MIRA INFORM REPORT

Report Date :

27.09.2007

IDENTIFICATION DETAILS

Name :	MACSTEEL INTERNATIONAL U.K. LIMITED
Registered Office :	Exchange Tower, 1 Harbour Exchange Sq London E14 9GE
Country :	United Kingdom
Financials (as on) :	31.12.2006
Date of Incorporation :	15/03/1996
Com. Reg. No.:	03173529
Legal Form :	Private Limited Liability Company (GB)
Line of Business :	Steel traders    Wholesale of metals and metal ores

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 :	Regular
Litigation :	Clear

Company Identification Details

Subject Reported on	MACSTEEL INTERNATIONAL U.K. LIMITED
Holding Company	MacSteel International Holdings BV
Ultimate Holding Company	Macsteel International Holdings
Trading Address	Exchange Tower,1 Harbour Exchange Square,LONDON,E14 9GE

Credit Limit	US Dollar   1,710,600
	Selling to this company? The Credit Limit is the recommended maximum outstanding debtor exposure at any one time.
Contract Limit	US Dollar   12,370,600
	Buying from this company? The Contract Limit is the recommended aggregate annual value for supply contracts.

Official Company Data

Legal Form	Private Limited Liability Company (GB)
Registration Number	03173529
Date of Incorporation	15/03/1996
Registered Office	Exchange Tower, 1 Harbour Exchange Sq London E14 9GE
Date of Last Annual Return to Registry	15/03/2007
Activities	Steel traders
Accounts	The last filed accounts cover the period to 31/12/2006 and were filed on 23/04/2007

Recently Filed Documents

Details of the most recent documents

Date Received	Description
15/03/2007	Annual Return
31/12/2006	Financial Statement / Set of Accounts

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Known Directors

DIRECTOR	JACK RAYMOND GERBER  (One or more of this director's other companies has adverse information related to it)
Occupation	DIRECTOR
Address	31-32,  ENNISMORE GARDENS , LONDON , SW7 1AE
Country of Origin	BRITISH
Date of Birth	04/03/1945
Appointment Date	03/09/1996
Other Appointments	FECAT LIMITED, LEOPOLD LAZARUS LIMITED, MACSTEEL INTERNATIONAL U.K. LIMITED,  HADDINGTON LIMITED,  31/32 ENNISMORE GARDENS FREEHOLD LIMITED,  31/32 ENNISMORE GARDENS INVESTMENTS LIMITED,  L.L. TRADING LIMITED,  MACSTEEL INTERNATIONAL HOLDINGS B.V.
DIRECTOR	EDWARD JONATHAN CORCOS ALBUM  (One or more of this director's other companies has adverse information related to it)
Occupation	SOLICITOR
Address	47,  LYNDALE AVENUE , LONDON , NW2 2QB
Country of Origin	BRITISH
Date of Birth	08/09/1936
Appointment Date	15/03/1996
Other Appointments	SANDERLING LIMITED, FECAT LIMITED, LEOPOLD LAZARUS LIMITED,  64/66 ELM PARK ROAD RESIDENTS LIMITED, THE MIDLAND RAILWAY COMPANY LIMITED, THE LONDON METAL & ORE CO. LIMITED, ONE WARRINGTON GARDENS MANAGEMENT COMPANY LIMITED, MACSTEEL INTERNATIONAL LIMITED, MACSTEEL INTERNATIONAL U.K. LIMITED,  SANDERLING NOMINEES LIMITED, MUR SHIPPING LONDON LIMITED,  ONE WARRINGTON GARDENS (FREEHOLD) LIMITED, SETTLE & CARLISLE RAILWAY PROPERTIES LIMITED,  WITHERSFIELD LIMITED,  ASSOCIATED EQUIPMENT COMPANY LIMITED, L.L. TRADING LIMITED, S & C RAILWAY PROPERTIES LTD , PRACTICE BASED COMMISSIONING LTD, ASSOCIATION OF PRIMARY CARE COMMISSIONING LIMITED
DIRECTOR	LEON WILLIAM PRICE
Occupation	GROUP CHIEF EXECUTIVE OFFICER
Address	3,  NORLAND SQUARE HOLLAND BANK , LONDON , W11 4PX
Country of Origin	SOUTH AFRICAN
Date of Birth	11/03/1951
Appointment Date	14/11/2000
Other Appointments	MACSTEEL INTERNATIONAL U.K. LIMITED
DIRECTOR	STEPHEN JOHN FACEY
Occupation	COMMODITY TRADER
Address	47,  CUMBERLAND MILLS SAUNDERS NESS ROAD , LONDON , E14 3BJ
Country of Origin	BRITISH
Date of Birth	02/02/1961
Appointment Date	16/10/2002
Other Appointments	FECAT LIMITED, MACSTEEL INTERNATIONAL LIMITED, MACSTEEL INTERNATIONAL U.K. LIMITED, WITHERSFIELD LIMITED
DIRECTOR	ALOKENDRA  SANYAL
Occupation	CHARTERED ACCOUNTANT
Address	25,  HILLCREST AVENUE , LONDON , NW11 0EP
Country of Origin	BRITISH
Date of Birth	27/01/1951
Appointment Date	01/01/2007
Other Appointments	MACSTEEL INTERNATIONAL U.K. LIMITED
SECRETARY	MR  EDWARD ALBUM
Address	47 LYNDALE AVENUE,  , LONDON , NW2 2QB
Country of Origin	BRITISH
Date of Birth	08/09/1936
Appointment Date	01/01/2006

Recently Resigned Directors (last 3)

DIRECTOR	GRAHAM FRANCIS BOWDEN
Occupation	CHARTERED ACCOUNTANT
Address	CHINGLEY MANOR OAST , WADHURST , EAST SUSSEX , - -
Country of Origin	BRITISH
Date of Birth	17/01/1943
Resignation Date	31/12/2005

Share Summary

Priniciple Shareholders:	Type Of Share	No. of Shares	Value	%age
Metall Und Rohstoff AG				36.00
E J C Album				0.00
S J Facey				0.00

Mortgages and Charges

There are no mortgages

Public Record Information

Summary of CCJ's/Scottish Decrees

There are no unsatisfied CCJs against the company.

Operations

Activities	Steel traders
Sic Code	Description
5152	Wholesale of metals and metal ores
Staff Employed	47
Auditors	PricewaterhouseCoopers LLP
Auditors Notes	No Qualification. The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the latest accounts.
Bankers	Standard Chartered Bank
Sort Codes	609104

Financial Data

The following figures are shown in units of 000

Profit and Loss

Number of Weeks	52	52	52	52
Accounts Date	31/12/2006	31/12/2005	31/12/2004	30/06/2003
Currency	US Dollar	US Dollar	US Dollar	US Dollar
Consolidated?	No	Yes	Yes	Yes
SALES	598,877	597,936	1,151,295	478,800
Other operating income	40	-	-	-
Cost of goods sold	569,339	573,847	1,113,839	466,959
GROSS PROFIT	29,538	24,089	37,456	11,841
General administration costs (-)	18,044	13,836	27,295	11,434
Wages and Salaries	5,935	6,587	10,749	6,176
Depreciation	171	202	286	186
Net Operating Profit(Loss)	11,534	10,253	10,161	407
Non Trading Income	231	817	180	71
Group Non Trading Income	385	-	-	-
Total Non Trading Income	616	817	180	71
Interest expenses & similar (-)	5,897	3,129	2,012	824
Financial Expenses	5,897	3,151	2,247	886
PRE TAX PROFIT	6,253	7,919	8,094	-408
Other Taxation	-584	343	-210	0
Taxation	2,581	2,376	0	78
PROFIT AFTER TAX	4,256	5,200	8,304	-486
Net Profit	4,256	5,200	8,304	-
Dividends Payable	0	0	0	0
RETAINED PROFITS	4,256	5,200	8,304	-

Balance Sheet

Number of Weeks	52	52	52	52
Accounts Date	31/12/2006	31/12/2005	31/12/2004	30/06/2003
Currency	US Dollar	US Dollar	US Dollar	US Dollar
Consolidated?	No	Yes	Yes	Yes
TOTAL FIXED ASSETS	399	447	474	392
Plant, machinery & equipment	287	333	404	322
Intermediate Assets	112	114	70	70
TOTAL CURRENT ASSETS	134,505	89,712	158,342	85,941
Stocks	19,728	6,245	36,816	12,226
Trade Debtors	104,070	53,890	83,514	66,264
Other Receivables	759	5,991	7,780	1,678
Group Loans	370	13,635	916	2,575
Cash	8,928	9,951	29,106	3,198
Tax Recoverable	584	-	210	-
own shares	66	-	-	-
TOTAL ASSETS	134,904	90,159	158,816	86,333
TOTAL CURRENT LIABILITIES	108,458	34,321	108,069	73,890
Trade Creditors	44,289	599	21,335	20,466
Bank Overdraft	28,154	8,694	66,557	40,148
Taxes	2,417	2,782	359	140
Other Current Liabilities	3,789	60	858	183
Due From Group	28,631	21,320	18,438	10,079
Accruals & deferred income	1,178	866	522	2,874
WORKING CAPITAL	26,047	55,391	50,273	12,051
TOTAL LONG TERM LIABS	4,179	38,932	38,000	8,000
Other Long Term Liabilities	4,179	38,932	38,000	8,000
NET ASSETS/(LIABILITIES)	26,446	55,838	50,747	12,443
SHARE CAPITAL + RESERVES	22,267	16,906	12,747	4,443
Issued Share Capital	13,900	13,900	13,900	13,900
Profit and Loss account	8,367	3,006	-1,539	-9,843
SHAREHOLDERS FUNDS	22,267	16,906	12,747	4,443
CAPITAL EMPLOYED	26,446	55,838	50,747	12,443
TANGIBLE NET WORTH	22,267	16,906	12,747	4,443

Key Credit Ratios

Accounts Date	31/12/2006	31/12/2005	31/12/2004	30/06/2003
Current Ratio	1.24	2.61	1.47	1.16
Profit Before Tax	0.01	0.01	0.01	0.00
Creditors Days (D.P.O)	28.39	0.38	6.99	16.00
Quick Ratio	-	-	-	-
Return on Assets	4.64	8.79	5.10	-0.47
T.N.W/Total Assets	0.17	0.19	0.08	0.05
Return on Capital	23.64	14.18	15.95	-3.28
Working Capital/Sales	0.00	0.00	0.00	0.00
Equity Gearing	0.05	0.00	0.00	0.01
Stock Turnover	0.00	0.00	0.00	0.00

Financial Summary

Turnover	Turnover increased by more than 0% in the period. Turnover totaled US Dollar  598,877,000 for the period.
Operating Profit	Totaled US Dollar  11,534,000 In the period prior a profit of US Dollar   10,253,000 was achieved.
Pre Tax	The subject made a profit of US Dollar  6,253,000 compared with a profit of US Dollar  7,919,000 in the previous period.
Working Capital	The company's working capital decreased in the period by 53%
Tangible Net Worth	Net worth increased by 5,361,000 during the period and now stands at US Dollar  22,267,000
Fixed Assets	The subjects fixed assets reduced during the period by US Dollar  46,000 to US Dollar  287,000 and are now 0% of total assets compared with 0% in the previous period
Long Term Liabilities	The company's long term liabilities reduced during the period by 87% and are now 24% of net worth compared with 235% in the previous period
Long Term Liabilities	Long term liabilities are now 4% of total assets compared with 44% in the previous period

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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