MIRA INFORM REPORT

Report Date :

22.06.2011

IDENTIFICATION DETAILS

Name :	MCB NETHERLANDS B.V.
Registered Office :	John F Kennedylaan 59 5555XC Valkenswaard
Country :	Netherlands
Financials (as on) :	31.12.2009
Date of Incorporation :	24.06.1992
Com. Reg. No.:	17075728
Legal Form :	Limited Company
Line of Business :	Wholesaler of ferrous metals and ferrous semi-finished products

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	€ 500.000
Status :	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 – March 31^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Netherlands	a2	a2

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

CONTACTINFORMATION

Company name	MCB Netherlands B.V.
Tradename	Metaalcompagnie "Brabant" MCB Netherlands B.V. MCB Information Services
Address	John F Kennedylaan 59 5555XC Valkenswaard Netherlands
Mail address	Postbus 2 5550AA Valkenswaard Netherlands
Telephone number	0402088333
Telefax number	0402043795
E-mail address	info@mcb.nl
Website	www.mcb.nl
VAT number	NL800807431B01
Branch(es)	MCB Netherlands B.V. (17075728.0001) De Vest 38 5555XP VALKENSWAARD MCB Netherlands B.V. (17075728.0002) De Schakel 7 5651GH EINDHOVEN

CREDIT LIMIT

Credit :A credit of € 500.000 may be granted Normal

COMPANY INFORMATION

Handelsregisternummer	17075728
Registered in	Chamber of commerce Brabant
First registration	24-06-1992
Act of foundation	29-05-1992
Date of constitution	16-05-1941
Continuation date	29-05-1992
Last change in statutes	27-05-2008
Legal form	Besloten Vennootschap (Limited Company)
Place of constitution	Valkenswaard
Capital	EUR 22.690.000
Issued capital	EUR 4.538.000
Paid up capital	EUR 4.538.000

NACE-code WHOLESALE TRADE AND COMMISSION TRADE (51)

Wholesale of ferrous metals and ferrous semi-finished products (51522)

SBI- code Groothandel en wholesale on a fee or contract basis (niet in auto's en motorfietsen) (46)

(Wholesalers and wholesale on a fee or contract basis (not in cars and motorcycles)

Formal objective Groothandel in staal en technische produkten alsmede uitoefenen van

transportactiviteiten, zowel ten behoeve van eigen onderneming als ten behoeve van derden

(Wholesale trade in steel and engineering products and exercise
transport, both for their own company and for third parties)

Employees Total: 1312

Bookyear 2009 2008 2007

Number 1312 1312 679

Change 0,00% 93,23% 2,41%

COMPANY STRUCTURE

Shareholder MCB International B.V.

John F Kennedylaan 59 5555XC

VALKENSWAARD Netherlands

KvK: 17011393

Active since: 29-05-1992

Percentage: 100.00%

Holding company MCB International B.V.

John F Kennedylaan 59 5555XC

VALKENSWAARD

KvK: 17011393

Affiliated companies Staalmarkt Netherlands B.V.

Ekkersrijt 7204

5692HE SON

KvK: 17096466

MCB Business & Information Services B.V.

John F Kennedylaan

59 5555XC

VALKENSWAARD KvK: 17138782

MCB Central Europe B.V.

John F Kennedylaan

59 5555XC VALKENSWAARD

KvK: 17185147

Valx B.V.

John F Kennedylaan

51 5555XC VALKENSWAARD

KvK: 17240011

Hamel Metaal B.V.

Damsluisweg 60

1332EJ Almere

KvK: 39065330

Bankers ABN Amro Bankers NV

Account number: 444046003

ING Bankers NV

Account number: 1109861

Real estate Property owned

The real estate is checked at the land registration office

Object code: VALKENSWAARD F 3354

Owner: MCB NETHERLANDS B.V.

MANAGEMENT

Management CB International B.V.

