information is available. All operating segments’
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

4. PROPERTY, PLANT AND EQUIPMENT Ageing Schedule Less than 1 year 1 - 2 years 2 - 3 years More than 3 years Total

(a) Reconciliation of carrying amount As at 31 March 2023

Projects in progress 488.74 - - - 488.74
Freehold Plant and Furniture and Office
Buildings Vehicles Total
land equipment fixtures equipment As at 31 March 2022
Cost (Gross carrying amount) Projects in progress - - - - -
Balance at 1 April 2021 5,535.46 13,255.31 1,14,296.77 3,150.82 2,723.34 1,382.42 1,40,344.12
Additions 1.86 307.62 3,286.30 50.18 78.53 83.07 3,807.56 Notes:
Disposals/ discard - (2.79) (1,251.03) (16.44) (185.52) (5.07) (1,460.85)
Exchange differences on translation of - - - 8.05 32.08 1.44 41.57 (a) As at 31 March 2023, general borrowing costs capitalised during the year amounted to K Nil (31 March 2022: I Nil)
foreign operations
Balance at 31 March 2022 5,537.32 13,560.14 1,16,332.04 3,192.61 2,648.43 1,461.86 1,42,732.40 (b) As at 31 March 2023, property, plant and equipment under capital work-in-progress with a carrying amount of
Balance at 1 April 2022 5,537.32 13,560.14 1,16,332.04 3,192.61 2,648.43 1,461.86 1,42,732.40 K488.74 lakhs (31 March 2022: I Nil) are subject to first charge to secured borrowings (see Note 19).
Additions - 175.15 1,022.14 227.86 500.54 162.35 2,088.04 (c) There is no capital work-in-progress whose completion is overdue as on relevant reporting period.

GREENPANEL INDUSTRIES LIMITED

Disposals/ discard (1.13) (738.59) (1,629.71) (353.30) (666.11) (251.02) (3,639.86)
ANNUAL REPORT 2022-23

Exchange differences on translation of - - - 14.39 54.42 2.56 71.37

foreign operations
6. OTHER INTANGIBLE ASSETS
Balance at 31 March 2023 5,536.19 12,996.70 1,15,724.47 3,081.56 2,537.28 1,375.75 1,41,251.95 (a) Reconciliation of carrying amount
Accumulated depreciation Software
Balance at 1 April 2021 - 3,400.51 31,096.01 1,204.53 1,244.81 832.97 37,778.83
Cost (Gross carrying amount)
Depreciation for the year - 596.32 5,210.09 302.36 250.08 162.26 6,521.11
Balance at 1 April 2021 51.75
Adjustments/ disposals - (2.65) (927.50) (4.53) (127.03) (3.79) (1,065.50)
Additions 11.76
Exchange differences on translation of - - - 6.89 10.19 1.17 18.25
foreign operations Disposals/write-off (11.49)
Balance at 31 March 2022 - 3,994.18 35,378.60 1,509.25 1,378.05 992.61 43,252.69 Balance at 31 March 2022 52.02
Balance at 1 April 2022 - 3,994.18 35,378.60 1,509.25 1,378.05 992.61 43,252.69 Balance at 1 April 2022 52.02
P - 212

Depreciation for the year - 631.52 5,098.59 294.12 256.15 155.89 6,436.27 Additions 23.62

P - 213
Adjustments/ disposals - (695.44) (997.72) (326.97) (748.33) (235.95) (3,004.41)
Disposals/write-off (30.26)
Exchange differences on translation of - - - 13.18 18.07 2.31 33.56
Balance at 31 March 2023 45.38
foreign operations
Balance at 31 March 2023 - 3,930.26 39,479.47 1,489.58 903.94 914.86 46,718.11 Accumulated amortisation
GREENPANEL INDUSTRIES LIMITED

Carrying amounts (net) Balance at 1 April 2021 34.27

At 31 March 2022 5,537.32 9,565.96 80,953.44 1,683.36 1,270.38 469.25 99,479.71 Amortisation for the year 9.07

ANNUAL REPORT 2022-23

At 31 March 2023 5,536.19 9,066.44 76,245.00 1,591.98 1,633.34 460.89 94,533.84 Adjustments/ disposals (10.67)
Balance at 31 March 2022 32.67
(b) Security Balance at 1 April 2021 32.67
As at 31 March 2023, property, plant and equipment with a carrying amount of J94,322.97 lakhs (31 March 2022: Amortisation for the year 8.98
I98,664.75 lakhs) are subject to first charge to secured borrowings (see Note 19). Adjustments/ disposals (30.26)
Balance at 31 March 2023 11.39
5. CAPITAL WORK-IN-PROGRESS Carrying amounts (net)
As at As at At 31 March 2022 19.35
31 March 2023 31 March 2022
At 31 March 2023 33.99
At the beginning of the year - 358.40
Additions during the year 1,667.48 2,844.82 7. LOANS
Capitalised during the year 1,178.74 3,203.22
As at As at
At the end of the year 488.74 - 31 March 2023 31 March 2022
Capital work-in-progress includes: (Unsecured, considered good)
Expenditure incurred during construction period on new manufacturing facility of the Company: Current
At the beginning of the year - - Loan to employees 50.00 72.16
Additions during the year:
Insurance Expenses 56.90 - 8. CURRENT TAX LIABILITIES
Legal and professional fees 54.28 - As at As at
Finance costs 27.37 - 31 March 2023 31 March 2022

138.55 - Income tax liabilities (net of advance tax) 104.28 172.84

Less: Capitalised during the year - -
At the end of the year 138.55 -
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

9. INVENTORIES 11. CASH AND CASH EQUIVALENTS

As at As at As at As at
31 March 2023 31 March 2022 31 March 2023 31 March 2022
(Valued at the lower of cost and net realisable value) Cash on hand 4.22 18.97
Raw materials 3,475.48 7,459.85 Balances with banks
Work-in-progress 1,311.72 2,126.24 - On current accounts 1,323.02 1,106.62
- On deposit accounts (with original maturities up to 3 months) - 4,612.83
Finished goods 5,343.50 3,997.28
1,327.24 5,738.42
[including in transit J1,928.48 lakhs (31 March 2022 I1,949.40 lakhs)]
Stock in trade 58.41 32.00 12. OTHER BANK BALANCES
Stores and spares 5,064.37 2,966.20
As at As at
[including in transit J255.43 lakhs (31 March 2022 I Nil)] 31 March 2023 31 March 2022
15,253.48 16,581.57 Bank deposits due to mature after 3 months of original maturities but within 12 months of the 36,449.85 16,522.66

GREENPANEL INDUSTRIES LIMITED

reporting date*
Earmarked balances with banks for unpaid dividend accounts 2.57 0.57
ANNUAL REPORT 2022-23

Total carrying amount of inventories is pledged as securities against borrowings, refer note 19.
36,452.42 16,523.23
The write-down of inventories to net realisable value during the year amounting to K Nil (31 March 2022: I Nil). * a) Pledged/lodged with various government authorities as security [K55.44 lakhs (31 March 2022 I52.76 lakhs)].
b) Fixed deposit of K3,347.93 lakhs (31 March 2022 I3,200 lakhs) in the form of Debt Service Reserve Account (DSRA) pledged in favour of LBBW
10. TRADE RECEIVABLES Bank (refer note 19).

As at As at
31 March 2023 31 March 2022 13. OTHER NON-CURRENT ASSETS
Current As at As at
Unsecured 31 March 2023 31 March 2022

- Considered good 4,439.73 4,144.32 (Unsecured, considered good)

P - 214

- Credit Impaired 277.41 193.69 Capital advances* 5,256.83 52.80

Others

P - 215
4,717.14 4,338.01
Unmatured finance charges - 4.19
Less: Loss for allowances
Deposits against demand under appeal and/or under dispute 33.50 36.66
- Credit Impaired (277.41) (193.69) 5,290.33 93.65
Net trade receivables 4,439.73 4,144.32
GREENPANEL INDUSTRIES LIMITED

Of the above *New MDF plant at existing manufacturing unit in Chittoor, Andhra Pradesh, lndia with an additional installed capacity of 2,31,000 CBM per annum

ANNUAL REPORT 2022-23

had been approved by the Board of Directors. The additional capacity will increase MDF production capacity of the company from 6,60,000 CBM
Trade receivables from related parties (Refer Note 39) 6.81 28.12
per annum to 8,91,000 CBM per annum, an increase of 35% over existing capacity. The estimated project cost is I600 crores (Rupees Six hundred
crores) which shall be funded by a mix of internal accruals and debt. The commercial production of the plant is expected to begin during Q1FY2025.
Contracts with the principal Process Equipment Suppliers and contract for the Engineering Consultancy Services have been signed off. Civil work
Less than 6 months More than
Ageing Schedule Not Due 1 - 2 years 2 - 3 years Total of the said project has begun. Advance payments to the vendors for the project have been made to the extent of I50 crores.
6 months - 1 year 3 years
As at 31 March 2023
14. OTHER FINANCIAL ASSETS
Undisputed trade receivables (considered good) 3,448.29 1,177.96 45.57 27.11 8.13 10.08 4,717.14
Expected credit loss (Provision for doubtful debts) (45.63) (140.89) (45.57) (27.11) (8.13) (10.08) (277.41) As at As at
31 March 2023 31 March 2022
Carrying amount (net of impairment) 3,402.66 1,037.07 - - - - 4,439.73
Non-Current
As at 31 March 2022
Security deposits 2,150.67 1,696.16
Undisputed trade receivables (considered good) 3,287.93 963.20 44.89 21.74 9.03 11.22 4,338.01
Expected credit loss (Provision for doubtful debts) (32.09) (74.72) (44.89) (21.74) (9.03) (11.22) (193.69) 15. OTHER FINANCIAL ASSETS
Carrying amount (net of impairment) 3,255.84 888.48 - - - - 4,144.32
As at As at
31 March 2023 31 March 2022
Notes: Current
Government grants receivable* 3,444.65 3,444.65
(a) No trade or other receivables are due from directors or other officers of the group either severally or jointly with any other
Export incentive receivable 46.55 99.80
person. Nor any trade or other receivables are due from firms or private companies respectively in which any director is
Insurance claim receivable 16.63 63.90
a partner, a director or a member, except as mentioned above. Security deposits 51.40 37.51
(b) Information about the group's exposure to credit and currency risks, and loss allowances related to trade receivables 3,559.23 3,645.86
are disclosed in note 42. Provision as disclosed above is on case to case basis as identified by the management.
*Based on the legal opinion the Company has decided to defer the recognition until receipt or until the Company has some evidence which gives
(c) For terms and conditions of trade receivables owing from related parties, see note 39. high level of assurance. In view of this the Company has not recognized I431.87 lakhs of power subsidy for October 2021 to March 2022, I835.73
lakhs of power subsidy for April 2022 to March 2023, I5,000 lakhs for Green measures subsidy and I368 lakhs for land conversion and stamp duty
(d) For receivables secured against borrowings, see note 19. subsidy in spite of approval being received. Only approval for power subsidy for October 2022 to March 2023 is not yet received. The said subsidies
are in relation to manufacturing plant at Chittoor, Andhra Pradesh. The management is hopeful of recovering the outstanding amounts appearing in
the books as being due from Government of Andhra Pradesh.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

