MIRA
INFORM REPORT
|
Report Date : |
30.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
REPRO INDIA LIMITED |
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Registered
Office : |
11th Floor, Sun Paradise Business Plaza, B Wing, Senapati
Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.04.1993 |
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Com. Reg. No.: |
11-071431 |
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Capital
Investment / Paid-up Capital : |
Rs.108.971 Millions |
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CIN No.: [Company Identification
No.] |
L22200MH1993PLC071431 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR06821G |
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PAN No.: [Permanent Account No.] |
AAACR0379J |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Providing print solutions to client, which mainly includes value engineering, creative designing, pre-press, printing, post-press, knitting and assembly, warehousing, dispatch, database management, sourcing and procurement, localization and web based services. |
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No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
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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 7600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well established company having a good track record. Financial
position of the company appears to be strong. Performance capacity appears to
be high. Liquidity position of the company is good. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for normal 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.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures to
curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A (Fund Based Limit) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
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Date |
December 2012 |
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Rating Agency Name |
ICRA |
|
Rating |
A1 (Non-Fund Based Limit) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
December 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Dinesh |
|
Designation : |
Finance Head |
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Contact No.: |
91-22-24834000 |
|
Date : |
27.12.2013 |
LOCATIONS
|
Registered Office/
Corporate Office/ Sales Offices 1 : |
11th Floor, Sun Paradise Business Plaza, B Wing, Senapati
Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
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Tel. No.: |
91-22-24834000 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Head Office : |
Marathe Udyog Bhavan, 2nd Floor,
Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025, Maharashtra, India |
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Tel. No.: |
91-22-2431 3526/ 27 |
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Fax No.: |
91-22-2437 4531 |
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Sales Offices 2 : |
B-3/3, 1st Floor, Safdarjung Enclave, New Delhi – 110029, India |
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Sales Offices 3 : |
11, Whitman Street, Hastings-on-Hudson, NY 10706-1605, USA |
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Factory 1 : |
Plot No. A-50/2, TTC Industrial
Area, MIDC, Mahape, Navi Mumbai - 400 703, |
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Tel No. : |
91-22-27782011 |
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Fax No. : |
91-22-27782038 |
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Factory 2: |
Plot No. 90 to 93, 165, 268, 269
and 271, Surat Special Economic Zone, Road No. 11, Sachin, Surat - 394230,
Gujarat, India |
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Tel No. : |
91-261-3226511 / 2398587 |
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Fax No. : |
91-261-2398030 |
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Factory 3 : |
No.146, East Coast Road, Injambakkam, Chennai – 600041, Tamilnadu,
India |
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Tel No. : |
91-44-24490130 |
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Fax No. : |
91-44-24490836 |
DIRECTORS
AS ON: 31.03.2013
|
Name : |
Mr. Vinod Vohra |
|
Designation : |
Chairman |
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Date of Birth : |
15.02.1952 |
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Qualification : |
Science Graduate |
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Date of Appointment: |
01.04.1993 |
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|
Name : |
Mr. Sanjeev Vohra |
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Designation : |
Managing Director |
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Date of Birth : |
25.02.1957 |
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Qualification : |
Graduate in Economics and Finance |
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Date of Appointment: |
01.04.1993 |
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|
Name : |
Mr. Mukesh Dhruve |
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Designation : |
Whole Time Director |
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Date of Birth : |
28.04.1960 |
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Qualification : |
B.Com, FCA |
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Date of Appointment: |
28.12.1993 |
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Name : |
Mr. Rajeev Vohra |
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Designation : |
Whole Time Director |
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Date of Birth : |
08.10.1960 |
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Qualification : |
Commerce Graduate |
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Date of Appointment : |
01.04.1993 |
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Name : |
Mr. Pramod Khera |
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Designation : |
Director |
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Date of Birth : |
22.02.1960 |
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Qualification: |
B. Tech. from IIT Delhi, PGDIM from IIM Bangalore and PhD
in “Knowledge Management” from Pune University |
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Date of Appointment: |
18.05.2009 |
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|
Name : |
Mr. Dushyant Mehta |
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Designation : |
Non Executive Director |
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Date of Birth : |
02.10.1955 |
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Qualification: |
MBA in Marketing |
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Date of Appointment: |
28.12.1993 |
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Name : |
Mr. Alyque Padamsee |
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Designation : |
Non Executive Director |
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Date of Birth : |
05.03.1931 |
