MIRA
INFORM REPORT
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Report Date : |
23.06.2007 |
IDENTIFICATION DETAILS
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Name : |
XEROX INDIA LIMITED |
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Formerly Known As : |
XEROX MODICORP LIMITED |
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Registered Office : |
109, Shivalik Apartments, Sector-35, District Gautam Budh Nagar, Noida – 201 307, Uttar Pradesh |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.12.1995 |
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Com. Reg. No.: |
20-24056 |
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CIN No.: [Company
Identification No.] |
U72200UP1995PLC024056 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKX00024D |
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PAN No.: [Permanent
Account No.] |
AAACM8634R |
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Legal Form : |
A Closely Held Public
Limited Liability Company. |
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Line of Business : |
Manufacturing and selling of copier machines. It has also established a significant presence in facsimile, laser printers and office related supplies such as papers, laser printers, laminators, binders, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 6500000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a subsidiary of Xerox Corporation of Recently, several corruption charges were raised against the company. Some cases are in progress. Financial position is moderate. Profit margin is under pressure. The company can be considered for normal business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
503, 5th Floor, |
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Tel. No.: |
91-120-2517860 |
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E-Mail : |
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Website : |
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Head Office : |
109, Shivalik Apartments,
Sector-35, District Gautam Budh Nagar, Noida – 201 307, |
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Tel. No.: |
91-120-2561930 / 2561940 / 2507821 |
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Fax No.: |
91-120-2561255 |
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Corporate
Office : |
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Tel. No.: |
91-124-2561930 / 940 |
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Fax No.: |
91-124-2561255 |
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Website : |
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Factory : |
Village Durgnagla, Modipur, |
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Tel. No.: |
91-595-2352052 - 7 |
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Fax No.: |
91-595-2352059 / 2357300 |
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E-Mail : |
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Service
Operations : |
Jagannath House, 33, Community Centre, New Friends Colony,
Tel. No. 91-11-2683 4294 Fax No. 91-11-2683 2836 / 2682 0937 E-Mail : hari.bhaskaran@ind.xerox.com Also located at Agra, Ajmer, Alwar, Amritsar, Bareilly,
Bhatinda, Bijnor, Chandigarh, Chittorgarh, Dehradun, Delhi, Dharamsala,
Etawah, Faizabad, Faridabad, Gorakhpur, Haldwani, Hissar, Jaipur, Jalandhar,
Jammu, Jhansi, Jodhpur, Kanpur, Karnal, Kota, Leh, Lucknow, Ludhiana, Meerut,
Moradabad, Muzzafarnagar, Pali, Pathankot, Patiala, Shakti Nagar, Simla,
Sitapur, Sriganganagar, Sunder Nagar, Udaipur, Varanasi, Ahmedabad,
Auangabad, Baroda, Bhopal, Chindwara, Gwalior, Jabalpur, Kolhapur, Mumbai,
Nagpur, Nasik, Pune, Raipur, Rajkot, Surat, Bangalore, Calicut, Chennai,
Kochi, Gulbarga, Hubli, Hyderabad, Kottayam, Kurnool, Mangalore, Mysore,
Nellore, Rajamundry, Shimoga, Tirupati, Tirunelveli, Trivandrum, Vijaywada,
Vizag, Warangal, Balasore, Behrampore, Bhagalpur, Bhubhaneshwar, Bokaro,
Durgapur, Gaya, Guwahati, Jamshedpur, Kolkata, Malda, Midnapore, Muzzafarpur,
Patna, Purnea, Ranchi, Sambalpur, Siliguri, Sundargarh and Talcher. |
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Customer
Business Units : |
q NORTH: 6, Jangpura Extension, Near Post
Office, Tel. No. 91-11-2431 4120 Fax No. 91-11-2432 4789 E-Mail vineet.bhatia@ind.xerox.com q WEST: Nyloc House, 1st
Floor, 254-D-2, Tel. No. 91-22-2494 0936 Fax No. 91-22-2493 8729 E-Mail rohit.gupta@ind.xerox.com q EAST: 107/1, Tel. No. 91-33-2226 8125 Fax No. 91-33-2249 2414 E-Mail sandeep.kanwar@ind.xerox.com q SOUTH: Akshaya Commercial Complex, 1st
& 2nd Floor, 26, Tel. No. 91-80-554 3142 Fax No. 91-80-557 1800 |
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Branches : |
Located at : 8th Floor, |
DIRECTORS
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Name : |
Mr. Jule Ernest Limoli |
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Designation : |
Director |
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Address : |
5 Port Land Park, Gerrards Cross, Buckinghamshire – 97, |
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Date of Birth/Age : |
02.08.1951 |
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Date of Appointment : |
14.09.2006 |
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Name : |
Mr. Thomas Charles Little |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
11.02.1947 |
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Date of Appointment : |
29.09.2005 |
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Name : |
Mr. Ricardo Adolfo Newark |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
21.10.1943 |
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Date of Appointment : |
29.09.2005 |
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Name : |
Mr. Marcel Johannes Maria Frielinck |
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Designation : |
Director |
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Address : |
Farm No. 2, Cedar Avenue, Khasra No. 1368, DLF Chattarpur Farms, New
Delhi – 110074, India |
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Date of Birth/Age : |
26.05.1964 |
