MIRA INFORM REPORT
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Report No. : |
337712 |
|
Report Date : |
22.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
RICOH INDIA LIMITED |
|
|
|
|
Registered
Office : |
801, 8th Floor, Ackruti Star, MIDC Central Road, Near Marol
Telephone Exchange, MIDC, Andheri (East), Mumbai – 400093, Maharashtra |
|
Tel. No.: |
91-11-49103000 / 49103100 / 49103200 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
22.10.1993 |
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Com. Reg. No.: |
11-074694 |
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Capital
Investment / Paid-up Capital : |
Rs. 397.700 Million |
|
|
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CIN No.: [Company Identification
No.] |
L74940MH1993PLC074694 |
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|
IEC No.: |
0394011384 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR14081E |
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PAN No.: [Permanent Account No.] |
AAACR4151J |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacture and Distribution of Photocopiers, Paper Guillotines and Duplicating Machines. |
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No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a subsidiary of “Ricoh Company Limited” Japan and it is
engaged in providing computer hardware and imaging solutions. Subject is a well-established
company having fine track record. For the financial year ended 2015, company possesses healthy
operational performance and it has achieved sales turnover of Rs. 16546.200
Million with profit of Rs. 339.000 Million along with a profit of Rs. 172.300
Million. Rating takes into account of company’s established brand name in the
office equipment segment along with a wide spread distribution and service
network. Moreover, rating also takes into consideration company’s established presence
is supported by the strong operational linkages it shares with its parent,
Ricoh Co Limited, Japan. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. In view of strong holding company support backed by experience
management team, the company van be considered good for normal business
dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
Commercial Paper Programme = A1 |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
October, 2014 |
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
31-03-2013.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-66833000)
LOCATIONS
|
Registered Office : |
801, 8th Floor, Ackruti Star, MIDC Central Road, Near Marol
Telephone Exchange, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India
|
|
Tel. No.: |
91-22-66833000 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate office: |
2nd Floor, Salcon Aurum Building Plot No. 4, District
Centre, Jasola, New Delhi-110025, |
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Tel. No.: |
91-11-49103000 / 49103100 / 49103200 |
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Fax No.: |
91-11-49103099 / 49103199 |
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E-Mail : |
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Factory 1 : |
A - 9, GIDC Electronic Estate, ‘K’ Road, Sector 15, Gandhinagar –
382044, Gujarat, India |
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Factory 2 : |
Block-GP, Sector V, |
DIRECTORS
AS ON: 31.03.2015
|
Name : |
Mr. T. Takano |
|
Designation : |
Non-Executive (Chairman) |
|
Date of Birth/Age : |
30.08.1954 |
|
Qualification : |
Law Graduate from |
|
Experience : |
35 Years |
|
Date of Appointment : |
01.04.2011 |
|
|
|
|
Name : |
Mr. Manoj Kumar |
|
Designation : |
Managing Director and Chief Executive Officer |
|
Date of Birth/Age : |
11.07.1961 |
|
Qualification : |
B.Com (Hons) from Delhi University Bachelor of Social Science from and Fellow Member of the Institute of University of Tsukuba, Japan Chartered Accountants of India |
|
Date of Appointment : |
01.04.2015 |
|
|
|
|
Name : |
Mr. U. P. Mathur |
|
Designation : |
Non-Executive Director (Independent) |
|
Date of Birth/Age : |
29.03.1937 |
|
Qualification : |
M.Com, Bachelor of Law, Associate Member of the |
|
Date of Appointment : |
08.07.2005 |
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|
|
Name : |
Mr. R. K. Pandey |
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Designation : |
Non-Executive Director (Independent) |
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Date of Birth/Age : |
20.01.1940 |
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Qualification : |
M. Com, Bachelor of Law Fellow Member of the |
|
Date of Appointment : |
27.06.2008 |
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|
Name : |
Ms. Ashish Garg |
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Designation : |
Non-Executive Director (Independent) |
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|
Name : |
Mr. H. Kitada |
|
Designation : |
Non-Executive Director |
