MIRA INFORM REPORT

 

 

Report Date :

1st March, 2007

                                                         

IDENTIFICATION DETAILS

 

Name :

VINMAR OVERSEAS LTD

 

 

Registered Office :

16800 Imperial Valley Drive Ste 499, Houston , Texas  77060 , United States

 

 

Country :

United States

 

 

Date of Incorporation :

1978

 

 

Legal Form :

Limited Company

 

 

Line of Business :

Engaged in the wholesale of plastics and industrial chemicals.

 

 

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 :

Usually Correct

 

 

Litigation :

Clear

 

 

 

IDENTIFICATION & EXECUTIVE SUMMARY

 

Company Name : VINMAR OVERSEAS LTD

Address                        : 16800 IMPERIAL VALLEY DRIVE STE 499

City                              : HOUSTON                     

State/Province               : TEXAS                                

Zip Code                       : 77060                        

Country                         : UNITED STATES               

Telephone                     : 281 618-1300                

Facsimile                      : 281 618-1399

Legal Form                    : Limited Company

Website                        : www.vinmar.com

@rating Opinion :

Business Activity           : The Subject is a global petrochemicals marketing organization.

Founded (D/M/Y)           : /  /1978

As of                             :

Sales / Revenue :

Net Income                    :

Total Equity                   :

 

 

NOTE TO CLIENT

 

Person contacted: Mr. Andrew Frye, CFO.

---

NOTE: Mr. Frye declined to confirm or provide information on the Company at this time.

---

Number of employees could not be determined. The group of companies is believed to have over 7,000 employees world wide.

 

 

LEGAL

 

Legal Form                                            : Limited Company

State/Province of Incorporation                : Bahamas

Status                                                   : ACTIVE

Previous Legal Form:

Company is NOT required to publish an annual financial report.

 

NOTE: Attempts to reach the Bahamas Business Registry for registration details have been unsuccessful. They may be experiencing issues with their phone line.

 

Company Information      :  VINMAR OVERSEAS LTD

  16800 IMPERIAL VALLEY DR STE 499

   HOUSTON, TX 77060-3134

Status                           : IN GOOD STANDING NOT FOR DISSOLUTION OR WITHDRAWAL through Ma 15,

                                      2007

Registered Agent           : SWANTANTRA JAIN

  16800 IMPERIAL VALLEY DR #499, HOUSTON, TX 77060

Registered Agent Resignation Date:

Country of Incorporation              : BHS

File Number                               : 0012088406

Charter/COA Date                      : May 18, 1998

Charter/COA Type                      : COA

Taxpayer Number                       : 19801686676

 

Managers/Key Personnel

 

MR. VIJAY P GORADIA                         President

MR. SWATANTRA V JAIN                      Secretary

MR. HEMANT P GORADIA                     Vice President

MR. ANDREW FRYE                             Chief Financial Officer

 

 

AFFILIATED ENTITIES

 

Vinmar Chemie (India) Pvt. Ltd.

AmGulf Polymers &  Chemicals Ltd.

Vinmar de Mexico S.A. de C.V.

Vinmar International Ltd.

Vinmar Projects LLC

Vinmar Trade Finance Ltd.

Vinmar Trade Solutions Incorporated

Vinmar America Ltd.

 

 

Parent Companies

 

Parent Company:    Vinmar International Holdings, Ltd.

16800 Imperial Valley Drive

Houston                            TX       77060

UNITED STATES

Telephone:    281 618-1300

 

 

BANKS

 

Bank of India

460 Park Avenue

New York                           NY       10022

Telephone: (212)521-3200

Facsimile:

Account Number:

Account Manager:

Swift Code         : BKJDUS33

Further bank details could not be obtained.

