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Most active ratio
3
	2
		2.41
			2.21
				2.09

Current ratio

“Company Quotes”

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For the	Period	Ending:	2007	2006	2007	2006	Value	A=$100
2007	2006	2005	$Change	$Change	%Change	%Change	Quote	B=$80
Debt to total	Assets	Ratio					Base	C=$60
0.59	0.36	0.64	0.23	-0.28	39.01%	-43.55%	Prices	D=$40

Companies for >SIC Code 2860< >Industrial Organic Chemicals<

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Industry averages &	Leading	indicators	10/16/2008	SIC>>>	2860		Industry	Status>	ALERT
Company names:		VERASUN	LUBRIZOL	INTER-NATIONAL	Westlake	Sensient	NEW- MARKET	STERLING	Industry
HarriFin-ratios:									Averages
Accounts receivable turnover		20.32	7.26	5.82	7.82	6.32	6.78	10.93	14.67
Asset turnover		0.64	1.00	0.87	1.37	0.79	1.81	2.94	1.14
Cash Flow Margin		0.05	0.11	0.14	0.02	0.09	0.08	0.05	0.07
Cash Flow Return		0.02	0.10	0.12	0.02	0.07	0.14	0.14	0.08
Current ratio		2.41	2.09	2.21	2.48	2.66	2.79	4.46	2.15
Selling, General & Admin Expenses/Sales		0.05	0.09	0.16	0.03	0.18	0.08	0.01	0.10
Debt to total assets		0.59	0.58	0.77	0.50	0.48	0.59	1.24	0.67
Equity to Assets		0.41	0.42	0.23	0.50	0.52	0.41	(0.24)	0.33
Gross Profit Margin		0.11	0.25	0.42	0.09	0.31	0.22	0.01	0.19
Inventory turnover		10.24	5.68	2.85	5.94	2.37	5.69	19.36	14.66
P/E or price earnings		30.00	13.21	16.55	10.51	16.18	9.68	(1.32)	6.75
Profit margin on sales		0.03	0.06	0.11	0.04	0.07	0.07	(0.02)	0.03
Quick ratio or Acid Test		1.27	1.32	1.05	1.21	0.90	1.57	3.86	1.24
Rate of return on assets		0.05	0.10	0.14	0.06	0.10	0.15	(0.01)	0.08
Return on Equity		0.04	0.15	0.40	0.09	0.10	0.30	(0.26)	0.05
Debt to Equity		1.25	0.93	2.54	0.65	0.64	0.87	(4.49)	4.02
Time interest earned		2.11	5.35	8.91	9.63	4.08	9.69	(0.40)	13.84
Earnings Per Share		0.32	4.10	2.86	1.76	1.66	5.66	(12.90)	0.15
Interest exp over revenue		0.04	0.02	0.02	0.01	0.03	0.01	0.02	0.03
Cash flow to net income		1.47	1.68	1.27	0.54	1.35	1.15	(2.34)	(96.27)
Cash flow to total liability		0.04	0.18	0.15	0.05	0.14	0.24	0.12	0.13
Earning before tax to Total revenue		0.04	0.09	0.14	0.05	0.09	0.07	(0.03)	0.05
Cost of goods sold to total revenue		0.89	0.75	0.58	0.91	0.69	0.78	0.99	0.81
Accounts receivable over Inventory		0.48	1.11	0.85	0.96	0.54	1.07	4.10	1.67
Average collection period (number of days)		17.96	50.28	62.69	46.67	57.73	53.82	33.39	37.03
Property Plant & equipment over total assets		0.67	0.25	0.19	0.44	0.27	0.24	0.25	0.33
Return on investment		0.01?	0.06	0.09	0.04	0.05	0.12	(0.06)	0.03
Accounts payable over current liabilities		0.75	0.46	0.24	0.71	0.39	0.59	0.36	0.49
Accounts Payable/Cost of Goods Sold		0.16	0.12	0.10	0.11	0.11	0.10	0.02	0.10
Accounts Payable/Total Liabilities		0.11	0.15	0.06	0.25	0.12	0.23	0.04	0.12
Accounts Payable/Inventory		1.12	0.67	0.27	0.60	0.25	0.54	0.82	0.71
Interest Expense/Notes Payable		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Current liabilities/Total Assets		0.09	0.19	0.20	0.17	0.15	0.23	0.16	0.16
Inventory / Total Assets		0.06	0.13	0.18	0.21	0.23	0.25	0.07	0.14
Total Current assets/ Total Assets		0.21	0.40	0.44	0.43	0.39	0.64	0.70	0.41
Long Term Liabilities/Total Assets		0.48	0.26	0.39	0.20	0.29	0.20	0.49	0.34
Accounts Receivable/Total Assets		0.03	0.14	0.15	0.20	0.13	0.27	0.28	0.14
Accrued expenses/Total assets		0.01	0.06	0.06	0.05	0.05	0.07	0.10	0.05
Current liabilities/Equity		0.21	0.45	0.87	0.34	0.28	0.56	(0.65)	1.69
Assets to Sales		2.20	1.03	1.20	0.80	1.32	0.56	0.38	1.15
Sales/Net Worth		1.12	2.31	3.69	2.48	1.45	4.34	(10.95)	8.79
Number of Days’ Sales in Inventory		35.65	64.24	128.26	61.49	154.13	64.19	18.85	66.72
Working Capital Turnover		2.77	4.16	3.54	5.42	3.53	4.44	9.76	12.19
Accounts Payable Turnover		9.57	9.07	10.92	10.55	9.69	11.58	93.89	24.52
Payment Days Accounts payable (Number of days)		38.13	40.26	33.44	34.61	37.66	31.52	3.89	27.86
Property Plant & equipment over Equity (Net worth)		1.66	0.60	0.82	0.88	0.51	0.58	(1.05)	4.18
Total liability/Equity		1.47	1.38	3.42	1.00	0.92	1.43	(5.14)	9.05
Cash + Marketable Security to total asset		0.08	0.11	0.06	0.01	0.01	0.09	0.33	0.08
Depreciation & amortization OR R & D/Sales		0.00	0.05	0.10	0.00	0.00	0.06	0.01	0.04
2008 Brought to you by HarriFin Data Company