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Date of Appointment : |
29.09.2005 |
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Name : |
Mr. Andrew Donald Sinclair Horne |
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Designation : |
Managing Director |
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Address : |
H-14, Pushpanjali Farm. |
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Date of Birth/Age : |
21.11.1958 |
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Date of Appointment : |
14.09.2006 |
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Name : |
Mr. T. Gordon Nicol |
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Designation : |
Director |
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Address : |
800 Long Ridge road, |
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Date of Birth/Age : |
31.07.1944 |
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Date of Appointment : |
28.06.2001 |
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Name : |
Mr. Carlos Paiva |
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Designation : |
Director |
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Address : |
137, |
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Date of Birth/Age : |
14.06.1968 |
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Date of Appointment : |
17.03.2005 |
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Name : |
Mr. Omri Swartz |
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Designation : |
Additional Director |
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Address : |
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Date of Birth/Age : |
27.04.1968 |
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Date of Appointment : |
28.02.2007 |
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Name : |
Mr. Darren James Hooker |
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Designation : |
Additional Director |
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Address : |
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Date of Birth/Age : |
02.03.1966 |
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Date of Appointment : |
28.02.2007 |
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Name : |
Mr. Karen Jewell |
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Designation : |
Additional Director |
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Address : |
3 Bishops House, |
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Date of Birth/Age : |
01.04.1962 |
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Date of Appointment : |
28.02.2007 |
KEY EXECUTIVES
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Name : |
Mrs. Shukla Wassan |
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Designation : |
Company Secretary |
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Address : |
Y-141, Regency park – II, DLF, Phase IV, Gurgaon, Haryana – 122002 |
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Date of Birth/Age : |
18.12.1959 |
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Date of Appointment : |
24.08.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Xerox Limited, |
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20423200 |
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Xerox Developing Markets Limited |
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1980801 |
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EMCO Finvest Limited |
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16309162 |
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Others |
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6094837 |
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Total |
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44808000 |
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Equity Share
Breakup |
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Category |
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Percentage of Holding |
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Public Financial Companies |
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0.11 |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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89.31 |
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Bodies corporate |
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8.56 |
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Other top fifty shareholders |
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0.54 |
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Other |
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1.48 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and selling of copier machines. It has also established a significant presence in facsimile, laser printers and office related supplies such as papers, laser printers, laminators, binders, etc. |
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Products : |
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Brand Names : |
“XEROX” |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
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Xerographic equipment and systems (coming under the category of "High Technology Reproduction and Multiplication Equipment") |
No. |
9500 |
GENERAL INFORMATION
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Suppliers : |
v
Xerox Limited, v
v
Brothers International, |
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Customers : |
v
v
v Jardine Fleming v Mccann Erickson v Ogilvy and Mather v Larsen and Toubro v Standard Charted Bank v Citi Bank v Department of Telecommunications v
Engineer India Limited |
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No. of Employees : |
1500 |
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Bankers : |
v ABN-AMRO Bank, Noida, Uttar Pradesh v
Bank of v
Canara Bank, v
Central Bank of v Citibank N.A., Noida, Uttar Pradesh v Standard Chartered Grindlays Bank Limited, Noida, Uttar Pradesh v The Hongkong & Shanghai Banking Corporation Limited, Noida, Uttar Pradesh v ICICI Bank Limited, Noida, Uttar Pradesh v UTI Bank Limited v
