MIRA INFORM REPORT

 

 

Report Date :

04.05.2011

 

IDENTIFICATION DETAILS

 

Name :

REPRO INDIA LIMITED

 

 

Registered Office :

Marathe Udyog Bhavan, 2nd Floor, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

01.04.1993

 

 

Com. Reg. No.:

11-71431

 

 

CIN No.:

[Company Identification No.]

L22200MH1993PLC071431

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMR06821G

 

 

PAN No.:

[Permanent Account No.]

AAACR0379J

 

 

Legal Form :

Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.

 

 

Line of Business :

Subject is engaged in the business of conceptualizing, designing, creating, processing, printing, mailing and publishing booklets, magazines, brochures, printed posters and annual reports.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (55)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

 

 

 

 

 

Maximum Credit Limit :

USD 4900000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Payments are reported to be correct and as per commitments.

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

 NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

INFORMATION DENIED BY

 

Name :

Mr. Hiren Desai

Designation :

Finance Executive

Date :

02.05.2011

 

 

Name :

Ms. Archana Gewade

Designation :

Assistant Manager

Date :

02.05.2011

 

 

Name :

Mr. Silos Tondale

Designation :

Assistant Manager

Contact No.:

91-22-24313527

Date :

02.05.2011

 

 

LOCATIONS

 

Registered Office  / Corporate Office :

Marathe Udyog Bhavan, 2nd Floor, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, India.

Tel. No.:

91-22-2430 8851 / 2436 2263 / 24313526 / 24308851 / 27782011

Fax No.:

91-22-2437 4531 / 27782038

E-Mail :

kunjli@reproindialtd.com

repro@bom2.vsnl.net.in

reproind@reproindialtd.com

info@reproindialtd.com

madhavi_b@reproindialtd.com

Website :

http://www.reproindialtd.com

 

 

Digital Marketing Office:

Unit no. 8A, Third Floor, Marathe Udyog Bhavan, Appasaheb Marathe Marg, Prabhadevi, Mumbai-400025, Maharashtra, India

 

 

Factory 1 :

Plot No. A-50/2, TTC Industrial Area, MIDC, Mahape, Navi Mumbai - 400 703, Maharashtra, India

Tel No. :

91-22-27782011

Fax No. :

91-22-27782038

E-Mail :

repro@bom2.vsnl.net.in

info@reproindialtd.com

Website :

http://www.reproindialtd.com

 

 

Factory 2:

Plot No. 90 to 93, 165, Surat Special Economic Zone, Road No. 11, Sachin, Surat-394230, Gujarat, India

Tel No. :

91-261-3226511 / 2398587

Fax No. :

91-261-2398030

E-Mail :

repro@bom2.vsnl.net.in

info@reproindialtd.com

Website :

http://www.reproindialtd.com

 

 

Branches :

Located at : 

 

Ø       No. 174, 1st Floor, 6th Main, Defence Colony, Indira Nagar, Bangalore - 560 038, Karnataka, India

E Mail :  info@reproindialtd.com

Website :  http://www.reproindialtd.com

 

Ø       F/39, Mangal Darshan Society, Near Chanakya Puri, Char Rasta, New Sama Road, Baroda - 390 008, Gujarat, India

 

Ø       11, Sakthi Flats, Kamarajar Salai, Virugambakkam, Chennai - 600 092, Tamil Nadu, India

Ø       B-3/3, First Floor, Safdarjung Enclave, New Delhi – 110029, Delhi, India

 

 

Overseas Office :

BANGALORE

SNS Arcade, "A" Block, 309, HAL Airport Road, Bangalore 560 017, India.
Cell: 91-98450 66458
Tel: 91-80-522 8016

 

LONDON

Cell: +44-79522 39888
Tel: +44-20-8201 8669
email: kunjli.uk@reproindialtd.com

 

USA

1836, Glenwold Dr., Paoli, PA 19301, USA
Cell: 001-484-995-9773
email: sharath.us@reproindialtd.com

 

NIGERIA

7A, Sapara Williams Close, Off Idowu, Martins Street, Victoria Island, Lagos, Nigeria

