MIRA INFORM REPORT

Report Date :

27.07.2013

IDENTIFICATION DETAILS

Name :	RICOH INDIA LIMITED
Registered Office :	1201, Building No. 12, Solitaire Corporate Park, Andheri - Ghatkopar Link Road, Andheri (East), Mumbai-400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.10.1993
Com. Reg. No.:	11-074694
Capital Investment / Paid-up Capital :	Rs. 397.700 Millions
CIN No.: [Company Identification No.]	L74940MH1993PLC074694
TAN No.: [Tax Deduction & Collection Account No.]	MUMR14081E
PAN No.: [Permanent Account No.]	AAACR4151J
Legal Form :	A Public Limited Liability company. The company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacture and Distribution of Photocopiers, Paper Guillotines and Duplicating Machines.
No. of Employees :	700 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (36)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 4900000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears losses recorded by the company from last two year. The external borrowing as increase during 2013. However, the company has achieved better growth in 2012. Trade relations are reported to be fair. Business is active. Payments are slow but correct. The company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Nilesh
Designation :	Accounts Department
Contact No.:	91-22-66833000
Date :	26.07.2013

LOCATIONS

Registered Office :	1201, Building No. 12, Solitaire Corporate Park, Andheri - Ghatkopar Link Road, Andheri (East), Mumbai-400 093, Maharashtra, India
Tel. No.:	91-22-66833000
Fax No.:	91-22-67032099
E-Mail :	ril.secretarial@ricoh.co.in
Website :	http://www.ricoh.co.in
Location :	Owned
Corporate Office :	2nd Floor, Salcon Aurum Building Plot No. 4, District Centre, Jasola, New Delhi-110025, India
Tel. No.:	91-11-49103000 / 49103100 / 49103200
Fax No.:	91-11-49103099 / 49103199
E-Mail :	ril.info@ricoh.co.in
Factory 1 :	A- 9, GIDC Electronic Estate, ‘K’ Road, Sector 15, Gandhinagar – 382 044, Gujarat, India
Factory 2 :	Block-GP, Sector V, Salt Lake Electronic Complex, Kolkata – 700 091, West Bengal, India

DIRECTORS

As on: 31.03.2013

Name :	Mr. N. Majima
Designation :	Non-Executive (Chairman)
Date of Birth/Age :	24.05.1952
Qualification :	Graduate from Kyoto University, Foreign Languages (French) Faculty
Expertise in specific functional areas :	International Marketing and Strategic Business Planning
Date of Appointment :	23.07.2008
Name :	Mr. T. Takano
Designation :	Managing Director and Chief Executive Officer
Date of Birth/Age :	30.08.1954
Qualification :	Law Graduate from Keio Gijuku University, Tokyo
Experience :	35 Years
Expertise in specific functional areas :	Corporate Marketing and Administration
Date of Appointment :	01.04.2011
Name :	Mr. D. C. Singhania
Designation :	Non-Executive (Independent)
Name :	Mr. U. P. Mathur
Designation :	Non-Executive (Independent)
Date of Birth/Age :	29.03.1937
Qualification :	M.Com, Bachelor of Law, Associate Member of the Institute of Company Secretaries of India
Expertise in specific functional areas :	Corporate Laws
Date of Appointment :	08.07.2005
Name :	Mr. R. K. Pandey
Designation :	Non-Executive (Independent)
Date of Birth/Age :	20.01.1940
Qualification :	M. Com, Bachelor of Law Fellow Member of the Institute of Company Secretaries of India & Post Graduate Diploma in Business Administration
Expertise in specific functional areas :	Corporate Laws and Capital Market
Directorships held in other Public Companies (excluding Foreign Companies)	-Hanung Toys and Textiles Limited -Precise Laboratories Private Limited -Sanghi Industries Limited -Welcure Drugs and Pharmaceuticals Limited -Morgan Ventures Limited -British Healthcare Products Limited -PTC Industries Limited -Shree Rajasthan Syntex Limited -Andhra Cements Limited -Kanpur Fertilizer and Cement Limited -Jindal Polyfilms Limited -Jaypee Uttar Bharat Vikas Private Limited -Kamdhenu Ispat Limited -Steren Impex (Private) Limited
Date of Appointment :	27.06.2008
Name :	Mr. Hi Kitada
Designation :	Non-Executive Director

