DIRECTORS' REPORT TO THE MEMBERS, Your Directors are pleased to present the 22nd Annual Report on the business and operations of the Company together with the Audited Accounts for the financial year ended 31st March 2015. GENERAL ECONOMIC REVIEW The latest Consumer Price Index (CPI) inflation rate is 5.1% and the wholesale price inflation is negative, the current account deficit for this year is expected to be below 1.3% of GDP based on the new series, real GDP growth is expected to accelerate to 7.4%, making India the fastest growing large economy in the World, Foreign inflows since April 2014 have been about $ 55 Billion, while our foreign exchange reserves have increased to a record $ 340 Billion, the Rupee has become stronger by 6.4% against a broad basket of currencies. It is expected that CPI Inflation will remain close to 5% by the end of the year. This will allow for further easing of monetary policy. Based on new series for GDP so released by Central Statistics Office, it is estimated that GDP growth for 2014 -15 will be 7.4% while growth in 2015-2016 is expected to be between 8 to 8.5%. Economic growth this year at 11.5% was lower in nominal terms by about 2% due to lower inflation. FINANCIAL PERFORMANCE / STATE OF COMPANY'S AFFAIRS During the year under review, your Company's consolidated total revenue stood at Rs. 1,63,782 Lakhs as compared to Rs. 1,04,865 Lakhs for the previous year, representing an increase of 56.2%. Profit before tax stood at Rs. 5,049 Lakhs for the year under review as compared to Rs. 3,012 Lakhs for the previous year, representing again an increase of 67.6% over the last year while Profit after tax stood at Rs. 3,390 Lakhs as compared to Rs. 1,723 Lakhs for the previous year representing an increase of 96.7% as compared to last year. DIVIDEND Your Directors are pleased to recommend a dividend of 10% i.e Rs 1/- per equity share of face value of Rs 10/- each for the year ended 31st March 2015, subject to the approval of the shareholders at the ensuing Annual General Meeting of the Company. The total outflow towards dividend on equity shares for the year would be Rs. 4,78,64,024/- (which includes dividend tax of Rs.80,95,863/-). The dividend, if declared will be paid out of the profits of the Company. The Register of Members and Share Transfer Books of the Company shall remain closed from Wednesday, the 16th September 2015 to Thursday, the 24th September 2015 (both days inclusive) for the purpose of Annual General Meeting (AGM) and payment of dividend, if approved by the shareholders at the AGM. CHANGE IN NATURE OF BUSINESS There has been no change in the nature of the business of the Company. FUTURE PLANS Stability in the Currency Exchange rates and a stable Central Government provided a boost to the Industry after some years of sluggish economic environment. Indian market has shown signs of positive recovery which will help in reviving many industries in India such as Manufacturing, Education & Information Technology (IT). In addition, the push for domestic manufacturing will improve foreign investment which will create more business and job opportunities. Considering the above fact, we will be focusing on reaching to as many customers as possible through our expanded sales channels such as vertical Specific Teams in addition to conventional Dealer/ Distributor Channels. This will help Ricoh to expand its sales and thus will improve its profitability. We will continue to focus on achieving higher productivity, better Working Capital Management, establishing Customer approaches through Vertical focus, reduction in fixed expenses and streamlining the processes. The market is continuing to witness huge technology shift from capitalization of hardware to Subscription based technologies. Ricoh has established itself as a major player in the Subscription based technologies segment to provide facilities like Cloud Services / Managed Print Services to its Customers. We will be focusing on high growth trend as witnessed during the last few years. This will be ensured by following two Strategies of further expanding the new Business while simultaneously continuing to grow the Core Business line of Office Products and Solutions so as to maintain the Market leadership position. The plans include the strengthening of existing customer vertical wise approach with more specific solutions which are applicable to respective customer vertical. In addition we will continue to focus on expanding the IT Services in area of Cloud Business together with the other offerings of Information Security, Virtualization, Application Delivery, Backup/ Disaster Recovery Data Centre Solutions and Software Solutions. The above initiatives will go a long way in further establishing your