Resurgere Mines & Minerals India Ltd - 533017

Name of Company	Resurgere Mines & Minerals India Ltd.
BSE Code	533017
NSE Code	RESURGERE
ICICI Code
Established	1987 (As Exfin Shipping)
My Take	Dislike
Headquarters	Mumbai
Promoters
Story	Listed in 2008. IPO price was Rs. 270. Results show a very healthy story – but something feels wrong. They have mining contracts in Odhisha. Exports mainly to China from Vishakapatnam. Announced 2:1 bonus and split of face value from Rs. 10 to 1 in July 2010. Placed successful GDR for $54 mi.
Sector	Mining minerals
Sub-sector	Iron ore, bauxite
Website	http://www.resurgere.in/
Positives
Negatives	5 directors exited the company Pradeep Bishnoi…Appointed Whole Time Director post IPO on 16/10/2008….Resigned  in  eight months 19/6/2009 Aditya Singh…..Appointed Non Executive Independent Director on 16/10/2008…Resigned inside seven months on 8/5/2009 Suresh Kumar Singh….Appointed Non Executive Independent Director on 16/10/2008…Resigned inside eight months on 10/6/2009 I D Agarwal and Burzin Somandy…both  Non Executive Independent Directors resigned in August 2010
Peers	Austral Coke
News
Price @ blogged	0.6 (05-Apr-11)
Cost of company	119.32 Cr market cap for a 27.5 Cr NP in FY ending Mar ' 10 makes it 4.33890909090909 times. This is for a company with 0 Cr debt and 357.65 Cr reserves
Grouping	Fraud
Growth