MIRA INFORM REPORT

Report Date :

24.09.2012

IDENTIFICATION DETAILS

Name :	ACEROS IMS INT SOCIEDAD ANONIMA
Registered Office :	Barrio Astola Nº 7 Abadiño, 48220
Country :	Spain
Financials (as on) :	31.12.2010
Date of Incorporation :	1977
Com. Reg. No.:	A08426470
Legal Form :	Public Subsidiary
line of business :	Distributor of Engineering & Abrasion-Resistant Steel Products
No. of Employees :	185

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)
Spain

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

SPAIN - ECONOMIC OVERVIEW

spain's mixed capitalist economy is the 13th largest in the world, and its per capita income roughly matches that of Germany and France. However, after almost 15 years of above average GDP growth, the Spanish economy began to slow in late 2007 and entered into a recession in the second quarter of 2008. GDP contracted by 3.7% in 2009, ending a 16-year growth trend, and by another 0.1% in 2010, before turning positive in 2011, making Spain the last major economy to emerge from the global recession. The reversal in Spain''s economic growth reflected a significant decline in construction amid an oversupply of housing and falling consumer spending, while exports actually have begun to grow. Government efforts to boost the economy through stimulus spending, extended unemployment benefits, and loan guarantees did not prevent a sharp rise in the unemployment rate, which rose from a low of about 8% in 2007 to over 20% in 2011. The government budget deficit worsened from 3.8% of GDP in 2008 to 9.2% of GDP in 2010, more than three times the euro-zone limit. Madrid cut the deficit to 8.5% of GDP in 2011, a larger deficit than the 6% target negotiated between Spain and the EU. Spain''s large budget deficit and poor economic growth prospects have made it vulnerable to financial contagion from other highly-indebted euro zone members despite the government''s efforts to cut spending, privatize industries, and boost competitiveness through labor market reforms. Spanish banks'' high exposure to the collapsed domestic construction and real estate market also poses a continued risk for the sector. The government oversaw a restructuring of the savings bank sector in 2010, and provided some $15 billion in capital to various institutions. Investors remain concerned that Madrid may need to bail out more troubled banks. The Bank of Spain, however, is seeking to boost confidence in the financial sector by pressuring banks to come clean about their losses and consolidate into stronger groups.

Source : CIA

Company name & address

ACEROS IMS INT SOCIEDAD ANONIMA

Barrio Astola Nº 7

Abadiño, 48220

Spain

Tel: +(34) 946232036

Fax: +(34) 946215247

Website: www.acerosims.com

Employees: 185

Company Type: Public Subsidiary

Corporate Family: 54 Companies

Ultimate Parent: Jacquet Metal Service SA

Incorporation Date: 1977

Auditor: Ernst & Young Sl

Financials in: USD (Millions)

Fiscal Year End: 15-May-2012

Reporting Currency: Euro

Annual Sales: 111.3 ¹

Net Income: 5.8

Total Assets: 91.9

Business Description

Engineering & Abrasion-Resistant Steel Products Distr

Industry

Industry	Miscellaneous Capital Goods
ANZSIC 2006:	3322 - Metal and Mineral Wholesaling
NACE 2002:	5152 - Wholesale of metals and ores
NAICS 2002:	423510 - Metal Service Centers and Other Metal Merchant Wholesalers
UK SIC 2003:	5152 - Wholesale of metals and ores
UK SIC 2007:	4672 - Wholesale of metals and metal ores
US SIC 1987:	5051 - Metals Service Centers and Offices

Key Executives

Name	Title
Jacquet Eric	Administrator, Director/General Manager
Holding Sas Ims Group	Single Partner
Carlo Fornengo Cesare	Director General
Aitor Garay Fernandez	Joint Attorney
Jesus Maria Oliveri Albisu	Joint Attorney

Registered No.(ESP): A08426470

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.735553
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7784858

Corporate Overview

Location
Barrio Astola Nº 7
Abadiño, 48220
Spain

Tel: +(34) 946232036

Fax: +(34) 946215247

Website: www.acerosims.com

Sales EUR(mil): 81.9

Assets EUR(mil): 71.6

Employees: 185

Fiscal Year End: 15-May-2012

Industry: Miscellaneous Capital Goods

Incorporation Date: 1977

Company Type: Public Subsidiary

Quoted Status: Not Quoted

Registered No.(ESP): A08426470

Administrator, Director/General Manager: Jacquet Eric

Industry Codes

ANZSIC 2006 Codes:
3322	-	Metal and Mineral Wholesaling

NACE 2002 Codes:
5152	-	Wholesale of metals and ores

NAICS 2002 Codes:
423510	-	Metal Service Centers and Other Metal Merchant Wholesalers

