TOKYO, November 21, 2016 –Our consolidated subsidiary, Ricoh India Limited (Headquarters: New Delhi, Bombay Stock Exchange – referred to as Ricoh India from here) approved its financial results from the third quarter ended December 31, 2015, and the fourth quarter and year ended March 31, 2016, at a Board of Directors meeting held on November 18, 2016, and subsequently submitted them to the Bombay Stock Exchange on the same day. Its loss after tax for the fiscal year ended March 31, 2016 amounts to 11.2 billion Indian rupees (17.5 billion yen), which is the same amount as the estimated unaudited result disclosed by Ricoh India on July 19, 2016 and reported to the Tokyo Stock Exchange on the same day.
Please note that there will not be any changes to the published consolidated results for the fiscal year, ended March 31, 2016, or the financial outlook for the fiscal year, ending March 31, 2017, for Ricoh Company, Ltd.
Following the filing of its first quarter financial results ended June 30, 2015 to the Bombay Stock Exchange, Ricoh India, in line with good governance, changed its auditors. In order to meet its required reporting obligations with the Bombay Stock Exchange, the auditors undertook a limited review of the results for the second quarter ended September 30, 2015 as part of their new auditor processes. During this review the auditors raised concerns with Ricoh India's management and Ricoh India's audit committee regarding financial irregularities. Ricoh India's audit committee commissioned various investigations which have been undertaken by Ricoh India and independent parties. On May 19, 2016 Ricoh India announced its financial results for the second quarter ended September 30, 2015.
Then on July 19, 2016, Ricoh India disclosed an estimate for the fiscal year ended March 31, 2016, which reflected the financial irregularities, and finally on November 18, the Company announced its full year financial results for the year ended March 31, 2016.
Ricoh India's failure to file its quarterly reports in a timely manner for the aforementioned periods, and the causes of such delay are unprecedented, not only in Ricoh India, but throughout the Ricoh Family Group and run contrary to Ricoh's culture. At Ricoh Company, Ltd., we are continuing to consult with external experts in order to identify any learnings and possible remediation measures to try and ensure that this type of incident will remain an isolated instance within the Ricoh Family Group.
If there is any information that should be disclosed with regard to Ricoh India it will be shared promptly.