Companies & Sectors
CEO, CFO and COO of Ricoh India have been sent on leave
Independent agency to probe serious governance issues 
 
Ricoh India has informed the exchanges that an independent agency has been appointed to assist the Audit Committee to better understand certain areas where the auditors had emphasized further review. This agency is conducting a review, which will be completed soon. It comprises of an independent law firm and accountants. Interestingly, some  members of the top management including the CEO and CFO, have been asked to be on leave during the said review process. These include:
 
1) Mr. Manoj Kumar, the Managing Director and Chief Executive Officer;
 
2)  Mr. Arvind Singhal, the Chief Financial Officer; and
 
3)  Mr. Anil Saini, the Senior Vice President and Chief Operating Officer
 
Other officers will discharge functions on behalf of the officers sent on leave. 
 
Earlier, it had sent a communication to the exchanges on 18 February 2015 stating that 'The Company has not yet received the signed limited review report from the auditors and the audit committee would take up again the matter with the Statutory Auditors to submit their limited review report on an immediate basis.' Further, the filing stated, 'In order to assist the audit committee, the audit committee has sought the opinion of an Independent Agency in this regard.'
 
The company has not yet filed the quarterly results for September 2015 and December 2015 quarters. Earlier, a Securities and Exchange Board of India (SEBI) circular stated that Ricoh India will be shifted to ‘Z’ group with effect from 28 March, 2016. 
 
The stock has been on a downward spiral in the last 9 months, falling more than 60% from a high of Rs1072 in July 2015. It is currently trading at Rs413. 

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COMMENTS

Krishnan B S

1 year ago

This is really very unfortunate. Ricoh is a huge company and if things happen like this even in Japanese companies, then it is unbelievable.
As this is a Japanese company, many investors like me have bought these shares. Now we will have to sell it at a loss or become Share Market Abhimanyu's, as I guess exit is going to be long time.

Maruti Suzuki's March sales up 16%

The company's passenger car segment comprises of brands like Alto, WagonR, Swift, Ritz, Celerio, Baleno, Dzire, Dzire Tour, and Ciaz

 

Passenger automobile manufacturer Maruti Suzuki on Friday reported a 15.9% growth in total sales for March.
 
The company's total sales stood at 129,345 units during the month -- up from an off-take of 111,555 units during the corresponding period of 2015.
 
According to the automobile manufacturer, its total sales in the last fiscal grew by 10.6% to 1,429,248 units.
 
"With this the company ended 2015-16 with its highest ever sales of 1,429,248 units, a growth of 10.6%. This comprises the highest ever domestic sales of 1,305,351 units and 123,897 units of exports," the company said in a statement.
 
"For the fourth year in a row, the top four best-selling models in India are from Maruti Suzuki: Alto, Dzire, Swift and WagonR." 
 
The statement added that introduction of new models including S-Cross, Baleno and Vitara Brezza, new technologies, expansion of existing network and launch of company’s premium retail channel -- NEXA brought in the incremental numbers.
 
For last month, the company's domestic sales surged by 14.6% to 118,895 units, from 103,719 units sold during the corresponding period of 2015.
 
In addition, exports augmented by 33.4% with 10,450 units shipped out -- from 7,836 units sold abroad in March last year.
 
Segment-wise, sales of passenger cars rose by 7.4% to 92,105 units - from 85,733 units sold in the like month of 2015.
 
The company's passenger car segment comprises of brands like Alto, WagonR, Swift, Ritz, Celerio, Baleno, Dzire, Dzire Tour, and Ciaz.
 
Besides, sales of utility vehicles which comprises of brands like Gypsy, Ertiga, S-Cross and the new addition Vitara Brizza augmented by 123.4%.
 
The utility vehicle sales during last month stood at 13,894 units from 6,218 units sold during March 2015.
 
Off-take in the van segment, which includes brands like Omni and Eeco, grew by 9.6% to 12,896 units from 11,768 units sold in the corresponding month of last year.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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The skies may shower bounty on farmers this year

According to the India Meteorological Department (IMD) and Skymet, India's independent weather forecasting service, an overall good rainfall of around 89 cm is expected between June 1 to September 30 -- the monsoon period in India

 

After two successive years of poor rains, farmers in India can look forward to favourable monsoon this year, thanks to positive weather patterns.
 
According to the India Meteorological Department (IMD) and Skymet, India's independent weather forecasting service, an overall good rainfall of around 89 cm is expected between June 1 to September 30 -- the monsoon period in India. 
 
Last year, the country suffered mild drought in parts of northern India, while the year before large parts of north and east India experienced full-scale drought.
 
"It's still hard to predict the monsoon as per geographical distribution, but it would be much better than last year. It would definitely have a positive effect on the economy and bring good news for farmers," Mahesh Palawat, director Skymet, told IANS.
 
The prediction of good rains is based on the pattern changes evident with drop in 'El Nino', a climatic phenomenon which is the warm phase of the cycle of warm and cold temperatures in the Pacific Ocean that also impacts the monsoon.
 
A high El Nino has a negative effect in terms of the weather, agriculture and economics.
 
Palawat said that due to the vibrant geographical distribution of India, even during average normal rainfall there is mild drought in some areas. However, the situation this year would be better than the past two years.
 
In India, 89 cm of rain is equivalent to 100 percent rainfall, which is called normal monsoon. 
 
Experts predict between 100 to 102 percent rainfall this year.
 
In the past two years, the rainfall situation had been bleak, especially over the regions of northern Karnataka, Maharashtra, Punjab, Haryana, Bihar, Jharkhand and eastern Uttar Pradesh -- major farming areas of the country. 
 
The unseasonal rainfall in 2015 -- hailstorm in late September, and heavy rain in winter -- and the drought situation in 2014 directly hit paddy farmers of the major rice growing states, hurting the country's agronomics. 
 
The signs this year are promising. The sea surface temperatures of the tropical central and eastern Pacific Ocean are predicting good rain days ahead.
 
"Though the tentative dates of monsoon prediction are between April 20-25, the drop in El Nino pattern, which may go below 0.5 by May end and become neutral, projects an upbeat picture for the monsoons ahead," an IMD official told IANS, declining to be named.
 
According to the experts, 2015-16 saw one of the strongest El Ninos of history, causing below normal and close to drought like situation in India and some other developing countries.
 
"For six months since the last monsoon, El Nino was above 2 scale, which is called severe El Nino. However, according to the last two weeks' data, it has dropped to 1.8, and 1.0 last week, which is moderate El Nino. We expect it to reach 0.5 by May end, which is called neutral El Nino," another expert at IMD told IANS.
 
The official said that if El Nino reaches 0.5, then it would not affect the monsoon in any way and rainfall would be normal.
 
According to data compiled for 10 years, based on the El Nino situation, six years showed low rainfall and four years saw heavy rainfall -- both results were definitely not normal, he added.
 
"Even though as per our tests, El Nino didn't show exact one-on-one relation with the rainfall, but it does affect the normal range of rainfall," the IMD official said.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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