MIRA INFORM REPORT
|
Report No. : |
324923 |
|
Report Date : |
29.05.2015 |
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 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
22.10.1993 |
|
|
|
|
Com. Reg. No.: |
11-074694 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.397.700 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74940MH1993PLC074694 |
|
|
|
|
IEC No.: |
0394011384 |
|
|
|
|
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
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. The company has processed above average financial performance which
has resulted into profit achieved from its operational activities during
2014. Further rating also takes into consideration company’s improved
financial risk profile and average liquidity base of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for 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.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Sunil Chanchlani |
|
Designation : |
Executive Manager |
|
Contact No.: |
91-11-49103000 |
|
Date : |
28.05.2015 |
LOCATIONS
|
Registered Office : |
801, 8th Floor, Ackruti Star, MIDC Central Road, Near Marol
Telephone Exchange, MIDC, Andheri (East), Mumbai – 400093, Maharashtra, India
|
|
Tel. No. : |
Not Available |
|
Fax No. : |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
2nd Floor, Salcon Aurum Building Plot No. 4, District
Centre, Jasola, New Delhi-110025, |
|
Tel. No.: |
91-11-49103000 / 49103100 / 49103200 |
|
Fax No.: |
91-11-49103099 / 49103199 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
A - 9, GIDC Electronic Estate, ‘K’ Road, Sector 15, Gandhinagar –
382044, Gujarat, India |
|
|
|
|
Factory 2 : |
Block-GP, Sector V, |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. N. Majima |
|
Designation : |
Non-Executive (Chairman) |
|
Date of Birth/Age : |
24.05.1952 |
|
Qualification : |
Graduate from |
|
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 |
|
Experience : |
35 Years |
|
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 |
|
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 |
|
Date of Appointment : |
27.06.2008 |
|
|
|
|
Name : |
Mr. H. Kitada |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Ms. Ashish Garg |
|
Designation : |
Non-Executive (Independent) |
KEY EXECUTIVES
|
Name : |
Mr. Manish Sehgal |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Manoj Kumar |
|
Designation : |
Executive Vice President and CEO |
|
|
|
|
Name : |
Mr. Arvind Singhal |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Sunil Chanchlani |
|
Designation : |
Executive Manager |
SHAREHOLDING PATTERN
As on 31.03.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
|
|
|
|
29270370 |
73.60 |
|
|
29270370 |
73.60 |
|
Total shareholding
of Promoter and Promoter Group (A) |
29270370 |
73.60 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
971649 |
2.44 |
|
|
5800 |
0.01 |
|
|
2400 |
0.01 |
|
|
104599 |
0.26 |
|
|
1084448 |
2.73 |
|
|
|
|
|
|
2064190 |
5.19 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs. 0.100 Million |
4141083 |
10.41 |
|
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million |
3111893 |
7.83 |
|
|
96177 |
0.24 |
|
|
76742 |
0.19 |
|
|
19435 |
0.05 |
|
|
9413343 |
23.67 |
|
Total Public
shareholding (B) |
10497791 |
26.40 |
|
Total (A)+(B) |
39768161 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
39768161 |
100.00 |
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. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Brand Names : |
Not Available |
||||||||
|
|
|
||||||||
|
Agencies Held : |
Not Available |
||||||||
|
|
|
||||||||
|
Exports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Imports : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
Not Divulged |
||||||||
|
|
|
||||||||
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS
= NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||
|
|
|
||||||||||||
|
Customers : |
|
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
Information denied by the management |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
Sahni Natarajan and Bahl Chartered Accountants |
