MIRA INFORM REPORT

Report Date :

01.06.2012

IDENTIFICATION DETAILS

Name :	STEEL INTERNATIONAL NV
Registered Office :	Houwerstraat 18 Antwerp 2060
Country :	Belgium
Financials (as on) :	31.12.2010
Date of Incorporation :	30.10.1995
Com. Reg. No.:	456383119
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesale of metals and metal ores
No. of Employees :	1

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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, 2012

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Belgium	A1	A1

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

REGISTERED NAME & COMPANY SUMMARY

STEEL INTERNATIONAL NV

Business number		456383119	Company name	STEEL INTERNATIONAL NV
Telephone number	032313630
Address		HOUWERSTRAAT 18 ANTWERP	Fax number	032319733
Post code		2060	Number of staff	1
Date of establishment		30/10/1995

DIRECTORS/MANAGEMENT

Current director details

Name	HISCOT BVBA
Position	Director
Date of birth	27/10/1995
Street	29 BAAN OP SAS TWEE BRECHT
Post code	2960
Country	Belgium

Name	MARC HENRI PIERRE HOEBEN
Position	Managing Director
Street	29 BAAN OP SAS TWEE BRECHT
Post code	2960
Country	Belgium

Name	MARC HENRI PIERRE HOEBEN
Position	Director
Street	29 BAAN OP SAS TWEE BRECHT
Post code	2960
Country	Belgium

Name	RIJO VEENENDAAL BUITENL.VEN
Position	Director
Street	51 WILLEM BARENTSZSTRAAT VEENENDAAL
Post code	3907KZ
Country	The Netherlands

Name	RIJO VEENENDAAL
Position	Director
Street	51 WILLEM BARENTSZSTRAAT
Post code	3902
Country	The Netherlands

Name	JOHANNES MARINUS HEUVELMAN
Position	Managing Director
Street
Post code
Country	The Netherlands

Name	JOHANNES MARINUS HEUVELMAN
Position	Director
Street
Post code
Country	The Netherlands

Former director details

Name	DORUS HEUVELMAN
Position	Director
Street	8 GRASPIEPER
Post code	3906
Country	The Netherlands

Name	DORUS HEUVELMAN
Position	Managing Director
Street	8 GRASPIEPER
Post code	3906
Country	The Netherlands

Name	HEUVELMAN MANAGEMENT BUITENL.VEN
Position	Director
Date of birth	01/09/1999
Street	31 DYNAMOSTRAAT VEENENDAAL
Post code	3907KZ
Country	The Netherlands

NEGATIVE INFORMATION

Court data summary

Bankruptcy details
Court action type	no
Protested bills
Bill amount	-
NSSO details
Date of summons	-

Protested bills

Drawee name	-
Address	-
Bill amount	-
Bill currency	-
Maturity of bill	-
Name of drawer	-
City of drawer	-

NSSO details

Business number	456383119
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

Court data

there is no data for this company

SHARE & SHARE CAPITAL INFORMATION

Minority Shareholders

Business number	Company name	%	Date of accounts
456348376	Hiscot BVBA	33.33	31/12/2010

PAYMENT INFORMATION

Industry comparison

Activity code	46720
Activity description	Wholesale of metals and metal ores
industry average credit rating	69.32
Industry average credit limit	193568.18

Suspension of payments / moratorium history

Amount	-
Details	-

Payment expectations

Payment expectation days	-
Day sales outstanding	-

Industry comparison

Activity code	46720
Activity description	Wholesale of metals and metal ores
Industry average payment expectation days	52.03
Industry average day sales outstanding	88.48

Industry quartile analysis

Company result	-
Lower	88.49
Median	66.10
Upper	33.67
Company result	-
Lower	62.90
Median	39.39
Upper	19.34

GROUP STRUCTURE & AFFILIATED COMPANIES

Na

FINANCIAL INFORMATION

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2010		1,147,339	916,507
31/12/2009		638,454	808,234
31/12/2008		90,426	679,410

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2010	2,792,891	1,000	63,000	318,587	1
31/12/2009	4,755,527	10,876	63,000	222	1
31/12/2008	3,019,207	46,638	63,000	8,111	1

Profit & loss

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	-	-	-	-	-	54,085,330	-
Total operating expenses	-	-	-	-	-	52,725,142	-
Operating result	1,452,562	35.88	1,068,984	125	474,016	409,023	255
Total financial income	293,321	325	69,015	-52.23	144,468	191,270	53.35
Total financial expenses	598,544	19.82	499,545	-5.40	528,058	294,731	103
Results on ordinary operations before taxation	1,147,339	79.71	638,454	606	90,426	299,398	283
Taxation	382,566	82.50	209,630	812	22,983	124,792	206
Results on ordinary operations after taxation	764,773	78.34	428,824	535	67,443	208,315	267
Extraordinary items	3,500	-	0	-	0	353,887	-99
Other appropriations	0	-	0	-	0	0	-
Net result	768,273	79.16	428,824	535	67,443	563,197	36.41
other information
Dividends	660,000	120	300,000	-	-	3,530,682	-81.31
Director remuneration	-	-	-	-	-	145,946	-
Employee costs	62,563	0.26	62,403	4.09	59,949	949,863	-93.41
Wages and salary	49,384	0.47	49,152	4.49	47,038	691,058	-92.85
Employee pension costs	-	-	-	-	-	41,517	-
Social security contributions	12,121	0.07	12,112	4.31	11,612	235,155	-94.85
Other employee costs	1,058	-7.11	1,139	-12.32	1,299	44,821	-97.64
Amortization and depreciation	726	-78.15	3,323	2.59	3,239	189,403	-99

