Navneet 52706q

About Navneet Publications (India) Ltd. NAVNEET was floated by the NAVNEET Group of Companies managed by Gala Family who have an enviable reputation of over 46 years in the field of Educational Books Publishing. Since 1959, Navneet has been a major force in the dissemination of knowledge. NAVNEET is a dominant player in the field of educational books publishing, publishing more than 3550 titles every year in English, Hindi, Marathi and Gujarati. Initially a Book Store was opened in 1945, at Mumbai, which sold new and second hand books. The Gala Family realised that there was a great demand from the students fraternity for the aided materials over and above text books. Realising this first Book under name NAVNEET was published in 1959 by Gala Family. In 1987, to further strengthen and consolidate the business of book publishing, NAVNEET installed ultramodern printing press at Dantali, District Gandhinagar, Gujarat. By 1991, sophisticated printing and binding machineries had been imported to complete the modernisation-cum-expansion plans of the company. In 1993, NAVNEET installed machinery to manufacture paper stationery products at Vasai near Mumbai. The company also installed State-of-the-Art 'Note Book on-line' machine in 1995 at Daman. The operations at Daman have since been shifted to more specious factory at Silvassa. In 1998, NAVNEET pioneered a children's website www.navneet.com to offer children the benefits of phenomenal changes in modern communications brought about by computers and internet. In January, 2000, NAVNEET'S website was ranked 78th amongst the world's top 100 websites in the children's category. Over the decades, NAVNEET has emerged as an educational products and services company in India. The company's products are sold under the 'Navneet', 'Vikas' and 'Gala' brand names. NAVNEET's portfolio of syllabus based Books includes high quality books, supplementary books like Guides and 21 Question Sets among others in four languages, English, Hindi, Marathi and Gujarati. The company has a dominant market share in Gujarat and Maharashtra. NAVNEET also produces around 992 titles in the children and general books category, which are not based on syllabus, such as activity books for children, health series books, cookeries, mehendi,fengshui etc. The company enjoys leading position in premiere stationery markets in India, the Middle East, parts of Africa, U.S.A. and Europe. To keep step with dynamic environment, NAVNEET launched Internet initiative called Navneet Edutainment Limited, a subsidiary of the company to leverage the Net and provide superior localised educational content. NAVNEET expects to capitalise on its long-standing presence in the conventional format to drive its success in the dynamic Internet environment. The Company has posted a turnover of Rs.252.85 crores for the year ended 31st March, 2004. The Operating Profit of the Company for the year stood at Rs.62.72 Crores and Profit After tax was Rs.35.16 Crores. The Book Value of the Company was Rs.83.13 and Earning Per Share was Rs.18.46. Net worth of the Company increased to Rs.158.42 Crores. The Promoters of the Company hold around 62% shares of the Company. The Shares of the Company are listed on National Stock Exchange, Mumbai Stock Exchange & Saurashtra Kutch Stock Exchanges. However the Company has applied for de-listing of shares from Saurashtra Kutch Stock Exchnages and accordingly their de-listing approval is pending. Navneet's market capitalisation as on 13th August, 2004 stood at Rs.290.81 Crores.

Media Releases

2004 Releases

2004 Releases  July 31 , 2004

 April 28 , 2004  Jan 22 , 2004

2003 Releases 2002 Releases 2001 Releases 2000 Releases 1999 Releases PRESS RELEASE (31st July 2004) Navneet Publications (India) Limited, a leading Educational publishers have announced quarterly results for the quarter ended 30th June, 2004. The turnover of the Company has increased from Rs.137.64 Crores to Rs.147.16 Crores. The other income increased from Rs.75 Lacs to Rs.110 Lacs. Profit after tax was marginally down from Rs.24.65 Crores in the corresponding quarter last year to Rs.24.17 Crores. The operating level performance of the Company was better in the quarter as compared to the corresponding quarter. However, due to revalorisation of outstanding Foreign Currency loan and forward cover as per ing Standard (AS11) issued by ICAI, amount of Rs.564 Lacs was debited as against gain of Rs.4.44 lacs in the corresponding quarter.

2004 Releases

2004 Releases  July 31 , 2004  April 28 , 2004

Media Releases

 Jan 22 , 2004

2003 Releases 2002 Releases 2001 Releases 2000 Releases 1999 Releases

PRESS RELEASE (31st July 2004) Navneet Publications (India) Limited, a leading Educational publishers have announced quarterly results for the quarter ended 30th June, 2004. The turnover of the Company has increased from Rs.137.64 Crores to Rs.147.16 Crores. The other income increased from Rs.75 Lacs to Rs.110 Lacs. Profit after tax was marginally down from Rs.24.65 Crores in the corresponding quarter last year to Rs.24.17 Crores. The operating level performance of the Company was better in the quarter as compared to the corresponding quarter. However, due to revalorisation of outstanding Foreign Currency loan and forward cover as per ing Standard (AS11) issued by ICAI, amount of Rs.564 Lacs was debited as against gain of Rs.4.44 lacs in the corresponding quarter.

Dantali

Silvassa

Village Dantali, Behind Kasturinagar, Taluka & Dist. Gandhinagar, Gujarat Tel No. : (079) 3286200

Village Sayali, Silvassa Tel No. : (0260) 2641414 / 5 Email : [email protected]

Vasai Ponafel Industrial Estate, Gokhiware, Chinchpada, Vasai (East), Dist.Thane Tel No: (95250) 455831/2/3 Email : [email protected]

Publishers Awards

Publishers Awards Special Export Award 2002-03

Awards and Achievements

Special Export Award 2001 Special Export Award 2000 Export House D.B.Dhawle Award

Award from Federation of Indian Publishers Shri Anil D. Gala, Director (Children Books Publishing) received an Award from The Federation of Indian Publishers on 16th September, 2001 in recognition of the "Significant Contribution of the Company to Book Promotion and Indian Publishing industry".

Former Hon'ble Prime Minister I. K. Gujral presenting Shri Anil Gala, with the award from the Federation of Indian Publishers.

Top Export Award 2002 - 2003 Navneet has won the prestigious Top Export Award from CAPEXIL in the category of books, publications, printing industry and printed material. The Company has received the export Award for the 4th consecutive year from CAPEXIL.

Special Export Award 2000 - 2001 Navneet has won the Prestigious Special Export Award for the year 2000-2001 from CAPEXIL (Formerly, Chemicals & Allied Products Export Promotion Council) Sponsored by Ministry of Commerce and Industry,Govt. of India in recognition of Outstanding Export Performance in respect of export of paper products in the year 20002001.

The Company had earlier received the Certificate of Merit on three occasions for such outstanding export performance in the past..

Special Export Award 1999 - 2000 Navneet has won the Prestigeous Special Export Award for the year 1999-2000 from Capexil (Formerly, Chemicals & Allied Products Export Promotion Council) sponsored by Ministry of Commerce and Industry, Govt. of India in recognition of Outstanding Export Performance in respect of export of paper products in the year 19992000.

In recognition of the meritorious performance on the Exports front year after year, the company has been granted the reputed status of "Government Recognised Export House" by Additional Export Commissioner. t Director General of Foreign Trade, Ministry of commerce and Indutstry, Govt. of India, with effect from 1st April, 2002 for a period of 5 years up to 31st March, 2007.

