MIRA INFORM REPORT

Report Date :

22.09.2011

IDENTIFICATION DETAILS

Name :	SANDVIK ASIA PRIVATE LIMITED (w.e.f. 15.03.2010)
Formerly Known As :	SANDVIK ASIA LIMITED
Registered Office :	Sandvik Coromant, Mumbai – Pune Road, Dapodi, Pune - 411012, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	08.07.1960
Com. Reg. No.:	11-011751
Capital Investment / Paid-up Capital :	Rs.1149.116 Millions
CIN No.: [Company Identification No.]	U29299PN1960PTC011751
TAN No.: [Tax Deduction & Collection Account No.]	PNES00125G / PNES09024B
PAN No.: [Permanent Account No.]	AACCS6638K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of tungsten carbide tools, rock processing equipments, thermostatic electrical bimetal strips, wires, ribbons, heating elements, cold finished tubes/pipes and manufacturing of hot extruded seamless stainless steel tubes/pipes.
No. of Employees :	1500 [Approximately]

RATING & COMMENTS

MIRA’s Rating :

A (64)

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 17200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal for 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.

INFORMATION PARTED BY

Name :	Mr. Sathey
Designation :	Finance Department
Contact No.:	91-20-27104800
Date :	20.09.2011

LOCATIONS

Registered Office :	Sandvik Coromant, Mumbai – Pune Road, Dapodi, Pune – 411012, Maharashtra, India
Tel. No.:	91-20-27146800 / 27104800 / 725
Fax No.:	91-20-27149370 / 27145022 / 736
E-Mail :	accounts@sandvik.com Kiran.acharya@sandvik.com
Website :	http://www.sandvik.com
Location :	Owned
Branches :	Located at : Bangalore Chennai Gurgaon Hyderabad Kilkata Patancheru

DIRECTORS

AS ON 31.03.2010

Name :

Mr. Ajitkumar D Jadhav

Designation :

Director

Address :

409, Shakala, Maharshi Karve Road, Churchgate, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

20.02.1947

Date of Appointment :

23.06.2009

DIN :

02071304

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U67120UP1987PLC008909	SAHARA INDIA FINANCIAL CORPORATION LIMITED	Director	30/08/2008	13/08/2008	26/03/2010	Active	NO
2	U29299PN1960PTC011751	SANDVIK ASIA Private Limited	Director	29/09/2009	23/06/2009	-	Active	NO

Name :

Mr. Suresh N Talwar

Designation :

Director

Address :

100000, Shiv Shanti Bhavan, 146, Maharshi Karve Road, Churchgate, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

21.11.1937

Date of Appointment :

29.03.1989

DIN :

