MIRA INFORM REPORT

Report Date :

19.02.2014

IDENTIFICATION DETAILS

Name :	HARESH PETROCHEM SINGAPORE PTE. LTD.
Registered Office :	101, Cecil Street, 19 - 01a, Tong Eng Building, 069533,
Country :	Singapore
Financials (as on) :	31.03.2013
Date of Incorporation :	07.12.2004
Com. Reg. No.:	200415768-W
Legal Form :	Private Limited
Line of Business :	Trading & distribution of petrochemicals and solvents
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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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.

:

200415768-W

COMPANY NAME

:

HARESH PETROCHEM SINGAPORE PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

07/12/2004

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

101, CECIL STREET, 19 - 01A, TONG ENG BUILDING, 069533, SINGAPORE.

BUSINESS ADDRESS

:

101, CECIL STREET, 19 - 01A, TONG ENG BUILDING, 069533, SINGAPORE.

TEL.NO.

:

65-62234955

FAX.NO.

:

65-62236932

WEB SITE

:

WWW.HARESHGROUP.COM

CONTACT PERSON

:

KUNAL KANAYALAL KASAT ( DIRECTOR )

PRINCIPAL ACTIVITY

:

TRADING & DISTRIBUTION OF PETROCHEMICALS AND SOLVENTS

ISSUED AND PAID UP CAPITAL

:

698,002.00 ORDINARY SHARE, OF A VALUE OF SGD 698,002.00

SALES

:

USD 32,669,058 [2013]

NET WORTH

:

USD 2,876,730 [2013]

STAFF STRENGTH

:

N/A

BANKER (S)

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD INDIAN OVERSEAS BANK THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

AVERAGE

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

HIGH

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject 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 Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject 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 Subject is insolvent. The Subject 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 Subject is principally engaged in the (as a / as an) trading & distribution of petrochemicals and solvents.

The immediate and ultimate holding company of the Subject is HARESH PETROCHEM PVT LTD., a company incorporated in INDIA.

Share Capital History

Date	Issue & Paid Up Capital
17/10/2013	SGD 698,002.00

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

Name	Address	IC/PP/Loc No	Shareholding	(%)
HARESH PETROCHEM PVT LTD.	ACME PLAZA, ANDHERI KURLA ROAD, ANDHERI EAST, 404/405, MUMBAI, 400059, INDIA.	T05UF1095	698,002.00	100.00
			---------------	------
			698,002.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	POONAM KASAT
Address	:	29, AMBER ROAD, 02 - 01, SEA VIEW, THE, 439942, SINGAPORE.
IC / PP No	:	S8067271C
Nationality	:	INDIAN
Date of Appointment	:	24/08/2011

DIRECTOR 2

Name Of Subject	:	KUNAL KANAYALAL KASAT
Address	:	29, AMBER ROAD, 02 - 01, SEA VIEW, THE, 439942, SINGAPORE.
IC / PP No	:	S8169820A
Nationality	:	INDIAN
Date of Appointment	:	24/06/2005

DIRECTOR 3

Name Of Subject	:	KANNAN SANGEETHA
Address	:	29, SIMEI STREET 4, 05 - 15, TROPICAL SPRING, 529876, SINGAPORE.
IC / PP No	:	S7781645C
Nationality	:	SINGAPOREAN
Date of Appointment	:	24/10/2011

MANAGEMENT

1)	Name of Subject	:	KUNAL KANAYALAL KASAT
	Position	:	DIRECTOR

AUDITOR

Auditor	:	S. RENGANATHAN & CO.
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	YEONG FOONG PENG @ YANG FENGPING
	IC / PP No	:	S7211550C
	Address	:	466, CRAWFORD LANE, 12 - 10, 190466, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

AUSTRALIA AND NEW ZEALAND BANKING GROUP LTD

2)

Name

:

INDIAN OVERSEAS BANK

3)

Name

:

THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C200701200	12/02/2007	N/A	THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED	-	Unsatisfied
C201012595	27/12/2010	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C201100654	14/01/2011	N/A	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	-	Unsatisfied
C201106341	26/05/2011	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied
C201106345	26/05/2011	N/A	INDIAN OVERSEAS BANK	-	Unsatisfied

LEGAL CHECK AGAINST SUBJECT

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

No legal action was found in our databank.

