MIRA INFORM REPORT

Report Date :

02.06.2011

IDENTIFICATION DETAILS

Name :	INDUSTEEL BELGIUM SA

Registered Office :	266, Rue De Chatelet, Charleroi

Country :	Belgium

Financials (as on) :	31.12.2009

Date of Incorporation :	06.10.1981

Com. Reg. No.:	422027402

Legal Form :	Limited Company

Line of Business :	Manufacture of basic iron and steel and of ferro-alloys

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 :	(€) 14,500,000
Status :	Very Good
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, 2011

Country Name

Previous Rating

(31.12.2010)

Current Rating

(31.03.2011)

Belgium

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

Company Summary

company details
Company Number	422027402
Name	INDUSTEEL BELGIUM SA
Address	266, RUE DE CHATELET, CHARLEROI
Post Code
Telephone Number	071441885
Fax Number	071441950
Establishment Date	06-10-1981
Company Status	ACTIVE
Company Type	Limited company
Number of Employees	847
Activity Description	Manufacture of basic iron and steel and of ferro-alloys (ECSC)*
Activity Code	24100
Liable For Vat	yes
Currency	Euro (€)
Latest Branch Details
Street	--
House Number
City	--
Postal Code
Trade Registered Number
Trade Registered Entry Date	--
Contractor Details
Registration Number	--
Contractor Description	--
Striking Off Date	--
Latest Event
Serial Number	96692
Event Description	Reappointment commissioner
Limit
Credit Limit (€)	14,500,000
Purchase Limit (€)	109,000,000
Industry Comparison
Industry Average Credit Limit (€)	591,294
Payment Expectations
Payment Expectations
Payment Expectation Days	86.42
Day Sales Outstanding	36.33
Industry Comparison
Activity Code	2410
Activity Description	Manufacture of basic iron and steel and of ferro-alloys
Industry Average Day Sales Outstanding	104
Industry Average Payment Expectation Days	64.77
Industry Quartile Analysis
Payment Expectations - Lower	43.58
Payment Expectations - Median	75.37
Payment Expectations - Upper	125.36

Day Sales Outstanding - Lower	28.82
Day Sales Outstanding - Median	50.30
Day Sales Outstanding - Upper	74.86
Company Shareholder Holding
Shareholder Detail
Company Number	12593568
Company Name	ARCELOR FRANCE SA
Address	,
Postal Code	0
Country
Share Percentage	99.99
Annual Accounts Date	01-12-2006
Shareholder Detail
Company Number	12593964
Company Name	USINOR INDUSTEEL ITALIA SRL
Address	PIAZZA SAN AMBROGIO 8/A, MILANO
Postal Code	20123
Country
Share Percentage	100
Annual Accounts Date	01-12-2008
Shareholder Detail
Company Number	12594261
Company Name	INDUSTRIEEL CANADA INC.
Address	BOULEVARD DE MAISONNEUVE OUEST 3500, MONTREAL
Postal Code	0
Country
Share Percentage	100
Annual Accounts Date	01-12-2008
Shareholder Detail
Company Number	12593766
Company Name	INDUSTEEL NORDIC AB
Address	HULDA MELLGRENS GATA 2, VASTRA-FROLUNDA
Postal Code	0
Country
Share Percentage	100
Annual Accounts Date	01-12-2008
Shareholder Detail
Company Number	425222462
Company Name	ARCELORMITTAL RINGMILL SA
Address	RUE DE MARNIX 3, SERAING
Postal Code	4100
Country
Share Percentage	99.99
Annual Accounts Date	01-12-2008
Shareholder Detail
Company Number	411895355
Company Name	INDUSTEEL BENELUX NV
Address	LEOPOLDSTRAAT 97, MECHELEN
Postal Code	2800
Country
Share Percentage	99.98
Annual Accounts Date	01-12-2008
Shareholder Detail
Company Number	435777943
Company Name	CHARLEROI DEROULAGE SA
Address	RUE DE CHATELET 266, CHARLEROI
Postal Code	6030
Country
Share Percentage	99.92
Annual Accounts Date	01-12-2008
Shareholder Detail
Company Number	431469262
Company Name	AVAL METAL CENTER SA
Address	RUE DE CHATELET 266, CHARLEROI
Postal Code	6030
Country
Share Percentage	99.05
Annual Accounts Date	01-12-2008
Shareholder Detail
Company Number	12594063
Company Name	FERSTAHL SAGL
Address	VIA S BALESTRA 27, LUGANO
Postal Code	0
Country
Share Percentage	99
Annual Accounts Date	01-12-2008
Shareholder Detail
Company Number	12593865
Company Name	USINOR INDUSTEEL (IBERICA) SA
Address	AVENIDA TORREBLANCA 2-8 1-C, SANT CUGAT DEL VALLES, B
Postal Code	0
Country
Share Percentage	50
Annual Accounts Date	01-12-2008
Shareholder Detail
Company Number	12593667
Company Name	INDUSTEEL UK Limited
Address	HALLOW PARK, HALLOW, WORCESTER, HEREFORD & WO
Postal Code	0
Country
Share Percentage	50
Annual Accounts Date	01-12-2008
Shareholder Detail
Company Number	12594162
Company Name	INDUSTEEL DEUTSCHLAND GMBH
Address	BREITE STRASSE 15, GREVENBROICH
Postal Code	41515
Country
Share Percentage	50
Annual Accounts Date	01-12-2008
Shareholder Detail
Company Number	429496204
Company Name	ARCELORMITTAL FINANCE AND SERVICES BELGIUM NV
Address	BLD DU ROI ALBERT II 35, BRUXELLES
Postal Code	1000
Country
Share Percentage	6.72
Annual Accounts Date	01-12-2008