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Qualification: |
Graduation in Arts |
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Date of Appointment: |
06.05.1994 |
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|
Name : |
Dr. Jamshed J Irani |
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Designation : |
Non Executive Director |
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Name : |
Mr. Sanjay Asher |
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Designation : |
Non Executive Director |
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Date of Birth : |
26.11.1964 |
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Qualification: |
B.Com, FCA, LLB and Solicitor |
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Date of Appointment: |
02.05.2000 |
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Name : |
Mr. Ullal R. Bhat |
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Designation : |
Non Executive Director |
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Name : |
Mr. P Krishnamurthy |
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Designation : |
Non- Executive Director |
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Date of Birth : |
28.10.1948 |
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Date of
Appointment : |
23.05.2008 |
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Qualifications : |
B.Com (Hons), St. Xavier’s College, University of Calcutta Chartered Accountant All India Rank Holder of the Institute of Chartered Accountants of
India |
KEY EXECUTIVES
|
Name : |
Ms. Madhavi Kulkarni |
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Designation : |
Company Secretary and Compliance Officer |
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Name : |
Mr. Dinesh |
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Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 30.09.2013
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
1855218 |
17.01 |
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|
5537643 |
50.79 |
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|
7392861 |
67.80 |
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Total shareholding of Promoter and Promoter Group (A) |
7392861 |
67.80 |
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(B) Public Shareholding |
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|
136573 |
1.25 |
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|
274821 |
2.52 |
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|
411394 |
3.77 |
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|
514604 |
4.72 |
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|
1344504 |
12.33 |
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|
575782 |
5.28 |
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|
664614 |
6.10 |
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|
14433 |
0.13 |
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|
27930 |
0.26 |
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|
620901 |
5.69 |
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|
1350 |
0.01 |
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|
3099504 |
28.43 |
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Total Public shareholding (B) |
3510898 |
32.20 |
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Total (A)+(B) |
10903759 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
10903759 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Providing print solutions to client, which mainly includes
value engineering, creative designing, pre-press, printing, post-press,
knitting and assembly, warehousing, dispatch, database management, sourcing
and procurement, localization and web based services. |
GENERAL INFORMATION
|
No. of Employees : |
1000 (Approximately) |
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Bankers : |
· Axis Bank Limited · Citibank N.A. · DBS Bank Limited · HDFC Bank Limited · ING Vysya Bank Limited · Standard Chartered Bank · State Bank of Travancore |
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Facilities : |
(Rs.
In Millions)
Notes: Foreign currency
loans from banks (Rs. in Millions)
Vehicle loans are repayable in 3 to 5 years from the loan disbursement date. Vehicle loans acquired under finance lease carry interest rate in the range of 10.75% p.a to 14% p.a and are secured against vehicles acquired under the said loans.
Short Term Borrowings from banks are secured by hypothecation of stock, receivables and other current assets of the Company both present and future ranking pari passu with all banks. The packing credit facilities amounting to Rs.167.518 Millions (March 31, 2012: Rs.154.867 Millions) are partly secured by second charge on the fixed assets of the Company ranking pari passu with all banks. Cash credit and working capital demand loans from banks are repayable on demand and carries interest @12% to 14% p.a. Letter of credit are repayable within 180 days Packing credit loans are repayable within 180 days and carry interest @ 4% to 5%. Bank overdraft are repayable within a year and carry interest @ 13% to 14%. Bank overdraft are secured against receivables and inventory. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
S R Batliboi and Company Chartered Accountants |
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Address : |
2nd Floor, Union Co-operative
Insurance Building, 23, Sir Phiroz Shah Mehta Road, Fort, Mumbai - 400 001,
Maharashtra, India |
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|
|
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Solicitors : |
Crawford Bayley and Company |
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Holding Company : |
Repro Enterprises Private Limited |
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Subsidiary Company
: |
·
Repro
Innovative Digiprint Limited · Repro Knowledgecast Limited |
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Enterprises owned
or significantly influenced by Key management personnel or their relatives : |
· Trisna Trust · Zoyaksa Consultants Private Limited ·
Quadrum Solutions Private Limited |
CAPITAL STRUCTURE
AS ON: 22.09.2013
Authorised Capital : Rs.250.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.109.011 Millions
AS ON: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
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|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10897059 |
Equity Shares |
Rs.10/- each |
Rs.108.971 Millions |
|
|
|
|
|
a. Reconciliation of
shares outstanding at the beginning and at the end of the year
|
Equity Shares |
March 31, 2013 |
|
|
|
No. |
Rs. in Millions |
|
At the beginning of the year |
10843074 |
108.431 |
|
Issued during the year - ESOP exercised |
53985 |
0.540 |
|
Outstanding at the end of the year |
10897059 |
108.971 |
b. Terms/rights
attached to equity shares
The Company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended March 31, 2013, the amount of per share dividend recognized as distributions to equity shareholders was Rs. 10 (March 31, 2012: Rs. 10).
