Ricoh India today said that its unaudited estimate of aggregate loss after tax for the financial year ended March 31, 2016 is Rs 1,123 crore. Ricoh has been carrying out an internal investigation for ascertaining the true and fair accounts of the company for the quarter ended December 31, 2015 and FY16.
It has also been examining the probable roles of certain officials for falsification of the book of accounts. The profit for the quarter ended June 2015 is estimated at Rs 40 lakh.
PricewaterhouseCoopers (PwC) in a report had stated that some accounts of the company were falsified. The internal investigation by Ricoh came after the PwC report. “As per the investigation, it appears that the accounts have been falsified and the company’s accounting principles and standards have been violated. Such acts of omission and commission have caused a grave loss to the company and its shareholders,” Ricoh said in a statement to BSE.
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Ricoh said that once the company is able to prepare its financial results for the quarter ended December 31, 2015 and the quarter and financial year ended March 31, 2016, it would be in a position to ascertain the conclusive amount of loss suffered for FY16.
Trading in the company’s shares were suspended with effect from May 26 on account of non-compliance with Regulation 33 of Sebi Listing Regulations, 2015 for two consecutive quarters i.e, September 2015 and December 2015.
In April, Ricoh India had asked its MD and CEO Manoj Kumar, CFO Arvind Singhal and Senior Vice President Anil Saini to go on leave amid ongoing audit in the company.
Ricoh India is a leading player in the area of imaging solutions. The company markets imaging products like photocopiers, copy printers and laser printers to various customers directly and also through dealers.
