MIRA INFORM REPORT

Report Date :

18.06.2013

IDENTIFICATION DETAILS

Name :	CARGOTEC FINLAND OY
Formerly Known As :	Kalmar Industries Oy Ab
Registered Office :	Ruskontie 55, 33710, Tampere
Country :	Finland
Financials (as on) :	31.12.2011
Date of Incorporation :	07.12.1994
Legal Form :	Limited Company
Line of Business :	Manufacturer of lifting and handling equipment
No. of Employees :	844

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	Slow but Correct
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 – March 31^st 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Finland	A2	A2

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

Finland ECONOMIC OVERVIEW

Finland has a highly industrialized, largely free-market economy with per capita output almost as high as that of Austria, Belgium, the Netherlands, and Sweden. Trade is important with exports accounting for over one third of GDP in recent years. Finland is strongly competitive in manufacturing - principally the wood, metals, engineering, telecommunications, and electronics industries. Finland excels in high-tech exports such as mobile phones. Except for timber and several minerals, Finland depends on imports of raw materials, energy, and some components for manufactured goods. Because of the climate, agricultural development is limited to maintaining self-sufficiency in basic products. Forestry, an important export earner, provides a secondary occupation for the rural population. Finland had been one of the best performing economies within the EU in recent years and its banks and financial markets avoided the worst of global financial crisis. However, the world slowdown hit exports and domestic demand hard in 2009, with Finland experiencing one of the deepest contractions in the euro zone. A recovery of exports, domestic trade, and household consumption stimulated economic growth in 2010-11. The recession affected general government finances and the debt ratio, turning previously strong budget surpluses into deficits, but Finland has taken action to ensure it will meet EU deficit targets by 2013 and retains its triple-A credit rating. Finland''s main challenge in 2013 will be to stimulate growth in the face of weak demand in EU export markets and government austerity measures meant to reduce its budget deficit. Longer-term, Finland must address a rapidly aging population and decreasing productivity that threaten competitiveness, fiscal sustainability, and economic growth.

Source : CIA

Company summary

Trading Name	Cargotec Finland Oy	Trade Registry Number	608258
Company Name	Cargotec Finland Oy	Business ID	09868201
Previous Name	Kalmar Industries Oy Ab
Telephone Number	0207775000	Registered Address	Ruskontie 55, 33710, TAMPERE
Sales office	Hallimestarinkatu 6, FI-20780, Kaarina, Finland
Fax Number	0207775001	Visiting Address	Ruskontie 55, 33710, TAMPERE
Home Municipality	Tampere	Postal Address	-, -, -
Incorporation Date	07.12.1994	Branches	12
Company Type	Limited company	Website Address
Primary Sic Code	28220	Accountant	PricewaterhouseCoopers Oy
Primary Sic Description	Manufacture of lifting and handling equipment	Last Accounts Date	31.12.2011
Share Capital (€)	80.500.000	Holding Company	CARGOTEC HOLDING SWEDEN AB
Deals in importing	Yes	Foreign Ownership	SWEDEN
Deals in exporting	Yes	Currency	EUR

Key Financials (€)

Year	31.12.2011	%	31.12.2010
Number of weeks	52		52
Turnover	742.344.951	63%	454.566.103
Operating Profit/Loss	22.787.924	-21%	28.814.996
Profit/Loss after Financial Items	-4.484.301	-	19.308.746
Profit/Loss after tax	-20.143.393	-	2.835.844
Current Assets	340.562.103	23%	277.836.048
Fixed Assets	164.747.473	11%	148.887.087
Long Term Debts	30.230.561	-30%	43.051.577
Current Liabilities	342.209.123	48%	230.658.273
Shareholders Equity	132.869.892	-13%	153.013.285
Balance sheet total	505.309.576	18%	426.723.135
Number of employees	844		862
Auditor qualification	The auditor has no reservations		The auditor has no reservations

Ratios

Year	31.12.2011	31.12.2010
Solvency Ratio	26%	36%
	Moderate Indebtedness	Moderate Indebtedness
Net margin (%)	-1%	4%
Interest Coverage Ratio (times)	1	3
Gearing (%)	25%	29%
Liquidity Ratio/Acid Test	1	1
Risk Buffer (%)	-5%	3%