In the event of liquidation of the company, the holders of equity shares will be entitled to receive the remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.
c. Shares held by
Holding/Ultimate Holding Company and/or their Subsidiaries/Associates
Out of equity shares issued by the Company, shares held by its Holding Company, Ultimate Holding Company and their Subsidiaries/Associates are as below:
|
All nos. |
March 31, 2013 |
|
Repro Enterprises Private Limited, the holding company |
5537643 |
d. Details of
shareholders holding more than 5% shares in the Company
|
|
March 31, 2013 |
|
|
|
No. |
% holding in the class |
|
Equity shares of
Rs.10 each fully paid |
|
|
|
Repro Enterprises Private Limited, holding company |
5537643 |
50.82% |
|
Asia Advantage Fund |
571021 |
5.24% |
As per of the Company, including its register of shareholders/ members the above shareholding represents the legal ownerships of shares.
e. Shares reserved
for issue under options
For details of shares reserved for issue under the Employee Stock Option Plan (ESOP) of the Company
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
108.971 |
108.431 |
105.599 |
|
(b) Reserves & Surplus |
1791.698 |
1532.652 |
1288.684 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
1900.669 |
1641.083 |
1394.283 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
456.178 |
713.822 |
512.366 |
|
(b) Deferred tax liabilities (Net) |
112.187 |
85.086 |
78.162 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
37.749 |
31.740 |
35.135 |
|
Total Non-current Liabilities
(3) |
606.114 |
830.648 |
625.663 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
907.171 |
1096.086 |
878.770 |
|
(b) Trade payables |
408.726 |
330.202 |
199.146 |
|
(c) Other current liabilities |
363.512 |
338.399 |
238.007 |
|
(d) Short-term provisions |
174.514 |
142.866 |
77.042 |
|
Total Current
Liabilities (4) |
1853.923 |
1907.553 |
1392.965 |
|
|
|
|
|
|
TOTAL |
4360.706 |
4379.284 |
3412.911 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1684.052 |
1554.529 |
1331.992 |
|
(ii) Intangible Assets |
70.861 |
87.428 |
53.932 |
|
(iii) Capital work-in-progress |
29.335 |
123.429 |
13.224 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
40.748 |
0.748 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
622.613 |
502.390 |
235.644 |
|
(e) Trade receivables |
67.663 |
7.564 |
19.782 |
|
(e) Other Non-current assets |
30.366 |
26.733 |
18.547 |
|
Total Non-Current
Assets |
2545.638 |
2302.821 |
1673.121 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
90.000 |
|
(b) Inventories |
207.325 |
178.885 |
181.729 |
|
(c) Trade receivables |
1386.955 |
1010.966 |
811.045 |
|
(d) Cash and cash equivalents |
22.928 |
724.951 |
511.042 |
|
(e) Short-term loans and advances |
187.054 |
149.276 |
127.905 |
|
(f) Other current assets |
10.806 |
12.385 |
18.069 |
|
Total Current
Assets |
1815.068 |
2076.463 |
1739.790 |
|
|
|
|
|
|
TOTAL |
4360.706 |
4379.284 |
3412.911 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3819.514 |
3541.429 |
2686.491 |
|
|
|
Other Income |
3.565 |
4.482 |
102.995 |
|
|
|
TOTAL (A) |
3823.079 |
3545.911 |
2789.486 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material and packing material consumed |
1667.365 |
1718.454 |
1492.049 |
|
|
|
(Increase)/Decrease in inventories of finished goods and work-in progress |
13.292 |
16.043 |
(15.686) |
|
|
|
Employee benefit expenses |
366.848 |
343.551 |
307.376 |
|
|
|
Other expenses |
1088.789 |
885.423 |
620.380 |
|
|
|
Interest income |
(27.714) |
(34.889) |
0.000 |
|
|
|
Prior period expenses |
0.000 |
3.898 |
0.000 |
|
|
|
TOTAL (B) |
3108.580 |
2932.480 |
2404.119 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
714.499 |
613.431 |
385.367 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
151.089 |
123.194 |
