MIRA
INFORM REPORT
|
Report Date : |
10.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
ENSO SECUTRACK LIMITED |
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Formerly Known
as: |
TYCHE PRIPHERAL
SYSTEMS LIMITED |
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Registered
Office : |
13-6-436/A/26, Lakshmi Nagar Colony, Near Ring Road Junction,
Mehdipatnam, |
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Country : |
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Financials (as
on) : |
31.03.2008 |
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Date of
Incorporation : |
27.09.1991 |
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Com. Reg. No.: |
013264 |
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CIN No.: [Company Identification
No.] |
L72200AP1991PLC013264 |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
Stock Exchange |
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Line of Business
: |
The Company signifying the absolute nature of existence
and its expanding lines of businesses |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 2143560 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
management has not filed the latest financials of the company with the
government departments. However trade relations are reported as fair.
Business is active. Payments terms are reported to be slow. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
Management Non Co-operative Name not disclosed.
LOCATIONS
|
Registered Office : |
13-6-436/A/26, Lakshmi Nagar Colony, Near Ring Road Junction,
Mehdipatnam, |
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Tel. No.: |
91-22-22874939 |
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E-Mail : |
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Website : |
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Corporate Office: |
153, Maker Chambers
III, 15th Floor, 221,Nariman Point - 400 02, Mumbai, |
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Tel No.: |
91-22-22874939 |
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Fax No.: |
91-22-22040488 |
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Branches : |
Ahmedabad Tel:
91-79-26426606
Bhubaneshwar
Chennai
Jaipur
Kochi Kolkata Kolkata
Mumbai Mumbai
Pune Raipur
Trichy
Vishakhapatnam |
DIRECTORS
AS ON 31.03.2008
|
Name : |
Mr. Vinay Kumar Maloo |
|
Designation : |
Director and Chairman |
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Name : |
Mr. Ram Prasad Gadde Siva |
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Designation : |
Director and Executive Vice Chairman |
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Name : |
Mr. Amit Majumdar |
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Designation : |
Managing Director |
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Name : |
Mr. Pradeep Chauhan |
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Designation : |
Wholetime Director |
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Name : |
Ms. Sabari S Kambli |
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Designation : |
Wholetime Director |
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Name : |
Mr. Jagdish Mal Lodha |
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Designation : |
Director |
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Name : |
Mr. Naseem Ahmad |
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Designation : |
Director |
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Name : |
Mr. Rajiv Kumar Maheshwari |
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Designation : |
Additional Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2010
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of promoter
and Promoter Group |
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1) Indian |
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a) Individuals / Hindu Undivided Family |
446414 |
4.00 |
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b) Bodies corporate |
520000 |
4.56 |
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2) Foreign |
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(B) Public Shareholdings |
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1) Institutions |
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2) Non – Institution |
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a) Bodies corporate |
2908999 |
26.06 |
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b) Individuals |
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i. Individual Shareholders holding nominal share capital upto Rs.0.100
Million |
2475739 |
22.18 |
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ii. Individual Shareholders holding nominal share capital in excess
Rs.0.100 Million |
4598040 |
41.20 |
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c) Any other |
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i) NRI |
105902 |
0.95 |
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ii) Clearing Member |
106004 |
0.95 |
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Total |
11161098 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company signifying the absolute nature of existence
and its expanding lines of businesses |
PRODUCTION STATUS AS ON 31.03.2008
|
Particulars |
Unit |
|
Installed
Capacity |
Actual
Production |
|
Electronic Cash Registers |
Nos |
|
10000 |
290 |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged by the management |
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Bankers : |
State Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M/s. S. Srinivasan and Company Chartered Accountants |
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Address : |
H.No.8-2-293/82/W/93, Plot No.93, Road No.7B, Jubilee
Hills, |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
