MIRA INFORM REPORT

Report Date :

17.12.2013

IDENTIFICATION DETAILS

Name :	ARCELORMITTAL INTERNATIONAL SA

Registered Office :	19, Ave De La Liberte, 1931

Country :	Luxembourg

Financials (as on) :	31.12.2011

Date of Incorporation :	19.06.1920

Com. Reg. No.:	Trade register number: B 3.983 (Luxembourg)

Legal Form :	Limited company by shares

Line of Business :	Agents involved in the sale of fuels

No. of Employees :	26

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 :	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 – September 30th, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Luxembourg

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

LUXEMBOURG - ECONOMIC OVERVIEW

This small, stable, high-income economy - benefiting from its proximity to France, Belgium, and Germany - has historically featured solid growth, low inflation, and low unemployment. The industrial sector, initially dominated by steel, has become increasingly diversified to include chemicals, rubber, and other products. Growth in the financial sector, which now accounts for about 27% of GDP, has more than compensated for the decline in steel. Most banks are foreign-owned and have extensive foreign dealings, but Luxembourg has lost some of its advantages as a favorable tax location because of OECD and EU pressure. The economy depends on foreign and cross-border workers for about 40% of its labor force. Luxembourg, like all EU members, suffered from the global economic crisis that began in late 2008, but unemployment has trended below the EU average. Following strong expansion from 2004 to 2007, Luxembourg's economy contracted 3.6% in 2009, but rebounded in 2010-11 before slowing again in 2012. The country continues to enjoy an extraordinarily high standard of living - GDP per capita ranks among the highest in the world, and is the highest in the euro zone. Turmoil in the world financial markets and lower global demand during 2008-09 prompted the government to inject capital into the banking sector and implement stimulus measures to boost the economy. Government stimulus measures and support for the banking sector, however, led to a 5% government budget deficit in 2009. Nevertheless, the deficit was cut to 1.1% in 2011 and 0.9% in 2012. Even during the financial crisis and recovery, Luxembourg retained the highest current account surplus as a share of GDP in the euro zone, owing largely to their strength in financial services. Public debt remains among the lowest of the region although it has more than doubled since 2007 as percentage of GDP. Luxembourg's economy, while stabile, grew slowly in 2012 due to ongoing weak growth in the euro area. Authorities have strengthened supervision of domestic banks because of their exposure to the activities of foreign banks

Source : CIA

Summary

Company name	ARCELORMITTAL INTERNATIONAL SA
Operative address	19, AVE DE LA LIBERTE 1931 LUXEMBOURG Luxembourg
Status	Active
Specification	This company can meet all its obligations.

Legal form	Limited company by shares
Registration number	Trade register number: B 3.983 (Luxembourg) Trade register number: B 3.983 (Luxembourg)
VAT-number	LU10331878
Year	2011	Mutation	2010	Mutation	2009
Fixed assets	83.818.709	-30,70	120.944.432	-2,09	123.530.494
Total receivables				-100,00	80.309

Total equity	80.111.254	-32,17	118.112.548	93,08	61.171.303
Short term liabilities	3.238.970	-92,30	42.067.031	11.801,40	353.463

Net result	167.998.706	195,04	56.941.245	26,42	45.040.508

Working capital	-772.922	-142,27	1.828.439	91,66	954.013
Quick ratio	0,76	-26,92	1,04	-71,89	3,70

Contact information

Company name	ARCELORMITTAL INTERNATIONAL SA
Operative address	19, AVE DE LA LIBERTE 1931 LUXEMBOURG Luxembourg
Correspondence address	19, AVE DE LA LIBERTE 1931 LUXEMBOURG Luxembourg

Telephone number	+352 47921
Fax number	+352 490749

Registration

Registration number	Trade register number: B 3.983 (Luxembourg) Trade register number: B 3.983 (Luxembourg)
VAT-number	LU10331878
Status	Active
Establishment date	1920-06-19

Legal form	Limited company by shares
Subscribed share capital	EUR 10.000.000

Activities

NACE

Agents involved in the sale of fuels (4612)