Shareholder Information

Year	31.12.2011
Total Value of Shares	80.500.000
Number of Shares	80.500
Value of Shares	-

Registrations in Force

	State	Registration Date
Tax Administration	Registered	07.12.1994
Trade Register	Registered	07.12.1994
Employer Register	Registered	01.01.1995
Prepayment Register	Registered	01.03.1995
Value Added Tax-Liability	VAT-liable for business activity	01.01.1995

Business History

Date	Event	Source Company Name
01.01.2009	Merger	Hiab Oy   merged into   Cargotec Finland Oy
01.01.2009	Merger	Loglift Jonsered Oy Ab   merged into   Cargotec Finland Oy
01.01.2009	Merger	MacGregor (FIN) Oy   merged into   Cargotec Finland Oy
01.01.2009	Merger	Multilift Oy   merged into   Cargotec Finland Oy
31.12.2008	Merger	Hiab Oy   merged into   Cargotec Finland Oy
31.12.2008	Merger	Loglift Jonsered Oy Ab   merged into   Cargotec Finland Oy
31.12.2008	Merger	Multilift Oy   merged into   Cargotec Finland Oy
31.12.2008	Merger	MacGregor (FIN) Oy   merged into   Cargotec Finland Oy
31.12.2002	Merger	Partek Cargotec Oy Ab   merged into   Cargotec Finland Oy

Current Directors

Name	Sjöblom Patrik Christian
Date of Birth	06.07.1968	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Actual Member of Board

Name	Aaltonen Outi Inkeri
Date of Birth	12.04.1965	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Actual Member of Board

Name	Sommarberg Matti Allan
Date of Birth	22.08.1961	Appointment Date	01.01.2009
Nationality	FINLAND	Function	Managing director

Name	Roslöf Jari Juhani
Date of Birth	14.06.1964	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Actual Member of Board

Name	Mäkinen Georg Christian Mikael
Date of Birth	12.11.1956	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Chairman of Board

Other Company Officials

Name	Jokihaara Riikka Susanna
Date of Birth	02.09.1969	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Rouhiainen Elisa Inkeri
Date of Birth	28.06.1979	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Vanhatalo Lassi Juhani
Date of Birth	21.10.1968	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Hokkanen Pasi Ilari
Date of Birth	02.03.1969	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Huhtala Jarkko Petteri
Date of Birth	13.04.1971	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Hyytiä Juha Eerik
Date of Birth	24.01.1963	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Koljonen Jussi Raimo Kalervo
Date of Birth	12.01.1960	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Malinen Jouko Lauri
Date of Birth	14.12.1959	Appointment Date	13.09.2005
Nationality	FINLAND	Function	Principal accountant