KEY EXECUTIVES

Name :	Mr. Manish Sehgal
Designation :	Company Secretary
Name :	Mr. Manoj Kumar
Designation :	Chief Financial Officer
Name :	Mr. Shinichi Nagashima
Designation :	Vice President
Qualification :	BS (Engg)
Experience :	21.07.2008
Date of Appointment :	32 Years
Name :	Ms. Fusako Hojo
Designation :	Manager Special Account Business Development
Qualification :	Graduate
Experience :	13 Years
Date of Appointment :	01.11.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.06.2013

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of promoters and Promoter Group
1. Indian	-	-
2. Foreign
Bodies Corporate	29270370	73.60
Sub Total	29270370	73.60
Total Shareholding of promoter and promoter group (A)	29270370	73.60
(B) Public Shareholding
1. Institutions
Mutual Funds / UTI	700	0.00
Financial Institutions / Banks	5800	0.01
Insurance Companies	2400	0.01
Sub Total (B) (1)	8900	0.02
2. Non Institutions
Bodies Corporate	2121036	5.33
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	5024038	12.63
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	3125927	7.86
Any other [specify]	217890	0.55
Trusts and Foundation	500	0.00
Non Resident Indians	217390	0.55
Sub Total	10488891	26.38
Total Public Shareholding	10497791	26.40
Total (A) + (B)	39768161	100.00
Shares held by custodians and against which depository receipts have been issued (C)	-	-
Total (A) + (B) +(C)	39768161	100.00

Shareholding belonging to the category "Promoter and Promoter Group"

		Details of Shares held
Sl. No.	Name of the Shareholder	No. of Shares held	As a % of grand total (A)+(B)+(C)
1	Ricoh Company Limited	1,83,10,578	46.04
2	NRG Group Ltd	1,09,59,792	27.56
	Total	2,92,70,370	73.60

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as % of Total No. of Shares
1	Globe Capital Market Limited	629295	1.58
	Total	629295	1.58

BUSINESS DETAILS

Line of Business :

Manufacture and Distribution of Photocopiers, Paper Guillotines and Duplicating Machines.

Products :

ITC Code	Product Description
84433930	Photo Copying Apparatus
84433100	Colour Printer
84729020	Digital Duplicator

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

GENERAL INFORMATION

Customers :	Retailers and End Users
No. of Employees :	700 (Approximately)
Bankers :	The Mizuho Corporate Bank Limited The Bank of Tokyo – Mitsubishi UFJ Limited Citibank N.A. BNP Paribas

Banking Relations :	--
Auditors :
Name :	Sahni Natarajan and Bahl Chartered Accountants
Address :	303, Mansarover, 90, Nehru Place, New Delhi – 110 019, India
Holding company :	Ricoh Company Limited, Japan
Fellow Subsidiaries :	NRG Holding Plc., U.K. Ricoh Asia Pacific Operations Limited Ricoh Thermal Media (WUXI) Ricoh Europe B.V. Ricoh Asia Pacific Pte Limited Ricoh Australia Pty Limited Ricoh Creative Service Company Ricoh China Company Limited Pentax Ricoh Imaging Company Limited

CAPITAL STRUCTURE

As on: 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
45000000	Equity Shares	Rs.10/- each	Rs. 450.000 Millions
500,000	7.5% Cumulative Redeemable Preference Shares	Rs.100/-each	Rs. 50.000 Millions
	Total		Rs. 500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
39768161	Equity Shares	Rs.10/- each	Rs. 397.700 Millions

Details of Shareholders holding more than 5 percent Shares of the total number of Shares

Particulars	As on 31.03.2013
Ricoh Company Limited, Japan	18310578
Percentage of Shareholding	46%
NRG Holding Plc., U.K	10959792
Percentage of Shareholding	28%

Reconciliation of Issued, Subscribed & Fully Paid up Share Capital

Particulars	As on 31.03.2013
Number of Equity Shares at the beginning of the year	39766961
Number of Equity Shares at the end of the year	39766961

Rights, Preferences and Restrictions attached to Shares

Equity shares: The Company has one class of Equity Shares having a par value of Rs.10 per Share.Each Shareholder is eligible for one vote per Share held. In the event of Liquidation , the Equity Shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to their Shareholding.

