MIRA INFORM REPORT

Report Date :

10.03.2011

IDENTIFICATION DETAILS

Name :	STEMCOR UK LIMITED
Formerly Known As :	COUTINHO CARO U.K. LIMITED
Registered Office :	Floor 27 City Point, One Ropemaker Street, London, Ec2y 9st.
Country :	United Kingdom
Financials (as on) :	31.12.2009
Date of Incorporation :	22.05.1951
Com. Reg. No.:	00495682
Legal Form :	Private Limited Company
Line of Business :	Steel and General Merchants

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 :	GBP 750,000
Status :	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 – December 31, 2010

Country Name	Previous Rating (30.09.2010)	Current Rating (31.12.2010)
United Kingdom	a1	a1

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

Company Identification Details

Subject Reported on	STEMCOR UK LIMITED
Registration Number	00495682
VAT Number	GB396902804
Address	LEVEL 27 CITY POINT, 1 ROPEMAKER STREET, LONDON, EC2Y 9ST.
Telephone	020 7775 3600
Facsimile	020 7775 3639
Email	suk@uk.stemcor.com
Web Address	www.stemcor.com

Creditline Recommendations

Monthly Credit Guide

GBP 750,000

Official Company Data

Legal Form	Private Limited
Registration Number	00495682
VAT Number	GB396902804
Subject Status	Trading
Date of Incorporation	22/05/1951
Registered Office	FLOOR 27 CITY POINT, ONE ROPEMAKER STREET, LONDON, EC2Y 9ST.
History	11/07/2001 : The Registered Office address changed from FLOOR 27 CITY POINT, ONE ROPEMAKER STREET, LO.
	1/06/2001 : The Registered Office address changed from WALKER HOUSE, 87 QUEEN VICTORIA STREET, LONDO.
	8/02/1988 : Change of name from COUTINHO CARO U.K. LIMITED.
	28/01/1983 : Change of name from MORRISON.MARSHALL & HILL LIMITED.
Date of Last Annual Return to Registry	11/07/2010
Accounts	The last filed accounts at Companies House are those to 31/12/2009
Accounting Reference Date	31/12

Operations

Activities	Steel and general merchants. Accounts expressed in US Dollars.
Nace Code	5152
Staff Employed	79
Import Countries	EUROPE
Export Countries	No Import Activity
Bankers	FORTIS BANK SA/NV
Address	23 CAMOMILE ST LONDON EC3A.
Sort Code	405262
Auditors	Deloitte LLP
Branches	WALKER HOUSE, 87 QUEEN VICTORIA STREET, LONDON, EC4V 4AL.
Associated Companies	ASD PLC
	ASD PROPERTIES LTD
	AYTON ENGINEERING LTD
	EUROSTEEL PRODUCTS LTD
	L.W LAMBOURN & CO LTD
	ROBERT FRAZER & SONS LTD
	STEMCOR AUSTRALIA PTY LTD
	STEMCOR INC, a company incorporated in   USA
	STEMCOR SCA PTE, a company incorporated in   SINGAPORE
	VANESCO LTD
	VENESCO MARSHALL & HILL LTD

Historical Rating

Date	Monthly Credit Guide
08/09/2010	750,000
08/06/2010	750,000
08/03/2010	1,000,000
08/12/2009	1,000,000
08/09/2009	1,000,000

Public Record Information

Summary of CCJ's/Scottish Decrees

No CCJs/Scottish Decrees are recorded in our file.

