MIRA INFORM REPORT

Report Date :

02.12.2013

IDENTIFICATION DETAILS

Name :	ARCELORMITTAL SINGAPORE PRIVATE LIMITED
Formerly Known as:	ARCELOR INTERNATIONAL SINGAPORE PRIVATE LIMITED (23/10/2007)
Registered Office :	72, Anson Road, 08- 00, Anson House, 079911
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	20.07.1983
Com. Reg. No.:	198303421-M
Legal Form :	Private Limited Company
Line of Business :	General Wholesale Trade (Subject's secretary refused to disclose the SC'S operation information)
No. of Employees :	100 (2012)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists

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 – September 30th, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
Singapore	A1	A1

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

Singapore ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

* Adopted abbreviations :	SC - Subject Company (the company enquired by you)
	N/A - Not Applicable

EXECUTIVE SUMMARY

REGISTRATION NO.	:	198303421-M
COMPANY NAME	:	ARCELORMITTAL SINGAPORE PRIVATE LIMITED
FORMER NAME	:	ARCELOR INTERNATIONAL SINGAPORE PRIVATE LIMITED (23/10/2007) TRADEARBED PRIVATE LIMITED (16/07/2002)
INCORPORATION DATE	:	20/07/1983
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	72, ANSON ROAD, 08- 00, ANSON HOUSE, 079911, SINGAPORE.
BUSINESS ADDRESS	:	72, ANSON ROAD, 08-00 ANSON HOUSE, 079911, SINGAPORE.
TEL.NO.	:	65-62227777
FAX.NO.	:	N/A
WEB SITE	:	WWW.ARCELORMITTAL.COM
CONTACT PERSON	:	FRANCOIS SAVAGE ( MANAGING DIRECTOR )
PRINCIPAL ACTIVITY	:	GENERAL WHOLESALE TRADE
ISSUED AND PAID UP CAPITAL	:	59,000.00 ORDINARY SHARE, OF A VALUE OF SGD 5,900,000.00
SALES	:	USD 432,534,000 [2012]
NET WORTH	:	USD 61,862,000 [2012]
STAFF STRENGTH	:	100 (2012)
LITIGATION	:	TRACED
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	GOOD
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	N/A
CURRENCY EXPOSURE	:	N/A
GENERAL REPUTATION	:	GOOD
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) general wholesale trade.

The immediate holding company of the SC is ARCELORMITTAL INTERNATIONAL S.A., a company incorporated in LUXEMBOURG.

The ultimate holding company of the SC is ARCELORMITTAL S.A., a company incorporated in LUXEMBOURG.

The major shareholder(s) of the SC are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
ARCELORMITTAL INTERNATIONAL S.A.	AVE DE LA LIBERTE, L2930, LUXEMBOURG.	T08UF0094	59,000.00	100.00
			---------------	------
			59,000.00	100.00
			============	=====

+ Also Director

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
011106	AUSTRALIA	ARCELORMITTAL PROJECTS AUSTRALIA PTY LIMITED.	100.00	31/12/2012
476645U	MALAYSIA	ARCELORMITTAL PROJECTS INTERNATIONAL SDN. BHD.	100.00	31/12/2012

DIRECTORS

DIRECTOR 1

Name Of Subject	:	JOHANNES FRANS NATHANAEL, DE SCHRIJVER
Address	:	MASSENHOVENSESTEENWEG 37 D, 2520 RANST, BELGIUM.
IC / PP No	:	EG076952
Nationality	:	BELGIAN
Date of Appointment	:	01/10/2008

DIRECTOR 2

Name Of Subject	:	GUILLAUME DE FORMANOIR
Address	:	33, RUE URSULINES F-78100, SAINT-GERMAIN-EN-LAYE, FRANCE.
IC / PP No	:	EH861644
Nationality	:	BELGIAN
Date of Appointment	:	01/03/2010

DIRECTOR 3

Name Of Subject	:	FRANCOIS SAVAGE
Address	:	5, RUE DES BOUCHERIES, 51100 REIMS, FRANCE.
IC / PP No	:	08AR53012
Nationality	:	FRENCH
Date of Appointment	:	01/03/2010

