MIRA INFORM REPORT

Report Date :

23.09.2011

IDENTIFICATION DETAILS

Name :	SAARSTAHL-EXPORT GESELLSCHAFT MIT BESCHRANKTER HAFTUNG
Registered Office :	Kasernenstrasse 1, Dusseldorf, 40213
Country :	Germany
Financials (as on) :	31.12.2009
Date of Incorporation :	03.01.2002
Com. Reg. No.:	10629
Legal Form :	Private Subsidiary
Line of Business :	wholesale of ferrous and non-ferrous metal ores

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
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)
Germany	a1	a1

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

Company name & address

SAARSTAHL-EXPORT GESELLSCHAFT MIT BESCHRANKTER HAFTUNG

Kasernenstrasse 1

Dusseldorf, 40213

Germany

Tel: +49 (0) 211 87770

Fax: +49 (0) 211 8777277

Synthesis

Employees: 17

Company Type: Private Subsidiary

Corporate Family: 23 Companies

Ultimate Parent: Montan-Stiftung-Saar

Incorporation Date: 03-Jan-2002

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2009

Reporting Currency: Euro

Annual Sales: 15.8

Total Assets: 14.3

Business Description

SAARSTAHL-EXPORT Gesellschaft mit beschrankter Haftung is primarily engaged in wholesale of ferrous and non-ferrous metal ores; wholesale of ferrous and non-ferrous metals in primary forms; wholesale of ferrous and non-ferrous semi-finished metal products not elsewhere classified; and wholesale of gold and other precious metals.

Industry

Industry Miscellaneous Capital Goods

ANZSIC 2006: 3322 - Metal and Mineral Wholesaling

NACE 2002: 5152 - Wholesale of metals and ores

NAICS 2002: 423520 - Coal and Other Mineral and Ore Merchant Wholesalers

UK SIC 2003: 5152 - Wholesale of metals and ores

US SIC 1987: 5051 - Metals Service Centers and Offices

Key Executives

Name Title

Ralf Becker Managing director

Jean-Paul Timmerman Managing director

Registered No.(DEU): 10629

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7190468

2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6969855

Corporate Overview

Location

Kasernenstrasse 1

Dusseldorf, 40213

Germany

Tel: +49 (0) 211 87770

Fax: +49 (0) 211 8777277

Sales EUR(mil): 11.4

Assets EUR(mil): 10.0

Employees: 17

Fiscal Year End: 31-Dec-2009

Industry: Miscellaneous Capital Goods

Incorporation Date: 03-Jan-2002

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(DEU): 10629

Managing director: Ralf Becker

Contents

· Industry Codes

· Business Description

· Financial Data

Industry Codes

ANZSIC 2006 Codes:

3322 - Metal and Mineral Wholesaling

NACE 2002 Codes:

5152 - Wholesale of metals and ores

NAICS 2002 Codes:

423520 - Coal and Other Mineral and Ore Merchant Wholesalers

US SIC 1987:

5051 - Metals Service Centers and Offices

UK SIC 2003:

5152 - Wholesale of metals and ores

Business Description

SAARSTAHL-EXPORT Gesellschaft mit beschränkter Haftung is primarily engaged in wholesale of ferrous and non-ferrous metal ores; wholesale of ferrous and non-ferrous metals in primary forms; wholesale of ferrous and non-ferrous semi-finished metal products not elsewhere classified; and wholesale of gold and other precious metals.

Bottom of Form

Financial Data

Financials in:	EUR(mil)
Revenue:	11.4
Assets:	10.0
Current Assets:	9.8
Total Liabilities:	10.0
Issued Capital:	0.5
Net Worth:	3.6
Date of Financial Data:	31-Dec-2009

1 Year Growth

NA

NA

Corporate Family	Corporate Structure News:
	SAARSTAHL-EXPORT Gesellschaft mit beschränkter Haftung
Total Corporate Family Members: 23

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Montan-Stiftung-Saar	Parent
SHS - Stahl-Holding-Saar GmbH & Co.KGaA	Subsidiary	Dillingen, Saarland	Germany	Business Services	1,905.0	7,671
Saarstahl Aktiengesellschaft	Subsidiary	Volklingen	Germany	Iron and Steel	1,257.5	5,800
Saarschmiede GmbH Freiformschmiede	Subsidiary	Volklingen, Saarland	Germany	Iron and Steel	493.5	1,150
Saar Stahlbau GmbH	Subsidiary	Volklingen, Saarland	Germany	Construction Services		400
Conflandey Industries SAS	Subsidiary	Conflandey	France	Construction - Supplies and Fixtures	67.9	290
DWK Drahtwerk KOln GmbH	Subsidiary	Koln	Germany	Miscellaneous Fabricated Products	75.3	240
SAAR-BLANKSTAHL Gesellschaft mit beschrankter Haftung	Subsidiary	Homburg, Saarland	Germany	Miscellaneous Capital Goods	108.4	200
BHSW Burbacher Stahl- und Waggonbau	Subsidiary	Saarbrucken	Germany	Iron and Steel	36.5	193
Stahlguss Saar GmbH	Subsidiary	St. Ingbert, Saarland	Germany	Miscellaneous Capital Goods	32.6	101
Saar-Bandstahl GmbH	Subsidiary	Volklingen	Germany	Iron and Steel	37.5	70
Saar-Bandstahl GmbH	Subsidiary	Volklingen, Saarland	Germany	Construction - Supplies and Fixtures	21.3	70
Secosar	Subsidiary	Fontenay Sous Bois	France	Miscellaneous Capital Goods	35.9	45
Secosar Etirage	Subsidiary	Fontenay Sous Bois	France	Construction - Supplies and Fixtures	34.7
Metallurgische Gesellschaft Saar GmbH	Subsidiary	Volklingen	Germany	Waste Management Services	78.0	25
SAARSTAHL-EXPORT Gesellschaft mit beschränkter Haftung	Subsidiary	Dusseldorf, Nordrhein-Westfalen	Germany	Miscellaneous Capital Goods	15.8	17
SAG Medienversorgungs-GmbH	Subsidiary	Volklingen, Saarland	Germany	Electric Utilities	2.5	2
Saarstahl Finanzanlagen GmbH	Subsidiary	Volklingen, Saarland	Germany	Investment Services		2
Drahtwerk St Ingbert GmbH	Subsidiary	St Ingbert	Germany	Miscellaneous Fabricated Products	69.4	170
Drahtwerk Luisenthal GmbH	Subsidiary	Volklingen, Saarland	Germany	Miscellaneous Fabricated Products	17.6	46
FORGE Saar GmbH	Subsidiary	Volklingen, Saarland	Germany	Personal and Household Products
Drahtservice-Zentrum Saarstahl GmbH	Subsidiary	Volklingen, Saarland	Germany	Miscellaneous Fabricated Products
Aciers Fins de la Sarre S.A.	Subsidiary	Liã¨Ge	Belgium	Iron and Steel

