MIRA INFORM REPORT

Report Date :

25.05.2013

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) :	31.03.2012

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 :	1500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

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 21760000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a subsidiary of ‘Sandvik AB’, Sweden. It a well established company having a fine track record. It has achieved some growth in its sales and profits during 2012. 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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

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

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	AA (Long Term Rating)
Rating Explanation	High degree of safety and low credit risk.
Date	22.01.2013

Rating Agency Name	CRISIL
Rating	A1+ (short Term Rating)
Rating Explanation	Very strong degree of safety and 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–411012, Maharashtra, India
Tel. No.:	91-20-27146800 / 27104800 / 725
Fax No.:	91-20-27149370 / 27145022 / 736
E-Mail :	accounts@sandvik.com kiran.acharya@sandvik.com
Website :	http://www.sandvik.com
Location :	Owned

Sales Office :	Plot 49 and 49B, Sipcot Industrial Complex, Hosur – 635126, 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 05.09.2012

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	16-05-80	16-05-80	12-07-07	Dormant	NO
2	U15430MH1948PLC006457	CADBURY INDIA LIMITED	Director	02-03-81	02-03-81	31-03-11	Active	NO
3	U29196MH1981PTC024115	EMERSON PROCESS MANAGEMENT (INDIA) PRIVATE LIMITED	Director	25-03-81	25-03-81	22-12-11	Active	NO
4	L29224TN1954PLC000318	CARBORUNDUM UNIVERSAL LIMITED	Director	08-06-83	08-06-83	24-07-08	Active	NO
5	L99999MH1967PLC013726	MERCK LIMITED	Director	17-01-84	17-01-84	-	Active	NO
6	U92110MH1944PTC004242	TWENTIETH CENTURY FOX CORPORATION (INDIA) PRIVATE LIMITED	Director	06-02-85	06-02-85	-	Strike off	NO
7	L28920MH1949PLC006870	BLUE STAR LIMITED	Director	17-06-86	17-06-86	-	Active	NO
8	L99999MH1982PLC026903	SHRENUJ AND COMPANY LIMITED	Director	30-12-88	30-12-88	-	Active	NO
9	U32104KL1981PLC003348	FCI OEN CONNECTORS LIMITED	Alternate director	23-03-13	20-02-89	-	Active	NO
10	U29299PN1960PTC011751	SANDVIK ASIA PRIVATE LIMITED	Director	29-03-89	29-03-89	-	Active	NO
11	U63070MH1991PTC060790	S&M AGENCIES PRIVATE LIMITED CN	Director	22-03-91	22-03-91	-	Dormant	NO
12	U65920MH1995PTC092440	ROMIL FINANCE AND INVESTMENT PRIVATE LIMITED	Director	23-03-96	23-03-96	-	Dissolved	NO
13	U65993MH1996PTC102162	DECAGON INVESTMENTS PRIVATE LIMITED	Director	14-10-96	14-10-96	-	Active	NO
14	U65923MH1996PTC104084	SIDHAM FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	22-03-97	22-03-97	-	Active	NO
15	U67120MH1998FTC113138	SCHENECTADY (INDIA) HOLDINGS PRIVATE LIMITED	Alternate director	31-07-98	31-07-98	23-01-09	Amalgamated	NO
16	L65920MH1994PLC080220	TRANSWARRANTY FINANCE LIMITED	Alternate director	27-12-99	27-12-99	-	Active	NO
17	L72200MH1997PLC110459	BLUE STAR INFOTECH LIMITED	Director	21-01-00	21-01-00	-	Active	NO
18	U65991MH2000PTC126846	INDIA VALUE FUND TRUSTEE COMPANY PRIVATE LIMITED	Director	18-11-09	17-07-00	-	Active	NO
19	U74140KA2000PTC027640	SWISS RE SHARED SERVICES (INDIA) PRIVATE LIMITED	Director	18-08-00	18-08-00	-	Active	NO
20	U22990MH1998PTC115305	MORGAN STANLEY INDIA COMPANY PRIVATE LIMITED	Director	21-06-01	21-06-01	27-10-08	Active	NO
21	U28920MH1999PTC119104	ARMSTRONG WORLD INDUSTRIES (INDIA) PRIVATE LIMITED	Director	11-07-01	11-07-01	-	Active	NO
22	U99999MH2000PLC128110	BIRLA SUN LIFE INSURANCE COMPANY LIMITED	Director	11-09-01	11-09-01	-	Active	NO
23	L24200MH2000PLC123813	SOLVAY PHARMA INDIA LIMITED	Director	16-10-01	16-10-01	-	Amalgamated	NO
24	U74300MH1987PTC044227	REDIFFUSION DENTSU YOUNG AND RUBICAM PRIVATE LIMITED	Director	06-12-01	06-12-01	-	Active	NO
25	U99999MH1963PLC012674	SI GROUP - INDIA LIMITED.	Alternate director	22-01-08	01-01-02	22-01-09	Active	NO
