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MIRA INFORM REPORT
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Report No. : |
507277 |
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Report Date : |
11.05.2018 |
IDENTIFICATION DETAILS
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Name : |
VINMAR INTERNATIONAL, LTD. |
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Registered Office : |
16800 Imperial Valley Dr., STE 499 Houston, TX 77060 |
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Country : |
United States |
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Year of Establishment : |
1978 |
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Legal Form : |
Corporation |
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Line of Business : |
Subject markets and distributes polymers and petrochemicals. |
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No. of Employees : |
140 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UNITED STATES - ECONOMIC OVERVIEW
The US has the most technologically powerful economy in the world, with a per capita GDP of $59,500. US firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment; however, their advantage has narrowed since the end of World War II. Based on a comparison of GDP measured at purchasing power parity conversion rates, the US economy in 2014, having stood as the largest in the world for more than a century, slipped into second place behind China, which has more than tripled the US growth rate for each year of the past four decades.
In the US, 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, businesses face higher barriers to enter their rivals' home markets than foreign firms face entering US markets.
Long-term problems for the US 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.
The onrush of technology has been a driving factor in 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. But the globalization of trade, and especially the rise of low-wage producers such as China, has put additional downward pressure on wages and upward pressure on the return to capital. 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 more than 50% of US consumption and oil has a major impact on the overall health of the economy. 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. Because the US economy is energy-intensive, falling oil prices since 2013 have alleviated many of the problems the earlier increases had created.
The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the US into a recession by mid-2008. GDP contracted until the third quarter of 2009, the deepest and longest downturn since the Great Depression. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. 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, Congress passed and former 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. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries.
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 FY 2018, the direct costs of the wars will have totaled more than $1.9 trillion, according to US Government figures.
In March 2010, former President OBAMA signed into law the Patient Protection and Affordable Care Act (ACA), a health insurance reform that was designed to extend coverage to an additional 32 million Americans by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on healthcare - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010.
In July 2010, the former 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 dropped below 6.5% or inflation rose above 2.5%. The Fed ended its purchases during the summer of 2014, after the unemployment rate dropped to 6.2%, inflation stood at 1.7%, and public debt fell below 74% of GDP. In December 2015, the Fed raised its target for the benchmark federal funds rate by 0.25%, the first increase since the recession began. With continued low growth, the Fed opted to raise rates several times since then, and in December 2017, the target rate stood at 1.5%.
In December 2017, Congress passed and President Donald TRUMP signed the Tax Cuts and Jobs Act, which, among its various provisions, reduces the corporate tax rate from 35% to 21%; lowers the individual tax rate for those with the highest incomes from 39.6% to 37%, and by lesser percentages for those at lower income levels; changes many deductions and credits used to calculate taxable income; and eliminates in 2019 the penalty imposed on taxpayers who do not obtain the minimum amount of health insurance required under the ACA. The new taxes took effect on 1 January 2018; the tax cut for corporations are permanent, but those for individuals are scheduled to expire after 2025. The Joint Committee on Taxation (JCT) under the Congressional Budget Office estimates that the new law will reduce tax revenues and increase the federal deficit by about $1.45 trillion over the 2018-2027 period. This amount would decline if economic growth were to exceed the JCT’s estimate.
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Source
: CIA |
STATUTORY
INFORMATION
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Legal Name: |
VINMAR INTERNATIONAL, LTD. |
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Trade Name: |
VINMAR INTERNATIONAL, LTD. |
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ID: |
32000807670 (Texas Taxpayer Number) 0012192006 (Texas SOS File Number) |
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Date Created: |
1978 |
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Date Incorporated: |
07/08/1998 |
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Legal Address: |
16800 IMPERIAL VALLEY DR., STE 499 HOUSTON, TX 77060, USA |
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Operative Address: |
16825 NORTHCHASE DR STE 140 HOUSTON, TX 77060-6090, USA |
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Telephone: |
281-618-1300 |
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Fax: |
281-618-1398 |
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Legal Form: |
CORPORATION |
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Email: |
admin@vinmar.com |
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Registered in: |
TEXAS |
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Website: |
www.vinmar.com |
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Contact: |
Hemant Goradia - President |
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Staff: |
140 |
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Activity: |
NAICS 1: Other Chemical and
Allied Products Merchant Wholesalers SIC 1: Chemicals And Allied Products, Nec |
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Banks
BANK OF AMERICA |
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History
1970's Vinmar founded in 1978 Plastics trading into India, China and other Asian countries 1980's Expanded into commodity petrochemicals Moved to Houston Recipient of the prestigious US President's "E" Export Award
for promoting U.S. exports Expanded into additional markets including Mexico and Africa 1990's Continued geographical expansion into Latin America, Europe and Turkey Vinmar Projects is established Became active participants in global Olefins market Established Vinmar Singapore as headquarters for Asia/Pacific.
