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Notes to Accounts of Ricoh India Ltd.

Mar 31, 2015

1. 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.

As at As at 2. CONTINGENT LIABILITIES 31st March, 2015 31st March, 2014

Sales Tax demands disputed by the Company * 7,466 4,838

Income -Tax demands disputed by the Company - 28

Bank Guarantees (Including Rs 121 towards disputed Sales Tax demands) 29,370 7,968

Rent Cases 29 29

Consumer Claims 2 5

* The Company has deposited Rs 833 (PY Rs. 802) which have been shown in "Other Loans and Advances" under "Long Term Loans and Advances " and given Bank Guarantees of Rs 121 (PY - Rs 46) against Sales Tax demands disputed by the Company as mentioned above.

4 DUES FROM ERSTWHILE JOINT VENTURE PARTNERS:

The Company has outstanding dues amounting to Rs. 179.53 Lacs from erstwhile Joint Venture Partners ageing more than 3 years. The Company has filed suits against the erstwhile Joint Venture Partners for recovery of all the above stated amount in the Hon'ble High Court of Mumbai.The cases are yet to come up for the hearing. In view of the pending civil suits against the erstwhile Joint Venture Partners, necessary provision has been made in the books of accounts against the outstanding amount from erstwhile Joint Venture Partners. The management is hopeful of recovery of the said amount.

5 Slow moving Inventory

Material consumed includes write down of slow / non-moving inventory amounting to Rs.158 (previous year Rs.250).

(Amounts in Rs. Lacs)

6. Leases (As Lessor)

Finance Leases :

The Company gives Printers on finance lease to selected Customers. The machines are given for the major part of the estimated useful life of the asset.

7. RELATED PARTY

i) Related parties where control exists

Ricoh Company Limited, Japan (Holding company)

NRG Group Limited (Fellow Subsidiary)

ii) Related parties with whom transactions have taken place :

Fellow subsidiaries

Ricoh Asia Pacific Pte Ltd.

Ricoh Australia Pty Ltd.

Ricoh Asia Pacific Operations Ltd.

Ricoh Thermal Media Asia Pacific Pvt. Ltd.

Ricoh Production Print Solution LLC Ricoh Imaging Co. Ltd.

Ricoh Industrial Solution Incorporation Ricoh Technologies Company

iii) Key Management Personnel

Mr.Tetsuya Takano, Managing Director

8. Net Employee Cost

A) The Employee's Gratuity Fund Scheme of erstwhile Gestetner India Limited is managed by LIC of India and the Employees Gratuity Fund Scheme of Ricoh India Limited is managed by its own Trust Fund and both the Schemes are Defined Benefit Plans. The present value of obligation is determined based on Actuarial Valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of Employees Benefit Entitlement and measures each unit separately to build up the final obligation. The obligation for Leave Encashment is recognized in the same manner as Gratuity.

B) Retirement Benefits:

The Company manages Provident Fund plan through Company's own Provident Fund Trust for its Employees. The plan envisages contribution by the Employer and Employees and guarantees interest at the rate notified by the Provident Fund Authority. The contribution by the Employer and Employee together with interest are payable at the time of separation from service or retirement which ever is earlier. As per the management's estimate the Actuarial Valuation cannot be applied to reliably measured Provident Fund liability in the absence of any guidance. However, the Company has taken the actuarial valuation of its interest liability shortfall as per which an amount of Rs. Nil (Previous Year Rs. Nil) has been recognized as a liability as at 31st March, 2015.

9. Segmentwise Reporting

The Company sells products (i.e. Photocopiers, Copyprinters, Laptops and Laser Printers) to various customers under Outright Sales Agreements and it also provides various After Sales Services to its customers for which it charges separately. Accordingly, nature of revenue stream i.e. Sale of Goods or Rendering of Services comprises the primary basis of Segmental Information set out in these Financial Statements.

Business Segments 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.

Revenue and Expenses in relation to segments are categorised based on items that are individually identifiable to that segment. Segment assets and liabilities have been identified with the reportable segments.

There are no secondary reportable segments identified by the company.

10. Blocked Accounts under Balance with Banks

Balance with Banks includes blocked accounts amounting to Rs. 3.17 Lacs at the pre-devaluation rates of exchange. Necessary adjustment on account of any change in the rate of exchange would be made as and when remittance is received. Reply is awaited to the application made by the Company to the Central Government seeking permission to disclose the blocked accounts at pre-devaluation rate of exchange.