DIRECTOR 4

Name Of Subject	:	ROOSENDAAL ADRIAAN
Address	:	TEILINGEN 40, 3334 BV, ZWIJNDRECHT, THE, NETHERLANDS.
IC / PP No	:	BL93416FO
Nationality	:	DUTCH
Date of Appointment	:	03/01/2011

DIRECTOR 5

Name Of Subject	:	NICK ONG SOON LEONG
Address	:	640, ANG MO KIO AVENUE 6, 04 - 5009, 560640, SINGAPORE.
IC / PP No	:	S7112385E
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/11/2012

MANAGEMENT

1)	Name of Subject	:	FRANCOIS SAVAGE
	Position	:	MANAGING DIRECTOR

AUDITOR

Auditor	:	DELOITTE & TOUCHE LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	DOROTHY HO LAI YONG
	IC / PP No	:	S1105012C
	Address	:	60, LAKESIDE DRIVE, 08 - 41, CASPIAN, 648320, SINGAPORE.

BANKING

No Banker found in our databank. 

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation. 

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank against the SC whether the subject has been involved in any litigation. 

LEGAL ACTION
Code No	:	99	Case No	:	15
Year	:	2006	Place	:	SINGAPORE
Court	:	SESSIONS COURT
Date Filed	:	17/01/2006
Solicitor	:	CHIA HO CHOON
Solicitor Ref	:	CHC/50058223
Solicitor Firm	:	KHATTARWONG
Plaintiff	:	RT RESOURCES LIMITED
Defendants	:	ARCELORMITTAL SINGAPORE PRIVATE LIMITED (198303421) 72 ANSON ROAD, 08-00 ANSON HOUSE, 079911, SINGAPORE.
Amount Claimed	:	182500
Nature of Claim	:	USD
Remark	:	CONTRACT-SALE OF GOODS

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person who has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

No winding up petition was found in our databank

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	N/A
Overseas	:	N/A

The SC's secretary refused to disclose the SC's suppliers information. 

The SC refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	]	Good 31-60 Days	[	X	]	Average 61-90 Days	[	]
Fair 91-120 Days	[	]	Poor >120 Days	[		]

CLIENTELE

Local	:	N/A
Overseas	:	N/A

The SC's secretary refused to disclose the SC's clientele information. 

OPERATIONS

Goods Traded

:

GENERAL WHOLESALE TRADE

Ownership of premises

:

OWNED

Total Number of Employees:
YEAR	2012	2011
GROUP	N/A	N/A
COMPANY	100	95

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) general wholesale trade. 

The SC's secretary refused to disclose the SC'S operation information. 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62227777
Match	:	N/A
Address Provided by Client	:	72 ANSON ROAD #08-00 ANSON HOUSE SINGAPORE 079911
Current Address	:	72, ANSON ROAD, 08-00 ANSON HOUSE, 079911, SINGAPORE.
Match	:	YES

Other Investigations

we contacted the SC's secretary and she provided very limited information on the SC.

The SC's secretary refused to disclose the SC's fax number, number of employees and banker.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	2008 - 2012	]
Profit/(Loss) Before Tax	:	Increased	[	2008 - 2012	]
Return on Shareholder Funds	:	Acceptable	[	20.54%	]
Return on Net Assets	:	Acceptable	[	22.48%	]
The SC's turnover increased steadily as the demand for its products / services increased due to the goodwill built up over the years.The SC's management have been efficient in controlling its operating costs. The SC's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	20 Days	]
Debtor Ratio	:	Favourable	[	53 Days	]
Creditors Ratio	:	Favourable	[	21 Days	]
The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the SC. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	1.33 Times	]
Current Ratio	:	Unfavourable	[	1.61 Times	]
A minimum liquid ratio of 1 should be maintained by the SC in order to assure its creditors of its ability to meet short term obligations and the SC was in a good liquidity position. Thus, we believe the SC is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Favourable	[	1,159.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The interest cover showed that the SC was able to service the interest. The favourable interest cover could indicate that the SC was making enough profit to pay for the interest accrued. The SC had no gearing and hence it had virtually no financial risk. The SC was financed by its shareholders' funds and internally generated fund. During the economic downturn, the SC, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Generally, the SC's performance has improved with higher turnover and profit. The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. With the favourable interest cover, the SC could be able to service all the accrued interest without facing any difficulties. The SC was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The SC has good chance of getting loans, if the needs arises.
Overall financial condition of the SC : STRONG

