MIRA INFORM REPORT

Report No. :	491181
Report Date :	13.02.2018

IDENTIFICATION DETAILS

Name :	HEXACHEM (S) PTE. LTD.
Registered Office :	3, Soon Lee Street, 03-35, Pioneer Junction, 627606
Country :	Singapore
Financials (as on) :	31.05.2016
Date of Incorporation :	14.03.2011
Com. Reg. No.:	201106115G
Legal Form :	Exempt Private (Limited By Share)
Line of Business :	The subject is principally engaged in the trading of chemicals.
No. of Employees :	10 [2018]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A

Credit Rating	Explanation	Rating Comments
A	Acceptable Risk	Business dealings permissible with moderate risk of default

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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
Singapore	A1	A1

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

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. Unemployment is very low. The economy depends heavily on exports, particularly of consumer electronics, information technology products, medical and optical devices, pharmaceuticals, and on its vibrant transportation, business, and financial services sectors.

The economy contracted 0.6% in 2009 as a result of the global financial crisis, but has continued to grow since 2010. Growth in 2014-17 was slower than during the previous decade, at under 3% annually, largely a result of soft demand for exports amid a sluggish global economy and weak growth in Singapore’s manufacturing sector.

The government is attempting to restructure Singapore’s economy by weaning its dependence on foreign labor, addressing weak productivity growth, and increasing Singaporean wages. Singapore has attracted major investments in advanced manufacturing, pharmaceuticals, and medical technology production and will continue efforts to strengthen its position as Southeast Asia's leading financial and technology hub. Singapore is a member of the Regional Comprehensive Economic Partnership negotiations with the nine other ASEAN members plus Australia, China, India, Japan, South Korea, and New Zealand. In 2015, Singapore formed, with the other ASEAN members, the ASEAN Economic Community.

Source : CIA

EXECUTIVE SUMMARY

REGISTRATION NO.

:

201106115G

COMPANY NAME

:

HEXACHEM (S) PTE. LTD.

FORMER NAME

:

N/A

INCORPORATION DATE

:

14/03/2011

COMPANY STATUS

:

EXIST

LEGAL FORM

:

EXEMPT PRIVATE (LIMITED BY SHARE)

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

3, SOON LEE STREET, 03-35, PIONEER JUNCTION, 627606, SINGAPORE.

BUSINESS ADDRESS

:

NO.3, SOON LEE STREET, PIONEER JUNCTION,#03-29, 627606, SINGAPORE.

TEL.NO.

:

65-66841780

FAX.NO.

:

65-66841781

WEB SITE

:

WWW.HEXACHEM.SG

CONTACT PERSON

:

LIM ( STAFF )

PRINCIPAL ACTIVITY

:

TRADING OF CHEMICALS

ISSUED AND PAID UP CAPITAL

:

1,600,000.00 ORDINARY SHARE, OF A VALUE OF SGD 1,600,000.00 

SALES

:

SGD 5,294,583 [2016]

NET WORTH

:

SGD 1,818,892 [2016]

STAFF STRENGTH

:

10 [2018]

BANKER (S)

:

UNITED OVERSEAS BANK LIMITED

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

STRONG

PAYMENT

:

NO COMPLAINTS

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

SATISFACTORY

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

HISTORY / BACKGROUND

The Subject is an exempt private company whose shares are not held by any corporate body and has no more than 20 shareholders who are all natural persons. An exempt company is a type of private limited company. 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, suing or be sued by other companies.

An exempt private company with an annual turnover of ≤ SGD10 million, or total assets ≤ SGD10 million or number of employees ≤ 50 (meet at least 2 criteria for immediate past two financial years) are exempted from statutory auditing requirements. The Subject is not required to have their accounts audited. However, the Subject will prepare unaudited accounts for purposes of AGMs and filing with Registry Office if it is unable to meet all its obligations as and when they fall due.

An exempt private company with an annual turnover of more than SGD10 million, or total assets more than SGD10 million or number of employees more than 50 (meet at least 2 criteria for immediate past two financial years) are required to file the audited financial.

The subject is principally engaged in the (as a / as an) trading of chemicals.

