MIRA INFORM REPORT

Report Date :

24.06.2011

IDENTIFICATION DETAILS

Name :	INTERCHEM PTE. LTD.
Formerly Known As :	INTERCHEM CHEMICALS PTE LTD
Registered Office :	40 Bukit Pasoh Road Singapore 089854
Country :	Singapore
Financials (as on) :	31.12.2008 (Company) 31.12.2009 (Group)
Date of Incorporation :	22.08.2000
Com. Reg. No.:	200007296C
Legal Form :	Limited Private Company
Line of Business :	wholesale of petrochemical products

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	S$1,000,000
Status :	Satisfactory
Payment Behaviour :	Regular
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^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
Singapore	a1	a1

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

Executive Summary

Company Name	:	INTERCHEM PTE. LTD.
Registration No	:	200007296C
Date of Registration	:	22/08/2000
Former Name	:	INTERCHEM CHEMICALS PTE LTD Eff. date : 22/08/2000 Eff. date : 22/08/2000
Date of Change of Name	:	03/01/2007
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	40 BUKIT PASOH ROAD SINGAPORE 089854
Date of Change of Address	:	29/12/2000
Contact No.	:	6325 4666
Fax No.	:	6325 4555
Website	:	www.interchem.sg
Registered Activities	:	1. WHOLESALE OF PETROCHEMICAL PRODUCTS 2. OTHER INVESTMENT HOLDING COMPANIES
Issued Ordinary Capital*	:	$11,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 11,000,000
Issued Preference Capital	:	NA
Paid-Up Ordinary Capital	:	$11,000,000.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	NA
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	1
No. of Local Associates	:	NA
Auditor	:	MAZARS LLP
Bankers / Financiers	:	FORTIS BANK (NEDERLAND) N.V. SINGAPORE BRANCH COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK NEDERLAND") ING BANK N.V. STANDARD CHARTERED BANK ING BANK N.V., ROTTERDAM BRANCH BANQUE ARTESIA NEDERLAND N.V. FORTIS BANK S.A./N.V. SOCIETE GENERALE BNP PARIBAS
Turnover	:	SGD - SIN 2,656,565,334.00 (FY2009)
Net Worth	:	SGD - SIN 34,933,873.00 (FY2009)
No. of Bank Charges	:	18
No. of Litigation Suits	:	1
S1000 / SME 500 / FG50 Ranking	:	126 POSITION IN SINGAPORE 1000 (2008/2009) 97 POSITION IN SINGAPORE 1000 (2007/2008) 85 POSITION IN SINGAPORE 1000 (2006/2007) 127 POSITION IN SINGAPORE 1000 (2005/2006) 110 POSITION IN SINGAPORE 1000 (2004/2005) 135 POSITION IN SINGAPORE 1000 (2003/2004)
Compounded Annual Growth Rate (CAGR)	:	NA

Credit Recommendation

Recommended Credit Line

:

S$1,000,000

SHAREHOLDER DETAILS

NAME	:	INTERCHEM HOLDING A.V.V.
SHAREHOLDER ID	:	T04UF2344D
NATIONALITY	:	ARUBA
ADDRESS	:	L.G. SMITH BOULEVARD 62 ORANJESTAD, ARUBA
NO. OF ORD SHARES	:	11,000,000
% OF SHAREHOLDING	:	100%
CURRENCY	:	SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	JENS OLIVER JUNG
ADDRESS	:	143 HOLLAND ROAD #05-01 SYLVAN LODGE SINGAPORE 278575
POSITION	:	DIRECTOR
DATE OF APPT	:	01/01/2008
NATIONALITY	:	GERMAN
I/C PASSPORT	:	G5974547L
NAME	:	YEAP CHOON YAM
ADDRESS	:	5 DUNSFOLD DRIVE BRADDELL HEIGHTS ESTATE SINGAPORE 359368
POSITION	:	DIRECTOR MANAGING DIRECTOR
DATE OF APPT	:	27/09/2000 27/09/2000
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1283396B
NAME	:	SUSAN LIM WIE
ADDRESS	:	26 LIMAU RISE LIMAU VILLAS SINGAPORE 465851
POSITION	:	SECRETARY
DATE OF APPT	:	01/12/2000
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1837208H

KEY PERSONNEL PROFILE

Name:	YEAP CHOON YAM
NRIC Number:	S1283396B
Available Address:	5 DUNSFOLD DRIVE BRADDELL HEIGHTS ESTATE SINGAPORE 359368

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	INTERCHEM 2000 ASIA PTE. LTD.	DIRECTOR	08/04/1998	-	-
2	INTERCHEM 2000 ASIA PTE. LTD.	MANAGING DIRECTOR	08/04/1998	-	-
3	INTERCHEM PTE. LTD.	DIRECTOR	27/09/2000	-	-
4	INTERCHEM PTE. LTD.	MANAGING DIRECTOR	27/09/2000	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
1	ASIA PACIFIC PUBLISHING PTE. LTD.	LIVE COMPANY	DIRECTOR/SHR	13/11/2006	13/01/2011
2	INTERCHEM 2000 ASIA PTE. LTD.	LIVE COMPANY	SHAREHOLDER	-	21/09/2010
3	MMI PROPERTIES PTE LTD	STRUCK OFF	DIRECTOR	25/08/1994	-

