MIRA INFORM REPORT

Report Date :

04.08.2014

IDENTIFICATION DETAILS

Name :	VINMAR INTERNATIONAL, LTD.
Address :	16800 Imperial Valley Drive, Ste 499, Houston, TX 77060
Country :	United States
Date of Incorporation :	08.07.1998
Legal Form :	Branch
Line of Business :	Subject is engaged in markets and distributes polymers and petrochemicals
No of Employees :	80 (for the group in the U.S.)

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 :	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 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
United States	A1	A1

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

UNITED STATES ECONOMIC OVERVIEW

The US has the largest and most technologically powerful economy in the world, with a per capita GDP of $49,800. In this market-oriented economy, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, they face higher barriers to enter their rivals' home markets than foreign firms face entering US markets. US firms are at or near the forefront in technological advances, especially in computers and in medical, aerospace, and military equipment; their advantage has narrowed since the end of World War II. The onrush of technology largely explains the gradual development of a "two-tier labor market" in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income. Imported oil accounts for nearly 55% of US consumption. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the United States into a recession by mid-2008. GDP contracted until the third quarter of 2009, making this the deepest and longest downturn since the Great Depression. To help stabilize financial markets, in October 2008 the US Congress established a $700 billion Troubled Asset Relief Program (TARP). The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009 the US Congress passed and President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012 the federal government reduced the growth of spending and the deficit shrank to 7.6% of GDP. Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through 2011, the direct costs of the wars totaled nearly $900 billion, according to US government figures. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries. In March 2010, President OBAMA signed into law the Patient Protection and Affordable Care Act, a health insurance reform that was designed to extend coverage to an additional 32 million American citizens by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on health care - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010. In July 2010, the president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight. In December 2012, the Federal Reserve Board (Fed) announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short term rates near zero until unemployment drops below 6.5% or inflation rises above 2.5%. In late 2013, the Fed announced that it would begin scaling back long-term bond purchases to $75 billion per month in January 2014 and reduce them further as conditions warranted; the Fed, however, would keep short-term rates near zero so long as unemployment and inflation had not crossed the previously stated thresholds. Long-term problems include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits

Source : CIA

COMPANY NAME & ADDRESS

Company name: VINMAR INTERNATIONAL, LTD.

Address: 16800 Imperial Valley Drive, Ste 499, Houston, TX 77060 USA

Reg. address: c/o Corporate Filing Services Ltd

4^th floor, Harbour Centre, PO Box 613G George Town, Grand Cayman, British Virgin Islands

Telephone: +1 281-618-1300

Fax: +1 281-618-1399

Website: www.vinmar.com

Company details

Corporate ID#: 0012192006

State: Texas

Judicial form: Branch

Date incorporated: July 8, 1998

Stock: -

Value: -

Name of manager: Vijay P. GORADIA

ACTIVITIES & OPERATIONS

Business:

Vinmar International, Ltd. markets and distributes polymers and petrochemicals in the United States and internationally.

It provides chemicals, including alcohols, anhydrides, aromatics, chemical gases, chloralkali chemicals, chlorinated solvents and chloromethanes, fibre intermediates, oxo-alcohols, plasticizers, solvents, and speciality products; and polymers, such as polyethylene, polypropylene, polyethylene terephthalate, and rubbers and rubber products.

The company also offers market analysis, marketing and sales, sourcing, financing, packaging, logistics, and documentation services.

In addition, it provides international trade, finance, and logistics in markets.

The company was founded in 1978 and is based in Houston, Texas.

Office of the Foreign Assets Control (OFAC):

The company is not listed on the OFAC list.

The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

EIN: 76-0441423

Staff: 80 (for the group in the U.S.)

Operations & branches:

At above address, we find the corporate office, on lease.

SHAREHOLDERS & MANAGERS

Shareholders:

VINMAR INTERNATIONAL HOLDINGS, LTD.

16800 Imperial Valley Drive, Ste 499, Houston, TX 77060

Incorporated in Bahamas

Which is a subsidiary of

KUVERA HOLDINGS AG

Zug, Switzerland

Management:

Vijay P. GORADIA is the Chairman and Director

Hemant P. GORADIA is the President and Director

Swatantra V. JAIN is Director and Secretary

Subsidiaries & Partnership:

VINMAR INTERNATIONAL, LTD 100%

KUVERA HOLDINGS AG 100%

VINMAR POLYMERS & CHEMICALS LTD 100%

VINMAR SERVICIOS S DE RL CV 100%

VINMAR GHANA 100%

VINMAR INTERNATIONAL BV 100%

VINMAR INDIA PVT LTD 100%

VINMAR INTERNATIONAL HOLDINGS, LTD 100%

VINMAR PROJECTS LLC (Texas) 100%

VINMAR PROJECT DEVELOPMENT LLC 100%

and others.

FINANCIALS

In United States, privately held corporations are not required to publish any financials.

On a direct call, a financial assistant controlled the present report.

Consolidate sales declared for year 2013 is in the range of USD 2.5 billion

The business is profitable.

Banks: Wells Fargo Bank

1445 Ross Avenue, Dallas, TX 75201

Ph: +1 214-740-1584

Fx: +1 214-220-2166

LEGAL FILINGS

Legal filings & complaints: None

Secured debts summary (UCC): None

File number: 04-0062628755

Date filed: 04-01-2004

Lapse date: 04-01-2019

Secured Party: WELLS FARGO BANK

1445 Ross Avenue, Suite 450, Dallas, TX, 75201

File number: 98-00147133

Date filed: 07-21-1998

Lapse date: 07-22-2018

Secured Party: WELLS FARGO BANK

1445 Ross Avenue, Suite 450, Dallas, TX, 75201

COMPANY CREDIT HISTORY

Trade references:

Date reported: July 2014

High credit: USD 25,000

Now owing: 0

Past due: 0

Last purchase: June 2014

Line of business: Office supply

Paying status: On terms

Date reported: July 2014

High credit: USD 400,000+

Now owing: 0

Past due: 0

Last purchase: June 2014

Line of business: Payroll

Paying status: As agreed

Date reported: July 2014

High credit: USD 1,000

Now owing: 0

Past due: 0

Last purchase: June 2014

Line of business: Telecommunications

Paying status: On terms

Domestic credit history:

Domestic credit history appears as follow:

Monthly Payment Trends - Recent Activity

Date	Balance	Current	Up to 30 DBT	31-60 DBT	61-90 DBT	>90 DBT
02/14	$2,573,500	100%	0%	0%	0%	0%
03/14	$5,857,200	100%	0%	0%	0%	0%
04/14	$7,712,400	100%	0%	0%	0%	0%
05/14	$5,189,600	100%	0%	0%	0%	0%
06/14	$2,736,200	100%	0%	0%	0%	0%
07/14	$2,737,600	100%	0%	0%	0%	0%

National Credit Bureaus gave a satisfying credit rating.

According to our credit analysts, during the last 6 months, domestic payments were currently made on terms.

International credit history:

Payments of imports are currently made on terms.

Other comments:

The Company maintains its business.

The bank confirmed a regular account.

The Company is in good standing.

This means that all local and federal taxes were paid on due date.

Last report was filed on 11-13-2013.

The risk is low.

Our opinion:

A business connection may be conducted.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 60.85
UK Pound	1	Rs. 102.68
Euro	1	Rs. 81.46

INFORMATION DETAILS

Analysis Done by :	KRN
Report Prepared by :	DPT

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.