Company as a One Stop Solution provider to meet every need of the Customers. SHARE CAPITAL During the year under review, there has been no change in the capital structure of the Company. DIRECTORS In accordance with the provisions of Section 152 of the Companies Act, 2013, Mr. Hiroyasu Kitada, Director being the longest in office among directors who are liable to retire by rotation, retires by rotation at the forthcoming Annual General Meeting of the Company and, being eligible offers himself for re-appointment. The appointed tenure of Mr. Tetsuya Takano as Managing Director & CEO of the Company ended on 31st March 2015 and consequently Mr. Tetsuya Takano has been appointed as Non-Executive Chairman of the Board of Directors of the Company with effect from 1st April 2015. All the Independent Directors i.e. Mr. U.P. Mathur, Mr. R.K. Pandey and Ms. Ashish Garg have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Clause 49 of the Listing Agreement. During the year, none of the non executive directors of the Company had any pecuniary relationship or transactions with the Company. The Board of Directors of the Company on the recommendation of the Nomination and Remuneration Committee of the Company in its meeting held on 12th March 2015 had appointed Mr. Manoj Kumar as Additional Director of the Company. The Board also appointed Mr. Manoj Kumar as Managing Director and Chief Executive Officer of the Company with effect from 1st April 2015 for a period of Three years subject to the approval of the Members in the ensuing Annual General Meeting. Necessary resolution(s) for the appointment of Mr. Manoj Kumar has been included in the Notice convening the ensuing AGM and relevant details of his appointment are mentioned in the explanatory statement of the AGM Notice. The Company has received a notice under Section 160 of the Companies Act, 2013 along with the requisite deposit proposing the appointment of Mr. Manoj Kumar. Mr. D.C. Singhania and Mr. N. Majima have resigned from the Board of the Company with effect from 8th August 2014 and 1st April 2015 respectively. The Board places on record its appreciation for the valuable services rendered both by Mr. D.C. Singhania and Mr. N. Majima as Members of the Board during their tenure as Directors. KEY MANAGERIAL PERSONNEL Mr. Manoj Kumar was working as Executive Vice President & CEO of the Company from 1st April 2014 to 31st March 2015. However, with effect from 1st April 2015, Mr. Manoj Kumar has been appointed as Managing Director and CEO of the Company. Mr. Arvind Singhal and Mr. Manish Sehgal continue to hold the positions of Chief Financial Officer and Company Secretary respectively in the Company. Mr. Tetsuya Takano after completing his tenure as Managing Director and CEO of the Company on 31st March 2015 has been appointed as Non-Executive Chairman of the Company with effect from 1st April 2015. RELATIONSHIP BETWEEN DIRECTORS INTER-SE None of the Directors are related to each other within the meaning of the term "relative" as per Section 2(77) of the Companies Act, 2013 and Clause 49(VIII)(E)(2) of the listing agreement. COMPOSITION OF AUDIT COMMITTEE Pursuant to the provisions of Section 177 of the Companies Act, 2013, your Company has an Audit Committee of the Board of Directors which comprises of the following members: 1) Mr. U. P. Mathur - Chairman 2) Mr. R.K. Pandey - Member 3) Mr. H. Kitada - Member 4) Ms. Ashish Garg – Member STATUTORY AUDITORS The retiring Auditors, M/s Sahni Natarajan and Bahl, Chartered Accountants, hold office as Statutory Auditors until the conclusion of the Twenty Second Annual General Meeting of the Company. As per the provisions of Section 139 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, Listed Companies are required to rotate their Auditors, once in Ten years, and M/s Sahni Natarajan and Bahl have held office for a period of 15 years, and the transition time given to change the auditors when the Companies Act, 2013 was brought into force is three years. However, your Directors recommend that your Company should chose to rotate its auditors before the maximum time period given under the Companies Act, 2013 expires. In this connection, the Audit Committee and the Board of Directors considered and recommended the appointment of M/s BSR & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W-100022) to be appointed in place of M/s Sahni Natarajan and Bahl, Chartered Accountants (Firm Registration No. 002816N) to hold the office of the Auditors for a period of Five years i.e. from the conclusion of this 22nd (Twenty Second) Annual General Meeting till the conclusion of 27th (Twenty Seventh) Annual General Meeting of the Company, subject to annual ratification by the Shareholders at every Annual General