MIRA INFORM REPORT

Report Date :

05.04.2012

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) :	31.03.2011
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, Wires, Ribbons etc
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 19000000
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.

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
Restricted	C2
Off-credit	D

INFORMATION PARTED BY

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

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
Sales Office :	Plot 49 and 49B, Sipcot Industrial Complex, Hosur – 635126, Tamil Nadu, India
Tel No.:	91-4344-403500/579
Fax No.:	91-4344-403520
Branch Office :	Located at : Bangalore Chennai Gurgaon Hyderabad Kilkata Patancheru

DIRECTORS

As on 27.09.2011

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	U23200MH1980PTC022646	MOLY COLLOIDS PRIVATE LIMITED	Director	16-05-80	16-05-80	12-07-07	Dormant	NO
2	U15430MH1948PLC006457	CADBURY INDIA LIMITED	Director	02-03-81	02-03-81	31-03-11	Active	NO
3	U29196MH1981PTC024115	EMERSON PROCESS MANAGEMENT (INDIA) PRIVATE LIMITED	Director	25-03-81	25-03-81	22-12-11	Active	NO
4	L29224TN1954PLC000318	CARBORUNDUM UNIVERSAL LIMITED	Director	08-06-83	08-06-83	24-07-08	Active	NO
5	L99999MH1967PLC013726	MERCK LIMITED	Director	17-01-84	17-01-84	-	Active	NO
6	U92110MH1944PTC004242	TWENTIETH CENTURY FOX CORPORATION (INDIA) PRIVATE LIMITED	Director	06-02-85	06-02-85	-	Strike off	NO
7	L28920MH1949PLC006870	BLUE STAR LIMITED	Director	17-06-86	17-06-86	-	Active	NO
8	L99999MH1982PLC026903	SHRENUJ AND COMPANY LIMITED	Director	30-12-88	30-12-88	-	Active	NO
9	U32104KL1981PLC003348	FCI OEN CONNECTORS LIMITED	Alternate director	01-08-11	20-02-89	-	Active	NO
10	U29299PN1960PTC011751	SANDVIK ASIA PRIVATE LIMITED	Director	29-03-89	29-03-89	-	Active	NO
11	U65920MH1995PTC092440	ROMIL FINANCE AND INVESTMENT PRIVATE LIMITED	Director	23-03-96	23-03-96	-	Dissolved	NO
12	U65993MH1996PTC102162	DECAGON INVESTMENTS PRIVATE LIMITED	Director	14-10-96	14-10-96	-	Active	NO
13	U65923MH1996PTC104084	SIDHAM FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	22-03-97	22-03-97	-	Active	NO
14	U67120MH1998FTC113138	SCHENECTADY (INDIA) HOLDINGS PRIVATE LIMITED	Alternate director	31-07-98	31-07-98	23-01-09	Amalgamated	NO
15	L65920MH1994PLC080220	TRANSWARRANTY FINANCE LIMITED	Alternate director	27-12-99	27-12-99	-	Active	NO
16	L72200MH1997PLC110459	BLUE STAR INFOTECH LIMITED	Director	21-01-00	21-01-00	-	Active	NO
17	U65991MH2000PTC126846	INDIA VALUE FUND TRUSTEE COMPANY PRIVATE LIMITED	Director	18-11-09	17-07-00	-	Active	NO