11. Capital Commitments

Capital commitments (Net of Advances) amounting to Rs. 17.11 (PY Rs.231.14) for the year ended 31st March, 2015.

12. Due to Micro, Small and Medium Enterprises

"In terms of section 22 of Micro, Small and Medium Enterprises Development Act, 2006 (the Act), any amount outstanding to these enterprises are required to be disclosed. However, these enterprises are required to get registered under the Act. As per the information available with the Company, there are no such enterprises, which are registered under the said Act. Hence, the required information is not given.

13. Previous Year Figures

Previous year/period figures have been regrouped/rearranged/re-classified, wherever necessary to make them comparable with the current period figures.

14. Effect of Changes in Estimated Useful Lives

Pursuant to the Companies Act, 2013 (The Act) being effective from 1st April 2014 the Company has revised depreciation rates on certain fixed assets as per the useful lives 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. 31 Lacs (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 year.


Mar 31, 2014

SHARE CAPITAL

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.

As at As at CONTINGENT LIABILITIES March 31, 2014 March 31, 2013

Sales tax demands disputed by the Company * 4,838 2,646

Income-tax demands disputed by the Company 28 8

Bank Guarantees given to customers 7,968 2,551

Rent cases 29 29

Consumer Claims 5 5

* 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 "

DUES FROM ERSTWHILE JOINT VENTURE PARTNERS:

The Company has outstanding dues amounting to Rs. 179.53 Lacs from erstwhile Joint Venture partners ageing more than 3 years. The Company has filed suits against the erstwhile joint venture partners for recovery of all the above stated amount in the Hon''ble High Court of Mumbai. The cases are yet to come up for the hearing. In view of the pending civil suits against the erstwhile Joint Venture partners, necessary provision has been made in the books of accounts against the outstanding amount from erstwhile Joint Venture partners. The management is hopeful of recovery of the said amount.

EARNING PER SHARE

Earning per share has been calculated by dividing profit for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. The Company has not issued any potential equity shares and accordingly, the basic earning per share and diluted earning per share are the same. Earning per share has been computed as under :

Slow moving Inventory

Material consumed includes write down of slow / non-moving inventory amounting to Rs.250 (previous year Rs.40).

Leases (As Lessor)

Finance Leases :

The Company gives Photo Copiers on finance lease to selected Customers. The machines are given for the major part of the estimated useful life of the asset

Reconciliation between the gross lease recoverable and the present value of minimum lease payment (net lease recoverable) at the Balance Sheet date is as under:

Related Party

Related party transactions

i) Related parties where control exists Ricoh Company Limited, Japan (Holding company) NRG Group Limited (Fellow Subsidiary)

ii) Related parties with whom transactions have taken place :

2013-14 2012-13

Fellow subsidiaries Fellow subsidiaries Ricoh Asia Pacific Operations Limited Ricoh Asia Pacific Operations Limited

Ricoh Thermal Media Asia Pacific Ricoh Thermal Media (WUXI) Pvt. Ltd

Ricoh Europe B.V. Ricoh Europe B.V.

Ricoh Asia Pacific Pte Limited Ricoh Asia Pacific Pte Limited

Ricoh Australia Pty Ltd. Ricoh Australia Pty Ltd.

Ricoh Creative Service Co. Ricoh Creative Service Co.

Ricoh China Co Limited Ricoh China Co Limited

Ricoh Imging Co. Ltd. Pentax Ricoh Imging Co. Ltd.

Ricoh Production Print Solution LLC Ricoh Company Limited

iii) Key Management personnel Key Management personnel

Mr. Tetsuya Takano, Managing Director Mr. Tetsuya Takano, Managing Director

Net Employee Cost

A) The Employee''s Gratuity Fund Scheme of erstwhile Gestetner India Limited is managed by LIC of India and the Employees Gratuity Fund Scheme of Ricoh India Limited is managed by its own Trust Fund and both the schemes are defined benefit plans. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of Employees Benefit Entitlement and measures each unit seperately to build up the final obligation. The obligation for Leave Encahment is recognised in the same manner as Gratuity.