 

 

PAYMENT HISTORY

 

 BUSINESS   DATE  LAST  PAYMENT CREDIT   BALANCE  CUR 1-  31- 61-

 CATEGORY   REPTD SALE  TERMS      $        $      %  30  60  90  91+ COMMENTS

 ---------- ----- ----- ------- -------- -------- --- --- --- --- --- --------

 AIR TRANS  06-12 06-12 0000000 29800    18900    66  31  3   0   0   CUST 25 YR

 AIR TRANS  06-11 00-00 NET 30  1500     100      100 0   0   0   0   CIA

 

 BUS SERVCS 06-12 00-00 VARIED  500      100      0   0   0   100 0

 COMPUTERS  06-11 00-00 0000000 2000     0        0   0   0   0   0   CUST  1 YR

 COMPUTERS  07-01 05-01 CREDIT  25000    0        0   0   0   0   0

 FRGHT FWRD 07-01 07-01 NET 15  13900    100      100 0   0   0   0   SATSFTRY

 OFFC SUPPL 07-01 99-04 CREDIT  0        0        0   0   0   0   0   ACCTCLOSED

 PETROLEUM  07-02 00-00 SPECIAL 0        0        0   0   0   0   0

 TELECOM    06-10 00-00 NET30   2900     2900     100 0   0   0   0

 TELECOM    06-10 00-00 NET 30  1400     100      0   0   0   0   100 DISPUTE

 COMPUTERS  05-05 00-00 NET 30  0        0        0   0   0   0   0   CUST 37 YR

 COMPUTERS  04-02 00-00 NET 30  0        0        0   0   0   0   0

 COMPUTERS  06-06 06-05 0000000 28600    1000     0   100 0   0   0

 LEASING    05-10 00-00 CONTRCT 10700    0        0   0   0   0   0

 CURRENT QUARTER                77000    22200    70  27  3   0   0

 

 Payment Trends

 

            INDUSTRY     BUSINESS        BALANCE  CUR 1-  31- 61-

 DATE      CUR    DBT       DBT             $      %  30  60  90  91+

 --------  ---    ---       ---          -------- --- --- --- --- ---

 20070200  0      9         5            23000    72  26  2   0   0

 20070100  0      7         5            23000    72  26  2   0   0

 20061200  0      7         3            19400    81  19  0   0   0

 20061100  0      6         0            14400    100 0   0   0   0

 20061000  0      5         0            11800    100 0   0   0   0

 20060900  0      6         0            13800    100 0   0   0   0

 

 Payment History - Quarterly Averages

 

                                         BALANCE  CUR 1-  31- 61-

 QUARTER  YEAR              DBT             $      %  30  60  90  91+

 -------- ------            ---          -------- --- --- --- --- ---

 Fourth   2006              3            18700    82  17  1   0   0

 Third    2006              0            12100    100 0   0   0   0

 Second   2006              3            9000     93  4   0   3   0

 First    2006              2            15700    96  2   1   1   0

 Fourth   2005              7            7700     66  30  3   0   1

 

 

FINANCIAL INFORMATION

 

Financial details could not be obtained at this time. Outside sources estimate sales of the group of companies in the $50 million US Dollar range, however this could not be confirmed.

 

 

HISTORY

 

The Company was founded in 1978 in New York City. In 1985 the owners relocated the Company to Houston, Texas.

 

 

CURRENT OPERATIONS

 

NAICS Code:   42261     Plastics Materials and Basic Forms and Shapes Whol

SIC Code:     5162

NAICS Code:   4226      Chemical and Allied Products Wholesalers

 

 

Business Activity

 

The Subject is a global petrochemicals marketing organization.

The Subject is engaged in the wholesale of plastics and industrial chemicals.

They also offer related services such as consultation, logistics, and others.

 

The group of companies has 26 offices in 20 countries, address details were not immediately available. Which, if any, of these branches are those of the Subject could not be determined.

 

 

PUBLIC RECORD

 

We found no evidence of bankruptcy filed in the Subject's name.

 

Party Address: TX

Creditor             : PLEXMAR RESINS INC

Debtors             : VINMAR OVERSEAS LTD

 

Entered             : 08/20/2002

Number             : 9854598

Type                 : CIVIL JUDGMENT

 

 

GENERAL COMMENTS

 

The Subject dates back to 1978, they were incorporated in Texas in 1998. We have been unable to obtain registration details from the Bahamas where the originating registration was filed. The Subject's payment history is satisfactory, public mention one civil judgement against the Firm. The Subject is considered responsible for normal business transactions.

 

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

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