MIRA INFORM REPORT

Report Date :

30.12.2013

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) :	31.03.2013
Date of Incorporation :	08.07.1960
Com. Reg. No.:	11-011751
Capital Investment / Paid-up Capital :	Rs.1149.000 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 and Trader 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 :	Information Decline by the management

RATING & COMMENTS

MIRA’s Rating :

A (61)

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 31000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a subsidiary of ‘Sandvik AB’, Sweden. It a well-established company having a fine track record. There appears dip in the profit of the company during 2013. However, the financial position of the company is good. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating=AA
Rating Explanation	Have high degree of safety and carry very low credit risk.
Date	22.01.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating=A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	22.01.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	Sandvik Coromant, Mumbai – Pune Road, Dapodi, Pune – 411 012, Maharashtra, India
Tel. No.:	91-20-27146800 / 27104800 / 725
Fax No.:	91-20-27149370 / 27145022 / 736/ 27104800
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 – 635 126, Tamilnadu, 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 27.09.2013

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 No.:

03630635

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29299PN2004PTC018921	SANDVIK MINING AND CONSTRUCTION TOOLS INDIA PRIVATE LIMITED	Director	27/09/2011	27/09/2011	Amalgamated	NO
2	U29299PN1960PTC011751	SANDVIK ASIA PRIVATE LIMITED	Managing director	27/09/2011	27/09/2011	Active	NO
3	U91110DL2008NPL177380	SWEDISH CHAMBER OF COMMERCE INDIA	Director	17/05/2012	17/05/2012	Active	NO
4	U29220PN2008PTC132855	DORMER TOOLS INDIA PRIVATE LIMITED	Director	30/09/2013	10/12/2012	Active	NO
5	U91100KA2012NPL063245	INDIAN CUTTING TOOL MANUFACTURERS' ASSOCIATION	Director	19/04/2013	19/04/2013	Active	NO
6	U51504PN2003PTC018195	WALTER TOOLS INDIA PRIVATE LIMITED	Director	28/09/2013	22/08/2013	Active	NO
7	U28932PN1996PTC016924	SECO TOOLS INDIA PRIVATE LIMITED	Director	30/09/2013	25/09/2013	Active	NO

Name :

Mr. Suresh Narsappa 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 No.:

00001456

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U23200MH1980PTC022646	MOLY COLLOIDS PRIVATE LIMITED	Director	16/05/1980	16/05/1980	12/07/2007	Active In Progress	NO
2	U15430MH1948PLC006457	CADBURY INDIA LIMITED	Director	02/03/1981	02/03/1981	31/03/2011	Active	NO
3	U29196MH1981PTC024115	EMERSON PROCESS MANAGEMENT (INDIA) PRIVATE LIMITED	Director	25/03/1981	25/03/1981	22/12/2011	Active	NO
4	L29224TN1954PLC000318	CARBORUNDUM UNIVERSAL LIMITED	Director	08/06/1983	08/06/1983	24/07/2008	Active	NO
5	L99999MH1967PLC013726	MERCK LIMITED	Director	17/01/1984	17/01/1984	-	Active	NO
6	U92110MH1944PTC004242	TWENTIETH CENTURY FOX CORPORATION (INDIA) PRIVATE LIMITED	Director	06/02/1985	06/02/1985	-	Strike off	NO
7	L28920MH1949PLC006870	BLUE STAR LIMITED	Director	17/06/1986	17/06/1986	22/07/2013	Active	NO
8	L99999MH1982PLC026903	SHRENUJ AND COMPANY LIMITED	Director	30/12/1988	30/12/1988	-	Active	NO
9	U32104KL1981PLC003348	FCI OEN CONNECTORS LIMITED	Alternate director	23/03/2013	20/02/1989	-	Active	NO
10	U29299PN1960PTC011751	SANDVIK ASIA PRIVATE LIMITED	Director	29/03/1989	29/03/1989	-	Active	NO
11	U63070MH1991PTC060790	S&M AGENCIES PRIVATE LIMITED CN	Director	22/03/1991	22/03/1991	-	Under liquidation	NO
12	U65920MH1995PTC092440	ROMIL FINANCE AND INVESTMENT PRIVATE LIMITED	Director	23/03/1996	23/03/1996	-	Dissolved	NO
13	U65993MH1996PTC102162	DECAGON INVESTMENTS PRIVATE LIMITED	Director	14/10/1996	14/10/1996	-	Active	NO
14	U65923MH1996PTC104084	SIDHAM FINANCE & INVESTMENTS PRIVATE LIMITED	Director	22/03/1997	22/03/1997	-	Active	NO
15	U67120MH1998FTC113138	SCHENECTADY (INDIA) HOLDINGS PRIVATE LIMITED	Alternate director	31/07/1998	31/07/1998	23/01/2009	Amalgamated	NO
16	L65920MH1994PLC080220	TRANSWARRANTY FINANCE LIMITED	Alternate director	27/12/1999	27/12/1999	-	Active	NO
17	L72200MH1997PLC110459	BLUE STAR INFOTECH LIMITED	Director	21/01/2000	21/01/2000	-	Active	NO
18	U65991MH2000PTC126846	INDIA VALUE FUND TRUSTEE COMPANY PRIVATE LIMITED	Director	18/11/2009	17/07/2000	-	Active	NO
19	U74140KA2000PTC027640	SWISS RE SHARED SERVICES (INDIA) PRIVATE LIMITED	Director	18/08/2000	18/08/2000	-	Active	NO
20	U22990MH1998PTC115305	MORGAN STANLEY INDIA COMPANY PRIVATE LIMITED	Director	21/06/2001	21/06/2001	27/10/2008	Active	NO
21	U28920MH1999PTC119104	ARMSTRONG WORLD INDUSTRIES (INDIA) PRIVATE LIMITED	Director	11/07/2001	11/07/2001	-	Active	NO
22	U99999MH2000PLC128110	BIRLA SUN LIFE INSURANCE COMPANY LIMITED	Director	11/09/2001	11/09/2001	02/07/2013	Active	NO
23	L24200MH2000PLC123813	SOLVAY PHARMA INDIA LIMITED	Director	16/10/2001	16/10/2001	-	Amalgamated	NO
24	U74300MH1987PTC044227	REDIFFUSION DENTSU YOUNG AND RUBICAM PRIVATE LIMITED	Director	06/12/2001	06/12/2001	-	Active	NO
25	U99999MH1963PLC012674	SI GROUP - INDIA LIMITED.	Alternate director	22/01/2008	01/01/2002	22/01/2009	Active	NO
26	U24240MH1995PTC086243	PZ CUSSONS INDIA PRIVATE LIMITED	Alternate director	25/05/2013	07/05/2002	-	Active	NO
27	L72200MH1994PLC082110	SONATA SOFTWARE LIMITED	Director	30/10/2002	30/10/2002	-	Active	NO
28	U67200MH2002PTC137954	AON GLOBAL INSURANCE BROKERS PRIVATE LIMITED.	Director	24/02/2003	24/02/2003	11/10/2010	Active	NO
29	U66030TN2001PLC047977	CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LIMITED	Director	14/04/2003	14/04/2003	20/03/2008	Active	NO
30	L24234KA1978PLC003417	BIOCON LIMITED	Director	17/05/2003	17/05/2003	-	Active	NO
31	U92110MH2003PTC142309	SHOWDIFF WORLDWIDE PRIVATE LIMITED	Director	21/01/2004	21/01/2004	22/02/2010	Active	NO
32	L24222PN1956PLC134746	ELANTAS BECK INDIA LIMITED	Director	01/06/2009	05/07/2004	-	Active	NO