Relations

Shareholders

ULTIMATE GLOBAL SHAREHOLDER
Name: ARCELORMITTAL S.A.
National id number: B 82.454 (Luxembourg)
Address: Avenue de la Liberté 19
Zipcode: 2930
City: LUXEMBOURG
Country: LU
Phone: +352 4792 1
FAX: +352 4792 2675
Website: www.arcelormittal.com
Type: Industrial company
Turnover: 84213 mil. USD
TOTAL assets: 114573 mil. USD
Profit loss before tax: -5769 mil. USD
Profit loss after tax net income: -3726 mil. USD
Shareholders funds: 51723 mil. USD

SHAREHOLDERS
Name: ARCELORMITTAL LUXEMBOURG SA
National id number: LB6990
Address: 19, Ave de la Liberte
Zipcode: 1931
City: LUXEMBOURG
Country: LU
Phone: +352 47921
FAX: +352 47922675
Type: Financial company
Share direct: 99.99%
Turnover: 129.63 mil. USD
TOTAL assets: 9953.26 mil. USD
Profit loss before tax: 2183.85497 mil. USD
Profit loss after tax net income: 2182.13579 mil. USD
Shareholders funds: 9394.37703 mil. USD
Number of employees: 64

Name: ARCELORMITTAL S.A.
National id number: B 82.454 (Luxembourg)
Address: Avenue de la Liberté 19
Zipcode: 2930
City: LUXEMBOURG
Country: LU
Phone: +352 4792 1
FAX: +352 4792 2675
Website: www.arcelormittal.com
Type: Industrial company
Turnover: 84213 mil. USD
TOTAL assets: 114573 mil. USD
Profit loss before tax: -5769 mil. USD
Profit loss after tax net income: -3726 mil. USD
Shareholders funds: 51723 mil. USD
Number of employees: 245000

Name: ARCELOR INVESTMENTS
Address: Ave de la Liberte 19
Zipcode: 1931
City: LUXEMBOURG
Country: LU
Type: Industrial company
Share direct: 0.01%
Number of employees: 0

Structure

SUBSIDIARIES
Name: ARCELORMITTAL INTERNATIONAL LUXEMBOURG SA
National id number: B 6.304 (Luxembourg)
Address: 19, Ave de la Liberte
Zipcode: 1931
City: LUXEMBOURG
Country: LU
Type: Industrial company
Phone: +352 47921
Fax: +352 47922029
Share direct: 99.99%
Total assets: 603.65 mil. USD
Shareholders funds: 66.31322 mil. USD

Name: AM TRADING SA
National id number: B 76.760 (Luxembourg)
Address: 19, Ave de la Liberte
Zipcode: 1931
City: LUXEMBOURG
Country: LU
Type: Industrial company
Phone: +352 47921
Fax: +352 47922675
Share direct: 40.00%
Turnover: 5 mil. USD
Total assets: 92.45 mil. USD
Shareholders funds: 47.17399 mil. USD

Management

Management

Fullname: Mr Guillaume De Formanoir
Type: Individual
Gender: Male
date of birth: 1961/04/11
Age: 52
Address: Ave de la Liberté 19, 2930, Luxembourg, Luxembourg
Country: France
Number of involvements: 7
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Mr Alain Marie Legrix De La Salle
Type: Individual
Gender: Male
date of birth: 1961/03/11
Age: 52
Country of nationality: France
Address: Bld d'Avranches 24-26, 1160, Luxembourg, Luxembourg
Country: France
Number of involvements: 11
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Mr Daniel Mull
Type: Individual
Gender: Male
Address: Chicago, United States
Number of involvements: 2
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Mr Michael Pfitzner
Type: Individual
Gender: Male
Address: London, United Kingdom
Number of involvements: 1
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Mr Ravi S Ramanathan
Type: Individual
Gender: Male
date of birth: 1957
Age: 56
Address: Chicago, United States
Number of involvements: 10
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Mr Nicolas Reuter
Type: Individual
Gender: Male
date of birth: 1951/08/18
Age: 62
Address: Rue de Luxembourg 66, 4221, Esch-sur-Alzette, Luxembourg
Number of involvements: 9
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: DELOITTE Audit Sarl
Type: Company
Address: Rue de Neudorf 560, 2220, Luxembourg, Luxembourg
Number of involvements: 267
Function: Member, Supervisory Board (AG)
Level of responsibility: Member