16. OTHER CURRENT ASSETS (d) Details of shares held by promoters

As at As at No. of
31 March 2023 31 March 2022 Change No. of shares % change
shares at the % of Total
As at 31 March 2023 Promoter Name during the at the end of during the
(Unsecured, considered good) beginning of Shares
year the year year
the year
To parties other than related parties
Equity shares of I1 each Mr. Shiv Prakash Mittal 46,04,900 - 46,04,900 3.76% -
Advances for supplies 1,143.04 899.90
Advances to employees - 10.84 Mr. Shobhan Mittal 1,05,88,380 - 1,05,88,380 8.63% -
Others
Prepaid expenses 946.17 859.40 No. of
Unmatured finance charges - 5.63 Change No. of shares % change
shares at the % of Total
As at 31 March 2022 Promoter Name during the at the end of during the
Assets held for sale - 50.00 beginning of Shares
year the year year
the year
Balance with goods and service tax authorities 159.96 98.20
2,249.17 1,923.97 Equity shares of I1 each Mr. Shiv Prakash Mittal 7,55,000 38,49,900 46,04,900 3.76% 3.14%

GREENPANEL INDUSTRIES LIMITED

Mr. Shobhan Mittal 1,05,88,380 - 1,05,88,380 8.63% -
17. EQUITY SHARE CAPITAL
ANNUAL REPORT 2022-23

(e) The Holding Company has not reserved any shares for issue under options and contracts/commitments for the sale of
As at As at
31 March 2023 31 March 2022 shares/ disinvestment.
Authorised
15,00,00,000 (31 March 2022: 15,00,00,000) equity shares of I1 each 1,500.00 1,500.00 (f) The Holding Company for the period of five years immediately preceding the reporting date has not:
Issued, subscribed and fully paid-up
(i) Allotted any class of shares as fully paid pursuant to contract(s) without payment being received in cash.
12,26,27,395 (31 March 2022: 12,26,27,395) equity shares of I1 each 1,226.27 1,226.27

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

(a) Reconciliation of equity shares outstanding at the beginning and at the end of the reporting year
As at 31 March 2023 As at 31 March 2022 (iii) Bought back any class of shares.
P - 216

Number Amount Number Amount

P - 217
At the commencement of the year 12,26,27,395 1,226.27 12,26,27,395 1,226.27 18. OTHER EQUITY
Changes during the year - - - -
As at As at
At the end of the year 12,26,27,395 1,226.27 12,26,27,395 1,226.27 31 March 2023 31 March 2022
GREENPANEL INDUSTRIES LIMITED

Capital reserve
(b) Rights, preferences and restrictions attached to equity shares At the commencement of the year 59,808.56 59,808.56

ANNUAL REPORT 2022-23

 he Holding Company has a single class of equity shares with par value of I1 per share. Accordingly, all equity shares
T 59,808.56 59,808.56
Retained earnings
rank equally with regard to dividends and share in the Holding Company’s residual assets on winding up. The equity
At the commencement of the year 33,953.10 11,873.78
shareholders are entitled to receive dividend as declared by the Holding Company from time to time. The voting
Add: Profit for the year 25,651.48 24,046.71
rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity
Less: Interim dividend on equity shares 1,839.41 1,839.41
capital of the Holding Company. Voting rights cannot be exercised in respect of shares on which any call or other
Add: Remeasurements of the net defined benefit plans 263.60 (127.98)
sums presently payable has not been paid. Failure to pay any amount called up on shares may lead to their forfeiture. 58,028.77 33,953.10
On winding up of the Holding Company, the holders of equity shares will be entitled to receive the residual assets of the Other comprehensive income (OCI)
Holding Company, remaining after distribution of all preferential amounts, in proportion to the number of equity shares held. At the commencement of the year 176.64 129.19
Exchange differences in translating financial statements of foreign operations 150.58 47.45
(c) Particulars of shareholders holding more than 5% shares of fully paid up equity shares 327.22 176.64
As at 31 March 2023 As at 31 March 2022 1,18,164.55 93,938.30
Equity shares of K1 each
Number % Number %
S. M. Management Pvt. Ltd. 3,16,26,965 25.79% 3,16,26,965 25.79% (a) Description, nature and purpose of reserve:
Prime Holdings Pvt. Ltd. 1,33,32,800 10.87% 1,33,32,800 10.87% Capital reserve: The capital reserve is created on account of the net assets transferred pursuant to the scheme
(i) 
Shobhan Mittal 1,05,88,380 8.63% 1,05,88,380 8.63% of arrangement
HDFC Trustee Company Ltd. 68,89,253 5.62% 70,75,538 5.77%
(ii) Retained earnings: It comprises of accumulated profit/ (loss) of the Group.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

19. BORROWINGS (B) Details of security

As at As at (a) Term loan from Landesbank Baden-Wurttenberg (LBBW) of K15,464.10 lakhs (31 March 2022: I18,638.79 lakhs) is
31 March 2023 31 March 2022
secured by exclusive charge on:
Non-current borrowings
Secured i) Main press line of MDF plant at Chittoor, Andhra Pradesh along with other movable fixed assets financed by
Term loans Landesbank Baden-Wurttenberg
From banks
ii) Exclusive charge over main press line of MDF plant at Pantnagar (Uttarakhand)
Foreign currency loans 15,256.47 17,994.91
Rupee loans 2,300.00 2,947.87 iii) Fixed deposit of K3,347.93 lakhs (31 March 2022: I3,200 lakhs) in the form of Debt Service Reserve Account
17,556.47 20,942.78 (DSRA) pledged in favour of LBBW Bank (LBBW Bank's stipulation is to maintain DSRA in INR equivalent to
Less: Current maturities of long term borrowings 4,848.61 4,497.05 EUR 35,90,747.68)
12,707.86 16,445.73
Loan against vehicles - 114.98 (b) Other term loan of K2,300 lakhs (31 March 2022: I2,950.00 lakhs) is secured by:

GREENPANEL INDUSTRIES LIMITED

Less: Current maturities of loan against vehicles - 42.94
- 72.04 (i) First pari passu charge on immovable fixed assets of the Holding Company located at manufacturing units in
ANNUAL REPORT 2022-23

12,707.86 16,517.77 Pantnagar (Uttarakhand) and Chittoor (Andhra Pradesh).

Current borrowings
(ii) First pari passu charge on all movable fixed assets of the Holding Company except assets exclusively charged
Secured
to other lender(s) (including the main press line of MDF plant at Pantnagar and the main press line of MDF plant
From banks
Current maturities of long term borrowings 4,848.61 4,497.05
at Chittor (Andhra Pradesh) along with any other movable fixed assets exclusively charged to Landesbank
Current maturities of loan against vehicles and equipment - 42.94 Baden-Wurttenberg).
Foreign currency loan - buyers credit - 843.55 (iii) Second pari passu charge on all current assets of the Holding Company.
Foreign currency loan - buyers credit - capital goods 1,486.46 1,112.44
Rupee loans - repayable on demand - 5,251.05
(c) Working capital loans of K Nil (31 March 2022: I5,251.05 lakhs) are secured by:
6,335.07 11,747.03
P - 218

(i) First pari passu charge on all current assets of the Holding Company.

P - 219
Information about the Group's exposure to credit and currency risks, and loss allowances related to borrowings are disclosed (ii) Second pari passu charge on immovable fixed assets of the Holding Company located at manufacturing units
in note 42. in Pantnagar (Uttarakhand) and Chittoor (Andhra Pradesh).

(A) Terms of repayment (iii) Second pari passu charge on all movable fixed assets of the Holding Company except assets exclusively
GREENPANEL INDUSTRIES LIMITED

charged to other lender(s) (including the main press line of MDF plant at Pantnagar and the main press line
As at As at
of MDF plant at Chittor (Andhra Pradesh) along with any other movable fixed assets exclusively charged to

ANNUAL REPORT 2022-23

Name of the lender Interest rate Repayment schedule Year of maturity
31 March 2023 31 March 2022
(i) Foreign currency term loans
Landesbank Baden-Wurttenberg).
Landesbank Baden-Wurttenberg 6 month Repayable at half yearly 2026-27 15,464.10 18,638.79
[EUR 173.74 lakhs (31 March 2022: Euribor rest: 7 of EUR 22.27 lakhs (d) Foreign currency loan - buyers credit - capital goods of K1,486.46 lakhs (31 March 2022: I1,112.44 lakhs) is secured
EUR 222.29 lakhs)] +0.50% & 1 of EUR 17.82 lakhs by SBLC issued by banks, is further secured by way of hypothecation of fixed assets purchased against the
15,464.10 18,638.79 said SBLC.
Unamortised processing fees (207.63) (643.88)
15,256.47 17,994.91 (e) Foreign currency loan - buyers credit of K Nil (31 March 2022: I843.55 lakhs) is secured by SBLC issued by banks,
(ii) Rupee term loans which is further secured by the same security as working capital loans (as mentioned in para “c” above), as this
HDFC Bank Limited Monthly Repayable at quarterly 2024-25 2,300.00 2,950.00 facility is a sublimit of working capital loans.
MCLR rest: 4 of I325 lakhs & 4 of
I250 lakhs
2,300.00 2,950.00
Unamortised processing fees - (2.13)
2,300.00 2,947.87
Total 17,556.47 20,942.78
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

20. OTHER FINANCIAL LIABILITIES Less than More than

Ageing Schedule Not Due 1 - 2 years 2 - 3 years Total
1 year 3 years
As at As at
31 March 2023 31 March 2022 As at 31 March 2022
Non-current Dues to micro and small 60.98 - - - - 60.98
enterprises
Security deposits from customers 668.74 858.34
Dues to other than micro and 12,399.13 1,309.43 10.32 - - 13,718.88
668.74 858.34
small enterprises
Current
Total 12,460.11 1,309.43 10.32 - - 13,779.86
Interest accrued but not due on borrowings 195.46 43.58
Liability for capital goods 30.10 284.67
Employee benefits payable 1,433.74 1,810.01
Information about the Group's exposure to currency and liquidity risks related to trade payables is disclosed in note 42.
Liability for CSR Expenses (refer note 33(ii)) 37.27 -
Unclaimed dividend 2.57 0.57 23. DERIVATIVES
1,699.14 2,138.83 As at As at

