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Sunday, January 3, 2010

Tyche Industries Ltd:Buy/sell/hold,growth prospects and recomendation,news and results,target price and analysis,views and outlook

Scripscan:Tyche Industries Ltd

Business :Contract Research / Manufacturing of API`s, Intermediates,Nutraceuticals, and Fine & Specialty Chemicals.

Company has :
1)5 manufacturing units across 2 sites in A.P – Kakinada & Tanuku
2)Kakinada facilty in the process of obtaining USFDA approval
3)Setting up new project, also in East Godavari., A.P.
4)Got ISO 9001:2000 certification

Positives :
1)Zero Debt Company
2)Paying dividend since last 4 years
3)Showing steadily increasing trend in Sales / profits

Also :A company Tyche Chem has been shown as taking 14.88 % stake in Dec 08 qtr (name was not present in June 08 quarter). The name suggests that they are associated with Tyche Industries, though not listed as a promoter entity.

Negatives:Company was originally in the Software business (as Siris Soft Ltd) but shifted to current business in 2003-04. [ Note : The company is not listed as a part of the Siris Group of companies whose flagship company Siris Ltd is under BIFR.However the promoters are related - i beleive the Tyche promoter is the son of the Siris promoter.]Like with most small companies, there appears to be no propercompliance set-up , else the .acquisition of 14.88 % stake by Tyche Chem should have been formally intimated to the stock exchanges when the 5% & 10% stake was triggered.Annual Reports of the company do not give sufficient details regarding the future plans of the company, nor the SWOT analysisPresence of an unlisted group company,i am assuming Tyche Chemicals is a group entity - in a similar line of business raises issues of what i would term "moral hazards"

Conclusion :The company looks worthy of a closer look purely due to it`s dividend
paying track record & zero-debt status. However, as with most small- caps, enough information is not freely available & so investors are advised to do their own strict due diligence.

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