Tel. No : +234-2623269 / 7764494

 

 

DIRECTORS

As on 31.03.2010 

 

Name :

Mr. Vinod Vohra

Designation :

Chairman

Date of Birth/ Age:

15.02.1952

Qualification:

Science Graduate

Date of Appointment:

01.04.1993

 

 

Name :

Mr. Sanjeev Vohra

Designation :

Managing Director

Date of Birth/ Age:

25.02.1957

Qualification:

Graduate in Economics and Finance

Date of Appointment:

01.04.1993

Other Directorship:

·         Reproductions Private Limited

·         Superior Prints Private Limited

 

 

Name :

Mr. Mukesh Dhruve

Designation :

Whole Time Director

Date of Birth/ Age:

28.04.1960

Qualification:

B.Com, FCA

Date of Appointment:

28.12.1993

 

 

Name :

Mr. Rajeev Vohra

Designation :

Whole Time Director

Date of Birth/ Age:

08.10.1960

Qualification:

Commerce Graduate

Date of Appointment:

01.04.1993

Other Directorship:
  • Reproductions Private Limited
  • Superior Prints Private Limited

 

 

Name :

Mr. Pramod Khera

Designation :

Director

Date of Birth/ Age:

22.02.1960

Qualification:

B.Tech from IIT Delhi, PGDIM from IIM Bangalore and Ph.D in “Knowledge Management” from Pune University

Date of Appointment:

18.05.2009

Other Directorship:

Aptech Limited

 

 

Name :

Mr. Dushyant Mehta

Designation :

Whole Time Director

 

 

Name :

Mr. Alyque Padamsee

Designation :

Non Executive Director

 

 

Name :

Dr. Jamshed J Irani

Designation :

Non Executive Director

 

 

Name :

Mr. Sanjay Asher

Designation :

Non Executive Director

Date of Birth/ Age:

26.11.1964

Qualification:

B.Com, FCA, LLB and Solicitor

Date of Appointment:

02.05.2000

Other Directorship:
  • A.L. Movers Private Limited
  • A.L. Records Management Private Limited
  • Allied Pickfords India Private Limited
  • Bajaj Allianz Life Insurance Company Limited
  • Bajaj Allianz General Insurance Company Limited
  • Dewas Soya Limited
  • Diamant Boart Marketing Private Limited
  • Divinet Access Technologies Limited
  • Finolib Chemicals Private Limited
  • Finolex Cables Limited
  • Finolex Plasson Industries Limited
  • Huntleigh Healthcare India Private Limited
  • I2IT Private Limited
  • Kryfs Power Components Limited
  • Mandhana Industries Limited
  • Majesty Investments Private Limited
  • Morgan Stanley Investment Management Private Limited
  • Mepha Marpha India Private Limited
  • NV Advisory Services Private Limited
  • Orbit Electricals Private Limited
  • Oerlikon Textile Components India Private Limited
  • Paess Industrial Engineers Limited
  • Ratiopharm India Private Limited
  • Saurer Precicomp India Private Limited
  • Schlaforst Engineering (India) Limited
  • Sharp India Limited
  • Sparsh BPO Services Limited
  • Shree Renuka Sugars Limited
  • Siporex India Private Limited
  • Sudarshan Chemicals Industries Limited
  • ValueQb Consulting Private Limited
  • Zinser Textile Systems Private Limited

Membership/Chairmanship of Board Committees:
  • Member of Audit Committee and Share Transfer and Investor
  • Grievance Committee of Finolex Cables Limited
  • Member of Audit Committee Schlafhorst Engineering India Limited
  • Chairman of Audit Committee Sparsh BPO Services Limited
  • Chairman of Audit Committee and Share Transfer and Investor
  • Grievance Committee of Shree Renuka Sugars Limited
  • Member of Audit Committee and Share Transfer and Investor
  • Grievance Committee of Sharp India Limited

 

 

Name :

Mr. Ullal R. Bhat

Designation :

Non Executive Director

 

 

Name :

Mr. P Krishnamurthy

Designation :

Non- Executive Director

           

 

KEY EXECUTIVES

 

Name :

Ms. Madhavi Kulkarni

Designation :