|
Address : |
303, Mansarover, 90, |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Fellow Subsidiary : |
|
|
|
|
|
Holding
company : |
|
|
|
|
|
Fellow Subsidiaries
: |
|
CAPITAL STRUCTURE
As on 31.03.2014
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.10/- 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.397.700 Million |
NOTES:
a) Details of Shareholders holding more than 5
percent Shares of the total number of 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 & Paid up
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 |
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 |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
397.700 |
397.700 |
397.700 |
|
(b) Reserves & Surplus |
1000.200 |
827.900 |
841.100 |
|
(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) |
1397.900 |
1225.600 |
1238.800 |
|
|
|
|
|
|
(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 |
30.800 |
29.500 |
28.700 |
|
(d) long-term
provisions |
73.200 |
47.800 |
46.500 |
|
Total Non-current
Liabilities (3) |
104.000 |
77.300 |
75.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3573.300 |
2544.900 |
1147.100 |
|
(b) Trade
payables |
3061.400 |
2251.100 |
906.100 |
|
(c) Other
current liabilities |
396.400 |
1343.600 |
403.900 |
|
(d) Short-term provisions |
69.800 |
13.800 |
13.100 |
|
Total Current
Liabilities (4) |
7100.900 |
6153.400 |
2470.200 |
|
|
|
|
|
|
TOTAL |
8602.800 |
7456.300 |
3784.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
612.200 |
247.300 |
232.900 |
|
(ii)
Intangible Assets |
81.800 |
89.900 |
121.800 |
|
(iii)
Capital work-in-progress |
44.700 |
66.500 |
2.300 |
|
(iv)
Intangible assets under development |
0.000 |
20.100 |
15.600 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
55.400 |
46.200 |
10.500 |
|
(d) Long-term Loan and Advances |
225.100 |
232.900 |
194.200 |
|
(e) Other
Non-current assets |
336.300 |
452.900 |
213.500 |
|
Total Non-Current
Assets |
1355.500 |
1155.800 |
790.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2064.100 |
1550.100 |
734.000 |
|
(c) Trade
receivables |
3191.800 |
1842.300 |
972.100 |
|
(d) Cash
and cash equivalents |
383.400 |
720.000 |
544.100 |
|
(e)
Short-term loans and advances |
582.300 |
471.400 |
301.500 |
|
(f) Other
current assets |
1025.700 |
1716.700 |
441.700 |
|
Total
Current Assets |
7247.300 |
6300.500 |
2993.400 |
|
|
|
|
|
|
TOTAL |
8602.800 |
7456.300 |
3784.200 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
Income |
10486.500 |
6331.200 |
4315.200 |
|
|
|
Other Income |
18.200 |
15.300 |
17.300 |
|
|
|
TOTAL |
10504.700 |
6346.500 |
4332.500 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
Purchases of Traded Goods |
7884.700 |
5160.700 |
2877.400 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(514.000) |
(816.100) |
(180.600) |
|
|
|
Employees benefits expense |
890.200 |
787.500 |
660.800 |
|
|
|
Other expenses |
1463.900 |
989.900 |
866.800 |
|
|
|
TOTAL |
9724.800 |
6122.000 |
4224.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
779.900 |
224.500 |
108.100 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
317.200 |
139.700 |
59.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
462.700 |
84.800 |
48.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
161.500 |
80.900 |
73.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
301.200 |
3.900 |
(24.600) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
128.900 |
17.100 |
1.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
172.300 |
(13.200) |
(26.000) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Subsidy for Expenses & Other Income |
824.600 |
658.000 |
136.300 |
|
|
TOTAL EARNINGS |
824.600 |
658.000 |
136.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stock in Trade |
4627.500 |
3706.000 |
2295.400 |
|
|
|
Capital Goods |
5.100 |
6.500 |
6.500 |
|
|
TOTAL IMPORTS |
4632.6 |
3712.5 |
2301.900 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.33 |
(0.33) |
(0.65) |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
(472.000) |
(947.000) |
(566.400) |
QUARTERLY RESULTS
(Rs. In Million)
|