GREENPANEL INDUSTRIES LIMITED

31 March 2023 31 March 2022

(a) There is no amount due and outstanding to be credited to Investor Education and Protection Fund as at 31 March 2023. Current
ANNUAL REPORT 2022-23

Foreign exchange forward contracts (60.52) 35.77

(b) Information about the Group’s exposure to currency and liquidity risks related to the above financial liabilities is disclosed (Asset)/Liability (60.52) 35.77
in note 42.
Information about the Group's exposure to interest rate and currency risks related to derivatives is disclosed in note 42.
21. PROVISIONS
As at As at 24. OTHER CURRENT LIABILITIES
31 March 2023 31 March 2022
As at As at
Non-current 31 March 2023 31 March 2022
Provisions for employee benefits: Statutory dues 951.16 1,361.48
Net defined benefit liability - gratuity (refer note 30) 872.16 918.68 Advance from customers 2,337.21 927.56
P - 220

Liability for compensated absences 216.52 190.97 3,288.37 2,289.04

P - 221
1,088.68 1,109.65
Current
25. REVENUE FROM OPERATIONS
Provisions for employee benefits:
Net defined benefit liability - gratuity (refer note 30) 118.99 269.93 Year ended Year ended
GREENPANEL INDUSTRIES LIMITED

31 March 2023 31 March 2022

Liability for compensated absences 52.18 34.19
Sale of products
171.17 304.12

ANNUAL REPORT 2022-23

Finished goods 1,75,877.40 1,57,153.87
22. TRADE PAYABLES Stock-in-trade 1,977.63 1,420.28
1,77,855.03 1,58,574.15
As at As at
31 March 2023 31 March 2022 Other operating revenue
Dues to micro and small enterprises (Refer note 46) 268.50 60.98 Government grants - EPCG scheme - 3,379.73
Dues to other than micro and small enterprises 10,844.33 13,718.88 Export incentives 389.27 395.65
11,112.83 13,779.86 Miscellaneous income 41.69 154.34
Of the above 430.96 3,929.72
Trade payables to related parties (Refer Note 39) - 1.28
1,78,285.99 1,62,503.87
Reconciliation of revenue from sale of products with the contracted price
Less than More than Contracted price 1,86,586.17 1,66,434.76
Ageing Schedule Not Due 1 - 2 years 2 - 3 years Total
1 year 3 years
Less : Trade discounts, volume rebates etc. (8,731.14) (7,860.61)
As at 31 March 2023
Sale of products 1,77,855.03 1,58,574.15
Dues to micro and small 268.50 - - - - 268.50
enterprises
Dues to other than micro and 9,394.75 1,449.58 - - - 10,844.33
small enterprises
Total 9,663.25 1,449.58 - - - 11,112.83
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

Disaggregated revenue information a) The Group presented disaggregated revenue based on the type of goods sold to customers and location of customers. The
The disaggregation of the Group's revenue from contracts with customers as under: Group's revenue is recognised for goods transferred at a point in time. The Group believes that the above disaggregation
best depicts how the nature, amount, timing and uncertainty of revenues and cash flows are effected by industry, market
Year ended 31 March 2023
and other economic factors. Segment wise nature, amount, timing and uncertainty of revenues and cash flows are
Medium Density
described below:
Segment Plywood and
Fibre Board and Total
allied products Nature of goods or The Group manufactures and sales, plywood and other plywood-related allied products such as veneer,
allied products
services doors, etc, Medium Density Fibre Board and allied products such as fibre board, plank, etc.
Type of Goods
When revenue is For Domestic Customer : Revenue is typically recognised when the goods are delivered to the customer's
Finished goods 22,419.33 1,53,458.07 1,75,877.40 recognised warehouses.
Stock-in-trade 1,977.63 - 1,977.63 For Export Customer : Revenue is typically recognised on the receipt of bill of lading.
Sale of products 24,396.96 1,53,458.07 1,77,855.03 Significant payment terms Payment is received as per the agreed payment terms with customer.
Revenue by geography Obligations for returns Customers have the right to return the goods to the Group, if the customers are dissatisfied with the
- India 24,396.96 1,28,712.86 1,53,109.82 and refunds, if any quality of product which is determined on a case to case basis by the Group.

GREENPANEL INDUSTRIES LIMITED

- Outside India - 24,745.21 24,745.21
Total revenue from contracts with customers 24,396.96 1,53,458.07 1,77,855.03 b) For contract assets i.e. trade receivables refer Note 11 and for contract liabilities i.e. advance from customers refer Note 24.
ANNUAL REPORT 2022-23

c) The amount of revenue from contracts with customers recognised in the statement of profit and loss is the contracted price.
Year ended 31 March 2022
Medium Density
Segment Plywood and
Fibre Board and Total
26. OTHER INCOME
allied products
allied products Year ended Year ended
Type of Goods 31 March 2023 31 March 2022
Finished goods 24,173.57 1,32,980.30 1,57,153.87 Interest on fixed deposits with banks and others 1,645.09 481.45
Stock-in-trade 1,420.28 - 1,420.28 Rental income 1.20 1.35
Sale of products 25,593.85 1,32,980.30 1,58,574.15 Gain on sale/discard of property, plant and equipment 122.98 -
Revenue by geography Gain on lease termination 133.93 -
P - 222

- India 25,593.85 1,09,714.55 1,35,308.40 Foreign exchange fluctuations 30.21 379.03

P - 223
- Outside India - 23,265.75 23,265.75 Miscellaneous income 2.53 34.13
Total revenue from contracts with customers 25,593.85 1,32,980.30 1,58,574.15 1,935.94 895.96

The reconciliation of the revenue from contracts with customers and other operating revenue is given below : 27. COST OF MATERIALS CONSUMED
GREENPANEL INDUSTRIES LIMITED

Year ended Year ended

ANNUAL REPORT 2022-23

Year ended 31 March 2023 31 March 2023 31 March 2022
Medium Density Inventory of raw materials at the beginning of the year 7,459.85 6,389.37
Segment Plywood and
allied products
Fibre Board and Total Add: Purchases 69,684.30 67,129.32
allied products
Less: Inventory of raw materials at the end of the year (3,475.48) (7,459.85)
Sale of goods 73,668.67 66,058.84
- External customers 24,396.96 1,53,458.07 1,77,855.03
- Inter-segment - - -
28. PURCHASE OF STOCK IN TRADE
Other operating revenue 5.37 425.59 430.96
24,402.33 1,53,883.66 1,78,285.99 Year ended Year ended
31 March 2023 31 March 2022
Inter-segment elimination - - -
Less: Other operating revenue (5.37) (425.59) (430.96) Purchase of traded goods 1,468.08 1,138.30
Total revenue from contracts with customers 24,396.96 1,53,458.07 1,77,855.03
29. CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK IN TRADE
Year ended Year ended
Year ended 31 March 2022
31 March 2023 31 March 2022
Segment Medium Density
Plywood and Opening inventories
Fibre Board and Total
allied products Work-in-progress 2,126.24 1,735.16
allied products
Sale of goods Stock in trade 32.00 54.93
- External customers 25,593.85 1,32,980.30 1,58,574.15 Finished goods 3,997.28 4,259.01
- Inter-segment - - - 6,155.52 6,049.10
Other operating revenue 30.08 3,899.64 3,929.72 Closing inventories
25,623.93 1,36,879.94 1,62,503.87 Work-in-progress 1,311.72 2,126.24
Inter-segment elimination - - - Stock in trade 58.41 32.00
Less: Other operating revenue (30.08) (3,899.64) (3,929.72) Finished goods 5,343.50 3,997.28
Total revenue from contracts with customers 25,593.85 1,32,980.30 1,58,574.15 6,713.63 6,155.52
(558.11) (106.42)
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

30. EMPLOYEES BENEFITS EXPENSE 31. FINANCE COSTS

Year ended Year ended Year ended Year ended
31 March 2023 31 March 2022 31 March 2023 31 March 2022
Salaries, wages, bonus, etc. 12,456.73 11,542.77 Interest expense on financial liabilities measured at amortised cost 661.94 1,122.94
Contribution to provident and other funds 759.73 657.91 Interest expense on lease liabilities 188.83 157.04
Expenses related to post-employment defined benefit plan 236.22 232.30 Exchange difference regarded as an adjustment to borrowing cost 875.08 -
Expenses related to compensated absences 347.46 268.89 Other borrowing cost 178.39 429.83
Staff welfare expenses 172.00 140.94 1,904.24 1,709.81
13,972.14 12,842.81
32. DEPRECIATION AND AMORTISATION EXPENSE
Salaries, wages, bonus, etc. includes J1,150.40 lakhs (31 March 2022 I1,044.43 lakhs) relating to outsource manpower cost.
Year ended Year ended
Notes: 31 March 2023 31 March 2022

(a) Defined contribution plan: Employee benefits in the form of provident fund is considered as defined contribution plan Depreciation of property, plant and equipment 6,436.27 6,521.11

GREENPANEL INDUSTRIES LIMITED

Depreciation of right to use asset 751.85 805.56
and the contributions to Employees’ Provident Fund Organisation established under The Employees' Provident Fund and
Amortisation of intangible assets 8.98 9.07
ANNUAL REPORT 2022-23

Miscellaneous Provisions Act 1952 is charged to the Statement of Profit and Loss of the year when the contributions to
7,197.10 7,335.74
the respective funds are due.

