MIRA INFORM REPORT

Report Date :

17.09.2013

IDENTIFICATION DETAILS

Name :	RUUKKI NORGE AS
Registered Office :	Prof. Birkelands Vei 21, Postboks 140-Furuset , Oslo, 1001
Country :	Norway
Financials (as on) :	31.12.2011
Date of Incorporation :	1874
Com. Reg. No.:	911032767
Legal Form :	Private Subsidiary
Line of Business :	Subject engaged in performing physical, chemical, and other analytical testing services, such as acoustics or vibration testing, assaying, biological testing (except medical and veterinary), calibration testing, electrical and electronic testing, geotechnical testing, mechanical testing, nondestructive testing, or thermal testing. The testing may occur in a laboratory or on-site.
No. of Employees :	191

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 :	No complaints
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)
Norway	A1	A1

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

NORWAY - ECONOMIC OVERVIEW

The Norwegian economy is a prosperous mixed economy, with a vibrant private sector, a large state sector, and an extensive social safety net. The government controls key areas, such as the vital petroleum sector, through extensive regulation and large-scale state-majority-owned enterprises. The country is richly endowed with natural resources - petroleum, hydropower, fish, forests, and minerals - and is highly dependent on the petroleum sector, which accounts for the largest portion of export revenue and about 20% of government revenue. Norway is the world's third-largest natural gas exporter; and seventh largest oil exporter, making one of its largest offshore oil finds in 2011. Norway opted to stay out of the EU during a referendum in November 1994; nonetheless, as a member of the European Economic Area, it contributes sizably to the EU budget. In anticipation of eventual declines in oil and gas production, Norway saves state revenue from the petroleum sector in the world's second largest sovereign wealth fund, valued at over $700 billion in January 2013 and uses the fund''s return to help finance public expenses. After solid GDP growth in 2004-07, the economy slowed in 2008, and contracted in 2009, before returning to positive growth in 2010-12, however, the government budget is set to remain in surplus.

Source : CIA

Company name & address

RUUKKI NORGE AS

Prof. Birkelands vei 21

Postboks 140-Furuset

Oslo, 1001

Norway

Tel: 47-22909000

Fax: 47 22 90 90 70

www.ccb.no

synthesis

Employees: 191

Company Type: Private Subsidiary

Corporate Family: 58 Companies

Ultimate Parent: Rautaruukki Oyj

Incorporation Date: 1874

Financials in: USD (mil)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Norwegian Krone

Annual Sales: 281.6

Total Assets: NA

Business Description

RUUKKI NORGE AS is primarily engaged in performing physical, chemical, and other analytical testing services, such as acoustics or vibration testing, assaying, biological testing (except medical and veterinary), calibration testing, electrical and electronic testing, geotechnical testing, mechanical testing, nondestructive testing, or thermal testing. The testing may occur in a laboratory or on-site.

Industry

Industry Metals and Minerals Wholesale

ANZSIC 2006: 3322 - Metal and Mineral Wholesaling

ISIC Rev 4: 4662 - Wholesale of metals and metal ores

NACE Rev 2: 4672 - Wholesale of metals and metal ores

NAICS 2012: 423510 - Metal Service Centers and Other Metal Merchant Wholesalers

UK SIC 2007: 4672 - Wholesale of metals and metal ores

US SIC 1987: 5051 - Metals Service Centers and Offices

Key Executives

Name	Title
John Borge Halvorsen	Managing Director
Willy Espeskog-Urke	Finance Manager
Arild Martinsen	Sales Director
Walther Hilsen	Purchasing Executive
Mikko Tapani Hietanen	leder

Registered No.(NOR): 911032767

1 - Profit & Loss Item Exchange Rate: USD 1 = NOK 6.047155
2 - Balance Sheet Item Exchange Rate: USD 1 = NOK 5.8125

Corporate Overview

Location
Prof. Birkelands vei 21
Postboks 140-Furuset
Oslo, 1001
Norway

Tel:	47-22909000
Fax:	47 22 90 90 70

www.ccb.no

Sales NOK(mil):	1,703.0
Assets NOK(mil):	NA
Employees:	191
Fiscal Year End:	31-Dec-2010

Industry:	Miscellaneous Capital Goods

Incorporation Date:	1874
Company Type:	Private Subsidiary
Quoted Status:	Not Quoted
Previous Name:	CCB Stål AS
Registered No.(NOR):	911032767

Managing Director:	John Borge Halvorsen

Industry Codes

ANZSIC 2006 Codes:
3322	-	Metal and Mineral Wholesaling
6240	-	Financial Asset Investing

ISIC Rev 4 Codes:
4662	-	Wholesale of metals and metal ores
642	-	Activities of holding companies

NACE Rev 2 Codes:
4672	-	Wholesale of metals and metal ores
642	-	Activities of holding companies

NAICS 2012 Codes:
423510	-	Metal Service Centers and Other Metal Merchant Wholesalers
551112	-	Offices of Other Holding Companies

US SIC 1987:
5051	-	Metals Service Centers and Offices
6719	-	Offices of Holding Companies, Not Elsewhere Classified

UK SIC 2007:
4672	-	Wholesale of metals and metal ores
642	-	Activities of holding companies

Business Description

Import and distribution of steel and aluminium products

More Business Descriptions

RUUKKI NORGE AS is primarily engaged in performing physical, chemical, and other analytical testing services, such as acoustics or vibration testing, assaying, biological testing (except medical and veterinary), calibration testing, electrical and electronic testing, geotechnical testing, mechanical testing, nondestructive testing, or thermal testing. The testing may occur in a laboratory or on-site.

Other Business Support Services

Brand/Trade Names

Ruukki

Financial Data

Financials in:	NOK(mil)
Revenue:	1,703.0
Date of Financial Data:	31-Dec-2010

1 Year Growth

NA

Key Corporate Relationships

Bank:	Skandinaviska Enskilda Banken

CORPORATE FAMILY	CORPORATE STRUCTURE NEWS:
	Rautaruukki Oyj Ruukki Norge AS
Ruukki Norge AS Total Corporate Family Members: 58

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Rautaruukki Oyj	Parent	Helsinki	Finland	Metal Products Manufacturing	3,592.7	8,818
Ruukki Construction Oy	Subsidiary	Helsinki	Finland	Architecture and Engineering		3,500
Rautaruukki Steel	Division	Raahe	Finland	Petroleum Product Manufacturing		3,000
Velsa Oy	Unit	Kurikka	Finland	Architecture and Engineering		350
Rautaruukki Oyj - Hameenlinna Works	Unit	Hameenlinna	Finland	Petroleum Product Manufacturing		300
Rautaruukki Steel - Kankaanpaa Works	Unit	Kankaanpaa	Finland	Petroleum Product Manufacturing		66
JIT Trans Oy	Unit	Raahe	Finland	Petroleum Product Manufacturing		60
Rautaruukki Oyj - Raahe Works	Unit	Raahe	Finland	Petroleum Product Manufacturing	30.2	15
Ruukki Engineering Oy	Subsidiary	Helsinki	Finland	Machinery and Equipment Manufacturing		1,900
Rautaruukki Steel Structure	Division	Hameenlinna	Finland	Petroleum Product Manufacturing		1,400
O.O.O Rautaruukki	Unit	Obninsk	Russian Federation	Petroleum Product Manufacturing		1,000
Ruukki L.L.C	Unit	Saint Petersburg	Russian Federation	Metals and Minerals Wholesale		150
ZAT Ruukki Ukraina	Unit	Kiev, UA	Ukraine	Metals and Minerals Wholesale		150
Ruukki Products AS	Unit	Pärnu	Estonia	Construction and Hardware Materials Wholesale	60.2	135
Ruukki Lithuania	Unit	Vilnius	Lithuania	Petroleum Product Manufacturing		100
Ruukki Latvia S.I.A.	Unit	Riga	Latvia	Petroleum Product Manufacturing		100
Ruukki CZ s.r.o.	Unit	Prague, Zlicin	Czech Republic	Residential and Commercial Building Construction		80
Ruukki Metals Toijalan	Unit	Toijala	Finland	Petroleum Product Manufacturing		50
Ruukki Slovakia, s.r.o.	Unit	Bratislava	Slovakia	Petroleum Product Manufacturing		20
ZAO Rannila Minsk	Unit	Minsk	Belarus	Petroleum Product Manufacturing		20
Ruukki Polska Sp. z.o.o.	Unit	Zyrardów	Poland	Metal Products Manufacturing		1,316
Ruukki Sverige AB	Unit	Halmstad	Sweden	Metal Products Manufacturing	492.5	369
Ruukki Sverige AB	Branch	Virsbo	Sweden	Petroleum Product Manufacturing		200
Ruukki Sverige AB	Branch	Anderslov	Sweden	Petroleum Product Manufacturing		200
Ruukki Metal Components (Shanghai) Co., Ltd.	Subsidiary	Shanghai, Shanghai	China	Motor Vehicle Parts Manufacturing	14.4	300
Rautaruukki Metform	Division	Hameenlinna	Finland	Petroleum Product Manufacturing		300
Rautaruukki Metform - Hameenlinna Tube Works	Unit	Hameenlinna	Finland	Petroleum Product Manufacturing		800
Rautaruukki Oyj - Oulainen Works	Unit	Helsinki	Finland	Petroleum Product Manufacturing		115
Rautaruukki Metform - Pulkkila Works	Unit	Pulkkila	Finland	Petroleum Product Manufacturing		100
Rautaruukki Oyj- Lappohja Works	Unit	Lappohja	Finland	Petroleum Product Manufacturing		75
Ruukki Romania s.r.l.	Subsidiary	Bolintin-Deal	Romania	Metal Products Manufacturing		200
Ruukki Norge AS	Unit	Oslo	Norway	Metals and Minerals Wholesale	281.6	191
Rautaruukki Stalservis Spbl	Unit	Saint Petersburg	Russian Federation	Metals and Minerals Wholesale		150
LLC Ruukki Ukraine	Subsidiary	Mariupol	Ukraine	Metals and Minerals Wholesale		150
Celsa Steel Service Oy	Subsidiary	Minnefors	Finland	Metal Products Manufacturing	83.7	100
Ruukki Metals Polska Sp. z.o.o.	Unit	Zyrardow	Poland	Architecture and Engineering		100
SIA Ruukki Latvija	Unit	Riga	Latvia	Petroleum Product Manufacturing		50
Presteel Oy	Subsidiary	Raahe	Finland	Petroleum Product Manufacturing	27.1	49
Ruukki Hungary Kereskedelmi és Szolgáltató Kft	Subsidiary	Biatorbágy	Hungary	Construction and Hardware Materials Wholesale	27.3	32
Ruukki Products AS	Unit	Tallinn	Estonia	Banking		29
Ruukki Deutschland GmbH	Subsidiary	Duisburg, Nordrhein-Westfalen	Germany	Metals and Minerals Wholesale	97.9	25
Ruukki GmbH	Unit	Duisburg	Germany	Petroleum Product Manufacturing		22
Ruukki Holding GmbH	Subsidiary	Duisburg, Nordrhein-Westfalen	Germany	Investment Services		20
Ruukki Danmark A/S	Unit	Brondby	Denmark	Metal Products Manufacturing	24.2	18
Ruukki UK Ltd	Subsidiary	Solihull	United Kingdom	Miscellaneous Wholesale	17.4	11
Ruukki Holding B.V.	Subsidiary	Almelo	Netherlands	Investment Services		11
Ruukki Benelux B.V.	Subsidiary	Almelo	Netherlands	Metals Mining	32.7	11
Ruukki Finance B.V.	Subsidiary	Almelo	Netherlands	Investment Services
UAB Ruukki Lietuva	Unit	Vilnius	Lithuania	Petroleum Product Manufacturing		7
Ruukki Spain S.L	Subsidiary	Vitoria-Gasteiz, Alava	Spain	Metals and Minerals Wholesale	49.3	6
Ruukki Ukraine Limited Liability Company	Subsidiary	Kyiv	Ukraine	Metal Products Manufacturing	20.1
Ruukki Danmark A/S	Unit	Arhus	Denmark	Machinery Wholesale
OOO Ruukki Rus	Subsidiary	Obninsk, Kaluzhskaya	Russian Federation	Metals and Minerals Wholesale
Ruukki Hungary Kft	Subsidiary	Biatorbagy	Hungary	Architecture and Engineering
Ruukki Tisza Zrt.	Subsidiary	Jaszbereny	Hungary	Architecture and Engineering
Ruukki France SARL	Subsidiary	Rueil-Malmaison	France	Residential and Commercial Building Construction
Ruukki Wind Towers GmbH	Subsidiary	Duisburg	Germany	Machinery and Equipment Manufacturing
Ruukki Stainless Steel & Aluminium Oy	Subsidiary	Helsinki	Finland	Metals Mining