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court	Case No.	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
INTERCHEM 2000 ASIA PTE. LTD.	100

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there have been 18 bank charges registered against Subject by its bankers. The charge numbers are:

1)	Charge No.	:	C201001594
	Date of Registration	:	22/02/2010
	Chargee	:	FORTIS BANK (NEDERLAND) N.V. SINGAPORE BRANCH
	Address	:	---
2)	Charge No.	:	C200806646
	Date of Registration	:	18/07/2008
	Chargee	:	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK NEDERLAND")
	Address	:	---
3)	Charge No.	:	C200800105
	Date of Registration	:	03/01/2008
	Chargee	:	ING BANK N.V.
	Address	:	9 RAFFLES PLACE #19-02 REPUBLIC PLAZA SINGAPORE 048619
4)	Charge No.	:	C200800046
	Date of Registration	:	02/01/2008
	Chargee	:	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK NEDERLAND")
	Address	:	---
5)	Charge No.	:	C200800045
	Date of Registration	:	02/01/2008
	Chargee	:	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK NEDERLAND")
	Address	:	---
6)	Charge No.	:	C200800044
	Date of Registration	:	02/01/2008
	Chargee	:	COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A.("RABOBANK NEDERLAND")
	Address	:	---
7)	Charge No.	:	C200705482
	Date of Registration	:	12/07/2007
	Chargee	:	STANDARD CHARTERED BANK
	Address	:	6 BATTERY ROAD SINGAPORE 049909
8)	Charge No.	:	C200705477
	Date of Registration	:	12/07/2007
	Chargee	:	STANDARD CHARTERED BANK
	Address	:	6 BATTERY ROAD SINGAPORE 049909
9)	Charge No.	:	C200602595
	Date of Registration	:	21/04/2006
	Chargee	:	ING BANK N.V., ROTTERDAM BRANCH
	Address	:	---
10)	Charge No.	:	C200504053
	Date of Registration	:	13/07/2005
	Chargee	:	BANQUE ARTESIA NEDERLAND N.V.
	Address	:	---
11)	Charge No.	:	C200501487
	Date of Registration	:	14/03/2005
	Chargee	:	ING BANK N.V.
	Address	:	9 RAFFLES PLACE #19-02 REPUBLIC PLAZA SINGAPORE 048619
12)	Charge No.	:	C200400902
	Date of Registration	:	25/02/2004
	Chargee	:	FORTIS BANK S.A./N.V.
	Address	:	63 MARKET STREET #21-00 SINGAPORE 048942
13)	Charge No.	:	C200305960
	Date of Registration	:	10/12/2003
	Chargee	:	FORTIS BANK S.A./N.V.
	Address	:	63 MARKET STREET #21-00 SINGAPORE 048942
14)	Charge No.	:	C200300879
	Date of Registration	:	27/02/2003
	Chargee	:	SOCIETE GENERALE
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898
15)	Charge No.	:	C200300830
	Date of Registration	:	27/02/2003
	Chargee	:	SOCIETE GENERALE
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898
16)	Charge No.	:	C200300821
	Date of Registration	:	26/02/2003
	Chargee	:	SOCIETE GENERALE
	Address	:	80 ROBINSON ROAD #26-00 SINGAPORE 068898
17)	Charge No.	:	200204300
	Date of Registration	:	27/09/2002
	Chargee	:	FORTIS BANK S.A./N.V.
	Address	:	63 MARKET STREET #21-00 SINGAPORE 048942
18)	Charge No.	:	200201394
	Date of Registration	:	22/03/2002
	Chargee	:	BNP PARIBAS
	Address	:	20 COLLYER QUAY #01-01 TUNG CENTRE SINGAPORE 049319

LITIGATION

The following litigation suits were traced against Subject. Case status is as per available. For the latest status of the suit, please obtain the full details of the suit through Litigation Detail Search (DLIT).

To date, there have been 1 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2011	Past Years w.e.f 01 Jan 2011
Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	0
District ($80,000 - $250,000)	0	0
High (>$250,000)	0	1
Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Supreme Court
	Case No.	:	82
	Date of Filing	:	06/02/2008
	Amount	:	234,475.16
	Cause	:	Contract - Sale of Goods & Services
	Case Status	:	CONCLUDED
	Plaintiff	:	SOUTHERN PETRO PRODUCTS PTE LIMITED
	Last Update Date	:	26/02/2010

COMPLIANCE

Date of Last AGM	:	27/05/2010
Date of Last AR	:	05/07/2010
Date of A/C Laid At Last AGM	:	31/12/2009

