MIRA INFORM REPORT

Report Date :

19.09.2013

IDENTIFICATION DETAILS

Name :	HARSCO INFRASTRUCTURE SINGAPORE PTE. LTD.
Formerly Known As :	SGB ASIA PACIFIC (S) PTE LTD
Registered Office :	8 Marina Boulevard, 05-02, Marina Bay Financial Centre, 018981, Singapore.
Country :	Singapore
Financials (as on) :	31.12.2012
Date of Incorporation :	10.08.1996
Com. Reg. No.:	199605838-H
Legal Form :	Private Limited
Line of Business :	Trading of Construction Materials
No. of Employees :	50

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 :	Good
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, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Singapore	A1	A1

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

SINGAPORE - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to 5.2% in 2011 and 1.3% in 2012, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to an average of about 1.0% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.	:	199605838-H
COMPANY NAME	:	HARSCO INFRASTRUCTURE SINGAPORE PTE. LTD.
FORMER NAME	:	SGB ASIA PACIFIC (S) PTE LTD (20/01/2010) SGB BRAC PTE. LTD. (24/03/1999)
INCORPORATION DATE	:	10/08/1996
COMPANY STATUS	:	EXIST
LEGAL FORM	:	PRIVATE LIMITED
LISTED STATUS	:	NO
REGISTERED ADDRESS	:	8 MARINA BOULEVARD, 05-02, MARINA BAY FINANCIAL CENTRE, 018981, SINGAPORE.
BUSINESS ADDRESS	:	23 GUL ROAD, 629356, SINGAPORE.
TEL.NO.	:	65-68626122
FAX.NO.	:	65-68626133
CONTACT PERSON	:	BARRY DAVID BOLT ( DIRECTOR )
PRINCIPAL ACTIVITY	:	TRADING OF CONSTRUCTION MATERIALS
ISSUED AND PAID UP CAPITAL	:	3,500,000.00 ORDINARY SHARE, OF A VALUE OF SGD 3,500,000.00
SALES	:	SGD 12,151,680 [2012]
NET WORTH	:	SGD 16,949,054 [2012]
STAFF STRENGTH	:	50 [2013]
LITIGATION	:	TRACED
FINANCIAL CONDITION	:	STRONG
PAYMENT	:	PROMPT
MANAGEMENT CAPABILITY	:	AVERAGE
COMMERCIAL RISK	:	LOW
CURRENCY EXPOSURE	:	MODERATE
GENERAL REPUTATION	:	GOOD
INDUSTRY OUTLOOK	:	AVERAGE GROWTH

HISTORY / BACKGROUND

The SC is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the SC must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the SC is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the SC is insolvent. The SC is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The SC is principally engaged in the (as a / as an) trading of construction materials.

The immediate holding company of the SC is HARSCO INVESTMENTS EUROPE BV, a company incorporated in NETHERLANDS.

The ultimate holding company of the SC is HARSCO CORPORATION, a company incorporated in UNITED STATES.

The major shareholder(s) of the SC are shown as follows :

Name	Address	IC/PP/Loc No	Shareholding	(%)
HARSCO INVESTMENTS EUROPE BV	EUROPAWEG 97, 5707CL HELMOND, THE NETHERLANDS, NETHERLANDS.	NLT07UF4046J	3,500,000.00	100.00
			---------------	------
			3,500,000.00	100.00
			============	=====

+ Also Director

The SC interest in other companies (Subsidiaries/Associates) are shown as follow :

Local No	Country	Company	(%)	As At
011069	INDIA	HARSCO INDIA SERVICES PRIVATE LIMITED	100.00	10/07/2013
397091D	MALAYSIA	HARSCO INFRASTRUCTURE MALAYSIA SDN. BHD.	100.00	10/07/2013

DIRECTORS

DIRECTOR 1

Name Of Subject	:	BARRY DAVID BOLT
Address	:	8, MOUNT SOPHIA, 08-52, 228463, SINGAPORE.
IC / PP No	:	S2717424H
Nationality	:	SINGAPOREAN
Date of Appointment	:	02/09/1996

DIRECTOR 2

Name Of Subject	:	NG CHOON BENG
Address	:	27, HAZEL PARK TERRACE, 06-06, 678949, SINGAPORE.
IC / PP No	:	S1724409D
Nationality	:	SINGAPOREAN
Date of Appointment	:	01/01/2003

MANAGEMENT

1)	Name of Subject	:	BARRY DAVID BOLT
	Position	:	DIRECTOR

AUDITOR

Auditor	:	PRICEWATERHOUSECOOPERS LLP
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	ANTHONY ANNE CATHARINE
	IC / PP No	:	S1347717E
	Address	:	8, LORONG 29, GEYLANG, 07-06, 388064, SINGAPORE.

