MIRA INFORM REPORT

Report Date :

23.07.2008

IDENTIFICATION DETAILS

Name :	LAMONS GASKET (HANGZHOU) CO LTD
Registered Office :	Bldg. 4, Block A, Export Processing Zone, Economic & Technological Development Zone, Hangzhou, Zhejiang Province, 310018 Pr
Country :	China
Financials (as on) :	31.12.2007
Date of Incorporation :	18.08.2006
Com. Reg. No.:	100241
Legal Form :	Wholly Foreign-Owned Enterprise
Line of Business :	Manufacturing and Selling Metal Seals.

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 60,000
Status :	Small Company
Payment Behaviour :	No Complaints
Litigation :	Clear

Name & address

lamons gasket (hangzhou) Co., Ltd.

bldg. 4, block a, export processing zone,

economic & technological development zone,

hangzhou, zhejiang PROVINCE, 310018 PR CHINA.

A 4

TEL: 86 (0) 571-86727256 FAX: 86 (0) 571-86727230

EXECUTIVE SUMMARY

INCORPORATION DATE : august 18, 2006

REGISTRATION NO. : 100241

REGISTERED LEGAL FORM : WHOLLY FOREIGN-OWNED enterprise

CHIEF EXECUTIVE : MR. Richard Owen (CHAIRMAN)

STAFF STRENGTH : 100

REGISTERED CAPITAL : USD 1,050,000

BUSINESS LINE : MANUFACTURING

TURNOVER : CNY 37,840,000 (AS OF DEC. 31, 2007)

EQUITIES : CNY 8,090,000 (AS OF DEC. 31, 2007)

PAYMENT : AVERAGE

RECOMM. CREDIT RANGE : UP TO USD 60,000 (periodical review)

MARKET CONDITION : AVERAGE

FINANCIAL CONDITION : FAIRLY STABLE

OPERATIONAL TREND : FAIRLY STEADY

GENERAL REPUTATION : AVERAGE

EXCHANGE RATE : CNY 6.83 = 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: SC’s correct company name should be the heading one, instead of the given name-Lamsons Gasket (Thangzhou) Co., Ltd.

SC was registered as a wholly foreign-owned enterprise at local Administration for Industry & Commerce (AIC - The official body of issuing and renewing business license) on Aug. 18, 2006.

Company Status: Wholly foreign-owned enterprise

This form of business in PR China is defined as a legal person. It is a limited co. established within the territories of PR China with capital provided totally by the foreign investors. More than one foreign investor may jointly invest in a wholly foreign-owned enterprise. The investing party/parties solely exercise management, reap profit and bear risks and liabilities by themselves. This form of companies usually have a limited duration is extendible upon approval of Examination and Approval Authorities.

SC’s registered business scope includes developing, designing and manufacturing metal and non-metal industrial seals, fasteners with industrial multi-use; selling its products and providing after-sale services.

SC is mainly engaged in manufacturing and selling metal seals.

Mr. Richard Owen has been legal representative and chairman of SC since 2006.

SC is known to have approx. 100 employees at present.

SC is currently operating at the above stated address, and this address houses its operating office and factory in the industrial zone of Hangzhou. Our checks reveal that SC rents the total premise about 7,000 square meters.

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

No significant events or changes were found during our checks with the local Administration for Industry and Commerce.

MAIN SHAREHOLDERS:

Name % of Shareholding

Trimas Holdings Australia Pty Ltd. (Australia) 100

l Legal representative and chairman:

Mr. Richard Owen, American, born in 1948, with university education. He is currently responsible for the overall management of SC.

Working Experience(s):

From 2006 to present Working in SC as chairman and legal representative.

SC is mainly engaged in manufacturing and selling metal seals.

SC’s products mainly include metal seals and non-metal seals.

SC sources its materials 60% from domestic market, and 40% from overseas market, mainly U.S.A. SC sells 100% of its products to overseas market, mainly U.S.A.

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

SC is not known to have any subsidiary at present.

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.

Bank of Communications Hangzhou Xiasha Sub-branch.

AC# 330165950018170022717

Relationship: Normal.

Balance Sheet (as of Dec. 31, 2007)

Unit: CNY’000

Cash & bank	390
Inventory	8,550
Accounts receivable	3,560
Other receivables	260
Other current assets	60
	------------------
Current assets	12,820
Fixed assets net value	7,620
Projects under construction	230
Long term investment	0
Other assets	750
	------------------
Total assets	21,420
	=============
Short loans	0
Accounts payable	9,490
Other payable	3,290
Accrued expenses	550
Other current liabilities	0
	------------------
Current liabilities	13,330
Long term liabilities	0
	------------------
Total liabilities	13,330
Equities	8,090
	------------------
Total liabilities & equities	21,420
	=============

Income Statement (as of Dec. 31, 2007)

Unit: CNY’000

Turnover	37,840
Cost of goods sold	37,260
Sales expense	0
Management expense	1,150
Finance expense	-620
Profit before tax	60
Less: profit tax	0
Profits	60

Important Ratios

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

	as of Dec. 31, 2007
*Current ratio	0.96
*Quick ratio	0.32
*Liabilities to assets	0.62
*Net profit margin (%)	0.16
*Return on total assets (%)	0.28
*Inventory /Turnover ×365	83 days
*Accounts receivable/Turnover ×365	35 days
*Turnover/Total assets	1.77
* Cost of goods sold/Turnover	0.98

PROFITABILITY: AVERAGE

l The turnover of SC appears average in its line.

l SC’s net profit margin is average.

l SC’s return on total assets is average.

l SC’s cost of goods sold is high, comparing with its turnover.

LIQUIDITY: FAIR

l The current ratio of SC is maintained in a fair level.

l SC’s quick ratio is maintained in a poor level.

l The inventory of SC appears fairly large.

l The accounts receivable of SC is maintained in an average level.

l SC has no short-term loan in 2007.

l SC’s turnover is in an average level, comparing with the size of its total assets.

LEVERAGE: AVERAGE

l The debt ratio of SC is average.

l The risk for SC to go bankrupt is average.

Overall financial condition of the SC: Fairly stable.

SC is considered small-sized in its line with favorable background and a short development history. The large amount of inventory could be a threat to SC’s financial condition. A credit line at the above amount appears to be beyond SC’s capacities, while a credit lien up to USD 60,000 appears to be within SC’s capacities upon a periodical review basis.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 42.33
UK Pound	1	Rs. 84.32
Euro	1	Rs. 66.75

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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