78.651 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
563.410 |
490.237 |
306.716 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
147.712 |
122.887 |
110.784 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
415.698 |
367.350 |
195.932 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
31.335 |
6.924 |
(31.992) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
384.363 |
360.426 |
227.924 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
2041.932 |
1950.739 |
1461.931 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
20.561 |
192.785 |
185.899 |
|
|
|
Stores & Spares |
13.732 |
11.920 |
6.436 |
|
|
|
Capital Goods |
1.951 |
184.848 |
81.456 |
|
|
TOTAL IMPORTS |
36.244 |
389.553 |
273.791 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
35.30 |
33.66 |
21.63 |
|
|
|
Diluted |
34.90 |
33.28 |
20.97 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
10.05 |
10.16 |
8.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.88 |
10.37 |
7.29 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.33 |
9.79 |
6.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.22 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.72 |
1.10 |
1.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.98 |
1.09 |
1.25 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
CASE DETAILS BENCH : BOMBAY
|
||||||||||||||||||||||||||||||||||||
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Cash credit from banks |
0.134 |
0.000 |
|
|
|
|
|
Total |
0.134 |
0.000 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10429491 |
07/05/2013 |
220,000,000.00 |
Standard
Chartered Bank |
Narain Manzil, 23, Barakhamba Road, Delhi,
Delhi - 110001, India |
B76480250 |
|
2 |
10360357 |
01/08/2013 * |
400,000,000.00 |
CITIBANK N. A. |
First International Financial Centre, 9th Floor,
Plot No.C-54, C-55, G-Block, BKC, Bandra (E), Mumbai, Maharashtra - 400051,
India |
B83027797 |
|
3 |
10308230 |
26/09/2011 |
200,000,000.00 |
HDFC BANK
LIMITED |
HDFC Bank House Senapati Bapat Marg, Lower
Parel W, Mumbai, Maharashtra - 400013, India |
B21511563 |
|
4 |
10195047 |
22/12/2009 |
243,000,000.00 |
DBS BANK LIMITED |
3rd Floor, Fort House, 221, Dr. D.N. Road,
Fort, Mumbai, Maharashtra - 400001, India |
A76627306 |
|
5 |
10136886 |
31/10/2013 * |
400,000,000.00 |
DBS BANK
LIMITED. |
3rd Floor, Fort House, Dr. D N Road, Fort,
Mumbai- 400001, Maharashtra, India |
B89505887 |
|
6 |
10141832 |
25/05/2011 * |
100,000,000.00 |
AXIS BANK
LIMITED |
209, Atlanta, Nariman Point, Mumbai,
Maharashtra - 400025, India |
B14920078 |
|
7 |
10141833 |
21/06/2012 * |
320,000,000.00 |
AXIS BANK
LIMITED |
Corporate Banking Branch, Corporate
Office, Ground Floor, Bombay Dyeing Mills Compound, P. B. Marg, Worli, |
B45125242 |
|
8 |
80026312 |
19/11/2009 * |
370,000,000.00 |
STATE BANK OF
TRAVANCORE |
Corporate Finance Branch, 112-115 Tulsiani
Chember, 1 St Floor, West Wing, 212, Nariman Point, Mumbai, Maharashtra -
400021, India |
A74408089 |
|
9 |
80006289 |
18/03/2013 * |
615,000,000.00 |
STANDARD CHARTERED
BANK |
Crescenzo, 3A/F, Plot no. C-38 and 39, G
Block, Bandra Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, India |
B71199285 |
|
10 |
90235040 |
02/01/2012 * |
1,110,000,000.00 |
STANDARD
CHARTERED BANK |
Narain Manzil, 23, Barakhamba Road, Delhi,
Delhi- 110001, India |
B30361059 |
|
11 |
80053130 |
27/11/2002 |
26,500,000.00 |
GE CAPITAL SERVICES INDIA |
AIFACS Building,1, Rafi Marg, New Delhi,
Delhi 110001, INDIA |
- |
|
12 |
90234696 |
16/08/2012 * |
340,000,000.00 |
ING VYSYA BANK LIMITED |
Patel Chambers, Ground Floor, Sandhurst
Bridge, Opera House, Mumbai, Maharashtra - 400007, India |
B58239542 |
|
* Date of
charge modification |
||||||
PERFORMANCE REVIEW
STANDALONE
There has been 8% growth in revenue, from Rs. 3541.400 Millions in 2012 to Rs. 3819.500 Millions in 2013.