00001456

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U15430MH1948PLC006457	CADBURY INDIA LIMITED	Director	2/3/1981	2/3/1981	31/03/2011	Active	NO
2	U29196MH1981PTC024115	EMERSON PROCESS MANAGEMENT (INDIA) PRIVATE LIMITED	Director	25/03/1981	25/03/1981	-	Active	NO
3	L29224TN1954PLC000318	CARBORUNDUM UNIVERSAL LIMITED	Director	8/6/1983	8/6/1983	24/07/2008	Active	NO
4	L99999MH1967PLC013726	MERCK LIMITED	Director	17/01/1984	17/01/1984	-	Active	NO
5	U92110MH1944PTC004242	TWENTIETH CENTURY FOX CORPORATION (INDIA) PRIVATE LIMITED	Director	6/2/1985	6/2/1985	-	Strike off	NO
6	L28920MH1949PLC006870	BLUE STAR LIMITED	Director	17/06/1986	17/06/1986	-	Active	NO
7	L99999MH1982PLC026903	SHRENUJ AND COMPANY LIMITED	Director	30/12/1988	30/12/1988	-	Active	NO
8	U32104KL1981PLC003348	FCI OEN CONNECTORS LIMITED	Alternate director	1/8/2011	20/02/1989	-	Active	NO
9	U29299PN1960PTC011751	SANDVIK ASIA Private Limited	Director	29/03/1989	29/03/1989	-	Active	NO
10	U65920MH1995PTC092440	ROMIL FINANCE AND INVESTMENT PRIVATE LIMITED	Director	23/03/1996	23/03/1996	-	Dissolved	NO
11	U65993MH1996PTC102162	DECAGON INVESTMENTS PRIVATE LIMITED	Director	14/10/1996	14/10/1996	-	Active	NO
12	U65923MH1996PTC104084	SIDHAM FINANCE & INVESTMENTS PRIVATE LIMITED	Director	22/03/1997	22/03/1997	-	Active	NO
13	U67120MH1998FTC113138	SCHENECTADY (INDIA) HOLDINGS PRIVATE LIMITED	Alternate director	31/07/1998	31/07/1998	23/01/2009	Active	NO
14	L65920MH1994PLC080220	TRANSWARRANTY FINANCE LIMITED	Alternate director	27/12/1999	27/12/1999	-	Active	NO
15	L72200MH1997PLC110459	BLUE STAR INFOTECH LIMITED	Director	21/01/2000	21/01/2000	-	Active	NO
16	U65991MH2000PTC126846	INDIA VALUE FUND TRUSTEE COMPANY Private LIMITED	Director	18/11/2009	17/07/2000	-	Active	NO
17	U74140KA2000PTC027640	SWISS RE SHARED SERVICES (INDIA) PRIVATE LIMITED	Director	18/08/2000	18/08/2000	-	Active	NO
18	U22990MH1998PTC115305	MORGAN STANLEY INDIA COMPANY PRIVATE LIMITED	Director	21/06/2001	21/06/2001	27/10/2008	Active	NO
19	U28920MH1999PTC119104	ARMSTRONG WORLD INDUSTRIES (INDIA) PRIVATE LIMITED	Director	11/7/2001	11/7/2001	-	Active	NO
20	U99999MH2000PLC128110	BIRLA SUN LIFE INSURANCE COMPANY LIMITED	Director	11/9/2001	11/9/2001	-	Active	NO
21	L24200MH2000PLC123813	SOLVAY PHARMA INDIA LIMITED	Director	16/10/2001	16/10/2001	-	Amalgamated	NO
22	U74300MH1987PTC044227	REDIFFUSION DENTSU YOUNG AND RUBICAM PRIVATE LIMITED	Director	6/12/2001	6/12/2001	-	Active	NO
23	U99999MH1963PLC012674	SI GROUP - INDIA LIMITED.	Alternate director	22/01/2008	1/1/2002	22/01/2009	Active	NO
24	U24240MH1995PTC086243	PZ CUSSONS INDIA PRIVATE LIMITED	Alternate director	18/06/2010	7/5/2002	-	Active	NO
25	L72200MH1994PLC082110	SONATA SOFTWARE LIMITED	Director	30/10/2002	30/10/2002	-	Active	NO
26	U67200MH2002PTC137954	Aon Global Insurance Brokers Private Limited.	Director	24/02/2003	24/02/2003	11/10/2010	Active	NO
27	U66030TN2001PLC047977	CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LIMITED	Director	14/04/2003	14/04/2003	20/03/2008	Active	NO
28	L24234KA1978PLC003417	BIOCON LIMITED	Director	17/05/2003	17/05/2003	-	Active	NO
29	U92110MH2003PTC142309	SHOWDIFF WORLDWIDE PRIVATE LIMITED	Director	21/01/2004	21/01/2004	22/02/2010	Active	NO
30	L24222PN1956PLC134746	ELANTAS Beck India Limited	Director	1/6/2009	5/7/2004	-	Active	NO