Company Secretary and Compliance Officer 

 

 

Name :

Mr. Hiren Desai

Designation :

Finance Executive

 

 

Name :

Ms. Archana Gewade

Designation :

Assistant Manager

 

 

Name :

Mr. Silos Tondale

Designation :

Assistant Manager

 

 

SHAREHOLDING PATTERN

 

As on 31.03.2011

 

Category of Shareholder

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

1,729,221

16.38

Bodies Corporate

5,524,688

52.32

Sub Total

7,253,909

68.69

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

7,253,909

68.69

(B) Public Shareholding

 

 

(1) Institutions

 

 

Foreign Institutional Investors

474,843

4.50

Sub Total

474,843

4.50

(2) Non-Institutions

 

 

Bodies Corporate

388,120

3.68

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 million

1,522,060

14.41

Individual shareholders holding nominal share capital in excess of Rs. 0.100 million

368,022

3.49

Any Others (Specify)

552,910

5.24

Clearing Members

56,049

0.53

Non Resident Indians

42,111

0.40

Directors & their Relatives & Friends

453,400

4.29

Trusts

1,350

0.01

Sub Total

2,831,112

26.81

Total Public shareholding (B)

3,305,955

31.31

Total (A)+(B)

10,559,864

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

(1) Promoter and Promoter Group

-

-

(2) Public

-

-

Sub Total

-

-

Total (A)+(B)+(C)

10,559,864

-

 

 

BUSINESS DETAILS

 

Line of Business :

Subject is engaged in the business of conceptualizing, designing, creating, processing, printing, mailing and publishing booklets, magazines, brochures, printed posters and annual reports.

 

 

Products :

Items Code No.(ITC Code)

Product Description

49011002

Booklets / Brochures

49111001

Printed Posters / Annual Reports

49021002

Journals, Periodicals, Calendars

 

 

GENERAL INFORMATION

 

Customers :
  • Tata Steel Limited
  • ICICI Banking Corporation Limited
  • Hindustan Lever Limited
  • Zee Telefilms Limited
  • The Essar Group
  • IFCI
  • Indian Oil Corporation
  • The Indian Institute of Bankers
  • The Reserve Bank of India
  • The Indian Bankers Association
  • Chip
  • New Woman
  • Glad Rags
  • Meri Saheli
  • Cine Blitz
  • Associated Cement Companies Limited
  • Cadila Pharmaceuticals Limited
  • Bank of Baroda

 

 

No. of Employees :

1200 (Approximately)

 

 

Bankers :
  • Industrial Development Bank of India, Nariman Bhavan, Nariman Point, Mumbai - 400 021

 

  • Mashreq Bank, Air Indian Building, Ground Floor, Nariman Point, Mumbai - 400 021, Maharashtra, India

 

  • Bank International Indonesia, Raheja Chambers, Nariman Point, Mumbai - 400 021, Maharashtra, India

 

  • Andhra Bank, Homi Modi Street, Fort, Mumbai - 400 023.

 

  • ING Vysya Bank Limited

 

  • State Bank of Travancore

 

  • Standard Chartered Bank

 

  • Export-Import Bank of India

 

  • Axis Bank Limited

 

  • DBS Bank Limited

 

 

Facilities :

Secured Loan

Rs in Millions

As on 31.03.2010

Rs in Millions

As on 31.03.2009

Term Loans

 

 

From Finance Companies – Equipment Loan [Repayable within one year Rs. 78.995 Millions ]

495.863

356.650

Others

 

 

Vehicles Loan

6.832

7.976

Working Capital Loans from Banks

521.538

424.426

Buyers Credit from Banks

328.871

269.923

Total

1353.104

1058.975

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

S R Batliboi and Company

Chartered Accountant

Address :

2nd Floor, Union Co-operative Insurance Building, 23, Sir Phiroz Shah Mehta Road, Fort, Mumbai - 400 001

 

 