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Date of Birth/Age : |
14.12.1960 |
|
Qualification : |
Bachelor of Social Science from and Fellow Member of the Institute of University of Tsukuba, Japan |
|
Date of Appointment : |
01.03..2013 |
KEY EXECUTIVES
|
Name : |
Mr. Manish Sehgal |
|
Designation : |
Company Secretary |
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|
Name : |
Mr. Arvind Singhal |
|
Designation : |
Chief Financial Officer |
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Internal Auditor: |
Mr. Bibek Chowdhury Chartered Accountant |
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Audit Committee: |
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Stakeholders
Relationship Committee: |
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Corporate Social Responsibility
Committee: |
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Nomination And
Remuneration Committee: |
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Finance Committee: |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 30.06.2015
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of
Promoter and Promoter Group |
||
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|
|
|
|
|
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|
29270370 |
73.60 |
|
|
29270370 |
73.60 |
|
Total shareholding of
Promoter and Promoter Group (A) |
29270370 |
73.60 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
1080258 |
2.72 |
|
|
5800 |
0.01 |
|
|
2400 |
0.01 |
|
|
89958 |
0.23 |
|
|
1178416 |
2.96 |
|
|
|
|
|
|
2130763 |
5.36 |
|
|
|
|
|
|
4226979 |
10.63 |
|
|
2856421 |
7.18 |
|
|
105212 |
0.26 |
|
|
85777 |
0.22 |
|
|
19435 |
0.05 |
|
|
9319375 |
23.43 |
|
Total Public
shareholding (B) |
10497791 |
26.40 |
|
Total (A)+(B) |
39768161 |
100.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group:
|
Sl. No. |
Name of the
Shareholder |
Details of Shares
held |
|
|
No. of Shares held |
As a % of grand
total (A)+(B |
||
|
1 |
Ricoh Company Ltd |
1,83,10,578 |
46.04 |
|
2 |
NRG Group Ltd |
1,09,59,792 |
27.56 |
|
|
Total |
2,92,70,370 |
73.60 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Public and holding more than 1% of the total number of shares:
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total
No. of Shares |
|
|
1 |
IDFC Premier Equity Fund |
783729 |
1.97 |
|
|
|
Total |
783729 |
1.97 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of IT Services, Sales and Services of Multi-Functional Products, Photocopiers, Laser Printers, Production Printers and other Office Automation Products. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
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Bankers : |
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Facilities : |
(Rs.
In Million)
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Auditors : |
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|
Name : |
Sahni Natarajan and Bahl Chartered Accountants |
|
Address : |
303, Mansarovar, 90, Nehru Place, New Delhi – 110 019,
India |
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Tel. No: |
91-11-26433003 / 04, 47347000 |
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Fax: |
91-11-26484835 |
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E-Mail: |
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Secretarial
Auditors: |
Naresh Verma and Associates Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Fellow Subsidiary : |
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Holding company
: |
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Fellow Subsidiaries
: |
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CAPITAL STRUCTURE
AS ON: 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45000000 |
Equity Shares |
Rs.10/- each |
Rs. 450.000 Million |
|
500000 |
7.5% Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 50.000 Million |
|
|
TOTAL |
|
Rs. 500.000
Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39768161 |
Equity Shares |
Rs.10/- each |
Rs. 397.682
Million |
|
|
|
|
|
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39766961 |
Equity Shares |
Rs.10/- each |
Rs. 397.670
Million |
|
|
|
|
|
NOTES:
a) Details of Shareholders holding more than 5
percent Shares of the total number of Equity Shares:
|
Particulars |
31.03.2014 |
|
|
|
No. of Shares |
% of Shareholding |
|
Ricoh Company Limited, Japan |
18,310,578 |
46% |
|
NRG Group Limited |
10,959,792 |
28% |
b) Reconciliation of Issued Share Capital:
|
Particulars |
31.03.2014 |
|
|
No. of Shares |
|
Number of Equity Shares at the beginning of the year |
39,768,161 |
|
Number of Equity Shares at the end of the year |
39,768,161 |
c) Reconciliation of Subscribed and Paid up
Share Capital:
|
Particulars |
31.03.2014 |
|
|
No. of Shares |
|
Number of Equity Shares at the beginning of the year |
39,766,961 |
|
Number of Equity Shares at the end of the year |
39,766,961 |
d)
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.
