MIRA INFORM REPORT

Report Date :

27.03.2008

IDENTIFICATION DETAILS

Name :	CARDWELL WESTINGHOUSE CO

Registered Office :	8400 S Stewart Ave Chicago, IL 60620-1754

Country :	United States

Date of Incorporation :	01/1977

Com. Reg. No.:	759952949

Legal Form :	Private Company

Line of Business :	Railroad Equipment

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate

Payment Behaviour :	Slow by 9 days

Litigation :	Clear

Executive Summary

Intelliscore for CARDWELL WESTINGHOUSE CO

26.58

0-32.47

32.48-58.63

58.64-70.19

70.2-77.71

77.72-100

100

High risk

Low risk

HIGH RISK
14% of businesses indicate a higher risk of becoming seriously delinquent than this business

Key score factors:

NUMBER OF DELINQUENT OR DEROGATORY ACCOUNTS

NUMBER OF DEROGATORY PUBLIC RECORD ACCOUNTS

NUMBER OF RECENT COLLECTION ACCOUNTS

BALANCE ON HIGH CREDIT

Current DBT range compared to all industries*

9 DBT
($27,400 Balance)

0-15

16-50

51+

80%

11%

% of US businesses falling within DBT range

DBT Norms:
All industries: 7 DBT Same industry: 57 DBT

Legal Filings and Collections

Bankruptcy filings:

Tax lien filings:

Judgment filings:

Total collections: details (PLACED 08/05-12/07)

Sum of legal filings:

UCC filings: details (FILED 06/06-09/06)

Cautionary UCC filings present?

Yes**

Trade Information

Monthly average DBT:

Highest DBT previous 6 months:

Highest DBT previous 5 quarters:

Total continuous trades:

Current continuous trade balance:

$27,400

Trade balance of all trades (25):

$127,900

Average balance previous 5 quarters:

$16,940

Highest credit amount extended: details

$65,600

6 month balance range:

$17,700 - $32,700

* Days Beyond Terms (DBT) is a dollar weighted calculation of the average number of days that payment was made beyond the invoice due date based on trades on file that have been updated in the previous 3 months.

** Cautionary UCC Filings include one or more of the following collateral: Accounts, Accounts Receivables, Contract Rights, Hereafter Acquired Property, Inventory, Leases, Notes Receivable or Proceeds.

7 month DBT trends

90+

Sep07

Oct07

Nov07

Dec07

Jan08

Feb08

Current

Quarterly DBT trends (previous 5 quarters)

90+

4Q06

1Q07

2Q07

3Q07

4Q07

Performance Analysis

Predicted DBT for 05/21/2008: 9 DBT

Payment Trend Indication:
Payments Are Increasingly Late

Industry payment comparison:
Has paid sooner than 50% of similar firms

Most Frequent Industry Purchasing Terms:
NET 30, CREDIT, and 0000000

Legal Filings and Collections

Collections

Date
Placed

Status

Original
Balance

Outstanding
Balance

Date
Closed

Agency

Agency
Phone

12/2007

Open Account

$1,618

CITI - OFFICE DEPOT COLLECTION

(800) 767-0048

08/2005

Open Account

$744

RECEIVABLE MANAGEMENT SERVICES

(000) 000-0000

Trade Payment Information

Trade Payment Experiences
(Trade Lines With an (*) after date are newly reported)

Account Status
Days Beyond Terms

Business
Category

Date
Reported

Last
Sale

Payment
Terms

Recent
High
Credit

Balance

Cur

1-30

31-60

61-90

91+

Comments

+AIR TRANS

02/2008

$4,800

$600

100%

CUST 26 YR

-AIR TRANS

02/2008

NET 30

$4,400

$1,200

41%

59%

CUST 15 YR

DP EQUIP

02/2008

07/2004

NET 30

FINCL SVCS

03/2008

10/2003

VARIED

+FREIGHT

03/2008

09/2007

VARIED

$65,600

$7,600

86%

13%

FRGHT FWRD

03/2008

03/2007

NET 30

<$100

+INDUS SUPL

12/2007

11/2007

NET 30

$12,100

$5,300

75%

25%

CUST 3 YR

MACH DISTR

01/2008

08/2004

1/10N30

CUST 5 YR

MANUFCTRNG

03/2008

03/2004

NET 30

CUST 5 YR

+MED SUPPLY

03/2008

VARIED

$11,300

43%

55%

METAL DIST

02/2008

08/2004

VARIED

CUST 4 YR

=OFFC SUPPL

11/2007

07/2007

CREDIT

$3,900

$1,400

86%

PACKAGING

03/2008

11/2007

NET 30

$100

CUST 5 YR

PRI METALS

02/2008

NET 30

SAFTY PROD

12/2007

NET 30

$600

TRUCK DLR

12/2007

CONTRCT

$1,600

WAREHOUSE

02/2008

01/2008

CREDIT

$300

Trade Payment Totals

Trade Payment Experiences

Account Status
Days Beyond Terms

Type

Lines
Reported

Recent
High
Credit

Balance

Cur

1-30

31-60

61-90

91+

Comments

Continuously Reported

$104,800

$27,400

65%

31%

DBT: 9

Newly Reported

DBT:

Trade Lines Totals

$104,800

$27,400

65%

31%

DBT: 9

Additional Payment Experiences

Trade Payment Experiences
(Trade Lines With an (*) after date are newly reported)