18	U74140KA2000PTC027640	SWISS RE SHARED SERVICES (INDIA) PRIVATE LIMITED	Director	18-08-00	18-08-00	-	Active	NO
19	U22990MH1998PTC115305	MORGAN STANLEY INDIA COMPANY PRIVATE LIMITED	Director	21-06-01	21-06-01	27-10-08	Active	NO
20	U28920MH1999PTC119104	ARMSTRONG WORLD INDUSTRIES (INDIA) PRIVATE LIMITED	Director	11-07-01	11-07-01	-	Active	NO
21	U99999MH2000PLC128110	BIRLA SUN LIFE INSURANCE COMPANY LIMITED	Director	11-09-01	11-09-01	-	Active	NO
22	L24200MH2000PLC123813	SOLVAY PHARMA INDIA LIMITED	Director	16-10-01	16-10-01	-	Amalgamated	NO
23	U74300MH1987PTC044227	REDIFFUSION DENTSU YOUNG AND RUBICAM PRIVATE LIMITED	Director	06-12-01	06-12-01	-	Active	NO
24	U99999MH1963PLC012674	SI GROUP - INDIA LIMITED.	Alternate director	22-01-08	01-01-02	22-01-09	Active	NO
25	U24240MH1995PTC086243	PZ CUSSONS INDIA PRIVATE LIMITED	Alternate director	18-06-10	07-05-02	-	Active	NO
26	L72200MH1994PLC082110	SONATA SOFTWARE LIMITED	Director	30-10-02	30-10-02	-	Active	NO
27	U67200MH2002PTC137954	AON GLOBAL INSURANCE BROKERS PRIVATE LIMITED.	Director	24-02-03	24-02-03	11-10-10	Active	NO
28	U66030TN2001PLC047977	CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LIMITED	Director	14-04-03	14-04-03	20-03-08	Active	NO
29	L24234KA1978PLC003417	BIOCON LIMITED	Director	17-05-03	17-05-03	-	Active	NO
30	U92110MH2003PTC142309	SHOWDIFF WORLDWIDE PRIVATE LIMITED	Director	21-01-04	21-01-04	22-02-10	Active	NO
31	L24222PN1956PLC134746	ELANTAS BECK INDIA LIMITED	Director	01-06-09	05-07-04	-	Active	NO
32	L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	Director	06-07-04	06-07-04	-	Active	NO
33	L85190MH1947PLC005963	WYETH LIMITED	Director appointed in casual vacancy	20-03-09	15-09-04	26-10-09	Active	NO
34	L99999MH1922PLC000987	GREAVES COTTON LIMITED	Director	01-10-04	01-10-04	-	Active	NO
35	L25209MH1976PLC018939	GARWARE WALL ROPES LIMITED	Alternate director	02-12-11	04-12-04	-	Active	NO
36	U74200MH1977PTC020041	UHDE INDIA PRIVATE LIMITED	Alternate director	16-09-11	05-12-04	-	Active	NO
37	U92110MH2003PTC141168	WARNER BROS PICTURES (INDIA) PRIVATE LIMITED	Director	20-01-05	20-01-05	-	Active	NO
38	L24110MH1965PLC013331	RHODIA SPECIALTY CHEMICALS INDIA LIMITED	Alternate director	14-02-05	14-02-05	-	Active	NO
39	U72200MH2005PTC153209	EPITOME GLOBAL SERVICES PRIVATE LIMITED	Director	11-05-05	11-05-05	-	Active	NO
40	U24222MH2005PTC215180	SNOWCEM PAINTS PRIVATE LIMITED	Director	12-09-05	12-09-05	-	Active	NO
41	U67110MH2005PTC157770	MF GLOBAL (INDIA) PRIVATE LIMITED	Director	01-02-06	01-02-06	-	Active	NO