Summary of Mortgages, Charges and Satisfactions

Total Number of Mortgages/Charges Registered	68
Number Outstanding	23
Number Partially Satisfied	0
Number Satisfied	45
Date of Latest Mortgage Created	27/04/2010
Date of Latest Satisfaction	16/06/2010

Details of most recent Mortgages, Charges and Satisfactions

Date Fully Satisfied	Date Registered	Date Created	Charge Description	Form Type	Lender
	07/05/2010	27/04/2010	Supplemental Memorandum Of Pledge	MG01	Standard Chartered Bank
	19/03/2010	16/03/2010	Pledge	MG01	Zucher Kantonalbank
	21/01/2010	13/01/2010	A Pledge Agreement	MG01	Banque Cantonale Vaudoise
	01/09/2009	20/08/2009	Additional Account Charge	395	Bayerische Hypo-Und Vereinsbank Ag, London Branch (As Securi
	15/04/2009	27/03/2009	Pledge And Charge Agreement	395	Ing Belgium, Brussels, Geneva Branch
	28/10/2008	09/10/2008	Pledge	395	National Bank Of Greece S.A.
16/06/2010	28/10/2008	17/10/2008	Security Assignment	395	National Bank Of Greece S.A.
16/06/2010	28/10/2008	17/10/2008	Account Charge	395	National Bank Of Greece S.A.
	05/09/2008	04/09/2008	Letter Of Hypothecation And Lien	395	Australia And New Zealand Banking Group Limited
16/06/2010	16/06/2008	30/05/2008	Security Assignment	395	Ing N.V., London Branch

It should be noted that there is no legal requirement to file satisfaction details of mortgages/charges at Companies House.

Other Filings and Notices

Date

Source

Description

16/06/2010	Companies House Gazette	Any amendment to company's articles (including every resolution or agreement required to be embodied in or annexed to copies of the company's articles issued by
03/03/2010	Companies House Gazette	Notification of any change among the company's directors
25/01/2010	Companies House Gazette	Notification of any change among the company's directors
15/05/2008	Companies House Gazette	Change among directors of a company
14/05/2008	Companies House Gazette	Change among directors of a company
26/09/2007	Companies House Gazette	Change among directors of a company
20/01/2003	Companies House Gazette	Change among directors of a company
16/01/2003	Companies House Gazette	Change among directors of a company
20/09/2002	Companies House Gazette	Change among directors of a company
06/06/2002	Companies House Gazette	Change among directors of a company
27/11/2001	Companies House Gazette	Alteration in memorandum or articles of association
11/09/2000	Companies House Gazette	Change among directors of a company
04/08/2000	Companies House Gazette	Change among directors of a company
11/09/1999	Companies House Gazette	Change among directors of a company
13/03/1999	Companies House Gazette	Change among directors of a company
08/08/1997	Companies House Gazette	Change among directors of a company
15/07/1997	Companies House Gazette	Change among directors of a company
18/02/1997	Companies House Gazette	Change among directors of a company
16/03/1996	Companies House Gazette	Change among directors of a company
20/01/1996	Companies House Gazette	Change among directors of a company

Company Secretary

Secretary	MR ANDREW STANLEY GOLDSMITH
Service Address	FLOOR 27 CITY POINT, ONE ROPEMAKER STREET, LONDON, EC2Y 9ST.
Country of Origin	UNITED KINGDOM
Appointment Date	19/05/2010