Financial analysis

Trend	Fluctuating
Profitability	More than sufficient
Solvability	More than sufficient
Liquidity	Negative
Show amount in	Euro

Key figures

Year	2011	2010	2009	2008	2007
Quick ratio	0,76	1,04	3,70	0,48	1,35
Current ratio	0,76	1,04	3,70	0,48	1,35

Working capital/ balance total	-0,01	0,01	0,01	-0,08	0,17
Equity / balance total	0,93	0,72	0,49	0,78	0,36
Equity / Fixed assets	0,96	0,98	0,50	0,85	1,05
Working capital	-772.922	1.828.439	954.013	-11.248.991	12.718.000
Equity	80.111.254	118.112.548	61.171.303	107.270.781	27.008.000
Mutation equity	-32,17	93,08	-42,97	297,18
Mutation short term liabilities	-92,30	11.801,40	-98,36	-41,58

Return on total assets (ROA)	195,80	34,61	47,94	66,61	14,44
Return on equity (ROE)	210,89	48,31	97,84	84,96	40,28
Gross profit margin	-25,33	67,19	18,47	3,17	-1,63
Net profit margin	154.066,47	3.276,88	2.417,49	322,11	18,97

Average collection ratio	0,03	0,04	5,27	1,31	1,56
Average payment ratio			23,20	351,53	1,16
Equity turnover ratio		0,01	0,03	0,26	2,12
Total assets turnover ratio		0,01	0,01	0,21	0,76
Fixed assets turnover ratio		0,01	0,02	0,22	2,23
Turnover	109.043	1.737.668	1.863.107	28.294.548	57.340.000
Operating result	-27.624	1.167.544	344.177	896.867	-936.000
Net result after taxes	167.998.706	56.941.245	45.040.508	91.139.986	10.878.000

Cashflow		57.091.245		91.222.705	10.965.000
EBITDA		1.317.544		979.586	-849.000
Summary	The 2011 financial result structure is a negative working capital of -772.922 euro, which is in agreement with -1 % of the total assets of the company. The working capital has diminished with -142.27 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined. The deterioration between 2010 and 2011 has mainly been caused by an increase of the current liabilities. The current ratio of the company in 2011 was 0.76. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations. The quick ratio in 2011 of the company was 0.76. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities. The 2010 financial result structure is a postive working captial of 1.828.439 euro, which is in agreement with 1 % of the total assets of the company. The working capital has increased with 91.66 % compared to previous year. The ratio with respect to the total assets of the company remains unchanged. The improvement between 2009 and 2010 has mainly been caused by a current liabilities reduction. The current ratio of the company in 2010 was 1.04. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations. The quick ratio in 2010 of the company was 1.04. A company with a Quick Ratio of more than 1 can currently pay back its current liabilities.

Financial statement

Last annual account	2011
Remark annual account	The company is obliged to file its financial statements.
Type of annual account	Corporate
Annual account	ARCELORMITTAL INTERNATIONAL SA 19, AVE DE LA LIBERTE 1931 LUXEMBOURG Luxembourg

Balance sheet

Year	2011	2010	2009	2008	2007
End date	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31
Tangible fixed assets					151.000
Other fixed assets	83.818.709	120.944.432	123.530.494	126.555.614	25.598.000
Fixed assets	83.818.709	120.944.432	123.530.494	126.555.614	25.749.000

Total receivables			80.309	80.489	49.412.000
Liquid funds	10.933	5.717	7.446
Other current assets	2.455.115	43.889.753	1.219.721	10.197.783	154.000
Current assets	2.466.048	43.895.470	1.307.476	10.278.272	49.566.000
Total assets	86.284.757	164.839.902	124.837.970	136.833.886	75.315.000

