MIRA INFORM REPORT

Report Date :

06.08.2013

IDENTIFICATION DETAILS

Name :	RUNGTA MINES LIMITED
Registered Office :	42 A, Shakespe Sarani, 8 A Express Tower, Kolkata – 700017, West Bengal
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.12.1962
Com. Reg. No.:	21-025691
Capital Investment / Paid-up Capital :	Rs.1226.310 Millions
CIN No.: [Company Identification No.]	U26911WB1962PLC025691
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Sponge Iron and Mining.
No. of Employees :	Information Declined by the management.

RATING & COMMENTS

MIRA’s Rating :

A (63)

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 189000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a flagship company of “SR Rungta Group” It is a well established and reputed company having good track record. The latest financial are not made available with the government department. As per previous year’s the financial position of the company is strong. Performance capability is high. Liquidity position is good. Trade relations are reported to be 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	AA [Long Term]
Rating Explanation	Having very low default risk. It also indicated very strong capacity for payment of financial commitments.
Date	June 2012

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (EMPLOYEE PROVIDENT FUND) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIED

Management Non Cooperative. (91-6582-256761/ 661/ 861)

LOCATIONS

Registered Office :	42 A, Shakespe Sarani, 8 A Express Tower, Kolkata – 700017, West Bengal, India
Tel. No.:	91-33-22816580 / 3751
Fax No.:	91-33-22815380
E-Mail :	rungta_cal@sify.com rungtas@satyam.net.in
Website :	www.rungtamines.com
Head Office/ Admin Office/ Corporate Office :	Rungta House, Cable-Rungta, Singhbhum (West), Chaibasa-833201, Jharkhand, India
Tel. No.:	91-6582-256861/256761/256861
Fax No.:	91-6582-256442
E-Mail :	rungtas@satyam.net.in rml@satyam.net.in
Factory :	Chaliyama, P.O Kesargadia, Dist. Seraikela – Kharsawan, Jharkhand, India
Mines Division / Sponge Iron Division:	Rungta Office, Main Road, Barbil, District Keonjhar-758035, Orissa, India
Tel No.:	91-6767-275221/277481/441/ 276891/277391/021
Fax No.:	91-6767-276161 / 277011
E-Mail :	rungta_bbl@yahoo.co.in rungtasponge1@yahoo.co.uk

DIRECTORS

As on: 25.09.2012

Name :

Mr. Nandlal Rungta

Designation :

Managing Director

Address :

Rungta House, Chaibasa, Singhbhum West – 833201, Jharkhand, India

Date of Birth/Age :

05.04.1950

Date of Appointment :

01.04.2012

DIN No.:

00114135

Voter ID No.:

BR/51/295/189270

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45201OR1958NPL008546	EASTERN ZONE MINING ASSOCIATION	Director	03/08/1979	03/08/1979	13/11/2009	Active	NO
2	U10200WB1964PTC026218	FEEGRADE AND COMPANY PRIVATE LIMITED	Director	05/01/1983	05/01/1983	-	Active	NO
3	U14109OR1939PLC000246	BONAI INDUSTRIAL COMPANY LIMITED	Director	15/10/1984	15/10/1984	-	Active	NO
4	U26911WB1962PLC025691	RUNGTA MINES LIMITED	Managing director	01/04/2012	07/01/1985	-	Active	NO
5	U02005WB1943PTC011231	RUNGTA SONS PRIVATE LIMITED	Director	08/03/1987	08/03/1987	-	Active	NO
6	U65993WB1940PLC010354	MINERALS AND METALS LIMITED	Director	26/06/1992	26/06/1992	-	Active	NO
7	U70101WB1951PTC019809	MANGILALL ESTATES PRIVATE LIMITED	Director	30/06/1992	30/06/1992	-	Active	NO
8	U24117OR1978PLC000753	ELECTROCHEM ORISSA LIMITED	Director	07/09/1992	07/09/1992	-	Active	NO
9	U51420OR1994PLC003707	BANSPANI IRON LIMITED	Managing director	16/09/1994	16/09/1994	-	Active	NO
10	U51909WB1951PLC019815	SHYAM SUNDAR LIMITED	Director	02/12/1995	02/12/1995	-	Active	NO
11	U26959ML2008PLC008300	JP CEMENTS LIMITED	Director	30/09/2008	11/02/2008	-	Active	NO
12	U26942ML2007PTC008248	KB CEMENTS PRIVATE LIMITED	Director	30/09/2008	11/02/2008	-	Active	NO
13	U85100OR2009NPL011422	EZMA FOUNDATION	Director	16/12/2009	16/12/2009	-	Active	NO
14	U92410JH2012NPL000254	COUNTRY CRICKET CLUB	Director	07/03/2012	07/03/2012	-	Active	NO