Recognized by Singapore government Structured innovative supply contracts with large producers in Korea
and Thailand during Asian financial crisis 2000's Founder Vijay Goradia is named Ernst & Young's Houston
"Master Entrepreneur of the Year" 2001 - Vinmar signs a 10 year off-take agreement with Rio Polimeros
for Polyethylene 2003 - Vinmar signs off-take agreement for 1, 4 Butanediol (BDO) and
Tetrahydrofuran with the Gulf Advanced Chemicals Industries Company (member
of Sipchem Group) - Saudi Arabia 2005 - Vinmar signs 10 year off-take agreement for Polypropylene with
Advanced Petrochemical Company - Saudi Arabia 2006 - Vinmar Fuels division is added, enabling the company to
participate in the Global Renewable Fuels Market 2010's Vinmar signs multiyear off-take agreement for Benzene, O-X, P-X,
Naphtha and Butane with Jurong Aromatics - Singapore Goradia Capital is established to acquire petrochemical manufacturing
assets Premier Polymers is established for North American polymer
distribution |
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Key Developments: |
Vinmar International, Ltd. Presents at Petrochemical Supply Chain
& Export Logistics USA, Dec-12-2017 04:35 PM Dec 11 17 Vinmar International, Ltd. Presents at Petrochemical Supply Chain
& Export Logistics USA, Dec-12-2017 04:35 PM. Venue: Royal Sonesta Houston
Galleria, 2222 West Loop S, Houston, Texas, United States. Speakers: Tushar
Bhuta, Global Director of Supply Chain. Advanced Petrochemical Company Signs New Long-Term Off-Take Agreement
with Vinmar International for the Sale of Polypropylene Nov 30 17 Advanced Petrochemical Company has signed a new long-term off-take
agreement with Vinmar International for the sale of polypropylene (PP). The
five-year agreement, which comes into effect after the current agreement
expires on 31 December 2018, includes 175,000 metric tonnes of PP in 2019 and
then 144,000 metric tonnes per year from 2020-2023. Vinmar will help to
achieve the company's long term strategic plans and will also improve
profitability due to an improved marketing fee and better terms and conditions. |
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Parent Company: |
Vinmar International, Ltd. operates as part of: The Vinmar Group 16800 Imperial Valley Drive Suite 499 Houston, TX 77060 United States |
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PRINCIPAL
ACTIVITY
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Vinmar International, Ltd. markets and distributes polymers and
petrochemicals in the United States and internationally. |
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Products/Services description: |
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. |
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Brands: |
Vinmar |
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Sales are: |
Wholesale |
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Clients: |
Brenntag Ecuador S.A. Mercodesarrollo .S.A Tecnoplast Del Ecuador Cia Ltda La Fabril Cia Ltda Industrial Y Comercial Trilex C.A.(Ecuador) Plasticos Ecuatorianos S.A Banaplast Plásticos para Bananos Cia Ltda Exitrad Sociedad Civil Y Comercial Plastiguayas S.A. Sumin.Quimicos Industriales Cia. Ltd. "Suquim" Embotelladoras Bolivianas Unidas S Shreeji Impex. Jayashree Polymers Pvt ltd. |
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Suppliers: |
Braskem Sa |
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Operations area: |
National and International |
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The company imports from |
BRAZIL |
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The company exports to |
ECUADOR BOLIVIA INDIA |
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The subject employs |
140 employees |
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Payments: |
Regular |
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LOCATION
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Headquarters : |
16825 NORTHCHASE DR STE 140 HOUSTON, TX 77060-6090, USA |
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Comments on Address: |
- |
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Branches: |
No other branches were found. |
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Related Companies: |
The company has several sister companies. Some of them are: TURKEY Vinmar Turkey Petrokimya Danismanlik Hizmetleri Ltd. Sti. Ataturk Cad. No:82/1 Da:29-30 Sitkibey Plaza 34736 Kozyatagi -Kadikoy / Istanbul NETHERLANDS Neptunusstraat 21 2132JA Hoofddorp The Netherlands NIGERIA No. 22 Abimbola Street Next to Johnson Wax, Off Limca Road Isolo Industrial Area, Isolo, Lagos SOUTH AFRICA 14 Kenelm Road Everton 3610 Durban, South Africa Danam Tower 18F, 120 Namadaemunro 5 Ga, Jung-Gu, Seoul Korea 100-704 |
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GROUP STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
The company does not disclose information on shareholders.
