Ricoh : Response to a petition filed by a vendor of an overseas affiliate to initiate the insolvency solution process
October 27, 2017 at 06:33 am EDT
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Our consolidated subsidiary, Ricoh India Limited (Headquarters: New Delhi, Bombay Stock Exchange - referred to as Ricoh India from here) yesterday announced that its vendor, Fourth Dimension Solutions (Headquarters: New Delhi, National Stock Exchange - referred to as FDS from here), as a creditor of Ricoh India, filed a petition with the National Company Law Tribunal (NCLT) to initiate the insolvency solution process under the Insolvency and Bankruptcy Code of India.
Ricoh India is taking suitable legal advice on the matter and will contest the matter as per the process of law.
On September 11, 2017, FDS filed a similar petition, and the NCLT rejected it on September 29.
Please note that specifically in relation to this matter, there are no changes to the published consolidated financial outlook for the fiscal year, ending March 31, 2018, for Ricoh Company, Ltd.
However, Ricoh Company, Ltd. separately announced today the revision to its financial outlook.
Ricoh India Overview and Relationship with Ricoh Company, Ltd.
(1) Firm Name
Ricoh India Limited
(2) Date of Establishment
October, 1993
(3) Location of Head Office
801, 8th Floor, Ackruti Star, MIDC Central Road, Near Marol Telephone Exchange, MIDC, Andheri - East, Mumbai-400 093
(4) Representative
A.T. Rajan (Managing Director and CEO)
(5) Net Sales
12.2 billion rupees(21.1 billion yen)(as of the end of March, 2017)
(6) Stated Capital
398 million rupees (688 million yen)
(7) Description of Business
Sales of office equipment
(8) Our Investment Ratio
73.6%
46.04%...Ricoh Company, Ltd.
27.56%...NRG Group Limited
(9) Sum of liabilities of Ricoh India
21.0 billion rupees (36.3 billion yen)
(as of the end of March, 2017)
(10) Sum of claims against Ricoh India
47 million yen (as of the end of March, 2017)
(11) Sum of guaranteed liabilities against Ricoh India (Maximum amount)
28.8 billion yen (as of the end of March, 2017)
(12) The value of stock of Ricoh India at Ricoh Company, Ltd.
Ricoh has already recorded impairment losses in Ricoh India stock, and its current stock value is 1 yen.
Ricoh Company Ltd. published this content on 27 October 2017 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 October 2017 10:32:06 UTC.
Original documenthttp://www.ricoh.com/release/2017/1027_2.html
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Ricoh Company, Ltd. is one of the world's leading office equipment manufacturers. Net sales break down by family of products and services as follows:
- office automation equipment (48.5%): photocopiers, fax machines and printing systems;
- IT equipment and network systems (31.6%): PCs, servers, software, etc. The group also offers installation and start-up, training, technical support, and maintenance services;
- commercial and industrial printing solutions and systems (9.5%): inkjet print heads, imaging systems, commercial and industrial printers;
- thermal paper and thermal transfer ribbons (3.4%): for label printing;
- other (7%): primarily optical equipment, semiconductor, electronic components, measurement systems, photographic equipment, integrated circuits, and electronic processing equipment.
Net sales break down geographically as follows: Japan (44.8%), Europe/Middle East/Africa (23.4%), Americas (23%) and other (8.8%).