Executives Report

Board of Directors

Name	Title	Function
Mikko Tapani Hietanen	leder	Director/Board Member

Executives

Name	Title	Function
John Borge Halvorsen	Managing Director	Managing Director
Willy Espeskog-Urke	Finance Manager	Finance Executive
Arild Martinsen	Sales Director	Sales Executive
Finn Kamas	Purchasing Executive, Production Director	Product Management Executive
Walther Hilsen	Purchasing Executive	Purchasing Executive

Annual Profit & Loss

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	NOK	NOK	NOK
Exchange Rate (Period Average)	5.606842	6.047155	6.287787
Consolidated	No	No	No
Total Revenue	363.6	281.7	254.2
Net Financial Items	-9.1	-9.4	-4.8
Operating Income	15.5	13.6	8.5
Income Before Tax	6.4	4.3	3.6
Net Income	3.2	0.5	0.9

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Filed Currency	NOK	NOK	NOK
Exchange Rate	5.96795	5.8125	5.7768
Consolidated	No	No	No
Total Assets	143.8	134.3	124.4
Total Liabilities	81.8	63.8	53.1
Total Equity	62.0	70.5	71.3

Annual Ratios

	31-Dec-2011	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months	12 Months
Filed Currency	-	-	-
Exchange Rate	-	-	-
Consolidated	No	No	No
Operating Margin	4.25	4.84	3.33
Current Ratio	1.97	1.68	2.04
Total debt/total equity	43.09	52.48	57.34
Return on average equity	4.92	0.74	1.39

Annual Growth Rates

	31-Dec-2010	31-Dec-2009
Period Length	12 Months	12 Months
Filed Currency	-	-
Exchange Rate	-	-
Consolidated	No	No
Turnover Percent Change	19.68%	6.60%
Net Financial Items Percent Change	10.29%	-86.77%
Operating Results Percent Change	5.02%	55.25%
Profit/Loss Before Tax Percent Change	38.71%	13.23%
Profit/Loss for the Year Percent Change	502.62%	-47.43%
Assets Percent Change	9.96%	8.59%
Debts Percent Change	31.69%	20.98%
Equity Capital Percent Change	-9.72%	-0.63%
Operating Margin Percent Change	-12.19%	45.35%
Current Ratio Percent Change	17.26%	-17.65%
Debt/Equity Ratio Percent Change	-17.89%	-8.48%
Retun On Equity Percent Change	564.86%	-46.76%

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.48
UK Pound	1	Rs.99.66
Euro	1	Rs.83.49

INFORMATION DETAILS

Report Prepared by :

NLM

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%)