MIRA INFORM REPORT

Report Date :

19.11.2012

IDENTIFICATION DETAILS

Name :	AKTIEBOLAGET SANDVIK MATERIALS TECHNOLOGY

Registered Office :	81181 Sandviken

Country :	Sweden

Financials (as on) :	2011

Date of Incorporation :	11.10.1983

Com. Reg. No.:	5562346832

Legal Form :	Limited Liability Company

Line of Business :	Manufacturer of tubes, pipes, hollow profiles and related fittings, of steel

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
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 – June 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Sweden

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

sweden - ECONOMIC OVERVIEW

Aided by peace and neutrality for the whole of the 20th century, Sweden has achieved an enviable standard of living under a mixed system of high-tech capitalism and extensive welfare benefits. It has a modern distribution system, excellent internal and external communications, and a highly skilled labor force. In September 2003, Swedish voters turned down entry into the euro system concerned about the impact on the economy and sovereignty. Timber, hydropower, and iron ore constitute the resource base of an economy heavily oriented toward foreign trade. Privately owned firms account for vast majority of industrial output, of which the engineering sector accounts for about 50% of output and exports. Agriculture accounts for little more than 1% of GDP and of employment. Until 2008, Sweden was in the midst of a sustained economic upswing, boosted by increased domestic demand and strong exports. This and robust finances offered the center-right government considerable scope to implement its reform program aimed at increasing employment, reducing welfare dependence, and streamlining the state's role in the economy. Despite strong finances and underlying fundamentals, the Swedish economy slid into recession in the third quarter of 2008 and growth continued downward in 2009 as deteriorating global conditions reduced export demand and consumption. Strong exports of commodities and a return to profitability by Sweden''s banking sector drove the strong rebound in 2010, which continued in 2011, and the government is proposing stimulus measures in the 2012 budget to curb the effects of a global economic slowdown and boost employment and growth.

Source : CIA

Company summary

Business Name	Aktiebolaget Sandvik Materials Technology
Country	SWEDEN
Company Registration Number	5562346832
Main Activity	Manufacture of tubes, pipes, hollow profiles and related fittings, of steel
Activity Code	24200
Company Status	Other
Latest Turnover Figure	144.053.000 SEK
Latest Shareholder Equity Figure	-1.657.000 SEK

Financial Information

Profit and Loss
Financial Year	2011	2010	2009
Number of Weeks	52	52	52
Currency	SEK	SEK	SEK
Consolidated Accounts	N	N	N
Revenue	144.053.000	68.884.000	59.335.000
Operating Costs	144.053.000	68.884.000	59.335.000
Operating Profit - - -
Wages & Salaries
Depreciation	-113.423.000	-63.485.000	-53.889.000
Financial Income
Financial Expenses - - -
Extraordinary Income
Extraordinary Costs - - -
Profit before Tax
Tax	-1.578.000	-2.128.000	-1.916.000
Profit after Tax
Minority Interests - - -
Other Appropriations	3.125.000	8.044.000	7.184.000
Retained Profit	1.547.000	5.916.000	5.268.000

Balance Sheet
Financial Year	2011	2010	2009
Number of Weeks	52	52	52
Currency	SEK	SEK	SEK
Consolidated Accounts	N	N	N
Land & Buildings	1.284.769.000	1.270.974.000	1.191.026.000
Plant & Machinery	6.015.000	6.556.000	7.135.000
Other Tangible Assets	230.000.000	180.000.000	0
Total Tangible Assets	1.520.784.000	1.457.530.000	1.198.161.000
Goodwill	0	0	0
Other Intangible Assets	0	0	0
Total Intangible Assets	0	0	0
Loans To Group	0	0	0
Other Loans	0	0	0
Miscellaneous Fixed Assets	0	0	0
Total Other Fixed Assets	0	0	0
TOTAL FIXED ASSETS	1.520.784.000	1.457.530.000	1.198.161.000
Work In Progress	0	0	0
Other Inventories	0	0	0
Total Inventories	0	0	0
Trade Receivables	0	0	0
Group Receivables	0	0	31.000
Miscellaneous Receivables	0	0	68.000
Total Receivables	0	0	99.000
Cash	0	0	0
Other Current Assets	0	0	0
TOTAL CURRENT ASSETS	0	0	99.000
TOTAL ASSETS	1.520.784.000	1.457.529.000	1.198.260.000
Trade Payables	0	0	0
Bank Liabilities	0	0	0
Group Payables	1.482.299.000	1.416.477.000	1.154.518.000
Miscellaneous Liabilities	12.054.000	228.000	0
TOTAL CURRENT LIABILITIES	1.494.353.000	1.416.705.000	1.154.518.000
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	28.088.000	44.029.000	52.863.000
TOTAL LONG TERM LIABILITIES	28.088.000	44.029.000	52.863.000
TOTAL LIABILITIES	1.522.441.000	1.460.733.000	1.207.380.000
Called Up Share Capital	100.000	100.000	100.000
Share Premium	0	0	0
Revenue Reserves	-1.777.000	-3.324.000	-9.240.000
Other Reserves	20.000	20.000	20.000
TOTAL SHAREHOLDERS EQUITY	-1.657.000	-3.204.000	-9.120.000

