MIRA INFORM REPORT

Report No. :	330935
Report Date :	09.07.2015

IDENTIFICATION DETAILS

Name :	VERSALIS PACIFIC TRADING (SHANGHAI) CO., LTD.
Registered Office :	Room 723, 7/F, No. 38 Yinglun Road, China (Shanghai) Pilot Free Trade Zone, 200131 Pr
Country :	China
Date of Incorporation :	28.04.2012
Com. Reg. No.:	310115001961436
Legal Form :	One-Person Limited Liability Company
Line of Business :	Subject Entrepot trade, import and export business of goods and technology, sales of chemical raw materials and products, lubricants (excluding dangerous goods), after-sales service and technical services of the above products, business consulting (except brokers)
No. of Employee :	5

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 :	Unknown
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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
China	A2	A2

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

CHINA - ECONOMIC OVERVIEW

Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China moved to an EXCHANGE RATEsystem that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation and expanded the daily trading band within which the RMB is permitted to fluctuate. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2013 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources.

Source : CIA

Company name and address

VERSALIS PACIFIC TRADING (SHANGHAI) CO., LTD.

ROOM 723, 7/F, NO. 38 YINGLUN ROAD, CHINA (SHANGHAI) PILOT FREE TRADE ZONE, 200131 PR CHINA

TEL: 86 (0) 21-23137555/ 23137602

FAX: 86 (0) 21-23137666

EXECUTIVE SUMMARY

INCORPORATION DATE : APRIL 28, 2012

REGISTRATION NO. : 310115001961436

REGISTERED LEGAL FORM : ONE-PERSON LIMITED LIABILITY COMPANY

CHIEF EXECUTIVE : GIUSEPPE LA SCOLA (CHAIRMAN)

STAFF STRENGTH : 5

REGISTERED CAPITAL : CNY 1,000,000

BUSINESS LINE : TRADING

TURNOVER : N/A

EQUITIES : N/A

PAYMENT : UNKNOWN

MARKET CONDITION : AVERAGE

FINANCIAL CONDITION : N/A

OPERATIONAL TREND : FAIRLY STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : CNY 6.2542 = USD 1

ADOPTED ABBREVIATIONS:

ANS - amount not stated

NS - not stated

SC - subject company (the company inquired by you)

NA - not available

CNY - China Yuan Renminbi

Note: After the new administrative division, the correct description of SC’s address should be the heading one.

SC was registered as one-person limited liability company at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on April 28, 2012.

Company Status: One-person Limited Liability Company

Single person LLC refers to a limited liability company set up by only one natural person or legal person as the single shareholder of it.

The minimum registered capital of Single person LLC is CNY100,000. The shareholder’s capital contributes, as set out by the articles of associations should be a lump-sum payment in full.

One natural person can only invest in and set up one limited liability company, which is not permitted to invest in and set up a new Single person LLC.

As to any one-person limited liability company, the sole-investor nature of the natural person or legal person shall be indicated in the registration documents of the company and shall be indicated in the business license thereof as well.

The regulation of Single person LLC should be set up by the shareholder

The regulation of Single person LLC has no shareholder meeting.

SC’s registered business scope includes entrepot trade, import and export business of goods and technology, sales of chemical raw materials and products, lubricants (excluding dangerous goods), after-sales service and technical services of the above products, business consulting (except brokers).

SC is mainly engaged in trading different kinds of products.

Giuseppe La Scola is the legal representative and chairman of SC at present.

SC is known to have approx. 5 employees at present.

SC is currently operating at the above stated address, and this address houses its operating office in Shanghai. SC’s employee refused to release the detailed information of the premise.

SC is not known to host website of its own at present.

No significant changes were found during our checks with the local AIC.

Organization Code: 594783953

For the past two years there is no record of litigation.

MAIN SHAREHOLDERS:

Name % of Shareholding

Eni Chemicals Trading (Shanghai) Co., Ltd. 100

Registration no.: 310000400666632

Registered capital: USD 5,000,000

Legal representative: Giuseppe La Scola

Incorporation date: 2011-11-4

Legal representative and chairman:

Giuseppe La Scola is currently responsible for the overall management of SC.

Working Experience(s):

At present Working in SC as chairman and legal representative.

Also working in Eni Chemicals Trading (Shanghai) Co., Ltd. as legal representative, and in Versalis Pacific Trading (Shanghai) Co., Ltd. Huangpu Branch as principal.

General manager:

Claudio Giganti is currently responsible for the daily management of SC.

Working Experience(s):

At present Working in SC as general manager.

Supervisor:

Lorenzo Ferraris

SC is mainly engaged in trading different kinds of products.

SC’s products mainly include: chemical raw materials and products, lubricants

SC sources its materials 50% from domestic market, and 50% from the overseas market. SC sells 50% of its products in domestic market, and 50% to overseas market.

The buying terms of SC include Check, L/C, T/T and Credit of 30-60 days. The payment terms of SC include Check, T/T, L/C, and Credit of 30-60 days.

Note: SC refused to release its main suppliers and clients.

Intrachem Trading (Shanghai) Co., Ltd.

==================================

Registration no.: 310115400261444

Legal representative: Cheol Joo Kim

Incorporation date: 2010-7-26

http://www.intrachemlimited.com/about/

Branch

Versalis Pacific Trading (Shanghai) Co., Ltd. Huangpu Branch

==========================================

Registration no.: 310101000610781

Principal: Giuseppe La Scola

Incorporation date: 2012-10-11

Add: Room 2A, 16F, Bund Center, No. 222 Yan An East Road, Huangpu District, Shanghai

The information of SC’s subsidiary (Versalis Pacific (India) Pvt. Ltd.) could not be confirmed.

Overall payment appraisal:

( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet determined

The appraisal serves as a reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current enquiry with SC's suppliers), our delinquent payment and our debt collection record concerning SC.

Trade payment experience: SC did not provide any name of trade/service suppliers and we have no other sources to conduct the enquiry at present.

Delinquent payment record: None in our database.

Debt collection record: No overdue amount owed by SC was placed to us for collection within the last 6 years.

SC declined to release its bank details.

SC’s management declined to release any financial information.

SC is considered small-sized in its line with 3 years operation history. Taking into consideration of SC’s development history, operation size we would rate SC as an above average credit risk company. Credit confined into small amount may be considered.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.7
UK Pound	1	Rs.98.22
Euro	1	Rs.69.93

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIT

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.