Particulars |
30.06.2014 1st Quarter |
30.09.2014 2nd Quarter |
31.12.2014 3rd Quarter |
31.03.2015 4th Quarter |
|
Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
2265.130 |
3738.310 |
4093.930 |
6280.790 |
|
Total Expenditure |
2204.350 |
3550.600 |
3750.750 |
5467.570 |
|
PBIDT (Excl OI) |
60.780 |
187.710 |
343.180 |
813.220 |
|
Other Income |
22.680 |
4.810 |
12.040 |
128.440 |
|
Operating Profit |
83.460 |
192.520 |
355.220 |
941.660 |
|
Interest |
150.920 |
185.650 |
202.100 |
314.850 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
(67.460) |
6.870 |
153.120 |
626.810 |
|
Depreciation |
61.210 |
55.040 |
50.300 |
47.880 |
|
Profit Before Tax |
(128.670) |
(48.170) |
102.820 |
578.930 |
|
Tax |
24.310 |
(19.880) |
(2.680) |
164.150 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(152.980) |
(28.290) |
105.500 |
414.780 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(152.980) |
(28.290) |
105.500 |
414.780 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.64 |
(0.21) |
(0.60) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
7.44 |
3.55 |
2.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.54 |
0.05 |
(0.65) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.00 |
(0.02) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.56 |
2.08 |
0.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
1.02 |
1.21 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
397.700 |
397.700 |
397.700 |
|
Reserves & Surplus |
841.100 |
827.900 |
1000.200 |
|
Net worth |
1238.800 |
1225.600 |
1397.900 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
1147.100 |
2544.900 |
3573.300 |
|
Total borrowings |
1147.100 |
2544.900 |
3573.300 |
|
Debt/Equity ratio |
0.926 |
2.076 |
2.556 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from operations |
4315.200 |
6331.200 |
10486.500 |
|
|
|
46.719 |
65.632 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from operations |
4315.200 |
6331.200 |
10486.500 |
|
Profit |
(26.000) |
(13.200) |
172.300 |
|
|
(0.60%) |
(0.21%) |
1.64% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
No |
|
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 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loan Repayable on Demand From Banks |
1348.100 |
739.500 |
|
Buyer's Line Credit |
1830.200 |
1605.400 |
|
Working Capital Loan |
395.000 |
200.000 |
|
|
|
|
|
Total |
3573.300 |
2544.900 |
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 - 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 |
- |
|
4 |
90159557 |
29/11/2006 * |
180,000,000.00 |
MIZUHO CORPORATE BANK LIMITED |
MAKER CHAMBERS III, 1ST FLOOR, JAMNALAL BAJAJ ROAD, NARIMAN POINT, MUMBAI - 400021, Maharashtra, INDIA |
- |
|
5 |
90156404 |
02/09/1996 |
61,500,000.00 |
THE SIAM COMMERCIAL BANK |
P. C. L. 86; 8TH FLOOR, 220; NARIMAN POINT, MUMBAI - 400021, Maharashtra, INDIA |
- |
|
6 |
90159554 |
26/08/1997 * |
61,500,000.00 |
THE SIOM COMMERCIAL BANK |
PCL. MAKER CHAMBER VI, NARIMAN POINT, MUMBAI - 400021, Maharashtra, INDIA |
- |
|
7 |
90159531 |
02/09/1996 * |
61,500,000.00 |
THE SIAM COMMERCIAL BANK |
PCL. MAKER CHAMBER VI, NARIMAN POINT, MUMBAI - 400021, Maharashtra, INDIA |
- |
|
8 |
90159507 |
09/02/1996 |
17,500,000.00 |
SOCIETE GENERALE |
MAKER CHAMBER IV, NARIMAN POINT, MUMBAI - 400021, Maharashtra, INDIA |
- |
|
9 |
90155938 |
05/07/1994 |
40,000,000.00 |
CREDIT LYONNAIS |
SCINDIA HOUSE, NAROTTAM MORARJES MARG, MUMBAI - 400038, Maharashtra, INDIA |
- |
* Date of charge modification
GENERAL
ECONOMIC REVIEW
The economic
activity in the Country was at a low key during the year as GDP growth slowed
down to around 5% for the Year. The outlook, particularly post elections, looks
very promising then the year. Rupee experienced huge depreciation vis a vis US
Dollar and other major currencies in the first half of the Financial year,
which continued till the third quarter of the Year. During these volatile
times, Rupee dipped close to Rs 68 per US Dollar. Some correction did take
place in the last quarter on account of high forex inflows into the Country on
the back of the upswing in the Equity markets.
