MIRA INFORM REPORT

Report Date :

02.05.2013

IDENTIFICATION DETAILS

Name :	STEEL CANADA LIMITED
Registered Office :	355 Traders Blvd E., Mississauga, Ontario L4Z 2E5
Country :	Canada
Date of Incorporation :	24.09.1982
Legal Form :	Corporation – Profit
Line of Business :	Importer, exporter and trader of steel products.
No. of Employees :	35

RATING & COMMENTS

MIRA’s Rating :

Ba

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 – June 30^th, 2012

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

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

canada - ECONOMIC OVERVIEW

As an affluent, high-tech industrial society in the trillion-dollar class, Canada resembles the US in its market-oriented economic system, pattern of production, and affluent living standards. Since World War II, the impressive growth of the manufacturing, mining, and service sectors has transformed the nation from a largely rural economy into one primarily industrial and urban. The 1989 US-Canada Free Trade Agreement (FTA) and the 1994 North American Free Trade Agreement (NAFTA) (which includes Mexico) touched off a dramatic increase in trade and economic integration with the US its principal trading partner. Canada enjoys a substantial trade surplus with the US, which absorbs about three-fourths of Canadian exports each year. Canada is the US's largest foreign supplier of energy, including oil, gas, uranium, and electric power. Given its great natural resources, highly skilled labor force, and modern capital plant, Canada enjoyed solid economic growth from 1993 through 2007. Buffeted by the global economic crisis, the economy dropped into a sharp recession in the final months of 2008, and Ottawa posted its first fiscal deficit in 2009 after 12 years of surplus. Canada''s major banks, however, emerged from the financial crisis of 2008-09 among the strongest in the world, owing to the financial sector''s tradition of conservative lending practices and strong capitalization. Canada achieved marginal growth in 2010 and 2011 and plans to balance the budget by 2015. In addition, the country''s petroleum sector is rapidly becoming an even larger economic driver with Alberta''s oil sands significantly boosting Canada''s proven oil reserves, ranking the country third in the world behind Saudi Arabia and Venezuela.

Source : CIA

COMPANY NAME & ADDRESS

STEEL CANADA LIMITED

Address: 355 Traders Blvd E., Mississauga, Ontario L4Z 2E5 - Canada

Telephone: +1 905-890-0209

Fax: +1 905-890-5391

Website: www.steelcanada.com

Corporate ID#: ON-0000518347

State: Ontario

Judicial form: Corporation – Profit

Date incorporated: 09-24-1982

Stock: -

Value: -

Name of manager: Feroz JASSANI

ACTIVITIES & OPERATIONS

IST

Business:

Importer, exporter and trader of steel products.

Suppliers include:

Koradia Exp. (India) Pvt., Ltd.

Staff: 35

Operations & branches:

At the headquarters, we find the corporate office, on lease.

SHAREHOLDERS & MANAGERS

Shareholders:

This is a private Company.

Management:

Feroz JASSANI is the President, Director and CEO

He is the founder of the Company.

Santana DIAS is Vice President.

Subsidiaries

And partnership:

PIONEER STEEL LIMITED
375 MATHESON BLVD, E, MISSISSAUGA, ONTARIO
CANADA L4Z 1X8

PHONE: 905-890-1749
FACSIMILE: 905-890-4810

CROWN FREIGHT FORWARDERS LIMITED
355 TRADERS BLVD, E
MISSISSAUGA, ONTARIO
CANADA, L4Z 2E5

PHONE: 1-905-890-0209

FINANCIALS

In Canada, privately held corporations are not required to publish any financials.

On a direct call, nobody accepted to answer our questions.

We sent a fax but no answer received.

However, sales estimate for year 2011 is in the range of CAD 20,000,000=

The business is said to be profitable.

Banks: Royal Bank of Canada

HSBC Bank

LEGAL FILINGS

Legal filings & complaints:

As of today date, there is no legal filing pending with the Courts.

Secured debts summary: None

COMPANY CREDIT HISTORY

Trade references:

Date reported: December 2012

High credit: CAD 12,000

Now owing: 0

Past due: 0

Last purchase: November 2012

Line of business: Office supply

Paying status: On terms

Date reported: December 2012

High credit: CAD 100,000+

Now owing: 0

Past due: 0

Last purchase: November 2012

Line of business: Payroll

Paying status: As agreed

Date reported: December 2012

High credit: CAD 600

Now owing: 0

Past due: 0

Last purchase: November 2012

Line of business: Telecommunications

Paying status: On terms

Domestic credit history:

Domestic credit history appears as follow:

Monthly Payment Trends - Recent Activity

Date	Balance	Current	Up to 30 DBT	31-60 DBT	61-90 DBT	>90 DBT
07/12	$8,700	89%	11%	0%	0%	0%
08/12	$7,800	89%	11%	0%	0%	0%
09/12	$8,600	88%	12%	0%	0%	0%
10/12	$8,100	88%	12%	0%	0%	0%
11/12	$8,100	89%	11%	0%	0%	0%
12/12	$8,300	89%	11%	0%	0%	0%

National Credit Bureaus gave a medium credit rating.

International credit history:

Payments of imports are currently made with an average of 2 to 5 days beyond terms.

Other comments:

The Company maintains its business.

The Company is in good standing.

This means that all local and federal taxes were paid on due date.

The risk is medium.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.52.21
UK Pound	1	Rs.84.00
Euro	1	Rs.70.97

INFORMATION DETAILS

Report Prepared by :

PDT

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.