D.B. Dhawle Award

D.B. Dhawle Award for best Children's Literature in Marathi.

Publications Division

Publications Division

Publications Division Stationery Division Navneet Edutainment Ltd

Navneet -A Brand : Navneet ’s brand initiative extends to four A ’s that are indispensable for achieving business success. Awareness : Creating awareness of publishers ’products is an art by itself.Direct s with thousands of schools,teaching community and trade are the basics behind this great success.With over 400 employees specially designated to keep direct s and explain the benefits of Navneet ’s publications and stationery products is the key strength of Navneet ’s field force.A localized brand before 5 years is now national in all respects and also becoming an international brand, particularly among young NRI ’s. Availability : Direct s with over 60,000 retail outlets and over 20,000 schools by the field force of the Company ensures availability of all products throughout the year. Acceptance : Navneet ’s content is accepted over the years.Many debates among the education fraternity have ended referring to Navneet ’s content. Continuous delivery of quality content has made s accepting Navneet ’s products without any hesitation. Affordability : Education has to be for the masses.Spending on education has always been a concern among the parents in our country.Navneet has believed in selling all its products at affordable prices and within reach of the masses. Creating Shareholders Value : The focus of the Company has always been to create and maximize the Shareholders ’value.As stated last year,SAP implementation has completed one year.The Company did face several issues before settling down successfully.The dedicated team efforts across the Company have paid dividends in implementation.The benefit of such implementation would start accruing hereinafter with the optimum utilization of all its resources. Kaizen Practices at most of the production facilities have increased the productivity and has benefited in proper planning throughout the year.With such benefit,your Company has decided to implement such practices

in material movements and various marketing activities. The Madhya Pradesh initiative of the Company,last year in a small way and this year in a little better way has proved that quality sells everywhere.It is a great opportunity for the Company to create content for maximum number of titles for this new area and complete the whole range in the next 3 years.With proper planning,the management is confident to achieve its success in Madhya Pradesh. Navneet ’s Policy on Dividend : For both the business divisions of the Company,no huge capex is required in the near future.With that in mind,the Company continues to have a liberal dividend policy as earlier.Your Company has already paid Rs.5/-per share as an interim dividend and further has proposed a final dividend of Rs.2.50 per share,which make the total dividend for the year under review of Rs.7.50 per share (75%).The total dividend pay out works out to 40.63%against the Company ’s liberal dividend policy of declaring at least 25%. Business Overview : The Company has basically two major business Divisions,namely“Book Publishing ” and “Paper stationery ”. Book Publishing : The Book Publishing Division comprises two major categories of books,“Educational Books ” and “Children and General Books ”. As discussed last year and also as stated by your chairman,static syllabus for last several years in both the states of operations has restricted the growth of Educational Books category.Second hand book market is a dampener for the growth of this category of Books. With the successful launch of the Madhya Pradesh curriculum based books and definite plans of changing curriculum from current year in both the states shows a positive outlook for the next few years for your Company. Children and General books category continues to grow across India and particularly in international markets.With the help of dedicated and creative team within the Company,your Company has been able to successfully launch new products for international markets and also able to conceptualize various products which are accepted by several international buyers with a few changes.Your management is confident on generating huge volumes in this category of publications.

Stationery Division

Stationery Division

Publications Division Stationery Division Navneet Edutainment Ltd

Paper stationery division : The paper stationery Division has two different markets,Domestic and International. Domestic Market : Your Company basically deals in scholastic stationery products.Thereis lot of competition in domestic stationery market,with many unorganized players,but with the strong brand,consistent business policies (contrary to the trade),the Company ’s policy of creating value addition in each and every product,and systematic distribution systems has helped this business to grow successfully.The recent‘Tight Bound ’notebook series,a unique concept of binding for the benefit of students has literally surprised the unorganized markets. Creating awareness among institutions for usage of quality products also helps this division to grow rapidly. Your Company has decided to introduce more and more value added products including few office stationery products in the coming years. International Market : Company ’s stationery business could grow substantially only because of continuous growth in the international market.Competition is growing year after year.Appreciation of the Rupee has further worsened the salability in of pricing.With the help of Kaizen practices,your Company has been able to increase the productivity and eventually is able to compete.Surprisingly major US buyers have been focusing sourcing from India instead of fully relying on China. Your Company has started receiving inquires from such major buyers. Your

Company expects good growth in the current year and thereafter. For International markets also,your Company conceptualizes value added stationery products and have started marketing such products in European markets.

About NED

About NED

Publications Division Stationery Division Navneet Edutainment Ltd

About Navneet Edutainment Limited Navneet Edutainment Limited believes that there exists great potential in the interactive education sector. With the convergence of education and technology, electronic learning products are gaining importance. Navneet Edutainment recognizes this, and is aligning its efforts towards making a significant contribution to these sectors. Navneet Top Scorer products and www.connectschool.com are initiatives in response to the challenges and opportunities presented by this convergence of education and technology. Navneet Edutainment has a team of young, enthusiastic professionals, driven by the desire to succeed and innovate in the constantly changing world of education and technology. The Products Navneet Edutainment has launched a unique range of CD-ROMs: 'Navneet Top Scorer Digest Plus'. These syllabus-based CD-ROMs are available for Maharashtra Board and CBSE students of Std. VIII to XII. The resources offered by Navneet Top Scorer CD-ROMs completely cover the syllabus through content that is correct in all aspects. Convenient to use, Navneet Top Scorer CD-ROMs make students more confident to score top-class marks in their exams. Navneet Top Scorer products include a wide range of curriculum-based CD-ROMs for Indian students. These CD-ROMs contain more than 7,000 visuals in the form of graphics and animations, along with a question bank of more than 35,000 questions. Navneet Top Scorer products and services are a unique resource of high quality interactive educational content and are available on CD-ROMs. The entire content of Navneet Top Scorer CD-ROMs has been prepared by leading educationists and teachers with decades of experience. Navneet Top Scorer Digest Plus CD-ROMs are a comprehensive self-learning preparatory tool. They are aimed at helping students understand and reinforce what they have learnt in the classroom. Digest Plus CD-ROMs include textual explanations, enriching animations with voiceovers, additional information, and interactive testing to provide students with a holistic learning experience. Navneet Top Scorer Digest Plus CD-ROMs make learning experience, personalized by providing students with a facility to add, view and print, their own notes, at all stages of their learning process. Navneet Top Scorer CD-ROMs are available at leading bookshops in major cities in India. These CD-ROMs are the most economical educational CD-ROMs available in the market. They are designed to meet the real needs of the students and are in keeping with the mission of the Navneet Group - to provide students with educational products of the highest quality in the language and medium of their choice, at affordable prices. Considering the reasonable prices at which these CD-ROMs are available, Navneet Edutainment Limited is effectively targeting to bridge the digital divide by making technology-based educational products more affordable for a large student segment. The Navneet Edutainment team consists of young, enthusiastic professionals, driven by the desire to succeed and innovate in the constantly changing world of education and technology. Navneet Edutainment has a dedicated team of reputed content creators and highly qualified software professionals who specialize in interactive content development. For more information, visit www.connectschool.com