Global
economic indicators are expected to improve, led by positive prospects in
advance economies. The Global economic climate continues to be volatile,
uncertain and prone to geo political risks.
On the
positive side, some of the major economies like the USA and Japan have started
showing some encouraging trends during the last few quarters.
FINANCIAL
YEAR 2013-2014 IN RETROSPECT
They witnessed
huge growth and profit in all their Business units during the current year. The
core business unit has shown a steady growth over last financial year. The new
business units contribution also increased to 58% from 40% of the total revenue
during the current year.
During the
year, Ricoh Asia Pacific Pte Limited (Acquirer) had announced its intention to
acquire 10497791 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 process of the
Exchange. However, the proposed delisting process was not successful.
FUTURE PLANS
After a sluggish
economic environment for last few years, the market is recovering and the signs
of revival is visible in the global market. India is also optimistic to look
forward to a better economic scenario going forward which will be a good sign
for the overall business.
Considering
the above fact, they will be focusing on improving their profitability through
higher productivity, better Working Capital Management, establishing Customer
approaches through vertical focus, reduction in fixed expenses and further
streamlining the processes.
The market is
witnessing a huge technology shift from capitalization of hardware to
subscription based technologies. Ricoh is also equipped to provide such
facilities to Customers like Cloud Services or Managed Print Services.
They have
witnessed that the achievement of higher growth plan is possible and they have
grown three times in short period of three years. Continuation to this, they
will be focusing on high growth trends as witnessed during the last 3 years.
This will be ensured by pursuing twin strategies of further expanding the new
Businesses while simultaneously continuing to grow the Core Business line of
Office Products and Solutions so as to achieve the Market leadership position.
Their plans
include the segmentation of Customers into various industry verticals so that,
they can have a focused approach to deliver the specific customer requirements
through their products and services. In addition they 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 the Company as a One
Stop Solution provider to meet every need of their Customers.
MANAGEMENT DISCUSSION &
ANALYSIS
INDUSTRY STRUCTURE AND
DEVELOPMENT
Indian economy continues to
remain weak during last year, due to various factors, Internal and external. The
weaker economic scenario has resulted in slower growth of IT and Office
Automation products than expected. Copier Based Multifunction Printer market
grew by 5.5% in 2013 and Laser Printer market witnessed flat growth over last
year.
The continued depreciation
of Indian Rupee vis-à-vis US $ affected the profitability of all the major
players in the category, as the industry is heavily dependent on Imports.
However the efforts of price increase for all products across the industry has
resulted a slight revival on profits.
The adaption of managed
services by most of the corporate customers will become the drive point for
next years. This will result in better sales realizations and will improve the
customer retentions as mostly managed services are long term commitments
between customer and vendor.
Customers are keen to look
at vendors who can provide specific solutions to fulfil their needs. In order
to provide holistic sales approach to different customer verticals, Ricoh India
strengthened the sales channel by having separate teams to manage different
vertical customers such as Education, Healthcare, BFSI, Manufacturing etc. A
combination of Ricoh core products and IT Products/ Software's delivered to
customer as managed services will help Ricoh India to withstand in the current
developments.
FUTURE OUTLOOK
AND FOCUS FOR 2014-15
They will
focus on providing value to the Customers, and to make ourselves as a total
solution provider. This will be done by further enhancing their integrated Service
and Solution offerings to their Customers to emerge as a One Stop Solution
provider to fulfill all their office needs under one umbrella.
To strengthen
the above approach they will have dedicated teams for handling vertical
specific customers which will follow the consulting approach to the Customers.
This will help them addressing the customer requirement effectively and to
increase the trust of their customers as a preferred Solution Consultant. In
addition, they will continue to focus on the Services such as Managed Document
Services (MDS) and IT Services to augment their solution offerings. They will
continue to consolidate their market position in the A3 colour multi-function
printers and A3 mono multi-function printers.
