Is Minosha India Limited the same as Ricoh India Limited?

Yes, Minosha India Limited is the renamed entity of Ricoh India Limited. Ricoh India was renamed Minosha India Limited following a restructuring process after Ricoh India faced serious financial and governance irregularities around 2016-17.

Why was Ricoh India renamed to Minosha India?

Ricoh India Limited underwent a corporate restructuring following an accounting fraud investigation and financial irregularities. The company was renamed Minosha India Limited as part of its restructuring, separating it from the Ricoh brand identity.

What does Minosha India Limited do?

Minosha India Limited (formerly Ricoh India) is engaged in office automation, document management solutions, managed print services, and IT services. It maintains an installed base of printers, copiers, and multi-function devices across India.

Is Minosha India Limited listed on BSE or NSE?

Minosha India Limited (formerly Ricoh India) had its shares suspended from BSE trading. As of now, the company is treated as an unlisted/suspended entity with shares traded only in the unlisted market at approximately ₹45 per share.

What is the CIN of Minosha India Limited?

The CIN of Minosha India Limited is U74940MH1993PLC074694, reflecting its incorporation in Maharashtra in 1993.

What happened to the SFIO investigation against Ricoh India?

The Serious Fraud Investigation Office (SFIO) launched an investigation into Ricoh India Limited's financial irregularities around 2017. The investigation was part of the broader corporate restructuring that led to the renaming of the company to Minosha India Limited.

How do I buy Minosha India (Ricoh India) unlisted shares here?

Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.

Who am I actually transacting with?

You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.

How do I pay, and is there a payment gateway?

Payment is by direct bank transfer to Prospire Network Private Limited's published account (CIN U82300UP2025PTC233622), shown to you in-app at the payment step. There is no card gateway and no escrow. Never pay to a personal account or to any account shared over phone, WhatsApp or email — even if the person claims to be from our team.

How long does settlement take?

After you accept an allocation, you have a short window to pay (typically 2 days). Once payment is verified, shares are usually credited to your demat within 2–3 business days, subject to depository timelines and any company-level restrictions. Timeframes are typical, not guaranteed.

There are no separate platform fee lines and no GST on the transfer — the desk's margin is built into the buy/sell price you're quoted. The only statutory add-on on a purchase is stamp duty on the consideration, shown transparently in your cost breakdown.

Is there a minimum ticket size for Minosha India (Ricoh India)?

Minimums vary by company and depend on the lot the desk can source. Raise an enquiry and the desk will confirm the available quantity and the minimum for that name.

What KYC do I need, and do I need a demat account?

You'll share your demat details when you enquire so we can settle directly. Full KYC — PAN and a client-master / demat statement — is required before the transfer step, when shares actually change hands. Yes, you need an active demat account to hold unlisted shares.

Are there lock-ins on unlisted or pre-IPO shares?

Some shares carry statutory or company-imposed lock-ins — for example, a post-listing lock-in on pre-IPO stock — and transfers can be subject to the company's articles or approvals. Where a lock-in applies, we'll flag it before you commit.

How do I sell Minosha India (Ricoh India) shares I already hold?

Raise a sell enquiry with the company, quantity and your target price. The desk confirms a buying price, you transfer your shares into the desk's demat, and once the credit is verified we pay you out by bank transfer to your registered account. The desk never pays out before your shares are received.

Unlisted shares are illiquid, may be hard or impossible to sell, and are not covered by exchange settlement guarantees or investor-protection funds. Pricing is indicative, not live. Read the full Risk Disclosure before you enquire, and invest only what you can afford to lock away.

Minosha India (Ricoh India) Unlisted Share Price | Buy Minosha India (Ricoh India) Pre-IPO Shares — wisefolio

Investment Thesis

Minosha India Limited (formerly Ricoh India Ltd.) carries significant governance baggage from its past financial fraud controversy while retaining an operational base in the office automation sector. With CIN U74940MH1993PLC074694 and incorporation in 1993, it has three decades of presence in India but its path to normalcy as Minosha requires sustained trust rebuilding. Investors must exercise extreme caution given the complex legal and financial history.