B) Retirement Benefits:

The Company manages Provident Fund plan through Company''s own Provident Fund Trust for its Employees. The plan envisages contribution by the Employer and Employees and guarantees interest at the rate notified by the Provident Fund authority. The contribution by the Employer and Employee together with interest are payable at the time of separation from service or retirement which ever is earlier. As per the management''s estimate the actuarial valuation cannot be applied to reliably measure Provident Fund liability in the absence of any guidance. However the Company has taken the actuarial valuation of its interest liabilty shortfall as per which an amount of Rs. Nil (Previous Year Rs. 8.33) has been recognised as a liabilty as at 31st March, 2014.

Segmentwise Reporting

The Company markets products ( i.e. Photocopiers, Copyprinters, Laptops and Laser Printers) to various customers directly and also through dealers. Accordingly, channel of marketing i.e. Direct or Indirect comprising the primary basis of Segmental Information set out in these Financial Statements.

Revenue and Expenses in relation to segments are categorised based on items that are individually identifiable to that segment. Segment assets and liabilities have been identified with the reportable segments.

There are no secondary reportable segments identified by the company.

Blocked Accounts under Balance with Banks

Balance with Banks includes blocked accounts amounting to Rs. 3.17 Lacs at the pre-devaluation rates of exchange. Necessary adjustment on account of any change in the rate of exchange would be made as and when remittance is received. Reply is awaited to the application made by the Company to the Central Government seeking permission to disclose the blocked accounts at pre- devaluation rate of exchange.

Capital Commitment

Capital commitment (net of advances) amounting to Rs.231. 14 (previous year Rs.709.46) for the year ended 31st March,2014.

Due to Micro, Small and Medium Enterprises

The Company has initiated the process of identification of Micro and small Suppliers as defined under Micro, Small and Medium Enterprises Development Act, 2006. Based on responses received so far and the profile of suppliers, Management is of the opinion that during the period ended 31st March 2014, the Company had no such amounts payable to such Suppliers.

Previous Year Figures

Persuant to the applicability of Revised Schedule VI from the current year, the Company has reclassified previous year figures to confirm to this year''s classification. The adoption of Revised Schedule VI does not impact recognition and measurement principles followed for preparation of Financial Statements. However, it significantly impacts presentation and disclosures made in the Financial Statements, particularly presentation of Balance Sheet.


Mar 31, 2013

Note 1: As at As at

CONTINGENT LIABILITIES March 31, 2013 March 31, 2012

Sales tax demands disputed by the Company 2,646 2.735

Income-tax demands disputed by the Company 8 13

Bank Guarantees given to customers 2,551 383

Rent cases 29 29

Consumer Claims 5 5

Note 2 :

DUES FROM ERSTWHILE JOINT VENTURE PARTNERS:

The Company has outstanding dues amounting to Rs. 179.53 Lacs from erstwhile Joint Venture partners ageing more than 3 years. The Company has filed suits against the erstwhile joint venture partners for recovery of all the above stated amount in the Hon''ble High Court of Mumbai.The cases are yet to come up for the hearing. In view of the pending civil suits against the erstwhile Joint Venture partners.necessary provision has been made in the books of accounts against the outstanding amount from erstwhile Joint Venture partners. The management is hopeful of recovery of the said amount.

Note 3 :

EARNING PER SHARE

Earnings per share has been calculated by dividing profit for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year.The Company has not issued any potential equity shares and accordingly, the basic earning per share and diluted earning per share are the same. Earning per share has been computed as under :

Note 4: Slow moving Inventory

Material consumed includes write down of slow / non-moving inventory amounting to Rs.40 (previous year Rs.58).

Note 5 : Leases (As Lessor) Finance Leases :

The company gives MFDs on finance lease to selected customers. The machines are given for the major part of the estimated useful life of the asset.

Reconciliation between the gross lease recoverable and the present value of minimum lease payment (net lease recoverable) at the balance sheet date is as under.

NOTE 6 : Related Party

Related party transactions i) Related parties where control exists

Ricoh Company Limited, Japan (Holding company) NRG Holding Pic, U.K. (Fellow Subsidiary) ii) Related parties with whom transactions have taken place :

2012-13 2011-12

Fellow subsidiaries Fellow subsidiaries

Ricoh Asia Pacific Operations Limited Ricoh Asia Pacific Operations Limited

Ricoh Thermal Media (WUXI) Ricoh Thermal Media (WUXI)

Ricoh Europe B.V. Ricoh Europe B.V.

Ricoh Asia Pacific Pte Limited Ricoh Asia Pacific Pte Limited

Ricoh Australia Pty Ltd. Ricoh Australia Pty Ltd.

