HUGHES & SPENCER STEEL LIMITED

All monies due or owing to the company under the contract(s) specified in the schedule being: hermes kreditvesicherungs - ag : commercial credit insurance policy no. 60443 dated 14/1/97.

First fixed charge all book debts and other debts owing to the company.

All moneys due or owing or from time to time becoming due or owing to the company under or by virtue of the contract(s) particulars whereof are specified in the schedule or the company's right to which is evidenced by the document(s) specified in the schedule together with the benefit of all securities for the same. Schedule:- hermes kreditversicherungs-ag commercial credit insurance standard policy no. 60443 dated 14TH january 1997.

By way of first fixed charge all book debts and other debts now and from time to time due or owing to the company. See the mortgage charge document for full details.

The assets as listed on the schedule attached to form 395.

Fixed charge on the following plant machinery 1 durmech engineering limited d c drive slitting line bearing serial number D.6590 together with any part or parts thereof (see form 395 dated 2/10/86 for further details).

£65,000 deposited with investors in industry PLC of 91, waterloo road london SE1 8XP.

(Including trade fixtures). Fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixtures fixed plant and machinery.

(Including trade fixtures). Fixed and floating charges over the undertaking and all property and assets present and future including goodwill bookdebts uncalled capital buildings fixtures fixed plant and machinery.

All book debts and other debts now and from time to time hereafter due owing or incurred to the company.