Navneet Publications (India) Ltd Incorporation 1984 Year

Background

ed Office

Navneet Bhavan, Bhavani Shankar Road Dadar (W), Mumbai - 400028, Maharashtra

Telephone

91-022-56626565

Fax

91-022-56626470

Industry

Printing & Stationery

House

Indian Private

Chairman

Shivji K Vikamsey

Managing Director

Amarchand R Gala

Company Secretary

Manoj J Thakar

Auditor

Ghalla & Bhansali

Face Value

10

Market Lot

1

Listing

Mumbai, NSE, Saurashtra Kutch

Registrar

Intime Spectrum Registry Ltd C-13 Pannalal Silk, Mills Cmpd LBS Road, Bhandup West, Mumbai - 400 078

Navneet Publications (India) Ltd Chairman Managing Director t Managing Director Director

Director (Marketing) Director

Company Secretary Director

Board of Directors Shivji K Vikamsey Amarchand R Gala Jaisinh K Sampat Dungarshi R Gala Harakhchand R Gala Shantilal R Gala Jitendra L Gala Ashok M Nadkarni Liladhar D Shah R Varadarajan Kamlesh S Vikamsey Manoj J Thakar Vijay Rai

Source : http://www.capitalmarket.com

Navneet Publications (India) Ltd Biodata In Nov.'91, Bookwing Publications and Trading Company was renamed Navneet Publications (India). Established in the paper trading business, it started a printing press to print books on a job-work basis at Dantali, Gujarat. In Apr.'91, the company

entered into an agreement with three publications - Navneet Prakashan Kendra, Vikas Prakashan and Gala Publishers -- whereby it acquired licenses to use the brand names of Navneet, Vikas and Gala. Promoted by the Navneet group, it is managed and controlled by of the Gala family of Bombay. The company is the market leader in educational books and publications in Maharashtra and Gujarat. The company diversified into the manufacture and export of paper stationery items by setting up an export division at Vasai near Bombay, which became fully operational in 1994. The products are exported to the Gulf and the UK. It came out with a rights-cum-public issue in Mar.'94 to part-finance its expansion-cum-diversification programme. The company implemented the project at Daman for the manufacture of paper stationery items in 1995-96. In 1998, it pioneered a childrens website, www.navneet.com, to offer children the benefits of the phenomenal changes in modern communication brought about by computers and internet. In Jan.'2000, the site ranked 78th among the world's top 100 sites in the children's category. With offices in Ahmedabad, Pune, Nagpur and Madras, it continues to deliver value in education, its vision of excellence giving it the confidence to stride proudly into the new millennium. During the year 1999-2000, the Company allotted 95,28,600 Bonus Equity shares in the ratio of 1:1, increasing the paid up equity capital to Rs. 19.06 crores. Although, the bulk of the business still accrues from the western region, Navneet has already established its presence in 17 more states with its paper stationery and non-educational books business. The company wants to launch its academic books on a national scale. So it is currently working on the content based on the Central Board of Education (CBSE) curriculum, popular in the north and central India. Over the next two years, NPL has planned a phased entry into this Rs 500 crore market. NPL is also believed to be considering acquisitions to improve its penetration in other states. Besides, in addition to its collection of Marathi, Hindi, Gujarati and English books for children, it is now publishing books for children in Bengali, and will soon branch into south Indian languages as well. It eventually plans to spread its wings across 300-odd cities across the country by the end of the year. During March 2002 the Company commenced commercial production of Stationery products at Unit II in Silvassa. Navneet Publications (India) Ltd

Bankers

Bank of Nova Scotia Bank of India BNP Paribas ICICI Bank Ltd UCO Bank

Navneet Publications (India) Ltd

Expansion Plans/New Projects

YEAR

200403 200303 200109 200009 199909 199809 199709 199609 199509

199409

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Paper Stationery

Educational Books

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Capacity Project Cost 0.00

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7.00

7.00

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Village Dabhel

Village Dabhel

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Plant being set up

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Kachigaon

Kachigaon

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Project Type

No New No New No New No New No New No New No New No New New Project Project Project Project Project Project Project Project Project

Financing Pattern

Source : http://www.capitalmarket.com

Navneet Publications (India) Ltd Company Results Year

Rs. Crs. 200309 200203 Var(%) 200403 200209 Var(%) 200403 200303 Var(%)

Type

1st Half

1st Half

Sales Turnover

174.69 65.39

Other Income

3.03

2.17

2nd Half

2nd Half

Full Year

167.15 78.16

179.04 -56.34

252.85 323.45 -21.83

39.63

1.57

5.39

243.31 8.42

Full Year

6.13

37.36

Total Income 177.72 67.56

163.06 83.55

180.61 -53.74

261.27 329.58 -20.73

Total 132.98 55.64 Expenditure

139.00 65.60

135.44 -51.57

198.58 259.55 -23.49

Operating Profit

44.74

11.92

275.34 17.95

45.17

-60.26

62.69

70.03

-10.48

Interest

1.32

1.32

0.00

2.29

-75.55

1.88

4.94

-61.94

Gross Profit 43.42

10.60

309.62 17.39

42.88

-59.44

60.81

65.09

-6.58

Depreciation 4.30

2.82

52.48

4.07

13.76

8.93

11.44

-21.94

Tax

1.80

536.67 4.49

11.65

-61.46

15.95

15.22

4.80

11.46

0.56 4.63

Expansion

Reported PAT

27.06

5.73

372.25 8.09

26.64

-69.63

35.15

37.41

-6.04

Dividend (%)

0.00

0.00

N.A.

0.00

N.A.

75.00

0.00

N.A.