Ricoh Creative Service Co. Ricoh Creative Service Co.

Ricoh China Co Limited Ricoh China Co Limited

Pentax Ricoh Imaging Co. Ltd.

iii) Key Management personnel Key Management personnel

Mr.Tetsuya Takano, Managing Director Mr.Tetsuya Takano, Managing Director

Note 7 : Net Employee Cost

A) The Employee''s Gratuity Fund Scheme of erstwhile Gestetner India Limited is managed by LIC of India and the Employees Gratuity Fund Scheme of Ricoh India Limited is managed by its own Trust Fund and both the schemes are defined benefit plans.The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of Employees Benefit Entitlement and measures each unit seperately to build up the final obligation.The obligation for Leave Encashment is recognised in the same manner as Gratuity.

B) Retirement Benefits:

The Company manages Provident Fund plan through Company''s own Provident Fund Trust for its Employees.The plan envisages contribution by the Employer and Employees and guarantees interest at the rate notified by the Provident Fund authority. The contribution by the Employer and Employee together with interest are payable at the time of separation from service or retirement which ever is earlier. As per the management''s estimate the actuarial valuation cannot be applied to reliably measure Provident Fund liability in the absence of any guidance. However the Company has taken the actuarial valuation of its interest liabilty shortfall as per which an amount of Rs. 8.33 (Previous Year Rs. 5.03) has been recognised as a liabilty as at 31st March. 2013.

(#) -1) Gratuity included in Note 23 Contribution to provident and other funds under the head " Employee Benefit Expenses".

-2) Leave encashment included in Note 23 Salaries and Allowances under the head " Employee Benefit Expenses". ($.) - Included in Note 23 Contribution to Provident and other funds under the head "Employee Benefit Expenses"

Note 8 : Segmentwise Reporting

The Company markets Products ( i.e. MFDs, Copyprinters, Laptops and Laser Printers) to various customers directly and also through dealers. Accordingly, channel of marketing i.e. Direct or Indirect comprising the primary basis of Segmental Information set out in these Financial Statements.

Revenue and Expenses in relation to segments are categorised based on items that are individually identifiable to that segment.

Segment assets and liabilities have been identified with the reportable segments.

There are no secondary reportable segments identified by the company.

Note 9 : Blocked Accounts under Balance with Banks

Balance with Banks includes blocked accounts amounting to Rs. 3.17 Lacs at the pre-devaluation rates of exchange. Necessary adjustment on account of any change in the rate of exchange would be made as and when remittance is received. Reply is awaited to the application made by the Company to the Central Government seeking permission to disclose the blocked accounts at pre-devaluation rate of exchange.

Note 10 : Capital Commitment

Capital commitment (net of advances) amounting to Rs.709.46 (previous year Rs.Nil) for the year ended 31 st March,2013

Note 11 : Due to Micro, Small and Medium Enterprises

The Company has initiated the process of identification of Micro and Samll Suppliers as defined under Micro,Small and Medium Enterprises Development Act, 2006. Based on responses received so far and the profile of suppliers. Management is of the opinion that during the period ended 31 st March 2013, the Company had no such amounts payable to such Suppliers.

Note 12 : Comparatives

The Financial Results for the year ended 31st March 2013 are not comparable with the Previous Year as these include results of:

a) Momentum Infocare India Private Limited

b) Infoprint Solutions India Private Limited

Note 13 : Previous Year Figures

Persuant to the applicability of Revised Schedule VI from the current year, the Company has reclassified previous year figures to confirm to this year''s classification. The adoption of Revised Schedule VI does not impact recognition and measurement principles followed for preparation of Financial Statements. However, it significantly impacts presentation and disclosures made in the Financial Statements, particularly presentation of Balance Sheet.


Mar 31, 2012

A) 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.

Note 2 : As at As at

CONTINGENT LIABILITIES March 31, 2012 March 31, 2011

Sales tax demands disputed by the Company 2,735 1,454

Income-tax demands disputed by the Company 13 284

Bank Guarantees given to customers 383 271

Rent cases 29 29

Consumer Claims 5 5

Note 2 :

DUES FROM ERSTWHILE JOINT VENTURE PARTNERS:

The Company has outstanding dues amounting to Rs. 179.53 Lacs from erstwhile Joint Venture partners ageing more than 3 years. The Company has filed suits against the erstwhile joint venture partners for recovery of all the above stated amount in the Hon'ble High Court of Mumbai. The cases are yet to come up for the hearing. In view of the pending civil suits against the erstwhile Joint Venture partners, necessary provision has been made in the books of accounts against the outstanding amount from erstwhile Joint Venture partners. The management is hopeful of recovery of the said amount.