42	U74899MH1994PTC166755	BIRLA SUN LIFE TRUSTEE COMPANY PRIVATE LIMITED	Director	22-02-06	22-02-06	-	Active	NO
43	U63031GA1965PTC000041	CHOWGULE AND COMPANY PRIVATE LIMITED.	Director	23-02-06	23-02-06	-	Active	NO
44	L65990MH1993PLC074306	VAARAD VENTURES LIMITED	Alternate director	19-05-09	31-03-06	29-07-09	Active	NO
45	U29100MH1953PTC009189	JOHN FOWLER (INDIA) PRIVATE LIMITED	Director	26-07-06	26-07-06	-	Active	NO
46	U74140KA2006PTC040274	IVF TRUSTEE COMPANY PRIVATE LIMITED	Director	18-09-06	18-09-06	-	Active	NO
47	U33110MH1957PLC010928	JOHNSON AND JOHNSON LIMITED	Alternate director	28-04-11	03-10-06	-	Active	NO
48	L29299TN1987PLC058738	ESAB INDIA LIMITED	Director	22-04-09	27-10-06	-	Active	NO
49	U34101KA1996PTC020195	MAHINDRA REVA ELECTRIC VEHICLES PRIVATE LIMITED	Director	02-12-06	02-12-06	29-07-10	Active	NO
50	U74140MH1999PTC122493	INGA CAPITAL PRIVATE LIMITED	Director	27-09-07	12-02-07	01-10-09	Active	NO
51	U70100TN2007PLC062429	RAKINDO KOVAI TOWNSHIP LIMITED	Additional director	01-04-07	01-04-07	19-02-08	Active	NO
52	U85199KA2002PTC030218	TTK HEALTHCARE TPA PRIVATE LIMITED	Director	03-04-07	03-04-07	-	Active	NO
53	U85110KA2004PTC034819	SWISS RE HEALTHCARE SERVICES PRIVATE LIMITED	Director	03-04-07	03-04-07	-	Amalgamated	NO
54	U74999PN2007PTC137041	WAVE SUSPENSION SYSTEMS INDIA PRIVATE LIMITED	Director	29-09-08	25-05-07	28-01-11	Active	NO
55	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Alternate director	21-11-08	13-06-07	03-10-11	Active	NO
56	U65993MH2005PTC155362	INDIA DEBT MANAGEMENT PRIVATE LIMITED	Director	17-06-08	24-03-08	17-06-09	Active	NO
57	U65990MH1996PTC100190	MORGAN STANLEY INDIA CAPITAL PRIVATE LIMITED	Director	31-08-09	10-12-08	-	Active	NO
58	U35112MH1994PLC081331	SAMSON MARITIME LIMITED	Director	25-06-10	01-12-09	-	Active	NO
59	U45203PN2007PTC130582	CHOWGULE PORTS AND INFRASTRUCTURE PRIVATE LIMITED	Director	08-07-11	26-07-10	-	Active	NO
60	U45300AP2010PLC070121	L AND T METRO RAIL (HYDERABAD) LIMITED	Director	04-08-11	11-02-11	-	Active	NO
61	L17120MH1990PLC058361	S KUMARS NATIONWIDE LIMITED	Additional director	01-04-11	01-04-11	-	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	13-10-03	13-10-03	19-01-08	Active	NO
2	U29299PN1960PTC011751	SANDVIK ASIA PRIVATE LIMITED	Director	27-09-11	24-08-04	-	Active	NO
3	U29299PN2004PTC018921	SANDVIK MINING AND CONSTRUCTION TOOLS INDIA PRIVATE LIMITED	Director	17-11-04	17-11-04	27-09-11	Active	NO
4	U91110DL2008NPL177380	SWEDISH CHAMBER OF COMMERCE INDIA	Director	29-04-08	29-04-08	-	Active	NO