Bank of v
Central
Bank of |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deloitte Haskins & Sells Chartered Accountants |
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Address : |
3rd Floor, MCT House, One Okhla Centre, Block A Okhla Institutional Area |
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Associates/Subsidiaries : |
v Modi Europe Limited v Fuji Xerox Asia Pacific Pte Limited v
v Fuji Xerox Company Limited v Xerox Manufacturing (The Netherland), B. V. v Suzuka Fuji Xerox Company Limited v Xerox Commercio E Industrial Limited v
v Xerox Corporation Colour Printing and Imaging Division v
Xerox Document v Xerox Engineering System v Xerox Mexicana. SA DV C.V. v
Xerox v Xerox Do Brasil Limited v Xerox Buro Araciari Ticaret Ve Servis A.S. v Xerox CLS (LLC) v Modi Rubber Limited v
Modicorp Private Limited |
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Holding Company |
v
Xerox Corporation, v
EMCO Finvest Limited |
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Membership |
v
Confederation of Indian Industry |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100,000,000 |
Equity shares |
Rs. 10 each |
Rs. 1000.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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44,808,000 |
Equity shares |
Rs. 10 each |
Rs. 448.080 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 [15 Months] |
31.12.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
448.080 |
448.080 |
448.080 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1191.164 |
936.224 |
1373.201 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1639.244 |
1384.304 |
1821.281 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
145.877 |
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2] Unsecured Loans |
0.206 |
0.338 |
0.388 |
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TOTAL BORROWING |
0.206 |
0.338 |
146.265 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1639.450 |
1384.642 |
1967.546 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
288.612 |
213.127 |
313.685 |
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Capital work-in-progress |
4.833 |
10.244 |
3.766 |
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MACHINES ON RENTAL |
0.000 |
86.155 |
132.116 |
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INVESTMENT |
0.807 |
2.807 |
23.179 |
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DEFERREX TAX ASSETS |
293.293 |
286.594 |
164.029 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
650.300
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548.684
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623.736 |
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Sundry Debtors |
835.321
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735.331
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822.443 |
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Cash & Bank Balances |
392.591
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417.107
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435.651 |
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Other Current Assets |
2.829
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5.646
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13.047 |
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Loans & Advances |
1119.035
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761.222
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1094.342 |
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Total Current Assets |
3000.076
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2467.990
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2989.219 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
744.664
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595.268
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1037.658 |
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Provisions |
1203.507
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1087.047
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620.895 |
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Total Current Liabilities |
1948.171
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1682.315
|
1658.553 |
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Net Current Assets |
1051.905
|
785.675
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1330.666 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.040 |
0.105 |
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TOTAL |
1639.450 |
1384.642 |
1967.546 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 [15 Months] |
31.12.2003 |
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Sales Turnover |
5167.667 |
6088.854 |
5537.156 |
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Other Income |
405.062 |
562.372 |
241.164 |
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Total Income |
5572.729 |
6651.226 |
5778.320 |
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Profit/(Loss) Before Tax |
376.750 |
[394.250] |
247.108 |
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Provision for Taxation |
121.810 |
42.727 |
139.552 |
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Profit/(Loss) After Tax |
254.940 |
[436.977] |
107.556 |
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Earnings in Foreign Currency : |
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Export Earnings |
NA |
181.067 |
250.382 |
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Professional Services |
NA |
65.538 |
62.480 |
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Other Earnings |
NA |
12.737 |
9.925 |
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Total Earnings |
NA |
259.342 |
322.787 |
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Imports : |
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Raw Materials |
NA |
174.994 |
222.990 |
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Stores & Spares |
NA |
629.515 |
419.814 |
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Finished Goods |
NA |
992.810 |
644.357 |
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Total Imports |
