MIRA
INFORM REPORT
|
Report Date : |
29.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
RUNGTA SONS PRIVATE LIMITED |
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Registered
Office : |
8A |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
04.03.1943 |
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Com. Reg. No.: |
011231 |
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Capital
Investment / Paid-up Capital : |
Rs. 245.754 Millions |
|
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|
CIN No.: [Company Identification
No.] |
U02005WB1943PTC011231 |
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|
|
Legal Form : |
Private Limited Liability Company. |
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|
Line of Business
: |
Traders of Iron
Ore and Manganese Ore. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 42617540 |
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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 fine track.
Financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered for normal business dealings at usual
trade terms and conditions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office : |
8A Express Tower 42 A, Shakespeare Sarani, Kolkata – 700017, West
Bengal, India |
|
Tel. No.: |
91-33-22816580 |
|
Fax No.: |
91-33-22815380 |
|
E-Mail : |
DIRECTORS
AS ON 30.09.2011
|
Name : |
Mr. Nandlal
Rungta |
|
Designation : |
Director |
|
Address : |
Rungta House, Chaibasa,
Singhbhum [West] – 833201, Jharkhand |
|
Date of Birth/Age : |
05.04.1950 |
|
Date of Appointment : |
08.03.1987 |
Other Directorship:
|
|
Name : |
Mr. Mukund Rungta
|
|
Designation : |
Director |
|
Address : |
Rungta House, Chaibasa, Singhbhum [West] –
833201, Jharkhand |
|
Date of Birth/Age : |
14.01.1958 |
|
Date of Appointment : |
30.06.1992 |
Other Directorship:
|
|
Name : |
Mr. Siddharth
Rungta |
|
Designation : |
Director |
|
Address : |
Rungta House,
Chaibasa, Singhbhum [West] – 833201, Jharkhand |
|
Date of Birth/Age : |
15.07.1977 |
|
Date of Appointment : |
04.05.2005 |
Other Directorship:
|
|
Name : |
Mr. Mahesh Dutt Rustagi |
|
Designation : |
Director |
|
Address : |
Punjabi Para, Bhola Garage Road, Barbil, keonjhar – 758035, Orissa,
India |
|
Date of Birth/Age : |
01.09.1940 |
|
Date of Appointment : |
12.01.2008 |
Other Directorship:
|
|
Name : |
Mr. Hari Prasad Sakunia |
|
Designation : |
Director |
|
Address : |
9, Crooked Lane, 3rd Floor, Kolkata – 700069, West Bengal,
India |
|
Date of Birth/Age : |
12.08.1944 |
|
Date of Appointment : |
14.02.2011 |
Other Directorship:
|
|
Name : |
Mr. Deo Kumar Singh |
|
Designation : |
Director |
|
Address : |
C/O Rungta Sons private Limited, P O Chaibasa, Singhbhum [West] – 833201, Jharkhand,
India |
|
Date of Birth/Age : |
15.02.1941 |
|
Date of Appointment : |
14.02.2011 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Sitaram Rungta (HUF) |
|
19680000 |
|
Nandlal Rungta (HUF) |
|
79458000 |
|
Mukund Rungta (HUF) |
|
34440000 |
|
Nandlal Rungta |
|
25338000 |
|
Mukund Rungta |
|
41082000 |
|
Ddharth Rungta |
|
984000 |
|
Manju Rungta |
|
30750000 |
|
Preeti Rungta |
|
13038000 |
|
Shradha Rungta |
|
984000 |
|
Total |
|
245754000 |
AS ON 30.09.2011
|
Category |
Percentage |
|
Directors or relatives of Directors |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Traders of Iron
Ore and Manganese Ore. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
State Bank of India, Chaibasa, Dist. West Singhbhum, Chaibasa-833201,
Jharkhand, India Canara Bank, Jain market, Sadar Bazar, Chaibasa
– 833201, Jharkhand, India Email : cb0247@canarabank.com |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
K N Gutgutia and Company Chartered Accountant |
|
Address : |
6 C Middleton Street, Flat No. 23 (2nd Floor) Kolkata –
700071, West Bengal, India |
|
|
|
|
Associates/Subsidiaries : |
·
Rungta Mines Limited ·
Feegrade and Co Private limited ·
Minerals and Metals limited ·
Mangilall Rungta ·
Mangilall Estates Private Limited ·
Bonai Industrial Company Limited ·
Shyam Sunder Limited ·
Orissa Securities Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,00,00,000 |
Equity Shares |
Rs.1/- each |
Rs. 500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24,57,54,000 |
Equity Shares |
Rs.1/- each |
Rs. 245.754
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
245.754 |
3.000 |
3.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10408.631 |
6941.204 |
