MIRA
INFORM REPORT
|
Report Date : |
16.05.2008 |
IDENTIFICATION
DETAILS
|
Correct Name : |
TIRUMALA MUSIC
CENTRE PRIVATE LIMITED |
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Registered
Office : |
16-10-27-105/10, Nangunuri
Complex, Municipal Colony, Malakpet, Hyderabad – 500036, Andhra Pradesh |
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Country : |
India |
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Financials (as
on) : |
31.03.2005 |
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Date of
Incorporation : |
02.03.1990 |
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Com. Reg. No.: |
01-11076 |
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CIN No.: [Company
Identification No.] |
U31909AP1990PTC011076 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
HYDTO1046D |
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PAN No.: [Permanent
Account No.] |
AAACT8339A |
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Legal Form : |
Private limited
liability company |
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Line of
Business : |
Traders of
Electronic Items and Home Products. |
RATING &
COMMENTS
|
MIRA’s Rating
: |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit
Limit : |
USD 53060 |
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Status : |
Good |
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Payment
Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
– established and reputed company having satisfactory track. Trade relations
are fair. General financial position is satisfactory. Payments are usually
correct and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
16-10-27-105/10,
Nangunuri Complex, Municipal Colony, Malakpet, Hyderabad – 500036, Andhra
Pradesh, India |
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Tel. No.: |
91-40-24551566/ 24555577/
24549879/ 23316455 |
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Fax No.: |
91-40-24552657/
23316499 |
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E-Mail : |
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Website : |
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Corporate Office
: |
2nd
Floor, Lenaine Estate, Abids, Hyderabad – 500001, Andhra Pradesh, India |
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Tel. No.: |
91-40-23202586/
23204038/ 65664444/ 65662222 |
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Factory : |
6-3-249/3/2, Lane
Beside Fusion 9, Road No. 1, Banjara Hills, Hyderabad – 500034, Andhra
Pradesh, India |
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Tel. No.: |
91-40-23316455 /
6466 |
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Fax No.: |
91-40-23316499 |
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Show Rooms : |
· Kukatpally : Dr. Atmaram Estate, Hydernagar, Hyderabad · Begumpet : Near Airport Flyover, Begumpet, Hyderabad · Malakpet : Main Road, Hyderabad – 500036 · Abids : Ground Floor, Lenaine Estate · Putlibowli : MCH Complex, Putlibowli, Hyderabad · Cellone : Sri Krupa Market, Mahaboob Mansion |
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Branches : |
· Abids- Lenaine Estate · Butlibowli – MCH Complex, Koti, Uttar Pradesh, India · Begumpet – Near Begumpet Airport Flyover |
DIRECTORS
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Name : |
Mr. N. Amarnath |
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Designation : |
Managing Director
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Address: |
Prashansan Nagar,
Road No. 72, Juolee Hills, Hyderabad – 500072, Andhra Pradesh |
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Date of
Birth/Age : |
25.05.1969 |
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Date of
Appointment : |
02.03.1990 |
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Name : |
Mr. Chandra
Sekhar Nangunuri |
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Designation : |
Director |
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Address: |
Plot No.2, SBI Colony,
Motizal Nehru Nagar, Begumpet, Hyderabad, Andhra Pradesh |
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Date of
Birth/Age : |
20.05.1959 |
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Date of
Appointment : |
02.03.1990 |
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Ceasing Date : |
30.03.2006 |
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Name : |
Mr. Nangunuri
Umayani |
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Designation : |
Director |
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Address: |
Prashansan Nagar,
Road No. 72, Juolee Hills, Hyderabad – 500072, Andhra Pradesh |
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Date of
Birth/Age : |
13.02.1972 |
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Date of
Appointment : |
01.04.2002 |
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Name : |
Mr. Malolan
Pathjanki Narasimhan |
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Designation : |
Director |
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Address: |
Plot No.
