MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	STEELFORCE NV

Registered Office :	Lange Klarenstraat 16-20 2000 Antwerpen

Country :	Belgium

Financials (as on) :	30.09.2013

Date of Incorporation :	04.07.1950

Com. Reg. No.:	402950965

Legal Form :	Public Limited Liability Company

Line of Business :	Wholesale of Metals and Metal Ores.

No. of Employees :	60

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 :	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 – September 30, 2014

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Belgium

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 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 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 retail arm of a Franco-Belgian bank.

Source : CIA

Company summary

Business number 402950965

Company name STEELFORCE NV

Address LANGE KLARENSTRAAT 16-20

2000 ANTWERPEN

Number of staff 60

Date of establishment 04/07/1950

Telephone number 032241080

Fax number 032241079

Ultimate Holding Company

Company Name Company Number

Steelforce Group NV 477502492

Commentary

The business was established over 64 years ago.

The business has 62 employees.

The business is part of a group.

The business has been at the address for over 8 months.

Pre-tax profits increased by 43% compared to the previous trading period.

The business saw a decrease in their Cash Balance of 59% during the latest trading period.

Accounts

Date of Latest Accounts	Turnover	Profit Before Tax	Net Worth	Working Capital
30.09.2013	574,722,430	4,705,529	17,478,124	20,602,931
30.09.2012	556,494,948	3,272,502	14,571,681	15,654,610
30.09.2011	468,688,797	1,031,428	13,887,264	12,713,615

Date of Latest Accounts	Balance Total	Number of Employees	Capital	Cash
30.09.2013	114,499,444	60	2,232,000	3,229,170
30.09.2012	123,072,544	58	2,232,000	2,496,711
30.09.2011	111,890,893	58	2,232,000	823,017

Payment expectations

Past payments

Payment expectation days 13.83

Industry average payment

expectation days 51.66

Industry average day sales

outstanding 3235.22

Day sales outstanding 65.75

Court data summary

BANKRUPTCY DETAILS

Court action type No

PROTESTED BILLS

Bill amount -

NSSO DETAILS

Date of summons -

Company accounts

Assets

Annual accounts	30.09.2013	%	30.09.2012	%	30.09.2011	%	30.09.2010	%	30.09.2009
Weeks	52		52		52		52		52
Currency	EUR		EUR		EUR		EUR		EUR

Total fixed assets	1,009,001	-1.88	1,028,350	-13.45	1,188,102	14.82	1,034,763	-6.66	1,108,606
Intangible fixed assets	183,808	1529	11,279	-21.96	14,453	2291	604	-51.96	1,258
Tanqiblefixed assets	798,939	-6.77	856,919	-5.39	905,780	-2.27	926,800	-6.03	986,222
Land & buildina	615,461	-9.02	676,508	-8.28	737,555	-7.64	798,602	-7.10	859,649
Plant & machinery	-	-		-		-		-
"Furniture & Vehicles	183,478	1.70	180,411	7.24	168,225	35.80	123,882	8.24	114,448
Leasing & Other Similar Riqhts	-	-		-		-	4,316	-64.40	12,125
Other tangible assets	0	-0		-0		-0		-0
Financial fixed assets	26,254	-83.61	160,153	-40.21	267,869	149	107,359	-11.37	121,126
Total current assets	113,490,442	-7.01	122,044,194	10.24	110,702,791	64.55	67,275,036 30.36 51,608,721
Inventories	9,631,068	^7.47	18,332,695	-30.42	26.348.233	2.00	25,831,910	130	11,211,241
Raw materials & consumables		-		-		-		-
Work in progress	0	-0		-0		-0		-0
Finished qoods	9,631,068	^7.47	18,332,695	-30.42	26.348.233	2.00	25,831,910	130	11,211,241
Other stocks	0	-	0	-	0	-	0	-	0
Trade debtors	103,533,113	0.31	103,217,122	25.80	82,050,485	103	40,304,345	4.33	38,632,225
Other amounts receivable	27,295	-	-	-	153,094	-71.26	532,704	-54.95	1,182,364
Cash	102,831	-59.70	255,169	-86.60	1,904,594	430	359,255	-36.07	561,950
Miscellaneous current assets	196,136	-18.01	239,207	-291	246,386	-0.18	246,823	1078	20,941
Total Assets	114,499,444	-6.97	123,072,544	9.99	111,890,893	63.80	68,309,800	29.58	52,717,327

Liabilities
Total shareholders equity	17,661,932	21.11	14,582,960	4.90	13,901,716	5.45	13,183,179 2.99		12,800,448