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|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11161098 |
Equity Shares |
Rs.10/- each |
Rs.111.611
Millions |
|
|
Equity Share Warrants Application Money |
|
Rs.228.600
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
340.211 |
98.251 |
78.852 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
195.679 |
93.016 |
31.625 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
535.890 |
191.267 |
110.477 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
67.796 |
43.701 |
42.309 |
|
|
2] Unsecured Loans |
7.110 |
4.585 |
5.717 |
|
|
TOTAL BORROWING |
74.906 |
48.286 |
48.026 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
610.796 |
239.553 |
158.503 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
61.928 |
47.441 |
21.506 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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|
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INVESTMENT |
0.000 |
1.200 |
8.200 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
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Inventories |
180.347
|
100.988 |
84.919 |
|
|
Sundry Debtors |
247.989
|
182.536 |
147.737 |
|
|
Cash & Bank Balances |
26.684
|
29.525 |
36.032 |
|
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Other Current Assets |
47.903
|
17.569 |
11.885 |
|
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Loans & Advances |
226.572
|
9.125 |
9.518 |
|
Total
Current Assets |
729.495
|
339.743 |
290.091 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
115.287
|
115.752 |
149.941 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
63.631
|
30.564 |
8.470 |
|
Total
Current Liabilities |
178.918
|
146.316 |
158.411 |
|
|
Net Current Assets |
550.577
|
193.427 |
131.680 |
|
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MISCELLANEOUS EXPENSES |
(1.709) |
(2.515) |
(2.883) |
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|
|
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TOTAL |
610.796 |
239.553 |
158.503 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
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SALES |
|
|
|
|
|
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Income |
660.067 |
500.469 |
357.709 |
|
|
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Other Income |
1.897 |
1.891 |
1.423 |
|
|
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TOTAL (A) |
661.964 |
502.360 |
359.132 |
|
|
|
|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Material consumed & Cost of goods sold |
524.338 |
348.010 |
260.604 |
|
|
|
Remuneration & benefits to
employees |
36.671 |
30.781 |
26.236 |
|
|
|
Manufacturing, Administration & Selling expenses |
60.322 |
50.845 |
43.632 |
|
|
|
Loss on |
0.600 |
3.500 |
0.000 |
|
|
|
Increase /( Decrease) in Stocks |
(71.010) |
(12.666) |
4.004 |
|
|
|
TOTAL (B) |
550.921 |
420.470 |
334.476 |
|
|
|
|
|
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
111.043 |
81.890 |
24.656 |
|
|
|
|
|
|
|
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|
Less |
FINANCIAL
EXPENSES (D) |
9.144 |
7.326 |
5.378 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
101.899 |
74.564 |
19.278 |
|
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.092 |
5.669 |
4.220 |
|
|
|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
91.807 |
68.895 |
15.058 |
|
|
|
|
|
|
|
|
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Less |
TAX (I) |
33.104 |
25.344 |
5.935 |
|
|
|
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|
|
|
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|
PROFIT AFTER TAX
(G-I) (J) |
58.703 |
43.551 |
9.123 |
|
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|
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Add: |
Prior Period
Adjustments (Net) |
(0.040) |
(0.262) |
0.000 |
|
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|
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|
|
|
|
|
|
PROFIT RETAINED |
58.663 |
43.249 |
9.123 |
|
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|
|
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
72.874 |
29.625 |
20.502 |
|
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|
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|
|
BALANCE CARRIED
TO THE B/S |
131.537 |
72.874 |
29.625 |
|
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IMPORTS |
|
|
|
|
|
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|
Raw Materials |
81.955 |
29.273 |
24.634 |
|
|
|
Spares Parts |
19.923 |
13.681 |
5.993 |
|
|
TOTAL IMPORTS |
101.878 |
42.954 |
30.627 |
|
|
|
|
|
|
8.86 |
|
|
|
Earnings Per
Share (Rs.) |
5.26 |
4.52 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
8.87
|
8.67 |
2.54 |
|
|
|
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|
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|
Net Profit Margin (PBT/Sales) |
(%) |
13.91
|
13.77 |
4.19 |
|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.60
|
17.79 |
4.83 |
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.36 |
0.13 |
|
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|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.47
|
1.02 |
0.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.08
|
2.32 |
1.83 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
Rs. In Millions 31.03.2008 |
Rs. In Millions 31.03.2007 |
Rs. In Millions 31.03.2006 |
|
Sundry Creditors for Purchases i) Total outstanding due to Small
Scale industrial Undertakings |
1.766 |
1.951 |
1.617 |
|
ii) Dues to Creditors Other than SSI undertakings |
99.977 |
100.196 |
137.665 |
|
Sundry Creditors for Others |
13.544 |
13.603 |
10.659 |
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NAME CHANGE:
The Company is pleased to inform that the name of the company has been changed from TYCHE PERIPHERAL SYSTEMS LIMITED to ENSO SECUTRACK LIMITED.
