MIRA INFORM REPORT

Report Date :

24.11.2011

IDENTIFICATION DETAILS

Name :	AURUBIS SWEDEN AB

Registered Office :	72110 Västerås

Country :	Sweden

Financials (as on) :	2010

Date of Incorporation :	27.07.1931

Com. Reg. No.:	5560302480

Legal Form :	Limited Liability Company

Line of Business :	Copper Production

No. of Employees :	211 Persons

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	50.000.000 SEK

Status :	Satisfactory

Payment Behaviour :	No Complaints

Litigation :	Clear

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^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Sweden

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

Company Summary

Business Name	Aurubis Sweden AB
Country	SWEDEN
Company Registration Number	5560302480
Main Activity	Copper production
Activity Code	24440
Company Status	Active
Latest Turnover Figure	1.691.462.000 SEK
Latest Shareholder Equity Figure	66.884.000 SEK
Credit Limit	50.000.000 SEK

Financial Information

Profit and Loss
Financial Year	2010	2009	2008
Number of Weeks	52	52	52
Currency	SEK	SEK	SEK
Consolidated Accounts	N	N	N
Revenue	1.691.462.000	1.209.472.000	2.008.403.000
Operating Costs	1.693.906.000	1.142.653.000	2.117.261.000
Operating Profit	-2.444.000	66.819.000	-108.858.000
Wages & Salaries	-	-	-
Depreciation	-	-	-
Financial Income	229.000	607.000	3.112.000
Financial Expenses	-40.206.000	-30.850.000	-41.193.000
Extraordinary Income	-	-	-
Extraordinary Costs	-40.206.000	-30.850.000	-41.193.000
Profit before Tax	-42.421.000	36.576.000	-146.939.000
Tax	-	194.000	-236.000
Profit after Tax	-42.421.000	36.576.000	-146.939.000
Minority Interests	-	-	-
Other Appropriations	-	-	-
Retained Profit	-42.421.000	36.770.000	-147.175.000

Balance Sheet
Financial Year	2010	2009	2008
Number of Weeks	52	52	52
Currency	SEK	SEK	SEK
Consolidated Accounts	N	N	N
Land & Buildings	24.149.000	25.522.000	26.003.000
Plant & Machinery	117.004.000	119.519.000	121.775.000
Other Tangible Assets	4.968.000	8.682.000	17.614.000
Total Tangible Assets	146.121.000	153.723.000	165.392.000
Goodwill	0	0	0
Other Intangible Assets	197.000	247.000	0
Total Intangible Assets	197.000	247.000	0
Loans To Group	0	0	0
Other Loans	0	0	0
Miscellaneous Fixed Assets	1.276.000	1.276.000	1.082.000
Total Other Fixed Assets	1.276.000	1.276.000	1.082.000
TOTAL FIXED ASSETS	147.594.000	155.246.000	166.474.000
Work In Progress	0	0	0
Other Inventories	226.336.000	169.498.000	184.403.000
Total Inventories	226.336.000	169.498.000	184.403.000
Trade Receivables	221.743.000	198.585.000	295.806.000
Group Receivables	21.730.000	15.027.000	89.232.000
Miscellaneous Receivables	35.687.000	38.388.000	37.056.000
Total Receivables	279.160.000	252.000.000	422.094.000
Cash	446.000	4.094.000	23.241.000
Other Current Assets	0	0	0
TOTAL CURRENT ASSETS	505.942.000	425.592.000	629.738.000
TOTAL ASSETS	653.536.000	580.838.000	796.212.000
Trade Payables	95.490.000	67.403.000	79.438.000
Bank Liabilities	0	0	0
Group Payables	410.990.000	321.064.000	534.493.000
Miscellaneous Liabilities	37.367.000	36.828.000	44.105.000
TOTAL CURRENT LIABILITIES	543.847.000	425.295.000	658.036.000
Bank Liabilities Due After 1 Year	0	0	0
Other Loans Or Finance Due After 1 Year	0	0	0
Group Payables After 1 Year	0	0	0
Miscellaneous Liabilities Due After 1 Year	42.805.000	46.238.000	65.641.000
TOTAL LONG TERM LIABILITIES	42.805.000	46.238.000	65.641.000
TOTAL LIABILITIES	586.652.000	471.533.000	723.677.000
Called Up Share Capital	75.000.000	75.000.000	75.000.000
Share Premium	0	0	0
Revenue Reserves	-23.116.000	19.305.000	-17.465.000
Other Reserves	15.000.000	15.000.000	15.000.000
TOTAL SHAREHOLDERS EQUITY	66.884.000	109.305.000	72.535.000