Issued share capital	2,232,000	0	2,232,000	0	2,232,000	0	2,232,000	0	2,232,000
Share premium account	-	-	-	-	-	-	-	-	-
Revaluation reserve	-	-	-	-	-	-	-	-	-
Reserves	15,429,932	24.93	12,350,960	5.84	11,669,716	6.56	10,951,179 3.62		10,568,448
Provisions for Liabilities &	0	-	0	-	0	-	0	0
Charges
Deffered taxes	-	-	-	-	-	-	-	-	-

Creditors	96,837,512	-10.74	108,489,584	10.72	97,989,176	77.75	55,126,620	38.10 39,916,879

Other lonq term loans	3,950,000	88.10	2,100,000	-	-	-	42,500	-67.78	131,894
Lonq term qroup loans - - - - - - - - -
Other lonq term liabilities	0	-	0	-	0	-	0	-	0
Total lonq term debts	3,950,000	88.10	2,100,000	-	0	-100	42,500	-67.78	131,894

Current portion of long term	-	-	-	-	62,944	-29.59	89,394	-54.84 1	97,956
debt
Financial debts	66,315,041	-20.20	83,104,642	16.47	71,351,978	209	23,080,544 34.50		17,159,959
Trade creditors	21.385.877	18.81	18,000,401	-26.78	24.582.400	-20.10	30,764,607	60.83	19,128,874
Amounts Payable for Taxes,	2,371,595	14.07	2,079,115	133	889,860	124	396,797	■59.81 987,221
Remuneration & Social
Security

Miscellaneous current	2,814,999	-12.18	3,205,426	190	1,101,994	46.39	752,778	■67.43 2,	310,975
liabilities
Total current liabilities	92,887,512	-12.69	106,389,584	8.57	97,989,176	77.89	55,084,120	38.45	39,784,985

Total Liabilities	114,499,444	-6.97	123,072,544	9.99	111,890,893	63.80	68,309,800	29.58	52,717,327
ratio analysis
TRADING PERFORMANCE
Profit Before Tax	0.82	38.98	0.59	168	0.22	120	0.10	-91.87	1.23

Return on capital employed	21.77	10.96	19.62	164	7.42	155	2.90	-91.56	34.35

Return on total assets employed	4.11	54.51	2.66	189	0.92	64.29	0.56	-93.36	8.43

Return on net assets employed	26.64	18.72	22.44	202	7.42	154	2.91	-91.61	34.70

Sales / net workinq capital	27.90	-21.52	35.55	-3.58	36.87	18.48	31.12	2.23	30.44

Stock turnover ratio	1.68	-48.94	3.29	-41.46	5.62	-17.47	6.81	118	3.12

Creditor days	13.83	15.25	12.00	-37.95	19.34	-35.62	30.04	50.73	19.93
Debtor days	65.75	-2.88	67.70	5.95	63.90	64.78	38.78	-1.02	39.18
SHORT TERM STABILITY
Current ratio	1.22	6.09	1.15	1.77	1.13	-7.38	1.22	-6.15	1.30
Liquidity ratio / acid ratio	1.12	15.46	0.97	12.79	0.86	14.67	0.75	-26.47	1.02
Current debt ratio	5.26	-27.95	7.30	3.55	7.05	68.66	4.18	34.41	3.11
Liquidity ratio reprocessed	-	-	-	-	-	-	-	-	-

Cashflow	3,229,170 29.34 2,496,711		203 823,017	69.02 486,934	-84.24	3,089,577

Net worth	17,478,124 19.95 14,571,681 4.93 13,887,264 5.35 13,182,575 3.00					12,799,190

LONG TERM STABILITY
Gearinq	397.83	-31.91 584.28	13.74 513.71	191 176.08	28.87	136.63

Equity in percentaqe	15.45	30.38 11.85	-4.67 12.43	-35.60 19.30	-20.51	24.28

Total debt ratio	5.48	-26.34 7.44	5.53 7.05	68.66 4.18	33.97	3.12

Workinq capital	20,602,931 31.61 15,654,610 23.13 12,713,615			4.29 12,190,916 3.11		11,823,736
Profit & loss
Operatinq Income	_ 575,786,815	3.27 557,528,561	18.78 469,370,008	23.56 379,886,352	5.15	361,283,904
Turnover	_ 574,722,430	3.28 556,494,948	18.73 468,688,797	23.54 379,376,230	5.42	359,885,098
Total operatinq expenses	564,545,101	3.08 547,699,120	18.07 463,881,884	24.09 373,824,744	6.69	350,397,461