33	L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	Director	06/07/2004	06/07/2004	-	Active	NO
34	L85190MH1947PLC005963	WYETH LIMITED	Director appointed in casual vacancy	20/03/2009	15/09/2004	26/10/2009	Active	NO
35	L99999MH1922PLC000987	GREAVES COTTON LIMITED	Director	01/10/2004	01/10/2004	30/07/2013	Active	NO
36	L25209MH1976PLC018939	GARWARE WALL ROPES LIMITED	Alternate director	02/12/2011	04/12/2004	27/10/2012	Active	NO
37	U74200MH1977PTC020041	UHDE INDIA PRIVATE LIMITED	Alternate director	16/09/2011	05/12/2004	-	Active	NO
38	U92110MH2003PTC141168	WARNER BROS PICTURES (INDIA) PRIVATE LIMITED	Director	20/01/2005	20/01/2005	-	Active	NO
39	L24110MH1965PLC013331	RHODIA SPECIALTY CHEMICALS INDIA LIMITED	Director	23/08/2013	14/02/2005	-	Active	NO
40	U72200MH2005PTC153209	EPITOME GLOBAL SERVICES PRIVATE LIMITED	Director	11/05/2005	11/05/2005	-	Active	NO
41	U24222MH2005PTC215180	SNOWCEM PAINTS PRIVATE LIMITED	Director	12/09/2005	12/09/2005	-	Active	NO
42	U67110MH2005PTC157770	PHILLIP (INDIA) PRIVATE LIMITED	Director	01/02/2006	01/02/2006	-	Active	NO
43	U74899MH1994PTC166755	BIRLA SUN LIFE TRUSTEE COMPANY PRIVATE LIMITED	Director	22/02/2006	22/02/2006	-	Active	NO
44	U63031GA1965PTC000041	CHOWGULE AND COMPANY PRIVATE LIMITED.	Director	23/02/2006	23/02/2006	-	Active	NO
45	L65990MH1993PLC074306	VAARAD VENTURES LIMITED	Alternate director	19/05/2009	31/03/2006	29/07/2009	Active	NO
46	U65999MH1953PTC009189	JOHN FOWLER (INDIA) PRIVATE LIMITED	Director	26/07/2006	26/07/2006	28/10/2013	Active	NO
47	U74140KA2006PTC040274	IVF TRUSTEE COMPANY PRIVATE LIMITED	Director	18/09/2006	18/09/2006	-	Active	NO
48	U33110MH1957PLC010928	JOHNSON AND JOHNSON LIMITED	Alternate director	27/06/2012	03/10/2006	28/11/2013	Active	NO
49	L29299TN1987PLC058738	ESAB INDIA LIMITED	Director	22/04/2009	27/10/2006	-	Active	NO
50	U34101KA1996PTC020195	MAHINDRA REVA ELECTRIC VEHICLES PRIVATE LIMITED	Director	02/12/2006	02/12/2006	29/07/2010	Active	NO
51	U74140MH1999PTC122493	INGA CAPITAL PRIVATE LIMITED	Director	27/09/2007	12/02/2007	01/10/2009	Active	NO
52	U70100TN2007PLC062429	RAKINDO KOVAI TOWNSHIP LIMITED	Additional director	01/04/2007	01/04/2007	19/02/2008	Active	NO
53	U85199KA2002PTC030218	VIDAL HEALTH TPA PRIVATE LIMITED	Director	03/04/2007	03/04/2007	-	Active	NO
54	U85110KA2004PTC034819	SWISS RE HEALTHCARE SERVICES PRIVATE LIMITED	Director	03/04/2007	03/04/2007	-	Amalgamated	NO
55	U74999PN2007PTC137041	WAVE SUSPENSION SYSTEMS INDIA PRIVATE LIMITED	Director	29/09/2008	25/05/2007	28/01/2011	Active	NO
56	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Alternate director	21/11/2008	13/06/2007	03/10/2011	Active	NO
57	U65993MH2005PTC155362	INDIA DEBT MANAGEMENT PRIVATE LIMITED	Director	17/06/2008	24/03/2008	17/06/2009	Active	NO
58	U65990MH1996PTC100190	MORGAN STANLEY INDIA CAPITAL PRIVATE LIMITED	Director	31/08/2009	10/12/2008	-	Active	NO
59	U35112MH1994PLC081331	SAMSON MARITIME LIMITED	Director	25/06/2010	01/12/2009	-	Active	NO
60	U45203PN2007PTC130582	CHOWGULE PORTS & INFRASTRUCTURE PRIVATE LIMITED	Director	08/07/2011	26/07/2010	-	Active	NO
61	U45300AP2010PLC070121	L&T METRO RAIL (HYDERABAD) LIMITED	Director	04/08/2011	11/02/2011	-	Active	NO
62	L17120MH1990PLC058361	S KUMARS NATIONWIDE LIMITED	Additional director	01/04/2011	01/04/2011	26/11/2012	Active	NO
63	L99999MH1986PLC041612	SUNSHIELD CHEMICALS LIMITED	Director	23/08/2013	27/12/2012	-	Active	NO
64	U65999MH1996PTC195393	PHILLIP FINANCE & INVESTMENT SERVICES INDIA PRIVATE LIMITED	Director	31/07/2013	31/07/2013	-	Active	NO