With a view to have the Company signifying the absolute nature of existence and its expanding lines of businesses, the name of the company is changed to ‘Enso Secutrack Limited’. The word ‘Enso’ means Circle in Japanese and is the symbol of the absolute, the true nature of existence and enlightenment and ‘Secutrack’ is a coined word, a combination of the word Security and Tracking, which is in furtherance of the company’s line of business, as the Company operates in the Electronic Security and Tracking Business.
OVER VIEW OF
PERFORMANCE DURING THE YEAR 2007-2008:
The Company has clocked a turnover of Rs.661.900 Millions in the year 2007-08, which is 32% (approx.) more than the previous year’s turnover. This is mainly due to orders received from the Banking Industry for DVSS and Queue Management Systems, etc. In addition to the above, earlier installations, during the 2003-04 onwards, have completed the warranty period and the service income by way of AMCs has also increased. Both the above factors have contributed to the growth in top line. The Company has also been able to foray into solar products market, which segment has also contributed to the turnover during the year under review. The current year bottom line has shown a marginal improvement over previous year’s percentage i.e. it has grown from 8.60% of sales in previous year to 8.86% of sales of current year.
UTILISATION OF FUNDS
RAISED DURING THE YEAR 2007-08
Rs.285.900 Millions received upto 31.03.08 (including Rs.226.500 Millions of Equity Share Warrants Application Money) have been utilized for capital expenditure, development of property and meeting increased working capital requirements.
- Land
- Building (Factory)
- Building (Office)
- Plant and Machinery
- Technical Know How
- Furniture
- Vehicles
- Office Equipment
- Electrical Installation
- Factory Equipment
- D G Set
- Computers
- Air Conditioners
- Communication Equipment
- Service Equipment
- Digital
Video Recorders
MILESTONES
|
Year |
2008 |
|
Achievement |
Rechristened Enso Secutrack Limited and expanded business focus to include large scale and complex surveillance and tracking solutions. |
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|
Year |
2006 |
|
Achievement |
Entered into an agreement with NCR Corporation, for
Marketing of Point of Sale Systems in |
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|
|
|
Year |
2005 |
|
Achievement |
Entered into an agreement with M/s. Seac Banche SPA, |
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|
Entered into an agreement with M/s. |
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|
Year |
2004 |
|
Achievement |
Entered into an agreement with |
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|
Year |
2003 |
|
Achievement |
Started marketing Bank Note Strapping Machines from M/s.
Kaga (H.K.) Electronics Ltd., |
|
|
|
|
Year |
2002 |
|
Achievement |
Imported latest technology for Bank Note Banding Machines,
both Front Loading and Vertical & Horizontal Banding from M/s. JSM
(Shenzhen) Enterprises Co. Ltd., |
|
|
|
|
Year |
2001 |
|
Achievement |
Started manufacturing and marketing of “CASHTRON” Brand of Point of Sale Systems. |
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|
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|
Year |
1999 |
|
Achievement |
Entered into a tie-up with M/s. Siemens Nixdorf ( |
|
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|
Year |
1997 |
|
Achievement |
Imported latest technology for Currency Counting Machines
with technical collaboration with M/s. Global Talent Ltd., |
|
|
|
|
Year |
1996 |
|
Achievement |
Became business associate of M/s. |
|
|
|
|
Year |
1995 |
|
Achievement |
Acquired Kelvinator ECR Division and established as a Major Player with national presence across the country, under “CASHTRON” Brand. |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject are
derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
|
1 |
Rs.70.03 |
|
Euro |
1 |
Rs.58.93 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
26 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.