Gross Operatinq Marqin	-	--	--	--	-	-

Operatinq Charqes	565,609,486	3.08 548,732,734	18.12 464,563,096	24.10 374,334,866	6.41	351,796,267
Employee costs	5,611,579	-4.66 5,886,039	29.90 4,531,108	19.56 3,789,773	-9.75	4,199,248
Waqes and salary	3,962,765	-4.99 4,170,884	42.09 2,935,483	25.57 2,337,716	3.37	2,261,508
Employee pension costs	-	--	--	--	-	-
Social securitvcontributions 1.088.605		7.40 1,013,562	26.30 802,518	28.50 624,539	-50.96	1,273,443
Other employee costs	560,209	-20.15 701,594	-11.54 793,107	-4.16 827,518	24.57	664,297
Director remuneration	-	--	--	--	-	-
Amortization and	150,198	24.68 120,468	15.30 104,480	0.27 104,203	2.15 102,008
depreciation

Operatinq result	10,177,329	15.71 8,795,827	82.98 4,806,912	-13.41 5,551,486	-41.49	9,487,637

Total financial income	11,144,410	-15.14 13,133,113	29.93 10,108,069	-18.54 12,408,970	144	5,078,955


Total financial expenses	16,616,210	-10.94 18,656,438	34.38 13,883,553	-21.01 17,577,222	73.61	10,124,395

Results on ordinary	4,705,529	43.79 3,272,502	217 1,031,428	169 383,233	-91.37 4,442,197
operations before taxation

Extraordinary Income	-	--	--	--	-	-

Extraordinary Charqes	27,615	--	--	--	-	-

Extraordinary items	-27,615	- 0	-0	-0	-0

Results for the Year Before Taxation	4,677,914	42.95 3,272,502	217 1,031,428	169 383,233	-91.37 4,442,197

Other appropriations	-	--	--	--	-	-

Taxation	1,598,942	78.40 896,259	186 312,891	62225 502	-99	1,454,628
Results on ordinary operations after taxation	3,106,587	30.74 2,376,243	230 718,537	87.74 382,731	-87.19 2,987,569

Net result 3,078,972 29.57 2,376,243 230 718,537 87.74 382,731 -87.19 2,987,569

Profit (Loss) for the Year to 3,078,972 29.57 2,376,243 230 718,537 87.74 382,731 -87.19 2,987,569

be appropiated

Dividends - - 1,200,000 - - - - - 1,700,000

Social Balance Sheet Details

Social Balance Sheet	Total
During the reporting year ended 30-09-2013
Full-time Employees	53
Part-time Employees	7
Total Fte Employees	59

Number of hours worked
Full-time Employees	86,003
Part-time Employees	8.829
Total	94,832

Personnel Charges
Full-time Employees	5.064.810
Part-time Employees	546.769
Total	5,611,579
Benefits In Addition To Wages

During the previous reporting year
Average number employees in Fte	57
Actual working hours	92,396
Personnel Charges	5,886,039
Benefits In Addition To Wages

Type of Contract	Full-Time	Part-Time	Total Fte
Unlimited Duration	55	7	61
Contracts
Limited Duration Contracts
Contracts For Specific Work -
Contracts Regarding	-	-	-
Substitution

Gender and Education
Level
Men	Full-Time	Part-Time	Total Fte
Primary education
Secondairv education
Higher education (non university)	-	-	-
Higher education (university)	23	-	23

Women	Full-Time	Part-Time	Total Fte
Primary education
Secondairv education
Higher education (non university)	-	-	-
Higher education (university)	32	7	38

Working Category	Full-Time	Part-Time	Total Fte
Management
White collar worker	55	7	61
Blue collar worker
Other
,

Temporary personnel		Total
Average number of temporary staff --
Actual working hours --
Cost of temporary staff --

New staff and leavers Full-Time Part-Time Total Fte

New Starters 10 - 10

Leavers 7 1 8

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

Payment Information

Payment expectations
Payment expectation days	13.83
Day sales outstanding	65.75

Industry comparison
Activity code	46720
Activity description	Wholesale of metals and metal ores
Industry average payment expectation days	51.66
Industry average day sales outstanding	3235.22

Industry quartile analysis Payment expectations

Company result_________________________________________________ 13.83

Lower_________________________________________________________ 82.95

Median_________________________________________________________ 61.22

Upper__________________________________________________________ 35.21

Days Sales Outstanding

Company result	65.75
Lower	55.24
Median	33.47
Upper	18.16

Shareholders Details

Summary
Group - Number of Companies	9
Linkages - Number of Companies	0
Number of Countries	0
Group Structure
Company name		Number	Latest financials
- STEELFORCE GROUP NV		477502492	30-09-2013

- - STEELFORCE EUROPE NV	880726544	30-09-2013
- - STEELFORCE GROUP NV	402950965	30-09-2013
- - - STEELFORCE TRADING INTERNATIONAL SOC.ETR...
- - PRETATO SOC.ETR. E.P.B.
- - STEELFORCE FAR EAST LTD SOC.ETR. E.P.B. □
--STEELFORCE MIDDLE EAST FZCO SOC.ETR. E.P...
--STEELFORCE SOUTH EAST ASIA LTD. SOC.ETR....
--STEEL-LINK B.V	24358679	30-09-2013