Other Financials
Contingent Liabilities	1.005.000	1.158.000	1.163.000
Working Capital	-37.905.000	297.000	-28.298.000
Net Worth	66.687.000	109.058.000	72.535.000

Ratios
Pre-Tax Profit Margin	-2.51 %	3.02 %	-7.32 %
Return On Capital Employed	-3.54 %	3.64 %	-10.10 %
Return On Total Assets Employed	-6.49 %	6.30 %	-18.45 %
Return On Net Assets Employed	-63.42 %	33.46 %	-202.58 %
Sales/Net Working Capital	-44.62	4072.30	-70.97
Stock Turnover Ratio	13.38 %	14.01 %	9.18 %
Debtor Days	47.85	59.93	53.76
Creditor Days	20.61	20.34	14.44
Current Ratio	0.93	1.00	0.96
Liquidity Ratio/Acid Test	0.51	0.60	0.68
Current Debt Ratio	8.13	3.89	9.07
Gearing
Equity In Percentage	10.26 %	18.87 %	9.12 %
Total Debt Ratio	8.77	4.31	9.9

Contact Information

Main Address
Address	Country	Telephone
Box 550, 72110 VÄSTERÅS	SWEDEN	021-198000

Other Address
Address	Country
Slottsvägen 1-3, FINSPÅNG 61231	SWEDEN

Email Addresses

No information for this company.

Web Pages

No information for this company.

Share Capital Structure

Issued Share Capital

75.000.000 SEK

Directors/Managers

Current Directors
Name	Appointment Date	Position
Ingman, Ari Juhani	14/09/2011	Actual Member of Board
Inger Mariann Porsander	14/09/2011	Actual Member of Board
Jan Patrik Karlsson	17/05/2004	Employee Representative
Per Erling Thyselius	03/06/2008	Actual Member of Board
Per Manfred Patrik Sivesson	14/09/2011	Actual Member of Board
Per Olov Björklund	16/11/2007	Actual Member of Board
Erik Sakari Lagrén	11/02/2010	Substitute
Olof Jörgen Olsson	03/06/2008	Substitute

Previous Directors
Name	Appointment Date	Position	Resignation Date
Anders Jerker Adeberg	06/10/2006	Actual Member of Board	14/09/2011
Carl Michael Raihle	09/03/2006	Actual Member of Board	14/09/2011
Johan Fredrik Vejgården	02/10/2008	Actual Member of Board	08/08/2011
Axel Anders Emanuel Johansson	05/01/2001	Employee Representative	11/02/2010
Jan Patrik Karlsson	17/05/2004	Substitute	11/02/2010
Lena Marie-Louise Wickman	16/11/2007	Actual Member of Board	03/06/2008
Hans Dick Sixten Carlsson	17/05/2004	Substitute	03/06/2008
John Peter Leesi	09/03/2006	Actual Member of Board	16/11/2007
Anders Roine Tielinen	04/05/2006	Actual Member of Board	16/11/2007

Group Structure

Ultimate Holding Parent
Ultimate Holding Company Name	Cidron International OY
Ultimate Holding Company Country	FINLAND

Other Information

Employee Information
Year	Number of Employees
2010	211
2009	189
2008	269
2007	313
2006	378

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.10
UK Pound	1	Rs.81.30
Euro	1	Rs.70.07

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 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%)

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.

Basic Information
Business Name	Aurubis Sweden AB
Registered Company Name	Aurubis Sweden AB
Company Registration Number	5560302480
Country	SWEDEN
VAT Registration Number	SE556030248001
Date of Company Registration	27/07/1931
Legal Form	Limited liability company
Company Status	Active
Currency of this Report	SEK
Principal Activity Description	Föremål för bolagets verksamhet är att, direkt eller indirekt via dotterbolag, tillverka och försälja metallprodukter i koppar och kopparlegeringar samt idka annan därmed förenlig verksamhet samt arrangemang av internationella transporter och spedition. (Lots of the company is to, directly or indirectly through subsidiaries, manufacture and sell metal products in copper and copper alloys, and performs other related activities and events of international transport and forwarding.)
Contact Address	72110 VÄSTERÅS
Contact Telephone Number	021-198000

Activities
Activity Code	Activity Description
24440	Copper production