Shares in the Company held by the Holding Company and Subsidiaries of Holding Company in Aggregate

Particulars	As on 31.03.2013
18,310,578 Shares (Previous Year 18,310,578) held by Ricoh Company Limited, Japan, being Holding Company of the Company.	183.100
10,959,792 Shares (Previous Year 10,959,792) held by NRG Holding Plc., U.K., being Subsidiary of Ricoh Company Limited, Japan.	109.600

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	397.700	397.700	397.700
(b) Reserves & Surplus	827.900	841.100	918.700
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1225.600	1238.800	1316.400
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	29.600	28.700	26.300
(d) long-term provisions	47.900	46.500	40.000
Total Non-current Liabilities (3)	77.500	75.200	66.300
(4) Current Liabilities
(a) Short term borrowings	2544.900	1147.100	0.000
(b) Trade payables	2251.100	906.100	563.500
(c) Other current liabilities	1343.600	403.900	576.600
(d) Short-term provisions	3.800	13.100	16.500
Total Current Liabilities (4)	6143.400	2470.200	1156.600
TOTAL	7446.500	3784.200	2539.300
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	247.300	232.900	117.400
(ii) Intangible Assets	89.900	121.800	32.600
(iii) Capital work-in-progress	5.400	2.300	1.200
(iv) Intangible assets under development	81.300	15.600	7.300
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	46.200	10.500	10.800
(d) Long-term Loan and Advances	232.900	194.200	203.100
(e) Other Non-current assets	452.900	213.500	113.900
Total Non-Current Assets	1155.900	790.800	486.300
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1550.100	734.000	504.000
(c) Trade receivables	1842.300	972.100	537.400
(d) Cash and cash equivalents	720.000	544.100	363.900
(e) Short-term loans and advances	461.500	301.500	130.600
(f) Other current assets	1716.700	441.700	517.100
Total Current Assets	6290.600	2993.400	2053.000
TOTAL	7446.500	3784.200	2539.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	6331.200	4315.200	2966.200
		Other Income	15.300	17.300	14.300
		TOTAL (A)	6346.500	4332.500	2980.500
Less	EXPENSES
		Purchase of traded goods	5160.700	2877.400	1925.900
		Changes in inventories of stock in trade	(816.100)	(180.600)	(223.500)
		Employee benefit expenses	787.500	660.800	430.800
		Other expenses	989.800	866.800	553.100
		TOTAL (B)	6121.900	4224.400	2686.300
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		224.600	108.100	294.200
Less	FINANCIAL EXPENSES (D)		139.700	59.600	3.700
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		84.900	48.500	290.500
Less/ Add	DEPRECIATION/ AMORTISATION (F)		80.900	73.100	36.100
	PROFIT / (LOSS) BEFORE TAX		4.000	(24.600)	254.400
	TAX		(17.200)	(1.400)	90.600
	PROFIT / (LOSS) AFTER TAX		(13.200)	(26.000)	163.800
	Earnings Per Share (Rs.)		(0.33)	(0.65)	4.12

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(0.21)	(0.61)	5.50
Net Profit Margin (PBT/Sales)	(%)	0.06	(0.58)	8.58
Return on Total Assets (PBT/Total Assets}	(%)	0.06	(0.66)	10.10
Return on Investment (ROI) (PBT/Networth)		0.00	(0.01)	0.19
Debt Equity Ratio (Total Debt/Networth)		2.08	0.92	0.00
Current Ratio (Current Asset/Current Liability)		1.02	1.21	1.78

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
Short term borrowing
Loan Repayable on Demand	739.500	523.000
Buyer's Line Credit	1605.400	139.100
Working Capital Loan	200.000	485.000
Total	2544.900	1147.100

Significant aspects of the Scheme of Amalgamation

BACKGROUND

Ricoh India Limited (the ‘Company’) was originally incorporated on 22nd October 1993 with the name RPG Ricoh

Limited and was renamed to Ricoh India Limited on 22nd May 1998 to carry on the business of distributor, importer, seller, lessor, rent out, service, repair, put to commercial use in any manner all types of photocopying and allied equipments including photocopiers and their systems.