Name	Moilanen Erkki Juhani
Date of Birth	18.10.1954	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Viitanen Ari Tapani
Date of Birth	30.09.1974	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Wendelin Esa Ensio
Date of Birth	18.01.1953	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Haukikari Petri Juhani
Date of Birth	14.06.1970	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Karvonen Esko Antero
Date of Birth	26.06.1962	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Roslöf Jari Juhani
Date of Birth	14.06.1964	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Tirkkonen Jorma Juhani
Date of Birth	24.05.1951	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Ostela Olli Petteri
Date of Birth	23.03.1960	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Stenwall Björn Mikael
Date of Birth	04.10.1963	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Inha Risto Viljami
Date of Birth	24.01.1963	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Reponen Hannu Erik
Date of Birth	07.11.1968	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Dahl Olli Pekka
Date of Birth	28.05.1961	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Pohjasmäki Jarmo Antero
Date of Birth	30.06.1964	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Jukakoski Roni Jalmari
Date of Birth	22.08.1971	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Matikainen Timo Ari
Date of Birth	19.02.1957	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Mattila Kari Tapani
Date of Birth	19.09.1974	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Korpimaa Heikki Juhani
Date of Birth	23.10.1953	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Mecklin Katja Maaria
Date of Birth	22.08.1973	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Luoma Tony Johannes
Date of Birth	09.05.1961	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Virtanen Vesa Ilari
Date of Birth	26.05.1973	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Autio Kauko Antero
Date of Birth	07.08.1952	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Paukku Henri Mikael
Date of Birth	01.10.1973	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Isotalo Olli Pekka
Date of Birth	04.03.1959	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Nieminen Jari Erkki Juhani
Date of Birth	01.03.1964	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Ruusunen Tiina Anneli
Date of Birth	30.11.1967	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Sajalahti Kai Markus
Date of Birth	06.08.1971	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Venäläinen Esa Tuomas
Date of Birth	21.12.1953	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Reunanen Sanna Elina
Date of Birth	20.09.1972	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Reunamäki Jarmo Juhani
Date of Birth	12.05.1968	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Virtanen Mika Juhani
Date of Birth	25.06.1974	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Jäntti Tuomo Juhani
Date of Birth	29.07.1974	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Vilhonen Pertti Samuli
Date of Birth	19.07.1964	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Alinder Johan Erik Petter
Date of Birth	21.09.1961	Appointment Date	25.01.2013
Nationality	SWEDEN	Function	Procurist

Name	Gren Seppo Ensio
Date of Birth	13.05.1950	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Kyröläinen Janne Tapani
Date of Birth	10.02.1967	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Tuomaala Kalle Petteri
Date of Birth	24.05.1974	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Hietanen Marko Juhani
Date of Birth	05.12.1973	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Heino Seppo Kalevi
Date of Birth	28.01.1965	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Lyytikäinen Ilkka Olavi
Date of Birth	15.02.2049	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Rannikko Toni Juhani
Date of Birth	02.05.1979	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Naumanen Tiina Hannele
Date of Birth	21.01.1964	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Pitkänen Jouni Ilari
Date of Birth	06.07.1965	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Heikkilä Ilpo Olavi
Date of Birth	02.10.1962	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Tanskanen Santtu Petteri
Date of Birth	18.03.1976	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Enström Lars Stefan
Date of Birth	09.07.2049	Appointment Date	25.01.2013
Nationality	SWEDEN	Function	Procurist

Name	Nurmi Kalevi Juhani
Date of Birth	22.07.1959	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Heinonen Jukka Mikael
Date of Birth	28.01.1971	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Saarenpää Paavo-Heikki Oskari
Date of Birth	01.12.1958	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Kajander Kimmo Reijo
Date of Birth	20.01.1979	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Jansson Hans Uno Harald
Date of Birth	21.04.1956	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Raski Antti Petri
Date of Birth	08.03.1969	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Penkkala Lasse Tapio
Date of Birth	14.10.1956	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Kähkölä Martti Johannes
Date of Birth	31.05.1955	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Lycksell Per Jonas Ingemar
Date of Birth	04.09.1975	Appointment Date	25.01.2013
Nationality	SWEDEN	Function	Procurist

Name	Hankimaa Jonne Raimo
Date of Birth	15.05.1966	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Kallioniemi Kimmo Juhani
Date of Birth	29.04.1971	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Sjöblom Eivor Marita
Date of Birth	15.04.1961	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Yli-Junnila Jarno Antero
Date of Birth	09.11.1973	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Kuparinen Pekka Tapio
Date of Birth	29.06.1966	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Stenvik Erik Vilhelm
Date of Birth	15.09.1960	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Annala Ilkka Kauko Antero
Date of Birth	05.12.1959	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Matinlauri Ismo Henrik
Date of Birth	21.04.1956	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Nordlin Timo Olavi
Date of Birth	26.08.1965	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Ålin Ulf Lennart
Date of Birth	30.05.1950	Appointment Date	25.01.2013
Nationality	SWEDEN	Function	Procurist

