MIRA INFORM REPORT

Report Date :

20.02.2013

IDENTIFICATION DETAILS

Name :	AND STEEL NV
Registered Office :	Metropoolstraat 19—24, 2900 Schoten
Country :	Belgium
Financials (as on) :	31.12.2011
Date of Incorporation :	17.11.1970
Com. Reg. No.:	407627058
Legal Form :	Public Limited Liability Company (BE)
Line of Business :	Wholesale of metals and metal ores
No. of Employees :	110

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 :	Slow but correct
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 – June 30^th, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
Belgium	A1	A1

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

Belgium - ECONOMIC OVERVIEW

This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 2.0%, the unemployment rate decreased slightly to 7.7% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011. Despite the relative improvement in Belgium's budget deficit, public debt hovers near 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian arm of a Franco-Belgian bank. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.

Source : CIA

COMPANY INFORMATION

Business number	407627058
Company name	AND STEEL NV
Address	METROPOOLSTRAAT 19--24
	2900 SCHOTEN
Number of staff	110
Date of establishment	17/11/1970
Telephone number	036464459
Fax number	036464459

Ultimate holding company

Safe number	Company name	Company Number	View linked companies from outside this company's group structure
-	-	-	No linked companies have been found.

Accounts & ratios

Date of latest accounts	Turnover	Profit Before Tax	Net worth
31/12/2011	76,719,617	-2,439,360	13,133,532
31/12/2010	79,077,580	-444,641	15,517,741
31/12/2009	89,983,627	-7,540,715	15,831,383

Accounts & ratios

Date of latest accounts	Balance Total	Investments	Capital	Cash Flow	Number of Employees
31/12/2011	30,498,489	29,788	7,190,000	13,328,880	110
31/12/2010	30,180,993	7,323	7,190,000	14,441,906	121
31/12/2009	29,811,015	7,324	7,190,000	14,900,283	146

Trends

Profitability
Liquidity
Net worth

Payment expectations

Past payments		Payment expectation days	43.29
Industry average payment expectation days	45.81	Industry average day sales outstanding	71.49
Day sales outstanding	0.89

Court data summary

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

Business number	407627058	Company name	AND STEEL NV
Fax number	036464459	Date founded	17/11/1970
Company status	active	Company type	Public Limited Liability Company (BE)
Currency	Euro (€)	Date of latest accounts	31/12/2011
Activity code	46720	liable for VAT	yes
Activity description	Wholesale of metals and metal ores	VAT Number	BE.0407.627.058
Belgian Bullettin of Acts Publications	moniteur belge

Contractor details

Registered contractor number	102303
Contractor description	Constructions métalliques et ouvrages d'art métalliques
Date struck off register	09/10/1996 00:00:00

Personnel limit NSSO

Code	-
Description	FROM 100 TO 199 EMPLOYEES

Joint Industrial Committee (JIC)

JIC Code	149.04
Description	Joint subcommittee for the trade in metals
category

Significant Events

Event Date	31/08/2010
Event Description	resignation-appointment of director(s)
Event Details	Commentaar 31-08-2010: Het bestaande directiecomité wordt ontbonden, er wordt een management comité benoemd bestaande uit: Stefan Deheyder, Jean-Philippe Marchant, Marc Van Loon en Johan Wuyts.

Export accounts to CSV file

comparison mode

average

median

Profit & loss

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	76,719,617	-2.98	79,077,580	-12.12	89,983,627	44,852,670	71.05
Total operating expenses	78,554,588	-0.69	79,096,458	-18.40	96,930,626	44,269,173	77.45
Operating result	-1,834,971	-9620	-18,878	0.27	-6,946,999	276,047	-764
Total financial income	194,358	-36.08	304,046	7.42	283,057	186,495	4.22
Total financial expenses	798,747	9.45	729,809	-16.76	876,773	243,331	228
Results on ordinary operations before taxation	-2,439,360	-448	-444,641	5.90	-7,540,715	211,198	-1255
Taxation	33,493	-	-	-	-88,511	102,520	-67.33
Results on ordinary operations after taxation	-2,472,853	-456	-444,641	5.97	-7,452,204	133,115	-1957
Extraordinary items	-818	-101	41,536	339	9,458	61,569	-101
Other appropriations	89462	0	89462	0	89462	-	-
Net result	-2,384,209	-660	-313,643	4.27	-7,353,284	195,694	-1318
other information
Dividends	-	-	-	-	-	499,742	-
Director remuneration	-	-	-	-	-	142,876	-
Employee costs	5,329,050	2.47	5,200,658	-32.39	7,692,275	1,015,399	424
Wages and salary	3,567,350	-0.28	3,577,502	-35.54	5,549,839	735,180	385
Employee pension costs	22,774	-	24,955	-	23,542	37,081	-38.58
Social security contributions	1,209,637	-6.85	1,298,574	-25.98	1,754,318	248,929	385
Other employee costs	529,289	76.65	299,627	-17.81	364,576	45,031	1075
Amortization and depreciation	713,515	-9.70	790,159	-8.40	862,596	179,124	298

