MIRA INFORM REPORT

Report Date :

01.12.2012

IDENTIFICATION DETAILS

Name :	VINMAR CHEMICALS AND POLYMERS B.V.
Registered Office :	Neptunusstraat 21- 1, Hoofddorp, 2132 JA
Country :	Netherlands
Financials (as on) :	31.12.2010
Date of Incorporation :	08.10.1999
Com. Reg. No.:	24296673
Legal Form :	Private Subsidiary
Line of Business :	Support Activities for Transportation
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
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, 2011

Country Name	Previous Rating (31.12.2011)	Current Rating (31.03.2012)
Netherlands	A1	A1

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

Netherlands - ECONOMIC OVERVIEW

The Dutch economy is the fifth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, a sizable trade surplus, and an important role as a European transportation hub. Industrial activity is predominantly in food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for the food-processing industry and for exports. The Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. After 26 years of uninterrupted economic growth, the Dutch economy - highly dependent on an international financial sector and international trade - contracted by 3.5% in 2009 as a result of the global financial crisis. The Dutch financial sector suffered, due in part to the high exposure of some Dutch banks to U.S. mortgage-backed securities. In 2008, the government nationalized two banks and injected billions of dollars of capital into other financial institutions, to prevent further deterioration of a crucial sector. The government also sought to boost the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credit facilities. The stimulus programs and bank bailouts, however, resulted in a government budget deficit of 5.3% of GDP in 2010 that contrasted sharply with a surplus of 0.7% in 2008. The government of Prime Minister Mark RUTTE began implementing fiscal consolidation measures in early 2011, mainly reductions in expenditures, which resulted in an improved budget deficit of 3.8% of GDP.

Source : CIA

company name & address

Vinmar Chemicals and Polymers B.V.

Neptunusstraat 21- 1

Hoofddorp, 2132 JA

Netherlands

Tel: +31 023-5543600

Registration data

Employees: NA

Company Type: Private Subsidiary

Corporate Family: 2 Companies

Ultimate Parent: Vinmar L.P.

Incorporation Date: 08-Oct-1999

Financials in: USD (Millions)

Fiscal Year End: 31-Dec-2010

Reporting Currency: Euro

Annual Sales: 225.1

Total Assets: 49.4

Business Description

Vinmar Chemicals and Polymers B.V. is primarily engaged in loading and unloading of goods or passengers’ luggage irrespective of the mode of transport used for transportation; and stevedoring.

Industry

Industry Miscellaneous Transportation

ANZSIC 2006: 5299 - Other Transport Support Services Not Elsewhere Classified

NACE 2002: 6311 - Cargo handling

NAICS 2002: 488 - Support Activities for Transportation

UK SIC 2003: 6311 - Cargo handling

US SIC 1987: 4731 - Arrangement of Transportation of Freight and Cargo

Key Executives

Name	Title
Hemant Goradia	Managing director
Vijay Goradia	Managing director
Swatantra Jain	Managing director
Guillermo Ruiz	Member of the board

News

Title	Date
International Trade - Concluding Your Contract And Agreeing On Terms: Don't Hold Your Peace Mondaq Business Briefing (1989 Words)	24-Feb-2012

Key IDSM Number: 103263866

Registered No.(NLD): 24296673

1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7550783
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7454064

Corporate Overview

Location
Neptunusstraat 21- 1
Hoofddorp, 2132 JA
Netherlands

Tel: +31 023-5543600

Sales EUR(mil): 170.0

Assets EUR(mil): 36.9

Employees: NA

Fiscal Year End: 31-Dec-2010

Industry: Miscellaneous Transportation

Incorporation Date: 08-Oct-1999

Company Type: Private Subsidiary

Quoted Status: Not Quoted

Registered No.(NLD): 24296673

Managing director: Hemant Goradia

Industry Codes

ANZSIC 2006 Codes: 5299 - Other Transport Support Services Not Elsewhere Classified

NACE 2002 Codes: 6311 - Cargo handling

NAICS 2002 Codes: 488 - Support Activities for Transportation

US SIC 1987: 4731 - Arrangement of Transportation of Freight and Cargo

UK SIC 2003: 6311 - Cargo handling

Business Description

Vinmar Chemicals and Polymers B.V. is primarily engaged in loading and unloading of goods or passengers’ luggage irrespective of the mode of transport used for transportation; and stevedoring.