(b) Defined benefit plan: Retirement benefits in the form of gratuity is considered as defined benefit obligations and is 33. OTHER EXPENSES
provided for on the basis of third party actuarial valuation, using the projected unit credit method, as at the date of the Year ended Year ended
Balance Sheet. Every Employee who has completed five years or more of service is entitled to gratuity on terms not less 31 March 2023 31 March 2022
favourable than the provisions of The Payment of Gratuity Act, 1972. Consumption of stores and spares 2,393.27 2,036.13
Power and fuel 19,197.16 14,228.58
(c) Actuarial valuation of gratuity liability Rent 462.29 337.88
Year ended Year ended Repairs to:
31 March 2023 31 March 2022 - buildings 78.16 383.18
P - 224

Defined benefit cost - plant and equipment 1,747.68 1,653.72

P - 225
Current service cost 151.82 177.26 - others 509.20 479.46
Interest expense on defined benefit obligation 84.39 55.04 Insurance 878.74 746.36
Defined benefit cost in Statement of Profit and Loss 236.21 232.30 Rates and taxes 121.08 81.49
Remeasurements from financial assumptions (14.65) (6.42) Travelling expenses 2,023.75 835.07
GREENPANEL INDUSTRIES LIMITED

Remeasurements from experience adjustments (337.60) 203.15 Freight and delivery expenses 8,444.46 8,003.00
Defined benefit cost in Other Comprehensive Income (OCI) (352.25) 196.73

ANNUAL REPORT 2022-23

Export expenses 5,171.60 4,923.96
Total defined benefit cost in Statement of Profit and Loss and OCI (116.04) 429.03 Advertisement and sales promotion 2,391.78 1,823.17
Commission 114.26 184.50
Movement in defined benefit obligation Directors sitting fees and commission 59.60 18.40
Balance at the beginning of the year 1,188.61 797.59 Payment to auditors [refer note 33 (i) below] 51.52 41.95
Current service cost 151.82 177.26 Expenditure on corporate social responsibility [refer note 33 (ii) below] 268.88 124.61
Interest cost 84.39 55.04 Loss on sale/discard of property, plant and equipment 254.44 293.21
Actuarial (gains)/losses recognised in other comprehensive income (352.25) 196.73 Provision for doubtful debts 83.72 37.95
Benefits paid (81.42) (38.01) Miscellaneous expenses 3,832.46 3,294.39
Balance at the end of the year 991.15 1,188.61 48,084.05 39,527.01
33 (i) Payment to auditors
Sensitivity analysis As auditors:
Salary escalation - Increase by 1% 1,090.66 1,297.88 - Statutory audit 46.61 37.12
Salary escalation - Decrease by 1% 908.98 1,094.44 - Tax audit - -
Withdrawal rates - Increase by 1% 1,002.80 1,192.45 - Limited review of quarterly results 3.90 3.90
Withdrawal rates - Decrease by 1% 982.71 1,183.60 In other capacity
Discount rates - Increase by 1% 908.18 1,096.82 - Certification fees 0.69 0.93
Discount rates - Decrease by 1% 1,094.04 1,296.23 - Other services - -
Reimbursement of expenses 0.32 -
Actuarial assumptions 51.52 41.95
Mortality table IALM 2012-2014 IALM 2012-2014
Discount rate (per annum) 7.40% 7.10%
Rate of escalation in salary (per annum) 6.00% 6.00%
Withdrawal rate 1% - 8% 1% - 8%
Weighted average duration of defined benefit obligation (in years) 4.75 4.39

(d) Amount incurred as expense for defined contribution to Provident Fund is K686.14 lakhs (31 March 2022 I576.21 lakhs).
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

Year ended Year ended Year ended Year ended

31 March 2023 31 March 2022 31 March 2023 31 March 2022
33 (ii) Expenditure on corporate social responsibility (b) Reconciliation of effective tax rate for the year
Amount required to be spent by the company during the year 268.88 76.49 Profit before Tax 35,095.83 34,893.74
Amount of expenditure incurred 231.61 124.61 Applicable Income Tax rate 34.944% 34.944%
Shortfall at the end of year for which provision has been created 37.27 -
Computed tax expense 12,263.89 12,193.27
Total of previous years shortfall - -
Non-deductible expenses for tax purposes 93.96 43.55
Nature of CSR Activities
Permanent difference on account of EPCG income 105.36 (1,181.01)
Plantation activities 152.56 -
Government schools 49.06 23.69 Earlier years tax 19.76 69.39
Medical services 6.99 13.97 Deferred tax asset not recognised on business losses of subsidiary (133.25) (248.20)
Art & culture preservation 10.00 - Reduction in tax rate due to adoption of new regime (3,663.35) -
Providing of scooters to disabled persons 13.00 - Minimum Alternate Tax credit written off 267.42 -

GREENPANEL INDUSTRIES LIMITED

Support in covid pandemic - 82.49 Others 490.56 (29.97)
Carpentary training - 4.46 9,444.35 10,847.03
Tax expense in Statement of Profit and Loss
ANNUAL REPORT 2022-23

231.61 124.61
(c) Recognised deferred tax assets and liabilities:
Property, plant and equipment and intangible assets 10,802.92 14,723.32
34. EXCEPTIONAL ITEMS
Provisions for employee benefits (337.84) (522.81)
Year ended Year ended
Provision for doubtful debts (69.82) (91.09)
31 March 2023 31 March 2022
Foreign exchange differences on account of mark to market valuation (122.26) (61.43)
Write back of liability no longer required (1,083.75) -
Loss on transfer of plant and machinery 473.68 - Other temporary differences (77.02) (467.92)
(610.07) - Minimum Alternate Tax credit - (6,755.84)
Deferred tax liabilities 10,195.98 6,824.23
a) Write back of liability no longer required: The Hon'ble Supreme Court of India vide its Order dated 22 April 2020 (d) Reconciliation of Deferred Tax Liability:
P - 226

upheld the Special Leave Petition filed by the Union of India & Others in Civil Appeal Nos.2256-2263 of 2020 arising out Temporary difference on account of:

P - 227
of S.L.P. (C) Nos. 28194-28201/2010 in respect of availing of area based exemption under Central Excise in respect of Property, plant and equipment and intangible assets (3,920.40) (572.27)
manufacturing unit of Greenply Industries Limited (Greenply) at Tizit, Nagaland. Greenply may have to refund maximum Provisions for employee benefits 96.32 (98.22)
principal amount upto I2,709.36 lakhs in respect of excess refund received from the Excise Department for the period Provision for doubtful debts 21.27 72.37
from 1 April 2008 to 30 June 2017. However, as per Clause No. 4.3.6 of the Composite Scheme of Arrangement between
GREENPANEL INDUSTRIES LIMITED

Foreign exchange differences on account of mark to market valuation (60.83) 732.71

Greenply and the Holding Company duly approved by the Hon’ble National Holding Company Law Tribunal, Guwahati Other temporary differences 390.90 7.21

ANNUAL REPORT 2022-23

Bench on 28 June 2019, the above principal amount of I2,709.36 lakhs along with interest, if any, shall be shared by - 8,822.36
Unabsorbed depreciation carried forward
Greenply and the Holding Company. The Holding Company had considered the possible outflow of I1,083.74 lakhs i.e.
Minimum Alternate Tax credit (entitlement)/utilised 6,755.84 (4,088.49)
40% of I2,709.36 lakhs as liability, based on the legal opinion and facts of present circumstances. However, as per the
Deferred tax in Statement of Profit and Loss 3,283.10 4,875.67
said Composite Scheme of Arrangement, the liability could only have been materialised upto 31 March 2022, post which
Temporary difference of liabilities in other comprehensive income 88.65 (68.75)
the Holding Company was not required to pay the same. Since there has been no demand for payment of said liability,
Deferred tax in Total Comprehensive Income 3,371.75 4,806.92
and the time has also elapsed, the Holding Company has reversed the said liability of I1,083.74 lakhs.

b) Loss on transfer of plant and machinery: The Electricity switching station & transmission infrastructure at the plant The Holding Company has decided to adopt the New Tax Regime u/s 115BAA under the Income Tax Act 1961 from
at Chittor, Andhra Pradesh, has been transferred by way of Gift in favour of M/s Transmission Corporation of Andhra FY 2023-24 (AY 2024-25). Consequently, deferred tax credit including write off of MAT of I3,395.93 lakhs has been recognised
Pradesh Limited. The Holding Company has written off the said asset from its books of accounts on 6 July 2022 and the in statement of profit and loss during the year ended March 31, 2023 on account of re-measurement of net deferred tax
carrying value on that date amounting to I473.68 lakhs was debited to the Statement of Profit and Loss. liabilities reducing by I3,663.35 lakhs on account of reduction in prospective income tax rate to 25.168% from 34.944%, and
write-off of the balance of Minimum Alternate Tax (MAT) by I267.42 lakhs. The said impact is reflected in the statement of
35. INCOME TAX profit and loss for the quarter and year ended March 31, 2023. During the current quarter, the holding company has also
reversed deferred tax asset recognised on 'Land' of I722.29 lakhs on account of change in assumptions as per the provisions
Year ended Year ended
31 March 2023 31 March 2022 of Ind-AS 12 'Income Taxes'.
(a) Amount recognised in Profit and Loss
Current tax 6,141.49 5,901.97
Earlier years tax 19.76 69.39
Income tax 6,161.25 5,971.36
Deferred tax (3,472.74) 8,964.16
Mat credit 6,755.84 (4,088.49)
Deferred tax 3,283.10 4,875.67
Tax expense in Statement of Profit and Loss 9,444.35 10,847.03
Deferred tax in other comprehensive income 88.65 (68.75)
Tax expense in Total Comprehensive Income 9,533.00 10,778.28
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

36. EARNINGS PER SHARE As at As at

31 March 2023 31 March 2022
Year ended Year ended
31 March 2023 31 March 2022 (b) Lease liabilities
Basic and diluted earnings per share Maturity analysis - contractual undiscounted cash flows
(i) Profit for the year, attributable to the equity shareholders 25,651.48 24,046.71 Less than one year 977.37 815.09
(ii) Weighted average number of equity shares One to five years 3,530.68 2,231.33
- Number of equity shares at the beginning of the year 12,26,27,395 12,26,27,395 More than five years - 531.87
- Number of equity shares at the end of the year 12,26,27,395 12,26,27,395
Total undiscounted lease liabilities 4,508.05 3,578.29
Weighted average number of equity shares 12,26,27,395 12,26,27,395
Lease liabilities included in the balance sheet
Basic and diluted earnings per share (K) [(i)/(ii)] 20.92 19.61
Current 684.87 700.29

37. CONTINGENT LIABILITIES AND COMMITMENTS Non-current 3,035.10 2,594.15

Lease liabilities included in the balance sheet 3,719.97 3,294.44
As at As at

GREENPANEL INDUSTRIES LIMITED

31 March 2023 31 March 2022 (c) Amount recognised in statement of profit and loss
Interest expenses on lease liabilities 188.83 157.04
ANNUAL REPORT 2022-23

(to the extent not provided for)

Contingent liabilities Depreciation of right-of-use assets 751.85 805.56
(a) Claims against the Group not acknowledged as debts: Expenses relating to short-term leases (included in other operating expenses) 462.29 337.88
(i) Excise duty, sales tax and other indirect taxes in dispute 1,022.58 1,022.58 Total amount recognised in profit and loss 1,402.97 1,300.48
(d) Amount recognised in statement of cash flows
Capital and other commitments Total cash outflow for leases (656.68) (824.30)
(i) Estimated amount of contracts remaining to be executed on capital account and not 36,025.53 5.38
provided for (Net of advances)
39. RELATED PARTY DISCLOSURE
(ii) Other Commitments 587.50 -
a) Other related parties with whom transactions have taken place during the year
Claim against the Group not acknowledged as debt: Key Management Personnel (KMP)
P - 228