5-4-78/1/4/4, Vasanthalipuram, Hyderabad – 500070, Andhra Pradesh |
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Date of
Birth/Age : |
20.07.1960 |
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Date of
Appointment : |
24.02.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 31.03.2005)
|
Names of Shareholders |
No. of Shares |
|
Mr. N. Amarnath |
230005 |
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Mr. Chandra
Sekhar Nangunuri |
230010 |
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Mr. Nangunuri
Umayani |
39985 |
BUSINESS DETAILS
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Line of
Business : |
Traders of
Electronic Items and Home Products. |
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Products : |
·
Consumer
Electronics ·
Home
Appliances ·
Water Cooler ·
Tape
Recorder ·
Deck ·
Television ·
VCR, DVD
Player and DVD Recorder ·
Washing
Machine ·
Refrigerator ·
Radio ·
Air
Conditioner ·
Fan ·
Still Camera ·
Video Camera ·
Camcorder ·
Video Game ·
MP3 Player ·
Microwave ·
Dish Washer ·
Toaster ·
Mixies and
Grinder ·
Vaccume
Cleaner ·
Iron Box ·
Water Heater ·
Car Audio ·
Telephone ·
Digital
Camera ·
Sewing
Machine |
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Brand |
· Voltas · Sony · Videocon · Onida · BPL · Usha · Godrej · Samsung · Kenstar · Aiwa · Akai · Thamson · Alwin · TTK · Philips · TCL · IFB · Simphony · LG · National · Whirlpool · Sansui · Sumeet · Butterfly · Electrolux · Sharp · Maharaja · Daewoo · Kelvinator · Bajaj · Singer |
GENERAL
INFORMATION
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No. of
Employees : |
65 |
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Bankers : |
·
Union Bank
of India Saifabad,
Hyderabad – 500004, Andhra Pradesh, India |
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Facilities : |
CC – Rs. 7.500
millions Term Loan – Rs. 1
million [dated 06.02.2002] |
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name : |
N. Saibaba and
Company Chartered
Accountants, |
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Address : |
4th Floor,
Vijra Plaza, Raja Mudaliar Street, Secunderabad – 500003, Andhra Pradesh,
India |
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Associates : |
· TMC Premium · Tirumala Homes Private Limited · Tirumala Balaji Chit Funds Private Limited · Tirumala Infotech and Communications
Limited · Tirumala Ecom · IT Hub · Tirumala Electronics, Vizag, Andhra
Pradesh, India |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity shares |
Rs. 10/- |
Rs. 5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity shares |
Rs. 10/- |
Rs. 5.000 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF
FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.000 |
15.446 |
14.267 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.265 |
0.000 |
0.000 |
NETWORTH
|
13.265 |
15.446 |
14.267 |
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LOAN FUNDS |
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1] Secured Loans |
1.112 |
1.430 |
1.487 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
TOTAL BORROWING
|
1.112 |
1.430 |
1.487 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
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14.377 |
16.876 |
15.754 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.600 |
11.295 |
11.345 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENTS |
2.900 |
0.900 |
0.900 |
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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 |
0.000 |
0.000 |
0.000 |
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Sundry Debtors |
0.000 |
0.000 |
0.000 |
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Cash & Bank Balances |
0.000 |
0.000 |
0.000 |
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Other Current Assets |
5.736 |
5.196 |
2.881 |
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Loans & Advances |
0.000 |
0.000 |
0.000 |
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Total Current
Assets |
5.736 |
5.196 |
2.881 |
Less:
CURRENT
LIABILITIES & PROVISIONS
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Current Liabilities |
0.000 |
1.129 |
0.000 |
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Provisions |
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Total Current Liabilities
|
0.000 |
1.129 |
0.000 |
Net Current Assets
|
5.736 |
4.067 |
2.881 |
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MISCELLANEOUS EXPENSES |
0.141 |
0.614 |
0.628 |
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TOTAL
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14.377 |
16.876 |
15.754 |
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover [including other income] |
696.456 |
696.920 |
627.471 |
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Profit/(Loss) Before Tax |
2.939 |
3.945 |
3.252 |
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Provision for Taxation |
0.759 |
2.767 |
0.606 |
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Profit/(Loss) After Tax |
2.180 |
1.178 |
2.646 |
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Total
Expenditures
|
647.581 |
42.949 |
35.299 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
0.31 |
0.16 |
0.42 |
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Net Profit Margin
(PBT/Sales) |
(%) |
0.42 |
0.56 |
0.51 |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
52.48 |
23.92 |
22.85 |
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Return on Investment (ROI)
(PBT/Net worth) |
|
0.22 |
0.25 |
0.22 |
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Debt Equity Ratio
(Total
Liability/Net worth) |
|
0.08 |
0.16 |
0.10 |
LOCAL AGENCY
FURTHER INFORMATION
Profile:
The Nangunuri family established Subject in 1980, with
Amarnath as it’s front-end. By the mid-nineties, he was firmly into management,
paving the way for expansion and growth. Being customer-focused and always
looking to enhance convenience, Amarnath set out to set up new stores closer to
the fringes of the reach of every existing store.
Today, the stores that are popularly known as subject cover
all parts of Hyderabad and Tirupathi, from 7 state-of-the-art prime locations. The store at Begumpet is among
India’s largest showrooms for Consumer Electronics and Home Appliances. Subject
is also the most preferred Retail Channel Partner of World’s Leading Brands in
Consumer Electronics and Home Appliances viz., LG, Sony, Panasonic, Onida,
Philips, Samsung, Whirlpool, Onkyo, Nokia, Motorola, Sony Ericsson, IFB,
Sunflame, Morphyrechards, and others.
Each person at company is driven by the desire to have a
life time relationship with their customers and it has been the management’s
priority to make every purchase experience positively memorable. Small wonder,
the company enjoys the patronage of over 800 customers coming in every day and
the trust and loyalty of over 8 Lakhs customer families from across the city
and Tirupathi.
Awards – A Recognition to Commitment
Mr. Amarnath was honored with many awards for his commitment
towards customers and society, and achievements in business. The following is
the list of awards:
·
AIIE (All India Industrial Exhibition) – First Prize in
Publicity Category for the year 2007
·
AIIE (All India Industrial Exhibition) –best stall award for
the year 2004
·
LG No 1 Retailer Award on all India Basis for the year 2002
·
LG Best Dealer Award for the state year 1999 and 2000.
·
BPL Best Retailer Award 2000.
·
Allwyn and Kelvinator Outstanding Performer 2000.
·
AIIE (All India Industrial Exhibition) – First Prize in
Publicity Category for 2 years.
·
Overall Excellence Award in 2000.
·
Sony Performance Excellence Award 1999.
·
Symphony Outstanding Performer 1999.
CMT REPORT (Corruption,
Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.42.40 |
|
UK Pound |
1 |
Rs.82.57 |
|
Euro |
1 |
Rs.65.84 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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