Name :

Mr. Ajitkumar Daulatrao Jadhav

Designation :

Director

Address :

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

Date of Birth/Age :

20.02.1947

Date of Appointment :

29.09.2009

DIN No.:

02071304

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP 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. Olaf Bertil Faxander

Designation :

Director

Address :

Polismyndigheten I, Sweden, Stockholms Lan, Stockholms – 700519

Date of Birth/Age :

19.05.1970

Date of Appointment :

27.09.2011

DIN No.:

03557497

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29299PN1960PTC011751	SANDVIK ASIA PRIVATE LIMITED	Director	27/09/2011	28/06/2011	Active	NO

Name :

Mr. Gary Hughes

Designation :

Director

Address :

Bachplein 13, 1077 GH, Amsterdam Woonardes, Amsterdam, Netherlands 1077

Date of Birth/Age :

11.11.1950

Date of Appointment :

27.09.2013

DIN No.:

06468612

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U29299PN1960PTC011751	SANDVIK ASIA PRIVATE LIMITED	Director	27/09/2013	29/10/2012	Active	NO

KEY EXECUTIVES

Name :	Ms. Nisha Laxmidas Hindocha
Designation :	Secretary
Address :	B/B/93, Mahavir Park, Behind Big Bazar, Pune Satara Road, Pune – 411 037, Maharashtra, India
Date of Birth/Age :	10.11.1980
Date of Appointment :	14.08.2013
PAN No.:	ABWPH4412N

MAJOR SHAREHOLDERS

AS ON 27.09.2013

Names of Equity Shareholders	No. of Shares
Sandvik AB, Sweden	1801241
Sandvik Finance BV, Sweden	595700
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	2396946

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

Equity Share Break up (Percentage of Total Equity)

AS ON 27.09.2013

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Trader 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 31.03.2011)

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

No. of Employees :

Information Decline by the management

Bankers :

· 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 LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Other related party
Term loan from bank* (Secured against book debts and inventory)	35.000	33.000
Short Term Borrowings
Loans from banks* (secured against book debts and inventory)	441.000	389.000
Total	476.000	422.000

NOTES:

Long Term Borrowings:

* Loan from Bank is a foreign currency buyers credit loan taken from HSBC bank during the financial year 2011-12 which carries interest at LIBOR + 0.5%. Loan will be due for repayment on 8 July 2014.

Short Term Borrowings

* Loans from banks include buyers credit and PCFC loans in foreign currency with interest rates ranging between LIBOR plus 0.5% to 1%.

These loans are repayable on their respective due dates.