e) Shares in the Company held by the Holding
Company and Subsidiaries of Holding Company in Aggregate:
|
Particulars |
31.03.2014 |
|
18,310,578 Share held by Ricoh Company Limited, Japan, being Holding Company of the Company. |
1,831 |
|
10,959,792 Shares held by NRG Group Limited being Subsidiary of Ricoh Company Limited, Japan. |
1,096 |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
397.700 |
397.700 |
397.700 |
|
(b) Reserves & Surplus |
1288.300 |
1000.200 |
827.900 |
|
(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) |
1686.000 |
1397.900 |
1225.600 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2000.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
34.300 |
30.800 |
29.500 |
|
(d) long-term provisions |
114.000 |
73.200 |
47.800 |
|
Total
Non-current Liabilities (3) |
2148.300 |
104.000 |
77.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5015.200 |
3573.300 |
2544.900 |
|
(b) Trade payables |
3416.500 |
3061.400 |
2251.100 |
|
(c) Other current liabilities |
535.100 |
396.400 |
1343.600 |
|
(d) Short-term provisions |
147.700 |
69.800 |
13.800 |
|
Total
Current Liabilities (4) |
9114.500 |
7100.900 |
6153.400 |
|
|
|
|
|
|
TOTAL |
12948.800 |
8602.800 |
7456.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
590.500 |
612.200 |
247.300 |
|
(ii) Intangible Assets |
48.500 |
81.800 |
89.900 |
|
(iii) Capital work-in-progress |
3.300 |
44.700 |
66.500 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
20.100 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
86.400 |
55.400 |
46.200 |
|
(d) Long-term Loan and Advances |
211.400 |
225.100 |
232.900 |
|
(e) Other Non-current assets |
290.700 |
336.300 |
452.900 |
|
Total
Non-Current Assets |
1230.800 |
1355.500 |
1155.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1959.600 |
2064.100 |
1550.100 |
|
(c) Trade receivables |
6619.000 |
3191.800 |
1842.300 |
|
(d) Cash and cash equivalents |
703.900 |
383.400 |
720.000 |
|
(e) Short-term loans and
advances |
995.200 |
582.300 |
471.400 |
|
(f) Other current assets |
1440.300 |
1025.700 |
1716.700 |
|
Total
Current Assets |
11718.000 |
7247.300 |
6300.500 |
|
|
|
|
|
|
TOTAL |
12948.800 |
8602.800 |
7456.300 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
16378.200 |
10486.500 |
6331.200 |
|
|
Other Income |
168.000 |
18.200 |
15.300 |
|
|
TOTAL
(A) |
16546.200 |
10504.700 |
6346.500 |
|
|
|
|
|
|
|
Less: |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
0.000 |
0.000 |
0.000 |
|
|
Purchases of Stock-in-Trade |
12399.300 |
7884.700 |
5160.700 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
104.500 |
(514.000) |
(816.100) |
|
|
Employees benefits expense |
1010.500 |
890.200 |
787.500 |
|
|
Other expenses |
1459.100 |
1463.900 |
989.900 |
|
|
TOTAL
(B) |
14973.400 |
9724.800 |
6122.000 |
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B)
(C) |
1572.800 |
779.900 |
224.500 |
|
|
|
|
|
|
|
|
Less: |
FINANCIAL
EXPENSES (D) |
853.500 |
317.200 |
139.700 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
719.300 |
462.700 |
84.800 |
|
|
|
|
|
|
|
Less: |
DEPRECIATION/
AMORTISATION (F) |
214.400 |
161.500 |
80.900 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F)
(G) |
504.900 |
301.200 |
3.900 |
|
|
|
|
|
|
|
Less |
TAX (H) |
165.900 |
128.900 |
17.100 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX (G-H) (I) |
339.000 |
172.300 |
(13.200) |
|
|
|
|
|
|
|
Add: |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (J) |
949.500 |
777.200 |
790.400 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Depreciation on transition |
3.100 |
|
|
|
|
Transfer to Debenture
Redemption Reserve |
500.000 |
|
|
|
|
Proposed Equity Dividend |
39.800 |
|
|
|
|
Dividend Distribution Tax |
8.100 |
|
|
|
|
Total
(K) |
551.000 |
NA |
NA |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (I+J+K)
(L) |
737.500 |
949.500 |