Share Capital History

Date	Issue & Paid Up Capital
09/02/2018	SGD 1,600,000.00

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

Current Shareholder(s) :

Name	Address	IC/PP/Loc No	Shareholding	(%)
SEKAR KARTHIKEYAN +	667A, JURONG WEST STREET 65, 02-115, 641667, SINGAPORE.	S7964756Z	800,000.00	50.00
VENNAMPALLI KUMAR +	9F, YUAN CHING ROAD, 02-62, LAKESIDE APARTMENTS, 618648, SINGAPORE.	G5360597X	640,000.00	40.00
VENNAMPALLI SARADA DEVI	9F, YUAN CHING ROAD, 02-62, LAKESIDE APARTMENTS 618648 ,SINGAPORE	G5355303L	160,000.00	10.00
			---------------	------
			1,600,000.00	100.00
			============	=====

+ Also Director

DIRECTORS

DIRECTOR 1

Name Of Subject	:	VENNAMPALLI KUMAR
Address	:	9F, YUAN CHING ROAD, 02-62, LAKESIDE APARTMENTS, 618648, SINGAPORE.
IC / PP No	:	G5360597X
Nationality	:	INDIAN
Date of Appointment	:	14/03/2011

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	201106115G	HEXACHEM (S) PTE. LTD.	Director	14/03/2011	640,000.00	40.00	SGD397,448.00	2016	-	09/02/2018

DIRECTOR 2

Name Of Subject	:	SEKAR KARTHIKEYAN
Address	:	667A, JURONG WEST STREET 65, 02-115, 641667, SINGAPORE.
IC / PP No	:	S7964756Z
Nationality	:	INDIAN
Date of Appointment	:	02/05/2012

INTEREST CHECK

Interest in companies	:	see below
Interest in business	:	none in our databank
Former interest	:	none in our databank

INTEREST IN COMPANY

No	Local No	Company	Designation	App Date	Shareholding		Profit/(loss) After Tax	Financial Year	Status	As At
					No.	%
1	201106115G	HEXACHEM (S) PTE. LTD.	Director	02/05/2012	800,000.00	50.00	SGD397,448.00	2016	-	09/02/2018

MANAGEMENT

1)	Name of Subject	:	LIM
	Position	:	STAFF

AUDITOR

Auditor	:	NATARAJAN & SWAMINATHAN
Auditor' Address	:	N/A

COMPANY SECRETARIES

1)	Company Secretary	:	ALAGARSAMY SENRAJ
	IC / PP No	:	S7685941H
	Address	:	281B, SENGKANG EAST AVENUE, 04-599, COMPASSVALE ANCILLA, 542281, SINGAPORE.

BANKING

Banking relations are maintained principally with :

1)

Name

:

UNITED OVERSEAS BANK LIMITED

ENCUMBRANCE (S)

Charge No	Creation Date	Charge Description	Chargee Name	Total Charge	Status
C201510274	09/09/2015	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201510276	09/09/2015	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201705182	31/05/2017	N/A	UNITED OVERSEAS BANK LIMITED	-	Unsatisfied
C201801280	02/02/2018	N/A	DBS BANK LTD.	-	Unsatisfied

LITIGATION CHECK - SUBJECT COMPANY AS A DEFENDANT

* A check has been conducted in our databank against 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

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
Domestic Markets	:	SINGAPORE
Overseas	:	YES
Export Market	:	WORLDWIDE
Credit Term	:	N/A
Payment Mode	:	CHEQUES TELEGRAPHIC TRANSFER (TT)

OPERATIONS

Goods Traded

:

CHEMICALS

Total Number of Employees:
YEAR	2018
GROUP	N/A
COMPANY	10

Branch

:

NO

Other Information:

The Subject is principally engaged in the (as a / as an) trading of chemicals. 

The Subject serves the following industries:

Paint and Coating Industries

Adhesive manufacturing Industries

Plastics and Polymer Industries

Textile Manufacturing Industries

Leather Industries

Construction Chemicals

Agro Chemicals

Automotive oils 

CURRENT INVESTIGATION

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client	:	65 66841780
Current Telephone Number	:	65-66841780
Match	:	YES
Address Provided by Client	:	NO 3, SOON LEE ST PIONEER JUNCTION 03-35 SINGAPORE-627606
Current Address	:	NO.3 ,SOON LEE STREET, PIONEER JUNCTION,#03-29, 627606, SINGAPORE.
Match	:	NO

Other Investigations

We contacted one of the staff from the Subject and he provided some information.

The address provided is incomplete.