Grade or rating verification tables

Risk levels: A =Very Low, B=Low, C=Moderate, D=High, E=Very High

Company	Financial statement (click link to see balance sheet, income statement and cash flow)	Current rating	Prior rating	2nd Prior rating	3rd Prior rating	Symbol
> VERASUN-ENERGY-CORP <	Financials >Rating Calculation	”B”	”N/A”	”N/A”	”N/A”	”VSE”
> THE-LUBRIZOL-CORPORATION <	Financials >Rating Calculation	”C”	”C”	”B”	”C”	”LZ”
> INTERNATIONAL-FLAVORS-and-FRAGRANCES-INC <	Financials >Rating Calculation	”C”	”C”	”B”	”C”	”IFF”
> Westlake-Chemical-Corporation <	Financials >Rating Calculation	”B”	”B”	”A”	”B”	”WLK”
>Sensient-Technologies-Corporation<	Financials >Rating Calculation	”C”	”C”	”B”	”C”	”SXT”
> NEWMARKET-CORPORATION <	Financials >Rating Calculation	”B”	”C”	”B”	”B”	”NEU”
ADVANCED PLANT PHARMACEUTICALS INC	Removed	N/A	E	C	C	APPI
LYONDELL CHEMICAL COMPANY	Removed	N/A	C	B	C	LYO
2008 Brought to you by HarriFin Data Company

Page last updated >10/16/2008 5:37 Pm<

Publisher’s Side Table

Companies for >SIC Code 2860< >Industrial Organic Chemicals<

Why is there a sudden change in grades or ratings and other comments? See the table below for a brief explanation.

