MIRA INFORM REPORT

Report Date :

07.02.2013

IDENTIFICATION DETAILS

Name :	REPRO INDIA LIMITED
Registered Office :	Marathe Udyog Bhavan, 2^nd Floor, Appasaheb Marathe Marg, Prabhadevi, Mumbai - 400 025
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	01.04.1993
Com. Reg. No.:	11-071431
Capital Investment / Paid-up Capital :	Rs.108.431 Millions
CIN No.: [Company Identification No.]	L22200MH1993PLC071431
TAN No.: [Tax Deduction & Collection Account No.]	MUMR06821G
PAN No.: [Permanent Account No.]	AAACR0379J
Legal Form :	A 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.
No. of Employees :	1000 (Approximately)

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 6600000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A1 (Commercial Paper)
Rating Explanation	Having very strong degree of safety regarding timely payments of financial obligation. It carry 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.

LOCATIONS

Registered Office / Corporate Office :	Marathe Udyog Bhavan, 2^nd 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
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
Factory 3 :	No.146, East Coast Road, Injambakkam, Chennai – 600041, India

DIRECTORS

As on: 31.03.2012

Name :	Mr. Vinod Vohra
Designation :	Chairman
Date of Birth :	15.02.1952
Qualification :	Science Graduate
Date of Appointment:	01.04.1993
Name :	Mr. Sanjeev Vohra
Designation :	Managing Director
Date of Birth :	25.02.1957
Qualification :	Graduate in Economics and Finance
Date of Appointment:	01.04.1993
Name :	Mr. Mukesh Dhruve
Designation :	Whole Time Director
Date of Birth :	28.04.1960
Qualification :	B.Com, FCA
Date of Appointment:	28.12.1993
Name :	Mr. Rajeev Vohra
Designation :	Whole Time Director
Date of Birth :	08.10.1960
Qualification :	Commerce Graduate
Date of Appointment :	01.04.1993
Name :	Mr. Pramod Khera
Designation :	Director
Date of Birth :	22.02.1960
Qualification:	B. Tech. from IIT Delhi, PGDIM from IIM Bangalore and PhD in “Knowledge Management” from Pune University
Date of Appointment:	18.05.2009
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 :	26.11.1964
Qualification:	B.Com, FCA, LLB and Solicitor
Date of Appointment:	02.05.2000
Name :	Mr. Ullal R. Bhat
Designation :	Non Executive Director
Name :	Mr. P Krishnamurthy
Designation :	Non- Executive Director
Date of Birth :	28.10.1948
Date of Appointment :	23.05.2008
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
Designation :	Company Secretary and Compliance Officer

SHAREHOLDING PATTERN

As on: 31.12.2012

Category of Shareholder	No. of Shares	Percentage of Holding
		As a % of (A+B+C)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1705221	15.65
Bodies Corporate	5537643	50.83
Sub Total	7242864	66.48
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	7242864	66.48
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	67800	0.62
Financial Institutions / Banks	19000	0.17
Foreign Institutional Investors	775518	7.12
Sub Total	862318	7.92
(2) Non-Institutions
Bodies Corporate	247801	2.27
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Millions	1224789	11.24
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Millions	626105	5.75
Any Others (Specify)	690482	6.34
Clearing Members	26913	0.25
Non Resident Indians	41318	0.38
Directors and their Relatives & Friends	620901	5.70
Trusts	1350	0.01
Sub Total	2789177	25.60
Total Public shareholding (B)	3651495	33.52
Total (A)+(B)	10894359	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	10894359	0.00

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.