4854.175 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10654.385 |
6944.204 |
4857.175 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1132.096 |
929.176 |
924.737 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
9.900 |
|
|
TOTAL BORROWING |
1132.096 |
929.176 |
934.637 |
|
|
DEFERRED TAX LIABILITIES |
81.981 |
78.500 |
65.391 |
|
|
|
|
|
|
|
|
TOTAL |
11868.462 |
7951.880 |
5857.203 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1522.801 |
1710.297 |
1880.827 |
|
|
Capital work-in-progress |
135.761 |
62.639 |
7.535 |
|
|
|
|
|
|
|
|
INVESTMENT |
40.105 |
40.005 |
40.005 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
417.694
|
137.555 |
222.952 |
|
|
Sundry Debtors |
1285.596
|
1204.213 |
1398.408 |
|
|
Cash & Bank Balances |
8230.962
|
4830.426 |
3536.410 |
|
|
Other Current Assets |
1076.774
|
534.541 |
0.000 |
|
|
Loans & Advances |
317.823
|
253.081 |
192.499 |
|
Total
Current Assets |
11328.849
|
6959.816 |
5350.269 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
413.506
|
169.781 |
889.908 |
|
|
Other Current Liabilities |
517.202
|
620.594 |
527.135 |
|
|
Provisions |
228.346
|
30.502 |
4.390 |
|
Total
Current Liabilities |
1159.054
|
820.877 |
1421.433 |
|
|
Net Current Assets |
10169.795
|
6138.939 |
3928.836 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11868.462 |
7951.880 |
5857.203 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11863.300 |
6204.330 |
5615.202 |
|
|
|
Other Income |
0.000 |
464.976 |
383.890 |
|
|
|
TOTAL (A) |
11863.300 |
6669.306 |
5999.092 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase |
|
754.728 |
444.848 |
|
|
|
Mines &Factory Expenses |
|
1005.257 |
595.274 |
|
|
|
Administrative & Other Expenses |
|
1347.373 |
1884.639 |
|
|
|
Increase / Decrease in Stock |
|
84.802 |
173.317 |
|
|
|
TOTAL (B) |
NA |
3192.160 |
3098.078 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
3477.146 |
2901.014 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
81.801 |
96.468 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
3395.345 |
2804.546 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
200.408 |
182.371 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
5802.200 |
3194.937 |
2622.175 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
|
1097.414 |
893.632 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
----- |
2097.523 |
1728.543 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
3984.705 |
2563.182 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
NA |
300.000 |
300.000 |
|
|
|
Dividend tax |
|
1.494 |
1.019 |
|
|
|
Proposed Dividend |
|
9.000 |
6.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
5771.734 |
3984.706 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
--
|
31.45 |
28.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
48.90
|
51.49 |
46.69 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
45.14
|
36.85 |
36.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.54
|
0.46 |
0.53 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.21
|
0.25 |
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
9.77
|
8.47 |
3.76 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1)
Year of Establishment |
Yes |
|
2)
Locality of the firm |
Yes |
|
3)
Constitutions of the firm |
Yes |
|
4)
Premises details |
No |
|
5)
Type of Business |
Yes |
|
6)
Line of Business |
Yes |
|
7)
Promoter's background |
Yes |
|
8)
No. of employees |
No |
|
9)
Name of person contacted |
No |
|
10)
Designation of contact person |
No |
|
11)
Turnover of firm for last three years |
Yes |
|
12)
Profitability for last three years |
Yes |
|
13)
Reasons for variation <> 20% |
-- |
|
14)
Estimation for coming financial year |
No |
|
15)
Capital in the business |
Yes |
|
16)
Details of sister concerns |
Yes |
|
17)
Major suppliers |
No |
|
18)
Major customers |
No |
|
19)
Payments terms |
No |
|
20)
Export / Import details (if applicable) |
-- |
|
21)
Market information |
-- |
|
22)
Litigations that the firm / promoter involved in |
-- |
|
23)
Banking Details |
Yes |
|
24)
Banking facility details |
Yes |
|
25)
Conduct of the banking account |
-- |
|
26)
Buyer visit details |
-- |
|
27)
Financials, if provided |
Yes |
|
28)
Incorporation details, if applicable |
Yes |
|
29)
Last accounts filed at ROC |
Yes |
|
30)
Major Shareholders, if available |
Yes
|
Background:
Jauramunda-Kulenbahal Limestone and Dolomite Mine of M/s Rungta Sons Pvt. Ltd. covers a lease area of 150 ha in Sundergarh district, Orissa.