Directors

Financial Director	MR DAVID JOHN PAUL
Service Address	FLOOR 27 CITY POINT, ONE ROPEMAKER STREET, LONDON, EC2Y 9ST.
Country of Origin	UNITED KINGDOM
Date of Birth	14/10/1949
Appointment Date	01/09/1991
Other Directorships	STEEL PLATE AND SECTIONS (SCOTLAND) LIMITED, STEMCOR EUROPE LIMITED, EUROSTEEL LIMITED, EUROMETAL LIMITED, STEMCOR LIMITED, LINK STEEL COMPANY LIMITED(THE), VANESCO LIMITED, STEEL PLATE AND SECTIONS LIMITED, SECOND LINK STEEL COMPANY LIMITED, EUROSTEEL UK LIMITED, STEMCOR HOLDINGS LIMITED, STEMCOR TRADING SERVICES LIMITED, STEMCOR TRADE FINANCE LIMITED, STEMCOR FINANCIAL SERVICES LIMITED, S.D.G. LIMITED, L.W. LAMBOURN & CO. LIMITED, STEMCOR SHIPPING LIMITED, STEMCOR PLATE HOLDINGS LIMITED, STEMCOR PELLETS LIMITED, STEMCOR STEEL LIMITED, SAMAC STEEL SUPPLIES PLC, PLASMACUT LIMITED, STEMCOR INVESTMENTS LIMITED, SAMAC AGENCY LIMITED, STEMCOR ENGINEERING LIMITED, STEMCOR SPECIAL STEELS LIMITED, READY STEEL UK LIMITED
Director	RALPH DAVID OPPENHEIMER
Service Address	FLOOR 27 CITY POINT, ONE ROPEMAKER STREET, LONDON, EC2Y 9ST.
Country of Origin	UNITED KINGDOM
Date of Birth	27/01/1941
Appointment Date	11/07/1991
Other Directorships	BARCLAY & MATHIESON LIMITED, CLYDESIDE STEEL FABRICATIONS LIMITED, STEMCOR EUROPE LIMITED, EUROMETAL LIMITED, STEMCOR LIMITED, EUROSTEEL PRODUCTS LIMITED, STEMCOR HOLDINGS LIMITED, STEMCOR TRADE FINANCE LIMITED, STEMCOR PLATE HOLDINGS LIMITED, STEMCOR PELLETS LIMITED, THE STEEL MARKETING CORPORATION LIMITED
Director	PHILIP MARTIN EDMONDS
Service Address	FLOOR 27 CITY POINT, ONE ROPEMAKER STREET, LONDON, EC2Y 9ST.
Country of Origin	UNITED KINGDOM
Date of Birth	31/08/1962
Appointment Date	01/06/1994
Other Directorships	STEMCOR RISK MANAGEMENT AG, STEMCOR HOLDINGS LIMITED, ALPHASTEEL SALES LIMITED
Director	MR RICHARD JOHN SANDS
Service Address	FLOOR 27 CITY POINT, ONE ROPEMAKER STREET, LONDON, EC2Y 9ST.
Country of Origin	UNITED KINGDOM
Date of Birth	17/07/1956
Appointment Date	14/05/2008
Director	RICHARD NORMAN THOMAS
Service Address	FLOOR 27 CITY POINT, ONE ROPEMAKER STREET, LONDON, EC2Y 9ST.
Country of Origin	UNITED KINGDOM
Date of Birth	04/12/1957
Appointment Date	01/01/1997
Director	DAVID MICHAEL FAKTOR
Service Address	FLOOR 27 CITY POINT, ONE ROPEMAKER STREET, LONDON, EC2Y 9ST.
Country of Origin	UNITED KINGDOM
Date of Birth	28/11/1960
Appointment Date	01/01/1999
Other Directorships	STEMCOR HOLDINGS LIMITED, L.W. LAMBOURN & CO. LIMITED, STEMCOR PLATE HOLDINGS LIMITED
Director	ANTHONY WILLIAM DIXON
Service Address	FLOOR 27 CITY POINT, ONE ROPEMAKER STREET, LONDON, EC2Y 9ST.
Country of Origin	UNITED KINGDOM
Date of Birth	26/04/1966
Appointment Date	10/01/2003
Director	ANTONY DAVID BARLEY
Service Address	FLOOR 27 CITY POINT, ONE ROPEMAKER STREET, LONDON, EC2Y 9ST.
Country of Origin	UNITED KINGDOM
Date of Birth	11/11/1968
Appointment Date	09/01/2003
Other Directorships	L.W. LAMBOURN & CO. LIMITED
Director	MRS WENDY ALISON GILES
Service Address	FLOOR 27 CITY POINT, ONE ROPEMAKER STREET, LONDON, EC2Y 9ST.
Country of Origin	UNITED KINGDOM
Date of Birth	27/12/1961
Appointment Date	09/01/2003
Other Directorships	L.W. LAMBOURN & CO. LIMITED
Director	MR DANIEL GROSSMAN
Service Address	FLOOR 27 CITY POINT, ONE ROPEMAKER STREET, LONDON, EC2Y 9ST.
Country of Origin	UNITED KINGDOM
Date of Birth	01/10/1968
Appointment Date	14/05/2008
Accountant	MR TONY SMITH
Service Address	FLOOR 27 CITY POINT, ONE ROPEMAKER STREET, LONDON, EC2Y 9ST.
Country of Origin	UNITED KINGDOM
Date of Birth	14/05/1972
Appointment Date	14/05/2008
Director	MR NEIL COHEN
Service Address	FLOOR 27 CITY POINT, ONE ROPEMAKER STREET, LONDON, EC2Y 9ST.
Country of Origin	UNITED KINGDOM
Date of Birth	17/01/1974
Appointment Date	14/05/2008
Director	MR MICHAEL IVOR GAYLARD
Service Address	FLOOR 27 CITY POINT, ONE ROPEMAKER STREET, LONDON, EC2Y 9ST.
Country of Origin	UNITED KINGDOM
Date of Birth	20/10/1961
Appointment Date	25/01/2010

