MIRA INFORM REPORT

Report Date :

29.01.2011

IDENTIFICATION DETAILS

Name :	Steelforce NV

Registered Office :	Lange Klarnstraat16 ANTWERPEN, 2000

Country :	Belgium

Financials (as on) :	30.09.2009

Date of Incorporation :	29.07.1950

Com. Reg. No.:	402950965

Legal Form :	Limited Company

Line of Business :	Wholesale of Metals and Metal Ores.

RATING & COMMENTS

MIRA’s Rating :

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 :	€ 4350000
Status :	Very Good
Payment Behaviour :	Regular
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 – June 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

Belgium

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

Company Summary

Company Summary
Business Name	STEELFORCE NV
Business Number	402950965
Address	LANGE KLARENSTRAAT 16 ANTWERPEN
Post Code	2000
Telephone	032241080
Fax Number	032241079
Date of Establishment	29/07/1950
Number of Employees	35

Credit Information Summary
Company Status	ACTIVE
Credit Limit (€)	4,350,000
Purchase Limit (€)	90,000,000
Date of Deposit at Registry	02/04/2010
Date of Last Accounts	30/09/2009
Turnover	359,885,098
Results of Ordinary Operations Before Tax	2,987,569
Networth	12,799,898

Past Payments
Payment Expectation Days	19.93
Days Sales Outstanding	39.18
Industry Average Payment Expectation Days	57.13
Industry Average Day Sales Outstanding	74.91

Court Data Summary
bankruptcy details
Court Action Type	None
Protested Bills
Bill Amount
NSSO Details
Date of Summons	//

Accounts & Ratio

Period
Accounts End Date	30/09/2009	%	30/09/2008	%	30/09/2007
Weeks	52	-	52	-	52
Currency	EUR	-	EUR	-	EUR

Profit & Loss
Turnover	359,885,098	162.1%	137,285,300	49.8%	91,665,098
Total Operating Expenses	350,397,461	157.1%	136,305,277	52.3%	89,519,814
Operating Result	9,487,637	868.1%	980,023	-54.3%	2,145,284
Total Financial Income	5,078,955	234.9%	1,516,766	-32.0%	2,230,364
Total Financial Expenses	10,124,395	321.6%	2,401,696	-30.8%	3,473,034
Results on Ordinary Operations Before Tax	4,442,197	4,571.4%	95,094	-89.5%	902,614
Taxation	1,454,628	-	-	-	273,998
Results on Ordinary Operations After Tax	2,987,569	3,041.7%	95,094	-84.9%	628,616
Extraordinary Items	0	100.0%	-7,752	44.2%	-13,884
Net Result	2,987,569	3,320.5%	87,342	-85.8%	614,732
Other Information
Dividends	1,700,000	-	-	-	500,000
Director Remuneration	-	-	-	-	-
Employee Costs	3,632,443	308.8%	888,567	4.7%	848,804
- Wages & Salaries	2,270,332	280.1%	597,284	0.5%	594,029
- Social Security Contributions	1,273,443	357.4%	278,413	14.6%	242,947
- Other Employee Costs	88,668	589.0%	12,870	8.8%	11,828
Amortization & Depreciation	480	200.0%	160	0.0%	160

Balance Sheet
Accounts End Date	30/09/2009	%	30/09/2008	%	30/09/2007
Weeks	52	-	52	-	52
Intangible Fixed Assets	550	-	0	-	0
Tangible Fixed Assets	986,222	247.1%	284,153	-8.8%	311,662
- Land And Buildings	859,649	215.3%	272,656	-9.4%	300,986
- Plant And Machinery	0	-	0	-	0
- Other Tangible Assets	126,573	1,000.9%	11,497	7.7%	10,676
Financial Fixed Assets	121,834	90.7%	63,902	18.2%	54,062
Total Fixed Assets	1,108,606	218.5%	348,055	-4.8%	365,724
Inventories
- Raw Materials & Consumables	0	-	0	-	0
- Work in Progress	0	-	0	-	0
- Finished Goods	0	-	0	-	0
- Other Stocks	11,211,241	105.5%	5,456,615	232.0%	1,643,556
Trade Debtors	38,632,225	61.6%	23,911,064	144.3%	9,785,765
Cash	561,950	-69.3%	1,828,194	2.4%	1,785,547
- Miscellaneous Current Assets	20,941	3,998.0%	511	-98.4%	32,315
Total Current Assets	51,608,721	63.4%	31,591,036	137.0%	13,331,076

- Trade Creditors	19,128,874	93.7%	9,873,784	356.4%	2,163,252
- Short Term Group Loans	656,942	-58.7%	1,591,834	1,313.5%	112,619
- Other Short Term Loans	17,555,871	-5.0%	18,475,706	150.5%	7,376,990
- Miscellaneous Current Liabilities	1,847,054	219.7%	-1,543,089	-455.7%	433,800
Total Current Liabilities	39,188,741	38.0%	28,398,235	181.5%	10,086,661

- Long Term Group Loans	0	-	0	-	0
- Other Long Term Loans	131,894	42.6%	92,500	-37.3%	147,500
- Other Long Term Liabilities	596,244	489.4%	101,165	-50.1%	202,789
Total Long Term Debts	728,138	276.0%	193,665	-44.7%	350,289