FINANCIAL ANALYSIS

Profitability
Turnover	:	Increased	[	29.85%	]
Profit/(Loss) Before Tax	:	Increased	[	36.70%	]
Return on Shareholder Funds	:	Acceptable	[	21.85%	]
Return on Net Assets	:	Acceptable	[	25.88%	]
The higher turnover could be attributed to the favourable market condition and the Subject could be gaining the market share progressively.The higher profit could be attributed to the increase in turnover. The Subject's management had generated acceptable return for its shareholders using its assets.
Working Capital Control
Stock Ratio	:	Favourable	[	22 Days	]
Debtor Ratio	:	Unfavourable	[	137 Days	]
Creditors Ratio	:	Favourable	[	31 Days	]
The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The Subject's debtors ratio was high. The Subject should tighten its credit control and improve its collection period. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.
Liquidity
Liquid Ratio	:	Favourable	[	2.17 Times	]
Current Ratio	:	Favourable	[	2.42 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	:	Favourable	[	10.00 Times	]
Gearing Ratio	:	Favourable	[	0.60 Times	]
The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. 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 :
Generally, the Subject's performance has improved with higher turnover and profit. 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. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. 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 :	2012	2013	2014	2015	2016*
Population (Million)	5.31	5.40	5.47	5.54	5.63
Gross Domestic Products ( % )	1.3	3.7	(3.5)	3.7	4.8
Consumer Price Index	4.6	2.4	2.4	(0.5)	(0.7)
Total Imports (Million)	474,554.0	466,762.0	463,779.1	407,767.9	398,372.0
Total Exports (Million)	510,329.0	513,391.0	518,922.7	476,285.4	468,552.0
Unemployment Rate (%)	2.0	1.9	1.9	1.9	2.1
Tourist Arrival (Million)	14.49	15.46	15.01	15.23	16.28
Hotel Occupancy Rate (%)	86.4	86.3	85.5	85.0	-
Cellular Phone Subscriber (Million)	1.52	1.97	1.98	1.99	-
Registration of New Companies (No.)	31,892	37,288	41,589	34,243	35,528
Registration of New Companies (%)	(1.3)	9.8	11.5	(17.7)	3.8
Liquidation of Companies (No.)	17,218	17,369	18,767	21,384	-
Liquidation of Companies (%)	9.4	(5.3)	8.0	13.9	-
Registration of New Businesses (No.)	24,788	22,893	35,773	28,480	33,326
Registration of New Businesses (%)	5.51	1.70	56.30	(20.39)	17.02
Liquidation of Businesses (No.)	22,489	22,598	22,098	26,116	-
Liquidation of Businesses (%)	(2.2)	0.5	(2.2)	18.2	-
Bankruptcy Orders (No.)	1,748	1,992	1,757	1,776	-
Bankruptcy Orders (%)	14.5	14.0	(11.8)	1.0	-
Bankruptcy Discharges (No.)	1,881	2,584	3,546	3,499	-
Bankruptcy Discharges (%)	35.2	37.4	37.2	(1.3)	-
INDUSTRIES ( % of Growth ) :
Agriculture
Production of Principal Crops	5.16	1.78	4.29	3.04	-
Fish Supply & Wholesale	(0.5)	(3.8)	(8.6)	(8.5)	(9.9)
Manufacturing #
Food, Beverages & Tobacco	97.9	97.9	99.4	100.0	103.7
Textiles	140.1	119.5	102.7	100.0	93.3
Wearing Apparel	395.4	334.1	212.6	100.0	80.3
Leather Products & Footwear	109.5	122.0	106.5	100.0	93.2
Wood & Wood Products	93.3	103.0	107.2	100.0	90.5
Paper & Paper Products	98.5	104.4	104.5	100.0	99.7
Printing & Media	122.8	113.8	105.968	100.0	86.9
Crude Oil Refineries	107.1	100.7	92.2	100.0	100.5
Chemical & Chemical Products	85.3	88.4	96.7	100.0	97.6
Pharmaceutical Products	103.8	101.421	109.4	100.0	115.9
Rubber & Plastic Products	113.5	109.497	109.2	100.0	87.9
Non-metallic Mineral	108.8	107.4	90.759	100.0	93.6
Basic Metals	91.5	77.2	99.3	100.0	113.1
Fabricated Metal Products	107.314	107.5	107.757	100.0	91.7
Machinery & Equipment	107.3	109.1	118.2	100.0	79.3
Electrical Machinery	80.102	87.4	97.871	100.0	99.3
Electronic Components	100.7	105.0	105.6	100.0	106.3
Transport Equipment	109.9	111.1	106.68	100.0	98.7
Construction	28.70	25.40	22.00	-	-
Real Estate	31.9	88.5	145.1	-	-
Services
Electricity, Gas & Water	6.30	6.70	6.50	-	-
Transport, Storage & Communication	5.30	9.80	14.20	-	-
Finance & Insurance	0.50	3.30	6.00	-	7.40
Government Services	6.00	6.50	6.30	-	-
Education Services	0.30	3.10	5.98	-	2.40
* Estimate / Preliminary
# Based on Index of Industrial Production (2015 = 100)