Share Capital

Shares	Ordinary GBP 1.00
Issued Number	4,750,000
Principal Shareholder	4,750,000 Stemcor Holdings Ltd

The above reflects the principle shareholder(s) by number of shares held, irrespective of share classification type.

Holding Company	STEMCOR HOLDINGS LIMITED
Ultimate Parent	STEMCOR HOLDINGS LIMITED

Financial Data– Statutory Accounts

Profit and Loss

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	USD	USD	USD	USD
SALES	2203776	3673130	2184768	1782983
Export	2203776	3673130	2184768
Cost of goods sold	2172448	3585112	2121906	1733996
GROSS PROFIT	31328	88018	62862	48987
Wages and Salaries	10355	28473	13311	12209
Directors Emoluments	5093	3227	3021	2421
Auditors Fees	232	225	182	359
Non-Audit Fees				35
Trading Profit	10922	48003	37477	25916
OPERATING PROFIT	10922	48003	37477	25916
Non Trading Income	2334	10233	16808	7646
Interest Payable	9281	34363	38335	19749
PRE TAX PROFIT	3975	23873	15950	13813
Taxation	977	6944	4940	4440
PROFIT AFTER TAX	2998	16929	11010	9373
Dividends Payable			6017
RETAINED PROFITS	2998	16929	4993	9373

Balance Sheet

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	USD	USD	USD	USD
TOTAL FIXED ASSETS	6052	6052	6052
Tangible Assets	6052	6052	6052
Due From Group	6052	6052	6052
TOTAL CURRENT ASSETS	525267	623445	1154693	729301
Trade debtors	211021	229540	257913	281872
Stocks	12840	2885	1633	9264
Other Current Assets	301406	391020	895147	438165
Misc Current Assets	199509	135815	288420	224250
Due From Group	82984	190211	480752	197450
Cash	18913	64994	125975	16465
TOTAL ASSETS	531319	629497	1160745	729301
TOTAL CURRENT LIABILITIES	459919	552924	1107567	693724
Trade creditors	40248	48517	143924	71718
Short Term Loans	314518	377896	863267	560677
Bank Overdraft	214239	194521	804705	528132
Bank Loans	11331
Due To Group	88948	183375	58562	32545
Other Liabilities	105153	126511	100376	61329
WORKING CAPITAL	65348	70521	47126	35577
TOTAL LONG TERM LIABS	10903	19074	12608
Long Term Loans	10903	19074	12608
Bank Loans	10903	19074	12608
NET ASSETS/(LIABILITIES)	60497	57499	40570	35577
SHARE CAPITAL + RESERVES	60497	57499	40570	35577
Share Cap + Sundry Res	7187	7187	7187	7187
Issued Share Capital	7187	7187	7187	7187
Profit and Loss account	53310	50312	33383	28390
SHAREHOLDERS FUNDS	60497	57499	40570	35577
CAPITAL EMPLOYED	71400	76573	53178	35577

