MIRA INFORM REPORT

Report Date :

12.06.2014

IDENTIFICATION DETAILS

Name :	SPECIAL STEELS LIMITED
Registered Office :	12B Parkmore Industrial Estate, Long Mile Road, Dublin 12, 216410
Country :	Ireland
Financials (as on) :	31.12.2012
Date of Incorporation :	21.01.2008
Com. Reg. No.:	IE452097
Legal Form :	Private limited with Share Capital
Line of Business :	Agents specialized in the sale of other particular products [We tried to confirm / obtain the detailed activity but the same is not available from any sources]
No. of Employees :	Not Available

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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Ireland	B1	B1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

IRELAND - ECONOMIC OVERVIEW

Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since the onset of the world financial crisis. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property market and construction industry. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. Since their 2007 peak, average house prices have fallen 47%. In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, the export sector, dominated by foreign multinationals, has become an even more important component of Ireland's economy. Agriculture, once the most important sector, is now dwarfed by industry and services. In 2008 the former COWEN government moved to guarantee all bank deposits, recapitalize the banking system, and establish partly-public venture capital funds in response to the country's economic downturn. In 2009, in continued efforts to stabilize the banking sector, the Irish Government established the National Asset Management Agency (NAMA) to acquire problem commercial property and development loans from Irish banks. Faced with sharply reduced revenues and a burgeoning budget deficit, the Irish Government introduced the first in a series of draconian budgets in 2009. In addition to across-the-board cuts in spending, the 2009 budget included wage reductions for all public servants. These measures were not sufficient to stabilize Ireland’s public finances. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP - because of additional government support for the country’s deeply troubled banking sector. In late 2010, the former COWEN government agreed to a $92 billion loan package from the EU and IMF to help Dublin recapitalize Ireland’s fragile banking sector and avoid defaulting on its sovereign debt. Since entering office in March 2011, the new KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF program. Ireland has grown slowly since 2011, but managed to reduce the budget deficit to 7.2% of GDP in 2013. In late 2013, Ireland formally exited its EU-IMF bailout program, benefiting from its strict adherence to deficit-reduction targets and success in refinancing a large amount of banking-related debt.

Source : CIA

REGISTERED NAME & COMPANY SUMMARY

Company Name:	SPECIAL STEELS LIMITED
Company Number:	IE452097

Registered Address	12B PARKMORE INDUSTRIAL ESTATE	Trading Address	12B PARKMORE INDUSTRIAL ESTATE
	LONG MILE ROAD		LONG MILE ROAD
	DUBLIN 12		DUBLIN 12
	216410		DUBLIN 12
			216410
FPS	No	Incorporate Date	21/01/2008
	Type	Private limited with Share Capital
FTSE Index	-	Date of Change	-
Filing Date of Accounts	-	Currency	EUR
Share Capital	€200	SIC07	46180
		SIC07 Description	AGENTS SPECIALIZED IN THE SALE OF OTHER PARTICULAR PRODUCTS
			Principal Activity

DIRECTORS/MANAGEMENT

Current Directors

Name	RAYMOND KANE	Date of Birth	27/03/1966
Officers Title		Nationality
Present Appointments	1	Function	Director
Appointment Date	16/06/2008
Address	9 CLENLAWN DRIVE, THE PARK, CABINTEELY, DUBLIN 18
Disqualified		Disqualified End Date
Disqualification Exception	No

Name	JAMES FITZPATRICK	Date of Birth	27/06/1958
Officers Title		Nationality
Present Appointments	3	Function	Director
Appointment Date	14/10/2008
Address	TILLYS TOWN BUNGALOW, LOWER SHANKILL, CO DUBLIN

Previous Director/Company Secretaries

Name	Current Directorships	Previous Directorships
ASSUMPTA FOYNES	1	2
MICHAEL FOYNES	22	55
MICHAEL FOYNES	22	55

NEGATIVE INFORMATION

CJ

Total Number of Exact CJs -	0	Total Value of Exact CJs -	€0
Total Number of Possible CJs -	0	Total Value of Possible CJs -	€0
Total Number of Satisfied CJs -	0	Total Value of Satisfied CJs -	€0

Possible CJ Details

There are no possible CJ details

Unregistered - Exact CJ Details

No CJs found

Unregistered - Possible CJ Details

No CJs found

Registered - Exact CJ Details

No CJs found

Registered - Possible CJ Details

No CJs found

SHARE & SHARE CAPITAL INFORMATION

Top 20 Shareholders

Name	Currency	Share Count	Share Type	Nominal Value	% of Total Share Count
RAYMOND KANE	EUR	150	ORDINARY	1	75
JAMES FITZPATRICK	EUR	50	ORDINARY	1	25