The Scheme of Arrangement provides for the amalgamation of InfoPrint Solutions India Private Limited (“IPS”) with Ricoh India Limited with retrospective effect from 1st November 2011 (the Appointed Date) pursuant to section 391 to section 394 and other relevant provisions of the Companies Act, 1956.

Amalgamation of InfoPrint Solutions India Private Limited (“IPS”) with Ricoh India Limited (“Company”)

a) Pursuant to the Scheme of Amalgamation of IPS with the Company (the ‘Scheme’) under section 391 to section 394 of the Companies Act, 1956 read with other applicable provisions of the Act, as approved by the shareholders in the court-convened meeting held on 1st day of February, 2012 and subsequently sanctioned by the Honourable High Court of Bombay vide order on 6th July, 2012, the assets and liabilities of erstwhile IPS were transferred to and vested in the Company with retrospective effect from the Appointed date. The above mentioned transfer became effective on 21st July, 2012 upon filing of the certifed copy of the Orders of Honourable High Court of Judicature at Bombay with the Registrar of Companies, Maharashtra, at Mumbai respectively with effect from the Appointed Date. The Scheme has, accordingly, been given effect to in these financial statements.

b) IPS carries on the business of manufacturers, design, trade, buy and sell, agents of and dealers, importer and service providers of printing machines, copiers, scanners, fax machines and other printing devices of any kind and to provide for total solutions in printing technology with variety of products and services.

c) The amalgamation has been accounted for under the “pooling of interests” method as prescribed by Accounting Standard (AS) 14- Accounting for Amalgamations. The difference in the book value of the assets and the book value of the liabilities of IPS recorded by the Company in its books of accounts has been adjusted against the accumulated balance of Statement of Profit and Loss

The adjustments arising out of the Scheme of Arrangement that have been effected in these accounts are summarized below:

Assets and liabilities taken over at book value as at 1st November 2011:

Assets	Rs. In Millions
Fixed Assets	3.200
Net Current Assets	(27.400)
	(24.200)
Net Liabilities over assets at book value	(24.200)

Pursuant to the Scheme of Amalgamation all the equity shares, amounting to Rs 20.100 millions, held by the Company in IPS stands cancelled as per clause 13 of the scheme.

As per the Scheme of Arrangement the Reserve and Surplus transferred to the Company as on the Appointed Date (1st November, 2011) are as follows:

	Rs. In Millions
Statement of Profit and Loss	(51.500)

Adjsutments aggregating to Rs. 7.200 millions for the differences in the accounting of IPS with the Company have been adjusted in the Reserves of the Company. The effect of these adjustments have been summarised below:

(Rs. In Millions)

Nature of Adjustment	--
Effect of Depreciation	0.400
Effect of Stock Valuation	(7.600)

OVERVIEW

The Indian Economy is currently in the midst of a slowdown and GDP did not recover as expected. Further, Key Economic indicators such as Fiscal and Current deficit are stressed. However, with the interest rate cycle turning and the Government making an effort to revive stalled projects, some recovery is likely in 2013-14.

Economic activity during the current year is expected to show only a modest improvement over last year, with a possible pick up likely only in the second half of the year. The outlook for industrial activity remains subdued because of lack of new investments and existing projects remaining stalled by bottlenecks and implementation gaps. Growth in Services and Exports may remain sluggish too, given that global growth is unlikely to improve significantly from 2012. The Reserve Bank of India baseline projection of GDP growth for 2013-14 is 5.7%.

During the year, the revenue of the Company grew by 47% compared to the last year growth of 45%. This growth can be largely attributed to the strengthening of their new Business units of IT Services, High end Production and Laser Printers, whose combined revenue share touched 39% their total turnover. The Company's core business of Office Products and Supplies also grew handsomely during the year.

The Company's Margins/EBITA, however, remained under pressure mainly due to the depreciation of Indian Rupee vis a vis US Dollar. However, the Company managed to tide over this situation with the help of some high value sales order(s) and through expansion of IT Services Business Unit, which is largely insulated against Rupee Depreciation.

Further, during the year , Ricoh Asia Pacific Pte Limited (Acquirer) had announced its intention to acquire 1,04,97,791 Equity Shares of face value of Rs 10/- constituting, 26.40% of the Shareholding of Ricoh India Limited pursuant to the SEBI (Delisting of Equity Shares) Regulations, 2009, through Reverse Book Building mechanism of the Exchange. However, the proposed delisting process did not materialize.