Banking Relations :	--
Auditors :
Name :	B S R and Company Chartered Accountants
Address :	1^st Floor, Lodha Excelus Apollo Mills, Compound, N M Joshi Marg, Mahalaxmi, Mumbai – 400 011, Maharashtra, India
Tel. No.:
PAN No.:	AAAFB9852F
Holding Company :	· Sandvik AB
Subsidiaries :	· Sandvik Mining and Construction Tools India Private Limited
Fellow Subsidiaries :	ARGENTINA · Sandvik Argentina S.A. AUSTRALIA · Sandvik Australia Pty Limited · Sandvik Mining and Construction Adelaide Ltd · Sandvik Mining and Construction Australia Pty Limited AUSTRIA · Sandvik in Austria Ges.m.b.H. · 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 · Sandvik Mining and Construction do Brasil S.A. CANADA · Production Unit in North Bay · Sandvik Canada, Inc. · Sandvik Materials Technology Canada SU · 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 Hongkong Limited · Sandvik International Trading (Shanghai) Company Limited · Sandvik Materials Technology (China) Limited · Sandvik Mining and Construction (China) Company Limited · Sandvik Mining and Construction Trading (Shanghai) Company Limited · Sandvik Process Systems (Shanghai) Limited · Sandvik Sales and Trade (Shanghai) Company Limited · Sandvik Tooling Production (Langfang) Company Limited COLOMBIA · Sandvik Colombia S.A.S. CZECH REPUBLIC · Sandvik Chomutov Precision Tubes Spol. s.r.o. FINLAND · Sandvik Mining and Construction OY · SMC Hollola PU FRANCE · Gunther Tools S.A.S. · Sandvik Hard Materials S.A.S · Sandvik Materials Technology France S.A.S. · Sandvik Materials Technology Precitube · Sandvik Mining and Construction Chauny · Sandvik Mining and Construction France S.A.S. · Sandvik Mining and Construction Lyon S.A.S. GERMANY · Prototyp-Werke GmbH · Sandvik Materials Technology Deutschland GmbH, · ZN Sandvik P and P · Sandvik Materials Technology Deutschland GmbH, · ZN Sandvik Process Systems · Sandvik Materials Technology Deutschland GmbH, · ZN Sandvik Surface Solutions · Sandvik Mining and Construction Central Europe GmbH · Sandvik Mining and Construction Crushing Technology GmbH · Sandvik Mining and Construction Europe GmbH · Sandvik Tooling Deutschland GmbH · Sandvik Tooling Deutschland GmbH, BU Sandvik Coromant · Sandvik Tooling Supply Schmalkalden, · Zweigniederlassung der Sandvik Tooling Deutschland GmbH INDIA · Seco Tools · Walter Tools India Private Limited INDONESIA · P.T. Sandvik Indonesia IRELAND · Sandvik Mining and Construction Logistics Limited ITALY · Dormer Italia S.p.A. · Sandvik Italia S.p.A. JAPAN · Sandvik KK · Sandvik Tooling Supply Japan K.K. KOREA (SOUTH) · 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 ZEALAND · Sandvik New Zealand Limited NORWAY · Teeness ASA PERU · Sandvik del Peru S.A. PHILIPPINES · Sandvik Philippines Inc. RUSSIAN FEDERATION · Sandvik Mining and Construction CIS LLC SINGAPORE · Asia Pacific Distribution Center (APDC) · Sandvik Mining and Construction S.E.A. Pte. Limited · Sandvik South East Asia Pte. Limited SOUTH AFRICA · Sandvik (Pty) Limited · Sandvik Mining and Construction Delmas Pty Limited · Sandvik Mining and Construction RSA (Pty) Limited SPAIN · Sandvik Espanola S.A. SWEDEN · AB Sandvik Coromant · AB Sandvik Hard Materials · AB Sandvik Materials Technology · AB Sandvik Process Systems · Dormer Tools AB · Sandvik Besoks Service AB · Sandvik Heating Technology AB · Sandvik Intellectual Property AB · Sandvik IT Services AB · Sandvik Machining Solutions AB · Sandvik Machining Solutions Sverige AB · Sandvik Materials Technology EMEA AB · Sandvik Mining and Construction AB · Sandvik Mining and Construction Koping AB · Sandvik Mining and Construction Sverige AB · Sandvik Mining and Construction Tools AB · Sandvik SRP AB · Wire Sandviken AB SWITZERLAND · Santrade Limited TAIWAN · Sandvik Hard Materials Taiwan Limited · Sandvik Taiwan Limited THAILAND · Sandvik Thailand Limited TURKEY · Sandvik E.M.S. Ticaret A.S. UK · Dormer Tools Limited · Sandvik Bioline UK · Sandvik Coromant UK · Sandvik Medical Solutions - European Operations · Sandvik Mining and Construction Mobile Crushers · and Screens Limited · Sandvik Osprey Limited · Sandvik Saxon · Sandvik Tooling Supply GB · SHM Coventry UK · SHM Powder Production UK UNITED ARAB EMIRATES · Sandvik Middle East FZE UNITED STATES · ADC ( AMERICAN DISTRIBUTION CENTRE · Driltech Company · Sandvik Finance B.V. · Sandvik Hard Materials US · Sandvik Materials Technology Company · Sandvik MGT · Sandvik Mining and Construction USA LLC · Sandvik Palm Coast Production Unit · Sandvik Special Metals LLC · SHM US - PU · SMC Region USA / Canada ZAMBIA · Sandvik Mining and Construction Zambia Limited