BANKING

No Banker found in our databank.

ENCUMBRANCE (S)

No encumbrance was found in our databank at the time of investigation.

LEGAL CHECK AGAINST SC

* A check has been conducted in our databank against the SC whether the subject has been involved in any litigation.

LEGAL ACTION
Code No	:	99	Case No	:	1190
Year	:	2007	Place	:	SINGAPORE
Court	:	DISTRICT COURT
Date Filed	:	13/04/2007
Solicitor	:	SHANKER KUMAR K
Solicitor Ref	:	20061002353PI
Solicitor Firm	:	HOH LAW CORPORATION
Plaintiff	:	MOHAMMED KOMAR ALI REZAUL ISLAM
Defendants	:	HARSCO INFRASTRUCTURE SINGAPORE PTE. LTD. (199605838) 8 MARINA BOULEVARD, 05-02, MARINA BAY FINANCIAL CENTRE, 018981, SINGAPORE.
Amount Claimed	:	250000
Nature of Claim	:	SGD
Remark	:	TORT-NEGLIGENCE
Code No	:	99	Case No	:	27728
Year	:	2010	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	15/10/2010
Solicitor Ref	:	MAB/9911/10/ZILA
Solicitor Firm	:	MAHADI ABU BAKAR & PARTNERS
Plaintiff	:	POON JIA
Defendants	:	HARSCO INFRASTRUCTURE SINGAPORE PTE. LTD. (199605838) 8 MARINA BOULEVARD, 05-02, MARINA BAY FINANCIAL CENTRE, 018981, SINGAPORE.
Amount Claimed	:	0
Remark	:	TORT-NEGLIGENCE
Code No	:	99	Case No	:	13105
Year	:	2013	Place	:	SINGAPORE
Court	:	MAGISTRATE COURT
Date Filed	:	13/06/2013
Solicitor Ref	:	KS.0755B.12.JC
Solicitor Firm	:	ISLANS LAW LLC
Plaintiff	:	SAAEDAH BINTE SHAIK ALAUDEEN
Defendants	:	HARSCO INFRASTRUCTURE SINGAPORE PTE. LTD. (199605838)
Amount Claimed	:	60000
Nature of Claim	:	SGD
Remark	:	TORT-NEGLIGENCE

NOTE:

Please check with creditors for confirmation as alleged debts may have been paid since recorded or are being disputed. The person wo has been sued has the same name as the subject. However, we are unable to determine whether the person sued is the one and the same person.

No winding up petition was found in our databank

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES

The SC refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT
Prompt 0-30 Days	[	X	]	Good 31-60 Days	[	]	Average 61-90 Days	[	]
Fair 91-120 Days	[		]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	ASIA
Credit Term	:	30 - 60 DAYS
Payment Mode	:	CHEQUES,TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

CONSTRUCTION MATERIALS

Total Number of Employees:
YEAR	2013
GROUP	N/A
COMPANY	50

Branch

:

NO

Other Information:

The SC is principally engaged in the (as a / as an) trading of construction materials.

The SC sells construction materials such as scaffolding materials and others.

The SC supplies the products according to its customers' project requirements.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the SC indicated that :

Telephone Number Provided By Client	:	6568626122
Current Telephone Number	:	65-68626122
Match	:	YES
Address Provided by Client	:	23 GUL ROAD, SINGAPORE
Current Address	:	23 GUL ROAD, 629356, SINGAPORE.
Match	:	NO

Other Investigations

On 11th September 2013 we contacted one of the staff from the SC and she provided some information on the SC.

