Ricoh India

TCS fell post results anyways. So turned out to be a good decision. Certainly dodged the bullet on Cyient. Sold very old holdings arnd 510/- levels. Stock cracked ~10% on limp results.

On TCS ! I suppose eventually its not the quantum of fine but the reputational damage associated with the wrongdoing at TCS. Surely Competition will not miss any chance to highlight this sepicially to TCS’ client base and this will have a bearing on its business.

Deloitte and E&Y must be saliviating at the prospect of KPMG (via BSR) and PwC's involvement in facilitating a Cadbury like situation for Ricoh.

 

Surely, reputation is everything and especially IP stealing is quite a charge for a software consulting company to deal with. I hope on one hand that a company like TCS wouldn't have slipped on their ethics and maybe there is some substance in their appeal. A lot of investor money is at stake there. Cool one on Cyient though. Was it intuitive or you had some knowledge of bad results!?

I might be interested in picking up some Ricoh (because I am greedy too! ) once the whole dust settles. Who knows they might buy the stock back at around 30-40% upside from there . Lets see!

 

I said "It is quiet possible that this can be a management trick or a trick played by the promoters.". I never said that Ricoh India wants to delist.

 

Greed is good. So long as it doesnt lead one to dishonest ways. Do you really think the Japo's will use the opportunity this scandal incidently offers to initiate a buyback? Ill advised move in my view but we would be better off with one less dubious stock on the exchange.

On Cyient, there is this trend repeating itself the last couple of qtrs. Even last qtr results were uninspiring. its a 10x bagger in my portfolio ( cost in the 50's) so decided to sell with intent to buy back at lower levels. Its already arnd 450/-. Good money here and even on RS. Btw also sold off the recent buying at over 20%. I think results in the next few days.

 

Please provide the nature of the trick. I hope its not the kind we see in circuses, magic shows etc. Passing off findings by independent firms of repute that financials arent true and fair ( which the company has confirmed too) as a trick - you better back it up with some solid irrefutable material. Make me believe please....... Any wild / baseless speculation must be refrained. Afterall its our collective duty to protect the interests of the dear retail investors.

 

Yeah, I dont know. I'll probably consider it if Ricoh becomes a penny stock (<20). Chances are remote but lets see.

Cyient in 50s! Wow! You must be holding it for like 10 years then! Nice one. RS software sold!? Not sticking around for more momentum, or planning on buying at lower price. I hope it comes down to my levels or lower (~70s) so that I can buy some more. Only bought 40% of how much I want to buy till now, before it took off.

 

Ricoh : well we still have to see the quantum of wrong doings. Not being True and Fair means its material. For its 'fair' thats the operative word. Auditors dont opine about true and correct. Sub 100 a fair chance.

Cyient : you are probably right about the holding period. I remember it as Infotech Enterprises.

RS software : hoping to buy again at lower levels. Sold only the additional i bought earlier this month. Hold my initial purchase (@14/- weighted avg). I try to never forget RS... Have to make up the fantastic lost opportunity when at 700/- levels.

 

BSE suspends trading in Ricoh India stock from May 26

Read more at: https://www.moneycontrol.com/news/market-news/bse-suspends-tradingricoh-india-stockmay-26_6531761.html

 

Very shocking news shakes confidence of investor about MNC stock

 

Well companies must take compliance's seriously. Well sales have been growing consistently. However debt remains a concern. Think and Invest

 

As per BSE notice Ricoh India stock will be suspended on 26th and before that it would reach at monthly lower circuit limit and would stop trading. Later they will declare result and again stock will list at nobody on which price. Basically its a story of 6-12 months and Carl Icahm has some famous lines “The real money that I made over the years is holding companies for 7, 8, 9 years and keeping them ….. You got to buy them when nobody wants them really …. That’s the real secret …. It sounds very simple but it is very hard to do … when everybody hates it, you buy them … and then when everybody wants it, you sell it to them … And that’s what we do” he drawled..

Cheers

 

Very nervous time for Ricoh shareholders. Hope for best.

 

Understand that Ricoh's result are slated for May 17th. Will the planned management trick be unveiled by them?

Re: suspension - what will its fate be?

Scrips locked in upper circuit the last few days. Only for the strong hearted though!!!

 

Ricoh India files police complaint over fin fraud

New Delhi: Ricoh India, a subsidiary of Japanese imaging and electronics company, has detected massive financial irregularities and fraud in the company, prompting it to lodge a police complaint after a forensic investigation revealed "wrongdoing".

"We wish to inform that Ricoh India has filed a complaint with the police against suspected wrongdoers on May 12, 2016. Ricoh India will fully cooperate with the police to enable investigation of the suspected wrongdoing," the company said in a statement to stock exchanges.

The company's shares have been hammered on the stock exchange for the last few months after it failed to announce two quarterly results pending an investigation.

Company sources said the role of certain insiders is being investigated. Ricoh India reported a profit of Rs 34 crore on revenues of Rs 1,638 crore during 2014-15.

"There have been deviations from true and fair view in the books of account and other financial statements," said a source, who did not wish to be identified.

The forensic audit has been conducted by PricewaterhouseCoopers, which was contracted by Amarchand Mangaldas & Co for the job. Ricoh India had appointed BSR & Co as its auditors and the latter had sought "review of certain transactions" conducted by some of the company executives. S S Kothari Mehta & Co had also conducted an enquiry, but its findings were not agreed upon by BSR.

Three top executives had been sent on leave pending investigations, including former MD & CEO Manoj Kumar (who has resigned from the board), Arvind Singhal, the then CFO and Anil Saini, senior VP and chief operating officer.

Nearly 74% of the company's stake is held by the Japanese parent. The company's share rose 5% to close at Rs 286 on the BSE, compared to the 52-week high of Rs 1,072 reached on July 2 last year.
Ricoh India's stock had been put under watch in the 'Z' category in March and BSE had set a deadline for suspension of trading if the company did not file results. Ricoh India had appointed AT Rajan as the new MD & CEO, while giving a temporary charge to Bibek Chowdhury as the CFO.

Sources said the company could not declare its financial results as BSR could not conduct its audit pending the forensic investigation. "The audit committee of the board has concluded from investigations that the books of accounts and other financial statements for the two quarters commencing April 1, 2015 and to September 30, 2015 do not reflect true and fair view of the state of affairs of the company," the source said.

https://timesofindia.indiatimes.com...laint-over-fin-fraud/articleshow/52247065.cms