US SIC 1987:
5051	-	Metals Service Centers and Offices

UK SIC 2003:
5152	-	Wholesale of metals and ores

UK SIC 2007:
4672	-	Wholesale of metals and metal ores

Business Description

Wholesale of metals and metal ores

More Business Descriptions

Spanish market leader in the distribution of engineering and abrasion-resistant products

Engineering & Abrasion-Resistant Steel Products Distr

Financial Data

Financials in:	EUR(mil)	1 Year Growth
Revenue:	81.9	0.5%
Net Income:	4.3	NA
Assets:	71.6	NA
Current Assets:	52.7
Fixed Assets:	18.9
Long Term Debt:	1.6
Total Liabilities:	71.6
Issued Capital:	15.5
Net Worth:	39.8
Date of Financial Data:	15-May-2012

Subsidiaries

Company	Percentage Owned	Country
IMS Portugal Comercio de Aços SA	100%	PORTUGAL

Branch Offices

Location Calle Turquesa 67 A Pol San Cristobal Valladolid, 47012
Tel:	+(34) 983303504
Fax:	+(34) 983303925

Key Corporate Relationships

Auditor:	Ernst & Young Sl
Bank:	Banco Bilbao Vizcaya Argentaria, S.A., Caja De Ahorros De Santander Y Cantabria
Auditor:	Ernst & Young Sl

Corporate Structure News

Jacquet Metal Service SA
Aceros Ims Int Sociedad Anonima
Total Corporate Family Members: 54