Company Accounts

Period
Accounts End Date	31-12-2009	31-12-2008	31-12-2007
Currency	EUR	EUR	EUR
Weeks	52	52	52
Profit & Loss
Turnover	436,010,656	864,309,877	895,602,541
Total Operating Expenses	413,404,644	764,725,542	749,290,633
Operating Result	22,606,012	99,584,335	146,311,908
Total Financial Income	62,520,591	150,724,407	69,997,620
Total Financial Expenses	50,373,392	120,848,679	59,244,434
Results on Ordinary Operations Before Tax	-15,609,973	4,027,210	101,058,843
Taxation	-21,523,986	21,635,538	34,967,578
Results on Ordinary Operations After Tax	5,914,013	-17,608,328	66,091,265
Extraordinary Items	367,851	3,951,982	63,994
Net Result	6,281,864	-13,656,346	66,172,649
Other Information
Dividends	6,056,800	-	66,172,800
Director Remuneration	-	-	-
Employee Costs	48,753,663	62,607,575	60,722,059
- Wages & Salaries	34,227,170	45,419,953	43,298,905
- Employee Pension Costs	-	-	-
- Social Security Contributions	12,619,007	15,047,457	15,263,088
- Other Employee Costs	1,907,486	2,140,165	2,160,066
Amortization & Depreciation	4,550,843	4,257,888	4,067,681
Balance Sheet
Intangible Fixed Assets	729,697	915,964	557,070
Tangible Fixed Assets	47,188,266	46,092,290	37,879,335
- Land And Buildings	5,593,748	6,151,938	3,975,709
- Plant And Machinery	33,394,906	33,632,624	18,642,617
- Other Tangible Assets	8,199,612	6,307,728	15,261,009
Financial Fixed Assets	2,161,018,043	2,160,438,992	2,156,540,954
Total Fixed Assets	2,208,936,006	2,207,447,246	2,194,977,359
Inventories	111,037,926	178,332,751	201,086,123
- Raw Materials & Consumables	40,696,556	64,638,032	48,094,445
- Work in Progress	32,372,992	38,958,470	61,504,884
- Finished Goods	37,968,378	74,736,249	91,486,795
- Other Stocks	0	0	-1
Trade Debtors	43,395,894	105,570,456	76,436,704
Cash	80,502,146	29,131,852	178,236,307
- Miscellaneous Current Assets	255,789	575,887	739,999
Total Current Assets	258,861,482	335,886,804	463,108,141
Current Liabilities
- Trade Creditors	97,884,605	142,193,549	190,218,232
- Short Term Group Loans	39,234,532	38,962,032	38,447,007
- Other Short Term Loans	439,906	1,964,871	185,920
- Miscellaneous Current Liabilities	-11,354,029	22,772,898	76,348,258
Total Current Liabilities	126,205,014	205,893,350	305,199,417
Long Term Debts
- Long Term Group Loans	0	0	0
- Other Long Term Loans	2,115,402,779	2,115,402,779	2,115,439,329
- Other Long Term Liabilities	29,188,889	25,262,178	27,014,666
Total Long Term Debts	2,144,591,668	2,140,664,957	2,142,453,995
Shareholders Equity
- Issued Share Capital	11,209,600	11,209,600	11,209,600
- Share Premium Account	0	0	0
- Reserves	185,791,206	185,566,143	199,222,488
- Revaluation Reserve	0	0	0
Total Shareholders Equity	197,000,806	196,775,743	210,432,088

Working Capital	132,656,468	129,993,454	157,908,724
Net Worth	196,271,109	195,859,779	209,875,018
Ratio Analysis
Trading Performance
Results on Ordinary Operations Before Taxation Margin	-3.58	0.47	11.28
Return On Capital Employed	-0.67	0.17	4.30
Return On Total Assets Employed	-0.63	0.16	3.80
Return On Net Assets Employed	-11.77	3.10	64
Sales / Net Working Capital	3.29	6.65	5.67
Operating Efficiency
Stock Turnover Ratio	25.47	20.63	22.45
Debtor Days	36.33	44.58	31.15
Creditor Days	86.42	67.87	92.66
Short Term Stability
Current Ratio	2.05	1.63	1.52
Liquidity Ratio / Acid Ratio	1.17	0.77	0.86
Current Debt Ratio	0.64	1.05	1.45
Long Term Stability
Gearing	1093.94	1095.83	1023.64
Equity In Percentage	0.08	0.08	0.08
Total Debt Ratio	10.94	10.96	10.24

Company Court Data

Protested Bills
Drawee Name	--
Drawee Address	--
Bill Amount
Bill Currency	--
Maturity of Bill (month)
Name of Drawer	--
City of Drawer	--
NSSO Details
Name of Defendant	--
Legal Form of Defendant	--
Date of Summons
Labour Court	--
Directors
Company Director
Full Name	ALEX NICK
Birth Date	1961-07-16
Position Description	Managing director
Address	35 RUE DE GAULLE 57390 REDANGE
Country	France
Postal Code	0
Birth Date	2015-01-01
Company Director
Full Name	VIJAY GOYAL
Birth Date
Position Description	Director
Address	4 RUE DES GIRONDINS 1626 LUXEMBOURG
Country	Luxembourg
Postal Code	0
Birth Date	2014-01-01
Company Director
Full Name	PIERRE-NICOLAS WERNER
Birth Date
Position Description	Director
Address	0
Country	--
Postal Code	0
Birth Date	2015-01-01

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.89
UK Pound	1	Rs.73.85
Euro	1	Rs.64.76

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

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.

Company Summary

Company Accounts

Company Court Data

Unit