INDUSTRY ANALYSIS

INDUSTRY :	TRADING
The wholesale & retail trade sector expanded by 6.8% in the third quarter of 2015, higher than the 6.0% growth in the preceding quarter. Growth was supported by both the wholesale trade and retail trade segments. The wholesale trade segment was boosted by an increase in both domestic and foreign wholesale trade sales volume. In particular, the domestic wholesale trade index rose by 7.4%, following the 8.1 % increase in the previous quarter. The strong performance in domestic wholesale trade was due to a surge in the sales of petroleum and petroleum products (14%), chemicals & chemical products (39%) and telecommunications & computers (18%).
Similarly, the foreign wholesale trade index rose by 10% in the third quarter of 2015, accelerating from the 6.9% rise in the previous quarter. Growth was driven by improvements in the sales of petroleum & petroleum products (21%), metals, timber & construction materials (10%) and general wholesale trade (8.8%).
Overall retail trade sales volume also recorded resilient growth of 5.6% in the third quarter of 2015, extending the 6.4 % expansion in the second quarter. Growth was supported by a surge in the volume of motor vehicle sales (44%), which was in turn due to a substantial increase in the supply of Certificate of Entitlements. Excluding motor vehicles, retail sales volume increased at a much slower pace of 0.7% over the same period. The increase in retail sales volume (excluding motor vehicles) was due to improved non-discretionary goods sales. For instance, the sales of medical goods & toiletries and department store goods rose by 8.1% and 3.6% respectively.
According to the Retail News Asia, Food and beverage has overtaken fashion as the primary driver of demand for retail real estate in Singapore. Despite declining retail sales and consumer spending, the prime retail sector remained in good shape during the third quarter 2015.
OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH

CREDIT RISK EVALUATION & RECOMMENDATION

Incorporated in 2011, the Subject is a Exempt Private company, focusing on trading of chemicals. Having been in business for more than 5 years, the Subject has established a remarkable clientele base for itself which has contributed to its business growth. With a weak shareholders' backing, the Subject's capital position is weak. Inadequate capital may be a constraint to the Subject as it limits its ability to expand its business in future. The capital standing of the Subject is fair. With an adequate share capital, the Subject has the potential of expanding its business in future. 

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Being a small company, the Subject's business operation is supported by 10 employees. 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. 

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 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 SGD 1,818,892, the Subject should be able to maintain its business in the near terms. 

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 normally.

PROFIT AND LOSS ACCOUNT

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

HEXACHEM (S) PTE. LTD.

Note : The Subject is an Exempt Private Company and it is not required by law to file its financials for public view. The below financials are the last financial that submitted by the Subject to the Registrar before changed to Exempt Private Company.

Financial Year End	2016-05-31	2015-05-31
Months	12	12
Consolidated Account	Company	Company
Audited Account	YES	YES
Unqualified Auditor's Report (Clean Opinion)	YES	YES
Financial Type	FULL	FULL
Currency	SGD	SGD
TURNOVER	5,294,583	4,077,549
Other Income	14,578	17,751
	----------------	----------------
Total Turnover	5,309,161	4,095,300
Costs of Goods Sold	(4,027,102)	(3,084,363)
	----------------	----------------
Gross Profit	1,282,059	1,010,937
	----------------	----------------
PROFIT/(LOSS) FROM OPERATIONS	423,669	309,916
	----------------	----------------
PROFIT/(LOSS) BEFORE TAXATION	423,669	309,916
Taxation	(26,221)	(11,698)
	----------------	----------------
PROFIT/(LOSS) AFTER TAXATION	397,448	298,218
	----------------	----------------
RETAINED PROFIT/(LOSS) BROUGHT FORWARD
As previously reported	721,444	423,226
	----------------	----------------
As restated	721,444	423,226
	----------------	----------------
PROFIT AVAILABLE FOR APPROPRIATIONS	1,118,892	721,444
DIVIDENDS - Ordinary (paid & proposed)	(900,000)	-
	----------------	----------------
RETAINED PROFIT/(LOSS) CARRIED FORWARD	218,892	721,444
	=============	=============
INTEREST EXPENSE (as per notes to P&L)
Lease interest	202	-
Term loan / Borrowing	18,910	8,199
Trust receipts	27,938	-
	----------------	----------------
	47,050	8,199
	=============	=============
DEPRECIATION (as per notes to P&L)	32,892	6,777
	----------------	----------------
Total Amortization And Depreciation	32,892	6,777
	=============	=============

BALANCE SHEET

HEXACHEM (S) PTE. LTD.