The company proposes to produce 0.15 mtpa Limestone and 0.12 mtpa Dolomite, both by semi – mechanized, opencast method of mining.
The mining lease was transferred to M/s Rungta Sons Pvt. Ltd. on 07.05.1986 from M/s National Enterprises of Barbil, which expired on 29.06.2000. M/s Rungta Sons Pvt. Ltd. carried out mining operations from 1986 till 1998.
Mining operations remained closed from 01.07.1998 to 16.03.2008 due to low market demand and lack of viability.
The presentation for Terms of Reference (TOR) was done on May 20th, 2009 before EAC and the prescribed TOR by EAC was received vide letter no. J- 11015/84/2009-IA-II(M) in 08.06.2009. This draft EIA/EMP has been
prepared on the basis of TOR.
Mining plan for the envisaged production of lime stone of 0.15 MTPA and Dolomite 0.12 MTPA has been approved by Indian Bureau of Mines vide their letter no. MP/OTF.MECH/12-ORI/BHU/2009-10 dated 14.10.2009.
Form 8
|
Corporate identity number of the company |
U02005WB1943PTC011231 |
|
Name of the company |
RUNGTA SONS
PRIVATE LIMITED |
|
Address of the registered office or of the
principal place of business in |
8A Express Tower
42 A, Shakespeare Sarani, Kolkata – 700017, West Bengal, India |
|
This form is for |
Modification of charge |
|
Type of charge |
Book Debts Floating Charge |
|
Particular of charge holder |
Canara Bank, Jain market, Sadar Bazar,
Chaibasa – 833201, Jharkhand, India Email : cb0247@canarabank.com |
|
Nature of instrument creating charge |
Supplemental Common Hypothecation
Agreement NF 457 - Agreement for CDB/SDB/BE/ADVANCES NF 480 - Pronote |
|
Date of instrument Creating the charge |
11.01.2012 |
|
Amount secured by the charge |
Rs. 1900.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest PC/FDB - 10.75% (Floating) PCFC/BRD - LIBOR + 350 bps (Floating) BULC upto 90 days - Base Rate BULC above 90 days & upto 180 days -
Base Rate + 0.75% Terms of Repayment Period of PCFC 90 days Margin PC/PCFC - 20% FLC - 20% FDB/BRD/BULC - NIL Extent and Operation of the charge PCFC/PC - Hypothecation of stock valued
Rs.912.600 millions (variable) as per stock statement of August, 2011. BRD/FDB - Hypothecation of export
receivables. ILC/FLC - Hypothecation of goods received
under Inland letter of credit/Foreign letter of credit. Others Nil |
|
Short particulars of the property charged |
PCFC/PC - Hypothecation of stock valued
Rs.912.600 millions (variable) as per stock statement of Aug,11. BRD/FDB - Hypothecation of export
receivables. ILC/FLC - Hypothecation of goods received under
ILC/FLC. |
|
Date of instrument modifying the charge |
26.11.2010 |
|
Particulars of the present modification |
Existing charge of Rs 1100.000 millions
comprising of PC/PCFC/FDB/BRD Limit of Rs 1000.000 millions and FLC Limit of
Rs 100.000 millions now enhanced to Rs 1900.000 millions comprising of
PC/PCFC/FDB/BRD Limit of Rs 1500.000 millions, FLC Limit of Rs 100.000 millions and BULC Limit of Rs.300.000
millions. Present modification bring Rs 800.000 millions. |
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.56.30 |
|
|
1 |
Rs.88.06 |
|
Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
NLM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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.