Meeting and at such remuneration as may be fixed by the Managing Director & Chief Executive Officer of the Company. The Company has received a certificate from the said M/s BSR & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W-100022) to the effect that their appointment, if made, would be in accordance with the limits specified under the Companies Act, 2013, and that, they meet the criteria of independence. The proposal for their appointment as Statutory Auditors of the Company is included in the Notice of the ensuing Annual General Meeting. SECRETARIAL AUDITOR Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board has appointed Mr. Naresh Verma, a Practising Company Secretary to conduct Secretarial Audit for the Financial year 2014 - 2015. The Secretarial Audit Report for the financial year ended 31st March 2015 is annexed herewith as Annexure 'A' of the Director's Report. The Secretarial Audit Report does not contain any qualification(s), reservation(s) or adverse remark(s). SUBSIDIARY COMPANY The Company does not have any subsidiary company. CORPORATE GOVERNANCE The Company is committed to maintain the highest standards of Corporate Governance. Accordingly, your Company has taken adequate steps to ensure compliance with the provisions of Corporate Governance as prescribed under the Listing Agreement with the Stock Exchange. As per clause 49 of the Listing Agreement entered with the Stock Exchange, a separate Report on Corporate Governance along with a certificate from a Practicing Company Secretary confirming compliance with the requirements as stipulated in Clause 49 of the Listing Agreement is attached and forms part of this Report. MANAGEMENT DISCUSSION AND ANALYSIS REPORT In accordance with Clause 49 of the Listing Agreement, the Management Discussion and Analysis Report form part of this Report. CHANGE IN REGISTERED OFFICE During the year under review, the Company has changed its registered office within the local limits of City of Mumbai from 1201, Building No.12, Solitaire Corporate Park, Andheri Ghatkopar Link Road, Andheri East, Mumbai-400093, Maharashtra to 801, 8th Floor, Ackruti Star, MIDC Central Road, Near Marol Telephone Exchange, MIDC, Andheri East, Mumbai- 400093, Maharashtra w.e.f 6th October 2014. The same was done keeping in view the space constraints in the old office and to facilitate better administrative control over the affairs of the Company. NON-CONVERTIBLE DEBENTURES (NCDs) During the year, the Company had raised NCDs amounting to Rs 200 Crores by way of Private Placement. The outstanding NCDs as at 31st March 2015 stood at Rs 200 Crores. NCDs are rated as IND 'A' by India Ratings & Research Private Limited. The said rating indicates highest degree of safety regarding timely servicing of financial obligations. VIGIL MECHANISM / WHISTLE BLOWER POLICY The Company has put in place a mechanism of reporting illegal or unethical behavior through its Whistle Blower Policy. Employees and Directors are free to report violation of laws, rules, regulations or unethical conduct. The report, if any in this regard as received from any person will be reviewed by the Audit Committee of the Company. It is affirmed that no person has been denied access to the Audit Committee of the Company in this respect. It is also ensured that confidentiality of such reporting is strictly maintained and that Whistle Blowers are not subjected to any discriminatory practice or harassment. The Whistle Blower policy is duly uploaded on the Company's website under the weblink : htttps://ricoh.co.in/about/investors/policies/ whistle blower policy. LISTING The Shares of your Company are listed on the Bombay Stock Exchange Limited. Further, the Company has paid Annual Listing Fee for the year 2015-16 to the Bombay Stock Exchange Limited. QUALITY INITIATIVES The Company continues its initiatives in the field of Business Excellence through use of initiatives like Malcolm Baldrige Self Assessment, Ricoh Way and conformance to various Ricoh Quality Management Systems (QMS) which are ISO9001-2008, ISO14001-2004, ISO27001 - 2005 and CMMI Level 3, Version 1.1 certification Standards. The Company also launched the Ideas Portal which is meant to promote the Ricoh Way values of Innovation. In line with the holistic assessment of business process through the Malcolm Baldrige method, the Company continues to progress to a higher maturity band which establishes a clear linkage of organizational performance with the help of Quality Systems, Process and People. SOCIAL & ENVIRONMENTAL INITIATIVES In today's world everyone is embracing Corporate Social Responsibility in their daily activities, Ricoh's Social Responsibility Policy focuses on using the Company's capabilities as a business to improve