Company name	Ratios	Ratio change
VERASUN	Current ratio as defined, Down 71%	8.36 to 2.41
THE LUBRIZOL	Quick ratio or Acid Test ratio as defined, Down 27%	1.81 to 1.32
INTERNATIONAL	Debt to total assets ratio as defined, Up 18%	0.63 to 0.77
Westlake	Operating Cash flow to total debt ratio as defined, Down 81%	0.26 to 0.05
Sensient	Selling, General & Admin Exp ratio as defined, Down 10%	0.033 to 0.030
NEWMARKET	Operating Cash flow to total debt ratio, Up 65%	0.08 to 0.24
	2008 HarriFin Data Company

v Please return for updates.

v Group average is different from industry average as defined.

v “N/A” means not available. Either no financials statements were filed or no prior rating was done.

v VERASUN-ENERGY-CORP., even though there is a decrease in the above ratio most other ratios are above average. “B” grade this season.

v VERASUN-ENERGY-CORP. is new to the rating welcome them with a big hand.

v Westlake-Chemical-Corporation even though a decrease in the above ratio most other ratios are above average. “B” grade this season.

v LYONDELL CHEMICAL COMPANY ceased to be publicly traded. Therefore, remove from out rating.

v ADVANCED PLANT PHARMACEUTICALS INC removed for failure to file financials with the SEC.

v If there were no material changes in the ratios for any of the companies, then we will make no comments about that company.

v See the news briefs below for possible causes in rate changes this season below.

SIC Code news briefs. Get complete details by e-mail: Please subscribe at links below!

Page last updated >10/16/2008 5:37 Pm<

Companies for >SIC Code 2860< >Industrial Organic Chemicals<

VERASUN ENERGY:  broke ground for a facility in Reynolds, Indiana  and suspended construction there

We also broke ground for a facility in Reynolds, Indiana in April 2007. However, in October 2007 we suspended construction there due to market conditions.

LUBRIZOL:acquisition of a broad line of additive products

On February 7, 2007, we completed the acquisition of a broad line of additive products used in the metalworking markets worldwide from Lockhart Chemical Company for approximately $15.7 million in cash.

INTERNATIONAL FLAVORS: Fragrance operating profit declined

In 2007, Fragrance operating profit of $210 million or 16.5%, as a percentage of sales, declined from the $212 million or 17.7% reported in 2006.

Westlake Chemical: PVC industry operating rates dropped

PVC industry operating rates dropped from 94% in the third quarter of 2006 to an estimated 87% in 2007. This downturn, which impacts our Vinyls segment, was primarily due to weakness in the construction market which started in September 2006 and continued through 2007.

Sensient Technologies:  appointment of Robert J. Edmonds

In August 2007, Sensient announced the appointment of Robert J. Edmonds as President and Chief Operating Officer. Rob has extensive international experience.

NEWMARKET: all marketing agreements between the subsidiaries of Ethyl and Innospec were terminated

Ethyl received $28 million in cash as compensation for the termination of the marketing agreements, as well as the return of approximately $12 million of a working capital advance. Upon receipt of this payment, all marketing agreements between the subsidiaries of Ethyl and Innospec were terminated effective April 1, 2007.

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2008 Brought to you by HarriFin Data Company

Ranking tables (Total assets, Net sales, Net profit and Cash flow) Up to top 20 companies