Operating profit has grown by 18% from Rs. 582.400 Millions to Rs. 686.800 Millions. There has been a 13% growth in Profit Before Tax, from Rs. 367.300 Millions to Rs. 415.700 Millions and 7% growth in PAT from Rs. 360.400 Millions to Rs. 384.400 Millions.
The Consolidated Net Revenue from Operations has been Rs. 3825.700 Millions and Consolidated Net Profit for the year is Rs. 367.000 Millions.
The export domestic ratio for the year is 56:44. During the year, the Company did an export business of close to Rs. 1500.000 Millions from the Surat facility.
BUSINESS HIGHLIGHTS
Looking at the growing trend of the electronic media in the education space, the Company is expanding its horizons to Educational Content Management and a Delivery Solutions Project by which the Company is entering into the domain of selling of e Books and e Learning Solutions with a focus on Education.
RAPPLESTM (Repro Applied Learning Solutions) is the new initiative which provides complete end to end digital content delivery an education platform for different educational segments. RAPPLES comprises of various computer and networking hardware and software at back-end to deliver and manage interactive educational digital content with e-book reader to deliver the content and Learning Management Systems manage end to end education delivery. There are Tablet computers provided to students for learning and to teachers for teaching in audio-visual multimedia classroom with projector and appropriate sound systems.
Repro CloudStoreTM, Repro's Digital Storefront is a one stop repository of millions of titles online that can be accessed at the click of a button. It has been built with one basic premise, that every book lover, anywhere in the world, should have access to eBooks of their choice, at any time with the simplest possible system and the easiest possible process. With technology changing as fast as the seasons, content can be accessed and downloaded easily on almost any device. It is device and platform agnostic. Security is of utmost importance and all content available are fully secured with industry standard digital rights management systems. The professional payment gateways services from trusted partners are with the highest levels of e-security.
The Company offers solutions at every stage of a publisher’s value chain. Repro serves book publishers and organizations across Asia, Africa, Europe and North America producing multiple product formats such as books, ebooks and other interactive content. This focus on education, coupled with the Company’s increase in capability, is ushering in a time of growth for the Company. One of the Company’s main strategies has been it’s focus on education. Education in India and Africa is seen as a means of lifting nations to a middle-income status. These facts are indicative of the opportunity the education segment offers. The Company's vision remains to continue enabling quality educational content - through the digital and print medium – so that it can partner in the change it can make in millions of lives and share the benefit of this growth with its stakeholders.
For over two decades, the Company has been meeting the needs of educational publishers across India, Africa, UK and USA. The Company has worked consciously and aggressively to ensure that its stays in tune with changing technology to continue enabling educational content reach students everywhere. And having recognized the different needs of different publishers, the Company offers print solutions that are best suited to them, giving them both the economies and quality they need.
The Company's corporate head quarters moved to a new premises, which is a larger, more accessible and suitable location at Parel, Mumbai. This opportunity was picked up to consolidate the IT infrastructure into single place with more state-of-art networking as well connectivity to multiple operating locations. A new data center was built in a dedicated space which is compliant to various standards for redundancy and high speed internal LAN as well as WAN connectivity. It is equipped with data security devices and mass data storage and cloud capacity. Now the infrastructure is poised for ISO 27001 level certification with high data assurance, availability and security to all operating locations, internal employees as well as customers. It helps company move to more digital collaborative work culture for business productivity benefits.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
OVERVIEW
The education industry across the world is an area where there is a continuous requirement for high quality material – whether it be print or digital. Developed countries spend anywhere between 5-6% of their GDP on education. India along with peers like Brazil, Russia and China falls in the category of countries which spend 2-4% of their GDP on education. The government proposes to increase the education expense to 5% of GDP from the current levels of 3% to meet the increasing “youth” demographic which needs to be educated.
The Indian books market, estimated to be $1.75bn in size, can be divided into two segments – text books ($1.2bn) and supplementary books ($510m). With a large ‘under-24’ population of ~ 500m, the CBSE (Central Board of Secondary Education), board estimates India will soon need 150,000 more private schools—twice as many as it has at present. Various education services, including more schools, vocational training—all of which face serious shortages today—will be needed.