FINANCIAL HIGHLIGHTS

Financial Figures	Group
	DEC 2009	% Change	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Currency	SGD - SIN		SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	2,656,565,334	-29.91	3,790,023,342	0	0	0
Profit/(Loss) Before Tax	31,638,340	NA	(4,790,803)	0	0	0
Profit After Tax attributable to Shareholders	22,614,124	NA	(3,343,648)	0	0	0
Balance Sheet Key Figures
Total Assets	487,475,597	98.63	245,413,495	0	0	0
Current Assets	484,922,720	104.18	237,493,844	0	0	0
Non Current Assets	2,552,877	-67.77	7,919,651	0	0	0
Total Liabilities	452,541,724	105.92	219,763,475	0	0	0
Current Liabilities	451,589,546	106.06	219,153,369	0	0	0
Non Current Liabilities	952,178	56.07	610,106	0	0	0
Shareholders' Funds	34,933,873	36.19	25,650,019	0	0	0
Share Capital	9,110,110	3.13	8,833,652	0	0	0
Total Reserves	25,823,763	53.56	16,816,367	0	0	0

FINANCIAL RATIOS

	Group
	DEC 2009	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Growth %
Year-on-Year Growth	-29.91	NA	NA	NA	NA
Profitability
Profit Margin (%)	0.85	NA	NA	NA	NA
Return on Equity (%)	64.73	NA	NA	NA	NA
Return on Assets (%)	4.64	NA	NA	NA	NA
Leverage
Total Debt/Equity (Times)	12.95	8.57	NA	NA	NA
Current Debt/Equity (Times)	12.93	8.54	NA	NA	NA
Long Term Debt To Equity (Times)	0.03	0.02	NA	NA	NA
Total Asset To Total Equity (Times)	13.95	9.57	NA	NA	NA
Asset Management
Total Assets Turnover (Times)	5.45	15.44	NA	NA	NA
Fixed Assets Turnover (Times)	1,040.62	478.56	NA	NA	NA
Liquidity
Current Ratio (Times)	1.07	1.08	NA	NA	NA

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Currency	SGD - SIN	SGD - SIN	SGD - SIN	SGD - SIN
Profit and Loss Key Figures
Turnover	2,667,560,224	3,586,079,201	3,165,336,751	1,862,157,089
Profit/(Loss) Before Tax	(1,140,248)	9,044,310	48,133,723	37,465,701
Profit After Tax attributable to Shareholders	(747,591)	6,526,112	45,036,305	35,309,462
Balance Sheet Key Figures
Total Assets	198,893,690	462,977,237	539,821,214	344,494,753
Current Assets	177,048,408	453,829,838	531,331,190	336,136,464
Non Current Assets	21,845,282	9,147,399	8,490,024	8,358,289
Total Liabilities	164,771,649	335,685,823	412,493,060	257,933,197
Current Liabilities	164,161,543	335,240,444	412,167,897	257,116,386
Non Current Liabilities	610,106	445,379	325,163	816,811
Shareholders' Funds	34,122,042	127,291,415	127,328,154	86,561,556
Share Capital	8,833,652	9,407,392	9,918,626	10,433,253
Total Reserves	25,288,390	117,884,023	117,409,528	76,128,303

FINANCIAL RATIOS

	Company
	DEC 2008	DEC 2007	DEC 2006	DEC 2005
Growth %
Year-on-Year Growth	NA	NA	NA	NA
Profitability
Profit Margin (%)	-0.03	0.18	1.42	1.90
Return on Equity (%)	-2.19	5.13	35.37	40.79
Return on Assets (%)	-0.38	1.41	8.34	10.25
Leverage
Total Debt/Equity (Times)	4.83	2.64	3.24	2.98
Current Debt/Equity (Times)	4.81	2.63	3.24	2.97
Long Term Debt To Equity (Times)	0.02	0.00	0.00	0.01
Total Asset To Total Equity (Times)	5.83	3.64	4.24	3.98
Asset Management
Total Assets Turnover (Times)	13.41	7.75	5.86	5.41
Fixed Assets Turnover (Times)	122.11	392.03	372.83	222.79
Liquidity
Current Ratio (Times)	1.08	1.35	1.29	1.31

FINANCIAL COMMENTARY

Profitability

The group yielded a rate of net profit on sales of 0.85 per cent in FY09. The group is now able to book in SGD - SIN 0.01 of profit for every SGD - SIN of sales.

Liquidity

Current ratio stood at 1.07 times in FY09. This means that the group has SGD - SIN 1.07 of current assets for every SGD - SIN of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

Leverage

Total debt-to-equity ratio notched at 12.95 times in FY09. This means that the group requires additional external financing of SGD - SIN 12.95 for every SGD - SIN injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

Return on equity was 64.73 per cent for Subject in the current financial period. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

Return on assets stood at 4.64 per cent. The return on asset measures the overall effectiveness of management in generating profit with its available assets.

Total assets turnover ratio logged at 5.45 times in FY09. This ratio measures the group's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.93
UK Pound	1	Rs.72.09
Euro	1	Rs.64.21

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

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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