lives and sustain the Planet through contribution to local community and Society at large. Ricoh also believes in minimizing its environmental impact from resource extraction, energy consumption, chemical discharges, emissions and other activities. Globally, Ricoh has initiated some activities to reduce the environmental impact of its products and customers, expanding its product re-use business globally, started offering comprehensive support in reducing the environmental impact in the printing environment and Carbon footprint labeling on catalogues for Production Printers. DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013 The Company has in place an Anti-Sexual Harassment Policy in line with the requirement of the Sexual Harassment of Women at the workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy. There were no complaint(s) received from any employee during the financial year 2014-2015. PARTICULARS OF EMPLOYEES A statement containing the names of the every Employee employed throughout the financial year and in receipt of remuneration of Rs 60 Lakhs or more or employed for part of the year and in receipt of Rs 5 Lakhs or more a month, under Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given in Annexure 'B' of the Directors Report. RATIO OF REMUNERATION The information relating to remuneration of Directors of the Company as required under Section 197(12) of the Companies Act 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given in Annexure 'C' of the Directors Report. AWARDS AND ACCOLADES During the year under review, your Company has received various awards and honours, the details of some of them are mentioned below:- • The Company was accorded with CMMI Level 4 Certificate by Capability Maturity Modeling Integration, USA for System Integration in the field of Information Technology Services. • The Company was conferred an Award namely "CLOUD KE BADSHAH" - REGION NORTH by Microsoft. • The Company has also won Best System Integrator Award from Acer. DISCLOSURES i EXTRACT OF ANNUAL RETURN The details forming part of the extract of the Annual Return in Form MGT - 9 is annexed herewith as Annexure 'D' of the Directors Report. ii NUMBER OF MEETINGS OF BOARD During the year, Eleven Board of Directors Meetings were convened and held. The details of these Board Meetings are given in the Corporate Governance Report which forms part of this report. iii DIRECTORS' RESPONSIBILITY STATEMENT In accordance with the provisions of Section 134(3)(c) of the Companies Act, 2013, the Board of Directors affirm:- a) that in the preparation of the annual accounts, the applicable accounting standards had been followed along with the proper explanation relating to material departure; b) that the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period; c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) the directors had prepared the Annual Accounts on a going concern basis; and e) the directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively. iv DECLARATION BY INDEPENDENT DIRECTORS The Company has received necessary declarations from all Independent Directors of the Company as required under Section 149(7) of the Companies Act, 2013 that they meet the criteria of independence laid down in Section 149(6) of the Companies Act, 2013 and clause 49 of the Listing Agreement. v NOMINATION AND REMUNERATION POLICY The Board has on the recommendation of the Nomination & Remuneration Committee of the Company has framed and adopted a Policy namely Nomination and Remuneration Policy to deal with matters of appointment and remuneration of Directors, Key Managerial Personnel, Senior Management and other Employees of the Company. The said policy focuses on the following aspects:- (a) The level and composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors of the quality required to run the Company successfully; (b) Relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and (c) Remuneration to Directors, Key Managerial Personnel and Senior Management involves a balance between fixed and incentive pay reflecting short and long term performance objectives appropriate to the working of the Company and its Goals. Details of the Remuneration Policy is given in the Corporate Governance Report vi EXPLANATIONS OR COMMENTS BY THE BOARD ON EVERY QUALIFICATION, RESERVATION OR ADVERSE REMARK OR DISCLAIMER MADE BY THE STATUTORY AUDITOR IN HIS REPORT AND BY THE COMPANY SECRETARY IN PRACTICE IN HIS SECRETARIAL AUDIT REPORT The Statutory Auditors have not given any Qualification, Reservation or made any adverse remarks or disclaimer in their Audit Report. There are no disqualification(s), reservation(s) or adverse remark(s) or disclaimer(s) in the Secretarial Audit Report. vii PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013 Under Section 186 of the Companies Act, 2013, the Company has neither given any Loan, Guarantee nor provided any Security in connection with a Loan, directly or indirectly, to any person or other body corporate. The Company has also not made any investments by way of subscription, purchase or otherwise, in the securities of any other body corporate during the financial year ended 31st March 2015. viii RELATED PARTY TRANSACTIONS All Related Party transactions that were entered into during the year under review were on an Arm's length basis and in the ordinary course of business. The Audit Committee has given prior approval for the Related Party Transactions. None of the transactions with any of Related Party(ies) were in conflict with the Company's interest. Suitable disclosure as required by Accounting Standard (AS 18) has been made in the Notes to the Financial Statements. Further, a Policy on Related Party Transactions as approved by the Board of Directors of the Company is duly uploaded on the Company's website under the weblink: https://ricoh.co.in/about/investors/policies/ Related Party TransactionPolicy None of the Directors have any pecuniary relationships or transactions viz-a-viz the Company. The particulars of Contracts or Arrangements with Related Parties referred to in Section 188(1) is given in Form No. AOC-2 annexed as Annexure 'E' of the Directors Report. ix TRANSFER TO RESERVES During the year under review, the Company has transferred a sum of Rs. 50 Crores towards Debenture Redemption Reserve. x MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATED AND THE DATE OF THE REPORT There has not been any material changes and commitments occurred, between the end of the financial year of the Company i.e. 31st March 2015 and the date of this report which is 10th July 2015 affecting financial position of the Company. xi ENERGY CONSERVATION, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO Necessary information on Conservation of Energy, Technology Absorption and Foreign Exchange earnings and outgo required under Section 134(3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 is annexed herewith as Annexure'F' of the Directors Report. xii RISK MANAGEMENT POLICY In today's economic environment, Risk Management is very important part of the business. The main aim of risk management is to identify, monitor and take precautionary measures in respect of the events that may pose risks for the business. Your Company recognizes risk management as an integral component of good corporate governance. The Company has developed and adopted a Risk Management Policy. Risks as assessed encompasses, Operational risks, Internal Control risks, External risks, Information Technology risks etc. xiii CORPORATE SOCIAL RESPONSIBILITY Pursuant to Section 135 of the Companies Act, 2013 and the relevant rules, the Board has constituted the Corporate Social Responsibility (CSR) Committee under the Chairmanship of Mr. U.P. Mathur, Independent Director. The other Members of the CSR Committee are Mr. Manoj Kumar, Managing Director and CEO and Mr. R.K. Pandey, Director. Detailed CSR Policy has been framed and the same has been placed on the website of the Company. The CSR activity(ies) are in accordance with Schedule VII of the Companies Act, 2013 and the Company's CSR Policy. Details of the CSR activities as required under Section 135 of the Companies Act, 2013 and the Rules framed thereunder are given in the CSR Report as Annexure 'G' of the Directors Report. The Corporate Social Responsibility Policy of the Company is available on the website of the Company www.ricoh.co.in <http://www.ricoh.co.in> at the link The Company's commitment towards social responsibility is woven into its Corporate DNA, which has always been part of the Ricoh Way the foundation of all of our business activities. The Ricoh Way constitutes the basis of all Corporate activities of the Ricoh Group. It comprises of founding Principles (Love Your Neighbour, Love Your Country, Love Your Work or The Spirit of Three Loves). Our CSR focuses inter-alia on using our capabilities as a business to improve lives and sustain our planet through contributions to local communities and society at large. In other words, to fully realize our potential as a global organization to make a better world through new value creation and innovation. To grow as a respected enterprise, the Ricoh Group must fully discharge its corporate social responsibility (CSR) from a consistent global perspective and throughout every aspect of its operations. In the context of the above, Ricoh India Limited would like to communicate its position as a member of the community and establish for both internal and external stakeholders, its