Name :	Mr. Anders Gosta Thelin
Designation :	Director
Address :	AB Sandvik Coromant, 811-81 Sandviken, Sweden, Sandviken, Sweden - 81181
Date of Birth/Age :	11.11.1950
Date of Appointment :	07.05.1994
DIN :	01454140

Other Directorship

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	30-08-08	13-08-08	26-03-10	Active	NO
2	U29299PN1960PTC011751	SANDVIK ASIA PRIVATE LIMITED	Director	29-09-09	23-06-09	-	Active	NO

Name :	Mr. Olaf Bertil Faxander
Designation :	Director
Address :	Polismyndigheten I, Sweden, Stockholms Lan, Stockholms – 700519
Date of Birth/Age :	19.05.1970
Date of Appointment :	28.06.2011
DIN :	03557497

Other Directorship

Name :	Mr. Ajay Waman Sambrani
Designation :	Managing director
Address :	A6/426, Apartment, Gurudwara Road, Bodakdev, Ahemedabad – 380054, Gujarat, India
Date of Birth/Age :	24.01.1966
Date of Appointment :	27.09.2011
DIN :	03630635

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	U29299PN2004PTC018921	SANDVIK MINING AND CONSTRUCTION TOOLS INDIA PRIVATE LIMITED	Director	27-09-11	27-09-11	-	Active	NO
2	U29299PN1960PTC011751	SANDVIK ASIA PRIVATE LIMITED	Managing director	27-09-11	27-09-11	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sathey
Designation :	Finance Department
Name :	Mr. Kirankumar Yashwantrai Acharya
Designation :	Secretary
Address :	2, Swikar Tenament, Drive In Road, Ahmedabad – 380054, Gujarat, India
Date of Birth/Age :	22.02.1961
Date of Appointment :	25.05.2009
PAN No.:	AAJPA2208B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2011

Equity Shares

Names of Shareholders	No. of Shares
Sandvik AB, Sweden	1801241
Sandvik Finance BV, Sweden	125000
Sandvik Far East Limited AB, Sweden	1
Industri AB Skomab, Sweden	1
Sandvik Invest AB, Sweden	1
SETP Invest AB, Sweden	1
AB Sandvik Teknik, Sweden	1
Total	1926246

Preference Shares

Names of Shareholders	No. of Shares
Sandvik AB, Sweden	14229000
Sandvik Finance BV, Sweden	73558700
Sandvik Heating Technology AB, Sweden	3144565
Total	90932265

As on 27.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
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

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS AS ON 31.03.2011

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	12.00
Sandvik Coromant Tools,Wear resisting Parts and similar products, mining and construction tools	No's in Millions	1.48	1.48	1.46
Taps and solid carbide drills	No's in Millions	1.26	0.83	0.60
Hydrogen gas	CU mtrs	700000	700000	--
Cobalt Metal and Compounds	Tones	70	70	64.40
Thermostatic bimetal/strip	Tones	100	--	26.00
High resistance electrical wires, strips and ribbons	Tones	600	200	176.10
Bimetal components, Heating elements and terminal rods	Nos.	@	@	1332753
Hot extruded steel pipes	Tones	--	10000	6922.00
Recycling of inserts	Tones	750	750	461.80

@ There is no separate licensed and installed capacity.

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

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

· HSBC Bank

Facilities :

SECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Working Capital Loan Secured (Secured against book debts and inventory) (repayable within a year 613.166 millions)	(A) 613.166	(B) 457.668
TOTAL	613.166	457.668
Note: (A) Secured against book debts and inventory (repayable within a year 613.166 millions) (B) Secured against book debts and inventory (repayable within a year 457.668 millions)
UNSECURED LOAN	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Short term loans and advances
Working Capital Loans Unsecured	(A) 200.964	(B) 1072.735
(repayable within a year 1072.735 millions- ( 1072.735 millions))
Rupee Term Loan Bank Unsecured	0.000	100.000
Other Debts Unsecured	490.964	495.528
TOTAL	691.928	1668.263
Note: (A) Repayable within a year 200.964 millions (B) Repayable within a year 1072.735 millions

