Indian Toners & Developers Ltd

Indian Toners & Developers Ltd. is an entrepreneurial venture, which was founded by its Chairman & Managing Director, Mr. Sushil Jain, a technocrat with an innovative vision. Quality consciousness, dedication to technological progress and determination for satisfaction of its customers, shareholders and employees underline the values set forth by its founder. Employing highly automated and integrated German Plants, Indian Toners & Developers Ltd. has a manufacturing capacity to produce 3600 metric tons of toners per annum. The facility at Rampur has a manufacturing capacity of 1200 metric tons of toner per annum, while the facility at Sitargunj also has a manufacturing capacity of 2400 metric tons of toner per annum, with a total of 7 Production lines: 6 production lines each, with 600 tons manufacturing capacity. 1 exclusive production line for R&D. ITDL has a widespread distribution network with around 120 distributors present in every nook and corner of the country.ITDL caters to around 600 dealers,1500 refillers and 44000 jobbers present in all parts of the country. The Head Office of Indian Toners is based in New Delhi, and the sales team of the company comprises of around 100 people stationed in various parts of India to look after the sales of the company's products. The regional offices of the company are located in the 4 Metropolitan cities of India: Delhi, Mumbai, Chennai and Kolkata. Indian Toners exports Toners to more than 20+ countries and over the years, has become one of the leading toner manufacturers and toner suppliers of South East Asia. The Government of India has been awarding Indian Toners for its "Excellence in Export Performance" consecutively since the past several years. Indian Toners & Developers Ltd. has also established a wholly owned subsidiary in the United States of America called Indian Toners U.S.A. Company, in the state of Florida in June 2016 as well. Indian Toners & Developers Ltd. lays great emphasis on the protection of the social and natural environment. ITDL thus has commissioned Solar Power Generation Plant, for in-house power consumption. It is also constantly working towards its green company initiative of being en eco friendly company. The installation of a solar power plant is another step towards this initiative. In the future as well, Indian Toners will continue to invest in green technology. Every department of Indian Toners consists of a team of highly experienced and dedicated professionals in order to maintain a privileged relationship with the large and ever growing family of valued and satisfied customers. The total workforce of the company is in excess of 400. The financials of the company is zigzag, RoNW is 5.98% and at CMP its looks fairly priced. Price difference is around 18% and acceptance ration as per current share holding for retail will be around 10%, so we may expect the final acceptance ratio may be around 20% if promoters take part in buyback, otherwise around 50%, so profit may be 4% to 10%. So we give NEUTRAL rating to this buyback.