26	U24240MH1995PTC086243	PZ CUSSONS INDIA PRIVATE LIMITED	Alternate director	03-08-12	07-05-02	-	Active	NO
27	L72200MH1994PLC082110	SONATA SOFTWARE LIMITED	Director	30-10-02	30-10-02	-	Active	NO
28	U67200MH2002PTC137954	AON GLOBAL INSURANCE BROKERS PRIVATE LIMITED.	Director	24-02-03	24-02-03	11-10-10	Active	NO
29	U66030TN2001PLC047977	CHOLAMANDALAM MS GENERAL INSURANCE COMPANY LIMITED	Director	14-04-03	14-04-03	20-03-08	Active	NO
30	L24234KA1978PLC003417	BIOCON LIMITED	Director	17-05-03	17-05-03	-	Active	NO
31	U92110MH2003PTC142309	SHOWDIFF WORLDWIDE PRIVATE LIMITED	Director	21-01-04	21-01-04	22-02-10	Active	NO
32	L24222PN1956PLC134746	ELANTAS BECK INDIA LIMITED	Director	01-06-09	05-07-04	-	Active	NO
33	L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	Director	06-07-04	06-07-04	-	Active	NO
34	L85190MH1947PLC005963	WYETH LIMITED	Director appointed in casual vacancy	20-03-09	15-09-04	26-10-09	Active	NO
35	L99999MH1922PLC000987	GREAVES COTTON LIMITED	Director	01-10-04	01-10-04	-	Active	NO
36	L25209MH1976PLC018939	GARWARE WALL ROPES LIMITED	Alternate director	02-12-11	04-12-04	27-10-12	Active	NO
37	U74200MH1977PTC020041	UHDE INDIA PRIVATE LIMITED	Alternate director	16-09-11	05-12-04	-	Active	NO
38	U92110MH2003PTC141168	WARNER BROS PICTURES (INDIA) PRIVATE LIMITED	Director	20-01-05	20-01-05	-	Active	NO
39	L24110MH1965PLC013331	RHODIA SPECIALTY CHEMICALS INDIA LIMITED	Additional director	31-10-12	14-02-05	-	Active	NO
40	U72200MH2005PTC153209	EPITOME GLOBAL SERVICES PRIVATE LIMITED	Director	11-05-05	11-05-05	-	Active	NO
41	U24222MH2005PTC215180	SNOWCEM PAINTS PRIVATE LIMITED	Director	12-09-05	12-09-05	-	Active	NO
42	U67110MH2005PTC157770	PHILLIP (INDIA) PRIVATE LIMITED	Director	01-02-06	01-02-06	-	Active	NO
43	U74899MH1994PTC166755	BIRLA SUN LIFE TRUSTEE COMPANY PRIVATE LIMITED	Director	22-02-06	22-02-06	-	Active	NO
44	U63031GA1965PTC000041	CHOWGULE AND COMPANY PRIVATE LIMITED.	Director	23-02-06	23-02-06	-	Active	NO
45	L65990MH1993PLC074306	VAARAD VENTURES LIMITED	Alternate director	19-05-09	31-03-06	29-07-09	Active	NO
46	U29100MH1953PTC009189	JOHN FOWLER (INDIA) PRIVATE LIMITED	Director	26-07-06	26-07-06	-	Active	NO
47	U74140KA2006PTC040274	IVF TRUSTEE COMPANY PRIVATE LIMITED	Director	18-09-06	18-09-06	-	Active	NO
48	U33110MH1957PLC010928	JOHNSON AND JOHNSON LIMITED	Alternate director	27-06-12	03-10-06	-	Active	NO
49	L29299TN1987PLC058738	ESAB INDIA LIMITED	Director	22-04-09	27-10-06	-	Active	NO
50	U34101KA1996PTC020195	MAHINDRA REVA ELECTRIC VEHICLES PRIVATE LIMITED	Director	02-12-06	02-12-06	29-07-10	Active	NO
51	U74140MH1999PTC122493	INGA CAPITAL PRIVATE LIMITED	Director	27-09-07	12-02-07	01-10-09	Active	NO
52	U70100TN2007PLC062429	RAKINDO KOVAI TOWNSHIP LIMITED	Additional director	01-04-07	01-04-07	19-02-08	Active	NO
53	U85199KA2002PTC030218	TTK HEALTHCARE TPA PRIVATE LIMITED	Director	03-04-07	03-04-07	-	Active	NO
54	U85110KA2004PTC034819	SWISS RE HEALTHCARE SERVICES PRIVATE LIMITED	Director	03-04-07	03-04-07	-	Amalgamated	NO
55	U74999PN2007PTC137041	WAVE SUSPENSION SYSTEMS INDIA PRIVATE LIMITED	Director	29-09-08	25-05-07	28-01-11	Active	NO
56	U24299HR1962PLC007739	HINDUSTAN GUM AND CHEMICALS LIMITED	Alternate director	21-11-08	13-06-07	03-10-11	Active	NO
57	U65993MH2005PTC155362	INDIA DEBT MANAGEMENT PRIVATE LIMITED	Director	17-06-08	24-03-08	17-06-09	Active	NO
58	U65990MH1996PTC100190	MORGAN STANLEY INDIA CAPITAL PRIVATE LIMITED	Director	31-08-09	10-12-08	-	Active	NO
59	U35112MH1994PLC081331	SAMSON MARITIME LIMITED	Director	25-06-10	01-12-09	-	Active	NO
60	U45203PN2007PTC130582	CHOWGULE PORTS AND INFRASTRUCTURE PRIVATE LIMITED	Director	08-07-11	26-07-10	-	Active	NO
61	U45300AP2010PLC070121	L AND T METRO RAIL (HYDERABAD) LIMITED	Director	04-08-11	11-02-11	-	Active	NO
62	L17120MH1990PLC058361	S KUMARS NATIONWIDE LIMITED	Additional director	01-04-11	01-04-11	26-11-12	Active	NO
63	L99999MH1986PLC041612	SUNSHIELD CHEMICALS LIMITED	Additional director	27-12-12	27-12-12	-	Active	NO