Other Financials
Contingent Liabilities	0	0	0
Working Capital	-1.494.353.000	-1.416.705.000	-1.154.419.000
Net Worth	-1.657.000	-3.204.000	-9.120.000

Ratios
Pre-Tax Profit Margin
Return On Capital Employed
Return On Total Assets Employed
Return On Net Assets Employed
Sales/Net Working Capital	-0.10	-0.05	-0.05
Stock Turnover Ratio
Debtor Days	0.00	0.00	0.00
Creditor Days	0.00	0.00	0.00
Current Ratio	0.00	0.00	0.00
Liquidity Ratio/Acid Test	0.00	0.00	0.00
Current Debt Ratio	-901.84	-442.17	-126.59
Gearing
Equity In Percentage	-0.11 %	-0.22 %	-0.76 %
Total Debt Ratio	-918.79	-455.91	-132.39

Contact Information

Main Address

Address Country Telephone

Unknown address SWEDEN 026-263000

Other Address

Address Country

No other addresses for this company.

Email Addresses

No information for this company.

Web Pages

www.smt.sandvik.com

Share Capital Structure

Issued Share Capital 100.000 SEK

Directors/Managers

Current Directors
Name	Appointment Date	Position
Lars Ola Salmen	13/03/2012	Actual Member of Board
Jonas Mikael Gustavsson	13/05/2011	Actual Member of Board
Anders Erik Forslund	16/02/2011	Actual Member of Board
Andreas Erik Urban Burman	06/10/2011	Actual Member of Board
Arne Thomas Martensson	13/03/2012	Actual Member of Board
Bo Wilhelm Bostrbm		Actual Member of Board
Mats Walter Lundberg	03/07/2012	Substitute
Tomas Ivar Karnstrbm	20/04/2000	Substitute

Previous Directors
Name	Appointment Date	Position	Resignation Date
Karin Maria Bergman	02/09/2011	Substitute	03/07/2012
Antti Juha Laine	12/08/1998	Actual Member of Board	13/03/2012
Carl Erik Peter Larsson	04/09/2000	Actual Member of Board	13/03/2012
Jan Ake Ohman	03/02/2007	Actual Member of Board	06/10/2011
Lars Anders Sjbden	15/04/2009	Substitute	02/09/2011
Peter Gossas	12/06/2002	Actual Member of Board	13/05/2011
Lars Bengt Olov Wijk	31/10/2003	Actual Member of Board	16/02/2011
Anders Vilhelm Hultkvist	12/08/1998	Substitute	15/04/2009

Group Structure

Ultimate Holding Parent
Ultimate Holding Company Name	Sandvik Aktiebolag
Ultimate Holding Company Country	SWEDEN

Immediate Holding Parent

No information for this company.

Subsidiary Companies

Subsidiary Name Country Number

No subsidiaries for this company.

Affiliates

Affiliate Name Country Number

No affiliates for this company.

Other Information

Employee Information
Year		Number of Employees
2011		0
2010		0
2009		0
2008		0
2007		0

Advisors
Auditor Name		KPMG AB

Additional Information

Tax Registrations
Registered for Tax		Yes
Registered for VAT		No
Registered for Employee Tax		Yes

Certificates
Type	Category	Issuer
No certificate information for this company.