The address provided is incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2009 - 2012	]
Profit/(Loss) Before Tax	:	Increased	[	2009 - 2012	]
Return on Shareholder Funds	:	Acceptable	[	13.19%	]
Return on Net Assets	:	Acceptable	[	14.53%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The higher profit could be attributed to the increase in turnover. The SC's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	28 Days	]
Debtor Ratio	:	Unfavourable	[	120 Days	]
Creditors Ratio	:	Favourable	[	27 Days	]
The SC's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The SC's debtors ratio was high. The SC should tighten its credit control and improve its collection period. The SC had a favourable creditors' ratio where the SC could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	3.10 Times	]
Current Ratio	:	Favourable	[	3.47 Times	]
A minimum liquid ratio of 1 should be maintained by the SC in order to assure its creditors of its ability to meet short term obligations and the SC was in a good liquidity position. Thus, we believe the SC is able to meet all its short term obligations as and when they fall due.
Solvency
Interest Cover	:	Nil	[	0.00 Times	]
Gearing Ratio	:	Favourable	[	0.00 Times	]
The SC's interest cover was nil as it did not pay any interest during the year. The SC had no gearing and hence it had virtually no financial risk. The SC was financed by its shareholders' funds and internally generated fund. During the economic downturn, the SC, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.
Overall Assessment :
Although the turnover was erratic, the SC had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. The SC was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the SC should be able to repay its short term obligations. The SC did not make any interest payment during the year. The SC was dependent on its shareholders' funds to finance its business needs. The SC was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The SC has good chance of getting loans, if the needs arises.
Overall financial condition of the SC : STRONG

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

Major Economic Indicators :	2008	2009	2010	2011	2012
Population (Million)	4.84	4.98	5.08	5.18	5.31
Gross Domestic Products ( % )	1.5	<0.8>	14.5	4.9	1.3
Consumer Price Index	6.6	0.6	2.8	5.2	4.6
Total Imports (Million)	450,892.6	356,299.3	423,221.8	459,655.1	474,554.0
Total Exports (Million)	476,762.2	391,118.1	478,840.7	514,741.2	510,329.0
Unemployment Rate (%)	2.2	3.2	2.2	2.1	2.0
Tourist Arrival (Million)	10.12	9.68	11.64	13.17	14.37
Hotel Occupancy Rate (%)	81.0	75.8	85.6	86.5	86.4
Cellular Phone Subscriber (Million)	1.31	1.37	1.43	1.50	1.52
Registration of New Companies (No.)	25,327	26,414	29,798	32,317	31,892
Registration of New Companies (%)	<2.2>	4.3	12.8	8.5	<1.3>
Liquidation of Companies (No.)	10,493	22,393	15,126	19,005	17,218
Liquidation of Companies (%)	13.7	113.4	<32.5>	25.6	9.4
Registration of New Businesses (No.)	24,850	26,876	23,978	23,494	24,788
Registration of New Businesses (%)	0.36	8.15	<10.78>	2.02	5.51
Liquidation of Businesses (No.)	21,150	23,552	24,211	23,005	22,489
Liquidation of Businesses (%)	<0.8>	11.4	2.8	<5>	<2.2>
Bankruptcy Orders (No.)	2,326	2,058	1,537	1,527	1,748
Bankruptcy Orders (%)	<15.9>	<11.5>	<25.3>	<0.7>	14.5
Bankruptcy Discharges (No.)	1,500	3,056	2,252	1,391	1,881
Bankruptcy Discharges (%)	<7.7>	103.7	<26.3>	<38.2>	35.2
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	<0.32>	3.25	<0.48>	4.25	3.64
Fish Supply & Wholesale	<6.31>	<1.93>	<10.5>	12.10	<0.5>
Manufacturing *	74.6	71.5	92.8	100.0	100.3
Food, Beverages & Tobacco	94.8	90.4	96.4	100.0	103.5
Textiles	180.1	145.9	122.1	100.0	104.0
Wearing Apparel	334.6	211.0	123.3	100.0	92.1
Leather Products & Footwear	128.2	79.5	81.8	100.0	98.6
Wood & Wood Products	132.0	101.4	104.0	100.0	95.5
Paper & Paper Products	101.0	95.4	106.1	100.0	97.4
Printing & Media	118.2	100.9	103.5	100.0	93.0
Crude Oil Refineries	113.1	96.4	95.6	100.0	99.4
Chemical & Chemical Products	84.5	80.3	97.6	100.0	100.5
Pharmaceutical Products	43.7	49.1	75.3	100.0	109.7
Rubber & Plastic Products	120.1	101.2	112.3	100.0	96.5
Non-metallic Mineral	96.5	91.9	92.5	100.0	98.2
Basic Metals	109.8	92.6	102.2	100.0	90.6
Fabricated Metal Products	101.3	90.8	103.6	100.0	104.3
Machinery & Equipment	65.0	57.3	78.5	100.0	112.9
Electrical Machinery	81.7	86.8	124.1	100.0	99.3
Electronic Components	93.1	85.2	113.6	100.0	90.6
Transport Equipment	102.0	96.0	94.0	100.0	106.3
Construction	45.90	<36.9>	14.20	20.50	28.70
Real Estate	<11.2>	1.4	21.3	25.4	31.9
Services
Electricity, Gas & Water	<1.3>	1.70	4.00	7.00	6.30
Transport, Storage & Communication	11.60	3.90	12.80	7.40	5.30
Finance & Insurance	<5.9>	<16.4>	<0.4>	8.90	0.50
Government Services	17.40	4.50	9.70	6.90	6.00
Education Services	0.50	0.10	<0.9>	<1.4>	0.30
* Based on Index of Industrial Production (2011 = 100)
(Source : Department of Statistics)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.
The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.
In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.
For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 1996, the SC is a Private Limited company, focusing on trading of construction materials. With its long presence in the industry coupled with its vast experiences in the business, the SC should have built up certain goodwill with its clients over times. Having strong support from its holding company has enabled the SC to remain competitive despite the challenging business environment. The capital standing of the SC is fair. With an adequate share capital, the SC has the potential of expanding its business in future.