Name :	Mr. Anders Gosta Thelin
Designation :	Director
Address :	AB Sandvik Coromant, 811-81 Sandviken, Sweden, Sandviken, Sweden - 81181
Date of Birth/Age :	11.11.1950
Date of Appointment :	07.05.1994
Date of Cessation :	29.10.2012
DIN No.:	01454140

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

Name :	Mr. Olaf Bertil Faxander
Designation :	Director
Address :	Polismyndigheten I, Sweden, Stockholms Lan, Stockholms – 700519
Date of Birth/Age :	19.05.1970
Date of Appointment :	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	27-09-11	28-06-11	Active	NO

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	27-09-11	27-09-11	Amalgamated	NO
2	U29299PN1960PTC011751	SANDVIK ASIA PRIVATE LIMITED	Managing director	27-09-11	27-09-11	Active	NO
3	U91110DL2008NPL177380	SWEDISH CHAMBER OF COMMERCE INDIA	Director	17-05-12	17-05-12	Active	NO
4	U29220PN2008PTC132855	DORMER TOOLS INDIA PRIVATE LIMITED	Additional director	10-12-12	10-12-12	Active	NO

KEY EXECUTIVES

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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 05.09.2012

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

Names of Preference Shareholders	No. of Shares
Sandvik AB, Sweden	14229000
Sandvik Finance BV, Sweden	73558700
TOTAL	87787700

Names of Preference Shareholders	No. of Shares
Sandvik Heating Technology AB, Sweden	3144565
TOTAL	3144565

AS ON 05.09.2012

Equity Shares Break Up	Percentage of Holding
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 :

1500 (Approximately)

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 Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Short-term borrowings
Loans from banks (Secured against book debts and inventory)	389.000	613.000

TOTAL	389.000	613.000


Banking Relations :	--

Auditors :
Name :	B S R and Company Chartered Accountant
Address :	1^st Floor Lodha Excelus Apollo Mills Compound, N M Joshi Marg, Mahalaxmi, Mumbai-400011, Maharashtra, India
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 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount

2000000	Equity Shares	Rs.100/- each	Rs. 200.000 Millions
87788000	2% Redeemable Cumulative Preference Shares	Rs.10/- each	Rs. 878.000 Millions
3145000	2% Redeemable Cumulative Preference Shares	Rs.25/- each	Rs. 78.000 Millions
1232000	9% Redeemable Cumulative Preference Shares	Rs.25/- each	Rs. 31.000 Millions
	TOTAL		Rs. 1187.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

1926246	Equity Shares	Rs.100/- each	Rs. 193.000 Millions
87787700	2% Redeemable Cumulative Preference Shares	Rs.10/- each	Rs. 878.000 Millions
3144565	2% Redeemable Cumulative Preference Shares	Rs.25/- each	Rs. 78.000 Millions
	TOTAL		Rs. 1149.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		1149.000	1149.000	1149.116
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4293.000	3634.000	3170.829
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5442.000	4783.000	4319.945
LOAN FUNDS
1] Secured Loans		389.000	613.000	457.668
2] Unsecured Loans		1462.000	692.000	1668.263
TOTAL BORROWING		1851.000	1305.000	2125.931
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		7293.000	6088.000	6445.876