Name	Peräniitty Sari Hannele
Date of Birth	11.09.1963	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Ahonen Jari Juhani
Date of Birth	28.11.1977	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Öhman Håkan Henrik
Date of Birth	30.10.1950	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Hedberg Kim Mauritz
Date of Birth	18.02.1963	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Ronkainen Kari Juhana
Date of Birth	22.05.1953	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Kivistö Kimmo Juhani
Date of Birth	05.04.1968	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Vauramo Pekka Juhani
Date of Birth	16.05.1957	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Kokko Tero Oskari
Date of Birth	07.06.1973	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Lehtonen Pasi Antero
Date of Birth	27.06.1966	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Hietanen Maria Elisabeth
Date of Birth	06.05.1974	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Berg Hans Folke
Date of Birth	08.03.1953	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Karppinen Pasi Atro Olli
Date of Birth	10.06.1964	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Koskinen Mika Juhani
Date of Birth	05.11.1964	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Ukkonen Raimo Aulis
Date of Birth	08.04.1961	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Name	Vaihtamo Ismo Antero
Date of Birth	05.11.1959	Appointment Date	25.01.2013
Nationality	FINLAND	Function	Procurist

Profit & Loss (€)

OPERATING INCOME	31.12.2011	%	31.12.2010
Number of weeks	52		52
Consolidated Accounts	no		no
Sales Revenue	742.344.951	63%	454.566.103
Other Operating Income	0	-	0
Total Operating Income	742.344.951	63%	454.566.103
Wages & Salaries	-		-
Depreciation	-		-
Total Operating Expenses	719.557.027	69%	425.751.107
Operating Profit/Loss	22.787.924	-21%	28.814.996
Financial Income	36.253.000	1610%	2.120.000
Financial Expenses	63.525.225	446%	11.626.250
Total Financial Investments	-27.272.225	-	-9.506.250
Profit/Loss after Financial Items	-4.484.301	-	19.308.746
Extraordinary Income	0	-	0
Extraordinary Expenses	16.000.000	7%	15.000.000
Profit/Loss Before Tax	-20.484.300	-	4.308.745
Tax	-340.907	-	1.472.901
Profit/Loss After Tax	-20.143.393	-	2.835.844

Balance Sheet (€)

ASSETS	12.2011	%	12.2010
Number of weeks	52		52
Consolidated Accounts	no		no
Intangible Assets	22.816.677	995%	2.083.979
Tangible Assets	3.953.288	-33%	5.884.449
Other Fixed Assets	137.977.508	-2%	140.918.659
Total Fixed Assets	164.747.473	11%	148.887.087
Inventories	151.545.274	29%	117.391.636
Trade Receivables	139.142.000	124%	62.096.000
Other Receivables	49.867.834	-49%	98.340.460
Cash & Bank Balances	6.995	-12%	7.952
Other Current Assets	0	-	0
Total Current Assets	340.562.103	23%	277.836.048
Total Assets	505.309.576	18%	426.723.135

Equity and Liabilities (€)

EQUITY
Share Capital	80.500.000	0%	80.500.000
Share Premium Reserve	35.553.201	0%	35.553.201
Retained Earnings	-15.957.840	-	4.185.553
Other Reserves	32.774.531	0%	32.774.531
Total Equity	132.869.892	-13%	153.013.285
LONG TERM LIABILITIES
Long Term Liabilities to Financial Institutions	0	-	0
Other Long Term Liabilities Finance	4.000.000	-40%	6.666.667
Other Long Term Liabilities	26.230.561	-28%	36.384.910
Total Long Term Debts	30.230.561	-30%	43.051.577
CURRENT LIABILITIES
Trade Payables	101.662.000	63%	62.541.000
Liabilities to Financial Institutions	2.667.000	100%	1.333.000
Other Short Term Financial Loans	2.038.000	-	0
Other Short Term Liabilities	235.842.123	41%	166.784.273
Total Current Liabilities	342.209.123	48%	230.658.273
Total Liabilities	372.439.684	36%	273.709.850
Total Equity & Liabilities	505.309.576	18%	426.723.135

Other Financials (€)