FUTURE PLANS

Given the current uncertain economic environment, the Company will aggressively focus on improving its profitability through higher productivity, better Working Capital Management, reduction in fixed expenses and further streamlining of processes.

The Company will focus on maintaining the high growth trends as witnessed during the last two years. This will be ensured by following a two pronged strategy of expanding new Businesses while simultaneously continuing to grow their Core Business line of Office Product and Solutions so as to achieve the Market leadership position.

The Company's future plans include further strengthening the Channel and the direct business for their Office products and Supplies through improved focus on specific Customer Industry Verticals.

Strengthening and growing the after Sales Business through appropriate strategies to strengthen their recurring revenue base as well as to augment their Margins.

Expand IT Services in the areas of Cloud Business together with the other IT Services offerings of Information Security Virtualisation , Application delivery, Backup/Disaster Recovery Data Centre Solutions and Software Solutions.

Expansion of their Channel Network to make deeper penetration to every corner of the Country for Holistically making the Products, Services and Solutions of Ricoh available to all their Customers.

The above initiatives will go a long way in further establishing the Company as a One Stop Solution provider to meet every need of their Customers.

MANAGEMENT DISCUSSION AND ANALYSIS

OVERVIEW

The Company revenues during the year 2012-13 have grown by 47%.

The year has witnessed a major depreciation of Indian Rupee vis-à-vis the US Dollar, which had an adverse impact on the operational costs and cash flows of the company.

However, the Company managed to achieve a net profit before tax of Rs. 3.900 millions for the year ended 31st March 2013 as against a net loss before tax of Rs. 24.700 millions for the previous year ended 31st March, 2012.

This was possible due to some high value business achieved during the financial year.

INDUSTRY STRUCTURE AND DEVELOPMENT

Even though the Indian Economic Scenario was subdued, Copier Based Multifunction Printer market grew by 24.7% in 2012. Out of these, color products showed a healthy growth of 32.1%.

In the Printer based Multifunction devices category, the growth was much smaller, reflecting the effect of economic scenario in the buying decisions by Corporates, Government and Small and Medium Business (SMB).

The drastic depreciation of Indian Rupee vis-à-vis US $ severely affected the profitability of all the major players in the category, as the industry is heavily dependent on Imports.

SEGMENT WISE PERFORMANCE

The Company has been operating its business through its Sales and Service offices across the Country, which is termed as the Direct channel and also through its Channel Partner network of Authorized Dealers and Distributors, which is termed as the Indirect channel in the Company parlance. The Company has 23 Sales and Service Offices and 4 Warehousing locations across the Country coupled with more than 300 Dealers and Distributors who carry out the Business of the Company. During the Current year the Direct channel has grown by 58%, mainly due to good IT Services business as compared to a growth of 25% in the Indirect Channel over last year. Although the Direct channel is always under pressure to generate better profits for the Company however strategically it helps the company to retain its Customers through its after sales service network which generate a healthy annuity revenue business for the company.

FUTURE OUTLOOK AND FOCUS FOR 2013-14

As you know, Indian Economy continues to remain weak, due to various factors, Internal or Domestic, as well as external or Global. In spite of this sluggish Economic Scenario, Ricoh India Limited continued to achieve a remarkable growth last year, of around 47% over FY’11, by focusing on specific areas within the Industry and the Customer Segment, as well as adding new value to the Customers.

They will further strengthen this strategy during this year by focussing on Customers by Verticals and Applications. They expect severe limitations in investments in Office Automation and IT, and hence reduction in Capital Expenses - so based on Customer requirements, they may offer Products and Solutions as services business model so that the Customers can ‘pay as per their use’. Their portfolio of Managed Document Services and IT Services will be further strengthened to take care of this area. They will continue to maintain their No. 1 Market share in A3 Color Multi Function Printers (MFPs) and at the same time improve their market share in A3 Mono Multi Function Printers (MFPs).

During last year, they successfully established their Distributor channel for selling entry level Laser Printers in India. During this year, they plan to expand this Channel, go into more Cities, and strengthen their product Portfolio by introducing new Printer models with unique features and capabilities. In the Production Printer business also they plan to introduce a series of new Models, especially at the entry level to drastically expand the Market and strengthening Ricoh’s Market share.