Subsidiaries:
  • A.L. Movers Private Limited
  • A.L. Records Management Private Limited
  • Allied Pickfords India Private Limited
  • Bajaj Allianz Life Insurance Company Limited
  • Bajaj Allianz General Insurance Company Limited
  • Dewas Soya Limited
  • Diamant Boart Marketing Private Limited
  • Divinet Access Technologies Limited
  • Finolib Chemicals Private Limited
  • Finolex Cables Limited
  • Finolex Plasson Industries Limited
  • Huntleigh Healthcare India Private Limited
  • I2IT Private Limited
  • Kryfs Power Components Limited
  • Mandhana Industries Limited
  • Majesty Investments Private Limited
  • Morgan Stanley Investment Management Private Limited
  • Mepha Marpha India Private Limited
  • NV Advisory Services Private Limited
  • Orbit Electricals Private Limited
  • Oerlikon Textile Components India Private Limited
  • Paess Industrial Engineers Limited
  • Ratiopharm India Private Limited
  • Saurer Precicomp India Private Limited
  • Schlaforst Engineering (India) Limited
  • Sharp India Limited
  • Sparsh BPO Services Limited
  • Shree Renuka Sugars Limited
  • Siporex India Private Limited
  • Sudarshan Chemicals Industries Limited
  • ValueQb Consulting Private Limited
  • Zinser Textile Systems Private Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

25000000

Equity Shares

Rs.10/- each

Rs.250.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10495149

Equity Shares

Rs.10/- each

Rs.104.951 Millions

 

Of the above -

 

  • 5,516,092 (Previous Year 3,785,600) Equity shares have been held by Reproductions Private Limited, the holding company
  • 16,000 Equity shares are allotted as fully paid up shares pursuant to exercise of Employees Stock Option Scheme in January 2010
  • 4,335,012 Equity shares are allotted as fully paid up bonus shares by capitalisation of profits (405,456 in December 1994 and 3,929,556 in March 2000)
  • 17,500 Equity shares are allotted as fully paid up pursuant to the scheme of amalgamation for consideration other than cash in March 2000.

 

As on 24.07.2010

 

Authorised Capital : Rs.250.000 Millions

 

Issued, Subscribed & Paid-up Capital : Rs.105.599 Millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

  

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

104.951

104.791

104.791

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

1129.915

990.883

858.585

4] Accumulated Losses

0.000

0.000

0.000

NETWORTH

1234.866

1095.674

963.376

LOAN FUNDS

 

 

 

1] Secured Loans

1353.104

1058.975

414.091

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

1353.104

1058.975

414.091

DEFERRED TAX LIABILITIES

118.966

131.466

103.916

 

 

 

 

TOTAL

2706.936

2286.115

1481.383

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

1339.649

1230.864

772.301

Capital work-in-progress

27.287

78.510

84.377

 

 

 

 

INVESTMENT

108.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

 0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
193.354
193.151

110.051

 

Sundry Debtors
668.395
914.825

493.064

 

Cash & Bank Balances
350.781
50.791

20.041

 

Other Current Assets
0.042
0.178

0.171

 

Loans & Advances
278.274
303.144

196.294

Total Current Assets
1490.846
1462.089

819.621

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors

157.647

267.848

84.950

 

Other Current Liabilities
43.647
170.767

74.946

 

Provisions
57.552
47.097

35.020

Total Current Liabilities
258.846
485.348

194.916

Net Current Assets
1232.000
976.741

624.705

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

2706.936

2286.115

1481.383

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

2013.732

2380.272

1509.137

 

 

Other Income

20.646

9.660

20.113

 

 

TOTAL                                     (A)

2034.378

2389.932

1529.250

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Goods Sold

1058.134

1252.777

809.082

 

 

Personnel Expenses

242.187

202.915

143.368

 

 

Operating and Other Expenses

400.382

578.216

285.561

 

 

TOTAL                                     (B)

1700.703

2033.908

1238.011

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

333.675

356.024

291.239

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

67.409

81.199

42.834

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

266.266

274.825

248.405

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

100.438

79.509

63.752

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

165.828

195.316

184.653

 

 

 

 

 

Less

TAX                                                                  (I)

(9.759)

30.115

29.108

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

175.587

165.201

155.545

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

583.663

467.885

348.526

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

17.559

16.520

11.666

 

 