Banking Relations :	--
Auditors :
Name :	Juzer Shabbir Miyajiwala Chartered Accountants
Address :	Pune, Maharashtra, India
PAN No.:	AAAFB9852F
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
Fellow Subsidiaries:	Argentina · Sandvik Argentina S.A. Australia · Sandvik Australia Pty Limited · Sandvik Mining and Construction Adelaide Limited · Sandvik Mining and Construction Australia Pty Limited · Sandvik RC Tools Australia Pty Limited Austria · Sandvik Mining and Construction G.m.b.H. · Sandvik Mining and Construction Materials Handling GmbH Belgium · Sandvik Benelux B. V. Brazil · Sandvik do Brasil S.A. · Sandvik Materials Technology do Brasil S.A · Sandsvik MGS S.A. · Sandvik Mining and Construction do Brasil S.A. Canada · Sandvik Canada, Inc. · Sandvik Materials Technology Canada · Sandvik Mining and Construction Canada Inc. · Sandvik SMC Loaders Burlington 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 Hongkong Limited Sandvik Mining and Constructuion (china ) Company Limited · Sandvik Mining and Constructuion Trading (Shanghai ) Company Limited · Sandvik Process Systems ( Shanghai) Limited Sandvik Sales and Trade (shanghai ) Company Limited · Sandvik Tooling production ( Lungfang ) Company Limited Czech Republic · Sandvik Chomutov Precision Tubes Spol. s.r.o. Finland · Sandvik Mining and Construction OY · Sandvik SMC Breakers Lahti · SMC Hollola PU France · Gunther Tools S.A.S. · Sandvik Mining and Construction Lyon S.A.S. · Sandvik Hard Materials S.A.S · Safety Production S.A.S. · Sandvik Mining and Construction France S.A.S. · Sandvik Mining and Construction Chanuy Germany · Walter AG · Sandvik Tooling Deutschland GmbH · Prototyp-Werke GmbH · 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 Tooling Supply Schmalklden 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 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 Mexico · Sandvik De Mexico S.A. de C.V. · Sandvik Mining and Construction De Mexico S.A. de C.V New Zeland · Sandvik New Zealand Limited Norway · Teeness ASA Peru · Sandvik del Perú S.A. Philippines · Sandvik Tamrock (Philippines), Inc. · Sandvik Philippines Inc. Russian Federation · Sandvik Mining and Construction CIS LLC Singapore · Sandvik South East Asia Pte. Limited · Asia Pacific Distribution Center (APDC) · Sandvik Mining and Construction S.E.A. Pte. Limited South Africa · Sandvik (Pty) Limited · Sandvik Mining and Construction RSA (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 · Seco Tools · Dormer Tools AB · Sandvik Invest AB · Sandvik Heating Technology AB · Sandvik SRP AB Switzerland · Santrade Limited Taiwan · Sandvik Hard Materials Taiwan Pty. Limited · Sandvik Taiwan Limited Thailand · Sandvik Thailand Limited Turkey · Sandvik E.M.S. Ticaret A.S. UK · Dormer Tools (UK) · Sandvik Osprey Limited · Sandvik Saxon · Sandvik Bioline UK · SHM Powder Production UK · SHM Coventry UK · Sandvik Coromant UK · Sandvik Mining and Construction (UK ) Limited · Sandvik heating Technology UK ( formerly known as Kanthal UK) · Sandvik Mining and Construction Mobile Crushers and Screens Limited (Formerly known as Extec Screens and Crushers Limited) United Arab Emirates · Sandvik Middle East FZE USA · Sandvik Hard Materials US · SHM US - PU · Sandvik Coromant US · America Distribution Center · Sandvik Materials Technology Company · Sandvik MGT · Driltech Company · SMC Region USA / Canada · Sandvik Mining and Construction USA LLC · Sandvik Medical Solutions Tennessee · Sandvik Special Metals LLC · Sandvik Palm Coast Zambia · Sandvik Mining and Constructions Zambia Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

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		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1149.116	1149.116	1154.484
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3633.938	3170.829	3022.406
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		4783.054	4319.945	4176.890
LOAN FUNDS
1] Secured Loans		613.166	457.668	850.000
2] Unsecured Loans		691.928	1668.263	2694.252
TOTAL BORROWING		1305.094	2125.931	3544.252
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		6088.148	6445.876	7721.142
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2857.439	3115.442	3493.625
Capital work-in-progress		419.326	387.334	466.160
INVESTMENT		20.250	20.250	105.250
DEFERREX TAX ASSETS		391.472	324.541	212.803
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3277.476	2032.629	2958.310
	Sundry Debtors	2357.078	2140.258	2136.876
	Cash & Bank Balances	370.642	192.280	429.903
	Other Current Assets	294.290	422.576	129.250
	Loans & Advances	1222.530	1212.135	1344.402
Total Current Assets		7522.016	5999.878	6998.741
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3306.728	2155.101	2886.583
	Other Current Liabilities	1069.351	655.333	340.986
	Provisions	746.276	591.135	327.868
Total Current Liabilities		5122.355	3401.569	3555.437
Net Current Assets		2399.661	2598.309	3443.304
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6088.148	6445.876	7721.142

