MIRA
INFORM REPORT
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Report Date : |
05.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
STOCK REDLER INDIA PRIVATE LIMITED |
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Formerly Known As : |
REDLER INDIA PRIVATE LIMITED |
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Registered Office : |
1605/A, 28th Main, Banshankari II Stage, Bangalore –
560070, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
03.02.2003 |
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Com. Reg. No.: |
08-31537 |
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CIN No.: [Company
Identification No.] |
U74210KA2003PTC031537 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRR02684D |
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PAN No.: [Permanent
Account No.] |
AACCR3373G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Export and Importer
of Chain Conveyor |
RATING &
COMMENTS
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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 47000 |
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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 subsidiary of Stock Redler Limited, UK and a part of
Stock-Schenk Process Group. Trade relations are fair. Business is active.
Payments are reported as usually correct and as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Girdar |
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Designation : |
Director in Marketing |
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Date : |
01.07.2008 |
LOCATIONS
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Registered Office : |
1605/A, 28th Main, Banshankari II Stage, Bangalore –
560070, Karnataka, India |
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Tel. No.: |
91-80-41558381/ 26711222 |
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Fax No.: |
91-80-26718222 |
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E-Mail : |
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Website : |
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Area : |
600 sq. ft. |
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Location : |
Rented |
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Factory : |
4th Floor, Kushal Garden Arcade, 1A, Peenya Industrial
Area, Phase II, Bangalore – 560058, Karnataka, India |
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Tel. No.: |
91-80-41558381 |
DIRECTORS
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Name : |
Mr. Yeshwant Ghorpade |
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Designation : |
Director |
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Address : |
1605/A, 28th Main Banashankari II Stage, Bangalore –
560070, Karnataka, India |
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Date of Birth/Age : |
09.05.1952 |
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Date of Appointment : |
03.02.2003 |
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Name : |
Mr. Steve Clewely |
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Designation : |
Chairman cum Managing Director |
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Address : |
Badminton Villa, 10 Upper Old Field Park, Bath BA23JZ, United Kingdom |
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Date of Birth/Age : |
29.04.1958 |
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Date of Appointment : |
03.02.2003 |
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Name : |
Mr. Nicholos P. Jones |
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Designation : |
Director |
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Address : |
9 Orchard Springs, New Market Road, Nailsworth Glos, GL 6 OFB, United
Kingdom. |
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Date of Birth/Age : |
06.11.1958 |
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Date of Appointment : |
03.02.2003 |
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Name : |
Mr. K. Venkatesh |
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Designation : |
Director |
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Address : |
1605/A, 28th Main Banashankari II Stage, Bangalore –
560070, Karnataka, India |
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Date of Birth/Age : |
23.01.1962 |
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Date of Appointment : |
07.11.2007 |
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Name : |
Mr. Giridhar Anatharaman |
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Designation : |
Whole Time Director |
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Address : |
No.278, 18th D Main, 6th Block, Koramanagala,
Bangalore – 560095, Karnataka, India |
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Date of Birth/Age : |
07.10.1964 |
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Date of Appointment : |
07.11.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 19.07.2006)
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Names of Shareholders |
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No. of Shares |
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Stock Redler Limited |
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99999 |
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Mr. Yeshwant Ghorpade |
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1 |
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Total |
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100000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign holding (FIIs, FCs, FFIs, NRIs, OCBs, or Others) |
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99.99 |
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Directors or relatives of directors |
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0.01 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Export and Importer
of Chain Conveyor |
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Products : |
Chain Conveyor |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit (Depend on Customers) |
GENERAL
INFORMATION
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Customers : |
Contractors |
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No. of Employees : |
40 |
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Bankers : |
Industrial Finance Branch, Residency Road, Bangalore – 560025,
Karnataka, India |
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Facilities : |
CC Rs.70.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
BSR and Company Chartered Accountant |
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Address : |
Maruthi Info-Tech Centre, 11-12/1 Inner Ring Road, Koramanagala, Bangalore
– 560071, Karnataka, India |
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Holding Company : |
Stock Redler Limited., UK |
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Associates/Subsidiaries : |
Schenck Process India Limited, Ranchi |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.12.2006 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.000 |
1.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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8.371 |
3.738 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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9.371 |
4.738 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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9.371 |
4.738 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.115 |
1.824 |
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Capital work-in-progress |
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0.372 |
0.061 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.259 |
0.494 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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28.225 |
18.801 |
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Cash & Bank Balances |
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8.811 |
2.910 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.634 |
0.317 |
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Total
Current Assets |
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37.670 |
22.028 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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28.499 |
14.893 |
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Provisions |
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2.546 |
4.776 |
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Total
Current Liabilities |
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31.045 |
19.669 |
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Net Current Assets |
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6.625 |
2.359 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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9.371 |
4.738 |
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KEY RATIOS
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PARTICULARS |
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31.12.2006 |
31.03.2006 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.31 |
4.15 |
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Current Ratio (Current Asset/Current Liability) |
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1.21 |
1.12 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Hindustan Zinc Limited, Udipur
- BHEL Trichi
History:
The Subject system of conveying and elevating bulk materials
was designed and patented by the founder of the Company, Arnold Redler, in 1920
when he was 45 years old.