John F Kennedylaan 59

5555XC VALKENSWAARD

Netherlands KvK: 17011393

Authorization: Fully authorized

Position: Manager

Date appointed: 23-05-2008

E.J. Hendriksen Evert Jan

Authorization: Limited authorization

Position: Manager

Date appointed: 29-05-1992

Date of birth: 12-09-1957

P.A.H. Bergs

Peter Alouis Hildefons

Authorization: Limited authorization

Position: Procuratiehouder

Date appointed: 01 -02-2003

Date of birth: 28-04-1966

W.W.J. Derkx

Wilhelmus Wilhelmina Jan

Authorization: Limited authorization

Position: Proxy

Date appointed: 01 -07-1996

Date of birth: 01-07-1959

C.G.M. van den Hout Cornelius Gerardus Maria

Authorization: Limited authorization

Position: Proxy

Date appointed: 01 -01-2000

Date of birth: 12-08-1957

A.C. van Laatum Antoon Cornelis

Authorization: Limited authorization

Position: Proxy

Date appointed: 01 -07-1996

Date of birth: 08-01-1951

R.P.F. Maandonks

Ronald Pieter Francois

Authorization: Limited authorization

Position: Proxy

Date appointed: 01 -07-1996

Date of birth: 17-11-1958

L.F.C.M. van de Schans Lambertus Franciscus Cornelis

Authorization: Limited authorization

Position: Proxy

Date appointed: 01 -09-1998

Date of birth: 15-06-1956

H.J.T. Spikmans

Hendrikus Jacobus Theodorus

Authorization: Limited authorization

Position: Proxy

Date appointed: 01 -03-2002

Date of birth: 14-02-1964

PAYMENT INFORMATION

Payment experiences Payments are regular

Payments Based on multiple payment experiences up to € 50.000

Quarter: 3 2010: 41 Average days

Quarter: 4 2010: 33 Average days

Quarter: 1 2011: 39 Average days

Quarter: 2 2011: 39 Average days

	invoices	current quarter		2011 Q1	2010 Q4	2010 Q3
Total	372	100%	956.253	956.253	941.044	984.605
Within terms	303	78,2%	748.114	748.114	861.752	757.584
Delayed 0 - 30	66	21,8%	208.139	208.139	79.292	188.317
Delayed 31 - 60	^1	0,0%				18.377
Delayed 61 - 90
Delayed 91 - 120	1	0,0%				8.131
Delayed 120+ days	1	0,0%	1 1			12.196

FINANCIAL INFORMATION

Auditor Deloitte & Touche

Auditor's report According to the auditor, the annual account gives a faithful description of

the size and composition of the company.

Publication financial statement Annual accounts 2009 are published on 29-07-2010

Annual accounts 2008 are published on 10-07-2009

Annual accounts 2007 are published on 23-06-2008

Type of publication Corporate

Publication Publication according to obligations by law

CORE FIGURES

BOOK YEAR	2009	2008	2007
Quick Ratio	0,89	0,82	0,90
Current Ratio	1,94	2,05	2,05
Nett Working Capital / Balance Total	0,33	0,38	0,38
Capital and Reserves / Balance Total	0,47	0,46	0,48
Capital and Reserves / Fixed assets	0,94	0,96	1,05
Solvency	1,46	1,78	1,82
Nett Working capital	93.436.000	137.657.000	132.668.000
Capital and Reserves	131.553.000	168.740.000	170.405.000
Change Capital and Reserves	-22,04%	-0.98%	23,33%
change Short Term Liabilities	-24,68%	3,77%	13,78%
Nett Turnover	436.136.000	707.275.000	745.521.000
Operating Profit	10.343.000	32.031.000	41.137.000
Profitability	Positive	Positive	Positive

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2009

Type of publication	Corporate
Turnover	2009:	436.139.000
	2008:	707.275.000
	2007:	745.521.000
	2006:	631.567.000
Gross profit	2009:	28.749.000
	2008:	53.817.000
	2007:	56.433.000
	2006:	57.507.000
Operating profit	2009:	10.343.000
	2008:	32.031.000
	2007:	41.137.000
	2006:	44.000.000
Result after taxes	2009:	6.183.000
	2008:	20.440.000
	2007:	27.183.000
	2006:	29.599.000

