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Repro India Limited

Value Added Print Solutions

November 2005
Disclaimer Statement
This presentation has been prepared by Repro India Ltd (“ Repro” or “the Company”) solely for providing
information about the Company. The information contained in this presentation has not been independently
verified by Enam Financial Consultants Private Limited (“ENAM”). No representation or warranty, express or
implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or
correctness of such information or opinions contained herein. None of the Company nor any of its respective
affiliates, advisers or representatives, including ENAM and their affiliates, shall have any liability whatsoever (in
negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or
otherwise arising in connection with this presentation.
The information contained in this presentation is only current as of its date. Certain statements made in this
presentation may not be based on historical information or facts and may be "forward-looking statements",
including those relating to the Company’s general business plans and strategy, financial condition and growth
prospects, and future developments in its industry and its competitive and regulatory environment. Actual
results may differ materially from these forward-looking statements due to a number of factors, including future
changes or developments in the Company’s business, its competitive environment, information technology and
political, economic, legal and social conditions in India.
This communication is for general information purposes only, without regard to specific objectives, financial
situations and needs of any particular person. Please note that investments in securities are subject to risks
including loss of principal amount. ENAM and their affiliates do not accept any liability whatsoever, direct or
indirect, that may arise from the use of the information herein.
This presentation does not constitute an offer or invitation to purchase or subscribe for any shares in the
Company and neither any part of it shall form the basis of or be relied upon in connection with any contract or
commitment whatsoever. ENAM and its affiliates may from time to time perform investment banking or other
services for, or solicit investment banking or other business from, any entity mentioned in this presentation.
Securities of the Company have not been registered under the U.S. Securities Act of 1933, as amended, or the
securities laws of any US state, nor is such registration contemplated.
The Company may alter, modify or otherwise change in any manner the content of this presentation, without
obligation to notify any person of such revision or changes.”

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Issue Summary
Total Issue 26,20,000 Equity Shares of Rs. 10/- each. The Issue
would constitute 25 % of the Fully Diluted post issue
paid-up capital of the Company.

QIB portion 13,10,000 Shares constituting 50% of the Net Issue

Non-Institutional Portion 3,93,000 Shares constituting 15% of the Net Issue

Retail Portion 9,17,000 Shares constituting 35% of the Net Issue

Shares o/s after the Issue 1,04,79,112 Equity Shares

Book Running Lead Manager Enam Financial Consultants Pvt. Ltd.

Listing on Bombay Stock Exchange Limited & the National


Stock Exchange

Issue Timing November 28 – December 01, 2005

Price Band Rs. 145 – Rs 165

Issue Size Rs. 38.0 cr – Rs. 43.2 cr

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Proposed IPO

• IPO size :Fresh Issuance : 26,20,000 shares Capex for Enhancement


of Existing Facility
(Rs. 18.4 cr)
– QIB’s Æ 50% +
Issue summary

Setting up New Facility


– Non-Institutional Æ 15%
at Navi Mumbai
– Retail Æ 35% Special Economic Zone
(Rs. 14.5 cr)
(All Categories on Proportionate Basis) +
Setting up of
• Total Equity shares post issue: 1,04,79,112 Infrastructure for CPO
(Rs. 3.5 cr)
+
Public
Meeting Working
25.0%
Capital Requirement
(Rs. 10.0 cr)
+
Others
1.8% Meeting General
Promoter Corporate Purpose and
73.2% Issue Expenses

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Contents
1. Repro – A Snapshot

2. Repro’s Business and Profile

3. International Outsourcing Opportunity

4. Summary

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Repro – A Snapshot
Summary
• Repro – a Value Added Print Solution provider for domestic and international
markets
– Known for high quality, customised design and print solutions

– Expanded services to content creation, product redesign, creative finishing


and logistic fulfillment

• Having established leading domestic presence, now poised to address large


international outsourcing opportunities
– Learnings from the domestic market, key customer relationships and
management team in place.
– Exports already at 35% of total turnover in 2 yrs

• Expanding capacity and capabilities to meet growth requirements

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Repro India Limited

Repro’s Business and Profile

For Risk Factors & Other Details – Please refer Red Herring Prospectus

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Repro’s Business and Profile
The Indian Print Industry
• Indian Printing Industry estimated at US$ 11 bn. has grown at 14%
CAGR over last 25 years

• Highly fragmented, with low entry barriers at the lower end


¾Few printers have moved up the value chain

• Large opportunity for large integrated domestic printers


¾Increasing literacy and per capita income driving domestic
demand

Repro – one of India’s most Integrated Print Solutions Provider

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Repro’s Business and Profile
Content & Print Solutions

Understanding Delivering the Solution Create Manufacturing


The Need Content
+ Product Create Master
current production Standardisation Write +
process Create Formats + Storage
+ + Illustrate +
Future Print Cost Economies + Archival
Requirement + DTP +
Time to Market + Mass Produce
+ Processing
Quality

Repeat Despatch Order Processing Warehousing & QC Check


Business Inventory Mgt

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Repro’s Business and Profile
Content Design and Services
Content Creation : from concept to final product
Content Enhancement : from manuscript to final product
• Concept
Content Conversion : from book to CD and web
• Character Development
• Copy Writing
• Design
• Re-Design
• Illustrations
• 1 to 4 Colour
• Sourcing Images
• Photoshop Clipping
• Format Modifications
• Size Modifications
• Feeding &
Formatting Text
Content
DTP Layouting Enhancement Design Development

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Some of our work…

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Some of our work…

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Repro’s Business and Profile
Some of our Domestic Customers