0.00

Source : http://www.capitalmarket.com

Navneet Publications (India) Ltd

Balance Sheet Rs. Cr

Year

Mar 04

Mar 03

Sep 01

Sep 00

Sep 99

Share Capital

19.06

19.06

19.06

19.06

9.53

Reserves & Surplus

139.36

120.35

100.60

82.98

73.98

Total Shareholders Funds

158.42

139.41

119.66

102.04

83.51

Secured Loans

12.82

43.74

0.39

0.77

1.29

Unsecured Loans

65.33

26.66

0.00

0.00

0.00

Total Debt

78.15

70.40

0.39

0.77

1.29

Total Liabilities

236.57

209.81

120.05

102.81

84.80

Gross Block

119.11

109.09

71.95

60.62

53.42

Less: Accum. Depreciation

51.42

43.23

32.68

27.76

23.67

Net Block

67.69

65.86

39.27

32.86

29.75

Capital Work in Progress

0.12

2.55

5.57

5.37

2.83

Investments

27.85

13.00

12.54

2.52

0.00

Inventories

106.60

90.15

36.97

35.81

25.91

Sundry Debtors

43.99

51.85

36.74

27.61

22.59

Cash and Bank Balance

3.23

1.88

3.56

2.62

1.66

Loans and Advances

12.45

17.32

18.11

22.03

20.14

Current Liabilities

19.47

19.63

14.86

10.83

7.03

Provisions

5.89

13.18

17.89

15.30

11.28

Net Current Assets

140.91

128.39

62.63

61.94

51.99

Miscellaneous Expenses not w/o

0.00

0.01

0.04

0.12

0.23

236.57

209.81

120.05

102.81

84.80

3.35

7.88

6.65

10.92

6.42

Total Assets Contingent Liabilities

Source : http://www.capitalmarket.com

Navneet Publications (India) Ltd Year

Balance Sheet - Aggregates Company Navneet Publicat 199103

Industry Printing & Stationery Latest

House Indian Private Latest

All Industries Latest

SOURCES OF FUNDS : Share Capital

19.06

574.42

66,047.80

310,662.53

Reserves & Surplus

139.36

2,867.32

60,170.07

556,176.21

Total Shareholders Funds

158.42

3,441.74

126,217.87 866,838.74

Secured Loans

12.82

859.93

108,589.92 694,792.79

Unsecured Loans

65.33

336.12

148,794.04 2,048,061.08

Total Debt

78.15

1,196.05

257,383.96 2,742,853.87

Total Liabilities

236.57

4,637.79

383,601.83 3,609,692.61

Gross Block

119.11

3,413.11

190,051.33 1,282,692.68

Less: Accum. Depreciation

51.42

1,433.63

62,572.54

Net Block

67.69

1,979.48

127,478.79 785,273.40

Capital Work in Progress

0.12

108.95

14,480.81

144,120.84

Investments

27.85

1,461.23

79,106.54

1,063,453.28

Inventories

106.60

690.73

53,702.79

241,699.06

Sundry Debtors

43.99

948.05

53,094.05

215,930.17

Cash and Bank Balance

3.23

359.44

32,131.03

328,952.29

Loans and Advances

12.45

505.72

115,375.98 1,632,068.22

Current Liabilities

19.47

1,217.45

83,706.88

690,112.30

Provisions

5.89

219.14

11,108.56

128,778.83

Net Current Assets

140.91

1,067.35

159,488.41 1,599,758.61

Miscellaneous Expenses not w/o 0.00

20.78

3,047.28

Total Assets

236.57

4,637.79

383,601.83 3,609,694.68

Contingent Liabilities

3.35

464.48

74,113.36

APPLICATION OF FUNDS : 497,419.28

Current Assets, Loans & Advances

Less: Current Liab. & Prov.

17,088.55 1,658,917.15

Source : http://www.capitalmarket.com

Navneet Publications (India) Ltd

Balance Sheet Schedules

Source : http://www.capitalmarket.com

Navneet Publications (India) Ltd

Profit & Loss A/c Rs. Cr

Year

Mar 04 Mar 03(18) Sep 01 Sep 00 Sep 99

Sales Turnover

252.85 323.45

217.35 174.82 141.31

Other Income

8.50

5.66

4.23

4.58

4.22

Stock Adjustments

14.23

42.17

1.13

1.24

4.04

Total Income

275.58 371.28

222.71 180.64 149.57

Raw Materials

145.05 209.85

112.88 87.77

76.40

Excise Duty

0.00

0.00

0.00

0.00

0.00

Power & Fuel Cost

1.30

1.93

1.09

0.87

0.68

Other Manufacturing Expenses

14.81

21.66

13.78

12.84

11.81

Employee Cost

16.31

17.78

8.30

7.06

5.75

Selling and istration Expenses

32.81

47.07

29.02

24.57

18.91

Miscellaneous Expenses

2.35

3.44

2.44

1.29

0.19

0.00

0.00

0.00

0.00

0.00

69.55

55.20

46.24

35.83

Less: Preoperative Expenditure Capitalised

Profit before Interest, Depreciation 62.95 & Tax Interest & Financial Charges

2.12

4.94

3.53

2.57

0.75

Profit before Depreciation & Tax

60.83

64.61

51.67

43.67

35.08

Depreciation

8.93

11.44

5.19

4.41

4.03

Profit Before Tax

51.90

53.17

46.48

39.26

31.05

Tax

16.73

16.24

14.26

11.10

7.30

Profit After Tax

35.17

36.93

32.22

28.16

23.75

Adjustment below Net Profit

-0.02

0.48

-3.04

-0.10

0.00

P & L Balance brought forward

70.35

60.60

48.97

36.17

27.98

Appropriations

26.14

27.66

17.55

15.26

15.56

P & L Bal. carried down

79.36

70.35

60.60

48.97

36.17

Equity Dividend

14.29

16.20

10.48

7.82

9.62

Preference Dividend

0.00

0.00

0.00

0.00

0.00

Corporate Dividend Tax

1.85

1.46

1.07

1.72

1.06

Equity Dividend (%)

75.00

56.67

55.00

41.00

101.00

Earning Per Share (Rs.)

17.48

12.41

16.34

13.87

23.81

Book Value

83.12

73.14

62.78

53.54

87.63

Extraordinary Items

-0.06

0.04

0.00

0.01

0.05

Source : http://www.capitalmarket.com

Navneet Publications (India) Ltd

Financial Ratios

Year

Rs. Crs. Mar 04 Mar 03 Sep 01 Sep 00 Sep 99

Debt-Equity Ratio

0.50

0.27

0.01

0.01

0.04

Long Term Debt-Equity Ratio

0.31

0.10

0.01

0.01

0.04

Current Ratio

2.85

2.33

3.12

3.56

3.96

TURNOVER RATIOS

2.22

2.38

3.28

3.07

2.74

Inventory

2.57

3.39

5.97

5.66

6.57

Debtors

5.28

4.87

6.76

6.96

6.27

Interest Cover Ratio

25.48

11.76

14.17

16.28

42.40

24.90

21.50

25.40

26.45

25.36

Profit Before Interest And Tax Margin(%) 21.36

17.97

23.01

23.93

22.50

Cash Profit Margin(%)

17.44

14.95

17.21

18.63

19.66

Adjusted Net Profit Margin(%)

13.91

11.42

14.82

16.11

16.81

Return On Capital Employed(%)

24.20

23.49

44.91

44.68

39.94

Return On Net Worth(%)

23.62

19.01

29.07

30.35

30.85

Operating Profit Margin(%)

Source : http://www.capitalmarket.com

Navneet Publications (India) Ltd Shareholding Pattern Description (S.P As on 3/29/1995) Foreign Collaborators Foreign Institutions Foreign Nationals NRI Other Foreign Holdings Total Foreign LIC UTI IFCI IDBI ICICI GIC & Its Subsidiaries Nationalised Banks Mutual Fund Institution Others Total Institutions Govt. Companies Central Govt. State Govt. SFCs Total Govt. Holdings Holding Companies Subsidiary Companies Other Bodies Corporates Total Company Directors & Their Relatives Promoters

No of Shares

% Share Holding

0 189600 0 180100 0 369700 0 44600 0 0 0 0 366400 295600 0 706600 0 0 0 0 0 0 0 1246050 1246050 1187150 0

0.00 3.99 0.00 3.79 0.00 7.78 0.00 0.94 0.00 0.00 0.00 0.00 7.71 6.22 0.00 14.87 0.00 0.00 0.00 0.00 0.00 0.00 0.00 26.22 26.22 24.98 0.00

Total Promoters Public Employees Total Public Totals

1187150 1242900 0 1242900 4752400

24.98 26.15 0.00 26.15 100.00

Source : http://www.capitalmarket.com

Navneet Publications (India) Ltd Share Price Rs. Year

High

Low

Close

P/E High P/E Low P/E Close Mkt Cap.