Pros

Formerly Ricoh India Ltd — a well-established brand in office automation with decades of presence in the Indian market since 1993
Substantial installed base of Ricoh printers, copiers, and MFDs across India providing annuity-like service and consumables revenue
Document management and office automation is a stable B2B segment with recurring revenue from maintenance contracts and consumables
Rebranding to Minosha India Limited suggests a restructured business model potentially free of legacy issues associated with Ricoh India's financial controversies
India's digital infrastructure push and office expansion creates underlying demand for document management solutions

Cons

Ricoh India Limited had a significant financial fraud and accounting irregularity controversy disclosed around 2016-17, resulting in board changes and SFIO investigations — legacy reputational overhang for Minosha
Shares were suspended from BSE trading due to regulatory non-compliance by the predecessor entity, limiting price discovery
The company was delisted/suspended which signals severe governance and financial distress in its history
Loss of Ricoh brand license and support post-restructuring reduces competitive positioning against Konica Minolta, Canon, and Xerox
The transition from listed Ricoh India to unlisted Minosha India has reduced investor confidence and market visibility

Business Segments

Office Automation & Imaging

Sales, service, and maintenance of printers, copiers, and multi-function devices (formerly under Ricoh brand)

Managed Print Services

End-to-end print fleet management solutions for enterprises, including per-page billing models

Document Management Solutions

Digital document workflow, archival, and enterprise content management solutions

IT Services

IT infrastructure services, cloud solutions, and workplace productivity solutions

Revenue Model

Minosha India Limited (formerly Ricoh India) generates revenue through hardware sales of office automation equipment, recurring maintenance service contracts, consumables supply (toner, drums), and managed print service agreements. Enterprise and government clients provide the majority of revenue through long-term service contracts.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds9

Growth Plans

India's enterprise and government office automation market continues to grow with hybrid work infrastructure

Managed print services and digital document workflows are higher-margin recurring revenue streams

Potential resolution of legacy legal matters enabling normalisation of business operations

Industry Tailwinds

India's enterprise and government office automation market continues to grow with hybrid work infrastructure

Recent Developments

Renamed to Minosha India Limited

Ricoh India Limited completed its rebranding to Minosha India Limited as part of corporate restructuring following governance issues and severance from the Ricoh Japan parent relationship.

2019-01

SFIO Investigation

The Serious Fraud Investigation Office initiated a probe into Ricoh India's financial irregularities, which included significant accounting misstatements.

2017-06

Trading suspension on BSE

BSE suspended trading in shares of Ricoh India Limited following regulatory non-compliance and disclosure failures related to financial misstatements.

2016-11

Comparable Companies

CompanyTypeTickerMkt Cap

Konica Minolta India (subsidiary)Japanese office automation company competing directly with Minosha India in MFP and document solutionsUnlisted (subsidiary of Konica Minolta Japan)——

Xerox India (subsidiary)Global document management company competing in India's corporate printing marketUnlisted——

Konica Minolta India (subsidiary)Unlisted (subsidiary of Konica Minolta Japan)

Japanese office automation company competing directly with Minosha India in MFP and document solutions

Frequently Asked Questions

About Minosha India (Ricoh India)

Minosha India Limited, formerly known as Ricoh India Limited, is a Maharashtra-based supplier of office automation and document management solutions. Incorporated on 22 October 1993 with CIN U74940MH1993PLC074694, the company operates in the office technology segment — providing copiers, multifunction printers (MFPs), facsimile machines, data processing systems, and related supplies and services. The company was previously known as Ricoh India and was the India subsidiary of Ricoh Company Ltd of Japan — one of the world's leading manufacturers of office imaging equipment. Following corporate restructuring, the entity was renamed Minosha India Limited. It continues to distribute and service office automation equipment including digital copiers, document management software, and printing solutions to corporate clients. For FY2024, Minosha India reported operating revenue in the INR 100–500 crore range. However, EBITDA declined 47.04% over the previous year — a significant compression in operating profits — though book net worth increased by 11.08%, suggesting balance sheet stability. The company had a last AGM in 2024. Office automation companies serve corporate India's document management needs — from printing and copying to full managed print services (MPS). As businesses digitise, the segment faces structural headwinds from reduced paper-based workflows. However, managed print services, cloud printing, and office IoT devices represent evolving growth opportunities. Minosha India competes with Konica Minolta, Xerox, Canon, HP, and Kyocera in the Indian office automation market.

Key Milestones

Incorporated in 1993 as Ricoh India Limited under CIN U74940MH1993PLC074694 in Maharashtra

Common questions about unlisted shares

How do I buy Minosha India (Ricoh India) unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

Minosha India Limited

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