Over the years, the SC has penetrated into both the local and overseas market. The SC has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the SC to further enhance its business in the near term. The SC is operating on a medium scale and it has approximately 50 employees in its business operations. Overall, we regard that the SC's management capability is average. This indicates that the SC has greater potential to improve its business performance and raising income for the SC.

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. Return on shareholders' funds of the SC was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The SC is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a zero geared company, the SC virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at SGD 16,949,054, the SC should be able to maintain its business in the near terms.

Having a strong assets backing, the SC possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The SC's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the SC has a good control over its resources.

We regard that the SC's overall payment habit is prompt. The SC had a favourable creditors' ratio as evidenced by its favourable collection days.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the SC is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the SC promptly.

PROFIT AND LOSS ACCOUNT

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

HARSCO INFRASTRUCTURE SINGAPORE PTE. LTD.

Financial Year End	2012-12-31	2011-12-31	2010-12-31	2009-12-31
Months	12	12	12	12
Consolidated Account	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL
Currency	SGD	SGD	SGD	SGD
TURNOVER	12,151,680	9,270,894	10,046,857	18,583,616
Other Income	103,446	100,739	-	-
	----------------	----------------	----------------	----------------
Total Turnover	12,255,126	9,371,633	10,046,857	18,583,616
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	2,661,754	857,941	1,178,356	6,841,260
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	2,661,754	857,941	1,178,356	6,841,260
Taxation	<425,540>	<116,937>	<282,339>	<1,006,955>
	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	2,236,214	741,004	896,017	5,834,305
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	11,212,840	10,471,836	9,575,819	3,741,514
	----------------	----------------	----------------	----------------
As restated	11,212,840	10,471,836	9,575,819	3,741,514
	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	13,449,054	11,212,840	10,471,836	9,575,819
	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	13,449,054	11,212,840	10,471,836	9,575,819
	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	-	-	-	71,184
			----------------	----------------
			-	71,184

