MIRA INFORM REPORT

Report Date :

05.03.2011

IDENTIFICATION DETAILS

Name :	TRANE INDIA LTD.

Registered Office :	Corporation Trust Center 1209 Orange Street, Wilmington, New Castle, 19801

Country :	United States

Date of Incorporation :	06.08.1993

Legal Form :	Limited Company

Line of Business :	Wholesalers of heating and Air-Conditioning Equipment.

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	30,000 USD

Status :	Satisfactory

Payment Behaviour :	Regular

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 30, 2010

Country Name

Previous Rating

(01.04.2010)

Current Rating

(30.06.2010)

United States

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

GEOPOLITICS - UNITED STATES

POLITICAL DATA

ECONOMIC DATA

Form of Government: Federal

Economic Risk: Nil

Currency: USD

Branch Situation: Stable

IDENTIFICATION

Ordered as:	Trane India Ltd
Address in the order:	La Cross Headquarters Operations, 3600 Pammel Creek Road, La Crosse, Wisconsin 54601
Legal Name:	TRANE INDIA LTD.
Legal Address	CORPORATION TRUST CENTER 1209 ORANGE STREET, WILMINGTON, NEW CASTLE, 19801,USA
Operative Address	3600 Pammel Creek Rd, La Crosse, Wisconsin, 54601, USA.
Telephone:	+1 (608) 787 26 50	ID :	2346623
Fax:	+1 (608) 787 26 50	Legal Form:	Limited Company
Email:	NA	Registered in:	Delaware
Website:	www.trane.com	Date Created:	1993
Manager:	Pravin Dhamanse, Manager	Date Incorporated:	August 06th, 1993
Staff:	10 employees.	Stock:	NA
		Value:	NA
Activity:	Wholesalers of heating and Air-Conditioning Equipment.

BANKS

Name of the Bank

PNC BANK

BUSINESS

HISTORY
	Trade India Limited is a private company based in Wisconsin and created in 1993.
PRINCIPAL ACTIVITY
	The company is working as global provider of indoor comfort systems and comprehensive facility solutions.
Products/Services description:
	Its offerings include energy efficient heating, ventilating and air conditioning systems, service and parts support, advanced building controls and financing solutions. Each Trane system is designed to meet the specific needs of customers who want heating, cooling, dehumidifying and air cleaning systems for residential, commercial, institutional and industrial applications.
Sales are:
	Wholesale
Operations area:
	National, International
The company imports from worldwide
The company export to India mainly
Trade References:
	Frost & Sullivan IDBI Bank Limited
The subject employs 10 employee(s)
PAYMENTS
	made on a 50 days basis - monitored over the last 12 months
LOCATION
Headquarters
	The company is headquartered at the above address.
Branches:
	The company has one location in India ( Bangalore)

Shareholders - Manager - Related Companies

Shareholders Parent Company(ies):
	Since June, 2008, Trane India Ltd is working as a subsidiary of Ingersoll-Rand Plc a publicly traded at (NYSE: IR) and headquartered at: 170/175 Lakeview Drive, Airside Business Park, Swords, Co. Dublin, Ireland
Management:
	Pravin Dhamanse, Manager Robert Smolen, Treasurer
Related Companies:
	"TRANE INTERNATIONAL INC." "TRANE U.S. INC." "TRANE INC."

Financials - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

However our financial sources could provide us with the following data (estimated for the location you provided):

Currency	DATE
USD	2009
Turnover	1,600,000
Operating Income	67,000
Net Income	51,000
Net worth	300,000
Liabilities	20,000
The cash flow is	Normal

Legal Fillings

There are no UCC files listed with the Secretary of State of Wisconsin.

There are no legal filings listed with the District Court.

For information:

The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

Rating

Local credit bureau gave a Medium credit rate.

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

Final Opinion

This is a small size business with 10 employees.

The subject has 17 years in Business and is a subsidiary of Ingersoll-Rand Plc a publicly traded at (NYSE: IR)

The company length of payment remains regular.

The company’s turnover can be considered fair for the company’s size and the profitability is correct.

A credit line can be granted.

A business connection can be conducted.

Nevertheless, we suggest making a follow-up report within 12 months to monitor the subject’s evolution.

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public Records	NO
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	NORMAL

ADVISED CREDIT

30,000 USD

APPENDIX

Position
	Account payable manager
Comments
	He was able to confirm us the information in the report. However, he refused to give us his name.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.99
UK Pound	1	Rs.73.24
Euro	1	Rs.62.80

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

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.