Working Capital	-1.647.020	-	47.177.775
Net Worth	110.053.215	-27%	150.929.306

Key Ratios

	31.12.2011	31.12.2010
Number of weeks	52	52
Consolidated Accounts	no	no
PROFITABILITY
Net Margin %	-0,6%	4,3%
Operating Profit/Loss %	3,1%	6,3%
Pre-Tax Profit Margin %	-2,8%	1,0%
TRADING PERFORMANCE
Return on Net Assets Employed %	-15,4%	2,8%
Return on Total Capital %	11,7%	7,3%
Interest Coverage Ratio (times)	1	3
Return on Capital Employed %	-12,6%	2,2%
Return on Total Assets Employed %	-4,1%	1,0%
Interest on Debt %	17,1%	4,3%
Risk Buffer %	-5,4%	3,0%
SHORT TERM LIQUIDITY
Liquidity Ratio/Acid Test	1	1
Current Ratio %	100,0%	120,0%
Debtor Days	68	50
Working capital	-1.647.020	47.177.775
LONG TERM LIQUIDITY
Equity Ratio %	26,3%	35,9%
Gearing %	24,8%	29,0%
Current Debt Ratio	3	2
Total Debt Ratio	3	2
Relative debt %	50,2%	60,2%
BUSINESS MEASURES
Change in turnover %	63,3%	-
Turnover/employees	879556	527339
Sales/Net Working Capital	-451	10
Stock Turnover Ratio %	20,4%	25,8%
Creditor Days	50	50
Equity in Percentage %	38,6%	53,9%