Total equity	80.111.254	118.112.548	61.171.303	107.270.781	27.008.000
Provisions	2.742.729	4.660.323	7.752.670	8.021.566	11.459.000
Long term liabilities	191.803
Accounts payable	9.244	309.155		1.111.451	36.202.000
Other short term liabilities	3.229.726	41.757.876	353.463	20.415.812	646.000
Short term liabilities	3.238.970	42.067.031	353.463	21.527.263	36.848.000
Total liabilities	86.284.757	164.839.902	124.837.970	136.833.886	75.315.000
Summary	The total assets of the company decreased with -47.66 % between 2010 and 2011. This total assets decrease has been reflected in a reduction of non current assets of -30.7 %. In 2011 the assets of the company were 97.14 % composed of fixed assets and 2.86 % by current assets. The assets are being financed by an equity of 92.85 %, and total debt of 7.15 %. The total assets of the company increased with 32.04 % between 2009 and 2010. Despite the assets growth, the non current assets decreased with -2.09 %. In 2010 the assets of the company were 73.37 % composed of fixed assets and 26.63 % by current assets. The assets are being financed by an equity of 71.65 %, and total debt of 28.35 %.

profit and loss

Year	2011	2010	2009	2008	2007
Revenues				20.513.483	53.521.000
Net turnover	109.043	1.737.668	1.863.107	28.294.548	57.340.000

Wages and salaries	95.157		191.691	3.853.045	3.174.000
Amorization and depreciation		150.000		82.719	87.000
Operating result	-27.624	1.167.544	344.177	896.867	-936.000

Financial income	169.023.771	57.421.875	59.619.900	94.234.013	13.182.000
Financial expenses	48.328	1.533.451	111.843	3.990.953	1.368.000
Financial result	168.975.444	55.888.424	59.508.057	90.243.060	11.814.000
Result on ordinary operations before taxes	168.947.819	57.055.968	59.852.234	91.139.927	10.878.000

Taxation on the result of ordinary activities	949.114	114.723	14.811.727
Result of ordinary activities after taxes	167.998.705	56.941.245	45.040.507	91.139.927	10.878.000

Extraordinary income				59
Extraordinary result before taxation				59
Net result	167.998.706	56.941.245	45.040.508	91.139.986	10.878.000
Summary	The turnover of the company decreased by -93.72 % between 2010 and 2011. The operating result of the company declined with -102.37 % between 2010 and 2011. This evolution implies an decrease of the company's economic profitability. The result of these changes is an increase of the company's Economic Profitability of 465.73 % of the analysed period, being equal to 2010 % in the year 2011. Despite the growth the assets turnover decreased, whose index evolved with -100 % to a level of 0. The Net Result of the company decreased by 195.04 % between 2010 and 2011. The company's Financial Profitability has been negatively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability reduction of 336.53 % of the analysed period, being 210.89 % in the year 2011. The company's financial structure has slowed down its financial profitability. The turnover of the company decreased by -6.73 % between 2009 and 2010. The operating result of the company grew with 239.23 % between 2009 and 2010. This evolution implies an increase of the company's economic profitability. The result of these changes is a reduction of the company's Economic Profitability of -27.81 % of the analysed period, being equal to 2009 % in the year 2010. Despite the decline the assets turnover did not change, the index remained the same at 0.01. The Net Result of the company decreased by 26.42 % between 2009 and 2010. The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of -50.62 % of the analysed period, being 48.31 % in the year 2010. The company's financial profitability has been positively affected by its financial structure.

Publications

Remarks

Status: Active
Category: Large company
Last year: 2011
Turnover last year: 109.043 EUR
Result last year: 167.998.706 EUR
TOTAL assets last year: 86.284.757 EUR
Number of employees: 26
Number of shareholders: 3
Number of subsidiaries: 2
Number of branches: 0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.10
UK Pound	1	Rs.101.27
Euro	1	Rs.85.43

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.