MIRA INFORM REPORT

Report Date :

02.05.2014

IDENTIFICATION DETAILS

Name :	STEELFORCE NV

Registered Office :	Lange Klarenstraat 16, 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 (BE)

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 :	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)

Belgium

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

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

2000 ANTWERPEN

Number of staff 60

Date of establishment 04/07/1950

Telephone number 032241080

Fax number 032241083

Commentary

The business was established over 63 years ago.

The business has 60 employees.

The business is part of a group.

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

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

Accounts

DATE OF LATEST ACCOUNTS	BALANCE TOTAL	NUMBER OF EMPLOYEES	CAPITAL	CASHFLOW
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	47.61	Industry average day sales	4338.35
expectation days		outstanding
Day sales outstanding	65.75
Court data summary
BANKRUPTCY DETAILS
Court action type	no
PROTESTED BILLS
Bill amount	-
NSSO DETAILS
Date of summons	-

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 Contracts	55	7	61
Limited Duration Contracts	-	-	-
Contracts For Specific Work	-	-	-
Contracts Regarding Substitution	-	-	-
Gender and Education Level
Men	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy education	-	-	-
Higher education (non university)	-	-	-
Higher education (university)	23	-	23
Women	Full-Time	Part-Time	Total Fte
Primary education	-	-	-
Secondairy 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

Joint Industrial Committee (JIC)
JIC Code	226
Description	JC employees international trade, transport & related activities
category
Significant Events
Event Date	29/03/2008
Event Description	re-appointment of director(s)
Event Details	Commentaire 29-03-2008: Herbenoeming bestuurders met ingang vanaf heden en tot de jaarvergadering van 2014: Francois Alexander, Karel Pannemans, Lucien Smolders, Guido Hemeleers, Jerome Waterkeyn, BVBA Crofima en de NV Steelforce. Herbeno

Event Date	25/07/2008
Event Description	proposal of merger filed
Event Details	Commentaire 25-07-2008: Voorstel tot fusie door een door overneming gelijkgestelde handeling door SteenForce NV van: Steelforce Asia NV, Steelforce Africa NV.

Event Date	29/03/2008
Event Description	re-appointment of director(s)
Event Details	eming gedelegeerd bestuurder met ingang vanaf heden en tot de jaarvergadering van 2014: Francois Alexander.

Profit & loss

Annual accounts	30-09-2013	%	30-09-2012	%	30-09-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Turnover	574,722,430	3.28	556,494,948	18.73	468,688,797	11,113,699	5071
Total operating expenses	564,545,101	3.08	547,699,120	18.07	463,881,884	11,211,166	4935
Operating result	10,177,329	15.71	8,795,827	82.98	4,806,912	19,675	51627
Total financial income	11,144,410	15.14	13,133,113	29.93	10,108,069	50,039	22171
Total financial expenses	16,616,210	10.94	18,656,438	34.38	13,883,553	47,847	34627
Results on ordinary operations before taxation	4,705,529	43.79	3,272,502	217	1,031,428	18,788	24945
Taxation	1,598,942	78.40	896,259	186	312,891	23,677	6653
Results on ordinary operations after taxation	3,106,587	30.74	2,376,243	230	718,537	-1,246	249324
Extraordinary items	-27,615	-	0	-	0	-6,975	-295
Other appropriations	0.00	-	0.00	-	0.00	-	-
Net result	3,078,972	29.57	2,376,243	230	718,537	-6,149	50072
OTHER INFORMATION
Dividends	-	-	1,200,000	-	-	94,463	-
Director remuneration	-	-	-	-	-	35,000	-
Employee costs	5,611,579	-4.66	5,886,039	29.90	4,531,108	529,799	959
Wages and salary	3,962,765	-4.99	4,170,884	42.09	2,935,483	368,227	976
Employee pension costs	-	-	-	-	-	25,914	-
Social security contributions	1,088,605	7.40	1,013,562	26.30	802,518	127,014	757
Other employee costs	560,209	20.15	701,594	11.54	793,107	18,835	2874
Amortization and depreciation	150,198	24.68	120,468	15.30	104,480	101,915	47.38

