MIRA INFORM REPORT

Report Date :

06.03.2012

IDENTIFICATION DETAILS

Name :	INNUA PETROCHEM LTD

Registered Office :	1st Floor Yamraj Building, P.O. Box 3321 Road Town Tortola

Country :	British Virgin Islands

Date of Incorporation :	16.06.2004

Com. Reg. No.:	73039

Legal Form :	Limited Company

Line of Business :	Trading of PVC and plasticizers

No. of Employees :	08

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 200,000.00

Status :	Good

Payment Behaviour :	Regular

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^th, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

British Virgin Islands

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

GEOPOLITICS

POLITICAL DATA

ECONOMIC DATA

Form of Government: British overseas territory - Parliamentary system

Economic Risk: Nil

Currency: 100 USD = 100.00 USD

Branch Situation: Stable

IDENTIFICATION

Legal Name:	Innua Petrochem Ltd

Legal Address	1st Floor Yamraj Building, P.O. Box 3321 Road Town Tortola British Virgin Islands
Operative Address	P.O. Box 3069, 3 Catherine Christopher Building Road Town, Tortola, British Virgin Islands
Mailing Address	P.O. Box 3069, 3 Catherine Christopher Building Road Town, Tortola, British Virgin Islands
Telephone:	(284) 495-0244	Registration Number :	730393
Fax:	(284) 495-0245	Legal Form:	Limited Company
Email:	lara.harris@innua.com/ stan.sexton@innua.com	Registered in:	British Virgin Islands
Website:	www.innua.com	Date Created:	June 16, 2004
Manager:	Lara Harris - President	Date Incorporated:	June 16, 2004
Staff:	8	Stock:	N.A.
		Value:	10,000.00 USD
Activity:	Trading of PVC and plasticizers.

BANKS

Name of the Bank	VP Bank ( BVI) Limited
Location	British Virgin Islands
Account Number	Confidential

Name of the Bank	Garantibank International
Location	Amsterdan
Account Number	Confidential

BUSINESS

HISTORY
	The company has been operating since 2004.
PRINCIPAL ACTIVITY
	The subject company specialises in the trading of PVC and plasticizers.
Products/Services description:
	The company is a supply partner for PVC and plasticizers, wherever you are in the world, they provides plastics manufacturing solutions to 64 countries across the world. Innua trades in Polyvinyl Chloride (PVC) in suspension, mass and emulsion forms. They also offer PVC Co-Polymers and Compounds.
Sales are:
	Wholesale
Brands:
	Innua.
Suppliers:
	Petrochemical producers around the globe and others including: Nan Ya Plastics UPC Technologies Polynt China General Plastic Corporation Tolachem
Operations area:
	National, International
The company imports from China Taiwan, USA and India.
The company export to worldwide.
Trade References:
	Company: Polynt Contact person: Diago Zenardi Country: Italy Time doing business: Over 2 Years Products: Plasticizers Payment facility: 30 Days Company: Tolachem Contact person: Alexis Thomas Phone: +1 2845411813 Time doing business: 2 years Products: Plasticizers Payment facility: 30 days
Insurance:
	Price Forbes (Lloyds of London)
The subject employs 8 employee(s)
PAYMENTS
	made on a 40 days basis - monitored over the last 12 months
LOCATION
Headquarters
	The company is headquartered at P.O. Box 3069, 3 Catherine Christopher Building Road Town, Tortola, British Virgin Islands.
Surface area:
	800 sq. ft.
The property is:
	Rented
Comments on location:
	The administrative office and operations of the company can be found at the above listed address.
Branches:
	No branches were reported.

Shareholders - Manager - Related Companies

Listed at the stock exchange:
	NO
Shareholders Parent Company(ies):
	The subject company is subsidiary of the Bruneval Group S.A. Tel: (284) 495-0244
Management:
	Lara Harris, President Stan Sexton, Chief Financial Officer Sam Tucker, Director – International Trade Oscar Rustrian, Director – Latin American Trade David Harris, Senior Trade Consultant Gail Harris, Financial Consultant
Related Companies:
	Innua Australia Innua USA Inc. Innua Europe SA Innua China Ltd Innua Petrochem Latin America Sales Office

Financials - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

We have contacted Stan Sexton (Chief Financial Officer) who refused to provide us any financial data on grounds of confidentiality.

However our financial sources could provide us with the following data.

Those figures are estimates provided by confidential banking and financial institutions working with the company.

Currency	DATE
USD	2010
Turnover	8,000,000
Operating Income	1,700,000
Net Income	1,500,000
Net worth	5,000,000
Bank liabilities	380,000
The cash flow is	good

Currency	DATE
USD	2008
Turnover	7,900,000
Operating Income	1,500,000
Net Income	1,400,000
Net worth	3,000,000
Bank liabilities	600,000
The cash flow is	good

Legal Fillings

The sources consulted record no detrimental legal or labor court information.

Rating

Local credit bureau gave a good credit rate.

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

Final Opinion

This is a privately held company with 8 years of experience. They currently have the support of 8 employees for this reason it is considered a small sized company.

The company is part of the Bruneval Group SA.

The subject company specialises in the trading of PVC and plasticizers.

The company also deals with well known banks in BVI and Amsterdam.

The figures available show that the company has a controlled indebtedness and that the cash is good.

Also, our searches revealed that the payments are regular.

Considering the information gathered, we suggest a credit line of USD 200,000.00

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	VERY GOOD	Public Records	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	GOOD

APPENDIX

Comments

The company requested an email or fax in order to help us.

We sent the email directly to Mr. Stan Sexton (CFO) and we received all the information of the company from him but financial figures on grounds of confidentiality.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.49.79
UK Pound	1	Rs.78.79
Euro	1	Rs.65.73

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%)

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.