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Jacquet Metal Service SA	Parent	Saint-Priest	France	Miscellaneous Capital Goods	1,725.0	2,180
Stappert Spezial-Stahl Handel GmbH	Subsidiary	Düsseldorf, Nordrhein-Westfalen	Germany	Miscellaneous Capital Goods	376.8	410
LEGA-INOX, spol. s.r.o.	Subsidiary	MenÃn	Czech Republic	Miscellaneous Capital Goods	41.3	84
IMS Stalserwis Sp. z.o.o.	Subsidiary	Gliwice	Poland	Miscellaneous Capital Goods	45.2	67
Hoselmann Stahl GmbH	Subsidiary	Hannover, Niedersachsen	Germany	Construction - Supplies and Fixtures		60
Rév és Társai Nemesacél Kereskedelmi Kft	Subsidiary	Budapest	Hungary	Miscellaneous Capital Goods	34.0	41
IMS KUPA, a.s.	Subsidiary	Nováky	Slovakia	Miscellaneous Capital Goods	25.1	32
IMS Specialstål AB	Subsidiary	Älmhult	Sweden	Miscellaneous Capital Goods	29.4	23
UAB IMS Antera	Subsidiary	Kaunas	Lithuania	Miscellaneous Capital Goods	8.4	19
Fleischmann Spezialstahl-Handel GmbH	Subsidiary	Vienna	Austria	Miscellaneous Capital Goods
Speciastal AB	Subsidiary	Almhult	Sweden	Miscellaneous Capital Goods
IMS SpA	Subsidiary	Arcore, MI	Italy	Miscellaneous Capital Goods	172.5	193
IMS Ozel Celik Ticaret Ltd Sirketi	Subsidiary	Kocaeli	Turkey	Miscellaneous Capital Goods
Aceros Ims Int Sociedad Anonima	Subsidiary	Abadiño, Vizcaya	Spain	Miscellaneous Capital Goods	111.3	185
IMS Portugal SA	Subsidiary	Lisbon	Portugal	Miscellaneous Capital Goods		50
Jestion EURL	Subsidiary	Saint Priest, Saint Priest	France	Business Services		85
Fonciere Engis	Subsidiary	Clermont-Sous-Huy	Belgium	Iron and Steel	0.0	65
Intramet	Subsidiary	Clermont-Sous-Huy	Belgium	Miscellaneous Capital Goods	49.0	61
Produr SAS	Subsidiary	Chambery	France	Miscellaneous Capital Goods	15.9	49
Euralliage SAS	Subsidiary	Lyon	France	Miscellaneous Capital Goods	8.3	32
Jacquet Metallservice GmbH	Subsidiary	Ohlsdorf	Austria	Miscellaneous Capital Goods	7.5	24
JACQUET Mid Atlantic Inc.	Subsidiary	Pottstown, PA	United States	Iron and Steel	13.7	20
JACQUET Midwest Inc.	Subsidiary	Racine, WI	United States	Iron and Steel		12
JACQUET Houston Inc.	Subsidiary	Houston, TX	United States	Iron and Steel	11.4	11
JACQUET Southeast Inc.	Subsidiary	Pineville, NC	United States	Miscellaneous Capital Goods	10.3	9
JACQUET West Inc.	Subsidiary	Irvine, CA	United States	Iron and Steel		9
JACQUET Finland Oy	Subsidiary	Hyvinkaa	Finland	Miscellaneous Capital Goods	12.8	20
JACQUET Sverige AB	Subsidiary	Hjo	Sweden	Miscellaneous Capital Goods	7.7	20
Jacquet Benelux	Subsidiary	Herstal	Belgium	Miscellaneous Capital Goods	15.7	19
Jacquet (UK) Ltd.	Subsidiary	Barnsley	United Kingdom	Iron and Steel	10.6	19
Goldrider Ltd.	Subsidiary	Sheffield	United Kingdom	Commercial Banks
I M S (Uk) Ltd	Subsidiary	Birmingham	United Kingdom	Restaurants		17
Jacquet Paris SAS	Subsidiary	Saint Priest	France	Miscellaneous Capital Goods	4.9	14
JACQUET Deutschland GmbH	Subsidiary	Essen, Nordrhein-Westfalen	Germany	Miscellaneous Capital Goods		12
CL Staal b.v.	Subsidiary	Dordrecht	Netherlands	Miscellaneous Capital Goods		11
Jacquet Iberica Sa	Subsidiary	Epila, Zaragoza	Spain	Miscellaneous Capital Goods	10.0	10
France Inox SAS	Subsidiary	Saint Priest	France	Miscellaneous Capital Goods	6.6	10
Jacquet Osiro AG	Subsidiary	Aesch	Switzerland	Miscellaneous Capital Goods		10
JACQUET Benelux SA	Subsidiary	Herstal, Liege	Belgium	Iron and Steel		9
JACQUET Italtaglio Srl	Subsidiary	Carre, Vicenza	Italy	Miscellaneous Capital Goods	7.9	8
JACQUET Lyon SASU	Subsidiary	Saint Priest	France	Miscellaneous Capital Goods	10.9	7
Trinox SA	Subsidiary	Bex	Switzerland	Miscellaneous Capital Goods	1.4	5
Jacquet SAS	Subsidiary	Saint Priest	France	Miscellaneous Capital Goods	41.4	4
JACQUET Steinau GmbH	Subsidiary	Steinau	Germany	Iron and Steel	13.6	4
JACQUET Portugal Lda	Subsidiary	Vila Nova de Gaia	Portugal	Miscellaneous Capital Goods		4
JACQUET Nordpol Sp. z o.o.	Subsidiary	Gdansk	Poland	Miscellaneous Capital Goods		3
Jacquet Metals S.A.	Subsidiary	Saint-Priest	France	Miscellaneous Fabricated Products	109.3
Noxon Stainless BV	Subsidiary	Helmond	Netherlands	Miscellaneous Capital Goods	52.6
Jacquet Nederland	Subsidiary	Purmerend	Netherlands	Miscellaneous Capital Goods
Jacfriesland B.V.	Subsidiary	Drachten, Friesland	Netherlands	Miscellaneous Fabricated Products		28
JACQUET s.r.o.	Subsidiary	Prague	Czech Republic	Miscellaneous Capital Goods
JACQUET Deutschland GmbH	Subsidiary	Essen	Germany	Iron and Steel
IMS France SAS	Subsidiary	Paris	France	Miscellaneous Capital Goods
Calibracier SAS	Subsidiary	Vierzon	France	Miscellaneous Capital Goods

Executives Report

Name	Title	Function
Jacquet Eric	Administrator, Director/General Manager	Division Head Executive
Carlo Fornengo Cesare	Director General	Managing Director
Aitor Garay Fernandez	Joint Attorney	Legal Executive
Jesus Maria Oliveri Albisu	Joint Attorney	Legal Executive
Holding Sas Ims Group	Single Partner	Partner