Proposed Dividend

31.485

26.198

20.958

 

 

Tax on Dividend

5.351

4.452

3.562

 

 

Foreign Currency Monetary Item Translation

0.000

2.253

0.000

 

BALANCE CARRIED TO THE B/S

704.855

583.663

467.885

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

1103.694

1381.547

648.434

 

 

Other Earnings

0.000

16.072

22.585

 

TOTAL EARNINGS

1103.694

1397.619

671.019

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

562.044

306.147

182.134

 

 

Stores & Spares

18.732

23.993

10.061

 

 

Capital Goods

173.256

217.547

10.209

 

TOTAL IMPORTS

754.032

547.687

202.404

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

Basic

16.75

15.76

14.84

 

Diluted

16.39

15.05

14.24

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2010

1st Quarter

30.09.2010

2nd Quarter

31.12.2010

3rd Quarter

Net Sales

602.330

654.620

652.680

Total Expenditure

544.320

569.060

568.770

PBIDT (Excl OI)

58.010

85.560

83.910

Other Income

4.890

9.630

12.930

Operating Profit

62.900

95.190

96.840

Interest

15.890

17.150

16.170

Exceptional Items

0.000

0.000

0.000

PBDT

47.010

78.040

80.670

Depreciation

26.670

27.000

27.890

Profit Before Tax

20.340

51.040

52.780

Tax

(9.000)

0.000

(0.160)

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

29.340

51.040

52.940

Extraordinary Items

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

29.340

51.040

52.940

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
8.63
6.91

10.17

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
8.23
8.21

12.24

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
5.86
7.25

11.60

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.13
0.18

0.19

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.30
1.41

0.63

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
5.76
3.01

4.20

  

LOCAL AGENCY FURTHER INFORMATION

  

SUNDRY CREDITORS DETAILS :

(Rs. in millions)

Particulars

31.03.2010

31.03.2009

31.03.2008

 

 

 

 

Creditors for Goods and Services

152.094

259.730

78.877

Creditors for Capital Goods

5.553

8.118

6.073

Total

157.647

267.848

84.950

 

 

PERFORMANCE REVIEW: 

 

During the last financial year, the company has successfully withstood the impact of the economic slowdown in the domestic as well as the export segment. The export domestic ratio of Sales for the year is 54:46.

 

They are pleased to inform you that the Surat SEZ facility is operating exceptionally well. During the year, the Company’s export business touched Rs. 680.000 Millions from the Surat facility.

 

 

MANAGEMENT DISCUSSION AND ANALYSIS 

 

1. Developments during this year

 

The last year has been an eventful one for Repro India Limited. In terms of overall performance, despite the global downturn, the Company has successfully navigated what could have been a difficult year, and done well given the circumstances. In response to the downturn, the Company took several proactive measures to counter its impact. The key strategy your Company adopted was one of consolidation. As part of this strategy, the Company reduced all businesses which were not very profitable and focused instead on those businesses that best suited it’s infrastructure and business model in terms of profitability. This was one of the key reasons that though the turnover has gone down from Rs.2380.000 millions to Rs.2010.000 millions, the profits have gone up by more than a million – from Rs.165.000 millions to Rs.175.000 millions. In the year 2009-10 exports to domestic ratio has been 54:46.

 

One of ythe Company’s key markets – Africa – faced a situation that impacted us. The education system in Africa is dependent on aid from organizations like World Bank, UNICEF, CIDA, and so on. During the year, these aid programmes did not materialize in time, due to which though the Company had order book on hand, could not execute these orders and achieve it’s targeted turnovers in this area.

 

One impact of the downturn is that even in the markets in the USA and UK, economic pressures are compelling publishers to look at outsourcing. This remains a double edged sword, as while the scope of he market is increasing, the pressure on prices is also correspondingly high. This is resulting in a demand for a greater value addition for every dollar or pound spent. However, this, also gives us an opportunity to give customers this value addition and thus have a greater tie in with them. This leads to a relationship based rather than transaction based model.