ASSETS EMPLOYED:
FIXED ASSETS	390,821	33,472
	----------------	----------------
TOTAL LONG TERM ASSETS	390,821	33,472
CURRENT ASSETS
Stocks	318,679	150,000
Trade debtors	1,991,784	1,502,048
Other debtors, deposits & prepayments	170,790	447,852
Amount due from related companies	133,220	-
Amount due from director	39,985	18,906
Cash & bank balances	342,216	98,776
Others	21,101	42,750
	----------------	----------------
TOTAL CURRENT ASSETS	3,017,775	2,260,332
	----------------	----------------
TOTAL ASSET	3,408,596	2,293,804
	=============	=============
CURRENT LIABILITIES
Trade creditors	338,619	290,252
Other creditors & accruals	102,020	35,733
Short term borrowings/Term loans	124,094	63,052
Other borrowings	620,738	356,543
Amounts owing to related companies	44,337	-
Provision for taxation	12,300	-
Lease payables	2,525	3,368
	----------------	----------------
TOTAL CURRENT LIABILITIES	1,244,633	748,948
	----------------	----------------
NET CURRENT ASSETS/(LIABILITIES)	1,773,142	1,511,384
	----------------	----------------
LONG TERM LIABILITIES
Long term loans	345,071	120,887
Lease obligations	-	2,525
	----------------	----------------
TOTAL LONG TERM LIABILITIES	345,071	123,412
	----------------	----------------
TOTAL NET ASSETS	1,818,892	1,421,444
	=============	=============
FINANCED BY:
SHARE CAPITAL
Ordinary share capital	1,600,000	700,000
	----------------	----------------
TOTAL SHARE CAPITAL	1,600,000	700,000
RESERVES
Retained profit/(loss) carried forward	218,892	721,444
	----------------	----------------
TOTAL RESERVES	218,892	721,444
	----------------	----------------
SHAREHOLDERS' FUNDS/EQUITY	1,818,892	1,421,444
	=============	=============

FINANCIAL RATIO

HEXACHEM (S) PTE. LTD.

TYPES OF FUNDS
Cash	342,216	98,776
Net Liquid Funds	342,216	98,776
Net Liquid Assets	1,454,463	1,361,384
Net Current Assets/(Liabilities)	1,773,142	1,511,384
Net Tangible Assets	1,818,892	1,421,444
Net Monetary Assets	1,109,392	1,237,972
PROFIT & LOSS ITEMS
Earnings Before Interest & Tax (EBIT)	0	0
Earnings Before Interest, Taxes, Depreciation And Amortization (EBITDA)	503,611	324,892
BALANCE SHEET ITEMS
Total Borrowings	1,089,903	543,007
Total Liabilities	1,589,704	872,360
Total Assets	3,408,596	2,293,804
Net Assets	1,818,892	1,421,444
Net Assets Backing	1,818,892	1,421,444
Shareholders' Funds	1,818,892	1,421,444
Total Share Capital	1,600,000	700,000
Total Reserves	218,892	721,444
GROWTH RATIOS (Year on Year) (%)
Revenue	29.85	-
Proft/(Loss) Before Tax	36.70	-
Proft/(Loss) After Tax	33.27	-
Total Assets	-	-
Total Liabilities	-	-
LIQUIDITY (Times)
Cash Ratio	0.27	0.13
Liquid Ratio	2.17	2.82
Current Ratio	2.42	3.02
WORKING CAPITAL CONTROL (Days)
Stock Ratio	22	13
Debtors Ratio	137	134
Creditors Ratio	31	34
SOLVENCY RATIOS (Times)
Gearing Ratio	0.60	0.38
Liabilities Ratio	0.87	0.61
Times Interest Earned Ratio	10.00	38.80
Assets Backing Ratio	1.00	1.00
PERFORMANCE RATIO (%)
Operating Profit Margin	8.00	7.60
Net Profit Margin	7.51	7.31
Return On Net Assets	25.88	22.38
Return On Capital Employed	21.75	20.59
Return On Shareholders' Funds/Equity	21.85	20.98
Dividend Pay Out Ratio (Times)	2.26	0
NOTES TO ACCOUNTS
Contingent Liabilities	0	0

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	INR 64.28
UK Pound	1	INR 89.02
Euro	1	INR 78.93
SGD	1	INR 48.60

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	VIV
Report Prepared by :	TPT

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.