However there is an interesting disclosure in the September interim financial statements, note 2 says
The Carrying Value of Fuel wood (Timber) Plantations which reflects as Rs. 110.667 Mn.as at 30th September 2010, have been revalued by an independent Qualified Valuer and the revaluation has not yet been incorporated into the Financial Statements. The revalued amount is Rs.2,261,054,393/=
If we can rely on this disclosure it means that the Net Asset Value will be revalued upwards by nearly 70 rupees in the December statements.
A plantation should not be valued on NAV (although TWOD does it), but if this 2 billion revalation is realistic the share seems to be significantly under valued.