777.200 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Subsidy for Expenses & Other Income |
651.800 |
824.600 |
658.000 |
|
|
TOTAL
EARNINGS |
651.800 |
824.600 |
658.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Stock in Trade |
3807.000 |
4627.500 |
3706.000 |
|
|
Capital Goods |
46.000 |
5.100 |
6.500 |
|
|
TOTAL
IMPORTS |
3853.000 |
4632.600 |
3712.500 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
8.52 |
4.33 |
(0.33) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
(2128.000) |
(472.000) |
(947.000) |
|
Net Cash (Used) in Operations |
(2224.500) |
(588.500) |
(966.700) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.07 |
1.64 |
(0.21) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
9.60 |
7.44 |
3.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.93 |
3.54 |
0.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.22 |
0.00 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.16 |
2.56 |
2.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29 |
1.02 |
1.02 |
STOCK
PRICES
|
Face Value |
Rs. 10/- |
|
Market Value |
Rs. 880/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
397.700 |
397.700 |
397.700 |
|
Reserves & Surplus |
827.900 |
1000.200 |
1288.300 |
|
Net
worth |
1225.600 |
1397.900 |
1686.000 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
2000.000 |
|
Short term borrowings |
2544.900 |
3573.300 |
5015.200 |
|
Total
borrowings |
2544.900 |
3573.300 |
7015.200 |
|
Debt/Equity
ratio |
2.076 |
2.556 |
4.161 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue from Operations |
6331.200 |
10486.500 |
16378.200 |
|
|
|
65.632 |
56.184 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Revenue from Operations |
6331.200 |
10486.500 |
16378.200 |
|
Profit |
(13.200) |
172.300 |
339.000 |
|
|
(0.21%) |
1.64% |
2.07% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL ECONOMIC
REVIEW:
The latest Consumer Price Index (CPI) inflation rate is 5.1% and the wholesale price inflation is negative, the current account deficit for this year is expected to be below 1.3% of GDP based on the new series, real GDP growth is expected to accelerate to 7.4%, making India the fastest growing large economy in the World, Foreign inflows since April 2014 have been about $ 55 Billion, while their foreign exchange reserves have increased to a record $ 340 Billion, the Rupee has become stronger by 6.4% against a broad basket of currencies. It is expected that CPI Inflation will remain close to 5% by the end of the year. This will allow for further easing of monetary policy. Based on new series for GDP so released by Central Statistics Office, it is estimated that GDP growth for 2014 -15 will be 7.4% while growth in 2015-2016 is expected to be between 8 to 8.5%. Economic growth this year at 11.5% was lower in nominal terms by about 2% due to lower inflation.
FINANCIAL
PERFORMANCE / STATE OF COMPANY'S AFFAIRS:
During the year, the Company's consolidated total revenue stood at Rs. 0.16378.200 Million as compared to Rs. 10486.500 Million for the previous year, representing an increase of 56.2%. Profit before tax stood at Rs. 504.900 Million for the year as compared to Rs. 301.200 Million for the previous year, representing again an increase of 67.6% over the last year while Profit after tax stood at Rs. 339.000 Million as compared to Rs. 172.300 Million for the previous year representing an increase of 96.7% as compared to last year.
FUTURE PLANS:
Stability in the Currency Exchange rates and a stable Central Government provided a boost to the Industry after some years of sluggish economic environment. Indian market has shown signs of positive recovery which will help in reviving many industries in India such as Manufacturing, Education and Information Technology (IT). In addition, the push for domestic manufacturing will improve foreign investment which will create more business and job opportunities.