31	L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	Director	6/7/2004	6/7/2004	-	Active	NO
32	L85190MH1947PLC005963	WYETH LIMITED	Director appointed in casual vacancy	20/03/2009	15/09/2004	26/10/2009	Active	NO
33	L99999MH1922PLC000987	GREAVES COTTON LIMITED	Director	1/10/2004	1/10/2004	-	Active	NO
34	L25209MH1976PLC018939	GARWARE WALL ROPES LIMITED	Alternate director	4/9/2010	4/12/2004	-	Active	NO
35	U74200MH1977PTC020041	UHDE INDIA PRIVATE LIMITED	Alternate director	5/12/2004	5/12/2004	-	Active	NO
36	U92110MH2003PTC141168	WARNER BROS PICTURES (INDIA) PRIVATE LIMITED	Director	20/01/2005	20/01/2005	-	Active	NO
37	L24110MH1965PLC013331	Rhodia Specialty Chemicals India Limited	Alternate director	14/02/2005	14/02/2005	-	Active	NO
38	U72200MH2005PTC153209	EPITOME GLOBAL SERVICES PRIVATE LIMITED	Director	11/5/2005	11/5/2005	-	Active	NO
39	U24222MH2005PTC215180	SNOWCEM PAINTS PRIVATE LIMITED	Director	12/9/2005	12/9/2005	-	Active	NO
40	U67110MH2005PTC157770	MF Global (India) Private Limited	Director	1/2/2006	1/2/2006	-	Active	NO
41	U74899MH1994PTC166755	BIRLA SUN LIFE TRUSTEE COMPANY PRIVATE LIMITED	Director	22/02/2006	22/02/2006	-	Active	NO
42	U63031GA1965PTC000041	CHOWGULE AND COMPANY Private LIMITED.	Director	23/02/2006	23/02/2006	-	Active	NO
43	L65990MH1993PLC074306	Vaarad Ventures Limited	Alternate director	19/05/2009	31/03/2006	29/07/2009	Active	NO
44	U29100MH1953PTC009189	JOHN FOWLER (INDIA) PRIVATE LIMITED	Director	26/07/2006	26/07/2006	-	Active	NO
45	U74140KA2006PTC040274	IVF TRUSTEE COMPANY PRIVATE LIMITED	Director	18/09/2006	18/09/2006	-	Active	NO
46	U33110MH1957PLC010928	JOHNSON AND JOHNSON LIMITED	Alternate director	28/04/2011	3/10/2006	-	Active	YES
47	L29299TN1987PLC058738	ESAB INDIA LIMITED	Director	22/04/2009	27/10/2006	-	Active	NO
48	U34101KA1996PTC020195	Mahindra Reva Electric Vehicles Private Limited	Director	2/12/2006	2/12/2006	29/07/2010	Active	NO
49	U74140MH1999PTC122493	COLLINS STEWART INGA PRIVATE LIMITED	Director	27/09/2007	12/2/2007	1/10/2009	Active	NO
50	U70100TN2007PLC062429	RAKINDO KOVAI TOWNSHIP LIMITED	Additional director	1/4/2007	1/4/2007	19/02/2008	Active	NO
51	U85110KA2004PTC034819	SWISS RE HEALTHCARE SERVICES PRIVATE LIMITED	Director	3/4/2007	3/4/2007	-	Amalgamated	NO
52	U85199KA2002PTC030218	TTK Healthcare TPA Private Limited	Director	3/4/2007	3/4/2007	-	Active	NO
53	U74999PN2007PTC137041	WAVE Suspension Systems India Private Limited	Director	29/09/2008	25/05/2007	28/01/2011	Active	NO
54	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Alternate director	21/11/2008	13/06/2007	-	Active	NO
55	U65993MH2005PTC155362	INDIA DEBT MANAGEMENT Private LIMITED	Director	17/06/2008	24/03/2008	17/06/2009	Active	NO
56	U65990MH1996PTC100190	Morgan Stanley India Capital Private Limited	Director	31/08/2009	10/12/2008	-	Active	NO
57	U35112MH1994PLC081331	SAMSON MARITIME LIMITED	Director	25/06/2010	1/12/2009	-	Active	NO
58	U45203PN2007PTC130582	CHOWGULE PORTS & INFRASTRUCTURE PRIVATE LIMITED	Director	8/7/2011	26/07/2010	-	Active	NO
59	U45300AP2010PLC070121	L&T METRO RAIL (HYDERABAD) LIMITED	Additional director	11/2/2011	11/2/2011	-	Active	NO
60	L17120MH1990PLC058361	S KUMARS NATIONWIDE LIMITED	Additional director	1/4/2011	1/4/2011	-	Active	NO