Financial Comparison

The following figures are shown in units of 1000

Number of Weeks	52	52	52	52
Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Currency	USD	USD	USD	USD
Directors Remuneration	5093	3227	3021	2421
Auditors Remuneration	232	225	182	359
Liquid Assets	229934	294534	383888	298337
Net Working Capital	65348	70521	47126	35577
Long Term Debt(>12 Months)	10903	19074	12608
Tangible Net Worth(T.N.W)	60497	57499	40570	35577
Equity	60497	57499	40570	35577
Number of Years Trading	58	57	56	55
Number of Employees	79	69	68	65
Profit per Employee	50316.5	345985.5	234558.8	212507.7
Sales per Employee	27895898.7	53233768.1	32128941.2	27430507.7

Key Credit Ratios

The following figures are shown as Ratios or Percentages

Accounts Date	31/12/2009	31/12/2008	31/12/2007	31/12/2006
Current Ratio	1.1	1.1	1	1.1
Long Term Debt/T.N.W	0.2	0.3	0.3
Pre Tax Profit Margin%	0.2	0.6	0.7	0.8
Gross Profit%	1.4	2.4	2.9	2.7
Debtors Days (D.S.O)	35	23	43	58
Creditors Days (D.P.O)	7	5	24	15
Quick Ratio	1.1	1.1	1	1
W.I.P/Inventory Days	2.2	0.3	0.3	2
Return on Investment%	3.4	12.8	5.9	5.6
Return on Assets%	0.7	3.8	1.4	1.9
T.N.W/Total Assets%	11.4	9.1	3.5	4.9
Return on Capital%	5.6	31.2	30	38.8
Rtn on Shareholders Funds%	6.6	41.5	39.3	38.8
Working Capital/Sales%	3	1.9	2.2	2
Borrowing Ratio%	537.9	690.4	2158.9	1576
Equity Gearing%	12.8	10.1	3.6	5.1
Stock Turnover	171.6	1273.2	1337.9	192.5
Days Purchases Outstanding	6.8	4.9	24.8	15.1
Debt Gearing	18	33.2	31.1

Key Industry Sector Trends

Year	2010	2009	2008	2007
Sample Size	436	5339	6652	6747
Pre-Tax Profit Margin	4	2.9	3.6	4.5
Current Ratio	1.7	1.6	1.5	1.5
Borrowing Ratio	89.5	93.6	102.8	109.2
Return on Capital	22.8	21.8	25.9	30.7
Creditors Days	44	53	55	73

Above figures relate to companies in 2003 Standard Industry Classification (Nace) sector : Wholesale of non-agricultural intermediate products, waste and scrap

Financial Summary

Auditors Qualification

The Auditors have expressed a clean opinion (i.e. unqualified with no referrals) on the accounts for the period ended 31/12/2009.

Turnover

Turnover decreased by 40 % and reduced by 1,469,354,000 to USD 2,203,776,000.

Operating Profit

Totalled USD 10,922,000. In the year prior a Profit of USD 48,003,000 was achieved.

Pre Tax Profit

The subject's profit decreased by 83 % over the previous year.

Working Capital

The company's working capital remains positive but reduced by 7 % in the period.

Net Worth

Net worth has increased by 5 % and now stands at USD 60,497,000.

Long Term Liabilities

The company's long term liabilities reduced during the period by 42 % and are now 18 % of net worth compared with 33 % in the previous period.

Long Term Liabilities

Long term liabilities are now 2 % of total liabilities compared with 3 % in the previous period.

Long Term Liabilities

Long term liabilities are 15 % of capital employed, a decrease of 10 % over the previous period.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.02
UK Pound	1	Rs.72.70
Euro	1	Rs.62.54

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.