About Navneet Publications (India) Ltd.

NAVNEET was floated by the NAVNEET Group of Companies managed by Gala Family Members 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,feng-
shui 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 Accounting 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

 Jan 22 , 2004
Media Releases
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 Accounting 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, Village Sayali, Silvassa

Taluka & Dist. Gandhinagar, Gujarat Tel No. : (0260) 2641414 / 5
Tel No. : (079) 3286200 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 2000-
2001.
 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 1999-
2000.

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.

Joint 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 contacts with thousands of

schools,teaching community and trade are the basics behind this great success.With over 400
employees specially designated to keep direct contacts 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 contacts 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
users 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 terms 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 voice-
overs, 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 Background
Incorporation
1984
Year
Registered
Navneet Bhavan, Bhavani Shankar Road Dadar (W), Mumbai - 400028, Maharashtra
Office
Telephone 91-022-56626565
Fax 91-022-56626470
Industry Printing & Stationery
House Indian Private
Chairman Shivji K Vikamsey
Managing
Amarchand R Gala
Director
Company
Manoj J Thakar
Secretary
Auditor Ghalla & Bhansali
Face Value 10
Market Lot 1
Listing Mumbai, NSE, Saurashtra Kutch
Intime Spectrum Registry Ltd
Registrar
C-13 Pannalal Silk, Mills Cmpd LBS Road, Bhandup West, Mumbai - 400 078

Navneet Publications (India) Ltd Board of Directors

Chairman Shivji K Vikamsey
Managing Director Amarchand R Gala
Joint Managing Director Jaisinh K Sampat
Director Dungarshi R Gala
Harakhchand R Gala
Shantilal R Gala
Director (Marketing) Jitendra L Gala
Director Ashok M Nadkarni
Liladhar D Shah
R Varadarajan
Kamlesh S Vikamsey
Company Secretary Manoj J Thakar
Director 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 members 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
Expansion Educational
----- ----- ----- ----- ----- ----- ----- ----- Paper Stationery
Type Books
Unit ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Project 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capacity
Project Cost 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 7.00 7.00
Village
Location ----- ----- ----- ----- ----- ----- ----- ----- Village Dabhel
Dabhel
Date of
Commercial ----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Production
Plant being
Status ----- ----- ----- ----- ----- ----- ----- ----- Project completed
set up
Financial Loans -
Financing
----- ----- ----- ----- ----- ----- ----- ----- Institutions/Internal FIs/Internal
Pattern
Accruals Accruals
Financial
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Collaborators
District ----- ----- ----- ----- ----- ----- ----- ----- Kachigaon Kachigaon
State ----- ----- ----- ----- ----- ----- ----- ----- Union Territory -----
Collaborator
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Country
Project
----- ----- ----- ----- ----- ----- ----- ----- ----- -----
Consultants
No New No New No New No New No New No New No New No New
Project Type New Project Expansion
Project Project Project Project Project Project Project Project
Source : http://www.capitalmarket.com
Navneet Publications (India) Ltd Company Results
Rs. Crs.
Year 200309 200203 Var(%) 200403 200209 Var(%) 200403 200303 Var(%)
1st 1st 2nd 2nd Full Full
Type
Half Half Half Half Year Year
Sales
174.69 65.39 167.15 78.16 179.04 -56.34 252.85 323.45 -21.83
Turnover
Other
3.03 2.17 39.63 5.39 1.57 243.31 8.42 6.13 37.36
Income
Total Income 177.72 67.56 163.06 83.55 180.61 -53.74 261.27 329.58 -20.73
Total
132.98 55.64 139.00 65.60 135.44 -51.57 198.58 259.55 -23.49
Expenditure
Operating
44.74 11.92 275.34 17.95 45.17 -60.26 62.69 70.03 -10.48
Profit
Interest 1.32 1.32 0.00 0.56 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 4.63 4.07 13.76 8.93 11.44 -21.94
Tax 11.46 1.80 536.67 4.49 11.65 -61.46 15.95 15.22 4.80
Reported
27.06 5.73 372.25 8.09 26.64 -69.63 35.15 37.41 -6.04
PAT
Dividend
0.00 0.00 N.A. 0.00 0.00 N.A. 75.00 0.00 N.A.
(%)