Name :

Mr. Karl Hakan Solve Kingstedt

Designation :

Director

Address :

7, Aundh, NCL Road, Pune - 411007, Maharashtra, India

Date of Birth/Age :

14.11.1950

Date of Appointment :

24.08.2004

DIN :

01453878

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L29199GJ1974PLC002574	EIMCO ELECON (INDIA ) LIMITED	Director	13/10/2003	13/10/2003	19/01/2008	Active	NO
2	U29299PN1960PTC011751	SANDVIK ASIA Private Limited	Managing director	24/08/2004	24/08/2004	-	Active	NO
3	U29299PN2004PTC018921	SANDVIK MINING AND CONSTRUCTION TOOLS INDIA Private Limited	Director	17/11/2004	17/11/2004	-	Active	NO
4	U91110DL2008NPL177380	Swedish Chamber of Commerce India	Director	29/04/2008	29/04/2008	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sathey
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2009

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie’s Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	97.35
Bodies corporate	0.03
Directors or relatives of Directors	0.80
Others	1.77
Nationalised or other banks	0.05
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of tungsten carbide tools, rock processing equipments, thermostatic electrical bimetal strips, wires, ribbons, heating elements, cold finished tubes/pipes and manufacturing of hot extruded seamless stainless steel tubes/pipes.

Products:

ITC Code:	Product Description:
8207 / 8466	Interchangeable tools for hand tools etc.
8209	Plates, sticks, tips

PRODUCTION STATUS AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Tungsten Carbide products including integral Rock Drill Steels, Bits,Detachable Bits, Extension Drill Steel Equipments, Inserts Tips, Dies, Nibs and other applications	Tonnes No’s in Millions	258	258	5.0
Sandvik Coromant Tools,Wear resisting Parts and similar products, mining and construction tools	No's in Millions	1.48	1.48	0.88
Taps and solid carbide drills	No's in Millions	0.54	0.54	0.25
Hydrogen gas	CU mtrs	700000	700000	--
Cobalt Metal and Compounds	Tones	70	70	67.3
Thermostatic bimetal/strip	Tones	100	--	34.1
High resistance electrical wires, strips and ribbons	Tones	600	200	167.6
Bimetal components, Heating elements and terminal rods	Nos	@	@	2092277
Hot extruded steel pipes	Tones	--	10000	4755
Recycling of inserts	Tones	750	750	243.9

@ There is no separate licensed and installed capacity.

GENERAL INFORMATION

No. of Employees :

1500 [Approximately]

Banker :

· The Hong Kong And Shanghai Banking Corporation Limited, 52/60; Mahatma Gandhi Road, Fort, Mumbai - 400001, Maharashtra, India

· Citi Bank N A., 2413, Parmar House, East Street Camp, Pune 411001, Maharashtra, India

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
- From Banks	457.668	850.000
(Secured against book debts and inventory) (repayable within a year 457.668 millions)
TOTAL	457.668	850.000
UNSECURED LOAN	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Short term loans and advances
- From Banks	1072.735	1734.242
(repayable within a year 1072.735 millions- (2009: 1734.242 millions))
Other loans and advances
- From banks	100.000	600.000
- From others	495.528	360.010
TOTAL	1668.263	2694.252

