MIRA INFORM REPORT

Report Date :

18.12.2008

IDENTIFICATION DETAILS

Name :	ASCOMETAL
Registered Office :	8 Av De L Arche, Immeuble Le Colisee
Country :	France
Financials (as on) :	31.12.2007
Date of Incorporation :	November 1984
Com. Reg. No.:	RCS Nanterre B   331048132
Legal Form :	Plc with Management Board
Line of Business :	Feminine Metallurgy of Iron

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	(€) 2,000,000
Status :	Very Good
Payment Behaviour :	Regular
Litigation :	Clear

Company Summary

COMPANY DETAILS
Company Number	33104813200285
Name	ASCOMETAL
Telephone	01 55 70 73 00
Legal form	Plc with management board
RCS Registration	RCS Nanterre B   331048132
Share Capital	65,285,000
Incorporation Date	11/1984
Address	8 AV DE L ARCHE, IMMEUBLE LE COLISEE
Postcode	92419 COURBEVOIE CEDEX
Nationality	France

CREDIT INFORMATION SUMMARY
Today's Credit Limit (€)	2,000,000

JUDGEMENTS SUMMARY

No judgements against this company.

DIRECTORS SUMMARY
Directorships	2

ACCOUNTS SUMMARY (LAST 3 YEARS)
Accounts Date	31/12/2007	31/12/2006	31/12/2005
Turnover	1,051,728,000	936,722,000	903,967,000
Networth	323,002,000	257,251,000	261,956,000
Number of Employees	2 000 to 4 999 employees	-	-

Company Information

COMPANY DETAILS
Company Name	ASCOMETAL
Company Number	33104813200285
Activity (APE)	Sidérurgie
Currency	EURO (€)
Share capital	65,285,000
Registration Court	Nanterre (92)
Legal form	Plc with management board
Court Registry Number	84 B 02213
EU VAT Number	FR14331048132
Incorporation Date	11/1984
Formation Date	11/1984
Last account Date	31/12/2007
Nationality	France

Establishment details
Postal Address	8 AV DE L ARCHE,IMMEUBLE LE COLISEE 92419 COURBEVOIE CEDEX,
Trading Address	8 AV DE L ARCHE,IMMEUBLE LE COLISEE 92419 COURBEVOIE CEDEX,
Telephone	01 55 70 73 00
Type	Head office
Status	Economically active
Formation Date	11/1984
Reason for formation	Formation

OTHER ESTABLISHMENTS

Branches

13 branch entities in this company

Company number	33104813200285	Company name	ASCOMETAL
Type	Head office	Activity (ape)	Sidérurgie
Post Code	92400	City	COURBEVOIE

Company number	33104813200046	Company name	ASCOMETAL
Type	Secondary establishment	Activity (ape)	Sidérurgie
Post Code	59495	City	LEFFRINCKOUCKE

Company number	33104813200053	Company name	ASCOMETAL
Type	Secondary establishment	Activity (ape)	Sidérurgie
Post Code	57300	City	HAGONDANGE

Company number	33104813200061	Company name	ASCOMETAL
Type	Secondary establishment	Activity (ape)	Sidérurgie
Post Code	42000	City	SAINT ETIENNE

Company number	33104813200087	Company name	ASCOMETAL
Type	Secondary establishment	Activity (ape)	Sidérurgie
Post Code	74300	City	CLUSES

Company number	33104813200145	Company name	ASCOMETAL
Type	Secondary establishment	Activity (ape)	Sidérurgie
Post Code	42240	City	UNIEUX

Company number	33104813200178	Company name	ASCOMETAL
Type	Secondary establishment	Activity (ape)	Sidérurgie
Post Code	42000	City	SAINT ETIENNE

Company number	33104813200236	Company name	ASCOMETAL
Type	Secondary establishment	Activity (ape)	Sidérurgie
Post Code	38570	City	LE CHEYLAS

Company number	33104813200251	Company name	ASCOMETAL
Type	Secondary establishment	Activity (ape)	Sidérurgie
Post Code	13230	City	PORT SAINT LOUIS

Company number	33104813200269	Company name	ASCOMETAL
Type	Secondary establishment	Activity (ape)	Sidérurgie
Post Code	57300	City	HAGONDANGE

Company number	33104813200277	Company name	ASCOMETAL
Type	Secondary establishment	Activity (ape)	Sidérurgie
Post Code	92400	City	COURBEVOIE

Company number	33104813200020	Company name	ASCOMETAL
Type	Secondary establishment	Activity (ape)	Sidérurgie
Post Code	13270	City	FOS SUR MER

Company number	33104813200160	Company name	ASCOMETAL
Type	Secondary establishment	Activity (ape)	Sidérurgie
Post Code	54670	City	CUSTINES

Regionality

Mono-activity status

Legal unit with several establishments of which main activities are distributed in several NAF classes, one of these activities gathering 80 to 99% of workforce

WORKFORCES
Workforce at address	100 to 199 employees
Company workforce	2 000 to 4 999 employees

Accounts & Ratios

PROFIT & LOSS
Account Date	31/12/2007	%	31/12/2006	%	31/12/2005
Account period (month)	12	-	12	-	12
Account Type	Normal Account	-	Normal Account	-	Normal Account
Currency	Euro	-	Euro	-	Euro
Turnover	1,051,728,000	12.3%	936,722,000	3.6%	903,967,000
Exports	0	-	0	-	0
Operating Charges	956,904,000	10.0%	870,286,000	6.9%	814,147,000
Operating Profit	133,238,000	15.5%	115,372,000	3.9%	111,084,000
Financial Income	12,728,000	-7.3%	13,736,000	22.2%	11,242,000
Financial Charges	13,398,000	-51.6%	27,682,000	96.0%	14,121,000
Pre-Tax Profit	132,568,000	30.7%	101,426,000	-6.3%	108,206,000
Extraordinary Income	57,605,000	607.1%	8,147,000	206.3%	2,660,000
Extraordinary Charges	89,794,000	485.5%	15,335,000	-21.0%	19,411,000
Net Profit	69,200,000	34.3%	51,525,000	-0.4%	51,745,000

BALANCE SHEET
Account Date	31/12/2007	%	31/12/2006	%	31/12/2005
Assets
- Tangible assets	224,231,000	36.2%	164,666,000	32.4%	124,406,000
Intangible assets	14,567,000	-15.4%	17,212,000	33.1%	12,935,000
Financial assets	39,170,000	11.7%	35,066,000	-4.8%	36,853,000
Total fixed assets	277,972,000	28.1%	216,944,000	24.5%	174,193,000
Stocks	181,221,000	10.5%	164,010,000	15.2%	142,408,000
Receivables	111,318,000	-32.5%	165,022,000	-8.7%	180,693,000
- Trade Receivables	64,570,000	-8.2%	70,321,000	-15.0%	82,754,000
- Misc. Receivables	46,748,000	-	94,701,000	-	97,939,000
Cash	96,057,000	93.2%	49,713,000	-39.5%	82,170,000
Misc. Current Assets	300,000	-	1,874,000	-	3,084,000
Total Current Assets	388,896,000	2.2%	380,619,000	-6.8%	408,355,000
Liabilities
Trade Accounts Payable	175,742,000	8.2%	162,433,000	23.5%	131,544,000
Bank Loans and Liabilities	1,580,000	154.8%	620,000	-9.6%	686,000
Sundry Loan and Liabilities	4,040,000	-	4,009,000	-	9,488,000
Advanced Payments Received	0	-	0	-	0
Tax and Social Liabilities	61,334,000	-11.9%	69,610,000	2.6%	67,862,000
Miscellaneous Liabilities	25,658,000	-	24,244,000	-	39,092,000
Provisions for Risks & Charges	75,166,000	-5.4%	79,440,000	12.9%	70,339,000
Other Capital Resources	0	-	0	-	0
Share Capital	65,285,000	0.0%	65,285,000	0.0%	65,285,000
Revaluation Reserve	0	-	0	-	0
Other Reserves	257,717,000	-	191,966,000	-	196,671,000
Total Shareholders Funds	323,002,000	25.6%	257,251,000	-1.8%	261,956,000
Total Assets	668,361,000	11.6%	598,821,000	2.7%	582,855,000
Net Worth	308,435,000	-	240,039,000	-	249,021,000