Cash outflows for the above are determinable only on receipt of judgments pending at various forums/ authorities. The Group Mr. Shiv Prakash Mittal, Executive Chairman

P - 229
has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and
Mr. Shobhan Mittal, Managing Director & CEO
disclosed as contingent liabilities where applicable, in its financial statements. The Group does not expect the outcome of
these proceedings to have a materially adverse effect on its financial position. Mr. Mahesh Kumar Jiwarajka, Non-Executive Independent Director
GREENPANEL INDUSTRIES LIMITED

Mr. Salil Kumar Bhandari, Non-Executive Independent Director

38. LEASES

ANNUAL REPORT 2022-23

Group as a lessee Mr. Arun Kumar Saraf, Non-Executive Independent Director
The Group has lease contracts for offices and factory land. The Group’s obligations under these leases are secured by the Ms. Susmita Singha, Non-Executive Independent Director (till 7 April 2022)
lessor’s title to the leased assets. The Group is restricted from assigning and subleasing the leased assets. The Group also
Ms. Shivpriya Nanda, Non-Executive Independent Director (from 6 July 2022)
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. Mr. Vishwanathan Venkatramani, Chief Financial Officer

Mr. Lawkush Prasad, Company Secretary & Vice President-Legal

Land Offices Total
(a) Carrying amounts of right-of-use assets Relatives of Key Management Personnel (KMP)
Balance at 1 April 2021 1,209.20 3,632.62 4,841.82 Mrs. Santosh Mittal (Wife of Mr. Shiv Prakash Mittal)
Additions during the year - 735.70 735.70
Mr. Rajesh Mittal (Brother of Mr. Shiv Prakash Mittal)
Depreciation charge for the year (16.31) (789.25) (805.56)
Reductions during the year - (538.56) (538.56) Mrs. Chitwan Mittal (Wife of Mr. Shobhan Mittal)
Exchange differences on translation of foreign operations - 84.69 84.69 Mrs. Janaki Venkatramani (Wife of Mr. Vishwanathan Venkatramani)
Balance at 31 March 2022 1,192.89 3,125.20 4,318.09
Balance at 1 April 2022 1,192.89 3,125.20 4,318.09 Mr. Prashant Venkatramani (Son of Mr. Vishwanathan Venkatramani)
Additions during the year - 3,291.70 3,291.70 Mrs. Rinku Prasad (Wife of Mr. Lawkush Prasad)
Depreciation charge for the year (16.31) (735.54) (751.85)
Reductions during the year - (2,408.34) (2,408.34)
Exchange differences on translation of foreign operations - 143.95 143.95
Balance at 31 March 2023 1,176.58 3,416.97 4,593.55
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

b) Enterprises controlled by Key Management Personnel or their relatives d) Outstanding balances

Greenlam Industries Limited As at As at
Name of the related party Nature of transaction
31 March 2023 31 March 2022
Greenlam South Limited Greenlam Industries Limited Trade receivables - 28.12
Greenply Industries Limited Trade payables - 1.28
Greenply Industries Limited Trade receivables 6.81 -
Prime Holdings Private Limited
Mr. Shiv Prakash Mittal Employee benefits payable 475.00 512.80
S.M. Management Private Limited Mr. Shobhan Mittal Employee benefits payable 475.00 512.80
Mr. Mahesh Kumar Jiwarajka Remuneration payable 9.00 -
Vanashree Properties Private Limited
Mr. Salil Kumar Bhandari Remuneration payable 9.00 -
Bluesky Projects Private Limited Mr. Arun Kumar Saraf Remuneration payable 9.00 -
Akshat Enterprises (represented by Mr. Arun Kumar Saraf) Ms. Shivpriya Nanda Remuneration payable 9.00 -

GREENPANEL INDUSTRIES LIMITED

c) Related party transactions e) Key Management Personnel compensation
ANNUAL REPORT 2022-23

As at As at Key management personnels compensation comprised of the following:

Name of the related party Nature of transaction
31 March 2023 31 March 2022
Greenlam Industries Limited Sale of products* 1,034.89 1,184.01 As at As at
Nature of transaction
Purchase of products* 22.15 19.21 31 March 2023 31 March 2022
Rent received - 0.25 Short-term employee benefits 2,069.49 1,810.32
Greenlam South Limited Rent received 0.60 0.60 Other long-term benefits 64.18 65.19
Greenply Industries Limited Sale of products* 6.81 - Perquisites 13.10 12.47
Rent received 0.60 0.50 Total compensation paid to key management personnel 2,146.77 1,887.98
Mr. Shiv Prakash Mittal Remuneration 910.28 783.14
P - 230

Mr. Shobhan Mittal Remuneration 1,022.88 912.01 As the future liability for gratuity and compensated encashment is provided on an actuarial basis for the Holding Company
Mr. Mahesh Kumar Jiwarajka Remuneration 16.50 4.80

P - 231
as a whole, the amount pertaining to each key management personnel is not separately ascertainable and, therefore,
Mr. Salil Kumar Bhandari Remuneration 15.30 4.40
not included above. Based on the recommendation of the Nomination and Remuneration Committee, all decisions
Mr. Arun Kumar Saraf Remuneration 15.10 4.60
relating to the remuneration of the KMPs are taken by the Board of Directors of the Holding Company, in accordance
Ms. Shivpriya Nanda Remuneration 12.70 -
with shareholders’ approval, wherever necessary.
GREENPANEL INDUSTRIES LIMITED

Ms. Susmita Singha Remuneration - 4.60

Mr. V. Venkatramani Remuneration 177.17 159.82
f) Terms and conditions of transactions with related parties

ANNUAL REPORT 2022-23

Mr. Lawkush Prasad Remuneration 36.44 33.01
Mrs. Chitwan Mittal Remuneration 30.29 29.80 Purchase from related parties are made in the ordinary course of business and on terms equivalent to those that prevail
Mr. Prashant Venkatramani Remuneration 4.71 0.15 in arm’s length transactions with other vendors. Outstanding balances at the year-end are unsecured and will be settled
Prime Holdings Private Limited Professional Fees 0.43 0.21 in cash and cash equivalents. The Group has not recorded any impairment of receivables relating to amounts owed by
S. M. Management Private Limited Dividend paid 474.40 474.40 related parties. This assessment is undertaken in each financial year after examining the financial position of the related
Prime Holdings Private Limited Dividend paid 199.99 199.99 parties and the market in which the related party operates.
Vanashree Properties Private Limited Dividend paid 46.74 46.74
Bluesky Projects Private Limited Dividend paid 5.63 5.63 g) Details of loans, investments and guarantees covered under Section 186(4) of the Companies Act, 2013
Mr. Shobhan Mittal Dividend paid 158.83 158.83
Mr. Shiv Prakash Mittal Dividend paid 69.07 11.33
(i) Details of loans Nil
Mrs. Santosh Mittal Dividend paid 21.99 21.99 (ii) Details of investments Nil
Mr. Rajesh Mittal Dividend paid - 57.75
Mr. Salil Kumar Bhandari Dividend paid 0.08 0.08 (iii) Details of guarantees Nil
Mr. Arun Kumar Saraf Dividend paid 0.30 0.30
Akshat Enterprises Dividend paid 0.83 -
Mr. Vishwanathan Venkatramani Dividend paid 0.81 0.81
Mrs. Janaki Venkatramani Dividend paid 0.50 0.50
Mr. Prashant Venkatramani Dividend paid 0.19 0.19
Mr. Lawkush Prasad Dividend paid - 0.15
Mrs. Rinku Prasad Dividend paid 0.10 0.10

Note : * indicates the amounts are inclusive of applicable Goods and Service Tax (GST).
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

40. ACCOUNTING CLASSIFICATIONS AND FAIR VALUES (IND AS 107) Financial assets and liabilities measured at fair value - recurring fair value measurements are as follows:
 he fair values of financial assets and liabilities, together with the carrying amounts shown in the Consolidated Balance Sheet
T
are as follows: As at As at
31 March 2023 31 March 2022
Financial assets - Level 2
As at 31 March 2023 As at 31 March 2022
Derivatives 60.52 -
Carrying Value Fair Value Carrying Value Fair Value
Financial liabilities - Level 2
Financial assets at amortised cost Derivatives - 35.77
Non-current
Other financial assets Level 3 2,150.67 2,150.67 1,696.16 1,696.16
The management assessed that trade receivables, cash and cash equivalent, other bank balances, trade payable, cash
Current
Trade receivables Level 3 4,439.73 4,439.73 4,144.32 4,144.32
credits, borrowings and other financial assets and liabilities approximate their carrying amounts largely due to the short term
Cash and cash equivalents Level 3 1,327.24 1,327.24 5,738.42 5,738.42 maturities of these instruments.
Other bank balances Level 3 36,452.42 36,452.42 16,523.23 16,523.23

GREENPANEL INDUSTRIES LIMITED

Loans Level 3 50.00 50.00 72.16 72.16 The following methods and assumptions were used to estimate the fair values:
ANNUAL REPORT 2022-23

Other financial assets Level 3 3,559.23 3,559.23 3,645.86 3,645.86

Total Financial Assets 47,979.29 47,979.29 31,820.15 31,820.15 (a) The fair value of the quoted investments are based on market price at the respective reporting date.
Financial assets at fair value through profit
and loss (b) The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on
Current observable yield curves based on report obtained from banking partners.
Derivatives Level 2 60.52 60.52 - -
60.52 60.52 - - (c) The fair value of forward foreign exchange contracts is calculated as the present value determined using forward exchange
Total Financial Assets 48,039.81 48,039.81 31,820.15 31,820.15
rates and interest rate curve of the respective currencies based on report obtained from banking partners.
Financial liabilities at amortised cost
Non-current
42. FINANCIAL RISK MANAGEMENT
Borrowings Level 3 12,707.86 12,707.86 16,517.77 16,517.77
P - 232

Lease liabilities Level 3 3,035.10 3,035.10 2,594.15 2,594.15 The Group has exposure to the following risks arising from financial instruments:

P - 233
Other financial liabilities Level 3 668.74 668.74 858.34 858.34
Current (i) Credit risk
Borrowings Level 3 6,335.07 6,335.07 11,747.03 11,747.03
Lease liabilities Level 3 684.87 684.87 700.29 700.29 (ii) Liquidity risk
GREENPANEL INDUSTRIES LIMITED