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30
* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.
The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1983, the SC is a Private Limited company, focusing on general wholesale trade. The SC has been in business for over two decades. It has built up a strong clientele base and good reputation will enable the SC to further enhance its business in the near term. The SC is expected to enjoy a stable market shares. Having strong support from its shareholder has enabled the SC to remain competitive despite the challenging business environment. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.

Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC. 

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Return on shareholders' funds of the SC was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The SC is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the SC virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 61,862,000, the SC should be able to maintain its business in the near terms. 

Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. 

Overall, the SC's payment habit is good as the SC has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors. 

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry. 

Based on the above condition, we recommend credit be granted to the SC promptly.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

ARCELORMITTAL SINGAPORE PRIVATE LIMITED

Financial Year End	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31
Months	12	12	12	12	12
Consolidated Account	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD	USD
TURNOVER	432,534,000	405,306,000	309,023,000	541,816,000	818,500,000
Other Income	1,490,000	2,065,000	4,017,000	-	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	434,024,000	407,371,000	313,040,000	541,816,000	818,500,000
Costs of Goods Sold	<411,216,000>	<386,425,000>	<296,815,000>	-	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	22,808,000	20,946,000	16,225,000	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	13,896,000	12,950,000	4,428,000	13,534,000	20,516,000
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	13,896,000	12,950,000	4,428,000	13,534,000	20,516,000
Taxation	<1,191,000>	<1,390,000>	<704,000>	<828,000>	<2,629,000>
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	12,705,000	11,560,000	3,724,000	12,706,000	17,887,000
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	45,930,000	34,370,000	30,646,000	17,940,000	13,800,000
	----------------	----------------	----------------	----------------	----------------
As restated	45,930,000	34,370,000	30,646,000	17,940,000	13,800,000
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	58,635,000	45,930,000	34,370,000	30,646,000	31,687,000
DIVIDENDS - Ordinary (paid & proposed)	-	-	-	-	<13,747,000>
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	58,635,000	45,930,000	34,370,000	30,646,000	17,940,000
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	12,000	128,000	120,000	159,000	533,000
	----------------	----------------	----------------	----------------	----------------
	12,000	128,000	120,000	159,000	533,000

BALANCE SHEET

ARCELORMITTAL SINGAPORE PRIVATE LIMITED

ASSETS EMPLOYED:
FIXED ASSETS	255,000	341,000	262,000	414,000	331,000
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	171,000	154,000	376,000	39,000	39,000
Associated companies	1,753,000	1,753,000	1,753,000	1,753,000	1,753,000
Others	8,502,000	13,483,000	18,606,000	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	10,426,000	15,390,000	20,735,000	1,792,000	1,792,000
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	10,681,000	15,731,000	20,997,000	2,206,000	2,123,000
CURRENT ASSETS
Stocks	23,849,000	12,262,000	5,377,000	10,262,000	23,411,000
Trade debtors	62,247,000	47,032,000	17,916,000	19,432,000	57,037,000
Other debtors, deposits & prepayments	896,000	742,000	841,000	367,000	779,000
Amount due from related companies	37,327,000	33,315,000	27,641,000	40,495,000	20,093,000
Amount due from associated companies	5,159,000	5,142,000	-	-	-
Cash & bank balances	5,687,000	6,147,000	3,511,000	1,386,000	3,014,000
Others	36,000	-	-	-	-
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	135,201,000	104,640,000	55,286,000	71,942,000	104,334,000
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	145,882,000	120,371,000	76,283,000	74,148,000	106,457,000
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	23,921,000	19,373,000	12,278,000	4,214,000	11,039,000
Other creditors & accruals	2,653,000	2,896,000	2,120,000	1,038,000	1,823,000
Bank overdraft	-	-	3,481,000	-	-
Amounts owing to related companies	55,125,000	46,892,000	19,821,000	25,895,000	60,231,000
Amounts owing to associated companies	-	2,000	-	-	-
Provision for taxation	2,014,000	1,956,000	978,000	1,930,000	3,233,000
Other liabilities	307,000	95,000	8,000	7,198,000	8,964,000
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	84,020,000	71,214,000	38,686,000	40,275,000	85,290,000
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	51,181,000	33,426,000	16,600,000	31,667,000	19,044,000
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	61,862,000	49,157,000	37,597,000	33,873,000	21,167,000
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	3,227,000	3,227,000	3,227,000	3,227,000	3,227,000
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	3,227,000	3,227,000	3,227,000	3,227,000	3,227,000
RESERVES
Retained profit/(loss) carried forward	58,635,000	45,930,000	34,370,000	30,646,000	17,940,000
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	58,635,000	45,930,000	34,370,000	30,646,000	17,940,000
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	61,862,000	49,157,000	37,597,000	33,873,000	21,167,000
	----------------	----------------	----------------	----------------	----------------
	61,862,000	49,157,000	37,597,000	33,873,000	21,167,000
	=============	=============	=============	=============	=============