NA |
1797.319 |
1287.161 |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
3042.942 |
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Raw Material Consumed |
221.932 |
321.800 |
0.000 |
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Purchases made for re-sale |
2990.828 |
3164.156 |
0.000 |
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Consumption of stores and spares parts |
0.378 |
0.531 |
0.000 |
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Increase/(Decrease) in Finished Goods |
[112.592] |
62.962 |
0.000 |
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Salaries, Wages, Bonus, etc. |
394.227 |
675.436 |
579.481 |
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Managerial Remuneration |
10.750 |
7.429 |
0.000 |
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Payment to Auditors |
7.755 |
13.639 |
0.000 |
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Interest |
1.965 |
8.656 |
58.414 |
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Insurance Expenses |
20.149 |
16.823 |
0.000 |
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Power & Fuel |
21.806 |
28.218 |
0.000 |
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Depreciation & Amortization |
76.689 |
114.264 |
120.150 |
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Other Expenditure |
1562.092 |
2631.562 |
1768.926 |
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Total Expenditure |
5195.979 |
7045.476 |
5569.913 |
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KEY RATIOS
|
PARTICULARS |
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31.03.2006 |
31.03.2005 [15 Months] |
31.12.2003 |
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PAT / Total Income |
(%) |
4.57
|
[6.57] |
1.86 |
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Net Profit Margin (PBT/Sales) |
(%) |
6.76
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[6.47] |
4.46 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.46
|
[14.70] |
7.48 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
[0.28] |
0.14 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.19
|
1.22 |
0.99 |
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Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.47 |
1.80 |
LOCAL AGENCY FURTHER INFORMATION
Bankers Charges
Report as per Registry
|
Name of the company |
XEROX MODICORP
LIMITED |
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Presented By |
MR. SHUKLA
WASSAN, COMPANY SECRETARY |
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1) Date and description of instrument creating the change |
Deed of
Hypothecation dated 18.12.1985 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 12.500
Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Present and
future debts, outstanding monies, receivables, claims and other dues, raw
material, stocks spares etc. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Term and
conditions as prescribed by RBI / HO Guidclines of the bank |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of 55, Madhuvan, |
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6) Date and brief description of instrument modifying the charge |
05.11.2004 –
Agreement of Books Debts as Agreement of Hypothecation to secure cash credit |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Reduction of
working capital limits from Rs. 150 Millions to Rs. 90.000 Millions and Rs.
93.000 Millions to Rs. 83.000 Millions Total Rs. 243.000 Millions to Rs.
173.000 Millions Property charged
: First pari passu
charge on present and future book debts other than leasing and funding
receivable, outstanding monies, receivables, claims and other dues, all
tangible movable property such as raw materials, stocks, spares etc. first
charge on fixed assets. |
History:
Incorporated in the year 1995 Xerox Modicorp Limited, Pedro
E Fabrega is the Chairman and Managing Director of the company. The company is mainly
engaged in Manufacturing of Xerographic equipment, Facsimile system and allied
equipments, Laminators/Binders etc. During the year the company has made
investments in three demo centres in Mumbai,
Subject was
incorporated on 29th December, 1995 at
Subject was promoted
by Xerox Limited, UK and Modicorop Limited for manufacture of developers and
toners for photocopiers and trading in high end photocopiers, paper and fax
machines and for development of software.
In January 1999, the
promoters of the company undertook a series of restructuring initiatives
whereby Modi Xerox Limited and Modi Xerox Financial Services Limited were
amalgamated with the company effective on April 1, 1999. The amalgamated company now undertakes
manufacture of xerographic equipments, systems and its consumables, trading in
paper, fax machines, laser printers, provides after sales services to machines
sold which include servicing, repair and sale of spare parts and has a
dedicated software development centre at Gurgaon.
Fax Machines
The company has emerged as a leading player and the single largest
brand with a 25% market share in the organized market. It sources fax machines from Samsung of Korea
and competes mainly with other imported products from
Laser Printers
The company markets imported laser printers. It has a wide range of printers catering to all the segments of the market such as premium colour printing, heavy-duty high-speed laser printers, ink jet printers, colour ink jet printers etc.
Office Supplies
The company also manufactures and has a strong position in the premium end of copier paper and popular brand names such as Spectrum, MX 75 etc. Its product range includes OHP, transparencies, tracing papers, polyester films, binders, spirals and covers, laminating film rolls, toner, binders and laminators etc.
The company has been accredited with ISO 9002 re-certification for both the manufacturing and customer service support operations.
The company imports it's requirement from
The company's plant has been accredited with ISO-9002 certification.
The company has collaboration with Xerox Corporation,
DIRECTORS
Since the last
Directors' Report, Mr. Y P Gupta, Mr Ricardo Newark, Mr. Eoin Murphy, Mr.