No winding up petition was found in our databank.

PAYMENT RECORD

SOURCES OF RAW MATERIALS:
Local	:	YES
Overseas	:	YES
Import Countries	:	ASIA

The Subject 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	[	]	Good 31-60 Days	[	]	Average 61-90 Days	[	X	]
Fair 91-120 Days	[	]	Poor >120 Days	[	]

CLIENTELE

Local	:	YES	Percentage	:	40%
Domestic Markets	:	SINGAPORE
Overseas	:	YES	Percentage	:	60%
Export Market	:	ASIA
Credit Term	:	90 DAYS
Payment Mode	:	LETTER OF CREDIT (LC)

OPERATIONS

Goods Traded

:

PETROCHEMICALS AND SOLVENTS

Ownership of premises

:

LEASED/RENTED

Total Number of Employees:
YEAR	2013	2012	2011
GROUP	N/A	N/A	N/A
COMPANY	5	5	3

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading & distribution of petrochemicals and solvents.

The Subject is engaged in the trading and distribution of petrochemical and solvents.

The Subject's products includes butyl glycol, butyl acrylate, isopropyl alcohol, glycerine, xylene, pthalic anhydride, etc.

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	N/A
Current Telephone Number	:	65-62234955
Match	:	N/A
Address Provided by Client	:	101 CECIL STREET #19-01A, TONG ENG BUILDING SINGAPORE 069533
Current Address	:	101, CECIL STREET, 19 - 01A, TONG ENG BUILDING, 069533, SINGAPORE.
Match	:	YES

Other Investigations

we contacted one of the staff from the Subject and she provided some information.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Erratic	[	2009 - 2013	]
Profit/(Loss) Before Tax	:	Decreased	[	2009 - 2013	]
Return on Shareholder Funds	:	Acceptable	[	13.32%	]
Return on Net Assets	:	Acceptable	[	15.20%	]
The fluctuating turnover reflects the fierce competition among the existing and new market players.The dip in profit could be due to the stiff market competition which reduced the Subject's profit margin. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Nil	[	0 Days	]
Debtor Ratio	:	Unfavourable	[	93 Days	]
Creditors Ratio	:	Unfavourable	[	75 Days	]
As the Subject is a service oriented company, the Subject does not need to keep stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. The unfavourable creditors' ratio could be due to the Subject taking advantage of the credit granted by its suppliers. However this may affect the goodwill between the Subject and its suppliers and the Subject may inadvertently have to pay more for its future supplies.
Liquidity
Liquid Ratio	:	Favourable	[	1.32 Times	]
Current Ratio	:	Unfavourable	[	1.32 Times	]
A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject 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	[	0.48 Times	]
The Subject's interest cover was nil as it did not pay any interest during the year. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.
Overall Assessment :
The Subject recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. The Subject did not make any interest payment during the year. The Subject was dependent on its shareholders' funds to finance its business needs. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.
Overall financial condition of the Subject : 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)

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 2004, the Subject is a Private Limited company, focusing on trading & distribution of petrochemicals and solvents. Having been in the industry for a decade, the Subject should have built up its reputation and image in the market. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment.

Over the years, the Subject has established an extensive clientele base in the market. Besides catering to the local market, the Subject has penetrated into other countries. With the contribution of both local and overseas customers, the Subject is likely to be exposed to lower commercial risk. Hence, we believe that the Subject has better business expansion opportunities in the future. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. However, return on shareholders' funds of the Subject was at an acceptable range which indicated that the management was efficient in utilising its funds to generate income. The Subject 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 lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 2,876,730, the Subject should be able to maintain its business in the near terms.

Having a strong assets backing, the Subject possesses latent assets as collateral for further financial extension. Hence, it has good chance of getting loans if the needs arises. The Subject'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 Subject has a good control over its resources.

The Subject's payment habit is average. With its adequate working capital, the Subject should be able to pay its short term debts.