Name :

Mr. Mukund Rungta

Designation :

Director

Address :

Rungta House, Chaibasa, Singhbhum West - 833201, Jharkhand, India

Date of Birth/Age :

14.01.1958

Date of Appointment :

07.02.2011

DIN No.:

00072640

Voter ID No.:

BR/51/295/189271

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24117OR1978PLC000753	ELECTROCHEM ORISSA LIMITED	Director	08/08/1984	08/08/1984	-	Active	NO
2	U65993WB1940PLC010354	MINERALS AND METALS LIMITED	Director	05/09/1985	05/09/1985	-	Active	NO
3	U51909WB1951PLC019815	SHYAM SUNDAR LIMITED	Director	26/06/1992	26/06/1992	-	Active	NO
4	U14109OR1939PLC000246	BONAI INDUSTRIAL COMPANY LIMITED	Managing director	26/02/2011	27/06/1992	-	Active	NO
5	U10200WB1964PTC026218	FEEGRADE AND COMPANY PRIVATE LIMITED	Director	29/06/1992	29/06/1992	-	Active	NO
6	U02005WB1943PTC011231	RUNGTA SONS PRIVATE LIMITED	Director	14/02/2011	30/06/1992	-	Active	NO
7	U26911WB1962PLC025691	RUNGTA MINES LIMITED	Director	07/02/2011	30/06/1992	-	Active	NO
8	U70101WB1951PTC019809	MANGILALL ESTATES PRIVATE LIMITED	Director	30/06/1992	30/06/1992	-	Active	NO
9	U51420OR1994PLC003707	BANSPANI IRON LIMITED	Director	26/10/2002	26/10/2002	-	Active	NO
10	U26959ML2008PLC008300	JP CEMENTS LIMITED	Director	30/09/2008	08/02/2008	-	Active	NO
11	U26942ML2007PTC008248	KB CEMENTS PRIVATE LIMITED	Director	30/09/2008	08/02/2008	-	Active	NO

Name :

Mr. Siddharth Rungta

Designation :

Director

Address :

Rungta House, Chaibasa, Singhbhum West – 833201, Jharkhand, India

Date of Birth/Age :

15.07.1977

Date of Appointment :

07.02.2011

DIN No.:

00112057

Voter ID No.:

FYD0551671

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U26911WB1962PLC025691	RUNGTA MINES LIMITED	Director	07/02/2011	03/07/2001	-	Active	NO
2	L67120WB1993PLC057677	ORISSA SECURITIES LIMITED	Director	12/11/2001	12/11/2001	-	Active	NO
3	U51909WB1951PLC019815	SHYAM SUNDAR LIMITED	Director	04/02/2002	04/02/2002	-	Active	NO
4	U14109OR1939PLC000246	BONAI INDUSTRIAL COMPANY LIMITED	Director	30/04/2005	30/04/2005	-	Active	NO
5	U70101WB1951PTC019809	MANGILALL ESTATES PRIVATE LIMITED	Director	03/05/2005	03/05/2005	-	Active	NO
6	U10200WB1964PTC026218	FEEGRADE AND COMPANY PRIVATE LIMITED	Director	07/02/2011	04/05/2005	-	Active	NO
7	U65993WB1940PLC010354	MINERALS AND METALS LIMITED	Director	04/05/2005	04/05/2005	-	Active	NO
8	U02005WB1943PTC011231	RUNGTA SONS PRIVATE LIMITED	Director	04/05/2005	04/05/2005	-	Active	NO
9	U45203OR2006PLC008959	HARIDASPUR PARADIP RAILWAY COMPANY LIMITED	Nominee director	15/05/2007	15/05/2007	-	Active	NO
10	U26959ML2008PLC008300	JP CEMENTS LIMITED	Director	30/09/2008	11/02/2008	-	Active	NO
11	U26942ML2007PTC008248	KB CEMENTS PRIVATE LIMITED	Director	30/09/2008	11/02/2008	-	Active	NO
12	U10100JH2008PTC013329	C T MINING PRIVATE LIMITED	Nominee director	25/09/2008	25/09/2008	-	Active	NO
13	U10100WB2009PTC138134	MEDNIRAI COAL MINING PRIVATE LIMITED	Nominee director	01/09/2009	01/09/2009	-	Active	NO
14	U74899DL1969NPL005064	FEDERATION OF INDIA MINERAL INDUSTRIES	Director	28/10/2009	28/10/2009	-	Active	NO
15	U10100OR2010PTC011795	RADHIKAPUR (WEST) COAL MINING PRIVATE LIMITED	Nominee director	29/03/2010	29/03/2010	-	Active	NO
16	U74899WB1995PTC165878	HOLLY HOCK FARMS PRIVATE LIMITED	Director	14/06/2011	26/07/2010	-	Active	NO
17	U74899WB1995PTC165792	COLUMBINE FARMS PRIVATE LIMITED	Director	14/06/2011	26/07/2010	-	Active	NO
18	U85199WB1996PTC167219	ARAVALI HEALTH FARM PRIVATE LIMITED	Director	14/06/2011	26/07/2010	-	Active	NO

Name :

Mr. Mahesh Dutt Rustangi

Designation :

Whole-time 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

DIN No.:

01219014

Voter ID No.:

DL/03/020/183020

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51420OR1994PLC003707	BANSPANI IRON LIMITED	Director	25/06/1997	25/06/1997	-	Active	NO
2	U14109OR1939PLC000246	BONAI INDUSTRIAL COMPANY LIMITED	Director	04/02/2008	10/01/2008	-	Active	NO
3	U02005WB1943PTC011231	RUNGTA SONS PRIVATE LIMITED	Director	02/08/2008	12/01/2008	-	Active	NO
4	U10200WB1964PTC026218	FEEGRADE AND COMPANY PRIVATE LIMITED	Director	02/08/2008	12/01/2008	-	Active	NO
5	U26911WB1962PLC025691	RUNGTA MINES LIMITED	Whole-time director	12/01/2008	12/01/2008	-	Active	NO
6	U51909WB1951PLC019815	SHYAM SUNDAR LIMITED	Director	01/09/2012	05/10/2011	-	Active	NO

Name :

Mr. Hirak Mazumder

Designation :

Director

Address :

At-Rungta Office, Main Road, Barbil, Keonjhar – 758035, Orissa, India

Date of Birth/Age :

05.05.1961

Date of Appointment :

12.08.2011

DIN No.:

03473973

Name :

Mr. Ashutosh Mohanty

Designation :

Whole Time Director

Address :

Rungta House, Chaibasa-833201, Jharkhand, India

Date of Birth/Age :

16.06.1972

Date of Appointment :

25.09.2012

DIN No.:

02219702

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U10100JH2008PTC013329	C T MINING PRIVATE LIMITED	Nominee director	25/09/2008	25/09/2008	-	Active	NO
2	U10100WB2009PTC138134	MEDNIRAI COAL MINING PRIVATE LIMITED	Nominee director	01/09/2009	01/09/2009	-	Active	NO
3	U10100OR2010PTC011795	RADHIKAPUR (WEST) COAL MINING PRIVATE LIMITED	Nominee director	29/03/2010	29/03/2010	-	Active	NO
4	U14109OR1939PLC000246	BONAI INDUSTRIAL COMPANY LIMITED	Director	23/09/2011	26/02/2011	-	Active	NO
5	U60231WB1996PLC077174	MOBAR INDIA LIMITED	Director	03/08/2012	11/05/2011	-	Active	NO
6	U02005WB1943PTC011231	RUNGTA SONS PRIVATE LIMITED	Director	03/09/2012	16/05/2012	-	Active	NO
7	U10200WB1964PTC026218	FEEGRADE AND COMPANY PRIVATE LIMITED	Director	03/09/2012	16/05/2012	-	Active	NO
8	U26911WB1962PLC025691	RUNGTA MINES LIMITED	Whole-time director	25/09/2012	01/07/2012	-	Active	NO

Name :

Mr. Vikesh Singh

Designation :

Whole Time Director

Address :

3. MIG Sangam Vihar, Po-Sonari, Jamshedpur-831011, Jharkhand, India

Date of Birth/Age :

03.11.1961

Date of Appointment :

25.09.2012

DIN No.:

00225499

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U10100JH2008PTC013329	C T MINING PRIVATE LIMITED	Nominee director	25/09/2008	25/09/2008	-	Active	NO
2	U10100WB2009PTC138134	MEDNIRAI COAL MINING PRIVATE LIMITED	Nominee director	01/09/2009	01/09/2009	-	Active	NO
3	U26911WB1962PLC025691	RUNGTA MINES LIMITED	Whole-time director	25/09/2012	01/07/2012	-	Active	NO

Name :

Mr. Ram Shankar Chaudhary

Designation :

Whole Time Director

Address :

At Sriniketan Apartment, Flat No. 301, Block B, Near RI Office, Barbil, Keonjhar-758035, Orissa, India

Date of Birth/Age :

01.01.1952

Date of Appointment :

25.09.2012

DIN No.:

05335501

KEY EXECUTIVES

Name :	Mr. Ashok Kumar
Designation :	Secretary
Address :	Ghaghra Road, QR. NO. 17, Old Baridih, Jamshedpur-831017, Jharkhand, India
Date of Birth/Age :	20.12.1969
Date of Appointment :	30.12.2010
PAN No.:	AJZPK1515G

MAJOR SHAREHOLDERS

As on: 25.09.2012

Names of Shareholders	No. of Shares
Sitaram Rungta (HUF)	115005000
Nandlal Rungta (HUF)	238251000
Mukund Rungta (HUF)	381054000
Nandlal Rungta	176505000
Mukund Rungta	112340000
Siddharth Rungta	59163000
Manju Rungta	24600000
Preeti Rungta	109470000
Shradha Rungta	9922000
TOTAL	1226310000

Equity Share Break up (Percentage of Total Equity)

As on: 25.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Sponge Iron and Mining.

Products :

Product Description	Item Code No.
Iron Ore Lumps	26011101
Sponge Iron	72031000
Manganese Ore	26020004

Exports:

Not Divulged

Imports:

Not Divulged

PRODUCTION STATUS [AS ON 31.03.2010]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Sponge Iron	MT	1830000.000	492000.000	326333.550

GENERAL INFORMATION

Suppliers :

Not Divulged

Customers :

IRON ORE

Steel Mills

Bhilai Steel Plant (SAIL - Madhya Pradesh)

Bokaro Steel Plant (SAIL - Jharkhand)

Durgapur Steel Plant (SAIL - West Bengal)

Indian Iron and Steel Company Limited. (IISCO - West Bengal)