Sep 04

206.80 171.60 189.65 11.83

9.82

10.85

361.47

Aug 04 172.80 144.00 170.80 9.89

8.24

9.77

325.54

Jul 04

148.95 135.00 147.05 8.52

7.72

8.41

280.28

Jun 04

152.00 132.00 137.55 8.70

7.55

7.87

262.17

May 04 165.00 130.00 135.70 9.44

7.44

7.76

258.64

Year

High

Low

Close

P/E High P/E Low P/E Close Mkt Cap.

Apr 04

179.80 149.00 158.20 10.29

8.52

9.05

301.53

Mar 04 169.00 134.00 154.80 9.67

7.67

8.86

295.05

Feb 04

193.70 162.00 163.00 15.61

13.05

13.13

310.68

Jan 04

243.00 176.50 185.45 19.58

14.22

14.94

353.47

Dec 03

256.75 165.50 232.00 20.69

13.34

18.69

442.19

Year

High

Low

Close

P/E High P/E Low P/E Close Mkt Cap.

Nov 03 177.50 148.00 163.50 14.30

11.93

13.17

311.63

Oct 03

168.00 142.50 154.85 13.54

11.48

12.48

295.14

Sep 03

158.90 135.25 143.05 12.80

10.90

11.53

272.65

Aug 03 156.45 132.00 140.60 12.61

10.64

11.33

267.98

Jul 03

160.00 130.10 137.05 12.89

10.48

11.04

261.22

Year

High

Jun 03

141.00 123.00 129.60 11.36

9.91

10.44

247.02

May 03 135.00 105.50 132.05 10.88

8.50

10.64

251.69

Apr 03

8.62

9.10

215.28

Mar 03 128.95 102.00 105.10 10.39

8.22

8.47

200.32

Feb 03

129.00 115.45 122.85 7.89

7.07

7.52

234.15

Year

High

Jan 03

145.75 124.00 125.05 8.92

7.59

7.65

238.35

Dec 02

145.00 130.00 131.85 8.87

7.96

8.07

251.31

Nov 02 142.00 127.00 140.20 8.69

7.77

8.58

267.22

Oct 02

8.08

8.48

263.98

Low

Close

P/E High P/E Low P/E Close Mkt Cap.

118.90 107.00 112.95 9.58

Low

Close

P/E High P/E Low P/E Close Mkt Cap.

145.10 132.00 138.50 8.88

Rs. Crs.

Rs. Crs.

Rs. Crs.

Rs. Crs.

Rs. Crs.

Sep 02

156.85 140.00 143.85 9.60

Year

High

Low

Close

8.57

8.80

274.18

P/E High P/E Low P/E Close Mkt Cap.

Aug 02 164.00 144.10 153.50 10.04

8.82

9.39

292.57

Jul 02

186.90 154.10 157.00 11.44

9.43

9.61

299.24

Jun 02

208.00 163.00 182.75 12.73

9.98

11.18

348.32

May 02 204.95 160.05 169.75 12.54

9.79

10.39

323.54

Apr 02

219.00 165.00 189.45 13.40

10.10

11.59

361.09

Year

High

Low

Close

P/E High P/E Low P/E Close Mkt Cap.

Mar 02 187.50 155.00 172.50 11.47

9.49

10.56

328.79

Feb 02

174.30 156.90 164.00 10.67

9.60

10.04

312.58

Jan 02

183.90 160.00 173.50 11.25

9.79

10.62

330.69

Dec 01

225.00 171.00 180.00 13.77

10.47

11.02

343.08

8.89

10.68

332.69

Nov 01 175.00 145.20 174.55 10.71 Year

High

Low

Oct 01

186.45 154.70 165.05 11.41

9.47

10.10

314.59

Sep 01

174.90 145.00 167.90 10.70

8.87

10.28

320.02

Aug 01 177.00 151.05 171.00 12.76

10.89

12.33

325.93

Jul 01

194.00 150.00 172.00 13.99

10.81

12.40

327.83

Jun 01

181.30 159.00 161.90 13.07

11.46

11.67

308.58

Year

High

Low

Close

Close

P/E High P/E Low P/E Close Mkt Cap.

P/E High P/E Low P/E Close Mkt Cap.

May 01 171.50 145.50 169.50 12.36

10.49

12.22

323.07

Apr 01

8.80

10.85

286.85

Mar 01 194.85 140.00 140.50 14.05

10.09

10.13

267.79

Feb 01

194.95 159.10 180.00 14.06

11.47

12.98

343.08

Jan 01

203.00 154.00 172.50 14.64

11.10

12.44

328.79

Year

High

Dec 00

170.40 145.00 158.50 12.29

166.00 122.10 150.50 11.97

Low

Close

P/E High P/E Low P/E Close Mkt Cap. 10.45

11.43

302.10

Nov 00 158.00 136.05 146.00 11.39

9.81

10.53

278.28

Oct 00

192.50 118.00 150.00 13.88

8.51

10.81

285.90

Sep 00

225.00 170.25 188.05 16.22

12.27

13.56

358.42

7.98

8.40

381.30

Aug 00 248.25 190.00 200.05 10.43 Year

High

Low

Close

P/E High P/E Low P/E Close Mkt Cap.

Jul 00

298.50 204.00 235.00 12.54

8.57

9.87

447.91

Jun 00

285.55 225.10 284.80 11.99

9.45

11.96

542.83

May 00 266.00 220.00 250.00 11.17

9.24

10.50

476.50

Rs. Crs.

Rs. Crs.

Rs. Crs.

Rs. Crs.

Rs. Crs.

Rs. Crs.

Apr 00

345.00 240.50 250.20 14.49

10.10

10.51

476.88

Mar 00 325.00 260.00 292.70 13.65

10.92

12.29

557.89

Year

High

Low

Close

P/E High P/E Low P/E Close Mkt Cap.

Feb 00

470.00 295.80 295.80 19.74

12.42

12.42

563.79

Jan 00

493.88 364.50 375.00 20.74

15.31

15.75

714.75

Dec 99

412.50 226.00 338.00 17.32

9.49

14.20

644.23

Nov 99 256.25 218.50 233.88 10.76

9.18

9.82

445.77

Oct 99

11.18

11.28

512.00

317.50 266.10 268.63 13.33

Rs. Crs.

Source : http://www.capitalmarket.com

Navneet Publications (India) Ltd Quarterly

Rs. Crs. 6 200306 Var(%) 200309 200203 Var(%) 200312 200206 Var(%) 200403 200209 Var(%) 200212 200303 20

F Y

r 1st Qtr Var(%) 2nd Qtr 2nd Qtr Var(%) 3rd Qtr 3rd Qtr Var(%) 4th Qtr 4th Qtr Var(%) 5th Qtr

6 137.64 6.92

37.16

35.10

5.87

2.16

0.99

6 138.43 7.10

39.32

8 100.28 9.97

0.79

39.24

36.64

141.97 -74.19

42.68

37.07

15.13

118.18 0.86

1.00

3.80

0.57

36.09

8.95

37.50

142.97 -73.77

46.48

32.73

30.49

7.35

30.32

101.86 -70.23

-14.00

33.04

46.14

25

566.67 0.79

1.05

8.