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

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

PROFIT AND LOSS ACCOUNT

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

HARESH PETROCHEM SINGAPORE PTE. LTD.

Financial Year End	2013-03-31	2012-03-31	2011-03-31	2010-03-31	2009-03-31
Months	12	12	12	12	12
Consolidated Account	Company	Company	Company	Company	Company
Audited Account	YES	YES	YES	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES	YES	YES	YES
Financial Type	FULL	FULL	FULL	FULL	FULL
Currency	USD	USD	USD	USD	USD
TURNOVER	32,669,058	35,977,218	27,692,088	15,515,872	12,848,912
Other Income	-	-	47,683	-	-
	----------------	----------------	----------------	----------------	----------------
Total Turnover	32,669,058	35,977,218	27,739,771	15,515,872	12,848,912
Costs of Goods Sold	(31,406,101)	(34,724,428)	(26,542,076)	-	-
	----------------	----------------	----------------	----------------	----------------
Gross Profit	1,262,957	1,252,790	1,197,695	-	-
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	437,249	554,523	469,515	285,055	348,385
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	437,249	554,523	469,515	285,055	348,385
Taxation	(54,068)	(83,404)	(60,970)	(25,539)	(46,219)
	----------------	----------------	----------------	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	383,181	471,119	408,545	259,516	302,166
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	2,063,734	1,592,615	1,184,070	924,554	622,388
	----------------	----------------	----------------	----------------	----------------
As restated	2,063,734	1,592,615	1,184,070	924,554	622,388
	----------------	----------------	----------------	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	2,446,915	2,063,734	1,592,615	1,184,070	924,554
	----------------	----------------	----------------	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	2,446,915	2,063,734	1,592,615	1,184,070	924,554
	=============	=============	=============	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Others	-	214	6,853	5,378	43,037
	----------------	----------------	----------------	----------------	----------------
	-	214	6,853	5,378	43,037
	=============	=============	=============	=============	=============

BALANCE SHEET

HARESH PETROCHEM SINGAPORE PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	738	-	-	31,733	42,790
LONG TERM INVESTMENTS/OTHER ASSETS
Investment properties	307,796	313,605	319,413	325,220	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM INVESTMENTS/OTHER ASSETS	307,796	313,605	319,413	325,220	-
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM ASSETS	308,534	313,605	319,413	356,953	42,790
CURRENT ASSETS
Stocks	-	-	29,237	8,143	178,715
Trade debtors	8,306,302	6,753,766	5,589,193	1,879,201	1,208,301
Other debtors, deposits & prepayments	191,797	89,079	75,259	49,403	318,755
Short term deposits	1,306,594	1,304,684	1,099,966	-	-
Cash & bank balances	688,625	328,822	958,161	1,145,068	1,158,656
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT ASSETS	10,493,318	8,476,351	7,751,816	3,081,815	2,864,427
	----------------	----------------	----------------	----------------	----------------
TOTAL ASSET	10,801,852	8,789,956	8,071,229	3,438,768	2,907,217
	=============	=============	=============	=============	=============
CURRENT LIABILITIES
Trade creditors	6,438,109	4,663,864	5,861,476	1,517,308	1,367,527
Other creditors & accruals	38,037	16,188	3,125	51,606	-
Hire purchase & lease creditors	-	-	-	9,950	10,098
Short term borrowings/Term loans	-	-	-	212,787	112,547
Bill & acceptances payable	1,385,416	1,412,475	-	-	-
Amounts owing to director	83	137,686	122,835	-	-
Provision for taxation	63,477	66,194	61,363	33,134	52,112
	----------------	----------------	----------------	----------------	----------------
TOTAL CURRENT LIABILITIES	7,925,122	6,296,407	6,048,799	1,824,785	1,542,284
	----------------	----------------	----------------	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	2,568,196	2,179,944	1,703,017	1,257,030	1,322,143
	----------------	----------------	----------------	----------------	----------------
TOTAL NET ASSETS	2,876,730	2,493,549	2,022,430	1,613,983	1,364,933
	=============	=============	=============	=============	=============
SHARE CAPITAL
Ordinary share capital	429,815	429,815	429,815	429,815	429,815
	----------------	----------------	----------------	----------------	----------------
TOTAL SHARE CAPITAL	429,815	429,815	429,815	429,815	429,815
RESERVES
Retained profit/(loss) carried forward	2,446,915	2,063,734	1,592,615	1,184,070	924,554
	----------------	----------------	----------------	----------------	----------------
TOTAL RESERVES	2,446,915	2,063,734	1,592,615	1,184,070	924,554
	----------------	----------------	----------------	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	2,876,730	2,493,549	2,022,430	1,613,885	1,354,369
LONG TERM LIABILITIES
Hire purchase creditors	-	-	-	-	10,414
Deferred taxation	-	-	-	98	150
	----------------	----------------	----------------	----------------	----------------
TOTAL LONG TERM LIABILITIES	-	-	-	98	10,564
	----------------	----------------	----------------	----------------	----------------
	2,876,730	2,493,549	2,022,430	1,613,983	1,364,933
	=============	=============	=============	=============	=============