Carlos Paiva, Mr. Roland Hoogendam and Mr. Marcel Frielinck have been appointed
as Additional Directors. Further, the Board of Directors of the Company (the
'Board') has also appointed Mr. Marcel Frielinck as Whole time Director designated
as Chief Financial Officer of the Company subject to the requisite approvals.
Mr. O P Dani, Mr. R
S Desikan, Mr. Y P Gupta, Mr. Roland Hoogendam, Mr. Eoin Murphy, Mr. J S Mathur
and Mr. Mukand Abhyankar, Directors on the Board, have resigned during the
period. The Board of Directors wish to place on record its sincere appreciation
for the guidance, advice and assistance provided by Mr. Dani, Mr Desikan, Mr
Gupta, Mr. Hoogendam, Mr. Murphy, Mr. Mathur and Mr. Abhyankar during their
tenure.
Mr. Thomas C Little
retires by rotation and being eligible, offers himself for re-appointment. Mr.
Marcel Frielinck, Mr Carlos Paiva and Mr Ricardo Newark having been appointed
as Additional Directors will hold their offices pnly up to the date of the
ensuing Annual General Meeting. The Company has received notices in writing
under Section 257 of the Companies Act, 1956 from a shareholder proposing their
candidature for the position of Directors of the Company.
CHANGE IN NAME OF THE COMPANY
Since the last Directors'
Report and consequent upon termination of the Shareholders' Agreement, the
Members of the Company at its Extra-Ordinary General Meeting had approved the
change in the name of the Company from XEROX MODICORP LIMITED to XEROX INDIA
LIMITED and the amendments to the Memorandum and Articles of Association of
the Company. Subsequently with the approval of the Registrar of Companies, UP
and Uttaranchal, the name of the Company has been changed to XEROX INDIA
LIMITED with effect from 18th March, 2005
Fixed Assets
v
Land
v
Leased
Hold
v
Leased
Improvements
v
Building
v
Plant
& Machinery
v
Electric
Installation
v
Furniture
& Fixture
v
Office
Equipments
v
Vehicles
press
clipping
Xerox Modicrop
unveils 8 international products in
MUMBAI: Document
management company Xerox Modicorp has launched its eight international products
- six laser network printers and two multi-function devices - in
The launch
strengthens the company's presence in office segment and entry-level colour
printer laser segment in the country. The new printers are Phaser 3121, 3420
and 4500 (laser monochromes) and Phaser 6100, 7750 and 8400 (colour lasers) and
the MFDs are M15 and PE-16e. Xerox has also appointed Ingram Micro as the
national distributor of its channel products in the country
Xerox Modicrop
changes managing director
Xerox Modicorp has
announced the appointment of Mr Andrew Horne as managing director for
Xerox ModiCrop’s sales expected to grow by 13%
During 2003, Xerox
Modicorp clocked a 13 per cent growth in revenues at 98.6 million dollars.
Revenues from equipment sales jumped 39 per cent with a four-fold growth in the
high-end colour business. Equipment sales comprised 41 per cent of revenues
while the remaining 59 per cent came from non-equipment sales.
Childs said revenue
split of 41:59 in 2003 of equipment and non-equipment sales was expected to
change to 50:50 this year and 45:55 the year after as it lines up a
multi-pronged marketing and after-sales strategy along with 20 new products to
boost its equipment sales like laser printers and multicopiers
Xerox expects 13-pc revenue growth during '04
Equipment sales
comprised 41 per cent of revenues, while the remaining 59 per cent came from
non-equipment sales. According to the sources, the revenue split of 41:59 in
2003 between equipment and non-equipment sales was expected to change to 50:50
this year and 45:55 the year after as the company has lined up a multi-pronged
marketing and after-sales strategy along with 20 new products to boost its
equipment sales like laser printers and multicopiers. The company, a joint
venture between the US-based Xerox Corporation and the Modi group, will soon
add 25 people at its software development centre in Gurgaon, taking the total
workforce to over 95.
Xerox plans to launch 20 new products
The company's fixed
asset of important value includes goodwill, land (freehold and leasehold),
leasehold improvements, buildings, plant & machinery, electric
installations, furniture, fixtures & office equipments and vehicles.