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountant
Address :	703, 7^th Floor, Godrej Castlemaine, Bund Garden Road, Pune 411001, Maharashtra, India
Holding Company:	Sandvik AB, Sweden
Subsidiaries :	Sandvik Mining and Construction Tools India Private Limited (formerly Sandvik Mining and Construction Tools India Limited) CIN No.: U29299PN2004PTC018921
Affiliates / Fellow Subsidiaries:	Argentina · Sandvik Argentina S.A. Australia · Sandvik Australia Pty Limited · SMC Australia UDR PU · Sandvik Mining and Construction Adelaide Limited · Sandvik Mining and Construction Australia Pty Limited Austria · Sandvik Mining and Construction G.m.b.H. · Sandvik Mining and Construction Materials Handling GmbH Brazil · Sandvik do Brasil S.A. · Sandvik Materials Technology do Brasil S.A · Sandvik Mining and Construction do Brasil S.A. Canada · Sandvik Canada, Inc. · Sandvik Materials Technology Canada SU · Sandvik Materials Technology Canada PU · Sandvik Mining and Construction Canada Inc. Chile · Sandvik Chile S.A. · Sandvik Mining and Construction Chile SA. China · Sandvik (Qingdao) Limited · Sandvik Materials Technology (China) Limited · Sandvik International Trading (Shanghai) Company Limited · Sandvik Mining and Construction Wuxi Czech Republic · Sandvik Chomutov Precision Tubes Spol. s.r.o. Finland · SMC Region SEM, Turkey · Sandvik Mining and Construction OY · Sandvik SMC Breakers Lahti · Sandvik Mining and Construction Finland Oy · SMC Hollola PU France · Gunther Tools S.A.S. · Sandvik Mining and Construction Lyon S.A.S. · Sandvik Materials Technology Precitube · Sandvik Hard Materials S.A.S Germany · Walter AG · Sandvik Tooling Deutschland GmbH · Prototyp-Werke GmbH · Sandvik Tooling Deutschland GmbH, ZN Sandvik Tooling Supply Renningen · Sandvik Materials Technology Deutschland GmbH, ZN Sandvik Surface Solutions · Sandvik Wire and Heating Technology ZN der SMT Deutschland GmbH · Sandvik Mining and Construction Central Europe GmbH · Sandvik Materials Technology Deutschland GmbH, ZN Sandvik Process Systems · Sandvik Materials Technology Deutschland GmbH, ZN Sandvik P and P · Sandvik Tooling Deutschland GmbH, BU Sandvik Coromant · Sandvik Materials Technology Deutschland GmbH, BU Sandvik Materials Technology (Sales) · Sandvik Mining and Construction Materials Handling GmbH Holland · Sandvik Finance BV Hongkong · Sandvik Hongkong Limited India · Walter Tools India Private Limited · Seco Tools India Private Limited Indonesia · P.T. Sandvik Indonesia · PT Sandvik Mining and Construction Indonesia Ireland · Sandvik Mining and Construction Logistics Limited · Fintec Crushing and Screening Limited Italy · Sandvik Italia S.p.A. · Dormer Italia S.p.A. Japan · Sandvik KK · Sandvik Mining and Construction Japan K. K. · Sandvik Tooling Supply Japan K.K. Korea · Sandvik Korea Limited · Sandvik Suhjun Limited Malaysia · Sandvik Malaysia Sdn Bhd · Sandvik Mining and Construction (M) Sdn Bhd Middle East · Sandvik Middle East Netherlands Sandvik DC Venlo B.V. New Zeland · Sandvik New Zealand Limited Peru · Sandvik del Perú S.A. Philippines · Sandvik Tamrock (Philippines), Inc. Singapore · Sandvik South East Asia Pte. Limited · Asia Pacific Distribution Center (APDC) · Kanthal Electroheat (S.E.A) Pte Limited · Sandvik Mining and Construction S.E.A. Pte. Limited South Africa · Sandvik (Pty) Limited · Sandvik Mining and Construction RSA (Pty) Limited · Sandvik Mining and Construction Delmas Pty Limited Spain · Sandvik Española S.A. Sweden · AB Sandvik Coromant · Sandvik Tooling Sverige AB · Sandvik Mining and Construction Tools AB · Sandvik Mining and Construction Köping AB · AB Sandvik Hard Materials · AB Sandvik Materials Technology · Wire Sandviken AB · AB Sandvik Process Systems · Sandvik IT Services AB · Sandvik Mining and Construction AB · Sandvik Mining and Construction Sverige AB · Sandvik Materials Technology EMEA AB · Sandvik Systems Development AB · Sandvik Rotary Tools AB · Dormer Tools AB · Sandvik Heating Technology AB · Sandvik SRP AB Switzerland · Sandvik AG · Santrade Limited Taiwan · Sandvik Hard Materials Taiwan Pty. Limited UK · Sandvik Tooling Supply GB · Sandvik Holdings Limited · Dormer Tools (UK) · Kanthal UK · Extec Screens and Crushers Limited · Sandvik Osprey Ltd · Sandvik Materials Technology UK · Sandvik Saxon · Sandvik Bioline UK · SHM Powder Production UK · SHM Coventry UK USA · Sandvik Medical Solutions Alabama · Sandvik Hard Materials US · SHM US - PU · Valenite LLC · Sandvik Coromant US · Sandvik Coromant Production US · America Distribution Center · Tooling Supply Westminster · Sandvik Materials Technology Company · Kanthal Palm Coast · Sandvik MGT · Driltech Company · SMC Region USA / Canada · Sandvik Mining and Construction USA LLC