Further
strengthening the distributor network will be one of their key priority areas
to increase their market share and the penetration of their business in India.
They will expand the distributor program to more cities.
They have
established the market acceptability of Ricoh as IT Services company in India
by widening the ITS Business to all parts of 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.
CONTINGENT LIABILITIES
|
PARTICULAR |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
Sales tax demands disputed by the Company * |
483.800 |
264.600 |
|
Income-tax demands disputed by the Company |
2.800 |
0.800 |
|
Bank Guarantees given to customers |
796.800 |
255.100 |
|
Rent cases |
2.900 |
2.900 |
|
Consumer Claims |
0.500 |
0.500 |
NOTE:
* The Company has deposited Rs. 802.42 against Sales Tax cases as mentioned above which have been shown in “Other Loans and Advances” under "Long Term Loans and Advances”
FIXED ASSETS
Tangible Assets
- Leasehold Land
- Factory Buildings
- Plant & Machinery
- Office Equipment’s
- Furniture and Fixtures,
- Computer Hardware
- Machines capitalized
- Facilities Management
- Contracts
- Vehicles
- Leasehold Improvements
Intangible Assets
- Goodwill
- Computer Software
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON
31ST
DECEMBER, 2014
(Rs. in Million)
|
|
|
Particulars |
Quarter Ended |
Year Ended |
|
|
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
4090.186 |
3738.309 |
10091.408 |
|
|
|
b) Other Operating Income |
3.740 |
0.000 |
5.954 |
|
|
|
Total Income from Operations (Net) |
4093.926 |
3738.309 |
10097.362 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
0.000 |
0.000 |
0.000 |
|
|
b) |
Purchase of stock in-trade |
3353.154 |
2752.918 |
8005.892 |
|
|
c) |
Changes in inventories - stock-in-trade |
(338.341) |
155.878 |
(385.775) |
|
|
d) |
Employee benefit expenses |
236.831 |
268.517 |
711.637 |
|
|
e) |
Depreciation and amortization expense |
50.295 |
55.045 |
166.564 |
|
|
f) |
Other
expenses |
499.104 |
373.277 |
1173.926 |
|
|
Total Expenses |
3801.043 |
3605.635 |
9672.244 |
|
|
3 |
|
Profit
/(Loss) from operations before other income, finance costs and exceptional
items (1-2) |
292.883 |
12.674 |
425.118 |
|
4 |
Other
Income |
12.038 |
4.809 |
39.531 |
|
|
5 |
|
Profit
/(Loss) from ordinary activities before finance costs and exceptional items
(3+4) |
304.921 |
137.483 |
464.649 |
|
6 |
Finance
Costs |
202.103 |
185.658 |
538.677 |
|
|
7 |
|
Profit /(Loss)
from ordinary activities after finance costs but before exceptional items
(5-6) |
102.818 |
(48.175) |
(74.028) |
|
8 |
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
|
9 |
Profit /(Loss) from ordinary activities
before tax |
102.818 |
(48.175) |
(74.028) |
|
|
10 |
Tax
Expense |
|
|
|
|
|
|
Deferred
Tax |
19.174 |
19.881 |
14.745 |
|
|
|
Current
Year |
(16.489) |
0.000 |
(16.489) |
|
|
11 |
Net Profit /(Loss) from ordinary activities
after tax (9-10) |
105.503 |
(28.294) |
(75.772) |
|
|
12 |
Extraordinary
items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
105.503 |
(28.294) |
(75.772) |
|
|
14 |
Paid up
equity share capital (Eq. shares of
Rs.10/- each) |
397.674 |
397.674 |
397.674 |
|
|
15 |
Reserve
excluding revaluation reserves |
0.000 |
0.000 |
0.000 |
|
|
16 |
|
Earnings
per share (before/after extraordinary items) of Rs.10/- each |
|
|
|
|
|
|
Basic |
2.65 |
(0.71) |
(1.91) |
|
|
|
Diluted |
2.65 |
(0.71) |
(1.91) |
|
|
|||||
|
A |
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of
Shares |
10497791 |
10497791 |
10497791 |
|
|
|
-
Percentage of Shareholding |
26.40% |
26.40% |
26.40% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number