BALANCE SHEET

HARSCO INFRASTRUCTURE SINGAPORE PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	10,519,179	10,085,819	10,012,818	9,919,382
LONG TERM INVESTMENTS/OTHER ASSETS
Subsidiary companies	1,547,631	1,547,631	1,547,631	946,651
	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	1,547,631	1,547,631	1,547,631	946,651
	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	12,066,810	11,633,450	11,560,449	10,866,033
CURRENT ASSETS
Stocks	936,930	583,690	503,759	851,184
Trade debtors	3,989,485	2,872,385	1,798,839	3,704,475
Other debtors, deposits & prepayments	233,533	404,735	1,965,685	486,579
Amount due from related companies	3,043,971	1,780,427	-	-
Cash & bank balances	576,902	404,694	540,385	921,887
Others	-	-	291,790	115,097
	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	8,780,821	6,045,931	5,100,458	6,079,222
	----------------	----------------	----------------	----------------
TOTAL ASSET	20,847,631	17,679,381	16,660,907	16,945,255
	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	904,584	644,750	671,782	872,162
Other creditors & accruals	1,082,482	680,981	555,995	1,036,818
Amounts owing to subsidiary companies	2,327	41,791	-	-
Amounts owing to related companies	13,035	3,982	-	-
Provision for taxation	524,898	129,350	-	787,255
	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	2,527,326	1,500,854	1,227,777	2,696,235
	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	6,253,495	4,545,077	3,872,681	3,382,987
	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	18,320,305	16,178,527	15,433,130	14,249,020
	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	3,500,000	3,500,000	3,500,000	3,500,000
	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	3,500,000	3,500,000	3,500,000	3,500,000
RESERVES
Retained profit/(loss) carried forward	13,449,054	11,212,840	10,471,836	9,575,819
	----------------	----------------	----------------	----------------
TOTAL RESERVES	13,449,054	11,212,840	10,471,836	9,575,819
	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	16,949,054	14,712,840	13,971,836	13,075,819
LONG TERM LIABILITIES
Deferred taxation	1,371,251	1,465,687	1,461,294	1,173,201
	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	1,371,251	1,465,687	1,461,294	1,173,201
	----------------	----------------	----------------	----------------
	18,320,305	16,178,527	15,433,130	14,249,020
	=============	=============	=============	=============

FINANCIAL RATIO

HARSCO INFRASTRUCTURE SINGAPORE PTE. LTD.

TYPES OF FUNDS
Cash	576,902	404,694	540,385	921,887
Net Liquid Funds	576,902	404,694	540,385	921,887
Net Liquid Assets	5,316,565	3,961,387	3,368,922	2,531,803
Net Current Assets/(Liabilities)	6,253,495	4,545,077	3,872,681	3,382,987
Net Tangible Assets	18,320,305	16,178,527	15,433,130	14,249,020
Net Monetary Assets	3,945,314	2,495,700	1,907,628	1,358,602
BALANCE SHEET ITEMS
Total Borrowings	0	0	0	0
Total Liabilities	3,898,577	2,966,541	2,689,071	3,869,436
Total Assets	20,847,631	17,679,381	16,660,907	16,945,255
Net Assets	18,320,305	16,178,527	15,433,130	14,249,020
Net Assets Backing	16,949,054	14,712,840	13,971,836	13,075,819
Shareholders' Funds	16,949,054	14,712,840	13,971,836	13,075,819
Total Share Capital	3,500,000	3,500,000	3,500,000	3,500,000
Total Reserves	13,449,054	11,212,840	10,471,836	9,575,819
LIQUIDITY (Times)
Cash Ratio	0.23	0.27	0.44	0.34
Liquid Ratio	3.10	3.64	3.74	1.94
Current Ratio	3.47	4.03	4.15	2.25
WORKING CAPITAL CONTROL (Days)
Stock Ratio	28	23	18	17
Debtors Ratio	120	113	65	73
Creditors Ratio	27	25	24	17
SOLVENCY RATIOS (Times)
Gearing Ratio	0.00	0.00	0.00	0.00
Liabilities Ratio	0.23	0.20	0.19	0.30
Times Interest Earned Ratio	0.00	0.00	0.00	97.11
Assets Backing Ratio	5.23	4.62	4.41	4.07
PERFORMANCE RATIO (%)
Operating Profit Margin	21.90	9.25	11.73	36.81
Net Profit Margin	18.40	7.99	8.92	31.39
Return On Net Assets	14.53	5.30	7.64	48.51
Return On Capital Employed	14.53	5.30	7.64	48.51
Return On Shareholders' Funds/Equity	13.19	5.04	6.41	44.62
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.14
UK Pound	1	Rs.100.48
Euro	1	Rs.84.36

INFORMATION DETAILS

Report Prepared by :

PDT

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.