Neelachal Ispat Nigam Limited.- Orissa (proposed)

Rourkela Steel Plant (SAIL - Orissa)

Sponge Iron Plants

Bihar Sponge Iron Limited

Essar Steel Limited (Gujarat)

HEG Limited (Madhya Pradesh)

Ispat Industries Limited (Maharashtra)

Jindal Strips Limited (Madhya Pradesh)

Lloyds Metals and Engineers Limited (Maharashtra)

Monnet Industries Limited (Maharashtra)

Nova Iron and Steel Company Limited (Madhya Pradesh)

Orissa Sponge Iron Limited (Orissa)

Prakash Industries Limited. (Madhya Pradesh)

Raipur Alloys and Steel Limited (Madhya Pradesh)

Rexon Strips Limited (Orissa)

Sunflag Iron and Steel Company Limited (Maharashtra)

Surya Sponge Iron Limited (Orissa)

Tata Sponge Iron Limited. (Orissa)

Pig Iron Plants

Electro Steel Castings Limited (West Bengal)

Jaiswal Neco Limited (Madhya Pradesh)

Kajaria Iron and Castings Limited (West Bengal)

Malavika Steel Limited (Uttar Pradesh)

Usha Martin Industries Limited (Jharkhand)

Cement Plants

ACC Cement Limited

Gujarat Ambuja Cement Limited

Kalyanpur Lime and Cement Works (Bihar)

>>

MAGANESE ORE

Battery Industry

Eveready Industries India Limited

>>

Steel Mills

Bokaro Steel Plant (SAIL - Jharkhand)

Durgapur Steel Plant (SAIL - (West Bengal)

Indian Iron and Steel Company Limited (IISCO - West Bengal)

Rourkela Steel Plant (SAIL - Orissa)

>>

Ferro Manganese Plants

Bhaskar Shrachi Alloys Limited (West Bengal)

Ferro Alloys Corpn. Limited (Andhra Pradesh)

Ispat Alloys Limited (Orissa)

Impex Ferro Tech Limited (West Bengal)

KFA Manganese (Maharashtra)

Maharashtra Electosmelt Limited

Monnet Ferroalloys Limited (West Bengal)

Shyam Ferro Alloys (West Bengal)

UFA International (Madhya Pradesh)

>>

Pig Iron Plant

Electro Steel Castings Limited (West Bengal)

Malavika Steel Limited (Uttar Pradesh)

Usha Martin Industries Limited (Jharkhand)

No. of Employees :

Information Declined by the management.

Bankers :

• Canara Bank, Sadar Bazar, Chaibasa-833201, West Bengal, India
• IDBI Bank, Park Street, Kolkata-700016, West Bengal, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee Term Loans Bank Secured	873.234	462.360
Foreign Currency Loans Bank Secured	927.231	0.000
Working Capital Loans Bank Secured	2340.804	2794.812
TOTAL	4141.269	3257.172
NOTES: 1. Canara Bank Packing Credit Secured by hypothecation of Iron Ore Stock meant for Export. 2. Foreign Bill Purchased Secured by hypothecation of Export Documents along with Bill of Lading. 3. Bank Overdraft Secured by hypothecation of Pledge of Fixed Deposits. 4. Canara Bank Term Loan I and II secured by hypothecation of Railway Rakes procured under Wagon Investment Scheme. 5. Canara Bank Term Loan III secured by hypothecation of Integrated Steel Plant located at Kamando. 6. Canara Bank Term Loan IV secured by hypothecation of Integrated Steel Plant at Chaliyama, Jharkhand. Further all above loans are secured by the Personal Guarantee of the Directors namely Mr. Nandlal Rungta and Mukund Rungta except Bank Overdraft.