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.100 each	Rs. 200.000 millions
87788000	2% Redeemable Cumulative Preference Shares	Rs. 10 each	Rs. 877.880 millions
3145000	2% Redeemable Cumulative Preference Shares	Rs. 25 each	Rs. 78.625 millions
1232000	9% Redeemable Cumulative Preference Shares	Rs. 25 each	Rs. 30.800 millions
	Total		Rs.1187.305 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1926246	Equity Shares	Rs.100 each	Rs.192.625 millions
87787700	2% redeemable cumulative preference shares of Rs.10 each, fully paid up (Redeemable at par after completion of fifteen years from the date of issue,i.e. 11 February 2003. The Company has an option to call for an early redemption of the said shares, wholly or partly, after completion of 5 years from the date of issue, which has not been exercised as of date.)	Rs. 10 each	Rs.877.877 millions
3144565	2% redeemable cumulative preference shares of Rs.25 each, fully paid up (Redeemable at par after completion of fifteen years from the date of issue, i.e. 11 February 2003. The Company has an option to call for an early redemption of the said shares, wholly or partly, after completion of 5 years from the date of issue, which has not been exercised as of date)	Rs. 25 each	Rs.78.614 millions
	Total		Rs. 1149.116 millions

Issued, subscribed and paid up includes

Equity Shares:

36,000 (2009: 36,000) equity shares of Rs.100 each (allotted as fully paid-up for consideration received other than in cash).

125,000 (2009: 125,000) equity shares of Rs.100 each fully paid up (alloted to Sandvik Finance BV pursuant to the scheme of amalgamation of Titex India Private Limited with the Company).

1,734,869 (2009: 1,734,869) equity shares of Rs. 100 each (allotted as fully paid-up bonus shares by capitalisation of the general reserve).

1,801,246 (2009: 1,801,246) equity shares of Rs.100 each fully paid up held by Sandvik AB, Sweden, the holding company

Preference Shares:

87,787,700 (2009: 87,787,700) 2% redeemable cumulative preference shares of Rs.10 each, 3,144,565 (2009: 3,144,565) 2% redeemable cumulative preference shares of Rs.25 each (were alloted pursuant to the scheme of amalgamation of erstwhile Sandvik Steel Asia Private Limited and erstwhile Kanthal India Limited with the Company).

14,229,000 (2009: 14,229,000) 2% redeemable cumulative preference shares of Rs.10 each are held by Sandvik AB Sweden, the holding company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1149.116	1154.484	1154.484
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3170.829	3022.406	3159.393
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4319.945	4176.890	4313.877
LOAN FUNDS
1] Secured Loans		457.668	850.000	0.000
2] Unsecured Loans		1668.263	2694.252	1305.946
TOTAL BORROWING		2125.931	3544.252	1305.946
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		6445.876	7721.142	5619.823
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3115.442	3493.625	2878.238
Capital work-in-progress		387.334	466.160	586.745
INVESTMENT		20.250	105.250	20.250
DEFERREX TAX ASSETS		324.541	212.803	125.852
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2032.629	2958.310	3007.890
	Sundry Debtors	2140.258	2136.876	2111.401
	Cash & Bank Balances	192.280	429.903	246.288
	Other Current Assets	422.576	129.250	18.334
	Loans & Advances	1212.135	1344.402	1086.431
Total Current Assets		5999.878	6998.741	6470.344
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2155.101	2886.583	3516.547
	Other Current Liabilities	655.333	340.986	484.158
	Provisions	591.135	327.868	460.901
Total Current Liabilities		3401.569	3555.437	4461.606
Net Current Assets		2598.309	3443.304	2008.738
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6445.876	7721.142	5619.823