CAPITAL STRUCTURE

AS ON 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.100/- each	Rs.1000.000 Millions
87788000	Preference Shares	Rs.10/- each	Rs.877.880 Millions
3145000	Preference Shares	Rs.25/- each	Rs.78.625 Millions
1232000	Preference Shares	Rs.25/- each	Rs.30.800 Millions
	Total		Rs.1987.305 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2396946	Equity Shares	Rs.100/- each	Rs.239.695 Millions
87787700	Preference Shares	Rs.10/- each	Rs.877.877 Millions
3144565	Preference Shares	Rs.25/- each	Rs.78.614 Millions
	Total		Rs.1196.186 Millions

AFTER 27.09.2013

Authorised Capital : Rs.1187.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.1149.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1149.000	1149.000	1149.000
(b) Reserves & Surplus	4734.000	4293.000	3634.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	2001.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	7884.000	5442.000	4783.000
(3) Non-Current Liabilities
(a) long-term borrowings	535.000	33.000	491.000
(b) Deferred tax liabilities (Net)	17.000	0.000	0.000
(c) Other long term liabilities	0.000	16.000	15.000
(d) long-term provisions	633.000	640.000	431.000
Total Non-current Liabilities (3)	1185.000	689.000	937.000
(4) Current Liabilities
(a) Short term borrowings	810.000	1818.000	814.000
(b) Trade payables	3726.000	4044.000	3307.000
(c) Other current liabilities	1354.000	1817.000	1053.000
(d) Short-term provisions	868.000	345.000	315.000
Total Current Liabilities (4)	6758.000	8024.000	5489.000
TOTAL	15827.000	14155.000	11209.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3681.000	3093.000	2832.000
(ii) Intangible Assets	115.000	155.000	25.000
(iii) Capital work-in-progress	276.000	498.000	351.000
(iv) Intangible assets under development	59.000	0.000	0.000
(b) Non-current Investments	0.000	20.000	20.000
(c) Deferred tax assets (net)	672.000	457.000	391.000
(d) Long-term Loan and Advances	820.000	397.000	411.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	5623.000	4620.000	4030.000
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3498.000	4119.000	3277.000
€ Trade receivables	3215.000	3111.000	2357.000
(d) Cash and cash equivalents	1821.000	418.000	371.000
€ Short-term loans and advances	1519.000	1376.000	880.000
(f) Other current assets	151.000	511.000	294.000
Total Current Assets	10204.000	9535.000	7179.000
TOTAL	15827.000	14155.000	11209.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	19511.000	19486.000	14908.000
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES
		Office Expenses		NA	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX		1252.000	1560.000	1002.000
Less	TAX		510.000	654.000	293.000
	PROFIT / (LOSS) AFTER TAX		742.000	906.000	709.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3663.000	3096.000	2704.000
Less	APPROPRIATIONS
		Transfer to General Reserve	74.000	93.000	71.000
		Preference Shares Dividend (including dividend distribution tax)	22.000	22.000	22.000
		Dividend on Equity Shares (including dividend distribution tax)	265.000	224.000	224.000
	BALANCE CARRIED TO THE B/S		4044.000	3663.000	3096.000
	Earnings Per Share (Rs.)		309.56	470.34	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	6.42	8.01	6.72
Return on Total Assets (PBT/Total Assets}	(%)	8.94	11.83	9.59
Return on Investment (ROI) (PBT/Networth)		0.16	0.29	0.21
Debt Equity Ratio (Total Debt /Networth)		0.17	0.34	0.27
Current Ratio (Current Asset/Current Liability)		1.51	1.19	1.31