Xerox to
sign up Ingram Micro as national disty
Xerox is on the verge of signing up Ingram Micro India as
its nationwide distributor for low-end inkjet printers, high-end laser
printers, MFDs, digital copiers and fax machines
Monday, March 08, 2004
Xerox
Modicorp Limited is finally getting its act together in
Xerox
Modicorp Marketing Director, Gennady German revealed this. However, consumables
are not part of the deal as yet. Interestingly, Xerox already has 18 local
distributors in different cities all over the country. And these will continue
for the time being.
These
18 include CompuServe Systems in Ahmedabad; ABE Valuepoint Systems and Ansata
Computers in Bangalore; Fortune Associates in Bhopal; Printlink Computer in
Bhubaneswar; Krish Appliances in Chennai; Balaji Digital Solution, Micro Max
Technologies and Primepath Communications in Delhi; MG Solutions in Guwahati;
Aakash Industries and Tricom Impress in Hyderabad; Libra Business Machines in
Kochi; Vikas Udyog in Kolkata; Datalinks Marketing in Lucknow; Namaste Telecom
and Pactel Telecommunication in Mumbai; and Aishwarya Automation in Pune.
Talking
about the need for continuing with these small distributors, Gennady says,
"We are kids in distribution. So, they are following a hybrid model."
Not only will they have to co-exist, but pricing and credit terms will also
remain the same for all the distys including Ingram. Only after Ingram 'proves
itself', will they be appointed as the sole distributor and also get better terms.
At the
same time, Xerox is going all out to enhance its channel base and increase its
mind share amongst the channel community. Its current active channel partners
total up to just 120. German's personal target is to increase this number by
more than four times to 500, by the end of this calendar year.
Besides,
the company intends to have four to five channel programs every month to get a
foothold amongst the channel community. It also intends to be 'very flexible on
credit terms'. At the same time, channel and marketing spend will be increased
significantly. Points out Gennady, "For channel promotion, they will match
the spend by HP and Samsung."
Basically, German who came here about one year back, wants
to replicate the gameplan, which he devised and executed perfectly in
Talking
about the importance of the channel community, Gennady says, "You have to
consistently deliver profit to the partners and to take more you, have to give
more." This he intends to achieve by building a loyalty reward program for
them, being flexible on credit terms, improve time to market and creating a
'pull' for Xerox products. And, he points out, the results will not be visible
overnight, but over a period of three years.
As part
of Xerox's `Go to Market' team in India, Gennady is primarily responsible for
strengthening the company's tie-ups with regional and national distributors,
improving the profitability of sales promotion agents, and growing the network
of authorized channel partners. No doubt, he has his task cut out for him. But
Gennady is clear on his priorities: keep on introducing newer products, roll
out a partner-led program and initiate a cost-effective coverage strategy for
each of Xerox's products in
ASIM RAINA
GURGAON (CYBERMEDIA NEWS)
About Xerox in
Xerox India Limited
Incorporated in
1983, Xerox India Limited (XML) is a part of Xerox Corporation (NYSE: XRX), the
US $15.7 billion, Fortune 500 global document management company. Over the past
20 years, Xerox
Xerox
A digital, color and document solutions company...
In keeping with the
strategic shift in Xerox Corporation globally, Xerox
Through its three business groups - Production Systems Group (PSG), Office
Systems Group (OSG), Consulting/ Outsourcing business group - XIL caters to its
three primary markets of high-end production environments, networked offices
(small to large) and document management services.
Technology and reach...
Xerox
With over 100 plus products for the Indian market and the launch of 20 new
products planned for 2005, Xerox has added technologically advanced products
and services which have matchless quality, an abundance of features, fast
network support and speed. Each with advanced capabilities meets highest
document needs.
Milestones...
XIL was the first in
The Xerox India Limited story
Xerox India Limited, erstwhile Modi Xerox was the outcome of one man's
vision to usher white-collar productivity in
Through a tie up with Rank Xerox, a member of the worldwide Xerox family in
The Xerox India Limited story can be divided into the following phases:
- The Start-up
years (1983 - 86)
- The Take-off
Phase (1986 - 89)
- Maturing of
the Partnership (1989 - 91)
- Evolution into
The Document Company (1991 - 95)
- Gearing up for
Globalisation & Knowledge Growth (1995 - 99)
- 2000 &
Beyond : Leading the Digital Document Revolution
Xerox India Limited has successfully
transitioned three major movements in
- From copying
to printing.
- From black and
white to colour.
