MIRA INFORM REPORT

Report Date :

29.01.2013

IDENTIFICATION DETAILS

Name :	HOLMEN PAPER AKTIEBOLAG

Registered Office :	60188 Norrköping

Country :	Sweden

Financials (as on) :	2011

Date of Incorporation :	18.07.1904

Com. Reg. No.:	5560056383

Legal Form :	Limited liability company

Line of Business :	Manufacture of other printing paper

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

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

REGISTERED NAME & COMPANY SUMMARY

Company Summary

Business Name	HOLMEN PAPER AKTIEBOLAG
Country	SWEDEN
Company Registration Number	5560056383
Main Activity	Manufacture of other printing paper
Activity Code	17122
Company Status	Other
Latest Turnover Figure	-
Latest Shareholder Equity Figure	120.000 SEK
Rating Description	Very good credit worthiness

DIRECTORS/MANAGEMENT

Current Directors
Name	Appointment Date	Position
Claes Magnus Hall	05/06/2001	Actual Member of Board
Per Henrik Sjölund	11/10/2011	Actual Member of Board
Kjell Anders Jernhall	11/08/2010	Actual Member of Board
Sven Arne Wird	04/12/2000	Actual Member of Board
Lars Gunnar Ericson	28/04/2005	Substitute

Previous Directors
Name	Appointment Date	Position	Resignation Date
Arne Gustav Wallin	14/05/2004	Actual Member of Board	11/10/2011
Anders Olov Almgren	05/06/2001	Actual Member of Board	11/08/2010

NEGATIVE INFORMATION

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

SHARE & SHARE CAPITAL INFORMATION

Issued Share Capital

100.000 SEK

PAYMENT INFORMATION

GROUP STRUCTURE & AFFILIATED COMPANIES

No group structure for this company.

FINANCIAL INFORMATION

Profit and Loss
Financial Year	2011	2010	2009
Number of Weeks	52	52	52
Currency	SEK	SEK	SEK
Conslotidated Accounts	N	N	N
Revenue	-	-	-
Operating Costs	-	-	-
Operating Profit	-	-	-
Wages & Salaries	-	-	-
Depreciation	-	-	-
Financial Income	-	-	-
Financial Expenses	-	-	-
Extraordinary Income	-	-	-
Extraordinary Costs	-	-	-
Profit before Tax	-	-	-
Tax	-	-	-
Profit after Tax	-	-	-
Minority Interests	-	-	-
Other Appropriations	-	-	-
Retained Profit	-	-	-

Balance Sheet
Financial Year	2011	2010	2009
Number of Weeks	52	52	52
Currency	SEK	SEK	SEK
Consolidated Accounts	N	N	N
Land & Buildings	0	0	0
Plant & Machinery	0	0	0
Other Tangible Assets	0	0	0
Total Tangible Assets	0	0	0
Goodwill	0	0	0
Other Intangible Assets	0	0	0
Total Intangible Assets	0	0	0
Loans To Group	120.000	120.000	120.000
Other Loans	0	0	0
Miscellaneous Fixed Assets	0	0	0
Total Other Fixed Assets	120.000	120.000	120.000
TOTAL FIXED ASSETS	120.000	120.000	120.000
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	0
Miscellaneous Receivables	0	0	0
Total Receivables	0	0	0
Cash	0	0	0
Other Current Assets	0	0	0
TOTAL CURRENT ASSETS	0	0	0
TOTAL ASSETS	120.000	120.000	120.000
Trade Payables	0	0	0
Bank Liabilities	0	0	0
Group Payables	0	0	0
Miscellaneous Liabilities	0	0	0
TOTAL CURRENT LIABILITIES	0	0	0
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	0	0	0
TOTAL LONG TERM LIABILITIES	0	0	0
TOTAL LIABILITIES	0	0	0
Called Up Share Capital	100.000	100.000	100.000
Share Premium	0	0	0
Revenue Reserves	0	0	0
Other Reserves	20.000	20.000	20.000
TOTAL SHAREHOLDERS EQUITY	120.000	120.000	120.000

Other Financials
Contingent Liabilities	0	0	0
Working Capital	0	0	0
Net Worth	120.000	120.000	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
Stock Turnover Ratio
Debtor Days
Creditor Days
Current Ratio
Liquidity Ratio/Acid Test
Current Debt Ratio	0.00	0.00	0.00
Gearing
Equity In Percentage
Total Debt Ratio	0.00	0.00	0.00

FOREIGN EXCHANGE RATES

ADDITIONAL 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 FTax	Yes
Registered for VAT	No
Registered for Employee Tax	Yes

Certificates
Type	Category	Issuer
No certificate information for this company.

Industry Comparison
Activity Code	17122
Activity Description	Manufacture of other printing paper
Industry Average Credit Rating	89 (1 - 100)

Event History
Event Date	Event Description
16/10/2012	Fax number, changed
11/08/2012	Board, changed
11/08/2012	Company representatives, changed
11/08/2012	Authorised signatory, changed
10/08/2012	Annual account, new
05/07/2012	Annual report (PDF), new
08/05/2012	Certificate, registered
08/05/2012	Certificate, deregistered
12/10/2011	Authorised signatory, changed
12/10/2011	Board, changed
12/10/2011	Company representatives, changed
23/05/2011	Annual account, new
17/05/2011	Annual report (PDF), new
29/03/2011	Fax number, new
29/03/2011	Phone number, new
19/03/2011	Phone number, removed
19/03/2011	Fax number, removed
07/02/2011	Certificate, registered
10/12/2010	Company representatives, changed
10/12/2010	Board, changed
10/12/2010	Authorised signatory, changed
12/08/2010	Board, changed
12/08/2010	Company representatives, changed
12/08/2010	Authorised signatory, changed
16/07/2010	Annual account, new
05/07/2010	Annual report (PDF), new
15/09/2009	Annual account, new
18/08/2009	Annual report (PDF), new
29/09/2008	Board, changed
05/08/2008	Annual account, new
30/07/2008	Annual report (PDF), new
17/07/2008	Board, changed
17/07/2008	Authorised signatory, changed
17/07/2008	Company representatives, 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	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.89
UK Pound	1	Rs.84.92
Euro	1	Rs.72.51

INFORMATION DETAILS

Report Prepared by :

SDA

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.

Activities
Activity Code	Activity Description
17122	Manufacture of other printing paper
17121	Manufacture of newsprint
35110	Production of electricity

Main Address
Address	Country	Telephone
Unknown address	SWEDEN	011-235000

Other Address
Address	Country
Tulkavägen PAPPERSBRUKET, HALLSTAVIK 76334	SWEDEN
Tulkavägen PAPPERSBRUKET, HALLSTAVIK 76334	SWEDEN
Östra Bravikenvägen 20, ÅBY 61690	SWEDEN
Östra Bravikenvägen 20, ÅBY 61690	SWEDEN

Basic Information
Business Name	HOLMEN PAPER AKTIEBOLAG
Registered Company Name	HOLMEN PAPER AKTIEBOLAG
Company Registration Number	5560056383
Country	SWEDEN
VAT Registration Number
Date of Company Registration	18/07/1904
Legal Form	Limited liability company
Company Status	Other
Currency of this Report	SEK
Principal Activity Description	The Company shall operate forestry, manufacturing and selling wood products, pulp, paper and products thereof, and chemical products as well as power related activities.
Contact Address	60188 NORRKÖPING
Contact Telephone Number	011-235000