Group structure

COMPANY NAME	REGISTERED NUMBER	LATEST KEY FINANCIALS	PERCENTAGE OWNED	TURNOVER
CARGOTEC OYJ	19274028	31.12.2011	-	€108 500 000
STOCKHOLM LASTHANTERING AB	5566689112	31.12.2011	100%	-
ASUNTO OY HUVILAKATU 1	05335301	-	87%	-
BRINGEVEN LTD.	N/A	-	100%	-
BROMMA (MALAYSIA) SDN.BHD.	N/A	-	100%	-
BROMMA (MALAYSIA) SDN.BHD.	N/A	-	100%	-
BROMMA (MALAYSIA) SDN.BHD.	N/A	-	100%	-
BROMMA FAR EAST PTE LTD	N/A	-	100%	-
CARGOTEC (SHANGHAI) TRADIN...	N/A	-	100%	-
CARGOTEC ALBANIA SHPK	N/A	-	100%	-
CARGOTEC ARGENTINA S.R.L.	N/A	-	100%	-
CARGOTEC ASIA LIMITED	N/A	-	100%	-
CARGOTEC ASIA LIMITED	N/A	-	100%	-
CARGOTEC AUSTRALIA PTY LTD	N/A	-	100%	-
ZEPRO HEBEBÜHNEN GMBH	HRB 205221	31.12.2011	100%	€5
ZEPRO HEBEBÜHNEN GMBH	HRB 205221	31.12.2011	100%	€5
ZETECO AKTIEBOLAG	5560691338	31.12.2011	100%	-
ZEPRO DANMARK A/S	N/A	-	100%	-
CARGOTEC RUS LLC	N/A	-	100%	-
CARGOTEC RUS LLC	N/A	-	100%	-
CARGOTEC RUS LLC	N/A	-	100%	-
CARGOTEC BELGIUM NV	N/A	-	100%	-
CARGOTEC BRAZIL INDUSTRIA...	N/A	-	100%	-
CARGOTEC CARRIBEAN SERVICE...	N/A	-	100%	-
CARGOTEC CHS ASIA PACIFIC...	N/A	-	100%	-
CARGOTEC CZECH REPUBLIC S....	N/A	-	100%	-
CARGOTEC CZECH REPUBLIC S....	N/A	-	100%	-
CARGOTEC D.O.O.	N/A	-	100%	-
CARGOTEC DE MEXICO, S.A. D...	N/A	-	100%	-
CARGOTEC ENGINEERING, ITAL...	MS119654	-	60%	€768 795
CARGOTEC ESTONIA AS	N/A	-	100%	-
CARGOTEC FRANCE SAS	N/A	-	100%	-
CARGOTEC FZCO	N/A	-	100%	-
CARGOTEC FZCO	N/A	-	100%	-
CARGOTEC HOLDING (IRELAND)...	IE324618	31.12.2008	100%	-
CARGOTEC HOLDING FINLAND OY	20091130	-	100%	-
MACGREGOR BLRT BALTIC OÜ	N/A	-	51%	-
MACGREGOR BLRT BALTIC UAB	N/A	-	51%	-
MACGREGOR BLRT BALTIC UAB	N/A	-	51%	-
CARGOTEC HOLDING, INC	US01516217	-	100%	-
WALTCO LIFT CORP	US32673458	-	100%	$4 330 000
WALTCO LIFT INC.	N/A	-	100%	-
WALTCO LIFT INC.	N/A	-	100%	-
CARGOTEC HOLDING NETHERLAN...	23061578	31.12.2006	100%	€2 597 100 000
CARGOTEC ITALIA S.R.L.	GE446051	-	100%	€29 464 608
CARGOTEC NETHERLANDS B.V.	N/A	-	100%	-
CARGOTEC HOLDING SWEDEN AB	N/A	-	100%	-
CARGOTEC FINLAND OY	09868201	31.12.2011	100%	€742 345 000
CARGOTEC ACT B.V.	N/A	-	100%	-
HIAB SDN BHD	N/A	-	100%	-
HIAB SDN BHD	N/A	-	100%	-
HIAB SDN BHD	N/A	-	100%	-
KALMAR EQUIPMENT(AUSTR...	N/A	-	100%	-
CARGOTEC GERMANY GMBH	N/A	-	100%	-
CARGOTEC GERMANY GMBH	N/A	-	100%	-
CARGOTEC INDIA PRIVATE LIM...	N/A	-	100%	-
CARGOTEC INDUSTRIES (CHINA...	N/A	-	100%	-
CARGOTEC JAPAN LTD.	N/A	-	100%	-
CARGOTEC MAGHREB SA	N/A	-	100%	-
CARGOTEC MAGHREB SA	N/A	-	100%	-
CARGOTEC MAGYARORSZÁG KFT.	N/A	-	100%	-
CARGOTEC NEW ZEALAND LTD	N/A	-	100%	-
CARGOTEC NORWAY AS	914248965	31.12.2011	100%	1 099 952 KNOK
CARGOTEC PANAMA S.A.	N/A	-	100%	-
CARGOTEC PATENTER AB	5561139154	31.12.2011	100%	309 557 KSEK
CARGOTEC PATENTER HB	N/A	-	100%	-
CARGOTEC POLAND SP.Z.O.O.	N/A	-	100%	-
CARGOTEC PORT SECURITY	US30063735	-	100%	-
CARGOTEC SOLUTIONS OY	20090760	-	100%	-
CARGOTEC SWEDEN AB, TAIWAN...	N/A	-	100%	-
CARGOTEC SWEDEN AB, TAIWAN...	N/A	-	100%	-
CARGOTEC THAILAND CO. LTD.	N/A	-	100%	-
CARGOTEC UK LTD	N/A	-	100%	-
CARGOTEC UKRAINE LLC	N/A	-	100%	-