Financial Data

Financials in: EUR(mil) 1 Year Growth

Revenue: 170.0 13.5%

Assets: 36.9 NA

Current Assets: 36.8

Total Liabilities: 36.9

Net Worth: 1.9

Date of Financial Data: 31-Dec-2010

Key Corporate Relationships

Bank: Fortis Bank Nederland NV

Corporate Family

Total Corporate Family Members: 2

Company Name	Company Type	Location	Country	Industry	Sales (USD mil)	Employees
Vinmar L.P.	Parent
Vinmar Chemicals And Polymers B.V.	Subsidiary	Hoofddorp, Noord-Holland	Netherlands	Miscellaneous Transportation	225.1

Board of Directors

Name	Title	Function
Guillermo Ruiz	Member of the board	Director/Board Member

Executives

Name

Title

Function

Hemant Goradia

Managing director

Managing Director

Vijay Goradia

Managing director

Managing Director

Swatantra Jain

Managing director

Managing Director

Annual PROFIT & LOSS

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate (Period Average)	0.755078	0.719047	0.683679
Consolidated	No	No	No
Net sales	225.1	208.3	331.5
Other operating income	-	-	0.2
Cost of goods sold	219.9	202.4	324.5
Cost of sales	219.9	202.4	324.5
Gross profit	5.3	6.0	6.9
Total payroll costs	2.4	2.3	2.3
Change in value of fixed assets arising from revaluation	0.0	-	-
Other operating costs	1.7	2.0	1.7
Net operating income	1.2	1.7	3.1
Total financial income	0.1	0.1	0.3
Total expenses	0.9	1.5	2.0
Profit before tax	0.4	0.3	1.3
Profit on ordinary activities after tax	0.4	0.2	1.0
Extraordinary expenses	0.3	-	-
Extraordinary result	-0.3	-	-
Profit after extraordinary items and before tax	-0.3	-	-
Total taxation	0.0	0.1	0.3
Profit after tax	0.4	0.2	1.0
Net profit	0.1	0.2	1.0

Annual Balance Sheet

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Other reserves	1.2	7.5	6.3
Profit brought forward from previous year(s)	0.1	0.2	1.0
Total stockholders equity	2.5	9.1	8.5
Trade creditors	20.3	8.9	12.9
Total current liabilities	46.9	28.8	49.2
Total liabilities (including net worth)	49.4	37.8	57.7
Total tangible fixed assets	0.0	-	-
Total non-current assets	0.0	-	-
Net stocks and work in progress	19.0	6.3	26.3
Trade debtors	-	20.6	21.7
Other receivables	-	4.6	4.7
Total receivables	29.2	25.2	26.4
Cash and liquid assets	1.3	6.3	5.0
Total current assets	49.4	37.8	57.7
Total assets	49.4	37.8	57.7

Annual Ratios

	31-Dec-2010	31-Dec-2009	31-Dec-2008
Period Length	12 Months	12 Months	12 Months
Filed Currency	EUR	EUR	EUR
Exchange Rate	0.745406	0.696986	0.719399
Consolidated	No	No	No
Current ratio	1.00	1.30	1.20
Acid test ratio	0.60	1.10	0.60
Current liabilities to net worth	10.00%	3.18%	5.75%
Fixed assets to net worth	0.01%	-	-
Collection period	-	35.00	25.10
Stock turnover rate	12.00	34.20	12.00
Sales to net working capital	91.40	23.80	36.90
Asset turnover	4.61%	5.69%	5.46%
Profit margin	0.00%	0.00%	0.00%
Return on assets	0.01%	0.01%	0.02%
Shareholders' return	0.17%	0.03%	0.15%
Return on capital	-0.44%	-0.13%	-0.08%
Net worth	2.5	9.1	8.5

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.52
UK Pound	1	Rs.87.48
Euro	1	Rs.70.89

INFORMATION DETAILS

Report Prepared by :

SDA

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