Banking Relations :	--
Auditors :
Name :	R S Choumal and Company Chartered Accountants
Address :	17, Ganesh Chandra Avenue, Kolkata – 700013, West Bengal, India
PAN No.:	ACRPC5153F
Subsidiaries :	· JP Cements Limited · Aravali Health Farm Private Limited · Columbine Farms Private Limited · Holly Hock Farms Private Limited
Joint Venture :	· CT Mining Private Limited · Electro Chem Orissa Limited · Mednirai Coal Mining Private Limited · Radhikapur (West) Coal Mining Private Limited
Related Parties :	· Bonai Industrial Company Limited · Banspani Iron Limited · Rungta Sons Private Limited · Feegrade and Company Private Limited · Mangilall Estates Private Limited · Minerals and Metals Limited

CAPITAL STRUCTURE

As on: 25.09.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000000	Equity Shares	Re.1/- each	Rs.2500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1226310000	Equity Shares	Re.1/- each	Rs.1226.310 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		1226.310	10.000	10.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		46183.263	36110.547	29217.398
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		47409.573	36120.547	29227.398
LOAN FUNDS
1] Secured Loans		4141.269	3257.172	2850.340
2] Unsecured Loans		0.000	0.000	0.950
TOTAL BORROWING		4141.269	3257.172	2851.290
DEFERRED TAX LIABILITIES		208.218	219.820	189.335
TOTAL		51759.060	39597.539	32268.023
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3820.539	3804.813	3365.025
Capital work-in-progress		3067.121	842.947	756.789
INVESTMENT		684.547	254.174	465.912
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2106.567	1735.707	1531.236
	Sundry Debtors	2449.946	2003.519	2186.336
	Cash & Bank Balances	36980.018	28173.241	140.211
	Other Current Assets	3254.134	3871.650	25636.783
	Loans & Advances	2329.600	2412.789	1866.699
Total Current Assets		47120.265	38196.906	31361.265
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	530.761	886.599	449.891
	Other Current Liabilities	1972.563	2630.301	3193.976
	Provisions	596.925	40.058	44.006
Total Current Liabilities		3100.249	3556.958	3687.873
Net Current Assets		44020.016	34639.948	27673.392
MISCELLANEOUS EXPENSES		166.837	55.657	6.905
TOTAL		51759.060	39597.539	32268.023

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	30793.640	26690.109	29830.989
		Other Income	3409.447	3230.617	2367.219
		TOTAL (A)	34203.087	29920.726	32198.208
Less	EXPENSES
		Consumption materials changes inventories	3615.130	5293.388	16744.433
		Manufacturing service costs	3074.582	1941.184
		Contract cost	82.991	58.298
		Employee related expenses	665.771	438.677
		Administrative selling other expenses	8744.669	10987.970
		Prior period items	0.202	0.171
		TOTAL (B)	16183.345	18719.688	16744.433
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		18019.742	11201.038	15453.775
Less	FINANCIAL EXPENSES (D)		269.673	334.531	235.896
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		11750.069	10866.507	15217.879
Less/ Add	DEPRECIATION/ AMORTISATION (F)		439.733	416.838	357.967
	PROFIT BEFORE TAX (E-F) (G)		17310.336	10449.669	14859.912
Less	TAX (I)		5756.372	3533.370	5048.290
	PROFIT AFTER TAX (G-I) (J)		11553.964	6916.299	9811.622
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		31335.525	25133.782	16831.550
	APPROPRIATIONS
		Transfer to General Reserve	1439.263	714.727	1485.991
		Dividend			20.000
		Tax on Dividend			3.399
	BALANCE CARRIED TO THE B/S		41450.226	31335.525	25133.782
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		14571.819	14068.235
		Dispatch Money Received		1.961	1.915
		Other Earnings		3.063	26.690
	TOTAL EARNINGS		1007.017	14576.843	14096.84
	IMPORTS
		Stores & Spares	NA	3.418	7.774
		Capital Goods	NA	0.000	164.773
	TOTAL IMPORTS		NA	3.418	172.547
	Earnings Per Share (Rs.)		9.42	5.73	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	33.78	23.12	30.47
Net Profit Margin (PBT/Sales)	(%)	56.21	39.15	49.81
Return on Total Assets (PBT/Total Assets}	(%)	33.98	24.88	42.79
Return on Investment (ROI) (PBT/Networth)		0.37	0.29	0.50
Debt Equity Ratio (Total Debt/Networth)		0.09	0.09	0.10
Current Ratio (Current Asset/Current Liability)		15.20	10.74	8.50