Considering the above fact, they will be focusing on reaching to as many customers as possible through our expanded sales channels such as vertical Specific Teams in addition to conventional Dealer/ Distributor Channels. This will help Ricoh to expand its sales and thus will improve its profitability. We will continue to focus on achieving higher productivity, better Working Capital Management, establishing Customer approaches through Vertical focus, reduction in fixed expenses and streamlining the processes.
The market is continuing to witness huge technology shift from capitalization of hardware to Subscription based technologies. Ricoh has established itself as a major player in the Subscription based technologies segment to provide facilities like Cloud Services / Managed Print Services to its Customers.
They will be focusing on high growth trend as witnessed during the last few years. This will be ensured by following two Strategies of further expanding the new Business while simultaneously continuing to grow the Core Business line of Office Products and Solutions so as to maintain the Market leadership position.
The plans include the strengthening of existing customer vertical wise approach with more specific solutions which are applicable to respective customer vertical. In addition we will continue to focus on expanding the IT Services in area of Cloud Business together with the other offerings of Information Security, Virtualization, Application Delivery, Backup/ Disaster Recovery Data Centre Solutions and Software Solutions.
The above initiatives will go a long way in further establishing your Company as a One Stop Solution provider to meet every need of the Customers.
REVIEWING VARIOUS
BUSINESS DIVISIONS OF THE COMPANY:
RICOH IT SERVICES:
Ricoh IT Services provides cost effective and cutting edge IT infrastructure solutions. Our IT services span across Infrastructure Management Services, Product Support, IT Support and Professional System Integration Services. Ricoh is a leader in Managed Document Services, and can provide a unique combination of Document and IT related services. They are known for the quality of their technology, the exceptional standard of our customer service and our sustainability initiatives. Ricoh India Limited is currently certified under ISO 9001:2008, ISO 14001:2004 and ISO 27001:2013 standards. The company also holds CMMI Level 4 certification.
In today's dynamic environment, IT solutions vary from industry to industry. We are also scalable to suit all service delivery needs of an organization with the ability to scale up or down as per the requirement in a short span, we help our clients achieve their business goals and offering operational excellence.
With Cloud Services from Ricoh IT Services, you can build virtual environments on Virtual Private Clouds (VPCs) efficiently and cost effectively. This ensures that your business is agile, flexible and accessible in response to on-demand IT requirements of businesses on-the-go.
Cloud Solutions by Ricoh IT Services provides organizations with required control over core assets while still moving to Cloud. Our services help you assess, plan, integrate, implement and manage transition internal IT functioning to Private Clouds in a digital-driven IT environment.
OUTLOOK:
They will continue to focus on providing value to the Customers and strengthen our position as a Total Solution provider. This will be done by further enhancing the IT Services Business along with the Core Business of the Company.
To strengthen the above approach they must have dedicated teams for handling vertical specific customers and going through the consulting approach to the Customers. This will help us addressing the customer requirement in effective way and to increase the trust of the Customer as a One Stop Solution provider.
In addition, the focus will continue on services such as Managed Document Services (MDS) and IT Services to help the vertical wise approach. They intend to maintain their No. 1 position in the A3 Multi-Function Printers.