PAYMENT INFORMATION

Payment Trend

Stable

Within terms

Within terms 91+ Days

Creditor Details

	Total Number	Total Value
Trade Creditors	0	-

No Creditor Data

Trade Debtors / Bad Debt Detail

	Total Number of Documented Trade	Total Value of Documented Trade
Trade Debtors	-	-

No Debtor Data

Average Invoice Value	€229.75
Invoices available	32
Paid	28
Outstanding	4

Trade Payment Data is information that we collect from selected third party partners who send us information about their whole sales ledger.

	Within Terms	0-30 Days	31-60 Days	61-90 Days	91+ Days
Paid	3	20	2	2	1
Outstanding	0	0	0	0	4

GROUP STRUCTURE & AFFILIATED COMPANIES

Statistics

Group	-
Linkages	0 companies
Countries	In 0 countries

Summary

Holding Company	-
Ownership Status
Ultimate Holding Company	-

Group structure

No group structure

FINANCIAL INFORMATION

Profit & Loss

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Weeks	52	(%)	52	(%)	52	(%)	52	(%)	52
Currency	EUR	(%)	EUR	(%)	EUR	(%)	EUR	(%)	EUR
Consolidated A/cs	N	(%)	N	(%)	N	(%)	N	(%)	N
Turnover	-	-	-	-	-	-	-	-	-
Export	-	-	-	-	-	-	-	-	-
Cost of Sales	-	-	-	-	-	-	-	-	-
Gross Profit	-	-	-	-	-	-	-	-	-
Wages & Salaries	-	-	-	-	-	-	-	-	-
Directors Emoluments	-	-	-	-	-	-	-	-	-
Operating Profit	-	-	-	-	-	-	-	-	-
Depreciation	-	-100%	€2,326	-82.4%	€13,227	-	-	-	-
Audit Fees	-	-	-	-	-	-	-	-	-
Interest Payments	-	-	-	-	-	-	-	-	-
Pre Tax Profit	-	-	-	-	-	-	-	-	-
Taxation	-	-	-	-	-	-	-	-	-
Profit After Tax	-	-	-	-	-	-	-	-	-
Dividends Payable	-	-	-	-	-	-	-	-	-
Retained Profit	-	-	-	-	-	-	-	-	-

Balance Sheet

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Tangible Assets	0	-	0	-100%	€10,726	-10.3%	€11,953	-69.6%	€39,285
Intangible Assets	0	-	0	-	0	-	0	-	0
Total Fixed Assets	0	-	0	-100%	€10,726	-10.3%	€11,953	-69.6%	€39,285
Stock	€312,282	-2.3%	€319,479	2.1%	€312,897	13.8%	€275,042	-	0
Trade Debtors	€581,480	-6.9%	€624,521	48.9%	€419,334	9.7%	€382,291	-57.1%	€891,063
Cash	€277,340	35.4%	€204,876	4.6%	€195,867	-21.1%	€248,186	-	0
Other Debtors	0	-	0	-	0	-	0	-	0
Miscellaneous Current Assets	0	-100%	€4,181	-57.7%	€9,877	-	0	-	0
Total Current Assets	€1,171,102	1.6%	€1,153,057	22.9%	€937,975	3.6%	€905,519	1.6%	€891,063
Trade Creditors	€625,119	-13.8%	€725,547	39.5%	€520,203	23.1%	€422,511	48.2%	€285,075
Bank Loans & Overdrafts	0	-	0	-	0	-	0	-	0
Other Short Term Finance	0	-	0	-	0	-	0	-	0
Miscellaneous Current Liabilities	€87,246	61.9%	€53,887	41.6%	€38,056	-43.2%	€66,990	24.3%	€53,884
Total Current Liabilities	€712,365	-8.6%	€779,434	39.6%	€558,259	14%	€489,501	44.4%	€338,959
Bank Loans & Overdrafts and LTL	€15,000	-73.9%	€57,500	-55.3%	€128,670	-46.5%	€240,501	-45.5%	€441,384
Other Long Term Finance	0	-	0	-	0	-	0	-	0
Total Long Term Liabilities	€15,000	-73.9%	€57,500	-55.3%	€128,670	-46.5%	€240,501	-45.5%	€441,384