Having successfully integrated their ITS Business (formerly Momentum Infocare Private Limited (MIPL) aquired by Ricoh India in 2011), they will now expand Geographically into new Markets, as well as vertically into newer industry applications. In addition to the numerous premium partnerships that they established with various ITS vendors, they also plan to focus on developing various solutions in-house to strengthen their IT Solutions and Services Portfolio.

CONTINGENT LIABILITIES

Particulars	As on 31.03.2013
Sales tax demands disputed by the Company	264.600
Income-tax demands disputed by the Company	0.800
Bank Guarantees given to customers	255.100
Rent cases	2.900
Consumer Claims	0.500

*The Company has deposited Rs. 864.27 against Sales Tax cases and Rs. 7.77 against Income Tax cases as mentioned above which have been shown in Long Term Loans and Advances under “Other Loans and Advances” and in Short Term Loans and Advances under “Advance Income Tax (Net of Provisions)” respectively.

NEWS RELEASE

Ricoh India announces its mega expansion plans through IT Dealer/Reseller channel with SP 200 series Laser Printer equipped with Genuine Refill Program

New Delhi – 12 June 2013: Backed by its core philosophy of comprehensive office solutions, tech-savvy, and eco-friendly products to meet emerging  customer needs, Ricoh India Limited, a subsidiary of Ricoh Company Limited, Japan, today announced its aggressive mega expansion plans through IT Dealer/Reseller channel with SP 200 series into the fast emerging Laser Printer market in India. To this end, it has unveiled six (6) new models of Laser Printers and A4 MFPs: the SP 200, SP 200N, SP 200SU, SP 202SN, SP 203SF and SP 203SFN. This was announced at a press conference today.

These New SP 200 series range are set to take the printing solutions offering in Indian Market to a new dimensions through High Product quality equipped with Genuine Toner refill program.  The SME/SMB segment is set to benefit from this Kanjoos product with competitive price and low cost of operation, as low as 30% versus competitive models in this category.

SP 200 have print speed of 22 pages per minute, with the duty cycle of 20,000 pages per month.

The A4 Multifunction Printer out of these range has attractive features such as 36 Bit color scanning and ID copy. SP 200 series in available in both USB and network models as well.

Speaking on the occasion, Mr. Tetsuya Takano, Managing Director and Chief Executive Officer, Ricoh India Limited, remarked, “ Our market research last year revealed that customers were using non standard consumables to achieve lower cost of ownership. This was adversely impacting the Printer performance. With the introduction of Ricoh’s Genuine Refill Programs through SP 100 series launched last years, Indian customers were benefited with consistent Printer performance and low cost of ownership. The launch of SP 200 series in addition to SP 100 is demonstrative of Ricoh’s policy of “Harmonize with the environment” through products that reduced environmental impact and yet add value to the customer”.

While detailing on Ricoh Business expansion plan Mr. Manoj Kumar Sr. Vice President & CFO said, “In addition to our existing 1600 channel partners, we now plan to expand our channel presence to over 200 top cities  by appointing over 3,000 Printer Partners and System Integrators this fiscal year.  Further Ricoh also plans to launch, Ricoh brand stores in Major metros and eStore for internet savvy consumers.

Speaking on the occasion, Mr. Kiran Pai, COO Laser Printer business unit said that, “With Ricoh’s wide range of product lines and launch of new series of Laser Printers at the entry level segment with revolutionary genuine refill program, we are confident that our channel partners will be able to rapidly expand their business opportunities and increase their customer base.

The Entry level segment constitutes 80% of the total Laser Printer market in India. Ricoh entry level has fleet of 11 models of SP 100 & SP 200 series with Genuine Toner refill program that would redefine the Printing Solution offers to the users and fuel the Ricoh major expansion plans. Ricoh continues to invest in Channel friendly support programs to compliment this expansion”.

Ricoh a ‘LEADER’ for Third Time in Worldwide Managed Print Services Market Scape Analysis

TOKYO, July 23, 2013 — Ricoh continues to be positioned as a Leader in Worldwide Managed Print Services (MPS), according to the new "IDC MarketScape: Worldwide Managed Print and Document Services 2013 Hardcopy Vendor Analysis."1 Ricoh has been named a Leader in all three of the reports published to date.