Further, strengthening the Channel Network will be one of the key priority area to increase the market share and reach of Ricoh Laser Printers in India. They intend to expand the distributor program to more cities across India. They will continue to focus expanding the ITS Business geographically into new Markets as well as vertically into new Customer Segments by delivering Industry specific Applications and Solutions.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2015
(Rs. in Million)
|
|
|
Particulars |
|
|
Quarter Ended |
|
|
|
|
|
|
30.06.2015 |
|
|
|
|
|
|
Unaudited |
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Net Sales/Income from Operations |
|
|
4428.609 |
|
|
|
b) Other Operating Income |
|
|
0.000 |
|
|
|
Total Income from Operations (Net) |
|
|
4428.609 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
|
|
0.000 |
|
|
b) |
Purchase of traded goods |
|
|
4529.555 |
|
|
c) |
Changes in inventories - stock-in-trade |
|
|
(1127.253) |
|
|
d) |
Employee benefit expenses |
|
|
291.389 |
|
|
e) |
Depreciation and amortization expense |
|
|
39.217 |
|
|
f) |
Other
expenses |
|
|
450.813 |
|
|
Total Expenses |
|
|
4183.721 |
|
|
3 |
|
Profit /(Loss) from operations before other
income, finance costs and exceptional items (1-2) |
|
|
244.888 |
|
4 |
Other
Income |
|
|
20.496 |
|
|
5 |
|
Profit /(Loss) from ordinary activities
before finance costs and exceptional items (3+4) |
|
|
265.384 |
|
6 |
Finance
Costs |
|
|
239.437 |
|
|
7 |
|
Profit /(Loss) from ordinary activities after
finance costs but before exceptional items (5-6) |
|
|
25.947 |
|
8 |
Exceptional
Items |
|
|
0.000 |
|
|
9 |
Profit /(Loss) from ordinary activities
before tax (7-8) |
|
|
25.947 |
|
|
10 |
Tax Expense
|
|
|
|
|
|
|
Current
Year |
|
|
(30.700) |
|
|
|
Deferred
Tax |
|
|
8.807 |
|
|
|
Income Tax
Earlier Year |
|
|
0.000 |
|
|
11 |
Net Profit /(Loss) from ordinary activities
after tax (9+10) |
|
|
4.054 |
|
|
12 |
Extraordinary
items (net of tax expense Rs. Nil) |
|
|
0.000 |
|
|
13 |
Net Profit /(Loss) for the period (14-15) |
|
|
4.054 |
|
|
14 |
Paid up
equity share capital (Eq. shares of
Rs.10/- each) |
|
|
397.674 |
|
|
15 |
Reserves
excluding revaluation reserves as per Balance Sheet of previous accounting
year |
|
|
0.000 |
|
|
16 |
|
Earnings per share (before/after
extraordinary items) of Rs.10/- each |
|
|
|
|
|
|
Basic |
|
|
0.10 |
|
|
|
Diluted |
|
|
0.10 |
Select information for the Quarter ended 30th June, 2015
|
|
|
PARTICULARS
|
|
|
Quarter Ended |
|
|
|
|
|
|
30.06.2015 |
|
|
|
|
|
|
Unaudited |
|
A |
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of
Shares |
|
|
10,497,791 |
|
|
|
-
Percentage of Shareholding |
|
|
26.40% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number
of shares |
|
|
-- |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
|
|
-- |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
|
|
-- |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number
of shares |
|
|
29,270,370 |
|
|
|
- Percentage
of shares ( as a % of the total shareholding of the promoter and promoter
group) |
|
|
100.00% |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
|
|
73.60% |
|
|
Particulars |
Quarter ended 30.06.2015 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Received during the quarter |
3 |
|
|
|
Disposed during the quarter |
3 |
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
UNAUDITED SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30th JUNE, 2015
|
|
Particulars |
|
|
Quarter Ended |
|
|
|
|
|
30.06.2015 |
|
|
|
|
|
Unaudited |
|
1. |
Segment Revenue |
|
|
|
|
a) |
Goods |
|
|
3732.140 |
|
b) |
Services |
|
|
696.469 |
|
|
Total Revenue |
|
|
4428.609 |
|
|
Less: Inter-segment transfers |
|
|
0.000 |
|
|
Net Sales / Income from operation |
|
|
4428.609 |
|
|
|
|
|
|
|
2. |
Segment Results: |
|
|
|
|
|
[Profit/ (Loss) before