Tendency Declining

Tendency capital and reserves

Capital and reserves 2009 131.553.000

Total debt 2009 151.136.000

Current ratio 2009 1,94

Quick ratio 2009 0,89

Nett workingcapital 2009 93.436.000

Profitability Positive

Solvency Sufficient

Liquidity Sufficient

Current- & Quickratio

3
2
1
0		i		i		i		i
	2006		2007		2008		2009

BALANCE
BOOKYEAR	2009		2008	2007
End of bookyear	31-12-2009		31-12-2008	31-12-2007
Tangible assets	89.974.000		94.513.000	93.399.000
Financial assets	168.000		52.000
Fixed assets	90.142.000		94.565.000	93.399.000
Stocks and work in progress	104.711.000		161.170.000	144.749.000
Accounts receivable	87.587.000		107.562.000	113.711.000
Liquid assets	249.000		506.000	1.013.000
Current assets	192.547.000		269.238.000	259.473.000
Total assets	282.689.000		363.803.000	352.872.000
Capital and reserves	131.553.000		168.740.000	170.405.000
Provisions	11.457.000		18.882.000	20.062.000
Long term interest yealding debts				35.600.000
other long term debts	40.568.000		44.600.000	0
Long term liabilities	40.568.000		44.600.000	35.600.000
Trade debts suppliers	14.976.000		22.393.000	24.788.000
Short term interest yielding debt				81.771.000
Other short term debts	84.135.000		109.188.000	20.246.000
Total short term debt	99.111.000		131.581.000	126.805.000
Total debt	151.136.000		195.063.000	182.467.000
Total Liabilities	282.689.000		363.803.000	352.872.000
PROFIT & LOSS ACCOUNT
BOOKYEAR		2009	2008	2007
Turnover			707.275.000	745.521.000
Nett Turnover		436.136.000	707.275.000	745.521.000
Cost of sales		407.387.000	653.458.000	689.088.000
Gross profit		28.749.000	53.817.000	56.433.000
Sales costs				15.296.000
Other operating charges			21.786.000
Operating charges		18.406.000	675.244.000	704.384.000
Operating profit		10.343.000	32.031.000	41.137.000
Financial income		1.332.000	1.980.000	816.000
Financial charges		3.269.000	6.252.000	5.466.000
Financial result		-1.937.000	-4.272.000	-4.650.000
Result participations			32.000
Result before taxes		8.406.000	27.791.000	36.487.000
Income taxes		2.340.000	7.351.000	9.304.000
Result after taxes		6.066.000	20.440.000	27.183.000
Result participations after taxes		116.000

History

Management Since 01-01-2011 is Proxy Augustinus Cornelis Henrica Maria van de Ven out

of office.

Since 01-01-2011 is Proxy Aalbertus Uithol out of office.

Since 01 -05-2010 is Proxy Igor Johannes La Vos out of office.

Since 23-05-2008 manager Johannes Jacobus Marie Aarts, living in Eindhoven out of office.

Since 23-05-2008 manager 17011393 MCB International B.V. appointed.

Since 23-05-2008 manager Patrick Jean Marie Nijs, living in B-3730 Hoeselt Belgium out of office.

Since 23-05-2008 manager Geert Johannes Leonardus Wanten, living in Sevenum out of office.

Since 23-05-2008 manager Johannes Franciscus Alphonsus van Zeeland, living in Veldhoven out of office. Modifications Since 27-5-2008 statutes modified.

Company structure

MCB International B.V. (17011393)

VALKENSWAARD

MCB Netherlands B.V. (17075728)

Valkenswaard

Subsidiary

Staalmarkt Netherlands B.V. (17096466)

SON

Subsidiary

Metal2 B.V. (09149851) VELDHOVEN

Management relation (100%)

MCB Business & Information Services B.V. (17138782)

VALKENSWAARD

Subsidiary

MCB Central Europe B.V. (17185147)

VALKENSWAARD

Subsidiary

Valx B.V. (17240011)

VALKENSWAARD

Subsidiary (100%)

Hamel Metaal B.V. (39065330)

Almere

Subsidiary

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.91
UK Pound	1	Rs.72.90
Euro	1	Rs.64.48

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.