Account Status
Days Beyond Terms

Business
Category

Date
Reported

Last
Sale

Payment
Terms

Recent
High
Credit

Balance

Cur

1-30

31-60

61-90

91+

Comments

COMPUTERS

05/2005

NET 30

CUST 37 YR

=COMPUTERS

06/2006

05/2006

$500

100%

CONST MACH

10/2007

CUST 4 YR

CRED CARD

12/2006

REVOLVE

CUST 6 YR

ELEC SUPLR

04/2005

VARIED

+METAL DIST

05/2006

04/2006

5/10N30

+$100,000

51%

49%

OFFC SUPPL

07/2006

04/2006

NET

$1,100

CUST 2 YR

TEMP HELP

09/2005

NET 7

Monthly Payment Trends

Payment Trends Analysis
RAILROAD EQUIPMENT INDUSTRY SIC: 3743

Account Status
Days Beyond Terms

Date Reported

Industry

Cur

DBT

Business
DBT

Balance

Cur

1-30

31-60

61-90

91+

CURRENT

N/A

$27,400

65%

31%

FEB08

40%

$28,900

70%

26%

JAN08

45%

$28,100

55%

41%

DEC07

90%

$27,200

67%

33%

NOV07

92%

$26,300

76%

22%

OCT07

95%

$17,700

93%

SEP07

94%

$32,700

54%

46%

Quarterly Payment Trends

Payment History - Quarterly Averages

Account Status
Days Beyond Terms

Quarter

Months

DBT

Balance

Cur

1-30

31-60

61-90

91+

Q4 - 07

OCT-DEC

$23,700

77%

22%

Q3 - 07

JUL-SEP

$29,200

52%

48%

Q2 - 07

APR-JUN

$19,800

52%

33%

10%

Q1 - 07

JAN-MAR

$6,800

100%

Q4 - 06

OCT-DEC

$5,200

100%

UCC Profile

The UCC Filings are summarized and listed below.

UCC Summary

Filings

Date Range

Year

Cautionary
UCCs^**

Total
Filed

Released/
Term'd

Cont

Amended/
Assigned

JAN - PRESENT

2008

JUL - DEC

2007

JAN - JUN

2007

JUL - DEC

2006

JAN - JUN

2006

PRIOR TO JAN

2006

Total

** Cautionary UCC Filings include one or more of the following collateral:
Accounts, Accounts Receivables, Contract Rights, Hereafter Acquired Property, Inventory, Leases, Notes Receivable or Proceeds.

UCC Filings

UCC TERMINATED Date: 01/02/2007

Filing Number: 001608253

Original Filing Date: 10/18/2006

Original Filing Number: 011447708

Original Filing State: IL

Jurisdiction: ILLINOIS SECRETARY O

Secured Party: METHODS MACHINE TOOLS INC. MA SUDBURY 01776 65 UNION AVENUE

Collateral:

UCC FILED Date: 09/25/2006

Filing Number: 6330010 0

Jurisdiction: SEC OF STATE DELAWAR

Secured Party: MAZAK CORPORATION KY FLORENCE 41042 8025 PRODUCTION DRIVE

Collateral: EQUIP, HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 09/25/2006

Filing Number: 6330017 5

Jurisdiction: SEC OF STATE DELAWAR

Secured Party: MAZAK CORPORATION KY FLORENCE 41042 8025 PRODUCTION DRIVE

Collateral: EQUIP, HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 06/27/2006

Filing Number: 6219679 8

Jurisdiction: SEC OF STATE DELAWAR

Secured Party: MAZAK CORPORATION KY FLORENCE 41042 8025 PRODUCTION DRIVE

Collateral: EQUIP, HEREAFTER AQUIRED PROP, UNDEFINED

UCC FILED Date: 06/22/2006

Filing Number: 6215075 3

Jurisdiction: SEC OF STATE DELAWAR

Secured Party: MAZAK CORPORATION KY FLORENCE 41042 8025 PRODUCTION DRIVE

Collateral: HEREAFTER AQUIRED PROP, UNDEFINED

UCC TERMINATED Date: 05/17/2006

Filing Number: 001586333

Original Filing Date: 12/09/2005

Original Filing Number: 010452864

Original Filing State: IL

Jurisdiction: ILLINOIS SECRETARY O

Secured Party: MAZAK CORPORATION KY FLORENCE 41042 8025 PRODUCTION DRIVE

Collateral:

UCC TERMINATED Date: 01/23/2006

Filing Number: 001573894

Original Filing Date: 09/17/2004

Original Filing Number: 009084436

Original Filing State: IL

Jurisdiction: ILLINOIS SECRETARY O

Secured Party: METHODS MACHINE TOOLS INC. MA SUDBURY 01776 65 UNION AVENUE

Collateral:

Company Background Information

Additional Company Background Information

Key Personnel

Principal(s):

GARY P. TWEET, CEO

Operating Information

Primary SIC Code: RAILROAD EQUIPMENT - 3743

Secondary SIC Code: PUMPS, PUMPNG EQPT EXC FLUID PUMP - 3561

Additional SIC Code: 3999 - 3531

Number of Employees: 150

Sales: $10,000,000

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

MIRA INFORM REPORT

Company Information

Executive Summary

Performance Analysis

Legal Filings and Collections

Trade Payment Information

Trade Payment Totals

Additional Payment Experiences

Monthly Payment Trends

Quarterly Payment Trends

UCC Profile

Company Background Information