- Issued Share Capital	2,232,000	20.0%	1,860,000	0.0%	1,860,000
- Share Premium Account	0	-	0	-	0
- Reserves	10,568,448	610.6%	1,487,191	6.2%	1,399,849
- Revaluation Reserve	0	-	0	-	0
Total Shareholders Equity	12,800,448	282.4%	3,347,191	2.7%	3,259,849

Working Capital	12,419,980	289.0%	3,192,801	-1.6%	3,244,415
Net Worth	12,799,898	282.4%	3,347,191	2.7%	3,259,849

Ratio Analysis
Trading Performance
Pre-tax Profit Margin	1.23	1,657.1%	0.07	-92.9%	0.98
Return On Capital Employed	32.84	1,120.8%	2.69	-89.2%	25.00
Return On Total Assets Employed	8.43	2,710.0%	0.30	-95.4%	6.59
Return On Net Assets Employed	35.77	1,100.3%	2.98	-89.3%	27.82
Sales / Net Working Capital	28.98	-32.6%	43.00	52.2%	28.25
Operating Efficiency
Stock Turnover Ratio	3.12	-21.4%	3.97	121.8%	1.79
Debtor Days	39.18	-38.4%	63.57	63.1%	38.97
Creditor Days	19.93	-24.6%	26.44	199.8%	8.82
Short Term Stability
Current Ratio	1.32	18.9%	1.11	-15.9%	1.32
Liquidity Ratio / Acid Ratio	1.03	12.0%	0.92	-20.7%	1.16
Current Debt Ratio	3.06	-63.9%	8.48	174.4%	3.09
Long Term Stability
Gearing	143.31	-76.2%	602.30	157.1%	234.28
Equity In Percentage	0.24	140.0%	0.10	-58.3%	0.24
Total Debt Ratio	1.43	-76.2%	6.02	157.3%	2.34

Industry Comparison
Activity Code	46720
Activity Description	Wholesale of metals and metal ores
Industry Average Credit Rating	69
Industry Average Credit Limit (€)	104,625

Payment Expectations

Payment Expectations
Payment Expectation Days	19.93
Day Sales Outstanding	39.18

Industry Comparison
Activity Code	4672
Activity Description	Wholesale of metals and metal ores
Industry Average Day Sales Outstanding	74.91
Industry Average Payment Expectation Days	57.13

Industry Quartile Analysis
Payment Expectation Days
Payment Expectations - Lower	37.44
Payment Expectations - Median	62.23
Payment Expectations - Upper	86.91
Day Sales Outstanding
Day Sales Outstanding - Lower	20.88
Day Sales Outstanding - Median	44.29
Day Sales Outstanding - Upper	69.17

Shareholders

Holding Company
Company Name	STEELFORCE GROUP NV
Business Number	477502492
Share Percentage	99.99
Annual Accounts Date	01/09/2009
Holding Company
Company Name	HEXIT BVBA
Business Number	880317065
Share Percentage	15
Annual Accounts Date	01/03/2008
Holding Company
Company Name	WATERKEYN INVESTMENTS BVBA
Business Number	879808311
Share Percentage	15
Annual Accounts Date	01/03/2007

Subsidiary
Company Name	STEELFORCE TRADING INTERNATIONAL LTD
Business Number	14228811
Share Percentage
Annual Accounts Date	//

Court Data

Protested Bills
Drawee Name	--
Drawee Address	--
Bill Amount
Bill Currency	--
Maturity of Bill (month)
Name of Drawer	--
City of Drawer	--

NSSO Details
Business Number
Name of Defendant	--
Legal Form of Defendant	--
Date of Summons
Labour Court	--

Bankruptcy Data

There is no bankruptcy data against this company.

Directors

Company Director
Full Name	FRANCOIS ALEXANDER
Position	Managing director
Address	25 LODEWIJK DE KONINCKSTRAAT BERCHEM (ANTW.)
Postal Code	2600
Country	--

Company Director
Full Name	KAREL FRANCISCA LODE PANNEMANS
Position	Director
Address	49 RODEDREEF SCHILDE
Postal Code	2970
Country	--

Company Director
Full Name	LUCIEN SMOLDERS
Position	Director
Address	21 DIEPESTRAAT HOVE
Postal Code	2540
Country	--

Company Director
Full Name	GUIDO HEMELEERS
Position	Director
Address	40 MORRENWEG TERVUREN
Postal Code	3080
Country	--

Company Director
Full Name	JEROME WATERKEYN
Position	Director
Address	41 BERKENLAAN WILRIJK (ANTW.)
Postal Code	2610
Country	--

Company Director
Full Name	STEELFORCE GROUP NV
Position	Director
Address	16 LANGE KLARENSTRAAT ANTWERPEN
Postal Code	2000
Country	--

Company Director
Full Name	CROFIMA
Position	Director
Address	1 LOTHAR WYRTKI-LAAN RANST
Postal Code	2520
Country	--

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.74
UK Pound	1	Rs.72.73
Euro	1	Rs.62.73

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 Company	----

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.

Latest Branch Details
Street	GRAMAYESTRAAT
House Number	4
City	ANTWERPEN
Postal Code	2000
Trade Registered Number	352838
Trade Registered Entry Date	01/01/2003

Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	//

Latest Event
Serial Number	182609
Event Description	Change of articles of association

company details
Business Number	402950965
Name	STEELFORCE NV
Fax Number	032241079
Establishment Date	29/07/1950
Company Status	ACTIVE
Company Type	Limited company
Activity Description	Wholesale of metals and metal ores
Activity Code	46720
Liable For Vat	yes
Currency	Euro (€)