- From
stand-alone analog to digital, networked products.
Recognitions achieved
- First in industry
to achieve ISO 9002 for both Manufacturing and Customer Service Support.
- Among first 10
companies in
- National HRD
Award
- Quality
training programs and Best Practices imbibed and shared within Xerox (
Benchmark Manufacturing & Supply Chain
operations for copiers, consumables and parts.
Photoreceptor and Toner multinational qualifications from Xerox.
Export Achievement Awards 1996-97 & 1997-98
1999 Golden Peacock Award for Value Engineering new Modi Xerox 5216 copier
variant.
Enviable Environment Health & Safety record:
- Seven British
National Safety Council Awards
- 22 Xerox Earth
Awards
- Xerox D&M
Safety and Safety Gold Award
- Benchmark
levels on biological and environmental.
Xerox
WEBSTER,
N.Y., 22 April 2005 -- Innovative thinking at Xerox
Corporation (NYSE: XRX) isn't limited to the lab: Not only is innovation
driving the company's breakthroughs in color science, design of intelligent
printing systems and advances in sophisticated software, but it is also
ensuring Xerox is an environmental leader that lives Earth Day values all year
long.
This
Earth Day, employees at Xerox's photoreceptor plant in this Rochester, N.Y.,
suburb are celebrating with a greener manufacturing operation, thanks to two
innovative processes that they have developed over the past few years. One is a
better way to make sure that the plant's wastewater is clean; the other reduces
the amount of chemicals used.
"Xerox's
earth-friendly photoreceptor manufacturing processes are truly an environmental
success story," said Patricia A. Calkins, vice president, . "They
reflect a focus on earth-friendly practices that permeate their entire
business."
Photoreceptors
are the light-sensitive elements at the heart of xerographic printers and
copiers. In the manufacturing process, light-sensitive materials are dissolved
in a chemical called methylene choloride and in other volatile organic
compounds, then deposited on a substrate, or film. When the volatile compounds
evaporate, they leave a finished photoreceptor behind.
Methylene
chloride is a chemical that the U. S. Environmental Protection Agency
classifies as hazardous, and Xerox has long focused on smart use of this
solvent. Xerox already recaptured 98 percent of the evaporated solvent for
reuse and recycling.
Now
the company has received a patent on a novel process for measuring residual
amounts of volatile solvents in the plant's wastewater. The method is described
in U.S. Patent No. 6793819 for an "Airtight Waste Solution Sampling
Apparatus," issued to Xerox last year.
The
new technology makes it easier to measure volatile organic compounds that are
dissolved in water, a situation common to any organization that uses a steam
process for recapturing volatile organic compounds. Before a plant disposes of
the wastewater, it must certify that the dissolved volatile compounds in the
wastewater fall below a certain target in parts per billion. The dilemma:
Volatile compounds in the water can evaporate when the system is exposed to the
air, making it difficult when using normal sampling methods to get a true
measurement.
Xerox's
innovation is a device that works somewhat like a child's Super Soaker water
gun to collect the water sample, says Thomas Glenwright, one of the inventors.
The device sucks a water sample out of the waste stream and discharges it into
an airtight, watertight bag that can be delivered to a laboratory for
measurement - with no exposure to open air.
Xerox
has implemented the system at the Webster photoreceptor plant, and the town of
Xerox's
second innovation has slashed the amount of methylene chloride used in the
photoreceptor manufacturing process to begin with. Xerox began recovering the
evaporated methylene chloride in 1992 using a distillation process. The process
allowed Xerox to reclaim and reuse about half of the chemical; the company paid
to have the remainder recycled off site. Recently, Xerox engineers discovered a
way to modify the process and re-distill the rejected material, boosting the
chemical's recovery and reuse rate to more than 70 percent.
The
new process, for which a patent has been applied, is a financial and
environmental winner. By reducing the chemicals Xerox must purchase by more
than 40 percent and reducing the amount of hazardous waste that must be
disposed of by 45 percent, the new process is saving the company hundreds of
thousands of dollars annually in raw material costs and waste disposal fees.
These
innovative projects are among many Xerox has developed to meet its mission of
producing "waste-free products in waste-free facilities." Xerox is
committed to the protection of the environment and the health and safety of its
employees, customers and neighbors. The company has received major
environmental awards worldwide, and it has been a leader in implementing conservation
measures and environmentally friendly policies.