Note 3 :

EARNING PER SHARE

Earnings per share has been calculated by dividing profit for the year attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. The Company has not issued any potential equity shares and accordingly, the basic earnings per share and diluted earnings per share are the same. Earnings per share has been computed as under :

# Printers and Accessories excludes 86 nos.(previous year 21) nos. transferred to fixed assets during the year amounting to Rs.375

(previous year Rs.53).

* Opening Balance includes inventory acquired from Info print Solutions India P Ltd

** Purchases of Hardware-IT business includes inventory acquired from Momentum Info care P Ltd.

Note 4: Slow moving Inventory

Material consumed includes write down of slow / non-moving inventory amounting to Rs.58 (previous year Rs.Nil).

Note 5 : Leases (As Lessor)

Finance Leases :

The company gives Photo copiers on finance lease to selected customers. The machines are given for the major part of the estimated useful life of the asset.

Note 6 : Net Employee Cost

A) The Employee's Gratuity Fund Scheme of erstwhile Gestate India Limited is managed by LIC of India and the Employees Gratuity Fund Scheme of Ricoh India Limited is managed by its own Trust Fund and both the schemes are defined benefit plans. The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognizes each period of service as giving rise to additional unit of Employees Benefit Entitlement and measures each unit separately to build up the final obligation. The obligation for Leave Encashment is recognized in the same manner as Gratuity.

B) Retirement Benefits:

The Company manages Provident Fund plan through Company's own Provident Fund Trust for its Employees. The plan envisages contribution by the Employer and Employees and guarantees interest at the rate notified by the Provident Fund authority. The contribution by the Employer and Employee together with interest are payable at the time of separation from service or retirement whichever is earlier. As per the management's estimate the actuarial valuation cannot be applied to reliably measure Provident Fund liability in the absence of any guidance. However the Company has taken the actuarial valuation of its interest liability shortfall as per which an amount of Rs. 5.03 (Previous Year Rs.13.17) has been recognized as a liability as at 31st March, 2012.

(#) -1) Gratuity included in Note 23 Contribution to provident and other funds under the head " Employee Benefit Expenses".

-2) Leave encashment included in Note 23 Salaries and Allowances under the head " Employee Benefit Expenses".

($) - Included in Note 23 Contribution to Provident and other funds under the head "Employee Benefit Expenses"

NOTE 7: Significant aspects of the Scheme of Amalgamation A. Background :

Ricoh India Limited (the 'Company') was originally incorporated on 22nd October 1993 with the name RPG Ricoh Limited and was renamed to Ricoh India Limited on 22nd May 1998 to carry on the business of distributor, importer, seller, lessor, rent out, service, repair, put to commercial use in any manner all types of photocopying and allied equipments including photocopiers and their systems.

The Scheme of Arrangement provides for the amalgamation of Info Print Solutions India Private Limited ("IPS") with Ricoh India Limited with retrospective effect from 1st November 2011 (the Appointed Date) pursuant to section 391 to section 394 and other relevant provisions of the Companies Act, 1956.

B. Amalgamation of Info Print Solutions India Private Limited ("IPS") with Ricoh India Limited ("Company") :

a) Pursuant to the Scheme of Amalgamation of IPS with the Company (the 'Scheme') under section 391 to section 394 of the Companies Act, 1956 read with other applicable provisions of the Act, as approved by the shareholders in the court-convened meeting held on 1st day of February, 2012 and subsequently sanctioned by the Honorable High Court of Bombay vide order on 6th July, 2012, the assets and liabilities of erstwhile IPS were transferred to and vested in the Company with retrospective effect from the Appointed date. The above mentioned transfer became effective on 21st July, 2012 upon filing of the certified copy of the Orders of Honorable High Court of Judicature at Bombay with the Registrar of Companies, Maharashtra, at Mumbai respectively with effect from the Appointed Date. The Scheme has, accordingly, been given effect to in these financial statements.

b) IPS carries on the business of manufacturers, design, trade, buy and sell, agents of and dealers, importer and service providers of printing machines, copiers, scanners, fax machines and other printing devices of any kind and to provide for total solutions in printing technology with variety of products and services.

c) The amalgamation has been accounted for under the "pooling of interests" method as prescribed by Accounting Standard (AS) 14- Accounting for Amalgamations. The difference in the book value of the assets and the book value of the liabilities of IPS recorded by the Company in its books of accounts has been adjusted against the accumulated balance of Statement of Profit and Loss

Note 8 : Segment wise Reporting

The Company markets Products ( i.e. Photocopiers, Copy printers, Laptops and Laser Printers) to various customers directly and also through dealers. Accordingly, channel of marketing i.e. Direct or Indirect comprising the primary basis of Segmental Information set out in these Financial Statements.