CONVER INGENIEURTECHNIK GM...	N/A	-	100%	-
CONVER INGENIEURTECHNIK GM...	N/A	-	100%	-
CARGOTEC SWEDEN AB	22372841	-	100%	-
CARGOTEC SWITZERLAND S.A.	N/A	-	100%	-
MACGREGOR NAVIRE P EQUIP...	N/A	-	100%	-
CARGOTEC U.S. MANUFACTURIN...	21182544	-	100%	-
CARGOTEC U.S. SALES OY	21182499	-	100%	-
CARGOTEC SOLUTION LLC	N/A	-	100%	-
CARGOTEC	US20887282	-	100%	$4 896 000
DEL EQUIPMENT (UK) LTD.	N/A	-	100%	-
FORASTAR OY AB	15291795	-	100%	-
GRAMPIAN HYDRAULICS LIMITED	SC103025	31.12.2011	100%	-
HIAB (PTY) LTD.	N/A	-	100%	-
HIAB (PTY) LTD.	N/A	-	100%	-
HIAB AS	933326454	31.12.2010	100%	143 923 KNOK
HIAB CHILE S.A.	N/A	-	100%	-
HIAB CRANES	1280742	31.12.2011	100%	€60 054 396
HIAB DOO	N/A	-	100%	-
HIAB HANA LTD	N/A	-	99%	-
HIAB KK	N/A	-	100%	-
HIAB LOAD HANDLING EQUIPME...	N/A	-	100%	-
HIAB LIMITED	00930501	31.12.2011	100%	-
HIAB SA DE CV	N/A	-	64%	-
SERVICIOS HIAB SA DE CV	N/A	-	100%	-
HIAB SPOL SRO	N/A	-	100%	-
INTERHYDRAULIK ZEPRO GMBH	N/A	-	100%	-
INTERNATIONAL MACGREGOR NA...	24158305	31.12.2008	100%	-
KALMAR DANMARK AS	N/A	-	100%	-
KALMAR HEBEFAHRZEUGE HANDE...	N/A	-	100%	-
KALMAR INDUSTRIES SOUTH AF...	N/A	-	100%	-
KALMAR INDUSTRIES SOUTH AF...	N/A	-	100%	-
KALMAR LIMITED	02900140	31.12.2011	100%	-
KALMAR NORGE AS	930007633	31.12.2010	100%	181 011 KNOK
KALMAR PORT MACHINERY (SHE...	N/A	-	100%	-
KALMAR RT CENTER LLC	US19597705	-	100%	$3 100 000
KALMAR SOUTH EAST ASIA PTE...	N/A	-	100%	-
KIINTEISTÖ OY KALASATAMA	20091093	-	100%	-
KOFFERT SVERIGE AB	5566328992	31.12.2011	100%	-
MACGREGOR (BRA) LTDA	N/A	-	100%	-
MACGREGOR (CHN) LTD	N/A	-	100%	-
MACGREGOR (CYPRUS) LTD	N/A	-	100%	-
CARGOTEC MARINE GMBH	HRB 94296	31.12.2011	100%	€33 570 560
CARGOTEC MARINE GMBH	HRB 94296	31.12.2011	100%	€33 570 560
MACGREGOR (DNK) AS	N/A	-	100%	-
MACGREGOR MARINE SERVICE U...	01026122	31.12.2011	100%	-
MACGREGOR (GRC) EPE	N/A	-	100%	-
MACGREGOR (HKG) LTD	N/A	-	100%	-
MACGREGOR (KOR) LTD	N/A	-	100%	-
MACGREGOR NOR AS	930193763	31.12.2009	100%	123 432 KNOK
MACGREGOR (SGP) PTE LTD	N/A	-	100%	-
MACGREGOR (SHANGHAI) TRADI...	N/A	-	100%	-
MACGREGOR (UKR)	N/A	-	99%	-
MACGREGOR BETEILIGUNGSGESE...	HRB 25132	31.12.2011	100%	-
MACGREGOR BETEILIGUNGSGESE...	HRB 25132	31.12.2011	100%	-
MACGREGOR HYDRAMARINE AS	N/A	-	100%	-
MACGREGOR PLIMSOLL PTE LTD	N/A	-	90%	-
MACGREGOR PLIMSOLL (TIAN...	N/A	-	100%	-
MACGREGOR PLIMSOLL OFFSH...	N/A	-	100%	-
MACGREGOR PLIMSOLL SDN BHD	N/A	-	90%	-
MACGREGOR PLIMSOLL SDN BHD	N/A	-	90%	-
MACGREGOR PLIMSOLL SDN BHD	N/A	-	90%	-
PT MACGREGOR PLIMSOLL IN...	N/A	-	100%	-
PT MACGREGOR PLIMSOLL IN...	N/A	-	100%	-
MOFFET LIMITED	N/A	-	100%	-
CARGOTEC ENGINEERING IRELA...	IE056386	31.12.2011	100%	€64 497 000
MOFFETT RESEARCH & DEVELOP...	N/A	-	100%	-
O´LEARY´S MATERIAL HANDLI...	N/A	-	70%	-
PLATFORM CRANE SERVICES ME...	N/A	-	100%	-
OY SISU AB	15291875	-	100%	-
SOCIETE IMMOBILIERE MAVIVR...	N/A	-	100%	-
SRMP SOCIÉTÉ RÉUNIONAISE D...	N/A	-	51%	-
TAGROS DOO	N/A	-	100%	-
Z-LYFTEN PRODUKTION AB	5566328984	31.12.2011	100%	503 701 KSEK
CARGOTEC IBERIA	1044958	31.12.2011	100%	€26 770 132