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Sales	12344.072	12827.794	11191.842
		Service Income	0.000	184.150	174.137
		Other Income	0.000	827.787	915.163
		TOTAL (A)	12344.072	13839.731	12281.142
Less	EXPENSES
		Manufacturing Expenses	11863.205	13053.016	10712.704
		TOTAL (B)	11863.205	13053.016	10712.704
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		480.867	786.715	1568.438
Less	FINANCIAL EXPENSES (D)		NA	215.184	53.631
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		480.867	571.531	1514.807
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	750.997	602.009
	PROFIT BEFORE TAX (E-F) (G)		480.867	(179.466)	912.798
Less	TAX (I)		149.812	(64.860)	277.220
	PROFIT AFTER TAX (G-I) (J)		331.055	(114.606)	635.578
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2550.660	2687.647	2260.271
Less	APPROPRIATIONS
		Transfer to General Reserve	35.000	0.000	70.000
		Preference Shares Dividend	0.000	19.130	19.130
		Preference Shares Dividend (including dividend distribution tax and education cess)	22.307	0.000	0.000
		Tax on Preference Shares Dividend	0.000	3.251	3.251
		Dividend on Equity Shares	0.000	0.000	98.997
		Dividend on Equity Shares (including dividend distribution tax and education cess)	120.063	0.000	0.000
		Tax on Dividend on Equity Shares	0.000	0.000	16.824
	BALANCE CARRIED TO THE B/S		2704.345	2550.660	2687.647
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	4456.971	5946.066	5957.614
		Commission Earnings	415.714	372.037	306.790
		Other Earnings	4.015	2.083	3.928
	TOTAL EARNINGS		4876.700	6320.186	6268.332
	IMPORTS
		Raw Materials	1984.976	3941.191	4123.691
		Stores & Spares	95.961	263.064	306.895
		Capital Goods	231.387	525.119	804.082
		Traded Goods	1890.681	2398.777	1833.898
	TOTAL IMPORTS		4203.005	7128.151	7068.566
	Earnings Per Share (Rs.)		156.30	(69.20)	309.70

Particulars	31.03.2011
Sales Turnover [Approximately]	13500.000

The above information has been parted by Mr. Sathey [Finance Department].

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	2.68	(0.82)	5.17
Net Profit Margin (PBT/Sales)	(%)	3.89	(1.39)	8.15
Return on Total Assets (PBT/Total Assets}	(%)	5.27	(1.71)	9.76
Return on Investment (ROI) (PBT/Networth)		0.11	(0.04)	0.21
Debt Equity Ratio (Total Liability/Networth)		1.27	1.70	1.33
Current Ratio (Current Asset/Current Liability)		1.76	1.96	1.45

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details :

Rs.in millions

PARTICULARS	31.03.2010	31.03.2009	31.03.2008
-- Dues to Micro and Small enterprises under MSMED Act, 2006	18.049	6.500	0.947
-- Other sundry creditors	2137.052	2880.083	3515.600
Total	2155.101	2886.583	3516.547

Background

Subject (formerly Sandvik Asia Limited) was incorporated on 8 July 1960 under the Companies Act, 1956 as a subsidiary of Sandvik AB. Sandvik AB is a body corporate registered in Sweden and having its registered office in Sandviken. Sandvik Asia Private Limited has its primary work location and registered office at Pune and additional manufacturing work locations at Chiplun (Maharashtra), Mehsana (Gujarat), Patancheru (Andhra Pradesh) and Hosur (Tamil Nadu) in India. The Company’s principal activities comprise manufacturing and trading of tungsten carbide tools, rock processing equipments, thermostatic electrical bimetal strips, wires, ribbons, heating elements, cold finished tubes/pipes and manufacturing of hot extruded seamless stainless steel tubes/pipes.