37.64

23.49

33.83

47.19

26

35.72

33.58

6.37

28.62

40.16

19

38.15

-0.45

6.59

5.60

17.68

7.18

41.11

-82.53

10.76

4.06

165.02 5.21

7.03

62

0.73

-4.11

0.56

0.82

-31.71

0.34

1.69

-79.88

0.45

0.60

-25.00

0.55

0.78

1.

37.42

-0.37

6.03

4.78

26.15

6.84

39.42

-82.65

10.31

3.46

197.98 4.66

6.25

60

2.11

-0.95

2.19

1.40

56.43

2.31

1.98

16.67

2.37

2.09

13.40

2.14

2.41

8.

10.41

5.67

1.05

0.55

90.91

1.75

12.15

-85.60

2.90

-0.50

N.A.

0.60

0.67

15

24.65

-1.95

2.44

2.60

-6.15

2.77

25.01

-88.92

4.39

1.63

169.33 1.76

2.99

35

200406 Quarter 1 --------------- Notes Other Income Interest Income Rs 8.230 million Other Income Rs 2 194.855 million Tax Includes Provision for Taxation Rs 110.00 million Provision for Deferred Tax Rs 0 16 Complaints unresolved at the end of the quarter NIL 1. The above financial results were taken on reco have carried out the Limited Review of unaudited financial results in of Clause 41 of the Listing A million on of translation of Foreign Currency Loans and forward cover as against a gain of Rs 0. 200306 Quarter 1 ---ì¥Á547 5454ø¿54545454545454545454545454•Â 5454bjbj 5454545454545454545454545454545454545454545454545454545454ÿÿ¤54545454 5454µ5454545454545454545454P545454545454ÜP545454545454ÜP545454545454 5454545454545454545454545454545454545454545454545454545454ÿÿ¤54545454 5454µ5454545454545454545454P545454545454ÜP545454545454ÜP545454545454 The details of number of investor complaints for the quarter ended June 30, 2003 Beg

200309 Quarter 2 --------------- Notes Other Income Includes Interest Income Rs 5.173 million Others Rs Taxation Includes Current Tax Rs 10.50 million Deferred Tax Rs 3.488 million EPS is Basic & Diluted S Complaints unresolved at the end of the quarter Nil 1. The above financial results were taken on record a seasonal nature of business, financial results of this quarter of the year are not representative of the opera Figures have been regrouped wherever necessary.

200203 Quarter 2 --------------- NOTES:- 1. In view of seasonal nature of the business, financial results o Accordingly publications divisions and stationery division revenues represented along industry classes co 200312 Quarter 3 --------------- Notes Other Income includes Interest Income Rs 6.015 million Other Inco Provision for Taxation includes Tax Rs 17.500 million Deferred Tax Rs 0.149 million EPS is Basic Statu Complaints unresolved at the end of the quarter Nil 1. The above financial results were taken on record a results in of Clause 41 of the Listing Agreement. 4. In view of seasonal nature of business, financia corresponding nine months ended December 31, 2002 are not available. 6. Figures are regrouped wherev 200206 Quarter 3 --------------- Notes Other income Includes Interest Income Rs 9.804 million Other Inco Provision for Tax Includes Current Tax Rs 121.500 million Deferred Tax Rs 2.793 million 1.The above f company for the year as a whole. 200403 Quarter 4 --------------- Notes Other Income includes Interest Income Rs 9.446 million Other Inco Tax includes Provision for Tax Rs 29.00 million Deferred Tax Rs 6.467 million EPS is Basic Status of In unresolved at the end of the quarter Nil 1.The above financial results were taken on record at Board meet financial results of this quarter of the year are not representative of the operations of the Company as a w necessary. 6.Due to installation of SAP most of the expenses could be identified and debited to respectiv fluctuation gain on of revalorization of Foreign currency assets & Liabilities as on March 31, 20 200209 Quarter 4 --------------- Notes Expenditure includes Increase/Decrease in stock in Trade Rs 51.60 Basic 1.The Financial year of company has been extended by six months making it an ing year o nature of business financial results of this quarter of the year are not representative of the operations of th 200212 Quarter 5 --------------- Notes Other Income includes Interest Income Rs 7.241 million Other Inco Provision for Tax Includes Current Tax Rs 6.00 million Deferred Tax Rs 1.638 million EP CHAIRMAN'S SPEECH NAVNEET PUBLICATIONS (INDIA) LIMITED ANNUAL REPORT 2003-2004 CHAIRMAN'S REPORT Chairman's Communique Dear Shareowners, Once again it gives me immense pleasure to give you an update on the performance of the Company for the year ended 31st March, 2004. As all of you know well, the Indian economy surged in most of the Industrial areas of activities, which coupled with a good monsoon during 2003 gave an overall boost. The only factor which restricted growth of the economy including that of your Company was a recessionary trend in the developed countries, particularly the US. The annual numbers of last year, which represented an 18 month period, are not directly comparable to the numbers under review. Overall the Company did grow well in Export of Publications and Domestic sales of stationery products. As was mentioned last year, due to continuation of the same textbooks (same curriculum) in both areas of our major operations, i.e. in Maharashtra and Gujarat, your Company could not grow in the educational books segment. Rupee appreciation coupled with severe competition from other countries was a major setback to our Exports of stationery products.

In the current year the position of Exports has not really improved in the first quarter. However due to change in the curriculum of few standards in Gujarat, reasonable growth is seen in educational books segment. Our Madhya Pradesh initiative is making inroads in major parts of the State. With the successful launch in the first year, your Company has decided to script a success story in Madhya Pradesh by expanding the product range and best quality books on the similar lines of your Company's success in the States of Maharashtra and Gujarat. Your Company has decided to downsize the operations of its subsidiary and accordingly the increase in losses accrued till last year will reduce substantially. The products (CD ROMs) of this Company have been further accepted among the educational fraternity but the present revenues still do not justify economics of the operations. Your Company will expand in this area as and when the technology is accepted well. Till such time the Company will continue to give major thrust to publication of books. SAP (Business Process Systems) has augured well in synchronising information flow which enabled all round smoothening of operations of the Company. The success is attributable to the dedicated employee force of your Company who have worked very hard and proved that it is one of the best available systems. Your Company has already started reaping the benefits of such integration of all locations and all areas of activities. I once again reiterate that your Company is slowly and gradually moving towards fulfilling its mission. Shivji K. Vikamsey

tatement of s of the Company for the year ended 31st March, 2004.

from last year 7034.61 6060.38

ruary, 2004 and has proposed 25% final dividend, making the total dividend for the year of Rs.7.50 per share (7.50%) on 1,9 liberal dividend policy of distribution of minimum of 25% of profit after tax.

ter tax stood at Rs.3517 Lacs.

nce Report and the Auditor's Report thereon is set out elsewhere in this Report.

adhya Pradesh and CBSE curriculum. This division publishes numerous educational books for the kindergarten kids to the st increasing the number of titles in the children's and general books category, which are not based on syllabus but helps studen whole division for the year under review was Rs.14218 Lacs.

the Company as in the States of Gujarat and Maharashtra by replicating the past experience in adding and positioning of titl

well as international market by translating those ideas into well thought of and well positioned quality stationery products. T upee did restrict the expected growth in the International Market.

t have any long term debt. Company utilises the credit facilities to finance the working capital requirements.

k publication, printing and printed material by CAPEXIL on 7th November, 2003. Your Company has been receiving award

mmes by CRISIL. This rating 21 indicates a very strong degree of safety with regard to timely payment of interest and princi

he ensuing Annual General Meeting and have offered themselves for their re-appointment. The brief resume in respect of the

h June, 2004.