balance sheet

Annual accounts	30-09-2013	%	30-09-2012	%	30-09-2011	Industry average 2013	%
Weeks	52		52		52
Currency	EUR		EUR		EUR
Intangible fixed assets	183,808	-	11,279	-	14,453	23,204	692
Tangible fixed assets	798,939	-6.77	856,919	-5.39	905,780	337,241	136
Land & building	615,461	-9.02	676,508	-8.28	737,555	307,499	100
Plant & machinery	-	-	-	-	-	94,944	-
Furniture & Vehicles	183,478	1.70	180,411	7.24	168,225	40,218 12,638	356
Leasing & Other Similar Rights	-	-	-	-	-	381,930 67,633	-
Other tangible assets	0	-	0	-	0	13,936	-100
Financial fixed assets	26,254	83.61	160,153	40.21	267,869	131,857	-80.09
Total fixed assets	1,009,001	-1.88	1,028,350	13.45	1,188,102	441,755	128
Inventories	9,631,068	47.47	18,332,695	30.42	26,348,233	854,860	1026
Raw materials & consumables	-	-	-	-	-	0	-
Work in progress	0	-	0	-	0	3,095	-100
Finished goods	9,631,068	47.47	18,332,695	30.42	26,348,233	245,771	3818
Other stocks	0	-	0	-	0	264,050	-100
Trade debtors	103,533,113	0.31	103,217,122	25.80	82,050,485	799,081	12856
Cash	102,831	59.70	255,169	86.60	1,904,594	173,384	-40.69
other amounts receivable	27,295	-	0	-100	153,094	93,001	-70.65
Miscellaneous current assets	196,136	18.01	239,207	-2.91	246,386	78,636	149
Total current assets	113,490,442	-7.01	122,044,194	10.24	110,702,791	1,649,016	6782
Total Assets	114,499,444	-6.97	123,072,544	9.99	111,890,893	2,049,994 787,100	5485
CURRENT LIABILITIES
Trade creditors	21,385,877	18.81	18,000,401	26.78	24,582,400	431,716	4853
Short term group loans	-	-	-	-	-	-	-
Financial debts	66,315,041	20.20	83,104,642	16.47	71,351,978	1,046,964 128,939	6234
Current portion of long term debt	-	-	-	-	62,944	88,709 22,422	-
Amounts Payable for Taxes, Remuneration & Social Security	2,371,595	14.07	2,079,115	133	889,860	20,935 -	2791
Miscellaneous current liabilities	2,814,999	12.18	3,205,426	190	1,101,994	2370	- -
Total current liabilities	92,887,512	12.69	106,389,584	8.57	97,989,176	1,008,937	9106
LONG TERM DEBTS AND LIABILITIES
Long term group loans	-	-	-	-	-	-	- -
Other long term loans	3,950,000	88.10	2,100,000	-	-	1083	- -
Deffered taxes	-	-	-	-	-	27,597 14,994	-
Provisions for Liabilities & Charges	0	-	0	-	0	36,935 0	-100
Other long term liabilities	0	-	0	-	0	24,116	-100
Total long term debts	3,950,000	88.10	2,100,000	-	0	228,815	1626
SHAREHOLDERS EQUITY
Issued share capital	2,232,000	0	2,232,000	0	2,232,000	332,712	570
Share premium account	-	-	-	-	-	0	-
Reserves	15,429,932	24.93	12,350,960	5.84	11,669,716	457,188	3274
Revaluation reserve	-	-	-	-	-	290,446	-
Total shareholders equity	17,661,932	21.11	14,582,960	4.90	13,901,716	812,242	2074
Working capital	20,602,931	31.61	15,654,610	23.13	12,713,615	640,079	3118
Cashflow	3,229,170	29.34	2,496,711	203	823,017	83,222	3780
Net worth	17,478,124	19.95	14,571,681	4.93	13,887,264	789,038	2115

