MIRA INFORM REPORT

Report Date :

30.04.2012

IDENTIFICATION DETAILS

Name :	STEEL CANADA LIMITED

Registered Office :	355 Traders Blvd E, Mississauga, Ontario L4Z 2E5

Country :	Canada

Year of Establishment :	1982

Legal Form :	Limited Company

Line of Business :	Importer and Exporter of steel products.

No. of Employees :	80-100 employees (not verified)

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory

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, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Canada

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

GEOPOLITICS

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal

Economic Risk: Nil

Currency: USD

Branch Situation: Stable

IDENTIFICATION

Legal Name:	STEEL CANADA LIMITED
Trade Name:	SCL
Legal Address	355 TRADERS BLVD E, Mississauga, Ontario L4Z 2E5, Canada.
Operative Address	355 TRADERS BLVD E, Mississauga, Ontario L4Z 2E5, Canada.
Telephone:	+1 (905) 890-0209	ID: :	NA
Fax:	+1 (905) 890-5391	Legal Form:	Limited Company
Email:	info@steelcanada.com	Registered in:	Canada
Website:	www.steelcanada.com	Date Created:	1982
Manager:	FEROZ ALI JASSANI, PRESIDENT & BOARD MEMBER	Date Incorporated:	NA
Staff:	80-100 employees (not verified)	Stock:	NA
		Value:	NA
Activity:	Importer and Exporter of steel products.

BANKS

Name of the Bank

Bank of America

BUSINESS

HISTORY
	The company was created as Steel Canada Limited (SCL) in 1982.
PRINCIPAL ACTIVITY
	The subject is an importer and exporter of steel products.
Products/Services description:
	SCL is a "Direct Exporter" and "Steel Service Centre" of Secondary, Excess Prime and Over Rolled steel. They offer the following products: - Hot Rolled Coils. - Hot Rolled Plates. - Cobble Plates. - Hot Rolled Pickled and Oiled Coils. - Cold Rolled coils. - Galvannealed/Electrogalvanized Coils. - Tin Mill Products. - Blackplate Coils. - TFS Coils. Among Others.
Sales are:
	Wholesale
Clients:
	Industry Professionals.
Operations area:
	International
The company imports from worldwide (depending on the demand)
The company exports to worldwide (depending on the demand)
The subject employs 80-100 (not verified) employee(s)
Comments on staff:
	This information was assured by the company by non official channels. However, it couldn´t be verified with the person contacted.
PAYMENTS
	made on a 60 days basis - monitored over the last 12 months
LOCATION
Headquarters
	355 TRADERS BLVD E, Mississauga, Ontario L4Z 2E5, Canada.
Surface area:
	350,000 Sq. Ft.
Comments on location:
	As a consolidated number for all locations.
Branches:
	The subject counts with the following branch´s locations: - Financial Dr. Service Centre 7037 Financial Drive, Mississauga, ON, Canada, L5N 6R3 - Matheson Service Centre: 375 Matheson Blvd. East , Mississauga, ON, Canada, L4Z 2E5 - Timberlea Service Centre: 5640 Timberlea Blvd. Mississauga, ON, Canada, L4W 4M6 - Traders Service Centre: 375 Traders Blvd. East, Mississauga, ON, Canada, L4Z 2E5

Shareholders - Manager - Related Companies

Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	The company is privately held. Feroz Ali Jassani is the main shareholder.
Management:
	- Feroz Ali Jassani, President & Board Member. - Santana Dias, Vice President. - Pyarali Jassani, Vice President. - Jess Angeles, Sales.
Related Companies:
	- STEEL CANADA RECYCLING LIMITED - PIONEER STEEL LIMITED - CROWN FREIGHT FORWARDERS

Financials - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

We have contacted the company but they refused to provide us any financial data on grounds of confidentiality.

However our financial sources could provide us with the following data (estimates):

Currency	DATE
USD	2009
Turnover	60,000,000
The cash flow is	Normal

Comments on the financial data: For the year 2009, at group level, the company had in concept of revenue $ 60 million and for 2011, this figure has increased to more than $ 100 million.

Moreover we estimate that the subject in Canada would have a revenue for less than $20 million.

Legal Fillings

The sources consulted record no detrimental legal or labor court information.

Rating

Local credit bureau gave a Correct credit rate.

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

Final Opinion

This is a medium sized company that has around 80 employees (as a group level) and more than 28 years of experience in the market.

There are no legal or labor filings against the company listed within the district court.

In 2009, the subject acquires Steel Canada Recycling Limited (SCRL), which allowed the company to diversify its product portfolio.

Steel Canada Limited maintains a global presence.

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public	NO
Indebtedness	N.A.	Payments	REGULAR
Cash	NORMAL

APPENDIX

Position
	Representative.
Comments
	The person contacted refused to provide us any kind of information.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.68
UK Pound	1	Rs.85.12
Euro	1	Rs.69.38

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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.