ARNINGS AND OUTGO.

) Rules, 1988 is given in Annexure A to this Report.

Particulars of Employees) Rules, 1975 as amended, the names and other particulars of the employees are set out in the Anne nnexure B. Any shareholder interested in obtaining such particulars may write to the Company Secretary at the ed Of

at all levels.

owed alongwith proper explanation relating to material departures.

udgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Compa

records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for p

95959595959595959595959 59wŠ597|59597|5959&º 595959595959595959ÿÿ¤5959595959595959595959595959595959l5959595959$ 595959595959$ 5959$ 595959595959$ 5 59ÜP5959dì¥Á597 5959ø¿59595959595959595959595959•Â 5959bjbjUU595959595959595959595959595959595959 595959595959595959ÿÿ¤5959595959595959595959595959595959l5959595959$ 595959595959$ 5959$ 595959595959$ 5 59ÜP5959dehalf of the Board of Directors

s) Rules, 1988.

ith regards to reduction of energy are identified and constant efforts are made towards energy conservation.

h the advanced Technology Development and through specific programmes introduces, adopts and absorbs these sophisticate

tion in printing.

s, teaching community and trade are the basics behind this great success. With over 400 employees specially designated to ke nd also becoming an international brand, particularly among young NRI's.

any ensures availability of all products throughout the year.

d referring to Navneet's content. Continuous delivery of quality content has made s accepting Navneet's products without

nts in our country. Navneet has believed in selling all its products at affordable prices and within reach of the masses.

last year, SAP implementation has completed one year. The Company did face several issues before settling down successfu esources.

in proper planning throughout the year. With such benefit, your Company has decided to implement such practices in materi

way has proved that quality sells everywhere. It is a great opportunity for the Company to create content for maximum numb

t in mind, the Company continues to have a liberal dividend policy as earlier. Your Company has already paid Rs. 5/- per sha out works out to 40.63% against the Company's liberal dividend policy of declaring at least 25%.

onery".

hildren and General Books".

h the states of operations has restricted the growth of Educational Books category. Second hand book market is a dampener fo shows a positive outlook for the next few years for your Company.

markets. With the help of dedicated and creative team within the Company, your Company has been able to successfully laun ting huge volumes in this category of publications.

ic stationery market, with many unorganized players, but with the strong brand, consistent business policies (contrary to the t series, a unique concept of binding for the benefit of students has literally surprised the unorganized markets. Creating aware

tionery products in the coming years.

rnational market. Competition is growing year after year. Appreciation of the Rupee has further worsened the salability in ter cing from India instead of fully relying on China. Your Company has started receiving inquires from such major buyers.

e started marketing such products in European markets.

Turnover 252.85 100.00%

ns.

your Company saw static syllabus for last several years in both the states of its operations.

s. One was the appreciation of INR against USD, the other being the competition from various countries. The competition fro

ed to grow because of continuous change in syllabus in the 2 states where we operate. Gujarat has already had an opportunity s, has started showing signs of a long and sustainable growth engine for your Company.

m India as an alternate assured supplier. Your Company has already started receiving inquiries from big buyers from developi

mix in revenue streams. Stationery offers lower margins than Publications. In the previous ing period of 18 months, yo

ues, your Company is likely to earn better operating margins in the coming years.

nd. Why?

ery September, your Company enjoys and will enjoy debit status-this year as well as in future. Earlier too, each year your Co r every year.

pany does not expect a rise in paper prices beyond 3%.

print all required publications in very short time, for which, Company will modernize few of its printing facilities in the curre

volumes did not provide independent sustainability to the Company. This experience has been consistent for last 2 years and

contracts meant for hedging against open debtors in Rupee appreciating scenario.

alution of Foreign currency assets and liabilities on Balance Sheet date as per AS11.

y assets and liabilities during 1st quarter of Financial year 2004-05.

nt liability and not included in capital employed.

ak period

AUDITORS REPORT NAVNEET PUBLICATIONS (INDIA) LIMITED ANNUAL REPORT 2003-2004 AUDITORS' REPORT

To The of Navneet Publications (India) Limited, We have audited the attached Balance Sheet of NAVNEET PUBLICATIONS (INDIA) LIMITED, as at 31st March 2004, the Profit and Loss and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence ing the amounts and disclosures in the financial statements. An audit also includes assessing the ing principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 1. As required by the Companies (Auditor's Report) Order, 2003 issued by the Central Government of India in of subsection (4A) of section 227 of the Companies Act, 1956, we give in the Annexure attached here to, a statement on the matters specified in paragraphs 4 and 5 of the said Order. 2. Further to our comments in the Annexure referred to above, we report that: a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purposes of our audit; b) In our opinion, proper books of as required by law have been kept by the Company so far as appears from our examination of those books. The Branch Auditor's Report has been forwarded to us and have been appropriately dealt with; c) The Balance sheet, Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of ; d) In our opinion, the Balance sheet, Profit and Loss and Cash Flow Statement dealt with by this report have been prepared in compliance with the applicable ing Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; e) On the basis of written representations received from the directors, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March 2004 from being appointed as a director in of clause (g) of subsection (1) of section 274 of the Companies Act, 1956; f) In our opinion and to the best of our information and according to the explanations given to us, the said s, give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the ing principles generally accepted in India:

i. In the case of the balance sheet, of the state of affairs of the Company as at 31st March 2004; ii. In the case of the Profit and Loss , of the profit for the year ended on that date; and iii. In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. For Ghalla & Bhansali Chartered ants Place : Mumbai Haresh K.ChhedaDate : 30th July, 2004 Partner hip No. 38262 Annexure to the Auditor's Report (Referred to in paragraph 1 of our report of even date on the s for the year ended 31st March, 2004 of Navneet Publications (India) Limited) 1. a) The Company has maintained proper records showing full particulars, including quantitative details and situation of its fixed assets. b) All the assets have not been verified by the management during the year but, according to the information and explanations given to us, in our opinion the intervals for verification are reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification. c) In our opinion, Fixed assets disposed off during the year were not substantial and therefore do not affect the going concern assumption. 2. a) In our opinion, the inventory of the Company has been physically verified by the management at reasonable intervals. In respect of inventory lying with third parties, these have substantially been confirmed by them. b) In our opinion and according to the information and explanations given to us, the procedures for physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and nature of its business. c) In our opinion and according to the information and explanation given to us, the Company has maintained proper records of its inventories and discrepancies noticed on such physical verification between stock and the book records were not material. 3. According to information and explanations given to us, the Company has neither granted nor taken any loans, secured or unsecured, from companies, firms or other parties listed in the maintained under Section 301 of the Companies Act, 1956. Consequently, the provisions of clause 4(iii) (b), (c) and (d) of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company. 4. In our opinion and according to the information and explanations given to us, the Company has adequate internal control procedure commensurate with the size of the Company and nature of its business with regard to purchase of inventories and fixed