Xerox Reports
First-Quarter Earnings of 20 Cents Per Share
- Earnings per share from continuing operations up 18 percent
- Total revenue declined 1 percent
- Revenue from color up 15 percent
- $337 million operating cash flow; $3.3 billion cash balance
The company reported first-quarter
2005 earnings per share of 20 cents including a 6-cent gain from the previously
announced sale of Xerox's equity interest in Integic Corp., which was offset by
restructuring charges of 6 cents per share.
"Their profit performance in
the first quarter met the high range of their expectations through increased
gross margins and operational improvements that help ensure Xerox is
cost-competitive in every area of their business," said Anne M. Mulcahy,
Xerox chairman and chief executive officer.
"Xerox's industry-leading color
technology and expertise in document-related consulting services continued to
be the key drivers of the company's growth initiatives," she added.
"Despite a quarter when market conditions slowed overall equipment sales,
they grew color revenue by 15 percent and delivered another quarter of
double-digit revenue from Xerox Global Services."
First-quarter equipment sales were
flat year over year, and total revenue of $3.8 billion declined 1 percent. Both
equipment sales and total revenue included a currency benefit of 2 percentage
points. Revenue growth continued to be impacted by post-sale revenue declines
from the company's older light-lens technology. Weak performance in
Revenue from the company's
value-added service offerings grew 23 percent in the first quarter as demand
increased for consulting, imaging and content management from Xerox Global
Services, which provides customers with practical solutions to reduce document
costs and simplify work processes.
Xerox's production business provides
commercial printers and document-intensive industries with high-speed digital
technology that enables on-demand, personalized printing. Production equipment
sales grew 2 percent with total production revenue down 2 percent due to a
decline in post-sale revenue from older light-lens products as well as declines
in production publishing. First-quarter install activity for production
monochrome systems declined 9 percent while production color installs grew 18
percent, largely due to strong placements of the Xerox DocuColor™ 5252 and 8000
series as well as the Xerox iGen3™ Digital Production Press. In March, Xerox
launched a faster version of the company's flagship iGen3, which now prints 10
percent to 20 percent faster at speeds up to 120 pages per minute. Next month
Xerox will add to its portfolio of production systems, software and solutions,
continuing to strengthen its leadership position in this market.
In Xerox's office business, which
provides technology and services for workgroups of any size, equipment sales
were flat year over year and total revenue declined 2 percent. Equipment sale
revenue was impacted by product mix with the company selling a greater
proportion of lower-priced monochrome desktop units compared to the first
quarter of last year. Installs of digital office monochrome systems were up 17
percent reflecting increased placements of Xerox WorkCentre™ desktop
multifunction products. In office color, activity was strong with installs of
office color multifunction systems up 21 percent and office color printing
installs up 180 percent. Late last month, Xerox announced the WorkCentre C2424
office color multifunction system. The industry's first solid ink device that
prints, scans and copies, the WorkCentre C2424 is 30 percent to 60 percent more
affordable and has color speeds twice as fast as leading comparable products in
its class. Additional enhancements to Xerox's office systems and services will
be announced in late June.
Xerox increased its advertising in
the first quarter through its "Xerox Color: It Makes Business Sense"
campaign that highlights the value of the company's color technology. At the same
time, Xerox maintained its sharp focus on costs and operational performance. As
a result, selling, administrative and general expenses decreased year over year
by $27 million. First-quarter gross margins were up nearly 1 percent to 40.7
percent.
The company generated operating cash
flow of $337 million in the first quarter and closed the quarter with $3.3
billion in cash. Debt was down close to $1 billion year over year.
For the second quarter of 2005,
Mulcahy said she expects earnings in the range of 21-24 cents per share.
Innovation
Xerox Corporation
is one of the world's top technology innovators, with research and technology
centers in the
The Xerox Innovation Group (XIG) explores the unknown, invents next-generation
technology, architects product platforms, manages intellectual property, and
creates new business opportunities through its research centers and associated
operations. XIG has over 1,000 researchers, scientists, engineers, patent and
IP experts, and business development managers who focus on R&D in these key
areas: marking systems, materials, digital imaging, as well as solutions and
services.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.71 |
|
|
1 |
Rs.81.24 |
|
Euro |
1 |
Rs.54.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|