MIRA INFORM REPORT

Report Date :

17.02.2011

IDENTIFICATION DETAILS

Name :	vinmar chemicals and polymers b.v.
Registered Office :	Neptunusstraat 21 – 1 2132JA Hoofddorp
Country :	Netherlands
Financials (as on) :	31.12.2009
Date of Incorporation :	14.10.1999
Legal Form :	Besloten Vennootschap
Line of Business :	Forwarding Agencies

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

Maximum Credit Limit :	€ 500.000
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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
Netherlands	A1	A1

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

CONTACTINFORMATION

Company name Vinmar Chemicals and Polymers B.V.

Tradename Vinmar Chemicals and Polymers B.V.

Address Neptunusstraat 21 - 1

2132JA Hoofddorp

Netherlands

Mail address Postbus 221

2130AE Hoofddorp

Netherlands

Telephone number 0235543600

Telefax number 0235543609

E-mail address iwarth@vinmar.com

Website www.vinmar.com

_{VAT number Unknown}

CREDIT LIMIT

Credit limit A credit of € 500.000 may be granted

COMPANY INFORMATION

Handelsregisternummer 24296673

_{Registered in Chamber of commerce Amsterdam}

First registration 14-10-1999

Act of foundation 08-10-1999

Date of constitution 08-10-1999

Legal form Besloten Vennootschap

Place of constitution Rotterdam

Capital EUR 2.000.000

Issued capital EUR 950.000

Paid up capital EUR 950.000

Objective Forwarding agencies (6340)

Forwarding agencies (63401)

Formal objective Het handelen in en distribueren van plastic en chemicals en voorts houdster- en financieringsmaatschappij

_{Employees Total: 0}

Bookyear	2009	2008	2007
Number	0	0	1
Change	0,00%	-100,00%	-93,75%

COMPANY STRUCTURE

Shareholder Name: Vinmar L.P.

Address: Harbour Centre 4th floor, Grand Cayman, Caymaneilanden Registered in: Companies Register/Register of Partnerships in Caymaneilanden, Caymaneilanden with registration number CF-17436.

Only shareholder since: 10-04-2007

Holding company Vinmar International Ltd

16800 Imperial Valley Dr. Suite 499

TX 77060 Houston

990001831831

Bankers ABN Amro Bankers NV

Real estate Lease

The real estate is checked at the land registration office

Object Code: No registration

MANAGEMENT

Management H.P. Goradia

Hemant Parmananddas

77381

Authorization: Fully authorized

Position: Manager

Date appointed: 08-10-1999

Date of birth: 27-07-1957

V. Goradia

Vijay

Authorization: Fully authorized

Position: Manager

Date appointed: 08-10-1999

Date of birth: 08-05-1951

S.V. Jain

Swatantra Vijay

77339

Authorization: Fully authorized

Position: Manager

Date appointed: 08-10-1999

Date of birth: 11-02-1946

G.A. Ruiz

Guillermo Alejandro

Authorization: Limited authorization

Position: Managing Director

Date appointed: 01-01-2010

Date of birth: 26-01-1976

G. Vijay Male Resigned

78 North Windsail Place

77381 Woodlands, Texas

Amerika

Authorization: Fully authorized

Position: Manager

Date appointed: 08-01-1999

Date of birth: 08-05-1951

I. Warth

Male Resigned Populierendreef 110

3137CW Vlaardingen

Netherlands

Authorization: Limited authorization

Position: Manager

Date appointed: 01-04-2005

_{Date of birth: 07-11-1955}

PAYMENT INFORMATION

_{Payment experiences No complaints are known}

FINANCIAL INFORMATION

Auditor PKF Accountants & Adviseurs

Auditor's report According to the auditor, the annual account gives a faithful description of the size and composition of the company.

Publication financial statement 27-05-2009

Type of publication Corporate

_{Publication Steady}

CORE FIGURES

BOOKYEAR 2009 2008 2007

Quick ratio 1,10 0,64 0,64

_{Current ratio 1,31 1,17 1,14}

Nett Workingcapital /

Balance Total 0,24 0,15 0,12

Capital and reserves/

Balance Total 0,31 0,17 0,14

Capital and reserves/

Fixed Assets -- -- --

Nett workingcapital 6.308.811 6.146.621 5.460.000

Capital and reserves 6.308.811 6.146.621 5.460.000

Change capital and reserves 2,64% 12,58% 68,67%

change short term liabilities -43,32% -8,00% 4,13%

Nett Turnover 149.806.736 226.616.752 207.983.000

operating Profit 1.212.366 2.109.781 3.605.000

Profitability positive positive positive

Annual accounts The company is obligated to publish its annual accounts

Last annual accounts 2009

Type of publication Corporate

Turnover 2008: 226.617.000

2007: 207.983.000

2006: 205.304.000

Gross profit 2008: 4.737.000

2007: 5.409.000

2006: 3.258.000

Operating profit 2008: 2.110.000

2007: 3.605.000

2006: 2.115.000

Result after taxes 2008: 687.000

2007: 2.223.000

2006: 1.291.000

Tendency Upward

_{Tendency capital and reserves}

Capital and reserves 2009 6.308.811

Total debt 2009 20.042.287

Current ratio 2009 1,31

Quick ratio 2009 1,10

Nett workingcapital 2009 6.308.811

Profitability Positive

Solvency Positive

Liquidity Positive

Financial

BOOKYEAR 2009 2008 2007

End of bookyear 31-12-2009 31-12-2008 31-12-2007

Stocks and work in progress 4.377.447 18.921.124 19.404.000

Accounts receivable 17.585.763 18.976.401 23.787.000

Liquid assets 4.387.888 3.611.243 707.000

Current assets 26.351.098 41.508.768 43.898.000

Total assets 26.351.098 41.508.768 43.898.000

Capital and reserves 6.308.811 6.146.621 5.460.000

Trade debts suppliers 5.522.000

Short term interest yielding debt 24.040.000

Other short term debts 8.876.000

Total short term debt 20.042.287 35.362.147 38.438.000

Total debt 20.042.287 35.362.147 38.438.000

_{Total Liabilities 26.351.098 41.508.768 43.898.000}

PROFIT & LOSS ACCOUNT

BOOKYEAR 2009 2008 2007

Turnover 149.806.736 226.616.752 207.983.000

Nett Turnover 149.806.736 226.616.752 207.983.000

Cost of sales 145.506.728 221.880.009 202.574.000

Gross profit 4.300.008 4.736.743 5.409.000

Wages employees 1.620.181 1.549.724 1.026.000

Other operating charges 1.467.461 1.077.238 777.000

Operating charges 3.087.642 2.626.962 204.377.000

Operating profit 1.212.366 2.109.781 3.605.000

Financial income 0 0 444.000

Financial charges 1.009.427 1.208.491 1.068.000

Financial result -1.009.427 -1.208.491 -624.000

Result before taxes 202.939 901.290 2.982.000

Income taxes 40.749 214.704 758.000

Result after taxes 162.190 686.586 2.223.000

Nett result 162.190 686.586 2.223.000

COMPANY STRUCTURE

Vinmar International Ltd (990001831831) Houston

Vinmar Chemicals and Polymers B.V. (24296673) Hoofddorp

Subsidiary (100%)

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.45
UK Pound	1	Rs.72.91
Euro	1	Rs.61.43

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

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.