Executive report

Executives

Name	Title	Function
Ralf Becker	Managing director	Managing Director
Jean-Paul Timmerman	Managing director	Managing Director

Annual Profit & Loss

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.719047	0.683679	0.730637
Consolidated	No	No	No
Total income	15.8	21.0	20.9
Raw materials and services	9.8	16.0	17.2
Net sales	15.8	21.0	20.9
Other operating income	0.4	1.2	1.2
Raw materials and consumables employed	9.8	16.0	17.2
Other external charges	0.1	0.1	0.1
Cost of goods sold	9.9	16.1	17.3
Cost of raw materials	9.9	16.1	17.3
Taxes and social security costs	0.6	0.2	0.7
Total payroll costs	1.9	1.1	1.4
Fixed asset depreciation and amortisation	0.0	0.1	0.0
Other operating costs	6.3	6.1	4.5
Net operating income	1.2	2.0	1.1
Interest received from loans	0.6	0.2	0.2
Other income	0.0	0.3	0.2
Interest payable on loans	0.0	0.0	0.0
Total expenses	-0.6	-0.5	-0.4
Profit before tax	1.8	2.5	1.5
Provisions	5.9	7.2	6.5
Other taxes	0.0	0.0	0.0
Total taxation	0.5	0.7	0.5
Net profit	1.3	1.7	1.0

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No
Issued capital	0.7	0.7	0.7
Capital reserves	-	-	0.5
Total reserves	0.5	0.4	-
Profits for the year	4.0	2.6	1.0
Total stockholders equity	5.2	3.8	2.2
Deferred taxation	0.4	1.2	0.6
Other provisions	0.9	0.7	0.7
Provision for pensions	4.8	4.9	5.7
Provisions and allowances	6.1	6.8	6.9
Owing to group/associated companies	-	-	0.4
Taxes and social security	-	-	0.0
Total long-term liabilities	-	-	0.4
Trade creditors	1.3	0.8	0.6
Taxation and social security	1.1	0.3	0.3
Due to group companies	0.5	0.1	0.4
Total current liabilities	3.0	1.1	1.3
Total liabilities (including net worth)	14.3	11.8	10.9
Total tangible fixed assets	0.1	0.2	0.1
Shares held in associated companies	0.1	0.1	0.1
Total financial assets	0.1	0.1	0.1
Total non-current assets	0.2	0.3	0.2
Finished goods	0.3	0.2	0.4
Net stocks and work in progress	0.3	0.2	0.4
Trade debtors	1.3	2.5	2.9
Other receivables	0.2	0.2	0.1
Total receivables	1.7	2.9	3.1
Owing from associated companies	0.2	0.2	0.1
Cash and liquid assets	12.1	8.5	7.2
Total current assets	14.1	11.5	10.7
Prepaid expenses and deferred costs	0.0	-	-
Total assets	14.3	11.8	10.9

Annual Ratios

Financials in: USD (mil)

	31-Dec-2009	31-Dec-2008	31-Dec-2007
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.696986	0.719399	0.683971
Consolidated	No	No	No
Current ratio	47.17	100.43	79.57
Acid test ratio	46.27	99.09	76.28
Total liabilities to net worth	0.06%	0.03%	0.08%
Net worth to total assets	0.04%	0.03%	0.02%
Current liabilities to net worth	0.06%	0.03%	0.06%
Current liabilities to stock	1.10%	0.75%	0.30%
Fixed assets to net worth	0.00%	0.01%	0.01%
Collection period	299.00	456.00	467.00
Stock turnover rate	0.17	0.08	0.20
Profit margin	0.01%	0.01%	0.00%
Return on assets	0.01%	0.01%	0.01%
Shareholders' return	0.03%	0.04%	0.05%
Sales per employee	66.89	102.72	169.46
Profit per employee	5.44	8.44	7.75
Average wage per employee	8.14	5.34	10.98
Net worth	5.2	3.8	2.2
Number of employees	17	14	9

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.48.82
UK Pound	1	Rs.75.48
Euro	1	Rs.66.10

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%)

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