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		3248.000	2857.000	3115.442
Capital work-in-progress		498.000	351.000	387.334

INVESTMENT		20.000	20.000	20.250
DEFERREX TAX ASSETS		457.000	391.000	324.541

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	4119.000	3277.000	2032.629
	Sundry Debtors	3111.000	2357.000	2140.258
	Cash & Bank Balances	418.000	371.000	192.280
	Other Current Assets	511.000	294.000	422.576
	Loans & Advances	1773.000	1291.000	1212.135
Total Current Assets		9932.000	7590.000	5999.878
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4044.000	3307.000	2155.101
	Other Current Liabilities	1833.000	1068.000	655.333
	Provisions	985.000	746.000	591.135
Total Current Liabilities		6862.000	5121.000	3401.569
Net Current Assets		3070.000	2469.000	2598.309

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		7293.000	6088.000	6445.876

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	19486.000	14908.000	12344.072
		Other Income	NA	NA	0.000
		TOTAL	NA	NA	12344.072

Less	EXPENSES
		Office Expenses	NA	NA	11863.205
		Administrative Expenses
		Advertising Expenses
		TOTAL	NA	NA	11863.205

	PROFIT / (LOSS) BEFORE TAX		1560.000	1002.000	480.867

Less	TAX		654.000	293.000	149.812

	PROFIT / (LOSS) AFTER TAX		906.000	709.000	331.055

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3096.000	2704.000	2550.660

Less	APPROPRIATIONS
		Transfer to General Reserve	93.000	71.000	35.000
		Preference Shares Dividend (including dividend distribution tax)	22.000	22.000	22.307
		Dividend on Equity Shares (including dividend distribution tax)	224.000	224.000	120.063
	BALANCE CARRIED TO THE B/S		3663.000	3096.000	2704.345

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	NA	4456.971
		Commission Earnings	NA	NA	415.714
		Other Earnings	NA	NA	4.015
	TOTAL EARNINGS		NA	NA	4876.700

	IMPORTS
		Raw Materials	NA	NA	1984.976
		Stores & Spares	NA	NA	95.961
		Capital Goods	NA	NA	231.387
		Traded Goods	NA	NA	1890.681
	TOTAL IMPORTS		NA	NA	4203.005

	Earnings Per Share (Rs.)		470.34	--	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	2.68

Net Profit Margin (PBT/Sales)	(%)	8.01	6.72	3.90

Return on Total Assets (PBT/Total Assets}	(%)	11.44	9.25	5.09

Return on Investment (ROI) (PBT/Networth)		0.29	0.21	0.11

Debt Equity Ratio (Total Debt /Networth)		0.34	0.27	0.49

Current Ratio (Current Asset/Current Liability)		1.45	1.48	1.76

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	Yes
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	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
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

Unsecured Loan	Rs. In Millions 31.03.2012	Rs. In Millions 31.03.2011
Long-term borrowings
Loan from banks*	33.000	0.000
Loans and advances from related parties** (External commercial borrowings from Sandvik AB)	0.000	491.000
Short-term borrowings
Loans from banks	1429.000	201.000

TOTAL	1462.000	692.000
Notes * Terms of repayment of loan from bank (Loan due for repayment on 8 July 2014) ** Terms of repayment of loans from related parties (Loan due for repayment in two installments of KUSD 6,000 on 29 June 2012 and KUSD 5,000 on 28 September 2012)

BACKGROUND

Subject was incorporated on 8 July 1960 under the Companies Act, 1956 as a subsidiary of Sandvik AB. Sandvik AB is a body corporate registered in Swedenand having its registered office in Sandviken. Sandvik Asia Private Limited has its primary work location and registered office at Pune and additional manufacturing work locations at Chiplun (Maharashtra), Mehsana (Gujarat), Patancheru (Andhra Pradesh) and Hosur (Tamil Nadu) in India. The Company’s principal activities comprise manufacturing and trading 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.

PROFITABILITY

Sandvik Asia continues to be a significant source of high quality products for the Sandvik Group. During the year, the Company’s net sales amounted to MINR 19,486 compared to MINR 14,908 in the year 2010-11. The profit before tax for the year 2011-12 was MINR 1,559 as against MINR 1,002 in the earlier year.

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. 55.60
UK Pound	1	Rs. 83.98
Euro	1	Rs. 71.94

INFORMATION DETAILS

Report Prepared by :

DPT

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	7
--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	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		62

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.

MIRA INFORM REPORT

4119.000

2032.629

3111.000

2140.258

418.000

192.280

511.000

422.576

1773.000

1212.135

9932.000

4044.000

2155.101

1833.000

655.333

985.000

591.135

6862.000

3070.000

2598.309

NA

8.01

11.44

0.29

0.34

1.45

Unit