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
Total Assets 236.57 209.81 120.05 102.81 84.80
Contingent Liabilities 3.35 7.88 6.65 10.92 6.42
Source : http://www.capitalmarket.com

Navneet Publications (India) Ltd Balance Sheet - Aggregates

Company Industry House
Navneet Printing & Indian All Industries
Year
Publicat Stationery Private Latest
199103 Latest 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
APPLICATION OF FUNDS :
Gross Block 119.11 3,413.11 190,051.33 1,282,692.68
Less: Accum. Depreciation 51.42 1,433.63 62,572.54 497,419.28
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
Current Assets, Loans &
Advances
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
Less: Current Liab. & Prov.
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 17,088.55
Total Assets 236.57 4,637.79 383,601.83 3,609,694.68
Contingent Liabilities 3.35 464.48 74,113.36 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 Administration
32.81 47.07 29.02 24.57 18.91
Expenses
Miscellaneous Expenses 2.35 3.44 2.44 1.29 0.19
Less: Preoperative Expenditure
0.00 0.00 0.00 0.00 0.00
Capitalised
Profit before Interest, Depreciation
62.95 69.55 55.20 46.24 35.83
& 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

Rs. Crs.
Year 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
Operating Profit Margin(%) 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
Source : http://www.capitalmarket.com
Navneet Publications (India) Ltd Shareholding Pattern
Description
No of Shares % Share Holding
(S.P As on 3/29/1995)
Foreign Collaborators 0 0.00
Foreign Institutions 189600 3.99
Foreign Nationals 0 0.00
NRI 180100 3.79
Other Foreign Holdings 0 0.00
Total Foreign 369700 7.78
LIC 0 0.00
UTI 44600 0.94
IFCI 0 0.00
IDBI 0 0.00
ICICI 0 0.00
GIC & Its Subsidiaries 0 0.00
Nationalised Banks 366400 7.71
Mutual Fund 295600 6.22
Institution Others 0 0.00
Total Institutions 706600 14.87
Govt. Companies 0 0.00
Central Govt. 0 0.00
State Govt. 0 0.00
SFCs 0 0.00
Total Govt. Holdings 0 0.00
Holding Companies 0 0.00
Subsidiary Companies 0 0.00
Other Bodies Corporates 1246050 26.22
Total Company 1246050 26.22
Directors & Their Relatives 1187150 24.98
Promoters 0 0.00
 Total Promoters 1187150 24.98
Public 1242900 26.15
Employees 0 0.00
Total Public 1242900 26.15
Totals 4752400 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. Rs. Crs.

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. Rs. Crs.

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. Rs. Crs.

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

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 03 118.90 107.00 112.95 9.58 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 Low Close P/E High P/E Low P/E Close Mkt Cap. Rs. Crs.

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 02 145.10 132.00 138.50 8.88 8.08 8.48 263.98
Sep 02 156.85 140.00 143.85 9.60 8.57 8.80 274.18
Year High Low Close P/E High P/E Low P/E Close Mkt Cap. Rs. Crs.

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. Rs. Crs.

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
Nov 01 175.00 145.20 174.55 10.71 8.89 10.68 332.69
Year High Low Close P/E High P/E Low P/E Close Mkt Cap. Rs. Crs.

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

May 01 171.50 145.50 169.50 12.36 10.49 12.22 323.07

Apr 01 166.00 122.10 150.50 11.97 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 Low Close P/E High P/E Low P/E Close Mkt Cap. Rs. Crs.

Dec 00 170.40 145.00 158.50 12.29 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
Aug 00 248.25 190.00 200.05 10.43 7.98 8.40 381.30
Year High Low Close P/E High P/E Low P/E Close Mkt Cap. Rs. Crs.

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
 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. Rs. Crs.