Profitability:

Sandvik Asia continues to be a significant source of high quality products for the Sandvik Group. During the year, the Company’s net sales amounted to Rs. 11,341 Million compared to Rs. 12,828 Million in the year 2008-09. The result before tax for the year 2009-10 was profit before tax of Rs.481 Million as against loss of Rs. 179 Million in the earlier year.

Developments:

System 21 for Sandvik Mining and Construction, India Sales Unit was implemented from 2nd April .With the new ERP system, there will be better integration between the order Desk, Logistics and Finance processes. The Drill Rig- DD210L, a low profile single boom electro hydraulic drilling machine for underground mining application was successfully assembled and lunched. Sandvik Mining and Construction participated in STONA- the International

Granite and Natural Stones Exhibition 2010: Sandvik Booth received a favourable response from visitors and the company finalized order for number of High value equipments. A new function – Tooling Engineering Centre (TEC) was inaugurated in Pune on July 1. The TEC will support all product areas within Sandvik Tooling with engineering services and will be part of Sandvik Tooling Competence Centre for CAD/CAM/CAE. ‘Goransson Centrum’ was inaugurated in Pune on 4th September 2009. It is another milestone towards employee welfare. The community centre has an employee club with world class health and welfare facility for Dining, Indoor-Sports, Gymnasium, and Library and is planning for a future Crèche.

Achievements:

Sandvik Tooling Supply India, celebrated its out going quality level as per the Spot Check results of international benchmarking. The inserts and TCC (Tooling catridge center) have achieved the highest ever spot check score in the year 2009. SMC Supply Chain PU Chiplun has developed and implemented the technology of carbide separation from dull tools. This unit is already certified for all the three certifications: ISO 9001, ISO 14001 and OHSAS 18001 in its first year of operations in 2009. Patancheru PU was conferred with SA8000 Social Accountability certification–a significant step for global Sandvik operations.

The first Gyratory Crusher supplied for iron ore application by Sandvik in India for Tata Steel Limited (Client) has been commissioned on load. SMT was successful in closing a major deal with Bharat Heavy Electrical Ltd., Ranipet for a large order of ESP wire. The entire volume will be invoiced in this calender year. With this order, SMT Sales is one step ahead in our BRIC 2010 plans with strong presence in energy segment. PU Mehsana Tube Mill handed over a modernised production unit to Sandvik global process on February 25th, 2009. The unit will be a key supplier to central stocks of tubes and pipes in Europe. In this regards, first order has been received by PU Mehsana from ST (European Stock).

FIXED ASSETS:

· Land

· Office and Factory Building

· Plant and Machinery

· Furniture and Fittings

· Office Equipments

· Vehicle

· Technical Know How

· Brand Rhino

· Brand Widia

· Goodwill

FORM 8:

This form is for	Creation of charge
Corporate identity number of the company	U29299PN1960PLC011751
Name of the company	SANDVIK ASIA LIMITED
Address of the registered office or of the principal place of business in India of the company	Pune - 411012, Maharashtra, India
Type of charge	Book Debts Movable Property
Particular of charge holder	CITIBANK N.A Address: 2413, Parmar House, East Street Camp, Pune 411001, Maharashtra, India Email: vinod.raghavan@citi.com
Nature of description of the instrument creating or modifying the charge	Joint Deed of Hypothecation
Date of instrument Creating the charge	09.07.2008
Amount secured by the charge	Rs.1000.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As notified by the banks in their sanction letters Terms of Repayment As notified by the banks in their sanction letters Margin As notified in the sanction letters of the respective banks Extent and Operation of the charge Parri passu first charge on all the hypothecated assets of the company. Others Charge created for the fund based credit facilities provided by the banks.
Short particulars of the property charged	All the present and future stocks of finished goods, raw materials and work in progress of the borrower. All the present and future book debts, outstanding monies, receivables, claims and bills which are now due and owing and which may at any time hereafter during the continuance of security become due and owing to the Borrower in the course of business.

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Construction of the firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoters background	-
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of contact person	Yes
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	Yes
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	-
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	Yes
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	-
Last accounts filed at ROC	-
Major Shareholders, if applicable	-

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 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.47.89
UK Pound	1	Rs.75.30
Euro	1	Rs.65.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		64

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.