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 Non-Institutional Portion Retail Portion Shares o/s after the Issue Book Running Lead Manager Listing on 13,10,000 Shares constituting 50% of the Net Issue 3,93,000 Shares constituting 15% of the Net Issue 9,17,000 Shares constituting 35% of the Net Issue 1,04,79,112 Equity Shares Enam Financial Consultants Pvt. Ltd. Bombay Stock Exchange Limited & the National Stock Exchange Issue Timing Price Band Issue Size
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November 28 – December 01, 2005 Rs. 145 – Rs 165

Rs. 38.0 cr – Rs. 43.2 cr

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Proposed IPO
• IPO size :Fresh Issuance : 26,20,000 shares – QIB’s 50% 15% 35%
Capex for Enhancement of Existing Facility (Rs. 18.4 cr)

Issue summary

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Setting up New Facility at Navi Mumbai Special Economic Zone (Rs. 14.5 cr)

– Non-Institutional – Retail

(All Categories on Proportionate Basis) • Total Equity shares post issue: 1,04,79,112

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Setting up of Infrastructure for CPO (Rs. 3.5 cr) Meeting Working Capital Requirement (Rs. 10.0 cr) Meeting General Corporate Purpose and Issue Expenses

Public 25.0%

Others 1.8%

Promoter 73.2%

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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

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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 Few printers have moved up the value chain • Large opportunity for large integrated domestic printers Increasing 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 The Need + current production process + Future Print Requirement Delivering the Solution Product Standardisation Create Formats + Cost Economies + Time to Market + Quality Create Content Write + Illustrate + DTP + Processing Manufacturing Create Master + Storage + Archival + Mass Produce

Repeat Business
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Despatch

Order Processing

Warehousing & Inventory Mgt

QC Check

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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 Content Conversion : from book to CD and web
• Concept • Character Development • Copy Writing • Design • Re-Design • Illustrations • Sourcing Images • Photoshop Clipping • Format Modifications • Size Modifications • Feeding & Formatting Text • 1 to 4 Colour

DTP

Layouting

Enhancement

Design

Content 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 : 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 Develop products to meet customer’s requirements - based on concept, target market, price specifications Value engineering to reduce costs / enhance appeal Enhance product lifecycle - recreation of existing libraries of publishers through design, layout, content value additions 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) Sanjeev Vohra (MD) Mukesh Dhruve (CFO) Dushyant Mehta Rajeev Vohra Non Executive Directors Alyque Padamsee Dr. J. J. Irani Nasser Munjee Sanjay Asher U. R. Bhat
K Venkatraman (Company Secretary) – Corporate Trishita Vora – Corporate Planning Shekhar Bangera (Sr.Vice President) – Marketing Srihari Raghavan (Sr.Vice President) – IT & Intl Business Sharath Kumar (Vice President) – Marketing (USA) Kunjli Majmudar (Vice President) – Marketing (UK) Dinesh Surekha (Vice President) – Finance and Accounts Nimisha Dalal (Vice President) – MIS Sonia Mehta – Creative Director Col. Mehta – Director – Supply Chain Operations

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

Young recruits from management, technical and print institutes

Over 440 people with an equitable mix of Blue and White collar

Development of members with focus on work culture interpersonal skills marketing skills technical skills Structuring into Customer Support Teams

Growth into managerial levels Single Bullet Responsibility

Shared Vision Ownership Concept Low attrition rates

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
US offsite printing to grow to ~$25bn by 2009 (source: Cap Ventures) Process Outsourcing expected to grow at 15% CAGR to $2bn by 2009 EU Offsite printing currently at € 15 bn (source: Infotrend), expected to grow faster than US

• Developing countries also offering large opportunity
World Bank funded education projects in the African continent 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
1000 Amount in Rs. Mn 800 600 400 200 0 FY 2003 FY 2004 FY 2005 HY1 06 Sales Exports (%) 40 30 20 10 0 exports as a % to total sales

• 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 Sales India Exports EBITDA PBT PAT OPM (%)
FY 2003 : FY 2004 : FY 2005 :

FY 2002 60.9 60.9 11.0 4.7 3.2 18

FY 2003 71.7 71.7 11.9 6.4 4.6 17

FY 2004 81.5 70.8 10.7 9.8 4.9 3.6 12

FY 2005 86.6 59.0 27.6 12.1 6.0 4.5 14

H1FY2006 53.5 33.5 20.0 11.1 7.6 5.0 21

Realised growth / profitability constraints of domestic markets Invested in creating international presence, reflected in temporary dip in profits Demonstrated exports scalability

Current year: Benefits of changing business mix visible

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Financial Overview
Rs Cr Net Worth Debt Capital Employed ROCE (%) RONW (%) * annualised FY 2002 25.6 28.8 54.4 15 13 FY 2003 25.3 28.0 53.3 17 18 FY 2004 28.0 35.9 63.9 10 13 FY 2005 31.6 41.0 72.6 12 14 H1FY2006 36.6 41.3 77.9 23* 27*

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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