Page last updated >10/16/2008 5:37 Pm<

Companies for >SIC Code 2860< >Industrial Organic Chemicals<

Rank	Company name	Total Asset	Company name	Total revenue	Company name	Net Profit Or –Loss	Company name	Cash Flow Or –Use
1	LYONDELL	27,392,000,000	LYONDELL	27,674,000,000	UNION	1,052,000,000	LYONDELL	1,934,000,000
2	UNION	9,465,000,000	UNION	7,493,000,000	LUBRIZOL	283,400,000	LUBRIZOL	476,400,000
3	LUBRIZOL	4,643,800,000	LUBRIZOL	4,499,000,000	INTERNATIONAL	247,128,000	INTERNATIONAL	314,062,000
4	Momentive	4,447,214,000	Westlake	3,192,178,000	Westlake	114,729,000	Momentive	301,527,000
5	INTERNATIONAL	2,726,788,000	Momentive	2,537,802,000	NEWMARKET	95,321,000	UNION	208,000,000
6	Westlake	2,569,335,000	INTERNATIONAL	2,276,638,000	Sensient	77,786,000	NEWMARKET	109,577,000
7	VERASUN	1,863,506,000	AVENTINE	1,571,607,000	AVENTINE	33,799,000	Sensient	105,205,000
8	Sensient	1,564,182,000	NEWMARKET	1,374,874,000	VERASUN	26,607,000	Westlake	62,166,000
9	US BioEnergy	1,168,845,000	Sensient	1,184,778,000	LITTLE SIOUX	23,063,000	LITTLE SIOUX	49,738,138
10	NEWMARKET	770,934,000	VERASUN	848,281,000	GOLDEN GRAIN	20,330,125	AVENTINE	47,401,000
11	AVENTINE	762,185,000	STERLING	811,326,000	US BioEnergy	17,406,000	Merisant	44,407,000
12	Pacific	651,600,000	US BioEnergy	588,614,000	GREAT PLAINS	13,838,850	STERLING	44,327,000
13	Merisant	462,832,000	Pacific	461,513,000	LYONDELL	-1,000,000	VERASUN	39,047,000
14	BioFuel	344,099,000	Merisant	290,167,000	BioFuel	-2,421,000	US BioEnergy	29,075,000
15	STERLING	306,444,000	GOLDEN GRAIN	155,376,419	GREEN ENERGY	-7,138,472	GOLDEN GRAIN	28,582,682
16	PANDA	236,875,992	LITTLE SIOUX	130,730,336	Merisant	-12,768,000	Pacific	16,718,000
17	GREEN ENERGY	180,272,718	GREAT PLAINS	116,860,787	Pacific	-14,400,000	GREAT PLAINS	14,433,772
18	GREAT PLAINS	149,317,309	GREEN ENERGY	24,202,391	PANDA	-17,116,054	BioFuel	-5,607,000
19	LITTLE SIOUX	136,412,043	BioFuel	0	STERLING	-18,928,000	PANDA	-7,153,278
20	GOLDEN GRAIN	121,428,661	PANDA	0	Momentive	-254,301,000	GREEN ENERGY	-9,206,815
2008 Brought to you by HarriFin Data Company

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Companies for >SIC Code 2860< >Industrial Organic Chemicals<

This industry is about 40% losses or (negative) profit margins.

There are some profitable companies in this industry waiting to be discovered and we have done the search for you and compiled a listing of 10 profitable companies.

Company name

AVENTINE RENEWABLE ENERGY HOLDINGS, INC

Northern Growers, LLC

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Harrifin Value quote

Page last updated >10/16/2008 5:37 Pm<

Companies for >SIC Code 2860< >Industrial Organic Chemicals<

Per share price quote a company based on our rating:

For example:

> VERASUN-ENERGY-CORP < Harrifin Value quote per share is> “$45.52” operating in a given industry status alert and industry loss / decline%.

Chart of various scenarios:

A	B	C	D (B - C)	E	F (D-E)	G (D + F)
Rating	Per share Base price	Industry Loss Decline percent	Revised Base Price	Industry status alert percent%	Add on price value per share	Final mark up company price value per share
A rating	$80 to $100	50%	$40 to $50	Red 100%	$0 per share	$40 to $50 per share
B rating	$60 to $79	69%	$20 to $25	Green 33%	$7 to $8 per share	$27 to $33 per share
C rating	$40 to $59	67%	$13 to $20	Yellow 67%	$5 to $7 per share	$18 to $27 per share
D rating	$21 to $39	95%	$1 to $2	Red 100%	$0 per share	$1 to $2 per share
E rating	$0.01 to $20	0%	$0.01 to $20	Yellow 67%	$0.007 to $7 per share	$0.02 to $27 per share
			<