DEVELOPMENTS DURING
THIS YEAR :
Against the background of a growing global need for education, Repro is well positioned to take advantage of the opportunities. The company has already taken several strategic initiatives in various areas of technology to build and grow its current business, while also make significant inroads into the digital sphere as well.
The Indian Education Publishing market is highly fragmented with over 8000 publishers. Each of these publishers have strong ties with select educational institutions, where their books are used. Repro’s client base is in excess of 500 Publishers and Educational Institutions. Building on the foundation of strong relationships with its customers, the company has focused on some specific areas of growth:
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
March 31, 2013 |
March 31, 2012 |
|
Bill discounted with Banks |
33.414 |
57.975 |
|
Cenvat Refund claim (Note 1) |
60.305 |
60.305 |
|
Service Tax Refund (Note 2) |
7.882 |
5.029 |
|
Excise Rebate (Note 3) |
4.447 |
4.447 |
|
Customs duty demand on imported computer software (Note 4) |
317.607 |
317.607 |
|
Obligation under Export Promotion Capital Goods Scheme (Note 5) |
49.038 |
85.309 |
|
Corporate guarantee given to Repro Knowledgecast Limited |
163.168 |
- |
Note 1
As against the Cenvat refund claim of Rs. 20.484 Millions for the period April 2007 to December 2007, the Company received a refund of Rs. 17,340,854. The Company had preferred an appeal against the aforesaid deduction of Rs. 3.143 Millions and subsequently, the appeal has also been initiated by the Excise Authorities for the refund so granted. The Cenvat Refund for the subsequent period from January 2008 to June 2010 aggregating to Rs. 39.820 Millions is outstanding as receivable from Excise Authorities as on March 31, 2013. Based on the legal advice sought in this regard by the Company, the Company is confident of a favorable decision in respect of these litigations and does not foresee any liability in this regard and is accordingly confident of the full realization of the outstanding receivable. However, as a matter of abundant caution, pending final decision in this regard, the total amount of Rs. 60.305 Millions (including the refund of Rs. 17.341 Millions, which has been received, and may have to be refunded in case of an unfavorable outcome) has been included under contingent liabilities.
Note 2
The Company has received an Order from Commissioner of Central Excise dated May 20, 2011 rejecting the refund claim stating it as time barred. The Company had filed an appeal before the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) against the above Order. Based on the legal advice sought in this regard by the Company, the Company is confident of a favorable decision in respect of these litigations and does not foresee any liability in this regard and is accordingly confident of the full realization of the outstanding receivable. However, as a matter of abundant caution, pending final decision in this regard, the total amount of Rs. 7,881,985 (which has been shown as receivable, and may have to be written off in case of an unfavorable outcome) has been included under contingent liabilities.
Note 3
The Company had received an Order from Commissioner of Central Excise dated February 21, 2011 rejecting the refund claim stating it as time barred. The Company had filed an appeal on June 6, 2011 against the said order. Based on the legal advice sought in this regard by the Company, the Company is confident of a favorable decision in respect of these litigations and does not foresee any liability in this regard and is accordingly confident of the full realization of the outstanding receivable. However, as a matter of abundant caution, pending final decision in this regard, the total amount of Rs. 4.447 Millions (which has been shown as receivable, and may have to be written off in case of an unfavorable outcome) has been included under contingent liabilities.
Note 4
The Company had received Order from Commissioner of Customs (Import), levying differential duty and penalties for the period March 2006 to March 2009 aggregating to Rs. 317.607 Millions plus interest on duty at the appropriate rate as applicable during the relevant period, on the computer software imported by the Company for its erstwhile Microsoft business. The Company had filed an appeal before the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) against the above Order. The case has been remanded by CESTAT back to the Commissioner Customs to decide the matter afresh. Further, in case of erstwhile Microsoft business, show cause notice was issued by The Commissioner of Central Excise for inclusion of Royalty/License fees in the assessable value for arriving at the excise duty liability. Based on the legal advice, the management is confident that no liability will devolve on the Company in respect of the above litigations.
Note 5
The Company imports Capital Goods under the Export Promotion Capital Goods Scheme of the Government of India at concessional rates of duty on an undertaking to fulfill quantified exports against which Minimum Export obligation is to be fulfilled by the Company under the said scheme. Non fulfillment of the balance of such future obligations in the manner required, if any, entails options/rights to the Government to confiscate capital goods imported under the said licenses and other penalties under the above-referred scheme.