philosophy, guiding principles and areas of focus that it would as an organization seek to promote in the arena of Corporate Social Responsibility (CSR). Our CSR model is broadly divided into two parts: activities that respond to our fundamental obligation to society and value-creating activities that have synergy with our growth strategy. These two pillars support and strengthen our corporate values. By embedding value-creating CSR activities into our core business processes, we make the most of our talents and resources technologies, products, services and employees to help solve social issues while simultaneously fostering the growth of the Ricoh Group. Drawing from its vision and mission statement, through CSR, Ricoh seeks to proactively engage with society by working with communities to improve their well being in a compassionate and sensitive manner. The Company inter-alia will focus primarily on the following three programmes: 1. Harmony with Society - Community Development / Welfare of the Society 2. Raising the Next Generation - Education and Skills Development 3. Harmony with Environment-Sustainable Environment Management The Company apart from the above mentioned programmes may also dwell into any other activity(ies) as stipulated under Schedule VII of the Companies Act, 2013. xiv ANNUAL EVALUATION OF BOARD PERFORMANCE AND PERFORMANCE OF ITS COMMITTEES AND OF DIRECTORS Pursuant to the provisions of the Companies Act, 2013 and clause 49 of the Listing Agreement, the Board has carried out an annual evaluation of its own performance, performance of the Directors as well as the evaluation of its Committees. The Nomination and Remuneration Committee has defined the evaluation criteria, procedure and time schedule for the performance evaluation process for the Board, its Committees and Directors. The detailed manner in which formal annual evaluation has been made by the Board has been mentioned in the Corporate Governance Report which is part of this report. xv SEPARATE MEETING OF THE INDEPENDENT DIRECTORS The Independent Directors held a Meeting on 3rd March 2015 without the attendance of Non-Independent Directors and members of Management. All the Independent Directors were present at the meeting. The following issues inter-alia were discussed in detail: I) Reviewed the performance of non-independent directors and the Board as a whole; II) Reviewed the performance of the Chairperson of the Company, taking into account the views of Executive Directors and Non-Executive Directors; III) Assessed the quality, quantity and timeliness of flow of information between the Company Management and the Board that is necessary for the Board to effectively and reasonably perform their duties. xvi DEPOSITS During the period under review, the Company has not accepted or invited any deposits from the public. xvii SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS There are no significant, material orders passed by the regulators or Courts or Tribunals, which would impact the going concern status of the company and its future operations xviii ADEQUACY OF INTERNAL FINANCIAL CONTROLS The Internal Audit Department of the Company had carried out internal audit at various locations of the Company. The said Audit carried out the Audit with the objective to identify system deficiencies in the process(es) of the organization and to ensure operational effectiveness is maintained in all of the processes within the Organisation so as to ensure that effective internal controls exists at all levels of the Organisation. Further, in case any deficiency(ies)/weakness(es) is observed, the same is brought to the notice of the Management so that corrective actions are taken on time. HUMAN RESOURCE At Ricoh, the Human Resource Development is considered vital for effective implementation of Business Plans, constant endevours are being made to offer professional growth opportunities and recognitions, apart from imparting training to Employees. The strong performance of your company has been achieved through excellent work and team spirit of the Company's employees, who are our most valuable assets. We are proud to have created a favourable work environment that encourages innovation and meritocracy. ACKNOWLEDGEMENT The Directors wish to convey their appreciation to business associates for their support and contribution during the year. The Directors would also like to thank the employees, shareholders, customers, suppliers and bankers for the continued support given by them to the Company and their confidence reposed in the management. For and on Behalf of the Board of Directors Manoj Kumar Managing Director & CEO DIN - 07112670 U. P. Mathur Director DIN - 00387444 Place: New Delhi Dated: 10th July, 2015 |