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 to initiate insolvency solution process under the Insolvency and Bankruptcy Code of India.
FDS’ claim against Ricoh India is based on the alleged non-payment of a disputed debit note which FDS unilaterally raised as alleged damages for a contract determination.. Ricoh India does not agree with these claims filed by the FDS and is pursuing the matter through legal representation.
Under Indian law, the commencement of insolvency solution process is decided by the National Company Law Tribunal, but at that time, the claims by FDS will be recognized together with confirming the existence of a default on behalf of Ricoh India. Ricoh India has stated that it will dispute the existence and validity of the claims in the petition by FDS.
Ricoh India is taking appropriate actions to overcome this issue. If there is any information that should be disclosed with regards to Ricoh India it will be shared promptly.
Please note that there are no changes to the published consolidated financial outlook for the fiscal year, ending March 31, 2018, for Ricoh Company, Ltd.
|(1) Firm Name||Ricoh India Limited|
|(2) Date of Establishment||October, 1993|
|(3) Registered 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) Stated Capital||398 million rupees (688 million yen)|
|(6) Description of Business||Sales of office equipment|
|(7) Our Investment Ratio||73.6%
46.04%...Ricoh Company, Ltd.
27.56%...NRG Group Limited
|(8) Sum of liabilities of Ricoh India||21.0 billion rupees (36.3 billion yen)(as of the end of March, 2017)|
|(9) Sum of claims against Ricoh India||47 million yen (as of the end of March, 2017)|
|(10) Sum of guaranteed liabilities against Ricoh India (Maximum amount)||28.8 billion yen (as of the end of March, 2017)|
|(11) 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.|