Other financial liabilities Level 3 1,699.14 1,699.14 2,138.83 2,138.83

ANNUAL REPORT 2022-23

Trade payables Level 3 11,112.83 11,112.83 13,779.86 13,779.86 (iii) Market risk
36,243.61 36,243.61 48,336.27 48,336.27
Financial liabilities at fair value through profit Risk management framework
and loss
Current The Group's principal financial liabilities, other than derivatives, comprises of borrowings, trade and other payables. The
Derivatives Level 2 - - 35.77 35.77 main purpose of these financial liabilities is to finance the Group operations. The Group's principal financial assets, other
36,243.61 36,243.61 48,372.04 48,372.04 than derivatives include trade and other receivables, investments and cash and cash equivalents that derive directly from
its operations.
41. FAIR VALUE MEASUREMENT
The Group’s activities expose it to a variety of financial risks, including market risk, credit risk and liquidity risk. The Group’s
The fair values of the financial assets and liabilities are included at the amount at which the instrument could be exchanged
primary risk management focus is to minimise potential adverse effects of market risk on its financial performance. The
in a current transaction between willing parties, other than in forced or liquidation sale.
Group uses derivative financial instruments to mitigate foreign exchange related risk exposures. Foreign currency options
contract are entered to hedge certain foreign currency risk exposures and interest rate swaps to hedge variable interest rate
The Group has established the following fair value hierarchy that categories the value into 3 levels. The inputs to valuation
exposures. The Group's exposure to credit risk is influenced mainly by the individual characteristic of each customer and the
techniques used to measure fair value of financial instruments are:
concentration of risk from the top few customers. The Group’s risk management assessment and policies and processes are
established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor
Level 1: The hierarchy uses quoted prices in active markets for identical assets or liabilities. The fair value of all bonds which
such risks and compliance with the same. Risk assessment and management policies and processes are reviewed regularly
are traded in the stock exchanges is valued using the closing price or dealer quotations as at the reporting date.
to reflect changes in market conditions and the Group’s activities.

Level 2: The fair value of financial instruments that are not traded in an active market (for example traded bonds, over the
This note presents information about the Group’s exposure to each of the above risks, the Group’s objectives, policies and
counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely
processes for measuring and managing risk, and the Group’s management of capital.
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.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

The sources of risks which the Group is exposed to and their management is given below: (ii) Liquidity risk
Liquidity risk is defined as the risk that the Group will not be able to settle or meet its obligations on time or
Risk Exposure Arising from Measurement Management at reasonable price. Prudent liquidity risk management implies maintaining sufficient cash and marketable
Credit risk Trade receivables, derivative Ageing analysis, credit rating Credit limit and credit securities and the availability of funding through an adequate amount of credit facilities to meet obligations
financial instruments, loans worthiness monitoring, credit when due. The Group's finance team is responsible for liquidity, finding as well as settlement management.
based approval process.
In addition, processes and policies related to such risks are overseen by senior management. Management
Liquidity risk Borrowings and other liabilities Rolling cash flow forecasts Adequate unused credit lines
and borrowing facilities.
monitors the Group's liquidity position through rolling forecasts on the basis of expected cash flows.
The Group's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet
Market risk Committed commercial Cash flow forecasting sensitivity Forward foreign exchange
Foreign exchange risk transaction, Financial asset and analysis contracts. its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or
liabilities not denominated in INR risking damage to the Group's reputation.
Interest rate Long term borrowings at variable Sensitivity analysis interest rate Interest rate swaps
rates movements Exposure to liquidity risk

GREENPANEL INDUSTRIES LIMITED

The table below provides details regarding the remaining contractual maturities of financial liabilities at the reporting date
(i) Credit risk based on contractual undiscounted payments.
ANNUAL REPORT 2022-23

Credit risk is the risk of financial loss of the Group if a customer or counterparty to a financial instrument fails to meet
its contractual obligations, and arises principally from the Group receivables from customers and loans. The Group is As at 31 March 2023 < 1 year 1 - 5 years > 5 years Total
exposed to credit risk from its operating activities (primarily trade receivables) and from its financing/investing activities, Borrowings 6,451.50 12,799.06 - 19,250.56
including deposits with bank, foreign exchange transactions and financial guarantees. The Group has no significant Lease Liabilities 977.37 3,530.68 - 4,508.05
concentration of credit risk with any counterparty. The carrying amount of financial assets represent the maximum credit Trade payables 11,112.83 - - 11,112.83
risk exposure. Other financial liabilities 1,699.14 668.74 - 2,367.88
20,240.84 16,998.48 - 37,239.32
Trade receivable
The management has established a credit policy under which each new customer is analysed individually for
As at 31 March 2022 < 1 year 1 - 5 years > 5 years Total
P - 234

creditworthiness before the Group's standard payment and delivery terms and conditions are offered. The Group's
Borrowings 11,970.92 16,939.89 - 28,910.81

P - 235
review includes external ratings, if they are available, financial statements, credit agency information, industry information
Lease Liabilities 815.09 2,231.33 531.87 3,578.29
and in some cases bank references.
Trade payables 13,779.86 - - 13,779.86
Exposure to credit risks Other financial liabilities 2,174.60 858.34 - 3,032.94
GREENPANEL INDUSTRIES LIMITED

28,740.47 20,029.56 531.87 49,301.90

The Group's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However

ANNUAL REPORT 2022-23

management also considers the factors that may influence the credit risk of its customer base, including the default risk
associated with the industry. Details of concentration percentage of revenue generated from top customer and top five (iii) Market risk
customers are stated below: Market risk is the risk of loss of future earnings, fair value or future cash flows that may result from a change in the price
of a financial instrument . The value of a financial instrument may change as a result of changes in the interest rates,
As at As at foreign currency exchange rates, commodity prices, equity prices and other market changes that effect market risk
Particulars
31 March 2023 31 March 2022 sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments
Revenue from a top customer 4.23% 3.21% and deposits, foreign currency receivables, payables and borrowings. The Group uses derivatives to manage market
Revenue from top five customers 12.00% 8.19% risks. All such transactions are carried out within the guidelines set by the management.

Trade receivables are primarily unsecured and are derived from revenue earned from customers. Credit risk is managed (a) Currency risk
through credit approvals, establishing credit limits and by continuously monitoring the creditworthiness of customers
Foreign currency risk is the risk impact related to fair value or future cash flows of an exposure in foreign currency, which
to which the Group grants credit terms in the normal course of business. As per simplified approach, the Group makes
fluctuate due to changes in foreign exchange rates. The Group's exposure to the risk of changes in foreign exchange
provision of expected credit loss on trade receivables using a provision matrix to mitigate the risk of default payments and
rates relates primarily to the foreign currency borrowings, import of raw materials and spare parts, capital expenditure,
makes appropriate provisions at each reporting date whenever is for longer period and involves higher risk. On account
exports of finished goods. The Group evaluates exchange rate exposure arising from foreign currency transactions. The
of adoption of Ind AS 109, the Group uses expected credit loss model to assess the impairment loss or gain. The Group
Group follows established risk management policies and standard operating procedures. It uses derivative instruments
uses a provision matrix to compute the credit loss allowance for trade receivables. The said provision has been netted
like foreign currency swaps and forwards to hedge exposure to foreign currency risk.
off under trade receivables.

As at As at
Particulars
31 March 2023 31 March 2022
Balance at the beginning 193.69 426.57
Impairment loss recognised/(reversal) 83.72 (232.88)
Balance at the end 277.41 193.69

The ageing analysis of the trade receivables (gross of provision) has been considered from the final due date of the invoice
and the schedule is annexed to note on Trade Receivables in Note 11.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

Exposure to currency risk Exposure to interest rate risk

The Group's exposure to foreign currency at the end of the reporting period are as follows: The interest rate profile of the Group 's interest bearing financial instruments at the end of the reporting period are
as follows:
As at 31 March 2023 As at 31 March 2022
Particulars Currency Amount in Amount in As at As at
K in Lakhs K in Lakhs Particulars
Foreign currency Foreign currency 31 March 2023 31 March 2022
Hedged exposures Fixed rate instruments
Borrowings EURO - - 22,27,313 1,867.62 Financial assets - -
Borrowings - Buyers credit USD - - 11,13,159 843.55 Financial liabilities (1,486.46) (2,070.97)
Trade payables EURO 1,43,876 128.06 99,196 83.18 (1,486.46) (2,070.97)
USD - - 62,827 47.61 Effect of interest rate swaps - -
128.06 130.79 (1,486.46) (2,070.97)

GREENPANEL INDUSTRIES LIMITED

Unhedged exposures Variable rate instruments
Borrowings EURO 1,73,73,575 15,464.10 2,00,01,254 16,771.17 Financial assets - -
ANNUAL REPORT 2022-23

Borrowings - Buyers credit - Capex EURO 16,70,000 1,486.46 9,20,000 771.43 Financial liabilities (17,764.10) (26,839.84)
USD - - 4,50,000 341.01 (17,764.10) (26,839.84)
1,486.46 1,112.44 Effect of interest rate swaps - -
Trade payables EURO 1,38,297 123.10 1,16,699 97.85 (17,764.10) (26,839.84)
USD - - 13,48,380 1,021.80
123.10 1,119.65 Sensitivity analysis
Liability for Capital Goods EURO - - 2,00,508 168.13 Fixed rate instruments that are carried at amortised cost are not subject to interest rate risk for the purpose of sensitive analysis.
Interest accrued but not due on EURO 2,19,592 195.46 51,971 43.58 In case of variable rate instrument from Landesbank Baden-Wurttenberg, the EURIBOR element is negative since long
borrowings and seems to continue for a foreseeable period, and as such the sensitivity analysis below is unrepresentative of a risk
P - 236

Trade receivables USD 17,26,761 1,418.92 18,04,225 1,367.24 inherent in the said financial instrument.