assets and for the sale of goods. Further, on the basis of our examination and according to the information and explanations given to us, we have neither come across nor have we been informed of any instance of continuing failure to correct major weaknesses in internal control. 5. a) In our opinion and according to the information and explanations given to us, the transactions that needed to be entered in to the in pursuance of section 301 of the Companies Act, 1956 have been so entered. b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of contracts or arrangements entered in the maintained under Section 301 of the Companies Act, 1956 and exceeding value of Rs.5,00,000/- in respect of any party during the year have been made at prices which are reasonable having regard to prevailing market prices at the relevant time. 6. The Company has not accepted any deposits from the public within the meaning of sections 58A and 58AA of the Companies Act, 1956 and the rules framed there under. 7. In our opinion, the Company has an adequate internal audit system commensurate with the size and nature of its business. The Company has also outsourced a section of internal audit function to independent internal auditors. 8. According to information and explanations given to us, the Central Government has not prescribed maintenance of cost records under Clause (d) of sub-section (1) of section 209 of the Companies Act, 1956, for the industry in which the Company operates. 9. a) According to the information and explanations given to us and according to the books and records as produced and examined by us, the undisputed statutory dues in respect of provident fund, investor education and protection fund, employees' state insurance, income tax, sales tax, wealth tax, customs duty, excise duty, cess and others as applicable have been regularly deposited by the Company during the year with the appropriate authorities. b) According to information and explanation given to us, there are no dues outstanding of sales tax, income tax, customs duty, wealth tax, excise duty and cess, which have not been deposited on of any dispute. 10. The Company has neither accumulated losses at the end of the financial year 2004, nor it has incurred any cash losses during the financial year ended on that date and the immediately preceding financial year. 11. According to information and explanations given to us, the Company has not defaulted in repayment of dues to any financial institution or bank or debenture holders during the year. 12. According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities, and hence clause 4(xii) of the Companies (Auditor's Report) Order, 2003 is not applicable to the Company.

13. The Company is not a chit or a nidhi / mutual benefit fund/ society, therefore, the clause 4(xiii) of the Companies (Auditor's Report) Order, 2003 is not applicable to the Company. 14. In our opinion and according to the information and explanations given to us, the Company is not a dealer or trader in securities. Hence clause 4(xiv) of the Companies (Auditor's Report) Order, 2003 is not applicable to the Company. 15. According to information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. 16. The Company has not obtained any term loans. Accordingly, clause 4(xvi) of the Companies (Auditor's Report) Order, 2003 is not applicable to the Company. 17. According to the information and explanations given to us and on an overall examination of the balance sheet and cash flow of the Company, we report that no funds raised on short-term basis have been used for long-term investment and no longterm funds have been used to finance short-term assets (excludes permanent working capital). 18. The Company has not made any preferential allotment of shares to parties and companies covered in the maintained under section 301 of the Companies Act, 1956 during the year. 19. According to the information and explanations given to us, the Company has not issued any secured debentures and thus was not required to create any security. 20. The Company has not raised any money by public issue during the year. Hence clause 4(xx) of the Companies (Auditor's Report) Order, 2003 is not applicable to the Company. 21. According to the information and explanations given to us, during the year, no fraud by or on the Company has been noticed or reported during the course of our audit. For Ghalla & Bhansali Chartered ants Place : Mumbai Haresh K.ChhedaDate : 30th July, 2004 Partner hip No. 38262 Navneet Publications (India) Ltd Product Name

Raw Materials

Unit

Quantity

Value

Cost(Rs) / Unit

Others - Purchases

NA

0.00

1.84

-

Others

NA

0.00

6.72

-

Freight & Octroi

NA

0.00

0.92

-

Paper

Kg

41,793,939.00 133.78

32.01

Paper-Purchased

Kg

Books & Other Station.ItemsNA Pu

554,769.00

1.57

28.30

0.00

0.22

-

Source : http://www.capitalmarket.com

Navneet Publications (India) Ltd Finished Products % Product Installed Sales Unit % of Sto Capacity Production Name Capacity Quantity Utilisation Publications NA 57.30 0.00 0.00 0.00 0.00 Stationery NA 42.34 0.00 0.00 0.00 0.00 Others NA 0.36 0.00 0.00 0.00 0.00

Sales (Rs. Cr.) 144.88 107.06 0.91

Sales Real.(Rs) / Unit -

Source : http://www.capitalmarket.com GUJARAT

Surat

Vadodara

1, Shree Vallabh Complex, Kotwal Street, Nanpura, Surat - 395 001 Tel No. : (0261) 246 3927 Email : [email protected]

F/1, Vaidya Vatika, Sardar Bhavan Lane0, Opp. Hanuman Wadi, Vadodara-390 001 Tel No. : (0265) 2422 087 Email : [email protected]

Navsari 3 C Arvind Nagar Society, Lunsikui Rd., Navsari 396445. Tel No. : (02637) 244186 & Mob: 9825154422 Email : [email protected]

Board of Directors

Corporate Profile

Board of directors Management Team Corporate Information

Chairman

Shivji K Vikamsey

Managing Director

Amarchand R Gala

t Managing Director

Jaisinh K Sampat

Director

Dungarshi R Gala Harakhchand R Gala Shantilal R Gala

Director (Marketing)

Jitendra L Gala

Director

Vijay D. Rai Ashok M Nadkarni Liladhar D Shah R Varadarajan Kamlesh S Vikamsey

Company Secretary

Manoj J Thakar

Source : http://www.capitalmarket.com

Management Team

Corporate Profile

Board of Directors Management Team Corporate Information

Navin N. Shah

President (Production)

Bipin A. Gala

President (Projects)

Anil D. Gala

President (Publishing)

Gnanesh D. Gala

President (Finance)

Raju H. Gala

President (Marketing)

Dilip C. Sampat

President (International Business)

Shailendra J. Gala

Vice President (Stationery Division)

Sandeep S. Gala

Vice President (Marketing)

Kalpesh H. Gala

Vice President (Stationery Division)

Sanjeev J. Gala

Vice President (Marketing)

Ketan B. Gala

Vice President (Information Technology

Corporate Information

Corporate Profile

Board of directors Management Team Corporate Information

Company Secretary

Manoj J. Thakar

Auditors

Ghalla & Bhansali Chartered ants, Mumbai

Branch Auditors

Nitin K. Shah & Co. Chartered ants, Ahmedabad

Bankers

Bank of India UCO Bank ICICI Bank Ltd.

ed Office

Navneet Bhavan, Bhavani Shankar Road, Dadar (West), Mumbai - 400 028.

Ahmedabad Office

Navneet House, Gurukul Road, Memnagar, Ahmedabad - 380 052.

Works  Dantali

Village Dantali, Behind Kasturi Nagar, District and Taluka - Gandhinagar, Gujarat.

 Vasai

Ponafel Industrial Estate, Gokhiware, Chinchpada, Vasai (East), Thane.

 Silvassa

Village Sayali, Silvassa.

Webmail

[email protected]

Website

www.navneet.com

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