Revenue and Expenses in relation to segments are categorized based on items that are individually identifiable to that segment. Segment assets and liabilities have been identified with the reportable segments.

There are no secondary reportable segments identified by the company.

Note 9 : Blocked Accounts under Balance with Banks

Balance with Banks includes blocked accounts amounting to Rs. 3.17 Lacs at the pre-devaluation rates of exchange. Necessary adjustment on account of any change in the rate of exchange would be made as and when remittance is received. Reply is awaited to the application made by the Company to the Central Government seeking permission to disclose the blocked accounts at pre-devaluation rate of exchange.

Note 10 : Derivative Instruments

As on 31 March 12,the Company has the following derivative instruments outstanding :

i) Forward currency exchange contracts USD-INR to USD for the purpose of hedging its exposure to foreign Accounts Payable Rs. Nil [Previous Year Rs.81.51 Lacs].

ii) Forward currency exchange contracts JPY-INR to JPY for the purpose of hedging its exposure to Buyers Credit Loan Rs. 1,530 (JPY 2,228) [Previous Year Rs. Nil]

The yearend foreign currency exposures that have not been hedged by derivative instrument or otherwise are as under :

i) Accounts Payable USD 155 (INR 7,913) [Previous Year USD 33.82] (Previous Year INR 5,150), EURO Nil [Previous Year Nil]

ii) Accounts Receivable USD 10.74 (INR550) [Previous Year 7.59] (Previous Year INR339].

Note 11: Capital Commitment

Capital commitment (net of advances) amounting to Rs.Nil (previous year Rs.351.45) for the year ended 31st March,2012 Note 44 : Due to Micro, Small and Medium Enterprises

The Company has initiated the process of identification of Micro and Small Suppliers as defined under Micro, Small and Medium Enterprises Development Act, 2006. Based on responses received so far and the profile of suppliers, Management is of the opinion that during the period ended 31st March 2012, the Company had no such amounts payable to such Suppliers.

Note 12 : Business Acquisition

On 12th May 2011 Company has acquired the business interest of an IT Company, Momentum Info care India Private Limited, with effect from 1st April 2011 at book values :

Note 13 : Comparatives

The Financial Results for the year ended 31st March 2012 are not comparable with the Previous Y ear as these include results of :

a) Momentum Info care India Private Limited

b) Infoprint Solutions India Private Limited

Note 14 : Previous Year Figures

Pursuant to the applicability of Revised Schedule VI from the current year, the Company has reclassified previous year figures to confirm to this year's classification. The adoption of Revised Schedule VI does not impact recognition and measurement principles followed for preparation of Financial Statements. However, it significantly impacts presentation and disclosures made in the Financial Statements, particularly presentation of Balance Sheet.


Mar 31, 2011

1 Dues from Erstwhile Joint Venture Partners:

The Company has outstanding dues amounting to Rs. 17,953 K from erstwhile Joint Venture partners ageing more than 3 years. The Company has filed suits against the erstwhile joint venture partners for recovery of all the above stated amount in the Hon'ble High Court of Mumbai. The cases are yet to come up for the hearing. In view of the pending civil suits against the erstwhile joint venture partners, necessary provision has been made in the books of accounts against the outstanding amount from joint venture partners. The management is hopeful of recovery of the said amount.

2 Leases (As Lessor)

Finance Leases :

The company gives Photo copiers on finance lease to selected customers. The machines are given for the major part of the estimated useful life of the asset.

Operating Lease

The Company gives photocopiers on cancellable operating lease for a period for substantially less then the estimated useful life of machine. The monthly rental accruing to the Company on such leases is recognized as income in the profit and loss account in accordance with the provisions of Accounting Standard 19 (Accounting of Leases).