balance sheet

Annual accounts	31-12-2011	%	31-12-2010	%	31-12-2009	Industry average 2011	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	0	-	0	-	0	91,141	-100
Tangible fixed assets	7,206,245	-7.30	7,773,392	-8.52	8,497,374	738,988	875
Land & building	6,490,823	-5.03	6,834,313	-4.83	7,181,237	654,203	892
Plant & machinery	635,211	-19.77	791,762	-26.92	1,083,483	322,116	97.20
Other tangible assets	80,211	-45.55	147,317	-36.68	232,654	147,763	-45.72
Financial fixed assets	29,788	306	7,323	-0.01	7,324	726,503	-95.90
Total fixed assets	7,236,033	-7.00	7,780,715	-8.51	8,504,698	1,277,724	466
Inventories	8,013,032	15.54	6,935,183	29.90	5,338,870	2,407,939	232
Raw materials & consumables	-	-	-	-	-	3,099,558	-
Work in progress	0	-	0	-	0	85,073	-100
Finished goods	8,013,032	15.54	6,935,183	29.90	5,338,870	1,172,235	583
Other stocks	0	-	0	-	0	155,466	-100
Trade debtors	187,927	-55.61	423,320	-25.38	567,295	2,153,365	-91.27
Cash	13,328,880	-7.71	14,441,906	-3.08	14,900,283	584,266	2181
other amounts receivable	1,726,686	217	543,458	12.39	483,564	1,184,861	45.73
Miscellaneous current assets	5,931	-89.49	56,411	245	16,305	188,683	-96.86
Total current assets	23,262,456	3.85	22,400,278	5.13	21,306,317	5,664,057	310
current liabilities
Trade creditors	9,316,506	23.00	7,574,089	-29.87	10,799,884	1,582,727	488
Short term group loans	-	-	-	-	-	-	-
Other short term loans	2,768,458	-26.80	3,782,069	-	0	1,158,308	139
Miscellaneous current liabilities	3,550,156	139	1,479,731	19.19	1,241,495	457	- -
Total current liabilities	15,635,120	21.81	12,835,889	6.60	12,041,379	3,299,804	373
Long term debts
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	-	-	-	-	-	-	- -
Other long term liabilities	1,729,837	-5.34	1,827,363	-5.72	1,938,253	102,442	1588
Total long term debts	1,729,837	-5.34	1,827,363	-5.72	1,938,253	739,313	133
shareholders equity
Issued share capital	7,190,000	0	7,190,000	0	7,190,000	1,498,145	379
Share premium account	9,606	0	9,606	0	9,606	317,703	-96.98
Reserves	2,745,883	-44.60	4,956,354	-2.75	5,096,257	1,286,496	113
Revaluation reserve	3,188,043	-5.17	3,361,781	-4.91	3,535,520	538,881	491
Total shareholders equity	13,133,532	-15.36	15,517,741	-1.98	15,831,383	2,814,273	366
Working capital	7,627,336	-20.25	9,564,389	3.23	9,264,938	2,364,253	222
Net worth	13,133,532	-15.36	15,517,741	-1.98	15,831,383	2,714,950	383

ratio analysis

Annual accounts	31-12-2011	change(%)	31-12-2010	change(%)	31-12-2009	Industry average 2011	%
Trading performance
Profit Before Tax	-3.18	-467	-0.56	6.68	-8.38	0,00	-
Return on capital employed	-16.41	-541	-2.56	6.03	-42.44	13,00	-226
Return on total assets employed	-8	-444	-1.47	5.81	-25.30	-2,00	-300
Return on net assets employed	-18.57	-547	-2.87	6.03	-47.63	18,00	-203
Sales / net working capital	10.06	21.64	8.27	-14.83	9.71	-2,00	-99
Stock turnover ratio	10.44	19.04	8.77	47.89	5.93	16,00	-34.75
Debtor days	0.89	-54.36	1.95	-15.22	2.30	110,00	-99
Creditor days	43.29	23.86	34.95	-14.06	40.67	42,00	3.07
short term stability
Current ratio	1.49	-14.86	1.75	-1.13	1.77	1.586,00	-50.33
Liquidity ratio / acid ratio	0.98	-18.33	1.20	-9.77	1.33	1.582,00	-99
Current debt ratio	1.19	43.37	0.83	9.21	0.76	3,00	-60.33
Liquidity ratio reprocessed	-	-	-	-	-	-	-
long term stability
Gearing	21.08	-13.50	24.37	-	-	290,00	-92.73
Equity in percentage	43.06	-16.26	51.42	-3.18	53.11	4,00	976
Total debt ratio	1.32	40.43	0.94	6.82	0.88	4,00	-67.00