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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)	No
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	No
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	Yes
34]	External Agency Rating, if available	No

CONTINGENT LIABILITY:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Bank Guarantee	259.956	131.320
Unexpired Letter of Credit for purchase of Capital goods	537.773	1361.333
Corporate Guarantee ( To Schedule Banks)	853.576	357.976
disputed income tax	Financial Year 2005-06 0.253	Financial Year 2006-07 5.106
Bond executed for purchase of Imported Goods under EPCG License scheme	58.109	67.928

INDEX OF CHARGES

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10196340	02/12/2009	600,000,000.00	CANARA BANK	CANARA BANK, JAIN MARKET, CHAIBASA, Jharkhand - 833201, INDIA	A77044808
2	10139940	10/11/2008	300,000,000.00	CANARA BANK	SADAR BAZAR, CHAIBASA, Jharkhand - 833201, INDIA	A53622353
3	90250809	02/12/2009 *	400,000,000.00	CANARA BANK	CANARA BANK, JAIN MARKET, CHAIBASA, Jharkhand - 833201, INDIA	A77490399
4	90251313	07/03/2006 *	1,500,000,000.00	CANARA BANK	CHAIBASA BRANCH, CHAIBASA, Jharkhand - 833201, INDIA	-
5	90250550	03/05/2005 *	1,500,000,000.00	CANARA BANK	CHAIBASA BRANCH, CHAIBASA, Jharkhand - 833201, INDIA	-

* Date of charge modification

FIXED ASSETS:

• Building and Shed and others
• Coal Shed
• Computer and Peripherals
• Crusher and Screening Plant
• Culvert
• Cycle
• Drill Machines
• Earth Movers
• Electrical and Pipline Fitting
• Office Premises
• Flat and Building
• Furniture and Fixtures
• Internal Road
• Labour Hunting and Shed
• Land Leasehold
• Lorries and Buses
• Motor Cycles and Scooters
• Motorcar and Van
• Plant and Machinery
• Office Equipments
• Railway Rake

PRESS RELEASE:

I-T RAIDS ON RUNGTA MINES OFFICES

SANJAY OJHA, TNN FEB 7, 2012, IST

RANCHI: The income tax department on Monday conducted search on eight office premises of Rungta Mines Limited across the country in connection with illegal mining and tax evasion by the iron ore mining giant.

Rungta Mines is the flagship company of Chaibasa-based RS Rungta Group. The company is one of the biggest mining groups in the country, operating for over six decades mainly in Jharkhand and Odisha The raids started in Chaibasa, Barbil, Bhubaneshwar and Dhenkenal in Orissa and Kolkata and Delhi.

"We had information that the company is involved in largescale illegal mining of iron ore and evades tax. After preliminary investigations, the raids were conducted on Monday at eight locations in the country," said an officer.

"During the search, we have seized a number of incriminating documents from all the company offices which confirm that it has indulged in illegal mining and evaded a huge amount of tax," the officer adding said that a number of bank accounts and related documents were taken into custody for scrutiny. The company has made a huge profit by exporting illegally mined iron ore.

"Till now, we don't have any confirmation about the connection of the company with former chief minister Madhu Koda, who is also from West Singhbum, and illegal iron ore mining that flourished during his tenure as chief minister. We can comment on this only after the scrutiny of documents is completed," said the official.

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.60.82
UK Pound	1	Rs.92.97
Euro	1	Rs.80.73

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	RAJ

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	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	7
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		63

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.