The following information has been obtained through private sources: Vinmar International, Ltd. operates as part of: The Vinmar Group 16800 Imperial Valley Drive Suite 499 Houston, TX 77060 United States The information was provided by the company. |
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Management: |
Hemant Goradia - President Doug Friedman - Vice President Swatantra V Jain – Director Vijay P Goradia - Director |
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FINANCIAL
INFORMATION
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The company does not make its financial
statements public. The following information has been provided by private
sources: |
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USD 2016 / Estimated |
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Net Revenue |
14.400.000 |
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Cash flow |
Normal |
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LEGAL
FILINGS
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PATENTS |
No found. |
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GOVERNMENT CONTRACTS |
No records found. |
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CASES |
MTM Trading LLC v. Vinmar International, Ltd. Plaintiff: MTM Trading LLC Defendant: Vinmar International, Ltd. Case Number: 1:2018cv00197 Filed: January 10, 2018 Court: New York Southern District Court Office: Foley Square Office Presiding Judge: Jesse M. Furman Nature of Suit: Marine Cause of Action: 28:1333 Jury Demanded By: None Hong Kong Yaguang Trading Development Co. Ltd. v. Vinmar International
Ltd. Plaintiff: Hong Kong Yaguang Trading Development Co. Ltd. Defendant: Vinmar International Ltd. Case Number: 4:2016cv03636 Filed: December 12, 2016 Court: Texas Southern District Court Office: Houston Office County: Harris Presiding Judge: Ewing Werlein Nature of Suit: Other Cause of Action: 9:9 Jury Demanded By: None Zurich American Insurance Company et al v. Team Tankers A.S. et al Petitioner: Vinmar International, Ltd and Zurich American Insurance
Company Respondent: Team Tankers A.S., Eitzen Chemical USA and M/T Siteam
Explorer Case Number: 1:2013cv08404 Filed: November 25, 2013 Court: New York Southern District Court Office: Foley Square Office County: NewYork Presiding Judge: William H. Pauley Nature of Suit: Marine Cause of Action: 28:1333 Jury Demanded By: None Tricon Energy Limited v. Vinmar International, Ltd. Plaintiff - Appellee: TRICON ENERGY LIMITED Defendant - Appellant: VINMAR INTERNATIONAL, LTD. Case Number: 12-20100 Filed: February 22, 2012 Court: U.S. Court of Appeals, Fifth Circuit Nature of Suit: Other Statutory Actions |
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TRADEMARKS |
CYNPOL Import and export agency, namely trading of chemicals, petrochemicals,
plastics, rubbers, fibers, and resins Owned by: Vinmar International, LTD Serial Number: 87424513 |
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RENEWAL HISTORY |
No records found. |
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UCC |
No records found. |
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OFAC Sanctions List Search |
The company is not listed in the OFAC list. |
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SUMMARY
Founded in 1978, Vinmar International, Ltd. is a mid-sized
organization in the other chemical manufacturers industry located in Houston,
TX. It has 140 full time employees and generates an estimated $14 million
in annual net estimated revenue. The company mainly exports to Ecuador,
Bolivia and India. It operates nationally and internationally. It is ACTIVE in business
with no negative records. |
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RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
Regular |
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CASH FLOW |
Normal |
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STATUS |
Active |
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INTERVIEW
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NAME |
Carolyn |
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POSITION |
Executive Assistant |
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COMMENTS |
She confirmed the name of the company, the address of the headquarters
and location, the date of creation of the company, the number of employees and
the name of the President. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.38 |
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1 |
INR 91.39 |
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Euro |
1 |
INR 79.89 |
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USD |
1 |
INR 67.16 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.