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History of Anugraha Wood Industries Ltd.

HISTORY AND BUSINESS OF THE COMPANY

M/s Anugraha Wood Products Ltd was incorporated as a Public Limited Comp. on 14th December, 1992. The present authorised capital of Comp. is Rs.5 crore. The promoters of Comp. are Sri S. Padmanabhan & Sri S. Balu. They are associated as partners in M/s Anugraha Builders engaged in property development/civil construction with activities spread in Trivandrum, Cochin and Coimbatore.

M/s Anugraha Builders have been in the construction/property development field since 1981. The details of major projects completed by them are as under:

--------------------------------------------------------------------------- Name of Project Total Constructed Location area [Sq. fts] --------------------------------------------------------------------------- Anugraha Apartments 25000 Trivandrum Aiswarya Apartments 32000 .. do .. Woodland Estate Apartments 45000 .. do .. Easland Enclave Apartments 130000 Ernakulam Vembanad Gardens 40000 .. do.. Anugraha Apartments Phase i 53000 Coimbatore Pakshiraja Apartments Phase i 35000 .. do .. ------------------------------------------------------------------------------

The details of ongoing projects under construction are as under:

--------------------------------------------------------------------------- Anugraha Apartments Phase II 38000 Coimbatore Pakshiraja Apartments Phase II 40000 .. do .. Villa Project 80000 .. do .. ----------------------------------------------------------------------------

As the consumption of joineries like door frames, window frames, doors, panelling etc. in building construction is substantial, M/s Anugraha Builders established a wood working division during 1991. In this division, they implemented a pilot project to chemically treat & season plantation timber including rubber wood & to make prefabricated doors & windows for construction purposes and also other items like furniture components & brush handles for domestic consumption. They have been supplying their products to various builders / property developers in Madras, Bangalore, Cochin & Trivandrum. They have also exported rubber wood furniture components to Japan and Italy aggregating Rs 3.11 lakh as trial shipments during 1992-93.

Having established their operations in this pilot project, the promoters desired to enter the field in a full fledged way. Towards this end M/s Anugraha Wood Products Ltd has been established to take over this activity exclusively, as a separate entity. For this purpose the Comp. entered into an agreement on 31st March 1994 with M/s Anugraha Builders & as per this agreament they have taken over the entire wood working division of M/s Anugraha Builders.

In accordance with the terms of agreement dated 31.3.94, the Comp. has taken over the entire assets and liabilities of wood working division of partnership firm for a net consideration of Rs. 5.00 laskhs based on the audited statement of Acc. as on 30.09.93. [this being the effective date of take overs] together with the business of the said division. The net consideration of Rs.5.00 lakh has been arrived at taking into Acc. the book value of assets & liabilities taken over by Comp. as per details below: