MIRA INFORM REPORT

Report Date :

13.12.2011

IDENTIFICATION DETAILS

Name :	ADLER STEEL LIMITED
Registered Office :	150 Consumers Road, Suite 503, Toronto, Ontario M2J 1P9
Country :	Canada
Date of Incorporation :	14.06.2001
Com. Reg. No.:	CD-0003909492
Legal Form :	Limited Company
Line of Business :	Steel Wholesaler
No. of Employees :	14

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

Maximum Credit Limit :	USD 300,000
Status :	Satisfactory
Payment Behaviour :	No Compliant
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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
Canada	A1	A1

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

GEOPOLITICS – CANADA
POLITICAL DATA	ECONOMIC DATA
Form of Government: Federal Economic Risk: Nil	Currency: USD Branch Situation: Difficult

IDENTIFICATION
Legal Name:	ADLER STEEL LIMITED
Legal Address	150 Consumers Road, Suite 503, Toronto, Ontario M2J 1P9, Canada.
Operative Address	150 Consumers Road, Suite 503, Toronto, Ontario M2J 1P9, Canada.
Telephone:	1 416 498 5559	Registration Number :	CD-0003909492
Fax:	1 416 498 9727	Legal Form:	Limited Company
Email:	mail@adlersteel.com	Registered in:	Canada
Website:	www.adlersteel.com	Date Created:	2001
Manager:	Vijay Lal, President	Date Incorporated:	June 14, 2001
Staff:	14	Stock:	N.A.
		Value:	N.A.
Activity:	Steel Wholesaler.

BANKS
Name of the Bank	TD Bank
Location	Toronto
BUSINESS
HISTORY
	The company was created in 2001.
PRINCIPAL ACTIVITY
	Adler Steel Ltd. distributes and exports prime, excess, and secondary metal products in Canada and internationally.
Products/Services description:
	Bars Billets Chemical Coils Long Products Pipes Plates Scrap Others
Clients:
	Professionals of the industry.
Operations area:
	National, International.
The company imports from worldwide, depending on the demand.
The company export to worldwide, depending on the demand.
The subject employs 14 employees.
PAYMENTS
	Regular.
LOCATION
Headquarters
	The company is headquartered at: 150 Consumers Road, Suite 503, Toronto, Ontario M2J 1P9, Canada.

Shareholders - Manager - Related Companies
Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	This is a private company. Despite our long searches we were not able to find information about the company's main shareholders.
Management:
	Mr. Vijay Lal, President.

Financials - COMMERCIAL TRENDS AND FORECAST
As a private company the subject does not publish any financial statements.
We have contacted Mr. Mandee, Financial Controller, who provided us with the following data:
Currency	DATE
USD	2010
Turnover	29,000,000
The cash flow is	NORMAL

Currency	DATE
USD	2008
Turnover	28,700,000
The cash flow is	N.A.

Comments on the financial data: Dear client, please notice that this is a trading company. Therefore, its own income may be 8 to 10 times lower than its volume of transactions.

Legal Fillings

The sources consulted record no detrimental legal or labor court information.

Rating
Local credit bureau gave a MEDIUM credit rate. The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Final Opinion
	This is a small sized Canadian Company which employs 14 people and has 10 years of experience in the industry. The company is active and doing business. We have not found detrimental legal or labor information against the company listed within the district court. The company's revenue is correct considering the company's size and number of employees. Please notice that this is a trading company, therefore its own income may be 8 to 10 times lower than its number of transactions. This company is part of the Adler Steel Group, and has presence in China, Singapore and USA. A credit line may be considered for USD 300,000

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	N.A.	Public	NO
Indebtedness	N.A.	Payments	REGULAR
Cash	NORMAL

APPENDIX
Person Interviewed
	Mr. Mandee
Position
	Financial Controller.
Comments
	The contacted person provided us with: company's name, location, activity, products, number of employees, management staff, import/export information, creation date, range of trading volume, payment trends to the suppliers.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.42
UK Pound	1	Rs.81.92
Euro	1	Rs.69.94

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.