P - 237
Sensitivity analysis A reasonably possible change of 100 basis points in variable rate instruments at the reporting dates would have increased
A reasonably possible strengthening (weakening) of the USD and EURO against Indian rupee at 31 March would have or decreased profit or loss by the amounts shown below:
GREENPANEL INDUSTRIES LIMITED

affected the measurement of financial instruments denominated in a foreign currency and affected equity and profit
or loss by the amount shown below. This analysis assumes that all other variables, in particular interest rates, remain As at As at
Particulars Nature Effect

ANNUAL REPORT 2022-23

31 March 2023 31 March 2022
constant and ignores any impact of forecast sales and purchases.
Variable rate instruments Profit or loss Strengthening (177.64) (268.40)
Weakening 177.64 268.40
As at As at
Particulars Nature Effect Equity, net of tax Strengthening (132.93) (174.61)
31 March 2023 31 March 2022
USD (5% Movement) Profit or loss Strengthening 70.95 0.22 Weakening 132.93 174.61
Weakening (70.95) (0.22) Interest rate swap Profit or loss Strengthening - -
Equity, net of tax Strengthening 53.09 0.14 Weakening - -
Weakening (53.09) (0.14) Equity, net of tax Strengthening - -
EUR (5% Movement) Profit or loss Strengthening (863.46) (892.61) Weakening - -
Weakening 863.46 892.61 Cash flow sensitivity (net) Profit or loss Strengthening (177.64) (268.40)
Equity, net of tax Strengthening (646.14) (580.70) Weakening 177.64 268.40
Weakening 646.14 580.70 Equity, net of tax Strengthening (132.93) (174.61)
Weakening 132.93 174.61
(b) Interest rate risk
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 to
the Group's short term borrowing with floating interest rates. For all long term borrowings with floating rates, the risk of
variation in the interest rates in mitigated through interest rate swaps. The Group constantly monitors the credit markets
and rebalances its financing strategies to achieve an optimal maturity profile and financing cost.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

43. CAPITAL MANAGEMENT B. Information about reportable segments

The Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to Information regarding the results of each reportable segment is included below. Performance is measured based on
sustain future development of the business. The management monitors the return on capital, as well as the level of dividends segment profit (before tax), as included in the internal management reports that are reviewed by the Group's CEO.
to equity shareholders. 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. Inter-segment
The Group’s objective when managing capital are to: (a) to maximise shareholders value and provide benefits to other pricing is determined on an arm's length basis.
stakeholders and (b) maintain an optimal capital structure to reduce the cost of capital.
Reportable segments
For the purpose of the Group’s capital management, capital includes issued equity share capital and other equity reserves Year ended 31 March 2023 Medium Density All other
Total
Plywood and Total Reportable segments
attributable to the equity holders. Fibre Boards and
allied products segments
allied products
Segment revenue:
The Group monitors capital using debt-equity ratio, which is total debt less liquid investments divided by total equity.
- External revenues

GREENPANEL INDUSTRIES LIMITED

a) Sales 24,396.96 1,53,458.07 1,77,855.03 - 1,77,855.03
As at As at
ANNUAL REPORT 2022-23

Particulars b) Other operating income 5.37 425.59 430.96 - 430.96

31 March 2023 31 March 2022
Total debt (Bank and other borrowings) 19,042.93 28,264.80 - Inter-segment revenue - - - - -
Less: Cash and cash equivalents 1,327.24 5,738.42 Total segment revenue 24,402.33 1,53,883.66 1,78,285.99 - 1,78,285.99
Less: Other bank balances 36,452.42 16,523.23 Segment profit/(loss) before income 2,360.72 41,873.40 44,234.12 - 44,234.12
Adjusted net debt (18,736.73) 6,003.15 tax

Equity 1,19,390.82 95,164.57 Segment profit/(loss) before income

tax includes:
Debt to Equity (net) (0.16) 0.06
Interest revenue - - - - -
Interest expense - - - - -
In addition, the Group has financial covenants relating to the banking facilities that it has taken from all the lenders like interest
Depreciation and amortisation 267.22 5,957.87 6,225.09 - 6,225.09
P - 238

service coverage ratio, Debt to EBITDA, current ratio etc. which is maintained by the Group.
Tax expense - - - - -

P - 239
Other material non cash item (if any) - - - - -
44. OPERATING SEGMENTS
Segment assets 7,507.17 1,17,345.20 1,24,852.37 - 1,24,852.37
A. Basis of segment
Segment liabilities 2,620.87 33,509.01 36,129.88 - 36,129.88
An operating segment is a component of the Group that engages in business activities from which it may earn revenues and
GREENPANEL INDUSTRIES LIMITED

incur expenses, including revenues and expenses that relate to transactions with any of the Group' s other components,
Reportable segments

ANNUAL REPORT 2022-23

and for which discrete financial information is available. All operating segments' operating results are reviewed regularly by
Medium Density All other
the Group's Chief operating decision maker (CODM) to make decisions about resources to be allocated to the segments Year ended 31 March 2022 Plywood and Total Reportable Total
Fibre Boards and segments
allied products segments
and assess their performance. allied products
Segment revenue:
The Group has two reportable segments, as described below, which is the Group's strategic business units. These - External revenues
business units are managed separately because they require different technology and marketing strategies. a) Sales 25,593.85 1,32,980.30 1,58,574.15 - 1,58,574.15
b) Other operating income 30.08 3,899.64 3,929.72 - 3,929.72
The following summary describes the operations in each of the Group's reportable segments: - Inter-segment revenue - - - - -
Reportable segment Operations Total segment revenue 25,623.93 1,36,879.94 1,62,503.87 - 1,62,503.87
Plywood and allied products Manufacturing Segment profit/(loss) before income 3,248.81 39,220.20 42,469.01 - 42,469.01
tax
Medium Density Fibre Boards and allied products Manufacturing
Segment profit/(loss) before income
tax includes:
Interest revenue - - - - -
Interest expense - - - - -
Depreciation and amortisation 375.37 6,181.61 6,556.98 - 6,556.98
Tax expense - - - - -
Other material non cash item (if any) - - - - -
Segment assets 9,587.25 1,13,828.49 1,23,415.74 - 1,23,415.74
Segment liabilities 3,859.50 38,794.62 42,654.12 - 42,654.12

Property, plant and equipment are allocated based on location of the assets.
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

C. Reconciliations of information on reportable segments to Ind AS measures 45. TAXATION

Year ended Year ended The Group has established a comprehensive system of maintenance of information and documents as required by the transfer
31 March 2023 31 March 2022 pricing regulations under Sections 92-92F of the Income-Tax Act, 1961. Since the law requires existence of such information
i. Revenues and documentation to be contemporaneous in nature, the Group continuously updates its documents for the international
Total revenue for reportable segments 1,78,285.99 1,62,503.87 transactions entered into with the associated enterprises during the financial year. The management is of the opinion that
Revenue for other segments - - its international transactions are at arm’s length so that the aforesaid legislation will not have any impact on the financial
Elimination of inter-segment revenue - -
statements, particularly on the amount of tax expense for the year and that of provision for taxation.
Elimination of revenue of discontinued operation - -
Consolidated revenue 1,78,285.99 1,62,503.87
46. DUES TO MICRO ENTERPRISES AND SMALL ENTERPRISES
ii. Profit before tax
Total profit before tax for reportable segments 44,234.12 42,469.01 As at As at
31 March 2023 31 March 2022
Profit before tax for other segments - -
Elimination of inter-segment profits - - (a) The amounts remaining unpaid to Micro and Small suppliers as at the end of each

GREENPANEL INDUSTRIES LIMITED

accounting year
Elimination of profit of discontinued operation - -
Unallocated amounts: - Principal 268.50 60.98
ANNUAL REPORT 2022-23

Corporate expenses (9,748.36) (7,575.27) - Interest - -

Consolidated profit before tax 34,485.76 34,893.74 (b) The amount of interest paid by the buyer in terms of Section 16 of the Micro, Small and Medium - -
iii. Assets Enterprises Development Act, 2006 (MSMED Act, 2006) along with the amount of the payment
made to the supplier beyond the appointed day during each accounting year.
Total assets for reportable segments 1,24,852.37 1,23,415.74
Assets for other segments - - (c) The amount of interest due and payable for the period of delay in making payment (which - -
have been paid but beyond the appointed day during the year) but without adding the interest
Unallocated amounts 45,630.54 30,820.75
specified under MSMED Act, 2006.
Consolidated total assets 1,70,482.91 1,54,236.49
(d) The amount of interest accrued and remaining unpaid at the end of each accounting year - -
iv. Liabilities
Total liabilities for reportable segments 36,129.88 42,654.12 (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 actually paid to the small enterprise, for the
Liabilities for other segments - -
purpose of disallowance as a deductible expenditure under Section 23 of the MSMED Act,
P - 240

Unallocated amounts 14,962.21 16,417.80 2006.

P - 241
Consolidated total liabilities 51,092.09 59,071.92
Note: The above information regarding Micro Small & Medium Enterprises has been determined to the extent such parties have been identified on
v. Other material items the basis of the information available with the Group. The same has been relied upon by the auditors.
GREENPANEL INDUSTRIES LIMITED

Year ended 31 March 2023 Year ended 31 March 2022

Particulars
47. FINANCIAL RATIOS
Reportable Consolidated Reportable Consolidated

ANNUAL REPORT 2022-23

Adjustments Adjustments
segment total totals segment total totals As at As at
Ratios Numerator Denominator % change Reason for change
Interest revenue - - - - - - 31 March 2023 31 March 2022

Interest expense - 1,904.24 1,904.24 - 1,709.81 1,709.81 Current ratio Current Assets Current 2.71 1.56 73.66% Reduction in working capital
Liabilities cycle
Depreciation and 6,225.09 972.01 7,197.10 6,556.98 778.76 7,335.74
amortisation expense Debt- Equity Total Debt Shareholder’s 0.16 0.30 -46.30% Reduction in working capital
Ratio Equity investment leading to improved
cash flows used for debt
D. Geographical information reduction
Within India Outside India Total Debt Service Earnings for Debt service 6.38 1.46 335.96% Reduction in borrowings
Particulars Coverage ratio debt service = = Interest resulting in lower interest outgo
31 March 2023 31 March 2022 31 March 2023 31 March 2022 31 March 2023 31 March 2022
Net profit after & Lease
External revenue by 1,53,540.78 1,39,238.12 24,745.21 23,265.75 1,78,285.99 1,62,503.87 taxes + Non- Payments
location of customers cash operating + Principal
Carrying amount of 1,68,249.07 1,51,173.11 2,233.84 3,063.38 1,70,482.91 1,54,236.49 expenses Repayments
segment assets by Return on Equity Net Profits Average 23.91% 28.59% -16.37% Increase in accumulated
location of assets ratio after taxes – Shareholder’s shareholders equity as
Preference Equity compared to previous year
Dividend whereas profit after tax
E. Major customer
remaining at almost the same
The Group does not receive 10% or more of its revenues from transactions with any single external customer. level as compared to previous
year
 A Responsible Statutory Reports and
Overview Performance Review Value Creation Business Review Corporate Financial Statements

Notes Notes
to the consolidated financial statements for the year ended 31 March 2023 to the consolidated financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise All amounts in I are in I lakhs except wherever stated otherwise

