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Accel Transmatic Ltd. Company History and Annual Growth Details

Transmatic Systems Limited was incorporated by Mr.M.R.Narayanan, T.Ravindran and their associates on 19th May 1986. A promotional agreement was signed on 10.07.1986 with the Kerala State Industrial Development Corporation (KSIDC) as the co-promoter contributing Rs.3.50 lacs as equity capital with an objective to establish a plant in Kerala for manufacture of computer peripherals. The cost of the project was estimated to be Rs.1 18.50 lacs, with the promoters contributing 20.50 lacs, seed capital from IDBI - 10.50 lacs, loans of Rs.39.00 lacs each
from KSIDC & KFC, investment subsidy of Rs.6.00 lacs each apart from KSIDC equity participation. The promoter, at the discretion of KSIDC has the option to buy back the shares held/to be held by KSIDC after a period of 5 years from the date of first allotment of shares or three years from the date of commercial production, whichever is earlier, based on a pricing formula as set out by KSIDC.

The Company commenced commercial production in August 1987 of telex interface and gradually diversified into the manufacture of dot matrix printers, STD PCO meters and other items. The Company has its manufacturing facilities at Gandhipuram, Sreekariyam, Trivandrum.

The company on 26-3-1991 obtained equity capital assistance of Rs.21 lacs from Technology Development & Information Company Of India Ltd.(TDICI) under a scheme called Venture Capital Unit Scheme - 11, referred to as VECAUS-11 formulated by Unit Trust of India for the purpose of providing venture capital financing through TDICI. The cost of the project was estimated at Rs. 76.14 lacs, with additional term loans from KSIDC of Rs.39.00 lacs, investment subsidy of Rs.3.00 lacs, internal accruals of Rs.13.14 lacs apart from TDICI equity participation.

The present holding of equity capital by KSIDC and TDICI amounts to
Rs. 15.87 lacs and Rs.95.25 lacs respectively, in the company.

The company has been funded by term loans from KSIDC, Kerala State Financial Corporation (KFC), IDBI-Seed Capital, TDICI & HDFC.

The financial performance of the company has recorded an impressive growth from the date of inception. Commencing with an annual turnover of Rs.73.46 lacs in 1987-88, the turnover grew to Rs.373.52 lacs in 1990- 91, to Rs.918.02 lacs in 1992-93 and Rs.1265.35 lacs in 1993-94.

The company's clients include State Bank of India, Indian Bank, State Bank of Travancore, State Bank of Mysore. State Bank of Hyderabad, Vijaya Bank, Corporation Bank, ANZ Grindlays Bank, Air India, Department Of Telecommunication, Reliance Group, Great Eastern Shipping, Ashok Leyland, Tata Unysis, Pertech Computers, DCM Data Products, OMC Computers, Voltas, Wipro and BHEL to mention a few.

The Company was awarded the Productivity Award by National Productivity Council of India for 1989-90 and the M.K.K.Nayar Memorial Productivity Award by the Kerala State Productivity Council for the years 1990-91 and 1991-92.

The Company is now in the process of implementing ISO 9002.

The company has had a cordial labour/employee relationship from its incorporation.

The company has an in house Research and Development facility, recognised by the Ministry of Science and Technology. Some of the important projects completed by the R&D include telephone call monitors, telex software, telex utilities, software package for SWIFT etc. Projects on hand include telexware under windows, point of sale terminals and advanced version of telephone call monitor. Total investments in R & D as on March, 1994 aggregate to about Rs.28.00 lacs.


-Transmatic Systems Ltd has informed that Mr. M.R.Narayanan has resigned from the Post of Managing Director (MD) of the company w.e.f. January 7, 2004 and he will continue to be as an Independent Non Executive Director in the Board.

- Board has approved a scheme of amalgamation / merger with the following companies / businesses:

1. Ushus Technologies Private Ltd, a technology company specialising in embedded systems and software applications based in Technopark, Trivandrum.

2. Accel Software and Technologies Ltd (ASTL), a Software and Training Services Company based in Chennai, belonging to the Accel Group of Companies.

3. Zener Electronics Private Ltd, a Power Conditioning Equipment Manufacturing Company base in Chennai, belonging to the Accel Group of Companies.

4. The Office Automation Division of Accel Ltd, which is dealing in Sales & Service of Office Automation Equipment.


-Accel Transmatic Ltd has informed that Mr V N P Nair, Nominee Director of Kerala State Industrial Development Corporation Ltd, Trivandrum (KSIDC) has resigned from the Board, as KSIDC has withdrawn his nomination to the Board.