 

The last year also saw many publishers reducing their volumes and turning to the digital and Printon- Demand models. Thanks to the Company’s expertise and foresight, the Company was to convert this into an opportunity. The Company leveraged it’s expertise in Digital Printing business in order to capitalize the growing opportunities both from international and domestic markets. The Company is well poised to benefit growing international trend of outsourcing print and related services from countries like India. With the aid of Digital Printing, the Company is able to meet demand for quick, reliable methods of producing, fulfilling and distributing content as expeditiously as possible without error with utmost flexibility even when low volumes are required.

 

2. Future Strategy and Vision

 

Their vision is to be the preferred Value Added Print Solutions outsourcing partners for companies globally. They believe that they can take advantage of the market trend towards more frequent introductions of cost economical and value added new products, mass customization and growth of the services required by implementing the following strategies:

 

Adding on new clients in India and abroad and increasing the geographical spread of the clients that they acquire.

 

Enhancing products and services vertically to existing clients and/or offering new products/services to new clients.

 
 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER, 31 2010

(Rs. in Millions)

Particulars

31.12.2010

Quarter Ended

(Unaudited)

31.12.2010

Nine Months Ended

(Unaudited)

Income

 

 

a) Sales

638.432

1877.090

b) Other Operating Income

14.245

32.523

Total Operating Income

652.677

1909.613

Expenditure

 

 

(a) (Increase)/decrease in Stock in Trade

10.566

(6.679)

(b) Consumption of Raw Materials

388.924

1148.204

(c) Employees Cost

72.562

223.700

(d) Depreciation

27.886

81.559

(e) Other Expenditure

96.722

317.156

Total Expenditure

596.660

1763.940

Profit from Operations

56.017

145.673

Other Income

12.927

27.687

Profit/(Loss) before Interest

68.944

173.360

Interest and Financial Expenses

16.169

49.208

Profit / (Loss) From the Ordinary Activities before Tax

52.775

124.152

Tax Expenses

(0.163)

(9.163)

Net Profit/(Loss) for the period

52.938

133.315

Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each )

105.574

105.574

Reserves (Excluding Revaluation Reserves)

--

--

Earning Per Share (EPS)

 

a) Basic EPS (Rs., Not annualised)

5.01

12.66

b) Diluted EPS (Rs., Not annualised)

4.81

12.17

Aggregate of Public Share Holding

 

 

- Number of Shares

3349403

3349403

- Percentage of shareholding

31.73%

31.73%

Promoters and Promoter group share holding

 

 

a) Pledged / Encumbered

 

- Number of Shares

--

--

- Percentage of share (as a % of the total shareholding of promoter and promoter group)

--

--

- Percentage of shares(as a % of the total share capital of the company)

--

--

b) Non-encumbered

 

- Number of Shares

7207961

7207961

- Percentage of Share (as a % of the total shareholding of promoter and promoter group)

100.00%

100.00%

 - Percentage of Share (as a % of the total share capital of the company)

68.27%

68.27%

 

Notes :-

 

  1. The above results were reviewed by the Audit Committee and taken on record by the Board of Directors of the Company in its meeting held on 27th January, 2011.
  2. The accounting standard relating to “Segment Reporting”(AS- 17) is not applicable as the Company has only one primary reportable segment i.e.” Value Added Print Solutions”.
  3. There has been an increase in the public shareholding owing to allotment of equity shares on the exercise of options by the employees under the Repro India Ltd Employee Stock Option Scheme 2006.
  4. Status of investor complaints for the quarter ended 31st December, 2010. Beginning Nil, Received 1, Disposed 1, and Pending Nil.
  5. Previous period figures have been reclassified and regrouped wherever necessary.

 

 

FIXED ASSETS

 

  • Leasehold Land
  • Factory Building
  • Office Premises
  • Leasehold Improvements
  • Plant and Machinery
  • Office Equipments
  • Electrical Installation and Fittings
  • Furniture and Fixtures
  • Vehicles
  • Air Conditioners
  • Computer

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]             INFORMATION ON DESIGNATED PARTY

No records 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.44.34

UK Pound

1

Rs.73.69

Euro

1

Rs.65.75

 

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

6

--RESERVES

1~10

7

--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

 

55

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

-

NB

                                       New Business

-

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.