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 99 317.50 266.10 268.63 13.33 11.18 11.28 512.00
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
r 1st Qtr Var(%) 2nd Qtr 2nd Qtr Var(%) 3rd Qtr 3rd Qtr Var(%) 4th Qtr 4th Qtr Var(%) 5th Qtr
Y
6 137.64 6.92 37.16 35.10 5.87 36.64 141.97 -74.19 42.68 37.07 15.13 33.04 46.14 25
0.79 39.24 2.16 0.99 118.18 0.86 1.00 -14.00 3.80 0.57 566.67 0.79 1.05 8.
6 138.43 7.10 39.32 36.09 8.95 37.50 142.97 -73.77 46.48 37.64 23.49 33.83 47.19 26
8 100.28 9.97 32.73 30.49 7.35 30.32 101.86 -70.23 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 terms of Clause 41 of the Listing A
million on account 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 terms 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 account 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 Accounting 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 Accounts 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 Registered 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 users 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 accounting 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 Members 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 Account 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 supporting the
amounts and disclosures in the financial statements. An audit also includes assessing
the accounting 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 terms 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 account 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 Account and Cash Flow Statement dealt with by
this report are in agreement with the books of account;

d) In our opinion, the Balance sheet, Profit and Loss Account and Cash Flow
Statement dealt with by this report have been prepared in compliance with the
applicable Accounting 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 terms of clause (g) of sub-
section (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 accounts, 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
accounting 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 account, 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 Accountants

Place : Mumbai Haresh K.ChhedaDate : 30th July, 2004 Partner Membership No.
38262

Annexure to the Auditor's Report

(Referred to in paragraph 1 of our report of even date on the accounts 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 register 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 register 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 register
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 account 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 long-
term 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 register 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 Accountants

Place : Mumbai Haresh K.ChhedaDate : 30th July, 2004 Partner Membership No.
38262

Navneet Publications (India) Ltd Raw Materials

Product Name 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 554,769.00 1.57 28.30
Books & Other Station.Items-
NA 0.00 0.22 -
Pu
Source : http://www.capitalmarket.com

Navneet Publications (India) Ltd Finished Products

% Sales Sales
Product Installed Sales
Unit % of Sto Capacity Production (Rs. Real.(Rs)
Name Capacity Quantity
Utilisation Cr.) / Unit
Publications NA 57.30 0.00 0.00 0.00 0.00 144.88 -
Stationery NA 42.34 0.00 0.00 0.00 0.00 107.06 -
Others NA 0.36 0.00 0.00 0.00 0.00 0.91 -
Source : http://www.capitalmarket.com
GUJARAT

Surat Vadodara

1, Shree Vallabh Complex, Kotwal Street, F/1, Vaidya Vatika, Sardar Bhavan Lane0, Opp.
Nanpura, Surat - 395 001 Hanuman Wadi, Vadodara-390 001
Tel No. : (0261) 246 3927 Tel No. : (0265) 2422 087
Email : [email protected], Email : [email protected],
[email protected] [email protected]
Navsari

3 C Arvind Nagar Society,

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

Board of Directors

Board of directors
Corporate Profile
Management Team
Corporate Information

Chairman Shivji K Vikamsey

Managing Director Amarchand R Gala

Joint 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 Accountants, Mumbai

Branch Auditors Nitin K. Shah & Co.

Chartered Accountants, Ahmedabad

Bankers Bank of India

UCO Bank

ICICI Bank Ltd.

Registered Office Navneet Bhavan, Bhavani Shankar Road,

Dadar (West), Mumbai - 400 028.

Ahmedabad Office Navneet House, Gurukul Road,

Memnagar, Ahmedabad - 380 052.

Works

Village Dantali, Behind Kasturi Nagar,

 Dantali
District and Taluka - Gandhinagar, Gujarat.

Ponafel Industrial Estate, Gokhiware,

 Vasai
Chinchpada, Vasai (East), Thane.

 Silvassa Village Sayali, Silvassa.

Webmail [email protected]

Website www.navneet.com

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