interest and tax from each segment] |
|
|
|
|
a) |
Goods |
|
|
(37.622) |
|
b) |
Services |
|
|
282.510 |
|
|
TOTAL |
|
|
244.888 |
|
|
Less: Finance Cost |
|
|
239.437 |
|
|
Unallocable
income |
|
|
(20.496) |
|
|
Total Profit/
Loss before tax |
|
|
25.947 |
|
|
|
|
|
|
|
3. |
Capital Employed: (Segment Assets – Segment Liabilities) |
|
|
|
|
a) |
Goods |
|
|
8084.793 |
|
b) |
Services |
|
|
2245.452 |
|
|
TOTAL
CAPITAL EMPLOYED |
|
|
10330.245 |
UNSECURED LOAN:
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
LONG TERM
BORROWINGS: |
|
|
|
Debentures from
Related Party: Unsecured Redeemable Non-Convertible Debentures2,000 units of 7.8% Debentures unsecured, non-cumulative, redeemable, taxable, listed, rated non-convertible of a face value of Rs. 10 lacs each privately placed at par during the year is redeemable in Financial Year 2017-18 for cash at par |
2000.000 |
0.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS: |
|
|
|
From Banks |
1552.800 |
1348.100 |
|
Buyer's Line Credit |
1642.400 |
1830.200 |
|
Working Capital Loan |
0.000 |
395.000 |
|
|
|
|
|
Total |
5195.200 |
3573.300 |
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90157752 |
25/06/2001 |
100,000,000.00 |
SUMITOMO MITSUI BAKING CORPORATION |
NEW DELHI, 28; BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
- |
|
2 |
90155065 |
08/07/1997 |
108,000,000.00 |
THE SAKURA BANK |
LEVEL 24; ONE PACIFIC PALACE, HONGKONG, , HONG KONG |
- |
|
3 |
90159576 |
20/03/1997 * |
90,000,000.00 |
THE FUJI BANK LIMITED |
MAKER CHAMBERS III, JAMNALAL BAJAJ MARG; NARIMAN POINT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
4 |
90159557 |
29/11/2006 * |
180,000,000.00 |
MIZUHO CORPORATE BANK LIMITED |
MAKER CHAMBERS III, 1ST FLOOR, JAMNALAL BAJAJ ROAD, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
5 |
90156404 |
02/09/1996 |
61,500,000.00 |
THE SIAM COMMERCIAL BANK |
P. C. L. 86; 8TH FLOOR, 220; NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
6 |
90159554 |
26/08/1997 * |
61,500,000.00 |
THE SIOM COMMERCIAL BANK |
PCL. MAKER CHAMBER VI, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
7 |
90159531 |
02/09/1996 * |
61,500,000.00 |
THE SIAM COMMERCIAL BANK |
PCL. MAKER CHAMBER VI, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
8 |
90159507 |
09/02/1996 |
17,500,000.00 |
SOCIETE GENERALE |
MAKER CHAMBER IV, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
9 |
90155938 |
05/07/1994 |
40,000,000.00 |
CREDIT LYONNAIS |
SCINDIA HOUSE, NAROTTAM MORARJES MARG, BOMBAY, MAHARASHTRA - 400038, INDIA |
- |
CONTINGENT LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Sales Tax demands disputed by the Company * |
746.600 |
483.800 |
|
Income -Tax demands disputed by the Company |
0.000 |
2.800 |
|
Bank Guarantees ( Including Rs 121 towards disputed Sales Tax demands) |
2937.000 |
796.800 |
|
Rent Cases |
2.900 |
2.900 |
|
Consumer Claims |
0.200 |
0.500 |
The Company has deposited Rs 83.300 Million (PY Rs. 80.200 Million) which have been shown in “Other Loans and Advances” under "Long Term Loans and Advances" and given Bank Guarantees of Rs 12.100 Million (PY Rs 4.600 Million) against Sales Tax demands disputed by the Company as mentioned above.
FIXED ASSETS:
Tangible Assets
- Leasehold Land
- Factory Buildings
- Plant and Machinery
- Office Equipment
- Furniture Fixtures
- Computer Hardware
- Machines capitalized
- Rental Equipment
- Operating Lease
- Facilities Management
- Contracts
- Vehicles
- Leasehold Improvements
Intangible Assets
- Goodwill
- Computer Software
- Trademark
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. 65.83 |
|
UK Pound |
1 |
Rs. 103.39 |
|
Euro |
1 |
Rs. 74.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
THR |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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 |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.