Capital & Reserves

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Called Up Share Capital	€200	-	€200	-	€200	100%	€100	-	€100
P & L Account Reserve	€443,537	40.4%	€315,923	20.8%	€261,572	39.6%	€187,370	25%	€149,905
Revaluation Reserve	-	-	-	-	-	-	-	-	-
Sundry Reserves	-	-	-	-	-	-	-	-	-
Shareholder Funds	€443,737	40.4%	€316,123	20.8%	€261,772	39.6%	€187,470	25%	€150,005

Other Financial Items

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Net Worth	€443,737	40.4%	€316,123	20.8%	€261,772	39.6%	€187,470	25%	€150,005
Working Capital	€458,737	22.8%	€373,623	-1.6%	€379,716	-8.7%	€416,018	-24.6%	€552,104
Total Assets	€1,171,102	1.6%	€1,153,057	21.5%	€948,701	3.4%	€917,472	-1.4%	€930,348
Total Liabilities	€727,365	-13.1%	€836,934	21.8%	€686,929	-5.9%	€730,002	-6.5%	€780,343
Net Assets	€443,737	40.4%	€316,123	20.8%	€261,772	39.6%	€187,470	25%	€150,005

Miscellaneous

Date Of Accounts	31/12/12	(%)	31/12/11	(%)	31/12/10	(%)	31/12/09	(%)	31/12/08
Contingent Liability	NO	-	NO	-	NO	-	NO	-	NO
Capital Employed	€458,737	22.8%	€373,623	-4.3%	€390,442	-8.8%	€427,971	-27.6%	€591,389

Ratios

Date Of Accounts	31/12/12	31/12/11	31/12/10	31/12/09	31/12/08
Pre-tax profit margin %	-	-	-	-	-
Current ratio	1.64	1.48	1.68	1.85	2.63
Sales/Net Working Capital	-	-	-	-	-
Gearing %	3.40	18.20	49.20	128.30	294.20
Equity in %	37.90	27.40	27.60	20.40	16.10
Creditor Days	-	-	-	-	-
Debtor Days	-	-	-	-	-
Liquidity/Acid Test	1.20	1.06	1.11	1.28	2.62
Return On Capital Employed %	-	-	-	-	-
Return On Total Assets Employed %	-	-	-	-	-
Current Debt Ratio	1.60	2.46	2.13	2.61	2.25
Total Debt Ratio	1.63	2.64	2.62	3.89	5.20
Stock Turnover Ratio %	-	-	-	-	-
Return on Net Assets Employed %	-	-	-	-	-

FOREIGN EXCHANGE RATES

N/a

ADDITIONAL INFORMATION

Current Company Secretary

Name	JAMES FITZPATRICK	Date of Birth	27/06/1958
Officers Title		Nationality
Present Appointments	3	Function	Company Secretary
Appointment Date	14/10/2008
Address	TILLYS TOWN BUNGALOW, LOWER SHANKILL, CO DUBLIN

Number of Employees	-	-	-	-	-	-	-	-	-
Auditors
Auditor Comments	The company is exempt from audit
Bankers
Bank Branch Code

Status History

No Status History found

Event History

Date	Description
04/06/2013	New Accounts Filed
03/06/2013	Annual Returns
27/06/2012	New Accounts Filed
27/06/2012	New Accounts Filed
26/06/2012	Annual Returns
23/05/2011	New Accounts Filed
23/05/2011	New Accounts Filed
20/05/2011	Annual Returns
30/03/2010	Annual Returns
30/03/2010	New Accounts Filed
24/09/2009	Annual Returns
23/09/2009	New Accounts Filed
14/10/2008	MICHAEL FOYNES has left the board
14/10/2008	MICHAEL FOYNES has resigned as company secretary
14/10/2008	New Board Member (JAMES FITZPATRICK) appointed

Previous Company Names

No Previous Names found

NOTES & COMMENTS

Commentary

No exact match CCJs are recorded against the company.

There is insufficient data to indicate a change in this company's percentage of sales.

Net Worth increased by 40.4% during the latest trading period.

A 1.6% growth in Total Assets occurred during the latest trading period.

There is insufficient data to indicate a change in this company's pre-tax profit.

The company saw an increase in their Cash Balance of 35.4% during the latest trading period.

The company is exempt from audit.

No recent changes in directorship are recorded.

The company is not part of a group.

The movement in accumulated earnings would indicate that the company made a profit after tax and other appropriations, including dividends.

The company was established over 5 years ago.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.33
UK Pound	1	Rs.99.42
Euro	1	Rs.80.32

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NNA

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.