FINANCIAL RATIO

ARCELORMITTAL SINGAPORE PRIVATE LIMITED

TYPES OF FUNDS
Cash	5,687,000	6,147,000	3,511,000	1,386,000	3,014,000
Net Liquid Funds	5,687,000	6,147,000	30,000	1,386,000	3,014,000
Net Liquid Assets	27,332,000	21,164,000	11,223,000	21,405,000	<4,367,000>
Net Current Assets/(Liabilities)	51,181,000	33,426,000	16,600,000	31,667,000	19,044,000
Net Tangible Assets	61,862,000	49,157,000	37,597,000	33,873,000	21,167,000
Net Monetary Assets	27,332,000	21,164,000	11,223,000	21,405,000	<4,367,000>
BALANCE SHEET ITEMS
Total Borrowings	0	0	3,481,000	0	0
Total Liabilities	84,020,000	71,214,000	38,686,000	40,275,000	85,290,000
Total Assets	145,882,000	120,371,000	76,283,000	74,148,000	106,457,000
Net Assets	61,862,000	49,157,000	37,597,000	33,873,000	21,167,000
Net Assets Backing	61,862,000	49,157,000	37,597,000	33,873,000	21,167,000
Shareholders' Funds	61,862,000	49,157,000	37,597,000	33,873,000	21,167,000
Total Share Capital	3,227,000	3,227,000	3,227,000	3,227,000	3,227,000
Total Reserves	58,635,000	45,930,000	34,370,000	30,646,000	17,940,000
LIQUIDITY (Times)
Cash Ratio	0.07	0.09	0.09	0.03	0.04
Liquid Ratio	1.33	1.30	1.29	1.53	0.95
Current Ratio	1.61	1.47	1.43	1.79	1.22
WORKING CAPITAL CONTROL (Days)
Stock Ratio	20	11	6	7	10
Debtors Ratio	53	42	21	13	25
Creditors Ratio	21	18	15	3	5
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.09	0.00	0.00
Liabilities Ratio	1.36	1.45	1.03	1.19	4.03
Times Interest Earned Ratio	1,159.00	102.17	37.90	86.12	39.49
Assets Backing Ratio	19.17	15.23	11.65	10.50	6.56
PERFORMANCE RATIO (%)
Operating Profit Margin	3.21	3.20	1.43	2.50	2.51
Net Profit Margin	2.94	2.85	1.21	2.35	2.19
Return On Net Assets	22.48	26.60	12.10	40.42	99.44
Return On Capital Employed	22.48	26.60	11.07	40.42	99.44
Return On Shareholders' Funds/Equity	20.54	23.52	9.91	37.51	84.50
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00	0.00	0.77
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.39
UK Pound	1	Rs.102.06
Euro	1	Rs.84.98

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.