Arnold Redler was born at South Molton, Devon, on the 27th
May 1875, one of a family of five children (four boys and one girl). Arnold
Redler's father was a flour miller and the Redler family had been millers
generations before, whilst his mother, whose maiden name was Francis, came from
an engineering family whose major achievement was the invention and development
of the Francis Water Turbine Unit.
Little is known of Arnold Redler's early life, but it is
known that he left school at 14 and entered his father's trade at Bathpools
Mill, Taunton. It was at the turn of the century that Arnold and his elder
brother broke away from the family business and set up a Company called Daniel
Redler and Company Limited, City Flour Mill at Worcester, but because of
operating difficulties the brothers decided to move to Sharpness in early 1909.
Arnold Redler finally abandoned milling in 1925 when the Company went into
liquidation.
It was in 1919 that Arnold Redler began experiments in
handling grain and in the following year he produced a machine which was the
forerunner of the company Handling System. Due to an increase in work, Arnold
Redler decided to look for larger premises. In 1932 he decided to purchase the
Apperley and Curtis Cloth Mill at Dudbridge and turn it into an Engineering
Works. It took some time to get production underway, but after some minor
setbacks, all was remedied. Over the years the system of materials handling
that Arnold Redler invented has been increasingly developed and expanded and is
now used by many process industries throughout the world.
News:
Stock
Redler Limited, the Stroud based bulk materials handling company, have now
completed and fully commissioned a contract with The Bristol Port Company for a
new 1000 tonnes per hour bulk weigh scale and associated handling system.
Acting
as main contractor on the turnkey project with responsibilities for the whole
of the mechanical and electrical design and construction element, Stock Redler
completed the new facility on time, thus enabling The Bristol Port Company to
observe the operational and trading benefits immediately.
The
scope of works involved the redesign and modification of an existing Stock
Redler Belt Conveyor on the bulk outloading system such that it would become
two separate Conveyors.
In doing
so a new clad steel tower was able to be installed straddling the Belt
Conveyors, containing a Stock Redler Belt & Bucket Elevator, top and bottom
garners, weigh bulk scale and dust filter unit, all suitably rated to handle a
nominal 1000 tph of wheat based on a density of 750 kg/m3 plus
animal feed meals on a pro rata basis dependant on the relative material
densities.
Stock
Redler also undertook the modification to the on-site grain terminal software
and supplied a new MCC catering for the latest items of equipment, thus
allowing a smooth interface with the minimum of downtime to the Port
operations.
Stock
Redler Sales Director, Andrew Workman, said “This was an excellent
demonstration of the capabilities and resource available within Stock Redler,
allowing us to adapt to projects of varying sizes. The new facility blends in well and certainly looks the part and
in working together with The Bristol Port Company they now have a system to be
proud of and one that justifies the overall capital investment.”
For more
information on Stock Redler's capabilities contact Andrew Workman on 01453
763611
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 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.43.21 |
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UK Pound |
1 |
Rs.85.72 |
|
Euro |
1 |
Rs.67.92 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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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 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
YES |
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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 |
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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 |
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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. |
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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