Annual Profit & Loss

	31-Dec-2010	31-Dec-2009	31-Dec-2000
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	1.084131
Consolidated	No	No	No
Charges	103.8	117.6	51.7
Supplies	79.4	91.0	37.0
Goods Consumption	77.8	89.8	37.0
Miscellaneous External Expenditures	1.5	1.2	-
Staff Costs	10.8	11.2	5.3
Wages and Salaries	8.4	8.7	4.2
Social Security Costs	2.3	2.5	1.1
Depreciation	2.2	2.3	2.3
Allowance for Trade Operations	-2.3	0.9	0.0
Stock Provision Variation	-3.0	0.3	-
Losses from Unrecovered Receivables	-	-	0.0
Variation of Other Trade Provisions	0.7	0.6	-
Other Operating Charges	11.9	13.5	6.4
External Services	11.8	13.3	6.3
Taxes	0.1	0.2	0.1
Operating Benefits	6.9	-	1.9
Financials and Similar Charges	0.2	0.2	0.3
Due to Other Liabilities	0.2	0.2	-
Exchange Losses	-	-	0.0
Net Financial Income	0.5	0.1	0.1
Profit From Ordinary Activities	7.4	-	2.0
Losses From Assets and Securities Portfolio	-	-	0.0
Extraordinary Expenses	-	-	0.3
Expenses and Losses From Previous Years	-	-	0.2
Extraordinary Profit	-	0.3	-
Profit Before Taxes	7.4	-	1.6
Corporation Tax	1.7	-1.6	0.0
Financial Year Result (Profit)	5.7	-	1.7
Income	109.5	114.3	53.3
Net Total Sales	108.4	113.3	52.6
Sales	105.3	110.1	52.6
Rendering of Services	3.1	3.2	-
Miscellaneous Operating Income	0.3	0.4	0.2
Auxiliary Income From Current Management	0.3	0.4	-
Operating Losses	-	5.2	-
Income From Miscellaneous Interests	0.7	0.3	0.4
From Group Companies	0.1	0.3	-
Miscellaneous Interests	0.6	0.0	-
Gains from Exchange Rate	-	-	0.0
Ordinary Activities' Losses	-	5.1	-
Profit on Disposal of Assets	-	-	0.0
Extraordinary Income	-	0.3	0.1
Income and Profit From Previous Years	-	-	0.1
Negative Extraordinary Results	-	-	0.4
Losses Before Taxes	-	4.8	-
Financial Year Result (Losses)	-	3.2	-

Annual Balance Sheet

Financials in: USD (mil)

	31-Dec-2010	31-Dec-2009	31-Dec-2000
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	1.065076
Consolidated	No	No	No
Formation Expenses	-	-	0.4
Goodwill	5.9	6.3	14.2
Software	-	-	0.0
Assets Under Capital Lease	-	-	0.1
Payments on Account	0.4	0.8	-
Accumulated Depreciation	-	-	0.0
Total Intangible Fixed Assets	6.3	7.1	14.3
Land and Construction	-	-	0.6
Technical Installations and Machinery	8.6	6.9	3.4
Other Tangible Assets	-	-	1.6
Accumulated Depreciation	-	-	-3.6
Total Tangible Fixed Assets	8.6	6.9	2.0
Investments in Group Companies	9.6	10.2	0.0
Long-Term Guarantees and Deposits	0.8	0.7	0.2
Financial Investments	10.4	10.9	0.3
Total Fixed Assets	25.3	24.9	16.9
Deferred Expenses	-	-	0.0
Goods for Resale	25.7	26.5	12.4
Total Stocks	25.7	26.5	12.4
Trade Debtors	29.1	28.8	13.0
Receivables, Group Companies	2.0	1.3	0.9
Other Debtors	0.0	0.0	0.1
Public Bodies	1.5	2.6	0.2
Provisions	-	-	-0.3
Total Debtors	32.7	32.7	13.8
Short-Term Securities Portfolio	7.8	38.3	-
Total Short-Term Investments	7.8	38.3	2.1
Cash	4.5	0.3	0.4
Prepayments and Accrued Income	0.0	0.0	0.0
Total Current Assets	70.7	97.9	28.7
Total Assets	96.0	122.8	45.7
Revaluation Reserves	-	-	1.0
Legal Reserve	7.1	7.5	0.3
Miscellaneous Reserves	22.6	62.7	2.5
Total Reserves	29.6	70.2	2.8
Prior Year Losses	-3.1	-	-
Profit or Loss Brought Forward	-3.1	-	-
Profit or Loss for the Financial Year	6.1	-3.3	1.7
Total Equity	53.3	89.1	37.6
Other Provisions	0.3	0.3	0.0
Total Provisions for Liabilities and Charges	0.3	0.3	0.0
Long-Term Payables to Public Bodies	2.1	1.5	-
Total Other Creditors	2.1	1.5	-
Total Long Term Liabilities	2.1	1.5	-
Loans and Other Liabilities	2.8	3.6	1.2
Total Amounts Owed to Credit Institutions	2.8	3.6	1.2
Amounts Owed to Group Companies	1.6	1.5	0.4
Total Short-Term Amounts Owed to Group and Associa	1.6	1.5	0.4
Amounts Owed for Purchases of Goods or Services	30.5	20.1	6.0
Total Trade Creditors	30.5	20.1	6.0
Public Bodies	1.8	1.7	0.2
Wages and Salaries Payable	3.7	5.1	0.2
Total Other Creditors	5.4	6.8	0.4
Total Short Term Creditors	40.2	31.9	8.0
Total Liabilities and Equity	96.0	122.8	45.7

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.91
UK Pound	1	Rs.87.60
Euro	1	Rs.70.01

INFORMATION DETAILS

Report Prepared by :

SDA

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