RATIOS
Account Date	31/12/2007	%	31/12/2006	%	31/12/2005
Structure
Protection	48.33%		42.96%		44.94%
Net Gearing	0.84%		0.77%		1.75%
Repayment Power	2.51%		4.90%		12.22%
Capital Requirement	43.00 day		48.00 day		67.00 day
Working Capital Requirement	11.00 day		29.00 day		35.00 day
Net Cash	32.00 day		19.00 day		32.00 day
Performance
Return on Invested Capital	52.00%		54.00%		69.00%
Return on Equity	21.42%		20.03%		19.75%
Gross Profit	31.10% Turnover		32.29% Turnover		32.70% Turnover
Growth v's Year Ago Qtr	115,006,000€		32,755,000€		160,678,000€
Inventory Returns	9.00 day		14.00 day		-2.00 day
Receivables Days	22.00 day		27.00 day		33.00 day
Payable Days	85.00 day		89.00 day		78.00 day
SIG
Profit	0		0		0
Gross Profit	31.10% Turnover		32.29% Turnover		32.70% Turnover
Wage and Salary distribution / Gross Profit	49.32% Turnover		51.57% Turnover		50.77% Turnover
Gross Operating Surplus	13.77% Turnover		12.43% Turnover		13.34% Turnover
Pre-tax Income	12.60% Turnover		10.83% Turnover		11.97% Turnover
Net Profit/Loss	6.58%		5.50%		5.72%

Judgements

Collective Procedures

Courts

There are no Judgements filed against this company.

Rncs

There are no Judgements filed against this company.

Bodacc

There are no Judgements filed against this company.

Preferentials Rights

No social security and tax office preferential right to date.

Group Structure

ULTIMATE PARENT
Ultimate Parent Company	LUCCHINI SPA
Companies in Group	7
Company Name	Country	Share	Latest Annual Accounts
LUCCHINI SPA	Italy	-	N/A
LUCCHINI HOLLAND B.V.	Netherlands	100 %	N/A
-ASCOMÉTAL	331048132	99.99 %	31/12/2007
SIMMOFOS	393416938	99.99 %	31/12/2007
ASCOMETAL IBERICA	Spain	100 %	N/A
ASCOMETAL SPA	Italy	100 %	N/A
ASCOMETAL GMBH	Germany	100 %	N/A

Event history

STATUS HISTORY
Date	Description
01/12/2007	Economically active

Recent Publications in Gazettes
Publication Date	Gazette Name	Description
03/02/2008	Bodacc B	Modification et mutation diverse
92 - HAUTS-DE-SEINE GREFFE DU TRIBUNAL DE COMMERCE DE NANTERRE 3465 - 331 048 132 RCS Nanterre. ASCOMETAL. Forme : Société anonyme à directoire et conseil de surveillance. Activité : directement ou indirectement, la fabrication, la transformation et le commerce de tous produits sidérurgiques et, notamment, d'aciers spéciaux de construction. Adresse de l’établissement principal : 8 avenue de l'Arche, Faubourg de l'Arche, Immeuble le Colisée - Courbevoie 92419 Courbevoie Cedex. Adresse du siège social : 8 avenue de l'Arche, Faubourg de l'Arche, Immeuble le Colisée - Courbevoie 92419 Courbevoie Cedex. Commentaires : Modification de l'adresse du siège. Modification de l'adresse de l'établissement. Modification de l'activité de l'établissement principal.

Company events history
Date	Description
03/02/2008	New Bodacc B ads detected
01/02/2008	Registered office transferred inside jurisdiction of the Commercial Court
01/02/2008	Private document
01/02/2008	Minutes of general meeting of shareholders
01/02/2008	Updated articles of association
31/12/2007	New accounts available
01/12/2007	Update of Company Head Office Identifier
01/12/2007	Transfer of Establishment
15/06/2007	Appointment/resignation of company officers
15/06/2007	Private document
15/06/2007	Minutes of general meeting of shareholders
25/04/2007	Appointment/resignation of company officers
25/04/2007	Private document
25/04/2007	Minutes of general meeting of shareholders
20/02/2007	Minutes of general meeting of shareholders
20/02/2007	Appointment/resignation of company officers
20/02/2007	Private document
31/12/2006	New accounts available
23/06/2006	Amendment
23/06/2006	Private document

ESTABLISHMENT EVENTS HISTORY
Date	Description
01/03/2008	Update Rating
22/02/2008	Update of phone numbers
22/02/2008	Update Rating
12/02/2008	Update Rating
01/12/2007	Formation of Head office (after transfer)

Directors

Director
Name	M NERBONNE PASCAL	Manager position	Directeur général
Date of birth	07/26/1956	Place of birth	BOULOGNE BILLANCOURT
Type of manager	Individual	Name at birth of manager
Director
Name	M SABLONNIERE MICHEL	Manager position	Directeur général
Date of birth	06/03/1948	Place of birth	VALENCIENNES
Type of manager	Individual	Name at birth of manager

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.47.08
UK Pound	1	Rs.71.17
Euro	1	Rs.66.98

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