Minority Shareholders

No minority shareholders found

Minority Interests

Business Company name number

Date of

accounts

880726544 Steelforce Europe NV

30/09/2013

Companies that match this address
Business number Company name	Date of accounts

477502492 STEELFORCE GROUP NV	30/09/2013

Linked companies

Summary

Group - Number of Companies 9

Linkages - Number of Companies 0

Number of Countries 0

Summons

There is no data for this company

Protested Bills

There is no data for this company

Bankruptcy and other legal events

There is no data for this company

Director details

Name	FRANCOIS ALBERT LODEWIJKALEXANDER
Position	Manaqinq Director
Start Date	02/04/2012
Street	25 LODEWIJKDE KONINCKSTRAATANTWERPEN
Post code	2600
Country	Belgium

Position	Director
Start Date	11/04/2014
Street	25 LODEWIJKDE KONINCKSTRAATANTWERPEN
Post code	2600
Country	Belgium

Name	FERRITUDO BVBA BVBA
Position	Director
Start Date	31/07/2014
Date of birth	30/06/2014
Street	16 LANGE KLARENSTRAATANTWERPEN
Post code	2000
Country	Belgium

Position	Leqal Representative
Start Date	31/07/2014
Date of birth	30/06/2014
Street	16 LANGE KLARENSTRAATANTWERPEN
Post code	2000
Country	Belgium

Name	WATERKEYN INVESTMENTS BVBA
Position	Leqal Representative
Start Date	24/02/2014
Date of birth	02/03/2006
Street	41 BERKENLAANANTWERPEN
Post code	2610
Country	Belgium

Name	LUCIEN HUGO JOANNES SMOLDERS
Position	Director
Start Date	24/02/2014
Street	21 DIEPESTRAAT HOVE
Post code	2540
Country	Belgium

Name	KURT CONSTANT EMMA CROLLET
Position	Director
Start Date	20/12/2011
Date of birth	29/10/1967
Street	2 DE NOTELAAR WOMMELGEM
Post code	2160
Country	Belqium

Former director details
Name	BERNARD WILDMANN
Position	Director
Start Date	11/10/1997
End Date	Unknown date
Street	588 FOREST MANOR 2-59 JINFENG LU
Post code	201107
Country	China

Name	KARELPANNEMANS
Position	Director
Start Date	29/03/2008
End Date	03/03/2014
Street	49 RODEDREEF SCHILDE
Post code	2970
Country	Belgium

Name	WOLFGANG SCHMID

Position	Director
Start Date	24/01/2008
End Date	Unknown date
Date of birth	10/05/1940
Street	90 SLOTLAAN BRUSSEL
Post code	1200
Country	Belqium

Name	JOSEPH BROKKEN
Position	Director
Start Date	06/07/1999
End Date	Unknown date
Date of birth	22/10/1948
Street	53 DENNENWEG HAACHT
Post code	3150
Country	Belqium

Name	ARMAND STAFF
Position	Director
Start Date	11/11/1997
End Date	Unknown date
Street	3 HAGEDOORNLAAN SCHILDE
Post code	2970
Country	Belqium

Name	GEORGES KAUL
Position	Director
Start Date	15/05/1997
End Date	Unknown date
Street	26 ALBERTLAAN WEZEMBEEK-OPPEM
Post code	1970
Country	Belgium

Name	SERGIO KORN
Position	Managing Director
Start Date	15/05/1997
End Date	Unknown date
Street	424 LOUIZALAAN BRUSSEL
Post code	1050
Country	Belgium

Position	Director
Start Date	06/07/1999
End Date	Unknown date
Street	424 LOUIZALAAN BRUSSEL
Post code	1050
Country	Belgium

Former mandates in other companies
Name	Compagnie des Long-Courriers en liquidation SA
Business number	407942309
Position	Director
Start Date	11/08/1997
End Date	Unknown date

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.93
UK Pound	1	Rs.96.37
Euro	1	Rs.76.10

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	NIT

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.

JIC Code	226
Description category	JC employees international trade, transport & related activities

Event Date	24/02/2014
Event Description	re-acDointment of director(s)
Event Details	Commentaar 24-02-2014: Worden herbenoemd als bestuurders voor 3 jaar: Francois Alexander (tevens als gedelegeerd bestuurder), Karel Pannemans en SteelForce Group NV.

MIRA INFORM REPORT

Company summary

Ultimate Holding Company

Commentary

Accounts

Payment expectations

Court data summary

Company Information

Company accounts

Social Balance Sheet Details

Industry comparison

Payment Information

Shareholders Details

Linked companies

Director details

Unit