Published on July 22 and authored by IDC analysts Holly Muscolino and Terry Frazier, the IDC MarketScape features a comprehensive assessment of Ricoh and documents positive feedback from customers: "In customer interviews Ricoh was noted for the quality of its people and strong service. Ricoh's customer references came from Europe, the US and Latin America, demonstrating the company's global footprint and market presence."

While many MPS offerings focus tightly on devices and print management, Ricoh's MPS are delivered as part of its Ricoh Managed Document Services™ (Ricoh MDS). Ricoh MDS employs a holistic, five-phased Adaptive Model. This approach provides a unique and more complete MDS solution for each customer, a solution that addresses the entire landscape of business critical information, including its input (capture), processing (workflow) and output (distribution), whether paper-based or electronic.

Ricoh MDS help improve performance for a growing number of organizations as they digitize information, streamline workflows and more quickly deliver the right information to the right people at the right time.

"At Ricoh, our approach to Managed Document Services is to enhance the value of our technology and print optimization expertise to really understand the way people work, and apply our expertise to help improve our customer's employees efficiency and effectiveness," said Sergio (Shigeo) Kato, Associate Director, Deputy General Manager, Global Marketing Group, Ricoh Company, Ltd. "We understand generational differences in the way people access and use business information and help everyone work smarter, better and faster. Acknowledgement from influential industry analysts like IDC regarding our leadership position confirms we are doing the right things for our customers, and together helping them build and deliver greater value."

In addition to the IDC report, Gartner positioned Ricoh in the 'Leaders Quadrant' in their annual "Magic Quadrant: Managed Print Services Worldwide"2 report; and ranked Ricoh in the top three globally in the 2012 "Competitive Landscape: Managed Print Services, Worldwide."3 Ricoh was also named a Leader in the "The Forrester Wave™: Managed Print Services, Q2 2012"4 report. Forrester gave Ricoh and its Managed Document Services (MDS) program the highest possible marks in "technology and solution ownership," "enterprise print support," and "MPS market experience." And most recently, Ricoh was named a market leader in a report from Quocirca5 entitled "Managed Print Services (MPS) Landscape, 2013."

NEWS

Japan-based printing and copying solution company Ricoh India has announced its expansion plans of dealership network and eyes on over Rs 1000 crore business in the year 2013-14. It will expand the network from 300 dealers now to 800 in India.

Ricoh has recently launched three new models of laser printers in the price range of Rs 6,500 to Rs 12,800. It is aiming to sell 100,000 units of printer in the current fiscal from its product portfolio of 24 models.

Speaking about the launch, Tetsuya Takano, managing director and CEO, Ricoh India Limited said, "Our market research revealed that customers were using non standard consumables to achieve lower cost of ownership. This was adversely impacting the printer performance. With the introduction of Ricoh's Genuine Refill Programs, Indian customers are assured of consistent printer performance and low cost of ownership. This initiative is consistent with the Ricoh's policy of 'Harmonise with the environment' through products that reduces environmental impact."

According to Takano, Ricoh will be increasing our service points from current 300 to 800 by the end of the year.

"Managed printing service is also emerging as a promising area for the company. We have decided on expanding our footprints in India.

From a Rs 300 crore company in 2011-12, we have targeted a Rs 1000 crore company in 2013-14. In some specific models in mid and high-end printers from our existing models, Ricoh is offering guaranteed print cost, a unique maintenance option by which the customer pays a fixed charge for each print/copy, irrespective of the coverage area," he added.

Detailing further on the larger game plan, Takano said, "In addition to our existing partners, we now plan to expand our channel presence by appointing over 800 Printer Partners and System Integrators in FY’12. With Ricoh's wide range of product lines and launch of new series of Laser Printers at the entry level segment, which constitutes 80% of the total Laser Printer market, we are confident that our channel partners will be able to rapidly expand their business opportunities and increase their customer base. Ricoh continues to invest in Channel friendly support programs".

FIXED ASSETS:

• Goodwill
• Leasehold Land
• Factory Buildings
• Plant and Machinery
• Furniture, Fixtures Office Equipments
• Computer Hardware
• Machines capitalized
• Vehicles
• Computer Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 58.91
UK Pound	1	Rs. 90.68
Euro	1	Rs. 78.21

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		36

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.