GENERAL INFORMATION

No. of Employees :

1000 (Approximately)

Bankers :

• Axis Bank Limited
• DBS Bank Limited
• Citi Bank
• ING Vysya Bank Limited
• Standard Chartered Bank
• State Bank of Travancore
• HDFC Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long term Borrowing
Term loans
Foreign currency loan from banks	711.331	512.160
Vehicle Loans	2.491	0.206
Short Term Borrowing
Cash credit from banks	454.069	97.025
Buyers credit from banks	152.675	253.347
Packing credit loan from banks	489.342	528.398
Total	1809.908	1391.136

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Company Chartered Accountants
Address :	2^nd Floor, Union Co-operative Insurance Building, 23, Sir Phiroz Shah Mehta Road, Fort, Mumbai - 400 001
Solicitors :	Crawford Bayley and Company
Holding Company :	Repro Enterprises Private Limited (formerly known as Reproductions Private Limited)
Subsidiary Company :	Repro Innovative Digiprint Limited

CAPITAL STRUCTURE

As on: 31.03.2012

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
10843074	Equity Shares	Rs.10/- each	Rs.108.431 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		108.431	105.599	104.951
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		1547.841	1288.684	1129.915
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1656.272	1394.283	1234.866
LOAN FUNDS
1] Secured Loans		1809.908	1391.136	1353.104
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		1809.908	1391.136	1353.104
DEFERRED TAX LIABILITIES		85.086	78.162	118.966
TOTAL		3551.266	2863.581	2706.936
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1641.957	1385.924	1339.649
Capital work-in-progress		123.429	13.224	27.287
INVESTMENT		0.748	90.000	108.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
FOREIGN CURRENCY MONETARY ITEM TRANSLATION DIFFERENCE		15.189	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	178.885	181.729	193.354
	Sundry Debtors	1028.630	830.826	668.395
	Cash & Bank Balances	724.951	511.042	350.781
	Other Current Assets	39.118	36.616	0.042
	Loans & Advances	641.566	363.549	278.274
Total Current Assets		2613.150	1923.762	1490.846
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	330.202	199.146	157.647
	Other Current Liabilities	343.546	238.007	43.647
	Provisions	169.459	112.176	57.552
Total Current Liabilities		843.207	549.329	258.846
Net Current Assets		1769.943	1374.433	1232.000
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		3551.266	2863.581	2706.936

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Revenue from Operation	3456.811	2686.491	2013.732
		Other Income	39.371	102.995	20.646
		TOTAL (A)	3496.182	2789.486	2034.378
Less	EXPENSES
		Cost of raw material and packing material consumed	1733.508	1492.049	1700.703
		(Increase)/ Decrease in inventories of finished goods and work in progress	16.042	-15.686
		Employee benefit expenses	344.350	307.376
		Other expenses	784.952	620.380
		Prior period expenses (net)	3.898	0.000
		TOTAL (B)	2882.750	2404.119	1700.703
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		613.432	385.367	333.675
Less	FINANCIAL EXPENSES (D)		123.194	78.651	67.409
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		490.238	306.716	266.266
Less/ Add	DEPRECIATION/ AMORTISATION (F)		122.887	110.784	100.438
	PROFIT BEFORE TAX (E-F) (G)		367.350	195.932	165.828
Less	TAX (H)		6.924	(31.991)	(9.759)
	PROFIT AFTER TAX (G-H) (I)		360.426	227.924	175.587
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		801.355	704.855	583.663
Less	APPROPRIATIONS
		Transfer to General Reserve	36.000	22.800	17.559
		Proposed Dividend	108.400	63.400	31.485
		Tax on Dividend	17.600	10.300	5.351
	BALANCE CARRIED TO THE B/S		963.355	801.355	704.855
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. Value of Export	1950.739	1461.931	1103.694
	TOTAL EARNINGS		1950.739	1461.931	1103.694
	IMPORTS
		Raw Materials	192.785	185.899	562.044
		Stores & Spares	11.920	6.436	18.732
		Capital Goods	184.848	81.456	173.256
	TOTAL IMPORTS		389.553	273.791	754.032
	Earnings Per Share (Rs.)
	Basic		33.66	21.63	16.75
	Diluted		33.28	20.97	16.39

QUARTERLY RESULTS

PARTICULARS	30.06.2012 1^st Quarter	30.09.2012 2^nd Quarter	31.12.2012 3^rd Quarter
Net Sales	938.100	1008.200	963.700
Total Expenditure	792.500	847.400	801.300
PBIDT (Excl OI)	145.600	160.800	162.500
Other Income	14.600	10.600	14.600
Operating Profit	160.200	171.400	177.100
Interest	27.200	27.200	30.300
Exceptional Items	0.000	0.000	0.000
PBDT	133.000	144.300	146.800
Depreciation	36.200	35.900	36.500
Profit Before Tax	96.900	108.400	110.200
Tax	6.600	17.700	0.000
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	90.200	90.700	110.200
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	90.200	90.700	110.200