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Repro’s Business and Profile
Our Value Proposition
• Relationship not Transaction based – strong customer relationships by offering :
¾ Quality enhancement, Standardisation of product & process, Cost economies,
Time to market
• Complete range of print services to provide a one stop shop
• Range of value added services helping us deepen relationships
¾ Develop products to meet customer’s requirements - based on concept, target
market, price specifications
¾ Value engineering to reduce costs / enhance appeal
¾ Enhance product lifecycle - recreation of existing libraries of publishers through
design, layout, content value additions
¾ Participation in new initiatives by publishers providing mindshare with top
management
• Ability to offer fulfillment further help customers needing post print services

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Repro’s Business and Profile
Management Team
Board of Directors
Vinod Vohra (Chairman) Sonia Mehta – Creative Director
Sanjeev Vohra (MD) Col. Mehta – Director – Supply Chain Operations
Mukesh Dhruve (CFO)
Shekhar Bangera (Sr.Vice President) – Marketing
Dushyant Mehta
Srihari Raghavan (Sr.Vice President) – IT & Intl Business
Rajeev Vohra
Sharath Kumar (Vice President) – Marketing (USA)

Non Executive Directors Kunjli Majmudar (Vice President) – Marketing (UK)

Alyque Padamsee
Dinesh Surekha (Vice President) – Finance and Accounts
Dr. J. J. Irani Nimisha Dalal (Vice President) – MIS
Nasser Munjee
Sanjay Asher K Venkatraman (Company Secretary) – Corporate

U. R. Bhat Trishita Vora – Corporate Planning

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Repro’s Business and Profile
Our Human Capital
TRAINING DEFINED
RECRUITMENT FORMAL & INFORMAL GROWTH PATH HRD INITIATIVES

Young recruits Over 440 ÂDevelopment of ÂGrowth into ÂShared Vision


from people with members with focus managerial
ÂOwnership
management, an equitable on levels
Concept
technical mix of Blue
‡ work culture ÂSingle Bullet
and print and White ÂLow attrition
‡ interpersonal Responsibility
institutes collar rates
skills
‡ marketing skills
‡ technical skills
ÂStructuring into
Customer Support
Teams

Invested in human capital ahead of requirements as a growth enabler

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Repro India Limited

The International Outsourcing Opportunity

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The International Outsourcing Opportunity
Print Outsourcing on the Upswing Globally
• Global publishing houses outsourcing printing requirements to lower cost
destinations globally, with technology permitting offshoring
¾ US offsite printing to grow to ~$25bn by 2009 (source: Cap Ventures)
¾ Process Outsourcing expected to grow at 15% CAGR to $2bn by 2009
¾ EU Offsite printing currently at € 15 bn (source: Infotrend), expected to grow faster than US

• Developing countries also offering large opportunity


¾ World Bank funded education projects in the African continent
¾ Most global publishers present, limited local production capacity

A large opportunity for Indian Print Service Providers!


Indian design and creative talent and low cost labour key strengths
Domain & English language knowledge driving content outsourcing

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Print Industry Trends
Greater Spend on Non ‘Print’ Services

• Publishers spending more on pre print services – concept, design, creation


– to differentiate and meet customer requirements
• Outsourcing on the upswing from ‘traditional print’ services to such value
added services and even logistics and archiving

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Print Industry Trends
Printers realigning business models

Highly fragmented business globally, most players operate at the lowest end
of the value chain as spec and bid printers

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The International Outsourcing Opportunity
Our Growing International Presence

exports as a % to total
1000 40
Amount in Rs. Mn
800 30
600

sales
20
400
200 10

0 0
FY 2003 FY 2004 FY 2005 HY1 06
Sales Exports (%)

• Own offices and participation in international book fairs has


helped build up our export business
– Own offices in UK, US and Africa
• Also helped by references from Indian subsidiaries of large
global publishing houses
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The International Outsourcing Opportunity
Some of our International Customers

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Repro India Limited

Financials

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Financial Overview

Rs Cr FY 2002 FY 2003 FY 2004 FY 2005 H1FY2006


Sales 60.9 71.7 81.5 86.6 53.5
India 60.9 71.7 70.8 59.0 33.5
Exports - - 10.7 27.6 20.0
EBITDA 11.0 11.9 9.8 12.1 11.1
PBT 4.7 6.4 4.9 6.0 7.6
PAT 3.2 4.6 3.6 4.5 5.0
OPM (%) 18 17 12 14 21

FY 2003 : Realised growth / profitability constraints of domestic markets


FY 2004 : Invested in creating international presence, reflected in temporary dip in profits
FY 2005 : Demonstrated exports scalability
Current year: Benefits of changing business mix visible

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Financial Overview

Rs Cr FY 2002 FY 2003 FY 2004 FY 2005 H1FY2006

Net Worth 25.6 25.3 28.0 31.6 36.6

Debt 28.8 28.0 35.9 41.0 41.3

Capital Employed 54.4 53.3 63.9 72.6 77.9

ROCE (%) 15 17 10 12 23*

RONW (%) 13 18 13 14 27*

* annualised

Improving asset turn ratios due to business mix change


High financial leverage and export opportunity limited ability to serve domestic market
Infusion of growth capital to enhance capacity to meet large addressable opportunities

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Repro India Limited

Summary

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Repro India Ltd
Summary
• A leading domestic printer, poised to address large international
outsourcing opportunities

• Management team and processes in place

• Customer relationships established, scaling imminent

• Robust financials facilitating growth initiatives

Proof of concept demonstrated,


Now scaling up to address the opportunity

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THANK YOU

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