FINANCIAL RATIO

HARESH PETROCHEM SINGAPORE PTE. LTD.

TYPES OF FUNDS
Cash	1,995,219	1,633,506	2,058,127	1,145,068	1,158,656
Net Liquid Funds	609,803	221,031	2,058,127	1,145,068	1,158,656
Net Liquid Assets	2,568,196	2,179,944	1,673,780	1,248,887	1,143,428
Net Current Assets/(Liabilities)	2,568,196	2,179,944	1,703,017	1,257,030	1,322,143
Net Tangible Assets	2,876,730	2,493,549	2,022,430	1,613,983	1,364,933
Net Monetary Assets	2,568,196	2,179,944	1,673,780	1,248,789	1,132,864
BALANCE SHEET ITEMS
Total Borrowings	1,385,416	1,412,475	0	222,737	133,059
Total Liabilities	7,925,122	6,296,407	6,048,799	1,824,883	1,552,848
Total Assets	10,801,852	8,789,956	8,071,229	3,438,768	2,907,217
Net Assets	2,876,730	2,493,549	2,022,430	1,613,983	1,364,933
Net Assets Backing	2,876,730	2,493,549	2,022,430	1,613,885	1,354,369
Shareholders' Funds	2,876,730	2,493,549	2,022,430	1,613,885	1,354,369
Total Share Capital	429,815	429,815	429,815	429,815	429,815
Total Reserves	2,446,915	2,063,734	1,592,615	1,184,070	924,554
LIQUIDITY (Times)
Cash Ratio	0.25	0.26	0.34	0.63	0.75
Liquid Ratio	1.32	1.35	1.28	1.68	1.74
Current Ratio	1.32	1.35	1.28	1.69	1.86
WORKING CAPITAL CONTROL (Days)
Stock Ratio	0	0	0	0	5
Debtors Ratio	93	69	74	44	34
Creditors Ratio	75	49	81	36	39
SOLVENCY RATIOS (Times)
Gearing Ratio	0.48	0.57	0.00	0.14	0.10
Liabilities Ratio	2.75	2.53	2.99	1.13	1.15
Times Interest Earned Ratio	0.00	2,592.23	69.51	54.00	9.10
Assets Backing Ratio	6.69	5.80	4.71	3.76	3.18
PERFORMANCE RATIO (%)
Operating Profit Margin	1.34	1.54	1.70	1.84	2.71
Net Profit Margin	1.17	1.31	1.48	1.67	2.35
Return On Net Assets	15.20	22.25	23.55	17.99	28.68
Return On Capital Employed	15.20	22.25	23.55	17.88	28.47
Return On Shareholders' Funds/Equity	13.32	18.89	20.20	16.08	22.31
Dividend Pay Out Ratio (Times)	0.00	0.00	0.00	0.00	0.00
NOTES TO ACCOUNTS
Contingent Liabilities	0	0	0	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.12
UK Pound	1	Rs.103.93
Euro	1	Rs.85.17

INFORMATION DETAILS

Report Prepared by :

NIS

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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