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	10.31	8.17	8.63
Net Profit Margin (PBT/Sales)	(%)	10.63	7.29	8.23
Return on Total Assets (PBT/Total Assets}	(%)	8.63	5.92	5.86
Return on Investment (ROI) (PBT/Networth)		0.22	0.14	0.13
Debt Equity Ratio (Total Debt/Networth)		1.09	1.00	1.10
Current Ratio (Current Asset/Current Liability)		3.10	3.50	5.76

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	No
10]	Designation of contact person	No
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	----------------------
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

PERFORMANCE REVIEW:

There has been 29 % growth in revenue, from Rs.2686.500 Millions in 2011 to Rs.3456.800 Millions in 2012.The Operating Profit has grown by 60% from Rs.385.400 Millions to Rs.617.300 Millions. There has been a growth of 87% in Profit Before Tax, from Rs.195.900 Millions in 2011 to Rs.367.300 Millions in 2012 and 58% growth in PAT from Rs.227.900 Millions in 2011 to Rs.360.400 Millions in 2012.

OVERVIEW:

Across the world, education is a stepping stone in life. At Repro, education defines their drive to be far more than just a print company, as they emerge a provider of educational solutions. Within the educational delivery chain, Repro has been providing customized solutions in content, production and distribution to publishers around the world. From enabling content to managing it through its life cycle, converting it into different formats and providing logistical solutions, the Company’s focus is to enhance value for its clients. Its vision is to produce quality educational material for the clients’ end users – the students. The Company is working towards offering solutions

at every stage of the education value chain, so that its clients – educational publishers - can grow their business, while the Company continues to enhance education and achieve growth. The Company recognizes that knowledge and content are the key drivers for the future. It is expanding its capabilities to provide solutions to clients by investing in technologies, re-skilling people, and expanding capacities and preparing for the future.

DEVELOPMENTS DURING THIS YEAR:

Keeping the changing needs of clients in mind, a solutions and services approach to business has become the defining edge for Repro. This approach has found manifestation in various value additions to their clients’ businesses such as marketing, store-front, fulfillment and logistics, customer service and an optimized print cycle. Repro India is diversifying its scope of solutions, moving from standalone print services to content management,

and conversion to new formats.

In the last year, the Company has made significant strides in entrenching itself as a leading global player in the education segment. One of the Company’s main strategies has been the focus on education, which offers immense opportunity in markets like India and Africa. Within the Indian market, the Company is fully equipped to cater to all four geographical regions in India, with the ability to execute print runs ranging from a single copy to a million copies.

Education is the crux of the Indian publishing industry and is slowly adapting itself to newer formats, such as the digital space. In India, the Company has succeeded in a price-sensitive market by offering services ranging from content to fulfillment solutions, in the form of warehousing and logistical support to its clients and managing their inventory right up to the last mile dispatch. Some of Repro’s key clients in India include Pearson, Macmillan, Oxford University Press, Orient Black swan, Laxmi Publication, Vikram, Saraswati Publications, etc.

In Africa, the Company’s range of products and unique solutions can help local publishers advance education. The Company has established itself in 22 African countries, predominantly in western, eastern and southern Africa. Some of the key services include adapting content to cater to a specific geographic region, providing endto- end content and print solutions across services like content management, content digitization, e-books, e-pub and many more services. Some of the key clients in the region are University Press Ltd., Cosmos Education

Publishers Ltd., Ben and Co. Ltd., Evans Brothers, HEBN Publishers Plc., Maskew Miller Longman, etc. The Company has been a part of a World Bank funded project. In FY 2011-12, Repro executed the single largest order of 22 million books for the Government of Nigeria. It was also awarded a direct World Bank tender in Ethiopia.