Industry Comparison
Activity Code		24200
Activity Description		Manufacture of tubes, pipes, hollow profiles and related fittings, of steel

Event History

Event Date		Event Description
23/10/2012		Limit, increase
25/07/2012		Annual account, new
04/07/2012		Company representatives, changed
04/07/2012		Authorised signatory, changed
04/07/2012		Board, changed
03/07/2012		Annual report (PDF), new
14/03/2012		Authorised signatory, changed
14/03/2012		Company representatives, changed
14/03/2012		Board, changed
17/01/2012		Board, changed
17/01/2012		Authorised signatory, changed
17/01/2012		Company representatives, changed
26/11/2011		Limit, decrease
06/11/2011		Limit, increase
20/10/2011		Limit, decrease
07/10/2011		Company representatives, changed
07/10/2011		Authorised signatory, changed
07/10/2011		Board, changed
03/09/2011		Company representatives, changed
03/09/2011		Board, changed
03/09/2011		Authorised signatory, changed
08/08/2011		Limit, decrease
08/08/2011		Annual account, new
01/08/2011		Board, changed
19/07/2011		Annual report (PDF), new
08/06/2011		Certificate, deregistered
14/05/2011		Authorised signatory, changed
14/05/2011		Board, changed
14/05/2011		Company representatives, changed
14/05/2011		Limit, decrease
30/04/2011		Limit, increase
09/04/2011		Limit, decrease
29/03/2011		Phone number, changed
17/02/2011		Authorised signatory, changed
17/02/2011		Company representatives, changed
17/02/2011		Board, changed
05/01/2011		Limit, increase
18/12/2010		Limit, decrease
15/12/2010		Limit, increase
24/07/2010		Limit, decrease
19/07/2010		Annual account, new
19/07/2010		Limit, decrease
17/07/2010		Limit, increase
07/07/2010		Annual report (PDF), new
12/06/2010		Limit, decrease
02/06/2010		Limit, increase
05/05/2010		Board, changed
19/03/2010		Company representatives, changed
19/03/2010		Board, changed
19/03/2010		Authorised signatory, changed
26/01/2010		Board, changed
26/01/2010		Authorised signatory, changed
26/01/2010		Company representatives, changed
05/12/2009		Limit, increase
26/11/2009		Limit, decrease
25/06/2009		Annual account, new
25/06/2009		Limit, increase
18/06/2009		Limit, decrease
10/06/2009		Annual report (PDF), new
03/06/2009		Company representatives, changed
03/06/2009		Board, changed
03/06/2009		Authorised signatory, changed
16/05/2009		Limit, increase
01/05/2009		Limit, decrease
25/04/2009		Limit, increase
21/04/2009		Address, changed
16/04/2009		Board, changed
16/04/2009		Authorised signatory, changed
16/04/2009		Company representatives, changed
21/03/2009		Limit, decrease
29/09/2008		Board, changed
22/07/2008		Annual account, new
14/07/2008		Annual report (PDF), new
07/03/2008		Board, changed
07/03/2008		Company representatives, changed
07/03/2008		Authorised signatory, changed
29/02/2008		Authorised signatory, changed
29/02/2008		Company representatives, changed
29/02/2008		Board, changed

Negative Information

Debt balance at the Swedish Enforcement Agency

Number of Private Claims --

Balance of Private Claims --

Number of Public Claims --

Balance of Public Claims --

Total Balance --

Record of non-payment
Number of distraint attempts and repossessions -
Number of public claims	2
Number of private claims	3
Number of applications for an order to pay	1
Number of reclaimed/revoked applications	25

Latest Private Claim
Date	20/08/2012
Amount	90.200 SEK
Creditor	Experis AB
Comments	Decision

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.99
UK Pound	1	Rs.87.21
Euro	1	Rs.70.22

INFORMATION DETAILS

Report Prepared by :

MNL

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	Aktiebolaget Sandvik Materials Technology
Registered Company Name	Aktiebolaget Sandvik Materials Technology
Company Registration Number	5562346832
Country	SWEDEN
VAT Registration Number
Date of Company Registration	11/10/1983
Legal Form	Limited liability company
Company Status	Other
Currency of this Report	SEK
Principal Activity Description	Bolaget skall idka utveckling, tillverkning och fbrsaljning av stal- och andra metall- och metallegeringsprodukter, upplatelser av olika former av licenser hanfbrliga hartill jamte darmed fbrenlig verksamhet.
Contact Address	81181 SANDVIKEN
Contact Telephone Number	026-263000

Activities
Activity Code	Activity Description
24200	Manufacture of tubes, pipes, hollow profiles and related fittings, of steel
24100	Manufacture of basic iron and steel and of ferro-alloys
24450	Other non-ferrous metal production