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales		12344.072	2827.794
		Service Income		0.000	184.150
		Other Income		0.000	827.787
		TOTAL (A)		12344.072	13839.731
Less	EXPENSES
		Manufacturing Expenses		11863.205	13053.016
		TOTAL (B)		11863.205	13053.016
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		NA	480.867	786.715
Less	FINANCIAL EXPENSES (D)			NA	215.184
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			480.867	571.531
Less/ Add	DEPRECIATION/ AMORTISATION (F)			NA	750.997
	PROFIT BEFORE TAX (E-F) (G)		1002.283	480.867	(179.466)
Less	TAX (I)		293.069	149.812	(64.860)
	PROFIT AFTER TAX (G-I) (J)		709.214	331.055	(114.606)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		2704.345	2550.660	2687.647
Less	APPROPRIATIONS
		Transfer to General Reserve	71.000	35.000	0.000
		Preference Shares Dividend	0.000	0.000	19.130
		Preference Shares Dividend (including dividend distribution tax and education cess)	22.233	22.307	0.000
		Tax on Preference Shares Dividend	0.000	0.000	3.251
		Dividend on Equity Shares	0.000	0.000	0.000
		Dividend on Equity Shares (including dividend distribution tax and education cess)	223.872	120.063	0.000
		Tax on Dividend on Equity Shares	0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		3096.454	2704.345	2550.660
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		4456.971	5946.066
		Commission Earnings		415.714	372.037
		Other Earnings		4.015	2.083
	TOTAL EARNINGS		9012.000	4876.700	6320.186
	IMPORTS
		Raw Materials	NA	1984.976	3941.191
		Stores & Spares		95.961	263.064
		Capital Goods		231.387	525.119
		Traded Goods		1890.681	2398.777
	TOTAL IMPORTS		NA	4203.005	7128.151
	Earnings Per Share (Rs.)		--	156.30	(69.20)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	2.68	(0.82)
Net Profit Margin (PBT/Sales)	(%)	NA	3.89	(1.39)
Return on Total Assets (PBT/Total Assets}	(%)	9.33	5.27	(1.71)
Return on Investment (ROI) (PBT/Networth)		0.21	0.11	(0.04)
Debt Equity Ratio (Total Liability/Networth)		1.34	1.27	1.70
Current Ratio (Current Asset/Current Liability)		1.47	1.76	1.96

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	Yes
5) Type of Business	Yes
6) Line of Business•	Yes
7) Promoter’s background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last two years	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	No
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
23) Banking Details	Yes
24) Banking facility details	No
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

Contingent Liability:

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010
Disputed income tax	272.432	267.699
Disputed excise demands	0.914	0.914
Disputed liability relating to employees and other staff	0.000	1.607
Contingent liability in foreign exchange	13.254	5.757

Bankers Charges Report as per Registry

Corporate identity number of the company	U29299PN1960PLC011751
Name of the company	SANDVIK ASIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Sandvik Coromant, Mumbai – Pune Road, Dapodi, Pune - 411012, Maharashtra
This form is for	Creation of charge
Type of charge	Book Debts Movable Property
Particular of charge holder	CITIBANK N.A, 2413, Parmar House, East Street Camp, Pune 411001, Maharashtra, India Email: vinod.raghavan@citi.com
Nature of instrument creating charge	Joint Deed of Hypothecation
Date of instrument Creating the charge	09.07.2008
Amount secured by the charge	Rs.1000.000 Millions
Brief 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 or asset(s) charged (including complete address and location of the property)	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.

FIXED ASSETS:

· Land

· Office and Factory Building

· Plant and Machinery

· Furniture and Fittings

· Office Equipments

· Vehicle

· Technical Know How

· Brand Rhino

· Brand Widia

· Goodwill

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.51.04
UK Pound	1	Rs.81.08
Euro	1	Rs.67.39

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.