Balance sheet

Annual accounts	31-12-2010	%	31-12-2009	%	31-12-2008	Industry average 2010	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	127,414	-100
Tangible fixed assets	861	-45.75	1,587	-49.49	3,142	705,361	-99
Land & building	-	-	-	-	-	638,011	-
Plant & machinery	-	-	-	-	-	302,335	-
Other tangible assets	861	-45.75	1,587	-49.49	3,142	153,615	-99
Financial fixed assets	1,000	-90.81	10,876	-76.68	46,638	597,992	-99
Total fixed assets	1,861	-85.07	12,463	-74.96	49,780	1,206,055	-99
Inventories	1,356,792	-54.97	3,012,828	19.38	2,523,743	2,093,819	-35.20
Raw materials & consumables	-	-	-	-	-	1,898,384	-
Work in progress	0	-	0	-	0	53,531	-100
Finished goods	0	-	0	-	0	1,023,121	-100
Other stocks	1,356,792	-54.97	3,012,828	19.38	2,523,743	149,958	804
Trade debtors	1,109,099	-35.06	1,708,010	515	277,652	1,637,905	-32.29
Cash	318,587	143407	222	-97.26	8,111	588,528	-45.87
other amounts receivable	6,549	-68.04	20,489	-87.19	159,921	2,078,895	-99
Miscellaneous current assets	3	-99	1,515	-	0	165,771	-99
Total current assets	2,791,030	-41.16	4,743,064	59.73	2,969,427	5,779,752	-51.71
current liabilities
Trade creditors	681,394	-38.21	1,102,826	186	384,395	1,303,632	-47.73
Short term group loans	-	-	-	-	-	0	-
Other short term loans	500,000	-79.74	2,467,418	29.07	1,911,763	722,005	-30.75
Miscellaneous current liabilities	694,990	84.32	377,049	764	43,639	-44.67	- -
Total current liabilities	1,876,384	-52.46	3,947,293	68.70	2,339,797	3,221,894	-41.76
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	0	-	0	-	0	99,807	-100
Total long term debts	0	-	0	-	0	1,009,354	-100
shareholders equity
Issued share capital	63,000	0	63,000	0	63,000	1,423,055	-95.57
Share premium account	-	-	-	-	-	317,722	-
Reserves	853,507	14.53	745,234	20.90	616,410	1,206,974	-29.29
Revaluation reserve	-	-	-	-	-	444,648	-
Total shareholders equity	916,507	13.40	808,234	18.96	679,410	2,654,054	-65.47
Working capital	914,646	14.94	795,771	26.39	629,630	2,557,858	-64.24
Net worth	916,507	13.40	808,234	18.96	679,410	2,526,640	-63.73

Ratio analysis

Annual accounts	31-12-2010	change(%)	31-12-2009	change(%)	31-12-2008	Industry average 2010	%
Trading performance
Profit Before Tax	-	-	-	-	-	8,00	-
Return on capital employed	125.19	58.49	78.99	493	13.31	21,00	496
Return on total assets employed	41.08	205	13.43	347	3	0,00	-
Return on net assets employed	125.19	58.49	78.99	493	13.31	39,00	221
Sales / net working capital	-	-	-	-	-	10,00	-
Stock turnover ratio	-	-	-	-	-	18,00	-
Debtor days	-	-	-	-	-	118,00	-
Creditor days	-	-	-	-	-	-156,00	-
short term stability
Current ratio	1.49	24.17	1.20	-5.51	1.27	10,00	-
Liquidity ratio / acid ratio	0.76	72.73	0.44	131	0.19	9,00	-91.56
Current debt ratio	2.05	-57.99	4.88	41.86	3.44	0,00	-
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	54.55	-82.13	305.29	8.49	281.39	41,00	33.05
Equity in percentage	32.82	93.06	17	-24.44	22.50	-112,00	29.30
Total debt ratio	2.05	-57.99	4.88	41.86	3.44	1,00	105

FOREIGN EXCHANGE RATES

Na

ADDITIONAL INFORMATION

Business number	456383119	Company name	STEEL INTERNATIONAL NV
Fax number	032319733	Date founded	30/10/1995
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2010
Activity code	46720	liable for VAT	yes
Activity description	Wholesale of metals and metal ores	VAT Number	BE.0456.383.119
Belgian Bullettin of Acts Publications	moniteur belge

Number of staff

1

Contractor details Check Article 30 Bis

Registered contractor number	-
Contractor description	-
Date struck off register

Personnel limit NSSO

Code	-
Description	FROM 1 TO 4 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	218
Description	Additional national joint committee for the employees
category

Significant Events

Event Date	31/03/2009
Event Description	re-appointment of director(s)
Event Details	Commentaar 31-03-2009: Herbenoeming bestuurders tot 2015: BVBA Hiscot en BV Rijo Veenendaal. Herbenoeming gedelegeerd bestuurders tot 2015: Hoeben Marc en Heuvelman Johannes.

NOTES & COMMENTS

Na

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.56.42
UK Pound	1	Rs.87.37
Euro	1	Rs.69.95

INFORMATION DETAILS

Report Prepared by :

PRL

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.