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	43.29
Day sales outstanding	0.89

Industry comparison

Activity code	46720
Activity description	Wholesale of metals and metal ores
Industry average payment expectation days	45.81
Industry average day sales outstanding	71.49

Industry quartile analysis

Payment expectations
Company result	43.29
Lower	86.19
Median	62.66
Upper	34.53
Day sales outstanding
Company result	0.89
Lower	53.03
Median	31.43
Upper	18.68

Have you got a payment experience on this or any other customers you could share iSummary

Group - Number of Companies	0
Linkages - Number of Companies	0
Number of Countries	0

Group Structure

No group structure for this company.

Minority Shareholders

Business number	Company name	%	Rating	Limit	Date of accounts
402451812	Leduc Trading NV	0.01	N/R	-	31/12/2009
402451812	Leduc Trading NV	0.01	N/R	-	31/12/2009
402451812	Leduc Trading NV	0.01	N/R	-	31/12/2009
404507222	Cogeaf in vereffening NV	0.01	N/R	-	31/12/2003
404507222	Cogeaf in vereffening NV	0.01	N/R	-	31/12/2003
401642059	AMDS Benelux Services NV	0.01	100	€1.400.000	31/12/2011

Minority Interests

Business number	Company name	%	Rating	Limit	Date of accounts
401642059	AMDS Benelux Services NV	0.01	100	€1.400.000	31/12/2011

Companies that match this address

no Companies Match this address

Protested bills

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

NSSO details

Business number	407627058
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

Current director details

Name	STEFAN DEHEYDER
Position	Director
Start Date	03/06/2010
End Date	06/06/2013
Date of birth	13/04/1967
Street	8 TURFBEEMD MECHELEN
Post code	2800
Country	Belgium
Name	PATRICK VAN MEENSEL
Position	Director
Start Date	03/06/2010
End Date	06/06/2013
Street	18 SINT-GEREBERNUSSTRAAT GEEL
Post code	2440
Country	Belgium

Name	PASCAL LEDOUX
Position	Director
Start Date	07/06/2007
Street
Post code
Country
Name	GERARD STOLL
Position	Director
Start Date	04/06/2009
Street
Post code
Country

Name	GERRY STOLL
Position	Director
Start Date	03/06/2010
End Date	06/06/2013
Street
Post code
Country

Former director details

Name	JOHAN WUYTS
Position	Director
Start Date	04/06/1998
End Date	11/07/2003
Street	18 HELLEKENSSTRAAT HERENTALS
Post code	2200
Country	Belgium
Name	ERLEND WITTEVEEN
Position	Director
Start Date	20/06/1995
End Date	04/06/2009
Street	4 DIELMANLAAN BOECHOUT
Post code	2530
Country	Belgium

Name	GILBERT CAILLIAU
Position	Director
Start Date	11/07/2003
End Date	04/06/2009
Street	18 CLOS DES PRINCES LE ROEULX
Post code	7070
Country	Belgium
Name	DELOITTE BEDRIJFSREVISOREN B.V. CVBA
Position	Commissioner
Start Date	17/08/2011
End Date	31/12/2011
Date of birth	23/06/1986
Street	8 BERKENLAAN MACHELEN
Post code	1831
Country	Belgium

Name	FILIEP SPRIET
Position	Chairman of the Board
Start Date	03/06/2010
End Date	-
Street	3 TRILKOUTER EVERGEM
Post code	9940
Country	Belgium
Name	FILIEP SPRIET
Position	Director
Start Date	03/06/2010
End Date	06/06/2013
Street	3 TRILKOUTER EVERGEM
Post code	9940
Country	Belgium

Name	YVO VAN WERDE
Position	Director
Start Date	16/04/2002
End Date	-
Street	23 SPORTLAAN HAM
Post code	3945
Country	Belgium
Name	VÉRONIQUE LENGLIN
Position	Director
Start Date	26/12/2007
End Date	04/06/2009
Street
Post code
Country	France

Name	JEAN-LOUIS NORBERT THIL
Position	Director
Start Date	03/06/2010
End Date	06/06/2013
Street
Post code
Country	France
Name	JACQUES DHAM
Position	Director
Start Date	26/12/2007
End Date	02/06/2010
Street	3 RUE DU MIDI
Post code	51220
Country	France

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.28
UK Pound	1	Rs.84.09
Euro	1	Rs.72.44

INFORMATION DETAILS

Report Prepared by :

NLM

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.