of shares |
0.000 |
0.000 |
0.000 |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
0.000 |
0.000 |
0.000 |
|
|
|
- Percentage
of shares (as a % of the total share capital of the Company) |
0.000 |
0.000 |
0.000 |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number
of shares |
29270370 |
29270370 |
29270370 |
|
|
|
- Percentage
of shares ( as a % of the total shareholding of the promoter and promoter
group) |
100.00% |
100.00% |
100.00% |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
73.60% |
73.60% |
73.60% |
|
|
Particulars |
Quarter ended 30.09.2014 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
|
Received during the quarter |
1 |
|
|
|
Disposed during the quarter |
1 |
|
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND 31ST DECEMBER, 2014
|
|
Particulars |
Quarter Ended |
Year Ended |
|
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
1. |
Segment Revenue |
|
|
|
|
a) |
Goods |
2897.571 |
2670.461 |
7012.473 |
|
b) |
Services |
1192.616 |
1067.848 |
3078.934 |
|
|
Total Revenue |
4090.187 |
3738.309 |
10091.408 |
|
|
Less: Inter-segment transfers |
0.000 |
0.000 |
0.000 |
|
|
Net Sales / Income from operation |
4090.187 |
3738.309 |
10091.408 |
|
|
|
|
|
|
|
2. |
Segment Results: |
|
|
|
|
|
[Profit/ (Loss)
before tax and interest from each segment] |
|
|
|
|
a) |
Goods |
(54.680) |
(122.746) |
(381.024) |
|
b) |
Services |
343.823 |
255.420 |
800.188 |
|
|
TOTAL |
289.143 |
132.674 |
419.164 |
|
|
Less: Financial Cost |
202.103 |
185.658 |
538.677 |
|
|
unallocable
income |
(15.778) |
(4.809) |
(45.485) |
|
|
Total Profit/
Loss –before tax |
102.818 |
(48.175) |
(74.028) |
|
|
|
|
|
|
|
3. |
Capital Employed: |
|
|
|
|
a) |
Goods |
7033.883 |
6924.548 |
7033.863 |
|
b) |
Services |
2059.483 |
2162.379 |
2059.483 |
|
|
TOTAL
CAPITAL EMPLOYED |
9093.346 |
9086.927 |
9093.346 |
Note:
- The Auditors of the Company have carried out the limited review of the above unaudited financial results for the quarter ended December 31, 2014 in terms of Clause 41 of the Listing Agreement.
- The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 11, 2015.
- Other Expenses include Net exchange fluctuation loss of Rs. 155.200 Million (Previous year Rs. 388.000 Million) for the period ended December 31, 2014.
- The Company has paid NIL towards Voluntary Retirement Scheme taken out during the period ended December 31, 2014 as compared to the previous period ended December 31, 2013 of Rs. 6.437 Million.
- Previous year / period figures have been regrouped/rearranged/re-classified wherever considered necessary.
- Pursuant to the Companies Act, 2013 (The Act) being effective from April 01, 2014 the Company has revised depreciation rates on certain fixed assets as per the useful life specified in Part 'C' of schedule II of the Act or as per the management's estimate based on internal evaluation. An amount of Rs. 3.000 Million (net of deferred tax) has been recognized in the opening balance of retained earnings for the assets where remaining useful lives as prescribed in schedule II was Nil. There is no material impact on the depreciation charge for the quarterly results.
- Business Segment have been revised in the current year to provide more appropriate presentation of events and transactions for better assessment of risks and returns and understanding the performance of the Company.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.63.90 |
|
|
1 |
Rs.98.16 |
|
Euro |
1 |
Rs.69.73 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
-- PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
49 |
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.