Linked Companies

NAME	NUMBER	LATEST KEY FINANCIALS	TURNOVER
KALMAR INDUSTRIES AB	5563072064	01.12.2007	4 390 350 KSEK
CARGOTEC SWEDEN AKTIEBOLAG	5560145418	31.12.2011	10 977 352 KSEK
CARGOTEC UK LIMITED	02117024	31.12.2011	£68 668 000
MACGREGOR GROUP AKTIEBOLAG	5565548319	01.12.2007	8 958 KSEK
CARGOTEC GERMANY GMBH	HRB 5225	31.12.2011	€157 074 952
CARGOTEC HOLDING NORWAY AS	991133186	31.12.2011	-
MASKINTEKNIK I NORRLAND AB	5562144229	31.12.2008	-
CONVER INGENIEUR TECHNIK GESELLSCHAFT MIT BESCHRÄNKTER HAFTUNG	HRB 94399	31.12.2011	-
BROMMA GMBH-VERTRIEBSGESELLSCHAFT FÜR TRANSPORTEINRICHTUNGEN	HRB 120895	31.12.2008	-
CARGOTEC ACT B.V.	34274095	31.12.2007	-
CARGOTEC RESEARCH & DEVELOPMENT IRELAND LIMITED	IE176399	31.12.2011	€2 845 154
MOFFETT LIMITED	NI024233	31.12.2011	-
CARGOTEC NETHERLANDS B.V.	04069206	-	-
KALMARFLURFÖRDERZEUGE VERTRIEBS GMBH	HRB 55071	-	-
KALMAR INDUSTRIES MAGNUM DIVISION	US05590883	-	$6 300 000
CARGOTEC USA INC, HIAB US	US09764169	-	-
KALMAR INDUSTRIES CORP	US20397433	-	$24 500 000
CARGOTEC USA INC	US32294878	-	$23 326 000
MACGREGOR USA INC	US42607893	-	-
CARGOTEC SOLUTIONS LLC	US47015931	-	$160 000
BROMMA GMBH	-	-	-
BROMMA SDN BHD	-	-	-
CARGOTEC AB	-	-	-
CARGOTEC INDIA PVT LTD	-	-	-
CARGOTEC SWITZERLAND SA	-	-	-
CARGOTECH IBERIA SA	-	-	-
CARGOTECH SHANGHAI COMPANY LTD	-	-	-
INTERHYDRAULIK GMBH	-	-	-
KALMAR HEBEFAHRZEUGE HANDEL GMBH	-	-	-
KALMAR OOO	-	-	-
MACGREGOR - NAVIRE HOLDING BV	-	-	-
MACGREGOR BRA LTDA	-	-	-
MACGREGOR CHN LTD	-	-	-
MACGREGOR HRV DOO	-	-	-
MACGREGOR KOR LTD	-	-	-
MACGREGOR POL SPZOO	-	-	-
MACGREGOR SGP LTD	-	-	-
MACGREGOR SHANGHAI EQUIPMENT MAINTENANCE & REPAI	-	-	-
MACGREGOR SHANGHAI TRADING CO LTD	-	-	-
MCGREGOR DNK A/S	-	-	-
SL MAVIVRAY SARL	-	-	-
ZEPRO DANMARK A/S	-	-	-
ZEPRO HEBEBUHNEN GMBH	-	-	-

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.57.73
UK Pound	1	Rs.90.61
Euro	1	Rs.76.96

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.