ratio analysis

Annual accounts	30-09-2013	change(%)	30-09-2012	change(%)	30-09-2011	Industry average 2013	%
TRADING PERFORMANCE
Profit Before Tax	0.82	38.98	0.59	168	0.22	-3.865,00	0.02
Return on capital employed	21.77	10.96	19.62	164	7.42	-3,00	725
Return on total assets employed	4.11	54.51	2.66	189	0.92	3,00	37.00
Return on net assets employed	26.64	18.72	22.44	202	7.42	-1,00	2664
Sales / net working capital	27.90	-21.52	35.55	-3.58	36.87	23,00	-99
Stock turnover ratio	1.68	-48.94	3.29	-41.46	5.62	15,00	-88.80
Debtor days	65.75	-2.88	67.70	5.95	63.90	50.472,00	-99
Creditor days	13.83	15.25	12	-37.95	19.34	73,00	-81.05
SHORT TERM STABILITY
Current ratio	1.22	6.09	1.15	1.77	1.13	8,00	-39.00
Liquidity ratio / acid ratio	1.12	15.46	0.97	12.79	0.86	4,00	-72.00
Current debt ratio	5.26	-27.95	7.30	3.55	7.05	2,00	163
Liquidity ratio reprocessed	-	-	-	-	-	-	-
LONG TERM STABILITY
Gearing	397.83	-31.91	584.28	13.74	513.71	684,00	-41.84
Equity in percentage	15.45	30.38	11.85	-4.67	12.43	-15,00	103
Total debt ratio	5.48	-26.34	7.44	5.53	7.05	6,00	-8.67

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	47.61
Industry average day sales outstanding	4338.35
Industry quartile analysis
Payment expectations
Company result	13.83
Lower	82.27
Median	59.76
Upper	34.75

Day sales outstanding
Company result	65.75
Lower	58.92
Median	34.24
Upper	17.78

Group Structure

Company name		Number	Latest financials
- -STEELFORCE 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		NL01267749	30-09-2012	49

Minority Shareholders

No minority shareholders found

Minority Interests

Business number	Company name		%	Date of accounts
880726544	Steelforce Europe NV		40	30/09/2013

NSSO details
Business number	402950965
Name of defendant	-
Legal form of defendant	-
Date of summons	-
Labour court	-

Bankruptcy details

There is no bankruptcy data against this company

Bankruptcy Data

court data

there is no data for this company

Director details

Current director details
Name	STEELFORCE GROUP NV
Position	Director
Start Date	20/12/2011
Date of birth	25/04/2002
Street	16 LANGE KLARENSTRAAT ANTWERPEN
Post code	2000
Country	Belgium

Name	STEELFORCE GROUP NV
Position	Legal Representative
Start Date	20/12/2011
Date of birth	25/04/2002
Street	16 LANGE KLARENSTRAAT ANTWERPEN
Post code	2000
Country	Belgium

Name	PENDOLIMA BVBA
Position	Director
Start Date	20/12/2011
End Date	03/03/2017
Date of birth	07/06/2010
Street	4 DENNENLAAN KASTERLEE
Post code	2460
Country	Belgium

Name	PENDOLIMA BVBA
Position	Legal Representative
Start Date	20/12/2011
Date of birth	07/06/2010
Street	4 DENNENLAAN KASTERLEE
Post code	2460
Country	Belgium

Name	LUCIEN HUGO JOANNES SMOLDERS
Position	Director
Start Date	24/02/2014
End Date	27/02/2017
Street	21 DIEPESTRAAT HOVE
Post code	2540
Country	Belgium

Name	KURT CROLLET
Position	Director
Start Date	20/12/2011
Street	2 DE NOTELAAR WOMMELGEM
Post code	2160
Country	Belgium

Name	FRANCOIS ALBERT LODEWIJK ALEXANDER
Position	Director
Start Date	11/04/2008
Street	25 LODEWIJK DE KONINCKSTRAAT ANTWERPEN
Post code	2600
Country	Belgium

Name	FRANCOIS ALBERT LODEWIJK ALEXANDER
Position	Managing Director
Start Date	02/04/2012
Street	25 LODEWIJK DE KONINCKSTRAAT ANTWERPEN
Post code	2600
Country	Belgium

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.34
UK Pound	1	Rs.101.45
Euro	1	Rs.83.31

INFORMATION DETAILS

Analysis Done by :	RAS

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%)

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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.