As at As at 49. RECONCILIATION OF QUARTERLY BANK RETURNS

Ratios Numerator Denominator % change Reason for change
31 March 2023 31 March 2022
Amount as
Inventory Cost of goods Average 6.27 5.15 21.66% Decrease in inventory levels and Amount as per Amount of
Name of Bank Particulars Quarter reported in
books difference
Turnover ratio sold Inventory increased cost of production quarterly returns
Trade Net credit sales Average Trade 47.86 30.69 55.93% Increase in turnover on same Working Capital Lenders Inventory 31 March 2023 15,253.48 13,070.00 2,183.48
Receivable = Gross credit Receivable receivables cycle Working Capital Lenders Trade receivables 31 March 2023 4,439.73 8,823.58 (4,383.85)
Turnover Ratio sales - sales
return Working Capital Lenders Trade payables 31 March 2023 (11,105.43) (7,376.29) (3,729.14)
Trade Payable Net credit Average Trade 6.75 6.02 11.98% Due to reduction in credit cycle Working Capital Lenders Net Total 31 March 2023 8,587.78 14,517.29 (5,929.51)
Turnover Ratio purchases = Payables Working Capital Lenders Inventory 31 December 2022 17,490.83 15,103.00 2,387.83
Gross credit Working Capital Lenders Trade receivables 31 December 2022 3,284.69 9,090.58 (5,805.89)
purchases -
purchase return Working Capital Lenders Trade payables 31 December 2022 (11,136.25) (5,797.24) (5,339.01)

Net Capital Net sales = Total Working 4.45 9.08 -51.03% Increase in turnover and Working Capital Lenders Net Total 31 December 2022 9,639.27 18,396.34 (8,757.07)

GREENPANEL INDUSTRIES LIMITED

Turnover Ratio sales - sales capital = reduction in working capital Working Capital Lenders Inventory 30 September 2022 19,570.39 17,691.00 1,879.39
return Current assets cycle Working Capital Lenders Trade receivables 30 September 2022 4,420.08 9,855.10 (5,435.02)
ANNUAL REPORT 2022-23

– Current
liabilities Working Capital Lenders Trade payables 30 September 2022 (13,246.84) (7,891.42) (5,355.42)

Net Profit ratio Net Profit Net sales = 14.42% 15.16% -4.89% Increase in turnover whereas net Working Capital Lenders Net Total 30 September 2022 10,743.63 19,654.68 (8,911.05)
Total sales - profit almost remaining the same Working Capital Lenders Inventory 30 June 2022 18,095.93 16,184.00 1,911.93
sales return as compared to the previous Working Capital Lenders Trade receivables 30 June 2022 3,831.28 9,085.28 (5,254.00)
year due to increase in raw
Working Capital Lenders Trade payables 30 June 2022 (15,667.72) (8,602.35) (7,065.37)
material prices and operational
expenses Working Capital Lenders Net Total 30 June 2022 6,259.49 16,666.93 (10,407.44)
Return on Earnings before Capital 26.73% 29.66% -9.87% Increase in accumulated Working Capital Lenders Inventory 31 March 2022 16,581.57 14,632.00 1,949.57
Capital interest and Employed = shareholders equity as Working Capital Lenders Trade receivables 31 March 2022 4,144.32 9,589.25 (5,444.93)
Employed taxes Tangible Net compared to previous year
Working Capital Lenders Trade payables 31 March 2022 (14,789.76) (10,168.82) (4,620.94)
Worth + Total whereas profit after tax
P - 242

Debt remaining at almost the same Working Capital Lenders Net Total 31 March 2022 5,936.13 14,052.43 (8,116.30)

P - 243
level as compared to previous Working Capital Lenders Inventory 31 December 2021 14,515.13 12,525.00 1,990.13
year
Working Capital Lenders Trade receivables 31 December 2021 3,368.12 7,982.00 (4,613.88)
Return on Interest (Finance Investment Not Applicable Not Applicable Not Applicable
Working Capital Lenders Trade payables 31 December 2021 (13,135.44) (8,803.00) (4,332.44)
Investment Income)
GREENPANEL INDUSTRIES LIMITED

Working Capital Lenders Net Total 31 December 2021 4,747.81 11,704.00 (6,956.19)
48. DISTRIBUTION MADE AND PROPOSED DIVIDEND (IND AS 1) Working Capital Lenders Inventory 30 September 2021 16,107.67 13,866.00 2,241.67

ANNUAL REPORT 2022-23

Working Capital Lenders Trade receivables 30 September 2021 4,924.76 8,701.00 (3,776.24)
Proposed dividends on equity shares are subject to approval at the annual general meeting and are not recognised as a
Working Capital Lenders Trade payables 30 September 2021 (15,508.26) (10,906.00) (4,602.26)
liability as at 31 March 2023. Since no dividend has been proposed in the current and previous year, financial figures with
Working Capital Lenders Net Total 30 September 2021 5,524.17 11,661.00 (6,136.83)
respect to the same has not been given.
Working Capital Lenders Inventory 30 June 2021 16,956.66 15,144.00 1,812.66
Working Capital Lenders Trade receivables 30 June 2021 6,930.43 9,246.00 (2,315.57)
The Holding Company has paid an interim dividend of I1.50 per equity share i.e. 150% on face value of I1 per share for the
financial year 2022-23 during the year on 12,26,27,395 equity shares (previous year I1.50 per equity share). Working Capital Lenders Trade payables 30 June 2021 (13,207.00) (9,339.00) (3,868.00)
Working Capital Lenders Net Total 30 June 2021 10,680.09 15,051.00 (4,370.91)

Working Capital Lenders represent State Bank of India, HDFC Bank Limited, Axis Bank Limited, RBL
Bank Limited, Indusind Bank Limited
Note for Discrepancies:
The difference in Inventory is due to the cost of inventories included in financial statements on account of sales not considered,
for the risk and rewards not transferred in view of compliance of Ind AS 115.

The difference in trade receivables is due to (i) the amount excluded from financial statements on account of sales not
considered for the risk and rewards not transferred in view of compliance of Ind AS 115 and (ii) exclusion of debtors whose
ageing is more than 90 days from invoice date and related party balances from stock statement.

The Discrepancy in trade payables is due to the Service and the Corporate Creditors not being part of disclosure in bank
reporting. Creditors reported in stock statement is only to the extent of inventory purchased, along with net of advances.
 Notes Corporate Information
to the consolidated financial statements for the year ended 31 March 2023
All amounts in I are in I lakhs except wherever stated otherwise
BOARD OF DIRECTORS CHIEF FINANCIAL OFFICER
50. OTHER STATUTORY INFORMATION Mr. Shiv Prakash Mittal, Executive Chairman Mr. Vishwanathan Venkatramani
(i) The Group does not have any Benami property, where any proceeding has been initiated or pending against the Group Mr. Shobhan Mittal, Managing Director & CEO
for holding any Benami property. CHIEF INVESTOR RELATIONS OFFICER
Mr. Salil Kumar Bhandari, Independent Director
Mr. Vishwanathan Venkatramani
(ii) The Group does not have any transactions with companies struck off. Mr. Mahesh Kumar Jiwrajka, Independent Director
Mr. Arun Kumar Saraf, Independent Director COMPANY SECRETARY & VP-LEGAL
(iii) The Group does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period, Ms. Shivpriya Nanda, Independent Director Mr. Lawkush Prasad

(iv) The Group has not traded or invested in Crypto currency or Virtual Currency during the financial year. AUDIT COMMITTEE BANKERS/FINANCIAL INSTITUTIONS
Mr. Salil Kumar Bhandari, Chairman Landesbank Baden-Wurttemberg
(v) The Group has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign entities
(Intermediaries) with the understanding that the Intermediary shall: (a) directly or indirectly lend or invest in other persons Mr. Mahesh Kumar Jiwrajka Axis Bank Limited
or entities identified in any manner whatsoever by or on behalf of the Group (Ultimate Beneficiaries) or (b) provide any Mr. Arun Kumar Saraf HDFC Bank Limited
guarantee, security or the like to or on behalf of the Ultimate Beneficiaries Mr. Shiv Prakash Mittal
ANNUAL REPORT 2022-23

State Bank of India

Ms. Shivpriya Nanda IndusInd Bank Limited
(vi) The Group has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with the
understanding (whether recorded in writing or otherwise) that the Group shall: (a) directly or indirectly lend or invest in RBL Bank Limited
STAKEHOLDERS RELATIONSHIP COMMITTEE
other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (Ultimate Beneficiaries) Kotak Mahindra Bank Limited
or (b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries, Mr. Mahesh Kumar Jiwrajka, Chairman
Yes Bank Limited
Mr. Shiv Prakash Mittal
(vii) The Group does not have any such transaction which is not recorded in the books of accounts that has been surrendered Mr. Shobhan Mittal STATUTORY AUDITORS
or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey
or any other relevant provisions of the Income Tax Act, 1961. M/s. S. S. Kothari Mehta and Company
NOMINATION & REMUNERATION COMMITTEE
Plot No. 68, Okhla Industrial Area, Phase – III,
P - 244

Mr. Salil Kumar Bhandari, Chairman New Delhi – 110020

As per our report of even date attached
Mr. Mahesh Kumar Jiwrajka
For S. S. Kothari Mehta & Company For and on behalf of Board of Directors of Mr. Arun Kumar Saraf REGISTRAR & SHARE TRANSFER AGENT
Chartered Accountants Greenpanel Industries Limited
Link Intime India Private Limited
Firm Registration number.: 000756N CIN: L20100AS2017PLC018272
GREENPANEL INDUSTRIES LIMITED

CORPORATE SOCIAL RESPONSIBILITY C-101, 247 Park, LBS Marg, Vikhroli West,
Sunil Wahal Shiv Prakash Mittal Shobhan Mittal
COMMITTEE Mumbai – 400083
Partner Executive Chairman Managing Director & CEO Mr. Mahesh Kumar Jiwrajka, Chairman Phone: (033) 4004-9728, 4073-1698
Membership No: 087294 (DIN : 00237242) (DIN : 00347517)
Mr. Shiv Prakash Mittal
REGISTERED AND CORPORATE OFFICE:
Mr. Shobhan Mittal
Thapar House, 2nd Floor
Vishwanathan Venkatramani Lawkush Prasad
163, S. P. Mukherjee Road
Chief Financial Officer Company Secretary & VP-Legal RISK MANAGEMENT COMMITTEE
Kolkata - 700 026
Mr. Shiv Prakash Mittal, Chairman Phone: (033)-4084-0600
Place : Gurgaon Place : Gurgaon
Dated : 6 May 2023 Dated : 6 May 2023 Mr. Shobhan Mittal Email: [Link]@[Link]
Mr. Arun Kumar Saraf Website: [Link]

CIN: L20100AS2017PLC018272
OPERATIONAL COMMITTEE
Mr. Shiv Prakash Mittal, Chairman MANUFACTURING FACILITIES
Mr. Shobhan Mittal Pantnagar, Rudrapur, Uttarakhand and
Mr. Arun Kumar Saraf Chittoor, Andhra Pradesh

Disclaimer
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.
Registered and Corporate Office
Thapar House, 2nd Floor
163, S. P. Mukherjee Road
Kolkata - 700 026