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED JUNE 30, 2013
(Rs. In Millions)
|
Sr. No. |
Particulars |
3 Months ended 30th Jun 2013 (Unaudited) |
|
1 |
Income from
Operations |
|
|
|
(a) Net sales/income from operations (Net of excise duty) |
870.582 |
|
|
(b) Other Operating Income |
20.307 |
|
|
Total income from
operations (net) |
890.889 |
|
2 |
Expenses |
|
|
a) |
Cost of Materials consumed |
474.899 |
|
b) |
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(19.167) |
|
c) |
Employee benefits expense |
92.013 |
|
d) |
Depreciation and amortisation expense |
41.292 |
|
e) |
Other expenses |
189.265 |
|
f) |
Total expenses |
778.302 |
|
3 |
Profit from
Operations before Other Income and Finance Costs (1-2) |
112.587 |
|
4 |
Other Income |
17.812 |
|
5 |
Profit from
ordinary activities before finance costs (3+4) |
130.399 |
|
6 |
Finance Costs |
33.652 |
|
7 |
Profit from ordinary
activities before tax (5-6) |
96.747 |
|
8 |
Tax Expenses |
|
|
a) |
Current Tax (MAT) |
20.500 |
|
b) |
Mat credit entitlement |
(15.700) |
|
c) |
Deferred Tax |
8.700 |
|
d) |
Tax for earlier years |
(7.129) |
|
9 |
Net profit for the
period (7-8) |
90.376 |
|
10 |
Paid-up equity share capital (Face value Rs. 10/- per share) |
109.038 |
|
11 |
Reserves excluding revaluation reserves as per balance sheet of previous accounting year |
- |
|
12 |
Earning Per Share
(EPS) (of Rs. 10/- each) (not annualised) |
|
|
a) |
Basic EPS (Rs.) |
8.29 |
|
b) |
Diluted EPS (Rs.) |
8.14 |
PART II Select Information for the Quarter ended
June 30, 2013
|
1 |
Public shareholding
: |
|
|
|
Number of shares |
3660898 |
|
|
Percentage of shareholding |
33.57% |
|
2 |
Promoters and
promoter group shareholding |
|
|
a |
Pledged/Encumbered |
|
|
|
Number of shares |
- |
|
|
Percentage of shares (as a percentage of the total shareholding of promoter and promoter group) |
- |
|
|
Percentage of shares (as a percentage of the total share capital of the Company) |
- |
|
b |
Non-Encumbered |
|
|
|
Number of shares |
7242861 |
|
|
Percentage of shares (as a percentage of the total shareholding of promoter and promoter group) |
100% |
|
|
Percentage of shares (as a Percentage of the total share capital of the Company) |
66.43% |
Investor Complaints
|
Particulars |
3 months ended 30th June, 2013 |
|
Pending at the beginning of the quarter |
NIL |
|
Received during the quarter |
TWO |
|
Disposed off during the quarter |
TWO |
|
Remaining unresolved at the end of the quarter |
NIL |
NOTES :
1 The above results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meeting held on 12th August, 2013.
2 The Company operates in one single business segment of "Value Added Print Solutions". This, in the context of Accounting Standard 17 on Segment Reporting, as specified in the Companies (Accounting Standards) Rules, 2006, is considered to constitute one single primary segment.
3 There has been an increase in the public and decrease in promoter percentage shareholding during the quarter ended June 30, 2013 owing to exercise of stock options by the employees under the Repro India Limited - Employee Stock Option Scheme, 2006.
4 Previous period figures have been reclassified and regrouped wherever necessary.
5 The figures for the three months ended March 31, 2013 as reported in these financial results are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only been reviewed and not subjected to audit.
6 The results for the quarter ended 30 June 2013 have been subjected to "Limited Review" by the statutory auditors. The Limited Review Report does not contain any modification and will be filed with the Stock Exchanges
FIXED ASSETS
Tangible Assets
· Leasehold Land
· Buildings
· Plant and Machinery
· Office Equipments
· Furniture and Fixtures
· Vehicles
· Leasehold Improvements
Intangible Assets
· Computer Software
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. 62.06 |
|
UK Pound |
1 |
Rs. 102.03 |
|
Euro |
1 |
Rs. 85.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
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 |
- |
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.