Leases (As Lessee)

The Company has taken on lease, premises for sales & service offices, warehouses for storage of inventories and accommodation for its employees that are renewable on a periodic basis at the option of both the lessor and lessee.

3 Related party transactions

(i) Related parties where control exists

Ricoh Company Limited, Japan (Holding company) NRG Holding Plc., U.K. (Fellow Subsidiary)

(ii) Related parties with whom transactions have taken place :

2010-11

Fellow subsidiaries

Ricoh Asia Pacific Operations Limited

Ricoh Thermal Media (WUXI)

Ricoh Europe B.V.

Ricoh Asia Pacific Pte Limited

Ricoh Australia Pty Ltd.

iii) Key Management personnel

Mr.N.Maitra, Managing Director

2009-10

Fellow subsidiaries

Ricoh Asia Pacific Operations Limited

Ricoh Europe B.V.

Ricoh Asia Pacific Pte Limited

Ricoh Australia Pty Ltd.

Key Management personnel

Mr.N.Maitra, Managing Director

4 Net Employee Cost

A) The employee's Gratuity Fund Scheme of erstwhile Gestetner India Limited is managed by LIC of India and the employees Gratuity Fund Scheme of Ricoh India Limited is managed by its own Trust Fund and both the schemes are defined benefit plans.The present value of obligation is determined based on actuarial valuation using the Projected Unit Credit Method, which recognises each period of service as giving rise to additional unit of employees benefit entitlement and measures each unit seperately to build up the final obligation. The obligation for Leave Encashment is recognised in the same manner as gratuity.

B) Retirement benefits:

The Company manages Provident Fund plan through Company's own Provident Fund Trust for its employees. The plan envisages contribution by the employer and employees and guarantees interest at the rate notified by the Provident Fund authority. The contribution by the employer and employee together with interest are payable at the time of separation from service or retirement which ever is earlier. As per the management's estimate the actuarial valuation cannot be applied to reliably measure Provident Fund liability in the absence of any guidance. However the Company has taken the actuarial valuation of its interest liabilty shortfall as per which an amount of Rs.1,317 (Previous Year Rs.2,229) has been recognised as a liability as at 31st March,2011 which is reflected in the Schedule 9 - Current Liabilities and Provisions of the Balance Sheet.

5 Segment wise reporting :

The company markets imaging products (i.e. Photocopiers, Copy printers and Laser Printers) to various customers directly and also through dealers. Accordingly, channel of marketing i.e. direct or indirect comprising the primary basis of segmen- tal information set out in these financial statements.

Revenue and expenses in relation to segments are categorised based on items that are individually identifiable to that segment.

Segment assets and liabilities have been identified with the reportable segments.

6 The blocked accounts are included in the Company's accounts at the pre-devaluation rates of exchange. Necessary adjust- ment on account of any change in the rate of exchange would be made as and when remittance is received. Reply is awaited to the application made by the Company to the Central Government seeking permission to disclose the blocked accounts at pre-devaluation rate of exchange.

7 Derivative Instruments

a) As on 31 March 11,the Company has the following derivative instruments outstanding :

i) Forward currency exchange contracts USD-INR to USD 8,151 for the purpose of hedging its exposure to for- eign Accounts Payable (Previous Year 6,265).

b) The year end foreign currency exposures that have not been hedged by derivative instrument or otherwise are as under :

i) Accounts Payable USD 3,382 (Previous Year USD 2,447),EURO 0.67 (Previous Year 67).

ii) Accounts Receivable USD 759(Previous Year 234).

8 Capital commitment (net of advances) amounting to Rs.35,145 (previous year Rs.nil) for the period ended 31st March,2011.

9 Capital Work in Progress includes Rs.nil (Previous Year Rs.36,300) paid as permission fees to M/s West Bengal Electron- ics Industry Development Corporation Limited for transferring the Plot No.A1-1 & 2, Block-GP, Sector-V, Salt lake from M/s Gestetner India Limited to M/s Ricoh India Limited consequent upon the merger of both Companies.

10 The Company has initiated the process of identification of Micro and Small Suppliers as defined under Micro, Small and Medium Enterprises Development Act,2006.Based on responses received so far and the profile of suppliers, Management is of the opinion that during the period ended 31st March 2011,the Company had no such amounts payable to such Suppliers.

11 Regrouping of Figures:

The figures for the previous year have been regrouped/reclassified/reworked wherever considered necessary so as to make them comparable with the current year.

 
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