In Western markets, where e-learning is re-defining education, the Company is preparing for an exciting challenge, with substantial investments in technology. The scope of e-learning extends beyond just schools and higher education institutions to encompass the corporate world, as well. The Company offers services such as digitization of legacy content, with the ability to store millions of pages in the content warehouse and convert existing content into multiple formats.

STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2012

(Rs In Millions)

Sr. No.	Particulars	3 Months ended 31st December, 2012 (Unaudited)	3 Months ended 30th September, 2012 (Unaudited)	Year to date figures for current period ended 31st December, 2012 (Unaudited)
1	Income from Operations
	(a) Net sales/income from operations(Net of excise duty)	945.137	976.701	2826.630
	(b) Other Operating Income	18.593	31.456	83.358
	Total income from operations (net)	963.730	1008.157	2909.988
2	Expenses
a)	Cost of Materials consumed	435.516	421.040	1252.939
b)	Changes in inventories of finished goods,work-in-progress and stock-in-trade	(16.166)	(14.079)	(9.923)
c)	Employee benefits expense	98.249	92.752	277.165
d)	Depreciation and amortisation expense	36.542	35.847	108.535
e)	Foreign Exchange Fluctuation	(8.614)	87.913	121.115
f)	Other expenses	283.677	259.735	791.211
	Total expenses	829.204	883.208	2541.042
3	Profit from Operations before Other Income and Finance Costs (1-2)	134.526	124.949	368.946
4	Other Income	6.019	10.619	31.196
5	Profit from ordinary activities before finance costs (3+4)	140.545	135.568	400.142
6	Finance Costs	30.308	27.155	84.646
7	Profit from ordinary activities before prior period expenses (5+6)	110.237	108.413	315.496
8	Prior Period items (net) (refer note 5 below)	-	-	-
9	Profit from ordinary activities before tax (7-8)	110.237	108.413	315.496
10	Tax Expenses
a)	Current Tax (MAT)	24.000	25.000	71.000
b)	Mat credit entitlement	(24.000)	(25.000)	(71.000)
c)	Deferred Tax	-	21.000	20.100
d)	Tax for earlier years	-	(3.272)	4.235
11	Net profit for the period (9-10)	110.237	90.685	291.161
12	Paid-up equity share capital (Face value Rs. 10/- per share)	108.944	108.863	108.944
13	Reserves excluding revaluation reserves as per balance sheet of previous accounting year	-	-	-
14	Earning Per Share (EPS) (of Rs. 10/- each) (not annualised)
a)	Basic EPS (Rs.)	10.12	8.34	26.77
b)	Diluted EPS (Rs.)	10.00	8.25	26.55

SELECT INFORMATION FOR THE QUARTER AND NINE MONTHS ENDED DECEMBER 31, 2012

PARTICULARS OF SHAREHOLDING

1	Public shareholding:
	Number of shares	3,651,495	3,643,395	3,651,495
	Percentage of shareholding	33.52%	33.47%	33.52%
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	7,242,864	7,242,864	7,242,864
	Percentage of shares (as a percentage of the total shareholding	100%	100%	100%
	of promoter and promoter group)
	Percentage of shares (as a Percentage of the total share	66.48%	66.53%	66.48%
	capital of the Company)

INVESTOR COMNLAINTS

Particulars	3 months ended 31st December, 2012
Pending at the beginning of the quarter	NIL
Received during the quarter	2
Disposed of during the quarter	2
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 In its meeting held on 29th January, 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 December31, 2012 owing to exercise of stock options by the employees under the Repro India Limited - Employee Stock Option Scheme, 2006.

4. On 20.12.2012, the company has invested in 3,990,000 equity shares of Rs.10 each in Repro Knowledge cast Private Limited, its 100 % subsidiary.

5. Prior period items comprise of Rates and Taxes: Rs. 7.305 Millions for the quarter ended September 30, 2011 and Rates and Taxes: Rs.7.305 Millions net of other non-operating income Rs. 3.407 Millions for the year ended March 31, 2012.

6. 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 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 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.53.09
UK Pound	1	Rs.83.12
Euro	1	Rs.72.02

INFORMATION DETAILS

Report Prepared by :

RAJ

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	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--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.