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
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 involved in	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS:

HIGH COURT OF BOMBAY

Case Details

Bench:-Bombay

Lodging No.:-

STRL/92/2009

Filing Date:-

09/07/2009

Reg. No.:-

STR/70/2010

Reg. Date:-

01/09.2010

Petitioner:-

THE COMMISSIONER OF SALES TAX, M. S.,

Respondent:-

SANDVIK ASIA LIMITED, PUNE -

Petn.Adv.:-

SALES TAX TRIBUNAL (0)

District:-

BOMBAY

Bench:-	DIVISION
Status:-	Pre-Admission
Last Date:-	01/12/2009	Stage:-	SALES TAX REFERENCE FOR REJECTION U/R 986 OF THE H.C.(O.S.)RULES 1980
Last Coram:-	REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
From related parties**	500.000	0.000
Short Term Borrowings
Loans from Banks*	369.000	1429.000
Total	869.000	1429.000

NOTES:

Long Term Borrowings:

** ECB from Sandvik AB, the holding company, was taken on 29 May 2012 and is repayable on 29 May 2017. The loan carries interest of 8% p.a.

Short Term Borrowings:

* Loans from banks include buyers credit and PCFC loans in foreign currency with interest rates ranging between LIBOR plus 0.5% to 1%.

These loans are repayable on their respective due dates.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10121243	09/07/2008	1,000,000,000.00	CITIBANK N.A	2413, PARMAR HOUSE, EAST STREET CAMP, PUNE - 411001, MAHARASHTRA, INDIA	A44173961
2	10121244	09/07/2008	1,000,000,000.00	CITIBANK N.A	2413, PARMAR HOUSE, EAST STREET CAMP, PUNE - 411001, MAHARASHTRA, INDIA	A44174548
3	80031452	22/03/2002	740,000,000.00	CITI BANK	KUMAR PLAZA,, 2413 EASE STREET, PUNE - 411001, MAHARASHTRA , INDIA	-
4	90088174	26/03/1999	120,000,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, NO.14; PUNE- MUMBAI ROAD, WAKDEWADI, PUNE - 411003, MAHARASHTRA, INDIA	-
5	90197492	28/01/1999	28,000,000.00	CORPORATION BANK	INDL FINANCE BRANCH, QUEENS ROAD, BANGALORE - 560001, KARNATAKA, INDIA	-
6	90200339	28/01/1999	28,000,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, QUEENS ROAD, BANGALORE - 560001, KARNATAKA, INDIA	-
7	90088101	02/04/1998	80,000,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, NO.14, PUNE- MUMBAI ROAD, WAKDEWADI, PUNE - 411003, MAHARASHTRA, INDIA	-
8	90083937	26/04/2001 *	100,000,000.00	CANARA BANK	11, M. G. ROAD, PUNE - 411001, MAHARASHTRA, INDIA	-

* Date of charge modification

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 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 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.62.06
UK Pound	1	Rs.102.03
Euro	1	Rs.85.27

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		61

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.